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COMPANY REGISTRATION NUMBER: SC137057
CHARITY REGISTRATION NUMBER: SC020150
Lochcarron Community Development Company
Company Limited by Guarantee
Unaudited Financial Statements
For the year ended
5 April 2023
Lochcarron Community Development Company
Company Limited by Guarantee
Financial Statements
Year ended 5 April 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
Lochcarron Community Development Company
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 5 April 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 5 April 2023 .
Reference and administrative details
Registered charity name
Lochcarron Community Development Company
Charity registration number
SC020150
Company registration number
SC137057
Principal office and registered
The Smithy Heritage Centre
office
Ribhuachan
Lochcarron
Strathcarron
Ross-shire
IV54 8YS
The trustees
Mrs H Rooke
Mr P Barr
Mr A Cormack
(Appointed 12 September 2022)
Miss A Mackay
(Appointed 12 September 2022)
Mrs H Murchison
Independent examiner
M J Macnab BSc, FCCA
Tulloch Street
Dingwall
Ross-shire
IV15 9JY
Structure, governance and management
Lochcarron Community Development Company incorporated on 11 March 1992 as a Company Limited by Guarantee and does not have any Share Capital. The Organisation is governed by its Memorandum and Articles of Association. The management of the Organisation is the responsibility of the Trustees who are elected under the terms of the Articles. A list of those serving is given above.
Objectives and activities
To manage community land and associated assets for the benefit of the Community and the public in general as an important part of the protection and sustainable development of Scotland's natural environment, where 'sustainable development' means development which meets the needs of the present without compromising the ability for future generations to meet their own needs. To advance the education of the Community about its environment, culture and/or history. To advance the arts, heritage, culture or science.
Achievements and performance
The last financial year was a challenging period for LCDC but we emerge more stable and have made progress in several key areas.
The biggest challenge we faced was the need to close down our wholly owned subsidiary, Cafe Ceardach Ltd, because of its continuing financial losses. At the beginning of the year, we hoped that the Cafe would start to make a profit as the pandemic came to an end, but by October 2022 it became clear that the company was still losing money. Since opening in 2019, the Cafe lost a total of £118,000, and wages continued to be greater than earnings. The Cafe was insolvent and LCDC was unable to continue subsidising its losses. After consulting our members and having meetings with the staff, as well as taking financial and legal advice, it was decided to wind up the company because it was insolvent and threatened the future of the parent company, LCDC.
On a more positive note, we completed the refencing of Kirkton Woodland in spring 2022 and had almost completed the replanting of 25 hectares by the end of March, 2023. This is a huge step forward for LCDC and means that we have met our obligations in regard to replanting. It will be some time before the new trees mature, but with good management the future looks bright for the woodland. During the year, an innovative project called the Digital Woodland explored the possibilities of using digital technology to bring the woodland alive and illustrate its history. Carried out in partnership with the UNESCO Wester Ross Biosphere and UHI, the project also earned £4,000 in revenues for LCDC.
During the year, LCDC also helped to launch the new community growing group, encouraging members to take the initiative and build links with other local organisations including the Howard Doris Centre, the primary school and the Adopt-A-Barrel Group. The group now has regular meetings and has won funding for a new polytunnel located at the Smithy Hub.
Two new tenants are now in place at the Smithy Hub. Freedom Framery moved in at the start of August 2022 and Lochcarron Weavers was preparing to move in to the building formerly occupied by the Cafe at the beginning of the new financial year after several months of discussions. Combined, these two new tenancies will generate a positive income, reversing the previous losses.
The affordable housing project is making slow progress. Planning permission was granted during the year but the project has been held up by further delays in the granting of Road Construction Consent (RCC). These delays also mean that LCDC is still not able to prepare for the sale of the four housing plots we will retain as part of the condition of the sale of the land.
Financial review
LCDC continues to be asset rich and cash poor, but by taking steps to wind up Café Ceárdach Ltd and find a new tenant for the building once occupied by the Café, the directors have improved revenues by turning a loss into a small profit.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 1 October 2023 and signed on behalf of the board of trustees by:
Mr P Barr
Director
Lochcarron Community Development Company
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Lochcarron Community Development Company
Year ended 5 April 2023
I report on the financial statements for the year ended 5 April 2023, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts 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) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks 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 accounts.
