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2025-03-31-accounts

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

REPORT AND FINANCIAL STATEMENTS For the year to 31 March 2025

Scottish Charity No. SC047432

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

CONTENTS PAGE
Legal and Administrative Information 1
Report of the Trustees 2 – 11
Independent Auditors’ Report 12 – 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cashflows 18
Notes to financial statements 19 - 28

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

LEGAL AND ADMINISTRATION INFORMATION

Trustees

Chief Executive

Registered Office:

C/o Morton Fraser LLP Quartermile Two 2 Lister Square Edinburgh, EH3 9GL

Administrative Office: Unit 6, Fenlock Court Blenheim Office Park Long Hanborough Witney, OX29 8LN

Scottish charity number : SC047432

Bankers

Bank of Scotland 38 St Andrew Square Edinburgh, EH2 2YR

Investment Managers

LGT Wealth Management 30 Lothian Road Edinburgh, EH1 2DH

Rathbones Investment Management 28 St Andrew’s Square Edinburgh, EH2 1AF

Julius Baer International Limited One Lochrin Square 92 Fountainbridge Edinburgh, EH3 9QA

BNY Mellon Client Service Centre PO Box 366 Darlington, DL1 9RF

Solicitors

Morton Fraser 2 Lister Square Quartermile Two Simpson Loan Edinburgh, EH3 9GL

Auditors

MHA Chartered Accountants 6 St Colme Street Edinburgh, EH3 6AD

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES For the year to 31 March 2025

The trustees present their eighth report as a SCIO along with the financial statements of the charity for the year to 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out herein and comply with the charity’s Constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

The trustees’ vision is to enable the use of science and technology in African countries and in India. In particular: to address food and nutrition security by supporting the development of improved crops for smallholder farmers.

The trustees’ strategy is to support scientists in the target countries by providing research grants, laboratory equipment and consumables, screenhouses, advice and training, to enable them to carry out molecular breeding work for crop improvement. The charity is also exploring the potential resilience to climate change of underutilised legume species in India and African countries. The charity presently focuses on important legume crops for several reasons: they provide essential nutrients not available from cereal or root crops; they improve soil by fixing nitrogen and stabilising it through their deep root systems; and they are relatively neglected by funding agencies. The charity focuses on crops adapted to smallholder farming in the regions where conditions are not favourable to large-scale commercial farming.

The charity's ultimate objectives are:

Grant Making Policy

The charity provides grants for a range of different activities, such as:

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

Grant Making Policy (continued)

Applications for novel areas of funding are considered by all trustees before they can be approved. Generally, the charity does not award grants to unsolicited applications.

The charity’s senior management team presents a two-year budget to the trustees for approval at their summer meeting. The Chair of Trustees’ discretionary allowance is included in the budget to facilitate new activities and capital expenditure in the approved funding areas up to agreed annual limits, and to buffer currency fluctuations. An expenditure report and financial model is updated each year for review at the summer meetings of the trustees, to ensure they are aware of the impact of existing and provisional commitments on the charity’s reserves.

PERFORMANCE AND ACHIEVEMENTS

The trustees remain satisfied with the evident contributions the charity’s investments are making to crop improvement, in training and in capacity building. External events, and the lessons learnt from monitoring the charity’s programmes, continue to feed into decisions and activities.

Key activities of the charity over the last 12 months

1. Funding research institutions through the provision of grants to support:

Crop Breeding research: 12 three year crop improvement research projects and 13 pilot projects in subSaharan Africa (hosted by national agricultural research institutes and universities). These projects are grouped into four consortia:

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

PERFORMANCE AND ACHIEVEMENTS (continued)

2. Providing dispatches of equipment and consumables from the UK to the charity’s funded research groups with molecular breeding projects:

FY No.
dispatches		 Total cost of
goods
£		 Total weight
of goods
Kg		 Total
Dispatch
Cost
£		 Customs
import cost
£		 Total Dispatch
and Customs
£
23-24 17 41,183 992 19,171 7,410 26,581
24-25 14 44,470 1,743 17,568 8,399 25,967
‘Standard’ restock 5 25,040 1,731 17,005 5,192 22,197
Mini restock* 3 8,064 10 227 230 457
Local supplier 6 11,367 0 344 2,977 3,321

*items passed onto PIs in person at annual meetings, etc., are included with the mini restock data

KT's Procurement and Despatch enabled a total of fourteen dispatches, comprising five large lab restocks, three small dispatches each from KT’s premises and six consignments using local suppliers. All projects sourced their dangerous goods chemicals from local suppliers.

