Charity Registration No. SC033379 (Scotland)
Company Registration No. SC233786 (Scotland)
TARBERT & SKIPNESS COMMUNITY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
TARBERT & SKIPNESS COMMUNITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Ms Sheila Campbell
Ms Wilma Mackenzie
Mr James Hamilton
Mr T James
Mrs L Rushton
Mr J Rushton
Mr W McHugh
Mr A Cullen
(Appointed 22 November 2023)
Mr D Hunt
(Appointed 22 November 2023)
Ms F Johnstone
(Appointed 7 February 2024)
Secretary
Ms Jane Cowen
Charity number (Scotland)
SC033379
Company number
SC233786
Principal address
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Registered office
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Independent examiner
Iain D C Webster
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Bankers
Bank of Scotland
Harbour Street
Tarbert
Argyll
PA29 6TZ
TARBERT & SKIPNESS COMMUNITY TRUST
CONTENTS
Page
Directors' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7
Statement of financial position
8
Notes to the financial statements
9 - 24
TARBERT & SKIPNESS COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -

The directors present their annual report and financial statements for the year ended 29 February 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 Trust'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)".

Objectives and activities

The objects are set out in its Memorandum of Association and broadly are to seek to achieve, by charitable means, the promotion and welfare of the community and improvement and conservation of the local and cultural heritage. The policies adopted in furtherance of these objects are to expand membership, raise funds and apply for grant aid for specific projects.

Public benefit

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

Activities

In order to ensure the financial viability of the Trust a number of income measures have been put in place. In 2018 annual subscriptions ceased. However the majority of members who paid by Standing Order continue to do so. The Trust is ensuring that governance costs are included in applications for grant funding for projects undertaken. The Trust has an interest in a renewable energy project in the form of a wind farm, which is continuing to provide an income stream for the Trust.

TARBERT & SKIPNESS COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

 

Tarbert and Skipness Renewables Limited

 

Srondoire Wind Farm

Srondoire Wind Farm became operational in October 2015. Dividends from Srondoire vary each year. In the early years the loan requires to be repaid to REIF and our dividend will be small. As this loan is reduced the dividend will increase. Other factors affect our dividend i.e. the wind and price paid for electricity generated.

 

The policy of Tarbert & Skipness Community Trust is that dividend from Sron Doire should be rolled over and accumulated to address major projects and issues in the Tarbert & Skipness area.

 

In 2023 plans to purchase land for house building were paused indefinitely due to perceived worth of the land by the land owner.

 

As a substantial dividend had rolled over from Sron Doire windfarm the Trust developed larger grants criteria which could award 10-20% toward cost of projects costing over £100,000. These grants are “the last piece of the jigsaw” i.e projects require to have been awarded 80-90% of their cost before applying to the Trust. In March 2024 the Trust awarded £40,000 to Tarbert Bowling Club for the development of the multi-use games area for which the club had already been awarded £288,000 of a total cost of £350,000.

 

Srondoire dividend also funds 50% towards transport costs for groups and events

 

RES Freasdail

RES Freasdail became operational in March 2017. TSCT has signed an agreement with RES Freasdail to receive community funds to be applied towards the benefit of the local community initially of £22,500 annually for 25 years. Fund Allocations increase with inflation and may change in the future if the wind farm is sold on to another operator.

 

Residents living within 5 kilometres of the windfarm will receive an annual payment towards their electricity bills, called the Local Energy Discount. If the full Local Energy Discount is not taken up then the difference is added to the community funds.

 

As a response to, and in anticipation of dividend receipts, TSCT set up their Community Benefit dispersal scheme in 2017. There is an annual notice in the press and on the website advertising the fund and information is dispersed to Trust members and previous recipients of grants. Information about the Community Benefit Scheme is available on http://tsct.org.uk. 2023 was the seventh year of fund dispersal and up to this point over £170,000 has been granted to local organisations. Reports from fund beneficiaries highlight that the grants help them continually upgrade their projects and resources to maintain them as village assets.

 

TARBERT & SKIPNESS COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -

Housing

The project last year did not allow the Trust to purchase the land at Escart Farm. However, the Trust is minded to revisit the plan to purchase the land should it return to the market at a more realistic price.

 

In September 2022 the Trust was delighted to see that there is a commitment in Argyll and Bute Strategic Housing Investment Plan to build 15 houses in this area by the end of 2024, and a further 15 by 2028. This year the Trust was disappointed that the dates for completion of houses has slipped by a year and there was no positive update by the end our financial year

 

Tarbert Life

Tarbert Life continues to be an attractive addition to the village facilities. An updated exhibition is planned for 2024.

