Charlty reglstratlon number SC052681 IS£otlandl OPEN SCIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
OPEN SCIO LEGALAND ADMINisfRATIVE INFORMATION Trustees G Powell J Cartye A Anderson (Appointed 6 November 20251 M Murie (Appointed 23 April 20251 (Appointed 29 January 20261 (Appointed 17 December 20251 E Henry J Mitchell A Tre5adern A Foster (Appolnted IS November 20251 (Scotlandl Charlty reglstratlon Scotland SC052681 Re8lstered 4)ffl¢• 14 Market House Lerwick Shetland ZEI OJP Independent e¥•mlner Thyme Tax & kcountsry Ltd 36An8u5fv&ld Avenue Aberdeen United Kingdom AB15 6Aa
OPEN SCIO CONTENTS Page TrustÈes' report Independent exarniner's report statement ol flnancial activities Statement of flnancial position Notes to the linantial statements 5-11
OPEN SCIO TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2026 The trustees present their annual rewrt and financial staiements for the yearended 31 March 2026. The financial ststements hève been prepared in ac£ordancÈ with the a£countin8 policies set out In note I to the flnanclal statements and comply with the charity's govÈrninB documenL the Companies Att 2(K>6 the Charities and Trustee Investment Iscotlandl Act 2(K)5, the Charities Accounts15cotlandl Regulations 2006. FRS 102 Yhe Financial Rew>rtin8 Standard 8pplicable In the UK and Republic of Ireland. and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Oble¢tlves •nd adlvltles OPEN'S vision 15 to make Shetland a place where youn8 people thrwe Our ambition is to cultivate a youth-led environrnent in Shetland where youn8 people can thrive. Embracin8 a holistic approach. we airn to add55 the challen8e5 faced by youn8 people arid e5tsblish a comprehensive framework for positive chan8e. We hi8hly value collaborative relationships and are committed to working together. What we want to achieve.. • Shetland'5 young people feel more connected, valued, 3n(J heard on issues that matter to them • Young people a iThlormed and empowered to develop strength and wellbeing . Sy5terns, policy and pra¢ti¢e better reflect the priorities of Shetland's young people • Shetland's young people have influence throuah leadership roles and partnership working OPEN'S Services.. Peer Education Peer Mentorin8 Peer Research O) Cafe - drop in space for youn8 people Youth Infr*rrnatlOA Publlc benefit The trustees have pald due regard to guldance Issued by the Charlty CommlssloTh in decidlng what artlvitles the charlty should undertake. Flnanclal revlew Reserves policy It is the policy of the charity that unrestricted lunds which have not been designated for a specific use should be malntèlned at a level equivalent to between three and six month's expenditure. The trustees consider that reserves at this level will ensure that, In the event of a sl8nificant drop in fundin& they will be able to continue the charity's current activities whlle consideratlon is glven to ways in whlch 3ddStlonal lunds may be ralsed. Thls level ol reserves has been malntalned throughout the year. The charity has £232,443 reseNes as at 31 March 2026. After deduction ol ttritted reserves of É188.023 the tharity has £44,420 unrestricted reserves. The tru5tees' report was appro¥ed by the 8oard of Trustees. J Carlye Tru51ee 11 lune 2026
