Charity registration number SC051307
Company registration number SC647148
WICK DEVELOPMENT TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
WICK DEVELOPMENT TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Beverley Miller
Jonathan N Miller
Helen M Lamont
Jennifer Richard
Yeager Coghill
Peter G B Gunn
(Appointed 1 February 2024)
Alexander W Jack
(Appointed 6 March 2024)
Sarah A Lamb
(Appointed 24 November 2024)
Senior management
Jonathan Miller
Chairman
Alexander W Jack
Board member
Sarah Lamb
Project Officer
Helen Lamont
Treasurer
Charity number
SC051307
Company number
SC647148
Registered office
Wick River Campsite
Riverside Drive
Wick
KW1 5SP
Auditor
MacKenzie Kerr Limited
Chartered Accountants and Statutory Auditor
Redwood
19 Culduthel Road
Inverness
IV2 4AA
Bankers
Bank of Scotland plc
The Direct Business Bank
PO Box 17235
Edinburgh
EH11 1YH
WICK DEVELOPMENT TRUST
CONTENTS OF THE FINANCIAL STATEMENTS
Page
Trustees report
1 - 3
Independent auditor's report
4 - 7
Statement of financial activities
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
WICK DEVELOPMENT TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 30 November 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 governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".

Objectives and activities

The company has been formed to benefit principally the community, which comprises the town of Wick and immediate vicinity, with the villages of Thrumster, Staxigoe, Haster and Reiss representing the boundaries to the south, north and west respectively. The company will serve "the Community" with the following objects:

 

(1) The advancement of community development (including the advancement of urban regeneration) principally within the Community;

 

But only to the extent that the above purposes are consistent with furthering the achievement of sustainable development.

Achievements and performance
Significant activities and achievements against objectives

Over the reporting period, Wick Development Trust has made substantial progress in delivering its strategic objectives focused on place - based regeneration and community development. Key highlights include the completion of Phase 2 of the Wick River Campsite redevelopment, which saw the opening of a new toilet and shower block in June 2024. This facility's funding figure was £6,319 and it was towards a series of biodiversity improvements around Wick Riverside collaborating with local primary and high school pupils, High Life Highland Countryside Rangers and the Caithness Environmental Volunteers.

Financial review
Reserves policy

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.

Plans for future periods

Phase 3 of the redevelopment - construction of a new Reception Building - will commence in January 2025 following successful planning and funding efforts. In addition, WDT has actively developed the Press Pause Tourism Initiative, securing £2,500 from the North Highland Initiative to produce new visitor resources including a local area map. place - based branding, and the Telford Trail leaflet. These efforts continue to position Wick as a welcoming and engaging visitor destination. During 2023/24, we also engaged with a series of biodiversity improvements around Wick Riverside collaborating with local primary and high school pupils, High Life Highland, Countryside Rangers and the Caithness Environmental Volunteers. The Trust works in collaboration with local authorities, funders and community partners to deliver its objectives. Project working groups and subcommittees are formed where necessary to provide detailed support for specific initiatives.

WICK DEVELOPMENT TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Structure, governance and management

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.

 

Charity constitution

Wick Development Trust registered as a charity from 29 September 2021.

The name the charity is known by WDT.

Website: http://www.wicksheart.co.uk

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Beverley Miller
Jonathan N Miller
Helen M Lamont
Jennifer Richard
Yeager Coghill
Peter G B Gunn
(Appointed 1 February 2024)
Alexander W Jack
(Appointed 6 March 2024)
Sarah A Lamb
(Appointed 24 November 2024)
Sarah L Bray
(Resigned 21 November 2024)
Recruitment and appointment of trustees

Trustees are recruited based on their alignment with WDT's aims and their commitment to the development of Wick. Appointments are made in accordance with the organisation's constitution and are confirmed at the Annual General Meeting. The Board seeks a diverse range of experience, including expertise in community development, finance, project delivery, and local representation. New trustees receive an induction, which includes an overview of current projects, governance responsibilities, and WDT's strategic plan. The Board maintains an open approach to trustee recruitment, encouraging community engagement and transparent succession planning.

 

 

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

Wick Development Trust is governed by a volunteer Board of Trustees, who meet regularly to provide strategic direction and oversight. Day-to-day operations are led by a Project Manager, whose role is supported through funding from the Strengthening Communities Programme (SCP). The Project Manager is responsible for project development, stakeholder engagement, funding applications, and monitoring delivery.

WICK DEVELOPMENT TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Statement of Trustees responsibilities

The Trustees, who are also the directors of Wick Development Trust 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 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.

Auditor

In accordance with the company's articles, a resolution proposing that MacKenzie Kerr Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees report was approved by the Board of Trustees.