 

Tarbert & Skipness Community Benefit Fund

Tarbert & Skipness Community Trust received a good response to the advert for applications for grant funding.

 

16 applications were received for assistance with projects.

 

All applications were successful, with grants totalling £25,900.

 

The Trust was pleased with the number and quality of the applications this year, from groups showcasing the voluntary work taking place in the area that is helping to enhance and strengthen the community.

 

All information relating to the grant application process can be found on the Trusts website at http://tsct.org.uk

 

Beach Cleans

The beach clean took place at the White Shore. Around 60 pickers took part working on average 1.5 hours. Tarbert Academy offered 16 students for an afternoon and the Toppers, junior members of the Yacht Club, worked through a Saturday morning.

A huge amount of rubbish was collected as though the task was never ending.

 

Tarbert & Skipness Community Plan has highlighted the need to investigate/assess plastic waste with a view to improving the current situation. Dr Tom Stanton from Loughborough University spoke to the Trust about plastic marine waste and hopefully funding for a larger project to address the issue. He highlighted that a lot of waste came from the village and gets stuck in the harbour.

Tarbert & Skipness Community Plan

Tarbert & Skipness Community Plan was produced in 2010. It was due for an update in 2020 but unfortunately Covid did not allow public meetings. Assisted by GLIC consultants, 5 public meetings were held between November 2021 and May 2023 to establish the issues of importance to the communities of Tarbert & Skipness. The Trust also used the consultation meetings held by Tarbert Harbour Authority as an opportunity to reach more people. Students of Tarbert Academy were surveyed and we received 65 responses.

 

The Community Plan was launched at the AGM in November 2023 and is on the website http://tsct.org.uk. The plan is reviewed annually.

 

Partnerships

The Trust has active partnerships with Tarbert Harbour Authority, Tarbert & Skipness Community Council, Tarbert Castle Trust, Tarbert Academy, Tarbert Academy Parents' Council, Tarbert Health Centre and Tarbert Enterprise Company. The Trust is a member of Development Trust Association, Scotland.

Financial review

The results of the year's activities, the financial position of the company and the reserves are shown in the financial statements.

TARBERT & SKIPNESS COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
Reserves policy

It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level which would enable expenses to be met in the next 18-24 months should a reduction in income be experienced. The Trustees ensure restricted grant funding includes a proportion of overhead and governance costs and, as such, the level of unrestricted funds is believed to meet, at a minimum, two years of running costs. The directors envisage a proportion of unrestricted funds that have been built up to be utilised in the future for projects that are anticipated to start when other funding has been obtained. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised.

 

The Trust ensures that all project funding to further the aims of the Trust contains an element of funding to contribute towards Trust expenses.

 

The Trust is able to benefit from Gift Aid from donations.

Major risks
The directors 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.
Structure, governance and management

The objects are set out in its Memorandum of Association and broadly are to seek to achieve, by charitable means, the promotion and welfare of the community and improvement and conservation of the local and cultural heritage.

The directors who served during the year and up to the date of signature of the financial statements were:

Ms Sheila Campbell
Ms Wilma Mackenzie
Mr James Hamilton
Mr T James
Mrs L Rushton
Mr J Rushton
Mr W McHugh
Mr A Cullen
(Appointed 22 November 2023)
Mr D Hunt
(Appointed 22 November 2023)
Ms F Johnstone
(Appointed 7 February 2024)
Recruitment and appointment of trustees

Any Ordinary Member of the Trust may be nominated by another Member or by himself/herself for election to the Board at an AGM, there being an appropriate place at the time.

 

As per the Articles of Association of the Trust a maximum of nine elected directors is permissible, the minimum number being five. In addition, up to three individuals may be co-opted so as to ensure a spread of skills and experience within the Board. The Trust's Equal Opportunities policy is implicit in this process. None of the directors has any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure
Tarbert and Skipness Community Trust is a company limited by guarantee and having no share capital, recognised by HM Revenue & Customs as a Scottish charity. The Trust's management is carried out by the relevant directors to achieve the objectives decided at board meetings.
TARBERT & SKIPNESS COMMUNITY TRUST
DIRECTORS' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -

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

Ms Sheila Campbell
Mr J Rushton
Director
Director
7 August 2024
TARBERT & SKIPNESS COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF TARBERT & SKIPNESS COMMUNITY TRUST
- 6 -

I report on the financial statements of the Trust for the year ended 29 February 2024, which are set out on pages 7 to 24.