OPEN SCIO INDEPENOENT EXAMINER'S REPORT TO THE TRUSTEES OF OPEN SCIO I report on the flnancial statements of charityfor tareThed 31 March 2026. which are set out on pages 3 to 11. Responsibilities and basis of report The charity tru5teesl are responsible for the preparation of the finarfial ttÈtements in accordance with the terms of the Charities arid Trustee InvestmÈnt15totlandl Art 21X>5 and the Charities ktounts Istotlandl Regulations 2006.The tharity trustees consider that the audit requirement of Re8ulation I¢Mlllal-l¢l of the Charities Attounts1Scotlandl RÈgulations 2006 does not èpply. It Is my responslbility to examine the financial statements as required under sertion 44llllcl of the Charities and Trustee Investment (Scotlandl Act 2CK)5 and to state whether particular matters have come to my attentn. Independefit examlner's aternent Slnce the charlty hès ppared its financlal statements on an accruals basis and Is also registered in Scotland. the Independent examiner must be a member ol a tr)dy listed Regulation 11121 of the Charltles Accounts Iscotlandl Regulatlons 2006. 1 confirm that l èm qualified to undertake the examination because l am a member of ACCA. which Is one of the Ilsted bodles. In the course of my exarnination. no matter ha5 come to my attention . which gives me reasonable cause to lie¥* that in any material resFect the requirements.. to keep accountin8 records in accordance with Section 44llllal of the Charities and Trustee Investment (Scotlandl Act 2005 and Regulation 4 of the Charities Accounts (Scotlandl Re8ulation5 2006, and to prepare financial 5tatement5 whKh accord with the accountinB records and comply with Re8ulatitsn 8 01 the Charitie5 Aceounts Iscotlahdl Re8vlation$ 21J)6 have not been met, or 2. to which, in My opinion. attention shId be drawn in order to enable a proper understandin8 of the finan¢lal staiemenis to be reached. accountin8 records were not kept in respect ol the charity as required by section 386 of the Companies Act 2006. the financial starements do not accord with those records., or the financial 5tstements do not cornply with the accounting qUirementS of sectitsn 396 of the Companie5 Act 2006 other than any QUireMent that the financial 5teNts give ¥ true and fair wew, which is not a rnatter considered as part of an independent examination: or the flnanclal statements ha not beeTr prepared In accordance wilh the methods and principles of the Statement of Recommended Practice fo¥ accounting and reporting by chariiies applicable ro chariiies preparin8 their financlal statement5 In accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern5 arid have come acr055 no other matters irb connection with the exarnination to which attention should l)e drawii iii this rewrt in order to enable a proper understanding of the financial statements to be reached. Wilma A Sim FCCA Thyme Tax & Accountsncy Ltd 36 Angusfield Avenue Aberdeen A815 6AQ Dated.. 11 June 2026
OPEN SCIO sfATEMENT OF FINANCIAL ACtIVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2026 Restated Unre#rirted funds 2026 Resirirted fvnds 2026 T•1 Unresidrted fvnds 2025 Re#rftted fund5 2025 Total 2026 2025 Notes Income from.. Donations and lega¢ies 291.427 3.670 292.027 12.138 1.452 7.538 2,805 2.853 204,315 211,853 2,805 2,853 Investments 1.452 Total Income 10.520 295,097 305.617 13,196 204.315 217,511 Expendlture on: 9.204 175,561 184.765 191,057 197,861 Total expendlture 9.204 175,561 184.765 191.057 197,861 Net Income and movement In fuThds 1,316 119,536 120.852 6,392 13,258 19,650 R•¢on¢llla¢ion of fund$'. Fund balances at l April 2025 43.104 68,487 111.591 36,712 55.229 91,941 Fund balan£e5 a131 Mah 2026 44.420 188,023 232.443 43,104 68,487 111,591 The statement of flnancial attivhies includes all gains and losses recognised In the year. All Income and exPendUre derive from continuing activities.
