REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 16 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY (REGISTERED NUMBER: SC374260) |
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 |
To manage community land and associated assets for the benefit of the Community and the public in general; |
To provide, or assist in providing, recreational facilities, and/or organising recreational activities, which will be available to members of the Community and public at large with the object of improving the conditions of life of the Community; |
To advance community development, including urban or rural regeneration within the Community; |
To advance the education of the Community about its environment, culture, heritage and/or history; |
To advance environmental protection or improvement including preservation, sustainable development and conservation of the natural environment, the maintenance, improvement or provision of environmental amenities for the Community and/or the preservation of buildings or sites of architectural, historic or other importance to the Community. |
Significant activities |
The charity took ownership of the estate on behalf of the community in April 2016. Funding towards the capital costs came from the Scottish Land Fund, HIE and Comhairle nan Eilean Siar. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity's main activities during year were managing the Estate and assets on behalf of the community. |
FINANCIAL REVIEW |
Financial position |
During the year the charity's resources expended exceeded incoming resources resulting in a deficit of £102,083 for the year (2023 - surplus of £107,134). As a result, restricted funds total £723,237 and unrestricted funds total £245,661 at year-end. |
Principal funding sources |
The rental and estate income generated from assets owned by the charity funds its operational costs. Full details of the charity's principal funding sources are included in notes 2 and 3 to the financial statements. |
Reserves policy |
The general fund represents the unrestricted funds from past operating results. It also represents the free reserves of the charity. The trustees have examined the charity's requirements for reserves in light of the main risks to the charity. The present level of reserves has been built up over the years through donations and estate income and would allow the charity to continue to operate in the event of an interruption in its income streams. Funds are also raised for specific projects as required. |
FUTURE PLANS |
The charity's main objectives for the forthcoming year will be managing the Estate and assets on behalf of the community and to begin the process of improving the quality of life for all residents and crofters on the Estate. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The trust is a charitable company limited by guarantee, incorporated on 5 March 2010 and registered as a charity with effect from 5 February 2016. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY (REGISTERED NUMBER: SC374260) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law. |
Under the terms of the Memorandum and Articles of Association the Elected Directors are appointed by the whole body of members at the Annual General Meeting. One third of the Elected Directors must retire by rotation at each Annual General Meeting. The Board may also co-opt up to three individuals as members of the Board who can serve up until the next AGM. |
Organisational structure |
The board consists of voluntary directors who manage the affairs of the charity through regular board meetings. The day to day management of the Trust is the responsibility of the Business Manager. The charity has reviewed its internal operational structure to assist in the effective management of the organisation. |
Induction and training of new trustees |
The charity undertakes training for trustees to ensure awareness and understanding of:- |
- the responsibilities of directors; |
- the organisational structure of the charity; |
- the financial position of the charity; and |
- the future plans and objectives of the charity. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate their exposure to the major risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY (REGISTERED NUMBER: SC374260) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Calum Macdonald BA CA |
CIB Services |
Chartered Accountants |
63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
Business Manager |
Ivan Brown |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
I report on the accounts for the year ended 31 March 2024 set out on pages five 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. |
Calum Macdonald BA CA |
The Institute of Chartered Accountants of Scotland |
CIB Services |
Chartered Accountants |
63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
19 November 2024 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
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 | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,070,981 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY (REGISTERED NUMBER: SC374260) |
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 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 16 |
Unrestricted funds | 251,827 |
Restricted funds | 819,154 |
TOTAL FUNDS | 1,070,981 |
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. |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY (REGISTERED NUMBER: SC374260) |
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 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
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. |
The financial statements are prepared in sterling which is the functional currency of the charity and amounts are rounded to the nearest £. |
Going concern |
The activities of the charity have been affected by the impact of the COVID-19 pandemic and the trustees have assessed the charity's ability to continue as a going concern. |
The management team have prepared projections which reflect the financial impact of the coronavirus crisis on the charity. The trustees have reviewed the projections and, based on this review, have a reasonable expectation that the charity has adequate resources to continue in operation for a period of at least 12 months from the approval of the financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption 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. |
Preparation of consolidated financial statements |
The financial statements contain information about Urras Sgire Oighreachd Bharabhais Community Company as an individual charity and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 and Regulation 6 of the Charities Accounts (Scotland) Regulations 2006 (as amended) from the requirement to prepare consolidated financial statements. |
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 that affect the amounts reported for assets, liabilities, income and expenditure. |
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 assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods. |
The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See note 12 for details of the values of tangible fixed assets. |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
