Charity registration number SC040296 (Scotland)
Company registration number SC344641 (Scotland)
ARDRISHAIG COMMUNITY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
ARDRISHAIG COMMUNITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr Arthur Barclay
Mr Duncan Broadfoot
Mr Edward Laughton
Mr Hamish Nicol
Mrs Linda Quelch
Mrs Lynn Gorrie
Secretary
Mr Duncan Broadfoot
Charity number (Scotland)
SC040296
Company number
SC344641
Principal address
Ardrishaig Community Trust
61 Chalmers Street
Ardrishaig
Argyll
PA30 8DX
Registered office
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Independent examiner
Iain D C Webster
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Bankers
The Co-operative Bank
www.co-operativebank.co.uk
ARDRISHAIG COMMUNITY TRUST
CONTENTS
Page
Directors' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Statement of financial position
6
Notes to the financial statements
7 - 24
ARDRISHAIG COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors present their report and trust accounts for the year ended 31 October 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Memorandum and Articles of Association (as amended), 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)".

Objectives and activities

The Trust's objectives are:-

 

To advance the development and regeneration of Ardrishaig for the benefit of the community and the public in general following general principles of sustainable development.

 

To manage community land and community assets for the benefit of the community and the public in general following the principles of sustainable development.

 

To provide or assist in providing recreational facilities and/or organising recreational activities which will be available to members of the public at large with the object of improving the conditions of life of the community following the principles of sustainable development.

 

To advance the education of the community about its environment, culture and history.

 

To advance environmental protection or improvement including preservation and conservation of the natural environment, the promotion of sustainable development, the maintenance, improvement or provision of environmental amenities for the community and/or the preservation of buildings or sites of architectural, historic or other importance to the community.

Public benefit

The directors have paid due regard to guidance issued by the Office of the Scottish Charity Regulator (OSCR) in deciding what activities the trust should undertake.

Grant making policy

One of the Trust's activities is the making of grants that benefit the people and community of Ardrishaig, and the wider public. These grants are concentrated primarily within Ardrishaig community area which is defined by the PA30 postcodes plus PA31 8NH and PA31 8NY. Grants made outside this area are only made on the basis of clear benefit to the Ardrishaig community.

Grants are made in accordance with the Trust's Memorandum & Articles of Association and are made to meet the Trusts objectives.

Applications for grants will not be accepted from the following:

ARDRISHAIG COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Achievements and performance
Significant activities and achievements against objectives

Ardrishaig Renewable Energies Ltd. (ARE) is a wholly owned subsidiary of the Trust. It is the Trust's trading business which is a member of Allt Dearg Wind Farmers LLP (ADWF). ARE gifted to the Trust £439,907. There was no specific ACTion Fund held during the year. There were however grants made to local causes totalling £3,110.

 

The Trust continued to receive quarterly grants for the Strengthening Communities Program to employ the Development Officer (DO), resident in the Public Hall (PH) office, with main duties to include developing the business and market the use of the Trust assets and create a program of activities. Her presence in the PH office has provided a significant and useful contact between the Trust and community. This has resulted in a significant increase in usage of the assets by the community and community groups which in turn has improved the revenue from the rent of the facilities. Examples of usage include quiz nights, indoor skating, pottery making, pantomime, toddler pre-school, musical evenings, flower and model show.

 

The Ardrishaig community is well pleased as the Trust continued to improve and enhance the facilities, in particular, the kitchen with a commercial cooker, dishwasher and fridge. This is now marketed as a community kitchen fit for use by weddings, organizations, private parties, coffee morning. A separate space in the PH is being created as a so called “green room” for use by performers to prepare before performances.

Financial review
Reserves policy

The board has continued the policy of building up a strategic cash reserve over this financial year, with a view to being able to support local redevelopments being planned at this time. The Trust Board noted that the Trust is nearly half of the way into the Alt Dearg Wind Farm income and wish to leave a lasting legacy for the village in the future. As stated before this will strengthen the position of the Trust and its members in any future plans for the village.

 

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months anticipated expenditure above the strategic reserve. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. In order not to compromise the Trust's charitable status the accounts need to show that the assets are sufficient to enable the Trust to repay its borrowings.

