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OneTwoYears2023-08-31SC364744ns10:BetweenOneTwoYears2022-08-31SC364744ns10:BetweenTwoFiveYears2023-08-31SC364744ns10:BetweenTwoFiveYears2022-08-31

REGISTERED COMPANY NUMBER: SC364744 (Scotland)

REGISTERED CHARITY NUMBER: SC040828



















REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023


FOR



LESMAHAGOW DEVELOPMENT TRUST


LESMAHAGOW DEVELOPMENT TRUST







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






Page



Report of the Trustees  

1


to


4


Independent Examiner's Report  

5



Statement of Financial Activities  

6



Balance Sheet  

7


to


8


Notes to the Financial Statements  

9


to


18


LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) as amended for periods commencing on or after 1 January 2016.


OBJECTIVES AND ACTIVITIES

Objectives and aims

The Objectives of the charity as defined in the memorandum of association are to :-
(a) engage in the economic, environmental and social regeneration of the community of Lesmahagow.
(b) promote the social economy and social enterprise within Lesmahagow for the benefit of the general public.
(c) promote education, awareness and citizenship; in particular promote opportunities for learning for the benefit of the general public, including skills which will assist the participants in obtaining paid employment.
(d) improve the environment in Lesmahagow through the provision, maintenance and/or improvement of public open space, amenities and other environmental and regeneration projects (but subject to appropriate safeguards to ensure that the public benefit so arising clearly outweigh any private benefit thereby conferred on private owners).
(e) provide within Lesmahagow recreational facilities or organise activities, including the arts and/or culture, with the object of improving the conditions of life of the persons for whom the facilities or activities are primarily intended.
(f) develop and engage in anti-poverty initiatives and improve the general well-being and health of the community.
(g) preserve, for the benefit of the community, the historical, architectural and constructional heritage that may exist in or around Lesmahagow.
(h) promote, establish, operate and/or support other schemes and projects of a charitable nature for the benefit of the community.

These are a very broad set of objectives which enable the Trust to deliver activities for the benefit of the local community across a spectrum of areas including poverty, sports, culture and environment.

The Trust's Vision is to deliver sustainable community facilities and activities for the benefit of everyone living in Lesmahagow and the surrounding area, providing opportunities and reducing loneliness by improving intergenerational links. To deliver this vision, the Trust is working towards the following set of Objectives: to generate an income to be used for the benefit of the local community, to distribute grants to community groups, to address loneliness through provision of facilities and activities for older people, to maintain sufficient staff levels to effectively run facilities and services.

Significant activities

The trustees have paid due regard to guidance issued by the charity regulator in deciding what activities the Trust should undertake and/or be involved with.

During the year the Trust engaged in various activities to achieve its objectives which included the following :-

Grow A Lot Lesmahagow
The allotment project continues to be a significant project for the Trust. The site attracted new Plotholders, including families, looking for a safe place to enjoy nature and grow their own produce.

Fountain Hall
In June 2023 the Trust took a short-term lease of the Fountain Hall in the village. Following the conclusion of the lease this will be subject to a community asset transfer after it was identified by the local authorities charitable company as surplus to requirements. The Trust's office and activities will be based in the hall along with operating as a community hall for hire. With the availability of the hall, we no longer need to utilise the main street premises as an activity centre and this will now be re-purposed as a multi-unit retail facility.

Netherburn West Renewable Project
The Trust's wholly owned subsidiary, Lesmahagow Limited, now owns 27% of the Netherburn West Renewable Project. This is in addition to the 25% stake in Stewart Energy.

The Trust also continues to receive income from the commercial investment in a renewable energy project.


LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023



OBJECTIVES AND ACTIVITIES

Public benefit

The charity provides public benefit by the various activities and projects undertaken in accordance with the charitable objectives and aims set out in the governing document.

Grantmaking

In addition to the return on the investment in the wind turbine scheme, Communities Benefits monies are paid by Stewart Energy to the Trust. This money is used to provide locally constituted groups with small grants of up to £500.

Volunteers

The Trust is most appreciative of the role played by volunteers in helping to successfully operate its various activities.

The Trust appointed a new Development Officer and moved to rented premises on Abbeygreen to continue our work in the community.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

We will continue to grow our partnership working leading to locally improved facilities, services, and projects. Our current focus is the refurbishment of our premises located in Abbeygreen which we see as a future community hub and upgrading the local playpark in partnership with South Lanarkshire Council, Lesmahagow Community Council and local fundraisers.

The Small Grants Scheme continues to be accessed by local constituted groups operating for the benefits of members.

