The trustees present their report and financial statements for the group and parent charitable company for the year ended 31 March 2026.
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' Memorandum and Article of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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) (effective 1 January 2019)".
The objects of the charity are set out in the company’s Memorandum of Association:
the preservation for the public benefit of the Applecross Estate, thereby maintaining its unique and historic character;
the promotion of the environmental protection or improvement of the amenities of the Applecross Estate for the public benefit;
facilitating and encouraging access to and appreciation of the Applecross Estate by the local community and the general public; and
facilitating and encouraging at the Applecross Estate, for the public benefit, such activities as shall be for the advancement of education, arts, heritage, culture and science or in the interests of social welfare.
The criteria used to assess success in the reporting period
The trustees seek to conserve and enhance the landscape and the infrastructure and buildings on the estate and to sustain and support its traditional enterprises, so as to maintain it as a place of inspiration for the general public and those who live and work there, whilst at the same time ensuring that the financial resources of the charity remain at a level which sustain that aspiration.
The Trust responded to a consultation initiated by The Scottish Government on various aspects of Land Reform.
The Trust’s Risk Register was reviewed, no additions or changes were thought necessary. A survey of trees close to paths, roads and public areas continues to be reviewed.
The formal objects of the charity are restated in the Estate Development Plan and are delivered under three themes:
Theme One
“The Applecross Trust is committed to the conservation and enhancement of the unique character of the Applecross Peninsula for the benefit of both those who live and work there, and also of those who visit to enjoy its wild beauty and cultural heritage”.
Key elements under this theme include:
Nature Conservation
Deer are controlled in a traditional way with the objective of keeping herd numbers at sustainable levels with an equal balance of stags and hinds.
The Trust engaged with the South West Ross Deer Management Group and other interested parties on the development of a formal Deer Plan which will continue to achieve this objective in future years.
The Trust achieved Wildlife Estates Scotland accreditation in February 2023, and is working to maintain the targets set for review after five years. Work for formal re-accreditation has commenced.
A deer count, carried out on foot in Spring 2025, recorded 368 stags, 449 hinds and 150 calves. This information informed deer population modelling and subsequent cull targets for the year.
The Applecross River continues to be monitored annually. Wester Ross Fisheries Trust carry out sweep netting on the Applecross River to catch and check fish for lice.
Review of the 10-year Forest Plan concluded during 2026. This coincided with Crosscut Forestry Ltd taking on the Woodland consultancy role from Brambletree Management Ltd. On-going rhododendron control took place through the Summer and control of spruce and lodgepole pine volunteer plants from Gateway Wood continued to be removed.
Historic Buildings
Following a public consultation on the future use of the Steading and other buildings a working group was formed with local representatives who are continuing to consider various proposals. The Applecross Restoration Advisory Group (ARAG) involved Trust and Community representatives and met periodically throughout the year to discuss and monitor progress on the Steading Plan.
Helen Smith, Rowantree Consulting, was employed to carry out further consultations with the community, help develop a feasibility plan and subsequently look for restoration funding sources.
Work on repointing and stabilisation of the walls surrounding the Walled Garden continued through the summer months and work got underway to mould new wrought iron gates.
The majority of works were completed to the Grieve’s House renovation with a new tenant being allocated post year end.
Conversion and renovation of Clachan workshop to a retail facility was completed during the year.
Works to the new office in the Applecross House East Wing were completed and the facility in use.
A new treatment plant and tank facility were installed to improve the quality of private water supply across the Estate.
Theme Two
“Protection of the rare and fragile environment of the Peninsula is a major element, against which the introduction of sensitive access provision and services for the general public is to be balanced”.
Key elements under this theme include:
Trust staff continue to undertake maintenance work to paths across the estate.
Meetings with crofters continue the process of developing crofting policies.
Green Energy Production
The existing hydro-electric schemes at Kishorn and Inverbain continue to operate successfully in parallel with the community owned scheme near the Steading.
A 2-megawatt hydro-electric scheme on crofting townships’ common grazing's at Allt na Moine secured a connection to the grid and works took place to install a long distance Private Wire to Kishorn where the hydro output is to be used to power the Bakkafrost Scotland Fish Farm.
Telecommunications
The Trust is engaging with developers and planners to ensure that any future developments balance effective communications with care for the natural environment.
Theme Three
“In so far as compatible with and complementary to the other themes, the Trust also seeks to join with others to encourage and support activities on the Peninsula which promote the wellbeing of the community and the wider public, and an understanding and appreciation of local traditions and culture”.
Key elements under this theme include:
Community Engagement
The Community Forum, established in May 2018 has been chaired by Jon Glover, who intimated that he is standing down after the next meeting. The Trust appreciates Jon’s significant input and looks forward to working with a new Chair in due course. Trustees are invited to participate in meetings.
