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2025-03-31-accounts

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

Charity registration number SC047530 (Scotland) Company registration number CS002857 (Scotland)

THE LEDGE (SCIO) ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

A9 Accountancy Limited Chartered Accountants & Registered Auditors Elm House Cradlehall Business Park Inverness IV2 5GH

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number (Scotland) SC047530 Company number CS002857 Registered office 2 Ardival East Strathpeffer Ross-Shire United Kingdom IV14 9DY Auditor A9 Accountancy Limited Elm House Cradlehall Business Park Inverness United Kingdom IV2 5GH

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Balance sheet 9
Statement of cash flows 10
Notes to the financial statements 11 - 26

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The organisation's purposes are to provide recreational facilities or the organisation of recreational activities with the objective of improving the conditions of life for the persons for whom the facilities or activities are primarily intended and provide for the advancement of public participation in sport by:

(i) creating a fund to support low cost access to sports facilities and training offered by the organisation to those with specific needs including, but not limited to, disabled sport, youth at risk and persons from remote and small communities;

(ii) the provision of sporting facilities and activities;

(iii) encouraging entry into mountain based sports by funding training, equipment purchase, payment for guides and external teaching and instructor services;

(iv) the promotion of healthy active living through adventure and outdoor sports.

Achievements and performance

Significant activities and achievements against objectives

In the year from 01 April 2024 to 31 March 2025 the Charity has focused on consolidating operational activities to maintain and develop the reputation of The Ledge following its first operational year. Both Direct Debits and monthly visits showed growth compared to the previous year.

The Charity continued to deliver a range of collaborative projects and programmes, including school and young people programmes, deaf education, blind veterans, cancer rehabilitation and more. The Ledge continues to welcome local external instructors to use our facilities for training clients in addition to delivering our own instruction programmes as well as local and national competitions.

The Charity has continued to secure grant funding, including support from The Robertson Trust (£28,000), Northwood (£15,000), First Port (£38,548), Hugh Fraser Foundation (£6,000), MSP Investment Group (£5,000), Inverness & Cromarty Firth Green Free Port (£2,000), Stagecoach (£3,000) along with several other grants for smaller amounts. A number of the grants payments received during the year have been as part of longer-term commitments reflecting positive work in building and maintaining funding relationships.

In July 2024 Marc Peart was appointed as Chief Executive Officer of The Ledge following a successful internal recruitment exercise.

In September 2024 the Charity won the Prosper Business Award for Innovation and the Highland Business Award for Community Engagement.

Investment in staff and volunteers remains a priority with regular CPD opportunities and uplift in salaries to maintain our commitment to being a Real Living Wage employer.

The Ledge’s accident rate is low in comparison to national benchmarking data at less than a quarter of the national average.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial review

The surplus for the period was £207,310 (2024 deficit of £187,924). The unrestricted reserves at the year-end were £511,557 (2024 £304,247). The restricted reserves were £Nil (2024 £Nil).

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

After the development phase was completed, the trustees formulated a reserves policy that will maintain a level of free reserves sufficient to meet the statutory and other liabilities which could arise in the event of major changes in income levels. Unrestricted funds were maintained at this level throughout the year, and are expected to adequate in the financial year to come. The trustees consider unrestricted funds to be sufficient to cover all liabilities in the event of a major change in income levels.

Principal funding sources

The main form of funding to date has been grant income and income from the charitable activities

Principal risks and uncertainties

The principal financial risk and uncertainty going forward is the dependence on grant funding and the uncertainty of maintaining the current levels of funding. The Trustees ensure robust internal controls are implemented to mitigate risks, safeguard assets and ensure regulatory and legal compliance.

Financial risk management objectives and policies

The Trustees have established a financial risk management policy with the following principal objectives for the organisation: Risk Identification - regular reviews of potential risks, including cashflow sensitivities and dependencies on income streams; Risk Mitigation - appropriate insurance, diversifying income streams, maintenance of reserves to cover liabilities and operational needs; Monitoring and Reporting - regular updates are provided to the Trustees for scrutiny, oversight and informed decision making

Plans for future periods

The strategic goals remain focused on consolidation, sustainability and community impact. Key areas of focus include:

Structure, governance and management

The Ledge is a Scottish Charitable Incorporated Organisation (SCIO). It was registered on 23 June 2017. The SCIO is governed by its constitution.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

was appointed as Chief Exectutive Officer in July 2024.

Recruitment and appointment of trustees

The constitution requires that the charity have a minimum of three Trustees at any one time, the maximum number of Trustees is seven.