Independent examiner's statement
In connection with 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 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
M J Macnab BSc, FCCA Independent Examiner
Tulloch Street Dingwall Ross-shire IV15 9JY
1 October 2023
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 5 April 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income
Donations, legacies and grants
5
9,241
18,586
27,827
79,454
Charitable activities
6
4,000
4,000
Other trading activities
7
15,271
15,271
7,777
Investment income
8
589
--------
--------
--------
--------
Total income
28,512
18,586
47,098
87,820
--------
--------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of raising donations, legacies and grants
9
71,962
71,962
27,616
Expenditure of restricted funds
10,11
( 1,015)
( 65,657)
( 66,672)
( 55,426)
Other expenditure
12
( 3,999)
( 3,999)
--------
--------
---------
--------
Total expenditure
68,978
65,657
134,635
83,042
--------
--------
---------
--------
--------
--------
---------
--------
Net income less expenditure and net movement in funds
( 40,466)
( 47,071)
( 87,537)
4,778
--------
--------
---------
--------
Reconciliation of funds
Total funds brought forward
418,403
45,737
464,140
459,362
---------
--------
---------
---------
Total funds carried forward
377,937
( 1,334)
376,603
464,140
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Position
5 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible fixed assets
17
445,273
461,994
Current assets
Stock
18
3,118
3,118
Debtors
19
9,382
43,855
Cash at bank and in hand
15,560
10,522
--------
--------
28,060
57,495
Creditors: amounts falling due within one year
20
96,730
55,349
--------
--------
Net current liabilities
( 68,670)
2,146
---------
---------
Total assets less current liabilities
376,603
464,140
---------
---------
Funds of the charity
Restricted funds
( 1,334)
45,737
Unrestricted funds:
Revaluation reserve
50,000
50,000
Other unrestricted income funds
327,937
368,403
---------
---------
Total unrestricted funds
377,937
418,403
---------
---------
Total charity funds
22
376,603
464,140
---------
---------
For the year ending 5 April 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Position (continued)
5 April 2023
These financial statements were approved by the board of trustees and authorised for issue on 1 October 2023 , and are signed on behalf of the board by:
Mrs H Rooke
Director
Lochcarron Community Development Company
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 5 April 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is The Smithy Heritage Centre, Ribhuachan, Lochcarron, Strathcarron, Ross-shire, IV54 8YS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
Treehouse
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Company limited by guarantee
5. Donations, legacies and grants
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
8,741
8,741
Ospray Energy Ltd
500
500
Grants
Coastal Communities Fund
North Highlands Climate Hub
Digital Woodlands
15,717
15,717
HIE - Development Officer
Access and Enterprise Project
Highland Council
1,000
1,000
Forestry Commission
Robertson Trust
Green Shoots
Energy Savings Trust
HIE - other grants
1,819
1,819
Lochcarron Community Council
50
50
HLH - Think Health, Think Nature
-------
--------
--------
9,241
18,586
27,827
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Donations
100
100
Ospray Energy Ltd
1,500
1,500
Grants
Coastal Communities Fund
18,500
18,500
North Highlands Climate Hub
500
500
Digital Woodlands
HIE - Development Officer
20,876
20,876
Access and Enterprise Project
1,555
1,555
Highland Council
1,446
1,446
Forestry Commission
1,800
1,800
Robertson Trust
10,000
10,000
Green Shoots
10,000
10,000
Energy Savings Trust
1,488
1,488
HIE - other grants
1,819
1,819
Lochcarron Community Council
5,000
5,000
HLH - Think Health, Think Nature
4,870
4,870
-------
--------
--------
3,155
76,299
79,454
-------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Sale of goods/services as part of direct charitable activities
4,000
4,000
-------
-------
----
----
7. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Membership
120
120
40
40
Rent
15,151
15,151
7,515
7,515
Fundraising events
222
222
--------
--------
-------
-------
15,271
15,271
7,777
7,777
--------
--------
-------
-------
8. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Bank interest receivable
17
17
Bank interest refunded
572
572
----
----
----
----
589
589
----
----
----
----
9. Costs of raising donations, legacies and grants
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
General administration
71,962
71,962
27,616
27,616
--------
--------
--------
--------
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Local Development Officer
73
73
Kirkton Woodland Planting and Fencing
21,884
21,884
Health Walks and Befriending
