REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2024 |
for |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Report of the Trustees | 1 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 18 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
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 |
Aims, Objectives and Activities |
The company has been formed to benefit the community with the postcode units as defined in appendix 1 of the company's Memorandum and Articles of Association (a copy of which is available upon request from the Registered Office) with the following objects: |
1) The advancement of community development, including the advancement of rural regeneration; |
2) To provide within the Community recreational facilities, or organize recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended. |
3) To advance the arts and/or culture; |
4) To advance environmental protection and improvement in the Community through the provision, maintenance and/or improvement of public open spaces and other public amenities and other environmental and regeneration projects (but subject to appropriate safeguards to ensure that the public benefits so arising clearly outweigh any private benefit thereby conferred on private landlords); |
5) To provide or assist in the provision of housing for people in necessitous circumstances within the Community; |
6) To help young people, particularly those resident in the Community, to develop their physical, mental and spiritual capacities, such that they may grow to full maturity as individuals and as members of the society; |
7) To advance heritage and/or preserve, for the benefit of the general public, the historical, architectural and constructional heritage that may exist in and around the Community in buildings (including any structure or erection, and any part of a building as so defined) of particular beauty or historical, architectural or constructional interest; |
8) To advance citizenship and/or community development (including the promotion of civic responsibility and the promotion of the voluntary sector and/or the effectiveness or efficiency of charities and promotion of trade and industry); |
9) To promote, establish, operate and/or support other similar schemes and projects of a charitable nature for the benefit of the community within the Community; but such that the company shall do so following principles of sustainable development. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
April 2023 to March 2024 saw an increase in core costs, creating a financially difficult environment for the charitable sector. Thanks to the foundation work of previous years 23/4 saw a 9.9% increase in income from the New Broom. This coupled with a careful control on expenditure has mitigated any losses. |
The Trust continues to run a series of working groups, each reflecting the priorities as identified in the 2021 community needs survey. - Affordable housing Employment and Training, Sustainable Futures, Revenue and Finance, and Active Travel & Transport. Each has a board member involved who reports back to the board on their activities. |
The Affordable Housing group alongside the new Regenerate working group continued to look at empty properties and how they might be brought back into use. We continue to seek sources of additional income to help us commit the necessary resources to take investigations, dialogue and practical actions further. |
The Employment and Training group met regularly throughout the year forming a conduit for information sharing between local user groups and service providers especially in regard to employment training. Mental health first aid and awareness training was delivered and the informal employment bank continued to operate matching individuals seeking work with local employers. |
Active Travel and Community Transport - Funding awarded by Sustrans under their 'Places for Everyone' fund was used to complete the strategic definition of an Active Travel (walking, wheeling and cycling) route to join communities along the A835 from Ardmair through to Braemore Junction. As part of this exercise, a community consultation identified that over 90% of respondents were in favour of the route. The strategic definition stage was completed and approved by Sustrans and funding is now being sought for a feasibility study and concept design. |
In November 2023 LUCT was awarded funding through the Community Regeneration Fund to undertake a feasibility study and pay for pre-construction costs to develop mountain bike trails in Lael Forest. This project forms part of the Health and Well-being initiatives with support from the Ullapool Medical Practice, NHS Green Health initiative and will run until March 2025.. |
The Community Health and Wellbeing working group is our newest forum bringing local practitioners, funders, medical practices and others together to discuss collaborative projects. |
In response to the increasingly tight funding scene, we have strengthened the remit of our finance working group to explore new revenue options alongside continuing to pursue funding opportunities. |