Respective responsibilities of directors and examiner

The charity's directors 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 directors consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply.

Basis of independent examiner's statement

My examination 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 Charities and Trustees Investment (Scotland) 2005 Act and regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended);

(ii)

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

have not been met; or
(b)
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Iain D C Webster
The Old Surgery
School Road
Tarbert
Argyll
PA29 6UL
Dated: 7 August 2024
TARBERT & SKIPNESS COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
general
Designated
general
2024
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
£
Income from:
Donations and legacies
3
410
-
38,972
39,382
762
37,467
38,229
Charitable activities
4
-
-
7,837
7,837
-
2,500
2,500
Investments
5
-
71,000
-
71,000
25,000
-
25,000
Total income
410
71,000
46,809
118,219
25,762
39,967
65,729
Expenditure on:
Charitable activities
6
8,793
-
31,282
40,075
10,779
61,314
72,093
Total expenditure
8,793
-
31,282
40,075
10,779
61,314
72,093
Net gains/(losses) on investments
12
(11,098)
-
-
(11,098)
10,723
-
10,723
Net income/(expenditure)
(19,481)
71,000
15,527
67,046
25,706
(21,347)
4,359
Transfers between funds
13
(30,972)
34,869
(3,897)
-
6,730
(6,730)
-
Net movement in funds
9
(50,453)
105,869
11,630
67,046
32,436
(28,077)
4,359
Reconciliation of funds:
Fund balances at 1 March 2023
158,838
-
62,762
221,600
126,402
90,839
217,241
Fund balances at 29 February 2024
108,385
105,869
74,392
288,646
158,838
62,762
221,600

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

TARBERT & SKIPNESS COMMUNITY TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
14
3,561
4,188
Investments
15
49,332
60,430
52,893
64,618
Current assets
Cash at bank and in hand
238,292
167,243
Current liabilities
16
(2,539)
(10,261)
Net current assets
235,753
156,982
Total assets less current liabilities
288,646
221,600
Net assets excluding pension liability
288,646
221,600
The funds of the Trust
Restricted income funds
18
74,392
62,762
Unrestricted funds - general
108,385
158,838
Unrestricted funds - Designated
17
105,869
-
288,646
221,600

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 29 February 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 directors on 7 August 2024
Ms Sheila Campbell
Mr J Rushton
Director
Director
Company registration number SC233786 (Scotland)
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
1
Accounting policies
Charity information

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

1.1
Accounting convention

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

 

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

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

1.2
Going concern

At the time of approving the accounts, the directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future with regular dividend income expected from its investment in Tarbert & Skipness Renewables Ltd and from the Community Fund agreement with Freasdail Energy Limited. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

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.

1.4
Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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

Income generated from advertisements at Tarbert Life are recognised on a cash basis in the year received.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is all considered as expenditure on charitable activities and includes the cost of running the Trust as well as grants. Grants payable are charged in the year when the offer is conveyed and a valid expectation created with the recipient that the grant will be paid. Any grants awarded and not claimed are recognised as refunds in the year they are not claimed. All costs are inclusive of irrecoverable VAT.

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 10 -
1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance
Computers and IT equipment
15% reducing balance

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
Non-current investments

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

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

1.8
Impairment of non-current assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash and cash equivalents

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

Basic financial assets

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

Basic financial liabilities

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

 

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

 

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

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
Derecognition of financial liabilities

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

1.10
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 Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
410
38,972
39,382
612
37,467
38,079

The GRAB Trust - beach clean

-
-
-
150
-
150
410
38,972
39,382
762
37,467
38,229
Donations and gifts
Other donations
410
-
410
612
-
612
Annual donation received from Freasdail Energy Ltd
-
38,972
38,972
-
37,467
37,467
410
38,972
39,382
612
37,467
38,079
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 12 -
4
Income from charitable activities
Restricted
Restricted
funds
funds
2024
2023
£
£
Strengthening Communities
Performance related grants
-
2,500
Community Plan
Performance related grants
7,837
-
7,837
2,500
5
Income from investments
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
Total
funds
funds
funds
funds
general
Designated
general
Designated
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Income from unlisted investments
-
71,000
71,000
25,000
-
25,000
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
6
Expenditure on charitable activities
Team Tarbert (Covid Response)
Community Plan
Community Benefit
Strengthening Communities
Tarbert Life
Total
2024
2024
2024
2024
2024
2024
£
£
£
£
£
£
Direct costs
Depreciation and impairment
-
-
-
-
538
538

