jamesmilne CHAA TEAED ACCOUNTANTS Braemar Mountsin Rescue Association Flnanclal Statements for the year ended 31st August 2024
Braemar Mountain Rescue Association Tru$te¢$ Report on tho Financial Statements forthe yearended 31st August 2024 The Trustees submit their annual report and financial statements for the year ended 31 st August 2024. Objectives and activltles The Association was set up lo provide a rTh)untain rescue setvice in Deeside, Scouand, or any place within the proximity of Braemar, by encouraging, co-ordinating and supporting the members. In addition, further aims are to acquire suitable equipment for rescue activities and lo raise funds for these purposes. Achievements and PerfOance The Association has continued to meet the demand for both mountain rescue and team training with details ol a15 rescues surnmarised Out-wi the financial slalements. Throughout the year the Association's equipment (ntinUed to be maintained and updated in accordance with best practice and manufacturers recommendations. Team members continue to train in various aspects of mountaineering which have a direct connection with mountain rescue.. this includes both internal and external training which not only develops those individual members but also allows cascading of skills and techniques to the wider team. The quantity of call outs and the type of call outs are around foty per annum. Financial revlew The Association made a surplu5 of £56.515 before gains on ils investments of £91,419 resulting in an increase to the reserves. The Association continues to keep the level of expenses incurred in obtaining voluntary income via donations, legacies, and fvndraising activities to a minimum, with onty £2.138 being spent to obtain £135,366 of income. The investment policy is set by the trustees with input from professional advisers. The current policy is to invest in low lo medium risk securities providing a consistent and growing income, with reasonable prospects for ¢api181 appreciation, when viewed over a number of years. The dividend income of £13,349 represents 8 relum of 1.24 % on the closing market value of investments whrh Continue lo be held mosUy in unil trusts lo reduce the investment risk whilst maintaining a decent return. In addition to the listed investments which now have a market value of £1.080,050, £165,269 above their original c0515, there are still substantial funds held in various bank accountsldeposils. By prudently running the Association in relation Its costs and trying to maximise income with the ability lo collect public donations on-line, the Association continues lo be able to spend the vast majority of ils oulgoings on the charitable activities. The engagement of an independent rinancial advisor to review the investment portfolio provides comfort that the investments held by the Association are surtable for its needs, taking into account an appropri8le risk and reward profile. Part of this pro¢ess involved trading in some of the investments and investing via an on-line portfolio platfomi. managed by investment experts.
Braemar Mountsln Rescue Association Tru$tee$ Report on the Flnanclal Statements forthe year ended 31st August 2024 ReseNes pollcy 11 is the policy ofthe Association lo retsin adequate general fvnds to safeguard the continuance oflhe Association's activities. Al 31st August 2024. unrestricted funds lotslled £1.640.72112023- £1.493,5251. The increase in unrestricted funds over the year is due to the fall in expenditure on equipment since 2022. The trustees continually monitor these funds so that they can be most benef1811Y expended or invested in furtherance of the objectives of the As50cialion. The Association holds restricted Presentation funds with the purpose of recognising the setvices provided by members. All monies paid into this fund are received from ongoing members separate from any charitable income received. At 31st August 2024. the presentation fund lotalled £83712023 - £991. Plans for future periods The Association aims lo continue lo meet the original ch8ritable objedives by continually assessing the need for training, new equipmenL members, elc., whilst keeping a watchful eye on the finances. The Association is now in a strong position with regard lo its buildings and ha5 planning pemiission to extend the Braemar base to enhance the existing facilities there. The building work began in September 2024 with an eslimaled completion date ofearfy 2025. The Association continues to review its presence on social rnedia, updating its website lo ensure that we are managing our publi¢ profile efficienUy. Structure, governanGe, and rnanagBrnent Governing document The Association is governed by constitution. whilst the affairs and propety of the Association are managed by the Iruslees. which has the power lo delegate any part of ils duties lo individuals or sub-groups as appointed from "me lo lime and, due lo continuing increases in the administration and operations of the Association, the use of sub-groups. with an appointed Convener, is becoming more prevalent to make best use of individual members, Intereslslskills and to spread the burden. Trustee51members' Snductlon and tralnlng The Iruslees are drawn from the membership, wf(h appointments being approved al the Association AGM, whilst members lend lo come via applications, which are reviewed by the trustees before those believed suitable are interviewed and, if successful, are invited to join on a probationary ba$is. All members are subject to ongoing appropriate training for rescue activities through slruclured training and practical experience. All of the trustees are aware of the regulations put in place re the formalion of OSCR to oversee the Scotbsh charities sector and the changes brought in by the 21x15 Charities and Trustee Investment {Scollandl Act. Related partles The Association continues lo have strong operational links with the Polits Scotland (Grampian) Mountain Res¢ue Team.
