REGISTERED CHARITY NUMBER: SC0491)05 Report of the Trustee5 and Flnandal Statements for the Year Ended Ilst March 2025 for Kllravock Chrlstlan TrustSCIO Frame Kennedy Ltd 4th Floor Metropolitan House 31-33 High Street Inverness IVI IHT
Kllravock Chrlstlan Trust SCIO Contents of the Flnanclal Statements forthe yearended 31st Mar¢h 2025 Page Reportof the Trustees I to 3 Report ofthe IndependentAudltors 4 to 8 Statement of Fln•ndal Artlvltles Balan¢e Sheet io Note$to the Flnanclal Statements 11 to 18 Detalled Statement of Flnanclal Actlvltles 19
Kllravock Chrlstlan Trust sao Report of theTrustees forthe year ended 31st March ZOZ5 The trustees present thelr port wfjth the flnandal statements of the charlty for the year ended 31st March 2025. The Iru5tees have aclopted the PTOVISIOnS of Accounting and Reportlng by Charlties.. Staterrlent of Recornmended Prattlce appllcable to charitles preparln8 thelr accounts in accordance wlth the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective lJanu&ry 20191. ObjeLtive5 and a¢tlvllles Objectives and zim5 The prlntlpal actiwty of thÈ charlty Is the advancement of (thristianity by a clear evangelical and Protestant Christlan witne55. In the years before COVID-19. the prSncipal mean5 by whlch these objective5 were met wès rhrough the provision of facllities for Chrlstian meetings and resldential event5. However. the Impact of COVID-19 had a si8nifScant Impact on the ability to use the fa¢i1siles for thesÈ purposes with Its lock downs and restrlctions on Indoor and outdoor gatherin8S. After COVID the Trustees revalUated how the objective5 01 the charity could best be achleved In the new context and concluded that, glven the extensive work required and prohibitwe eKpen5e involved in upgTading the charlty'5 properties to meet current fire and health and safety reeulatlons and to allow resldentlal gatherlngs to reconvene. a radical approach was required to best deliver the chaTity's objectives. As a result, durin8 the previous finanElal yeHr 120231241 the Trustees took the preparatory sreps necessary to market Kilravock Castle and Its estate and outlying properties. Over the financ?al year 2024n5 rn05t of the charity's 45sets wÈrÈ sold, the most slgnlllcant sale belng the Castle and its grounds in April 2024. As at 31st March 2025. the charity's Temaining physical asset was a tenanted faTm which currently being tnarketed for sale. The charity Is now moving into a new phase of i(s existence where it will be focusing on awardinggr3nt5 in line with its charitable purpose. Achlevement5 and performance Charltable actlvltles Throughout the year under review thE rh3rlty Sought to Ilquldète Its physical assets. The charity then reinvested any sale proceeds with the aim of maximising returns whilst rnaintaining flexibility. Under its Boverning document, one of the way5 In whlch the ¢harlty may meÈt its oljlertfves Is through the awardlng ol rants within the stope of its charltable purpose. During the year, the charity gifted £155,000 to Scripture Union Scotland, a long established and hlghly regarded charlty worklng to advance Chrlstianlty amongst chlldren. young people and famllies in Scotland. 01 the £155,CKX) that was gifted in the year, £SO,OCK) was donated to help fund a capital project manager,. £30,000 was Invested in developlng solar renewable ener8y source5 at Altnacriche camp site to help ensure the affordability and sustainability of the 51te golng forward,. £17,000 was usèd to train the team In ¢reatlve wrltlng skSlls,' E33,OCK> was gifted tawards young leader5 development grant and £25,000 was invested in youth development manager. Flnan¢lal revlew Flnanclal posltlon The flnandal performance of the charlty Is kept under regular revlew by theTrustees. The charlty has reported a strong surplus of E3.218.886 in the year12024.. £761.3011 with the salE of the maln a55et, Kilravark Castle, along with other propertles. At the yearend the charity'5 reserves were £6.3m Iprioryear £3.Iml. ReseNes poll¢v The charlty ha5 now moved to a new pha5E of Its exlsteno as the rnalorlty of Its physlcal assets have been reallzed through sale. The Trustees, pollcy Is to donate surplus reseNes In Ilne wlth the oblectlves of the charlty over the comlng flnancial years. Tho Trustees alm to malntaln reserves at a level whlch they consider is Sufficient to rneet future costs 3nd commitrnent5. Page I
