Charity registration number SC035165 (Scotland)
Company registration number SC362387 (Scotland)
Garioch Heritage Society
Annual report and unaudited financial statements
for the year ended 31 July 2024
Garioch Heritage Society
Legal and administrative information
Trustees
Nora Radcliffe
Ann-Marie Coleman
Gilbert G. Bruce
Joan H. R. Bruce
Charity number (Scotland)
SC035165
Registered office
Garioch Heritage Centre
Loco Works Road
Inverurie
Aberdeenshire
AB51 4FY
Independent examiner
David Minett, CA
Partner
James Milne
Chartered Accountants
5 High Street
Inverurie
Aberdeenshire
AB51 3QA
Bankers
Bank of Scotland plc
Garioch Centre
Inverurie
Aberdeenshire
AB51 4SB
Garioch Heritage Society
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 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 objects of the Society shall be to advance the education of the public and in particular the local community in the cultural, historical and natural heritage of the Garioch and its environs. In furtherance therefore, but not otherwise, the Society shall seek:

The trustees have paid due regard to guidance issued by the Office of the Scottish Charity Regulator (OSCR) in deciding what activities the charity should undertake.

Achievements and performance

Business in the centre throughout the year has included plays, entertainment, art shows, craft fairs, as well as the day to day bookings which include a weekly business breakfast, a yoga class, a MS support group, meditation, etc. It is not only in the day time that bookings and events happen, evenings too are popular.

 

Our own events have included a very successful 'Fashion Through The Ages' exhibition, which concluded with a 'Fashion, Fizz & Frivolity' fashion show, children's craft events and story telling, a model show and a weekend Christmas market.

 

And let's not forget the school groups, Brownies, Cubs, Scouts, Probus groups and other adult clubs and societies who have come to visit and enjoy a guided tour of the museum.

 

Following the AGM in May 2024, Ann-Marie Coleman was voted in as chairperson. In July, two posts were made redundant, centre manager and office manager, as the financial position could not sustain the two salaries. It was not an easy start.

 

The cafe manager left in May 2024 and since then Heather Watt has not only kept the cafe running, but has increased the clientele, offering tasty soups and delicious home bakes. Catering for events, daytime and evening, as well as funeral teas, all add to the day to day success of the cafe.

Garioch Heritage Society
Trustees' Report (including directors' report) (continued)
for the year ended 31 July 2024
2

We had to close for three days in January 2024 due to the adverse weather conditions and during the worst of the winds the flashing on the roof was damaged and parts ripped off completely. This led to a leak above the reception desk. Heavy rain also tested our flood protection barrier, which proved to be ineffective as the water flowed round the side fixing due to ineffective fixing. We hope to rectify these matters, but have to join the queue for such repairs.

 

It is encouraging to note that we have welcomed a number of new volunteers and that existing volunteers took the opportunity to participate in a couple of refresher tours of the upstairs gallery/museum. This is something that is offered to all new volunteers as a familiarisation.

 

In April 2024 we were represented at VisitScotland Connect24's travel trade event at P&J Live. This was a completely new venture for the society and its centre, but one that has spread the news of what we have to offer far and wide.

 

The highlight of the year was the award of four stars from VisitScotland. As we move forward into another year, let's build on that success as we develop the museum, strengthen our volunteer base and encourage our staff.

Acknowledgements

My thanks go to every volunteer who has given, and continues to give, of their time to aid the smooth running of the centre. Every one is valued.

Financial review

Unrestricted funds are derived from members' subscriptions, meeting entry fees, donations, café sales, sale of books & pictures and fundraising events. Unrestricted funds are used for the day-to-day running of the society. The unrestricted funds held at 31 July 2024 for the General Fund were £98,482 (2023 - £113,456) and the Designated Fund were £220,110 (2023 - £221,078).

 

The restricted funds held at the year end relate to the property held in the Statement of financial position. The restricted funds held at 31 July 2024 were £425,208 (2023 - £434,452).

 

Sales of our own books, DVDs and local postcards and postcards through a number of other local outlets, provides a small but steady source of income.

