Charity Registration No. SC044593 SZThe Pebble Trust REPORT AND FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025
SThe Pebble Trust CONTENTS Page numbers Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities (incoryorating the income and expenditure account) Balance Sheet Statement of Cash Flows Notes to the Financial Statements 10 11- 12
SfThe Pebble Trust TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2025 The Trustees have pleasuie in presenting thell annual report and the unaudited financial statements of the charity. Objects and Activities The purposes of the Trust e. The advancement of environmental protection oi impiovement, in particulai. supporting organisations and individuals developing sustainable lifestyles and piojects which take into account future resource av¢iilability and the desirability of a mole equal society. The advancement of community development, encouraging local communities to become strongei and more self-reliant by adopting more sustainable Iifestyles; The advancement of education and science, specifically relating to the technical and social aspects of sustainable lifestyles. and Such other puiyoses as are chaLitable which enable the charitable objectives to be fulfilled. The Tiust makes grants to individuals or organisations seeking to further its purposes. Projects funded are expected to benefit the public through: A ieduced resoui'ce-intensity of lifestyles, thereby contributing to a more sustainable future. A contribution to individuals, awai'eness, and the technical l(nowledge requii'ed foi. sustainable lifestyles. Making results known, thereby disseminating and promulgating the results of funded projects. The Trust supports projects in Scotland, and particularly in the Highlands & Islands, where all the Trustees 'e based. During 2024 - 25 the Trust supported a number of internships, helping to give young adults work experience relevant to our sustainability agenda. The Trust also allocates a small amount of funds to projects in the global south, recognising the importance of developments there. In addition to making grants in this way, the Trust commissions work on its own projects wheie the Trustees identify an oppoitunity to advance the Tiust, S PULyoses. Grant-making policy The Trust offers grants of up to £10,000 per project. In assessing grant applications, the Trustees consider the following criteria.. Extent to which application meets the Pebble Tiust objectives. Ciedibility of applicant and project managers. Value for money. Lasting benefits arising from project. Extent of any negative implications against Pebble Trust objectives.
SBThe Pebble Trust TRUSTEES, ANNUAL REPORT (coiitiniled) FOR THE YEAR ENDED 31ST MARCH 2025 Achievements and Performance Grants awarded The following pi'ojects have been funded during the year: Growing Community Supported Agriculture: Running a programme of mentoring sessions to support growing businesses wanting to adopt the community suppoited agriculture model. Holm Piimary School - Growing our Learning.. Providing a polytunnel for childien to study plant life, lifecycles and responsibility for natuie - a collaborative pioject working with a local community gden. Coigach Community Garden: Running a pilot community gden in Achiltibuie, to assess the potential for a longei-term, community-owned, glowing site. Creative Learning, Creative Spaces.. Creating a Green Education Programme to use creative learning to engage the community on Mull with the climate crisis. Renewable Electricity in Off-grid Areas of Malawi.. PrepIllg feasibility studies to replicate an existing SO1._pOWe1.¢d "minigrid" in seven more off-grid communities. Decarbonisation of Boleskine House: Adapting this heritage building to renewable technologies, and using that resource for educational activities. Growing Minginish: Developing a community garden in the giounds of Minginish Community Hall on Skye. Uist Beo - Sustainable Island Living. Using a digital platform to gather and she stories of sustainable piactices in Uist, featuiing local people, businesses and community groups. Developing Leaders for Sustainable Communities: Providing an 8-day leadership programme foi learners wanting to take action in their communities to tackle the climate emergency. The Green Core: Development of the school garden at Inverness Royal Academy. Art foi Action.. A climate "artivism" project, working with children and young people acioss the Highlands, in conjunction with a Mock COP 29 event. Forest to Fork Remote Deer Extiaction: Experimenting with the use of a capstan winch to exti'act deer carcasses from areas which would otherwise be inaccessible. KnoYdt Frn CIC Woikshop Programme.. Delivering a series of woikshops on sustainable farming, oiganic food production and envllonmental stewardship. Fort Augustus Convent Land Wildflower Meadows.. Establishment of a 1.5 acres wet and diy wildflower meadow, and educational work with volunteers and local schools. Stone & Veil Digital Game Development: Development of a digital game, set in a rural Scottish Highland town, incoiyorating resource management and ecology with Pictish heritage. Growing Togethei in Highland: Pi'oviding weekly vegetable growing sessions in Alness, teaching people to grow and cook thell own food.
