IRIS Accounts Production v23.3.1.45 Other Company accounts True false Pounds 1.4.22 31.3.23 31.3.23 FY FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP true true true true false true false true 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REGISTERED COMPANY NUMBER: SC282180 (Scotland)
REGISTERED CHARITY NUMBER: 040805














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023

FOR

PORTGORDON COMMUNITY TRUST LIMITED

PORTGORDON COMMUNITY TRUST LIMITED






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 15

PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2023


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2023. The trustees have adopted the provisions of 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).


PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2023

OBJECTIVES AND ACTIVITIES
Activities and Objectives
Extract from Portgordon Community Trusts Ltd.'s Memorandum and Articles of Association:

The company has been formed to benefit principally the community of residents of, and visitors to, the village of Portgordon and those of its immediate surrounding areas (including staff and families of pupils of Portgordon primary school), within Lennox Community Council area 15 of the Moray Council electoral ward 4 (Post code area AB56), with the following objectives:

(a) The advancement of community development (including the advancement of urban regeneration);
(b) The advancement of education
(c) The promotion of the arts, heritage, culture
(d) The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage
(e) The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended
(f) The advancement of environmental protection or improvement

But only to the extent that the above purposes are consistent with furthering the achievement of sustainable development.

(g) To advance public education generally and to provide, or assist in the provision of facilities in the interests of social welfare for recreational and leisure-time occupation with the objective of improving the conditions of life for the inhabitants of Portgordon and its environs;
(h) To promote and/or provide training and skills of all kinds and for all ages, particularly such skills as will assist the residents of Portgordon and its environs in obtaining paid employment, but also computer skills for those less familiar with online facilities;

In all things pursuant of these objectives, we do so to the benefit of the village of Portgordon and its inhabitants and environs. But only to the extent that the above purposes are consistent with furthering the achievement of sustainable development.

Activities:
Portgordon Community Trust Limited (PCT) continued to work closely with other groups in the village throughout 2022/23 and have also been working closely with Highlands and Islands Enterprise and Crown Estate Scotland on the Trust's aims and objectives.

Primarily and with the generous support of grant funding from the Scottish Land Fund, HIE and others, PCT have been able to purchase and complete Phase 1 of redevelopment works to the former Richmond Arms Hotel and convert it into a Community Hub and Café. Work is ongoing to secure further funding that will help progress Phase 2 and 3 design works, planning consent/building warrant and subsequent construction during 2024/25 and 2025/26.

Work continued in 2022/23 on progressing the Memorandum of Understanding with Crown Estate Scotland which includes a planned future handover of Crown assets in the village including Portgordon Harbour. Subject to securing additional funding, an updated feasibility and options report is planned for the first half of 2024.

PCT continued to support the extensive refurbishment of Portgordon Village Hall with new toilet facilities, insulation works and a complete building rewire taking place. Funding has also been secured for the installation of a new energy efficient heating system later in 2023.

PCT also continue to support the development of the community garden and a new pétanque pitch.

Since January 2023, PCT have also been supporting the local community by providing a twice weekly social and welfare meeting place, Portgordon Open Doors.

Following extensive development work PCT was able to launch a new rebranded website in March 2023.

PCT continue to benefit from grant funding support that allows us to employ a full time Community Development Officer over a 2-year period commencing 5 April 2022. The CDO has been instrumental in progressing the aims and objectives of the Trust and the many projects noted above. Applications have been made to extend the CDO funding beyond the current 2-year period.

PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2023

ACHIEVEMENT AND PERFORMANCE
Charitable Purpose
The objective of the Group is to take over ownership and regenerate Portgordon Harbour and the surrounding area for the benefit of the local community. This would enhance the village and provide opportunities to individuals of all ages to learn new skills.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Arrangements
On 21st October 2021 the Group changed its name from Portgordon Community Harbour Group Ltd to Portgordon Community Trust Ltd joining together with other Groups in the village, namely Portgordon Village Hall, The Lampie Hoose Resource Centre and the Portgordon Post.

The Group is a charitable organisation and the purposes and administration arrangements are written into their constitution.

Structure, Governance and Management
All of the Trustees' listed below are appointed or reappointed by existing Directors, or by members at Annual General Meetings.

