2025-07-31-accounts

"CHARITYREGISTRATIONNUMBER: SC043863

The Actual Reality Trust Company Limited by Guarantee Financial Statements 31st July 2025

The Actual Reality Trust

Company Limited by Guarantee

Financial Statements

Year ended 31st July 2025

	Page
Trustees’ annual report (incorporating the directors’ report)	1
Independent auditor's report to the members	5
Statement offinancial activities (including income and
expenditure account)	10
Statement offinancial position	11
Statement of cash flows	12
Accounting policies	13
Notestothefinancialstatements	17

The Actual Reality Trust

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Directors’ Report)

Year ended 31st July 2025

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31st July 2025.

Reference and administrative details

Registered charity name	The Actual Reality Trust
Charity registration number	SC043863
Company registration number	SC211025
Principal office and registered	Ardentinny Outdoor Centre
office	Ardentinny
	Dunoon
	Argyll
	PA23 8TR
	Scotland
The trustees	Peter C L Wilson
	Alison F Downie	(Resigned 14th February 2025)
	Alan J Laverock	(Resigned 14th February 2025)
	Richard	Miller
		to 31st March 2026)
	Nicola S Kerr	(Appointed 14th February 2025)
	Eilidh C Osborne	(Appointed 13th January 2026)
Company secretary	PeterC L Wilson
Auditor	Lamont Pridmore
	Chartered accountants & statutory	auditor
	Milburn House
	3 Oxford Street
	Workington
	Cumbria
	CA14 2AL
Bankers	Royal Bank ofScotland plc
	122 Cathcart Street
	Greenock
	Renfrewshire
	Scotland
	PA15 1BB
Solicitors	TC Young Solicitors
	7 West George Street
	Glasgow
	Scotland
	G21BA

= 4)

The Actual Reality Trust

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continuea)

Year ended 31st July 2025

Structure, governance and management

The Actual Reality Trust is constituted as a company limited by guarantee. Its objects, powers and other constitutional matters are set out in its Memorandum and Articles of Association.

The governing body is the Board of Trustees, made up of three members who meet at least quarterly. It retains full and effective control over the charity, is responsible for major strategic decisions and has ultimate responsibility for the conduct and financial stability of the organisation.

Risk Management

The Board of Trustees has assessed the major risks to which the charity is exposed and this is reviewed at the regular meetings. In an organisation of this nature, the Board manages risk by preparing and reviewing regularly the management accounts and cash flow forecasts. This allows them to take any necessary steps to minimise the risk of not being able to meet future costs. Child protection and safeguarding is assured via relevant policies, training and monitoring. Health and safety compliance is assured with all policy positions written up, made available to staff, visitors and volunteers and relevant training and monitoring undertaken on an ongoing basis. The Board of Trustees have a Conflict of Interest policy that is reviewed regularly.

Objectives and activities

The objects of the Trust are set out in detail in the Memorandum of Association. The principal objective of The Actual Reality Trust is to provide for the advancement of education, the provision of educational facilities, or the organisation of recreational activities, with the objective of improving the conditions of life for the persons for whom the facilities or activities are primarily intended.

Achievements and performance

During the year the Trust continued to operate as an outdoor education centre situated in the village of Ardentinny on the shores of Loch Long in the Loch Lomond and the Trossachs National Park; the Trust provided residential courses in outdoor activities for school age children.

Financial review

The charity's statement of financial activities shows a net deficit of expenditure over income of £10 (2024: net surplus of income over expenditure of £60,818), with total funds carried forward at 31st July 2025 amounting to £172,257 (2024: £172,267).

Reserves policy and going concern

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to ensure that support and governance costs are covered.

The balance held as unrestricted funds at 31st July 2025 was £172,257 (2024: £172,267).

The trustees have considered the charity's future trading by compiling forecasts for the next two years having made certain assumptions in their preparation. Based on these forecasts, the trustees consider that The Actual Reality Trust is a going concern.

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The Actual Reality Trust

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continuea)

Year ended 31st July 2025

Plans for future periods

The Trust intends to continue to offer outdoor courses to school children and will continue to explore new avenues of expanding the range of courses on offer at Ardentinny and elsewhere.