Major risks

The directors have assessed the major risks to which the the trust is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

Future plans include consolidating, fulfilling and developing the Trust's present objectives. It is anticipated that the income derived from the wind farm will be in excess of £80,000 per annum.

Structure, governance and management
The charity is constituted as "incorporated by guarantee and not having share capital", governed by its Memorandum and Articles of Association. It is recognised as a charity for the purposes of s505 ICTA 1988 and is entitled under chapter 2 paragraph 13 of The Charities and Trustee Investment (Scotland) Act 2005 to describe itself as a Scottish Charity.
The members of the trust who were elected to serve as directors during the year were:
Mr Arthur Barclay
Mr Duncan Broadfoot
Mr Edward Laughton
Mr Hamish Nicol
Mrs Linda Quelch
Mrs Lynn Gorrie
ARDRISHAIG COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Recruitment and appointment of trustees
Directors are elected by the membership of the trust.

None of the directors have any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.
Organisational structure

Membership is open to the public through a process of application. Members have democratic control of the trust with all members having one equal vote. Those serving as elected officials are accountable to the membership.

The directors' report was approved by the Board of Directors.

Mr Duncan Broadfoot
Mr Edward Laughton
Director
Director
15 July 2024
ARDRISHAIG COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF ARDRISHAIG COMMUNITY TRUST
- 4 -

I report on the financial statements of the the trust for the year ended 31 October 2023, which are set out on pages 5 to 24.

Respective responsibilities of directors and examiner

The directors, who also act as trustees for the charitable activities of the Trust, 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 directors consider that the audit requirement of Regulation 10 (1) (a) to (c) of the Accounts Regulations does not apply.

Basis of independent examiner's statement
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 seeks explanations from the directors 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 these accounts.
Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)
to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
(ii)

to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Iain D C Webster
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Dated: 15 July 2024
ARDRISHAIG COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
439,907
3,656
443,563
269,250
-
269,250
Charitable activities
4
16,517
34,002
50,519
16,167
10,827
26,994
Investments
5
2
-
2
1
-
1
Total income
456,426
37,658
494,084
285,418
10,827
296,245
Expenditure on:
Charitable activities
6
46,700
32,924
79,624
32,865
22,755
55,620
Total expenditure
46,700
32,924
79,624
32,865
22,755
55,620
Net gains/(losses) on investments
12
(27,500)
-
(27,500)
(29,547)
-
(29,547)
Net income
382,226
4,734
386,960
223,006
(11,928)
211,078
Transfers between funds
13
(116)
116
-
(776)
776
-
Net movement in funds
9
382,110
4,850
386,960
222,230
(11,152)
211,078
Reconciliation of funds:
Fund balances at 1 November 2022
1,133,047
7,304
1,140,351
910,817
18,456
929,273
Fund balances at 31 October 2023
1,515,157
12,154
1,527,311
1,133,047
7,304
1,140,351

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

ARDRISHAIG COMMUNITY TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
14
809,547
811,895
Investments
15
148,413
175,913
957,960
987,808
Current assets
Trade and other receivables
16
274,509
161,484
Cash at bank and in hand
400,722
112,586
675,231
274,070
Current liabilities
17
(41,356)
(40,229)
Net current assets
633,875
233,841
Total assets less current liabilities
1,591,835
1,221,649
Non-current liabilities
18
(64,524)
(81,298)
Net assets excluding pension liability
1,527,311
1,140,351
Net assets
1,527,311
1,140,351
The funds of the the trust
Restricted income funds
20
12,154
7,304
Unrestricted funds
1,515,157
1,133,047
1,527,311
1,140,351

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 October 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the directors on 15 July 2024
Mr Edward Laughton
Director
Company registration number SC344641 (Scotland)
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
1
Accounting policies
Charity information

Ardrishaig Community Trust is a private company limited by guarantee incorporated in Scotland. The registered office is The Old Surgery, School Road, Tarbert, Argyll, PA29 6UL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Trust'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 the trust is a Public Benefit Entity as defined by FRS 102.

 

The the trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the trust.
1.4
Income
Income is recognised when the the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Where it is possible to identify payment for services received in advance, such payments are recognised as deferred income.

