2021-12-31-accounts

					Page
Reference and administrative			details ofthe Charity,	its Trustees and advisers	1-2
Trustees' report					3-9
Independent	auditor's	report	on the financial statements		10-13
Consolidated	statement	offinancial activities			14
Consolidated	balance sheet				15
Charity balance sheet					16
Consolidated	statement	ofcash flows			17
Notes to the	financial statements				18-37

			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
		Note			E
Income from:
Charitable activities			436,723	436,723	423,649
Other trading activities			30,166	30,166
Investments			1,150,742	1,150,742	1,138,830
Other income			362,468	362,468	50,699
Total income			1,980,099	1,980,099	1,613,178
Expenditure on:
Investment management:
Property investment management	costs		498,946	498,946	329,993
Other trading activities			118,966	118,966
Charitable activities			1,089,519	1,089,519	941,064
Total expenditure			1,707,431	1,707,431	1,271,057
Net income before net gains on	investments		272,668	272,668	342,121
Net gains on investments			6,848,380	6,848,380	6,000,090
Net movement in funds			7,121,048	7,121,048	6,342,211
Reconciliation offunds:
Total funds brought forward			40,421,941	40,421,941	34,079,730
Net movement in funds			7,121,048	7,121,048	6,342,211
Total funds carried forward			47,542,989	47,542,989	40,421,941

		CONSOLIDATED	BALANCE SHEET
		AS AT 31 DECEMBER 2021
			2021		2020
		Note			E
Fixed assets
Tangible assets		14	3,143,809		2,807,397
Investments		16	552,346		43,254
Investment property		15	41,691,862		39,690,250
			45,388,017		42,540,901
Current assets
Stocks		17	14,263
Debtors		18	910,736	146,642
Cash at bank and	in hand		3,129,846	332,242
			4,054,845	478,884
Creditors: amounts	falling due within	one
year		19	(398,313)	(452,758)
Net current assets			3,656,532		26,126
Total assets less	current liabilities		49,044,549		42,567,027
Creditors: amounts	falling due after	more
than one year		20	(1,501,560)		(2,145,086)
Total net assets			47,542,989		40,421,941
Charity funds
Restricted funds		21
Unrestricted funds		21	47,542,989		40,421,941
Total funds			47,542,989		40,421,941

			CHARITY BALANCE SHEET	CHARITY BALANCE SHEET
			AS AT 31	DECEMBER 2021
			Note	2021f		2020
Fixed assets
Tangible assets			14	2,806,640		2,807,397
Investments			16	6,122,709		43,254
Investment property			15	35,963,700		39,690,250
				44,893,049		42,540,901
Current assets
Debtors			18	1,513,391	146,642
Cash at bank and	in hand			3,016,240	332,242
				4,529,631	478,884
Creditors: amounts	falling	due within one
year			19	(345,355)	(452,758)
Net current assets				4,184,276		26,126
Total assets less	current	liabilities		49,077,325		42,567,027
Creditors: amounts	falling	due after more
than one year			20	(1,501,560)		(2,145,086)
Total net assets				47,575,765		40,421,941
Charity funds
Restricted funds			21
Unrestricted funds			21	47,575,765		40,421,941
Total funds				47,575,765		40,421,941

	FOR THE	YEAR ENDED 31 DECEMBER 2	021
			2021	2020
Cash flows from operating activities
Net cash	used in operating activities		(1,747,753)	(619,634)
Cash flows from investing activities
Interests	and rents from investments		1,150,742	1,138,830
Purchase	oftangible fixed assets		(408,562)	(79,197)
Purchase	of investment property		(6,494,199)	(379,411)
Purchase	of listed investments		(500,000)
Proceeds	from sale of investment property		11,485,000
Proceeds	from the sale oftangible fixed assets		21,344	27,500
Transfers	between investment property and	tangible fixed assets		(43,003)
Net cash	provided by investing activities		5,254,325	664,719
Cash flows from financing activities
Repayments of borrowing			(708,968)	49,499
Net cash	(used in)/provided by financing	activities	(708,968)	49,499
Change	in cash and cash equivalents in	the year	2,797,604	94,584
Cash and	cash equivalents at the beginning	ofthe year	332,242	237,658
Cash and cash equivalents at the end of		the year	3,129,846	332,242
The notes on pages 18to 37form part ofthese financial statements

