| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements For The Year Ended 30th September 2024 |
| for |
| THE LAGGAN FOREST TRUST |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements For The Year Ended 30th September 2024 |
| for |
| THE LAGGAN FOREST TRUST |
| THE LAGGAN FOREST TRUST |
| Contents of the Financial Statements |
| For The Year Ended 30th September 2024 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| THE LAGGAN FOREST TRUST (REGISTERED NUMBER: SC189325) |
| Report of the Trustees |
| For The Year Ended 30th September 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 30th September 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 purpose of the Charity is unaltered since the prior report with the objects, originally crafted at inception of the Charity in 1998, expanded in 2017, to reflect the opportunities that members continue to believe are essential for the future of the Trust. The objects are as follows: |
| To advance environmental protection or improvement, including: |
| a) preservation, sustainable development and conservation of the natural environment and any related archaeological heritage |
| b) maintenance, improvement or provision of environmental amenities, for the Community and the public. |
| ii) To advance citizenship or community development, including rural re-generation. |
| iii) To provide (or advance the accessibility of) recreational facilities; and/or organise recreational activities available to members of the Community and the public, with the object of improving the conditions of life for said Community and public. |
| Significant activities |
| In conjunction with various Scottish Government agencies, to maintain and develop interpretative sites and centres and to organize relevant recreational activities for the benefit of the Community and wider public. In addition, to foster and develop community participation in woodlands in the geographical region of Laggan, for benefit of the wider public and enable the fulfilment of the 2019 & 2022 Laggan Community Action Plans where relevant to the Trust's objects. |
| THE LAGGAN FOREST TRUST (REGISTERED NUMBER: SC189325) |
| Report of the Trustees |
| For The Year Ended 30th September 2024 |
| Achievement and performance |
| Charitable activities |
| At the end of the financial year, the Trust's financial position was supported by series of donations and grants throughout the year. The board continues to take a pragmatic view with respect to holding modest and appropriate contingency reserves at the year-end. The trust continued to employ a full-time member of staff with this role allowing our subsidiary trading company to employ a number of full and part-time staff in the Laggan Wolftrax Forest Visitor Centre and café. In the year, our activities continue to develop the Forest Centre and trails. The Visitor Interpretation panels continue to be extensively used by visitors. Numerous MTB cycle coaching programmes for school children in the South Badenoch area have been undertaken along with mountain biking races for all ages. We acknowledge and thank the various key Partners who continue to work with us and support our activities - CNPA, HIE, FLS, NatureScot, sportscotland, Developing Mountain Biking in Scotland (DMBinS) and the Badenoch and Strathspey Trail Association. |
| Activities over the past year |
| Our charitable aims i.e. the understanding and promotion of the natural environment in the forest and trails and in promoting healthy activity, primarily walking and cycling, were still to the fore, with the number of visitors exposed to this back to pre-COVID years. |
| The opening of a new Blue Mountain Bike Trail on FLS land was a successful and collaborative project progressed by the Trust in partnership with FLS and DMBinS. It was disappointing that the feasibility study on behalf of the Laggan Community Council to explore how to connect the various path and trail networks throughout Laggan, had to be discontinued. A key partner (Transport Scotland) was unable to support key required elements of this Active Travel project to proceed. And so SUSTRANS was unable to commit any future funds. This (Paths Connectivity) objective from the Laggan Community Action plan is presently being re-assessed. |