 

As a result of a deficit in the year of £25,186 (2023 - deficit of £39,474), the total funds held at 31 July 2024 were £743,800 (2023 - £768,986). These reserves are being carried forward to support the future work of the society.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is a company limited by guarantee, incorporated on 9 July 2009. 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. It is registered as a charity with the Scottish Charity Regulator.

Garioch Heritage Society
Trustees' Report (including directors' report) (continued)
for the year ended 31 July 2024
3

Directors and trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year were as follows:

 

Directors:

Ann-Marie Coleman         Chairperson

Anne M. Chapman        Company secretary (resigned 1 May 2024)

Nora Radcliffe

Gilbert G. Bruce

Joan H. R. Bruce

 

Committee:

Griselda McGregor

Sheila Tait

Thomas Tait            (deceased January 2024)

Marc Falconer            (resigned)

Joan Bruce            (resigned)

Pat Mackay            (resigned)

Alison Auld

Jenni Cruickshank        (appointed)

Ivy Guyan            (appointed)

Lorna McAndrew        (appointed)

Carol Robertson        (appointed)

Andrew Wood            (appointed)

Recruitment and appointment of committee members

Committee members are appointed or reappointed by the members as and when required.

Related parties

None of the management committee receive remuneration or other benefit from their work with the charity.

Risk management

The trustees have a risk management strategy which comprises:

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

Ann-Marie Coleman
Trustee
15 May 2025
Garioch Heritage Society
Statement of trustees' responsibilities  
for the year ended 31 July 2024
4

The trustees, who are also the directors of Garioch Heritage Society 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; 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 Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 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.

Garioch Heritage Society
Independent examiner's report
to the trustees of Garioch Heritage Society
5

I report on the financial statements of the charity for the year ended 31 July 2024, which are set out on pages 6 to 23.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Garioch Heritage Society 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 Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The 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 financial statements 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 statement

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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

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

David Minett, CA
Partner
James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
15 May 2025
Garioch Heritage Society
Statement of financial activities
including income and expenditure account
for the year ended 31 July 2024
6
Current financial year
Unrestricted
Unrestricted
Restricted
Total
Total
funds
funds
funds
general

designated

2024
2024
2024
2024
2023
Notes
£
£
£
£
£
Income from:
Donations and legacies
3
16,910
-
-
16,910
38,257
Charitable activities
4
152,330
-
-
152,330
137,131
Investments
5
158
1,343
-
1,501
611
Total income
169,398
1,343
-
170,741
175,999
Expenditure on:
Charitable activities
6
184,372
2,311
9,244
195,927
215,473
Net expenditure for the year/
Net movement in funds
(14,974)
(968)
(9,244)
(25,186)
(39,474)
Fund balances at 1 August 2023
113,456
221,078
434,452
768,986
808,460
Fund balances at 31 July 2024
98,482
220,110
425,208
743,800
768,986

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
Garioch Heritage Society
Statement of financial activities (continued)
including income and expenditure account
for the year ended 31 July 2024
7
Prior financial year
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general

designated

2023
2023
2023
2023
Notes
£
£
£
£
Income from:
Donations and legacies
3
38,257
-
-
38,257
Charitable activities
4
137,131
-
-
137,131
Investments
5
86
525
-
611
Total income
175,474
525
-
175,999
Expenditure on:
Charitable activities
6
203,918
2,311
9,244
215,473
Gross transfers between funds
27,567
(27,567)
-
-
Net expenditure for the year/
Net movement in funds
(877)
(29,353)
(9,244)
(39,474)
Fund balances at 1 August 2022
114,333
250,431
443,696
808,460
Fund balances at 31 July 2023
113,456
221,078
434,452
768,986
Garioch Heritage Society
Statement of financial position
as at 31 July 2024
8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
598,713
632,826
Current assets
Stocks
11
4,640
12,187
Debtors
12
18,478
11,416
Cash at bank and in hand
138,536
124,710
161,654
148,313
Creditors: amounts falling due within one year
13
(16,567)
(12,153)
Net current assets
145,087
136,160
Net assets
743,800
768,986
Income funds
Restricted funds
14
425,208
434,452
Unrestricted funds - designated
15
220,110
221,078
Unrestricted funds - general
98,482
113,456
318,592
334,534
743,800
768,986
Garioch Heritage Society
Statement of financial position (continued)
as at 31 July 2024
9

