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COMPANY REGISTRATION NUMBER: SC404186
CHARITY REGISTRATION NUMBER: SC042895
Morayvia
Company Limited by Guarantee
Unaudited Financial Statements
31 July 2024
Morayvia
Company Limited by Guarantee
Financial Statements
Year ended 31 July 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
Morayvia
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 July 2024
The trustees, 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 July 2024 .
Reference and administrative details
Registered charity name
Morayvia
Charity registration number
SC042895
Company registration number
SC404186
Principal office and registered
Morayvia Science and Technology Centre
office
North Road
Kinloss
Moray
IV36 3YA
The trustees
Mr R Pountney
Mr M Mair
Mrs L Herbert
(Resigned 29 October 2023)
Mr N Haggar
(Resigned 3 March 2025)
Mr R Main
(Appointed 27 October 2024)
Independent examiner
Alison Fionda, CA Ritsons Chartered Accountants
103 High Street
ELGIN
Moray
IV30 1EB
Structure, governance and management
Morayvia is a company limited by guarantee, incorporated on 26 July 2011 and registered as a charity with the Office of the Scottish Charity Regulator, OSCR on 27 January 2012. 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.
Appointment of trustees
At each annual general meeting, the members may elect any member to be a director, providing he/she is willing to act. The directors may at any time appoint any member to be a director.
Objectives and activities
The objectives of the charity as set out in their governing document are as follows:
A. The advancement of arts, heritage, culture and science by creating an aerospace visitor centre in Moray;
B. The advancement of citizenship and community development within Kinloss, Forres and wider Moray communities;
C. The advancement of primary, secondary and higher education.
Achievements and performance
The financial year has been a very successful one for Morayvia. Visitor numbers totalled 9,732 compared with 8,373 in 2023, an increase of 16.2%. This was our best year since opening in October 2015 with a corresponding increase in the strength of our financial position.
The 2023 season (April to October) saw us remain with the two day opening pattern increasing to three days during school holidays. This was supplemented by a busy private events programme throughout the season when we hosted a variety of visits from local organisations and clubs at Morayvia as well as going out into the community to support charitable events.
Our STEM programme continued to develop successfully with an increased number of young people from throughout Moray attending sessions at Morayvia. The STEM team also delivered our programme to schools within Moray from which the feedback was extremely positive and encouraging.
As part of our drive to reduce energy costs we were successful in securing a funding package which has allowed us to install solar panels. Other improvements to the building included installation of two car battery charging points, some rewiring and also lighting installed in one of our exterior buildings.
The future financial wellbeing of the museum is considered to be good with our basic operational costs being covered by our self-generated income (admissions and sales). However, we remain reliant on external financial support, mainly grants, to tackle any significant costs such as improvements and repairs to the building, installing more energy saving measures, developing our site to accommodate more exhibits and improving our visitor experience by increasing the variety and number of aviation exhibits and displays at the centre.
Financial review
The total income in the year was £148,757 (2023 - £115,857) and the main sources of funding are donations, sponsorship, membership fees, trading income and grants receivable. Total expenditure amounted to £91,706 (2023 - £139,535), resulting in a surplus for the year of £57,051 (2023 - £23,678 deficit).
At 31 July 2024 the charity had total reserves of £424,738 (2023 - £367,687). The unrestricted funds amounted to £363,482 (2023 - £351,593) and the restricted funds amounted to £61,256 (2023 - £16,094).
The directors' policy is to maintain cash reserves at around 6 months of normal running costs in order to meet commitments and cover any unexpected expenditure. Cash reserves at the year end were £49,575 and free reserves (unrestricted cash reserves) were £46,089. If we consider the total yearly unrestricted expenditure less depreciation there are sufficient cash reserves in place to meet this policy.
The directors have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for future periods
Morayvia will continue to work towards achieving accreditation status. The museum accreditation scheme is the UK standard for museums and galleries and there are currently around 250 accredited museums in Scotland. Museums Galleries Scotland is the assessing organisation for museums in Scotland.
To achieve accreditation, a museum must meet published requirements on:
How it is governed and managed;
How it cares for and manages its collections;
The information and services it offers to museum users.
Achieving accreditation status may help Morayvia to attract financial support from external sources, show our fitness to receive sponsorship and donations, raise awareness to stakeholders and improve our planning skills.