The Board can at any time appoint a non-member as a Trustee if they are deemed to have special experience or skills that would be of assistance to the board. The Board tries to ensure that it comprises a mix of members, so that the charity has a variety of expertise. The board are carrying out a Trustee recruitment exercise in November 2025 - January 2026.

Organisational structure

The trustees and members meet on a bi-monthly basis to discuss and direct the affairs of the Charity.

Induction and training of trustees

An induction process is in place to support new Trustees, ensuring clarity, scope and responsibilities of the role of a Trustee. Training and development requirements are identified following induction with an annual review.

Remuneration policy

Pay for all personnel, including management and the Chief Executive Officer, is set by benchmarking against similar organisations. The remuneration structure includes salaries, employer pension contributions and a staff benefit scheme managed through the charity Hospital Saturday Fund. Trustees review the policy biannually to ensure it remains competitive and also aligned to the organisation's objectives and financial capabilities.

Auditor

In accordance with the company's articles, a resolution proposing that A9 Accountancy Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

30 December 2025

Date: .............................................

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The trustees, who are also the directors of The Ledge (SCIO) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LEDGE (SCIO)

Opinion

We have audited the financial statements of The Ledge (SCIO) (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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.

Material uncertainty 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.

We draw attention to note 1.2 in the financial statements. As stated in the note, there are events or conditions that indicate that a material uncertainty exists that may cast significant doubt on the charity's ability to continue as a going concern. Our opinion is not modified in respect to this matter.

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 annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LEDGE (SCIO)

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

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.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management including management. We corroborated these enquiries through our review of relevant correspondence and board meeting minutes.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LEDGE (SCIO)

Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material risk due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

For and on behalf of A9 Accountancy Limited, Statutory Auditor Chartered Accountants Elm House Cradlehall Business Park Inverness IV2 5GH United Kingdom 30 December 2025 Date: .........................

A9 Accountancy Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net income/(expenditure)
Transfers between
funds
Net movement in
funds
7
Reconciliation of funds:
Fund balances at 1 April 2024
Fund balances at 31 March
2025
Unrestricted
funds
Restricted
funds
2025
2025
£
£
30,860
146,741
846,938
-
877,798
146,741
728,868
88,361
728,868
88,361
148,930
58,380
58,380
(58,380)
207,310
-
304,247
-
511,557
-		 Total
Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
177,601
5,000
282,837
846,938
330,117
-
1,024,539
335,117
282,837
817,229
39,423
766,455
817,229
39,423
766,455
207,310
295,694
(483,618)
-
(5,641)
5,641
207,310
290,053
(477,977)
304,247
14,194
477,977
511,557
304,247
-		 Total
2024
£
287,837
330,117
617,954
805,878
805,878
(187,924)
-
(187,924)
492,171
304,247

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Provision for other liabilities
17
Net assets
The funds of the charity
Unrestricted funds
20		 2025
£
97,789
8,019
105,808
(381,863)
£
1,282,581
100
1,282,681
(276,055)
1,006,626
(363,900)
(131,169)
511,557
511,557
511,557		 2024
£
1,048,809
5,336
1,054,145
(418,083)
£
16,067
100
16,167
636,062
652,229
(308,559)
(39,423)
304,247
304,247
304,247

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

30 December 2025

The financial statements were approved by the trustees on .........................

Company registration number CS002857 (Scotland)

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
27
1,398,955
Investing activities
Purchase of tangible fixed assets
(1,348,733)
Net cash used in investing activities
(1,348,733)
Financing activities
Repayment of borrowings
(47,539)
Net cash used in financing activities
(47,539)
Net increase/(decrease) in cash and cash
equivalents
2,683
Cash and cash equivalents at beginning of year
5,336
Cash and cash equivalents at end of year
8,019		 2024
£
-
(15,933)
£
14,953
-
(15,933)
(980)
6,316
5,336

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

The charity is a Scottish Charitable Incorporated Organisation (SCIO).

The address of its registered office is: 2 Ardival East Strathpeffer Ross-Shire IV14 9DY

The principle place of business is: Unit 2 Telford Retail Park Inverness IV3 5LU

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The trustees have considered the charity's financial position and cash flow forecasts for a period of at least twelve months from the date of approval of these financial statements.

The charity is dependent on the continued receipt of grant funding to support its ongoing activities. While the trustees have a reasonable expectation that future grants will be secured, there is no guarantee that all anticipated funding will be received in full or on the expected timescales.

In addition, at the balance sheet date the charity has arrears of VAT. The trustees are actively managing this position.

These conditions indicate the existence of a material uncertainty that may cast significant doubt on the charity's ability to continue as a going concern. Nevertheless, the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis, taking into account anticipated grant income, planned cost controls, and managing any overdue creditors.

