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:
- to support the production of new varieties of locally important legume crops which mitigate losses from various constraints,
- to strengthen and promote research skills in African countries where local support for science is underfunded,
- to work with other partners at a scale appropriate to available resources to support farmer access to improved varieties.
## **Grant Making Policy**
The charity provides grants for a range of different activities, such as:
- Grants for crop breeding projects focused on legume crops important in African countries and in India. These projects aim to introduce resistances to important weeds and plant diseases, increase the nutrient content of grains and reduce cooking time using marker assisted selection.
- Grants to explore the potential value for climate change adaptation of a set of stress tolerant but less widely cultivated tropical legume crops. Funded activities include the publication of selected crop monographs to promote their cultivation.
- Grants for study visits and attendance of training events, workshops, and conferences.
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## **THE KIRKHOUSE TRUST SCIO**
## **REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025**
## **Grant Making Policy (continued)**
- Post-graduate, PhD and MSc scholarships in Africa – usually provided to students associated with the charity’s funded research projects.
- Miscellaneous molecular biology and pathology training activities, including online learning opportunities.
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:
- The African Cowpea Programme (ACP) now includes research activities in three African countries: Cameroon, Zambia and pilot projects in Botswana, Tanzania and Namibia. Projects in Malawi and Zimbabwe have closed.
- The African Bean Consortium (ABC; on common bean) now includes research activities in eight African countries: Ethiopia, Kenya, Uganda, Zambia, Mozambique, Zimbabwe, and two pilot projects: one in Tanzania and one in Kenya.
- The Stress Tolerant Orphan Legume (STOL) programme, a collaborative consortium between agricultural research centres in India and in Africa. STOL aims to determine the suitability of a common set of stress tolerant legume crops in areas where the production of commonly grown legume crops increasingly fail due to climate change, in view to diversify production systems and increase their resilience. There are two Indian institutions participating: one in New Delhi and one in Rajasthan. Three African institutions are involved, located in Burkina Faso, Namibia and Senegal. Authors from across the STOL consortium published five KT funded STOL monographs.
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## **THE KIRKHOUSE TRUST SCIO**
## **REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025**
## **PERFORMANCE AND ACHIEVEMENTS (continued)**
- The Bambara Breeding Initiative (BBI), focusing on Bambara groundnut as a result of activities under the STOL program, has two pre-breeding pilot projects: one in South Africa and one in Nigeria.
- Two research groups in the US and one in Spain to support the African breeding activities, carrying out complementary research projects, facilitating the development of molecular breeding resources, and providing training opportunities to African scientists. The Principal Investigators (PIs) of these research groups also act as the scientific leaders and consultants for the charity’s crop breeding consortia.
**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:
- In June 2024, the charity visited funded projects in Ethiopia, Kenya and Tanzania and held a meeting in Arusha, Tanzania, with Principal Investigators from all consortia in addition to external speakers and charity consultants. Presentations were given on project activities alongside training workshops and discussions sessions on future activities.
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## **THE KIRKHOUSE TRUST SCIO**
## **REPORT OF THE TRUSTEES (continued) For the year to 31 March 2025**
## **PERFORMANCE AND ACHIEVEMENTS (continued)**
- In September 2024, the charity held the last in-person STOL meeting under the Phase I STOL MoU in New Delhi, India with STOL project PIs from India and Africa and consultants followed by field visits and meetings with farmers.
- In October 2024, the charity attended the World Cowpea Conference in Benin, an opportunity to meet potential PIs and network with other organisations. The charity funded attendance of the cowpea project PIs and consultants.
- In February 2025, the charity funded a six-month training visit in the US for a lab member and former MSc student from the project in Cameroon. It is anticipated that a PhD scholarship will be awarded to the student following completion of the training visit.
- A conference grant was awarded to a delegate attending the conference on Rainfed Agriculture at ICAR-CRIDA, Hyderabad from 29-31 January 2025.
## **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.
- For FY24-25, two PhD scholarships in Zambia continued to be funded, a new PhD scholarship in Ethiopia was awarded, and a PhD scholarship in Zimbabwe was terminated, with the unspent funds returned.
