Charity registration number SC000310
Company registration number SC104619
MORAY FIRTH TRAINING GROUP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
MORAY FIRTH TRAINING GROUP
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Stewart Anderson
A Barnett
Mr Gavin Grant
Mr Michael Lamont
Mr Donald Urqhuart
Mr Mark Ogilvie
Mr Nicol Adie
Mr James MacDonald
Charity number
SC000310
Company number
SC104619
Registered office
32 Harbour Road
Inverness
IV1 1UF
Independent examiner
Mark Sanderson Bsc(Hons), CA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Bankers
Royal Bank of Scotland plc
Inverness Head Office
29 Harbour Road
Inverness
IV1 1NU
Solicitors
Harper Macleod
Alder House
Cradlehall Business Park
Inverness
IV2 5GH
MORAY FIRTH TRAINING GROUP
CONTENTS OF THE FINANCIAL STATEMENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 17
MORAY FIRTH TRAINING GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are to:

Achievements and performance
Significant activities and achievements against objectives

The group continues to provide various training courses and hire out rooms and facilities to businesses requiring premises to stage meetings and courses. The recruitment of apprentices is yet again exceeding targets with many local companies choosing Moray Firth as a training provider for their apprentices as well as continued Off The Job trainees from Train Shetland, Moray College and Remit.

 

During the year we had 15 achievers in the year and have 96 trainees remaining through the overall 3 years of training with ourselves. This is made up of 82 light vehicle and 14 heavy vehicle, where Moray College have 7 trainees, remit have 14, Train Shetland 13 and 62 with ourselves.

Financial review

The year ending 31 July 2024 shows a surplus of £28,369, compared to a deficit of £25,727 for the year to 31 July 2023.

 

Income has increased by £80k mainly due to a £30k increase in course fees and £45k increase in skillseekers income.

 

The Trustees consider that the Group remains a going concern and will be able to continue its activities.

Reserves policy

The company’s policy is to retain sufficient funds to cover its financial and legal obligations and allow it to develop its existing services. The sum required is re-assessed each year according to the circumstances of the company. This approach is necessary because the company has significant financial commitments which extend beyond the period for which funding has been secured. The trustees consider that the level of reserves at 31 July 2024 is adequate for the current operational needs of the company.

MORAY FIRTH TRAINING GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Structure, governance and management

The organisation is a charitable company limited by guarantee, incorporated on 13 May 1987 and recognised as a charity on 19 February 1991. 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 among themselves the sum of £500 or such higher amount as an individual member agrees to contribute so that the total of all members contributions aggregated together will not be less than £10,000.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Stewart Anderson
A Barnett
Mr Gavin Grant
Mr Michael Lamont
Mr Donald Urqhuart
Mr Mark Ogilvie
Mr Nicol Adie
Mr James MacDonald
Recruitment and appointment of trustees

The trustees of the charity are also company directors for the purposes of company law. Under the requirements of the memorandum and articles of association, the board shall consist of no less than four trustees. Nominations are encouraged from businesses and individuals who use the company’s training facilities. Any change in trustees usually takes place at the Annual General Meeting where new appointments are proposed and approved by the board. Should a trustee resign during the year their replacement, if required, is also appointed at the AGM, the number of trustees on the board mean it is not necessary to immediately replace anyone resigning during the year.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The charitable company has a board of trustees who meet annually. Day to day responsibility for the provision of services rests with the training manager who reports to the board. The training manager has operational responsibility for developing new services and for ensuring that the existing services are delivered in accordance with quality assurance standards set by the training scheme awarding bodies and by Highlands and Islands Enterprise.

Other matters

Most trustees are recruited from member firms actively involved in training. Consequently they are familiar with the practical work of the charitable company. New trustees meet with the managing director who provides them with a briefing covering the obligations of board members, the financial position of the charity as brought out in the latest management accounts, the constitutional framework of the company and the future plans and objectives.

Risk management

The board of trustees regularly review the major risks to which the charity is exposed. Where appropriate, systems or procedures have been developed to mitigate those risks. The company had addressed the risks to its funding from the motor trade by diversifying into other forms of training. Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions. Procedures are in place to ensure compliance with health and safety of staff and trainees.

MORAY FIRTH TRAINING GROUP
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
Statement of trustees' responsibilities

The trustees, who are also the directors of Moray Firth Training Group for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees.

