Charity registration number SC011363 (Scotland)
Company registration number SC318757 (Scotland)
Logie Coldstone Trust
Annual report and unaudited financial statements
for the year ended 31 March 2024
Logie Coldstone Trust
Legal and administrative information
Trustees
Gillean Morrison
Susan Dewhurst
Joyce Lovie
Katrina Lovie
Andrew Mather
Evelyn Smith
Catherine Todd
Anne Mathers
Hitesh Mitchell-Mehta
Patricia Turner
Mrs S L Anderson
(Appointed 13 November 2023)
Mr T E Bint
(Appointed 13 November 2023)
Secretary
Anne Mathers
Charity number (Scotland)
SC011363
Company number
SC318757
Principal address
Logie Coldstone Hall
Logie Coldstone
Aboyne
Aberdeenshire
AB34 5PQ
Registered office
Rosewood
Raemoir Road
Banchory
Kincardineshire
United Kingdom
AB31 4ET
Accountants
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
Logie Coldstone Trust
Trustees' Report (including directors' report)
for the year ended 31 March 2024
1

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The trust's objects are to advance citizenship and community development through the promotion of the wellbeing of the inhabitants of Logie Coldstone and District. This is being achieved by associating the local authorities, voluntary organisations and residents in a common effort to promote social activities and to foster community spirit.

 

The policies adopted in furtherance of these objects are that the trust undertakes the maintenance and management of Logie Coldstone public hall for the activities promoted by the trust and its constituent bodies and to carry out any extension of the premises or facilities provided which may at any time seem necessary or desirable and there has been no change in these during the year.

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

Achievements and performance

Trust activities

 

Logie Coldstone Hall

The hall has been well used by various community groups and for private functions this year. We are delighted that the hall has been used by all age groups.

 

The Trust hosted several community events this year, these included the fun games, Hogmanay party, St Andrew's day ceilidh, the post Morven walk social gathering and the duck race. The community café has continued to be the highlight of the month in the community. We would like to thank the cafe volunteers for all that they do, including undertaking the mandatory food hygiene training and certification.

 

Community groups include a toddlers group, reading group, gardening group, two walking groups, Women's Institute, craft group and badminton group. These now meet on a regular basis in the hall. The community groups have benefited from the Aberdeenshire Voluntary Action Communities Mental Health & Wellbeing fund grant which we received this year. This enabled community groups and the community café to take place free of charge which has encouraged more community members to participate and benefit from meeting other people without having to worry about cost.

 

After several hurdles the Trust successfully completed the project to install solar PV panels and battery storage at the end of February 2024. The Trust would like to thank everyone who contributed to this project.

 

The Trust ensured routine hall maintenance tasks were undertaken and produced and distributed a newsletter and the 2024 Logie Coldstone calendar.

 

Logie Coldstone School held a lovely Christmas concert in the hall demonstrating an array of talents. The Trust is delighted to continue to support Logie Coldstone school and look forward to strengthening the relationship in the coming years.

 

The Trust extends its thanks to everyone who has assisted in sustaining and supporting our community throughout the year.

Logie Coldstone Trust
Trustees' Report (including directors' report) (continued)
for the year ended 31 March 2024
2
Financial review

The total income from fundraising was £2,784 (2023 - £2,219). Income from hall rental and community groups was £3,660 (2023 - £3,994).

A grant of £10,000 was received from Aberdeenshire Voluntary Action to provide support for local groups. Capital grants from SSE, The Energy Savings Trust, Foundation Scotland & Aberdeenshire Council were received to finance the solar panels and storage battery project. These totalled £89,401. The income is being released to the profit and loss to cover the depreciation costs of these items. The amount released to the profit and loss this year was £1,838. Total grant income in the accounts is £11,838 (2023 - £5,658).


Expenditure this year has been on routine hall maintenance, heat pump repairs, insurance and electricity. Total expenditure costs for the year were £16,490 (2023 - £10,091). Included in this figure is depreciation of equipment £2,505 and governance costs £1,133.