Trustees’ responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

• ° select suitable accounting policies and then apply them consistently;

• ° observe the methods and principles in the applicable Charities SORP;

• e make judgments and accounting estimates that are reasonable and prudent;

• ° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. 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.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

• e so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and

• e they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

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The Actual Reality Trust

Company Limited by Guarantee

Trustees’ Annual Report (Incorporating the Director's Report) (continueg) Year ended 31st July 2025

The trustees’ annual report was approved on 23rd April 2026 and signed on behalf of the board of trustees by:

Peter C L Wilson Trustee

-4.-

The Actual Reality Trust

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Actual Reality Trust

Year ended 31st July 2025

Opinion

We have audited the financial statements of The Actual Reality Trust (the 'charity') for the year ended 31st July 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• e give a true and fair view of the state of the charity's affairs as at 31st July 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described - in the relevant sections of this report.

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The Actual Reality Trust

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Actual Reality Trust

(continued)

Year ended 31st July 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• e the information given in the trustees’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• e the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e __ the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of trustees' remuneration specified by law are not made; or

• e —_we have not received all the information and explanations we require for our audit; or e _ the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

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The Actual Reality Trust _ Company Limited by Guarantee

Independent Auditor's Report to the Members of The Actual Reality Trust

(continued)

Year ended 31st July 2025

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit in respect of fraud are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are: 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) and the Companies Act 2006.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur.

• We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

*We examined supporting documents for all material balances, transactions and disclosures.

• We applied analytical procedures to identify any unusual or unexpected relationships.

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The Actual Reality Trust

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Actual Reality Trust

(continued)

Year ended 31st July 2025

• We tested the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• e Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• ° Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• e Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• e Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• e Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

«8-

The Actual Reality Trust

Company Limited by Guarantee

Independent Auditor's Report to the Members of The Actual Reality Trust

(continued)

Year ended 31st July 2025

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Lamont BSc FCA (Senior Statutory Auditor)

For and on behalf of Lamont Pridmore Chartered accountants & statutory auditor Milburn House 3 Oxford Street Workington Cumbria CA14 2AL

23rd April 2026

-9-

The Actual Reality Trust

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31st July 2025

		2025	2025	2024
		Unrestricted
		funds	Totalfunds	Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	205,230	205,230	6,502
Charitable activities	5	363,587	363,587	600,929
Other trading activities	6	3,709	3,709	3,817
Investment income	7	105	105	116
Total income		572,631	572,631	611,364
Expenditure
Expenditure on charitable activities	8,9	572,641	572,641	550,546
Total expenditure		572,641	572,641	550,546
Net (expenditure)/income and net movement in funds		(10)	(10)	60,818
Reconciliation of funds
Total funds brought forward		172,267	172,267	111,449
Totalfundscarriedforward		172,257	172,257	172,267

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 17 to 22 form part of these financial statements.

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The Actual Reality Trust

Company Limited by Guarantee

Statement of Financial Position

31st July 2025

		2025		2024
	Note	£	£	£
Fixed assets
Tangible fixed assets	15		351,466	314,501
Current assets
Debtors	16	31,277		166,475
Cash at bank and in hand		4,339		2,200
		35,616		168,675
Creditors: amounts falling due within one year	18	97,755		73,850
Net current liabilities			(62,139)	94,825
Total assets less current liabilities			289,327	409,326
Creditors: amounts falling due after more than
one year	19		117,070	237,059
Net assets			172,257	172,267
Funds ofthe charity
Unrestricted funds			172,257	172,267
Totalcharityfunds	21		172,257	172,267

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 23rd April 2026, and are signed on behalf of the board by:

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LD Fle
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Peter C L Wilson Trustee

The notes on pages 17 to 22 form part of these financial statements.

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The Actual Reality Trust

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31st July 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Cash|flows|from|operating|activities| |Net|(expenditure)/income|(10)|60,818| |Adjustments|for:| |Depreciation|of|tangible|fixed|assets|14,540|9,427| |Other|interest|receivable|and|similar|income|(105)|(116)| |Interest|payable|and|similar|charges|8,074|8,428| |Accrued|expenses|580|5,205| |Changes|in:| |Trade|and|other|debtors|135,198|15,303| |Trade|and|other|creditors|(101,982)|(73,271)| |Cash|generated|from|operations|56,295|25,794| |Interest|paid|(8,074)|(8,428)| |Interest|received|105|116| |Net|cash|from|operating|activities|48,326|17,482| |Cash|flows|from|investing|activities| |Purchase|of tangible|assets|(51,505)|=| |Net|cash|used|in|investing|activities|(51,505)|-| |Cash|flows|from|financing|activities| |Repayments|of|borrowings|(19,989)|(18,710)| |Net|cash|used|in|financing|activities|(19,989)|(18,710)| |Net|decrease|in|cash|and|cash|equivalents|(23,168)|(1,228)| |Cash|and|cash|equivalents|at|beginning|of year|2,200|3,428| |Cash|and|cash|equivalents|at|end|of year|17|(20,968)|2,200|

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The notes on pages 17 to 22 form part of these financial statements.

