Scottish Charity No. SC040479 

The Honey Bee Trust Trustees’ Report and Financial Statements For the year ended 5 April 2025 

## The Honey Bee Trust 

Contents of the Financial Statements for the year ended 5April2025.~— 

||Page|
|---|---|
|Report ofthe Trustees|1-2|
|Report ofthe Independent Examiner|3|
|Statement of Financial Activities|4|
|Balance Sheet|5|
|NotestotheFinancialStatements|6-9|



## The Honey Bee Trust 

eee Report of the Trustees for the year ended 5 April 2025 

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2025. 

Status of Charity and Governing Document The Trust was set up on 23 December 2008 by way of a Trust Deed and recognised as a charity registered in Scotland with effect from 12 May 2009. The Trust is administered in accordance with the Trust Deed. The organisation is a Scottish Charity (No. SC040479). 

## Registered address po 

## Aims and affiliation 

The purpose of the charity is the prevention or relief of poverty, the advancement of education and the advancement of the Christian religion. 

Appointment and removal is in accordance with the Trust Deed, which requires that appointment is approved by a majority vote of the existing Trustees. Removal of any Trustee is by a majority of two-thirds or more of the Trustees then in office. 

Charity advisors Bankers Virgin Money 15 Academy Street Inverness IV1 1JN Solicitors A Fraser & Co 106 Church Street Inverness V1 1EP 

## Activities and achievements 

During the year, the charity received donations totalling £NIL (2024: ENIL) 

Donations totalling £70,228.63 (2024: £19,467) were made to eighteen (2024: Sixteen) charitable organisations. 

Financial support for the ongoing schooling and welfare needs of 10 children at ICF Cambodia (5 girls and 5 boys) through a Kids Sponsorship scheme has continued at a cost of £6,500 for the financial year. 

The trust raises funds to support its objectives through the letting of two rental properties owned by the trust. 

1 

## The Honey Bee Trust 

SSee RE nr ee Report of the Trustees for the year ended 5 April 2025 Other donations made are shown at Note 5 in the Financial Statements. 

## Future Plans 

The Trustees continue to look for new projects for the Trust in line with its objectives. 

## Financial Review 

## Results for the year 

The financial statements for the year are set out in pages 4 to 9. The deficit for the year was £65,141 (2024: surplus of £167,549). 

## Reserves 

Although it is the policy of the charity to maintain unrestricted general funds, i.e., funds not committed or invested in fixed assets, at a level which enable the ongoing work of the charity to be maintained, the unrestricted general fund on page 4 produced a deficit of £57,716 (2024: surplus of £175,940) leaving an overall surplus of £146,684 to be carried forward. The total funds amounted to £621,378 (2024: £686,519). 

Grant Making Policy The charity makes donations and purchases for distribution from its gift income to individuals and organisations whose aims are compatible with the charity's objectives. 

## Statement on Risk 

The Trustees assess the major risks to which the charity is exposed on an ongoing basis and have established procedures to mitigate those that are identified as a result of these reviews. 

## Trustees’ Responsibilities 

The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom generally Accepted Accounting Practice). 

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financia! statements, the Trustees are required to: 

- e select suitable accounting policies and then apply them consistently e observe the methods and principles in the Charities SORP 

- e make judgments and estimates that are reasonable and prudent e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements 

- ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

2 

## The Honey Bee Trust 

## Independent Examiner's Report for the year ended 5 April 2025 

| report on the accounts of the charity for the year ended 5 April 2025 which are set out on pages4 to 9. 

## Respective responsibilities 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 (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. 

## Basis of independent examiner’s statement 

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. 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 seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently | do not express an audit opinion on the view given by the accounts. 

## Independent examiner’s statement 

During my examination, no matter has come to my attention: 

- 1 which gives me reasonable cause to believe that in any material respects the requirements: 

   - e to keep accounting records in accordance with section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations 

   - e to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or 

2 to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts to be reached. 

Independent Examiner Mr Stephen Hopes ACCA Hopes & Co. Accounting Limited 14 Chanonry Road South Elgin IV30 6NG 

Date: 24" of December 2025 

3 

## The Honey Bee Trust 

Statement of Financial Activities For the year ended 5 April 2025 

|||Unrestricted|Unrestricted||||
|---|---|---|---|---|---|---|
|||General|Designated||||
||Note:|Funds|funds|Total2025|Total2024||
|||£|£|£||£|
|Income:|||||||
|Donations& legacies|2|-||-||-|
|Charitable Activities|3|36,365|-|36,365||29,826|
|InvestmentIncome||6,773|-|6,773||2,250|
|Profiton Property Disposal||-|-|-||193,677|
|TotalIncome||a<br>43,138<br>-<br>43,138<br>225,753|||||
|Expenditure:|||||||
|Raising Funds|4|30,625|7,425|38,050||37,717|
|Charitable Activities|5|70,229|-|70,229||20,487|
|Total Expenditure||a<br>100,854<br>7,425<br>108,279<br>58,204|||||
|Netincome before transfers||(57,716)|(7,425)|(65,141)||167,549|
|Transfers between funds|9|-|-|-||-|
|Netmovement infunds||ps<br>(57,716)<br>(7,425)<br>(65,141)<br>167,549|||||
|Total funds broughtforward||204,400|482,119|686,519||518,970|
|Total Funds carried forward||146,684<br>474,694<br>621,378<br>686,519<br>99000000500 E0°05—_—5|||||
|Represented by:|||||||
|Generalfund|9|146,684||146,684||204,400|
|Designatedfunds|9||474,694|474,694||482,119|
|TotalFunds||146,684<br>474,694<br>621,378<br>6————_—ooooooooeeeeeeeeeeeeeeeeee||||686,519|