OPEN SCIO sfATEMENT OF FINANCIAL POSITION ASAT31 MARCH2026 2026 2025 Notes Current assets Cash at bank and in hand 232.743 111.891 Current Ilabllitles io 13001 Net current assets 232,443 111,591 The funds olihe ¢h•rltv Restricted income funds Unrestri¢tetl funds 12 13 188,023 44,420 68,487 43,104 232.443 111,591 The members have not requlred the compaThy to obtain an audr( of its linancial statements for the year In question In accordance with section 476. The financlal ststements were approved by the trustees on 11 June 2026 J Carlye Trustee
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles Charity inforniation Open is a Scottish Chartable Incorporated Organisation ISCIOI . The 81#ed office 1$ 14 Market House, Lenvi¢k, Shetland. ZEI OUR. 1.1 Bas15 of preparatlon The financièl statements have been prÈpared in a£tordance with the charity's governin8 document. thÈ CompaniÈs Act 2006 the Charities ènd Trustee InvestmÈTht Ikotlandl Att 21K>5, the CharitiÈs Accounts (Scotlandl Regulations 2006, FRS 102 'The Financial Reporting sthndard èpplicable in the UK and Republic of Ireland and the Chèrities 50RP 'Accounting and Reporting by Charities-. Statement of Recommended Prartice applicable to charities preparlng thelr accounts In accordance with the Financial Reporting Standard applicab in the UK and Rewblic of Ireland IFRS 1021" The charlty Is Public Benefit Entity as defined by FRS 102. The charSty has taken advantage of the provlsfjons in the SORP lor charities not to prepare 3 ststement of cash flows. The flnan<lal statemenis a prepared In sierlin& whth is the funttional CUrncY ol ihe charlty. Moneiary amounts In these flnanclal statemenis are rounded iothe nearest É. The fln•nclal 5taternent5 have been prered under the historical t05t con¥entitsn, Imodrfied to include the revaluation of freehold properties and to inclytle investrnent properties and certain finaN¢ial instruments at fair valuel. The principal accountin£ policies adopted are set out below. 1.2 Golng concern At the time of approving the fIncl31 statements, the irustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence For the foreseeable future. Thus the trustees contlnue to adopt the golng concern basls of accounting In preparing the linancial statements. 1.3 Ch¥rltablt lunds Unrestritted funds are avallable for use at the discretion of the trustees In furtherance of their charitable oblectlves. Restrlcted funds are subject to specifK conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the rte5 to the finarKial statement5. 1.4 Income Incorne is recognised when the chafity is leIty entitled to tt afteT any perfomi•n¢e conditions have been met, the amounts be measured reliably. and it is probable that Ime will be weived. Cash donètions are reco8nised on elpt. Other donatM)ns are reco8nised once the charity has been notrfied of the don8fion, unless performance condrtions require defertsl of the amount. Income tax recoverable in relation to don8fions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or oiherwise if the charity has been norrfied of an impending distribution. the amount is known, and receipt 15 expected. If the amouni is not known. Ihe legacy is treated as a coniinEent asset.
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accounting policies Icontinuedl 1.5 Expendlture E¥penditure Is recognised once there is a legal or constructive obli8atioTh to transfer economic benefit to a third party, it 15 probable that a transfer of economic benefits will be required in settlemenL and the amount of the obligation can be measured reliablv. Expenditure is classified by activity. The costs of each activity are made up of the totsl of direct Costs and shad costs, including support Costs involved in undertaking each activity- Dirert Costs attributsble to a single activity are allocated directly to that artivity. Shared costs which contribute io rn0 than one activity and sUPtK)rt Costs which a not attributable to a single artivity a apport)ned between ¢h¢he artNities on a ba515 consistent with the use of $our¢e5. Central staff costs are allocated on ihe basis of time spent. and dePCl8t10n charges a all(Kated on the portlon of the asset's use. 1.6 Cash and cash equlvalents Cash and cash equivalents include (ash in hand. deposits held ai call with banks, other short-term liquid Investments wlth orlginal maturities of three months or less, and bank overdrafts. 8ank overdrafts a shown within borrowlngs In Income Irom donatlon5 and lepde5 Unre#rlrt•d funds 2026 Tot•1 Unresidrted funds 2025 ReMrt¢ted fund5 2025 Total funds 2026 2026 2025 Donations and gifts Grants 1,310 6,228 1,310 210,543 291.427 291,427 204,315 291,427 292.027 7.538 204,315 211,853 In¢ome from ¢h•rftable Unre5trlcted funds Re5trirted funds Total Unre5trf(ted nds Re5trlcted funds Total Z026 Z026 IOZ6 2025 2025 2025 Other income 3.670 12.138 2.805 2,805
