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 leffect￿e 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 p￿rpOSeS 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 Regulat￿On 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 r￿0£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
unreslrl￿ed
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 FernIeh￿l1 which consisted of £15,CIOO12023 £120.0001.
Page 14