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COMPANY REGISTRATION NUMBER: SC323252
CHARITY REGISTRATION NUMBER: SC042811
Watermill Foundation Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 May 2024
Watermill Foundation Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 May 2024
Page
Directors' annual report (incorporating the director's report)
1
Independent examiner's report to the directors
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
Watermill Foundation Limited
Company Limited by Guarantee
Directors' Annual Report (Incorporating the Director's Report)
Year ended 31 May 2024
The directors, 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 31 May 2024 .
Reference and administrative details
Registered charity name
Watermill Foundation Limited
Charity registration number
SC042811
Company registration number
SC323252
Principal office
The Old Mill, Cantray Bridge
Cawdor
Nairn
IV12 5XT
Registered office
20 High Street
Royal Bank of Scotland Buildings
Nairn
IV12 4AX
The directors
Captain A D M McGregor
Mrs J M H McGregor
Mr R A C Balfour
(Died 11 January 2024)
Mr M R H Stuart
Mrs C E Monro
Miss J Ironside
Company secretary
R&R Urquhart
Independent examiner
James Brash, CA
103 High Street
Forres
IV36 1AA
Structure, governance and management
The charitable company operates as The Highland Cycle Ability Centre.
The charitable company is limited by guarantee. The policies adopted in furtherance of the objects are as detailed in the Company's Memorandum and Articles of Association.
The directors who served during the year are stated above. None of the directors has any beneficial interest in the company. The directors do not receive any remuneration for their services.
The directors have the power to appoint and assume such other directors as they feel necessary for the purposes of the administration of the company.
There is an induction policy for new directors.
The overall management and policy decisions are the responsibility of the directors who are appointed under the terms of the Articles of Association.
Objectives and activities
The company's main objectives are the provision of recreational, educational, therapeutic, and training facilities and activities for improving the conditions of life, through sporting and physical activities, primarily of persons in need by reason of disability or disadvantage, but also of the public at large through promoting and providing a specialist, supported environment together with the facilities, education, training and administration required.
The charitable company runs the Highland Cycle Ability Centre which is an all-abilities cycle track. The aim of the centre is to give everyone a safe and enjoyable place to visit and cycle, regardless of ability. The charitable company has a range of adapted bikes with which to help disabled riders access the track.
Achievements and performance
During the year the directors continued with raising the necessary funds to augment proceeds from the use of the track and the associated facilities, and are satisfied that the financial position of the Foundation is as expected and as planned, namely that the expenditure is as budgeted and that donations from donor trusts and outside sources do not necessarily fit neatly with the Foundation's year end, thus affecting the net income and net movement of funds at year end. The directors consider the position as at 31st May 2024 to be satisfactory.
During the year the Foundation was privileged to receive many donations from various trusts so that it could continue its work, and thus the Foundation was able to maintain not only its stock of specialist cycles, side by side tandems, pedal tricycles, hand operated tricycles, bucket bikes, recumbent as well as family cycles, but has enabled the Foundation, after the acquisition of some electronically assisted cycles to accommodate many children and young adults with special needs on the premises, but also, with the Landrover and special trailer donated to us in a prior year by Highland Cross for transportation, the Foundation has been able to take the special cycles to outlying areas, such as Aberdeenshire, Ross-shire, Sutherland, Moray and Inverness-shire which is hugely successful, the cycles being used by disabled users, children and adults.
The track and facilities have not only been used by 1,886 disabled cyclists, in addition to their able bodied carers, siblings and friends, which is very satisfactory, but there have been 25 Outreach visits during the period, which has added considerably to the number of cyclists. Although so many local communities ask the Foundation to bring Cycling for the Disabled to their areas, pressure on staff and volunteers has meant that we have had to reduce the number of Outreach visits compared to previous years.
Financial review
The Statement of Financial Activities for the year is set in the financial statements.
