##
##
||||||Page|
|---|---|---|---|---|---|
|Reference and administrative|||details ofthe Charity,|its Trustees and advisers||
|Trustees'
report|||||2-8|
|Independent|auditor's|report|on the financial statements||9-12|
|Consolidated|statement|offinancial activities|||13|
|Consolidated|balance sheet||||14|
|Charity balance sheet|||||15|
|Consolidated|statement|ofcash flows|||16|
|Notes to the|financial statements||||17-37|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|
||||||funds|funds|funds|
||||||2022|2022|2021|
|||||Note|8|6||
|Income from:||||||||
|Charitable
activities|||||449,464|449,464|436,723|
|Other trading
activities|||||76,508|76,508|30,166|
|Investments|||||1,095,962|1,095,962|1,150,742|
|Other income|||||227,179|227,179|362,468|
|Total income|||||1,849,113|1,849,113|1,980,099|
|Expenditure
on:||||||||
|Investment
management:||||||||
|Property investment|management||costs||469,080|469,080|498,946|
|Other trading
activities|||||314,601|314,601|118,966|
|Charitable
activities||||9|1,093,862|1,093,862|1,089,519|
|Total expenditure|||||1,877,543|1,877,543|1,707,431|
|Net (expenditure)/income||before|net gains on|||||
|investments|||||(28,430)|(28,430)|272,668|
|Net gains on investments|||||682,861|682,861|6,848,380|
|Net movement
in funds|||||654,431|654,431|7,121,048|
|Reconciliation
offunds:||||||||
|Total funds brought|forward||||47,542,989|47,542,989|40,421,941|
|Net movement
in funds|||||654,431|654,431|7,121,048|
|Total funds carried|forward||||48,197,420|48,197,420|47,542,989|
##
||||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|---|
||||AS AT 31 DECEMBER 2022||||
|||||2022||2021|
||||Note|K||F|
|Fixed assets|||||||
|Tangible assets|||14|3,342,382||3,143,809|
|Investments|||16|486,401||552,346|
|Investment
property|||15|46,449,132||41,691,862|
|||||50,277,915||45,388,017|
|Current assets|||||||
|Stocks|||17|42,113|14,263||
|Debtors|||16|923,852|910,736||
|Cash at bank and in hand||||493,690|3,129,846||
|||||1,459,655|4,054,645||
|Creditors: amounts|falling|due within|one||||
|year|||19|(512,308)|(398,313)||
|Net current assets||||947,347||3,656,532|
|Total assets less current||liabilities||51,225,262||49,044,549|
|Creditors: amounts|falling|due after|more||||
|than one year|||20|(3,027,842)||(1,501,560)|
|Total net assets||||48,197,420||47,542,969|
|Charity funds|||||||
|Unrestricted
funds|||21|48,197,420||47,542,989|
|Total funds||||48,197,420||47,542,989|
##
||||CHARITY BALANCE SHEET|CHARITY BALANCE SHEET|||
|---|---|---|---|---|---|---|
||||AS AT 31|DECEMBER 2022|||
||||Note|2022f||2021f|
|Fixed assets|||||||
|Tangible assets|||14|2,816,137||2,806,640|
|Investments|||16|6,056,764||6,122,709|
|Investment
property|||15|39,554,200||35,963,700|
|||||48,427,101||44,893,049|
|Current assets|||||||
|Debtors|||18|1,564,465|1,513,391||
|Cash at bank and|in hand|||382,993|3,016,240||
|||||1,947,458|4,529,631||
|Creditors: amounts|falling|due within one|||||
|year|||19|(400,928)|(345,355)||
|Net current assets||||1,546,530||4,184,276|
|Total assets less|current|liabilities||49,973,631||49,077,325|
|Creditors: amounts|falling|due after more|||||
|than one year|||20|(1,505,342)||(1,501,560)|
|Total net assets||||48,468,289||47,575,765|
|Charity funds|||||||
|Restricted
funds|||21||||
|Unrestricted
funds|||21|48,468,289||47,575,765|
|Total funds||||48,468,289||47,575,765|
##
##
|FOR THE Y|EAR ENDED 31 DECEMBER 2|022||