Projects are supplied with goods in the way most appropriate to them rather than through a one size fits all approach.

KT printed 2,500 copies of the STOL monographs which will be distributed to grantees and national science archives.

3. Monitoring and training trips and activities:

Details of events and meetings during the 2024-25 FY:

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

PERFORMANCE AND ACHIEVEMENTS (continued)

4. PhD Scholarships:

PhD scholarships are awarded based on the quality of a proposal, their alignment with scientific objectives of the charity’s existing projects/broader scientific strategy and within budgetary limits.

MONITORING AND IMPACT ASSESSMENT

The performance of the charity’s charitable activities is assessed and monitored in a variety of ways. The charity takes a hands-on approach in relation to its research projects: all consortia have at least one scientific consultant associated with it who reviews project applications and progress reports received from approved projects. The annual meetings of the consortia programme hold team sessions to enable in-depth discussions with PIs and their students. The charity aims to keep in touch with the graduate students it funds to track their achievements.

Since the charity’s ultimate objective is to develop new legume crop varieties for smallholder farmers, its success must reflect the extent to which this goal is achieved. However, a challenge in estimating the impact of charitable investments is the fact that the charity is unable to fund all the activities required for the widespread dissemination of an improved crop variety after formal release, and therefore the charity has limited control over these. The charity also lacks in-house scientific expertise to conduct socio-economic impact studies, and the resources to carry these studies out in all the countries the charity funds breeding programmes. Activities carried out to review relevant organisations funding related activities have resulted in the identification of stakeholders, particularly in seed release. Their representatives are now invited to the charity’s annual meetings. The charity aims to be more strategic in establishing suitable endpoints for investment in breeding projects and in identifying the institutions willing to take over and drive the process of seed release.

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

MONITORING AND IMPACT ASSESSMENT (continued)

The trustees are satisfied with progress made to date, 31 new varieties have been certified in the host countries and the cultivation of the improved legume varieties developed with the charity’s support is growing, with their distribution supported mainly by other funding organisations (e.g., The Pan-Africa Bean Research Alliance (PABRA), the Gates Foundation and the former Syngenta Foundation).

A publication documenting the 20 years of Kirkhouse Trust was published in June 2024 in the Journal Plants Genetics, Genomics and Biotechnology 2024, 13(13), 1818: Special Issue Food Security: Successes and Struggles of Impact-Focused Crop Improvement Projects.

FINANCIAL REVIEW

The results of the charity for the year are detailed in the Statement of Financial Activities. They show net expenditure and movement of funds of £2,513,124 (2024: net income £7,389,058). Income from investments and other trading income was £1,493,832 (2024: £1,427,880), expenditure was £1,715,487 (2024: £1,418,134) and total net income (before gains and losses on investments) was net expenditure £221,655 (2024: net income £9,746). Gains on investments were a loss of £2,291,469 (2024: gain of 7,379,312). The reserves have decreased to £70,237,952 at 31 March 2025 compared to £72,751,076 at 31 March 2024.

The free reserves of the charity are those unrestricted reserves not tied up in fixed assets. At 31 March 2025, free reserves were £3,320,007 (2024: £2,973,013). The charity operates as a permanent charity and the trustees judge a sustainable withdrawal from the investments for operational spending to be 3-4%. The trustees review the outcome of a financial modelling exercise at their annual summer meeting.

Investment Policy

The trustees have a policy of investing those surplus funds which have been identified as not immediately required for the charity’s activities. This includes the utilisation of both listed investments and term deposits with reputable financial institutions. The trustees review the Investment Policy at least annually in conjunction with their winter meeting.