The notes on pages6 to 9 form part of these financial statements. 

4 

## The Honey Bee Trust 

Balance Sheet As at 5 April 2025 

||Note:|General<br>Designated<br>Funds<br>funds<br>Total2025<br>Total2024|
|---|---|---|
|Fixed Assets||£<br>£<br>£<br>£|
|Tangibleassets|6|275,032<br>275,032<br>282,457|
|CurrentAssets|||
|Debtors<br>Cash atbankand inhand<br>Creditors|7|22,703<br>-<br>22,703<br>25,262<br>329,500<br>-<br>329,500<br>388,053<br>—EI<br>OY<br>0G,U0S |<br>352,202<br>-<br>352,202<br>413,315<br>EEE<br>1,910|
|Othercreditors:duewithin oneyear<br>Loan fund|8<br>8|5,857<br>5,857<br>9,253<br>-<br>-<br>-|
|||Se<br>5,857<br>-<br>5,857<br>9,253<br>eee<br>E09|
|Netcurrentassets<br>Netassets||346,345<br>-<br>404,062<br>346,345<br>275,032<br>621,378<br>686,519<br>oooQoooemweeoeeeeeeee|
|Funds ofthe charity:|||
|General fund<br>Designated funds<br>TotalCharity funds|9<br>9|146,684<br>-<br>146,684<br>204,400<br>-<br>474,694<br>474,694<br>482,119<br>a<br>I hho<br>a A Ao) i AP”FE<br>146,684<br>474,694<br>621,378<br>686,519<br>=lllaeEaEhEayU9aulES|SEOL—a|



The notes on pages6 to 9 form part of these financial statements. 

## The accounts were approved by the Trustees on A December 2025 and signed on their behalf by: 

5 

## The Honey Bee Trust 

## Notes to the Financial Statements for the year ended 5 April 2025 

## 1. Accounting policies 

## Accounting Convention and Assessment of Going Concern 

The financial statements are prepared in accordance with 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 102 1A) published on 16 July 2014, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. 

## Basis of financial statements 

The financial statements have been prepared on an accruals basis. 

## income 

All voluntary income donations and bank interest is accounted for when received. Income from tax recoveries on Gift Aid is accounted for on an accruals basis. 

## Expenditure 

Expenditure is recognised when the liability is due. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates 

## Fixed Assets 

Depreciation is provided at the following annual rates to write off each asset over its estimated useful life: 

Completed buildings 2% straight line Furniture and equipment 20% straight line 

## Statement of Funds 

Unrestricted funds comprise donations and other income received for the objects of the charity without further specified purpose and is available as general funds. 

Designated funds comprise those funds which the Trustees have designated for specific purposes. 

6 

## The Honey Bee Trust 

Feeeee Notes to the financial statements For the year ended 5 April 2025 


**----- Start of picture text -----**<br>
2 Donations and legacies<br>General Designated<br>Funds funds Total 2025 Total 2024<br>£ £ £ £<br>Donations - - - -<br>=<br>és is a -<br>**----- End of picture text -----**<br>


Donations in 2025 were £NIL (2024: NIL). Donations received are allocated to the Designated Fund 

## 3 Income — charitable activities 

|Income — charitable activities||||||
|---|---|---|---|---|---|
||General|Designated||||
||Funds|funds|Total 2025|Total 2024||
||£|£|£||£|
|Cottage rentals|36,365|-|36,365||29,826|
||Ee er ee||a||es|
||36,365<br>-<br>36,365<br>eennnnnnnneeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee—————ES||||29,826|
|All income from charitable activities in 2025 was to the general fund.||||||
|Raising funds||||||
||General|Designated||||
||Funds|funds|Total 2025|Total 2024||
||£|£|£||£|
|Ground rent|1,000|-|1,000||-|
|Cleaning, laundry and ironing|615|-|615||607|
|Stationery, postage and subscriptions|792|m|792||-|
|Secretarial|-|-|-||-|
|Electricity and oil|1,808|<|1,808||3,101|
|Repairs and renewals|15,395|-|15,395||1,500|
|Insurances|1,120|-|1,120||1,585|
|Broadband, internet and telephone|902|-|902||693|
|Materials, supplies and water|183|-|183||1,934|
|Advertising|214|-|214||-|
|Legal & professional Fees|1,500|-|1,500||12,655|
|Management Fee|2,890|.|2,890||1,250|
|Admin Charges|-|.|-||-|
|Office Costs|-|-|.||6,000|
|Depreciation|-|7,425|7,425||8,391|
|Sundry|3,158|-|3,158||-|
|PriorYear Adjustment|1,048|.|1,048||-|
||30,625|7,425|38,050||37,716|



## 4 Raising funds 

Expenditure on raising funds was £38,050 (2024: £37,716) of which £30,625 (2024: £29,326) related to the general fund and £7,425 (2024: £8,391) related to the designated fund. 

