REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
PORT OF NESS HARBOUR LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
PORT OF NESS HARBOUR LIMITED |
PORT OF NESS HARBOUR LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 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 31 August 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objectives of the charity are to improve the Port Of Ness Harbour and the immediate vicinity. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The last financial year has seen income being generated through the annual collection of harbour dues. |
The trustees remain committed to ensuring the harbour is well maintained and improved where possible to ensure it remains a valuable community asset. |
FINANCIAL REVIEW |
Reserves policy |
During the year the charity's outgoing resources exceeded incoming resources resulting in a deficit of £65,316 (2022 - £59,782 surplus) for the year. Unrestricted funds total £104,726 as a result (2022 - £118,852) and restricted funds total £11,451 (2022 - £62,641). The level of reserves are kept under review by the trustees. In the opinion of the trustees, the current level of reserves is satisfactory. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Port Of Ness Harbour Limited is a charitable company limited by guarantee, incorporated on 23 November 1999. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
Recruitment and appointment of new trustees |
Nominations for new trustees are always welcome from anyone with an interest in Port Of Ness Harbour. |
Related parties |
Barr 'A Yard Limited, a wholly owned subsidiary of the charity, has taken over the management and leasing of the restaurant, 'The Breakwater'. |
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 |
PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Trustees |
Company Secretary |
Independent Examiner |
CIB Services |
Chartered Accountants |
63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
PORT OF NESS HARBOUR LIMITED |
I report on the accounts for the year ended 31 August 2023 set out on pages four to eleven. |
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. |
Calum Macdonald BA CA |
The Institute of Chartered Accountants of Scotland |
CIB Services |
Chartered Accountants |
63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
6 March 2024 |
PORT OF NESS HARBOUR LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Harbour maintenance, utilisation & improvement | 690 | - | 690 | 100,283 |
Total |
EXPENDITURE ON |
Raising funds | 2 |
Charitable activities |
Harbour maintenance, utilisation & improvement | 18,575 | 51,190 | 69,765 | 44,516 |
Total |
NET INCOME/(EXPENDITURE) | ( | ) | ( | ) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 181,493 |
PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756) |
BALANCE SHEET |
31 AUGUST 2023 |
31.8.23 | 31.8.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( | ) | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 118,852 |
Restricted funds | 62,641 |
TOTAL FUNDS | 181,493 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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. |
PORT OF NESS HARBOUR LIMITED (REGISTERED NUMBER: SC201756) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
These financial statements have been prepared in accordance with and delieverd in accordance the special provisions applicable to small charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
PORT OF NESS HARBOUR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 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, with the exception of investments which are included at market value. |
The presentation currency of the financial statements is the Pound Sterling (£). |
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. |
Freehold property | - |
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. |
PORT OF NESS HARBOUR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
2. | RAISING FUNDS |
Investment management costs |
31.8.23 | 31.8.22 |
£ | £ |
Rent | 16 | 15 |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.8.23 | 31.8.22 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Harbour maintenance, utilisation & improvement | 200 | 100,083 | 100,283 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Harbour maintenance, utilisation & improvement | 6,717 | 37,799 | 44,516 |
Total |
NET INCOME/(EXPENDITURE) | ( | ) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 121,354 | 357 |
PORT OF NESS HARBOUR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
TOTAL FUNDS CARRIED FORWARD | 118,852 | 62,641 | 181,493 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 September 2022 and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 September 2022 and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 | 1 |
At 31 August 2022 | 1 |
There were no investment assets outside the UK. |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Registered office: The registered office of the subsidiary is within the United KIngdom. |
Nature of business: Property management |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
PORT OF NESS HARBOUR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade creditors |
Accrued expenses |
10. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.9.22 | in funds | 31.8.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 24,931 | (11,443 | ) | 13,488 |
New Building | 93,921 | (2,683 | ) | 91,238 |
(14,126 | ) |
Restricted funds |
Maintenance Fund | 357 | - | 357 |
Harbour Development Fund | 62,284 | (51,190 | ) | 11,094 |
(51,190 | ) |
TOTAL FUNDS | (65,316 | ) | 116,177 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,465 | (15,908 | ) | (11,443 | ) |
New Building | - | (2,683 | ) | (2,683 | ) |
( | ) | (14,126 | ) |
Restricted funds |
Harbour Development Fund | - | (51,190 | ) | (51,190 | ) |
TOTAL FUNDS | ( | ) | (65,316 | ) |
PORT OF NESS HARBOUR LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
10. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.9.21 | in funds | 31.8.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 24,750 | 181 | 24,931 |
New Building | 96,604 | (2,683 | ) | 93,921 |
121,354 | (2,502 | ) | 118,852 |
Restricted funds |
Maintenance Fund | 357 | - | 357 |
Harbour Development Fund | - | 62,284 | 62,284 |
357 | 62,284 | 62,641 |
TOTAL FUNDS | 121,711 | 59,782 | 181,493 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 4,230 | (4,049 | ) | 181 |
New Building | - | (2,683 | ) | (2,683 | ) |
4,230 | (6,732 | ) | (2,502 | ) |
Restricted funds |
Harbour Development Fund | 100,083 | (37,799 | ) | 62,284 |
TOTAL FUNDS | 104,313 | (44,531 | ) | 59,782 |
11. | RELATED PARTY DISCLOSURES |
Barr 'A Yard Limited, a wholly owned subsidiary of the charity, has taken over the management and leasing of the restaurant, 'The Breakwater'. |
The subsidiary transfers any profits generated to the charity. This results in a payment to the charity for the year ended 31 August 2023 of £3,775 (2022 - £4,030). |