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
Rental income	1,150,097	1,150,097	1,138,662
Interest receivable	645	645	168
Total 2021	1,150,742	1,150,742	1,138,830
Total 2020	1,138,830	1,138,830
Rental income

Rental income
	2021	2020
Commercial	510,621	535,444
Residential	517,144	493,865
Telecoms	12,241	14,257
Agriculture	76,880	83,403
Other	33211	11,693
Total	1,150,097	1,138,662

			Unrestricted	Total	Total
			funds	funds	funds
			2021	2021	2020
					E
Profit on the	sale offixed assets		8,244	8,244	13,097
Conservation	income		204,224	204,224	37,602
Promotional	agreement	income	150,000	150,000
Total 2021			362,468	362,468	50,699
Total 2020			50,699	50,699

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021	2020
		f.
insurance, rates and other expenses	37,059	37,059	42,916
Light and heat	2,761	2,761	9,046
Repairs and maintenance	190,417	190,417	197,715
Surveyor costs	4,125	4,125	17,643
Bank loan interest	19,670	19,670	36,303
Cost ofdevelopment			25,024
Cost ofconservation	244,914	244,914	1,346
Total 2021	498,946	498,946	329,993
Total 2020	329,993	329,993

	Grants to	Grants to	Total	Total
	Institutions	Individuals	funds	funds
	2021 f	2021	2021	2020
Grants	69,400	2,083	71,483	11,918
Total 2020	7,000	4,918	11,918

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
				F
Costs of maintaining	almshouses	1,018,036	1,018,036	929,146
Grants		71,483	71,483	11,918
Total 2021		1,089,519	1,089,519	941,064
Total 2020		941,064	941,064

	Activities	Grant
	undertaken	funding of	Support	Total	Total
	directly	activities	costs	funds	funds
	2021	2021	2021	2021	2020
					E
Costs of maintaining
almshouses	562,139		455,897	1,018,036	929,146
Grants		71,483		71,483	11,918
Total 2021	562,139	71,483	455,897	1,089,519	941,064
Total 2020	395,859	11,918	533,287	941,064

									Total	Total
									funds	funds
									2021	2020
Staff costs									276,325	265,699
Depreciation									49,731	43,541
insurance,	rates and		other expenses						14,892	7,218
Estate office		running	costs						21,644	43,604
Bank charges		and interest							2,642	1,532
Computer	costs								5,561	9,281
Legal and	professional			fees					57,149	79,233
Other staff	costs								4,345	3,664
Travel and	subsistence								11,574	8,294
Other costs									4,073	3,549
Governance		costs							21,401	20,059
Bad debts									(13,460)	47,613
Total									455,897	533,287
Auditor's	remuneration
									2021	2020
Fees payable		to the	Charity's		auditor		for the audit ofthe Charity's	annual
accounts									10,050	9,550
Fees payable		to the	Charity's		auditor		in respect of:
Corporate	finance services not included above								5,400
All non-audit		services not included				above			6,263	7,208

				Group	Group	Charity	Charity
				2021	2020	2021	2020
					E		E
Wages and	salaries			301,468	292,445	301,468	292,445
Social security costs				32,828	31,651	32,828	31,651
Contribution	to defined	contribution	pension
schemes				31,507	30,421	31,507	30,421
				365,803	354,517	365,803	354,517

Group	Group
2021	2020
No.	No.

Group	Group
2021	2020
No.	No.