Braemar Mountain Rescue Assoclatlon Trustee$ Report on the Flnanclal Statements forthe year ended 31$tAugu8t 2024 Risk as¥essment This is obviously a major part of the rescue and training sKle of the charitable activities and regular inspections of equipment and vehicles is undertaken and assessments catTied out in conjunction with the Police Scotland IGrampianl Mountain Rescue Team. Therefore, there are procedures In place as far as health and safety risks are concemed and these are ¢ontInu81 updated as and when required. As far a5 the adminislralion of the Association 1$ ¢xJncemed, the main risk is a lack of funds to enable the Association to meet ts activities and objecb'ves. In this regard, the A3sociation holds a high level of unreslricled reserves which weuld easily see il through a period of years should there LE a drop in the level of donations or should the annual grant received from the Scottish Government cease. Funcs currently held are also required lo finance the replacement of the off-road vehicles, which are costly to replze, whilst there is also the ongoing maintenan/upgralng of the properties at Braemar and Ballater. Due to the uncertainties regarding the Scoltssh weather and the relationship this has with the rescue activities. il is fe justrfied lo hold high reserves lo meet potential increased Gosts for fuel, communications, and equipment placeMnI. Trustees and Professional Advisors Patron: HM King Charles111 Tru$tegS: Principal office: 23 Albert Road Ballaler AB35 SQL Bank•rs: Bank of Scotland 9 Bridge Street Ballater AB35 5QP Soll¢ltor5: Slronachs 28 Albyn Plaee AbeTdeen AB10 1YL AcGountants: James Milne Chartered Accountants 5 Bon Accord Square Aberdeen AB116XZ Charttles rgfergnco: SC008652
Braemar Mountaln Rescue Association Trustees Report on the Flnanclal Statements for the year endod 31st August 2024 Responsibilitie8 of the tru8t¢¢¢ In Rlatlon to the financial statements The Iruslees are responsible for preparing a Iruslees, annual report and financial statements in accordance with applrAble law United Kingdom Accounting Standards IUK GMP), The law applicable lo charilles In Scotland requires the charfty trustees lo prepare financial statements for each year which give a true and fair view of the Stale of affairs of the charity and ol the incoining reSoUS and applallOn of resources. of the charity for that period. In preparing the financial statements, the trustees are required to.. la} select Suitable accounting policies and apply them consistently., Ib) obseNe the melh(xJs and principles in the applicable Chanlies SORP.. Ic) make judgments and eslimales that are reasonable and prudent., Id) slal& whether applicable accounting standards have boen followed, subject lo any material departures disclosed and explained in the financial statements., le) prepare the financial slalemenls on the going concern basis unless il ts inappropriate to presume that the Association will continue in operation. The Iruslees are responsible for keeping proper accounting records, which L1isclose wrth reasonable accuracy al any lime. the financk?I position of tre charty lo enable them to ensure that the financial ststements comply with the Charities and Trustee Investment IScotLandl Act 2005 and the Charity Accounts {Scollandl ReguLalions 20CE las amended}. They are also SPOnSIble for safeguarding the assets of the Association and hence for tan5 Teasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the rnainlenance and integrity of the ¢harity and financial infomiation included on the charity's websile. Legislation in the United Kingdom goveming the prep8ralion and dissemination of financial statements may differ from legislation in other jurisdictions. On behalf of the TrLislegS L*
