**Charity registration number SC053097 (Scotland)**
## **KILMOLUAG LIOSMOR**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025**
## **KILMOLUAG LIOSMOR**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
(Appointed 8 September 2025)
**Charity number (Scotland)**
SC053097
## **KILMOLUAG LIOSMOR**
## **CONTENTS**
||**Page**|
|---|---|
|report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 9|
## **KILMOLUAG LIOSMOR**
## **REPORT**
## _**FOR THE YEAR ENDED 31 JANUARY 2025**_
The trustees present their annual report and financial statements for the year ended 31 January 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable 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 (FRS 102)".
## **Objectives and activities**
The Organisation's main purpose is consistent with furthering the achievement of sustainable development. The Organisation's Purposes are:
The protection, maintenance and sustainable use of the Cathedral Church of St Moluag building and Church House for the benefit of the Community, compatible with the site's historic importance and spiritual history. To promote and raise awareness and understanding of the archaeology, heritage and spiritual history of the Church and its surroundings, and its importance in a national context.
The advancement of the arts, heritage, culture and / or science through the creation, improvement and on-going support of associated sites, infrastructure and activities.
To stimulate interest in, and care for, the beauty, character and environment of Lismore.
To encourage the preservation, development and improvement of the island's features of general public amenity or historic interest The advancement of education, lifelong learning and skills development through the creation of, and support for, education and training infrastructure and activities.
The advancement of citizenship and civic virtue by raising awareness of the historical and cultural significance of Lios Mor and engendering Pride of Place; by promoting understanding of human impacts on landscape and environment; and by providing and promoting opportunities for active involvement in the protection of natural, cultural and built heritage.
In pursuance of the above objects and as a means of generating funds to support its activities the organisation will engage in the ownership, leasing and management of land, buildings, vehicles and other community assets.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_ **Financial review**
## _Reserves policy_
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained 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 significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## **Structure, governance and management**
The charity is a SCIO (Scottish Charitable Incorporated Organisation) and as such is governed by its constitution.
- 1 -
KILMOLUAG LIOSMOR
REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY2025
Th? trust$ who served during the year and up lo the date of signature of the financial statements were..
(Resigned 10 April 20251
IAppointed 10 April 2025 and resigned 6 August 20251
IAppoint¢d 8 S¢pt¢mb¢r 20251
Tho compan1$ euryonl policy conc¢rning the payment ol trade er¢dilors 1$ to:
5ettl8 the terms of payment with suppliers when agreeing the terms of each trnCtIon.,
ensuro that suppliers aro mad• aware of th• torm5 of payment by inclusion of tho rohvanl temis in contracts,.
and
pay in accordanc• with th8 companys contractual and olhar Lggal obligatKins.
Organi$ational stnKture
IDolail$ of OrganitIonal $tru¢ture.I
Trustee
24 Octob8r 2025
## **KILMOLUAG LIOSMOR**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KILMOLUAG LIOSMOR**
I report on the financial statements of the charity for the year ended 31 January 2025, which are set out on pages 4 to 9.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning 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 an audit opinion on the view given by the financial statements.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
24 October 2025
- 3 -
## **KILMOLUAG LIOSMOR**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 JANUARY 2025**_
|||**Unrestricted**|
|---|---|---|
|||**funds**|
|||**2025**|
||**Notes**|**£**|
|**Income from:**|||
|Donations and legacies|**3**|680|
|**Total income**||680|
|**Expenditure on:**|||
|Charitable activities|**4**|330|
|**Total expenditure**||330|
|**Net income and movement in funds**||350|
|**Reconciliation of funds:**|||
|Fund balances at 1 February 2024||-|
|**Fund balances at 31 January 2025**||350|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **KILMOLUAG LIOSMOR**
## **BALANCE SHEET**
## _**AS AT 31 JANUARY 2025**_
|**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**9**
**Net current assets**
**The funds of the charity**
Unrestricted funds
**10**
The financial statements were approved by the trustees on 24 October 2025
**Trustee**|**2025**
**£**
680
(330)|**£**
350|
|---|---|---|
|||350|
|||350|
||||
- 5 -
## **KILMOLUAG LIOSMOR**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 JANUARY 2025**_
## **1 Accounting policies**
## **Charity information**
Kilmoluag Liosmor is a SCIO (Scottish Charitable Incorporated Organisation) and as such is governed by its constitution.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable 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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific 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 notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 6 -
## **KILMOLUAG LIOSMOR**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.7 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
- 7 -
## **KILMOLUAG LIOSMOR**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**||
||**£**|**£**|
|Donations and gifts|680|-|
## **4 Expenditure on charitable activities**
|||**Kilmoluag**|
|---|---|---|
|||**Liosmor**|
|||**2025**|
|||**£**|
||**Direct costs**||
||Accountancy|330|
||**Analysis by fund**||
||Unrestricted funds|330|
|**5**|**Net movement in funds**|**2025**|
|||**£**|
||The net movement in funds is stated after charging/(crediting):||
||Fees payable for the independent examination of the charity's financial statements|-|
## **6 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
- 8 -
## **KILMOLUAG LIOSMOR**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 JANUARY 2025**_
## **7 Employees**
The average monthly number of employees during the year was:
||**2025**|
|---|---|
||**Number**|
|Total|-|
There were no employees whose annual remuneration was more than £60,000.