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 15 May 2025
Ann-Marie Coleman
Trustee
Company registration number SC362387
Garioch Heritage Society
Notes to the financial statements
for the year ended 31 July 2024
10
1
Accounting policies
Charity information

Garioch Heritage Society is a private company limited by guarantee incorporated in Scotland. The registered office is Garioch Heritage Centre, Locoworks Road, Inverurie, Aberdeenshire, AB51 4FY.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). 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 unless otherwise stated in the relevant accounting policy. 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 charitable company 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 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.

Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies (continued)
11
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.

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for statement of financial position purposes.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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. Shared costs have been allocated fully to charitable activities.

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:

Freehold property
2% straight line
Fixtures and fittings
10% & 33.3% straight line and 20% reducing balance

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.

Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies (continued)
12
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 at 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 and deposits held at call with banks.

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.

Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
1
Accounting policies (continued)
13
Derecognition of financial liabilities

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

1.11
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1998 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

1.12
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.

1.13
Retirement benefits

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

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Property valuation

At each reporting end date, the company reviews the carrying amount of its property to determine whether there is any indication that the asset has 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).

Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
14
3
Donations and legacies
Unrestricted
Total
Unrestricted
funds
funds
general
general
2024
2024
2023
£
£
£
Donations and gifts
12,139
12,139
29,831

Government grants

4,771
4,771
4,500
Other
-
-
3,926
16,910
16,910
38,257
Grants receivable for core activities
Other grants
4,771
4,771
4,500
4,771
4,771
4,500
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
15
4
Charitable activities

Entrance fees & fundraising events

Café

Retail

Conference room rental & catering

Memberships

Total
2024
Total
2023
2024
2024
2024
2024
2024
£
£
£
£
£
£
£
Sales within charitable activities
22,759
82,330
6,180
40,901
160
152,330
137,131
Analysis by fund
Unrestricted funds - general
22,759
82,330
6,180
40,901
160
152,330
137,131
For the year ended 31 July 2023

Entrance fees & fundraising events

Café

Retail

Conference room rental & catering

Memberships

Total
2023
£
£
£
£
£
£
Sales within charitable activities
26,717
70,025
2,459
34,811
3,119
137,131
Analysis by fund
Unrestricted funds - general
26,717
70,025
2,459
34,811
3,119
137,131
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
16
5
Investments
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
funds
funds
funds
funds
general

designated

general

designated

2024
2024
2024
2023
2023
£
£
£
£
£
Interest receivable
158
1,343
1,501
86
525
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
17
6
Charitable activities

General

Café

Retail

Total
2024

General

Café

Retail

Total
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Depreciation and loss on disposal
35,042
-
-
35,042
34,433
-
-
34,433

Postage, stationery & advertising

499
-
-
499
466
-
-
466

Repairs & renewals

7,235
-
-
7,235
5,880
-
-
5,880

Insurance

1,682
-
-
1,682
(515)
-
-
(515)

Leasing of equipment

4,302
-
-
4,302
3,548
-
-
3,548

Heat & light

22,632
-
-
22,632
22,515
-
-
22,515

Telephone

1,292
-
-
1,292
1,175
-
-
1,175

Rates

9,268
-
-
9,268
8,541
-
-
8,541

Bank charges

1,563
-
-
1,563
1,117
-
-
1,117

Sundry expenses

3,918
4,487
-
8,405
2,807
4,078
-
6,885

Miscellaneous

5,789
-
-
5,789
8,482
-
-
8,482

Subscriptions

762
-
-
762
639
-
-
639

Exhibition expenses

3,515
-
-
3,515
17,068
-
-
17,068

Administration charges

4
-
-
4
127
-
-
127
Other charitable expenditure
-
18,664
9,705
28,369
-
22,754
(1,932)
20,822
97,503
23,151
9,705
130,359
106,283
26,832
(1,932)
131,183
Share of support costs (see note 7)
61,752
-
-
61,752
76,544
-
-
76,544
Share of governance costs (see note 7)
3,816
-
-
3,816
7,746
-
-
7,746
163,071
23,151
9,705
195,927
190,573
26,832
(1,932)
215,473
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
6
Charitable activities (continued)
18