PLANS FOR THE FUTURE

The trustees plan to continue the same broad areas of support which have been the focus since 2001. Therefore, they expect to support research, training and capacity building in Africa and India with a focus on crop improvement of legumes. They will do this by supporting:

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

PLANS FOR THE FUTURE (continued)

The African Cowpea Programme will continue to build the portfolio of projects with the recruitment of pilot projects which if successful transition to the full 3-year projects.

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

STRUCTURE GOVERNANCE AND MANAGEMENT

Constitution

The former Kirkhouse Trust (SC030508) was initially created by its Trust Deed, dated September 2000, as amended in March 2004, and by a supplementary Trust deed dated 30 March 2012. The charity was established through endowments from , the founder trustee. On 18 May 2017, the Kirkhouse Trust SCIO was registered with OSCR, and the assets of the former charity were transferred to the SCIO on 1 November 2017. In February 2018, the former charity was wound up. The Kirkhouse Trust SCIO is governed by its Constitution. An amendment to the Constitution was made in June 2021 to enable the trustees to meet remotely, particularly if it is unsafe to meet in person. It remains the preference of the trustees to meet in person, though trustees may attend Board meetings via remote video conferencing.

Organisation

The trustees who served during the year and to date are set out on page 1. The Chair passed to Appolinaire Djikeng at the Summer Meeting of the Trustees 2024. Ed Southern remains a trustee for life. The current five trustees have served for more than three years, and all were selected based on personal competence and professional skills which can benefit the charity. Newly appointed trustees receive an induction, are briefed by the Chair of Trustees on the charity’s operation and are provided literature to make them fully aware of their responsibilities as trustees.

The trustees attended two in person sessions; the May 2024 meeting held in Edinburgh and the December 2024 meeting held in London. The trustees are updated by email and personal contact coordinated by the Chair, Chief Executive, and the Head of Administration. The day-to-day management of the charity’s activities is delegated through the Chair to the Chief Executive. In addition, five scientific consultants with relevant research experience play key roles directing the research within the different research programmes.

Four of the scientific consultant group are members of the Science Policy Advisory Group (SPAG) which is chaired by the Chief Executive. SPAG’s remit is to ensure that the charity is using its resources effectively. SPAG addresses high-level operational and strategic issues raised by the Board of Trustees. This ensures the trustees can effectively review the charity’s performance, agree on strategy and future areas of activity.

Formal SPAG meetings are held whenever operational and strategic issues have been raised by the Board of Trustees, the last formal SPAG meeting was held in September 2023. SPAG members also meet informally during KT combined meetings which provide the opportunity to discuss strategic items.

The charity purchased its own building in January 2015 consisting of an office, meeting room, store, and small laboratory.

Related parties

The Edina Trust, a charity of which Sir Edwin Southern is also a Trustee, shares certain staff employed by KT, and the premises owned and occupied by, the Kirkhouse Trust SCIO. The share of those costs incurred by the Kirkhouse Trust SCIO which are attributable to the Edina Trust are recharged to that charity on an arm’s length, commercial basis.

Transactions with related parties in the year are more fully disclosed in note 18 to the financial statements.

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

Risk management

The trustees have assessed the major risks to which the charity is exposed, including those related to the operations and finances of the charity and are satisfied systems are in place to prevent and mitigate exposure to major risks. A Risk Management Action Plan is reviewed and approved by the trustees at their summer meeting.

The trustees acknowledge the inevitable risks of funding research projects in countries with low scientific capacity and infrastructure and the importance of effective remote project monitoring to detect problems early and minimise their impact.

The trustees highlight the following as significant risks currently facing the charity:

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

Key management personnel

The trustees consider the Board of Trustees, Chief Executive and Financial Oversight and Investment Liaison Officer as comprising the key management personnel of the charity. They are supported by a Senior Management Team chaired by the Chief Executive comprising a Head of Administration and Operations Manager. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in notes 8 and 18 of the financial statements.

