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COMPANY REGISTRATION NUMBER: SC267317
CHARITY REGISTRATION NUMBER: SC044296
Clan Donnachaidh Society
Company Limited by Guarantee
Unaudited Financial Statements
For the year ended
31 December 2023
Clan Donnachaidh Society
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Trustees' annual report (incorporating the directors' report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
10
Clan Donnachaidh Society
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Directors' Report)
Year ended 31 December 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023 .
Reference and administrative details
Registered charity name
Clan Donnachaidh Society
Charity registration number
SC044296
Company registration number
SC267317
Principal office and registered
51 Atholl Road
office
Pitlochry
Perthshire
PH16 5BU
The trustees
Mr A G H Robertson of Struan (Clan Chief)
Mr I D Reid (Chairman)
(Retired 27 February 2023)
Mr J E Duncan (Chairman)
Rev J Reid (Clan Chaplain)
(Retired 21 August 2023)
Mrs K P Duncan
Mr E F Guevara
Mrs E A Reid
Mr A Robertson of Drumachuine
Mr D M Robertson
(Retired 21 January 2024)
Mr J Robertson
Ms S Robertson
Mr E A Stewart
(Appointed 21 January 2024)
Ms S Mcnutt
Company secretary
J & H Mitchell W S
Independent examiner
Graeme Tough C A
30 Bonnethill Road
Pitlochry
PH16 5BS
Structure, governance and management
The charity is a company registered in Scotland and limited by guarantee incorporated under the Companies Act 2006. The company has been registered as a Scottish charity since 2 October 2013.
The detailed rules regarding the appointment, term of office and compulsory retiral of trustees are set out in Section 8 of the Memorandum and Articles of Association.
Training is given to trustees as and when required. OSCR guidance and updates are shared with trustees when available.
When new trustees are elected the Society makes them aware of their responsibilities, the governing document, administrative procedures and the history of the charity.
Objectives and activities
The objectives and activities of the charity are:
(a) to promote the history, heritage and sentiment of the Clan Donnachaidh in Scotland and elsewhere in the world;
(b) to promote education of the public generally and conduct educational research programmes, produce publications and create other materials conducive to the objects;
(c) to provide, maintain and administer facilities for the advancement of education and for the conservation and preservation of the lands, buildings, traditions, museum, records, and artefacts of whatever nature relating to the Clan Donnachaidh;
(d) to encourage, sustain and support educational establishments and other charitable bodies by giving from time to time grants, prizes, subscriptions and donations; and
(e) to do anything as will further the attainment of these Objectives, except that the members of the Trust will not be permitted to do anything political or sectarian in their capacity as members of the Trust or which will cause the Trust to cease being recognised as a charity in Scotland.
Achievements and performance
As was the case in years prior, the year 2023 presented its own share of challenges. True to our nature and history as a Clan, the Clan Donnachaidh Society stayed our course and focused on the priorities, with the Chair and Council setting goals to carry us into the future.
During 2023 the Society hosted a Gathering and held its Annual Gathering Meeting in Pitlochry in August. Many members attended the welcome reception, an excursion, the Chief's Dinner and the Kinloch Rannoch Highland Games. The week's festivities ended with a lovely service at Struan Kirk with goodbyes and well wishes shared at the luncheon that followed. There was a good turnout of membership in attendance at all events throughout the week. The Chief, Chair and Council were pleased and encouraged by the high level of interest in the Society that continues year on year. To close off the year, in November 2023, the Chief held a luncheon for members at the Atholl Arms Hotel in Blair Atholl which, again, was well attended by our members and much enjoyed by all.
Throughout the year the Society received reports from branches of attendance at Highland games and other events held worldwide. These events give us promise that Clan Donnachaidh's history continues to be preserved and promoted across all continents.
The Council is pleased to report that funds hold stable and, as such, will allow future projects including those involving the Clan Museum. Indeed, reports that the footfall of visitors at the Clan Donnachaidh Museum continues to increase following the recent pandemic challenges are encouraging.
The Society commenced its ambitious plan to redevelop the website towards the end of the 2023 financial year, with its aim to complete stages I and II of the new site during 2024. The website will focus on continuing the Society's objective of promoting Scottish History and Heritage as well as providing a virtual centre of communication for reaching out and growing our membership, in the fulfilment of our aims and objectives.
Financial review
Income from donations and legacies returned to a normal level this year after the generous legacy of £53,533 received in 2022. Other income categories produced similar results to 2022 figures, though the Gathering was a much larger event this year which, together with other events during the year, brought in £8,955 (2022: £3,001). Total income for the year was £53,626 (2022: £108,395)
Our single most important ongoing source of income continues to be rental income from our leasing of part of the Society's property at Bruar, which again amounted to £18,696 (2022: £18,696). Second to this are membership subscriptions and contributions towards the cost of the Clan Annual, which collectively amounted to £11,610 for the year (2022: £10,982).
Society expenditure increased again this year, amounting to £56,933 (2022: £44,638). Other than £8,091 spent on the the Gathering and other events (2022: £3,203) and the cost of a new security system and maintenance contract at £2,215, much of the increase can be attributed to general increases in costs.
Investment values fell again this year to produce a loss of £1,806 during the year (2022: £2,016 loss).
The overall result for the year was net expenditure of £5,113 (2022: net income of £61,741) which reduced our total funds to £717,322 (2022: £722,435).
Of total funds, the amount ring-fenced for specific purposes at 31 December 2023 was £74,597 (2022: £75,120). This includes £10,691 for Struan Kirk Trust support, £55,681 for educational purposes, £3,225 for Genealogy and £5,000 Piper statue fund (2022: £12,663, £54,232, £3,225, £5,000, respectively). Donations for the ongoing maintenance of Struan Kirk continue to be received from our members worldwide. Total donations received this year for that purpose were £747 (2022: £5,997).
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report (incorporating the directors' report) was approved on 13 September 2024 and signed on behalf of the board of trustees by:
Mr J E Duncan (Chairman)
Trustee
Clan Donnachaidh Society
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Clan Donnachaidh Society
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Clan Donnachaidh Society ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 (‘the 2005 Act’), the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Independent examiner's statement
Since the charity is required by company law to prepare its accounts on an accruals basis and is registered as a charity in Scotland your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act, section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; or
2. the financial statements do not accord with those records or with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Graeme Tough C A Independent Examiner
30 Bonnethill Road Pitlochry PH16 5BS
13 September 2024
Clan Donnachaidh Society
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations, legacies and membership
5
13,909
747
14,656
71,634
Charitable activities
6
11,210
11,210
9,431
Investment income
7
23,914
2,551
26,465
26,126
Other income
8
1,295
1,295
1,202
--------
-------
--------
---------
Total income
50,328
3,298
53,626
108,393
--------
-------
--------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
9
( 2,582)
( 2,582)
( 2,925)
Expenditure on charitable activities
10,11
( 51,511)
( 2,840)
( 54,351)
( 41,710)
--------
-------
--------
--------
Total expenditure
( 54,093)
( 2,840)
( 56,933)
( 44,635)
--------
-------
--------
--------
Net losses on investments
12
( 825)
( 981)
( 1,806)
( 2,016)
--------
-------
--------
--------
Net (expenditure)/income and net movement in funds
( 4,590)
( 523)
( 5,113)
61,742
--------
-------
--------
--------
Reconciliation of funds
Total funds brought forward
647,315
75,120
722,435
660,694
---------
--------
---------
---------
Total funds carried forward
642,725
74,597
717,322
722,435
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Clan Donnachaidh Society
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible fixed assets
17
475,314
475,369
Investments
18
152,363
154,169
---------
---------
627,677
629,538
Current assets
Stock
19
3,127
1,884
Debtors
20
7,431
8,576
Cash at bank and in hand
94,388
97,029
---------
---------
104,946
107,489
Creditors: amounts falling due within one year
21
15,301
14,591
---------
---------
Net current assets
89,645
92,898
---------
---------
Total assets less current liabilities
717,322
722,436
---------
---------
Net assets
717,322
722,436
---------
---------
Funds of the charity
Restricted funds
74,597
75,120
Unrestricted funds:
Revaluation reserve
255,000
255,000
Other unrestricted income funds
387,725
392,315
---------
---------
Total unrestricted funds
642,725
647,315
---------
---------
Total charity funds
23
717,322
722,435
---------
---------
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Clan Donnachaidh Society
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of trustees and authorised for issue on 13 September 2024 , and are signed on behalf of the board by:
Mr E A Stewart
Trustee
Clan Donnachaidh Society
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 51 Atholl Road, Pitlochry, Perthshire, PH16 5BU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Rounding of monetary values throughout the financial statements has been completed to the nearest pound sterling.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No material judgements, estimates or assumptions have been made in preparing the financial statements for the current and comparative years.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency by applying the average exchange rate applying in the month in which transactions fall. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Restricted funds are subject to restrictions on their expenditure imposed by the donor.
Incoming resources
Income All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income. Donations and legacy income is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donations of trading stock are valued using current unit costs. Investment income is included when receivable. Income from charitable trading activity is accounted for when earned. This includes fundraising income and income from attendees at the AGM Dinner. Income from membership subscriptions is treated according to the duration of membership: annual subscriptions are recognised when received; 5 Year subscriptions are apportioned over 5 years and the appropriate annual amounts recognised as they fall due; Lifetime subscriptions are apportioned over 10 years. The balance of 5 Year and Lifetime membership income not brought into income by the end of any one year is accounted for as deferred income within creditors.
Resources expended
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
25% straight line
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Cash and cash equivalents
Cash and cash equivalents consist of cash in hand and deposits held at call with banks.
Investment property
Investment properties are revalued on a regular basis at their fair values in accordance with the Financial Reporting Standard 102. The surplus or deficit on revaluation is transferred to the statement of financial activities.
No depreciation is provided in respect of such properties. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets it is believed that this policy of not providing depreciation is necessary for the accounts to give a true and fair view, since the current value of investment properties, and changes in that current value, are of prime importance rather than a calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the annual valuation, and the amount which might otherwise have been shown cannot be separately identified or quantified.
4. Limited by guarantee
The liability of each member in the event that the company is wound up is limited to £1.
5. Donations, legacies and membership
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Cash donations
1,459
747
2,206
Trading stock donations
840
840
Subscriptions
Subscriptions and contributions to Clan Annual
11,610
11,610
--------
----
--------
13,909
747
14,656
--------
----
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Donations
Cash donations
54,656
5,997
60,652
Trading stock donations
Subscriptions
Subscriptions and contributions to Clan Annual
10,982
10,982
--------
-------
--------
65,638
5,997
71,634
--------
-------
--------
Income from donations and legacies in 2022 includes a single legacy of £53,533.
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Sale of goods/services as part of direct charitable activities
2,255
2,255
6,430
6,430
Income from Clan Gathering
8,955
8,955
3,001
3,001
--------
--------
-------
-------
11,210
11,210
9,431
9,431
--------
--------
-------
-------
7. Investment income
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Income from investment properties
18,696
18,696
Income from listed investments
4,887
2,430
7,317
Bank interest receivable
331
121
452
--------
-------
--------
23,914
2,551
26,465
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Income from investment properties
18,696
18,696
Income from listed investments
5,043
2,359
7,401
Bank interest receivable
8
21
29
--------
-------
--------
23,747
2,380
26,126
--------
-------
--------
8. Other income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Employment Allowance
1,295
1,295
1,202
1,202
-------
-------
-------
-------
9. Investment management costs
Portfolio management consists of fees charged for management of the listed investments held by the Society.
Property expenses are those relating to the buildings let to House of Bruar.
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Portfolio management
522
522
1,099
1,099
Property insurance
1,727
1,727
1,653
1,653
Property security
333
333
173
173
-------
-------
-------
-------
2,582
2,582
2,925
2,925
-------
-------
-------
-------
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Clan promotion
45,507
2,840
48,346
Support costs
6,004
6,005
--------
-------
--------
51,511
2,840
54,351
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Clan promotion
33,980
1,266
35,245
Support costs
6,467
6,465
--------
-------
--------
40,447
1,266
41,710
--------
-------
--------
11. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Clan promotion
48,346
48,346
35,245
Governance costs
6,005
6,005
6,465
--------
-------
--------
--------
48,346
6,005
54,351
41,710
--------
-------
--------
--------
12. Net losses on investments
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Gains/(losses) on listed investments
( 825)
( 981)
( 1,806)
----
----
-------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Gains/(losses) on listed investments
447
( 2,463)
( 2,016)
----
-------
-------
13. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
55
65
Foreign exchange differences
201
373
----
----
14. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
3,300
3,875
-------
-------
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
18,481
17,314
Social security costs
1,295
1,202
Employer contributions to pension plans
367
332
--------
--------
20,143
18,848
--------
--------
The average head count of employees during the year was 1 (2022: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff - administration
1
1
----
----
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
16. Trustee remuneration and expenses
No remuneration was paid to any trustee during the year (2022: nil).
One trustee was reimbursed £154 for expenses incurred on Clan Gathering events and stationery (2022: £190 for Clan Gathering expenses).
The Society occasionally covers the costs of selected trustees attending events as representatives of the Society, though no trustees received such benefits during this year (2022: one trustee received such benefits at a cost of £66).
17. Tangible fixed assets
Investment property
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
475,000
1,419
783
477,202
---------
-------
----
---------
Depreciation
At 1 January 2023
1,050
783
1,833
Charge for the year
55
55
---------
-------
----
---------
At 31 December 2023
1,105
783
1,888
---------
-------
----
---------
Carrying amount
At 31 December 2023
475,000
314
475,314
---------
-------
----
---------
At 31 December 2022
475,000
369
475,369
---------
-------
----
---------
Tangible fixed assets held at valuation
The investment property is the land and buildings situated at Bruar. The property was valued on 23 January 2019 by Graham & Sibbald, Chartered Surveyors. The trustees are of the opinion that the property value at the year end is not significantly different from that valuation.
In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2023
Aggregate cost
220,000
Aggregate depreciation
---------
Carrying value
220,000
---------
At 31 December 2022
Aggregate cost
220,000
Aggregate depreciation
---------
Carrying value
220,000
---------
18. Investments
Listed investments
£
Cost or valuation
At 1 January 2023
154,169
Additions
Fair value movements
(1,806)
---------
At 31 December 2023
152,363
---------
Impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
152,363
---------
At 31 December 2022
154,169
---------
All investments shown above are held at valuation.
Financial assets held at fair value
Listed investments are valued at closing prices achieved on the respective stock exchange on the last day of the charity's accounting period.
19. Stocks
2023
2022
£
£
Raw materials and consumables
3,127
1,884
-------
-------
20. Debtors
2023
2022
£
£
Trade debtors
51
2,444
Prepayments and accrued income
1,006
738
Other debtors
6,374
5,394
-------
-------
7,431
8,576
-------
-------
21. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
4,968
4,376
Social security and other taxes
174
176
Subscriptions in advance
10,079
9,948
Other creditors
80
91
--------
--------
15,301
14,591
--------
--------
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 367 (2022: £ 332 ).
23. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
392,315
50,328
(54,093)
(825)
387,725
Revaluation reserve
255,000
255,000
---------
--------
--------
----
---------
647,315
50,328
(54,093)
(825)
642,725
---------
--------
--------
----
---------
At 1 January 2022
Income
Expenditure
Gains and losses
At 31 December 2022
£
£
£
£
£
General funds
335,222
100,018
(43,372)
447
392,315
Revaluation reserve
255,000
255,000
---------
---------
--------
----
---------
590,222
100,018
(43,372)
447
647,315
---------
---------
--------
----
---------
Restricted funds
At 1 January 2023
Income
Expenditure
Gains and losses
At 31 December 2023
£
£
£
£
£
Genealogy
3,225
3,225
Educational
54,232
2,430
(981)
55,681
Struan Kirk
12,663
868
(2,840)
10,691
Piper statue fund
5,000
5,000
--------
-------
-------
----
--------
75,120
3,298
(2,840)
(981)
74,597
--------
-------
-------
----
--------
At 1 January 2022
Income
Expenditure
Gains and losses
At 31 December 2022
£
£
£
£
£
Genealogy
3,225
3,225
Educational
54,336
2,359
(2,463)
54,232
Struan Kirk
7,911
6,018
(1,266)
12,663
Piper statue fund
5,000
5,000
--------
-------
-------
-------
--------
70,472
8,377
(1,266)
(2,463)
75,120
--------
-------
-------
-------
--------
The Genealogy Fund is maintained to fund the costs of research into the genealogy of the Clan.
The Educational Fund has been formed from the assets of the Clan Donnachaidh Educational Trust, which amalgamated with the Society towards the end of 2016. This fund will be applied in line with the objectives of that former Trust.
Struan Kirk Fund represents the donations received for supporting the purchase of this property by the Struan Kirk Trust (see Note 26) from the Church of Scotland and towards costs of renovation and maintenance of Struan Kirk, and the balance remains ring-fenced for ongoing/future support of the Trust in its maintenance of the Kirk.
24. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
475,314
475,314
Investments
111,587
40,776
152,363
Current assets
71,125
33,821
104,946
Creditors less than 1 year
(15,301)
(15,301)
---------
--------
---------
Net assets
642,725
74,597
717,322
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
475,369
475,369
Investments
112,411
41,758
154,169
Current assets
74,126
33,362
107,488
Creditors less than 1 year
(14,591)
(14,591)
---------
--------
---------
Net assets
647,315
75,120
722,435
---------
--------
---------
25. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through income and expenditure
Financial assets measured at fair value through income and expenditure
152,363
154,169
---------
---------
26. Struan kirk trust
The Society has continued to receive donations from members to assist it in its continuing support of the Struan Kirk Trust , a Scottish registered company (SC593856) limited by guarantee, which owns and manages Struan Kirk. The Trust's Articles of Association permit the Society to nominate one trustee/member. The Articles also require the unanimous agreement of all members, including the Society's nominee, in the case of disposal or mortgage of any heritable property, or of a winding up of the Trust. Mr John Duncan, Chairman, continued as the Society's nominee to the Struan Kirk Trust throughout the year. Mr A G H Robertson, Chief, continued to serve as trustee of both the Society and Struan Kirk Trust throughout the year. This year the Society donated a total of £2,839 to the Trust (2022: £1,266).
27. Related parties
There were no transactions with related parties other than those detailed in note 26, Struan Kirk Trust, and note 16, Trustee remuneration and expenses.