Charity registration number SC048870 {S¢otland} EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Charity number SC0488,' Independent examiner A J B Scholes Ltd 8 Albert Street Kirkwall Orkney KW15 1HP
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) CONTENTS Page Trustees, report Independent examinerfs reporl Slalemenl of financial activities Balance sheet Notes lo the financial slalements 6-13
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees present their annual report and finanual slalemenls for the year ended 31 March 2025. The financi31 statements have been prepared in accordan¢e with Ihe accounting policies sel out in nota 1 to the financial statements and comply with the charity's written conslilulion. the Charities and Trustee Investment (Scollandl Act 2005. the Charilies Accounls (Scotlandl Regulations 2006 las amendedl and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191" Objectives and activities The charity's objects afe lo provide, main13in and manage a heritage Interpretation centre for the benefit of island residents and visitors lo Eday.. lo build up an arthive of documentation and 3 collection of artefacls pertaining lo the Is13nd of Eday and ils Tesidents, past and present,. lo advance the education of the publi¢ in the human, cultural. nalufal and buill environmental heritage of the Island of Eday.. and to advance community development by providing a venue for th& residents of Eday to meet and hold events in small groups or as a community. Achièvèments and performanee The inside and outside fenovations at the Heritage Centre are now completed. The committee would like to thank NILPS and OIC for their help and funding in thi5 venture. Also a thank you to Eday Partnership for funding a member of the community to help wilh the inslallalion. Financial review Incoming resources in the period lolalled £49,135 whilst resources expended amounted lo £26,244. Al the balance sheet date the association ieports net funds of £314.776 of which £281,365 is represented by the Eday Heritage Centre building and other fixtures, fittings and equipment. It is the policy of the charity that unreslricled funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six month'5 expenditure. The Iruslees consider that reseNes al this level will ensure Ihal, in the event of a significant drop in funding, they will be able lo continue Ihe charity s current activities while consider81ion is given lo ways in which additional funds may be raised. This level of reserves has been mainlained throughout the year. The Iruslees have assessed the major risks lo which the chanly is exposed. and are satisfied that 5yslerns are in place to miligale exposure lo the major risks. structure, govemance and management The chanty Is a Scottish Chantable Incorporated Organisalion 9ovemed by a wrillen conslitulion. It was registered as 2 charity on 27 November 2018. All Ihose on the electoral roll lor Eday are aulomalically members. The Iruslees who served during the year and up lo the dale of signature of the financial slalements were.. Trustees are normally appointed by election al the AGM.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Tlie Iriislees. report vuas approved by the Board of Twslees.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EDAY HERITAGE CENTRE ASSOCIATION I report on the finanaal statements of the chanty for Ihe year ended 31 March 2025, which are set out on p•ges 4 10 13. Ro8pe¢tlv• responsibilities of trustees and examiner The tru51ees are responsible for Ihe preparation of the accounls In accordance wrth the terms of the Charities and Trustee Inveslmenl (Scotland) Ad 2005 and the Charities Accounls (Scoilandl Regulations 2CM)6 They csider that the audit requiremenl of Regulation 10111{d) of the Accounts Regulations does nol apply. 11 is my responsibility lo examine Ihe accounts as required under Section 44{11(c) of the Act and lo stale bthether particul8r matters have come to my attentn. Basis ol Independent examlnerfs statement My examination is carried out In accordance with Regu181ion 11 of the Charities Accounts (Scotlandl RegLAalions 2006. An examination includes a review of the accounting records kept by ltte charity and a compar1son of the accounts presented with those records. 11 also Includes consideration of any unusual Item$ or disclosures In the accounts. and seeks explanations from the Iruslees conceming any such matters. The pr¢xedures undertaken do not provide all the evidence thal would be required in an audit, and ¢onsequenlly I do not expres5 an audit opinion on the view given by the accounts. Independent examinerfs statement In connection with my examination. no matter has come lo my attention.. la) which gives me reasonable cause lo believe that in any matenal respect the requiremenls-. lo keep accounting records in accordance wiih Section 44{11{a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulalions, and (li) to prepare accounts which accord with the accounling records and comply wilh Regulatson 8 of ihe 20C6 ArnIS Regulations have not been mel or '.iilion should be drawn in order to enable a proper understanding of the 8 Albert blreel Kirkwall Orkney KW15 1HP Dated.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 1.527 1,140 141 46.327 47.854 1.140 5.109 60,544 65,653 24 24 Total income 2.808 46,327 49,135 5.133 60,544 65.677 Expenditure on". Charitable actiwties 19,063 7,181 26.244 17.316 10.224 27,540 Total expenditure 19.063 7,181 26,244 17.316 10,224 27,540 Net incomellexpenditure) 116,255) 39.146 22.891 {12,1831 50,320 38,137 Transfers betsveen funds 28,782 (28.782) 51.320 (51.320) Net movement in funds 12.527 10.364 22.891 39,137 {1,000) 38,137 Reconciliation of funds: Fund balances al 1 April 2024 291.885 291,885 252,748 1,000 253,748 Fund balances at 31 March 2025 304.412 10.364 314.776 291.885 291.885 The statement of financial actiwties indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 11 281.365 264,589 Current assets Stocks Debtors Cash ai bank and in hand 12 13 200 29 34,453 200 29,828 8.488 34,682 38,516 Creditors: amounts falling due withln one year 14 {1.271) {11,220) Net current asseis 33,411 27,296 Totsl assets less current liabilities 314.776 291,885 The funds of the charlty Restricted incorne funds Unrestricted funds 15 16 10.364 304,412 291,885 314,776 291,885 The financial slalemenls were approved by the trustees on £..A..L.i
