The trustees present their annual report and financial statements for the year ended 30 November 2023.
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 charitable company'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 Enchanted Forest Community Trust has operated since 2009, creating economic wealth and redistributing event surpluses to local community groups and charities to directly benefit the community.
The stated aim of the charity is primarily, but not exclusively, to benefit the communities of Highland Perthshire defined by postcode districts PH8, PH9, PHIS, PH16, PHI7 and PH18.
Its aims are:
- To advance the arts, heritage, culture and science of the area by supporting, managing, promoting and developing quality events which enhance and celebrate the natural and cultural resources of the area and encourage education and participation therein;
- To provide funding to charities, clubs and organisations primarily, but not exclusively, working in the area or providing benefit in the area, to enable them to implement, or assist in the implementation of, their own projects the purposes of which promote any of the following:
- The advancement of arts, heritage, culture or science
- The advancement of community development and environmental protection or improvement
- The advancement of education
- The advancement of public participation in sport or the provision or organisation of recreational facilities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended
- Relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage.
The Enchanted Forest Community Trust organises and runs the Enchanted Forest for the benefit of Highland Perthshire. The Enchanted Forest was established in 2002 and, following its transfer to Trust ownership, has directly helped other events in the region operate through significant Community Fund contributions generated by event surpluses.
The majority of contracts which the company has placed have been with Scottish suppliers, contributing a direct economic benefit to the country and an increase in local employment in quiet periods of economic activity for Pitlochry and Perth & Kinross.
Charitable donations
The charity aims to distribute excess funds to support good causes within the Highland Perthshire area and also to make donations to charities in Scotland that, in the view of the trustees, are likely to benefit members of the local community.
Each year the charity asks local charities and community groups to submit applications for funds to assist them with suitable projects.
The Community Fund was successfully re-launched in January 2023, following a period of financial recovery from the pandemic and supported by surplus funds generated by the 2022 show. In 2023 the Trust awarded £49,750 (2022 - £Nil) to 17 registered charities operating in Perthshire.
- Checkin Works/Giraffe Trading
- Upper Tay Anti Poverty Support Group
- Handam Refill Station
- Pitlochry Festival Theatre
- Breadalbane and Strathtay Youth FC
- Breadalbane Canoe Club
- Vale of Atholl Pipers Association
- Pitlochry and Blair Atholl Pipe Band
- Moulin Kirk Trust
- Blair Atholl in Bloom
- Horizon Lunch Club
- Scottish Youth Film Foundation
- SiMBA
- Pegasus Vaulting Group
- Pitlochry and District Choral Society
- Dunkeld, Birnam and District Community Development Trust
- Heartland FM
In addition to the Community Fund awards, 15 community projects were granted a combined £6,700 (2022 - £1,250) of financial support by The Enchanted Forest Community Trust in the financial year ending November 2023.
They were:
- Dunkeld and Birnam Traditional Youth Music Group
- Pitlochry in Bloom
- Pitlochry Path Group
- Perth Minorities Association
- Pitlochry Music Festival
- Pitlochry Winter Lights
- Highland Perthshire Shopmobility
- Pitlochry Bonfire Group
- Three Wheel Drive
- Katrina Kennedy
- Perth & Kinross Countryside Trust
- Moulin Coffee Group
- Perth and Kinross Scottish Women’s Institutes Young Dippers Group
- 17th Perthshire Aberfeldy Scouts
- Dunmore Angling Club
Total charitable donations made over the course of the year amounted to £56,450 (2022 - £1,250).
The Trust are the operators of The Enchanted Forest, one of the UK’s most successful cultural events. It is an annual sound and light show which transforms the beautiful Faskally Wood in the Scottish Highlands into a magical destination each October. Its unique nature has gained worldwide acclaim.
The event is a strong boost to the local tourism economy in and around Pitlochry, Perthshire, and has been a key driver in transforming a traditionally quiet time of the year into a significant period for tourism, attracting over 85,000 visitors to the region for the event.
An independent economic impact survey, conducted by Tourism Resources Company in November 2023, found that The Enchanted Forest event is now estimated to deliver a significant economic impact of nearly £10.7 million to Highland Perthshire annually.
Proceeds from the event are used to support local community initiatives, administered through the Enchanted Forest Community Fund. To date the Fund has invested £430,000 into the region, benefitting more than 175 local community groups, projects, and charities.
The 2023 event had significant operational challenges to overcome. During the planning phase escalating global inflation rates impacted on many key event costs, including fuel, which required very careful budget management and mitigating measures.
During the show run, unprecedented weather challenges led to the cancellation of four shows in the run, a first for the show in its 21 year history. The Trust had adequate event insurances in place and were successfully reimbursed for costs incurred as a result of the cancellations. Customers affected by the cancellations were successfully re-booked, refunded or transferred to the 2024 event.