-12-

The Actual Reality Trust

Company Limited by Guarantee

Accounting Policies

Year ended 31st July 2025

(a) 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 measured at fair value through income or expenditure.

(b) Going concern

There are no material uncertainties about the charity's ability to continue.

(c) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates 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.

(d) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for a particular future project or commitment.

Restricted 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.

(e) Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

eincome from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

elegacy income is recognised when receipt is probable and entitlement is established.

eincome from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

eincome from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

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The Actual Reality Trust

Company Limited by Guarantee

Accounting Policies (continuea)

Year ended 31st July 2025

(f) Resources expended

Expenditure is recognised 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 statement of financial activities to which it relates:

eexpenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

eexpenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

eother expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

(g) Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

(h) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at 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 depreciation and subsequent accumulated impairment losses.

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 has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

(i) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line Motor vehicles - 25% reducing balance Plant and equipment - 20% reducing balance

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The Actual Reality Trust

Company Limited by Guarantee

Accounting Policies (continueg)

Year ended 31st July 2025

(j) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(k) Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly 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 recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

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 assessed individually or grouped on the basis of similar credit risk characteristics.

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The Actual Reality Trust

Company Limited by Guarantee

Accounting Policies (continuea)

Year ended 31st July 2025

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

(Il) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

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The Actual Reality Trust

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31st July 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Ardentinny Outdoor Centre, Ardentinny, Dunoon, Argyll, PA23 8TR, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3.

Limited by guarantee

The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

4. Donations and legacies

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Donations
General donations	5,455	5,455	333	333
Grants
Grants receivable	199,775	199,775	6,169	6,169
	205,230	205,230	6,502	6,502

5. Charitable activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Day courses	80	80	2,876	2,876
Residential courses	350,731	350,731	593,289	593,289
Summercamp	3,116	3,116	2,125	2,725
Other revenue	9,660	9,660	2,039	2,039
	363,587	363,587	600,929	600,929

6. Other trading activities

,

			Unrestricted	Total	Funds	Unrestricted	Total	Funds
			Funds		2025	Funds		2024
			£		£	£		£
Tuck	shop	income	3,709		3,709	3,817		3,817

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The Actual Reality Trust

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31st July 2025

7. Investment income

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2025|Funds|2024| |£|£|E|£| |Bank|interest|receivable|105|105|116|116| |8.|Expenditure|on|charitable|activities|by fund|type| |Unrestricted|Total|Funds|Unrestricted|Total|Funds| |Funds|2025|Funds|2024| |£|£|£|£| |Outdoor|education|centre|549,777|549,777|523,702|523,702| |Support|costs|22,864|22,864|26,844|26,844| |572,641|572,641|550,546|550,546| |9.|Expenditure|on|charitable|activities|by|activity|type| |Activities| |undertaken|Support|Total|funds|Total|fund| |directly|costs|2025|2024| |£|£|£|£| |Outdoor|education|centre|549,777|18,772|568,549|546,644| |Governance|costs|—|4,092|4,092|3,902| |549,777|22,864|572,641|550,546|

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |10.|Analysis|of support|costs| |Analysis|of| |support|costs|Total|2025|Total|2024| |£|£|£| |Premises|13,963|13,963|14,012| |Governance|costs|4,809|4,809|8,930| |18,772|18,772|22,942| |11.|Net|(expenditure)/income| |Net|(expenditure)/income|is|stated|after|charging/(crediting):| |2025|2024| |£|£| |Depreciation|of tangible|fixed|assets|14,540|9,427| |Operating|lease|rentals|13,963|14,012| |12.|Auditors|remuneration| |2025|2024| |£|£| |Fees|payable|for|the|audit|of the|financial|statements|4,095|3,900|

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• 18-

The Actual Reality Trust Company Limited by Guarantee Notes to the Financial Statements (continueg)

Year ended 31st July 2025

13. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2025	2024
	£	£
Wages and salaries	284,590	313,447
Social security costs	14,449	20,819
Employer contributions to pension plans	2,926	5,033
	301,965	339,299

The average head count of employees during the year was 9 (2024: 16). The average number of full-time equivalent employees during the year is analysed as follows:

	2025	2024
	No.	No.
Management and administration	2	2
Charitable activities	7	14
	9	16

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

14. Trustee remuneration and expenses

The Trust considers that its key management personnel comprise the trustees and the Chief Executive Officer. The total employment benefits including employer pension contributions of the key management personnel were £46,428 (2024: £47,989).