 

Overall there was a surplus of £3,207 in unrestricted funds.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The trust is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Gillean Morrison
Susan Dewhurst
Joyce Lovie
Katrina Lovie
Andrew Mather
Evelyn Smith
Catherine Todd
Anne Mathers
Hitesh Mitchell-Mehta
Patricia Turner
Mrs S L Anderson
(Appointed 13 November 2023)
Mr T E Bint
(Appointed 13 November 2023)

Trustees are appointed at the annual general meeting. The directors may at any time appoint any member to be a director (providing he/she is willing to act).

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Reserves

The unrestricted fund represents the free reserves available to the charitable company to fulfil its primary objectives. The Trustees are satisfied that the charitable company is able to meets its liabilities.

Logie Coldstone Trust
Statement of trustees' responsibilities  
for the year ended 31 March 2024
3

The trustees, who are also the directors of Logie Coldstone Trust for the purpose 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 year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the trust will continue in operation.

 

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

By order of the Board of Trustees
Hitesh Mitchell-Mehta
Trustee
18 November 2024
Logie Coldstone Trust
Independent examiner's report
to the trustees of Logie Coldstone Trust
4

I report on the financial statements of the trust for the year ended 31 March 2024, which are set out on pages 5 to 11.

Respective responsibilities of trustees and examiner

The trust’s trustees, who are also the directors of Logie Coldstone Trust for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Lauren Thompson CA
James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
Dated: 19 November 2024
Logie Coldstone Trust
Statement of financial activities
including income and expenditure account
for the year ended 31 March 2024
5
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:

Grants and donations

2
11,838
-
11,838
5,658
-
5,658
Charitable activities
3
3,660
-
3,660
3,994
-
3,994
Other trading activities
4
2,784
-
2,784
2,219
-
2,219
Investments
5
1,415
-
1,415
391
-
391
Total income
19,697
-
19,697
12,262
-
12,262
Expenditure on:
Raising funds
6
665
-
665
1,200
-
1,200
Charitable activities
7
15,825
2,980
18,805
8,891
2,980
11,871
Total expenditure
16,490
2,980
19,470
10,091
2,980
13,071
Net income/(expenditure) for the year/
Net movement in funds
3,207
(2,980)
227
2,171
(2,980)
(809)
Fund balances at 1 April 2023
9,130
103,630
112,760
6,959
106,610
113,569
Fund balances at 31 March 2024
12,337
100,650
112,987
9,130
103,630
112,760

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Logie Coldstone Trust
Statement of financial position
as at 31 March 2024
31 March 2024
6
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
192,910
108,680
Current assets
Debtors
12
400
713
Cash at bank and in hand
9,788
23,823
10,188
24,536
Creditors: amounts falling due within one year
13
(90,111)
(20,456)
Net current (liabilities)/assets
(79,923)
4,080
Total assets less current liabilities
112,987
112,760
Income funds
Hall
100,325
103,305
War memorial fund
325
325
16
100,650
103,630
Unrestricted funds
Designated funds
17
-
18,000
General unrestricted funds
12,337
(8,870)
12,337
9,130
112,987
112,760
Logie Coldstone Trust
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
7

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 18 November 2024
Susan Dewhurst
Trustee
Company registration number SC318757
Logie Coldstone Trust
Notes to the financial statements
for the year ended 31 March 2024
8
1
Accounting policies
Charity information

Logie Coldstone Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Rosewood, Raemoir Road, Banchory, Kincardineshire, AB31 4ET, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The trust is a Public Benefit Entity as defined by FRS 102.

 

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

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the trust 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 financial statements.

1.3
Charitable funds

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

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
9
1.5
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 are allocated on the portion of the asset’s use.

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources with depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Raising funds are the costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Governance costs include the cost attributable to the charity's compliance with constitutional and statutory requirements, including strategic management and trustee's meetings and reimbursed expenses.

1.6
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
2% straight line basis
Plant and equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Taxation

The charitable company is exempt from corporation tax on its charitable activities.

Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
10
2

Grants and donations

2024
2023
£
£

Grant

83,239
24,712
Less: deferred income
(71,401)
(19,054)
11,838
5,658

In 2024 and 2023 none of the donation and gifts received were attributable to restricted income funds.

