PORTGORDON COMMUNITY TRUST LIMITED

	Page
Trustees' Report	1—5
Independent Examiner's Report	6
Statement of Financial Activities (including Income and Expenditure Account)	7
Comparative Statement of Financial Activities (including Income and Expenditure Account)	8
Balance Sheet	9
Notes to the Financial Statements	10—14

The trustees present their report and the financial statements for the year ended 31 March 2026.

Objectives and Activities

Charitable Purposes

As stated in the governing document, the purposes of the Trust are:

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

(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;

Achievements and Performance

Main Achievements

During the year, Portgordon Community Trust (PCT) delivered a programme of projects and services consistent with its charitable objectives and strategic priorities. Activity focused on strengthening community infrastructure, increasing organisational resilience, developing sustainable sources of income, and establishing the foundations for significant future investment in Portgordon.

Key Achievements

Port Cottage was launched last year as PCT's most significant income-generating community enterprise to date. The venture provides a service to the local community while establishing an additional source of unrestricted income for the Trust. Its development represents a significant step in PCT's strategy to strengthen financial independence through community-owned enterprise.

Lampie Hoose Café was further developed as a community asset, with improvements focused on its physical environment, operational capacity, and role as a social, educational, and community hub. Volunteer capacity was also strengthened, increasing the Trust's ability to sustain and develop the facility.

Significant progress was made on the Harbour Project during the year. The Joint Business Case for the Crown Estate-owned harbour was completed, establishing the strategic and commercial foundation for the next phase of development.

To provide an appropriate governance and delivery structure, PCT established a Harbour Sub-Committee of the Board of Directors with delegated responsibility for overseeing the Trust's harbour-related work. The Sub-Committee is supported by a Technical Advisory Group, providing specialist technical and professional input to the Harbour Project Board, thus providing a broader forum for strategic coordination and stakeholder engagement.

This structure establishes clear lines of accountability while bringing together the governance, technical expertise, and strategic coordination required to progress the harbour's potential transition into community ownership and its subsequent redevelopment. The Board of Directors retains overall responsibility for PCT's governance and strategic decision-making, with the supporting groups operating within defined roles and delegated authority.

PCT also successfully completed and secured the adoption of the Portgordon Local Place Plan. Its inclusion within Moray's Local Development Plan ensures that locally identified priorities are formally recognised within the statutory planning framework and provides a strategic reference point for future development over the next decade.

Volunteer contribution remained central to delivery throughout the year. Volunteers provided hundreds of hours supporting community facilities, events, projects, and the governance of the Trust. This contribution continues to represent a substantial operational resource and is fundamental to PCT's ability to deliver its programme.

...CONTINUED

Page 1

Page 2

PORTGORDON COMMUNITY TRUST LIMITED

Trustees' Report (continued)

For The Year Ended 31 March 2026

Main Achievements - continued

Core staff provided the professional and administrative infrastructure necessary to support this activity, including grant development, financial management, project administration, stakeholder engagement, and organisational coordination.

Key Challenges

PCT faced several significant operational and strategic pressures during the year:

Staffing: Managing staff transition and recruitment while maintaining operational continuity.
Funding: Absorbing the loss of Wm Grant Family Foundation funding and securing continued Human Resource funding.
Financial sustainability: Managing rising operating costs while increasing unrestricted and earned income.
Harbour development: Advancing the Business Justification Case and establishing the governance and technical structures required to progress harbour transition and redevelopment.

Statutory complexity: Navigating the regulatory, funding, and stakeholder requirements associated with major community infrastructure and harbour development.

Capacity: Managing increasing demands on staff, volunteers, and organisational resources as the scale and complexity of PCT's programme expands.

PCT is responding through stronger governance, diversified income generation, targeted capacity investment, and strategic partnership development. These measures are designed to strengthen organisational resilience and ensure the Trust has the financial, operational, and governance capacity required to deliver its strategic priorities.

Public Benefit

PCT's activities generated public benefit through the provision and development of community facilities, increased opportunities for social interaction and participation, support for local enterprise, and initiatives contributing to the social, economic, and environmental wellbeing of Portgordon.

The Trust's focus remains on converting community resources and organisational capacity into measurable and sustainable outcomes. The achievements of the year provide a stronger platform from which PCT can progress its strategic priorities and undertake increasingly significant community-led projects.

