Portgordon Community Trust Limited - Charities report

REGISTERED COMPANY NUMBER: SC282180 (Scotland)

REGISTERED CHARITY NUMBER: SC040805

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

PORTGORDON COMMUNITY TRUST LIMITED

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

to

8

Notes to the Financial Statements

9

to

14

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 March 2025. 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

Activities and Objectives

Extract from Portgordon Community Trusts Ltd.'s Memorandum and Articles of Association:

The company has been formed to benefit principally the community of residents of, and visitors to, the village of Portgordon and those of its immediate surrounding areas (including staff and families of pupils of Portgordon primary school), within Lennox Community Council area 15 of the Moray Council electoral ward 4 (Post code area AB56), with the following objectives:

(a) The advancement of community development (including the advancement of urban regeneration);

(b) The advancement of education

(c) The promotion of the arts, heritage, culture

(d) The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage

(e) The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended

(f) The advancement of environmental protection or improvement

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

(g) To advance public education generally and to provide, or assist in the provision of facilities in the interests of social welfare for recreational and leisure-time occupation with the objective of improving the conditions of life for the inhabitants of Portgordon and its environs;

(h) To promote and/or provide training and skills of all kinds and for all ages, particularly such skills as will assist the residents of Portgordon and its environs in obtaining paid employment, but also computer skills for those less familiar with online facilities;

In all things pursuant of these objectives, we do so to the benefit of the village of Portgordon and its inhabitants and environs. But only to the extent that the above purposes are consistent with furthering the achievement of sustainable development.

Activities:

During the year, Portgordon Community Trust delivered projects and services aligned with its charitable purposes, with a focus on community development, social cohesion, and sustainable local enterprise.

Key achievements included:

- Launch of Port Cottage, the Trust's most significant income-generating community enterprise to date, providing both services to residents and a source of unrestricted income.

- Continued operation of Lampie Hoose Café as a social hub, volunteer training venue, and community gathering space.

- Completion of the Strategic Outline Case for the Crown Estate-owned harbour, followed by commencement of the Joint Business Case phase in line with community guidance.

- Facilitation of the community-authored Local Place Plan submission to Moray Council, ensuring local priorities were represented in statutory planning processes.

Volunteers contributed hundreds of hours to the running of facilities, events, and governance. Core staff provided the infrastructure needed to deliver these initiatives, including grant applications, financial management, and stakeholder liaison.

Challenges faced during the year included:

- Securing long-term financial sustainability amidst rising operational costs.

- Navigating complex statutory and funding processes associated with harbour redevelopment.

- Balancing project development with the capacity of volunteers and staff.

These challenges are being addressed through diversification of income streams, strengthening partnerships, and targeted capacity-building.

Public benefit was delivered through enhanced community facilities, opportunities for social interaction, and initiatives that contribute to Portgordon's economic and environmental wellbeing.

ACHIEVEMENTS AND PERFORMANCE

Charitable Purpose

The objective of the Group is to take over ownership and regenerate Portgordon Harbour and the surrounding area for the benefit of the local community. This would enhance the village and provide opportunities to individuals of all ages to learn new skills.

FINANCIAL REVIEW

Financial position

The financial statements for the year are presented alongside this report.

Income was derived from a combination of trading activities (including Port Cottage and Lampie Hoose Café), grants, donations, and fundraising.

Expenditure primarily related to staff costs, maintenance of community assets, project delivery, and governance.

The Trust's reserves policy is to maintain unrestricted reserves equivalent to three months' operating costs, to ensure stability and flexibility in responding to community needs. At year-end, unrestricted reserves stood at £44,074, which met this target.

The Trustees are satisfied that the charity is a going concern for the foreseeable future, based on committed income streams and funding applications in progress.

PLANS FOR FUTURE PERIODS

In the coming year, planned activities include:

- Progressing the harbour Joint Business Case to a stage where funding and redevelopment options can be considered by the community.

- Expanding trading capacity at Port Cottage and Lampie Hoose Café to further strengthen unrestricted income.

- Continuing improvements to community spaces and facilities, with a focus on accessibility and sustainability.

- Developing partnerships to deliver new cultural, environmental, and educational projects.

All planned work will remain aligned with the charitable purposes and the strategic priorities identified by the community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Arrangements

On 21st October 2021 the Group changed its name from Portgordon Community Harbour Group Ltd to Portgordon Community Trust Ltd joining together with other Groups in the village, namely Portgordon Village Hall, The Lampie Hoose Resource Centre and the Portgordon Post.