The work of the Sustainable Futures group has been largely concerned with the Highland Community Waste Partnership (HCWP) which has been active on a number of fronts. This three-year project runs until March 2025 and is aimed at combatting climate change through waste reduction. The Trust employs a part time waste reduction development officer Catriona Scott, who has been running a wide range of initiatives, workshops and events for individuals and businesses in our area which have proved extremely popular. This is a fully funded project, funded by the National Lottery, with 8 community groups as partners, led by Keep Scotland Beautiful. Preloved clothing fayres, food waste reduction workshops and the setting up of a highland wide repair directory have all been important elements of this project. |
The above project fits neatly with the ongoing work of the New Broom in promoting the circular economy and diverting items from landfill and being part of our climate change mitigation. To which end, the New Broom has seen an increase in footfall and turnover. In August 2023 we became VAT registered and in January 2024 we started taking card payments which has further helped us to increase our income. |
Our upcycling furniture project started in 2022 has been continued, with over 80 pieces, salvaged, renovated and sold as a result. we are most grateful to the Ullapool Harbour Trust for allowing us the use of the community workshop. PAT-tested small electrical items continue to be a popular item in the shop providing safe preloved household items at affordable prices for our community. |
We estimate we have diverted some 24 tonnes of donations from landfill and have been able to support local groups, directly, through gifting them useful items, or by promoting their causes and fundraising initiatives within the shop. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
The Community Pantry continued to operate thanks to its small band of volunteers. Annual maintenance costs were for materials only, all labour being donated. However, the volume of grocery donations from the Fare Share Scotland Scheme has reduced over the past year as the increase in basic food prices has been reflected in tighter stocking regimes and a reduction in the amount of unsold ambient produce. The pantry is checked and re-stocked whenever donated food is available. It is free for all to donate their own surplus or take what they can make use of: Combatting food waste and food poverty in one small space. |
During the year, LUCT again acted as facilitator for the Community Benefit Fund (CBF). This is comprised of funds which accumulate each year from a combination of Broom Power (Lochbroom Community Renewables) surplus income, direct donations from individuals and the sale of goods donated to the fund. Due to a variation in timing of the donation of funds from Broom Power none shows in this year's accounts. However, a donation was received after our year end. In 2023, there was a change in policy by LCR such that they no longer facilitate the direct donation of dividends to the fund. Thus, there was no dividend payment from them nor any associated gift-aid. In 2023, we were fortunate to be gifted a number of art textiles and original craft items which upon sale via the New Broom have directly benefited the fund. The projects supported this year by the CBF were: An Tallas Solais - funding for the Dolphins Art club, Royal British Legion Lochbroom - Dundonnell war memorial refurbishment, Ullapool Fire & Light - Winter lights, Lochbroom & Ullapool Church of Scotland funding for their Christmas - Giving Tree and the Super Kids summer club, Ullapool & District Pipe Band- a contribution towards acquiring new instruments, Ullapool & District Youth Group - core running costs, Ullaspool - new equipment costs and Welcome Ullapool - towards a hanging basket watering system. Thanks to the CBF panel, for their work in reviewing the many applications and in making the awards. |
The Directors gratefully acknowledge our various funders, the goodwill and time of our many volunteers and the wider community for their continued support. In particular, the Directors would like to thank Mamta Patel our current Chair. |
FINANCIAL REVIEW |
Financial review |
Details of the financial results are set out in the following pages. |
Substantial unrestricted reserves are necessary for management of cash-flow and in addition the charity continues to endeavour to attain a level of reserve that would permit 6 months expenditure to be met. Our reserve level and policy was reviewed alongside our insurance review. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Structure, governance and management |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Lochbroom and Ullapool Community Trust Ltd is a company limited by guarantee and not having a share capital, governed by its Memorandum and Articles of Association, incorporated on 11th March 2009, and is registered as a charity with the Office of the Scottish Charity Regulator. In the event of the company being wound up, members are required to contribute a sum not exceeding £1.00p. |
