IRIS Accounts Production v24.3.0.553 Other Company accounts True false Pounds 1.4.23 31.3.24 31.3.24 FY FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true true false true true false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC1828782023-03-31SC1828782024-03-31SC1828782023-04-012024-03-31SC1828782022-03-31SC1828782022-04-012023-03-31SC1828782023-03-31SC182878ns0:CharitableCompanyLimitedByGuarantee2023-04-012024-03-31SC182878ns15:PoundSterling2023-04-012024-03-31SC182878ns11:FRS1022023-04-012024-03-31SC182878ns11:IndependentExaminationCharity2023-04-012024-03-31SC182878ns11:SmallCompaniesRegimeForAccounts2023-04-012024-03-31SC182878ns11:FullAccounts2023-04-012024-03-31SC182878ns11:CharitiesSORP2023-04-012024-03-31SC182878ns16:EnglandWales2023-04-012024-03-31SC182878ns11:RegisteredOffice2023-04-012024-03-31SC182878ns0:Trustee22023-04-012024-03-31SC182878ns0:Trustee32023-04-012024-03-31SC182878ns0:Trustee42023-04-012024-03-31SC182878ns0:Trustee52023-04-012024-03-31SC182878ns0:Trustee62023-04-012024-03-31SC182878ns0:Trustee72023-04-012024-03-31SC182878ns0:Trustee82023-04-012024-03-31SC182878ns0:Trustee12023-04-012024-03-31SC182878ns0:Trustee92023-04-012024-03-31SC182878ns0:Trustee102023-04-012024-03-31SC182878ns11:CompanySecretary12023-04-012024-03-31SC182878ns0:TotalUnrestrictedFunds2023-04-012024-03-31SC182878ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC182878ns0:Activity82023-04-012024-03-31SC182878ns0:Activity8ns0:TotalUnrestrictedFunds2023-04-012024-03-31SC182878ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC182878ns0:Activity82022-04-012023-03-31SC182878ns0:Activity92023-04-012024-03-31SC182878ns0:TotalUnrestrictedFundsns0:Activity92023-04-012024-03-31SC182878ns0:Activity9ns0:TotalRestrictedIncomeFunds2023-04-012024-03-31SC182878ns0:Activity92022-04-012023-03-31SC182878ns0:TotalUnrestrictedFunds2023-03-31SC182878ns0:TotalRestrictedIncomeFunds2023-03-31SC182878ns0:TotalUnrestrictedFunds2024-03-31SC182878ns0:TotalRestrictedIncomeFunds2024-03-31SC182878ns0:TotalUnrestrictedFundsns10:WithinOneYear2024-03-31SC182878ns0:TotalRestrictedIncomeFundsns10:WithinOneYear2024-03-31SC182878ns10:WithinOneYear2024-03-31SC182878ns10:WithinOneYear2023-03-31SC18287812023-04-012024-03-31SC18287822023-04-012024-03-31SC18287832023-04-012024-03-31SC18287812023-04-012024-03-31SC18287812022-04-012023-03-31SC182878ns10:OwnedAssets2023-04-012024-03-31SC182878ns10:OwnedAssets2022-04-012023-03-31SC182878ns10:LandBuildingsns10:LongLeaseholdAssets2023-03-31SC182878ns10:FurnitureFittings2023-03-31SC182878ns10:ComputerEquipment2023-03-31SC182878ns10:LandBuildingsns10:LongLeaseholdAssets2023-04-012024-03-31SC182878ns10:FurnitureFittings2023-04-012024-03-31SC182878ns10:ComputerEquipment2023-04-012024-03-31SC182878ns10:LandBuildingsns10:LongLeaseholdAssets2024-03-31SC182878ns10:FurnitureFittings2024-03-31SC182878ns10:ComputerEquipment2024-03-31SC182878ns10:LandBuildingsns10:LongLeaseholdAssets2023-03-31SC182878ns10:FurnitureFittings2023-03-31SC182878ns10:ComputerEquipment2023-03-31SC182878ns10:WithinOneYear2023-04-012024-03-31
REGISTERED COMPANY NUMBER: SC182878 (Scotland)
REGISTERED CHARITY NUMBER: SC027590














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Crathie Opportunity Holidays
(A Company Limited by Guarantee)