Mr Mark Ogilvie
Managing Director
Trustee
Trustee
9 April 2025
MORAY FIRTH TRAINING GROUP
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MORAY FIRTH TRAINING GROUP
- 4 -

I report on the financial statements of the charity for the year ended 31 July 2024, which are set out on pages 5 to 17.

Respective responsibilities of trustees and examiner

The charity trustees (who are also the directors of Moray Firth Training Group for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

 

1. which gives me reasonable cause to believe that in any material respect the requirements:

have not been met, or

 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Mark Sanderson Bsc(Hons), CA
MacKenzie Kerr Limited
Chartered Accountants
Redwood
19 Culduthel Road
Inverness
IV2 4AA
16 April 2025
MORAY FIRTH TRAINING GROUP
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Charitable activities
2
390,630
-
390,630
305,941
-
305,941
Other trading activities
3
9,839
-
9,839
15,035
-
15,035
Investments
4
17,288
-
17,288
16,473
-
16,473
Total income
417,757
-
417,757
337,449
-
337,449
Expenditure on:
Charitable activities
5
389,388
-
389,388
363,176
-
363,176
Total expenditure
389,388
-
389,388
363,176
-
363,176
Net income/(expenditure)
28,369
-
28,369
(25,727)
-
(25,727)
Transfers between funds
994
(994)
-
994
(994)
-
Net movement in funds
7
29,363
(994)
28,369
(24,733)
(994)
(25,727)
Reconciliation of funds:
Fund balances at 1 August 2023
229,181
15,589
244,770
253,914
16,583
270,497
Fund balances at 31 July 2024
258,544
14,595
273,139
229,181
15,589
244,770

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

MORAY FIRTH TRAINING GROUP
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
177,996
170,021
Current assets
Stocks
12
400
400
Debtors
13
29,444
40,292
Cash at bank and in hand
84,569
49,534
114,413
90,226
Creditors: amounts falling due within one year
14
(19,270)
(15,477)
Net current assets
95,143
74,749
Total assets less current liabilities
273,139
244,770
The funds of the charity
Restricted income funds
17
14,595
15,589
Unrestricted funds
18
258,544
229,181
273,139
244,770

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 9 April 2025
Mr  Mark Ogilvie
Managing Director
Trustee
Trustee
Company registration number SC104619
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
1
Accounting policies
Charity information

Moray Firth Training Group is a private company limited by guarantee incorporated in Scotland. The registered office is 32 Harbour Road, Inverness, IV1 1UF.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies (Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
2% straight line
Plant and equipment
20% reducing balance  & 5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9
Cash and cash equivalents

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

MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies (Continued)
- 9 -
1.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.11
Employee benefits

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

 

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2
Charitable activity income
Training and education
Training and education
2024
2023
£
£

Course fees

134,262
104,167

Training fees

12,781
14,084

"Off the Job" training

31,114
23,252

Grants received

13,000
9,649

Employment allowance

4,936
5,414

LEC - milestones, travel etc.

194,537
149,375
390,630
305,941
Analysis by fund:
Unrestricted funds
390,630
305,941
Training and education
Training and education
2024
2023
£
£
Grants received included in the above:
Rural uplift grant
13,000
6,916
EV Grant
-
2,733
13,000
9,649
3
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Room hire
2,370
5,960
Other
7,469
9,075
Other trading activities
9,839
15,035
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
16,000
16,000
Interest receivable
1,288
473
17,288
16,473
5
Charitable activity expenditure
Training and education
Training and education
2024
2023
£
£
Direct costs
Staff costs
176,411
171,868
Depreciation and impairment
16,156
12,983

Skillseekers expenses

57,350
50,235

Course fees expenses

32,136
20,310

Workshop expenses

7,436
8,324

Bank charges

1,269
983

Interest paid

898
951

Irrecoverable VAT

7,650
-
299,306
265,654
Share of support and governance costs (see note 6)
Support
87,532
94,722
Governance
2,550
2,800
389,388
363,176
Analysis by fund
Unrestricted funds
389,388
363,176
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
6
Support costs allocated to activities
Training and education
Total
2024
2023
£
£
Rent, rates and insurance
27,289
24,482
Heat and light
4,855
3,587
Telephone
1,029
1,505
Stationery, printing and postage
4,787
5,229
Advertising and marketing
1,830
3,041
Motor and travel
9,082
11,601
Repairs, maintenance and consumables
34,223
39,066
General expenses
817
1,362
Book-keeping fees
4,518
4,849
Bad debts
(898)
-
Governance
2,550
2,800
90,082
97,522
2024
2023
Governance costs comprise:
£
£
Independent examination
2,550
2,800
2,550
2,800
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
2,550
2,800
Depreciation of owned tangible fixed assets
16,156
12,983
Operating lease charges
27,289
24,482
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
8
Trustees