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £Nil). Expenses paid to the trustees in the year in respect of reimbursement of expenditure totalled £Nil (2024: ENil).

15. Tangible fixed assets

||Land and
buildings|Motor
vehicles|Plant and
| equipment|Total| |---|---|---|---|---| ||£|£|£|£| |Cost||||| |At ist August 2024|349,786|21,800|41,836|413,422| |Additions|22,257|-|29,248|51,505| |At 31st July 2025|372,043|21,800|71,084|464,927| |Depreciation||||| |At 1st August 2024|51,899|11,260|35,762|98,921| |Charge for the year|4,841|2,635|7,064|14,540| |At 31st July 2025|56,740|13,895|42,826|113,461| |Carrying amount||||| |At 31st July 2025|315,303|7,905|28,258|351,466| |At31stJuly2024|297,887|10,540|6,074|314,501|

-19-

The Actual Reality Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31st July 2025

16. Debtors

		2025	2024
		£	£
	Trade debtors	31,277	36,178
	Other debtors	-	130,297
		31,277	166,475
17.	Cash and cash equivalents
	Cash and cash equivalents comprise the following:
		2025	2024
		£	£
	Cash at bank and in hand	4,339	2,200
	Bank overdrafts	(25,307)	-
		(20,968)	2,200
18.	Creditors: amounts falling due within one year
		2025	2024
		£	£
	Bank loans and overdrafts	51,591	26,284
	Trade creditors	15,458	4,837
	Accruals and deferred income	12,165	11,585
	Social security and other taxes	17,064	25,474
	Other creditors	1,477	5,670
		97,755	73,850

The charity's bank borrowings are secured by fixed and floating charges over the assets of the charity, including the charity's freehold land and property.

19. Creditors: amounts falling due after more than one year

		2025	2024
		£	£
Bank	loans and overdrafts	117,070	137,059
Other	creditors	-	100,000
		117,070	237,059

20. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £2,926 (2024: £5,033).

-20-

The Actual Reality Trust

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31st July 2025

21. Analysis of charitable funds

Unrestricted funds

		At 1%			At 315
		August 2024	Income	Expenditure	July 2025
		£	£	£	£
Unrestricted	Funds	172,267	572,631	(572,641)	172,257
		At 15			At 31%
		August 2023	Income	Expenditure	July2024
		£	£	£	£
Unrestricted	Funds	111,449	611,364	(550,546)	172,267

22. Analysis of net assets between funds

	Unrestricted	Total Funds
	Funds	2025
	£	£
Tangible fixed assets	351,466	351,466
Current assets	35,616	35,616
Creditors less than 1 year	(97,755)	(97,755)
Creditors greater than 1 year	(117,070)	(117,070)
Net assets	172,257	172,257
	Unrestricted	Total Funds
	Funds	2024
	£	£
Tangible fixed assets	314,501	314,501
Current assets	168,675	168,675
Creditors less than 1 year Creditors greater than 1 year	(73,850) (237,059)	(73,850) (237,059)
Netassets	172,267	172,267

23. Analysis of changes in net debt

		At		At
		1 Aug 2024	Cashflows	31 Jul 2025
		£	£	£
Cash	at bank and in hand	2,200	2,139	4,339
Bank	overdrafts	-	(25,307)	(25,307)
Debt	due within one year	(26,284)	-	(26,284)
Debt	due after one year	(137,059)	19,989	(117,070)
		(161,143)	(3,179)	(164,322)

-21-

The Actual Reality Trust

Company Limited by Guarantee

Notes to the Financial Statements (continueg)

Year ended 31st July 2025

24. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are	The total future minimum lease payments under non-cancellable operating leases are	as follows:
	2025	2024
	£	£
Not laterthan 1 year	12,943	13,958
Later than 1 year and not later than 5 years	50,110	43,802
Laterthan 5 years	9,126	20,076
	72,179	77,836

25. Related parties

The former trustees of the charity have provided loans to the charity, of which £Nil remained outstanding at the year end (2024: £2,500).

-22-