Kilravock Christian Trust SCIO Report of the Trustees for the year ended 31st March 2025 Flnantlal rÈvlew Going concer There are no material uncertainties abDUtthe charity's abilityto contlnue as a golng concern. Plansforfuture perlods The charlty is In è transitional phase as It moves from reallzlng Its asset5 to awardlng grants from the prOed$ of the sale5 in Ilne with its charitable purpose5. In April 2024 the rnaln Castle and estate propertles were sold and all but one tenanted farm had beÈn sold at the year end. Thls farm Is stlll belng attfvely marketed for sale at the date of this report. strutture, 8overnance and manaKemenl Governlng document The charlty Is a Scottlsh Charltsble Incorporated Organlsatlon whlch Is governed by Its constltutlon and managed by its trustees. Appointment of trvsteos Trustees are appointed by resolution of the existir¢g trustees. Trustee induction and training All trustees are glven approprl8te induction and training folh)wlng appolntment and are offered opportunities to participate in additional tfainingas required in each case. MHnHgement The charity is rnanaged by its trustees. Day to day operation of its faalities 15 delegated to a 5Ultably qualified professlonal firm appolnted by the trustees. Related paty transactlon5 Durfng the year under revlew there we¥e no related partytransactlons. Rlsk management The trustee5 have in recentyears adopted a ri5k-aver5e policy which the Current trustees See no rea50n to change. Reference and adminlstratlve detalls Registered Charity number SC049005 Prtnclpal address clo Frame Kennedy 4th Floor Metropolitan House 31-33 High 5trpet Inverne55 Inverness-shire IVI IHT Trustees D Laing L Macmlllan S Nicol S Sydserft PaEe 2
Kilravock Christian Tru5tSCIO Report of the Trustees forthe year ended 315t March 2025 Reference and administrative deta115 Auditors Frame Kennedy Ltd 4th Floor Metropolitan House 31-33 Hlgh street Inverness IVI IHT Statement ol tru51ees' responslbllltles The trustee5 are responsible for preparing the Report of the Trustees and the flnantlal statements in accordance with applicable law and United Kingdom Accountlng standards (United Kingdorn Generally Accepted Accounting Practice). Charlty Paw requlre5 the trustees to prepare financial statements for each flnanclal year. Under that law, the trustees have elected to prepare the financlal ststernent5 In accordance with United Kingdom GeneIty ACpted Accounting Practice Iunlted Kingdorn Accounting St3ndards and appllcable lawl. UndÈr charlty law the trustees rnu5t not approve the financi31 statements unless they are satlsflÈd that they give a true and fair view ol ihe state of affairs of the tharity and of the Intoming re50urce5 and application of resources. includin8 the income anil expendlture, of the charity for that period. In preparing those financial statements, the trustees are requId to selecr sultable accounting pollcle5 and then apPthern consLstentW.' observe the methods and princlples In the Charities SORP,. makeludgements and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the charity will continue in buslness. The trustees are responsible for keeping proper accounting COrdS whS¢h dlsclose with reasonable accuracy at any tlme the flnan¢lal p051tlon of the charity atsd to enable them to ensure that the financial statements camply with the Charities and Trustee Investment IScot]andl Act 2005 and The Charltles Accounts (Scotlandl Regulation5 2006 135 amendedl. They are also spOnsIble for $8feguardlng the a55et5 of the charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by orderof the board of trustees on 29th April 2026 and SiBned on its behalf bv.. S Syd5erft- Trustee Page 3
Report of the Independent AudltorstotheTrLFStees of Kllravock Chrlstlan Trust SCIO Oplnlon We have audited the financial statements ol Kilravock Christlan Trust SCIO (the '¢harlty'l for the year Ènded 31st March 2025 whith comprise the Ststement of Financial Activitie5. the Balance Sheet and note5 to the financial staternents. including a summary of significant accountinB policies. The financlal reporting framewort¢ that has been applied In thèlr prèparatlon Is 3ppllcable law and Unlted Kingdom Accounting Standards IUnSted Kingdom GEMerallv Accepted Accounting Practicel. In our oplnlon the financlal statements.. glve a true and fair view of the state of the charlty's affalrs as at 31st March 2025 and of Its Incomlng resources and appll¢adon of resources, for the year then ended,. have been properly prepared in accordance wlth Unlted Kin8dDm GenerallyAccepted Accountlng Practlce.. and h2vE bEEth prEpared Sn accordance wlth the requlrements of the Charitie5 and Trustee Inve5trnent