## **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:
- The African Cowpea Programme, and the African Bean Consortium which both independently include:
- Marker Assisted Selection breeding programmes in African countries,
- Training activities in Africa and the US (for African researchers),
- The development of genomic and genetic breeding resources in the US, Spain and Africa.
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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.
- The Stress Tolerant Orphan Legume programme to explore the potential value of orphan crops in hotter, drier climates, to include:
- STOL partners continue to exchange promising germplasm under Material Transfer Agreements between the parties,
- Multiplication and characterisation trials at multiple African and Indian locations,
- Filming, planned to capture the STOL programme’s objectives and achievements, took place in July and August 2024 and will be edited for release in 2025,
- Monographs of STOL crops published in 2024 will be distributed in 2025,
- Bambara groundnut has emerged from STOL as a crop of interest for the charity in view of the advanced stage of the genomic and genetic tools developed. Two pilot projects were funded, one in South Africa and one in Nigeria. These are the first partners of a new consortium the charity launched in 2024, the Bambara Breeding Initiative (BBI),
- Marama bean continues to be a crop of interest and a new project with the PI who has worked on Marama bean throughout the STOL programme will begin July 2025. It is expected that a Marama bean project will also be established in India.
- The charity will sponsor the participation of the researchers and selected graduate students it funds to the African Plant Breeder Association (APBA), to be held in Victoria Falls, Zimbabwe, in October 2025. Consortium teams will have the opportunity to present and network with other stakeholders.
- The charity continues to invite PhD proposal submissions from projects and support MSc scholarships based in Africa, usually in association with existing research projects the charity funds.
- A combined cowpea, common bean and Bambara groundnut annual meeting will take place immediately after the ABPA conference and will be workshop/discussion based. This will be an opportunity to share and troubleshoot cross consortia items.
- Miscellaneous molecular biology and pathology training activities in Africa. These include the continuation of a project (started in 2013) to provide equipment and consumables to the University of Zimbabwe to enable undergraduate courses to include a molecular biology component which is appropriate for a range of disciplines.
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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:
- **Cybersecurity:** there is the potential for a cyber event which would cause reputational damage and stop the charity operating. The charity engages the services of a tertiary IT support and follows an annual roadmap and disaster recovery plan. Staff receive formal cybersecurity training delivered by the National Cyber Security Centre. The charity experienced an incident involving unauthorised access to a Microsoft 365 account through a multi-factor authentication (MFA) bypass. The incident was promptly reported, and no financial loss occurred. The charity implemented additional security measures including conditional access policies and passkeys.
- **Poor regional investment in agriculture:** due to low levels of regional investment in agriculture, extension, and seed systems. The charity engages with regional stakeholders and invites key delegates to meetings with project leaders. The charity is monitoring the repercussions of the closure of USAID by the US Administration, which many of the charity’s partners and stakeholders relied on for funding, along with the effects of domestic changes to federal research support in the United States.
- **Problems with overseas projects:** failure to achieve project objectives (e.g., improved varieties do not reach farmers, poor project management, scientific misconduct etc.) The impact on the charity depends on the number of projects affected. The trustees accept not all projects will be successful. The charity continues to improve its project monitoring procedures: pilot projects can be up to two years in length to allow the charity to review progress over two breeding seasons and work closely with new institutions and PIs as the project becomes established and transitions into a longer term research project. The charity continues to discuss seed resource management with project leaders which may result in investment to risk manage seed loss.
- **Poor uptake of research products:** the charity will continue to engage with regional stakeholders and will use the conference in Zimbabwe as an opportunity network and encourage collaborations between project leaders and key delegates.
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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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgments and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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:
- give a true and fair view of the state of the charity’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- proper accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Enquiry of charity management and those charged with governance to identify any instances of noncompliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including the testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of the charity’s activities and reviewing accounting estimates for bias;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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.
14
Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E
## **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._
15
Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E
## **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.
16
Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E
## **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:
17
Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E
## **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|
18
Docusign Envelope ID: 205DDC78-83BC-4861-94C2-771AD455B98E
## **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.
19
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)**
## (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.
- (e) _Investments_
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