COMPANY REGISTRATION NUMBER: SC356015 CHARITY REGISTRATION NUMBER: SC040372 Isle of Kerrera Development Trust Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 R A CLEMENT ASSOCIATES CHARTERED ACCOUNTANTS Chartered accountants 5 Argyll Square Oban Argyll PA34 4AZ
Isle of Kerrera Development Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Page Directors, annual report (incorporating the director's report} Independent examiner's report to the directors Statement of financial activitses (in¢luding income and expenditure account) ststement of financial position Notes to the financial statements The following pages do not fonn part of the financial statements Detailed ststement of financial activities 26 Notes to the detailed statement of financial activities 28
Isle of Kerrera Development Trust Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 The directors, who are also the diredors for the purposes of company law. present their report and the unaudited financial statements of the chanty for the year ended 31 March 2025. Reference and administrative details Reglstered charity name Isle of Kerrera Oevelopmenl Trust Chartty registratlon number SC040372 Company registratlon number SC356015 Principal office and registered Lower Gylen office sle ol Kerrera Oban PA34 4SX Argyll The directors P Davies R Wright A McGregor M Brown D Robertson D Keys L Wright G Thorpe S McGregor C Strong K Keys R Glen (Appointed 9 April 20241 (Appointed 9 April 20241 (Appointed 23 March 20251 (Appointed 23 March 20251 (Appointed 23 March 20251 (Appointed 24 March 20251 IRe5igned 23 March 20251 (Resigned 21 January 20251 Liam Campbell ACCA ol R A Clement Associates C.A. 5 Argyll Square Oban Argyll PA34 4A2 Independent examiner
Isle of Kerrera Development Trust Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (¢oniinuedl Year ended 31 March 2025 Stru¢ture, governance and management structure ollhe charrty IKDT continues to Dpere as the representative arm ofthe community. The company has been fomed to benefit the communities of the Isle ol Kerrera and all of the associated small islands In its immediate vicinity and is governed by its memorandum and articles. The organisation Is 3 charitable Gompany limited by guarantee and is recognised as a Scottish charity. Governing Do¢ument The company w8s established under a Memorandum of Association which established the obieds and powers Df the charitable company and Is governed by its Articles of Association. In the event ol the company being wound up membeTS are required to contribute an amount not exceeding £1. NumberolDfre¢tois The maximum number of directors shall be 10. of whom no more than 7 may be Member Directors and no rnore than 3 may be co-opted directors, the minimum number of directors shall be 5 and the number of Mernber Directors must at 811 ts.mes exceeij the aggregate number ol co-opted directors Election, retirAI, re4le¢tion.' MemberDireGiors Any full member who wishe5 lo be considered for election as a director at an annu81 general rneeting must lodge with the company a written notice lin such form as the director5 require). confirming that he15he is willing to be appointed., the notice must be signed by himlher and musl be lodged wth the company al least 7 days before the de ofthe annual general meeting. Liabilityof Alembe15 Every member ofthe CDmp8ny undertake5 to contribute such amount as may be required (not exceeding £11 to the company's assets If it should be wound up while helshelit IS 8 rnember or within one year after he15helit ceases to be a member, for payment of the company's debts and liabilities contracted before helshelit ceases to be a member, and of the costs. charges and expenses of winding up. and lor the adiuslment of the right5 of the contributories among themselves. Rtsk Poltcy The directors have assessed the major risks to which the charity Is exposed, and in particular Ih05e related to Ihe operations and finances of the Trust. and are satisfied that system5 ale In pla lo mit198te any exposure to these r15ks. Recnritynent wjd Appointment of Chty frustees All members are eligible to be nominated and appointed as charity trustees. In such a small community where everyone knows each other. It is fairly easy to spread the word that new Trustees are needed and existr.ng Iruslees vAlI talk through what is required and answer any quests.ons prior to nomin*ion. Inlinewith our Governing documents potential new Trustees are Invited lo register their Interest In vniting 7 days in advance ol the annual AGM. New Trustees are nominate(l and seconded al the AGM.