11SZThc Pebble Trust TRUSTEE4 S, ANNUAL REPORT (coiitiniied) FOR THE YEAR ENDED 31ST MARCH 2025 Achievements and Performance (continued) Comunn Mheabhaig nam Beann Growing Progiamme.. Devcloping a community vegetabIe g.den on a Shed agricultural holding in the village of Mheabhaig nam Beann, in Harris. KnOyd"t Tree Nursery: Installing a second, warmer, polytunnel to extend the growing season, increase the number of trees grown and improve the viability of the nurseiy. Internshi The Tiust suppoited tFll'ee internships, offering young people an opportunity to gain relevant woi'k experience in the Highlands.. Old Allangrange Practical Horticultural Internship: Learning to grow food sustainably Climavore CIC Community Engagement., Helping to create and deliver a series of events on Skye, focussing on local food production River Reviveis.. Working on practical riverine restoration, combining practical hands-on work with desk- based computer modelling, surveying and ieport-wi'iting. Pebble Trust ro ects In addition to funding these grant applications, from time to time the Trust develops projects of its own. The book, "Sustainable Renovation - Impi'oving Homes for Energy, Health and Environment", designed to set out best practice in carrying out property renovation work to improve energy efficiency, was originally published by the Trust in 2018, and a second edition was published duiing 2023. It is available as a flee pdf from the Tiust's website, or a hard copy is available for a small charge. The book has been adopted by the Scottish Ecological Design Association as one of its series of guides to best practice in construction. The Trust continued to fund the Highland Good Food Partneiship, which aims to stimulate action to impi'ove the Highland food system, for the benefit of the environnient, the local iesidents, and for those working in the sector. The Partnership brings together repiesentatives from the public, private and chaiitablel community sectois with an interest in the food system. Future Plans and Activities Since the Ye-end, the Tiust has made a further 23 grants amounting to £162,855. Financial Review Grants made during the period amounted to £148,470 (2024.. £162,653), and a further £49,886 (2024., £37,047) was spent on other charitable activities, including core funding foi the Highland Good Food Partneiship (in 2024, mainly on the second edition of the Sustainable Renovation Guide). Investment management costs of £15,572 (2024.. £20,204) were incurred.
ZThe Pebble Trust TRU,STFF,S' ANNUAI, RFPORT (contimiied) FOR THE YEAR ENDED 31SI' MARCH 2025 Financial Review (continued) Investment conditions wei'e particulaily difficult towards the end of the financial year duc to uncci'tainty about thc tariffs proposed by the USA, but despite this theie were Iict rcalised and umealised investment giiins of £38,021 (2024.. £200,971). Investment income during the period amounted to £24,461 of dividends and interest (2024.. £16,580). Total funds at the balance sheet date amountcd to £2,719,681 (2024.. £2,869, 725). Investment Policy During the year the Trust changed its investment policy, and appointed Greenbank, a division of Rathbones Investment Management, as its investment manager. Greenbank specialises in cthical and sustainable investing, and has developed a portfolio of investments to minDr the Trust, s Lh<iritdble objectives. The Trust is a signatory