Income received for the hire of the North Church Hall and Public Hall is recognised at the time the service becomes final, usually upon receipt of payment from third parties.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the Charity Activities as expended on the SOFA.

 

Support and governance costs have been allocated to various charitable activities on a basis for which the directors believe is representative of each activities relative share of costs.

1.6
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings
Nil
Plant and machinery
20% reducing balance
IT and office equipment
25% straight line

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 cost of Land (£6,000), the North Church Hall (£88,603) and Office space (£25,780) are held at purchase costs which the directors believe represents the fair value of the assets as at the balance sheet date.

 

The fair value of the Public Hall and associated equipment has been assessed by the directors to be at its carrying value (acquisition cost plus redevelopment costs) as at the balance sheet date.

1.7
Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the the trust. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of non-current assets

At each reporting end date, the the trust reviews the carrying amounts of its tangible 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).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 9 -
1.10
Financial instruments

The the trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the the trust's balance sheet when the the trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the the trust’s contractual obligations expire or are discharged or cancelled.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the the trust’s accounting policies, the directors 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.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
439,907
1,256
441,163
269,250
-
269,250

Argyll & Bute Council

-
2,400
2,400
-
-
-
439,907
3,656
443,563
269,250
-
269,250

Donations of £439,907 (2022: £269,250) were received from Ardrishaig Renewable Energies Ltd, a company that is wholly owned by Ardrishaig Community Trust. This donation includes donations made under Gift Aid where applicable.

 

Other donations were received from the general public for the Christmas Lights (£1,005) and from Landcatch Fishfarm for the "Warm Places". Both donations are restricted and to be used for specific purposes.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
4
Charitable activities

North and Public Halls

Community Growth

Robbers Den

Total
2023

North and Public Halls

Community Growth

Robbers Den

Total
2022
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
£
£

Performance related grants

-
34,002
-
34,002
-
10,827
-
10,827

Charitable rental income

16,455
-
-
16,455
16,105
-
-
16,105

Other income

-
-
62
62
-
-
62
62
16,455
34,002
62
50,519
16,105
10,827
62
26,994
Analysis by fund
Unrestricted funds
16,455
-
62
16,517
16,105
-
62
16,167
Restricted funds
-
34,002
-
34,002
-
10,827
-
10,827
16,455
34,002
62
50,519
16,105
10,827
62
26,994
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
2
1
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
6
Charitable activities

ACTion fund

North & Public Halls running costs

Christmas Lights

Community Growth

Robbers Den

Gala and other events

Total
2023
Total
2022
2023
2023
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Staff costs
-
-
-
27,364
-
-
27,364
18,698
Depreciation and impairment
-
-
-
838
-
-
838
326

Maintenance costs

-
16,462
-
177
-
-
16,639
11,120

Heating and electric

-
11,323
-
-
-
-
11,323
3,079

Insurance

-
3,051
-
-
-
-
3,051
3,040

Advertising

-
-
-
-
-
-
-
432

Set-up costs

-
-
-
-
-
-
-
244

Phone

-
-
-
923
-
-
923
472

Postage and stationary

-
-
-
201
-
-
201
907

Event expenses

-
-
2,437
497
-
526
3,460
776

Professional fees

-
-
-
400
-
-
400
335
Charitable expenditure heading 11
-
-
-
-
22
-
22
-
-
30,836
2,437
30,400
22
526
64,221
39,429
Grant funding of activities (see note 7)
3,110
-
-
-
-
-
3,110
2,500
Share of support costs (see note 8)
-
6,469
725
1,824
-
725
9,743
11,255
Share of governance costs (see note 8)
-
636
638
638
-
638
2,550
2,436
3,110
37,941
3,800
32,862
22
1,889
79,624
55,620
Analysis by fund
Unrestricted funds
3,110
35,542
3,800
2,462
22
1,764
46,700
32,865
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Charitable activities
(Continued)
- 14 -
Restricted funds
-
2,399
-
30,400
-
125
32,924
22,755
3,110
37,941
3,800
32,862
22
1,889
79,624
55,620
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Charitable activities
(Continued)
- 15 -
For the year ended 31 October 2022