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. The following specific policies are applied to particular categories of income:- |
Grants generated to support the objects of the charity and without further specified purpose are taken to the Statement of Financial Activities in that period. Grants received which are related to capital expenditure or are for a specified purpose are transferred to Restricted Funds and are utilised to fund the future depreciation of the related capital expenditure or fund the costs relating to the specified purpose. |
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. |
Charitable activities |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its objects and activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Governance costs |
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include accountancy fees and costs linked to the strategic management of the charity. |
Allocation and apportionment of costs |
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. estimated usage. |
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 | - |
Plant and machinery | - |
Computer equipment | - |
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. |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Investments |
Fixed asset investments in group undertakings are stated at cost less accumulated provision. |
2. | DONATIONS AND LEGACIES |
31.3.24 | 31.3.23 |
£ | £ |
Donations |
3. | INVESTMENT INCOME |
31.3.24 | 31.3.23 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
Activity | £ | £ |
Rental income | Land management | 34,296 | 38,132 |
Land sales | Land management | 2,965 | 22,290 |
Royalties | Land management | - | 1,000 |
Grants | Land management | 200 | 107,900 |
Consultancy work | Land management | 4,699 | - |
Other income | Land management | 606 | 500 |
Membership fees | Land management | 13 | 2 |
Employment allowance | Land management | 2,959 | 3,116 |
Grants received, included in the above, are as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Highlands and Islands Enterprise | - | 1,440 |
Comhairle nan Eilean Siar - Crown Estate Funding | - | 105,460 |
Western Isles Development Trust | - | 1,000 |
Scottish Community Tourism | 200 | - |
200 | 107,900 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 6) | note 7) | Totals |
£ | £ | £ |
Land management | 148,850 | 852 | 149,702 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
31.3.24 | 31.3.23 |
£ | £ |
Staff costs | 34,228 | 34,385 |
Rent | 2,004 | 2,004 |
Insurance | 1,210 | 1,082 |
Telephone | 880 | 848 |
Postage and stationery | 1,499 | 797 |
Advertising | 620 | - |
Website | 85 | 2,003 |
Legal and professional fees | 5,463 | 6,260 |
Land management | 102 | 755 |
Motor and travel expenses | 2,000 | 564 |
Subscriptions | 121 | 232 |
Meeting expenses | 67 | 111 |
Conferences | 223 | 90 |
Recruitment expenses | 39 | - |
Renewables Project | 900 | - |
Peatland Restoration | 100 | - |
Garden Project | - | 6,767 |
General charges | 18 | 276 |
Bragar Bay Project | 87,066 | 8,720 |
Campsite Project | 2,750 | 10,097 |
Sponsorship | 400 | - |
Depreciation | 9,075 | 8,900 |
148,850 | 83,891 |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
Land management | 852 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | SUPPORT COSTS - continued |
Support costs, included in the above, are as follows: |
31.3.24 | 31.3.23 |
Land | Total |
management | activities |
£ | £ |
Accountancy fees | 852 | 792 |
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. |
10. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Development |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
NET INCOME |
Transfers between funds | 10,108 | (10,108 | ) | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 222,625 | 741,222 |
TOTAL FUNDS CARRIED FORWARD | 251,827 | 819,154 | 1,070,981 |
12. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 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 |
13. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 April 2023 and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 | 320,100 |
At 31 March 2023 | 320,100 |
There were no investment assets outside the UK. |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: Property management |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves |
Loss for the year | ( |
) | ( |
) |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
16. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 238,852 | (5,766 | ) | 233,086 |
Grant Awards fund | 12,975 | (400 | ) | 12,575 |
(6,166 | ) |
Restricted funds |
Funding for Estate Buyout | 699,856 | - | 699,856 |
Estate management | 98,082 | (87,017 | ) | 11,065 |
Capital projects | 21,216 | (8,900 | ) | 12,316 |
(95,917 | ) |
TOTAL FUNDS | (102,083 | ) | 968,898 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | 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 | 47,570 | (53,336 | ) | (5,766 | ) |
Grant Awards fund | - | (400 | ) | (400 | ) |
( |
) | (6,166 | ) |
Restricted funds |
Estate management | 49 | (87,066 | ) | (87,017 | ) |
Capital projects | - | (8,900 | ) | (8,900 | ) |
( |
) | (95,917 | ) |
TOTAL FUNDS | ( |
) | (102,083 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 222,625 | 19,094 | (2,867 | ) | 238,852 |
Grant Awards fund | - | - | 12,975 | 12,975 |
222,625 | 19,094 | 10,108 | 251,827 |
Restricted funds |
Funding for Estate Buyout | 699,856 | - | - | 699,856 |
Estate management | 11,250 | 96,940 | (10,108 | ) | 98,082 |
Capital projects | 30,116 | (8,900 | ) | - | 21,216 |
741,222 | 88,040 | (10,108 | ) | 819,154 |
TOTAL FUNDS | 963,847 | 107,134 | - | 1,070,981 |
URRAS SGIRE OIGHREACHD BHARABHAIS |
COMMUNITY COMPANY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | 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 | 83,717 | (64,623 | ) | 19,094 |
Restricted funds |
Estate management | 108,100 | (11,160 | ) | 96,940 |
Capital projects | - | (8,900 | ) | (8,900 | ) |
108,100 | (20,060 | ) | 88,040 |
TOTAL FUNDS | 191,817 | (84,683 | ) | 107,134 |
FUNDS |
General fund |
The general fund represents unrestricted funds which the trustees are free to use in accordance with the charitable objects. |
Estate management |
This represents grants received from public funding agencies and trusts to assist with specified revenue and project costs. |
Capital projects |
This represents grants received from public funding agencies and trusts to assist with the purchase of plant, machinery and equipment. The funds are utilised to fund the future depreciation of the capital expenditure. |
Funding for Estate Buyout |
This represents the grants and donations received by the charity to assist with the purchase of Barvas Estate. |
17. | RELATED PARTY DISCLOSURES |
The charity received assistance of £320,000 from The Scottish Land Fund to acquire the hatchery from Barvas Estate Limited. The hatchery was acquired by the wholly owned subsidiary, Urras Bharabhais (Trading) Limited ('UBT'). The funding was initially transferred to UBT as a loan which was converted into share capital during the year to 31 March 2019. |
Donations of £Nil were received from UBT during the year ended 31 March 2024 (2023 - £18,672). |
There is a balance due from UBT at 31 March 2024 of £Nil (2023 - £21,319). |