Iscotlandl Att 2005 and Regulation 8 of the Charities AccoUt5 (Scotlandl Regulations 2006. Baslsfor oplnlon We conducted our audit in accordance wth International Standards on Audltlng IUKI ILSAS IUKII and applicable 13W. Our responslblllues under those standards are further descrlbed In the Audltor5' fE5ponslbilltle5 for the audlt of the financial Statements sectlon of our report. We are Independent of the charlty in accordance wlth the ethScal requlrements that are relevant to our audlt of the financial statements In the UK, Includlne the FRC'S Ethlcal standard, and the provision5 av4ilable for srnall entities. in the circurn5tances set out in note 11 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtalned Ss suffiilentand approprlateto provide a basSsforour oplnlon. Concluslons relalSngtogolng¢0nrn In auditing the financial statements. we have concluded that the tru5tee5' use of the golng concern basls of accountlng In the preparation of the financlal staternents Is approprlate. Based on the work we have performed. we have rsot identified any material uncertainties relating to events or condltlons that, Indlvldually or ¢ollÈttlvely, may cast signlficant doubt on the charity's 8blllty to ¢ontlnue as 8 golnE canrn for a period of at least twelve rnonthsfrom when the fiThanclal ststernents are authorised for SUe. Our responslbllltles and the responslbllltles of the trustees wEth respect to golng concern are descrfbed In the relevant sectlon5 of thls report. Otherlnformation The trustees are resrx)nslble for the other information. The other information comprises the information included In the Annual Report, otherthan the financial statements and our Report of the Independent Auditor5 thereon. Our oplnlon on the financlal statements does not cover the other Informatlon and, expt to the extent otherwlse explldtly ststed In our report, we do notexpre5s any forrn of a55urance conclu51on thereon. In connection w5th our audit of the frnan¢1al statements, our responslbility is to read the other informatlon and. In dolng so, consider whether the other informatM?n is materially inconsistent with the fin3ncial statements or our knowledge obtained in thÈ audit or 0thÉn1s& appears to bÈ materially mlsststed. If we IdÈntlfy such materla inconsistencies or apparent rn3terial misststement5, we are required to determine whether this gives rise to a material mlsstatement in the financial st8tements themselves. If. based on the work we have performed. we conclude that there 15 a rnaterizl fflisstaternent of thls other Information, we a required to report that fa. We have nothing to report in thls regard. Page 4
Report of the IndependentAudltor5to the Trusteès of Kllravock Cthrfstlan Trust SCIO Matters on whlch we are reqvlred to report byexteptlon We have nothlng to report Sn pect of the following matter5 where the Charities Account5 (Scotlandl Regulations 2006 requlres u5 to report to you if. in our opinion.. the Informadon 8iven In the Roport of the Trustees *5 inconsI5tent In any material respect wlth the financial statements,. or proper accountin8 records have not been kept- or thÈ fln8ncl81 statement5 are not in agreement with the accounting records and returns.. or we have not received all the information and explanatlons we requlre lor our audit. Responslbllltles of trustee5 As eKplalned more fully In the Statement of Trustees, Responslbllltles, the trustees are responslble for the preparatlon of the ffnanclal statements which glve a true alld farr vlew, and for such Internal control as the trustees determlne is nessary to enable the preparation of flnancial statements that are Iro@ from materlal misststemenl whether due to fraud or error. In preparing the financial statsments, the trustees are re5pon5iblE for assessing the charittys ability to continue a5 golng concern, discloslng, as appllcable. matters related to going concern and using the going concern basis of accountlng unless the trustees either intend to Ilquldate the charlty or to cease operatlon5, or have no reallstSc alternatlve but to do $0. Page 5