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 £77,721, 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.

Plan for furture Periods

In the coming year, planned activities include:

Progressing the creation of the Harbour Technical Group and The Harbour Project Board. The Technical team will assess, determine, and propose technical requirements that are in line with the objectives of the premise of the Business Justification Case and The Harbour Project Board is comprised of all key stakeholders and overseas the ongoing progress of both the transfer of the asset but the various phases of the harbour’s redevelopment plan.

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.

Develop employment opportunities that support continued progress to meeting the expectations of members and residents

...CONTINUED

Page 2

Page 3

PORTGORDON COMMUNITY TRUST LIMITED

Trustees' Report (continued)

For The Year Ended 31 March 2026

Plan for furture Periods - continued

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 Document

Portgordon Community Trust is a Scottish Charitable Incorporated Organisation (SCIO) The Trust is governed by its constitution adopted in October 2021 and any amendments approved thereafter.

Trustees are appointed in accordance with the constitution. The Board of Trustees is responsible for setting strategic direction, ensuring compliance with charity law, and overseeing delivery of activities in pursuit of the charitable purposes. Day-to-day operations are delegated to core staff and volunteers.

The Trust works collaboratively with local organisations, statutory agencies, and other stakeholders to further community development objectives.

Reference and Administrative Details

Trustees

Professor P Reid - Chair (appointed 24/04/2025)

Mr H Sliter - Vice Chair

Mrs S Lawrance - Finance Director

Mr A Bates (appointed 24/04/2025)

Mr A Gordon

Miss S Mclennan (appointed 24/04/2025)

Mrs K Mcintosh (appointed 09/12/2025)

Mrs D Robson

Mr Y Jan (appointed 24/04/2025)

Mr R Herbert - Technical Director (resigned 09/12/2025)

Ms J Dargue (resigned 24/04/2025)

Mr K Ewen (resigned 24/04/2025)

Mr J Geoghegan (appointed 21/05/2026)

Company Secretary

Mrs D Robson

Charity Number

SC040805

Company Number

SC282180

Principal Address

The Richmond Building

20 West High Street

Portgordon, Buckie

Banffshire, Scotland

AB56 5QS

Page 3

Page 4

PORTGORDON COMMUNITY TRUST LIMITED

Trustees' Report (continued)

For The Year Ended 31 March 2026

Independent Examiner

Melanie Candy ACCA

Goldwells Elgin

Wards House
Wards Road
Elgin
IV30 1NL

Page 4

Page 5

PORTGORDON COMMUNITY TRUST LIMITED

Trustees' Report (continued)

For The Year Ended 31 March 2026

Small Company Rules

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The trustees' report was approved by the board of trustees and signed on its behalf by:

Professor P Reid

Trustee

26/10/2026

Page 5

Page 6

PORTGORDON COMMUNITY TRUST LIMITED

Independent Examiner's Report to the Trustees of PORTGORDON COMMUNITY TRUST LIMITED

For The Year Ended 31 March 2026

Independent Examiner's Report to the Trustees of PORTGORDON COMMUNITY TRUST LIMITED

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026.

Responsibilities and Basis of Report

As the charity trustees of the Company (and also its directors for the purposes of company law), you 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 trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the 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 Candy ACCA

02/11/2026

Wards House
Wards Road
Elgin
IV30 1NL

Page 6

Page 7

PORTGORDON COMMUNITY TRUST LIMITED

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Statement of Financial Activities (including Income and Expenditure Account)

				2026	2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	38,231	134,237	172,468	171,059
Charitable activities:
Unrestricted		8,460	-	8,460	-
Other trading activities	4	8,891	-	8,891	9,502
Investments	5	80	-	80	631

		55,662	134,237	189,899	181,192

EXPENDITURE ON:
Charitable activities:
Unrestricted		(32,464 )	-	(32,464 )	(12,093 )
Community development officer		-	(38,608 )	(38,608 )	(39,983 )
Core costs		-	(11,433 )	(11,433 )	(12,206 )
Community facilities officer		-	(17,182 )	(17,182 )	(11,595 )
Kitchen		-	-	-	(1,619 )
Community resilience		-	-	-	(574 )
Plan Z		-	(7,688 )	(7,688 )	(2,738 )
Community hub		-	(11,404 )	(11,404 )	(27,604 )
Business Justification Case		-	(31,500 )	(31,500 )	-
Garden		-	(2,187 )	(2,187 )	-

		(32,464 )	(120,002 )	(152,466 )	(108,412 )

NET INCOME		23,198	14,235	37,433	72,780

Transfers between funds	14	13,325	(13,325 )	-	-

NET MOVEMENT IN FUNDS		36,523	910	37,433	72,780
RECONCILIATION OF FUNDS:
Total funds brought forward		44,074	415,355	459,429	386,649

TOTAL FUNDS CARRIED FORWARD	14	80,597	416,265	496,862	459,429

The notes on pages 10 to 14 form part of these financial statements.