Trustees are required to disclose all relevant interests. The charity maintains a Register of Interests which trustees are asked to review and update annually as necessary. It is charity policy that trustees withdraw from decisions if a potential conflict of interest arises.

The charity appoints five scientific consultants to help direct the research programmes and ensure the charity has access to relevant and up to date research.

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THE KIRKHOUSE TRUST SCIO

REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025

TRUSTEES’ RESPONSIBILITIES STATEMENT

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

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

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

Approved by the Trustees on the 17 December 2025 and signed on their behalf:

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE KIRKHOUSE TRUST SCIO

Opinion

We have audited the financial statements of The Kirkhouse Trust SCIO (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

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.

Other information

The other information comprises the information included in the report of the trustees,’ other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the report of the trustees. 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.

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INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE KIRKHOUSE TRUST SCIO (continued)

Other information (continued)

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

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.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE KIRKHOUSE TRUST SCIO (continued)

Auditor’s responsibilities for the audit of the financial statements (continued)

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditresponsibilities.

This description forms part of our auditor’s report.

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INDEPENDENT AUDITORS’ REPORT

TO THE TRUSTEES OF THE KIRKHOUSE TRUST SCIO (continued)

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.

17 December 2025

MHA Statutory Auditor 6 St Colme Street Edinburgh EH3 6AD

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership registered in England and Wales (registered number OC455542).

MHA is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE KIRKHOUSE TRUST SCIO

STATEMENT OF FINANCIAL ACTIVITIES for the year to 31 March 2025

Note
Income from:
Investments
3
Other trading activities
Total income
Expenditure on:
Raising funds
4
Charitable activities
5
Total expenditure
Net (expenditure)/income gains and losses on investments
Net (losses)/gains on investments
10
Net (expenditure)/income and net movement in funds
Reconciliation of funds
Total funds brought forward
15,16
Total funds carried forward
15,16		 Unrestricted
2025
£
1,484,548
9,284
1,493,832
265,283
1,450,204
1,715,487
(221,655)
(2,291,469)
(2,513,124)
72,751,076
70,237,952		 Unrestricted
2024
£
1,417,816
10,064
1,427,880
244,090
1,174,044
1,418,134
9,746
7,379,312
7,389,058
65,362,018
72,751,076

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure is derived from continuing operations.

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THE KIRKHOUSE TRUST SCIO

BALANCE SHEET as at 31 March 2025

Note
Fixed Assets
Tangible assets
9
Investments
10
Current Assets
Stock
11
Debtors
12
Investments - deposits
13
Bank and cash
Liabilities
Creditors: amounts falling due within
one year
14
Net current assets
Net assets
Unrestricted Funds
15,16		 2025
£
355,309
66,562,636
66,917,945
58,944
281,579
2,751,166
327,374
3,419,063
(99,056)
3,320,007
70,237,952
70,237,952		 2024
£
366,897
69,411,166
69,778,063
58,573
265,987
2,279,574
533,598
3,137,732
(164,719)
2,973,013
72,751,076
72,751,076

The financial statements were approved and authorised for issue by the Board of Trustees on 17 December 2025 and signed on its behalf by:

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THE KIRKHOUSE TRUST SCIO

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES for the year ended 31 March 2025

Net (expenditure)/income as per the SOFA
Adjustments for:
Depreciation
Losses/(gains) on investments
Dividends from investments
(Increase) in stocks
(Increase) in debtors
(Decrease)/increase in creditors
Net cash (used in) operating activities
STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
Note
Cash flows from operating activities:
Net cash (used in) operating activities
Cash flows from investing activities:
Investment income
Purchase of investments
Proceeds from sale of investments
Net cash flow provided by activities
Change in cash and cash equivalents in the year
17
Cash and cash equivalents at the beginning of year
Cash and cash equivalents at the end of the year
Being:
Cash at bank and in hand
Investments – term deposits
Investments – cash deposits		 2025
£
(2,513,124)
11,588
2,291,469
(1,484,548)
(371)
(15,592)
(65,663)
(1,776,241)
2025
£
(1,776,241)
1,484,548
17,817,646
(16,956,150)
2,346,044
569,803
5,635,679
6,205,482
327,374
2,751,166
3,126,942
6,205,482		 2024
£
7,389,058
11,982
(7,379,312)
(1,417,816)
(12,468)
(34,631)
1,049
(1,442,138)
2024
£
(1,442,138)
1,417,816
(13,365,137)
12,920,899
973,578
(468,560)
6,104,239
5,635,679
533,598
2,279,574
2,822,507
5,635,679