The Group is a charitable organisation and the purposes and administration arrangements are written into their constitution.

Structure, Governance and Management

All of the Trustees' listed below are appointed or reappointed by existing Directors, or by members at Annual General Meetings.

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

SC282180 (Scotland)

Registered Charity number

SC040805

Registered office

The Richmond Building

20 West High Street

Portgordon

Banffshire

AB56 5QS

Trustees

H A Sliter Co-Chair

P H Reid Co-Chair

S Lawrance Finance Director

R Herbert Technical Director

D Robson

A Gordon

S McLennan (appointed 24/4/25)

Y Jan (appointed 24/4/25)

A Bates (appointed 24/4/25)

Company Secretary

D Robson

Independent Examiner

Melanie Francis ACCA

Goldwells

Wards House

Wards Road

Elgin

Moray

IV30 1NL

Approved by order of the board of trustees on 5th November 2025 and signed on its behalf by:

P H Reid - Trustee

I report on the accounts for the year ended 31st March 2025 set out on pages six to fourteen.

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.

Melanie Francis ACCA

The Association of Chartered Certified Accountants

Goldwells

Wards House

Wards Road

Elgin

Moray

IV30 1NL

8th December 2025

2025

2024

Unrestricted

Restricted

Total

fund

funds

Notes

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

4,200

166,857

171,057

86,629

Other trading activities

3

9,502

-

9,502

3,745

Investment income

4

631

-

631

538

Total

14,333

166,857

181,190

90,912

EXPENDITURE ON

Charitable activities

Unrestricted fund

10,898

-

10,898

26,060

Community hub

-

11,404

71,355

Community Anchors

-

5,773

Community resilience

-

574

3,339

Community development officer

-

39,983

29,945

Solar garden

-

75

Kitchen equipment

-

1,619

10,569

Community Facilities Officer

-

11,595

-

Core costs

-

12,154

-

PLAN Z

-

2,738

-

Other

1,194

16,251

17,445

5,727

Total

12,092

96,318

108,410

152,843

NET INCOME/(EXPENDITURE)

2,241

70,539

72,780

(61,931

)

Transfers between funds

12

42

(42

)

-

Net movement in funds

2,283

70,497

72,780

(61,931

)

RECONCILIATION OF FUNDS

Total funds brought forward

41,791

344,858

386,649

448,580

TOTAL FUNDS CARRIED FORWARD

44,074

415,355

459,429

386,649

2025

2024

Notes

£

FIXED ASSETS

Tangible assets

8

514,472

470,035

CURRENT ASSETS

Debtors

9

6,374

15,000

Cash at bank

69,048

35,171

75,422

50,171

CREDITORS

Amounts falling due within one year

10

(130,465

)

(133,557

)

NET CURRENT ASSETS

(55,043

)

(83,386

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

459,429

386,649

NET ASSETS

459,429

386,649

FUNDS

12

Unrestricted funds

44,074

41,791

Restricted funds

415,355

344,858

TOTAL FUNDS

459,429

386,649

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 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 5th November 2025 and were signed on its behalf by:

P H Reid - Trustee

H A Sliter - Trustee

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.

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.

Improvements to property

-

2.5% straight line basis

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2025

2024

£

Donations

2,117

2,298

Grants

168,940

84,331

171,057

86,629

3.	OTHER TRADING ACTIVITIES

2025

2024

£

Cafe income

9,502

3,745

4.	INVESTMENT INCOME

2025

2024

£

Room Hire

631

535

Interest Received

-

3

631

538

5.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

Independent Examination Fee

1,146

996

Depreciation - owned assets

19,447

17,929

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.

7.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2025

2024

Community development officer

1

Community facilities officer

1

-

2

1

No employees received emoluments in excess of £60,000.

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

COST

At 1st April 2024

456,179

4,971

44,675

549

506,374

Additions

57,000

-

6,374

510

63,884

At 31st March 2025

513,179

4,971

51,049

1,059

570,258

DEPRECIATION

At 1st April 2024

11,404

2,288

22,464

183

36,339

Charge for year

12,830

608

5,717

292

19,447

At 31st March 2025

24,234

2,896

28,181

475

55,786

NET BOOK VALUE

At 31st March 2025

488,945

2,075

22,868

584

514,472

At 31st March 2024

444,775

2,683

22,211

366

470,035

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

6,374

-

Other debtors

-

15,000

6,374

15,000

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade creditors

-

1

Other creditors

318

-

Accruals and deferred income

129,571

132,980

Accrued expenses

576

130,465

133,557

11.	ANALYSIS OF NET ASSETS BETWEEN FUNDS

2025

2024

Unrestricted

Restricted

Total

fund

funds

£

Fixed assets

20,088

494,384

514,472

470,035

Current assets

24,880

50,542

75,422

50,171

Current liabilities

(894

)

