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. 

- 1 - 



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: 

- Financial Stability: continue to pursue appropriate grant funding, while also exploring other routes to maximise income, including growing the membership base. 

- Staff Development and Training: Continued professional development of staff, with an emphasis on enhancing qualifications and training for both new and existing team members. 

- Community Outreach: consolidate and grow social impact programs, particularly for young people from education centres and those with experience of the care system and also adults with additional needs and specialist physical and mental health programs. 

## **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. 

- 2 - 



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: ............................................. 

- 3 - 



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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

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. 

- 4 - 



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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, 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 Companies Act 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. 

## **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: 

- the information given in the financial statements is inconsistent in any material respect with the trustees' report; or 

- sufficient 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. 

- 5 - 



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: 

- United Kingdom Generally Accepted Accounting Practice 

- Corporation Tax legislation 

- Charities and Trustees Investment (Scotland) Act 2005 

- Charities Accounts (Scotland) Regulations 2006 

- VAT legislation 

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: 

- Reviewing minutes of meetings of those charged with governance; 

- Reviewing the level of and reasoning behind the company’s procurement of legal and professional services; 

- Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias. 

- Procedures to confirm the existence and completeness of revenue ensuring recognised in line with the company’s accounting policies. 

- Enquiries with management regarding the compliance with laws and regulations. 

- 6 - 



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. 

- 7 - 



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



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

- 8 - 



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

## **THE LEDGE (SCIO)** 

## **BALANCE SHEET** 

## **AS AT 31 MARCH 2025** 

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

- 9 - 



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

## **THE LEDGE (SCIO)** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025** 

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



- 10 - 



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. 

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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. 

- 12 - 



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. 

- 13 - 



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** 

- 14 - 



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



## **4 Income from charitable activities** 

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



- 15 - 



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|



- 16 - 



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**<br>**Support costs allocated to activities**<br>**Governance costs comprise:**<br>Accountancy<br>Audit fees<br>**7**<br>**Net movement in funds**<br>The net movement in funds is stated after charging/(crediting):<br>Fees payable for the audit of the charity's financial statements<br>Depreciation of owned tangible fixed assets<br>**8**<br>**Trustees**|**(Continued)**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>988<br>7,610<br>10,258<br>16,750<br>11,246<br>24,360<br>**2025**<br>**2024**<br>**£**<br>**£**<br>10,258<br>16,750<br>82,219<br>2,664|**(Continued)**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>988<br>7,610<br>10,258<br>16,750<br>11,246<br>24,360<br>**2025**<br>**2024**<br>**£**<br>**£**<br>10,258<br>16,750<br>82,219<br>2,664|
|---|---|---|
|||24,360|
|||**2024**<br>**£**<br>16,750<br>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**<br>Wages and salaries<br>Social security costs<br>Other pension costs|**2025**<br>**Number**<br>17<br>**2025**<br>**£**<br>384,233<br>26,416<br>16,860<br>427,509|**2024**<br>**Number**<br>15|
|---|---|---|
|||**2024**<br>**£**<br>364,737<br>25,878<br>14,197|
|||404,812|



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

- 17 - 



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

- 18 - 



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



- 19 - 



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

- 20 - 



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|-|



- 21 - 



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|



- 22 - 



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

- 23 - 



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<br>Between two and five years<br>In over five years|**2025**<br>**£**<br>150,310<br>601,240<br>2,592,847<br>3,344,397|**2024**<br>**£**<br>150,310<br>601,240<br>2,743,157|
|---|---|---|
|||3,494,707|



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

- 24 - 



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). 

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



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