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THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS for the year to 31 March 2025

1. Principal accounting policies

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(a) Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and UK Generally Accepted Accounting Practice.

The Kirkhouse Trust SCIO meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

(b) Going concern

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. With respect to the next accounting period the most significant area of uncertainty that affects the carrying value of assets held by the charity are the levels of investment return and the performance of the markets. Trustees regularly monitor the funding streams and evaluate the projected expenditure and the free reserves which are available and have concluded that there is a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

(c) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.

Donations, legacies, and similar incoming resources are included in the year in which they are receivable, which is when the charity becomes entitled to the resource.

Income from investments is included in the year in which it is receivable and when the amount can be measured reliably.

Income from other trading activities represent income earned from the shared use of the charity’s property and is recognised in the period to which the costs relate, which is when the charity becomes entitled to the income.

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THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

1. Principal accounting policies (continued)

(d) Expenditure

Expenditure is recognised once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably. All expenditure is included on an accruals basis.

Expenditure on raising funds includes costs associated with generating income from the Trust through its investment portfolio.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Expenditure on grants is recorded once the charity has made an unconditional commitment to pay the grant and this is communicated to the beneficiary, or the grant has been paid, whichever is the earlier. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis as set out in note 5.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair 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 throughout the year.

Current asset investments are fixed deposits and all mature within one year.

The charity does not acquire put options, derivatives, or other complex financial instruments.

(f) Foreign currency transactions

Transactions in foreign currencies are translated at a rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the balance sheet date.

(g) Tangible fixed assets and depreciation

Items of equipment are capitalised at cost where the purchase price exceeds £1,000. All other items are expensed in the year of acquisition.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less expected residual value of each asset over their expected useful lives as follows:

Property :- 50/25 years Computer equipment :- 5 years

20

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

1. Principal accounting policies (continued)

(h) Stock

Stock held directly by the charity comprises project supplies and is included at the lower of cost or net realisable value.

(i) Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

(j) Cash at bank and in hand

Cash at bank and in hand include cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

(k) Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

(l) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measure at that settlement value.

2. Taxation

The SCIO is a registered charity and accordingly is exempt from taxation on its income and gains to the extent that they are applied for charitable purposes.

3.
Investment income
Investment income received - UK
- USA		 Unrestricted
2025
£
1,210,088
274,460
1,484,548		 Unrestricted
2024
£
1,148,678
269,138
1,417,816

Income in the form of dividends is paid to the charity as cash. Since December 2022, the dividends from three main investments are being accumulated and reinvested. The managed investments are structured for capital growth.

21

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

4.
Raising funds
Investment manager’s fees
5.
Cost of charitable activities
2024/25
Basis of
Allocation
Direct charitable expenditure:
Grants awarded (note 6)
Direct
Staff costs (note 7)
Staff time
Travel expenses
Direct
Consultancy fees
Direct
Support costs (see below)
Governance costs (see below)
Direct
Support costs:
Staff costs (note 7)
Staff time
Office supplies
Usage
Administrative costs
Usage
Insurance
Usage
Bank charges
Usage
Exchange (gain)
Usage
Entertainment
Direct
Professional fees
Usage
Sundry expenses
Usage
Depreciation
Usage
Governance costs:
Auditors’ remuneration
Room hire and AGM costs		 Overseas
Projects
£
772,163
211,306
109,466
9,140
280,046
13,489
1,395,610
171,781
37,128
24,910
6,213
3,858
24,320
901
543
(35)
10,427
280,046		 UK
Projects
£
-
23,478
-
-
31,116
-
54,594
19,087
4,125
2,768
691
429
2,702
100
60
(4)
1,158
31,116		 Unrestricted
2025
£
265,283
Unrestricted
2025
£
772,163
234,784
109,466
9,140
311,162
13,489
1,450,204
190,868
41,253
27,678
6,904
4,287
27,022
1,001
603
(39)
11,585
311,162
2025
£
10,054
3,435
13,489		 Unrestricted
2024
£
244,090
Unrestricted
2024
£
645,634
227,010
1,110
8,287
278,611
13,392
1,174,044
189,812
29,075
20,780
3,236
5,275
17,000
-
1,331
120
11,982
278,611
2024
£
9,978
3,414
13,392