Our long term aim to create a flagship tourist attraction in Moray remains high on Morayvia's agenda, although the timescale for achieving this aim has had to be adjusted in light of the impact of Covid. In the shorter term, we aim to get as many of our outdoor exhibits under cover to preserve their longevity and appearance.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 29 April 2025 and signed on behalf of the board of trustees by:
Mr M Mair
Trustee
Morayvia
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Morayvia
Year ended 31 July 2024
I report on the financial statements for the year ended 31 July 2024, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.
Respective responsibilities of trustees and examiner
The charity's trustees (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 trustees 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 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 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.
Alison Fionda, CA Ritsons Chartered Accountants
Independent Examiner
103 High Street ELGIN Moray IV30 1EB
29 April 2025
Morayvia
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 July 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
7,875
57,286
65,161
49,254
Charitable activities
6
82,381
82,381
66,213
Other trading activities
7
1,215
1,215
390
--------
--------
---------
---------
Total income
91,471
57,286
148,757
115,857
--------
--------
---------
---------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
8
110
Expenditure on charitable activities
9,10
77,338
14,368
91,706
139,425
--------
--------
---------
---------
Total expenditure
77,338
14,368
91,706
139,535
--------
--------
---------
---------
--------
--------
---------
---------
Net income/(expenditure)
14,133
42,918
57,051
( 23,678)
--------
--------
---------
---------
Transfers between funds
(2,244)
2,244
--------
--------
---------
---------
Net movement in funds
11,889
45,162
57,051
( 23,678)
Reconciliation of funds
Total funds brought forward
351,593
16,094
367,687
391,365
---------
--------
---------
---------
Total funds carried forward
363,482
61,256
424,738
367,687
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Morayvia
Company Limited by Guarantee
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
16
233,272
194,876
Heritage assets
17
137,215
137,215
---------
---------
370,487
332,091
Current assets
Stocks
18
9,206
8,722
Debtors
19
1,507
1,607
Cash at bank and in hand
49,575
32,809
--------
--------
60,288
43,138
Creditors: amounts falling due within one year
20
6,037
7,542
--------
--------
Net current assets
54,251
35,596
---------
---------
Total assets less current liabilities
424,738
367,687
---------
---------
Net assets
424,738
367,687
---------
---------
Funds of the charity
Restricted funds
61,256
16,094
Unrestricted funds
363,482
351,593
---------
---------
Total charity funds
22
424,738
367,687
---------
---------
For the year ending 31 July 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.
Morayvia
Company Limited by Guarantee
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of trustees and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Mr M Mair
Trustee
Morayvia
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 July 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 Morayvia Science and Technology Centre, North Road, Kinloss, Moray, IV36 3YA.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the accounts, the directors have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for at least the next 12 months and the trustees have not identified any material uncertainties with regards to the ability of the charity to continue. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.
Judgements and key sources of estimation uncertainty
The directors consider that there are no judgements, estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
Fund accounting
Unrestricted funds are available for use at the discretion of the directors in furtherance of the charity's objectives unless the funds have been designated for other purposes. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through terms of an appeal. The purposes and uses of the restricted funds are set out in the notes to the accounts.
Incoming resources
All income is 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. - income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity and 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.
Resources expended
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
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:
Leasehold improvements
-
5% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Computers
-
20% straight line
Heritage assets
The heritage assets have been capitalised at actual cost or deemed cost with consideration to market value. They represent assets of importance which are held to advance the objectives of the charity. No depreciation is charged on heritable assets as the directors consider that due to the impact of residual values, any resulting depreciation would be immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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 company is limited by guarantee and does not have share capital.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations and sponsorship
5,008
1,086
6,094
Donation of goods
Grants
Other general grants
56,200
56,200
Subscriptions
Membership fees
2,867
2,867
-------
--------
--------
7,875
57,286
65,161
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations and sponsorship
9,514
9,514
Donation of goods
15,000
15,000
Grants
Other general grants
23,297
23,297
Subscriptions
Membership fees
1,443
1,443
--------
--------
--------
25,957
23,297
49,254
--------
--------
--------
During the prior year a Shackelton fuselage was gifted to the charity. This has been valued at £15,000 and is included within heritage assets.