The management of the company is the responsibility of the trustees (also referred to in this report and the financial statements as the directors) who are elected under the terms of the Memorandum and Articles of Association. New directors are elected annually at the AGM by vote in person or by proxy, |
The company is a membership organisation and the members are responsible for electing the Board of Directors, which meets on a regular basis to consider the strategic decisions. The implementation is then delegated to employees. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment, appointment, induction and training of Directors |
The trustees have the power to appoint such other trustee as they feel necessary and suitable for the purpose of the administration of the Trust. New trustees are likely to be familiar with the work of the charity and its objectives. |
New Trustees are expected to spend time with the existing trustees to familiarise themselves with: |
The duties of Board Members |
The main documents that set out the operational framework for the charity, including the Trust Deed and Memorandum and articles of Association |
The work of the Trust and its finances, referring to the last annual accounts and recent Board Minutes. |
The strategy that has been adopted. |
The plans and objectives that flow from that strategy |
The Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) |
The overall management and policy decisions are the responsibility of the trustees who are appointed under the terms of the Trust Deed and Articles of Association. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
A Cumming |
Mann Judd Gordon Ltd |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Lochbroom and Ullapool Community Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Lochbroom and Ullapool Community |
Trust Limited |
I report on the accounts for the year ended 31 March 2024 set out on pages seven to eighteen. |
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. |
A Cumming |
The Institute of Chartered Accountants of Scotland |
Mann Judd Gordon Ltd |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
11 November 2024 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 5 |
Charitable activities |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities | 6 |
Charitable activities |
Depreciation |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 17 | (649 | ) | 649 | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 193,036 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 182,736 | 183,901 |
Restricted funds | 8,840 | 9,135 |
TOTAL FUNDS | 193,036 |
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. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED (REGISTERED NUMBER: SC356419) |
Balance Sheet - 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 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | 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, with the exception of investments which are included at market value. |
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. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Restricted funds can only be used for particular restricted purposes within the objects 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. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | DONATIONS AND LEGACIES |
31.3.24 | 31.3.23 |
£ | £ |
Donations |
Gift aid |
Other income |
3. | OTHER TRADING ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Hub Sales | 85,237 | 77,572 |
4. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Bank account interest |
5. | INCOME FROM CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
Activity | £ | £ |
Grants | Charitable activities | 59,935 | 45,325 |
Grants received, included in the above, are as follows: |
31.3.24 | 31.3.23 |
£ | £ |
HIE Hub Development Fund | - | 5,021 |
Lochbroom Community Renewables | - | 7,000 |
Keep Scotland Beautiful | 23,240 | 22,822 |
Hitrans | - | 3,600 |
EDF | - | 250 |
Foundation Scotland | (576 | ) | 3,000 |
Highland Climate Festival | - | 868 |
Sustrans Scotland | 35,271 | 994 |
Harbour Trust | - | 1,770 |
Ullapool Harbour Trust | 2,000 | - |
59,935 | 45,325 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
Direct | (see note | Support |
Costs | 7) | costs | Totals |
£ | £ | £ | £ |
Charitable activities | 138,854 | 11,358 | 2,169 | 152,381 |
Depreciation | 2,850 | - | - | 2,850 |
141,704 | 11,358 | 2,169 | 155,231 |
7. | GRANTS PAYABLE |
31.3.24 | 31.3.23 |
£ | £ |
Charitable activities | 11,358 | 12,707 |
The total grants paid to institutions during the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Community Benefit Fund Awards | 11,358 | 12,257 |
British Red Cross (Ukraine) | - | 450 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Depreciation - owned assets |
9. | 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. |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