Bragmar Mountain Rescue Association Scottlsh Charity Number SC008652 Report by the Independont Examlner I report on the accounts of the charty for the year ended 31st August 2024 which are set out on pages 6 to 13. Re8pectlve re8pon8lbllltltr8 of trustees and examlner The trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and Ihe Charities Accounts (Scollandl Regulations 2006 (as amendedl. The trustees consider that the audit requirement of Regulation 10111 lal to IG} of the AcGounls Regulations does not apply. 11 is my responsibility to examine the accounts as required under Section 4411) Icl of the Act and lo ststo whether particular mallers have come to my attention. Ba51$ of indepgnd•nt examlner's statemènt My examination is carried out in accordance with RegulatK)n 11 of the Charities kcounts (Scotlandl Regulations 2006 las amended). An examination includes a review of the accounting records kept by the charity and a comparison of the a¢counts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees conceming any such matters. The procedures undertaken do not provide all the evK1ence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts, Independent examlnetrs stalement In the course of my examinatn. no matters have come lo ry attention which give me reasonable cause to believe that in any material respect the requirements.. to keep aceounting record5 in accordance with Section 44{1 Ila) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations la5 arnendedl, and to prepare a¢¢ounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations las amended) have not been met, or 2. to which, in my opinion, attention should be drawn in order lo enable a proper understanding ofthe accounts Partner James hlilne Chartered Accountants 5 Bon Accord Square Aberdeen AB116XZ Its i.IC
Braemar Mountsin Rescue Association statement of Flnanclal Activities for the year ended 318t August 2024 2024 Restricted Total Fund$ Funds 2023 Total Funds Unrestrlcted Funds Income and endowments from: Donations and legacies Investments Charitable activities 134,012 21,307 1,354 135,366 21,307 68,387 26,137 Total income Expenditure on: Raising funds Charitable activities 155,319 1,354 156,673 94,524 2,138 97,404 2,138 98,020 5.076 62,688 616 Total expgnditure 99,542 616 100,158 67,764 Net Ineomel{expenditurel and net movement Sn funds before gaSnsl Ilosse$l on investments 55,777 738 56,515 26,760 Net {l¢)ss}Igain on Investment as39ts 10 91,419 91,419 (7451 Not movement In fund$ for year 147,196 738 147,934 26,015 Total funds brought forward 1,493,525 99 1,493,624 1.467,609 Total funds carried forward 14 1.640,721 837 1,641,558 1,493,624 The notes on pages 8 10 13 form an integral part of these financial statements.
Braemar Mountaln Rescue Asso¢lation Balance Sheet at 31st August 2024 Noto 2024 2023 Fixed assets Tangible assets Investments 251,248 1,080,050 254,788 972.688 10 1,331,298 1,227.476 Current assets Stock Debtors Cash al bank and in hand 100 32,085 291,924 100 11,803 271,110 12 324,109 283,013 Creditors: amounts falling due wlthln ong y9ar 13 113,8491 {16.8651 Net current assets 310,260 286.148 Nfrt assets 1.641.558 1,493.624 Funds General unrestricted Presentation - restricted 14 1.640,721 837 1.493,525 99 1.641,558 1.493,624 Approved b the Committee on The notes on pages 8 10 13 fom an integral part of these financial statements.