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poli¢ies Charity inforniation Eday Hefilage Centre Association is a registered Scottish charity governed by a written conslilulion. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with the charity's Written conslitullon, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and "Accounting and Reporting by Charities. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable m the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191" The charity is a Public Benefit Enlily a$ defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Updat• Bulletin 1 not lo prepare a Slalemenl of Cash Flows. The financial slalemenls are prepared in slerfing, which is the functional currency of the charity. Monetary amounts In these financial slalemen15 are rounded lo the nearest £. The financial stalemenls have beèn prepared under the historical cost convention. The principal aountIng policies adopted are sel out below. 1.2 Golng concern Al the lime of approving the financial slalemenls. the Iruslees have a reasonable expe¢lation that the charity has adequate resources lo continue in operational existence fof the foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtheran¢e of their tharitable objectives. Designated funds comprise funds which have been sel aside al the discretion of the Iruslee5 for specific purposes. The purposes and uses of the designated funds are set out in the notes lo the financial slalemenls. Reslricled funds are subject lo specific condition5 by donors or grantors as lo how they may be uied. The purposes and uses of the restricted funds are sel out In the notes lo the finanrjal slalemenls. 1.4 Income Income is recognised when the charity is legally enlilled to il after any performance conditions have been met, the amounts can be measured reliably, and Il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity ha5 been notified ol the donation. unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received Lfrnder Gift Aid or deeds of covenant is recognised al the time of the don8110n. Income earmarked specifically for the purchase and running costs of the Eday Heritage Centre has been allocated lo a restricted fund. Legacies are regarded as receivable when the amount is notified as certain or on receipt. Goods or assets donated lo the charily are valued at second hand value, where Material. Grants. including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Adivilies in the year in which they are receivable.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Contlnued) 1.5 Expenditure Expenditure {induding any irrecoverable VAT) is charged to the Slalement of Finanaal Activities on an accruals ba51S. Expenses are allocated to the type of activity lo which they relate. No allocation of support costs is considered necessary. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuali(m, net of depreuation and any impaimieni losses. Depreciation is recogni5ed so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Land and buildings Fixtures, fittings & equipment 2°h stTaighl line basis 15°A slraighl line basis The gain or loss arising on the disposal of an assel Is determined as Ihe difference belween the sale proceeds and the carrying value of the asset, and Is recognised In the statement of Iinancial aclivilies. 1.7 Impairnient of fixed assets Al each reporting end dale. the charity reviews Ihe carrying amounts of its tangible assets lo determine whether there is any Indication that those assets have suffered an impaimenl loss. If any such indication exists, the recoverable amount of the asset is eslimaled In order lo delemiine the extent of the impaimienl loss {if any). 1.8 Stocks Stocks are slated at the lower of cost and eslimaled selling price les$ costs to complete and sell. Cost comprises direct materials and. where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks lo their present location and condition. Items held for distribution 81 no or nominal consideration are measured the lower ol replacement cost and Cost. Nel realisable value is the eslimaled selling pnce less all estimaled costs of completion and cods lo be Incurred in marketing, selling and dislribulion. 1.9 Cash and cash equlvalents Cash and cash equivalents Indude cash in hand. deposits held al call with banks. other short-lem liquid Inveslmenls with original maturities ol three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity ha5 elecled to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instrumen15 Issues. of FRS 102 to all of Its financial inslrumenls. Financial inslrumenls are recognised in the charity's balance sheet when the charity becomes party to the conlraclual provisions of the instrument. Financial assets and liabilities are offset. with the net amounts presented in the finanual statements, when there is a legally enforceable fight lo sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability simultaneously.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 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 al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion. where the Ifansaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets dassified as receivable within one year are not amort15ed. Basic financlal liabilifies Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constilules a financing transaclion, where the debt instrument is measured al the presenl 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 r2rried al 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-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday enlillement is recognised in the pefiod in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide termination benefits. Critical accounting estimates and judgements In the application of the charity s accounting policies, the Iruslees 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 eslimales 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 undedying assumptions are reviewed on an ongoing basis. Revisions lo 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 Ihe revision affects both current and future penods.
