Company registration number SC270423 (Scotland)
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
United Kingdom
IV2 5GH
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,234,371
742,803
Investments
5
1,056,713
1,026,731
2,291,084
1,769,534
Current assets
Debtors
6
263,332
453,463
Cash at bank and in hand
778,712
853,266
1,042,044
1,306,729
Creditors: amounts falling due within one year
7
(396,779)
(369,787)
Net current assets
645,265
936,942
Net assets
2,936,349
2,706,476
Reserves
Income and expenditure account
2,936,349
2,706,476
Members' funds
2,936,349
2,706,476
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
Ms C Fraser
Director
Company registration number SC270423 (Scotland)
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Stratherrick And Foyers Community Trust Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Wildside Centre, Whitebridge, Inverness, Scotland, IV2 6UN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company transitioned from FRS 105 to FRS 102 - 1A effective 1 July 2023. There are no transitional adjustments required as a result in this change of accounting framework.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Property 2% straight line basis, land not depreciated
Other tangible assets
10% to 20% straight line basis
Equipment
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. The exception to this is income derived from investments.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
10
4
Tangible fixed assets
Freehold land and buildings
Other tangible assets
Equipment
Total
£
£
£
£
Cost
At 1 July 2023
695,694
20,592
108,293
824,579
Additions
479,252
42,264
10,330
531,846
Disposals
(2,147)
(2,147)
At 30 June 2024
1,174,946
62,856
116,476
1,354,278
Depreciation and impairment
At 1 July 2023
25,606
686
55,484
81,776
Depreciation charged in the year
22,025
2,726
14,621
39,372
Eliminated in respect of disposals
(1,241)
(1,241)
At 30 June 2024
47,631
3,412
68,864
119,907
Carrying amount
At 30 June 2024
1,127,315
59,444
47,612
1,234,371
At 30 June 2023
670,088
19,906
52,809
742,803
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,056,713
1,026,731
STRATHERRICK AND FOYERS COMMUNITY TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 July 2023
1,026,731
Additions
384,320
Disposals
(354,338)
At 30 June 2024
1,056,713
Carrying amount
At 30 June 2024
1,056,713
At 30 June 2023
1,026,731
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
263,332
453,463
7
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,533
3,574
Other creditors
392,246
366,213
396,779
369,787
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Restricted funds
The bank balance at the year end includes funds of £113,972.59 relating to the Glendoe Fund, £104,647.77 relating to the Dunmaglass Fund and £322,766.21 relating to the Stronelairg Fund. These are restricted funds provided by SSE in relation to a grant scheme for the benefit of residents within the Stratherrick and Foyers Community Council Area.