Strategic Report
Think Health Think Nature
Climate Feis
389
389
Digital Woodland
12,737
12,737
Donations Expenditure
27,266
27,266
Woodland Classroom
Scottish Forestry Highlands & Islands Conservancy
2,243
2,243
Energy Savings Trust
1,065
1,066
Support costs
1,015
1,014
-------
--------
--------
1,015
65,657
66,672
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Local Development Officer
2,341
30,876
33,217
Kirkton Woodland Planting and Fencing
11,062
11,062
Health Walks and Befriending
1,446
1,446
Strategic Report
1,819
1,819
Think Health Think Nature
4,870
4,870
Climate Feis
Digital Woodland
Donations Expenditure
Woodland Classroom
500
500
Scottish Forestry Highlands & Islands Conservancy
Energy Savings Trust
1,488
1,488
Support costs
1,024
1,024
-------
--------
--------
3,365
52,061
55,426
-------
--------
--------
11. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Local Development Officer
73
73
33,217
Kirkton Woodland Planting and Fencing
21,884
21,884
11,062
Health Walks and Befriending
1,446
Strategic Report
1,819
Think Health Think Nature
4,870
Climate Feis
389
389
Digital Woodland
12,737
12,737
Donations Expenditure
27,266
27,266
Woodland Classroom
500
Scottish Forestry Highlands & Islands Conservancy
2,243
2,243
Energy Savings Trust
1,066
1,066
1,488
Governance costs
1,014
1,014
1,024
--------
-------
--------
--------
65,658
1,014
66,672
55,426
--------
-------
--------
--------
12. Other expenditure
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Loss on disposal of tangible fixed assets held for charity's own use
( 3,999)
( 3,999)
-------
-------
----
----
13. Net income less expenditure
Net income less expenditure is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
12,140
13,878
Gains on disposal of tangible fixed assets
(3,999)
Fees payable for the audit of the financial statements
1,014
1,024
--------
--------
14. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,015
1,025
-------
-------
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
28,498
Employer contributions to pension plans
1,892
----
--------
30,390
----
--------
The average head count of employees during the year was Nil (2022: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Local Development Officer
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
17. Tangible fixed assets
Land and buildings
Fixtures and fittings
Equipment
Tree House
Total
£
£
£
£
£
Cost
At 6 April 2022
511,519
46,507
4,144
30,000
592,170
Disposals
( 18,621)
( 18,621)
---------
--------
-------
--------
---------
At 5 April 2023
511,519
27,886
4,144
30,000
573,549
---------
--------
-------
--------
---------
Depreciation
At 6 April 2022
63,485
32,785
3,906
30,000
130,176
Charge for the year
8,686
3,430
24
12,140
Disposals
( 14,040)
( 14,040)
---------
--------
-------
--------
---------
At 5 April 2023
72,171
22,175
3,930
30,000
128,276
---------
--------
-------
--------
---------
Carrying amount
At 5 April 2023
439,348
5,711
214
445,273
---------
--------
-------
--------
---------
At 5 April 2022
448,034
13,722
238
461,994
---------
--------
-------
--------
---------
18. Stocks
2023
2022
£
£
Finished goods and goods for resale
3,118
3,118
-------
-------
19. Debtors
2023
2022
£
£
Trade debtors
3,943
23,464
Amounts owed by Kirkton Trading Ltd and café Ceardach Ltd
5,000
16,939
Other debtors
439
3,452
-------
--------
9,382
43,855
-------
--------
20. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,588
Trade creditors
26,142
5,349
Other creditors
50,000
50,000
--------
--------
96,730
55,349
--------
--------
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £Nil (2022: £ 1,892 ).
22. Analysis of charitable funds
Unrestricted funds
At 6 April 2022
Income
Expenditure
At 5 April 2023
£
£
£
£
General funds
44,087
28,512
(68,978)
3,621
Plot 1
60,000
60,000
Cafe Ceardach assets and improvements
264,316
264,316
Revaluation reserve
50,000
50,000
---------
--------
--------
---------
418,403
28,512
(68,978)
377,937
---------
--------
--------
---------
At 6 April 2021
Income
Expenditure
At 5 April 2022
£
£
£
£
General funds
63,547
11,521
(30,981)
44,087
Plot 1
60,000
60,000
Cafe Ceardach assets and improvements
264,316
264,316
Revaluation reserve
50,000
50,000
---------
--------
--------
---------
437,863
11,521
(30,981)
418,403
---------
--------
--------
---------
Restricted funds
At 6 April 2022
Income
Expenditure
At 5 April 2023
£
£
£
£
Restricted Fund
45,737
18,586
(65,657)
(1,334)
--------
--------
--------
-------
At 6 April 2021
Income
Expenditure
At 5 April 2022
£
£
£
£
Restricted Fund
21,499
76,299
(52,061)
45,737
--------
--------
--------
--------
23. Related parties
Kirkton Trading Ltd and Cafe Ceardach are subsidiaries of Lochcarron Community Development
Company. Lochcarron Community Development Company owns 100% of the shares of
Kirkton Trading Ltd and café Ceardach.