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Visitor centre
82,381
82,381
66,213
66,213
--------
--------
--------
--------
7. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fundraising events
50
50
Other income
1,215
1,215
340
340
-------
-------
----
----
1,215
1,215
390
390
-------
-------
----
----
8. Costs of other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Other trading activity 1 - other fundraising costs
110
110
----
----
----
----
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Visitor centre
7,891
7,891
Support costs
69,447
14,368
83,815
--------
--------
--------
77,338
14,368
91,706
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Visitor centre
41,411
41,411
Support costs
62,450
35,564
98,014
---------
--------
---------
103,861
35,564
139,425
---------
--------
---------
10. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Visitor centre
7,891
79,944
87,835
133,412
Governance costs
3,871
3,871
6,013
-------
--------
--------
---------
7,891
83,815
91,706
139,425
-------
--------
--------
---------
11. Analysis of support costs
Support costs
Governance costs
2024
2023
£
£
£
Depreciation
23,020
23,020
19,648
Insurance
7,197
7,197
7,780
Heat and light
16,213
16,213
7,458
Printing, postage, telephone and stationery
1,041
1,041
834
Repairs and maintenance
11,444
11,444
15,685
Sundry & Donations
16,484
16,484
36,903
Vehicle and travel expenses
3,345
3,345
2,373
Rent and rates
1,200
1,200
1,320
Accountancy
3,871
3,871
6,013
--------
-------
--------
--------
79,944
3,871
83,815
98,014
--------
-------
--------
--------
12. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
23,020
19,648
--------
--------
13. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
3,518
3,338
Other assurance services
353
2,675
-------
-------
3,871
6,013
-------
-------
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
26,604
Employer contributions to pension plans
2,133
----
--------
28,737
----
--------
The average head count of employees during the year was Nil (2023: 1 ).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
15. Trustee remuneration and expenses
None of the directors (or any persons connected with them) received any remuneration or benefits during the current or prior year. However, two directors have been reimbursed for purchases, postage and repairs incurred totalling £879(2023 - £544).
16. Tangible fixed assets
Leasehold improvements
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
207,960
70,596
26,630
4,834
310,020
Additions
57,556
3,860
61,416
---------
--------
--------
-------
---------
At 31 July 2024
265,516
74,456
26,630
4,834
371,436
---------
--------
--------
-------
---------
Depreciation
At 1 August 2023
39,220
50,350
23,298
2,276
115,144
Charge for the year
13,276
7,944
833
967
23,020
---------
--------
--------
-------
---------
At 31 July 2024
52,496
58,294
24,131
3,243
138,164
---------
--------
--------
-------
---------
Carrying amount
At 31 July 2024
213,020
16,162
2,499
1,591
233,272
---------
--------
--------
-------
---------
At 31 July 2023
168,740
20,246
3,332
2,558
194,876
---------
--------
--------
-------
---------
17. Heritage assets
Heritage Assets held by the Charity consist of various aircraft and other related items which are on display at the business premises.
Heritage asset 1
£
Cost or valuation
At 1 August 2023 and 31 July 2024
137,215
---------
Accumulated depreciation
At 1 August 2023 and 31 July 2024
---------
Carrying amount
At 31 July 2024
137,215
---------
At 31 July 2023
137,215
---------
Acquisition of fixed assets such as heritage display items exceeding £2,000 is normally to be by agreement of the directors, and where possible at a directors meeting. Exceptionally, the Chairman and his deputy are empowered to make purchases of display items provided they have secured a source of funding to cover, or the deposit required to secure, such a purchase. They are to inform the board at the earliest opportunity when such agreements have been entered into. Authority for the acquisition of of heritage display items of less than £2,000 is delegated to the Vice-Chairman, who is to inform the board of such purchases at the earliest opportunity.
Heritage assets may only be disposed of by agreement of the directors, where possible at a directors' meeting. Proceeds from any sales are to be returned to the company's bank account, ideally by direct transfer. Where disposal of assets is by means of an exchange, the Chairman and his deputy are empowered to make such decisions where it can be demonstrated to be in the interests of the charitable company.
Heritage items are to be maintained in a manner which minimises deterioration, and, ideally, should be housed in conditions conducive to their preservation. The Vice-Chairman is responsible for implementing a system of husbandry and maintenance for aircraft and related support equipment items.
18. Stocks
2024
2023
£
£
Finished goods and goods for resale
9,206
8,722
-------
-------
19. Debtors
2024
2023
£
£
Prepayments and accrued income
758
619
Other debtors
749
988
-------
-------
1,507
1,607
-------
-------
20. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,950
Accruals and deferred income
4,022
3,338
Other creditors - desc in a/cs
255
254
Other creditors
1,760
-------
-------
6,037
7,542
-------
-------
21. 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 £Nil (2023: £ 2,133 ).