Trustees' remuneration was as follows:

2024
2023
£
£
Management remuneration
40,648
37,768
Instructors remuneration
36,916
35,040
Benefit in kind
22,453
19,301
100,017
92,109
These payments have been approved by the other trustees.
The number of trustees who were accruing benefits under company pension schemes were as follows:
2024
2023
£
£
Defined contribution schemes
2
2
Other than Mr M Ogilvie, the Managing Director and Mr N Adie, no remuneration was paid to any trustee (2023 -  none). No trustees were reimbursed for expenses incurred while carrying out their duties ( 2023 - none).  Mr M Ogilvie and Mr N Adie are also the key management of the charity.
9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Management
1
1
Administration
2
2
Instructors
2
3
Maintenance
1
1
Total
6
7
Employment costs
2024
2023
£
£
Wages and salaries
152,437
148,552
Social security costs
17,877
17,374
Other pension costs
6,097
5,942
176,411
171,868
There were no employees whose annual remuneration was more than £60,000.
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
10
Taxation

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

11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 August 2023
333,009
292,678
625,687
Additions
-
24,131
24,131
At 31 July 2024
333,009
316,809
649,818
Depreciation and impairment
At 1 August 2023
199,816
255,850
455,666
Depreciation charged in the year
6,661
9,495
16,156
At 31 July 2024
206,477
265,345
471,822
Carrying amount
At 31 July 2024
126,532
51,464
177,996
At 31 July 2023
133,193
36,828
170,021
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
400
400
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,052
16,866
Other debtors
3,983
14,551
Prepayments and accrued income
6,409
8,875
29,444
40,292
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
10,186
4,078
Trade creditors
1,308
1,021
Accruals and deferred income
7,776
10,378
19,270
15,477
15
Financial commitments and guarantees

Any bank borrowing which may arise from time to time is secured by standard security over 32 Harbour Road, Inverness and by a bond floating charge over the whole assets of the company.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,097
5,942

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

17
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August 2023
Transfers
At 31 July 2024
£
£
£
Fixed Asset Fund
15,589
(994)
14,595
Previous year:
At 1 August 2022
Transfers
At 31 July 2023
£
£
£
Fixed Asset Fund
16,583
(994)
15,589

Fixed Asset Fund

Fixed Asset Fund represents grants received in respect of capital expenditure. The fund is released to unrestricted funds over the estimated useful life of the assets to which they relate.

Fund Transfers

£994 as transferred from the restricted fund in favour of the unrestricted fund to cover the depreciation charge on the assets purchased from the restricted fund.

MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
18
Unrestricted funds

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

At 1 August 2023
Incoming resources
Resources expended
Transfers
At 31 July 2024
£
£
£
£
£
General funds
229,181
417,757
(389,388)
994
258,544
Previous year:
At 1 August 2022
Incoming resources
Resources expended
Transfers
At 31 July 2023
£
£
£
£
£
General funds
253,914
337,449
(363,176)
994
229,181
19
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 July 2024:
Tangible assets
163,401
14,595
177,996
Current assets/(liabilities)
95,143
-
95,143
258,544
14,595
273,139
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 July 2023:
Tangible assets
154,432
15,589
170,021
Current assets/(liabilities)
74,749
-
74,749
229,181
15,589
244,770
MORAY FIRTH TRAINING GROUP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
20
Operating lease commitments

At 31 July 2024 the charity had annual commitments under non-cancellable operating leases as set out below.

Land and buildings
Other items
Land and buildings
Other items
2024
2024
2023
2023
£
£
£
£
Operating leases which expire:
Within 2 to 5 years
-
14,337
-
17,147
After more than 5 years
16,250
-
16,250
-
16,250
17,147
16,250
12,817
21
Company limited by guarantee

Moray Firth Training Group is a company limited by guarantee and does not have a share capital. Every member of the company undertakes to contribute among themselves the sum of £500 or such higher amount as an individual member agrees to contribute so that the total of all members contributions aggregated together will not be less than £10,000 to the assets of the charitable company in the event of its being wound up while he is a member, or within one year after he ceases to be a member.

22
Related party transactions

During the year there were no related party transactions (2023 - £nil).

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