22

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

5.
Cost of charitable activities
2023/24
Basis of
Allocation
Direct charitable expenditure:
Grants awarded (note 6)
Direct
Staff costs (note 7)
Staff time
Travel expenses
Direct
Consultancy fees
Direct
Support costs (see below)
Governance costs (see below)
Direct
Support costs:
Staff costs (note 7)
Staff time
Office supplies
Usage
Administrative costs
Usage
Insurance
Usage
Bank charges
Usage
Exchange (gain)
Usage
Loss on disposal of fixed assets
Direct
Professional fees
Usage
Sundry expenses
Usage
Depreciation
Usage
Governance costs:
Auditors’ remuneration
Room hire and AGM costs
6.
Grants given during year
Conference and training grants
African research projects
Indian research projects
Overseas students		 Overseas
Projects
£
645,634
204,309
1,110
8,287
250,750
13,392
1,123,482
170,831
26,168
18,702
2,912
4,747
15,300
-
1,198
108
10,784
250,750		 UK
Projects
£
-
22,701
-
-
27,861
-
50,562
18,981
2,907
2,078
324
528
1,700
-
133
12
1,198
27,861		 Unrestricted
2024
£
645,634
227,010
1,110
8,287
278,611
13,392
1,174,044
189,812
29,075
20,780
3,236
5,275
17,000
-
1,331
120
11,982
278,611
2024
£
9,978
3,414
13,392
Unrestricted
2025
£
11,791
710,596
36,018
13,758
772,163		 Unrestricted
2023
£
784,946
204,923
101,884
9,791
198,694
13,371
1,313,609
203,799
30,996
25,848
5,277
3,426
(87,221)
1,672
647
2,190
12,060
198,694
2023
£
8,394
4,977
13,371
Unrestricted
2024
£
11,442
506,910
108,741
18,541
645,634

23

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

7.
Staff costs
Salaries
Social security
Pension
Other staff costs
Allocated to:
Direct charitable expenditure
Support costs		 Unrestricted
2025
£
366,570
35,150
22,077
423,797
1,855
425,652
234,784
190,868
425,652		 Unrestricted
2024
£
359,649
34,276
21,834
415,759
1,063
416,822
227,010
189,812
416,822

One (2024: one) employee received emoluments of greater than £60,000 in the year.

The average number of employees during the year amounted to 13 (2024: 13). On a full-time equivalent basis, the average number of employees during the year was 12 (2024: 12).

8. Trustees’ remuneration

Trustees are not remunerated. During the year £397 (2024: £386) was reimbursed to two (2024: one) trustees for travel expenses.

The key management personnel of the charity comprise Board of Trustees, Secretary, Chief Executive and Financial Oversight and Investments Liaison Officer. All individuals, except the Chief Executive, give their time freely and did not receive any remuneration in the current or prior year.

