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COMPANY REGISTRATION NUMBER: SC137057
CHARITY REGISTRATION NUMBER: SC020150
Lochcarron Community Development Company
Company Limited by Guarantee
Unaudited Financial Statements
For the year ended
5 April 2024
Lochcarron Community Development Company
Company Limited by Guarantee
Financial Statements
Year ended 5 April 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
Lochcarron Community Development Company
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 5 April 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 5 April 2024 .
Reference and administrative details
Registered charity name
Lochcarron Community Development Company
Charity registration number
SC020150
Company registration number
SC137057
Principal office and registered
The Smithy Heritage Centre
office
Ribhuachan
Lochcarron
Strathcarron
Ross-shire
IV54 8YS
The trustees
Mrs H Rooke
Mr P Barr
Mr A Cormack
Miss A Mackay
Mrs H Murchison
Independent examiner
M J Macnab BSc, FCCA
Tulloch Street
Dingwall
Ross-shire
IV15 9JY
Structure, governance and management
Lochcarron Community Development Company incorporated on 11 March 1992 as a Company Limited by Guarantee and does not have any Share Capital. The Organisation is governed by its Memorandum and Articles of Association. The management of the Organisation is the responsibility of the Trustees who are elected under the terms of the Articles. A list of those serving is given above.
Objectives and activities
To manage community land and associated assets for the benefit of the Community and the public in general as an important part of the protection and sustainable development of Scotland's natural environment, where 'sustainable development' means development which meets the needs of the present without compromising the ability for future generations to meet their own needs. To advance the education of the Community about its environment, culture and/or history. To advance the arts, heritage, culture or science.
Achievements and performance
In establishing objectives for the new financial year, LCDC's board of directors set out to continue the work of the previous year in stabilising commercial activities of the company. These are renting retail, treehouse and office facilities at the Smithy Hub site and running the Kirkton Trading operation retailing firewood. We would seek to assist and promote the opening of the new Lochcarron Weavers retail outlet and maintain and improve facilities at the Smithy Hub site for our tenants, their visitors and customers. Another priority would be to work with the Community Housing Trust (CHT) to progress their Affordable Housing scheme, Kirkton Gardens, which has been on the drawing board for some time now. Further planned activities would be to assist with continuing development of the Community Growing Group and maintenance and development of Kirkton Community Woodlands. The new Weavers retail outlet opened successfully in May and now provides a very attractive, high quality shopping facility for local people and visitors on the approach to the town. Experiencing high foot fall from the outset, it has generated increases in visitor interest for the other three retail units on site as a further added benefit to the area. Later in the year, and with grant assistance from the Lochcarron Community Fund and the Highland Games, LCDC was able to carry out much needed improvements to the car park and land drainage at the Smithy Hub to enhance visitor experience and facilities for tenants. At the same time, staff at the Weavers and the other units were beginning a programme of highly effective environmental improvements in and around the immediate site area which would carry on throughout the summer of 2024.
LCDC worked with the Growing Group throughout the year to develop their facilities and promote their activities. Their fine new Polytunnel was procured, delivered and constructed in the Smithy Hub woodland and their activities and presence at the Howard Doris Centre, later to be transformed into The Lochcarron Centre, grow with every passing day. At Kirkton Woodland the professional re-planting was completed and an enthusiastic band of volunteers continued a programme of cutting back invasive species, clearing pathways and drainage improvements. Sadly however, as the year progressed it became increasingly apparent that, having exhausted its' own supply of timber from the felled Kirkton Woodland, Kirkton Trading could not buy externally, process and sell logs profitably. The future of this business remained uncertain at the year end and operations were discontinuing. The proposed Kirkton Gardens affordable housing development by the CHT, which would be enabled by the donation of land from LCDC, received both Building Warrant and Roads Construction Consent during the year. However, CHT were unable to get competitive quotations for construction from contractors. To assist CHT with affordability, LCDC suggested a radically different construction delivery approach which was received with considerable interest. At the year-end CHT were considering their options.
Financial review
Last year's report described LCDC as asset rich and cash poor and this remains the overall position. However, with losses from previous operations now eliminated and regular rental income secure, a small reduction in borrowings has been possible and should continue in future. Generating capital to reduce debt more quickly, while maintaining our existing assets and user satisfaction, will be the overall objective in the short to medium term.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 3 January 2025 and signed on behalf of the board of trustees by:
Mrs H Rooke
Director
Lochcarron Community Development Company
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Lochcarron Community Development Company
Year ended 5 April 2024
I report on the financial statements for the year ended 5 April 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (who are also the directors of the company for the purposes of company law) 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. The charity 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 accounts 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 report
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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 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 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.