Isle of Kerrera Development Trust Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (conithuedl Year ended 31 March 2025 Structur•, govemance and management (¢onlinuedJ Indu¢tlon #nd training oltrusiees New Trustees receive an Inducts'on pack induding links lo OSCR guidelines about being a Trustee and a presentation based on a Development Trust Association Scotland IDTASI template, relating to the work of the Trust. including links lo documents such a5 the Articles of Association, annual accounts. policies and procedLJres, register of interests and proiecl updates. Informal meeting5 Wth Trustees and staff are encouraged to bring new Trustees up to dale. Training Is provided as required during the year and as need5 arise e.g. understanding annual accounts. A board training and development day Is being planned with Sandy Brunton from Mull and lona Community Trust. Jane and Aideen provide support to the board. PayTemeratso There are no direct employees in the organisalion. All staff are self employed. Currently the Project Coordinator works flexibly part time for 2.5 days per week. Rates wefe benchmarked across other rural development trusts when the contract was offered. Any funding applications that Include rates of pay always Include an annual Increase and rates are reviewed and benchmarked annually.
Isle of Kerrera Development Trust Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (CLtinUed) Year ended 31 March 2025 Objectives and actlvltles The company has been formed lo benefit the communities of the Isle of Kerrera and of all associated small islands in its immediate vicinity, which comprise the post code unrt PA34 4SX I'lhe Community") with the following obiects".- 111 To promote. for the public benefit. Tural regeneration within the Community.. 121 To advance environmental protection andlor Improvement wthin the Community and ln particular Ihrough".- IAI the provision, maintenance andlor impfovement of public open space and L)Iher public amenities and other environmental and regeneration projects Ibut subject lo appropr5ale safeguards to ensure that the public benefits so ar151ng clearly Oue19 any private benefit thereby conferTed on pnvale landownersl", and IBI encouraging the more efficient use of the wodd's resources, and In particular greater use of renewable energy sources so as lil to minimise the proliferation of mines, wells and other extraction facilits.es which degrade the natural environment and lill to reduce greenhouse gas emissions and thus avoid the damage lo the natural environment caused by global warming., 131 To advance heritage through preserving. for the benefit of the general PLJblic. the historical, architectural and constructional heritage that may exist In and around the Community In buildings (including any structure or erection and any part of a building as so definedl of particular beaLJty or historical. architectural or constructional inleresl-. To provide recreational facilities or to Drgani5e recreabonal activities. within the Cornmunity. with such facilitiesla¢liv((ies being available to members of the public at large with the object of improving their CDnditlDns of life, To advance the health ol the residents of the Community and to assist in the relief of Ill health and the provision of health education for 5ueh residents.. To advance education among residents ofthe Community.. To relieve unemployment. particularly among residents of the Cornmunily These are achieved through the provision of a community ebike scheme. The refurbishTnent and future operation of a Old School Buildingfacility on the Isle of Kerrera to provided facilities for the local community and other project5 as detailed further in the Achievements and performance section of the report. Achievement5 an(J perfomiance The school building now up and running 8tthough ongoing issues with hearing elc. The bothy is operating well and continuing lo develop business.
Isle of Kerrera Development Trust Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Flnancial reviaw Results for the year The charity Incurred an overall deficit lor the year of £30k12024.' Surplus £244kl, partly attributable to reduction in grant fijnding on the completion of major projects. Al the year end the charity held £17K unrestricted funds12024. £17kl and £1.66m restricted funds12024'. £1.7ml of which £1.6m was represented by tangible fixed12024". £1.6ml. Prlncipal fundlng sources The prinapal funding sources during the year was grant fLJnding as sel out in note S to the accounts. Reserves The Policy of the Trust is to aim to relain sufficient reserves to meet the cost of any regular commitments, as well as a contingency lo enable il lo continue lo develop further projects. The Tru51 recognises that 115 regular commitments will now Increase due to the Old School and Bothy. along with the maintenance of the North South Road. The reserves held going forward will need lo reflect this. Work Is underway to Identify these ¢osls and to irnplemenl a strategy to Increase our reserves figure. Plans for future periods Plans for the Coming Year Looking ahead, we're focused on the following.. Rectifying ongoing issues with hearin01 water and septic lank Collaborate with calrnac re the provision of public toilets at the slipway on Kerrera Small company provisions This report ha5 been prepared in accordance with the provisions applicable to companies enbtled to the small companies exempb'on. The directors. annual report was approved on .041Q312026....... and signed on behalf of the board of Iruslees by. C Strong Director
Isle of Kerrera Development Trust Company Limited by Guarantee Independent Examiner's Report to the Directors oflsle of Kerrera Development Trust Year ended 31 March 2025 I report to the directors on my examination of the financial statements of Isle of Kerrera Development Trust I'the chanty'l for the year ended 31 March 2025. Responslbilltie$ and basis of report As the directors of the company land also its director5 for the purposes Df company lawl you are responsible for the preparation of the financial statements In accordance with the requirements of the Charities and Trustee Investment (Scotlandl Act 20051.the 2005 Act'l, the Charities Accounts Iscotlandl Regulations 2006 las amended) and the Companies Act 20061'the 2006 Act'l. You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen Instead lo have an independent examination Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible lor independent examination. I report in respect of my examination of Ihe charity's accounts carried oul under section 441111¢) of the 2005 Act. In carying out my examination I have followed the requiremenl5 of Regulation 11 of Ihe Charities Accounts (Scotlandl Regulations 2006 las amended). Independent examiner's ststement Since the charity is required by cornpany law to prepare Its accounts on an accruals basis and is registered as a charty In Scotland yOLJr examiner must be a rnember of a body listed In Regulation 11121 of the Chanties Accounts IScDtlandl Regulations 2006 las amended). I can confirm that l am qualified lo undertake the examination because l am a registered mernber of ICAS which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe.. accounting records were not kept In respect of the charity as required by section 386 of the 2006 Acl. section 4411llal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, or the financial statements do not accord with those records Drwilh the accounting requirements of Regulation 8 of the Chanlies Accounts Iscotlandl Regulations 2006.. or the financial statements do not compty with the 8ccounling fequirements of section 396 of the 2006 Act other than any requirement that the accoLJnts give a 'true and fair, view which is not a maller considered as part of an Independent examination", or the financial slalemenls have not been prepared In accordance with the methods and pnnciples of the Staternent of Recommended Practice for accounting and reporting by charities applicable lo charities prepanng their accounts in accordance th the Financial Reptsrting Standard applicable in the UK and Republic of Ireland IFRS 1021.
Isle of Kerrera Development Trust Company Limited by Guarantee Independent Examiner's Report to the Directors of Isle of Kerrera Development Trust (conttllUo¢ Year ended 31 March 2025 I have no concerns and have come across no other matters in connection wih the examination lo which attention should be drawn in this report in Order to enable a proper understanding of the accounts to be reached. Liam Campbell ACCA R A Clemenl Assoo Independent Exam s C.A. er S Argyll Square Oban Argyll PA34 4AZ
Isle of Kerrera Development Trust Company Limited by Guarantee Statemenl of Financial Activities (including income and expenditure account) Year ended 31 March 202S 2025 ReslrieteL* Endowment funds funds Total funds 2024 Unreslncled lund5 Total funds Note Incorne and Designated Donations and legacies Charitsble activities Other trading acts'vib'es Total income 4,318 1,663 1,244 2.313 1.905 6.631 3.568 1.244 299,886 2,360 1,306 7,225 4,218 11.443 303,332 Expenditure Expenditure on charitable activities 6.696 34.435 41.131 59,543 Totsl expgnditure 6,696 34.435 41.131 59,543 Net lexpendlturelllncome and net movement in funds 529 130.2171 129,6881 243,789 Reconciliation of funds Total funds brought forward Total fund$ carrled fonAard 16,995 1,695,411 6.561 1,718.987 1.475,178 17,524 1,665,194 6.561 1,689.279 1.718,987 The statement of financial activities Includes all gains and losses recognised in Ihe year. All income and expenditure derive from continuing activities. The notes on pages 11 to 24 fonn part of these financial $tatements.
Isle of Kerrera Development Trust Company Limited by Guarantee ststement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 14 1,628.807 1,639,118 Current assets Debtors Cash al bank and In hand 15 1.006 69,678 3.405 95.954 70.684 99,359 Credltors.. amounts falling due wlthin one year Net current assets 16 10,212 19,508 60.472 79,851 Total assets less current Ilabilitles 1.889.279 1,718,967 Net assets 1,689,279 1.718,967 Funds of the charity Endowment funds Restricted funds Unrestricted funds 6.561 1,665.194 17.524 6,561 1,695,411 16.995 Total charity funds 18 1.889,279 1,718.967 For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companie5 Act 2006 relating to small companies. Directors, responsibilities". The member5 have not required the company to obtain an audit of Ils finanaal statements for the year in question in accordance with section 476", The directors acknowledge their responsibilities for Complying with the requirements of the Act wth respect to accounting records and the preparation of financial statements. These financial Statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies, regime. The statement of financial position continues on the following page. The note$ on pages 11 to 24 fomi part of ihese financial statements.
Isle of Kerrera Development Trust Company Limtted by Guarantee Statement of Financial Position (¢ontifr7ue 31 March 2025 These financial slalemenls were approved by the board of trustees and aulhorised for issue on and are signed on behalf of the board by". C Strong Director The notes on pages 11 to 24 lomi part of these flnatrTr¢lal statements. 10
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit enlily and a private company limited by guarantee. registered in Scouand and a registered charity in Scotland. The address of the registered office is Lower Gylen, Isle of Kerrera, Oban, PA34 4SX. Argyll. Statement of compliance These financial statements have been prepared in compliance wth FRS 102. 'The Financial Reporting Standard applicable In the UK and the Republic of Ireland,. the Statement of Recommended Practice applicable lo chanties preparing their accoun15 in accordance with the Financial Reporting Standard applicable In the UK and Fiepublic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through 1ncome or expenditure. The financial stslemenls are prepared in sterling. which Is the functional currency of the enlily. Going concern There are no material uncertainties about the tharity's ability to continue. Disclosure exemptions The enlily satisfies the Criteria of being a qualifying enlily as defined in FRS 102. As such. advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102. lal No cash flow slaternenl has been presented for the company. Ibl Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial slalements requires management lo make iudgemenls, eslirn8te5 and assumptions that affect the amounts reported. These eslirnales and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances.
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (continuedl Year ended 31 March 2025 Accounting pollcles {¢onttnuedJ Fund accounting Unrestricted funds are available for use al the discretion of the Iruslees lo further any of the charity's purposes. Endowment funds are unreslricled funds earmarked by the directors lor particular future projed Of Commitment. Reslricled funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes. restricted Income funds or endowment funds. Income All Income 15 included in the statement of financial activities when entitlement ha5 passed lo the chanly. it is probable that the economic benefits associated wth the transaction wll flow to the charity and the amount can be reliably measured. The following Specific policies are applied to particular categories of Income. income from donatlDns or grants Is recognised when there is evidence of enlillemenl to the gift. receipt Is probable and Ils amount can be measured reliably. legacy income is recognised when Teceipl is probable and entitlement Is e5tabli5hed. income from donated goods is measured at the fairvalue of the goo¢Js unless ihis is impractical to measure reliably. in which case the value Is denved from the cost to the dontsr or the estimated resale value. Donated facilities and services are recognised in the 8c¢ounls when received If the value can be reliably measured. No amounts are Included for the conlribution of general volunteers. income from contracts for the supply of services Is recognised with the delivery of the contracted service. This is classified as unrestricted fund5 unless there is a Contractual requirernenl for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restncted. 12
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements {¢ontsnued) Year ended 31 March 2025 Accountlng poll¢le$ Icontrnuedl Expenditure Expenditure Is recogni5ed on an accruals basis as a liability is incurred Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the stalement of financial activities lo which It relates. expenditure on raising funds includes the Costs of all fundraising activitses, event5, non- chantable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity In undertaking acts'vib'es that further ils charitable aims for the benefit ol its beneficiaries, Induding those support costs and costs relating to the governance of the charity apportioned to charitable acts'vitses. other expenditure Includes all expenditure that is neither lated lo raising ftjnds for the charity nor part of rts expenditure on charrtable activities. Ail costs are alloGaled lo expenditure ¢at2gories reflecting the use of the resource. Direct C051s attributable to a single activity are allocated directly to that activity. Shared costs a apportioned between the activitie5 they contribute to on a reasonable, justifiable and Consistent basis. Tanglble assets Tangible assets are Initially recorded at cost. and subsequently slated al cost less any