Braemar Mountain Rescue Association Notgs to the Financlal Statements ft>r tho year gnded 31st August 2024 Accountlng poll¢le$ 1.1 Accounting conventlon The financial slalements are prepared under the historical cost convention as modified by and the restatement of investments al market value. The financial statements have been prepared in accorclance with the Slalemenl of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordance with the Financia1 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16th July 2014 - (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021, The Charities and Trustee Investment Iscotkndl Act 2005 and the Charits'es Accounts (Scollandl Regulations 2006 las amendeél. The trust constitutes a public benefit entity as defined by FRS 102. 1.2 Use offunds The members use the funds at their disposal to provide and operate the mountain rescue Servi and there are no reslriclions on the general funds apart from the general objects oflhe Association. A separate presentation fund is maintained to use towards giftslleaving events for members and the money in this fund comes from the members. 1.3 Fixgd assets and depreclatlon Fixed assets are slated al cost less depreciation on the bases sel out hereunder. Depreciation is provlded on all tsngible fixed assets. The rates used to write off the cost of each asset evenly over its expected useful life are as follows.. Buildings Plant and machinery Motor vehicles Computer equipment over period of 99 years over 5 years 250/0 reducing balance over S years Due to the hazardous natu of rescues and use of rescue equipmenL all expenditure on such items expensed in the year of purchase. 1.4 Grants lil Capital expendSture grants Grants are sel against capital expenditure in the year incurred. Grants are released to fvnds by equal annual inslalments over the expected useful lives of the relevant assets. lill Revenue grants Revenue grants are included in the income and expenditure account on an accruals basis. 1.5 Investments Investments are included at market value. Realised gains and losses arising on disposals of investments during the year are included in the statement of financial acb'vities. Unrealised gains and losses arising on revaluation of the investments al the end of the year are adjusted on closing funds by inclusion in the summary statement of financial activities. Income from investments is included in the accolsnls when receivable.
Braemar Mountsin Rescue Association Notes to the Financial Statements Icontinuedl for the year •nded 31st August 2024 1.6 Legacies and donations Legacies and donations are included in the financial slalements when Teceivable and on an accruals basis to the extent that the monetary value can be reasonably quantified. 1.7 Taxation The Association is a registered charity and is therefore exempt from tsxalion. 1.8 Stock Stock of books, promotK)nal materials and stationery is stated al cost. 1.9 Support costs Support costs include the costs associated with eonstf(utional and Statutory requirements and are recognised on an accruals basis. 1.10 Debtors Debtors are recognised al the settlement amount due, Prepaymen15 are valued at the amount prepaid. 1.11 Cash at bank Cash al bank includes balances wrthin accessible bank accounts with no maturity date. 1.12 Crgdltors Credf(or5 are recognised where the association has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. 1.13 Flnanclal instruments The association has financial assets and financial liabilities of 8 kind that qualify as basic financlal instruments. Bas financial instruments are inits'ally recognised at transaction value and subsequent measured at their settlement value. 2. Voluntsry income 2024 2023 Scoth'sh Mountain Rescue Oonalions and collection boxes Legacies Tax recovered Contributions to presentation fund 29,076 52,643 52,293 21.102 42,127 3,989 1,141 28 1,354 135,366 68,387 3. Investment income 2024 2023 Dividends Bank interest 13,349 7.958 21.625 4,512 21.307 26,137