Additional operational challenges were caused by unexpected roadwork delays on the A9, preventing some visitors and also operational staff from attending the event. The subsequent publicity led to direct engagement with SGN and a restricted donation of £65,000 on their behalf to The Enchanted Forest Trust’s Community Fund for disbursement in 2024.
While advance ticket sales for the event were higher than any previous year at 86,662, total attendance figures were depressed at 77,483 as a direct result of the cancellations and roadwork delays.
The resilience and resourcefulness of our senior management team enabled us to adapt to a range of unprecedented situations, and to deliver practical solutions, providing reassurance to the Board of Trustees.
The creative team also made a positive impact, delivering the biggest, most technically advanced show in the event’s 21-year history, with more lights and installations than ever before. The local school choir were also involved in the recording of a key piece of music for one of the showcases.
As a Real Living Wage employer the show directly employs 90 local people, in a range of stewarding and transport roles. Extensive training is provided to ensure everyone is able to perform well in their roles and our team members stepped up admirably following the storm cancellations, ensuring we could welcome visitors back as quickly as possible. The team received exceptional praise from visitors, reflected in the visitors survey, with 99% rating the stewarding team as excellent.
The combined pedigree of major events experience on the team, leading creative talents and a passionate stewarding team enabled successful event delivery and resulted in excellent customer feedback with more than 93% of attendees rating their enjoyment positively.
We were delighted to welcome some special visitors including Olympian, Eve Muirhead OBE and Judy Murray OBE, as well as Dame Mary Berry DBE who filmed part of “Mary’s Highland Christmas” on location at the event.
Making the Enchanted Forest event as accessible as possible has always been a priority for the Trust. The Autism Friendly performance times sold out in 2023, receiving very positive feedback from the neurodivergent community and charities. The event also successfully operated a parking and departures area for a dedicated Accessibility Bus as well as introducing a limited number of Free Carer Tickets which are funded by the Trust. The Enchanted Forest is listed on Euan’s Guide and has received five-star reviews for its accessibility for disabled visitors. Wheelchair users can read the reviews on this guide for more detailed information on the walk and gradients to assess whether it is suited to specific needs prior to booking.
As a direct result of successful ticket sales in 2023 and other income generating measures taken by the Trust in the operation of the 2023 event, we delivered an operating surplus of £193,727 (2022 - £312,151), This includes receipt of event cancellation insurance of £193,177.
The charity held total funds of £761,263 (2022 - £567,536) of which £694,513 (2022 - £567,536) was unrestricted and £66,750 (2022 - £Nil) was restricted. These reserves are in line with levels held prior to the pandemic.
Reserves
Reserves have been accrued in previous years to cover the costs associated with putting on the forthcoming year's show.
For future event planning purposes, the trustees arrange for a budget to be prepared annually, making an allowance for ticket sales projections whilst maximising capacity by introducing more streamlined and effective operational processes. They assess the reserves needed for the year ahead and any surplus funds are made available for distribution for suitable projects.
The charity held total funds of £761,263 (2022 - £567,536) at the year end, £66,750 of which are restricted for Community Fund use only.
The Trustees believe that the balance of reserves is adequate to finance The Enchanted Forest event, having regard to expected direct income from the event itself.
Risk assessment
In 2023, the charity continued to work closely with their Executive Director, Nela Popovic, to manage major operational changes to address and minimise risks.
Major risks previously identified and now addressed include:
- Further developing the Board of Trustees to expand the range of skills and expertise to support the charity’s strategic direction. This has directly and successfully informed recruitment activities and appointment priorities in 2022, resulting in two new Trustees with experience in governance, risk management and sustainability.
- Long term planning permission for the event, mitigating key operational risks to the event to operate.
- Community relations continue to be of significant importance to the Board of Trustees. The Senior Management Team developed a robust community engagement plan.
- An historical provision for £30,000 in liabilities for unclaimed PRS fees expired in 2023 and this liability has been released to the charity’s reserves in this year’s accounts.
- An additional provision for £10,000 was made in 2022 for a legal contention over the circumstances surrounding the severance of a previous supplier relationship. The two parties reached an agreement in 2023, and the provision of £10,000 was fully released to the charity’s reserves in this year’s accounts. An exceptional increase in governance fees relating primarily to legal costs to defend the claim was recorded in 2023. It is expected this will return to normal levels in 2024.
Risks identified by the board include:
- Potential for one off cancellations of the Event including future mitigations and learnings
- Ongoing management of costs without compromising the overall quality & appeal of the Event
Point of focus:
- Delivering a leading sound & light show, in keeping with our brand and the unique location of the Event.
- Continue to maintain strong relationships with the local community, strengthening partnerships with local business for the ongoing benefit of the Event and the local community.
- Considering our environmental impact and approach to more sustainable solutions in our operations.
The company was incorporated as a Scottish company limited by guarantee on 7 April 2009 and has been registered as a Scottish charity since 17 November 2014. The charity is governed by its Memorandum and Articles of Association dated 29 October 2014 which were revised and updated on 23 August 2021.