All staff |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Charitable activities |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Charitable activities |
Depreciation |
Total | 77,803 | 57,415 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | (9,027 | ) | 9,027 | - |
Net movement in funds | (8,047 | ) | 3,057 | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 191,948 | 6,078 |
TOTAL FUNDS CARRIED FORWARD | 183,901 | 9,135 | 193,036 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2023 and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Transfer of freehold property to unrestricted |
The freehold property, 28 Argyll Street, Ullapool, was purchased with grant assistance from the Scottish Land Fund and is subject to various terms and conditions applicable to its use and ownership. The asset-monitoring period is now complete and all terms of the grant have been met, so trustees have agreed on a transfer to unrestricted funds in accordance with the Charity SORP section 2.12. |
13. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
MARKET VALUE |
At 1 April 2023 and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 | 100 |
At 31 March 2023 | 100 |
There were no investment assets outside the UK. |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: Supply of biomass and wood products |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Other loan | - | 994 |
Prepayments and accrued income |
Accrued income |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
Pensions | 191 | 146 |
VAT | 148 | - |
Accrued expenses |
17. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 183,901 | (516 | ) | (649 | ) | 182,736 |
Restricted funds |
Community Benefit Fund | 301 | (699 | ) | 649 | 251 |
HCWP | 5,268 | 2,810 | - | 8,078 |
Employment & Training | 3,250 | (3,000 | ) | - | 250 |
Highland Climate Festival | 316 | (55 | ) | - | 261 |
9,135 | (944 | ) | 649 | 8,840 |
TOTAL FUNDS | 193,036 | (1,460 | ) | - | 191,576 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 87,286 | (87,802 | ) | (516 | ) |
Restricted funds |
Community Benefit Fund | 10,199 | (10,898 | ) | (699 | ) |
HCWP | 23,740 | (20,930 | ) | 2,810 |
Active Travel | 35,271 | (35,271 | ) | - |
Employment & Training | (576 | ) | (2,424 | ) | (3,000 | ) |
Highland Climate Festival | - | (55 | ) | (55 | ) |
Hector 250th Event | 2,000 | (2,000 | ) | - |
70,634 | (71,578 | ) | (944 | ) |
TOTAL FUNDS | 157,920 | (159,380 | ) | (1,460 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 191,948 | 980 | (9,027 | ) | 183,901 |
Restricted funds |
Community Benefit Fund | 1,455 | (1,405 | ) | 251 | 301 |
Hub Development Fund | 1,653 | (10,429 | ) | 8,776 | - |
Recovery | 746 | (746 | ) | - | - |
Adapt & Thrive | 2,209 | (2,209 | ) | - | - |
HCWP | 15 | 5,253 | - | 5,268 |
Employment & Training | - | 3,250 | - | 3,250 |
Highland Climate Festival | - | 316 | - | 316 |
6,078 | (5,970 | ) | 9,027 | 9,135 |
TOTAL FUNDS | 198,026 | (4,990 | ) | - | 193,036 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 78,783 | (77,803 | ) | 980 |
Restricted funds |
Community Benefit Fund | 13,122 | (14,527 | ) | (1,405 | ) |
Hub Development Fund | 5,021 | (15,450 | ) | (10,429 | ) |
Recovery | - | (746 | ) | (746 | ) |
Adapt & Thrive | (1 | ) | (2,208 | ) | (2,209 | ) |
HCWP | 22,821 | (17,568 | ) | 5,253 |
MTB Project | 1,770 | (1,770 | ) | - |
Active Travel | 4,594 | (4,594 | ) | - |
Employment & Training | 3,250 | - | 3,250 |
Highland Climate Festival | 868 | (552 | ) | 316 |
51,445 | (57,415 | ) | (5,970 | ) |
TOTAL FUNDS | 130,228 | (135,218 | ) | (4,990 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 191,948 | 464 | (9,676 | ) | 182,736 |
Restricted funds |
Community Benefit Fund | 1,455 | (2,104 | ) | 900 | 251 |
Hub Development Fund | 1,653 | (10,429 | ) | 8,776 | - |
Recovery | 746 | (746 | ) | - | - |
Adapt & Thrive | 2,209 | (2,209 | ) | - | - |
HCWP | 15 | 8,063 | - | 8,078 |
Employment & Training | - | 250 | - | 250 |
Highland Climate Festival | - | 261 | - | 261 |
6,078 | (6,914 | ) | 9,676 | 8,840 |
TOTAL FUNDS | 198,026 | (6,450 | ) | - | 191,576 |
LOCHBROOM AND ULLAPOOL COMMUNITY |
TRUST LIMITED |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 166,069 | (165,605 | ) | 464 |
Restricted funds |
Community Benefit Fund | 23,321 | (25,425 | ) | (2,104 | ) |
Hub Development Fund | 5,021 | (15,450 | ) | (10,429 | ) |
Recovery | - | (746 | ) | (746 | ) |
Adapt & Thrive | (1 | ) | (2,208 | ) | (2,209 | ) |
HCWP | 46,561 | (38,498 | ) | 8,063 |
MTB Project | 1,770 | (1,770 | ) | - |
Active Travel | 39,865 | (39,865 | ) | - |
Employment & Training | 2,674 | (2,424 | ) | 250 |
Highland Climate Festival | 868 | (607 | ) | 261 |
Hector 250th Event | 2,000 | (2,000 | ) | - |
122,079 | (128,993 | ) | (6,914 | ) |
TOTAL FUNDS | 288,148 | (294,598 | ) | (6,450 | ) |
18. | RELATED PARTY DISCLOSURES |
19. | ULTIMATE CONTROLLING PARTY |
Ullapool Community Trust is a company limited by guarantee. The liability of members is limited and is not to exceed £1. The ultimate controlling party is therefore considered to be the board of trustee. |