ACTion fund

North & Public Halls running costs

Community Growth

Total
2022
£
£
£
£
Staff costs
-
-
18,698
18,698
Depreciation and impairment
-
-
326
326

Maintenance costs

-
11,011
109
11,120

Heating and electric

-
3,079
-
3,079

Insurance

-
3,040
-
3,040

Advertising

-
-
432
432

Set-up costs

-
-
244
244

Phone

-
-
472
472

Postage and stationary

-
-
907
907

Event expenses

-
-
776
776

Professional fees

-
-
335
335
-
17,130
22,299
39,429
Grant funding of activities (see note 7)
2,500
-
-
2,500
Share of support costs (see note 8)
-
4,728
6,527
11,255
Share of governance costs (see note 8)
-
1,218
1,218
2,436
2,500
23,076
30,044
55,620
Analysis by fund
Unrestricted funds
2,500
22,620
7,745
32,865
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Charitable activities
(Continued)
- 16 -
Restricted funds
-
456
22,299
22,755
2,500
23,076
30,044
55,620
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
7
Grants payable

ACTion fund

ACTion fund

2023
2022
£
£
Grants to institutions:
Mid Argyll Youth Development Services
250
-
Mid Argyll Athletics Club
250
-
Ardrishaig Garden Project
250
500
Talking Newspaper
-
500
Lochgilphead Soccer Centre
1,000
1,000
Redstar
360
-
19th Argyll Scouts
1,000
-
Other
-
500
3,110
2,500
8
Support costs allocated to activities
2023
2022
£
£
Depreciation
4,025
4,950
Heat and light
1,800
1,578
Insurance
232
750
Subscriptions
522
1,588
Postage and stationary
344
521
-
68
Professional fees
2,820
-
-
1,800
Governance costs
2,550
2,436
12,293
13,691
Analysed between:
North and Public Halls
7,105
5,946
Christmas Lights
1,363
-
Community Growth
2,462
7,745
Gala and other events
1,363
-
12,293
13,691

Governance costs includes payments of £1,050 (2022- £1,000) for Independent Examination services.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
9
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
4,863
5,276
10
Directors

None of the directors (or any persons connected with them) received any remuneration during the year, however two were reimbursed a total of £7,141 (2022: 3 directors totalling £2,090) for expenses.

 

Further payments were made to a related party, which are disclosed at note 21.

11
Employees

The average monthly number of employees, including directors, during the year was:

2023
2022
Number
Number
Trustees
6
6
Development officer
1
1
Total
7
7
Employment costs
2023
2022
£
£
Wages and salaries
26,764
18,000
Other pension costs
600
698
27,364
18,698
There were no employees whose annual remuneration was more than £60,000.
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
Gains/(losses) arising on:
£
£
Revaluation of investments
(27,500)
(29,547)
13
Transfers

Transfers totalling £116 were made from unrestricted funds to restricted funds representing costs associated with the the Development Officer and associated work that were not covered by grant funding received from the Scottish Government.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
14
Property, plant and equipment
Land and buildings
Plant and machinery
IT and office equipment
Total
£
£
£
£
Cost
At 1 November 2022
791,121
29,516
1,300
821,937
Additions
1,048
-
1,467
2,515
At 31 October 2023
792,169
29,516
2,767
824,452
Depreciation and impairment
At 1 November 2022
-
9,716
326
10,042
Depreciation charged in the year
-
4,170
693
4,863
At 31 October 2023
-
13,886
1,019
14,905
Carrying amount
At 31 October 2023
792,169
15,630
1,748
809,547
At 31 October 2022
791,121
19,800
974
811,895

 

15
Fixed asset investments
Other investments
£
Cost or valuation
At 1 November 2022
175,913
Valuation changes
(27,500)
At 31 October 2023
148,413
Carrying amount
At 31 October 2023
148,413
At 31 October 2022
175,913
2023
2022
Other investments comprise:
Notes
£
£
Investments in subsidiaries
24
148,413
175,913
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
16
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
-
544
Amounts owed by subsidiary undertakings
271,584
158,451
Prepayments and accrued income
2,925
2,489
274,509
161,484
17
Current liabilities
2023
2022
£
£
Other taxation and social security
-
399
Trade payables
21,891
20,626
Amounts owed to subsidiary undertakings
16,774
16,774
Other payables
141
-
Accruals and deferred income
2,550
2,430
41,356
40,229
18
Non-current liabilities
2023
2022
£
£
Amounts owed to subsidiary undertakings
64,524
81,298
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
600
698