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Income from Investments Unrestricted funds Unrestricted funds 2026 2025 Interest ¢t1¥able 1.452 2,853 Expendllure on charftable artl¥l¢ie5 2026 2025 Dlred costs Staff c05t5 Research Board costs Training khool delbvery Open meetln8S Da cafe Mana8ernent Costs Project overheads 145.108 14.861 654 388 49 877 960 3,717 13001 7.440 9.374 1.337 148,962 17,138 3,064 500 309 1,665 5,762 1,522 3,800 7,596 5,935 1,308 Sundry Insurance 184.465 197,561 Share of support and governance coAs1see note 61 Governance 300 300 184.765 197,861 Analy515 by lund Unrestritted funds Restricted fund5 9.204 175,561 6,804 191,057 184.765 197,861
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Support costs allocated to actlvltles 2026 2025 Governance costs 300 300 Analysed between: Indpendent examinatio 300 300 Trustees None of the trustees lor ar)y persons conneued with theml CeIVed any mneratiOn or beneflts from the Charlty durlng the year. Employee5 The average monrhty nymber ol employees durin8 yearwas.. 2026 Number 2025 Number Employment Costs 2026 2025 Wages and salaries Social security Costs Other pension costs 131.936 4.634 8.538 136,250 6,370 6,342 145.108 148,962 There were no ernployee5 whose annual remuneration was more than £60,(. Taxatlon The charity is exempt from taXatn on its activrLies cauSe all its irKome is applied for charitable purposes. 10 Curreht liabilities 2026 2025 Accruals and deferred Income 300 300
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 li Retlrement benefft schemes 2016 2025 Defined contribution schemes Ch3r8e to profit or1055 in respect ol delined contribution schemes 8.538 6,342 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independentlyadminisiered fund. 12 Re51rlcted fund5 The restricted funds of the ¢harlty comprise the unexpended balances ol donatlons and grants held on trust subject to speclflc condltions bydonors as io h¢)w they may be used. At l Aprll IOZ5 In¢omln£ At 31 Mar¢h 2026 •xpend•d 13011 1,215 2.632 $42 5,338 36,056 3,305 6.631 4.336 3,233 20,0 11,238 40.orA) 13,OC() 12,094 50.OC(I S3,81J) 27.OfA) 19,694 107 SIC CS Fund shetland Charitable Trust Fund SADP Fund Ystart Fund ESME Fund Ideas Fund RT Fvnd VAS Fund Da cafe fund 112,3461 137,4401 113,0401 121.8321 136,3331 138.4371 111,4811 11.4601 5,192 502 14,4001 49,723 18,668 22,150 2,876 3,233 8,326 2,142 227 VAS CMHW Fund Coop Fund YIN Fund SCBF Fund 11,6741 1.642 1,740 59.583 11.5131 59,583 68,487 295.097 1175,5611 188,023
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 12 Restrided lunds Icontinuedl Prevlous year: At l Aprfl 2024 In£omln8 resources Resources expended At 31 March 2025 13001 117,0231 130,4591 112,4751 130.3081 144,7391 127,3921 120,3691 14.7841 13.2081 13001 1,21S 2,632 542 5,337 36,056 3,305 6,631 4,336 3,233 5,000 500 SIC CS Fund shetland Charitsble Trust Fund SADP Fund Ystart Fund ESME Fund Ideas Fund RT Fvnd VAS Funf Da cafe funf VAS CMHW Fund Coop Fund 18,238 32,9rA) 13.OLXI 30,650 50,OC(I 27,027 27.CKA) 191 17 4,995 30,795 3,670 9,120 6,441 55.229 204,315 1191,0571 68,487 13 Unrestrlcted funds The unre5trlcted funds of the charity eomprise the Ljnexpended batsfiees of dofiations and grnnt5 which are not subjert to Specific condition5 by donors and 8rantors as to how they fflay be used. These Include desi8nated fund5 whlch have been Set aside out of unrestricted fund5 by the trustee5 for Specific purposes. At l Aprbl 2025 Incomln¥ resources ResoL4rce5 expended At 31 March 2026 General fund5 43.104 10.520 19,2041 44,420 Pre¥lous year: At l Aprbl 2024 Incomlnl resources Resource5 expended At 31 March 2025 General fund5 36.712 13.196 16,8041 43,104 10-
OPEN SCIO NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 14 Analysls of net assets between funds UnrwrSrted fvnds RÈstrftted funds Total Z026 2OZ6 20Z6 At 31 March 2026: Current assets/lliabilitiesl 44,420 188,023 232,443 44,420 188,023 232,443 Unreslrkted fvnds 1015 Re¥rl¢ted fund5 20Z5 Toi•l 2025 At 31 March 2025= Current assets/lliabilitiesl 43,104 68,487 111,591 43.104 68,487 111,591 15 Aelated party tr•nsortions There were no disclosable related party transactions durin8 the year1202S- nonel.