Report of the Independent Audltors to the Tiu$tees of Kllravo¢k Chrlstlan Trust SCIO Our respon51billt1È5 forthe audll of the fiTranclal statements We have been appointed as auditors under 5ectlon 44llllcl of the Charitie5 and Trustee Investment (Scotlandl Act 2005 and report in a¢¢Drdantr with the Act and relevant regulations made or having effect thÈr@undÈr. Our oblectlves are to obtaln reasonable assuranre about whether the financial statements 3s a whole are free from material ltateMent, whether due to fraud or error, and to issue a Report of the Independent Auditots that includes our oplnion. Re3sonable assurance Is a hlgh level of assuran, but 15 not a guarantee that an audit conducted In attordanoe wlth ISA5 IUKI will always detect a materlal misstatement when It exlsts. Mlsstatements can arise from fraud or error and are consldered materi31 If, Indlvldually or In thE aggregate, they could reasonably be expected to influence the economic deci51ons of u5er5 taken on the basis ol these financial statement5. The extentto which our procedures are tapable of detetttng IrreEulaTitle5, including fraud is detailed below.. Idpntlfylng and re5pondlThBto rlsks of materlal mlsstatementdueio fraud To Identlfy rlsks of materlal misstaternent due to fraud I'fraud rlsks'l, we assessed events or condltlons that could indicate an incentive or pressure to commlt fraud or provlde an OPPDrtunlty to commit fraud. Our risk a55e55ment ProdureS Included= EThquiring of trustees and management as to the 5CI(Y5 pollcle5 and prOdureS to prevent and detect fraud as well as whetherthey have knowleilge of any actual. suspected or alleged frau(S. - Reading board mlnutes. Using analytical procedures to Identify any unusual or JnÈxpe¢ted ielatlon5hip5. We communicated identified fiaud risks throughout the audlt team and mainEd alert to any indications of fraud throuEhDUtthe audit. A5 required by avdltlng standards, we perform procedures to address the rlsk of management overrlde of controls and the rlsk ol fraudulent revenue recognltlon, In partlcular the r15k that donations and other charltable In¢omE a recorded in the incorrect accountlng perlod. the rlsk that management may be In a p051tlon to rn&ke inapproprlate accountlng Èntrles, and thE r(5k of bia5 in acwunting e5tirnate5 and judgement5. We did not identify any additlonal fraud risks. - We performed procedures includlng.. Identlfyin8 journal entrles to test based on rlsk crlterla and comparlng the Identllled entrle5 to supportlng documentatlon. - sesSIng accounting e5MateS for blas. IdentlfylDgand respondlngto rlsks of materlal mlsstatement due to non4ompllance wlth laws and regulations We Identifled areas of laws and regulatlons that could reasonab be expetted to have a material effect on the rinanclal statement5 from our sector experience and through d15CU55ion with the trustees and other management las Tequired by aL•diting standardsl. We discussed with the trustees and other management rhe ptslities and prOdre5 regarding compliance with laws and rÈgulaiions. We cornmunicated identified 13ws and regul8t#)ns throughout our team and remalned alert to any indlcations of non-compllance th¥oughoutthe audlt. The potential effect of these13ws and regulatlons on the flnanclal $tements varies ¢on51derably. Page 6
Report of the Independent Audltorstothe Trustees ol Kllravock Chrfstlan Trustsao Firstlyj the SCIO is subject to law5 and regu13tions th3t directly affect the financi31 statements Sncludlng financial reporting legislation (including the Ch3rlties SORPI and we assÈ5sÈd thp extent of compliance with these laws and regulatlOn5 a5 part of our procedure5 on the related finzncial statement items. Secondly, the SCIO Is subject to many other laws and reEulatlons where the consequenS of noncomp11£n could have a materlal effect on amounts or disclosures In the flnanclal statements, for Instance through the imposltlon of fTnes or Iltlgatlon. or through cessatlon of operations. Auditing statEdard5 litnit the required audit proTrdurES to Identify non-compliance with these law5 and re8ulatlons to enqulry of the trustees and other marlagement and Inspectlon of regulatory legal correspondence, if any. Therefore, If a breach of operatlonal regul4tlon5 is not di5c105ed to us or evident ffom relevant correspondence, an auditwill not detect that breach. Contèxt of the abllrtyto detect fraud or breaches of lawor regulatlon Owing to the InhenI limitations of an audit, there is an unavoidable risk that we may not have detected some rnaterial misstatements in the financlal statements. even though we have properly planned and performed our audlt In ccordance with auditing standard5. For Exarnple, the further rernoved non-compliance with law5 and regulations 15 frorn the events and transaction5 Tellected in the financial slaternents, the less likely the inherently limited procedures requlred by auditing standards woultl Identify It. Our audlt prttedures are designed to detect materlal mls5tHtement. We