accumulated depreciation and Impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated deprèciation and subsequent accumulated impaimient105ses. An increase in the Carrying amount of an asset as a result of a revaluation, is recognised In other recognised gains and losses, unless It reverses a charge for Impairment that ha5 previously been recognised as expenditure within the statelnenl of financial activities. A decrease in the carrying amount of an asset a5 8 re5uII of revaluation, is recognised in other recognised gains and losses. except lo which it offsets any previoijs revaluation gain. in which case the 1055 is shown wlhin other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less Its residual value, over the useftjl economic life of that asset as follows.. Land and buildings Marquee E-Bikes Computer equipment 2°k Straight line 1 OVO reducing balance 500/D in first year and 15Q each year after this 25% Straight line Assets are not depreciated until they are bought Into use as detailed in note 15. 13
Isle of Kerrera Development Trust Company Limiled by Guarantee Notes to the Financial Statements icontinuedl Year ended 31 March 2025 A¢¢ounting policies (continue Impairment of fixed assets A review for indicators of impairment is carned out at each reporting dale. with the recoverable amount being eslimaled where such Indicators exist. ere the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting dale. For the purposes of irnpairment lesling. when il is not possible to estimate the recoverable aTnounl of an Individual asset, an estimate 5s made ol the recoverable amount of the ¢ash-generab'ng unit to which Ihe asset belongs. The cash-generating unit Is the smallest Identifiable group of assets that Includes the asset and generates cash inflows that largely Independent of the cash Inflows froFn other assets or groups of assets. For impairment testing of goodwill. the goo(h4ill acquired in a business combination Is. from the acquisition date. allocated lo each of the cash-generating units that are expected lo benefit from the synergies of the combination, Irrespective of whethei other assets or liabilities of the charity are assigned to Ihose units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the Inslrumenl. Basic financi81 Instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and cuirenl Iiabililies are subsequently measured al the cash or other consideration expected lo be paid or received and not discounted. Debt Inslruments are 5ub5equently measu at amortised cost. ere investments in shares are publidy traded or their fair value Can otherwise be measured reliably, the investment IS subsequently measured at fair value with changes In fair value recognised in Income and expenditure. All other such investments are subsequently measured at cost less Impairment. Other financial instruments, including derivatives. are initially fecognised at fair value. unless payment for an asset Is deferred beyond normal business terms or financed al a rale of interest that Is not a market rate. in which case the asset Is measured at the present value of the future payment5 discounted at a market rate of interest for a sirnilar debt In51rumenl. Other financial instruments are subsequently measured al fair value, wilh any changes recogni5ed in the statement of financial activitie5, with the exception ol hedging instruments in a Endowment hedging relationship. Financial a55els that are measLJred at cost or amort15ed c05t are reviewed for objective evidence of impairment at the end of each reporting dale. If there Is objective evidence of impairment. an impaiment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 14
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (¢oninuedl Year ended 31 March 2025 Accountlng policles (contirtuedj Financial instrumènts l¢onthTrts•d) For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for Impairment. Other financial assets are either a5ses5ed Individually or grouped on the basis of similar credit risk characteristics. Any reversals of Impairment are recognised Immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceed5 what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The Isle of Kerrera Oevelopment Trust is a company lirnited by guarantee and accordingly doe5 not have a share capital. Every member of the company undertakes lo contribute such amount as may be required not exceeding £1 to the assets ol the charitable company In the event of its being wound up while he 01 She 15 a member, or within one year after he or she ceases to be a member. Donatlons and legacies Unrestricted Funds Reslri¢ted Total Funds Funds 2025 Donations Oonations Donations- School project Gift aid 4.198 313 4,511 Grants William Grant Foundation HIE Highland Council Argyll & Bute Touring Nethrk DTAS Energy Savings Trust Garfield Weston 120 120 2.000 2,000 4,318 2,313 6,631 Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations Donations- School project Gift aid 2,174 2.174 1.219 17 1.219 17 15