Project support costs

1,414
-
-
-
-
1,414

Rent

-
-
-
-
2,004
2,004

Heat and light

-
-
-
-
356
356

Postage, stationery and marketing

-
-
-
2,500
396
2,896
1,414
-
-
2,500
3,294
7,208
Grant funding of activities (see note 7)
-
-
25,900
-
-
25,900
Share of support and governance costs (see note 8)
Support
-
803
803
-
804
2,410
Governance
-
1,553
1,555
-
1,449
4,557
1,414
2,356
28,258
2,500
5,547
40,075
Analysis by fund
Unrestricted funds - general
657
2,356
2,358
-
3,422
8,793
Restricted funds
757
-
25,900
2,500
2,125
31,282
1,414
2,356
28,258
2,500
5,547
40,075
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Expenditure on charitable activities
(Continued)
- 14 -
Previous year:
Team Tarbert (Covid Response)
Housing Project
Community Benefit
Strengthening Communities
Tarbert Life
Total
2023
2023
2023
2023
2023
2023
£
£
£
£
£
£
Direct costs
Depreciation and impairment
-
-
-
314
318
632

Project support costs

-
-
-
7,837
-
7,837

Development officer/costs

-
-
-
11,280
-
11,280

Staff costs - self-employed

-
-
-
900
-
900

Rent

-
-
-
-
2,756
2,756

Heat and light

-
-
-
-
108
108

Maintenance

-
-
-
-
1,503
1,503

Consultants

-
10,800
-
-
-
10,800
-
10,800
-
20,331
4,685
35,816
Grant funding of activities (see note 7)
300
-
24,348
-
-
24,648
Share of support and governance costs (see note 8)
Support
-
2,470
838
838
837
4,983
Governance
-
1,140
1,251
2,806
1,449
6,646
300
14,410
26,437
23,975
6,971
72,093
Analysis by fund
Unrestricted funds - general
-
1,140
2,089
897
6,653
10,779
Restricted funds
300
13,270
24,348
23,078
318
61,314
300
14,410
26,437
23,975
6,971
72,093
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
7
Grants payable
Community Benefit
Team Tarbert (Covid Response)
Community Benefit
Total
2024
2023
2023
2023
£
£
£
£
Grants to institutions (17 grants):
Tarbert Castle Trust
1,000
-
900
900
Argyll South Branch of the Pony Club
1,685
-
-
-
Feis An Tairbert
1,562
-
1,985
1,985
Skipness & District Sheepdog Trial
375
-
-
-
Tarbert Village Hall
3,000
-
350
350
Tarbert Loch Fyne Yacht Club
2,500
-
2,000
2,000
Tarbert Bowling Club
2,500
-
2,250
2,250
Other Community Benefit grants (see below)
4,239
-
5,846
5,846
The Kintyre Way
-
-
2,000
2,000
Tarbert Church of Scotland
245
-
975
975
Loch Fyne Pipe Band
1,800
-
2,042
2,042
Tarbert Golf Club
2,270
-
-
-
Other grants awarded (not Community Benefit)
-
300
-
300
Tarbert Enterprise Company Ltd
4,000
-
3,000
3,000
Tarbet After School Care
724
-
3,000
3,000
25,900
300
24,348
24,648

A total of 17 grants were paid by the Trust to local organisations, 12 of which are identified above with additional grants paid as follows:

 

 

In addition to the above Community Grants, 2 additional grants totalling £1,380 were paid under the Srondoire Pilot Transport fund to Tarbert Academy Parent Council.

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
8
Support costs allocated to activities
2024
2023
£
£
Administrative support
1,930
2,513
Legal and professional fees
-
2,470
Consulting
480
-
Governance costs
4,557
6,646
6,967
11,629
Analysed between:
Housing Project
-
3,610
Community Plan
2,356
-
Community Benefit
2,358
2,089
Strengthening Communities
-
3,644
Tarbert Life
2,253
2,286
6,967
11,629

Governance costs includes payments to the Independent Examiner of £1,310 (2023: £1,248) and £1,229 (2023: £1,313) for accounting costs.

9
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
627
739
10
Directors

None of the directors (or any persons connected with them) received any remuneration during the year, but 1 of them were reimbursed a total of £119 expenses paid on behalf of the Trust (2023- 2 were reimbursed £1,557).