|---|---|---|---|
|||2022
5|2021f|
|Cash flows from operating
activities||||
|Net cash used
in operating
activities||(957,350)|(1,747,753)|
|Cash flows from investing
activities||||
|Interest and rents from investments||1,095,962|1,150,742|
|Purchase of tangible fixed assets||(314,418)|(408,562)|
|Purchase of investment
property||(4,008,464)|(6,494,199)|
|Purchase
of listed investments|||(500,000)|
|Proceeds from sale of investment
property|||11,485,000|
|Proceeds from the sale oftangible fixed assets||21,832|21,344|
|Net cash (used in)/provided
by investing|activities|(3,205,088)|5,254,325|
|Cash flows from financing
activities||||
|Repayments
of borrowing
and new borrowing||1,526,282|(708,968)|
|Net cash provided
by/(used
in) financing|activities|1,526,282|(708,968)|
|Change
in cash and cash equivalents
in the year||(2,636,156)|2,797,604|
|Cash and cash equivalents
at the beginning|of the year|3,129,846|332,242|
|Cash and cash equivalents
at the end ofthe year||493,690|3,129,846|
|The notes on pages 17to 37form part ofthese financial statements||||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2022|2022|2021|
|||||6|E|6|
||Income from|subsidiary|company|76,508|76,508|30,166|
||Total 2021|||30,166|30,166||
|5.|Investment|income|||||
|||||Unrestricted|Total|Total|
|||||funds|funds|funds|
|||||2022|2022|2021|
|||||6|6|6|
||Rental income|||1,093,858|1,093,858|1,150,097|
||Interest receivable|||2,104|2,104|645|
||Total 2022|||1,095,962|1,095,962|1,150,742|
||Total 2021|||1,150,742|1,150,742||
||Rental income||||||
||||||2022|2021|
||||||6|6|
||Commercial||||428,705|510,621|
||Residential||||540,424|517,144|
||Telecoms||||14,776|12,241|
||Agriculture||||80,890|76,680|
||Other||||29,063|33,211|
||Total||||1,093,858|1,150,097|
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||6||8|
|Profit on the|sale offixed assets||17,683|17,683|8,244|
|Conservation|income||139,496|139,496|204,224|
|Promotional|agreement|income|70,000|70,000|150,000|
|Total 2022|||227,179|227,179|362,468|
|Total 2021|||362,468|362,468||
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2021|
||E|6|E|
|Insurance,
rates and other expenses|29,536|29,536|37,059|
|Light and heat|8,731|8,731|2,761|
|Repairs and maintenance|202,907|202,907|190,417|
|Surveyor costs|5,561|5,561|4,125|
|Bank loan interest|38,086|38,086|19,670|
|Cost of conservation|164,259|184,259|244,914|
|Total 2022|469,080|469,080|498,946|
|Total 2021|498,946|498,946||
##
||Grants to|Grants to|Total|Total|
|---|---|---|---|---|
||Institutions|Individuals|funds|funds|
||2022
K|2022
f|2022
6|2021
F|
|Grants|50,345|1,536|51,881|71,483|
|Total 2021|69,400|2,083|71,483||
##
##
##
##
|||Unrestricted|||
|---|---|---|---|---|
|||funds|Total|Total|
|||2022|2022|2021|
|||8||6|
|Costs of maintaining|almshouses|1,041,981|1,041,981|1,018,036|
|Grants||51,881|51,881|71,483|
|Total 2022||1,093,862|1,093,862|1,089,519|
|Total 2021||1,089,519|1,089,519||
##
||Activities|Grant||||
|---|---|---|---|---|---|
||undertaken|funding
of|Support|Total|Total|
||directly|activities|costs|funds|funds|
||2022|2022
8|2022|2022f|2021
F|
|Costs of maintaining||||||
|almshouses|537,831||504,150|1,041,981|1,018,036|
|Grants||51,881||51,881|71,483|
|Total 2022|537,831|51,881|504,150|1,093,862|1,089,519|
|Total 2021|562,139|71,483|455,897|1,089,519||
##
##
##
##
|||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||||funds|funds|
