REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
FOR |
PORTGORDON COMMUNITY TRUST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
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 |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
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 |
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 |
Other trading activities | 2 |
Investment income | 3 |
Other income | ( |
) |
Total |
EXPENDITURE ON |
Charitable activities |
Asbestos removal | - | 1,230 | 1,230 | - |
Solar garden | - | 116 | 116 | - |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 11 | 321,399 | (321,399 | ) | - | - |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 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 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 11 |
Unrestricted funds | 37,112 |
Restricted funds | - |
TOTAL FUNDS | 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 |
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 |
Interest Received | 56 | 9 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Auditors' remuneration | 834 | 180 |
Depreciation - owned assets |
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 |
7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Other income | ( |
) | ( |
) |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
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 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 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 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
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 |
Accrued expenses |
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 | ( |
) |
TOTAL FUNDS | 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 | ) |
( |
) | 416,848 |
TOTAL FUNDS | ( |
) | 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 |