Page 7

Page 8

PORTGORDON COMMUNITY TRUST LIMITED

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Comparative Statement of Financial Activities (including Income and Expenditure Account)

				2025
		Unrestricted funds	Restricted funds	Total funds
	Notes	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	4,201	166,858	171,059
Charitable activities:
Other trading activities	4	9,502	-	9,502
Investments	5	631	-	631

		14,334	166,858	181,192

EXPENDITURE ON:
Charitable activities:
Unrestricted		(12,093 )	-	(12,093 )
Community development officer		-	(39,983 )	(39,983 )
Core costs		-	(12,206 )	(12,206 )
Community facilities officer		-	(11,595 )	(11,595 )
Kitchen		-	(1,619 )	(1,619 )
Community resilience		-	(574 )	(574 )
Plan Z		-	(2,738 )	(2,738 )
Community hub		-	(27,604 )	(27,604 )

		(12,093 )	(96,319 )	(108,412 )

NET INCOME		2,241	70,539	72,780

Transfers between funds	14	42	(42 )	-

NET MOVEMENT IN FUNDS		2,283	70,497	72,780
RECONCILIATION OF FUNDS:
Total funds brought forward		41,791	344,858	386,649

TOTAL FUNDS CARRIED FORWARD	14	44,074	415,355	459,429

The notes on pages 10 to 14 form part of these financial statements.

Page 8

Page 9

PORTGORDON COMMUNITY TRUST LIMITED

Balance Sheet

As At 31 March 2026

Balance Sheet

				2026	2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10	17,932	525,730	543,662	514,473

		17,932	525,730	543,662	514,473
CURRENT ASSETS
Debtors	11	-	8,068	8,068	6,374
Cash at bank and in hand		63,615	8,628	72,243	69,047

		63,615	16,696	80,311	75,421
Creditors: Amounts Falling Due Within One Year	12	(950 )	(126,161 )	(127,111 )	(130,465 )

NET CURRENT ASSETS (LIABILITIES)		62,665	(109,465 )	(46,800 )	(55,044 )

TOTAL ASSETS LESS CURRENT LIABILITIES		80,597	416,265	496,862	459,429

NET ASSETS		80,597	416,265	496,862	459,429

FUNDS OF THE CHARITY
Restricted Funds				416,265	415,355
Unrestricted Funds				80,597	44,074

TOTAL FUNDS	14			496,862	459,429

For the year ending 31 March 2026 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board

Professor P Reid

Trustee

26/10/2026

The notes on pages 10 to 14 form part of these financial statements.

Page 9

Page 10

PORTGORDON COMMUNITY TRUST LIMITED

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

PORTGORDON COMMUNITY TRUST LIMITED is a company limited by guarantee, incorporated in Scotland, registered number SC282180 and registered charity number SC040805 . The registered office is .

2. Accounting Policies

2.1. Basis of Preparation of 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.

2.2. 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.

2.3. Incoming Resources

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.

2.4. Resources Expended

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.

2.5. Tangible Fixed Assets and Depreciation

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 & fittings	20% on reducing balance
Computer equipment	33% on reducing balance

2.6. Taxation

The charity is exempt from corporation tax on its charitable activities.

2.7. Pensions

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.

