REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
Tain & District Development Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 30 November 2024 |
for |
Tain & District Development Ltd |
Tain & District Development Ltd |
Contents of the Financial Statements |
for the Year Ended 30 November 2024 |
Page |
Report of the Trustees | 1 | to | 5 |
Independent Examiner's Report | 6 |
Statement of Financial Activities | 7 |
Balance Sheet | 8 | to | 9 |
Notes to the Financial Statements | 10 | to | 15 |
Tain & District Development Ltd (Registered number: SC580510) |
Report of the Trustees |
for the Year Ended 30 November 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 30 November 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). |
Tain & District Development Ltd (Registered number: SC580510) |
Report of the Trustees |
for the Year Ended 30 November 2024 |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
This company has been formed to benefit the community of Tain and surrounding District, specifically the voting ward of Tain and Easter Ross (Ward 7). Money generated by the company will be reinvested into the community with the focus on boosting the social, economic and environmental aspects of the operating area (postcodes IV19, IV20 & IV18 which are within voting Ward 7) through enterprising activity. Activities are apolitical and are in response to demand from the community with the following objects: |
(1) The advancement of community development (including rural regeneration) within the Community consistent with furthering sustainable development; |
(2) To advance environmental protection and improvement within the operating area through the provision, maintenance and/or improvement of public open spaces and other public amenities, subject to appropriate safeguards to ensure that public benefits so arising clearly outweigh any private benefit thereby conferred on private land owners; |
(3) To provide recreational facilities, and/or organise recreational activities, within the operating area available to members of the general public; |
(4) To advance education, and in particular to promote opportunities for learning for the benefit of the general public; |
(5) To advance the arts and/or culture; |
(6) To promote, encourage and assist in the preservation and conservation of listed buildings and other structures of historic or architectural significance and liaise with other bodies whose aims coincide or relate to those of the Trust; |
(7) To prevent or relieve poverty, particularly among those living in the operating area; |
(8) To relieve those in need by promoting training, particularly among those living in the operating area and with particular reference to skills which will assist the participants in obtaining paid employment; |
(9) To advance education through (i) the provision and supervision of learning-orientated activities for school and pre-school children, (ii) the provision of care, guidance, instruction, activities and support directed towards addressing the special educational needs of school and preschool children from single parent families or other deprived home environment; |
(10) To relieve poverty among people living in the operating area, in particular by releasing individuals from low income families (whether parents or guardians) having the care of school or pre-school children to attend training programs which are directed towards the acquisition of skills to assist in obtaining employment; |
(11) To promote, establish, operate and/or support other similar schemes and projects of a charitable nature for the benefit of the community in the operating area. |
Tain & District Development Ltd (Registered number: SC580510) |
Report of the Trustees |
for the Year Ended 30 November 2024 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Premises The office space was very practical for the year with only one permanent member of staff. The additional space next door continued to be invaluable for community meetings, board meetings, charity activities and as a pop-up shop. This provided much-needed income as well as offering a useful (and cost-effective) space for local charities. During the year our landlord put the premises on the market and the premises were sold in September, although we were given permission to remain until the end of November. |
Easter Ross Peninsula Tourism and Signposting Projects The tourism information boards were finally installed throughout the Peninsula, adding to the quality of service offered to residents and visitors to the region. Signposting of information relevant to the community was continued via the website and social media, giving regular updates on development and activities throughout the area. |
Staff Throughout the year the operation was run with only one member of staff. Although she was assisted regularly by volunteers she did an outstanding job of holding the business together and ensuring that activities were run efficiently, on time and as cost effectively as possible. |
Community markets/events The markets were held monthly during the spring and summer. They provided a source of income but required a great deal of organising and management, as well as use of volunteers while they were running. Attendances of both stall-holders and consumers were smaller than previous years with the result that the income generated hardly justified the time and effort needed. |
Health walks The health walks continued to be held on a weekly basis and were very well attended. Different venues were used each week and TDDT is grateful to the volunteers who developed under our management to continue the running of the walks. |
Pathway project Volunteers were used to try to carry out detailed surveys to allow the start of the implementation of the plans which were developed last year. This entailed visiting different landowners to discuss exactly how the pathways could cross their land and what costs would be involved in carrying out the improvements. This is a process which will need to continue well into the future. |