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestrlcted Restricted funds lunds 2025 2025 Total Unrestrlcted Restricted funds funds 2024 2024 Total 2025 2024 Oonalions and gifts Grants 688 839 688 47,166 46,327 5,109 60.544 65,653 1.527 46,327 47.854 5,109 60,544 65,653 Income from charitablè activities Charitsble activities 2025 Total 2024 Services provided under contract 1.140 Analysis by fund Unreslncled lunds 1.140 Income from Investrnents Unrestrlcted Unrnstricted funds funds 2025 2024 Rental In¢ome 141 24
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activitie• Charitable activitles 2025 Charitable activities 2024 Direct Costs Depreciation and impairment Other charitable expenditure 11,156 15,088 9,357 18,183 26.244 27,540 Analysis by fund Unreslricled funds Restncled funds 19,063 7,181 17,316 10,224 26,244 27.540 Net movement in funds 2025 2024 The net movement in funds is slated after chargingl{crediling) Fees payable for the independent examination of the charity's financial slalemenls Depreciation of owned tangible fixed assets 860 11.156 810 9,357 Trustees None of the Iruslees {or any persons connected with them) received any remuneration during the year. None of them were reimbursed for any Iravelling expenses. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Total There weie no employees whose annual remuneration was more Ihan £60,000. 10 Taxatlon The association is a registered Scottish charity and not chargeable to corporation lax on income arislng from ils charitable activities. 10-
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tangible fixed assets Land and bulldlngs Flxturès. Iltting> & •qulpment Tot•1 Cost At 1 April 2024 Additions 365,876 16,462 85.201 11.470 451,077 27.932 Al 31 March 2025 382,338 96.671 479,009 Depreciatlon and impatmient Al 1 April 2024 Oeprecialion charged in the year 111,126 7.647 75,362 3,509 186488 11,156 At 31 March 2025 118.773 78,871 197,644 Carying amount Al 31 March 2025 263,565 17.800 281,365 Al 31 March 2024 254,750 9.839 264,589 12 Stocks 2025 2024 Finished goods and goods for Tesale 200 200 13 Debtors 202S 2024 Amounts falling due wlthin one year: Other debtors 29 29,828 14 Creditors: amounts falling due wlthln one year 202S 2024 Trade creditors Accruals and deferred income 9,950 1,270 1.271 1,271 11,220 11
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 April 2024 Incomlng Resources resource8 expended Transfers At 31 March 2025 Internal refurbishment External refubishment Eday Partnershipl NILPS - HC Coordinator NILPS- Garden Maintenance Eday Partnershipl Eday Community Association equipment OIC - Repairs to building OIC - Artwork purchase 14 325 16,462 (14,325) {16,4621 6,900 4,500 (1,036) 5,864 4.500 765 3.073 302 17651 3,072 13021 16,145) 46.327 17,1811 128,7821 10,364 Previous year: At 1 April 2023 Incomlng Resources resources expended Transfers At 31 March 2024 Internal refurbishmenl Capital grant - landscaping prof fees Capital grant - landscaping and other external works Capital gfanl - inlerprelalion boards and other inlerior works 1,000 9,154 (10,1541 5,100 15,100) 35,785 {35,7851 10,505 (70) {10,4351 1,000 60,544 {10.224} {51 ,3201 Orkney Island5 Council provided grant funding of £30,786 {2024 £60,544) lo the charity lo enable il lo undertake refurbishment and improvement works lo the exterior and interior of the Heritage Cenlre. All funds were spent during the year. 12
EDAY HERITAGE CENTRE ASSOCIATION (A SCOTTISH CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestricted funds The unTestricled funds of the chanly compn5e the unexpended balances of donations and grants which are not subiecl to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purkK*ses. At 1 April 2024 Incoming resources ReSoUe3 expended Transfers At 31 March 2025 Designated fund tangible fixed assets General funds 264.589 27.296 27,932 850 292.521 11.891 2.808 119.063) 291,885 2.808 119,063) 28,782 304.412 Previous year: At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 Designated fund - langible fixed assets General funds 221,660 31,088 42.929 8,391 264,589 27,296 5.133 (17.3161 252.748 5.133 (17,3161 51.320 291,885 The balance on the designated fund represents the net book value of tangible fixed assets as al the balance sheet date. Funds equivalent to the movement in the book value are transferred lol from the design•led fund each year. 17 Analysis of nel assets between funds Unrestricted Restrlcted funds lunds 2025 2025 Totsl Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible asse15 Current asselsl{liabililies) 281.365 23,047 281.365 33.411 264.589 27.296 264,589 27,296 10.364 304.412 10,364 314.776 291,885 291,885 18 Related party transactions There were no disclosable related party transactions during the year (2024 - none). 13-