	Freehold	Plant and	Motor	Fixtures and
	property	machinery	vehicles	fittings	Totalf
Cost or valuation
At 1 January 2021	2,395,500	30,105	163,730	522,409	3,111,744
Additions		327,762	54,133	26,667	408,562
Disposais			(47,700)		(47,700)
At 31 December 2021	2,395,500	357,867	170,163	549,076	3,472,606
Depreciation
At 1 January 2021		20,603	110,109	173,635	304,347
Charge for the year		12,983	33,410	12,657	59,050
On disposais			(34,600)		(34,600)
At 31 December 2021		33,586	108,919	186,292	328,797
Net book value
At 31 December 2021	2,395,500	324,281	61,244	362,784	3,143,809
At 31 December 2020	2,395,500	9,502	53,621	348,774	2,807,397

	Freehold	Plant and	Motor	Fixtures and
	property	machinery	vehicles	fittings	Total
Cost or valuation
At 1 January 2021	2,395,500	30,105	163,730	522,409	3,111,744
Additions		1,140	53,844	7,090	62,074
Disposals			(47,700)		(47,700)
At 31 December 2021	2,395,500	31,245	169,874	529,499	3,126,118
Depreciation
At 1 January 2021		20,603	110,109	173,635	304,347
Charge for the year		5,136	33,410	11,185	49,731
On disposals			(34,600)		(34,600)
At 31 December 2021		25,739	108,919	184,820	319,478
Net book value
At 31 December 2021	2,395,500	5,506	60,955	344,679	2,806,640
At 31 December 2020	2,395,500	9,502	53,621	348,774	2,807,397

	Freehold
	investment
	property
Valuation
At 1 January 2021	39,690,250
Additions	6,494,199
Disposals	(8,720,000)
Surplus on revaluation	4,227,413
At 31 December 2021	41,691,862
Charity
	Freehold
	investment
	property
Valuation
At 1 January 2021	39,690,250
Additions	766,037
Disposals	(8,720,000)
Surplus on revaluation	4,227,413
At 31 December 2021	35,963,700

	Listed	Unlisted
	investments	investments	Total
Group
Cost or valuation
At 1 January 2021		43,254	43,254
Additions	500,000		500,000
Revaluations	9,092		9,092
At 31 December 2021	509,092	43,254	552,346
Net book value
At 31 December 2021	509,092	43,254	552,346
At 31 December 2020		43,254	43,254

	Investments
	In
	subsidiary	Listed	Unlisted
	companies	investments	investments	Total
Charity
Cost or valuation
At 1 January 2021			43,254	43,254
Additions	5,570,363	500,000		6,070,363
Revaluations		9,092		9,092
At 31 December 2021	5,570,363	509,092	43,254	6,122,709
Net book value
At 31 December 2021	5,570,363	509,092	43,254	6,122,709
At 31 December 2020			43,254	43,254

	Name				Company	Company	Registered office	Registered office	Registered office	Registered office	or	principal Included	in
					number		place ofbusiness					consolidation
	Delnabo Estate Limited				SC126621		Gamekeepers		Cottage, Delnabo Yes
							Estate,	Tomintoul,			Ballindalloch,
							Scotland, AB37			9HT
	The financial		results	of the subsidiary	for the	three	months	from	1 October 2021 to 31 December 202
	were:
	Name					Income Expenditure						Profit/(Loss) Net	assets
												I Surplus/
												(Deficit) for
												the period
	Delnabo	Estate Limited				30,166		(118,647)				(88,481) 1,720,195
17.	Stocks
												Group	Group
												2021	2020
													E
	Biological	assets - cattle										12,800
	Other stocks											1,463
												14,263
18.	Debtors
							Group		Group			Charity	Charity
							2021			'2020		2021	2020
	Due after	more than		one year
	Other debtors						500,000					500,000
							500,000					500,000
	Trade debtors						145,605		123,778			144,869	123,778
	Amounts	owed by group undertakings										770,932
	Other debtors						14,623					4,364
	Prepayments		and accrued income				250,508		22,864			93,226	22,864
							910,736		146,642			1,513,391	146,642

					Group	Group	Charity	Charity
					2021	2020	2021	2020
Bank loans						65,442		65,442
Trade creditors					70,476	46,273	50,716	46,273
Other taxation and		social security			61,464	39,360	61,209	39,360
Other creditors					129,375	101,754	99,375	101,754
Accruals	and deferred		income		136,998	199,929	134,055	199,929
					398,313	452,758	345,355	452,758
								Group
								2021
Deferred	income at 1		January 2021					120,629
Resources deferred		during the year						96,832
Amounts	released from previous			periods				(120,629)
								96,832

		Group	Group	Charity	Charity
		2021	2020	2021	2020
					E
Bank	loans	1,501,560	2,145,086	1,501,560	2,145,086