Board During the year Geraldine Gordon retired as a board member while Graham Smith and Peter Hookham joined the board. With revenues continuing to decline and opportunities for fund raising increasingly restricted, as well as the premises being sold, the board agreed that the best option was to wind up the business at the end of the financial year. |
FINANCIAL REVIEW |
Reserves policy |
The Trustees of the charity have decided to cease activities as at 30 November 2024. It is intended that, after paying any final costs, any remaining funds will be distributed to local charities. |
Going concern |
The Trustees decided at a board meeting to discontinue the charity's activities and have it wound up. The cessation date was chosen as 30 November 2024. |
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. |
Tain & District Development Ltd (Registered number: SC580510) |
Report of the Trustees |
for the Year Ended 30 November 2024 |
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 governing documents of the company are the Memorandum and Articles of Association, incorporated on 2 November 2017. |
Tain Development Ltd is a company limited by guarantee of £1 per member, and has no share capital. |
Recruitment and appointment of new trustees |
The directors who served during the period are listed on page 4. |
The company is limited by guarantee, and therefore no director has any financial interest in the company. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Marcus D. MacIver CA |
Mackay & Co |
Chartered Accountants |
Unit 8 |
Golspie Business Park |
Golspie |
Sutherland |
KW10 6UB |
CESSATION OF TRADING |
The charitable company ceased activities on 30 November 2024. |
Tain & District Development Ltd (Registered number: SC580510) |
Report of the Trustees |
for the Year Ended 30 November 2024 |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Tain & District Development Ltd |
I report on the accounts for the year ended 30 November 2024 set out on pages seven 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. |
Marcus D. MacIver CA |
The Institute of Chartered Accountants of Scotland |
Mackay & Co |
Chartered Accountants |
Unit 8 |
Golspie Business Park |
Golspie |
Sutherland |
KW10 6UB |
Date: ............................................. |
Tain & District Development Ltd |
Statement of Financial Activities |
for the Year Ended 30 November 2024 |
30.11.24 | 30.11.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Transfers between funds | 14 | (128 | ) | 128 | - | - |
Net movement in funds | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 15,178 |
Tain & District Development Ltd (Registered number: SC580510) |
Balance Sheet |
30 November 2024 |
30.11.24 | 30.11.23 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 3,801 |
Restricted funds | 11,377 |
TOTAL FUNDS | 15,178 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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. |
Tain & District Development Ltd (Registered number: SC580510) |
Balance Sheet - continued |
30 November 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 |
Tain & District Development Ltd |
Notes to the Financial Statements |
for the Year Ended 30 November 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. |
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. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Tain & District Development Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
2. | DONATIONS AND LEGACIES |
30.11.24 | 30.11.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Services | 22,044 | - |
Donations | 222 | - |
22,266 | - |
3. | INVESTMENT INCOME |
30.11.24 | 30.11.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Bank interest received | - | - | - | 24 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
30.11.24 | 30.11.23 |
Activity | £ | £ |
Grants | General | - | 67,985 |
Grants received, included in the above, are as follows: |
30.11.24 | 30.11.23 |
£ | £ |
Highland Council | - | 31,830 |
SSE Beatrice Fund | - | 25,308 |
NHI CISP Grant | - | 1,043 |
Inspiring Scotland | - | 4,804 |
Foundation Scotland | - | 5,000 |
- | 67,985 |
Tain & District Development Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
General | 27,103 | 8,367 | 35,470 |
6. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
General | 11 | 8,356 | 8,367 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
30.11.24 | 30.11.23 |
£ | £ |
Depreciation - owned assets |
Deficit on disposal of fixed assets |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023. |
9. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
30.11.24 | 30.11.23 |
Development, marketing and admin staff |
Tain & District Development Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 41,929 | 565 |
TOTAL FUNDS CARRIED FORWARD |
3,801 |
11,377 |
15,178 |
11. | TANGIBLE FIXED ASSETS |
Equipment |
£ |
COST |
At 1 December 2023 and 30 November 2024 |
DEPRECIATION |
At 1 December 2023 and 30 November 2024 |
NET BOOK VALUE |
At 30 November 2024 |
At 30 November 2023 |
Tain & District Development Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
£ | £ |
Trade debtors |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.24 | 30.11.23 |
£ | £ |
Trade creditors |
Other creditors |
Accrued expenses |
14. | MOVEMENT IN FUNDS |
Net | Transfers |
At | movement | between | At |
1.12.23 | in funds | funds | 30.11.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 3,801 | 314 | (128 | ) | 3,987 |
Restricted funds |
Restricted funds | 11,377 | (11,505 | ) | 128 | - |
TOTAL FUNDS | (11,191 | ) | 3,987 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 24,279 | (23,965 | ) | 314 |
Restricted funds |
Restricted funds | - | (11,505 | ) | (11,505 | ) |
TOTAL FUNDS | ( |
) | (11,191 | ) |
Tain & District Development Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2024 |
14. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
At | movement | At |
1.12.22 | in funds | 30.11.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 41,929 | (38,128 | ) | 3,801 |
Restricted funds |
Restricted funds | 565 | 10,812 | 11,377 |
TOTAL FUNDS | 42,494 | (27,316 | ) | 15,178 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 12,223 | (50,351 | ) | (38,128 | ) |
Restricted funds |
Restricted funds | 67,986 | (57,174 | ) | 10,812 |
TOTAL FUNDS | 80,209 | (107,525 | ) | (27,316 | ) |
15. | RELATED PARTY DISCLOSURES |