Risk Management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC282180 (Scotland)

Registered Charity number
040805

Registered office
The Richmond Building
20 West High Street
Portgordon
Banffshire
AB56 5QS

Trustees
S Sliter Past Chair and Director (resigned 22/3/23)
C Hanover Past Chair and Director (resigned 7/9/23)
D Murray Chairman and Director (resigned 6/11/23)
Mrs K Griffin Director (resigned 30/3/23)
R Herbert Vice Chair & Technical Director (resigned 6/11/23)
Ms S Lawrance Vice Chair & Finance Director (resigned 6/11/23)
Ms D Robson Director (resigned 6/11/23)
Ms J M Dargue Director (appointed 30/3/23)
K A Ewen (appointed 11/4/23)
A Gordon Director (appointed 30/3/23)
S Mason-Corkery Director (appointed 30/3/23)

Company Secretary
Ms D Robson


PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MARCH 2023


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Mr R A MacDonald ACCA
Goldwells
Wards House
Wards Road
Elgin
Moray
IV30 1NL

Approved by order of the board of trustees on 28th November 2023 and signed on its behalf by:





D Murray - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
PORTGORDON COMMUNITY TRUST LIMITED

I report on the accounts for the year ended 31st March 2023 set out on pages six to fifteen.

Respective responsibilities of trustees and examiner
The charity's trustees 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 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 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 the independent examiner's report
My examination was 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 to 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.








Mr R A MacDonald ACCA
The Association of Chartered Certified Accountants

Goldwells
Wards House
Wards Road
Elgin
Moray
IV30 1NL

Date: .............................................

PORTGORDON COMMUNITY TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2023

2023 2022
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,632 465,123 468,755 3,016

Other trading activities 2 1,215 - 1,215 -
Investment income 3 66 - 66 9
Other income 400 1,000 1,400 (1,605 )
Total 5,313 466,123 471,436 1,420

EXPENDITURE ON
Charitable activities
Unrestricted fund 10,670 - 10,670 11,369
Community hub 23 844 867 -
Portgordon open doors - 3,530 3,530 -
Community resilience - 712 712 -
Community development officer - 38,173 38,173 -
Web design - 4,670 4,670 -
Asbestos removal - 1,230 1,230 -
Solar garden - 116 116 -

Other - - - 11,973
Total 10,693 49,275 59,968 23,342

NET INCOME/(EXPENDITURE) (5,380 ) 416,848 411,468 (21,922 )
Transfers between funds 11 321,399 (321,399 ) - -
Net movement in funds 316,019 95,449 411,468 (21,922 )

RECONCILIATION OF FUNDS
Total funds brought forward 37,112 - 37,112 59,034

TOTAL FUNDS CARRIED FORWARD 353,131 95,449 448,580 37,112

PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 347,203 - 347,203 30,630

CURRENT ASSETS
Debtors 9 1,226 - 1,226 1,226
Cash at bank 5,278 95,449 100,727 6,514
6,504 95,449 101,953 7,740

CREDITORS
Amounts falling due within one year 10 (576 ) - (576 ) (1,258 )

NET CURRENT ASSETS 5,928 95,449 101,377 6,482

TOTAL ASSETS LESS CURRENT
LIABILITIES

353,131

95,449

448,580

37,112

NET ASSETS 353,131 95,449 448,580 37,112
FUNDS 11
Unrestricted funds 353,131 37,112
Restricted funds 95,449 -
TOTAL FUNDS 448,580 37,112

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


PORTGORDON COMMUNITY TRUST LIMITED (REGISTERED NUMBER: SC282180)

BALANCE SHEET - continued
31ST MARCH 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 28th November 2023 and were signed on its behalf by:





D Murray - Trustee

PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. OTHER TRADING ACTIVITIES
2023 2022
£    £   
Community News Letter 1,215 -


PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. INVESTMENT INCOME
2023 2022
£    £   
Rents received 10 -
Interest Received 56 9
66 9

4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£    £   
Auditors' remuneration 834 180
Depreciation - owned assets 6,853 7,659

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2023 nor for the year ended 31st March 2022.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2023 nor for the year ended 31st March 2022.


