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2019-09-03-accounts

Delgatie Castle Trust

Charity No. SC000371

Trustees' Report and Unaudited Accounts

03 September 2019

Delgatie Castle Trust CONTENTS

Pages
Trustees' Annual Report 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Summary Income and Expenditure Account 5
Balance Sheet 6
Statement of Cash flows 7
Notes to the Accounts 8 to 13
Detailed Statement of Financial Activities 14 to 15

Page 1

Delgatie Castle Trust TRUSTEES ANNUAL REPORT

Delgatie Castle Trust

The Trustees present their report with the unaudited financial statements of the charity for the year ended 3 September 2019.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. SC000371

Registered Office

Trustees

The following Trustees served during the year:

Accountants

K W Business Services Ltd Unit 4

Markethill Industrial Estate Turriff Aberdeenshire AB53 4QY

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the 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 (FRS102).

The trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board

Trustee 03 September 2019

Page 2

Delgatie Castle Trust INDEPENDENT EXAMINERS REPORT

Independent Examiner's Report to the trustees of Delgatie Castle Trust

I report on the accounts of Delgatie Castle Trust for the year ended 3 September 2019 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Respective responsibilities of trustees and examiner

As the trustees 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. The trustees consider that an audit is not required for this year under the Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations.

As examiner it is my responsibility to:

Basis of independent examiner's report

My examination was 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 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:

Institute of Financial Accountants K W Business Services Ltd Unit 4

Markethill Industrial Estate Turriff Aberdeenshire AB53 4QY 03 September 2019

Page 3

Delgatie Castle Trust STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 3 September 2019

Notes
Income and endowments
from:
Donations and legacies
4
Other trading activities
5
Total
Expenditure on:
Raising funds
6
Other
7
Total
Net gains on investments
Net income/(expenditure)
Net income/(expenditure)
before other gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricte
d funds
2019
£
1,999
109,012		 Total funds
2019
£
1,999
109,012		 Total funds
2018
£
3,638
120,555
111,011
20,615
87,458		 111,011
20,615
87,458		 124,193
22,254
103,479
108,073
-		 108,073
-		 125,733
-
2,938 2,938 (1,540)
2,938 2,938 (1,540)
2,938
6,203		 2,938
6,203		 (1,540)
7,743
9,141 9,141 6,203

Page 4

Delgatie Castle Trust SUMMARY INCOME AND EXPENDITURE ACCOUNT

for the year ended 3 September 2019

Income
Gross income for the year
Expenditure
Total expenditure for the year
Net income/(expenditure) before tax
for the year
Net income /(expenditure )for the year		 2019
£
111,011
111,011
108,073
108,073
2,938
2,938		 2018
£
124,193
124,193
125,733
125,733
(1,540)
(1,540)

Page 5

Delgatie Castle Trust BALANCE SHEET

at 3 September 2019

Charity No.
SC000371
Notes
2019
£
Fixed assets
Tangible assets
9
2,130
2,130
Current assets
Cash at bank and in hand
11,011
11,011
Net current assets
11,011
Total assets less current liabilities
13,141
Creditors:Amounts falling due after more than one year
10
(4,000)
Net assets excluding pension asset or liability
9,141
Total net assets
9,141
The funds of the charity
Restricted funds
11
Unrestricted funds
11
General funds
9,141
9,141
Reserves
11
Total funds
9,141		 2018
£
-
-
10,203
10,203
10,203
10,203
(4,000)
6,203
6,203
6,203
6,203
6,203

The trustees have prepared the accounts in accordance with section 44 of the Charities and Trustee Investment (Scotland) Act.

Approved by the board on 03 September 2019

And signed on its behalf by:

Trustee

03 September 2019

Page 6

Delgatie Castle Trust STATEMENT OF CASH FLOWS

for the year ended 3 September 2019

Cash flows from operating activities
Net income/(expenditure) per Statement of Financial Activities
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchases of property, plant and equipment
Net cash used in investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2019
£
2,938
2,938
(2,130)
(2,130)
-
808
10,203
11,011
11,011
11,011		 2018
£
(1,540)
(1,540)
-
-
4,000
2,460
7,743
10,203
10,203
10,203

Page 7

Delgatie Castle Trust NOTES TO THE ACCOUNTS

for the year ended 3 September 2019

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the
general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes.
Revaluation funds These are unrestricted funds which include a revaluation reserve representing the
restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through
terms of an appeal.
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity
income becomes entitled to, and virtually certain to receive, the income and the amount of
the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is
expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the
legacies the SoFA when receivable and only when the Charity has unconditional
entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in expenditure)
and facilities where the benefit to the Charity is reasonably quantifiable, measurable and
material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value
revaluation of fixed at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets

Page 8

Delgatie Castle Trust NOTES TO THE ACCOUNTS

Expenditure

Taxation

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

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the Statement of Financial Activities. No depreciation is provided in respect of investment properties.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 9

Delgatie Castle Trust NOTES TO THE ACCOUNTS

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for nay trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2 Charitable status

The Charity is a Scottish Charitable Incorporated Organisation (SCIO), governed by a constitution.

