REGISTERED CHARITY NUMBER.. SC049005 Report of the Trustte5 and Unaudited Financlal Statements lor the Year Ended 31st March 2024 Kilravock Christian Trust SCIO Frame Kennedy 4th Floor Metropoliian House 31-33 High Street Inverness IVI IHT
Kllravock Chrlstlan Trust SCIO Contents of the Financial Statements for the year ended 31st March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities 8alan¢e Sheet Note5 to the Financial Statements 7 to 14 Detailed Statement of Financial Activities 15
Kllravock Chrlstlan Trust SCIO Report of the Trustees for the year ended 31st March 20Z4 The trustees present their report with rhe financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statemeni of Recommended Pr3cti£e applicable to charities preparing their 3ccounts in 3ccordance with the Financial Reporting Standard applic3ble in the UK and Aepublic of Ireland IFRS 1021 leffecte l January 20191. Objective5 and artivities The principal activity of the trust is the advancement of Christianity by a clear and evangelica1 and Protestant Christian WFtne55. In the year5 before COVID-19, the principal mean5 by which these objective5 were met wa5 through the provision of facilitie5 for Christian meetings and residential events. However, the impact of COVID 19 had a significant impact on the ability to tyse the facilities for these prpOSeS with its lockdowns and restrictions on indoor and outdoor 8atherings. More recently, the Trustees re-evaluated how the objectives of the trusi could besi be achieved in the new context and concluded that, given the extensive work required and prohibitive expense involved in upgrading the trust's properties to meet current fire and health and safety reguSations and to allow residential gatherings to reconvene. a radical approach was reouired to best deliver the charities objectives. As a result, during the current financial year the trustee5 took the prep3r8tOry Steps nece55ary to market the Castle and its estate and outlying properties with the aim to apply any resultant proceeds in line with the objectives of the trust. During the financial year 2023124 a few outlying properties were 501d. A¢hievemettt and perfomian¢e Charitable activities Throughout the ye3r under review the trust continued to maintain Kilravock castle and its surroundin8 estate and maintain the programme of forestry to preserve and enhance value in the trust's estate. Under the Eovernin£ document. one of the ways in which the charity may meet ils objectives is through the awarding ol gTants within the scope of its Charitable purpose. During the year, the charity gifted £230,000 to Scripture Union Scotland, a long established and highly regarded charity working to advance Christianity amongst children. young people ènd familles In Scotland. Of the £230,000 that was gifted in the year, £50,0(K) was Invested in developing renewable energy sources at two of Scripture Union Scot13nd'5 camp51tes. This gift was Utilised to help make residentials at Altnacriche and Lendrick Muir more affordable and sustainable for the future. In addition, £90,000 was donated to help fund a Highland and Morayshire staff worker over 5 years and £90,000 was awarded to help develop Scripture Union Scotlands, digital ministry. A further £15.000 was gifted to Ferniehill Evangelical Church to enable children to attend Scripture Union Scotland camps and a E6,(N)O was gifted to Zenas Charily. Flnanclal review Financial positlon 'The financial position of the ch3rity is kept under regular review by the Trustees. The net income in the year of £761,301 was n)ainly attributable to profit on sale of some of the outlying properties ol £1,262,156. However. thi5 profit was partly offset by estate running costs, Legal and professional fees involved in the sale of the estate and grant5 awarded in the year of £251.000. These and Kilrèvock's grants were in line with Kilravocks tharitable purposes (mainly Scripture Union Scotlandl. ReseT¥e5 policv The trustÈes' policy is to maintain reserves at existing levels which the trustees consider are sufficient to meet future cost5 and commitments. Going ¢on¢ern There are no material uncertairstie5 about the £harity'5 ability to continue as a going concern. Page I