|||||||||2022|2021|
|||||||||6|6|
|Staff costs||||||||300,342|276,325|
|Depreciation||||||||48,202|49,731|
|Insurance,|rates and|other expenses||||||12,517|14,892|
|Estate office running||costs||||||27,393|21,644|
|Bank charges and interest||||||||4,089|2,642|
|Computer|costs|||||||8,039|5,581|
|Legal and|professional|fees||||||53,171|57,149|
|Other staff|costs|||||||4,350|4,345|
|Travel and|subsistence|||||||13,046|11,574|
|Other costs||||||||586|4,073|
|Governance
costs||||||||31,799|21,401|
|Bad debts||||||||616|(13,460)|
|Total||||||||504,150|455,897|
|Auditor's|remuneration|||||||||
|||||||||2022f|2021
6|
|Fees payable to the Charity's|||auditor||for|the audit of the Charity's|annual|||
|accounts||||||||13,750|10,050|
|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||||2,500|6,263|
##
##
|Staffcosts||||||||
|---|---|---|---|---|---|---|---|
|||||Group|Group|Charity|Charity|
|||||2022|2021|2022f|2021f|
|Wages and|salaries|||371,720|314,489|321,192|301,468|
|Social security costs||||37,748|33,526|36,565|32,828|
|Contribution|to defined|contribution|pension|||||
|schemes||||35,945|31,677|30,447|31,507|
|||||445,413|379,692|388,204|365,803|
|The|average|number ofpersons|number ofpersons|number ofpersons|employed|employed|by|the Charity during the|year was|as follows:||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||||Group|Group|Charity|Charity|
|||||||||2022|2021|2022|2021|
|||||||||No.|No.|No.|No.|
|Directors and|||employees|||||10||||
|The|number||of employees|whose||employee||benefits
(excluding|employer|pension
costs)|exceeded|
|f60,000was:||||||||||||
|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
##
##
##
##
##
||Freehold|Plant and|Motor|Fixtures and||
|---|---|---|---|---|---|
||property
6|machinery|vehicles|fittings
f|Total
f|
|Cost or valuation||||||
|At 1 January 2022|2,575,500|220,680|204,024|624,154|3,624,358|
|Additions||49,148|36,060|229,210|314,418|
|Disposals|||(53,925)|(8,822)|(62,747)|
|At 31 December 2022|2,575,500|269,828|186,159|844,542|3,876,029|
|Depreciation||||||
|At 1 January 2022||90,265|125,673|264,611|480,549|
|Charge for the year||41,533|30,074|21,647|93,254|
|On disposals|||(37,849)|(2,307)|(40,156)|
|At 31 December 2022||131,798|117,898|283,951|533,647|
|Net book value||||||
|At 31 December 2022|2,575,500|138,030|68,261|560,591|3,342,382|
|At 31 December 2021|2,575,500|130,415|78,351|359,543|3,143,809|
##
##
##
##
||Freehold|Plant and|Motor|Fixtures and||
|---|---|---|---|---|---|
||property
E|machinery
6|vehicles|fittings
8|Totalf|
|Cost or valuation||||||
|At 1 January 2022|2,395,500|31,245|169,874|529,499|3,126,118|
|Additions||8,168|36,060|32,046|76,274|
|Disposals|||(48,300)|(6,500)|(54,800)|
|At 31 December 2022|2,395,500|39,413|157,634|555,045|3,147,592|
|Depreciation||||||
|At 1 January 2022||25,739|108,919|184,820|319,478|
|Charge for the year||6,723|26,725|14,754|48,202|
|On disposala|||(36,225)||(36,225)|
|At 31 December 2022||32,462|99,419|199,574|331,455|
|Net book value||||||
|At 31 December 2022|2,395,500|6,951|58,215|355,471|2,816,137|
|At 31 December 2021|2,395,500|5,506|60,955|344,679|2,806,640|
##
||||FOR THE YEAR ENDED 31 D|ECEMBER 2022|
|---|---|---|---|---|
|15.|Investment||property||
||Group||||
|||||Freehold|
|||||investment|
|||||property
6|
||Valuation||||
||At 1 January||2022|41,691,862|
||Additions|||4,008,464|
||Surplus|on revaluation||748,806|
