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 e￿IC8cY 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 (con*nuedl
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
Reg*Jlations 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.