Charity Registration No. SC030167
Company Registration No. SC364588
KNOCKANDO WOOLMILL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
KNOCKANDO WOOLMILL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Lady N V B Irwin
Mr G F Stewart
Mr M Barron
Mr D A Ross
Ms A J L Chappell
(Appointed 5 February 2024)
Mr A A McCord
(Appointed 5 February 2024)
Charity number
SC030167
Company number
SC364588
Registered office
The Woolmills
Knockando
Aberlour
Moray
AB38 7RP
Independent examiner
Mark Sanderson Bsc(Hons), CA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Bankers
Virgin Money
40 St Vincent Place
Glasgow
G1 2HL
KNOCKANDO WOOLMILL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Trustees' report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
Notes to the financial statements
8 - 16
KNOCKANDO WOOLMILL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity'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)".

Objects and activities

The charity's objects are to preserve, conserve and develop Knockando Woolmill, including its historic textile plant and machinery, and its immediate surroundings and watercourses as a historic rural working woolmill, to preserve the traditional rural craft skills used in a rural woolmill by providing training in those skills and by other appropriate means and specifically through:

KNOCKANDO WOOLMILL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Achievements and performance

As reported in last year's Financial Statements and Trustees' Report, the Trust's wholly owned trading subsidiary Knockando Woolmill Company Limited (the 'Company') ceased trading on 30 September 2022, the end of the 2022 season, and its employees were transferred to the Trust. Since then the Trust itself has continued to trade in place of the Company and to operate the Visitor Centre in addition to pursuing its charitable objectives.

 

During the financial year the Woolmill continued to operate as an attraction to visitors who were able to learn about the heritage and historic significance of the Woolmill.

 

The Visitor Centre and coffee shop opened to the public for the summer season from 16 May 2023 until the end of September that year and proved popular with visitors from near and far.

 

Visitors to the Woolmill in the summer of 2023 were able to enjoy our newly refurbished classroom. Situated separately from the main site the space is an ideal place from which to view the Woolmill from a different perspective, overlooking as it does the Visitor Centre, Cottage, Mill House and Shop. With the help of a donation of £1,100 from The Budge Foundation this space was transformed into a warm and inviting area, designed to facilitate educational workshops, tour groups, design meetings and seating area for our visitors. The Trustees are very grateful to The Budge Foundation for their support of this project.

 

Throughout the financial year the Trust was supported by a supplementary grant from the Organisational Support Fund: 2023 of Historic Environment Scotland ('HES') for which the Trustees wish to record their sincere thanks.

 

The Trust also received financial support in the form of a donation of £5,000 from the Tam O'Shanter Trust and a separate donation of £5,000 from the MacRobert Trust, for both of which donations the Trustees are very grateful.

 

The Trustees were pleased to be able to add to their numbers in February this year when Ms Andrea Chappell, a bespoke kiltmaker from Forres and Mr Antony McCord, a former RAF Officer from Roseisle in Moray, joined the Board as Trustees.

 

In November 2022 the Trustees began a search for trainee weavers with substantial financial support from the William Grant Foundation. The search was successful in identifying two potential trainees who each accepted an offer of a traineeship in April this year and a more detailed progress report on their training will be included in next year's Trustees' Report.

 

A substantial part of the cost of employing and training the new trainees will be borne by the grant from the William Grant Foundation referred to above. The Foundation has been a regular supporter of the Woolmill over a number of years and the Trustees wish to record their sincere thanks for this.

 

 

 

 

 

KNOCKANDO WOOLMILL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Financial review

The Trust's principal sources of income during the financial year were supplemental grants from HES (£180,430). This means the total net figure for grants received in the financial year amounted to £180,430.

 

In addition the Trust received donations and legacies during the financial year of £14,210.

 

The Trustees are most grateful to all of its donors and volunteers without whose generous assistance the Trust would not be able to continue with all of its charitable activities.

 

During the year, the Trust operated a net loss of £44,246 including depreciation of £74,712 on assets owned by the Trust.

 

The Trust's debtors total £3,178 (FY2022/2023: £1,940) as detailed in note 14.