to the Fiindei. Commitment on Climate Change. All the Trust's chaiilable activities prioritise action to minitnise the impact of client change, but the Cornmitment also requir&s thc Trust to considei climate impacts in its investmcLIt policy. Reserves PoliLy As thc Trust, s ongoing financial commitmcnts are insignificant conipared with its reserves and iiicome. the Trustees dv nol consider it appropricite to adopt a formal reserves policy. Structure, Governance and Management Ih The Pebble Trusl is Loiisliluted undeI' a Iiu5L deed ddled 13 Janu<ry 2014, was i'egistered with the Office of Ih the Scottish Charity Regulator on 17 January 2014 and commenced operdtions immediately after that. "I'here are no formal requirements goveiming the appointment of Trustees. Refei'ence and Administrative Details Registei'ed chai'ity naine.. chai.ity registration nuinber.. Pp'incipal office.. The Pebble Trust SC044593 The Tyustees:
Pebblc Trust TRUSTEES, AIYNUAL REPORT (conliiiiied) FOR I'HE YEAIi EN;DED 31SI MARCH 2025 Reference and Adrninistrative Details (continued) Ba171cei's: Triudos Bank L,K Ltd Deanei"y Ro<id, Bi"istol, BSI SAS Inve.sh77ent Adijisers: Greenbaiik 30 Gre.sham .8treet, Lnndoii, EC2V 7QN In£lepeiicleni Ex(iiiiiiiei': Fi(iniL Keiinedy Lid Melropoliian House 31-33 High 5trecl, knivei'ness, IV I IH'I, Trustees, responsibilities in relation to the financial statements The chcirity Iruslces aTC I'ebponsible for Pl¢Pill'ing il li'uslee5' annu¢il I'cporl and financial sLalemcnLb in accordaiice with applicable law aiid Uiiiied I(ingdom AcLvunting Stand'ds (United Kingdom Geiieidlly Accepted Accouniing Practice). Thc law applicablL to Lhic rilics in Scotlaiid rcquires thc chai'A(y trustccs to prcparc finaiicial statcmcnts for eiaLli ye(ti' wliiLli give d li'ue (iiid fdll. vicw vf ilitt st(Ile u( iirriiiis uf ili# LIL£lL'iIy <tiJd ul Ilie iiiLviiiiiig i'esuui'Les and applicatioii of i'esourtts, of thc ch&iiy foi. that peiiod. In prep.12]g the finaiicial slaiemenis, Ihe trustees are iEquired to.. select siiitable accounting policies and then apply them consistently. nhserve the methods and principles in the applicable Chai'iti&s .8ORP' make judgements and esiimales that 'e i-eagonable and pi'udeiit. state wlietliei- applicable dccounlin(F Stand-d5 have been followed, subject to any inateiial departui'es disclosed <liiQt expl<iLiied in the fiii¢illLi<il Sidiemenis. pi'epare the t'inanciiil .statements on the going concern ba.sis uiiless it is inappropiiate to picsume that thc charity will continuc in bu%ines.s. Tlic ts-ustees e E-espoiisible foi keepiiig PL'oper accouLiliiirt recoi-ds thal disclose with reasonable accuiacy at any titne the FEiianLictl posi(iun ()r Ihe LhariLy lind 10 enable them to ensuie that Ihe finiillLi(11 staleinents comply with the Charities and "Fiustee Invesimenl (Scotland) Act 2005, the Charity Accounts Ibcotland) RegLilations 2006 (as amended), and the provisions of the Trust deed. They ai"e also iesponsible for safegliarding the assets of the charity 1t nd taking reasonable sleps for the pi'evention and deleclion of fraud and other in'egularities. The trustees al-e r&spoiisible for the maintenance and integi-ity of the chw-ity and financial information incliided on the charity'.q website, Legislation in the United Kingdom governing the preparation and dissemiiialion of financial statements rnay differ from legislation in other jUTisdiclions. 17, De.Le.JTII)e.i' ?0?_5