During the prior year the Trust acquired a flat located in Abbeygreen, Lesmahagow. The flat will be let out to provide an income for the Trust which in turn will fund future charitable activities.

FINANCIAL REVIEW

Financial position

Total income for the year was £115,363 (2022 - £180,569). Income from donations and legacies decreased by £83,825 to £83,731 (2022 - £167,556) which includes a donation of £65,000 (2022 - £nil) from wholly owned subsidiary, Lesmahagow Limited.


Total expenditure for the year was £109,753 (2022 - £72,457). Charitable activities at the activity centre were £52,536 and £4,395 was spent at the allotments with these two areas of activity accounting for 52% (2022 - 49.5%) of total expenditure for the year.


Net income for 2023 was £5,610 (2022 - £108,112).


At the end of the year the Trust had total funds of £398,247 of which £262,196 was unrestricted (2022 total funds - £392,637).


Principal funding sources

During the year the Trust received a donation of £65,000 (2022 - £nil) from its wholly owned subsidiary, Lesmahagow Limited.

Reserves policy

It remains the policy of the Trust that unrestricted funds which have not been designated for a specific purpose should be maintained at an appropriate minimum level. The trustees consider that holding reserves at an appropriate level will ensure that in the event of a significant drop in funding, they will be able to continue the Trust's current ongoing activities whilst consideration is given to ways in which additional funding may be raised.

The trustees are satisfied with the level of reserves maintained throughout the year.


LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023



FINANCIAL REVIEW

Going concern

These financial statements are prepared under the going concern basis of accounting and the trustees are not aware, at the time of approval of these financial statements, of any circumstance that bring that into question.


Users of the accounts are also directed to the Trust's going concern accounting policy on the trustees consideration of the suitability of and continued application of the going concern basis of accounting to the financial statements.


Funds in deficit

The Trust had no funds in deficit at the end of the year under review or at the end of the previous financial year.

FUTURE PLANS

The trustees intend, as circumstances allow, to operate the Trust as they did pre-covid in the foreseeable future and gradually increase charitable activities again as covid restrictions are eased.


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Lesmahagow Development Trust's governing document is its Memorandum and Articles of Association.


Charity constitution

The charity is constituted as a limited company, limited by guarantee, as defined by the Companies Act 2006.


Recruitment and appointment of new trustees

Under the Articles of Association the members may elect any member as trustee (director) at each Annual General Meeting. The Trustees (directors) may, at any time, appoint any member to be a trustee (director) and also have powers to co-opt, at any time, any non-member to be a trustee (director) on the basis that he/she has been nominated by a body with which the company has close contact in the course of its activities or on the basis that he/she has specialist experience and/or skills which could be of assistance to the directors.

Organisational structure

A Centre Manager and a Development Officer were based in the office at Abbeygreen, Lesmahagow. The Centre Manager organises activities and the Development Officer built partnership working opportunities and sought to identify and develop community projects. The Development Officer post terminated at the end of December 2019.

The work of the employees is overseen and directed by the trustees.

Decision making

The trustees are responsible for strategic decision making within the charity and the Centre Manager and Development Officer are responsible for giving effect to their direction.


Induction and training of new trustees

New trustees receive guidance and instruction from the board of trustees to make them aware of the objectives and workings of the Trust.

Wider network

The Lesmahagow Development Trust is a member of the Development Trusts Association Scotland (DTA Scotland) which aims to promote, support and represent development trusts in Scotland. It can provide information, advice and support to the development trust network in Scotland through a wide range of publications and resources and offers training and support interventions.

Related parties

Transactions with related parties are disclosed in the notes to the financial statements.


LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2023



STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have assessed the major risks to which the Trust is exposed and are satisfied that systems are in place to mitigate exposure to those risks which primarily relate to sufficient funding being available to allow the Trust to continue to operate its charitable activities for the benefit of the local community in and around Lesmahagow.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC364744 (Scotland)


Registered Charity number

SC040828


Registered office

C/O EM Cubed Limited

12 Abbeygreen

Lesmahagow

Lanarkshire

ML11 0EQ


Trustees

Mr David MacColl

Miss Elizabeth Montgomery

Mr Michael Taylor


Company Secretary

Miss Elizabeth Montgomery


Independent Examiner

Stewart Gilmour & Co.

3rd Floor

St George's Buildings

5 St Vincent Place

Glasgow

G1 2DH


Approved by order of the board of trustees on 31 May 2024 and signed on its behalf by:






Mr David MacColl - Trustee


INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

LESMAHAGOW DEVELOPMENT TRUST


I report on the accounts for the year ended 31 August 2023 set out on pages six to eighteen.


Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.


Basis of the independent examiner's report

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


Independent examiner's statement

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


(1)

which gives me reasonable cause to believe that, in any material respect, the requirements


-

to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-

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


have not been met; or


(2)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.









Kenneth C Livingstone

The Institute of Chartered Accountants of Scotland


Stewart Gilmour & Co.

3rd Floor

St George's Buildings

5 St Vincent Place

Glasgow

G1 2DH


31 May 2024


LESMAHAGOW DEVELOPMENT TRUST


STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


INCOME AND ENDOWMENTS FROM

Donations and legacies

66,815


16,916


83,731


167,556



Charitable activities

Stewart Energy Grant Fund

-


-


-


9,998


Other charitable activities

686


-


686


-


LDT

3,003


21,223


24,226


-



Investment income

2

6,720


-


6,720


3,015


Total

77,224


38,139


115,363


180,569



EXPENDITURE ON

Charitable activities

3

Grow-a-lot

-


4,395


4,395


4,229


Governance

540


-


540


1,037


Activity Centre

52,536


-


52,536


31,650


Stewart Energy Grant Fund

-


7,290


7,290


6,138


Other charitable activities

30,693


-


30,693


26,865



Other

14,299


-


14,299


2,538


Total

98,068


11,685


109,753


72,457



NET INCOME/(EXPENDITURE)

(20,844

)

26,454


5,610


108,112




RECONCILIATION OF FUNDS

Total funds brought forward

283,040


109,597


392,637


284,525



TOTAL FUNDS CARRIED FORWARD

262,196


136,051


398,247


392,637



LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


BALANCE SHEET

31 AUGUST 2023



2023


2022


Unrestricted


Restricted


Total


Total


funds


funds


funds


funds


Notes

£   

£   

£   

£   


FIXED ASSETS


Tangible assets

9

270,622


51,771


322,393


298,783


Investments

10

100


-


100


100


270,722


51,771


322,493


298,883



CURRENT ASSETS


Debtors

11

399


-


399


134


Cash at bank

76,161


166,058


242,219


169,208


76,560


166,058


242,618


169,342



CREDITORS


Amounts falling due within one year

12

(18,915

)

(81,778

)

(100,693

)

(8,224

)


NET CURRENT ASSETS

57,645


84,280


141,925


161,118



TOTAL ASSETS LESS CURRENT

LIABILITIES

328,367


136,051


464,418


460,001



CREDITORS


Amounts falling due after more than one year

13

(66,171

)

-


(66,171

)

(67,364

)


NET ASSETS

262,196


136,051


398,247


392,637


FUNDS

15

Unrestricted funds

262,196


283,040


Restricted funds

136,051


109,597


TOTAL FUNDS

398,247


392,637



The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


LESMAHAGOW DEVELOPMENT TRUST (REGISTERED NUMBER: SC364744)


BALANCE SHEET - continued

31 AUGUST 2023


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



The financial statements were approved by the Board of Trustees and authorised for issue on 31 May 2024 and were signed on its behalf by:






Mr David MacColl - Trustee


LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023


1.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.



The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a cash flow statement.



The currency in which the financial statements are prepared is Sterling which is the functional currency used by the Trust. Monetary amounts are rounded to the nearest £.



Going concern


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



Preparation of consolidated financial statements


The financial statements contain information about Lesmahagow Development Trust as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.



Income


All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.



Cash donations are recognised on receipt. Other donations are recognised once 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 if 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.



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 been met at the year end date are noted as a commitment but not accrued as expenditure.



Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.



Freehold property

-

2% on cost


Long leasehold

-

5% on cost


Plant and machinery

-

25% on cost


Fixtures and fittings

-

15% on cost


Computer equipment

-

25% on cost


LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


1.

ACCOUNTING POLICIES - continued



Tangible fixed assets


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



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



Lesmahagow Development Trust owns 100% of the share capital of Lesmahagow Limited. All income from Lesmahagow Limited is donated to the Trust and it is, therefore, valued at cost in the financial statements.



Taxation

The charity is exempt from corporation tax on its charitable activities.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

2.

INVESTMENT INCOME


2023


2022

£   

£   



Rents received

6,000


3,000




Deposit account interest

720


15



6,720


3,015




3.