General

Café

Retail

Total
2024

General

Café

Retail

Total
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Analysis by fund
Unrestricted funds - general
151,516
23,151
9,705
184,372
179,018
26,832
(1,932)
203,918
Unrestricted funds - designated
2,311
-
-
2,311
2,311
-
-
2,311
Restricted funds
9,244
-
-
9,244
9,244
-
-
9,244
163,071
23,151
9,705
195,927
190,573
26,832
(1,932)
215,473
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
19
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£
Staff costs
61,752
-
61,752
76,544
-
76,544
Legal and professional
-
-
-
-
750
750

Accountancy fees

-
3,816
3,816
-
6,996
6,996
61,752
3,816
65,568
76,544
7,746
84,290
Analysed between
Charitable activities
61,752
3,816
65,568
76,544
7,746
84,290
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

During the year two trustees were reimbursed for repayment of charity expenses totalling £536 (2023 - no trustees reimbursed).

9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
3
7
Employment costs
2024
2023
£
£
Wages and salaries
60,056
75,275
Social security costs
628
-
Other pension costs
1,068
1,269
61,752
76,544
There were no employees whose annual remuneration was more than £60,000.
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
20
10
Tangible fixed assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
577,730
228,712
806,442
Additions
-
929
929
At 31 July 2024
577,730
229,641
807,371
Depreciation and impairment
At 1 August 2023
34,665
138,951
173,616
Depreciation charged in the year
11,555
23,487
35,042
At 31 July 2024
46,220
162,438
208,658
Carrying amount
At 31 July 2024
531,510
67,203
598,713
At 31 July 2023
543,065
89,761
632,826
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,640
12,187
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,418
4,759
Other debtors
305
1,482
Prepayments and accrued income
8,755
5,175
18,478
11,416
13
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
2,106
-
Trade creditors
5,023
156
Other creditors
189
1,597
Accruals and deferred income
9,249
10,400
16,567
12,153
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
21
14
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 August 2022
Incoming resources
Resources expended
Balance at
1 August 2023
Incoming resources
Resources expended
Balance at
31 July 2024
£
£
£
£
£
£
£
Property Fund
443,696
-
(9,244)
434,452
-
(9,244)
425,208

The Property Fund was in place to enable the purchase of the building used for the museum.

Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
22
15
Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities, made up as follows:

Movement in funds
Movement in funds
Balance at
1 August 2022
Incoming resources
Resources expended
Transfers
Balance at
1 August 2023
Incoming resources
Resources expended
Balance at
31 July 2024
£
£
£
£
£
£
£
£
Property Fund
250,431
525
(2,311)
(27,567)
221,078
1,343
(2,311)
220,110
250,431
525
(2,311)
(27,567)
221,078
1,343
(2,311)
220,110

The Property Fund is unrestricted funds which have been designated by the trustees to be used for property purchase and development purposes relating to the museum building.

16
Analysis of net assets between funds
Unrestricted funds
Designated funds
Restricted funds
Total
Unrestricted funds
Designated funds
Restricted funds
Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Fund balances at 31 July 2024 are represented by:
Tangible assets
67,203
106,302
425,208
598,713
89,761
108,613
434,452
632,826
Current assets/(liabilities)
31,279
113,808
-
145,087
23,695
112,465
-
136,160
98,482
220,110
425,208
743,800
113,456
221,078
434,452
768,986
Garioch Heritage Society
Notes to the financial statements (continued)
for the year ended 31 July 2024
23
17
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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