 

It is the policy of the charity that cash from donations which have been made for a specific purpose such as the purchase of an identified piece of plant and machinery should be retained as a cash reserve until a suitable purchase is identified and made.

 

The Trust's policy on other reserves is not to make a general reserve from the income of any financial year and only to make a specific reserve from income against an identified liability which the trustees consider is reasonably likely to occur. In the Trustees' judgement no such specific reserve was required in respect of its financial year 2023/2024.

 

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

Plans for future periods

During the financial year the trustees worked closely with HES to identify a sustainable operating model for the Trust to achieve its charitable objects in relation to the Woolmill. This largely involved :

 

The resulting Knockando Woolmill Trust operational plan for 2024/25 sets out a refreshed vision for the Trust which looks to focus primarily on the retention and sharing of traditional skills within the historic setting of the Woolmill.

 

The Trust intends to achieve its more sustainable business model by continuing to develop partnerships and to adopt a blended income model which balances the opportunities to generate earned income through retail and visitors, alongside a continued focus on fundraising.

 

The financial year 2024/2025 will continue to see a transition in the operations of the Woolmill as skills are developed and enhanced to reflect the new model across the organisation, including the board of trustees, as well as ensuring that the heritage assets are conserved.

 

The continuation of the charity as a going concern depends on continued support from HES, and donors.

Structure, governance and management

The charity is a company limited by guarantee as defined by the Companies Act 2006 and is controlled by its governing document, namely its Memorandum and Articles of Association.

KNOCKANDO WOOLMILL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

 

 

Lady N V B Irwin
Mr G F Stewart
Mr M Barron
Mr D A Ross
Ms A J L Chappell
(Appointed 5 February 2024)
Mr A A McCord
(Appointed 5 February 2024)

The trustees have no formal procedure for identifying and recruiting additional and replacement trustees but rely on suitable candidates being identified and approached by existing trustees from time to time.

The trustees meet regularly as a board of directors of the Trust, normally once a quarter when the business of the Trust is considered and discussed. At these meetings the trustees receive operational reports from the Woolmill’s operations director and other staff.

 

Statement of trustees' responsibilities

The trustees, who are also the directors of Knockando Woolmill Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mr M Barron
Trustee
13 August 2024
KNOCKANDO WOOLMILL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF KNOCKANDO WOOLMILL TRUST
- 5 -

I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 6 to 16.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Knockando Woolmill Trust for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

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 financial statements 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 financial statements to be reached.

Mark Sanderson Bsc(Hons), CA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Dated: 16 August 2024
KNOCKANDO WOOLMILL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
2
194,640
169,518
Charitable activities
3
74,660
16,102
Other trading activities
4
4,648
1,426
Total income
273,948
187,046
Expenditure on:
Charitable activities
5
318,194
478,992
Total expenditure
318,194
478,992
Net expenditure and movement in funds
(44,246)
(291,946)
Reconciliation of funds:
Fund balances at 1 April 2023
2,250,583
2,542,529
Fund balances at 31 March 2024
2,206,337
2,250,583

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

KNOCKANDO WOOLMILL TRUST
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,118,689
2,188,024
Current assets
Stocks
12
48,817
53,306
Debtors
13
3,178
1,940
Cash at bank and in hand
53,901
19,856
105,896
75,102
Creditors: amounts falling due within one year
14
(18,248)
(12,543)
Net current assets
87,648
62,559
Total assets less current liabilities
2,206,337
2,250,583
Net assets excluding pension liability
2,206,337
2,250,583
The funds of the charity
Unrestricted funds
16
2,206,337
2,250,583
2,206,337
2,250,583

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 March 2024.

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 trustees on 13 August 2024
Mr M Barron
Trustee
Company registration number SC364588
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Charity information

Knockando Woolmill Trust is a private company limited by guarantee incorporated in Scotland. The registered office is The Woolmills, Knockando, Aberlour, Moray, AB38 7RP.

1.1
Accounting convention

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

 

The charity 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 charity. 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 trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees 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 charity.
1.4
Income
Income is recognised when the charity 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 charity 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 charity 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.
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 9 -
1.5
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.