SZThe Pebble Trust INDLPENDENT EXAMINER'S IIEPORT TO THE TRUSTEES OF THE PEBBLE TRUST I repor[ on the accounts for the year ended 3 1st March 202_S set out on pages 8 to 12. Respective responsibilities of trustees and examiner The charity's trustees arc responsible foi. the preparation of the accounts in accordance with the terms of the Ch¢ll"ities cind Trustee Invesimenl (SLutland) Act 2005 and the Charities Accounts (Scotlaiid) Regulations 2006 (as amended). The charity's tt'ustees consider that the audit rcquirement of Regulation IU(I)(a) to (c) of the Accounts Regulations does not apply. It is my iesponsibility to examine the accounts as required undei Section 44(1)(c) of the Act and io st<lte whethei. p"ticUla1. matters have come Lo my attention. Basis of the independent examiner's report My examination was cai'ried out in accordance with Regulation 11 of thc Chai'ities Accounts (Scotland) Regulations 2006. An exarnination iiicludes a i"eview of the accouiiting i'ecoi"ds kept by ihe cliai'iLy dnd a coinparison of the accounts pi'esented with tho8e records. It also includes considei'ation of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The piocedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In connection with my examination, no matter has come to my attcntion: ( l ) which gives me reasonable cause to believe ihat, in any tnatcrial i"espect, the requirements to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and to preparc accounts which accord with the accounting rccords and to comply with Rcgulaiion 8 of the 2006 Accounts Regulations have not beeii met. or (2) to which, in my opinion, attcntion should be drawn in order to enable a proper understandiiig of the accouiits to be reached. The Institute of Chartered Accountants in Scotland Frame Kenncdy Ltd 4th Floor Meiropolitan House 31-33 High Street Inverness IVI IHT
1SZThe Pebble Trust STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 Note Year ended 31 March 2025 Year ended 31 Marcli 2024 Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total INCOME FROM: Charitable activities Inveslments 1,402 24,461 1,402 24,461 1,945 16,580 1.945 16.580 TOTAL INCOME 25,863 18,525 EXPENDITURE ON: Raising funds Chai'ilable activities 15,572 198.356 15,572 198,356 20,204 199,700 20,204 199,700 TOTAL EXPENDITURE 213,928 213,928 219,904 219,904 Net gains on investments 38,021 38.021 200,971 200,971 NET DEFICIT (150,044) (150,044) (408) (408) Reconciliation of funds Total funds brought forward TOTAL FIUNDS CARRIED FORWARD 2.869,725 2,869,725 2,870,133 2,870.133 £2,719,681 £2,719,681 £2,869,725 £2,869,725 The notes on pages I l and 12 form parl of these financial statements
Pcbble Trust BALANCI SHEET AS AT 31, MARCH 2025 Note JI fvlarch 2Q25 31 March 2024 FIXEI D A,S.SET, Iiivcsltnciit 2,425.f)8.5 2,797,528 CURRILNT A.S,SET.S Siock De.htoi-s c(h al bank and in h<ind 1,699 2.464 293 644 2.455 1.600 297,807 76,014 CREDITORS: Arnount5 due ivithin one year Acci'uii15 3,811 3,817 NF.T CURRENT ASSF.TS 293.996 72.197 NET ASSETS 2,719,681 2,869,725 'IHE FUNDS OF THE CHARITY ReslriLie(I fuJiLlb Unresliictcd lunds 2,719.681 2,869,725 TOTAL FUNDS £2 711) 681 £2 869 725 Tlitybf fiii¢lIlLial NlÉilciiiciiLS Well dPPLvvcd by ilic itslee5 uii 17, Deceiiibci. 20•5 aiid sigiied uii Ilieii. beli<ill by.. The noies on pages I l and 12 fonn pan of Ih:.se financial siatemenls.
