| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31st August 2024 |
| for |
| Lag Tower Preservation Trust Limited |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31st August 2024 |
| for |
| Lag Tower Preservation Trust Limited |
| Lag Tower Preservation Trust Limited |
| Contents of the Financial Statements |
| for the Year Ended 31st August 2024 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 8 |
| Lag Tower Preservation Trust Limited (Registered number: SC306161) |
| Report of the Trustees |
| for the Year Ended 31st August 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 31st August 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 the advancement of the heritage of Lag Tower, Dunscore, Dumfriesshire. To that end, the immediate aim was to secure the ownership of the Lag Tower and, having done so, to stabilise, protect and preserve it and its surroundings. The further aim is to ensure public access to the Tower and ultimately to restore it. |
| ACHIEVEMENT AND PERFORMANCE |
| Since achieving the first objective of taking ownership of Lag Tower, works have been started to remove trees and shrubs, clear the ground and gain access to the tower. The trust have mainly relied upon donations but are now seeking grant funding and intend to fundraise towards the restoration of the Tower. |
| FINANCIAL REVIEW |
| Financial position |
| The Trust had a surplus of £886 for 2024 (2023 - deficit of £27) all of which was unrestricted. |
| Reserves policy |
| Currently negative reserves are held but the trust are working hard to obtain funds in order to address this. |
| Going concern |
| Negative reserves are held, but the Trustees will not request the repayment of their loans at the detriment to the charity. |
| 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. |
| Recruitment and appointment of new trustees |
| The trustee's identify skills gaps on the board and look to recruit suitable and enthusiastic individuals to bridge those gaps, ideally from within the Grierson family. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Lag Tower Preservation Trust Limited (Registered number: SC306161) |
| Report of the Trustees |
| for the Year Ended 31st August 2024 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent Examiner |
| David Mitchell, BA, CA |
| Farries Kirk & McVean |
| Dumfries Enterprise Park |
| Heathhall |
| Dumfries |
| DUMFRIESSHIRE |
| DG1 3SJ |
| Solicitors |
| Grieve Grierson Moodie & Walker |
| 14 Castle Street |
| Dumfries |
| DG1 1DR |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Lag Tower Preservation Trust Limited |
| I report on the accounts for the year ended 31st August 2024 set out on pages four to eight. |
| 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. |
| David Mitchell, BA, CA |
| The Institute of Chartered Accountants of Scotland |
| Farries Kirk & McVean |
| Dumfries Enterprise Park |
| Heathhall |
| Dumfries |
| DUMFRIESSHIRE |
| DG1 3SJ |
| 20th May 2025 |
| Lag Tower Preservation Trust Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31st August 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | (9,759 | ) |
| Lag Tower Preservation Trust Limited (Registered number: SC306161) |
| Balance Sheet |
| 31st August 2024 |
| 2024 | 2023 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Heritage assets | 3 |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) | ( |
) |
| FUNDS | 6 |
| Unrestricted funds | ( |
) | (9,759 | ) |
| TOTAL FUNDS | ( |
) | (9,759 | ) |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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. |
| 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 |
| Lag Tower Preservation Trust Limited |
| Notes to the Financial Statements |
| for the Year Ended 31st August 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. |
| The trust constitutes a public benefit entity as defined by FRS 102. |
| 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. |
| Heritage assets |
| Heritage assets are measured initially at cost, or valuation if donated. Those assets recognised at cost continue to be carried at historical cost subject to depreciation and impairment. |
| The tower was purchased in 2016 to stabilise, protect and restore it so eventually public access can be allowed. No further acquisitions or disposals have been made or intend to be made, and thus a register is not required. |
| The tower is deemed to have an indeterminate life hence the Trustees do not consider it appropriate to charge depreciation. |
| Expenditure which, in the Trustees' view, is required to preserve, or clearly prevent further deterioration of the tower is recognised in the SoFA when it is incurred. |
| 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. |
| Financial instruments |
| Cash and bank |
| Cash and bank comprises cash on hand and funds held on deposit. |
| Trade debtors |
| Trade debtors are amounts due from customers for the provision of services sold in the ordinary course of operations. |
| Trade debtors are recognised initially at the transaction price and represent the full value of the services charged to customers, including any amounts charged on for third parties. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
| Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are presented as non current liabilities. |
| Lag Tower Preservation Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2024 |
| 2. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31st August 2024 nor for the year ended 31st August 2023. |
| 3. | HERITAGE ASSETS |
| Total |
| £ |
| MARKET VALUE |
| At 1st September 2023 and 31st August 2024 | 1 |
| NET BOOK VALUE |
| At 31st August 2024 |
| At 31st August 2023 |
| The Trust took over ownership of Lag Tower for the nominal sum of £1 in 2016. |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 5) |
| 5. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Loan - W Crawford | 11,101 | 11,101 |
| Loan - P Hamilton-Grierson | 557 | 557 |
| 6. | MOVEMENT IN FUNDS |
| Net |
| movement | At |
| At 1.9.23 | in funds | 31.8.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (9,759 | ) | 886 | (8,873 | ) |
| TOTAL FUNDS | ( |
) | 886 | (8,873 | ) |
| Lag Tower Preservation Trust Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31st August 2024 |
| 6. | 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 | 1,080 | (194 | ) | 886 |
| TOTAL FUNDS | ( |
) | 886 |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (9,732 | ) | (27 | ) | (9,759 | ) |
| TOTAL FUNDS | (9,732 | ) | (27 | ) | (9,759 | ) |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 16 | (43 | ) | (27 | ) |
| TOTAL FUNDS | 16 | (43 | ) | (27 | ) |
| 7. | RELATED PARTY DISCLOSURES |
| Start-up costs and initial running costs have been paid by the Trustees personally. This has been accounted for in the form of a loan. |
| At 31st August 2024, the company owed the sum of £11,101 to Judge W Crawford (2023 - £11,101) and £557 to Mr P Hamilton-Grierson (2023 - £557). |