CHARITABLE ACTIVITIES COSTS


Grant

Support



Direct

funding of

costs (see



Costs

activities

note 4)

Totals

£   

£   

£   

£   



Grow-a-lot

4,395


-


-


4,395




Governance

-


-


540


540




Activity Centre

50,100


-


2,436


52,536




Stewart Energy Grant Fund

-


7,290


-


7,290




Other charitable activities

24,742


-


5,951


30,693



79,237


7,290


8,927


95,454





LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


4.

SUPPORT COSTS


Management

£   



Governance

540




Activity Centre

2,436




Other charitable activities

5,951



8,927




5.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):




2023


2022

£   

£   



Depreciation - owned assets

12,421


10,612




6.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.



Trustees' expenses


There were no trustees' expenses paid for the year ended 31 August 2023 nor for the year ended 31 August 2022.


7.

STAFF COSTS


2023


2022

£   

£   



Wages and salaries

32,645


22,805



32,645


22,805





The average monthly number of employees during the year was as follows:



2023


2022


Development officer

1


-




Activity centre manager

1


1



2


1





No employees received emoluments in excess of £60,000.



LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


8.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES


Unrestricted


Restricted


Total


funds


funds


funds

£   

£   

£   



INCOME AND ENDOWMENTS FROM


Donations and legacies

167,556


-


167,556




Charitable activities


Stewart Energy Grant Fund

-


9,998


9,998




Investment income

3,009


6


3,015



Total

170,565


10,004


180,569




EXPENDITURE ON


Charitable activities


Grow-a-lot

-


4,229


4,229



Governance

1,037


-


1,037



Activity Centre

31,650


-


31,650



Stewart Energy Grant Fund

-


6,138


6,138



Other charitable activities

26,864


1


26,865




Other

2,538


-


2,538



Total

62,089


10,368


72,457




NET INCOME/(EXPENDITURE)

108,476


(364

)

108,112





RECONCILIATION OF FUNDS


Total funds brought forward

174,564


109,961


284,525




TOTAL FUNDS CARRIED FORWARD

283,040


109,597


392,637



9.

TANGIBLE FIXED ASSETS


Freehold


Long


Plant and


property


leasehold


machinery

£   

£   

£   



COST


At 1 September 2022

248,629


84,582


91




Additions

28,413


3,318


458




At 31 August 2023

277,042


87,900


549




DEPRECIATION


At 1 September 2022

9,001


31,734


91




Charge for year

5,541


4,395


114




At 31 August 2023

14,542


36,129


205




NET BOOK VALUE


At 31 August 2023

262,500


51,771


344




At 31 August 2022

239,628


52,848


-




LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


9.

TANGIBLE FIXED ASSETS - continued


Fixtures



and


Computer



fittings


equipment


Totals

£   

£   

£   



COST


At 1 September 2022

9,406


4,963


347,671




Additions

-


3,842


36,031




At 31 August 2023

9,406


8,805


383,702




DEPRECIATION


At 1 September 2022

3,099


4,963


48,888




Charge for year

1,411


960


12,421




At 31 August 2023

4,510


5,923


61,309




NET BOOK VALUE


At 31 August 2023

4,896


2,882


322,393




At 31 August 2022

6,307


-


298,783




10.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



MARKET VALUE


At 1 September 2022 and 31 August 2023

100




NET BOOK VALUE


At 31 August 2023

100




At 31 August 2022

100





There were no investment assets outside the UK.



The company's investments at the balance sheet date in the share capital of companies include the following:



Lesmahagow Limited


Registered office: United Kingdom


Nature of business: Trading company


%


Class of share:

holding



Ordinary

100



31.5.23

31.5.22


£   

£   



Aggregate capital and reserves

60,137


25,988




Profit/(loss) for the year

34,149


(77,843

)



As Lesmahagow Limited donates its profits to the charity there is no material movement in the value of the subsidiary. It is, therefore, considered reasonable to show the value of the subsidiary at cost.

Lesmahagow Limited prepares separate financial statements to satisfy statutory requirements. Consolidated financial statements are not prepared.


LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Other debtors

399


134




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022


£   

£   



Other loans (see note 14)

6,249


6,249




Trade creditors

6,669


19




Other creditors

18


-




Funds held as custodian

81,778


-




Accruals and deferred income

5,979


1,956



100,693


8,224




Lesmahagow Development Trust have helped to administer the Dalquhandy fund on behalf of a neighbouring village. During the year to 31st August 2023 total income was £91,778 and total expenditure was £10,000. At 31st August 2023 the balance held by Lesmahagow Development Trust was £81,778.