M J Macnab BSc, FCCA Independent Examiner
Tulloch Street Dingwall Ross-shire IV15 9JY
3 January 2025
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 5 April 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income
Donations, legacies and grants
5
500
25,100
25,600
27,827
Charitable activities
6
315
315
4,000
Other trading activities
7
18,045
18,045
15,271
Other income
8
2,007
2,007
--------
--------
--------
--------
Total income
20,867
25,100
45,967
47,098
--------
--------
--------
--------
Expenditure
Expenditure on raising funds:
Costs of raising donations, legacies and grants
9
27,947
27,947
71,962
Expenditure of restricted funds
10,11
( 401)
( 28,062)
( 28,463)
( 66,672)
Other expenditure
12
( 3,999)
--------
--------
--------
---------
Total expenditure
28,348
28,062
56,410
134,635
--------
--------
--------
---------
--------
--------
--------
---------
Net income less expenditure
( 7,481)
( 2,962)
( 10,443)
( 87,537)
--------
--------
--------
---------
Transfers between funds
(4,296)
4,296
--------
--------
--------
---------
Net movement in funds
( 11,777)
1,334
( 10,443)
( 87,537)
Reconciliation of funds
Total funds brought forward
377,937
( 1,334)
376,603
464,140
---------
--------
---------
---------
Total funds carried forward
366,160
366,160
376,603
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
17
435,003
445,273
Current assets
Stock
18
3,118
3,118
Debtors
19
9,347
9,382
Cash at bank and in hand
1,195
15,560
--------
--------
13,660
28,060
Creditors: amounts falling due within one year
20
82,503
96,730
--------
--------
Net current liabilities
68,843
68,670
---------
---------
Total assets less current liabilities
366,160
376,603
---------
---------
Funds of the charity
Restricted funds
( 1,334)
Unrestricted funds:
Revaluation reserve
50,000
50,000
Other unrestricted income funds
316,160
327,937
---------
---------
Total unrestricted funds
366,160
377,937
---------
---------
Total charity funds
21
366,160
376,603
---------
---------
For the year ending 5 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Lochcarron Community Development Company
Company Limited by Guarantee
Statement of Financial Position (continued)
5 April 2024
These financial statements were approved by the board of trustees and authorised for issue on 3 January 2025 , and are signed on behalf of the board by:
Mrs H Rooke
Director
Lochcarron Community Development Company
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is The Smithy Heritage Centre, Ribhuachan, Lochcarron, Strathcarron, Ross-shire, IV54 8YS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Treehouse
-
20 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Limited by guarantee
Company limited by guarantee
5. Donations, legacies and grants
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations
250
250
Ospray Energy Ltd
500
500
Grants
Digital Woodlands
Highland Council
Scottish Forestry
14,933
14,933
HIE - other grants
Lochcarron Highland Games - Growing Group
1,250
1,250
Lochcarron Community Council
8,667
8,667
----
--------
--------
500
25,100
25,600
----
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
8,741
8,741
Ospray Energy Ltd
500
500
Grants
Digital Woodlands
15,717
15,717
Highland Council
1,000
1,000
Scottish Forestry
HIE - other grants
1,819
1,819
Lochcarron Highland Games - Growing Group
Lochcarron Community Council
50
50
-------
--------
--------
9,241
18,586
27,827
-------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Sale of goods/services as part of direct charitable activities
4,000
4,000
Gift Aid income
315
315
----
----
-------
-------
315
315
4,000
4,000
----
----
-------
-------
7. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Membership
15
15
120
120
Rent
18,030
18,030
15,151
15,151
--------
--------
--------
--------
18,045
18,045
15,271
15,271
--------
--------
--------
--------
8. Other income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other income
1,410
1,410
Car charger income
597
597
-------
-------
----
----
2,007
2,007
-------
-------
----
----
9. Costs of raising donations, legacies and grants
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
General administration
27,947
27,947
71,962
71,962
--------
--------
--------
--------
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Local Development Officer
Kirkton Woodland Planting and Fencing
554
554
Car Park Expenditure
2,900
2,900
Car Charge Point