| The natural regeneration of native species on our land in the area is progressing appropriately. The Trust continues to explore alternative uses of our existing land and assets - this has included an agreement to grant a deed of servitude to all the residents of the Strathmashie cottages for rights in perpetuity to a bore hole water supply situated on Trust land. There continued to be commercial timber harvesting by FLS in the area which occasionally disrupted trail access and felling plans by FLS have regrettably removed the popular squirrel trail. We have engaged with FLS on their future management of the Strathmashie Forest estate and the next 10-year Forest plan has been delayed until Spring of 2025. |
| Conclusion |
| We remain grateful to our staff, volunteers, trustee directors and funders for their support of the Trust and trust that all our members and the Laggan Community will continue to support our aims in the future. The Trust will continue to explore how it can expand the understanding of our natural forest environment with additional facilities for children and families around the Centre. |
| Financial review |
| Reserves policy |
| Reserve policy to date was largely concerned with the earlier acquisition and development of the Forest Centre and has been updated to reflect our responsibilities to Staff and our future development activities. This will be overseen and considered by our Board at our regular meetings. The Trust is presently reliant on charitable donations, and has a positive reserve balance on hand, and we do recognise the need to continue active fund raising now that the Forest Centre project is operational. |
| Structure, governance and management |
| Governing document |
| The charity is controlled by a governing document, a revised set of Articles of Association approved at an EGM of the Trust in December 2017. The Charity remains a company limited by guarantee with charitable status under the jurisdiction of both the Companies Act of 2006 and the Charities and Trustee Investment (Scotland) Act of 2005. The Articles now state that the board of directors should consist of not less than 5 persons, and no more than 12, the majority of whom must be Trust members and reside in the geographically defined area of Laggan. It also states that the minimum number of members will be 20. |
| THE LAGGAN FOREST TRUST (REGISTERED NUMBER: SC189325) |
| Report of the Trustees |
| For The Year Ended 30th September 2024 |
| Structure, governance and management |
| Recruitment and appointment of new trustees |
| The revised Articles specify 2 categories of Director - member directors and co-opted (non-member) directors and those are appointed at the Annual General Meeting. A director who retires from office will be eligible for re-election provided they meet the appropriate membership criteria. Election is by vote of the members who may be present in person or by proxy at the AGM, with each member having one vote for each vacancy on the board. |
| Reference and administrative details |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| Lorna Drummond FCCA |
| Goldwells |
| 15-17 High Street |
| Kingussie |
| Inverness-Shire |
| PH21 1HS |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| The Laggan Forest Trust |
| I report on the accounts for the year ended 30th September 2024 set out on pages five to thirteen. |
| 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. |
| Lorna Drummond FCCA |
| The Association of Chartered Certified Accountants |
| Goldwells |
| 15-17 High Street |
| Kingussie |
| Inverness-Shire |
| PH21 1HS |
| 9th June 2025 |
| THE LAGGAN FOREST TRUST |
| Statement of Financial Activities |
| For The Year Ended 30th September 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| Income and endowments from |
| Donations and legacies | 2 |
| Other trading activities | 3 |
| Other income |
| Total |
| Expenditure on |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | 12 | 265 | (265 | ) | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| Reconciliation of funds |
| Total funds brought forward |
| Total funds carried forward | 84,006 |
| THE LAGGAN FOREST TRUST (REGISTERED NUMBER: SC189325) |
| Balance Sheet |
| 30th September 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 7 |
| Investments | 8 |
| Current assets |
| Debtors | 9 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 10 | ( |
) | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| NET ASSETS |
| Funds | 12 |
| Unrestricted funds | 2,019 |
| Restricted funds | 81,987 |
| Total funds | 84,006 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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. |
| THE LAGGAN FOREST TRUST (REGISTERED NUMBER: SC189325) |
| Balance Sheet - continued |
| 30th September 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 |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements |
| For The Year Ended 30th September 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, with the exception of investments which are included at market value. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land at Strathmashie | - |
| Plant and machinery | - |
| 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. |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements - continued |
| For The Year Ended 30th September 2024 |
| 2. | Donations and legacies |
| 2024 | 2023 |
| £ | £ |
| Donations |
| Grants |
| Training courses income | - | 640 |
| Misc Income | - | 158 |
| Grants received, included in the above, are as follows: |
| 2024 | 2023 |
| £ | £ |
| Sustrans | 18,015 | 6,219 |
| Cairngorms National Park Authority | - | 1,000 |
| 18,015 | 7,219 |
| 3. | Other trading activities |
| 2024 | 2023 |
| £ | £ |
| British Cycling Events fees | - | 1,428 |
| 4. | Net income/(expenditure) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| 5. | Trustees' remuneration and benefits |
| There were no trustees' remuneration or other benefits for the year ended 30th September 2024 nor for the year ended 30th September 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30th September 2024 nor for the year ended 30th September 2023. |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements - continued |
| For The Year Ended 30th September 2024 |
| 6. | Staff costs |
| The average monthly number of employees during the year was as follows: |
| 2024 | 2023 |
| Staff |
| 7. | Tangible fixed assets |
| Land at | Plant and |
| Strathmashie | machinery | Totals |
| £ | £ | £ |
| Cost |
| At 1st October 2023 and 30th September 2024 |
| Depreciation |
| At 1st October 2023 |
| Charge for year |
| At 30th September 2024 |
| Net book value |
| At 30th September 2024 |
| At 30th September 2023 |
| 8. | Fixed asset investments |
| Unlisted |
| investments |
| £ |
| Market value |
| At 1st October 2023 and 30th September 2024 |
| Net book value |
| At 30th September 2024 | 2 |
| At 30th September 2023 | 2 |
| There were no investment assets outside the UK. |
| Investments represents 100% of the share capital of the Laggan Forest Trust Forestry Company Ltd. |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements - continued |
| For The Year Ended 30th September 2024 |
| 9. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 10. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 11. | Loans |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Bank overdrafts |
| 12. | Movement in funds |
| Net | Transfers |
| At | movement | between | At |
| 1.10.23 | in funds | funds | 30.9.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 2,019 | 3,718 | 265 | 6,002 |
| Restricted funds |
| Restricted fund | 11,581 | (4,796 | ) | (4,859 | ) | 1,926 |
| Land at Strathmashie | 70,406 | - | 4,594 | 75,000 |
| (4,796 | ) | ( |
) |
| TOTAL FUNDS | (1,078 | ) | 82,928 |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements - continued |
| For The Year Ended 30th September 2024 |
| 12. | 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 | 36,769 | (33,051 | ) | 3,718 |
| Restricted funds |
| Restricted fund | 18,016 | (22,812 | ) | (4,796 | ) |
| TOTAL FUNDS | ( |
) | (1,078 | ) |
| Comparatives for movement in funds |
| Net | Transfers |
| At | movement | between | At |
| 1.10.22 | in funds | funds | 30.9.23 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 2,918 | (4,144 | ) | 3,245 | 2,019 |
| Restricted funds |
| Restricted fund | 14,826 | - | (3,245 | ) | 11,581 |
| Land at Strathmashie | 70,406 | - | - | 70,406 |
| 85,232 | - | (3,245 | ) | 81,987 |
| TOTAL FUNDS | 88,150 | (4,144 | ) | - | 84,006 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 34,145 | (38,289 | ) | (4,144 | ) |
| Restricted funds |
| Restricted fund | 6,219 | (6,219 | ) | - |
| TOTAL FUNDS | 40,364 | (44,508 | ) | (4,144 | ) |
| THE LAGGAN FOREST TRUST |
| Notes to the Financial Statements - continued |
| For The Year Ended 30th September 2024 |
| 12. | Movement in funds - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| At | movement | between | At |
| 1.10.22 | in funds | funds | 30.9.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 2,918 | (426 | ) | 3,510 | 6,002 |
| Restricted funds |
| Restricted fund | 14,826 | (4,796 | ) | (8,104 | ) | 1,926 |
| Land at Strathmashie | 70,406 | - | 4,594 | 75,000 |
| 85,232 | (4,796 | ) | (3,510 | ) | 76,926 |
| TOTAL FUNDS | 88,150 | (5,222 | ) | - | 82,928 |
| 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 | 70,914 | (71,340 | ) | (426 | ) |
| Restricted funds |
| Restricted fund | 24,235 | (29,031 | ) | (4,796 | ) |
| TOTAL FUNDS | 95,149 | (100,371 | ) | (5,222 | ) |
| 13. | Related party disclosures |