||At 31 December 2022|||46,449,132|
||Charity||||
|||||Freehold|
|||||investment|
|||||property|
|||||6|
||Valuation||||
||At 1 January 2022|||35,963,700|
||Additions|||2,841,694|
||Surplus|on revaluation||748,806|
||At 31 December 2022|||39,554,200|
##
##
##
||Listed|Unlisted||
|---|---|---|---|
||investments|investments|Total|
|Group|6|6|6|
|Cost or valuation||||
|At 1 January 2022|509,092|43,254|552,346|
|Revaluations|(65,945)||(65,945)|
|At 31 December 2022|443,147|43,254|486,401|
|Net book value||||
|At 31 December 2022|443,147|43,254|486,401|
|At 31 December 2021|509,092|43,254|552,346|
||Investments||||
|---|---|---|---|---|
||In||||
||subsidiary|Listed|Unlisted||
|Charity|companies
f|investments
6|investments
E|Total
6|
|Cost or valuation|||||
|At 1 January 2022|5,570,363|509,092|43,254|6,122,709|
|Revaluations||(65,945)||(65,945)|
|At 31 December 2022|5,570,363|443,147|43,254|6,056,764|
|Net book value|||||
|At 31 December 2022|5,570,363|443,147|43,254|6,056,764|
|At 31 December 2021|5,570,363|509,092|43,254|6,122,709|
##
##
##
##
|Name|||Company|Registered
office or principal|Included|in|
|---|---|---|---|---|---|---|
||||number|place ofbusiness|consolidation||
|Delnabo|Estate|Limited|SC126621|Gamekeepers
Cottage, Delnabo|Yes||
|||||Estate, Tomintoul,
Ballindalloch,|||
|||||Scotland, AB379HT|||
||||Scotlan|Scotlan|d, A|B379HT|B379HT|B379HT|
|---|---|---|---|---|---|---|---|---|
||The financial|results of the subsidiary|for the three months||from|1 October 2021 to 31 December
2021|||
||were:||||||||
||Name||Income|Expenditure|||Profit/(Loss)|Net assets|
||||6|||6|/ Surplus/|6|
||||||||(Deficit) for||
||||||||the period||
||||||||K||
||Delnabo Estate Limited||76,508||(321,160)||(244,652)|1,475,545|
|17.|Stocks||||||||
||||||||Group|Group|
||||||||2022|2021|
|||||||||6|
||Biological assets - cattle||||||38,200|12,800|
||Other stocks||||||3,913|1,463|
||||||||42,113|14,263|
##
##
|18.|Debtors|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||Group|Group|Charity|Charity|
|||||||2022
E|2021
E|2022f|2021
6|
||Due after more than|||one year||||||
||Other debtors||||||500,000||500,000|
||||||||500,000||500,000|
||Trade debtors|||||81,116|145,605|77,736|144,869|
||Amounts
owed by group undertakings|||||||858,347|770,932|
||Other debtors|||||119,654|14,623|110,559|4,364|
||Prepayments|and accrued income||||640,250|250,508|517,823|93,226|
||Tax recoverable|||||82,832||||
|||||||923,852|910,736|1,564,465|1,513,391|
|19.|Creditors: Amounts|||falling due|within one year|||||
|||||||Group|Group|Charity|Charity|
|||||||2022|2021|2022|2021|
||||||||E|6||
||Trade creditors|||||101,093|70,476|29,373|50,716|
||Other taxation|and|social security|||146,462|61,464|146,462|61,209|
||Other creditors|||||130,304|129,375|100,304|99,375|
||Accruals and|deferred||income||134,449|136,998|124,789|134,055|
|||||||512,308|398,313|400,928|345,355|
|||||||||Group|Group|
|||||||||2022|2021|
|||||||||E||
||Deferred income at 1|||January 2022||||96,832|120,629|
||Resources deferred||during the year|||||(96,832)|96,832|
||Amounts
released||from previous||periods|||99,227|(120,629)|
|||||||||99,227|96,832|
##
##
##
|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
|||E||E|5|
|Bank|loans|3,027,842|1,501,560|1,505,342|1,501,560|
##
##
##
||||||||Balance at|
|---|---|---|---|---|---|---|---|
|||Balance at 1|||||31|
|||January|||Transfers|Gains/|December|