KilravLxk Christlan Trust SCIO Ileport of the Trustees for the year ended 31st March 2024 Plans forfuture periods In April 2024 the main Castle estate was sold. At the date of this report the rrustees are contiriuing to market thè remaining assets of the estate. The tiustees will apply any resultant prtsceeds in line with the objectives of the trust. Stru¢ture. governance and management The charity Is a Scott15h Charitable Incorporated Organisation which 15 governed by it5 constitution and managed by its tru5tee5. Appolntment of trustees Trustees are appointed by resolution of the existin8 trustees. Trustee inductitin and training AIS trustees are given appropriate Induction and trainin8 followin8 appointment and are offered opportunitie5 to participate in addrcional training as required In each case. Management The charily is mana8ed by Sts trustees. Day to day operation of its facilities is delegated to a suitably qualified profe55ional firm appointed by the trustees. Related partytransattions During the year under review, £6.000 wa5 gifted to Zenas Charity which Is a trustee of. Risk management The trustees have in recent years adopted a risk-averse policy which the current trustees see no reason to chanBe. Reference and admlnistrative deta51s Re8lstered Charlty number SC049005 Prlnclpal address clo Frame Kennedy 4th Floor Metropol¢tan House 31-33 High Street Inverness IVI IHT Independent Examiner Frame Kennedy 4th Floor Metropolitan House 31-33 High Street Invernes5 IVI IHT Pa£e 2
Kilravock Chrlstlan Trust SCIO Report of the Trustees for the year ended 31st March 2024 Approved by order of the board of trustees on 20th December 2024 and signed on its behalf by.. Page 3
Independeni Examlner's Report lo the Trustees of Kilravock Christian Trust SCIO I report on the accounts for the year ended 315t March 2024 set out on pages five to fourteen. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment Iscotlaridl Act 2(Y)5 and the Charities Accounts (Scotlandl Regulations 2006 13S amendedl. The tharity's trustees consider that the audit requirement of Re8ulation Iollllal to Icl of the Account5 R@8ulations does not apply. It is my re5pon51bility to examine the accounts a5 required under Section 44llllcl ol the Act and to State whether particular matters have come to my attention. Basls of the Independent examlner's report My examination was carried out in accordance with RegulatOn 11 of the Charities AccouTIt5 Iscotlandl Regulations 2CX)6. An examination includes a review of the accounting records kept by the charity and a comparlson of the accounts presented with those rectsrds. It a150 include5 consideration of any unusual item5 or di5c105ures in the accounts, and seeking explanations from yoy as trustees concernin8 any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit, and consequently I do not express èn audit opinion on the view given by the account5. Independent e¥amlner'$ statement In connection with my examination. no matter has come to my attention 111 WhSch gives me reasonable cause to believe that. in any material respect. the requirements To keep accounting records in accordance with Section 44llllal of the 2005 Act and Regulation 4 of the 2006 Account5 Regulation5.' and To prepare accounts which accord with the accountinE records and to comply with Regulation 8 of the 2006 Accounts Regulations have not been met,. or 121 To which. in my opinion. attention should be drawn in order to enable a proper understandin8 of the accounts to be reached. Frame Kennedy 4th Floor Metropolitan House 31-33 High sireet Inverness IVI IHT 20th December 2024 Page 4
Kilravock Christian Trust SCIO Statement of Flnan¢lal Actlvlties for the year ended 31st March 2024 2024 Unrestrlcted funds 2023 Total funds Note5 Income and endowmenis from Ir¢vestment income Other income 48,059 15AOO 64.669 7,799 Total 63,459 72,468 Expendlture on Charitable artivities Replanting 225 6.339 Estate Management/lProfit on property sale) 1949,0671 171.844 Donation 251,000 120.700 Total Iln¢omellExpenditure 1697,8421 298,883 NET INCOMEIIEXPENOITUREI 761,301 1226.4151 Reconciliation of funds Totsl funds brought forward 2.357.940 2,584.355 Total funds carrièd forward 3,119,241 2,357,940 The notes form part of these financial st3tements Page 5
Kllravock Christlan Trust SCIO Balance Sheet 31st March 2024 2024 Unrestrittèd fund5 2023 Total funds Notes Flxed assets Tangible assets 1,287.230 1,452,336 Current a5set$ Stocks Debtors Cash at bank 200 21,148 1,859,704 1,969 42,508 888.870 1.881.052 933,347 Credltors Amounts falling due within one year 149,0411 127.7431 Nel current a$$ets 1.832,011 905,604 Total asset$ less current Ilabllltles 3.119,241 2.357,940 NET ASSETS 3.119,241 2,357,940 Funds Unrestricted fund5 3,119,241 2.357.940 Total funds 3,119.241 2.357.940 The linancial statements were approved by the Board of Trustees and authorised for issue on 20th December 2024 and were signed on its behalf by.. The notes form part of these f¢nancial statements Page 6