are not responslble for preventing non-compliance or fraud and cannot be expected to detect non<ompliance with all laws and regulatlons. As part of an audit in accordance with ISA5 IUKI, we exercise professlonal ludgement and malntaln professlonal sceptl£lsm throughoutthe audit. We also.. Identify and 8ssess the risks of material misstatement of the financl31 statements. whÈther due to fraud or error. design and perform audlt procedures re5pon5ive to those risk5, and obtain audit evidence that is sufficient and appropriate to provmle a basi5 for our opinion. The risk of not detecting a materi31 misstatement resulting from fraud is hlgher than for one resultlng from error, as fraud may Snvolve colluslon, forgery, Inienllonal omlsslons, rn15representatlons, or the overrlde of Internal control. -obtain an understsndin8 of intefnal control relevant to the audit Ill Drder to design audit pr(Kedure5 that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the Internal contro5. Evaluate the appropriateness of actountlng policies used and the reasonableness of actountlng estlm8tes and related d55closure5 rnade bythe trustee5. Conclude on the appropr12teness of the trustÈes' use ol rhe golng concern basls of a¢countln8 and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the SCIO'S èblllty to continue as a going concern. If we conclude Ihat a m3tÈrlal uncertalnty exlsts, we a required to draw attention in OUT auditorfs report to the related disc105ure5 in the financial statement5 or. if such disclosures are inadequ3te, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our aud05 repcrt. However, future events or wnditlons may cause the SCIO to cease to contlnue as a golng concern. Evaluate the overall presentation, structure and tontent of the financial Statements, including the disc105ures. and whether the fln3ncSal ststements represent the undertying transactions and events in a manner that achieves falr presentatlon We communicate with those charged wkth govern8nce regarding. among other matters. the planned scope and timlng of the audlt and slgnificant audlt fSndlng5, IncludSng any sEgnlfl¢ont delSciendes in internal control that we Identlfy durlng our audlt. Pa8e 7
Report of the Independent Audltors to the Trustee$ of KllYavo¢k Chrlstiah Trust SCIO A further descriptlon of our responslblllties for the audit of the financlal statements Is located on the Financlal ReportlnE Council'5 web51te at www.frc.org.uVauditorsresponsiblllties. Thls descrSptlon forms part ol Dur Report ol the Independent Auditors. Use of tsur report This report Is made solely to the ¢harlty'5 tru5tee5. a5 a body. in accordance with Regulatson 10 of the Charities Accounts Iscotlandl Regulations 21x6. Our 3udit work has been undertaken so that we mlEht state to the charivs trustees those matters we are requlred to state to thetn In an audltor5' report and for no other purpose. To the fullest Èxtent permitted by law, we do not accept OT assume responslbllity to anyone other than the charlty and the Charity's trustees as a body. lorour audit work, for thls report, or forthe oplnion5 we have lorffled. Frame Kennedy Ltd 4th Floor Merropolltan House 31-33 High Street Inverness IVI IHT 29th Aprll 2026 PaBe 8
Kllravock Chrlstlan Trust scio StatemeTrtof Flnanclal Actlvhle5 forthe year ended 31st March 2025 2025 Unresiritted funds 2024 Totsl fund5 Notes In¢om• and ondowments from Investment inrorne Other income 215.734 13,236 48,059 15.400 Total 228,970 63.459 Expendlture on Chayltable aLtlvlllÈs Replanting Estate Managementlprolit on Sale of Assets Donation 225 1949,0671 251.LKK) 13,144.9161 155.000 Total 12,989,916) 1697,8421 NET INCOME 3318.886 761,301 Reconclliation of funds Total funds broughtforward 3.119,241 2,357,940 Total fund5 carried forward fj,338,127 3,119,241 The notes form part of these fSnanclal ststemeThts PagE 9
KIITavock Chrlstlan Trust scio Balance Slteet 315t March 2025 2025 Unrestrltted fund5 2024 Total funds Notss Fixed assets Tanglble assets 38,500 L287,230 Current assets Stocks Debtors Cash ar bank 200 21,148 1,859,704 84.556 6.ZZ8,415 6.312,971 1.881,052 Creditors Amount5 falllng due wlthln one year 113,3441 149,0411 Net current a55ets 6,299,6Z7 1,832,011 Total assets less current Ilablllties 6,33&127 3,119,241 NET A55ET5 6,338.127 3.119.241 Funds Unrestricted funds 6,338.127 3.119,241 Total funds 6.338.127 3.119.241 The financial staternents were approved by the Board of Trustees and authorf5ed for i55ue on 29th April 2026 and were slgned on its behalf by.. Trustee The notes form part of these IlnancSal statements PÈge 10