|||2022|Income|Expenditure|In/out|(Losses)|2022|
|||8|||K|8|6|
|Unrestricted||||||||
|funds||||||||
|Designated||||||||
|funds||||||||
|Investment|fund||70,000|(2,407)|(67,593)|||
|Conservation||||||||
|fund|||139,496|(184,259)|44,763|||
||||209,496|(186,666)|(22,830)|||
|General funds||||||||
|General Funds-||||||||
|all funds||47,542,989|1,639,617|(1,690,877)|22,830|682,861|48,197,420|
|Total||||||||
|Unrestricted||||||||
|funds||47,542,989|1,849,113|(1,877,543)||682,861|48,197,420|
##
##
##
|Statement|offun|ds - prior year||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
|||Balance at|||||31|
|||1 January|||Transfers|Gains/|December|
|||2021|Income|Expenditure|in/out|(Losses)|2021|
|||||F|F|F|F|
|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|
##
##
##
##
##
|Summary of|funds - current yea|r||||||
|---|---|---|---|---|---|---|---|
||||||||Balance at|
||Balance at 1||||||31|
||January||||Transfers|Gains/|December|
||2022f|Income
6|Expenditure|f|in/out
E|(Losses)
E|2022
F|
|Designated||||||||
|funds||209,496|(186,666)||(22,830)|||
|General funds|47,542,989|1,639,617|(1,690,877)||22,830|682,861|48,197,420|
||47,542,989|1,849,113|(1,877,543)|||682,861|48,197,420|
|Summary of|funds - prior year|||||||
||||||||Balance at|
||Balance at||||||31|
||1 January||||Transfers|Gains/|December|
||2021f|Income
f|Expenditure|F|in/outf|(Losses)
F|2021
F|
|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|
##
##
##
|Analysis ofnet assets between funds
Analysis ofnet assets between funds - current year|||
|---|---|---|
||Unrestricted|Total|
||funds|funds|
||2022|2022|
|Tangible fixed assets|3,342,382|3,342,382|
|Fixed asset investments|486,401|486,401|
|Investment
property|46,449,132|46,449,132|
|Current assets|1,459,655|1,459,655|
|Creditors due within one year|(512,308)|(512,308)|
|Creditors due in more than one year|(3,027,842)|(3,027,842)|
|Total|48,197,420|48,197,420|
##
##
##
||Analysis of net assets betw|een|f|unds -|prior year|||
|---|---|---|---|---|---|---|---|
|||||||Unrestricted|Total|
|||||||funds|funds|
|||||||2021|2021|
|||||||6|6|
||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|
|24.|Reconciliation
ofnet movement|||in funds|to net cash flow from operating|activities||
|||||||Group|Group|
|||||||2022f|2021
F|
||Net income for the year (as per||Statement||of Financial Activities)|654,431|7,121,048|
||Adjustments
for:|||||||
||Interests and rents from investments|||||(1,095,962)|(1,150,742)|
||Depreciation
charges|||||93,254|59,050|
||Profit on the sale offixed assets|||||(26,950)|(8,244)|
||Gains on investment
properties|||||(747,610)|(4,227,413)|
||Gains on listed investments|||||65,945|(9,092)|
||Realised
profit from investment||properties||||(2,765,000)|
||Increase
in stocks|||||(1,337)|(14,263)|
||Increase
in debtors|||||(13,116)|(764,094)|
||Increase
in creditors|||||113,995|10,997|
||Net cash used in operating|activities||||(957,350)|(1,747,753)|
##
##
##
|||||Group|Group|
|---|---|---|---|---|---|
|||||2022f|2021
F|
||Cash|in hand||493,690|3,129,846|
||Total|cash and cash|equivalents|493,690|3,129,846|
|26.|Analysis ofchanges||in net debt|||
||||At 1||At 31|
|---|---|---|---|---|---|
||||January||December|
||||2022
f|Cash flows
f|2022
E|
|Cash|at bank and|in hand|3,129,846|(2,636,156)|493,690|
|Debt|due after 1 year||(1,501,560)|(1,526,282)|(3,027,842)|
||||1,628,286|(4,162,438)|(2,534,152)|
##
##