Crathie Opportunity Holidays






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Statement of Financial Position 7 to 8

Notes to the Financial Statements 9 to 16

Crathie Opportunity Holidays (Registered number: SC182878)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activity of Crathie Opportunity Holidays is to provide self-catering holidays for disabled people and their families and friends. To achieve this, the four cottages, landscaping and play areas have all been designed and equipped to enable access for a wide range of adults and children.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
Bookings for the 2023-24 financial year were not as busy as the year previous but still better than pre- pandemic levels. We continue to monitor this key metric closely, but it may be that we are returning to the previous norm, having satisfied the pent-up demand post pandemic. 762 cottage nights, equivalent to approximately 109 weeks, were booked. The occupancy rate was 52%. [In 2022- 23 952 nights were booked and the occupancy rate was 65%]. The cottages were closed for a total of three weeks - 2 weeks in January to refurbish bathrooms and one week in March for other maintenance work. When assessing these metrics, we are reminded that we are an essential provider of holiday accommodation for individuals of limited mobility and therefore occupancy is reduced significantly during the winter months.

In this year returning visitors accounted for just over half of occupancy at 55%. Bookings by first time visitors have risen more than expected to 45% from 34% in the previous year. Marketing online has continued and is being reviewed to find ways to improve the level of bookings and to take advantage of the general buoyancy of UK staycation holidays.

We are fortunate in retaining a stable and expert management and housekeeping team who maintained the high quality and attractiveness of the holiday experience for our visitors. The trustees wish to put on record their appreciation of the expertise and hard work of the long- serving manager and of the housekeeping staff.

Fundraising activities
Our main income comes from visitor rental of the cottages, with additional funds from fundraising events, donations and grants. These activities enable us to maintain the quality and user-friendliness of the cottages and to add new items of specialist equipment. Fund raising events including Balmoral Golf Day - £7,993, 200 Plus Club - £2,414, Film Night - £1,289, Co-op Community Fund - £3,862, Duck Race - £285 along with £84 from recycling used cartridges and £153 from online shopping donations raised a total of over £16,000 - a small but welcome increase over the previous year. Donations, however, amounted to £2,227 substantially less than the previous year [which had been boosted by a large legacy]. There were no grants received in 2023-24.

Regular involvement and support of volunteers from the local community has provided much needed help and expertise in running the cottages and maintaining and beautifying the garden. Their support and that of Trustees for the staff, who interact with visitors is a great bonus. The level and enthusiasm of involvement with the local community continues to be an essential part of the Crathie Opportunity Holidays experience which is commented on by our visitors.


Crathie Opportunity Holidays (Registered number: SC182878)

Report of the Trustees
for the Year Ended 31 March 2024

FINANCIAL REVIEW
Financial position
Income and Expenditure
This year the Trustees budgeted for a small deficit of £4,156 and in the end, there was a small deficit, within target, of £1,876 (This compared with a surplus of £14,721 in the previous year 2022-23).

Overall income was £118,252 a small reduction of £2,887 compared with the previous year (£121,139) with a significant fall in donations offset by rises in all other sources of income.

Despite the lower level of occupancy, rental income increased to £86,616 (compared with £83,881 the previous year) as our prices were increased to take account of the upward spike in general inflation.

There were also increases in proceeds of fundraising (up by £614 or 4% to £16,080) and in investment income (£8,020 compared with £1,134 in the previous year).

Total donations including Gift Aid amounting to £3,357 were considerably less than in the previous year (which benefitted from large one-off and single year payments including a donation of £10,000 and grants of just under £4,000).

Overall expenditure increased by nearly £14,000 in 2023-24 to £120,128.

The costs of biomass wood pellets and electricity increased by £1,986 (18%) to £12,756. Increases were inevitable as fixed tariff contracts had to be renewed at higher prices.

Salaries and wages of staff - the largest element of expenditure - showed a small increase in 2023-24 but will increase further in the current year to reflect new pay rates effective from 1 April 2024. Underpayment of pension contributions from 2022/23 were corrected. More was spent on housekeeping, maintenance of property and equipment, and the garden and on the arbitrary new levy of short-term licences for each of the 4 cottages (rather than the complex as a whole). There were small offsetting savings in insurance with a new provider and in advertising,

Fund raising costs (mainly on the Golf Day and Club 200 prizes) increased to £3,111 but net income from fundraising events and activities was an encouraging £12,969 [over 80% of gross fundraising income].

