CHARITY REGISTRATION NUMBER.. SC045381 Waterfall Fund Unaudited Financial Statements 31 January 2025 R A CLEMENT ASSOCIATES CHARTERED ACCOUNTANTS Chartered accountants 5 Argyll Square Oban Argyll PA34 4AZ
Waterfall Fund Financial Statements Year ended 31 January 2025 Page Trustees, annual report Independent examiner's report lo the trustees Receipts & payments account Statement of balances Notes to the financial statements
Waterfall Fund Trustees. Annual Rèport Year ended 31 January 2025 The trustees present their report and the unaudiled financial s121emenls of the charity for the year ended 31 January 2025. Reference and administratlve det•ils Re9lster8d charlty namè Waterfall Fund Indèpendenl •xaminer R A Clernent Associates Charterecl cctsuntanis 5 Argyll Square Oban Argyll PA34 4AZ Structure, governan¢e and management The chanly is cc*nslituled as a Scottish Gharilable Incorporated Organisalion ISCIOI and governed by ils written Constitution. The VV2lerfall Fund was established as an independent charity by Mull 8 lona CDmmunily Trust (MICTI in 2015 specifically lo receive the nel profits from the Garmony Hydro Scheme and lo distnbute them as grants lo community projects on the is18nd8 ol Mull, lona and the 5UTrounding small Island5. in a fair. open and transparent manner. There are nine Trustees of the Waterfall Fund, appointed from statutory positions within the local community.. Local Authority Councillor, Community CoLJn¢illors from Mull and lona, General Pra¢lilioner, head teachers, chur¢h minister and bank managei plu3 two Co-opted member5 of the diaspora of Mull and lona who have strong links to the islands.
Waterfall Fund Trustees, Annual Report Icontsnuedj Year ended 31 January 2025 Structure, 9ovornance and manag9ment (conlinu The day lo day activities of the charity are managed by the co-chairs with regular communication between the whole board with assistance from adminislralors who are paid directly by Green Energy Mull. Investment powers, policy and performance 1 The organisalion's PLJrposes are". 1.1 The prevention Dr relief ol poverty. 1.2 The advancement of education 1.3 The advancement of religion 1.4 The advancement ol health 1.5 The advancement of citizenship or communty development 1.6 The advancement of the arts, heritage, culture or science 1.7 The advancement of public participation in sport 1.8 The provision of recreational facilities, or the organisalion of recreational activities with the obje¢l of improving the conditions ol life lor the persons for whom the fa¢ililies or activities are PTimarily intended. 1.9 The advancement of environmen181 protection or improvement 1.10 The relief of those in need by reason of age, ill-heallh, dis8bility, financi81 hardship ow other disadvantage 2 The area within which the organisalion shall operate lin this conslitLJtion referred lo as the 'Area of Benefit'l shall be the post code dislricls PA62, PA83. PA64, PA65, PA66. PA67. PA68. PA69. PA70, PA71, PA72, PA73, PA74, PA75 and PA76. In accordance with the Conslilulion, the Trustees have the power ID invest in such 51ocks. shares, investments and property in the UK as they see fil. The directors have considered the most appropriate policy for investing funds and have decided that Surplus funds should be held in a mixture of current and investment accounts to oplimise interest earned and accessibility. This policy is under constant review. Governance and internal control Principles of operation of the Waterfall Fund. 1. The Waterfall Fund will be registered as a Scottish Charitable Incorporated Organisalion ISCIOI 2. The Waterfall Fund will be independent of any other organisalion, bul as a SCIO will be regulated by the Office of the Scottish Charity Regulator 3. Trustees of the SCIO will be drawn from appointees to posrtions including Icurrenl or reliredl. Head Teachers, GPS or CommLJnity Nurses. Local Coun¢illors, convenors or members of Community Councils. Bank Managers. Ministers or Church Elders. other Elders from any ol the islands covered by the Fund 4, Trustees will sign up to a Code ol condu¢t 5. The Trustees will draw up eligibility criteria for applicants to the Waterfall Fund. These criteria will be reviewed from lime to time by the Trustees. 