Work on a new handling area for the fold of Highland Cattle is complete. There is continued success at the Highland Cattle Society’s Autumn sales at Oban.
Holiday lets and tourism
In addition to the Trust’s own four holiday cottages. the Trust’s subsidiary Hartfield Applecross Limited runs the Hartfield House Hostel. Upgrade works to the holiday letting properties continues annually.
Hartfield Applecross Limited had another largely successful year, despite a bleak winter season.
Significant investment was made in improvements and renovations to the fabric of the building. It is recognised and understood these costs will result in significant losses in the early years of the business, but cash flow and forecasts continue to indicate the viability of the business over the coming years.
The Trust continued to participate in the local tourism group until Jessica Whistance left her role as Marketing Manager in March 2026. She had done much to maintain the group which had proved an effective vehicle for business communications in Applecross from the Covid period. The Trust continues to focus on helping to improve facilities for visitors.
Commercial lettings
The Trust endeavours to encourage and support local enterprise as part of wider common desire to grow and sustain the community.
The rental income from key businesses is an important element in the funding of the Trust.
There was significant activity at Kishorn Dry Dock where quarrying of the dry dock secured a larger working dock, capable of accommodating larger vessels; the quarried rock being used for land reclamation and docking. Bakkafrost has greatly expanded its onshore hatchery.
Agreement was reached with Leiths (Scotland) Ltd over a review of commercial terms.
Financial review
Principal funding sources
The parent charity accepts donations, but its main sources of funding are from income derived from its own activities. The parent charity’s principal revenue generating activities are commercial and residential rents, royalties and wayleaves, as well as the sale of game and livestock. The total income from all of these sources was £1,035,965 (2025: £778,610)
Dividend income from the parent charity’s investment portfolio and interest on cash deposits totalled £62,140 (2025: £65,495) a decrease of £3,355 compared to the previous year.
The total unrestricted funds of the group as at 31 March 2026 stood at £6,757,194. The comparable figure as at 31 March 2025 was £6,286,890 and the trustees are pleased with the progress made during the year.
These total funds include the charity’s heritable property, the bulk of which is to be held in perpetuity.
Going concern
The trustees have formally reviewed the financial position of the charity as at the date that these accounts are signed, together with budgets and cash flow projections for the following twelve months, and also the principal funding sources and the reserves policy referred to above, and are satisfied that these accounts can be prepared on a going concern basis.
Reserves policy
In view of the ongoing commitments of the charity, it is the policy of the trustees to maintain its free reserves at a level which equates to at least three months’ average expenditure, which is £207,436, plus sufficient funds to meet commitments in respect of ongoing building and conservation projects. The trustees have power to resort to capital from the investment portfolio to further the aims of the charity at any time.
Significant risks and uncertainties
The trustees have formally reviewed the major strategic, business and operational risks which the charity faces, including those faced by Hartfield Applecross Limited, and they believe that those risks are appropriately contained in the context of asset backing, the nature and pattern of activities and the contractual arrangements associated with them, and compliance with current safety and employment legislation.
Land Reform
The trustees have engaged with the Scottish Land Commission in developing appropriate policies and on related issues. The retiring Chairman participated in a small pilot for a Self Assessment Review with a view to evaluating the extent of compliance with good landholding practices and protocols. The Trust was also the subject of a complimentary case study commissioned by the Commission on The Role of Land in Enabling new Housing Supply in Rural Scotland.
A continuing dialogue with the local community is a key element of the Estate Development Plan, and will assist in minimising potential risks going forward.
Cash Flow
The trustees are satisfied that the Trust’s rental income is sufficiently well diversified across commercial, long term residential, holiday and other sectors, augmented by royalties, so as to withstand any one particular adverse seasonal or economic event, and that the spread of investments in the Trust’s portfolio across UK and international equities and bonds, and hedge funds, should mitigate any loss of available income in the event of a change of market conditions.
However, they are conscious of the historic reliance on grants under the Scottish Government’s Rural Priorities scheme and on other subsidies for forestry, farming and wildlife management, and will endeavour to reduce that dependence.
Strict budgetary control is exercised to ensure that the ongoing maintenance programme remains affordable, and that new projects are costed and scheduled within achievable timescales and with a presumption against borrowing.
Over reliance on key personnel
The trustees are very conscious of operating with a small team of key personnel, and of their reliance on the services of the current Administrator in particular.. Working practices are regularly reviewed and a staff handbook provided to each employee.
The Trust’s disaster recovery plan was reviewed and is held at a separate secure location, together with a comprehensive operations manual.
Arrangements for setting the pay and remuneration of key management personnel
The contract with D A MacLellan as the Trust’s Administrator is subject to bi-annual review by the Trustees. The remuneration of other key management personnel is reviewed by the Trustees annually by reference to the publications issued by Scottish Agricultural Wages Board, and local comparisons.