Grants offered subject to conditions which have not yet been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6
Tangible fixed assets

Tangible fixed assets 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:

Leasehold improvements
At varying rates on cost
Plant and equipment
25% reducing balance and 5% on cost
Fixtures and fittings
15% reducing balance
Computers
3 years straight line

Freehold land is not depreciated.

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.

1.7
Impairment of fixed assets

At each reporting end date, the charity 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).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

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.

KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies (Continued)
- 10 -
1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity 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 debtors 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 creditors 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 creditors 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 creditors 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 charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13

Consolidated financial statements

The financial statements present information about the charity as an individual undertaking and not about its group as the charity and its subsidiary undertaking comprise a small sized group.

KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
14,210
4,752

Grants received

180,430
164,766
194,640
169,518
Donations and gifts
Historic Environment Scotland
180,430
148,004
Budge Foundation
1,100
-
Tam O' Shanter Trust
5,000
-
Macrobert Trust
5,000
-
M Laing
-
3,000
Garfield Weston Foundation
-
15,000
Feed in Tariff
-
1,762
Other
3,110
1,752
194,640
169,518
3

Charitable activity income

Woolmill development and conservation

2024
2023
£
£

Sale of goods

74,660
16,102
4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Employment allowance

4,648
1,426
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
5
Charitable activity expenditure
Woolmill development
Woolmill development
2024
2023
£
£
Direct costs
Staff costs
77,809
20,482

Marketing costs

4,073
53

Repairs and maintenance

33,753
8,453

Heat and light

12,071
11,242

Telephone

199
988

Computer and software charges

658
2,685

Postage

3,876
2,186

Cost of sales

29,888
-

"Cut, Make and Trim" expenses

13,508
9,550

Rent and rates

16,624
7,023

Consultancy

37,962
15,278

Bank charges

488
200

Travel expenses

1,031
-

Bad debts

-
321,813

Sundry expenses

8,552
1,420
240,492
401,373
Share of support and governance costs (see note 6)
Support
74,712
73,814
Governance
2,990
3,805
318,194
478,992
Analysis by fund
Unrestricted funds
318,194
478,992
6
Support costs allocated to activities
Woolmill development
Total
2024
2023
£
£
Depreciation
74,712
73,814
Governance
2,990
3,805
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
74,712
73,814
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year there were no donations received from trustees.(2023 - Nil).

9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Average monthly employees
5
2
Employment costs
2024
2023
£
£
Wages and salaries
72,046
20,482
Social security costs
4,648
-
Other pension costs
1,115
-
77,809
20,482
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
51,850
41,936

The key management personnel of the charity are the Administrator, the Marketing Manager and the Coffee Shop Manager.

10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2023
2,883,397
62,631
37,130
2,221
2,985,379
Additions
-
-
-
5,377
5,377
At 31 March 2024
2,883,397
62,631
37,130
7,598
2,990,756
Depreciation and impairment
At 1 April 2023
718,229
46,085
30,820
2,221
797,355
Depreciation charged in the year
69,147
3,340
947
1,278
74,712
At 31 March 2024
787,376
49,425
31,767
3,499
872,067
Carrying amount
At 31 March 2024
2,096,021
13,206
5,363
4,099
2,118,689
At 31 March 2023
2,165,168
16,546
6,310
-
2,188,024
12
Stocks
2024
2023
£
£
Stocks
48,817
53,306
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,178
1,940
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,190
2,485
Accruals and deferred income
10,058
10,058
18,248
12,543
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,115
-

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

16
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. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
2,250,583
273,948
(318,194)
2,206,337
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
2,542,529
187,046
(478,992)
2,250,583
17
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 31 March 2024:
Tangible assets
2,118,689
Current assets/(liabilities)
87,648
2,206,337
Unrestricted
funds
2023
£
At 31 March 2023:
Tangible assets
2,188,024
Current assets/(liabilities)
62,559
2,250,583
KNOCKANDO WOOLMILL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
18
Financial commitments, guarantees and contingent liabilities

Knockando Woolmill and the ground at Aberlour are secured by standard securities over the company' properties by Moray Council and The Scottish Ministers.

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