6. The Trustees will draw up prioritie5 lor projects and causes th81 may be sUPPOrted by the Waterfall Fund. These priorities will be informed by community developfnenl plans and also by local knowledge of issues faced within the community. These priorities will be reviewed from lime lo time by the Trustees 7. The Trustees will consider applications once every fouT months. This freouency will be reviewed from lime lo lime by the Trustees 8. Grants will be made only once a funding agreement has been signed by the beneficiary 9. Grants will be conditional on monitoring and evaluation reports being provided by beneficiaries. confirming that the monies have been spent and outcomes zchieved
Waterfall Fund Trustees, Annual Report (eonlinued) Year ended 31 January 2025 Objectives and activities rhe objeGlives of the Trustees in dislribLJling the Waterfall Funds have not altered but there has been a gradual shift. More money is now paid out lo individuals and households see below. This began during Covid and has continLJed since with many of those payments now being linked lo hardship caused by the rising cost of living. particularly in term5 01 paying lo heal homes, and the costs of washing and cooking. This fils in well with the aim5 and ethos of Green Energy Mull. There is al50 an increasing emphasis on supporting cornrnunily projects which reduce social Isolation of residents and give them opportunities lo meet together lo chal and eat on a more regular basis. This reflects the demographics of the community and the particular isolation experienced durin9 the Covid period. Posl-covict, the number of communrty groups applying for funding for projects that would be translorrnalional within the ¢ommunity has reduced. However, the Trustees have now begun to see that local people have again picked up the reins ol their Interests and groups and a wider range of project applications has begun. They look forward lo seeing these more Innovative projects become even more evident in 2024. Achievements and performan¢9 In excess of £130,000 was paid out In gran15 over 2024. The adminislralive support provided by MICT land paid for by Green Energy Mull) enables the Trustees lo work efficiently and effectively. FUEL HARDSHIP AND CRISIS GRANTS The Trustees continued lo priorilise applications from those in Fuel Hardship or personal crisis. These applications can be made at any lime and the Trustees aim lo respond wrthin two weeks maximum. usually much sooner. In 2024. £18,175 wa5 paid out for Fuel Hardship,. around 70 households received a minimum payment of £250. Oecisions are largely based on Trust but proof of residency is asked of new applicants. The Fuel Fund and Crisis Fund applications have been streamlined by putting Ihern online", this allows applicants to receive signposted help more quickly and makes getting help easier for most. There is a Sub-committee of three Trustees lo consider applications for personal crisis. This is lo ensure confidenlialily and also to speed up the process of agreement. Crisis payments can be made for a wide variety of reasons e.g. for loss of possessions due lo lire, emergency travel expenses due ID bereavement. an unexpected sel of coincidental expenses in a household. Another £7500 was paid out in Crisis Payments of between £250 ar>d £500. JONNY PATON MEMORIAL FUND £5.000 has been paid out from this fund lo young people to help with expenses such as University costs. cycle and b8dminlon training, and drumming tuition. BUSINESS START-UPS 2 applications and £1000 paid out. MAIN COMMUNITY GRANTS A lolal of £40,585.64 was paid out. A range of projects have been $upported including a rain shelters for a local go club, a floating classroom, IT upgrades for a local church, and an art project. ln lolal, 12 Community Groups grants were awarded.