Plans for the future
The ongoing programmes already initiated will be continued. An increased focus will be given to Nature Conservation and Science and Education as referred to above
Other major projects in prospect include the establishment of a comprehensive tourist strategy, the operation and development of the Hartfield Hostel complex by Hartfield Applecross Limited, the renovation and conversion of the old Steading near the Campsite and the re-use of the existing stores, workshops and Victorian Kennels. Delivery of these projects will be scheduled within the cash flow budgetary constraints referred to above.
Governing document
The Trust is a charitable company, limited by guarantee. It was incorporated on 28 December 2005, and its charitable status was confirmed by H M Revenue & Customs by way of charity recognition letter dated 6 February 2006. The company's Memorandum and Articles of Association reflect the objects and powers set out in the Deed of Trust dated 2 September 1992, registered in the books of Council and Session on 13 November 1992, under which the present charity was established. The management of the Trust is now the responsibility of the trustees of the charitable company.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Recruitment and appointment of trustees
The rules governing the appointment of trustees are laid down in the company's Articles of Association. Those holding trustee positions have experience in legal matters, land management, the provision of social housing, crofting and project management, and all live in Scotland and/or have long standing connections with Applecross. It is anticipated that any future appointments will complement the abilities already held by the present trustees. Trustees are given an induction pack and receive appropriate training as considered necessary.
During the year Malcolm Taylor TD DL MAFRICS ACl Arb was elected as Chair, to replace Kenneth McDiarmid.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Related parties
The Trust holds 100% of the issued share capital of Hartfield Applecross Limited, which is involved in the operation of a youth hostel in order to raise funds to support the work of the Trust.
The trustees, who are also the directors of The Applecross Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.
In accordance with the company's articles, a resolution proposing that MacKenzie Kerr Limited be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of The Applecross Trust (the 'charitable group' and 'charitable company’) for the year ended 31 March 2026 which comprise the consolidated statement of financial activities, the parent charity statement of financial activities, the consolidated balance sheet, the parent charity balance sheet, the consolidated statement of cash flows, the parent charity statement of cash flows and notes to the consolidated financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 33 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 obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the group and the parent charitable company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors and management, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and the parent charitable company by discussions with management and updating our understanding of the sector in which the group and parent charitable company operates.
Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the group and charitable company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the group and charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the Responsible Individual (RI) drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the RI's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
MacKenzie Kerr Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Applecross Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 5 Atholl Crescent, Edinburgh, EH3 8EJ.
The group consists of The Applecross Trust and its subsidiary Hartfield Applecross Limited.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to included investments at fair value. The principal accounting policies adopted are set out below.
These financial statements consolidate the results of the charitable company and it's subsidiary, Hartfield Applecross Limited, on a line by line basis.
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.
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.
Income from government and other grants, whether capital or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Overhead and support costs have been apportioned on an appropriate basis between Charitable Activities and Governance Costs.
Goodwill arising on the acquisition of subsidiary undertakings represents the excess of the fair value of the consideration over the fair value of the identifiable assets and liabilities acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill shall be considered to have a finite useful life, and shall be amortised on a systematic basis over its expected life, which is 10 years.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
The heritage assets relate to the land and buildings of the Applecross peninsula, which were gifted to the charity by the former landowner on its inception in 1992. The heritage assets are held at depreciated cost, cost representing the valuation attached to the assets on 28 December 2005 when the assets and liabilities of the unincorporated trust were acquired by the company.
Major improvements to the properties are treated as additions to heritage land and buildings in the year in which the expenditure is incurred. Other expenditure, which in the trustees' view is required to maintain the special character of the peninsula, is recognised in the statement of financial activities when it is incurred. Public access to the peninsula is permitted at all times.
In the parent charitable company financial statements, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in income and expenditure.
A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities,
Listed investments are stated at market value. Gains and losses on disposal and revaluation of listed investments are charged or credited to the statement of financial activities. Where there is a permanent diminution in the value of a listed investment, the loss arising is charged to the general reserve. No such charge is recorded in respect of temporary fluctuations in market values, which may result in a negative balance on the revaluation reserve.
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Stocks are stated at the lower of cost and net realisable value. Livestock is valued in accordance with HMRC guidelines.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Cash and cash equivalents include cash in hand, deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Debtors
Debtors do not carry interest and are stated at their nominal value. Appropriate allowances are made for estimated unrecoverable amounts, which are recognised in the statement of financial activities when there is objective evidence that the asset is impaired.
Trade creditors
Trade creditors are not interest bearing and are stated at their nominal value.