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the the trust in an independently administered fund.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
20
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 November 2022
Incoming resources
Resources expended
Transfers
At 31 October 2023
£
£
£
£
£
Argyll & Bute Council
-
2,400
(2,400)
-
-
Scottish Government - Strengthening Communities
7,304
34,002
(30,399)
116
11,023
Landcatch Fishfarm
-
250
(125)
-
125
Public donations - Christmas Lights
-
1,006
-
-
1,006
7,304
37,658
(32,924)
116
12,154
Previous year:
At 1 November 2021
Incoming resources
Resources expended
Transfers
At 31 October 2022
£
£
£
£
£
Argyll & Bute Council - Micro grant for hall
456
-
(456)
-
-
Scottish Government - Strengthening Communities
18,000
10,827
(22,299)
776
7,304
18,456
10,827
(22,755)
776
7,304

The £2,400 grant received from Argyll & Bute Council was to cover licencing costs paid by the Trust for the North Hall.

 

The £7,304 grant funding (brought forward) and £34,002 received from the Scottish Government was funding towards maintaining the services of a development officer and to meet office set-up costs for this project. Included in the closing balance of £11,023 is computer and office equipment of net book value of £2,456 that has been capitalised.

 

The £1,006 received for the Christmas Lights represents various donations collected from the public to meet future costs of the Christmas Lights as they arise.


The £250 received with £125 expensed relates to a donation made by Landcatch to be used towards supporting "warmer places".

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
21
Unrestricted funds

The unrestricted funds of the 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.

At 1 November 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 October 2023
£
£
£
£
£
£
General funds
1,133,047
456,426
(46,700)
(116)
(27,500)
1,515,157
Previous year:
At 1 November 2021
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 October 2022
£
£
£
£
£
£
General funds
910,817
285,418
(32,865)
(776)
(29,547)
1,133,047
22
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 October 2023:
Property, plant and equipment
809,547
-
809,547
Investments
148,413
-
148,413
Current assets/(liabilities)
621,721
12,154
633,875
Long term liabilities
(64,524)
-
(64,524)
1,515,157
12,154
1,527,311
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
£
£
£
At 31 October 2022:
Property, plant and equipment
810,921
974
811,895
Investments
175,913
-
175,913
Current assets/(liabilities)
227,511
6,330
233,841
Long term liabilities
(81,298)
-
(81,298)
1,133,047
7,304
1,140,351
23
Related party transactions
ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
23
Related party transactions
(Continued)
- 23 -
Transactions with related parties

During the year the trust entered into the following transactions with related parties:

During the year an amount of £1,888.95 (2022: £3,600.89) was paid to Kenneths of Stronachulin LLP, a limited liability partnership in which Duncan Broadfoot is a partner. This represented costs incurred by Ardrishaig Community Trust that were settled via this LLP.

 

At the balance sheet date, an amount of £2,231 was payable to Kenneths of Stronachulin LLP representing supplier payments made, but not yet reimbursed.

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
81,298
98,072

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
Amounts owed by related parties
2023
2022
Balance
Net
Balance
Net
£
£
£
£
Entities with control, joint control or significant influence over the company
271,584
271,584
158,451
158,451
271,584
271,584
158,451
158,451

At the balance sheet date an amount of £270,000 (2022: £156,867) was owed by Ardrishaig Renewable Energies Ltd representing gift-aided donations receivable for the year.

ARDRISHAIG COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
24
Subsidiaries

These financial statements are separate Trust financial statements from Ardrishaig Renewable Energies Ltd (ARE) which is an intermediate holding company for the investment in ADWF.

Details of the the trust's subsidiaries at 31 October 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Ardrishaig Renewable Energies Ltd
Scotland
Investment company
Ordinary
100.00

The investment in the subsidiary is stated at its fair value which is deemed to be its Net Asset value as at 31 October 2023. The Net Asset value excludes any uplift in the underlying fair value of the subsidiary's interest in ADWF.

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