Waterfall Fund Trustees. Annual Report (contlnueoj Year ended 31 January 2025 DEVLOPMENTIFEASIBILITY GRANTS £40.371.50 was paid out, leaving £9.600 unclaimed. The projec15 included a leasibilily study lo help refurbish Tobermory's Fisherman's Pier. Lorn Heatthy Options pilot programme lo encourage greater health awareness on Mull and lona. and others. This year sees a large Increase In Development Fund grants awarded. SUSTAINABILITY GRANTS This year £15,764.39 was paid Olrt lo 6 individuals and 4 businesses. This represents a huge increase over18$1 year. Increased advertlsing and word of mouth have made more people aware of the grant. All grants were awarded lor solar energy. COMMUNITY CAFÉ IWARM SPACES) GRANTS There was a shift from Warm Spaces lo be more inclusive of year-round opportunities lor groLJPS to host social 5pace5 offering food for anyone who may need to feel included and lo decrease social isolation. The new Communty Café grant was awarded lo 9 community groups for a total of £6,625.00. COMMUNITY HALL HEATING Again, in response to higher costs of eleclricily. £3500 lin grants of £5001 was paid out lo 8 comrnunity spaces towards meeting these costs. This Is a decrease from the previous year as one ol the spaces instslled solar panels, thus reducing their energy consumption and costs. SCHOOLS GRANT All funds were carried over to financial yèar 35126 due 1¢ a delay in th8 reporting cycle and Ihe need lo further refine the process. Wilh assistance from our Trustee who 15 also in an active leaching role, we established the eIC8cY of the grants. 11 is apparent that teachers are under huge pressure and financial strain. and that the grants were essential in helping all students participate in activities oflered through the year. The payments for the 2024125 school year will be paid before the end of of June 2025, and there will be a payment for the 2025126 school year. ALL PAYMENTS Over £130K was paid out lo the community in 2024. This is roughly £25K less than the lolal money allocated, which is closer lo the allocated funding Ihan the previous year. Beller advertising and marketing have added to the Increased number of applications and grants awarded. Flnanclal revlèw The charity achieved a surplus of £76.120 for the year 12024.. £1,851) and held funds of £184.093 12024 £107.9731 al the year end, Resèrves The Trustees have agreed that no formal reseTres policy is required but are cognisant of retaining funds sufficient lo cover Adminislralive cos15 and Crisis Funds to cover.. A¢Jmin costs average £6501monlh = £1,950.00 for 3 months. Crisis Fund yearly allowance = £5,000 The Iruslees. annual report was approved on Iruslee5 by.. 1.10.19 and 51gned on behalf of the board of
Waterfall Fund Independent Examiner's Report to the Trustees of Waterfall Fund Year ended 31 January 2025 I report lo the Iruslees on my examination of the financial slalements of Waterfall Fund I'lhe charrty, for the year ended 31 January 2025. Responsibilitigs and basls ot report As the Iruslees of the charity you are responsible for the preparation of the financial statements in accordance with the reqLJirements of the Charilies and Trustee Investment (Scotlandl Act 2005 Ilhe .2005 Acl'l and the Charitie8 Accounts Iscotlandl Regulations 2006 las arnendedl You 8re satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report in respect of my examination of the ¢h8rily's financial slalemenls as carried OLrt under section 4411llcl of the 2005 Act. In Carrying out my examination I have followed the requiremenls of Regulalh)n 11 ot the Chanlies Accounts Iscolland) Regulations 2006 las amendedl. Independent examiner'5 Statemgnt Since the charity has prepa¥ed ils accounts on an accruals b8sis your examiner musl be a member of a body listed in Regulation 11121 of the Charities Accounts (Scollandl Regulations 2006 {as amendedl. I can confirm that l am qualrfied lo undertake the examination because l am a registered member of the Association of Chartered Certifie(J Accountan15 which is one of the listed bodies. I have completed my examinalion. I confifm that no matters have come lo my allenliDn giving me ¢8use lo believe that in any m31erial re5pecl.' accounting records were not kept as required by section 4411llal of the 20Q5 Aet ancl Regvlalion 4 of the Charities Accounts (Scollandl Regulations 2006 las amended)", or the financial slalements do not accord with those records.. or the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Arcounls (Scollandl Regulations 2008 las 3mended j. I have no ct)ncems and have come across no other mallers in connection with the examination lo which 8tlention should be drawn In this report in order lo enable a proper understanding of the 3tr.roiintq tn bp r•#trh*d rlRACI: -.iiai£s Chartered Accountants Independent Examiner 5 Argyll Square Oban Argyll PA34 4AZ
Waterfall Fund Receipts & Paymènts Account Year ended 31 January 2025 2025 Unreslricled funds Total funds 2024 Total funds Note Income and endowments DDnalion5 and legacies Total income 214,830 214.830 113,924 214,830 214,830 113,924 Expenditure Expenditure on charitable aclivrtie5 Total expenditur& 138,710 138,710 112.073 138.710 138,710 112,073 Net Income and net movement in funds 76.120 78,120 1,851 Reconciliation of funds Total fijnds brought forward Total funds carried forward 107,973 107.973 106,122 184,093 184,093 107,973 The statement of financial activities includes all gain5 and105ses recognised in the year. All income and expenditure derive from continuing aclivrties. Tht ntst•8 on pages 8 lo Errorl Bookmark not éefined. form part of th8s6 flnancial ststements.
