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||||||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|
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||||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|||||
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||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|
##
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##
##
##