22. Analysis of charitable funds
Unrestricted funds
At 1 August 2023
Income
Expenditure
Transfers
At 31 July 2024
£
£
£
£
£
General funds
351,593
91,471
(77,338)
(2,244)
363,482
---------
--------
--------
-------
---------
At 1 August 2022
Income
Expenditure
Transfers
At 31 July 2023
£
£
£
£
£
General funds
342,560
92,560
(103,971)
20,444
351,593
---------
--------
---------
--------
---------
Restricted funds
At 1 August 2023
Income
Expenditure
Transfers
At 31 July 2024
£
£
£
£
£
Sea Prince Fund
2,400
2,400
Just Giving Fin Fund
HIE Development Manager Fund
(2,244)
2,244
Wide Format Printer Fund
13,694
(3,424)
10,270
HIE GIA Development Grant
TSI - Solar panels
50,000
(2,500)
47,500
TSi - Electricty bill relief
2,800
(2,800)
TSi - Sustainable infrastructure Upgrades
1,400
(1,400)
TSi - Roof repair and infrastructure restoration
2,000
(2,000)
BARG - Whirlwind project
1,086
1,086
--------
--------
--------
-------
--------
16,094
57,286
(14,368)
2,244
61,256
--------
--------
--------
-------
--------
At 1 August 2022
Income
Expenditure
Transfers
At 31 July 2023
£
£
£
£
£
Sea Prince Fund
2,400
2,400
Just Giving Fin Fund
4,348
(4,348)
HIE Development Manager Fund
20,444
(20,444)
Wide Format Printer Fund
17,057
2,853
(6,216)
13,694
HIE GIA Development Grant
25,000
(25,000)
TSI - Solar panels
TSi - Electricty bill relief
TSi - Sustainable infrastructure Upgrades
TSi - Roof repair and infrastructure restoration
BARG - Whirlwind project
--------
--------
--------
--------
--------
48,805
23,297
(35,564)
(20,444)
16,094
--------
--------
--------
--------
--------
The Sea Prince project fund represents donations received to be spent on acquiring a Sea Prince in the future.
The Just Giving Fin Fund represents donations received to erect a memorial at the Morayvia Aerospace Centre to honour those whose lives were lost in three Nimrod incidents. The whole fund was spent in the prior year.
The HIE and Beatrice Partnership Development Manager Fund represents funding for a development manager. Funding is released quarterly and wages are paid using the funding as it is received. Repayment of advance salary claim in the year.
The Wide Format Printer Fund represents funding received to purchase a wide format printer, expenditure relates to the restricted deprecation.
The HIE GIA Development Grant represents a grant received to purchase a hard life utility double trussed storage tent. The grant was repaid to HIE during the prior year.
TSi Solar panel grant was received to purchase and install solar panels on the building, this was completed within the year.
TSi Electricity bill relief was received to support the charity with their electricity expenses. The grant was fully spent in the year.
TSi Sustainable infrastructure upgrades grant received to pay towards the purchase of LED lights. The grant was fully spent in the year.
TSi Roof repair and infrastructure restoration grant received to help pay for the expenses relating to the roof leak damages. The grant was fully spent in the year.
BARG Whirlwind project grant was received for the restoration of the Whirlwind
23. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
175,502
57,770
233,272
Heritage assets
137,215
137,215
Current assets
56,802
3,486
60,288
Creditors less than 1 year
(6,037)
(6,037)
---------
--------
---------
Net assets
363,482
61,256
424,738
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
181,182
13,694
194,876
Heritage assets
137,215
137,215
Current assets
40,738
2,400
43,138
Creditors less than 1 year
(7,542)
(7,542)
---------
--------
---------
Net assets
351,593
16,094
367,687
---------
--------
---------
24. Volunteers
The skills and expertise that volunteers contribute to Morayvia are wide ranging. Throughout the year, volunteers meet at Morayvia every Monday and Thursday to carry out renovation, restoration and maintenance work. From April to October each year, when open to the public, volunteers whose expertise lies in retail work and acting as guides attend each Saturday and Sunday. Engineering, retail activities, visitor guiding, gardening, janitorial and building maintenance, painting, plumbing and joinery are the main skills that volunteers bring to Morayvia.