During the year, Watermill Foundation Limited received a total of £9,828 restricted donations. Expenditure related to restricted funds amounted to £26,614 which included depreciation on assets purchased. The net expenditure position was £20,114 after transfers.
Unrestricted income totalled £125,650, while total unrestricted expenditure amounted to £120,938 giving net income of £8,040 after transfers.
The directors consider that the performance was in line with projections and the results for the financial year were very satisfactory.
Reserve policy
The total balance of reserves held at the year end was £96,299 with £85,649 of this relating to fixed assets which leaves a balance of £10,650 of free reserves. The level of reserves held can fluctuate as a result of the times of year that donor trusts meet to approve donations. The Foundation has vehicles and cycles that can, very quickly, be turned into cash, if this is required, in addition to the total balance of reserves held.
Plans for future periods
Publicity for the Foundation's Highland Cycle Ability Centre and encouragement for maximum use of the facilities is ongoing. Local schools, cycling clubs, health clubs, as well as the more specialist medical exercise/health clubs are asking us to take the specialist cycles and equipment to outlying areas of the Highlands and Islands. The project is fully staffed.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The directors' annual report was approved on 21 February 2025 and signed on behalf of the board of trustees by:
Captain A D M McGregor
Director
Watermill Foundation Limited
Company Limited by Guarantee
Independent Examiner's Report to the Directors of Watermill Foundation Limited
Year ended 31 May 2024
I report on the financial statements for the year ended 31 May 2024, as set out on pages 5 to 16.
Respective responsibilities of directors and examiner
The charity's directors (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 directors 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 directors 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.
James Brash, CA Independent Examiner
103 High Street Forres IV36 1AA
24 February 2025
Watermill Foundation Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 May 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
113,909
9,828
123,737
101,011
Other trading activities
6
11,741
11,741
7,908
---------
-------
---------
---------
Total income
125,650
9,828
135,478
108,919
---------
-------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
7
( 17,699)
( 17,699)
( 5,385)
Expenditure on charitable activities
8,9
( 103,239)
( 26,614)
( 129,853)
( 152,217)
---------
--------
---------
---------
Total expenditure
( 120,938)
( 26,614)
( 147,552)
( 157,602)
---------
--------
---------
---------
---------
--------
---------
---------
Net expenditure
4,712
( 16,786)
( 12,074)
( 48,683)
---------
--------
---------
---------
Transfers between funds
3,328
(3,328)
---------
--------
---------
---------
Net movement in funds
8,040
( 20,114)
( 12,074)
( 48,683)
Reconciliation of funds
Total funds brought forward
9,268
99,105
108,373
157,056
---------
--------
---------
---------
Total funds carried forward
17,308
78,991
96,299
108,373
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Watermill Foundation Limited
Company Limited by Guarantee
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
14
85,649
105,130
Current assets
Debtors
15
2,535
2,504
Cash at bank and in hand
21,531
12,828
--------
--------
24,066
15,332
Creditors: amounts falling due within one year
16
( 11,416)
( 8,089)
--------
--------
Net current assets
12,650
7,243
--------
---------
Total assets less current liabilities
98,299
112,373
Creditors: amounts falling due after more than one year
17
( 2,000)
( 4,000)
--------
---------
Net assets
96,299
108,373
--------
---------
Funds of the charity
Restricted funds
78,991
99,105
Unrestricted funds
17,308
9,268
--------
---------
Total charity funds
19
96,299
108,373
--------
---------
For the year ending 31 May 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.
Watermill Foundation Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of trustees and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Captain A D M McGregor
Director
Watermill Foundation Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 May 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 20 High Street, Royal Bank of Scotland Buildings, Nairn, IV12 4AX. The address of the principal office is The Old Mill, Cantray Bridge, Cawdor, Nairn, IV12 5XT.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. The charity constitutes a public benefit entity as defined by FRS 102.
Going concern
There are no material uncertainties about the charity's ability to continue.
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 directors 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.
Income
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.
Expenditure
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.