Reserves policy
Total reserves [net assets] on 31 March 2024 were £362,334 - a small decrease of £1,876 compared with a year earlier [£364,210]. Cash reserves not required in the short term are invested in long term deposits to generate additional income for the charity.

Unrestricted Reserves
It is the policy of the Trustees to maintain unrestricted funds, which have not been designated for a specific use, to a level equivalent to six months of overall expenditure which is currently estimated to be around £60,000. This is to ensure that, in the event of a significant drop in funding, the charity's core activity can continue while consideration is given to finding additional or new funding.

In addition, £130,000 of unrestricted reserves is currently designated for future capital expenditure on renewal and upgrading of the accommodation and grounds.

Fixed Assets and Capital Expenditure
The charity's register of tangible fixed assets (tenant's improvements, fixtures and fittings, and computer equipment) is updated annually for additions, disposals, and depreciation. At 31 March 2024 the net book value of tangible fixed assets was £130,534, after additions of £28,639, and depreciation charges of £14,195.

Capital expenditure in 2023-24 was £28,639 on upgrading fixtures and equipment in the cottages in accordance with the 5-year refurbishment programme adopted by the Trustees. Apart from planned refurbishment, necessary repairs and renewals of both buildings and the fittings and furniture are charged as capital expenditure as they arise.


Crathie Opportunity Holidays (Registered number: SC182878)

Report of the Trustees
for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Crathie Opportunity Holidays is a charitable company limited by guarantee governed by its Memorandum and Articles of Association under the Companies Acts and, a charity registered and regulated by the Office of the Scottish Charity Regulator.

Recruitment and appointment of new trustees
The Board currently has 8 Trustees who are also Directors of the Company for the purposes of companies legislation. 7 are ordinary Trustees appointed for 3-year terms - which may be renewed on nomination by the Board or members of the company and subject to confirmation of appointment by the Annual General Meeting of the charity. One Trustee is also nominated by the Kirk Session of the Church of Scotland Parish of Braemar and Crathie.

The Board
The Board has quarterly meetings to monitor and review the strategy, operations and finances of the charity. Sub-groups, for finance, staffing, marketing, maintenance and refurbishment, health and safety, and fundraising and volunteers take forward and monitor specific aspects of the charity's activities and report to the Board as necessary.

Each Trustees is provided with a Trustee Handbook setting out the roles, duties, and responsibilities as a trustee and background information on Crathie Opportunity Holidays.

The Board and its sub-groups are responsible for strategy and oversight of the operations, finances, and good management of the company. Day-to-day management of the running of the business and administrative is vested in the Manager and housekeeping team.

The Trustees are also specifically responsible for the maintenance and integrity of the corporate and financial information on the charitable company's website, in the Trustees' Annual Report and Accounts, and in communications with members. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC182878 (Scotland)

Registered Charity number
SC027590

Registered office
The Manse Courtyard
Crathie
Ballater
Aberdeenshire
AB35 5UL

Trustees
Mr T J Kelly
Prof A Macleod
Mr A S Mcnicol
Mr D W Sherrard (resigned 7.11.23)
Ms S Farquharson
Miss A J Munro
Mr G Feeney
Mr B Lawson
Mrs J Morris (resigned 1.3.24)
Mr A Bowman (appointed 7.11.23)

Company Secretary
Mr T J Kelly


Crathie Opportunity Holidays (Registered number: SC182878)

Report of the Trustees
for the Year Ended 31 March 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Gillian R Nicolson
The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

Chairman of Board of Trustees
Mr B Lawson

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 5 November 2024 and signed on its behalf by:





Mr B Lawson - Trustee

Independent Examiner's Report to the Trustees of
Crathie Opportunity Holidays

I report on the accounts for the year ended 31 March 2024 set out on pages six to sixteen.