24

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

9.
Tangible fixed assets
Cost:
At 1 April 2024 and 31 March 2025
Depreciation:
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value:
At 31 March 2025
At 31 March 2024
10.
Investments
Market value at 1 April 2024
Additions
Disposals
(Losses)/gains on valuation
Cash held by broker
Market value at 31 March 2025
Historic cost at 31 March 2025		 Freehold
Property
£
455,596
89,889
10,398
100,287
355,309
365,707		 Freehold
Property
£
455,596
89,889
10,398
100,287
355,309
365,707		 Computer
Equipment
£
13,426
12,236
1,190
13,426
-
1,190
2025
£
66,588,659
16,956,150
(17,817,646)
(2,291,469)
3,126,942
66,562,636
49,958,335		 Computer
Equipment
£
13,426
12,236
1,190
13,426
-
1,190
2025
£
66,588,659
16,956,150
(17,817,646)
(2,291,469)
3,126,942
66,562,636
49,958,335		 Total
£
469,022
102,125
11,588
113,713
355,309
366,897
2025
£
66,588,659
16,956,150
(17,817,646)
(2,291,469)
3,126,942
66,562,636
49,958,335		 2024
£
58,765,109
13,365,137
(12,920,899)
7,379,312
2,822,507
69,411,166
49,069,815

The following individual shareholdings or investments are considered individually to be material within the market values of the portfolio shown at 31 March:

2025 2024
£ £
Merck & Co Inc (US quoted company) 3,598,887 5,601,661
BNY Mellon Global Growth & Income Fund for Charities 3,697,342 3,551,379

25

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

11.
Stock
Equipment
Chemicals
Other Consumables		 2025
£
40,749
2,461
15,734
58,944		 2024
£
37,387
2,749
18,437
58,573

Stock held by the charity is available for use by the charity’s beneficiaries in project work.

12.
Debtors
Investment income receivable
Prepayments
Other debtors
13.
Investments – deposits
Deposits		 2025
£
210,835
9,720
61,024
281,579
2025
£
2,751,166		 2024
£
160,362
65,257
40,368
265,987
2024
£
2,279,574

The charity invests cash funds in the form of fixed term deposits with a number of financial institutions. Generally, the term period is set for a 12-month period and depending on the cash requirements of the charity the amount on maturity is reinvested as further fixed short term deposits.

14. Creditors – amounts falling due within one year

Creditors – amounts falling due within one year
Accruals
Other creditors		 2025
£
57,245
41,811
99,056		 2024
£
111,978
52,741
164,719

26

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

15. Movement on reserves

2024 / 25
General funds
Designated funds:
Facilities
improvement fund
Total unrestricted
2023 / 24
General funds
Designated funds:
Facilities
improvement fund
Total unrestricted		 At 1 April
£
72,731,284
19,792
72,751,076
65,338,629
23,389
65,362,018		 Income
£
1,493,832
-
1,493,832
1,427,880
-
1,427,880		 Expenditure
£
(1,692,329)
(23,158)
(1,715,487)
(1,408,337)
(9,797)
(1,418,134)		 Gains/(losses)
£
(2,291,469)
-
(2,291,469)
7,379,312
-
7,379,312		 Transfers
£
(6,400)
6,400
-
(6,200)
6,200
-		 At 31 March
£
70,234,918
3,034
70,237,952
72,731,284
19,792
72,751,076

A designated fund has been created for facilities improvements to cover the cost of one-off large scale improvements over a five-year period.

16.
Analysis of net assets between funds
Fixed assets
Net current assets
At 31 March 2025
Fixed assets
Net current assets
At 31 March 2024
17.
Analysis of changes in net funds
Borrowings
Cash and cash equivalents
Net funds		 At 1 April
2024
£
-
5,635,679
5,635,679		 Cashflows
£
-
569,803
569,803		 Unrestricted
£
66,917,945
3,320,007
70,237,952
69,778,063
2,973,013
72,751,076
At 31 March
2025
£
-
6,205,482
6,205,482

27

Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E

THE KIRKHOUSE TRUST SCIO

NOTES TO THE FINANCIAL STATEMENTS (continued) for the year to 31 March 2025

18. Related parties

The charity recharged a connected charity, Edina Trust, in which one of the trustees ( ) is also a trustee, for staff costs and related office support cost amounting to £121,929 (2024: £116,793) and £11,415 (2024: £8,835) was also received in respect of use of premises. At the year end the charity was due £33,804 (2024: £32,709) from the Edina Trust.

28