Accordingly, the financial statements do not include any adjustments that would result if the charity were unable to continue as a going concern.

1.3 Charitable funds

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 25 years straight line Fixtures and fittings 4% - 33% straight line Equipment 25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 Fixed asset investments

Fixed asset investments are a form of financial instrument and are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/ (Losses) on investments' in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.12 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.13 Retirement benefits

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.14 Government grants

Grants are recognised when the charity has entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

1.15 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

(Continued)

Depreciation

The depreciation of tangible fixed assets is a key area of estimation. The useful life and residual value of fixed assets is considered and a depreciation rate applied accordingly. Details of the depreciation policies applied can be found in the accounting policies section of the notes to the financial statements. The depreciation charge amounts to £82,219 (2024 £2,664). The carrying value of tangible fixed assets at the year-end amounts to £1,282,581 (2024 £16,067).

In the opinion of the trustees, there are no estimates or assumptions which have significant risk of causing material adjustments to the carrying amount of assets and liabilities.

3 Income from donations and legacies

Unrestricted
funds
Restricted
funds
2025
2025
£
£
Donations and gifts
-
106
Grants
30,860
146,635
30,860
146,741
Grants
Government grants
-
59,740
Grants from companies
30,860
86,895
30,860
146,635		 Total
Unrestricted
funds
Restricted
funds
2025
2024
2024
£
£
£
106
-
69
177,495
5,000
282,768
177,601
5,000
282,837
59,740
-
131,000
117,755
5,000
151,768
177,495
5,000
282,768		 Total
2024
£
69
287,768
287,837
131,000
156,768
287,768

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Charitable activities
Sales of services 846,938 330,117

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Expenditure on charitable activities

5 Expenditure on charitable activities
Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Staff costs 427,509 404,812
Depreciation and impairment 82,219 2,664
Computer software 5,589 11,581
Legal & professional 733 9,842
Bank charges 2,299 136
Advertising 20 286
Repairs & maintenance 9,299 4,266
Office costs 254,661 269,703
Insurance 9,450 6,555
Interest 21,134 29,852
Travel & subsistence 1,250 2,398
Irrecoverable VAT 91,746 39,423
Gain on acquisition of net assets (172,077) -
Purchases 71,812 -
Bad debts 339 -
805,983 781,518
Share of support and governance costs (see note 6)
Governance 11,246 24,360
817,229 805,878
Analysis by fund
Unrestricted funds 728,868 39,423
Restricted funds 88,361 766,455
817,229 805,878
6 Support costs allocated to activities
2025 2024
£ £
Governance costs 11,246 24,360
Analysed between:
Charitable activities 11,246 24,360

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6
Support costs allocated to activities
Governance costs comprise:
Accountancy
Audit fees
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
8
Trustees		 (Continued)
2025
2024
£
£
988
7,610
10,258
16,750
11,246
24,360
2025
2024
£
£
10,258
16,750
82,219
2,664		 (Continued)
2025
2024
£
£
988
7,610
10,258
16,750
11,246
24,360
2025
2024
£
£
10,258
16,750
82,219
2,664
24,360
2024
£
16,750
2,664

During the year the charity made the following transactions with trustees:

Perry Hofbauer

Perry Hofbauer
Expenses of £250 (2024: £Nil) were reimbursed to during the year.
The expenses were in relation to interest payments.

No trustees have received any other benefits from the charity during the year.

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
17
2025
£
384,233
26,416
16,860
427,509		 2024
Number
15
2024
£
364,737
25,878
14,197
404,812

There were no employees whose annual remuneration was more than £60,000.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9 Employees (Continued)

Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 76,080 125,667

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Tangible fixed assets

Leasehold
improvements
Fixtures and
fittings
£
£
Cost
At 1 April 2024
15,670
5,371
Additions
737,137
610,731
At 31 March 2025
752,807
616,102
Depreciation and impairment
At 1 April 2024
1,881
3,581
Depreciation charged in the year
30,112
51,647
At 31 March 2025
31,993
55,228
Carrying amount
At 31 March 2025
720,814
560,874
At 31 March 2024
13,789
1,791		 Equipment
£
979
865
1,844
491
460
951
893
487		 Total
£
22,020
1,348,733
1,370,753
5,953
82,219
88,172
1,282,581
16,067

Included within the net book value is £720,814 (2024 £13,789) in respect of leaseholds.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Fixed asset investments

