REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
FRIENDS OF PORTENCROSS CASTLE |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
FRIENDS OF PORTENCROSS CASTLE |
FRIENDS OF PORTENCROSS CASTLE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Report of the Trustees | 1 | to | 4 |
Independent Examiner's Report | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 | to | 8 |
Notes to the Financial Statements | 9 | to | 15 |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 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 May 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 |
The project is that of the consolidation of the castle as a ruin for the enjoyment of the local community and future generations. |
The major restoration work has been completed. However there continues to be a requirement for regular maintenance to secure the Castle as a stable ruin and to ensure safe public access and appropriate interpretation and educational resources |
The trustees, having reviewed their charitable objectives, which include holding Portencross Castle realised that the asset had not previously been included in the accounts. The Castle has now been included in the accounts at a nominal value of £1. |
Volunteers |
Voluntary help is not included in the accounts. A significant amount of work is undertaken on an unpaid basis by volunteers. The financial value attached to unpaid volunteer help has not been quantified and is not reflected in the financial statements. However Friend of Portencross Castle recognises and acknowledges the significant reduction in running costs achieved by the provision of such help. |
FINANCIAL REVIEW |
Financial position |
The charity receives income from donations, grants, and fund-raising activities such as the sale of Christmas cards, raffle tickets and holding events at the Castle. During the year, the Charity also received grants from Historic Environment Scotland £31,500 and The Land Trust £11,260 to help with the maintenance costs of repairing the Castle roof and also received a grant from The May Lockhart Trust £2,291 to cover the costs of installing a WiFi connection at the Castle. The operating expenses are summaries in the Statement of Financial Activities. During the year £67,719 was spent on essential roof repairs at the Castle. The deficit for the year has been transferred to reserves. The year-end financial position is considered satisfactory. |
The company is a Scottish Charity. Any donation to the charity can be made within Gift Aid and is treated net of basic rate tax, which can be recovered by the charity. The gross equivalent is allowed against higher rates for the donor. Gift Aid declaration forms are available from the Trustees. |
Investment policy and objectives |
There are no restrictions on the charity's power to invest. The investment strategy is set by the trustees and takes account of recent demand for funds and the quality of funding applications. The trustees consider the income requirements, the risk profile and the investment manager's view of the market prospects in the medium term. This strategy is set with the overall policy which states the funds are to be invested in the low and medium risk investments with a view to ensuring the capital appreciation of the fund exceeds inflation. The unrestricted and restricted funds may be invested in any type of investment, except tobacco companies. Our strategy is reviewed with our investment managers annually. |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 2024 |
FINANCIAL REVIEW |
Reserves policy |
It is the policy of the charity to maintain unrestricted funds of which some are designated for future maintenance of Portencross Castle, which are free reserves of the charity, at a level which equates to at least one year’s running costs, including all charitable expenditure together with fundraising, management and administration and support costs. Unrestricted reserves were maintained at this level throughout the year. The trustees are also currently reviewing the likely level of reserves required in the medium to long term with a view to the long term upkeep and maintenance of the historic building. |
In 2024, the endowment fund was reclassified as a designated fund which is provided for the future maintenance of Portencross Castle. |
FUTURE PLANS |
The consolidation of the castle and the provision of safe access for the public was achieved in 2010. Work continues to preserve the castle and its surrounds for the enjoyment of the community and for future generations, with plans concentrated on refreshing our historical interpretation displays, updating the website and setting up a rooftop web cam feed as well as increasing our social media presence and partnerships with local schools. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
The Management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed. |
Recruitment and appointment of new trustees |
The Friends of Portencross Board will continue its policy of maintaining an active Board Membership of at least 8 unpaid Board Members to support its operational and strategic responsibilities (currently there are 13 Board Members). |
New Board members will be recruited with a view to the specific contributions they might bring to the Board, in terms of governance, succession planning, corporate resilience and continuity, taking account of the need for balance, equity and local community representation. |
Our structured induction programme covering operational and governance responsibilities will be reviewed and amended in light of feedback from new Board Members. |
Induction and training of new trustees |
All new trustees receive an induction pack containing details of their responsibilities. There is also an opportunity for further details and training to be given to ensure all trustees are fully conversant with their responsibilities. |
Risk management |
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 2024 |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Galbraith Pritchards |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Friends of Portencross Castle for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 2024 |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
FRIENDS OF PORTENCROSS CASTLE |
I report on the accounts for the year ended 31 May 2024 set out on pages six to fifteen. |
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. |
Marguerite Babette Roos |
The Institute of Chartered Accountants of Scotland |
Galbraith Pritchards |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