472
472
Climate Feis
Digital Woodland
2,881
2,881
Donations Expenditure
2,476
2,476
Scottish Forestry Highlands & Islands Conservancy
12,233
12,233
Energy Savings Trust
Growing Group Expenditure
6,546
6,548
Support costs
401
399
----
--------
--------
401
28,062
28,463
----
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Local Development Officer
73
73
Kirkton Woodland Planting and Fencing
21,884
21,884
Car Park Expenditure
Car Charge Point
Climate Feis
389
389
Digital Woodland
12,737
12,737
Donations Expenditure
27,266
27,266
Scottish Forestry Highlands & Islands Conservancy
2,243
2,243
Energy Savings Trust
1,065
1,066
Growing Group Expenditure
Support costs
1,015
1,014
-------
--------
--------
1,015
65,657
66,672
-------
--------
--------
11. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Local Development Officer
73
Kirkton Woodland Planting and Fencing
554
554
21,884
Car Park Expenditure
2,900
2,900
Car Charge Point
472
472
Climate Feis
389
Digital Woodland
2,881
2,881
12,737
Donations Expenditure
2,476
2,476
27,266
Scottish Forestry Highlands & Islands Conservancy
12,233
12,233
2,243
Energy Savings Trust
1,066
Growing Group Expenditure
6,548
6,548
Governance costs
399
399
1,014
--------
----
--------
--------
28,064
399
28,463
66,672
--------
----
--------
--------
12. Other expenditure
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Loss on disposal of tangible fixed assets held for charity's own use
( 3,999)
( 3,999)
----
----
-------
-------
13. Net income less expenditure
Net income less expenditure is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
10,270
12,140
Gains on disposal of tangible fixed assets
(3,999)
Fees payable for the audit of the financial statements
399
1,014
--------
--------
14. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
400
1,015
----
-------
15. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
17. Tangible fixed assets
Land and buildings
Fixtures and fittings
Equipment
Tree House
Total
£
£
£
£
£
Cost
At 6 April 2023 and 5 April 2024
511,519
27,886
4,144
30,000
573,549
---------
--------
-------
--------
---------
Depreciation
At 6 April 2023
72,171
22,175
3,930
30,000
128,276
Charge for the year
8,788
1,428
54
10,270
---------
--------
-------
--------
---------
At 5 April 2024
80,959
23,603
3,984
30,000
138,546
---------
--------
-------
--------
---------
Carrying amount
At 5 April 2024
430,560
4,283
160
435,003
---------
--------
-------
--------
---------
At 5 April 2023
439,348
5,711
214
445,273
---------
--------
-------
--------
---------
18. Stocks
2024
2023
£
£
Finished goods and goods for resale
3,118
3,118
-------
-------
19. Debtors
2024
2023
£
£
Trade debtors
3,214
3,943
Amounts owed by Kirkton Trading Ltd and café Ceardach Ltd
5,777
5,000
Other debtors
356
439
-------
-------
9,347
9,382
-------
-------
20. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,459
20,588
Trade creditors
13,851
26,142
Other creditors
45,193
50,000
--------
--------
82,503
96,730
--------
--------
21. Analysis of charitable funds
Unrestricted funds
At 6 April 2023
Income
Expenditure
Transfers
At 5 April 2024
£
£
£
£
£
General funds
3,621
20,867
(28,348)
(4,296)
(8,156)
Plot 1
60,000
60,000
Cafe Ceardach assets and improvements
264,316
264,316
Revaluation reserve
50,000
50,000
---------
--------
--------
-------
---------
377,937
20,867
(28,348)
(4,296)
366,160
---------
--------
--------
-------
---------
At 6 April 2022
Income
Expenditure
Transfers
At 5 April 2023
£
£
£
£
£
General funds
44,087
28,512
(68,978)
3,621
Plot 1
60,000
60,000
Cafe Ceardach assets and improvements
264,316
264,316
Revaluation reserve
50,000
50,000
---------
--------
--------
----
---------
418,403
28,512
(68,978)
377,937
---------
--------
--------
----
---------
Restricted funds
At 6 April 2023
Income
Expenditure
Transfers
At 5 April 2024
£
£
£
£
£
Restricted Fund
(1,334)
25,100
(28,062)
4,296
-------
--------
--------
-------
----
At 6 April 2022
Income
Expenditure
Transfers
At 5 April 2023
£
£
£
£
£
Restricted Fund
45,737
18,586
(65,657)
(1,334)
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--------
--------
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22. Related parties
Kirkton Trading Ltd and Cafe Ceardach Ltd are subsidiaries of Lochcarron Community Development Company . Lochcarron Community Development Company owns 100% of the shares of Kirkton Trading Ltd and Café Ceardach Ltd.