K41ravock Chrlstlan Trust SCIO Notes to the Financial Statements for the year ended 31st Marth 2024 Accountln8 policles Basis of preparing the flnonclal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepbreLI in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire13nd IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities and Trustee Investment (Scotlandl Act 2005. The financial statements have been prepared under the historical cost convention. Judgements and key sour¢es of estlmation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next flnancial year. Income resources All incoming resource5 are included in the statement of financial activities when the charity Is entitled to the income anfl the amount can be quaniified with reasonable accuracy. The following specific policies are applied to particular categories of Income-. Voluntary income is received by way of grants, donations and gifts and is included in full in the statement ol financial activitie5 when receivable. Grants where entitlement is not conditional on the delivery of a Specific performance by the charity, are recognised when the charity beeornes unconditionally entitled to the grant. Donated Services and facilities are intluded at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included. Resources expended Expenditure Is recognSsed on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial 3ctivities to which it relates.. Expenditure on raising funds includes the costs of all fundrai51ng activitie5, event5. non-charitable trading activities, ènd the sale of donated 8oods. Expenditure on charStable aitivitie5 include5 all costs incurred by a charity in underiakinE activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs rel8ting to the governance of the charity apportioned to charitable activities. Other expenditure includes all expersditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activtties they contribute to on a reasonablei justifiable and consistent basis. Tangible fixed assets Depreciation Is provided at the following annual rate5 in order to write off each asset over its estimated useful Fixture5 and fittings IO% on reducing balance Page 7
Kilravock Christlan Trust SCIO Note5 to the Financial Statements- continued for the year ended 31st March 2024 Accountlng poll¢les- ¢ontlnued Tangible fixed assets Alterarions and improvements IO% on reducing balance Tangible assets are initially recorded at cost, and subseouently stated at cost less any accumulated depreciation and impoirment1055es. Any tangible a5set5 carried at revalued amounts are recorded at the fair value at the date of revaluation less 3ny subsequent ac£umulated depreciation and subsequent accumulated impairment losses. An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised 83illS and losses, unless it reverses a charee for impairment that has previously been recognised as expenditure within the statement of linanci813ctivities. A decrease in the carryirne amount of an asset a5 3 result of revaluation, Is Tecognised in other recognised gains and losses, except to which it off5et5 any previous revaluation gain, in which case the loss is shown within other recogni5ed gains and losses on the statement of Impairment of Flxed Assets A review for indicators of impairmeni is carried out at each reporting date. with the recoverable amount beins estimated where such indicator5 exist. Where the carrying value exceed5 the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes ol impairment testing, when it 15 not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belonES. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generate5 5h inflow5 that largely independent of the cash inflows from other assets or groups of asset5. For impairment testin8 of goodwill. the goodwill acquired in a business combination is, from the atquisition date, allocated to each of the cash-Eenerating units that are expected to benefit frorn the synergies of the combination, irrespective ol whether other assets OT liabilities of the charity are 3ssigned to those units. Stocks Stocks are valued at the lower of cost aThd net realisable value, after making due allowance for obsolete and slow moving items. Tamation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the term5 of an appeal. and fall into one of two 5ub-c13S5es.' restricted income funds or endowrnent funds. Flnanclal Instruments A financial asset or a financial liability 15 recognised only when the charity becomes a party to the contractual provisions of the instrument. Page 8