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements Icontinuedl Year ended 31 March 2025 Oonations and legacies (continuedl Unrestr4Cted Fund5 Restricted Total Funds Funds 2024 Grants William Granl Foundatlon HIE Highland Council Argyll & Bute Touring Network DTAS Energy Savings Trust Ganleld Weston 7.800 7.800 102,034 102,034 147,514 147,514 300 219 25.564 12.825 300 219 25,564 12,825 10.493 289,173 299,666 Charitable activities Unre5tricled Funds Reslncted Total Funds Funds 2025 E-8ike rental Fundraising events Bc)thy renta Other Incorne from charitsble activities 1.345 1.345 105 1.800 318 105 1.800 318 1.663 1.905 3.568 Unreslri¢ted Funds Restricted Total Funds Funds 2024 E-Bike rental Fundraising events Bothy rental Other Income from charitable activities 1,250 925 1,250 1,110 185 2,175 185 2,360 Other trading aGtivities Unreslrided Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 School hire Slip rent 62 1,244 62 1,244 1,244 1.244 1,244 1,244 1,306 1,306 16
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements {¢onlinuedl Year ended 31 March 2025 Expendlture on charitable activitles by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Core aclivilie5 School building Broadband Inlraslructure Support costs 4,296 5,706 24,329 2,000 2,400 10,002 24,329 2.000 4.800 2,400 6.696 34,435 41,131 Unreslncled Funds Restricted Total Funds Funds 2024 Core activities School building Broadband Infrastructure Support costs 1,570 10,388 42,785 11.958 42.785 1.800 3.000 4800 3.370 56,173 59,543 Expenditure on ¢harltable activities ty actlvlty type Activities undertaken directly Support Total funds costs 202$ Total fund 2024 Core ath'vilies School building Broadband Infrastructure Governance costs 10.002 24.329 2.000 10.002 24.329 2000 4,800 11,958 42,785 4,800 4.800 36,331 4,800 41,131 59.543 2025 2024 Project management lee5 & expenses Core acbvilies- Office. IT Legal & Professional fees Broadband Infra5tructure- Project management fees Governance cos15- accountancy & audit fees Consultancy. other staff & sundry costs Activities & other project costs School building CDSts Core aclivilie5 - Depreciation & impairment 2.050 1.957 2.000 4.800 430 682 24,329 4,883 5,745 762 4.800 160 375 42.785 4,916 41,131 59,543 17
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 10. Net lexpenditurellln¢ome Nel lexpendilurellincome is slated after chargingllcredilingl.. 2025 2024 Depreciation of tangible fixed assets 21.961 21.763 11. Independent exarninatlon fees 2025 2024 Fee5 payable lo the independent examiner for" Independent examination of the financial 51alemenls 4800 12. Stsff costs There were no employees dunng the year or the previous year. 13. Trustee remuneration and expenses The chanty trustees, who are the directors of the company, were not paid and did not receive any remuneration, benefits In kind or reimbursemenl of expense5 in their capacity as trustee dunng the year or the previous year. 14. Tangible fixed assets At 1 Apr 2024 At Additions 31 Mar 2025 Cost Kerrera slipway Old school buildirlg Northlsouth Road Marquee Broadband infrastructure E-bike5 Computer equipment 6.561 842.335 750.280 4.124 32.400 61.086 382 11.652 853.987 750.280 4.124 32.400 61.086 382 1.697.168 11.652 1,708,820
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (cLtinUeI Year ended 31 March 2025 14. Tangible fixed asset5 (¢oniinuedJ At 1 Apr 2024 Charge for At the year 31 Mar 2025 Dèpreciation Kerrera slipway Old school building Northlsoulh Road Marquee Broadtsand infrastructure E-bikes Computer equipment 16.847 17.078 33.925 1.117 301 1.418 39.706 382 4,582 44.288 382 58,052 21,961 80,013 At At 31 Mar 2025 31 Mar 2024 Carrying amount K&rrera slipway Old school building Northlsouth Road Marquee Broadband infrastructure E-bikes Cornputer equipment 6.561 820,062 750,280 2708 32,400 16,798 6.561 825.488 750,280 3.007 32 400 21,380 1,628,807 1.639,11S 19