26 February 2025 |
FRIENDS OF PORTENCROSS CASTLE |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MAY 2024 |
31/5/24 | 31/5/23 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
INCOME AND | ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) |
( |
) |
( |
) |
Transfers between funds | 12 | 24,399 | - | (24,399 | ) | - | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF | FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD |
127,156 |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
BALANCE SHEET |
31 MAY 2024 |
31/5/24 | 31/5/23 |
Unrestricted | Restricted | Endowment | Total | Total |
funds | fund | fund | funds | funds |
Notes | £ | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
11 |
( |
) |
( |
) |
( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 102,757 |
Endowment funds | 24,399 |
TOTAL FUNDS | 127,156 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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. |
FRIENDS OF PORTENCROSS CASTLE (REGISTERED NUMBER: SC186097) |
BALANCE SHEET - continued |
31 MAY 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 |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 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 trustees consider that there are no material uncertainties about the charity's abilities to continue as a going concern. |
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 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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. |
Income from the grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that that income will be received and the amount can be measured reliably and is not deferred. |
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. |
Irrecoverable vat is charged as a cost against the activity for which the expenditure was incurred. |
Tangible fixed assets |
The Castle has now been included in the accounts at a nominal value of £1. |
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. |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Financial instruments |
The organisation only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Provisions |
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated. |
2. | DONATIONS AND LEGACIES |
31/5/24 | 31/5/23 |
£ | £ |
Donations |
Gift aid |
Grants |
Weddings |
Grants received, included in the above, are as follows: |
31/5/24 | 31/5/23 |
£ | £ |
Historic Environment Scotland | 31,500 | - |
The Land Trust | 11,260 | - |
The May Lockhart Trust | 2,291 | - |
45,051 | - |
3. | OTHER TRADING ACTIVITIES |
31/5/24 | 31/5/23 |
£ | £ |
Fundraising events |
Christmas cards | 372 | - |
Sundry receipts | 29 | - |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | INVESTMENT INCOME |
31/5/24 | 31/5/23 |
£ | £ |
Bank interest received |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31/5/24 | 31/5/23 |
£ | £ |
Other operating leases | 40 | 40 |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 May 2024 nor for the year ended 31 May 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31/5/24 | 31/5/23 |
Operational |
The Castle operates for only six months of the year, and the average number of employees is based on this time frame. |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Endowment | Total |
funds | fund | fund | funds |
£ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Endowment | Total |
funds | fund | fund | funds |
£ | £ | £ | £ |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 98,128 | - | 23,178 |
TOTAL FUNDS CARRIED FORWARD | 102,757 | - | 24,399 | 127,156 |
9. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST |
Additions |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The trustees, having reviewed their charitable objectives, which include holding Portencross Castle realised that the asset had not previously been included in the accounts. The Castle and all surrounding land has now been included in the accounts at a nominal value of £1. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/24 | 31/5/23 |
£ | £ |
Other debtors |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/5/24 | 31/5/23 |
£ | £ |
Accrued expenses |
12. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1/6/23 | in funds | funds | 31/5/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 102,757 | (3,526 | ) | - | 99,231 |
Designated fund | - | (15,517 | ) | 24,399 | 8,882 |
(19,043 | ) |
Endowment funds |
Endowment fund | 24,399 | - | (24,399 | ) | - |
TOTAL FUNDS | (19,043 | ) | 108,113 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 22,933 | (26,459 | ) | (3,526 | ) |
Designated fund | 1,262 | (16,779 | ) | (15,517 | ) |
( |
) | (19,043 | ) |
Restricted funds |
Restricted fund | 45,051 | (45,051 | ) | - |
TOTAL FUNDS | ( |
) | (19,043 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1/6/22 | in funds | 31/5/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 98,128 | 4,629 | 102,757 |
Endowment funds |
Endowment fund | 23,178 | 1,221 | 24,399 |
TOTAL FUNDS | 121,306 | 5,850 | 127,156 |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | 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 | 23,764 | (19,135 | ) | 4,629 |
Endowment funds |
Endowment fund | 1,221 | - | 1,221 |
TOTAL FUNDS | 24,985 | (19,135 | ) | 5,850 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1/6/22 | in funds | funds | 31/5/24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 98,128 | 1,103 | - | 99,231 |
Designated fund | - | (15,517 | ) | 24,399 | 8,882 |
98,128 | (14,414 | ) | 24,399 | 108,113 |
Endowment funds |
Endowment fund | 23,178 | 1,221 | (24,399 | ) | - |
TOTAL FUNDS | 121,306 | (13,193 | ) | - | 108,113 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 46,697 | (45,594 | ) | 1,103 |
Designated fund | 1,262 | (16,779 | ) | (15,517 | ) |
47,959 | (62,373 | ) | (14,414 | ) |
Restricted funds |
Restricted fund | 45,051 | (45,051 | ) | - |
Endowment funds |
Endowment fund | 1,221 | - | 1,221 |
TOTAL FUNDS | 94,231 | (107,424 | ) | (13,193 | ) |
FRIENDS OF PORTENCROSS CASTLE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | MOVEMENT IN FUNDS - continued |
In 2024, the endowment fund was reclassified as designated fund which is provided for the future maintenance of Portencross Castle. |
The restricted fund includes the grant income from the Historic Environment Scotland and Land Trust for the essential roof repairs at the Castle, and grant income from The May Lockhart Trust for the set up of a WiFi connection at the Caste. All restricted funds were spent on their specific purposes in the year. |
13. | RELATED PARTY DISCLOSURES |