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2021	Income	Expenditure	in/out	(Losses)	2021
Unrestricted
funds
Designated
funds
Investment	fund	49,976	150,000		9,173	(209,149)
Conservation
fund		36,256	204,224	(244,914)	4,434
		86,232	354,224	(244,914)	13,607	(209,149)
General funds
General funds		40,335,709	1,625,875	(1,462,517)	(13,607)	7,057,529	47,542,989
Total
Unrestricted
funds		40,421,941	1,980,099	(1,707,431)		6,848,380	47,542,989

Statement	offunds	- prior y	ear
							Balance at
			Balance at				31
			1 January			Gains/	December
			2020	Income	Expenditure	(Losses)	2020
			E		E
Unrestricted	funds
Designated	funds
Investment	fund				(25,024)	75,000	49,976
Conservation	fund			37,602	(1,346)		36,256
				37,602	(26,370)	75,000	86,232
General funds
General funds			34,079,730	1,575,576	(1,244,687)	5,925,090	40,335,709
Total Unrestricted		funds	34,079,730	1,613,178	(1,271,057)	6,000,090	40,421,941

Summary offu	nds - current yea	r
						Balance at
	Balance at 1					31
	January			Transfers	Gains/	December
	2021	Income f.	Expenditure	in/outf	(Losses)	2021
Designated
funds	86,232	354,224	(244,914)	13,607	(209,149)
General funds	40,335,709	1,625,875	(1,462,517)	(13,607)	7,057,529	47,542,989
	40,421,941	1,980,099	(1,707,431)		6,848,380	47,542,989

Summary	offunds - prio	r year
						Balance at
		Balance at				31
		1 January			Gains/	December
		2020	Income	Expenditure	(Losses)	2020
				E
Designated	funds		37,602	(26,370)	75,000	86,232
General funds		34,079,730	1,575,576	(1,244,687)	5,925,090	40,335,709
		34,079,730	1,613,178	(1,271,057)	6,000,090	40,421,941

Analysis ofnet assets between funds - current year
	Unrestricted	Total
	funds	funds
	2021	2021
Tangible fixed assets	3,143,809	3,143,809
Fixed asset investments	552,346	552,346
Investment property	41,691,862	41,691,862
Debtors due after more than one year	500,000	500,000
Current assets	3,554,845	3,554,845
Creditors due within one year	(398,313)	(398,313)
Creditors due in more than one year	(1,501,560)	(1,501,560)
Total	47,542,989	47,542,989

Analysis ofnet assets between funds - prior year
	Unrestricted	Total
	funds	funds
	2020f	2020
Tangible fixed assets	2,807,397	2,807,397
Fixed asset investments	43,254	43,254
Investment property	39,690,250	39,690,250
Current assets	478,884	478,884
Creditors due within one year	(452,758)	(452,758)
Creditors due in more than one year	(2,145,086)	(2,145,086)
Total	40,421,941	40,421,941

					Group	Group
					2021	2020
Net income for the year (as per Statement				of Financial Activities)	7,121,048	6,342,211
Adjustments for:
Interests	and rents from investments				(1,150,742)	(1,138,830)
Depreciation charges					59,050	43,541
Profit on	the sale offixed assets				(8,244)	(12,172)
Gains on	investment property				(4,227,413)	(5,882,087)
Gains on	listed investments				(9,092)
Realised	profit on sale of investment		properties		(2,765,000)
D'ecrease/(increase) in stocks					(14,263)
Increase	in debtors				(764,094)	(25,816)
Increase	in creditors				10,997	53,519
Net cash	used in operating	activities			(1,747,753)	(619,634)

			Group	Group
			2021	2020
Cash in hand			3,129,846	332,242
Total cash and cash	equivalents		3,129,846	332,242
Analysis ofchanges	in net debt
		At 1		At 31
		January		December
		2021	Cash flows	2021
Cash at bank and in hand		332,242	2,797,604	3,129,846
Debt due within 1 year		(65,442)	65,442
Debt due after 1 year		(2,145,086)	643,526	(1,501,560)
		(1,878,286)	3,506,572	1,628,286