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:
Cycle track, equipment & bicycles
-
10% straight line
Motor vehicles
-
20% straight line
Financial instruments
The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and bank loans. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transition costs.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Gifts
Donations receivable
113,909
9,828
123,737
Grants
Grant
---------
-------
---------
113,909
9,828
123,737
---------
-------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Gifts
Donations receivable
78,392
10,619
89,011
Grants
Grant
12,000
12,000
--------
--------
---------
78,392
22,619
101,011
--------
--------
---------
6. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other activities for generating funds - Track Revenue
9,511
9,511
6,678
6,678
Outreach revenue
2,230
2,230
1,230
1,230
--------
--------
-------
-------
11,741
11,741
7,908
7,908
--------
--------
-------
-------
7. Costs of raising donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Costs of raising donations and legacies - Donations
17,699
17,699
5,385
5,385
--------
--------
-------
-------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Charitable activity costs
103,239
26,614
129,853
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Charitable activity costs
106,932
45,285
152,217
---------
--------
---------
9. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2024
Total fund 2023
£
£
£
Charitable activity costs
129,853
129,853
152,217
---------
---------
---------
Included in charitable activity costs were wages and pension contributions of £49,389 (2023 - £49,424), rent and other establishment costs of £15,384 (2023 - £11,741), depreciation of £23,237 (2023 - £23,977), professional fees of £6,165 (2023 - £19,930), repairs and maintenance fees of £22,843 (2023 - £32,313) and other costs of £12,835 (2023 - £14,832).
10. Net expenditure
Net expenditure is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
23,237
23,977
--------
--------
11. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,800
1,806
-------
-------
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
48,489
48,504
Employer contributions to pension plans
900
920
--------
--------
49,389
49,424
--------
--------
The average head count of employees during the year was 3 (2023: 2 ).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £49,389 (2023:£49,387).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustees expenses have been incurred.
14. Tangible fixed assets
Cycle track, equipment & bicycles
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
461,311
25,374
486,685
Additions
3,756
3,756
---------
--------
---------
At 31 May 2024
465,067
25,374
490,441
---------
--------
---------
Depreciation
At 1 June 2023
356,181
25,374
381,555
Charge for the year
23,237
23,237
---------
--------
---------
At 31 May 2024
379,418
25,374
404,792
---------
--------
---------
Carrying amount
At 31 May 2024
85,649
85,649
---------
--------
---------
At 31 May 2023
105,130
105,130
---------
--------
---------
15. Debtors
2024
2023
£
£
Prepayments and accrued income
780
780
Other debtors
1,755
1,724
-------
-------
2,535
2,504
-------
-------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,000
1,999
Accruals and deferred income
8,735
4,825
Social security and other taxes
551
817
Other creditors
130
448
--------
-------
11,416
8,089
--------
-------
17. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,000
4,000
-------
-------
Interest is payable at a rate of 2.5%.
18. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 900 (2023: £ 920 ).