6. STAFF COSTS

The average monthly number of employees during the year was as follows:

2023 2022
Community development officer 1 -

No employees received emoluments in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3,016 - 3,016

Investment income 9 - 9
Other income (1,605 ) - (1,605 )
Total 1,420 - 1,420

EXPENDITURE ON
Charitable activities
Unrestricted fund 11,369 - 11,369

Other 11,973 - 11,973

PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   
Total 23,342 - 23,342

NET INCOME/(EXPENDITURE) (21,922 ) - (21,922 )


RECONCILIATION OF FUNDS
Total funds brought forward 59,034 - 59,034

TOTAL FUNDS CARRIED FORWARD 37,112 - 37,112

8. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st April 2022 - 3,072 39,115 42,187
Additions 319,789 - 3,637 323,426
At 31st March 2023 319,789 3,072 42,752 365,613
DEPRECIATION
At 1st April 2022 - 1,106 10,451 11,557
Charge for year - 393 6,460 6,853
At 31st March 2023 - 1,499 16,911 18,410
NET BOOK VALUE
At 31st March 2023 319,789 1,573 25,841 347,203
At 31st March 2022 - 1,966 28,664 30,630

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,226 1,226


PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 1,258
Accrued expenses 576 -
576 1,258

11. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 37,112 (5,380 ) 321,399 353,131

Restricted funds
Portgordon Open Doors - 12,508 - 12,508
Portgordon Community Resilience - 9,288 - 9,288
Hall Heating System - 6,591 - 6,591
Garden

- 231 (231 ) -
Community Hub - 330,129 (319,789 ) 10,340
Village Hall Electrics - 56,646 - 56,646
Solar Garden - 2,384 (2,308 ) 76
Community Development Officer - (929 ) 929 -
- 416,848 (321,399 ) 95,449
TOTAL FUNDS 37,112 411,468 - 448,580

PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

11. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 5,313 (10,693 ) (5,380 )

Restricted funds
Portgordon Open Doors 16,038 (3,530 ) 12,508
Portgordon Community Resilience 10,000 (712 ) 9,288
Web Design 4,670 (4,670 ) -
Hall Heating System 6,591 - 6,591
Abestos Removal 1,230 (1,230 ) -
Garden

999 (768 ) 231
Community Hub 330,205 (76 ) 330,129
Village Hall Electrics 56,646 - 56,646
Solar Garden 2,500 (116 ) 2,384
Community Development Officer 37,244 (38,173 ) (929 )
466,123 (49,275 ) 416,848
TOTAL FUNDS 471,436 (59,968 ) 411,468


Comparatives for movement in funds

Net
movement At
At 1.4.21 in funds 31.3.22
£    £    £   
Unrestricted funds
General fund 59,034 (21,922 ) 37,112

TOTAL FUNDS 59,034 (21,922 ) 37,112

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,420 (23,342 ) (21,922 )

TOTAL FUNDS 1,420 (23,342 ) (21,922 )

PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.21 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 59,034 (27,302 ) 321,399 353,131

Restricted funds
Portgordon Open Doors - 12,508 - 12,508
Portgordon Community Resilience - 9,288 - 9,288
Hall Heating System - 6,591 - 6,591
Garden

- 231 (231 ) -
Community Hub - 330,129 (319,789 ) 10,340
Village Hall Electrics - 56,646 - 56,646
Solar Garden - 2,384 (2,308 ) 76
Community Development Officer - (929 ) 929 -
- 416,848 (321,399 ) 95,449
TOTAL FUNDS 59,034 389,546 - 448,580

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 6,733 (34,035 ) (27,302 )

Restricted funds
Portgordon Open Doors 16,038 (3,530 ) 12,508
Portgordon Community Resilience 10,000 (712 ) 9,288
Web Design 4,670 (4,670 ) -
Hall Heating System 6,591 - 6,591
Abestos Removal 1,230 (1,230 ) -
Garden

999 (768 ) 231
Community Hub 330,205 (76 ) 330,129
Village Hall Electrics 56,646 - 56,646
Solar Garden 2,500 (116 ) 2,384
Community Development Officer 37,244 (38,173 ) (929 )
466,123 (49,275 ) 416,848
TOTAL FUNDS 472,856 (83,310 ) 389,546

PORTGORDON COMMUNITY TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2023.