Kllravock Chrlstian Trust SCIO Note5 to the Financial Statements- contlnued for the year ended 31st March 2024 A¢countln8 policies. tontinued Flnancial instruments Basic financial illstruments are initi3lly recognised at the amount receivable or payable including any related transaction costs. Current a55ets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are 5ubsequenily measured at amortised cost. Where investments in shares are publicly traded or their fasr value c3n otherwise be measured reliably, the investment Is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently rnea5ured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market raie, in which case the asset is rne3sured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial In5trurnents are subsequently measured at fair value, with any chan8e5 recognised in the statement of financial activities, with the exception of hedgsng instruments in a designated hedging relationship. Financial assets that are measured at Cost or arnortised cost are reviewed for objectlve evidence of impairment at the end of each reporting d3te. If there is objettive evidence ol impairment. an impairrnent loss 15 recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments re83rdless of Significance. and other financial assets that are individually significant. these are asse55ed individually for irnpairment. Other financial asset5 are either assessed individually or grouped on the basis ol similar credit risk characteristics. Any reversa15 01 impairment are r0£niSed immediately, to the extent that the reversal doe5 not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Investment Income 2024 2023 Rent5 received Interest receivable 45.455 2,604 55,109 9.560 48.059 64,669 Paee 9
Kllravock Chr15tlan Trusl SCIO Noies to the Flnantlal Statements- contlnued for the year ended 31st March 2024 Trustees. remuneration and beneflts There were no trustees, remuneration or other benefits for the year ended 31st March 2024 nor for the year ended 31st March 2023. Trustees, empenses There were £439 01 expenditure reimbursed to the trustee5' for travel expense5 paid for the year ended 31st March 2024 (none for the year ended 31st March 20231. Comparatlves for the statement of finantial arti¥ities unreslrled funds Incorne and endowments from Investment income Other income 64,669 7.799 Total 72,468 Expendlture on Charitable activtties Replanting 6.339 Estate Management 171.844 Donation 120,700 Total 298,883 NET INCOMEIIEXPENDITUREI 1226.4151 Re¢on¢iliation of funds Total fund5 brought forward 2,584,355 Total lunds carrled fonvard 2,357.940 Page 10
Kilravock Christian Trust SCIO Notes to the Flnancial Statements- continued for the year ended 31st March 2024 Tangible fixed assets Fixture5 and fittings Alteratlons nd improvements Freehold property Totals Cost At 1st April 2023 Disposals 1,426,Z76 1162,5001 102,065 109,766 1.638,107 1162.5001 At 31st March 2024 1.263,776 102,065 109,766 1.475,607 Depreciation At 1st April 2023 Charge for year 91,436 1,063 94,335 1,543 185.771 2.606 At 315t March 2024 92,499 95.878 188,377 Nei book valve At 31st March 2024 1,263,776 9,566 13,888 1,287,230 Al 31st March 2023 1,426,276 10,629 15,431 1,452.336 stocks 2024 2023 Stocks 200 1,969 Debtor5: amounts falling due within one year 2024 2023 Other debtors Prepayments and accrued incorne 19,463 1,685 30,561 11.947 21,148 42,508 Page 11
Kllravo¢k Christlan Trust SCIO Notes to the Financial Statements- continued for the year ended 31$t March 2024 Creditors.. amounts falling due within one year 2024 Z023 Trade creditors Other creditors 38,721 10,320 19,310 8,433 49.041 27,743 Movement In funds Net rnovement In funds At 3113124 At 114123 Unrestrirted funds General fund 2,357.940 761,301 3.119,Z41 TOTALFUNDS 2,357,940 761,301 3,119,241 Net movement in funds, included in the above are as follows.. Incoming resourtes Resour¢es expended Movement in funds Unrestrirted funds General fund 63,459 697,842 761,301 TOTAL FUNDS 63,459 697A41 761.301 Comparatlves for movement in funds Net movement in funds At 3113123 At 114122 Unrestricted funds General fund 2,584.355 1226.4151 2.357.940 TOTAL FUNDS 2,584,355 1226,4151 2,357.940 PaRe 12
Kilravtxk Christian Trust SCIO Notes to the Financial Statements- continued foi the year ended 31st March 2024 Movement In funds- continued Comparative net movement in funds, included in the above are a5 follows.. Incoming resources Re50ufces expended Movement in funds Unrestricted tunds General fund 72.468 1298,8831 1226,4151 TOTALFUNDS 72,468 1298,8831 1226.4151 A eurrent year 12 months and prior year 12 rnonths combined position is as follows.. Net movement in funds At 3113124 At 114122 Unrestrlcted funds General fund 2,584,355 534,886 3,119,241 TOTAL FUNDS 2,584,355 534,886 3,119,241 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are a5 folltsws.. Incoming resources Resources expended Movement in lunds Unrestricted funds General fund 135.927 398,959 534,886 TOTAL FUNDS 135,927 398.959 534,886 Page 13
Kilravo¢k Christian Trust SCIO Notes to the Financial Statements- continued for the year ended 31st March 2024 io. Related party disclosures During the year under review, £6.000 was gifted to Zersas Charitable Trust which is a trustee of. li. Donations During the year a dtsnation was made to Scripture Union which consisted of cash of £230,000. The Zenas Charitable Trust which consisted of £6,000 and FernIehl1 which consisted of £15,CIOO12023 £120.0001. Page 14