Cost or valuation
At 1 April 2024 & 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
Other investments comprise:
Notes
Investments in subsidiaries
25
13
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
14
Loans and overdrafts
Bank loans
Other loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 Other
investments
£
100
100
100
2025
2024
£
£
100
100
2025
2024
£
£
7,704
43,716
40,399
1,003,093
49,686
2,000
97,789
1,048,809
2025
2024
£
£
221,028
242,126
176,969
203,410
397,997
445,536
34,097
136,977
363,900
308,559
143,751
146,456		 Other
investments
£
100
100
100
2025
2024
£
£
100
100
2025
2024
£
£
7,704
43,716
40,399
1,003,093
49,686
2,000
97,789
1,048,809
2025
2024
£
£
221,028
242,126
176,969
203,410
397,997
445,536
34,097
136,977
363,900
308,559
143,751
146,456
100
2024
£
100
2024
£
43,716
1,003,093
2,000
1,048,809
2024
£
242,126
203,410
445,536
136,977
308,559
146,456

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Creditors: amounts falling due within one year

Notes
Bank loans
14
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
16
Creditors: amounts falling due after more than one year
Notes
Bank loans
14
Other borrowings
17
Provisions for liabilities
VAT provision
Movements on provisions:
Other movements
18
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
2024
£
£
21,214
112,442
12,883
24,535
10,317
15,507
142,396
39,470
75,171
24,566
119,882
201,563
381,863
418,083
2025
2024
£
£
199,814
129,684
164,086
178,875
363,900
308,559
2025
£
2024
£
131,169
39,423
VAT provision
£
131,169
2025
2024
£
£
16,860
14,197		 2024
£
112,442
24,535
15,507
39,470
24,566
201,563
418,083
2024
£
129,684
178,875
308,559
2024
£
39,423
2024
£
14,197

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
The Robertson Trust - 28,000 (28,000) - -
Donations - 106 (106) - -
Highland Council - 58,380 - (58,380) -
Social Impact - 21,707 (21,707) - -
Build it Award - 38,548 (38,548) - -
- 146,741 (88,361) (58,380) -
Previous year: At 1 April Incoming Resources Transfers At 31 March
2023 resources expended 2024
£ £ £ £ £
SSE Sustainable Development
Fund 45,563 - (45,563) - -
DM Thomas Foundation 13,099 - (13,099) - -
Highlands and Islands
Enterprise 250,613 - (250,613) - -
The Robertson Trust 25,393 28,000 (53,393) - -
Crowdfunding 6,052 97 (6,149) - -
Donations 5,515 - (5,515) - -
EB Scotland 11,490 - (11,490) - -
Highland Council 34,470 100,000 (140,111) 5,641 -
Mountaineering Trust 4,596 - (4,596) - -
Turcan Connell 6,894 - (6,894) - -
Lottery Sport Scotland 45,960 - (45,960) - -
Cycling Scotland 9,006 - (9,006) - -
Highland Hospice 4,596 - (4,596) - -
Clackmannanshire and Stirling
Environmental Trust 3,470 - (3,470) - -
Levenseat Trust 8,962 - (8,962) - -
Gordon & Ena Baxter
Foundation 2,298 - (2,298) - -
Hero Fund - 6,000 (6,000) - -
Heat Pump - 89,240 (89,240) - -
Social Impact - 59,500 (59,500) - -
477,977 282,837 (766,455) 5,641 -

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Restricted funds

(Continued)

The specific purposes for which the funds are to be applied are as follows:

SSE Sustainable Development Fund - grant towards the costs of the charity.

DM Thomas Foundation - the construction of a wheelchair climbing abseil and belay platform and to provide additional resources to the overall sports construction applied.

Highlands and Islands Enterprise - grant towards the costs of the climbing wall.

The Robertson Trust - grants towards the construction of the climbing wall.

Crowdfunding - donations towards the development and building of the facility.

Donations - donations towards development of the facility.

E B Scotland - grant towards the costs of the climbing wall.

Highland council (2024) - grant towards financial assistance for the climbing wall.

Mountaineering Trust - Grant towards the building of the climbing wall.

Sport Scotland - grants towards the costs of the climbing wall.

Cycling Scotland - grant towards the construction of bike storage.

Clackmannanshire and Stirling Environmental Trust - grant towards the costs of the climbing wall.

The Levenseat Trust - grant towards the construction of the climbing wall.

Gordon & Ena Baxter Foundation - grant towards the construction of the climbing wall.

Hero Fund - grant towards employment costs.

Heatpump fund - grant towards the building of a new heatpump.

Social Impact Fund - grant towards the benefits of using indoor and outdoor climbing equipment as a therapeutic mechanism.