Helen M Lamont
Trustee
25 August 2025
WICK DEVELOPMENT TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WICK DEVELOPMENT TRUST
- 4 -

Opinion

We have audited the financial statements of Wick Development Trust (the ‘charity’) for the year ended 30 November 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 24 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

WICK DEVELOPMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WICK DEVELOPMENT TRUST
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

-

proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

WICK DEVELOPMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WICK DEVELOPMENT TRUST
- 6 -
Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

 

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK tax legislation.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

 

During the planning meeting with the audit team, the Responsible Individual (RI) drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the RI's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

The comparative figures were not audited.

WICK DEVELOPMENT TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WICK DEVELOPMENT TRUST
- 7 -

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark D Sanderson BSc CA (Senior Statutory Auditor)
For and on behalf of MacKenzie Kerr Limited, Statutory Auditor
Chartered Accountants and Statutory Auditor
Redwood
19 Culduthel Road
Inverness
IV2 4AA
26 August 2025

MacKenzie Kerr Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

WICK DEVELOPMENT TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
1,250
528,536
529,786
24,367
80,789
105,156
Charitable activities
3
167,141
-
167,141
165,758
-
165,758
Total income
168,391
528,536
696,927
190,125
80,789
270,914
Expenditure on:
Charitable activities
4
132,603
89,233
221,836
134,028
35,359
169,387
Total expenditure
132,603
89,233
221,836
134,028
35,359
169,387
Net income
35,788
439,303
475,091
56,097
45,430
101,527
Transfers between funds
(10,648)
10,648
-
6,349
(6,349)
-
Net movement in funds
6
25,140
449,951
475,091
62,446
39,081
101,527
Reconciliation of funds:
Fund balances at 1 December 2023
67,944
112,083
180,027
5,498
73,002
78,500
Fund balances at 30 November 2024
93,084
562,034
655,118
67,944
112,083
180,027

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WICK DEVELOPMENT TRUST
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
565,561
70,889
Investment property
10
50,000
50,000
615,561
120,889
Current assets
Debtors
11
16,271
23,974
Cash at bank and in hand
171,444
94,554
187,715
118,528
Creditors: amounts falling due within one year
13
(141,360)
(48,807)
Net current assets
46,355
69,721
Total assets less current liabilities
661,916
190,610
Creditors: amounts falling due after more than one year
14
(6,798)
(10,583)
Net assets
655,118
180,027
Funds charity
Restricted funds
16
562,034
112,083
Unrestricted funds
17
93,084
67,944
655,118
180,027
The financial statements were approved by the Trustees on 25 August 2025
Helen M Lamont
Trustee
Company registration number SC647148
WICK DEVELOPMENT TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
515,300
109,104
Investing activities
Purchase of tangible fixed assets
(534,965)
(67,966)
Net cash used in investing activities
(534,965)
(67,966)
Financing activities
Proceeds from new bank loans
100,000
-
Repayment of bank loans
(3,445)
(3,194)
Net cash generated from/(used in) financing activities
96,555
(3,194)
Net increase in cash and cash equivalents
76,890
37,944
Cash and cash equivalents at beginning of year
94,554
56,610
Cash and cash equivalents at end of year
171,444
94,554
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Charity information

Wick Development Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Wick River Campsite, Riverside Drive, Wick, KW1 5SP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The charity is a Public Benefit Entity as defined by FRS 102.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 charity 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 or grantors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.

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 accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies (Continued)
- 12 -
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:

Improvements to property
over the period of the lease
Plant and equipment
20% on cost
Computer equipment
20% on cost

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.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.8
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).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies (Continued)
- 13 -
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.

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 corporation tax on its charitable activities.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. At the year end £71 (2023 - £265) was payable.