11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Trustees
10
7
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:

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
12
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
(11,098)
10,723
13
Transfers

Transfers from restricted funds to unrestricted funds of £3,897 was the 10% Admin fee permitted to be transferred annually from the community benefit fund. Included within restricted funds is an internal transfer of £3,045 which represents a recategorization of funds between the "Tarbert Life" and "Team Tarbert" projects.

Transfers from unrestricted funds to designated funds of £34,869 represents funds designated by the Trustees from earlier years to be used for the designated purpose.

The net result is an overall transfer of £30,972 from unrestricted funds when both the above transactions are netted off against each other.

14
Property, plant and equipment
Fixtures, fittings & equipment
Computers and IT equipment
Total
£
£
£
Cost
At 1 March 2023
3,483
5,178
8,661
At 29 February 2024
3,483
5,178
8,661
Depreciation and impairment
At 1 March 2023
1,845
2,628
4,473
Depreciation charged in the year
144
483
627
At 29 February 2024
1,989
3,111
5,100
Carrying amount
At 29 February 2024
1,494
2,067
3,561
At 28 February 2023
1,638
2,550
4,188

 

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 18 -
15
Fixed asset investments
Other investments
£
Cost or valuation
At 1 March 2023
60,430
Valuation changes
(11,098)
At 29 February 2024
49,332
Carrying amount
At 29 February 2024
49,332
At 28 February 2023
60,430
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
23
49,332
60,430
2024
2023
Investments at fair value comprise:
£
£
Tarbert & Skipness Renewables Ltd
49,332
60,430
16
Current liabilities
2024
2023
£
£
Other payables
-
7,837
Accruals and deferred income
2,539
2,424
2,539
10,261
17
Unrestricted funds - Designated

These are unrestricted funds which are material to the Trust's activities.

At 1 March 2023
Incoming resources
Transfers
At 29 February 2024
£
£
£
£
-
71,000
34,869
105,869
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
17
Unrestricted funds - Designated
(Continued)
- 19 -

The Trustee's have created a designated fund to ring-fence the dividend received from Srondoire Wind Farm to be used for larger community projects and is to sit alongside the donation from RES Freasdail (Restricted Funds) and viewed as one "pot".

 

The transfer of £34,869 represents brought forward funding, previously viewed as unrestricted (general) funds now to be added to the designated fund balance.

18
Restricted funds

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

At 1 March 2023
Incoming resources
Resources expended
Transfers
At 29 February 2024
£
£
£
£
£
John Tyler's Bequest
5,000
-
-
-
5,000
Craft Workshop Project
3,980
-
-
-
3,980
IT equipment and fixtures and fittings
3,592
-
(538)
-
3,054
Community Benefit
33,319
38,972
(25,900)
(3,897)
42,494
Community Benefit - administrative support
3,301
-
-
-
3,301
Argyll and Bute Council
1,949
-
-
-
1,949
Tesco
1,000
-
-
-
1,000
Team Tarbert
6,121
-
(757)
(3,076)
2,288
Tarbert Life (formerly Covid)
-
-
(1,587)
3,576
1,989
Scottish Land Fund (Covid-19)
500
-
-
(500)
-
Paths for All
1,500
-
-
-
1,500
Scottish Government - Community Plan
-
7,837
-
-
7,837
Argyll & Bute Council (Supporting Communites)
2,500
-
(2,500)
-
-
62,762
46,809
(31,282)
(3,897)
74,392
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
18
Restricted funds
(Continued)
- 20 -
Previous year:
At 1 March 2022
Incoming resources
Resources expended
Transfers
At 28 February 2023
£
£
£
£
£
John Tyler's Bequest
5,000
-
-
-
5,000
Craft Workshop Project
3,980
-
-
-
3,980
IT equipment and fixtures and fittings
4,224
-
(632)
-
3,592
Strengthening Communities
30,017
-
(25,234)
(4,783)
-
Community Benefit
23,947
37,467
(24,348)
(3,747)
33,319
Community Benefit - administrative support
3,301
-
-
-
3,301
Foundation Scotland
9,000
-
(10,800)
1,800
-
Argyll and Bute Council
1,949
-
-
-
1,949
Tesco
1,000
-
-
-
1,000
Team Tarbert - donations (Covid-19)
6,421
-
(300)
-
6,121
Scottish Land Fund (Covid-19)
500
-
-
-
500
Paths for All
1,500
-
-
-
1,500
Argyll & Bute Council (Supporting Communites)
-
2,500
-
-
2,500
90,839
39,967
(61,314)
(6,730)
62,762
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
18
Restricted funds
(Continued)
- 21 -

The funders of the craft workshop have given their express consent for funds to be used as cashflow to assist Trust projects get underway and support temporary cashflow deficits that may arise. The funder has intimated that by giving 12 months notice the funds must be fully available for their original purpose.