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

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

Independent examiner's statement
In connection with my examination, no matter has come to my attention :

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

- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

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








Gillian R Nicolson
The Institute of Chartered Accountants of Scotland

The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

5 November 2024

Crathie Opportunity Holidays

Statement of Financial Activities
for the Year Ended 31 March 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations, legacies and grants 3 3,357 - 3,357 18,722

Charitable activities
Rental of Holiday Homes 86,616 - 86,616 83,811
Support 4,179 - 4,179 2,006

Other trading activities 4 16,080 - 16,080 15,466
Investment income 5 7,944 76 8,020 1,134
Total 118,176 76 118,252 121,139

EXPENDITURE ON
Raising funds 3,111 - 3,111 2,286

Charitable activities 6
Rental of Holiday Homes 71,677 7,034 78,711 68,347
Support 38,306 - 38,306 35,785
Total 113,094 7,034 120,128 106,418

NET INCOME/(EXPENDITURE) 5,082 (6,958 ) (1,876 ) 14,721


RECONCILIATION OF FUNDS
Total funds brought forward 350,095 14,115 364,210 349,489

TOTAL FUNDS CARRIED FORWARD 355,177 7,157 362,334 364,210

CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.

Crathie Opportunity Holidays (Registered number: SC182878)

Statement of Financial Position
31 March 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 129,089 1,445 130,534 116,090

CURRENT ASSETS
Debtors 11 14,036 - 14,036 8,256
Cash at bank and in hand 247,413 5,712 253,125 272,914
261,449 5,712 267,161 281,170

CREDITORS
Amounts falling due within one year 12 (35,361 ) - (35,361 ) (33,050 )

NET CURRENT ASSETS 226,088 5,712 231,800 248,120

TOTAL ASSETS LESS CURRENT
LIABILITIES

355,177

7,157

362,334

364,210

NET ASSETS 355,177 7,157 362,334 364,210
FUNDS 14
Unrestricted funds 355,177 350,095
Restricted funds 7,157 14,115
TOTAL FUNDS 362,334 364,210

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


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


Crathie Opportunity Holidays (Registered number: SC182878)

Statement of Financial Position - continued
31 March 2024

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


The financial statements were approved by the Board of Trustees and authorised for issue on 5 November 2024 and were signed on its behalf by:





Mr B Lawson - Trustee

Crathie Opportunity Holidays

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Crathie Opportunity Holidays is a private charitable company limited by guarantee and registered in Scotland. The charity's registered number, company number and registered office can be found in the Reference and Administration Details section of the Report of the Trustees.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. ACCOUNTING POLICIES

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

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying mount 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.

The following judgements or estimation uncertainties have a significant effect on amounts recognised in the financial statements:-

Critical Judgements

Depreciation

Depreciation is calculated to fully write off the cost of assets over their estimated useful life. The Trustees estimate the useful life of each asset. Details of the depreciation charge in the period is in note 9.

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

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Income

Grant income is recognised when there is reasonable assurance that the charity will comply with any conditions attaching to the grant and the grant will be received.

Charitable Activity income is recognised when the charity is entitled to it and represents amounts receivable for goods and services provided in the normal course of business.

Other trading income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business.

Income from short and long term deposits are recognised upon receipt.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Tangible fixed assets costing more than £100 are capitalised and carried at cost. Depreciation is calculated to write down the cost, less estimated residual value, of all tangible fixed assets over their expected useful lives. The rates applied are:

Tenants Improvements5% straight line
Computers33.3% straight line
Fixtures & Fittings15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset, and is recognised in net income/(expenditure) for the year.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered and impairment loss.

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

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

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease.

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged to the as an expenses as they fall due.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Going concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

3. DONATIONS, LEGACIES AND GRANTS
2024 2023
£    £   
Donations 2,277 14,739
Gift aid 1,080 -
Grants - 3,983
3,357 18,722

Grants received, included in the above, are as follows:

2024 2023
£    £   
Other grants - 3,983

4. OTHER TRADING ACTIVITIES
2024 2023
£    £   
Fundraising events 16,080 15,466

5. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 8,020 1,134

6. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs costs Totals
£    £    £   
Rental of Holiday Homes 78,711 - 78,711
Support 35,892 2,414 38,306
114,603 2,414 117,017


Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. NET INCOME/(EXPENDITURE)

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

2024 2023
£    £   
Depreciation - owned assets 14,195 12,069
Other operating leases 5,609 3,757