3. Income from Donations and Legacies

Page 10

Page 11

PORTGORDON COMMUNITY TRUST LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

			2026	2025
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	£	£	£	£
Donations and gifts	3,115	-	3,115	2,119
Grants	35,116	134,237	169,353	168,940

	38,231	134,237	172,468	171,059

4. Income from Other Trading Activities

	2026	2025
	Unrestricted funds	Total funds
	£	£
Income from other trading activities	8,891	9,502

5. Investment Income

	2026	2025
	Unrestricted	Total
	funds	funds
	£	£
Rents received from investment properties	80	631

6. Net Income/(Expenditure)

The net income is stated after charging/(crediting):

	2026	2025
	£	£
Depreciation of tangible fixed assets - owned	19,768	19,446

7. Independent Examiner's Remuneration

	2026	2025
	£	£
Independent examination of the financial statements	864	1,146

8. Staff Costs

	2026	2025
	£	£
Wages and salaries	65,959	49,811
Other pension costs	1,611	1,229

	67,570	51,040

No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000.

9. Average Number of Employees

Average number of employees during the year was: 2 (2025: 2)

Page 11

Page 12

PORTGORDON COMMUNITY TRUST LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2025	513,179	4,971	51,049	1,059	570,258
Additions	46,703	1,666	588	-	48,957

As at 31 March 2026	559,882	6,637	51,637	1,059	619,215

Depreciation
As at 1 April 2025	24,234	2,896	28,181	474	55,785
Provided during the period	13,997	885	4,691	195	19,768

As at 31 March 2026	38,231	3,781	32,872	669	75,553

Net Book Value
As at 31 March 2026	521,651	2,856	18,765	390	543,662

As at 1 April 2025	488,945	2,075	22,868	585	514,473

11. Debtors

	2026	2025
	£	£
Due within one year
Other debtors	8,068	6,374

12. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Other creditors	-	318
Accruals and deferred income	127,111	130,147

	127,111	130,465

13. Pension Commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

During the year the charge to the statement of financial activities in respect of defined contribution schemes was £1,611 (2025: £1,229).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

14. Movement in Funds

	As at 1 April 2025	Income	Expenditure	Transfers	As at 31 March 2026
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	44,074	55,662	(32,464 )	13,325	80,597
Restricted funds

...CONTINUED

Page 12

Page 13

PORTGORDON COMMUNITY TRUST LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Portgordon Community Resilience	3,476	(1)	-	-	3,475
Community Hub	309,459	3,409	(11,404)	(5,659)	295,805
Plan Z Cottage	79,571	31,882	(7,688)	-	103,765
Community Facilities Co-ordinator	22,849	-	(17,182)	(5,667)	-
Core Costs	-	14,163	(11,433)	-	2,730
Community Development Officer	-	38,608	(38,608)	-	-
Business Justification Case	-	41,990	(31,500)	-	10,490
Garden	-	4,186	(2,187)	(1,999)	-


Total restricted funds	415,355	134,237	(120,002 )	(13,325 )	416,265




Total funds	459,429	189,899	(152,466 )	-	496,862

	As at 1 April 2024	Income	Expenditure	Transfers	As at 31 March 2025
	£	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	41,791	14,334	(12,093 )	42	44,074
Restricted funds
Portgordon Community Resilience	4,050	-	(574)	-	3,476
Community Hub	332,454	4,609	(27,604)	-	309,459
Plan Z Cottage	-	82,309	(2,738)	-	79,571
Community Facilities Co-ordinator	-	34,444	(11,595)	-	22,849
Core Costs	-	12,206	(12,206)	-	-
Community Anchors	6,735	(6,693)	-	(42)	-
Kitchen equipment	1,619	-	(1,619)	-	-
Community Development Officer	-	39,983	(39,983)	-	-


Total restricted funds	344,858	166,858	(96,319 )	(42 )	415,355




Total funds	386,649	181,192	(108,412 )	-	459,429

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 tomake use of the building by renting it out for community projects.
Plan Z Cottage: Funds towards the renovation of 21 West High Street to Short Term Let Accommodation.

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

Core costs: Funds towards the core costs of the charity such as heat and light and insurance.

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

...CONTINUED

Page 13

Page 14

PORTGORDON COMMUNITY TRUST LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

14. Movement in Funds - continued

Business Justification Case: Funds towards reassessing the strategic and economic case of the Portgordon Harbour proposal.
Garden: Funds towards the improvement the portgordon community garden.

Anchors: Funds towards the general community life within Portgordon.

15. Transactions with Trustees

None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.

No trustee expenses have been incurred.

16. Related Party Disclosures

There were no related party transactions for the year ended 31st March 2026.

17. Company limited by guarantee

The company is limited by guarantee and has no share capital.

Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.

Page 14