Kllravotk ChT15tlan Trust SCIO Notes to the Flnan¢lal Statements for the yearended 31st March 20Z5 Accounting policies Basls of preparlngthe ItThanclal statements The financlal statements of the charity, which 15 a PLfbllc benefit entlty under FRS 102. h3ve been prepared In accordance wlth the Charities SORP IFRS 1021 'Accountlng and RepDrtlng by Charltles.. Statement of Recommended Prattlce appllcable to charitles preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffectSve l January 20191., Flnanc1al Reporting Standard 102'fhe Financial Reporting Stand8rd 8ppllcable in the UK and Republic of ITeland' and the CharltlÉs and Trustee Investment (Scotlandl Act 2005. The financial stztements have been prepared under the histarlcal c05t convention. Jud8ement5 and key sources of estlmatlon uncertalnty Accounting estlmates and assumptlons are made con¢ernlne the future and, by thelr nature, will rarely equal the related actu41 outcorne. The key assurnptions aFKI other sources of estlmation uncertalnty that have significant risk of causing a material adjustment to the carrylns amounts Df 3ssets and Ilabllltle5 Wlthln the next linan¢lal year. Income resources All Incomlng resource5 a Included In the ststement of financlal actfvltles when the charity Is entttled to the income and the amount can be quantlfied wth reasonable accurary. The follovAng speclfit pollcles are applled to wrti¢ular ¢ategories Of Income.. Voluntary income Is rèceived by way of grants, donatlons and gifts and is included in lull in the statement of financial actiwtie5 when receivable. Grants where eThtitlernent Is not conditional on the delivery of a speclfic performance by the charity, are recognised when the charity becomes uncondltionally entitled to the grant. Donated servlces and fadlltles are Included at the value to the charSty where thls can be quant(fled. The value of setvlces provlded byvolunteers has not been Included. Resources expended Expendlture 15 recDgnI5ed on an accrua15 ba515 a5 a Ilabilfty is incu¥red. Expenditure include5 any VAT which cannot be fully 0vered, ènd is classified under headings of the statement of financial activities to which it relates.. expenditure on raSsln8 funds Includes the costs of all fundralslng attsvltles, events, non<hafltalAe trading actitIeS, and the sale of donated goods. Èxpendlture on charltablè activltles Includes all ca5t5 Incurred by a charity in undertakin8 actwities that further its ch3ritzble aims for the benefit of its beneficiaries. including those support costs 8nd costs relating to the governance of the charity apportloned to charitable actlvltles. other expendlture includes 311 expenditure that is nelther related to ralslng funds lor the charfty nor part of its oxpendlture on charStable acrivlties. All costs are allocated to expendlture tegOrIeS refleding the use of the soUrce. Dire¢t tost5 attributable to a sln8le activity are allocated diTectly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent ba51S. Tanglble flxed assets Depreciatlon Is provlded at the following annual rates In order to wrlte off each asset over its estlmated Useful Flktures and flttlngs l(N on rÈducln8 b81ance Pa8e 11
KllravockChrlHlan Trust SCIO Note5 to the Flnanclal Ststements- contlnued forthe yearended 315t M4rrh 2025 A¢¢ountlng pollcle5- contlnued Tanglble flxed assets Alterations and improvements IO% on reducing balance TanElble asset5 are lllitlally recorded at cost, and subsequently stated at cost less èny accutnulated depreciation and impairment losses. Any tangibl@ assets Carried at revalued arnounts are recorded at the fair value at the dale of revaluatlon less any subsequent accumulated depreciation and subsequent aceumulated impaimient losse5. An increase in the carrying arnount ol an asset as a result of a revaluatlon, Is rÈ¢ognlsed In other recognlsed Bains and 1055es. unless St reverses a chargE for itnpairrnent that has previously been recogrbised as expenditure wlthln the 5tatetnent of financial activities. A decrease in the carrylng amount of an 2ssÉt as a rEsuIt of revaluation, is recognised in other recognised gains and 1055e5, except to which it offset5 any previous revaluatlon g31n, In whl¢h case the Ios5 1$ shown within other recognised gain5 and losses on the statement of flnandal actlvltles. Impalrmem of Flxed Assets A rèview ftsr iniSl£ators of ipairent is c4rried out at each reporting date, with the recoverable amount belng estimated where suth indicators exist. Where the