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 14. Tanglble flxed assets (continued) Kerrera Slipway The slipway major overhaul, which was not being carried out by the tharily. was completed in March 2015, but no depreciation will be charged on the initial cost of bringing It into the ownership of the Trust, as this Consists only of the legal fees incurred. Old School Bulldlng The Initial costs related to professional fees and the cost of the Old School 8uilding on Kerrera which was bought from Argyll & Bute Council in July 2019 with a 100°A grant from the Scollish Land Fund. The grant funded alldilions in subsequent years relate to felutbishmenl works undertaken. Depreciation will be charged on completion of the project. Argyll & Bute Council hold standard secunty over Kerrera Primary School of security of payment of all 5um5 due and that may becorne due lo Arg1 & Bule Council. Northlsouth Road The capitalised cos15 of the cost of putting the road in place. Cost5 brought forward relate to phase 1 of the construction of the Northlsouth road to connect the comrnunilies on the Island. Additions In the year relate to phase 2 of the project. The asset Is not owned however In the next two years either fomial tlue will be received or the road may be formally adopted by Argyll & Bute Council. Depreciation will be charged on completion of Ihe project. Broadband infrastructure The project was In the early stages al the year end. Depreciation will be charged on Completion of the project. 15. Debtors 2025 2024 Prepaymenls and accrued income Other debtors 2.399 1.006 1,006 1,008 3.405 1£. CdItors. amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income 350 19,158 19,508 10.212 10,212 17. Deferred Income 2025 2024 Amount deferred In year 951 951 20
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2025 18. Analysis of charitable funds Unrestricted funds At 1 Apr 2024 At Income Expenditure 31 Mar 2025 General ftjnds 16.995 7,225 16.6961 17,524 At 1 Apr 2023 At Incorne Expenditure 31 Mar 2024 General funds 6,391 13,974 13,3701 16,995 Restricted funds At 1 Apr 2024 At Income Expenditure 31 Mar 2025 School project E-8ike5 Community led 8Ctivities Northlsouth Road Mainland Carpark Broadband Infrastructure 852.586 21,380 4,798 783,721 528 32.400 2,218 125.8781 14.5821 11.9751 828.926 16798 2,821 783,721 528 32,400 2.000 12.0001 1,695,411 4.218 134,4351 1,665,194 At 1 Apr 2023 Al Income Expenditure 31 Mar 2024 School project E-Bikes Comrnunity led activities Northlsoulh Road Mainland Carpark Broadband Infrastrurture 596.819 25.962 22813 783.704 528 32,400 289,341 133.5741 14.5821 118,0171 852.586 21.380 4.796 783,721 528 32,400 17 1,462,226 289,358 156.1731 1,695,411 21
Isle of Kerrera Development Trust Company Limited by Guarantee Note5 to the Financial Statements l¢ortllnuedl Year ended 31 March 2025 18. Analysis of charitable funds (coniinued) School Prolect During the year the refLJrbishment works were completed and the building was officially opened the building on 30th March 2024. E-Bikes Funding was received Irorn The Energy Savings Trust in 2021 for the purchase of E-bikes. The e- bikes are now in use with depreciation charged against the fund balance. Community led actSvltle$ Funding was received from the Lottery ID deliver a prograrnme of community-led activities on the Isle of Kerrera. The programme, based on ongoing con5ullalion. will bring the community together, promote cornmunity resilience and alleviate iurallsocial Isolabon. A number ol successful events were held during the current and pnor year. Northlsouth Road Funding was received frorn the Scottish Government, In the PriL)r year, lo la¢ilitate the construction of a road to connect the separate communities on the island. Al 31 March 2022 stage one had been cornpleled con5151ing of a forestry grade track with fencing and cattle grid. Further funding was received In 2022-23 from Argyll & Bute Council for stage two of the project, the lar lopping of the road in October 2022. The capitali5ed costs of the cost ol putting the road in place. The roaLI proje¢l aayS had a 2 year timeline built in where we were hoping the road would be adopted. This penod finished in October 2024 and IKDT now has the option to trigger the assignation of the road lo the Tru51 and Is currently with the solicitors. £30.000 has been ringfenced lo cover these legal costs and any associated project management costs. Malnland Car Park Initial funding was receively from DTAS and futLJre support wll be provided by Highland5 and Island5 Enterprise lo work with Community Enterprise to look at the options for the rnainland car park. There was no action taken on this project dunng the current year Broadband Infrastructurè Grant funding of £32,400 was received from Ihe Argyll & Bute council Digitsl Exclusion Fund in 2022123 for the 8ack of Beyond Broadband180661 foT the purpose of completing a Fixed Wfireless Access IFWAI network on the Island of Kerrera. In September 2024 a further grant of £2.000 was received lo covef project management costs. 11 has been a complex and challenging environment to work In and although there were no further developments of the project in the year to March 2025, the first home Connection was made in January 2026. There are no further funds due for this project and we hope that more homes can now lake advantage of the super fast speeds on offer. 22