Highland Council (2025) - grant in connection with the Clean Air/ Warm Air project. The warm air units, clean air system, air movement fans and the stove were purchased during the year and have been transferred from the restricted fund to the unrestricted fund as the restriction was met.

Build It Award - funds towards the impact work.

20 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources Transfers At 31 March
2024 resources expended 2025
£ £ £ £ £
General funds 304,247 877,798 (728,868) 58,380 511,557

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20
Unrestricted funds
Previous year:
At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
General funds
14,194
335,117
(39,423)
21
Analysis of net assets between funds
At 31 March 2025:
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities
Provisions
At 31 March 2024:
Tangible assets
Investments
Current assets/(liabilities)
Long term liabilities
Provisions		 (Continued)
Transfers
At 31 March
2024
£
£
(5,641)
304,247
Unrestricted
funds
2025
£
1,282,581
100
(276,055)
(363,900)
(131,169)
511,557
Unrestricted
funds
2024
£
16,067
100
636,062
(308,559)
(39,423)
304,247

22 Financial commitments, guarantees and contingent liabilities

The charity expects that the use of certain capital assets, subject to the Capital Goods Scheme, will move increasingly towards exempt activities. This change in use is expected to result in material repayments of input VAT over the remaining Capital Goods Scheme adjustment period. As the timing and amount of these adjustments depends on the future levels of taxable and exempt use, they cannot be reliably measured at the reporting date. The trustees have therefore not recognised a provision and instead these amounts are disclosed as contingent liabilities.

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

23 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2025
£
150,310
601,240
2,592,847
3,344,397		 2024
£
150,310
601,240
2,743,157
3,494,707

The lease payments recognised as an expense in the year were £150,310 (2024 £131,521).

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24 Related party transactions

During the year the charity made the following related party transactions:

The Ledge Inverness Trading Limited
(100% subsidiary of The Ledge (SCIO))

During the year The Ledge (SCIO) loaned £852,986 (2024 £425,985) to The Ledge Inverness Trading Limited.

During the year The Ledge Inverness Trading Limited repaid £1,829,700 (2024 £525,559) to The Ledge (SCIO).

At the balance sheet date the amount due to The Ledge Inverness Trading Limited was £Nil (2024 - due from - £976,714).

(Director of subsidiary The Ledge Inverness Trading Limited).

During the year was paid a salary of £24,000 (2024 £24,000).

During the year loaned the charity £48,000 (2024 £Nil).

During the year the charity repaid £Nil (2024 £20,000).

At the balance sheet date the amount due to was £48,000 (2024 £Nil).

(Director of The Ledge Inverness Trading Limited).

During the year was paid a salary of £43,300 (2024 £48,833). During the year loaned the charity £Nil (2024 £20,000).

At the balance sheet date the amount due to

was £20,873 (2024 £20,773).

Raven's Rock Limited

(A company in which are directors and shareholders).

During the year Raven's Rock Limited loaned the charity £900 (£2024 £Nil).

During the year there were sales of £40,633 (2024 £36,025) with Raven's Rock Limited.

During the year the charity repaid £13,000 (2024 £Nil).

At the balance sheet date the balance owed by Raven's Rock Limited was £Nil (2024 £27,510).

At the balance sheet date the balance due to Raven's Rock Limited was £900 (2024 £13,000).

Red Point Catering Limited

(A company in which are directors and shareholders).

During the year there were sales of £789 (2024 £7,507) with Red Point Catering Limited.

At the balance sheet date the balance owed by Red Point Catering Limited was £2,297 (2024 £7,507).

Docusign Envelope ID: 7732F4E3-B0FA-4C1F-A09E-F254205EFB9F

THE LEDGE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

25 Subsidiaries

Details of the charity's subsidiaries at 31 March 2025 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
The Ledge Inverness Scotland Trading Company Ordinary 100.00
Trading Limited SC727384

26 Acquisition of net assets

On 1 April 2024, The Ledge Inverness Trading Limited (a wholly owned trading subsidiary of The Ledge (SCIO)) transferred all of its net assets to the charity for nil consideration as part of a planned cessation of the trading subsidiary's activities. The items transferred consisted of:

Tangible assets with a carrying value of £1,289,177

Trade and other receivables of £9,907

Cash and cash equivalents of £7,264
Trade and other payables of £65,887
Total identifiable net assets £1,240,461
27
Cash generated from operations
Surplus/(deficit) for the year
Adjustments for:
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
(Decrease) in provisions
Cash generated from operations		 2025
£
207,310
82,219
951,020
66,660
91,746
1,398,955		 2024
£
(187,924)
2,664
50,906
109,884
39,423
14,953