tarrying value exteÈds the recover4ble amount, the asset 15 impaired according. Prior impairments are a150 Tewewed for p055ible reversal at each reporting date. For the purposes of Impalrment testlng, when It Is not possible to e5tSmaie the cOVerable arnount of an IndIdUal asset, an estimate 15 made of the recoverable amount of the sh-generang unlt w which the asset belongs, The CaSgeneratIng unit is the smallest IdentiflablÈ grovp of assets that Include5 the asset and generates cash Inflows that largely Independent of the cash inflow5 from other asset5 or8roup5 of a55ets. For impairment testing of goodwill, the E(x)dwlll acqulred in a bu51ne55 cornbination 15. from the acquisition dato, ollocated to each of the cash-generatiThg units that are expected to benefit from the synergles Df the cornbination. irrespective of whether other assets or liabilities of the charityare assigned to those unlts. Stock5 Stocks are valued at the lower of cost and net reallsable value, after makln8 due allowance for ob501ete and slow moving items. Taxallon The charity is exemptfrom tax on its chaTitsble actwities. Fund a¢¢ountlng Unrestricted funds are avallable for use at the dlscretlon of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for partlcular future project or commitment. Restricted funds are subjected to restrictions on thelr expendlture declared by the donor or through the terms of an appeal, and fall Into one of two sub-classes.. restrlcted Income funds or endowmentfunds. Flnanclal Instruments A financial asset or a financial liability is rEc08ne& only when the charity becomes a party to the contractual provisions of the instrument. Page 12
Kllravock Chrlstlan Tru5tscio Notes tothè Ananclal Staternents- contlnued for the year ended 31st March 2025 Auountlng polkles-nt1Ued Flnanclal Instruments Basic linanci?l in5trutnents are Initially recognised at the amount recelvable or payable In¢ludlng any related transaction costs. Current a55ets and current liabilities are subseouently measured at the cash or other con5ideTatlon expE£ted to be paid or received and not discounted. Debt instruments are subsequently measured at amortlsed cost. Where investrnents in shares are publlcly traded or thelr falr value can oiherwlse be measured rellablyp the Investment Is subsequently me35ured at fair value with changes in fair value recognised In Income and expenditure. All othersuch investments are Subsequently measured at cost less IrnpalrmÈnt. Other flnan¢Sal Instruments, Includlng derfvatives. are inf(ially recognised at fair value, unless pgyment for an asset rs deferred beyond normal busln@ss terms or linan¢ed at a rate of Interest that 15 not a market vate. in whlch case the asset L% measured at the PTe5ent value of the future payments discounted at a market Tats of iThtere5t for a similar debt Instrument. Other financial instrurnents are subsequently measured at fair value, wth any changes recoEnlsed In the statement of financial actiwties, with the ÈxtÈptitsn of hedging In5trurnents in a designated hed8ing relatlonshlp. Flnanclal assets ihat are measured at cost or amortised cost are reviewed for objectlve evidence of impairment at the end of each reporting date. If there Is objective evldence of Impalrment. an Impalrment loss Is re¢ognlsed under the approprlate headlng In the statement of flnanclal acifvitles In whlch the Initlal galn wa5 recognlsed. For all equity instruments reEardle5s of signiflcance, and other flnanclal assets that are indivldually significant, these are assessÈd Indlvldually ftir Impalrment. Other financial assets are either 355e55ed indwidually or grouped on the ba515 of sirnilar credit risk characteristics. Any reversals of impalrment are iecogn15ed Srnmediately, to the extent that the reversal does not result In a carrying amount of the financial asset that exceeds what the carrylng amount woukl have been had the mpalrment not provlously been COgnIsed. Investment Income 2025 20Z4 Rents reIVed Interest receivable 45,455 2,604 212,924 215,734 48,059 PaBe 13
Kfjlravo¢k ChTlstlan Trust sao Notes to the Flnanclal Statemènts. ¢ontlnued forthe yearended 315t March 2025 Tru5tee5' Temuneratron and benefits There were no tru5tees' remuneratlon or other benellts for the year ended 31st March 2025 nor for the year ended 31st March 2024. Tiustees, expense5 There were no trustees. expenses paid for the yeai ended 315t March 2025 nor for the year ended 31st March 2024. Comparatlves forthe statement of flnandal actlvltles Unrestrl¢ted funds Inton and endowments from Investment Income Other Incorne 48,059 15.41K> Total 63,459 Expenditure on Charltsble artlvltle5 Repl8nting Estate Mana8emenVproNi on Sale of Assets Donatlon 225 1949,0671 251,0 Totsl 1697,8421 NEF INCOME 7SI.301 Reconclllatlon of fund5 Total funds broughtforward 2,357,940 Total fund$ cariied torward 3,119.241 Page 14