1.13
Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
2
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations
1,250
-
1,250
1,403
-
1,403
Grants
-
528,536
528,536
22,964
80,789
103,753
1,250
528,536
529,786
24,367
80,789
105,156
Grants
Highland and Islands Enterprise
-
168,671
168,671
-
27,295
27,295
Highland Council
-
136,447
136,447
13,234
39,944
53,178
Magnox Ltd, Dounreay
-
80,000
80,000
-
-
-
The Energy Saving Trust
-
59,650
59,650
-
-
-
RWE Camster Wind Farm Community Fund
-
20,000
20,000
-
-
-
Foundation Scotland
-
19,396
19,396
-
-
-
Beatrice Partnership
-
14,570
14,570
(1,399)
9,032
7,633
Scottish & Southern Energy
-
10,896
10,896
-
-
-
Caithness and North Sutherland Fund
-
-
-
11,129
-
11,129
Other
-
18,906
18,906
-
4,518
4,518
-
528,536
528,536
22,964
80,789
103,753
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Charitable activities
Campsite income
167,141
165,758
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
4
Expenditure on charitable activities
Campsite
Campsite
2024
2023
£
£
Direct costs
Staff costs
74,954
81,696
Depreciation and impairment
40,293
6,603
Direct project costs/expenses
18,425
2,713
Repairs and renewals
21,077
23,103
Rates, insurance and water
14,317
7,953
Heat and light
3,577
10,232
Telephone
1,999
1,167
Printing, stationery and advertising
3,247
6,381
177,889
139,848
Share of support and governance costs (see note 5)
Support
35,647
28,739
Governance
8,300
800
221,836
169,387
Analysis by fund
Unrestricted funds
132,603
134,028
Restricted funds
89,233
35,359
221,836
169,387
5
Support costs allocated to activities
2024
2023
£
£
Operating lease charges
17,368
19,798
Cleaning and refuse
11,830
5,412
Legal and professional
497
1,052
Sundries
1,474
1,049
Loan interest
4,478
1,428
Governance costs
8,300
800
43,947
29,539
Analysed between:
Campsite
43,947
29,539
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for the audit/independent examination of the charity's financial statements
7,000
800
- for other financial services
1,300
-
Depreciation of owned tangible fixed assets
40,293
6,603
Operating lease charges
17,368
19,798
7
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Trustees' expenses

 

There were no trustees' expenses paid for the years ended 30 November 2024 or 30 November 2023.

8
Employees
2024
2023
Number
Number
4
4
Employment costs
2024
2023
£
£
Wages and salaries
67,961
75,253
Social security costs
5,606
5,549
Other pension costs
1,387
894
74,954
81,696
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The charity considers the total employment benefits of key management personnel, which is comprised of the Chairman, a Board Member, the Project Officer and the Treasurer to be £39,437.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
9
Tangible fixed assets
Improvements to property
Plant and equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 December 2023
63,592
14,493
1,788
79,873
Additions
507,481
27,484
-
534,965
At 30 November 2024
571,073
41,977
1,788
614,838
Depreciation and impairment
At 1 December 2023
3,347
5,084
553
8,984
Depreciation charged in the year
31,540
8,395
358
40,293
At 30 November 2024
34,887
13,479
911
49,277
Carrying amount
At 30 November 2024
536,186
28,498
877
565,561
At 30 November 2023
60,245
9,409
1,235
70,889
10
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
50,000

Investment property comprises 30 High Street, Wick. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 12 July 2021 by DM Hall, Chartered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
12,893
22,131
Prepayments
3,378
1,843
16,271
23,974
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
12
Loans and overdrafts
2024
2023
£
£
Bank loans
110,620
14,065
Payable within one year
103,822
3,482
Payable after one year
6,798
10,583
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
12
103,822
3,482
Other taxation and social security
20,439
9,001
Other creditors
71
265
Accruals and deferred income
17,028
36,059
141,360
48,807
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
12
6,798
10,583
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,387
894

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
16
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 December 2023
Incoming resources
Resources expended
Transfers
At 30 November 2024
£
£
£
£
£
Investment Properties
70,000
-
-
(20,000)
50,000
Campsite capital expenditure - grant
2,251
-
(750)
-
1,501
Caithness at War Project
-
17,138
(14,338)
-
2,800
Caithness Community Fund - grant
1,990
-
(498)
-
1,492
Project Officer
-
32,638
(39,438)
10,648
3,848
Phase 1 capital work - grants
37,842
-
(2,103)
-
35,739
Town Centre project
-
-
-
20,000
20,000
Phase 2 capital work - grants
-
374,964
(22,911)
-
352,053
Riverside Biodiversity Improvements
-
65,969
(6,733)
-
59,236
Press Pause Initiative
-
2,500
(500)
-
2,000
Phase 3 capital works - grants
-
35,327
(1,962)
-
33,365
112,083
528,536
(89,233)
10,648
562,034
Previous year:
At 1 December 2022
Incoming resources
Resources expended
Transfers
At 30 November 2023
£
£
£
£
£
Investment properties
70,000
-
-
-
70,000
Loves Local
-
30
-
(30)
-
Start up costs, etc
-
6,319
-
(6,319)
-
Campsite capital expenditure - grant
3,002
-
(751)
-
2,251
Caithness at War Project
-
2,713
(2,713)
-
-
Caithness Community Fund - grant
-
2,488
(498)
-
1,990
North Highland Initiative - ESP Grant
-
2,000
(2,000)
-
-
Project Officer
-
27,295
(27,295)
-
-
Phase 1 - capital works grant
-
39,944
(2,102)
-
37,842
73,002
80,789
(35,359)
(6,349)
112,083
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
16
Restricted funds (Continued)
- 20 -

Investment Properties

This fund was established in relation to the purchase of investment properties.

 

Campsite Capital Expenditure

This fund was established on the receipt of a grant for equipment which is being released to the Statement of Financial Activities in line with the related depreciation of the equipment.

