REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
New Pitsligo Community Business Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
New Pitsligo Community Business Limited |
New Pitsligo Community Business Limited |
Contents of the Financial Statements |
for the Year Ended 31 October 2024 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 11 |
New Pitsligo Community Business Limited (Registered number: SC123918) |
Report of the Trustees |
for the Year Ended 31 October 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 October 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 objective of the charity is to provide support for community groups. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
We continue to lease the building the Charity owns at 70 High Street, New Pitsligo. The contract runs until 2027 and is our main source of income. The Tenants use the building to operate as an Indian restaurant, providing a welcomed service to the community as well as employing local people. |
Donations this year were made to a number of local organisations including, the Public Hall, Bowling Club, Lace Club, Two's Group, Pavillion, Mum and Toddlers Group, Rainbows, Girl Guides, Brownies, Football Club, Junior, Senior and Company Section Boys Brigade and Adventurz Children's Entertainment and the Lego Club. All were greatly appreciated. |
Seven Trustees currently remain on the Board. |
On behalf of the trustees |
Brenda White |
Trustee |
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. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
New Pitsligo Community Business Limited (Registered number: SC123918) |
Report of the Trustees |
for the Year Ended 31 October 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
R Birnie FCCA |
SBP |
Accountants |
27 Finlayson Street |
Fraserburgh |
Aberdeenshire |
AB43 9JQ |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
New Pitsligo Community Business Limited |
I report on the accounts for the year ended 31 October 2024 set out on pages four to eleven. |
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. |
R Birnie FCCA |
The Association of Chartered Certified Accountants |
SBP |
Accountants |
27 Finlayson Street |
Fraserburgh |
Aberdeenshire |
AB43 9JQ |
2 April 2025 |
New Pitsligo Community Business Limited |
Statement of Financial Activities |
for the Year Ended 31 October 2024 |
31.10.24 | 31.10.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income | 2 |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 201,363 |
New Pitsligo Community Business Limited (Registered number: SC123918) |
Balance Sheet |
31 October 2024 |
31.10.24 | 31.10.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investment property | 7 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 201,363 |
TOTAL FUNDS | 201,363 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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. |
New Pitsligo Community Business Limited (Registered number: SC123918) |
Balance Sheet - continued |
31 October 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 |
New Pitsligo Community Business Limited |
Notes to the Financial Statements |
for the Year Ended 31 October 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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period. |
Investment property |
The investment property is reported at cost. |
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. |
Debtors and creditors receivable /payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs. |
New Pitsligo Community Business Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
2. | INVESTMENT INCOME |
31.10.24 | 31.10.23 |
£ | £ |
Rents received |
Property insurance contribution | 1,142 | 931 |
3. | NET INCOME/(EXPENDITURE) |
Net income (expenditure) is stated after charging/(crediting): |
31.10.24 | 31.10.23 |
£ | £ |
Depreciation - owned assets | 123 | 154 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 201,363 |
New Pitsligo Community Business Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
Equipment | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2023 and 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
7. | INVESTMENT PROPERTY |
£ |
FAIR VALUE |
At 1 November 2023 |
and 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
The investment property is reported at original cost. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.24 | 31.10.23 |
£ | £ |
Trade creditors |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.23 | in funds | 31.10.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 201,363 | 4,957 | 206,320 |
TOTAL FUNDS | 4,957 | 206,320 |
New Pitsligo Community Business Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
9. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 10,642 | (5,685 | ) | 4,957 |
TOTAL FUNDS | ( |
) | 4,957 |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 201,984 | (621 | ) | 201,363 |
TOTAL FUNDS | 201,984 | (621 | ) | 201,363 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 10,431 | (11,052 | ) | (621 | ) |
TOTAL FUNDS | 10,431 | (11,052 | ) | (621 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 201,984 | 4,336 | 206,320 |
TOTAL FUNDS | 201,984 | 4,336 | 206,320 |
New Pitsligo Community Business Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2024 |
9. | MOVEMENT IN FUNDS - continued |
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 | 21,073 | (16,737 | ) | 4,336 |
TOTAL FUNDS | 21,073 | (16,737 | ) | 4,336 |
The General Fund is used for all activities of the charity. There are no other unrestricted or restricted funds. |
10. | RELATED PARTY DISCLOSURES |