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


9. STAFF COSTS
2024 2023
£    £   
Wages and salaries 37,387 36,152
Other pension costs 1,789 1,110
39,176 37,262

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

2024 2023
Part time 3 4

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


Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Tenants and Computer
Improvements fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 671,200 168,934 5,419 845,553
Additions - 28,639 - 28,639
At 31 March 2024 671,200 197,573 5,419 874,192
DEPRECIATION
At 1 April 2023 571,893 152,151 5,419 729,463
Charge for year 9,446 4,749 - 14,195
At 31 March 2024 581,339 156,900 5,419 743,658
NET BOOK VALUE
At 31 March 2024 89,861 40,673 - 130,534
At 31 March 2023 99,307 16,783 - 116,090

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 192 430
Prepayments and accrued income 13,844 7,826
14,036 8,256

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accruals and deferred income 35,361 33,050

This includes deferred income of £25,196 in respect of deposits and holiday bookings for the period post year end (2023 £24,165).

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 5,009 5,009

The operating lease represents leases of the office, outbuildings and the ground.

The original lease of the office and outbuildings ran until 28th February 2021 and has been extended until 30th August 2040 but can be cancelled with a year's notice. There is an option for the lease to be extended until 1st March 2060.

The lease of the ground runs until 31st July 2171. This lease terminates if the above lease is terminated.

Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 219,170 5,082 224,252
Designated Fund 130,925 - 130,925
350,095 5,082 355,177
Restricted funds
Holiday Fund 5,636 76 5,712
Community Fund 6,458 (6,458 ) -
Garden Extension Fund 2,021 (576 ) 1,445
14,115 (6,958 ) 7,157
TOTAL FUNDS 364,210 (1,876 ) 362,334

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 118,176 (113,094 ) 5,082

Restricted funds
Holiday Fund 76 - 76
Community Fund - (6,458 ) (6,458 )
Garden Extension Fund - (576 ) (576 )
76 (7,034 ) (6,958 )
TOTAL FUNDS 118,252 (120,128 ) (1,876 )


Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 195,981 18,107 5,082 219,170
Designated Fund 130,925 - - 130,925
326,906 18,107 5,082 350,095
Restricted funds
Holiday Fund 6,710 25 (1,099 ) 5,636
Community Fund 13,276 (6,818 ) - 6,458
Garden Extension Fund 2,597 (576 ) - 2,021
Other Restricted Funds - 3,983 (3,983 ) -
22,583 (3,386 ) (5,082 ) 14,115
TOTAL FUNDS 349,489 14,721 - 364,210

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

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 117,131 (99,024 ) 18,107

Restricted funds
Holiday Fund 25 - 25
Community Fund - (6,818 ) (6,818 )
Garden Extension Fund - (576 ) (576 )
Other Restricted Funds 3,983 - 3,983
4,008 (7,394 ) (3,386 )
TOTAL FUNDS 121,139 (106,418 ) 14,721

Designated funds
Designated funds are funds set aside for future capital expenditure and refurbishment costs of the cottages.

Restricted funds
The income funds of the charity include restricted funds comprising the balances of donations and grants held on trust for specific purposes:-

The Community Fund
The funding was towards the costs of refurbishment and construction work, professional fees and the installation of services. All money received has been spent, the balance of the fund has now been cleared in the year to 31st March 2024

The expenditure is on a 5% straight line basis to match the depreciation rate of the tenants improvements.

The Holiday Fund

Crathie Opportunity Holidays

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. MOVEMENT IN FUNDS - continued

The funding received is held for complimentary holidays. The expenditure in the period is matched against the cost of any complimentary holidays given to guests in the period.

Garden Extension Fund
The funding was towards the costs of the garden extension including construction and professional fees. All money received has been spent, the balance of funds represents the net book value of the assets.

The expenditure is on a 5% straight line basis to match the depreciation rate of the tenants improvements.

15. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to the statement of financial activity in respect of defined contribution schemes was £1,789 (2023: £1,110).

16. CONTINGENT LIABILITIES

There is a contingent liability in relation to the funding received from The Community Fund. The community fund retain an interest in the project for a period of twenty years and should the project cease during this time a refund will be required. The amount of any potential refund is not known at this time.

17. RELATED PARTY DISCLOSURES

During the year Iain MacKay, husband of manager Margaret MacKay, was paid £3,052 for maintenance services provided to the charity (2023 - £2,441).

During the year Athol Bowman, a trustee of Crathie Opportunity Holidays, donated £144.50 to the charity.