 

The £5,000 bequest from J Tyler is to be retained and used as cashflow to assist Trust projects get underway.

 

Additional information on restricted funds received for specific projects/activities are listed below:

 

Community Asset Purchases

 

 

The above represents funding available for the White Shore Path and Cycle Stands toward future costs of this project.

 

Team Tarbert

 

£2,288 fund balance represents funding that was established from the formation of a local group in response to the Covid-19 outbreak.

 

Tarbert Life

 

£1,989 fund balance represents funding received towards the support and running of the Trust's community premises displaying local heritage and natural history.

 

Community Plan

 

£7,837 received from the Scottish Government represents unspent funds on the Investing in Communities project which have been agreed by the funder to be repurposed for the Community Plan.

 

19
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 March 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 29 February 2024
£
£
£
£
£
£
General funds
158,838
410
(8,793)
(30,972)
(11,098)
108,385
Previous year:
At 1 March 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 28 February 2023
£
£
£
£
£
£
General funds
126,402
25,762
(10,779)
6,730
10,723
158,838
TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 22 -
20
Analysis of net assets between funds
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
Designated
2024
2024
2024
2024
£
£
£
£
At 29 February 2024:
Property, plant and equipment
507
-
3,054
3,561
Investments
49,332
-
-
49,332
Current assets/(liabilities)
58,546
105,869
71,338
235,753
108,385
105,869
74,392
288,646
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
Designated
2023
2023
2023
2023
£
£
£
£
At 28 February 2023:
Property, plant and equipment
596
-
3,592
4,188
Investments
60,430
-
-
60,430
Current assets/(liabilities)
97,812
-
59,170
156,982
158,838
-
62,762
221,600

Dividends totalling £71,000 were received by the Trust during the year (2023 - £25,000). Dividends represent a distribution of funds received by Tarbert & Skipness Renewables Ltd from Srondoire Wind Farmers Ltd. which is initially treated as unrestricted income available to the Trust. During the year the Trustee's formally agreed to create a designated fund (to run in conjunction with the Community Benefit donations held in Restricted Funds) to allow dispersal of grants for larger projects.

 

Each year, up to 10% of the income (donation) received from Freasdail Energy Ltd (Community Benefit) is to be released to unrestricted funds to cover general administrative costs.

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 23 -
21
Operating lease commitments
Lessee

The operating leases represent leases to third parties. The leases are negotiated over terms of two years and rentals are fixed for 24 months.

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
501
2,004
Between two and five years
-
501
501
2,505
22
Related party transactions
Transactions with related parties

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

2024
2023
£
£
Entities with control, joint control or significant influence over the company
7,599
4,782
7,599
4,782

The above transactions are in relation to community benefit awards and other grants paid during the year. The Trustee's have taken steps to prevent undue influence by related parties over any award decisions by ensuring that all Trustee's declare any interest they may have in other organisations and stepping aside in the decision making process. The related parties are as follows:

 

TARBERT & SKIPNESS COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 24 -
23
Subsidiaries

These financial statements are separate Trust financial statements from Tarbert & Skipness Renewables Ltd (TSR).

Details of the Trust's subsidiary at 29 February 2024 is as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Tarbert & Skipness Renewables Ltd
Scotland
Investment company
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Tarbert & Skipness Renewables Ltd
(11,098)
49,332

The investment in the subsidiary is stated at its fair value which is deemed to be its Net Asset value as at 29 February 2023. The Net Asset value excludes any uplift in the underlying value of the subsidiary's interests in Srondoire Wind Farmers Ltd ("SWFL"). The subsidiary's investment in the share capital of SWFL is included at cost of £29,822 and the subsidiary's share of the net assets of SWFL at 31 August 2023 amounted to £39,713.

The wholly owned subsidiary TSR is incorporated in Scotland (company number SC470715) and pays all of its profits to the charity either by dividend or under the gift aid scheme. TSR is a shareholder in Sròndoire Wind Farmers Ltd and is an investment vehicle for distributions from that company.

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