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements {¢oniinuedl Year ended 31 March 2025 18. Analysis of charitable funds (continued) Endowment funds Al 1 Apr 2024 At Income Expenditure 31 Mar 2025 Isle of Kerra Slipway 6.$61 6,561 Al 1 Apr 2023 Al Income Expenditure 31 Mar 2024 Isle of Kerrera Slipway 6,561 6,561 Kerrera Slipway The Slipway at the Isle of Kerrera was acquired by the Trust for a payment of £6.561. 19. Analysi5 of net assets between funds Unrestncted Funds Reslricted Endowment Total Funds Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 2.706 20,233 15,4181 17.523 1.619,538 50,453 14,79SI 1,665,195 S,561 1.628.805 70.686 110.2121 1.689.279 6,561 Unrestricied Funds Restricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year 3,007 28,428 114,4401 1,629,548 70,931 15,0681 6,561 1.639.116 99.359 119,5081 1.718.967 Net assets 16,995 1,695,411 S,561 20. Conflicts of interest The Trust operates a policy to deal with potential conflicts of interest This includes maintaining a register of board membersldirectors interests, which details any contractual orfinancial relalionship or position ol authonty with outside companies. firms or organisations. Vvhenever a board memberldirector has an Interest In any item discussed by the Board. helshe lakes no part In the discussions or decision making proce5S. 21. Capital commitrnents The Trust is committed to completion of ongoing projects. 23
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Financial Statements (conltnuedl Year ended 31 March 2025 22. Related parties During the year the charity entered into the following transaction5 Wlth related parties Balance owed byllowed tol Transaction value 2025 2024 2025 2024 R rght 1,800 The opportunty to operate the bolhy was offered to all islanders. From September 2024. the bothy has been operated by R Wright a Irusteeldirector. 24
Isle of Kerrera Development Trust Company Limited by Guarantee Management Infomation Year ended 31 March 2025 The following pages do not fomi part of the financial statements. 25
Isle of Kerrera Development Trust Company Limited by Guarantee Detsiled Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and De51gnated Donations and legacles Donations Donations- School project Gift aid Wlliarn Grant Foundation HIE Highland Council Argyll & Bule Tounng Network DTAS Energy Savings Trust Garfield Weston 4.511 2,174 1,219 7,800 102,034 120 2,000 147,514 300 219 25.564 12.825 6.631 299,66 Charitable activities E-Bike rentsl Fundra1sing events Bothy rental Other income from charitable ath'vits'es 1,345 105 1,800 318 1.250 1.110 3,568 2.360 Other trading activities School hire Slip rent 62 1.244 1,244 1,244 1,306 Total income 11,443 303,332 26
Isle of Kerrera Development Trust Company Limited by Guarantee Detailed Statement of Financial Activities {¢onisnueill Year ended 31 March 2025 2025 2024 Expenditure Expenditure on charitable activities Wages and salaries Light and heal Repairs and maintenance Insurance Other establishment Legal and professional fees Other office costs Oepreciation Sundry Core aclivilie5- Equipment & Activities 5.046 1.238 204 2.815 26.216 306 2,817 589 4,800 762 21.763 1.909 375 8.101 856 21.961 430 682 41.131 59.543 Total expenditure 41,131 59.543 Net lexpenditurellincome 129,6881 243.789 27
Isle of Kerrera Development Trust Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 202S 2024 Expenditure on charitable actlvltles Core activities Activities undertaken ditlY Core activities- Project management fees Core aGlivilies- Repairs & maintenance Core a¢tivilies- Insurance Core activities - Volunteer & Stsff expenditure Core activities- Legal and professional lees Core activities- Office expenses & IT Core activitie5- Depreciation & impaimient Core activities- Sundry costs Core activities- Equipment & Activities 1,446 204 400 4,806 350 589 1,301 656 4.883 430 682 762 4,916 180 375 10.002 11,958 School bullding Activities undertaken directly School building - Proiecl management costs School building - Light & heat School building - Repairs & maintenance School building - Insurance School building - Depreciation S¢hool building - Sundry costs 3.600 1.236 21,410 306 2.415 17.078 2,467 16,847 1.749 24.329 42,785 Broadband Infrastructure Activities undertaken directly Infrastructure- legal and professional fees Goveman¢e ¢osts Governance costs - accDuntsncy fees 2.000 4,800 4,800 Expenditure on charitable activities 41.131 59.543 28