REGISTERED CHARITY NUMBER: SC040268 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 Janua 2025 for Kilbraur Windfarm Communi Trust Benefit Mackay & Co Chartered Accounlants Unit 8 Golspie Business Park Golspie Sutherland KW10 6UB Kilbraur Windfarm Communi Trust Benefit Contents of the Financial Statements for the Year Ended 31 Janua 2025 Page Report of the Trustees Independent Examiner's Report statement of Financial Activities Balance Sheet Notes to the Financial Statements 6 to 11 Detsiled Statement of Financial Activities 12 Kilbraur Windfarm Communi Trust Benefit Re ort of Ihe Trustees for Ihe Year Ended 31 Janua 2025 The trustees present their report wilh the financial slatements of the chariiy for the year ended 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES ObJectlves and aims The principal aim of the Trust is to provide or assist in the provision of finance to community groups which musl benefit the three communities of Golspie, Brora and Rogart and which must demonstrate community support and long term sustainability. ACHIEVEMENT AND PERFORMANCE Charitable activities The Trustees continued to meet via Zoom and held the Annual Public meeting in May. The Trust continued to assist community groups in the area of benefit Brora, Golspie and Rogart. The trust re￿iVed £171,397.92 community benefit funds from Nandara (formerly known as Renantis prior to Falck Renewables) Grants paid out in the year totalled £77,198.18. There are £84,706.46 grants payable. provided for but not yet claimed. The Trusl has updated ils website, www.kilbraur.com and policies, and have implemented a Grant Giving Policy. FINANCIAL REVIEW Principal funding sources The trust derived its funds from grants received from power generation from the Kilbraur Windfarm. Reserves policy The trustees have established a policy whereby sufficient unrestricted funds are held to cover any short temi requirements The additional receipt of funds from Renantis and the distribution of these fund are treated as restricted. The Trustees have conducted their own review of the major risks to which the charity Is exposed and systems have been established to mitigate those risks. Those procedures are periodically reviewed to ensure that they meet the needs of the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The charity is governed by its Trust Deed which was signed on 18 January 2009. It was granted charitable status on 12 February 2009 but did not commence operations until 15 September 2009. The management of the Trust is vested in the Trustees with individual members being nominated by the Community Councils in Golspie, Brora, and Rogart. Each community nominales two Trustees annually. The trustees are required to meet at least ￿l¢e each year. Page 1 Kilbraur Wlndf8mi Cornmun Trust Bene Re ort of the Truste for the Year Ended anua 202 REFERENCE AND ADMINISTRAnVE DEfAILS Règlstergd Charity number SC040268 Independènt Examinor Ma¢kay & Co Chartered Accounlants Unit 8 Golsple Buslness Park Golspia Suthertand KW10 6UB Approvgd by order of the board of trustoes on 1 April 2025 and signed on its b8haW by: rustae Page 2 Inde endent Examiner's Re Kilbraur Windfarm Communi Trust ort to Ihe Trustees of Benefit I report on the accounts for the year ended 31 January 2025 set out on pages four to eleven. Respectlve responslbllltles of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The charity's trustees consider that the audit fequirement of Regulation 1011)1a) to (c) of the Accounts Regulations does not apply. 11 is my responsibility to examine Ihe accounts as required under Section 4411)Ic> of the Act and to state whether particular matters have come to my attenlion. Basls of the independent examiner's report My examination was carried out in accordance with Regulation 11 of the Charities Accounts {Scotland} Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examinerfs statement In conneclion with my examination, no matter has come to my attention (1) which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with Section 44(1Xa) of the 2005 Act and Regulation 4 of Ihe 2006 Accounls Regulations., and to prepare accounts which accord with the accounting records and lo comply with Regulation 8 of the 2006 Accounts Regulalions have not been mel., or (2) to which, in my opinion, attention should be drawn in order to enable a proper understsnding of the accounts to be reached. Mackay & Co Chartered Accountants Unit 8 Golspie Business Park Golspie Suther18nd KW10 6UB Page 3 Kilbraur Windfarm Communit Benefit Trust Statemenl of Financial Activities for the Year Ended 31 Janua 2025 31.1.25 Total funds 31.1.24 Total funds Unrestricted Reslricted fun fund Noles INCOME AND ENDOWMENTS FROM Donations and legacies 171,397 171,397 171,416 Investmenl income 5,561 5,561 3,785 Total 176,958 176,958 175.201 EXPENDITURE ON Charitable activities General 97.996 97,996 83,528 NET INCOME 78.962 78,962 91,673 RECONCILIATION OF FUNDS Total funds brought forward 481,586 481,586 389,913 TOTAL FUNDS CARRIED FORWARD 560,548 560.548 481,586 The notes fomi part of these financial statements Page 4 Kilbraur Windfarm Communi Trust Benefit Balance Sheet 31 Janua 2025 31.1.25 Total funds 31.1.24 Total funds Unreslricted Restricted fund fund Notes CURRENT ASSETS Cash at bank 645,254 645,254 552,292 CREDITORS Amounts falling due within one year (84,706) (84,7061 (70,706) NET CURRENT ASSETS 560.548 560.548 481,586 TOTAL ASSETS LESS CURRENT LIABILITIES 560,548 560,548 481,586 NET ASSETS 560,548 560,548 481,586 FUNDS Unrestricted funds 560,548 481,586 TOTAL FUNDS 560,548 481,586 The financial sta ements were approved by the Board of Trustees and authorised for issue on and were signed on its behalf by.. The notes fomi part of these financial statements Page 5 Kilbraur Windfarm Communi Trust Benefit Notes to the Financial Statements for the Year Ended 31 Janua 2025 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial statements of th8 charity. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102)'Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities and Trustee Investmenl (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention. Incorne All income Is recognised in the Slatement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligalion committing the Charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendilure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to aclivities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxatlon The charity is exempt from tax on its charitable activilies. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 6 continued... Kilbraur Windfarrn Communi Trust Benefit Notes to the Financial Ststements- continued for the Year Ended 31 Janua 2025 INVESTMENT INCOME 31.1.25 31.1.24 Deposit account interest 5,561 3,785 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacles 171,416 171,416 Investment income 3,785 3,785 Total 175,201 175,201 EXPENDITURE ON Charitsble activities General 83,528 83,528 NET INCOME g1,673 91,673 RECONCILIATION OF FUNDS Total funds brought forward 389,913 389,913 TOTAL FUNDS CARRIED FORWARD 481,586 481,586 Page 7 continued... Kilbraur Windfarm Communi Trust Benefit Notes to the Financial Statements continued for the Year Ended 31 Janua 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.1.25 31.1.24 Other creditors 84,706 70,706 MOVEMENT IN FUNDS Net rnovement in funds At 31.1.25 At 1.2.24 Unrestricted funds General fund 481,586 78,962 560.548 TOTAL FUNDS 481,586 78,962 560,548 Net movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 176,958 {97,9961 78,962 TOTAL FUNDS 176,958 (97,996) 78,962 Comparatives for movement In funds Net movement in funds Al 31.1.24 At 1.2.23 Unrestricted funds General fund 389.913 91.673 481,586 TOTAL FUNDS 389,913 91,673 481,586 Page 8 continued... Kilbraur Windfarm Communi Trust Benefit Notes to the Financial Statements - continued for Ihe Year Ended 31 Janua 2025 MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestricted funds General fund 175.201 (83.528) 91.673 TOTAL FUNDS 175,201 (83,528) 91,673 A current year 12 months and prior year 12 months combined position is as follows: Nel movement in funds At 31.1.25 At 1.2.23 Unrestrlcted funds General fund 389,913 170,635 560,548 TOTAL FUNDS 389,913 170,635 560,548 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund 352,159 {181,524) 170,635 TOTAL FUNDS 352,159 {181,524) 170,635 Page 9 continued... Kilbraur Windfarm Communi Trust Benefi Notes to the Financial Statemenls - continued for the Year Ended 31 Janua 2025 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 January 2025. GRANTS AND DONATIONS PAID OUT IN YEAR Grants Clyne Heritage Society Easl Sutherland Canoe Club Friends of Brora Learning Centre Go Golspie Golspie 8owling Golspie Community Microgranls Golspie Community Council Golspie Community Council Training Microgranl Golspie in Bloom Golspie Rowing Club Golspie Youth Action Highland Wildcat Rogart Angling Club Rogart Community Council Hub Rogart Community Council Microgrant Rogart Development Club 10.000.00 5,183.68 1,052.88 7,700.00 5,166.40 4,000.00 21,596.00 251.00 647.76 1,733.98 1,985.48 4,000.00 1,340.00 3,816.00 4.000.00 4,725.00 77,198.18 Page 10 continued... Kilbraur Windfarm Communi Trust Benefit Notes to the Financial Statements - continued for the Year Ended 31 Janua 2025 GRANTS AGREED BUT NOT YET CLAIMED Association Paths Mircrogrant Friends of Brora Community Learning Centre Rogart Community Council Feis Chataibh Association of Northern Trails Scotland Pittentrail Recreation Hall Highland Wild Cat Rogart Development Trust Brora Bowling and Tennis Club Brora Development Trust Highland Wildlife Rescue Rogart Development Trust NSKC Highland Wild Cat Golspie Community Centre Golspie Heritage Golspie in Bloom SCPB 7,135.27 460.75 328.00 6,233.00 10,000.00 4,157.60 816.00 9.000.00 2,963.00 1,088.00 4,800.00 4,725.00 13,264.00 2,032.99 2,280.00 5,300.00 6,696.00 3,426.85 84.706.46 Page11 Kilbraur Windfarm Communi Trust Benefit Detailed Statement of Financial Activities for the Year Ended 31 Janua 2025 31.1.25 31.1.24 INCOME AND ENDOWMENTS Donations and legacies Community Benefit Payments 171,397 171.416 Investment income Deposit account interest 5,561 3,785 Total incoming resources 176,958 175.201 EXPENDITURE Charitable activitles Insurance Poslage, stationery & expenses Advertising Sundries Secretarial Book keeping and office costs Grants to institutions 157 1,380 669 35 1,500 2,517 91,198 963 120 35 3,391 2,400 76,079 97,456 82,988 Support costs Governance costs Accounlancy and legal fees 540 540 Total resources expended 97,996 83,528 Net income 78,962 91,673 This page does not form part of the statutory financial statements Page 12