The cost of short-term employee benefits are recognised as a liability and an expense. 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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
The accounting treatment of the land and buildings owned by the charity requires judgements to be made. The land and buildings have been included in the accounts as heritage assets because the objective of the charity is to maintain the culture and nature of the peninsula, and that culture and nature is the land and buildings.
Depreciation is calculated based on an estimation of the assets expected useful lives. This requires assumptions to be made, which includes the condition of the assets, demand for the assets and expected level of use of the assets. Within the parent charitable company, depreciation of £129,965 was charged in the year, and the net book value of assets as at 31 March 2026 was £4,426,640. Within the group, depreciation of £137,210 was charged in the year, and the net book value of assets as at 31 March 2026 was £4,566,222.
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
Estate
Tourism
Sporting and conservation
Farm management
Community engagement
Sales
Rental income
Estate
Tourism
Sporting and conservation
Farm management
Community engagement
Sales
Rental income
Estate
Tourism
Sporting and conservation
Farm management
Community engagement
Sales
Rental income
Estate
Tourism
Sporting and conservation
Farm management
Community engagement
Sales
Rental income
Description of charitable activities
Estate
The Estate class involves management of the Trust’s range of heritage and commercial property and includes income and expenditure relating to residential, business, general infrastructure and renewable energy.
The Trust manages a sustainable deer population across the estate in conjunction with NatureScot and South West Ross Deer Management Group.
Deer numbers are maintained under a Government Agri-environmental programme and staff conduct regular Habitat Impact Assessments and estate-wide deer counts to monitor grazing impacts. The Trust works alongside local crofting townships – such as through the construction and maintenance of strategic deer fencing – to help prevent damage from grazing deer.
Tourism
The tourism enterprise primarily operates through the wholly owned subsidiary, Hartfield Applecross Ltd. The holiday rentals consist of 4 properties – Estate Office House, Bramble, Faoilinn and The Jam Factory.
Sporting and conservation
The Trust manages sensitive habitats across the estate and operates under accredited Wildlife Estates Scotland approval. Works include the control of invasive species and the maintenance of public footpath networks.
Farm management
The central feature of the farm is a 30 – 40 cow herd of Spring Calving Highland Cows. The cattle are utilised for targeted conservation grazing across in-bye and hill land. Cattle are of well known pedigree status and progeny are sold to the store or breeding markets.
Winter fodder is produced as grass silage from the Estate’s inbye land.
Woods
The Trust woodlands consist of plantation woodland from the 1970’s and also a mixture of native broadleaved woodland. The strategy focusses on environmental conservation, native reforestation and community partnerships.
Community engagement
The Trust works directly with community groups and partnerships and provides input to the maintenance of public spaces.
Other - Hartfield
A 4-star hostel and bunkhouse, provides for 50 bed spaces in a former lodge in Applecross glen.
Trading subsidiary cost of sales and administrative expenses
Investment management
Investment management
Estate
Tourism
Sporting and conservation
Farm management
Woods
Community engagement
Other
Direct costs
Overheads and administrative expenses
Estate
Tourism
Sporting and conservation
Farm management
Woods
Community engagement
Other
Direct costs
Overheads and administrative expenses
Estate
Tourism
Sporting and conservation
Farm management
Woods
Community engagement
Other
Direct costs
Overheads and administrative expenses
Estate
Tourism
Sporting and conservation
Farm management
Woods
Community engagement
Other
Direct costs
Overheads and administrative expenses
Management and administration fee
IT and office costs
Legal and professional
Trustees' travelling expenses
Management and administration fee
IT and office costs
Legal and professional
Trustees' travelling expenses
None of the trustees (or any persons connected with them) received any remuneration during the year, but 5 (2025 - 3) of the trustees were reimbursed for expenses totalling £5,724 (2025 - £2,524) in relation to travel expenses incurred to and from trustee meetings. There was also a NFU Trustee Liability insurance policy taken out during the year to cover the period 02.04.26 to 01.04.26 costing £1,086.
The average monthly number of employees during the year was:
Key management personnel is considered to be the Manager of Hartfield Applecross Limited, whose salary is included in employment costs, and the Trust Administrator, who did not receive remuneration during the year but did invoice the group for the provision of consultancy services. A total of £164,144 (2025 - £150,565) remuneration and consultancy services was paid to key management personnel in the year.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Deferred income is included in the financial statements as follows:
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 independently administered fund.
The unrestricted funds of the group and 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.
Revaluation reserve
Represents the increase in market value over the cost of fixed asset investments.
During the year the group and charity entered into the following transactions with related parties:
During the year sales were no sales made to Trustees.
The group and charity had no material debt during the year.
Details of the charity's subsidiaries at 31 March 2026 are as follows:
The investment in the subsidiary is stated at cost.
Registered office address: 5 Atholl Crescent, Edinburgh, EH3 8EJ.
In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements,