Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31The Foundation Purposes (updated September 2022) are: to work for the benefit of the people of Knoydart to improve their quality of life while conserving and preserving the character and natural beauty of Knoydart and in such a manner that the needs and aspirations of the local population are acknowledged and respected. to advance citizenship or Community development, including rural regeneration to provide appropriate housing, education, employment, and recreation with the object of improving the conditions of life of the Community to foster and encourage education and appreciation of Knoydart and accommodate access and opportunities for those wishing to visit the area for recreation or study. Following the Strategy Planning process in 2017/18, which included a community planning and consultation process, and discussions with staff, it was decided to seek to recruit an Operations Manager to be responsible for management of all the Foundation Group's assets, businesses, and services. The day to day running of the charity in 2020/21 was delegated to the Operations Manager and staff teams who assist in the implementation of decisions from the Board. In 2019 an Office Manager was appointed to assist in the running of the organisation. The charity has an induction process and information pack for directors of the Foundation and trading companies to ensure awareness and understanding of: the responsibilities of directors. the organisational structure of the foundation. confidentiality and conflicts of interest. the financial position of the foundation. the plans and objectives of the foundation.Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.15.0 or 25.0% reducing balance25.0 reducing balance2023-12-312024-09-2014No description of principal activity2023-01-01false172023-12-31 SC171248 2023-01-01 2023-12-31 SC171248 2022-01-01 2022-12-31 SC171248 2023-12-31 SC171248 2022-12-31 SC171248 2023-01-01 SC171248 c:RegisteredOffice 2023-01-01 2023-12-31 SC171248 d:Buildings 2023-01-01 2023-12-31 SC171248 d:Buildings 2023-12-31 SC171248 d:Buildings 2022-12-31 SC171248 d:PlantMachinery 2023-01-01 2023-12-31 SC171248 d:PlantMachinery 2023-12-31 SC171248 d:PlantMachinery 2022-12-31 SC171248 d:MotorVehicles 2023-01-01 2023-12-31 SC171248 d:MotorVehicles 2023-12-31 SC171248 d:MotorVehicles 2022-12-31 SC171248 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 SC171248 d:CurrentFinancialInstruments 2023-12-31 SC171248 d:CurrentFinancialInstruments 2022-12-31 SC171248 d:CurrentFinancialInstruments 1 2023-12-31 SC171248 d:CurrentFinancialInstruments 1 2022-12-31 SC171248 d:CurrentFinancialInstruments 3 2023-12-31 SC171248 d:CurrentFinancialInstruments 3 2022-12-31 SC171248 d:Non-currentFinancialInstruments 2023-12-31 SC171248 d:Non-currentFinancialInstruments 2022-12-31 SC171248 d:Non-currentFinancialInstruments 1 2023-12-31 SC171248 d:Non-currentFinancialInstruments 1 2022-12-31 SC171248 c:FRS102 2023-01-01 2023-12-31 SC171248 c:Audited 2023-01-01 2023-12-31 SC171248 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC171248 b:Trustee1 2023-01-01 2023-12-31 SC171248 b:Trustee2 2023-01-01 2023-12-31 SC171248 b:Trustee3 2023-01-01 2023-12-31 SC171248 b:Trustee4 2023-01-01 2023-12-31 SC171248 b:Trustee5 2023-01-01 2023-12-31 SC171248 b:Trustee6 2023-01-01 2023-12-31 SC171248 b:Trustee7 2023-01-01 2023-12-31 SC171248 b:Trustee8 2023-01-01 2023-12-31 SC171248 b:Trustee9 2023-01-01 2023-12-31 SC171248 b:Trustee10 2023-01-01 2023-12-31 SC171248 b:Trustee11 2023-01-01 2023-12-31 SC171248 b:Trustee12 2023-01-01 2023-12-31 SC171248 b:Trustee13 2023-01-01 2023-12-31 SC171248 b:TotalUnrestrictedFunds 2023-12-31 SC171248 b:TotalUnrestrictedFunds 2022-12-31 SC171248 b:TotalRestrictedIncomeFunds 2023-12-31 SC171248 b:TotalRestrictedIncomeFunds 2022-12-31 SC171248 c:FullAccounts 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: SC171248
Charity number: SC026246















THE KNOYDART FOUNDATION
(A company limited by guarantee)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE KNOYDART FOUNDATION
 

CONTENTS



Page
Reference and administrative details of the Company, its Trustees and advisers
1
Trustees' report
2 - 12
Independent auditors' report on the financial statements
13 - 16
Consolidated statement of financial activities
17
Consolidated balance sheet
19 - 20
Company balance sheet
21 - 22
Consolidated statement of cash flows
23
Company statement of cash flows
24
Notes to the financial statements
25 - 50
Company statement of financial activities
19
Company statement of cash flows
25

 
THE KNOYDART FOUNDATION
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2023


Trustees
Cllr A N Baldrey
Ms K M Brown (appointed 12 February 2024)
Ms C V Calder (appointed 12 June 2023, resigned 18 October 2023)
Ms J Firminger (appointed 9 May 2023, resigned 11 December 2023)
Mr S Gardener (deceased 1 November 2023)
Mr D Gorman (appointed 18 October 2023)
Mr T Harris (appointed 22 September 2023)
Ms J Hollowood (resigned 19 May 2023)
Mr D Newton, Chair
Mr L Robinson (resigned 22 September 2023)
Mr R V Williams
Ms A Wilson (resigned 12 April 2023)
Mr C Wilson (appointed 11 March 2024)

Company registered number
SC171248

Charity registered number
SC026246

Registered office
The Office
Knoydart
Inverness Shire
PH41 4PL

Independent auditors
Sumer Auditco Limited
Chartered Accountants
Statutory Auditor
14 City Quay
Dundee
DD1 3JA

Page 1

 
THE KNOYDART FOUNDATION
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the audited financial statements of the Company for the  ended 31 December 2023.  The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
 

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The charitable company has been set up to conserve and preserve the character and natural beauty of the Knoydart Peninsula for the benefit of the public and the local population.   In doing so the charitable company also aims to:
Foster and encourage appreciation and interest in the peninsula and to accommodate access and opportunities for those wishing to visit, taking into account conservation, protection and land management.
To encourage and develop a spirit of voluntary commitment amongst the community, supporters, individuals, companies, visiting students and other organisations to achieve its objectives.
To improve the employment and training opportunities for residents/inhabitants on the peninsula through assisting or promoting economic and environmental development. 
To develop/assist in the services or facilities in the interest of social welfare.
 

Achievements and performance
 

a. Chair's report
 

Overview
2023 was a tumultuous year for the Knoydart Foundation.
One director, Sam Gardener, died in the year. He is missed by all for his thoughtful presence, insightful input and mediating influence. 
Five directors resigned, although one of these was so she could move on to employment with the Foundation. The present board would like to thank Anna Wilson, Jane Holloway, Lachie Robinson, Jo Firminger and Corinna Calder for all the voluntary endeavour they put into the Knoydart Foundation. 
Three employees resigned. The board would like to thank Craig Dunn, Louise Costello and Reagan Nunn for all their hard work. 
Work during the year
Extraordinary effort by all employees continued throughout the year. 
The Ranger service, with Finlay Greig at the helm, with the able support of Drew MacNaughton, offered a wide range of tours and experiences to visitors and local alike. This alongside managing the Long Beach campsite and supporting other land management activities. 
The land management team: Jim Brown, Lewis Robb, Daniel Wood, Constantin Schallercotran, ably dealt with an increased physical and managerial workload due to the Black Hills project running in tandem with the normal roles and responsibilities. 
Sara Donald progressed major housing projects at Millburn and the net shed area to and through planning respectively. She also took on and made headway with the general maintenance of the buildings. 
 
Page 2

 
THE KNOYDART FOUNDATION
 
Achievements and performance (continued)

The changing core of the office staff dealt with everything that was thrown at them. 
This included, in a non-exhaustive list: 
communication mast sites and demands, 
personnel issues, 
late filing of accounts, 
late registration for VAT and its impacts, 
clarifications and rationalisations around intercompany transfers, 
constant requirements to update the bank access, 
consultations to enable local CIC’s to develop at the Tree Nursery and the Farm, 
technical/IT problems, 
plot eligibility and sales, leases. 
By the final quarter of the year a clearer plan had emerged in the office. Work was focused on sorting contracts, filing paperwork and rationalising the technical requirements and contracts that the Foundation used for support. This alongside the day to day of dealing with queries and ongoing payments/wages for all three companies in the group. 
Jacqui Wallace was appointed at the very end of the year to take over the local management of the accounts. She joined Corinna Calder, who had been recruited in October, to form a core admin team. 
Trading subsidiaries 
The year was also full of work for Knoydart Trading and Knoydart Renewables. They have reflected this in their own accounts and reports. From the Foundation side of the group operation it felt that the working environment and co-operation between the three continued to improve as the year went on. Intercompany discussions were more inclusive and managers from each of the companies more likely to make their voice heard. 
Renewables and Trading continue to use the Foundation office and staff for services and facilties.
Other Community Organisations
The Foundation continued to work productively with the Knoydart Forest Trust on the woodland deer management and the Black Hills Project. By the end of the year there had been a joint expression of interest lodged for a FIRNS (Facility for Investment Ready Nature Scotland) project. 
The Foundation facilitated access requirements to the back of The Old Forge as well as renting office space in the old display room to The Old Forge Community Benefit Society throughout their, acquisition, renovation and early operational stage. 
The Foundation continues to use the meeting room at Knoydart Community Hall for all its meetings. 
Finances
Notwithstanding the income from the open market plot sale of the previous year the financial situation at the Foundation led to serious concern for the board, the staff and the community. The at bank total for the three Foundation accounts fell by £61,454 over the year. £30,000 of this reduction was accounted for by a pre-agreed transfer to the Renewables Energy Security Project. 
If Knoydart Trading bank account is included in the at bank total (intercompany transfers/balances possibly make this a useful exercise) then the reduction in money at bank becomes £34,912. 
Cashflow at the Foundation in the final month of the year was a real issue and early 2024 was to see a transfer of £50,000 from reserves to operations account. 
The next year
2024 brings much potential and hope. 
We would like to see a resolution of financial worries through a stronger local take on the accounts and intercompany transactions. 
An increase in clarity around the accounts could and should lead to a greater understanding of the operations of the three companies: in the staff base, in the directors and in the community at large. 
We hope:
To see work start on the Workers Accommodation project, with all funding resources in place. 
To see the Millburn housing project gain planning permission
To see the Ranger service continue and expand its excellent services to visitors and the community
To see land and deer management continue the work implemented by the Black Hills project as well as the ever efficient and ongoing deer management over the rest of the landholdings. 
To see the FIRNS project move forward in collaboration with the Knoydart Forest Trust. 
We hope Knoydart Renewables will implement their organised work programme and thus continue to support the
Page 3

 
THE KNOYDART FOUNDATION
 
Achievements and performance (continued)

general aims of the Foundation.
We hope that Knoydart Trading will continue to build their multi layered business – developing visitor experience and local services. 
Hopefully the Foundation will be more stable, forward thinking and financially viable in 2024. 

Davie Newton
Chair of Knoydart Foundation
 

b. Trading Companies
 

The Foundation is the owner and sole member of two subsidiary companies, Knoydart Trading Limited and Knoydart Renewables Limited and appoints the directors of those companies 
The achievements of those organisations have brought about the following benefits to the community and public in this financial period:
 
Knoydart Trading Limited

The trading companies recognise the vital role they play in contributing to community projects and goals by supporting the charitable purposes of the Knoydart Foundation. Knoydart Trading continues to develop the local shop, venison butchery and visitor accommodation with local services and employment being key contributions. 
For our financial year 2023, we are pleased to be in the position to be able to make a donation to our parent charity The Knoydart Foundation. 
In this year we achieved Living Wage Foundation accreditation and have put the regular staff members on the payroll. We took the opportunity to buy an electric van for shop deliveries and Wee Hooses changeovers and agreed to sell the Hilux and trailer. We introduced departmental credit cards to increase office efficiency and along with the Foundation and office staff have worked to generally reduce book-keeping and IT costs.  
Janey de Nordwall resigned from the board in October. Jo Firminger was appointed to the board in April but also resigned in December. We were very sorry to see them go and thank them both for their tremendous energy and input to the company. In spite of the short time they were with us they left a legacy of enthusiasm and knowledge.
We would also like to thank, and recognise the work done for Trading by the Foundation employees Craig Dunn and Louise Costello who both left during this period.  
Trading Activities
Shop
We were sorry to say goodbye to Christelle Stockdale in February. JP took on the manager's role and Terra became Assistant Manager.
With the increased range of stock proving popular, a bi-weekly supply of fresh fruit and vegetables started in March along with regular orders from the Mallaig Bakehouse. The team actively try to supply what the local customers want and continue to extend the food range available.
At the end of the summer we agreed to extend winter shop opening times to encourage local custom. We have monitored the viability of this move and it has proved to be worthwhile. We would like to thank all our local customers who support us so well.
Accommodation
We held an additional single agenda board meeting with the accommodation team to look at the way forward for the bunkhouse discussing and making plans for renovations, booking system, communications with the public, ordering and contracts. 
To comply with new laws we achieved a Short Term Letting Licence for the Wee Hooses.
The summer was very busy and made doable with the help of volunteers Milo and Elke.
 
Page 4

 
THE KNOYDART FOUNDATION
 
Achievements and performance (continued)


The Bunkhouse flat has had a major alteration and refit making it cosy and efficient. Special thanks to Ben for this work.
New contracts for Jenny and Ben were produced with start date at the beginning of the New Year. 
Venison
Sadly, Will O’Neill left the butchering team to work for The Old Forge and we were lucky enough to get ongoing help from time served butcher John Cameron from Mallaig.
In readiness for online selling we set up Knoydart Wild Venison social media. Kristy and Liz did an online course to help us make the most of this as a marketing tool, and the website went live in July. 
New legislation for refrigerated hanging transport for carcases throughout the supply chain meant that (while always marginal) costs to set up for this would be totally prohibitive and the decision was made to deal with 100% of the cull on Knoydart. We were lucky enough to receive a grant from the Highland Council Ward Discretionary Fund to buy three new freezers to store the excess meat. A big order from the Old Forge in readiness for food service also helped in terms of storage and, of course, cash flow.
The community Land Week activities included a community meal in the hall and provided an opportunity for us to trial some proposed venison products including dried and cured venison, chorizo and smoked sirloin. 
Online sales have built up gradually and we enjoyed a pre Christmas flurry. We were pleased to be able to offer a special locals festive discount on on-line sales.
Ness Porter joined the team taking over despatch and order fulfilment. 
Since the end of the financial year:
The shop is improving their display space and have started thinking about a bigger range of gifts for the summer. 
Venison is working on finding funding to start up production of the further processed products.
Accommodation is taking on a summer assistant as Ben has resigned from his post, we wish him well. There are plans to start renovations on the bunkhouse next winter. This will be done incrementally room by room so that we do not need to close.
Trading operations will focus on improving efficiency, concentrating on marketing, and increasing profitability.
Thank you to our managers, staff, volunteers and board members for their hard work and dedication to the success of the Trading company.

Liz Tibbetts
Chair, Knoydart Trading Ltd.

Page 5

 
THE KNOYDART FOUNDATION
 
Achievements and performance (continued)

Knoydart Renewables Limited 

In 2023 Knoydart Renewables Ltd. (KRL) completed the final work package of the Energy Security Project which involved the installation and commissioning of the new hydro turbine control system. The team also completed two significant new connection projects for WHP Telecoms (the new 4G mast) and for Kilchoan Estate (which involved a rationalisation of their property connections on to one ground-mounted transformer and single metering point). Furthermore, the KRL team secured funding for continued undergrounding of the 11kV distribution network, upgrading of customer meters and the installation of a battery storage system which will take place in 2024.

As always, the KRL board and customers are grateful for the onsite operations team who have supported the recent improvement projects and continue to ensure the system is well-maintained, as well as respond to faults when they occur.

The KRL board decided to change accountants in 2023 from RA Clements to EQ Accountants so that the Knoydart Foundation group of companies are being supported by the same set of accountants and therefore operational efficiencies can be achieved. The board would like to thank RA Clements for their service over the years and welcome EQ to the team.

In September 2023, Frank Atherley stepped down as Chair of Knoydart Renewables, having successfully led the company through the funding and delivery of the Energy Security Project. The KRL board would like to thank Frank for his work and dedication to the company over the past decade and for leaving the company in a strong operational position.

 
Tom Dalziel
Chair of Knoydart Renewables Limited
 

Page 6

 
THE KNOYDART FOUNDATION
 
Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. 
 

b. Reserves policy
 

Grants and donations in respect of specific projects and objectives are held in designated and restricted funds as appropriate.  The current level of cash reserves held by the Foundation is £284k (2022 - £345k) and is considered appropriate to cover a full year of forecast operating expenditure of c. £250k.
 

c. Risk management
 

The Directors and management undertook an operational risk review in 2017/18 which includes governance, external risks and development. The Directors have focussed on areas such as: -

1.Reputational Risk
e.g. the risk to the reputation of the Foundation from real or perceived problems
2.Operational Risk 
e.g. issues brought about by maintenance costs, reactive maintenance and development funding required for running the Hydro system (managed by our subsidiary Knoydart Renewables).               
3.Financial and Fundraising Risk
e.g. the charity is unable to match income with expenditure.                                 

This work was done to enhance the ability of the company and its subsidiaries to take appropriate controlling action at an early stage. An example of this is the work undertaken by the Charity in review of its Strategy, priorities and organisational structure, with resources deployed to areas of the business requiring development, planning and funding. 
All of this is part of mitigating risk factors, not only within the operations of the charity, but in the services it provides to and on behalf of the community.
 

d. Financial review
 

The group income for the year ended 31 December 2023 was £1,305k (2022 - £1,392k). We received income from donations, grants, rents and from use of the estate to fund the operational costs for the period. 
Expenditure in the year ended 31 December 2023 was £1,044k (2022 - £798k) resulting in a group surplus of £243k (2022 - £550k) with a deficit of  £37k (2022 - £12k) recorded by the parent charity.
Total group funds carried forward are £5,082k (2022 - £4,840k). 
 
 

Page 7

 
THE KNOYDART FOUNDATION
 
Structure, governance and management
 

a. Constitution
 

The Knoydart Foundation is a charitable company limited by guarantee, incorporated on 7th January 1997 and registered as a charity with effect from 1997 (Reg. No SC026246).
The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association, which were amended on 22 September 2020.  
In the event of the company being wound up members are required to contribute an amount not exceeding £1.
 

b. Methods of appointment or election of Trustees
 

The management of the Group and the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The board consists of voluntary directors who meet monthly. The board has 7 directors: 5 are directly elected from the resident membership (community directors) with one each being nominated by the two non-resident members, the John Muir Trust and Highland Council.
 

c. Governance and Internal Control
 

The Foundation Purposes (updated September 2022) are:
to work for the benefit of the people of Knoydart to improve their quality of life while conserving and preserving the character and natural beauty of Knoydart and in such a manner that the needs and aspirations of the local population are acknowledged and respected. 
to advance citizenship or Community development, including rural regeneration
to provide appropriate housing, education, employment, and recreation with the object of improving the conditions of life of the Community
to foster and encourage education and appreciation of Knoydart and accommodate access and opportunities for those wishing to visit the area for recreation or study.

Following the Strategy Planning process in 2017/18, which included a community planning and consultation process, and discussions with staff, it was decided to seek to recruit an Operations Manager to be responsible for management of all the Foundation Group's assets, businesses, and services.
The day to day running of the charity in 2020/21 was delegated to the Operations Manager and staff teams who assist in the implementation of decisions from the Board. In 2019 an Office Manager was appointed to assist in the running of the organisation.
The charity has an induction process and information pack for directors of the Foundation and trading companies to ensure awareness and understanding of: 
the responsibilities of directors.
the organisational structure of the foundation.
confidentiality and conflicts of interest.
the financial position of the foundation.
the plans and objectives of the foundation.
 

d. Investment powers, Policy and Performance
 

The Foundation ensures that all funds not needed for immediate day-to-day running of the organisation are held in higher interest bank accounts that are easily accessible.  This has generated some interest but remains accessible for use on projects such as the refurbishment/repair of the hydro-electric scheme, housing maintenance, etc.
 

Page 8

 
THE KNOYDART FOUNDATION
 
Structure, governance and management (continued)

e. Wider Network
 

The Foundation has established links with other organisations and agencies to foster the aims and objectives of the organisation, including membership of Community Land Scotland, Development Trusts Association Scotland, Rural Housing Scotland and Community Energy Scotland.
 

f. Volunteers
 

Volunteers make a valuable contribution to the work of the Knoydart Foundation in many areas.
Local volunteers support the volunteer events organised by the ranger services in conjunction with the Forest Trust; our Friends of Knoydart scheme is operated on a volunteer basis by Isla Miller and Margaret Aldington.  We also benefit form the John Muir Trust Volunteers who undertake work for the Foundation and the Knoydart Forest Trust on our land holdings. Our ranger service works with many other volunteers throughout the course of the period.  Our sincere thanks go to all.
 
 
The Team
 

The directors would like to express sincere thanks to all the team for their hard work and resilience during one of the toughest periods experienced by the Foundation.
The directors would sincerely like to thank and acknowledge all the staff and seasonal workers for their commitment and hard work (a lot of which is hidden from view) as well as everyone else who helped us through 2023. 
 

Plans for future periods
 

Started in 2017/18, the Strategic plan has gone through a number of iterations and in 2020 was updated with some headline strategic goals, on which work is ongoing.
1. Generate sustainable income
2. Find ways to evolve our visitor related activity to maximise the benefit to the local economy
3. Improve, where possible, financial performance of existing activities
4. Improve Community Engagement and Governance
Within existing operations, the Foundation will continue: -
Land Management
We will continue to maintain the annual open range deer cull and will continue to manage grazing pressure in the woods on behalf of the Forest Trust.  We will explore opportunities to increase the contribution of our land to tackling the climate and Bio-diversity crisis.
Ranger Services
We will look to increase the Ranger activity to improve revenue streams and provide a wider range of services to the local and visiting community.
Housing
We will complete our Housing Plan and seek approval from our members.  This will include a maintenance plan for existing stock.
Property
We will increase our commercial building stock by providing necessary infrastructure for needed development.
 
 

Page 9

 
THE KNOYDART FOUNDATION
 
In Close
 

Finally, the directors would like to thank everyone in the community who has contributed to the work of the Foundation in the period whether by responding to consultations, volunteering, attending meetings or events, or being part of the "Friends of Knoydart".
We also want to express our thanks to all our funders and supporters for their ongoing support.
 

Page 10

 
THE KNOYDART FOUNDATION
 
Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 11

 
THE KNOYDART FOUNDATION
 
Statement of Trustees' responsibilities (CONTINUED)



Disclosure of information to auditors
 

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
 

Auditors
 

The auditorsSumer Auditco Limitedhave indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
 

 

Approved by order of the members of the board of Trustees on 20 September 2024 and signed on their behalf by: 
 




Davie Newton
Chair
Page 12

 
THE KNOYDART FOUNDATION
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  THE KNOYDART FOUNDATION
 

Opinion


We have audited the financial statements of The Knoydart Foundation (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated statement of financial activities, the Company statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Company Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.


Page 13

 
THE KNOYDART FOUNDATION
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  THE KNOYDART FOUNDATION (CONTINUED)


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception


In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.


We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.


Responsibilities of trustees


As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
 

Page 14

 
THE KNOYDART FOUNDATION
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  THE KNOYDART FOUNDATION (CONTINUED)


Auditors' responsibilities for the audit of the financial statements


We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.


Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misstatement due to fraud.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Charities and Trustee Investment (Scotland) Act 2005 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, reviewing management's journals and enquiries with management.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 15

 
THE KNOYDART FOUNDATION
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  THE KNOYDART FOUNDATION (CONTINUED)


Use of our report
 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members, as a body, and its trustees, as a body for our audit work, for this report, or for the opinions we have formed.





Douglas Rae (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited
Chartered Accountants
Statutory Auditor
14 City Quay
Dundee
DD1 3JA

23 September 2024


Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.


Page 16

 
THE KNOYDART FOUNDATION


 
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023


Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
Total
funds
2022
        £
        £
        £
        £

Income from:






Donations and legacies

3

338,957

21,168

360,125

793,723
 
Charitable activities

4

-

579,512

579,512

359,222
 
Other trading activities

5

-

357,263

357,263

237,254
 
Bank interest


-

7,522

7,522

1,259
 
Other income


-

978

978

957
 
Total income
338,957
966,443
1,305,400
1,392,415
Expenditure on:







Raising funds


-

294,775

294,775

194,206
 
Charitable activities

7

165,304

583,664

748,968

603,335
 
Total expenditure
165,304
878,439
1,043,743
797,541

Net income before taxation

  

173,653

88,004

261,657

594,874
 
Taxation

  

-

(19,105)

(19,105)

(44,743)
 
Net income after taxation

  

173,653

68,899

242,552

550,131
 
Transfers between funds

 17 

(349,065)

349,065

-

-
 
Net movement in funds
  
(175,412)
417,964
242,552
550,131

Reconciliation of funds:

  





Total funds brought forward

  

754,618

4,085,326

4,839,944

4,289,813
 
Net movement in funds

  

(175,412)

417,964

242,552

550,131
 
Total funds carried forward
  
579,206
4,503,290
5,082,496
4,839,944

The Consolidated statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 25 to 50 form part of these financial statements.

Page 17

 
THE KNOYDART FOUNDATION
 
 

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2023

 
Restricted funds
Unrestricted funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
Income from :
Donations and legacies
3
184,116
18,197
202,313
118,314
Charitable activities
4
-
187,365
187,365
193,196
Investment income
-
10,305
10,305
987
Other income 
-
6,720
6,720
7,687
Total income 
184,116
222,587
406,703
320,184
Expenditure on:
Charitable activities 
7
165,304
278,870
444,174
332,316
Total expenditure 
165,304
278,870
444,174
332,316
Net income/(expenditure)
18,812
(56,283)
(37,471)
(12,132)
Net movement in funds
18,812
(56,283)
(37,471)
(12,132)


Reconciliation of Funds: 
Total funds brought forward
560,394
1,509,859
2,070,253
2,082,385
Net movement in funds
18,812
(56,283)
(37,471)
(12,132)
Total funds carried forward
579,206
1,453,576
2,032,782
2,070,253

The Company statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 25 - 50 form part of these financial statements.


Page 18

 
THE KNOYDART FOUNDATION
REGISTERED NUMBER: SC171248


 
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023


2023
2022
£
£

Fixed assets
  

Tangible assets
 12 
4,599,132
4,236,408

  
4,599,132
4,236,408

Current assets
  

Stocks
  
22,660
31,260

Debtors
 14 
123,191
177,352

Cash at bank and in hand
  
652,195
985,513

  
798,046
1,194,125

Creditors: amounts falling due within one year
 15 
(180,156)
(452,184)

Net current assets 
  
 
 
617,890
 
 
741,941

Total assets less current liabilities
  
5,217,022
4,978,349

Creditors: amounts falling due after more than one year
 16 
(107,483)
(116,427)

Provisions for liabilities
  
(27,043)
(21,978)

Total net assets 
  
5,082,496
4,839,944


Charity funds
  

Restricted funds
 17 
579,206
754,618

Unrestricted funds
 17 
4,503,290
4,085,326

Total funds
  
5,082,496
4,839,944

Page 19

 
THE KNOYDART FOUNDATION
REGISTERED NUMBER: SC171248


 
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 20 September 2024 and signed on their behalf by:




Davie Newton
Chair

The notes on pages 25 to 50 form part of these financial statements.

Page 20

 
THE KNOYDART FOUNDATION
REGISTERED NUMBER: SC171248


 
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023


2023
2022
£
£

Fixed assets
  

Tangible assets
 12 
1,662,024
1,656,674

Investments
 13 
140,002
140,002

  
1,802,026
1,796,676

Current assets
  

Stocks
  
288
566

Debtors
 14 
58,535
58,624

Cash at bank and in hand
  
284,419
345,873

  
343,242
405,063

Creditors: amounts falling due within one year
 15 
(45,003)
(60,059)

Net current assets 
  
 
 
298,239
 
 
345,004

Total assets less current liabilities
  
2,100,265
2,141,680

Creditors: amounts falling due after more than one year
 16 
(67,483)
(71,427)

Total net assets 
  
2,032,782
2,070,253


Charity funds
  

Restricted funds
 17 
579,206
560,394

Unrestricted funds
 17 
1,453,576
1,509,859

Total funds
  
2,032,782
2,070,253

Page 21

 
THE KNOYDART FOUNDATION
REGISTERED NUMBER: SC171248


 
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 20 September 2024 and signed on their behalf by:




Davie Newton
Chair

The notes on pages 25 to 50 form part of these financial statements.

Page 22

 
THE KNOYDART FOUNDATION


 
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities
  

Net cash used in operating activities

 20 

224,833
792,069

Cash flows from investing activities
  

Proceeds from the sale of tangible fixed assets
  
5,000
124,309

Purchase of tangible fixed assets
  
(556,014)
(616,460)

Net cash used in investing activities

  

(551,014)
(492,151)

Cash flows from financing activities
  

Repayments of borrowing
  
(7,137)
(7,715)

Net cash used in financing activities

  

(7,137)
(7,715)

Change in cash and cash equivalents in the year
  
 
(333,318)
 
292,203

Cash and cash equivalents at the beginning of the year
  
985,513
693,310

Cash and cash equivalents at the end of the year
 21 
652,195
985,513

The notes on pages 25 to 50 form part of these financial statements

Page 23

 
THE KNOYDART FOUNDATION


 
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities
  

Net cash used in operating activities

 20 

(14,495)
17,286

Cash flows from investing activities
  

Proceeds from the sale of tangible fixed assets
  
5,000
136,219

Purchase of tangible fixed assets
  
(44,819)
(37,716)

Net cash (used in)/provided by investing activities

  

(39,819)
98,503

Cash flows from financing activities
  

Repayments of borrowing
  
(7,140)
(7,715)

Net cash used in financing activities

  

(7,140)
(7,715)

Change in cash and cash equivalents in the year
  
 
(61,454)
 
108,074

Cash and cash equivalents at the beginning of the year
  
345,873
237,799

Cash and cash equivalents at the end of the year
 21 
284,419
345,873

The notes on pages 25 to 50 form part of these financial statements

Page 24

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Knoydart Foundation is a Company Limited by Guarantee, incorporated in Scotland with a company registration number of SC171248 and a charity registration number of SC026246. The registered office is located at The Office, Knoydart, Inverness Shire, PH41 4PL. 


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Knoydart Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these .

  
2.2

Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 25

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

  
2.4

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

  
2.5

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

  
2.6

Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
The same exemption does not apply to the subsidiary undertakings.

 
2.7

Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition are included in the measurement of cost.

Page 26

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

2.7

Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, as follows. 

Depreciation is provided on the following basis:

Land and property
-
1.0%
straight line
Plant and machinery
-
15.0%
or 25.0% reducing balance
Motor vehicles
-
25.0%
reducing balance
Other fixed assets
-
Furnished Holiday Lets (inc in Land and property)
-
10.0%
straight line
Hydro-electric generation (inc in Plant and machinery)
-
5.0%
reducing balance
Electric transmission equipment (inc in Plant and machinery)
-
2.5%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

  
2.8

Investments

Investments in subsidiaries are valued at cost less provision for impairment.

  
2.9

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.10

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.11

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 27

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12

Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

  
2.13

Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

  
2.14

Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.15

Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Page 28

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.16

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 29

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.

Income from donations and grants

Group




Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £
Grants





CARES grant

-

-

-

Highlands and Islands Enterprise

-

-

-

NatureScot

-

-

-

Ranger service grants

-

-

-

Visit Scotland

-

-

-

Donations

-

18,369

18,369

Grants

338,957

-

338,957

Government grants

-

2,799

2,799

Total 2023


338,957
21,168
360,125




Restricted funds
2022
Unrestricted funds
2022
Total
funds
2022
        £
        £
        £
Grants





Highlands and Islands Enterprise

638,523

-

638,523

Highland Council

29,744

-

29,744

Visit Scotland

33,607

-

33,607

Scottish Land Fund

8,701

-

8,701

Ranger service grants

-

1,500

1,500

Donations

1,700

11,600

13,300

Grants

43,219

8,913

52,132

Government grants

-

16,216

16,216

Total 2022


755,494
38,229
793,723

Page 30

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Income from donations and grants (continued)

Parent



Restricted funds
Unrestricted funds
Total
funds

2023
2023
2023

£
£
£

Charity donations
 -
 18,197
 18,197

Charity grants
 184,116
 -
 184,116

 
 
 

Total 2023
 184,116
 18,197
 202,313





Restricted funds
Unrestricted funds
Total
funds

2022
2022
2022

£
£
£

Charity donations
 1,700
 9,274
 10,974

Charity grants
 96,927
 10,413
 107,340

 
 
 

Total 2022
 98,627
 19,687
 118,314


4.

Income from charitable activities

Group



Unrestricted funds
2023
Total
funds
2023
        £
        £



Rental income and hires

177,735

177,735

Ranger income

46,201

46,201

Support of community charitable activities

165

165

Land & deer management

45,458

45,458

Generation and supply of electricity

309,953

309,953



579,512
579,512

Page 31

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.Income from charitable activities (continued)



Unrestricted funds
2022
Total
funds
2022
        £
        £



Rental income and hires

161,641

161,641

Ranger income

38,298

38,298

Support of community charitable activities

(1,453)

(1,453)

Land & deer management

55,988

55,988

Generation and supply of electricity

104,748

104,748



359,222
359,222


Parent 


Unrestricted funds
Total
funds

2023
2023

£
£

Rental income and hires
 59,394
 59,394

Ranger income
 46,201
 46,201

Support of community charitable activities
 33,982
 33,982

Land & deer management
 47,788
 47,788

 
 

Total 2023
 187,365
 187,365



Unrestricted funds
Total
funds

2022
2022

£
£

Rental income and hires
 59,520
 59,520

Ranger income
 38,298
 38,298

Support of community charitable activities
 38,197
 38,197

Land & deer management
 57,181
 57,181

 
 

Total 2022
 193,196
 193,196

Page 32

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.

Income from other trading activities

Income from non charitable trading activities

All income from non charitable trading activities was received by subsidiaries of Knoydart Foundation.



Unrestricted funds
2023
Total
funds
2023
        £
        £



The SHOP

313,111

313,111

Renewable Obligation Certificates

44,152

44,152



357,263
357,263



Unrestricted funds
2022
Total
funds
2022
        £
        £



The SHOP

196,599

196,599

Renewable Obligation Certificates

40,655

40,655



237,254
237,254


6.


Expenditure on raising funds

The cost of raising funds represents the Cost of Sales incurred by The SHOP, a trading activity operated by Knoydart Trading Limited, and a proportion of the administration costs incurred by Knoydart Trading Limited in respect of the operation of The SHOP.

Page 33

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.

Analysis of expenditure on charitable activities


Summary by fund type

Group




Restricted funds
2023
Unrestricted funds
2023
Total
2023
        £
        £
        £




Rental income and hires

4,874

81,093

85,967

Ranger income

24,711

19,238

43,949

Support of group charitable activities

-

11,296

11,296

Land & Deer Management

104,623

(9)

104,614

Development work

24,568

2,680

27,248

General Estate

3,200

194,101

197,301

Generation and supply of electricity

-

275,265

275,265

Knoydart Climate Action Group

3,328

-

3,328



165,304
583,664
748,968




Restricted funds
2022
Unrestricted funds
2022
Total
2022
        £
        £
        £




Rental income and hires

4,874

86,325

91,199

Ranger income

28,061

11,146

39,207

Support of group charitable activities

1,700

32,759

34,459

Land & Deer Management

47,766

59,685

107,451

Development work

9,958

-

9,958

General Estate

3,200

123,356

126,556

Generation and supply of electricity

-

184,718

184,718

Knoydart Climate Action Group

9,787

-

9,787



105,346
497,989
603,335

Page 34

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


Analysis of expenditure on charitable activities (continued)
Summary by fund type

Parent


Restricted funds
Unrestricted funds
Total
funds

2023
2023
2023

£
£
£

Affordable housing
 4,874
 28,411
 33,285

Ranger income
 24,711
 19,521
 44,232

Support of group charitable activities
 -
 3,631
 3,631

Land & Deer Management
 104,623
 -
 104,623

Development work
 24,568
 2,680
 27,248

General Estate
 3,200
 194,627
 197,827

Knoydart Climate Action Group
 3,328
 -
 3,328

 
 
 

Total 2023
 165,304
 248,870
 414,174



Restricted funds
Unrestricted funds
Total
funds

2022
2022
2022

£
£
£

Rental income and hires
 4,874
 21,329
 26,203

Ranger income
 28,061
 11,297
 39,358

Support of group charitable activities
 1,700
 14,291
 15,991

Land & Deer Management
 47,766
 59,687
 107,453

Development work - Direct costs
 9,958
 -
 9,958

General Estate
 3,200
 120,366
 123,566

Knoydart Climate Action Group - Direct costs
 9,787
 -
 9,787

 
 
 

Total 2022
 105,346
 226,970
 332,316

Page 35

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.

Analysis of expenditure by activities

Group




Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
        £
        £
        £




Rental income and hires

32,988

52,979

85,967

Ranger income

42,130

1,819

43,949

Support of group charitable activities

9,682

1,614

11,296

Land & Deer Management

89,839

14,775

104,614

Development work

-

27,248

27,248

General Estate

-

197,301

197,301

Generation and supply of electricity

263,492

11,773

275,265

Knoydart Climate Action Group

3,328

-

3,328



441,459
307,509
748,968





Activities undertaken directly
2022
Support costs
2022
Total
funds
2022
        £
        £
        £




Rental income and hires

50,525

40,674

91,199

Ranger income

32,555

6,652

39,207

Support of group charitable activities

18,816

15,643

34,459

Land & Deer Management

103,146

4,305

107,451

Development work

-

9,958

9,958

General Estate

-

126,556

126,556

Generation and supply of electricity

175,039

9,679

184,718

Knoydart Climate Action Group

9,787

-

9,787



389,868
213,467
603,335


Page 36

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


Analysis of expenditure by activities (continued)

Parent


Activities undertaken directly
Grant funding of activities
Support costs
Total
funds

2023
2023
2023
2023

£
£
£
£

Rental income and hires
 33,285
 -
 -
 33,285

Ranger income
 42,275
 -
 1,957
 44,232

Support of group charitable activities
 3,885
 -
 (254)
 3,631

Land & Deer Management
 89,839
 -
 14,784
 104,623

Local development officer
 -
 -
 27,248
 27,248

General Estate
 -
 -
 197,827
 197,827

Generation and supply of electricity
 -
 30,000
 -
 30,000

Knoydart Climate Action Group
 3,328
 -
 -
 3,328

 
 
 
 

Total 2023
 172,612
 30,000
 241,562
 444,174



Activities undertaken directly
Support costs
Total
funds

2022
2022
2022

£
£
£

Rental income and hires
 26,203
 -
 26,203

Ranger income
 32,561
 6,797
 39,358

Support of group charitable activities
 13,781
 2,210
 15,991

Land & Deer Management
 103,146
 4,307
 107,453

Development work - Direct costs
 -
 9,958
 9,958

General Estate
 -
 123,566
 123,566

Knoydart Climate Action Group - Direct costs
 9,787
 -
 9,787

 
 
 

Total 2022
 185,478
 146,838
 332,316

Page 37

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.

Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's annual accounts
6,300
6,000

Fees payable to the Company's auditor in respect of:

All non-audit services not included above
30,172
37,930


10.



Staff costs


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
286,517
222,435
182,722
147,305

Social security costs
15,787
7,455
9,620
7,455

Contribution to defined contribution pension schemes
6,406
4,256
4,005
2,614

308,710
234,146
196,347
157,374

The average number of persons employed by the Company during the year was as follows:


Group
Group
Company
Company
2023
2022
2023
2022

No.
No.
No.
No.


Employees
36
33
17
14

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits of the key personnel amounted to £37,302 (2022 - £47,849).



11.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL).

Page 38

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group




Land and property
Plant and machinery
Motor vehicles
Total

£
£
£
£


Cost or valuation

At 1 January 2023
1,822,335
3,833,861
41,945
5,698,141

Additions
-
548,456
7,558
556,014

Disposals
(5,000)
-
-
(5,000)

Transfers between classes
(112,800)
112,800
-
-


At 31 December 2023

1,704,535
4,495,117
49,503
6,249,155


Depreciation

At 1 January 2023
193,448
1,242,651
25,634
1,461,733

Charge for the year
9,988
172,335
5,967
188,290

Transfers between classes
(2,256)
2,256
-
-


At 31 December 2023

201,180
1,417,242
31,601
1,650,023


Net book value


At 31 December 2023
1,503,355
3,077,875
17,902
4,599,132


At 31 December 2022
1,628,887
2,591,210
16,311
4,236,408

Page 39

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.Tangible fixed assets (continued)

Company





Land and property
Plant and machinery
Motor vehicles
Total

£
£
£
£
Cost or valuation

At 1 January 2023
1,772,764
110,734
22,010
1,905,508

Additions
-
44,819
-
44,819

Disposals
(5,000)
-
-
(5,000)

Transfers between classes
(112,800)
112,800
-
-


At 31 December 2023

1,654,964
268,353
22,010
1,945,327


Depreciation

At 1 January 2023
143,877
84,307
20,650
248,834

Charge for the year
9,988
24,141
340
34,469

Transfers between classes
(2,256)
2,256
-
-


At 31 December 2023

151,609
110,704
20,990
283,303


Net book value


At 31 December 2023
1,503,355
157,649
1,020
1,662,024


At 31 December 2022
1,628,887
26,427
1,360
1,656,674


13.


Fixed asset investments






Investments in subsidiary companies

Company
£



Cost or valuation



At 1 January 2023
140,002



At 31 December 2023

140,002

Page 40

 


 
THE KNOYDART FOUNDATION


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.

Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Company:


Names

Company number

Registered office or principal place of business

Principal activity

Class of shares

Holding


Knoydart Trading Limited
SC197191
The Knoydart Foundation Office, Inverie, Knoydart, Mallaig, Inverness Shire, PH41 4PL
Commerce
Ordinary
100%

Knoydart Renewables Limited
SC197192
The Knoydart Foundation Office, Inverie, Knoydart, Mallaig, Inverness Shire, PH41 4PL
Energy generation
Ordinary
100%

The financial results of the subsidiaries for the year were:


Names

Income
£

Expenditure
£

Profit/(Loss)/ Surplus/ (Deficit) for the year
£

Net assets
£


Knoydart Trading Limited
447,696
(426,841)
20,855
94,255

Knoydart Renewables Limited
544,039
(313,677)
230,362
548,300
Page 41

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.



Debtors


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
9,600
12,800
9,600
12,800

9,600
12,800
9,600
12,800

Due within one year

Trade debtors
41,251
91,586
29,292
36,191

Amounts owed by group undertakings
-
-
22
5,601

Other debtors
33,799
2,865
19,356
2,253

Prepayments and accrued income
38,541
70,101
265
1,779

123,191
177,352
58,535
58,624


15.



Creditors: Amounts falling due within one year


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
4,308
7,504
4,308
7,504

Other loans
5,000
-
-
-

Trade creditors
43,333
33,929
6,806
6,987

Amounts owed to group undertakings
-
-
19,518
1,511

Corporation tax
19,718
26,578
-
-

Other taxation and social security
7,893
21,311
2,999
10,954

Pension contributions payable
1,214
1,196
763
578

Other creditors
1,204
1,570
569
1,398

Accruals and deferred income
97,486
360,096
10,040
31,127

180,156
452,184
45,003
60,059

Triodos Bank N.V has a first ranking standard security over 2 sites at Inverie, Knoydart in respect of all sums due to become due in respect of the £110,000 loan drawn down in 2012.
Triodos Bank N.V also has first ranking standard securities over Stalkers Cottage, Inverie, Knoydart and over Foreman's Cottage No's 1 and 2 in respect of the existing loans taken out in 2003.
The Scottish Ministers have a security for all sums due, or to become due, over various areas of ground at Inverie in respect of the grant funding provided.

Page 42

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.



Creditors: Amounts falling due after more than one year


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Bank loans
67,483
71,427
67,483
71,427

Other loans
40,000
45,000
-
-

107,483
116,427
67,483
71,427

Triodos Loan
A loan for £110,000 from Triodos Bank was drawn down during 2012-13.  This loan is repayable over 25 years at an interest rate of minimum of 3.5%, and is included in the above balances.

Page 43

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.

Statement of funds



Other than those funds which are marked as belonging to a subsidiary, all funds are held in the parent charity.


Statement of funds - current year

Balance at 1 January 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 31 December 2023
£

Unrestricted funds






Designated funds







Knoydart Estate

776,928

-

(3,742)

-

773,186
 
Inverie Bheag - Bunkhouse

57,232

-

-

-

57,232
 
Designated Ranger Fund

82,847

46,201

(19,238)

-

109,810
 
Climate Conversations

575

-

-

-

575
 



917,582
46,201
(22,980)
-
940,803

General funds







Knoydart Foundation

451,283

81,764

(134,049)

(24,500)

374,498
 
Knoydart Trading

73,398

447,696

(426,838)

-

94,256
 
Knoydart Renewables

323,438

390,782

(313,677)

147,756

548,299
 
Knoydart Renewables - deferred grant receipts

2,319,625

-

-

225,809

2,545,434
 



3,167,744
920,242
(874,564)
349,065
3,562,487
Total Unrestricted funds




4,085,326

966,443

(897,544)

349,065

4,503,290

Page 44

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.

Statement of funds (continued)


Balance at 1 January 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at 31 December 2023
£






Restricted funds







Investments in CIC

12,800

-

(3,200)

-

9,600
 
Housing and Properties

184,372

-

(4,874)

-

179,498
 
Ranger service

-

24,711

(24,711)

-

-
 
Workers' accommodation project

11,063

13,505

(24,568)

-

-
 
Knoydart Community Action Group

8,388

4,925

(3,328)

-

9,985
 
Milburn project

341,230

4,196

-

-

345,426
 
Knoydart Renewables - ESP project

194,224

154,841

-

(349,065)

-
 
Blackhills project

2,541

136,779

(104,623)

-

34,697
 



754,618
338,957
(165,304)
(349,065)
579,206

Total of funds


4,839,944
1,305,400
(1,062,848)
-
5,082,496



Page 45

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 January 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
31 December 2022
£

Unrestricted funds






Designated funds







Knoydart Estate

780,670

-

(4,017)

-

776,653
 
Inverie Bheag - Bunkhouse

58,225

-

(993)

-

57,232
 
Designated Ranger Fund

70,404

38,298

(6,672)

(19,183)

82,847
 
Climate Conversations

850

-

-

-

850
 



910,149
38,298
(11,682)
(19,183)
917,582

Balance at
1 January 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
31 December 2022
£






General funds







Knoydart Foundation

475,114

103,415

(154,784)

27,538

451,283
 
Knoydart Trading

96,664

328,538

(351,804)

-

73,398
 
Knoydart Renewables

215,102

166,670

(218,668)

160,334

323,438
 
Knoydart Renewables - deferred grant receipts

2,017,316

-

-

302,309

2,319,625
 



2,804,196
598,623
(725,256)
490,181
3,167,744
Total Unrestricted funds




3,714,345

636,921

(736,938)

470,998

4,085,326


Page 46

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.

Statement of funds (continued)


Restricted funds







Investments in CIC

16,000

-

(3,200)

-

12,800
 
Pier Conversion & Market Garden Assets

23,844

-

-

(23,844)

-
 
Housing and Properties

189,246

-

(4,874)

-

184,372
 
Ranger service

177

8,701

(28,061)

19,183

-
 
Workers' accommodation project

-

17,744

(6,681)

-

11,063
 
Knoydart Community Action Group

-

18,175

(9,787)

-

8,388
 
Track maintenance

-

1,700

(1,700)

-

-
 
Sundry restricted projects

3,694

-

-

(3,694)

-
 
Milburn project

342,507

2,000

(3,277)

-

341,230
 
Knoydart Renewables - ESP project

-

656,867

-

(462,643)

194,224
 
Blackhills project

-

50,307

(47,766)

-

2,541
 



575,468
755,494
(105,346)
(470,998)
754,618


Total of funds


4,289,813
1,392,415
(842,284)
-
4,839,944

Page 47

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.

Summary of funds


Summary of funds - current year

Balance at 1 January 2023
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Balance at 31 December 2023
£
 
Designated funds

917,582

46,201

(22,980)

-

940,803
 
General funds

3,167,744

920,242

(874,564)

349,065

3,562,487
 
Restricted funds

754,618

338,957

(165,304)

(349,065)

579,206
 


4,839,944
1,305,400
(1,062,848)
-
5,082,496


Summary of funds - prior year

Balance at
1 January 2022
£
 
Income
£
 
Expenditure
£
 
Transfers in/out
£
 
Balance at
31 December 2022
£
 
Designated funds

910,149

38,298

(11,682)

(19,183)

917,582
 
General funds

2,804,196

598,623

(725,256)

490,181

3,167,744
 
Restricted funds

575,468

755,494

(105,346)

(470,998)

754,618
 


4,289,813
1,392,415
(842,284)
-
4,839,944


19.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

492,623

4,106,509

4,599,132

Debtors due after more than one year

-

9,600

9,600

Current assets

158,374

630,072

788,446

Creditors due within one year

(4,308)

(175,848)

(180,156)

Creditors due in more than one year

(67,483)

(40,000)

(107,483)

Provisions for liabilities and charges

-

(27,043)

(27,043)

Total 


579,206
4,503,290
5,082,496


Page 48

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.Analysis of net assets between funds (continued)


Analysis of net assets between funds - prior year

Restricted funds
2022
Unrestricted funds
2022
Total
funds
2022
        £
        £
        £



Tangible fixed assets

574,372

3,662,036

4,236,408

Debtors due after more than one year

-

12,800

12,800

Current assets

259,177

922,148

1,181,325

Creditors due within one year

(7,504)

(444,680)

(452,184)

Creditors due in more than one year

(71,427)

(45,000)

(116,427)

Provisions for liabilities and charges

-

(21,978)

(21,978)

Total 

754,618
4,085,326
4,839,944


20.



Reconciliation of net movement in funds to net cash flow from operating activities


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Net income for the year (as per Statement of Financial Activities)



242,552

550,131

(37,471)

(12,132)

Adjustments for:

Depreciation charges
188,290
170,989
34,469
17,222

Decrease/(increase) in stocks
8,600
(4,240)
278
56

Decrease/(increase) in debtors
54,161
(1,766)
89
11,464

(Decrease)/increase in creditors
(266,975)
35,342
(11,860)
676

Tax charge
19,105
41,613
-
-

Tax paid
(20,900)
-
-
-

Net cash provided by operating activities
224,833
792,069
(14,495)
17,286



21.



Analysis of cash and cash equivalents


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash in hand
652,195
985,513
284,419
345,873

Total cash and cash equivalents
652,195
985,513
284,419
345,873

Page 49

 
THE KNOYDART FOUNDATION
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.



Analysis of changes in net debt





At 1 January 2023
Cash flows
At 31 December 2023
£
£

£

Cash at bank and in hand

985,513

(333,318)

652,195

Debt due within 1 year

(8,700)

(1,822)

(10,522)

Debt due after 1 year

(116,427)

8,944

(107,483)


860,386
(326,196)
534,190


23.


Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £6,406 (2022 - £4,256). £1,327 (2022 - £1,196) was payable to the fund at the balance sheet date and is included in creditors.



24.


Related party transactions

The directors believe that all related party transactions were entered into with the relevant individuals as members of the community and therefore beneficiaries of the charity and not in any capacity which gives rise to the related party relationship. 

Page 50