Kllrdvo¢k Chri5tlan TnSCiO Notes to the Flnandal Statements. ¢ontlnued forthe yeareThded 315t March 2025 Tangible lixed assets Fixtures and tlttlngs Altelatlons and Improvements Freehold property Tota15 At 1st Aprll 2024 Additions Disposals 1.263,776 120,000 IIA45,2761 102,065 109,766 1,475,607 120,000 1109.7661 11.S57,1071 11010651 At 31st March 2025 38.500 38.500 Depreclatlon At 1st April 2024 Elirninated on disposal 92,499 1914991 95A78 195,8781 188,377 1188,3771 At 315t MaTch 2025 Net bookvalue At31st March 2025 38,500 38.500 At 31st March 2024 1.263,776 9.566 13,888 1,287,230 2025 2024 Stocks 200 Debtor$: amounts falllnKdue vAthln one year 2025 2024 Other debtors Prepayments and accrued Income 84,556 19.463 1,685 84.556 21,148 Page IS
Kllravock Chrlstlan Trust SCIO Notes to the Flnanclal 5tatements- nnUed forthe year ended 31st Mafch 2025 credIr5. amounts falling due within oneyear 202S 2024 Trade creditors Other ¢dItOrS 11,9261 15,270 38.721 10,320 13.344 49,041 Movement In fvnds Not movement In fund$ At 3113125 At 114Iz4 Unre5triLted fund5 General fund 3,119,241 3.21886 6,338,127 TOTALFUND5 3,119.241 3,218,886 6,338.127 Net rnovement in funds. induded in the above are as follows.. Incoming resources Resource5 expended Movement In funds Unrestrkted funds General fund 2Z8,970 2.989.916 3,218,886 TofAL FUNDS 228,970 2.9B9,916 3,218,886 Comparatlves for movement In lunds Net movement in funds At 3113124 At 114123 Unrestrlcted funds General fund 1357.940 761.301 3,119,241 TOTAL FUNDS 2,357.940 761,301 3,119,241 Page 16
Kllravock ChrlstSanTrust scio Note$to thé Flnanclal Statements- contlnued for theyear ended 31st March 2025 Movement In funds- contlnued ComparatSve net movement funds, Induded In the above are as follow5.. Inwming resources Resources expended Movement In funds Unrestrlded fvnd$ General fund 63,459 697,842 761,301 TOTAL FUNDS 63,459 697,842 761,301 A currentyear 12 months and prlor year 12 months comblned posftion 15 as follows-. Net movement In fvnds At 3113125 At 114123 Unre5trirted fund5 General fund 2,357,940 3,980,187 6,338,127 TOTAL FUNDS 2,357,940 3.980,187 6.338.127 A iurrent year 12 rnonths and prior year 12 month5 comblned net movement In funds. Induded In the above are as follows.. Incomlng resour$ Resources expended Movement In funds Unrestrlcted funds General fund 292,429 3.687,758 3.980.187 TOTAL FUNDS 292.429 3.687.758 3,980,187 Page 17
Kllravock thrfstlan Tru5tSCIO Notesto the Flnandal Statements. Contlnuèd for the yearended 31st Mah 2025 io. Related party d15d05ure5 Durlng the year under revlew there were no related party transactlons. 12024: £6,Q)O wa5 glfted to Zenas Ch3rlty of whlch David Lalng Is a trusteel. ii. Frc ethical standard- Provlslons avallable for small enilknes In ccmmon with many other businesses of our s12e and nature we use our auditor5 to prepare and Submit return5 to the tax authoritles 2nd asslst wlth the prep3ration of the financi815tatementS. 12. Donatlon5 During the year a doThation was made to Scrlpture UnlDn whl¢h conslsted of cash of £155,00012024 £230.0001. In 2024 8dditional £6,0 wa5 gifted to Zenas Charitvi of which David Laing is a trustee, 2nd £15,000 was donated to Fernlehlll. Pa8e 18
Kllravock Chr15tlan Trust5CIO Detalled Stoternent of Financlal ActIvIt5 forthe yearended 31st March 2025 2025 2024 Inc¥Jrne and endowment5 Investment Income Rents received nterest recelvable 2,810 212,924 45,455 2.604 215,734 48,059 Other income WaWeav@ Other income Insurance claSm 34 12,900 2.500 13.202 13.136 15,400 Total IornIng resources 228,970 63,459 Expenditure Charftable artlvltles Rates and water Insurance LiBht and heat Sundrles Repairs and maintenance Securlty fees Legal and profe5slonal fee5 Irrecoverable vat Bank charges Donation TravÈl Cleaning Audit fee DepCIatON of tanwble fixed assets 2.673 663 145 185 11,210 1,123 136,879 10.891 118 155.OtK> 68 271 12.917 28,161 15,6021 386 19,329 8.622 206.870 33.553 ioi 251,000 439 5,932 2,606 329,226 564.314 Support costs Finance Proflt on sale of tangible fixed assets 13,319,142> 11,262.1561 Total resources expended 12,989.9161 1697,8421 Net Income 3,218,886 761,301 Thi5 page does [t forrn part of the statutory financlal statements Page 19