7 

## The Honey Bee Trust 

|Notes to the financial statements|||||
|---|---|---|---|---|
|Forthe yearended 5April 2025|||||
|5 Expenditure— charitable activities|General Fund|Total 2025|Total|2024|
||£|£|£||
|Christian organisations:|||||
|Mizpah Trust|-|-|2,500||
|Faith Mission|2,000|2,000||1,000|
|Wycliffe Translators|2,000|2,000||1,000|
|Free Church of Scotland|10,000|10,000||-|
|Mission Aviation Fellowship<br>Barnabas Fund|2,000<br>-|2,000<br>-|1,000<br>2,500||
|UCCF<br>Light for Last Days|1,000<br>400|1,000<br>400||500<br>200|
|Christian Institute<br>SASRA|1,000<br>1,500|1,000<br>1,500||500<br>750|
|Salvation Army|-|-||750|
|Creation Ministries|600|600||300|
|Sparkle Sisters|5,000|5,000||-|
|Christian Heritage Trust|5,000|5,000||-|
|The Keswick Convention Trust|20,000|20,000||-|
|Other charitable organisations:|||||
|ICF Cambodia|6,500|6,500|6,905||
|Myra's Wells|10,000|10,000||750|
|Kids Club Kampala|-|-||-|
|Railway Children|600|600||300|
|Blythswood Shoe Box|500|500||212|
|Romania Outreach|629|629||300|
|Grace Millar Project Trust Fund|1,500|1,500|||
||70,229|70,229|19,467||
|Governance Costs|||||
|Independent examination|1,050|1,050|1,020||
||71,279|71,279|20,487||
|All expenditure in 2025 was from the general fund.|||||
||Land &|Furniture &|||
|6 Tangible FixedAssets|Buildings|Equiptment|Total||
||£|£|£||
|Cost|||||
|At 6th April 2024|349,126|14,577|363,703||
|Additions<br>Disposals|-<br>~|ro<br>=||=<br>=|
|At 5th April 2024|349,126|14,577|363,703||
|Depreciation|||||
|At 6th April 2024|68,889|12,357|81,246||
|Charge for year|5,204|2,221|7,425||
|At 5th April 2025|74,093|14,577|88,671||
|Net Book Value|||||
|At 5th April 2025|275,033|i!)|275,033||
|At 6th April 2024|280,237|2,221|282,458||
|7 Debtors|||||
||2025|2024|||
||£|£|||
|Other Debtors|||||
|Dalvourn Farm|22,423|23,470|||
|Dalvourn Holidays|280|1,791|||
||22,703|25,261|||



8 

## The Honey Bee Trust 

SSee Notes to the financial statements For the year ended 5 April 2025 

8 Creditors 

## Other Creditors: due within one year 


**----- Start of picture text -----**<br>
2025 2024<br>£ £<br>5,857 9,253<br>ee<br>**----- End of picture text -----**<br>


## 9. Explanation of funds 

The general fund encompasses all income and expenditure relating to the primary focus activities of the charity, other than those for which funding is restricted. The fixed asset tracking fund encompasses expenditure relating to the purchase of land and properties used to generate income for the Trust. 

## 10. Trustees’ remuneration and expenses 

No remuneration or expenses were paid to any trustees during the year (2024: nil). 

## 41; Related party transactions 

Related party transactions with trustees are as follows: 

Farquhar Forbes and Lilian Forbes are partners in Dalvourn Holidays, a holiday letting business. Revenue and costs pertaining to the charity’s properties are re-allocated to the charity when appropriate by Dalvourn Holidays and are shown in notes 3 and 4. 

Farquhar Forbes and Lilian Forbes are partners in Dalvourn Farm. The charity’s properties are surrounded by land owned by Dalvourn Farm. During the year £1,000 was paid (2024: £NIL) to Dalvourn Farm representing a contribution towards the costs of the maintenance of the access roads and the extensive nature trails as well as the supply of water, emptying of septic tanks, CCTV installation and storage provision (2024: £NIL). 

During the year, £NIL (2024: £NIL) was due to Mrs Lilian Forbes in respect of materials provided for the operation of the holiday lets; this amount remains outstanding at the year's end and is included within other creditors; the total outstanding due to Lilian Forbes at the year-end was £1,375 (2024: £1,375). 

Debtor and creditor balances with the related companies are disclosed in notes 7 and 8. 

9