3
Charitable activities
2024
2023
£
£
Charitable rental income
3,660
3,994

In 2024 and 2023 none of the charitable rental income received was attributable to restricted income funds.

4
Other trading activities
2024
2023
£
£
Fundraising events
2,784
2,219

In 2024 and 2023 none of the fundraising events income received was attributable to restricted income funds.

5
Investments
2024
2023
£
£
Interest receivable
1,415
391

In 2024 and 2023 none of the interest receivable was attributable to restricted income funds.

Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
11
6
Raising funds
2024
2023
£
£

Fundraising events

665
1,200
665
1,200

In 2024 and 2023 none of the fundraising events expenditure was attributable to restricted income funds.

7
Charitable activities
2024
2023
£
£
Depreciation and impairment
5,485
3,930

Electricity

3,407
2,730

Insurance

1,655
1,453

Property repairs and maintenance

6,605
1,385

Computer costs

111
208

Printing, postage and stationery

388
-

Community group costs

21
1,200
17,672
10,906
Share of governance costs (see note 8)
1,133
965
18,805
11,871

In 2024 £2,980 (2023 - £2,980) of depreciation and impairment expenditure was attributable to restricted income funds.

8
Governance costs
2024
2023
£
£

Independent Examiner Fees

1,120
952

Filing fee

13
13
1,133
965
Analysed between
Charitable activities
1,133
965
Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
12
9
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. The total of expenses that were reimbursed to three trustees during the year amounted to £972 (2023 - £886).

10
Employees
There were no (0) employees during the year.
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
150,000
19,992
169,992
Additions
-
89,715
89,715
At 31 March 2024
150,000
109,707
259,707
Depreciation and impairment
At 1 April 2023
46,695
14,617
61,312
Depreciation charged in the year
2,980
2,505
5,485
At 31 March 2024
49,675
17,122
66,797
Carrying amount
At 31 March 2024
100,325
92,585
192,910
At 31 March 2023
103,305
5,375
108,680
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
400
713

In 2024 and 2023 none of the debtors was attributable to restricted income funds.

Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
13
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Deferred income
14
88,617
19,054
Other creditors
474
482
Accruals and deferred income
1,020
920
90,111
20,456

In 2024 and 2023 none of the creditors was attributable to restricted income funds.

14
Deferred income
2024
2023
£
£
Arising from Grants
88,617
19,054

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
88,617
19,054
Movements in the year:
Deferred income at 1 April 2023
19,054
6,712
Released from previous periods
(1,838)
(5,658)
Resources deferred in the year
71,401
18,000
Deferred income at 31 March 2024
88,617
19,054

Grants have been received this year from Energy Trust and Marr Partnership for the purchase of Solar panels and storage batteries. The total of these grants are £71,401. A grant from SSE of £18,000 was received in 2023 and deferred. The solar panels and storage batteries are included in Plant and Equipment and the grant income has been deferred and released to profit and loss as these items are depreciated. In the year 31 March 2024 this amounted to £1,679.

In 2020 a grant amounting to £1,737 was received from Marr Area/Aberdeenshire Council for 50% of the purchase cost of acoustic panels for the hall. The acoustic panels are included in Plant and Equipment and the grant income has been deferred and released to profit and loss as the acoustic panels are depreciated, in the year ended 31st March 2024 this amounted to £159 (2023 - £185).

15
Share capital

The company is limited by guarantee. It has no share capital.

Logie Coldstone Trust
Notes to the financial statements (continued)
for the year ended 31 March 2024
14
16
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Balance at
1 April 2022
Resources expended
Balance at
1 April 2023
Resources expended
Balance at
31 March 2024
£
£
£
£
£
General
106,610
(2,980)
103,630
(2,980)
100,650
17
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Incoming resources
Balance at
1 April 2023
Resources expended
Balance at
31 March 2024
£
£
£
£
Solar storage batteries
18,000
18,000
(18,000)
-
18,000
18,000
(18,000)
-
18
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
92,585
100,325
192,910
5,375
103,305
108,680
Current assets/(liabilities)
(80,248)
325
(79,923)
3,755
325
4,080
12,337
100,650
112,987
9,130
103,630
112,760
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