Waterfall Fund Statèment of Balances 31 January 2025 2024 2023 Cash at Bank Balance bff 107,973 106,122 Receipts Paymenls Balancg CM 214 830 138 710 113.924 112.073 184,093 107,973 A¥sets other ¢Jebtors 230 Llabllitles Other creditors 1.200 900 These financi81 slalements were approved by the board of Iru$tee6 and aulhorised for Issue on ui Iro tao&S' and are signed on behalf of the boeTd by.. I rusl6e The notes on pag08 8 to Error! Bookmarf( not defined. fonn part of these flnanclal statements.
Waterfall Fund Notes to the Finan¢lal Statements (connuedl Year ended 31 January 2025 Gon8ral Informatlon The charity 15 a public benefit enlily and a 01Stered charity in Scotland and is unincorporaled. ThÈ aodress ol the principal office i< Basi¥ of preparation These accounts have been prepared on the Receipts and Payments basis in accordance with the Charities & Trustee Investment IS¢ollaftdl AGI 2005 and the Charities AGcounls ISGoilandl RegJlations 2006 las amended} The fin8nci81 slalemenl$ are prepared in slerlin9, which is thè functional currency of the gnlily. Golng concern There are no material uneertainties about the Ghanty's ability lo continue. Donatlons and legaci08 Unrestricted Total Funds Unrestricted Total Funds Fun¢J5 2025 Funds 2024 Donation$ Donations - Green Energy Mull Donations - other 214,805 25 214,805 25 113,922 113,922 214.830 214,830 7 13,924 113,924 Expenditure on charitable activitles by fund type Unrestricted Total Funds Unreslricled Tolal Funds Funds 2025 Funds 2024 Main grants Warm Spac95 Fuel Hardship Grants Crisis FLJnd Community Hall Heating Assistance Support 15 93.179 6,775 18.175 7,250 3,500 9,831 93,179 6.775 18,175 7,25D 3,500 9,831 73.585 4.240 22,000 6.700 1.500 4.048 73,585 4.240 22,000 6,700 1,500 4,048 138,710 138.710 112.073 112,073 Expenditure on charitable actlvities by activity type Activities undertaken Grant lunding directly ol activities Support Total funds costs 2025 Total fund 2024 Main grants Warm Spaces Fuel Hardship Gr8nts Cri515 Fund Community Hall Healing As5151ance Governance costs 93.179 6,775 93,179 6,775 18,175 7,250 73,585 4.240 22,000 6,700 18.175 7.250 3,500 3.500 9.831 1,500 4,048 9,831 110.704 18.175 9.831 138,710 112,073
Waterfall Fund Notes to the Financial Statements l¢ontlnu Year ended 31 January 2025 Independent examinatlon fee$ 2025 2024 Fees payable lo the independent examiner for.. Independent examination of the financial slalemenls 1.200 Staff costs The average head count of employees during the year was Nil12024. Nlll. No employee received employee benefrts of more than £60,000 during the year12024 Nill. Trustee remuneration and expenses The charity trustees. were not paid and did not receive any remuneration. benefi15 in kind or reirnbursemenl of expenses in their capacity as Iruslee during the year. No Iruslee receiverl payment for professional or other services supplied lo the charity. 10. Analysls of charltable funds Unrestricted fund$ Al 1 Feb 2024 Al Income Expenditure 31 Jan 2025 General funds 107.973 214,830 1138,7101 184.093 Al 1 Feb 2023 Al Income Expenditure 31 Jan 2024 General funds 106.122 113,924 1112,0731 107.973 12. Confll¢ts of interest The ch8rily operates 8 policy lo deal with potential conflicts of interest. This includes maintaining a register of board membersldireclor5 interests and relationship or position with other fims or organisalions. enever a board memberldireclor has an interest in any item discussed by the Board, they lake no part in the discussions or decision making process. 13. Related parties The charity identifie5 related party transactions as those involving Iruslees. key management personnel, or entitie5 closely connected lo them. All such Iransa¢lions are disc105ed unless they 8re conducted * arm's length and within normal operating pro¢edures. The charity maintains a register of interests and enforces a strict conflict of interest policy lo ensure transparency and protect the Integrity of decision-making.