(129,571

)

(130,465

)

(133,557

)

44,074

415,355

459,429

386,649

12.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

Unrestricted funds

General fund

41,791

2,241

42

44,074

Restricted funds

Community anchors

6,735

(6,693

)

(42

)

-

Portgordon Community Resilience

4,050

(574

)

-

3,476

Community Hub

332,454

(22,995

)

-

309,459

Kitchen equipment

1,619

(1,619

)

-

Plan Z Cottage

-

79,571

-

79,571

Community Facilities Co-ordinator

-

22,849

-

22,849

344,858

70,539

(42

)

415,355

TOTAL FUNDS

386,649

72,780

-

459,429

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

14,333

(12,092

)

2,241

Restricted funds

Community anchors

(6,693

)

-

(6,693

)

Portgordon Community Resilience

-

(574

)

(574

)

Community Hub

4,609

(27,604

)

(22,995

)

Community Development Officer

39,983

(39,983

)

-

Kitchen equipment

-

(1,619

)

(1,619

)

Plan Z Cottage

82,309

(2,738

)

79,571

Community Facilities Co-ordinator

34,444

(11,595

)

22,849

Core costs

12,205

(12,205

)

-

166,857

(96,318

)

70,539

TOTAL FUNDS

181,190

(108,410

)

72,780

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.24

£

Unrestricted funds

General fund

353,131

4,439

(315,779

)

41,791

Restricted funds

Community anchors

12,508

(5,773

)

-

6,735

Portgordon Community Resilience

9,288

(3,339

)

(1,899

)

4,050

Hall Heating System

6,591

(5,613

)

(978

)

-

Garden

-

(75

)

75

-

Community Hub

10,340

1,347

320,767

332,454

Village Hall Electrics

56,646

(56,646

)

-

Solar Garden

76

-

(76

)

-

Community Development Officer

-

549

(549

)

-

Kitchen equipment

-

3,181

(1,562

)

1,619

Window Replacement

-

(1

)

1

-

95,449

(66,370

)

315,779

344,858

TOTAL FUNDS

448,580

(61,931

)

-

386,649

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

Unrestricted funds

General fund

31,226

(26,787

)

4,439

Restricted funds

Community anchors

-

(5,773

)

(5,773

)

Portgordon Community Resilience

-

(3,339

)

(3,339

)

Hall Heating System

(5,613

)

-

(5,613

)

Garden

-

(75

)

(75

)

Community Hub

21,056

(19,709

)

1,347

Village Hall Electrics

-

(56,646

)

(56,646

)

Community Development Officer

30,494

(29,945

)

549

Kitchen equipment

4,750

(1,569

)

3,181

Window Replacement

8,999

(9,000

)

(1

)

59,686

(126,056

)

(66,370

)

TOTAL FUNDS

90,912

(152,843

)

(61,931

)

Transfers between funds

An amount of £42 has been transferred from restricted funds to unrestricted funds. This transfer relates to an underspend of the community anchors fund, which was not requested to be repaid by the funder.

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st March 2025.

14.	ANALYSIS OF CHARITABLE FUNDS

Anchors: Funds towards the general community life within Portgordon.

Communities Resilience Scheme: Funds towards ensuring people of the community have sufficient materials if a potential power outage was to occur.

Community Hub: Funds towards the community hub building including the cafe, allowing the community to make use of the building by renting it out for community projects.

Hall Heating System: Funds toward updating the hall heating system.

Hall Electrical System: Funds towards updating the hall electrical system.

Garden: Funds towards the improvement the portgordon community garden.

Community Development officer: Funds towards the costs of employing the Community Development Officer within Portgordon Community Trust.

Community Facilities officer: Funds towards the costs of employing the Community Facilities Officer within Portgordon Community Trust.

Solar Garden: Funds towards the solar adaption to the Portgordon community garden.

Kitchen Equipment (AFF): Funds towards the purchase of kitchen equipment within the community cafe.

Window Replacement: Funds towards the replacement of the windows.

Plan Z Cottage: Funds towards the renovation of 21 West High Street to Short Term Let Accommodation.