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022


£   

£   



Other loans (see note 14)

66,171


67,364




14.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year on demand:


Other loans

6,249


6,249




Amounts falling between one and two years:


Other loans - 1-2 years

6,249


6,249




Amounts falling due between two and five years:


Other loans - 2-5 years

18,748


18,748




Amounts falling due in more than five years:



Repayable by instalments:


Other loans more 5yrs instal

41,174


42,367





LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


15.

MOVEMENT IN FUNDS


Net


Transfers




movement


between


At



At 1.9.22


in funds


funds


31.8.23


£   

£   

£   

£   



Unrestricted funds


General fund

278,849


(20,844

)

(40,000

)

218,005




New Building

4,191


-


-


4,191




Play Park

-


-


40,000


40,000



283,040


(20,844

)

-


262,196




Restricted funds


Grow-a-lot Lesmahagow

60,781


(4,395

)

-


56,386




Friends of the Jubilee

867


-


(867

)

-




Stewart Energy Grant Fund

47,949


7,710


-


55,659




Play Park

-


1,916


867


2,783




LDT - Billys



-


21,223


-


21,223



109,597


26,454


-


136,051




TOTAL FUNDS

392,637


5,610


-


398,247





Net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

77,224


(98,068

)

(20,844

)




Restricted funds


Grow-a-lot Lesmahagow

-


(4,395

)

(4,395

)



Stewart Energy Grant Fund

15,000


(7,290

)

7,710




Play Park

1,916


-


1,916




LDT - Billys



21,223


-


21,223



38,139


(11,685

)

26,454




TOTAL FUNDS

115,363


(109,753

)

5,610





LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


15.

MOVEMENT IN FUNDS - continued



Comparatives for movement in funds



Net




movement


At



At 1.9.21


in funds


31.8.22


£   

£   

£   



Unrestricted funds


General fund

170,379


108,470


278,849




New Building

4,185


6


4,191



174,564


108,476


283,040




Restricted funds


Grow-a-lot Lesmahagow

65,006


(4,226

)

60,780




Friends of the Jubilee

867


-


867




Stewart Energy Grant Fund

44,088


3,862


47,950



109,961


(364

)

109,597




TOTAL FUNDS

284,525


108,112


392,637





Comparative net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

170,559


(62,089

)

108,470




New Building

6


-


6



170,565


(62,089

)

108,476




Restricted funds


Grow-a-lot Lesmahagow

4


(4,230

)

(4,226

)



Stewart Energy Grant Fund

10,000


(6,138

)

3,862



10,004


(10,368

)

(364

)



TOTAL FUNDS

180,569


(72,457

)

108,112




LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


15.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined position is as follows:



Net


Transfers




movement


between


At



At 1.9.21


in funds


funds


31.8.23


£   

£   

£   

£   



Unrestricted funds


General fund

170,379


87,626


(40,000

)

218,005




New Building

4,185


6


-


4,191




Play Park

-


-


40,000


40,000



174,564


87,632


-


262,196




Restricted funds


Grow-a-lot Lesmahagow

65,006


(8,621

)

-


56,385




Friends of the Jubilee

867


-


(867

)

-




Stewart Energy Grant Fund

44,088


11,572


-


55,660




Play Park

-


1,916


867


2,783




LDT - Billys



-


21,223


-


21,223



109,961


26,090


-


136,051




TOTAL FUNDS

284,525


113,722


-


398,247





A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:



Incoming


Resources


Movement



resources


expended


in funds


£   

£   

£   



Unrestricted funds


General fund

247,783


(160,157

)

87,626




New Building

6


-


6



247,789


(160,157

)

87,632




Restricted funds


Grow-a-lot Lesmahagow

4


(8,625

)

(8,621

)



Stewart Energy Grant Fund

25,000


(13,428

)

11,572




Play Park

1,916


-


1,916




LDT - Billys



21,223


-


21,223



48,143


(22,053

)

26,090




TOTAL FUNDS

295,932


(182,210

)

113,722





Transfers between funds



Lesmahagow Development Trust has designated £40,000 of its own funding towards costs for the new playpark.



The balance of £867 within Friends of the Jubilee restricted fund have also been transfered to the restricted playpark fund which is within the remit of the original grant funding.


LESMAHAGOW DEVELOPMENT TRUST


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2023


16.

RELATED PARTY DISCLOSURES


During the year the company received a donation of £65,000 (2022 - £nil) from Lesmahagow Limited, a wholly owned subsidiary.

17.

ULTIMATE CONTROLLING PARTY


The charitable company is controlled by the board of trustees (directors) acting on behalf of the members.