Over the course of 2023, the composition of the Board of Trustees has enjoyed a period of stability, strengthening organisational governance and emboldening the strategic direction of the organisation.
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:
The Board of Trustees met frequently over the course of 2023, to assess the major risks to which the charity is exposed. Recruitment of an additional trustee took place in the fourth quarter, bringing particular expertise in sustainability and environmental management to the board.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Over the course of 2023, the Board of Trustees have been working closely with their Executive Director, Nela Popovic, and an external specialist consultant to strengthen the organisation’s governance and further develop the Board’s resilience.
In accordance with the company's articles, a resolution proposing that MMG Archbold Limited be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Enchanted Forest Community 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 charitable company 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 charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Opinion
We have audited the financial statements of Enchanted Forest Community Trust (the ‘charitable company’) for the year ended 30 November 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
proper accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates;
- We identified the laws and regulations applicable to the company through discussions with management and through our own knowledge of the industry.
- We enquired with management about their own identification and assessment of the risk of irregularities;
We considered the opportunities that may exist within the organisation for fraud and identified the greatest risk in relation to revenue recognition and management override of internal controls. Our audit procedures to respond to these risks included, but were not limited to;
- Reviewing the financial statement disclosure and testing of financial statement balances to supporting documentation;
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries with management, review of meeting minutes and inspecting legal correspondence;
- We communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any indications of fraud or non-compliance throughout the audit.
- We performed analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatements due to fraud;
- Testing journal entries to identify unusual transactions and evaluated the underlying rationale;
- Evaluating evidence of any bias by the directors that may represent a material misstatement by comparing accounting estimates to the underlying supporting documentation and assessing the rationale applied,
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities including those leading to a material misstatement in the financial statements or non-compliance with regulation. As a result of these, we considered the opportunities that may exist within the organisation for fraud and audit procedures were designed in response to the risks identified, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve, for example, forgery, deliberate concealment, or collusion.
As part of an audit in accordance with ISAs (UK), professional judgement was exercised, and professional scepticisms was maintained throughout the audit.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
MMG Archbold Limited is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Donations
Investments
There were no gains or losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Enchanted Forest Community Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 51 Atholl Road, Pitlochry, PH16 5BU.
The financial statements have been prepared in accordance with the charitable company's governing document, 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 charitable company is a Public Benefit Entity as defined by FRS 102.
The charity has availed itself of S396 of the Companies Act 2006, as permitted in paragraph 4(1) of Schedule 1 of SI 2008 No 409, and adapted the Companies Act formats to reflect the special nature of the charity's activities.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. 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.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for at least the next twelve months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Funds are maintained at a level estimated to be sufficient to finance the Enchanted Forest event having regard to expected income from grants, donations and direct income from the event itself.
Income is recognised when the charitable company 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.
Income represents invoices and tickets issued, donations and other monies received in the course of the charity's ordinary activities during the year.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount.
All expenditure is accounted for on an accruals basis as a liability is incurred. Expenditure includes irrecoverable VAT and has been classified under headings of the Statement of Financial Activities to which it relates.
Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to governance of the charity apportioned to charitable activities.
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These costs include the statutory audit fees.
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
At each reporting end date, the charitable company 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).
Stocks are stated at the lower of cost and estimated selling price. 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.
Cash and cash equivalents include deposits held at call with banks.
The charitable company 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 charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price.
Basic financial liabilities, including creditors are recognised at transaction price.
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.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
Provisions are recognised when the charitable company has a legal or constructive present obligation as a result of a past event, it is probable that the charitable company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
In the application of the charitable company’s accounting policies, the trustees 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.
The trustees are of the opinion that the only judgement made that may have had a material effect on the financial statements relates to the assessment of the useful economic life of the charitable company's assets which may result in an increase in the depreciation charge for the year. Depreciation charge for the year amounted to £1,680 (2022 - £1,680).
Donations
Grants received
Ticket sales
Merchandise and other sales
Brochure advertising
Ticket incentive
Insurance claim receivable
Event costs
Subcontract labour
Insurance
Subscriptions
Sundry expenses
Bad debts
None of the trustees (or any persons connected with them) received any remuneration during the year, and expenses of £665 were reimbursed (2022 - none).
Payments to trustees are permitted under clause 10.4 of the charitable company's Articles of Association.
The average head count of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Royalties: It had been brought to the charitable company's attention that there was a potential liability in relation to past royalties. A provision of £30,000, including fees had previously been provided for. This provision has been discharged in the 2023 financial year due to no progress being made.
Contract Dispute: In 2022 the charitable company has made a total provision of £10,000 in respect of an ongoing legal dispute regarding a potential breach of contract with a supplier, this matter has now been resolved at no further cost to the charitable company.
Deferred income is included in the financial statements as follows:
Deferred income represents ticket sales received relating to future years.
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.
The Community Fund is to distribute grants to the local community around Pitlochry.
The charitable company had no material debt during the year.