Charity registration number SC040462 (Scotland)
Company registration number SC357434 (Scotland)
MID YELL DEVELOPMENT COMPANY
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MID YELL DEVELOPMENT COMPANY
LEGAL AND ADMINISTRATIVE INFORMATION
C R Gray
G H Hughson
G R Keith
E N Smith
F Stirling
G Hughson
J Robertson
W Strachan
Charity number (Scotland)
SC040462
Company number
SC357434
Registered office
Hillend
Mid Yell
Shetland
Scotland
ZE2 9BJ
Independent examiner
Thyme Accounting & Tax Ltd
36 Angusfield Avenue
Aberdeen
AB15 6AQ
MID YELL DEVELOPMENT COMPANY
CONTENTS
Page
Report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
MID YELL DEVELOPMENT COMPANY
REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their 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 entity's governing document, 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) (effective 1 January 2019)".

Objectives and activities

The charitable company was formed with the objectives of aiding development with Mid Yell, Shetland.

Achievements and performance

Mid Yell Development Company shared work with Mid Yell Hall to complete a survey for Community Energy Scotland.

 

Mid Yell Development Company began the development phase of a project to create a new amenity building on Mid Yell pier. This will be supported by Shetland's Coastal Communities Fund.

Financial review
Reserves policy

The charity has considered the reserves required and have considered their current and future liabilities. The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered.

 

The balance held as unrestricted funds at 31st March 2024 was £6,961 Actual 3-month cash payments totalled £360. The current level of reserves is therefore higher than is needed.

Major risks

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

Plans for future periods

MYDC plan to complete the development phase of the amenity building project and consider the findings, potentially beginning the capital phase.

Structure, governance and management

The charity is controlled by its governing document, a memo and arts, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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:

C R Gray
G H Hughson
G R Keith
E N Smith
F Stirling
G Hughson
J Robertson
W Strachan
MID YELL DEVELOPMENT COMPANY
REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The report was approved by the Board of .

F Stirling
Trustee
21 November 2024
MID YELL DEVELOPMENT COMPANY
INDEPENDENT EXAMINER'S REPORT
TO THE  OF MID YELL DEVELOPMENT COMPANY
- 3 -

I report on the financial statements of the for the year ended 31 March 2024, which are set out on pages 4 to 9.

Respective responsibilities of and examiner

The trustees, who also act as trustees for the charitable activities of Mid Yell Development Company , who are also the directors of Mid Yell Development Company 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 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.

Wilma A Sim FCCA (non-practicing)
Thyme Accounting & Tax Ltd
36 Angusfield Avenue
Aberdeen
AB15 6AQ
Dated: 21 November 2024
MID YELL DEVELOPMENT COMPANY
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Charitable activities
3
600
500
Charitable activities
4
360
120
Net income and movement in funds
240
380
Reconciliation of funds:
Fund balances at 1 April 2023
6,721
6,341
Fund balances at 31 March 2024
6,961
6,721

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MID YELL DEVELOPMENT COMPANY
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
7,501
6,901
Creditors: amounts falling due within one year
9
540
180
Net current assets
6,961
6,721
The funds of the
Unrestricted funds
6,961
6,721
6,961
6,721

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 on 21 November 2024
G Hughson
Trustee
Company registration number SC357434 (Scotland)
MID YELL DEVELOPMENT COMPANY
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Charity information

Mid Yell Development Company is a private company limited by guarantee incorporated in Scotland. The registered office is Hillend, Mid Yell, Shetland, ZE2 9BJ, Scotland.

1.1
Accounting convention

The financial statements have been prepared in accordance with the entity's governing document, 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) (effective 1 January 2019)". The is a Public Benefit Entity as defined by FRS 102.

 

The 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 . Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the 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 in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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 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 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.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
MID YELL DEVELOPMENT COMPANY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
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.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the ’s contractual obligations expire or are discharged or cancelled.

1.7
Employee benefits

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

 

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

MID YELL DEVELOPMENT COMPANY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2
Critical accounting estimates and judgements

In the application of the ’s accounting policies, the are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Sale of goods

600
500
4
Expenditure on charitable activities
2024
2023
£
£
Direct costs

Expenses

300
-
Share of support and governance costs (see note 5)
Governance
60
120
360
120
Analysis by fund
Unrestricted funds
360
120
5
Support costs allocated to activities
Total
Total
2024
2023
£
£
Governance
60
120
6
None of the  (or any persons connected with them) received any remuneration or benefits from the during the year.
MID YELL DEVELOPMENT COMPANY
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
7
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
420
-
Accruals and deferred income
120
180
540
180
10
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
6,721
600
(360)
6,961
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
6,341
500
(120)
6,721
11
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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