## **Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
## **8 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **9 Creditors: amounts falling due within one year**
||**2025**|
|---|---|
||**£**|
|Other creditors|330|
## **10 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At**|**1**|**February**|**Incoming**|**Resources**|**At**|**31**|**January**|
|---|---|---|---|---|---|---|---|---|
||||**2024**|**resources**|**expended**|||**2025**|
||||**£**|**£**|**£**|||**£**|
|General funds|||-|680|(330)|||350|
## **11 Related party transactions**
There were no disclosable related party transactions during the year ( - none).
- 9 -
Kilmoluag Liosmor SCIO:
SC053097
For the Year EDded31 Jan#•ry 2025
Date: 2911012025
Chair's/Trustees' Report
Itts vAthgreal enthuslasD Ihat wepresentthe firstAnnuaJ Reportfor lalmolua8 Uosnwrsao
SC053097, rnar1d the eod of owr Inauyral dnandai year (l Fobnwy ZWZ4 to 31 laouary 202S}.
R*ter¢d wlth the offi ofthe Scotilsh (fity R•r (l)SCR) 31 lauuary 2024. our SUO
Churth ofStNknl•a8 (th prts datingto the 13th ¢enliiryJ .
Our Purpose
Cathollu, Methodlsts.aThl orth10] have provlded full sllpportfor •ur mIsslo ensurf
Key Achievements in Year I
ac¢o•nts to Osal on tlme (d11th¢ m•twlthNtred fia8s).
. Strnte8lc Prory. oifer f•rmaltysubrnIt tothe rth ofscolland General Trusttts for
purchase of the CatIdral,eab1ed by a m*rprtvate donalloL Thts posltlons us at the ¢iisp
of tranrforniadveownersti
Theboard demonstrated reslllenceand collectlve respoDslbllltyJ approvltt8accouDts bymalorlry
voi¢ and ensurln8compllance.
Financial Review
Ourflm-year flnances reflerta prnden¢ low.rlskstsrtfi>cused on setsp costs:
Income
Donadw
Total Income
£680
AcCountcY Fee Q30
Toial Ezpendlture £330
Netsurpl
£350
BaIan¢eslt (asat31-10112025):
Cash at Bapk
£350
£350
Accounts were prepared In Ilne wlth OSCR requlrejnents, audltedlrevlewedas approprfate for our
srnle, and submltted 5uccessffu. Tbts surylus provldesa solld basefor p1$a(vld Full
Plans for the Year Ahead (2025/26)
l. Church Pur(kne Completlon (T•Tet Wlthln 9 Months):
. Upon *(C.TranSftroTher$btytD SCIOfortommunlty-l¢d stewardsb
2. PrnlertDevelopmentwlth ongoln8ComrnunltyConsultatlon (IntQTlm Prlortty):
' Prepradon of coDsullancybrlefiD&% followln8 copsuitsdons wlth a) Ar8yI] and Bute
CouDdl as the AuthoTIty P]anDlug Departmentand owner of the Im]Dedlatelyadlacent
cemeterfes re access andaD e5senllal fadlloes bulldfns and b) wlth Htstorlc EnvlTonm¢nt
S¢odand rewdlDg the Scbeduled mOnuDtttt¢ and B Usted Iwlldln8 •spe
. Ntskntajn Islalldde. andwlder- ew8ementon prnlert Implementallon for a raD8e
of compatlblefuture Iises (IDcludlD&berttage jnteTpretad0 eveDts, susIale tOllTtsm,
pllylma8e,aDdarf*rel4tedacdvldesJ.
. Kslabllsb a presenceto enable malorfun&ralsln8acdvldes to pthermo41trn
whlle worldngaloo8slde th¢ developnlltteM to make Jnafvr fulldlngapplludons on the
Imsls of tender$b¢d on consultsn¢$ reports and p]an&
3. DthtopnwntRoadm¥:
. Prfert developmenL a5 above.
. FuDdlng Drlve: SecureBr4nts for repalrs ald wlth8¢n¢rnl fund.ralskn&
. Acuvllles laullth. IlerfM8t toiirs, ov•nts.Stklolua¥s Daycelebvallons.
. Gow1n¢¢ lffjkncements: Appolnt *ldldomal trustees,fornialtse polldes forasset
Bjsks & MIU&adons: rfsks oudlned atthe General M¢eUtt8wIII bemana8ed wlth
dlllgence each step ofcomwitmenlaplnstfvDdlDisucces5;and apwoprlately
lat¢dweTe Idemdfle
Governance & Responsibilities
• Mee¢ln8R x4 Board Meeiings held durfD8theperfod to 31*laDuary 202S. followed
by the Inau8ural Annual General Meet14 on Thursday IOthAprll 2025. attd aD open publlc
meetio8held ott theThursday May2025,and a spec Genernl M•eth8 to confi
sllpportforacqutsl¢lononThursday 19th Iwie Z025.
boArdme*doss ar• publlsh•d anduAb• found at
//151eDfiISmorOThllslIudrOyS/cbr.tllrn
. Accowitsapproved 31Vb Octtsber2025
avoSdl#8 coDalcts,alld prforlttslD8tht (barfty.
• Nextstw Board 9ppnm of thls reporton Thursday30•1ktober202&
Looking Forward
Year I has lald stronzfoundattoms. Wlth communitypasslon and strate*cMomenli iaimolua8
Lfosmorwlll transforn Usrnore'sbtstorlc heartknto a IaC0 olberfts8e, learnIalld prlde for
ierntlon&
Thallky•u foryoprdedkalloTh lrtsmth 2025126 •urbTrakthr* yearl
Appml 1•v0[theBa.
er