19. Analysis of charitable funds
Unrestricted funds
At 1 June 2023
Income
Expenditure
Transfers
At 31 May 2024
£
£
£
£
£
General funds
9,268
125,650
(120,938)
3,328
17,308
-------
---------
---------
-------
--------
At 1 June 2022
Income
Expenditure
Transfers
At 31 May 2023
£
£
£
£
£
General funds
34,966
86,300
(112,317)
319
9,268
--------
--------
---------
----
-------
Restricted funds
At 1 June 2023
Income
Expenditure
Transfers
At 31 May 2024
£
£
£
£
£
Highland Cross : Bergs, Sheds & Landrover
14,332
(3,780)
10,552
Youthlink : Bergs & Cycles
8,552
(2,849)
5,703
Rotary : Contribution to Tricycle
225
(75)
150
Adventure Track
71,650
(13,490)
58,160
Adam Family Foundation
6,000
(6,000)
Purchase of Cycles
1,000
(200)
800
Hugh Fraser Foundation
276
(116)
160
Silverhill Trust
320
(104)
216
Truemark Trust
Hi Velo
Screwfix Foundation
2,750
2,750
Highland Council
Hugh Fraser
3,328
(3,328)
Hedley Foundation
500
500
--------
-------
--------
-------
--------
99,105
9,828
(26,614)
(3,328)
78,991
--------
-------
--------
-------
--------
At 1 June 2022
Income
Expenditure
Transfers
At 31 May 2023
£
£
£
£
£
Highland Cross : Bergs, Sheds & Landrover
18,112
(3,780)
14,332
Youthlink : Bergs & Cycles
11,401
(2,849)
8,552
Rotary : Contribution to Tricycle
300
(75)
225
Adventure Track
85,140
(13,490)
71,650
Adam Family Foundation
5,750
(5,750)
Purchase of Cycles
1,200
(200)
1,000
Hugh Fraser Foundation
617
(341)
276
Silverhill Trust
320
320
Truemark Trust
5,000
(5,000)
Hi Velo
319
(319)
Screwfix Foundation
4,550
(1,800)
2,750
Highland Council
12,000
(12,000)
Hugh Fraser
Hedley Foundation
---------
--------
--------
----
--------
122,090
22,619
(45,285)
(319)
99,105
---------
--------
--------
----
--------
Highland Cross : Berg, Shed & Landrover - donations toward the purchase of a Berg, Shed and Landrover. The remaining balance on the fund for the shed was transferred to unrestricted.
Youthlink : donation towards the purchase of bergs and cycles
Rotary : Contribution towards Tricycle - donation toward the purchase of a tricycle
Adventure Track - donations towards the development and building of an adventure track
Adam Family Foundation - donations towards the salaries of the charity
Purchase of Cycles - Foundation Scotland and Co-op donations toward the purchase of cycles
Hugh Fraser Foundation - for the purchase of equipment and tools.
Silverhill Trust - donations towards salaries and bikes. The transfer represents the balance spent on fixed assets. The restriction was finished when the grant was spent on the specific purpose.
Truemark Trust - donation towards the replacement of cycling equipment.
HiVelo - for the purchase of a laptop. The fund was transferred to unrestricted when the asset was purchased and the restriction was completed.
Screwfix Foundation - to go towards the upgrade of the car park and toilet facilities.
Highland Council - grant to fund a feasibility study.
Hugh Fraser Foundation - donation towards the purchase of a specialist trike. The transfer represents the balance spent on the purchase of the fixed asset. The restriction was finished when the grant was spent for the specific purpose.
Hedley Foundation - for the purchase of general equipment.
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
14,484
71,165
85,649
Current assets
16,240
7,826
24,066
Creditors less than 1 year
(11,416)
(11,416)
Creditors greater than 1 year
(2,000)
(2,000)
--------
--------
--------
Net assets
17,308
78,991
96,299
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
13,571
91,559
105,130
Current assets
5,986
9,346
15,332
Creditors less than 1 year
(6,289)
(1,800)
(8,089)
Creditors greater than 1 year
(4,000)
(4,000)
--------
--------
---------
Net assets
9,268
99,105
108,373
--------
--------
---------
21. Related parties
Two of the directors, Captain A McGregor and Mrs J McGregor, are also directors of Watermill Enterprises Limited, a private company limited by shares. Net expenses of £579 were reimbursed to (2023: £905 paid for) Watermill Enterprises Limited during the year. A balance of £1,027 was due from this company at the year end (2023: £1,606). Two of the directors, Captain A McGregor and Mrs J McGregor, are also directors of Nairn Hydrotherapy Trust, a charitable company limited by guarantee. Expenses of £610 were paid for this chantable company during the year. A balance of £728 (2023 - £118) was due from this company at the year end. Rent of £12,000 (2023 - £12,000) was paid to a business owned by the two directors mentioned above.