The Pebble Trust STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025 Yeai. ended 31 March 2025 Year ended 31 March 2024 Cash floiys from operating activities Net expenditure {150,044) (408) Adjustments for.. Gains on inveslTnents Dividends and inlei-esl Irom investn]enls Deci'ease (2024: increase) in stocks Inci'ease in debtoi's Decrease in creditors Net cash used in operating activities (38,021) (24,461) 756 (864) (6) (200,971) (16,580) (2,455) (762) (810) (212,640) (221,986) Cash floiv5 from investment activities Dividends and interest fi'om investments Proceeds fi'om the sale of investments Purchases of investTnents Net cash provided by investment activitie5 24,461 2,942,384 (2,532,520) 16,580 173,885 (14,516) 434,325 175,949 Change in cash and cash equivalents in the yeai. Cash and cash equivalents at the start of the yeai. 221,685 71,959 (46,037) 117,996 Cash and cash eqllivalents at the end of the year £293,644 £71,959 io
11SZThe Pebble Trust NOTES TO THE FINANCIAL STATLMENTS FOR THE YEAR ENDED 31S'f MARCH 2025 Accounting PoIieies Basis of accoiinliiig The flnaneial statetnents have been prepared under the historical cost convention, with items recognised at cost or transaction value, iinless otherwise stated in the relevant note(s) in accordance with.. (a) The Charities Act 2011 (b) The Charities and Trustee Investment (Scotland) Act 2005 (c) The Charities Accoiints (Scotland) Regulations 2006 (as amended) (d) Accoiinting & Repoi"ting by Charities.. Statement of Recommended Practice {Charities SORP FRS 102) (effective January 2019). The charity meets the definition of a public benefit entity as defined by FRS 102. Tli¢ trustees considei. that there are no matel'ial uncertainties about the chai'ity's ability to continu¢ as a going concern. liicoiiie recogiiition Income is recognised in the statement of financial activities when entitlement has passed to the charity and the amounts are certain and measlirable. Any incoming resources received in an accounting period that relate exclusively to fiiture periods are deferred on the Balance Sheet. Expenditiii'e i'ecognilioii Liabilities are recognised as expenditUlE as soon as there is a legal or constructive obligation commilting the charity to thdt expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accoiinted for on an accruals basis. Grants payable are payments made to third parties in the fui'therance of the charitable objects of the Trust. In the case of unconditional grant offers the cost is accrued once the recipient has been notified of the grant award. Where conditions are imposed on the offer of a grant the cost is recognised once the recipient has been notified of the grant and any remaining unfulfilled conditions are outside the control of the Trust. Fiinds - Uiii'estricled Fiiiids These represent all funds held for the general purposes of the charity. Fixed asset iiivestiiieiits Investments are initially recognised at their transaction vallie and siibsequently measured at their market value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals thi'oughoiit the year. Cash held within the investment portfolio is recognised as a fixed asset unless the Trustees anticipate using the cash to fund imminent expenditure. Realised goins and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying vallie or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the diffei'ence between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activilies. li
ZThe inllPebble Trust NOTES TO THE FINANCIAL STATEMEI NTS (Continiied) FOR THE YEAR ENDED 31ST MARCH 2025 Fixed asset investments 31" March 2025 2.797,528 2,534,346 (2,942,384) 36,195 31" March 2024 2,755,926 14,516 (173,885) 200,971 Mai'ket value at 31 March 2024 Cost of investments during the year Disposals Surplus on revaluation Market value at 31 March 2025 £2,425,685 £2,797,528 All fixed asset invesitnenls are listed funds. Investment additions and disposals during the accounting period are stated al cost and disposal proceeds respectively and investments are re-valued al mai'ket value on the balance sheet dale. Debtors 31" March 2025 31, March 2024 Ti'ade debtors Other debtoi's 322 2,142 175 1,425 Debtors £2,464 £1,600 Cash at bank and in hand 31st March 2025 193,915 99.729 31" March 2024 8,362 63,597 Investment platform cash account Bank accounts Cash at bank and in hand £293,644 £71,959 Trustees and employees None of the trustees received any remunei'alion foi- services to the Trust, and no Iruslee or other person related to the charity had any personal interest in any contract oi. transaction entered into by the charicy during the pei'iod. The Trllst had no employees dui-ing the period. 12