 

Caithness at War Project

This fund was established in respect of a project to set up a trail in Wick associated with happenings during the War.

 

Caithness Community Fund

This fund was established on the receipt of a grant for equipment which is being released to the Statement of Financial Activities in line with the related depreciation of the equipment.

 

Project Officer

This fund was established based on the receipt of grants to fund the post of Project Officer.

 

Phase 1 - Capital Work

This fund was established on the receipt of grants in respect of electric, ground and fencing works at the campsite which is being released to the Statement of Financial Activities in line with the related depreciation.

 

Phase 2 - Capital Work

This fund was established on the receipt of grants in respect of new toilet block buildings at the campsite which is being released to the Statement of Financial Activities in line with the related depreciation.

 

Riverside Biodiversity Improvements Project

This fund was established on the receipt of grants to restore the natural environment of the riverside.

 

"Press Pause" Initiative

This fund was established on receipt of a grant to allow the community to consider what is working and what is not working in the community and what role tourism can play.

 

Phase 3 - Capital Work

This fund was established on the receipt of grants in respect of the reception building at the campsite which is being released to the Statement of Financial Activities in line with the related depreciation.

WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
17
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 December 2023
Incoming resources
Resources expended
Transfers
At 30 November 2024
£
£
£
£
£
General funds
67,944
168,391
(132,603)
(10,648)
93,084
Previous year:
At 1 December 2022
Incoming resources
Resources expended
Transfers
At 30 November 2023
£
£
£
£
£
General funds
5,498
190,125
(134,028)
6,349
67,944
18
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 30 November 2024:
Tangible assets
87,931
477,630
565,561
Investment properties
-
50,000
50,000
Current assets/(liabilities)
11,951
34,404
46,355
Long term liabilities
(6,798)
-
(6,798)
93,084
562,034
655,118
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 30 November 2023:
Tangible assets
28,805
42,084
70,889
Investment properties
-
50,000
50,000
Current assets/(liabilities)
49,722
19,999
69,721
Long term liabilities
(10,583)
-
(10,583)
67,944
112,083
180,027
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
19
Financial commitments, guarantees and contingent liabilities

Some of the grants received have clawback conditions attached in respect of the sale of any assets purchased by the grant or any assets purchasd by the grant ceasing to be used for the intended purpose. In some cases the restriction lasts for five years from the date of purchase and in others it is longer. It is therefore not possible to quantify any potential liability but at the year end it is not intended to sell any of the assets to which the grants apply.

20
Operating lease commitments
Lessee

At the year end, there is currently an operating lease in existence for £20,500 pa.

21
Related party transactions

NORCAD Engineering, a business in which J N Miller, a director of Wick Development Trust, is also a director provided goods and services to the value of £17,647 during the year (2023 - £2,913).

 

MacKay Hotel a business in which Mrs H M Lamont, a director of Wick Development Trust, is the owner provided goods and services to the value of £nil during the year (2023 - £887).

 

Heat Centre a business in which Mrs J Richard, a director of Wick Development Trust, is also a director provided goods and services to the value of £994 during the year (2023 - £nil).

22
Cash generated from operations
2024
2023
£
£
Surplus for the year
475,091
101,527
Adjustments for:
Depreciation and impairment of tangible fixed assets
40,293
6,603
Movements in working capital:
Decrease/(increase) in debtors
7,703
(22,694)
(Decrease)/increase in creditors
(7,787)
23,668
Cash generated from operations
515,300
109,104
WICK DEVELOPMENT TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
23
Analysis of changes in net funds
At 1 December 2023
Cash flows
At 30 November 2024
£
£
£
Cash at bank and in hand
94,554
76,890
171,444
Loans falling due within one year
(3,482)
(100,340)
(103,822)
Loans falling due after more than one year
(10,583)
3,785
(6,798)
80,489
(19,665)
60,824
24
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.

2024-11-302023-12-01falsefalseCCH SoftwareiXBRL Review & Tag 2025.2SC6471482023-12-012024-11-30SC647148bus:Director12023-12-012024-11-30SC647148bus:Director22023-12-012024-11-30SC647148bus:Director32023-12-012024-11-30SC647148bus:Director42023-12-012024-11-30SC647148bus:Director52023-12-012024-11-30SC647148bus:Director62023-12-012024-11-30SC647148bus:Director72023-12-012024-11-30SC647148bus:Director82023-12-012024-11-30SC647148bus:Director92023-12-012024-11-30SC6471482024-11-30SC6471482023-11-30SC6471482022-12-012023-11-30SC647148bus:FRS1022023-12-012024-11-30SC647148bus:Audited2023-12-012024-11-30SC647148bus:FullAccounts2023-12-012024-11-30xbrli:purexbrli:sharesiso4217:GBP