Page 10

Delgatie Castle Trust NOTES TO THE ACCOUNTS

3 Statement of Financial Activities - prior year

3
Statement of Financial Activities - prior year
Income and endowments from:
Donations and legacies
Other trading activities
Total
Expenditure on:
Raising funds
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
4
Income from donations and legacies
Donations
5
Income from other trading activities
Tea Room & Shop Income
Front Door Income
Holidays & Holiday Home
Income
Rental Income		 Unrestricted
£
1,999
1,999
Unrestricted
£
30,002
22,533
40,127
16,350
109,012		 Unrestricted
funds
2018
£
3,638
120,555
124,193
22,254
103,479
125,733
(1,540)
(1,540)
(1,540)
7,743
6,203
Total
2019
£
1,999
1,999
Total
2019
£
30,002
22,533
40,127
16,350
109,012		 Total funds
2018
£
3,638
120,555
124,193
22,254
103,479
125,733
(1,540)
(1,540)
(1,540)
7,743
6,203
Total
2018
£
3,638
3,638
Total
2018
£
46,850
14,743
31,782
27,180
120,555

Page 11

Delgatie Castle Trust NOTES TO THE ACCOUNTS

6 Expenditure on raising funds

Fundraising trading costs
Tea Room & Shop Income
7
Other expenditure
Advertising and Promotions
Employee costs
Motor and travel costs
Premises costs
General administrative costs
Legal and professional costs
8
Staff costs
Salaries and wages
No employee received emoluments in excess of £60,000.
9
Tangible fixed assets
Cost or revaluation
Additions
At 3 September 2019
Net book values
At 3 September 2019
10 Creditors:
amounts falling due after more than one year
Bank loans and overdrafts		 Unrestricted
£
20,615
20,615
Unrestricted
£
2,942
2,373
8,004
1,395
41,634
29,404
1,706
87,458
8,004
8,004
2019
£
4,000
4,000		 Total
2019
£
20,615
20,615
Total
2019
£
2,942
2,373
8,004
1,395
41,634
29,404
1,706
87,458
£
2,130
2,130
2,130		 Total
2018
£
22,254
22,254
Total
2018
£
4,816
-
18,903
1,821
49,958
26,531
1,450
103,479
18,903
18,903
£
2,130
2,130
2,130
2018
£
4,000
4,000

Page 12

Delgatie Castle Trust NOTES TO THE ACCOUNTS

11 Movement in funds

11 Movement in funds
Incoming
resources At 3
At 4
September		 (including
other		 Resources
expended		 Gross
transfers		 September
2019
2018 gains/losses)
£ £ £ £
Restricted funds:
Unrestricted funds:
General funds
Revaluation Reserves:		 6,203 111,011 (108,073) - 9,141
Total funds 6,203 111,011 (108,073) - 9,141
12 Analysis of net assets between funds
Unrestricted
Total
funds
£ £
Fixed assets 2,130 2,130
Net current assets 11,011 11,011
Creditors due in more than one year and
provisions		 (4,000) (4,000)
9,141 9,141

Page 13

Delgatie Castle Trust DETAILED STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 3 September 2019

Income and endowments from:
Donations and legacies
Donations
Other trading activities
Tea Room & Shop Income
Front Door Income
Holidays & Holiday Home Income
Rental Income
Total income and endowments
Expenditure on:
Costs of other trading activities
Tea Room & Shop Income
Total of expenditure on raising
funds
Other expenditure
Advertising and Promotions
Employee costs
Salaries/wages
Motor and travel costs
Vehicles - General costs
Premises costs
Rates
Light, heat and power
Premises repairs and
maintenance
Other premises costs
General administrative costs,
including depreciation and
amortisation
Bank charges
General insurances
Stationery and printing		 Unrestricted
funds
2019
£
1,999
1,999
30,002
22,533
40,127
16,350
109,012
111,011
20,615
20,615
20,615
2,942
2,373
5,315
8,004
8,004
1,395
1,395
1,702
29,048
9,729
1,155
41,634
1,663
21,423
1,170		 Total funds
2019
£
1,999
1,999
30,002
22,533
40,127
16,350
109,012
111,011
20,615
20,615
20,615
2,942
2,373
5,315
8,004
8,004
1,395
1,395
1,702
29,048
9,729
1,155
41,634
1,663
21,423
1,170		 Total funds
2018
£
3,638
3,638
46,850
14,743
31,782
27,180
120,555
124,193
22,254
22,254
22,254
4,816
-
4,816
18,903
18,903
1,821
1,821
3,614
34,735
9,329
2,280
49,958
1,374
19,102
1,554

Page 14

Delgatie Castle Trust

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

Delgatie Castle Trust
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
Telephone, fax and broadband
Legal and professional costs
Accountancy and bookkeeping
Other legal and professional
costs
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net income/(expenditure)
Net income/(expenditure) before
other gains/(losses)
Other Gains
Net movement in funds		 5,148
29,404
1,200
506
1,706
87,458
108,073
-
2,938
2,938
-
2,938		 5,148
29,404
1,200
506
1,706
87,458
108,073
-
2,938
2,938
-
2,938		 4,501
26,531
1,100
350
1,450
103,479
125,733
-
(1,540)
(1,540)
-
(1,540)

Page 15