Braemar Mountsin Rescue Association Notes to the Flnanclal Statements (continued) for the year ended 31st August 2024 4. Incoming resources from charitable actlvitio$ 2024 2023 Book sales Other fundraising 5. Costs of generatlng Yoluntsry incomg 2024 2023 mis[13neQuS expenses 2,138 5,076 6. Charitable activities 2024 2023 Council tax Heat and light Cleaning and maintenan¢e ¢osts Insurance Training Property and equipment repairs Printing, postage, and slalionery Presentation Fund costs Bank costs Highland Cross entry fee5 Sarcall subscription Membership costs Waste disposal Domestic equipment Travel costs Telephone Sponsorship Rescue equipment and medi¢al supplies Transport costs Depreciation of property, garage equipment, vehicles, and computers 3.277 1,764 9,222 8,079 12,296 3,034 1.575 1.214 1,810 5,697 7,721 3,990 70 406 158 616 161 360 500 439 446 485 627 400 1,337 3.333 12,964 3,980 7.086 400 1,806 3,333 29,741 6,945 7,180 89,153 53.299 7. Support costs 2024 2023 Investment management fees Professional fees Accountancy fees 7,442 8,461 1587) 1,515 1,425 8,867 9,389 10
Braemar Mounlaln Rescue Assoclatlon Notes to the Financial Statements {continuedl for the year ended 31st August 2024 8. Related party tran$action$ and Member's exponsgs and remuneration No committee member received any remuneration for their dulles carried out in the year12023- Nill. Expenses paid lo the members In the year tolalled £3,32812023 - £8,723) which were made up of seven memberfs reimbursed expenses lor Association costs. 9. Tangible fixed assets Motor vehicles Garage Computer equipment equlpment Total Property Cost Al 1 sl September 2023 Additions 288,4S7 27,197 15,458 3,640 11,709 342,821 3,640 Al 3151 August 2024 288,457 27.197 19,098 11,709 346,461 Depreciation At 1 st September 2023 Charge for year 45,896 2,914 21,283 1,479 12,2a7 1,749 8,647 1,038 88,033 7,180 At 31 st August 2024 48,810 22,762 13,956 9,685 95,213 Net book value Al 3151 August 2024 239.647 4,435 5.142 2.024 251.248 Al 31st August 2023 242,561 5,914 3,251 3,062 254,788 Following lengthy diScuss)nS regarding ownership of the Mountain Rescue Centre al Braemar, a legal agreement betsveen the Assockation and Police Scotland (Grampian Police ceased to exist when Police Scotland was formed on 1st April 20131 was signed in April 2013, which identified that each organisalion now owns 500kn of the building, and also a¢cepts responsibility for 50% of the building's Maintenan and running costs. The Assoeialion has a policy of fully expensing rescue equipment in the year of acquisition. This pollcy is appropriate for the equipment due to the nature of its use. 11
Braemar Mountain Rescue Assoclatlon Notes to the Flnan¢lal Statements {¢ontInu) forthe year ended 31st August 2024 10. Investments 2024 2023 Llsted Investments Market value at 1st September 2023 Additions Disposals Net unrealised Ilossllgain 972,688 1.398,000 11,382,057) 91,419 968,696 130,983 1126.2461 17451 Market value at 31st August 2024 1,080,050 972.688 Historical cost at 31st August 2024 914,781 891,671 Market value at 31st August 2024 comprises Equities Charisharelcharifvnd units 1,080.050 972,688 1,080.050 972,688 Whereol: Investment assets in the UK 1,080,050 972,688 11. Debtors 2024 2023 Other debtors Prepayments 626 31,459 532 11,271 32,085 11,803 12
Braemar Mountain Roscue Association NotOS to tho Financial Statements {contSnugdl for the year ended 31st August 2024 12. Cash at bank and In hand 2024 2023 National Savings Income Bonds Bank of Scotland Current Account Bank of Scotland Presentation Fund Account Bank of Scotland Business Instant Online Account Stockbrokers funds held 175,000 66,514 837 30,000 19,573 175.000 37.464 99 30,000 28,547 291,924 271,110 13. Creditors: amounts falllng due vAthln one yoar 2024 2023 Other creditors 13,849 16,865 14. Funds 2024 General Prgsentation Fund Fund 2023 General Presentation Fund Fund Total Total Al 1 sl SeplembeT 2023 1,493,624 1,493,525 Nel surpluslldeficitl for year 58,515 55,777 Other recognised Ilossesllgains 91,419 91,419 99 738 1,467,609 1,467,132 26,760 27.138 17451 17451 477 1378} At 3151 August 2024 1,641,5S8 1,640,721 837 1,493.624 1,493.525 99 lal The General Fund is unrestricted and is available to be spent for any purpose of the charity. Ibl The Presentation Fund is a restricted fund and is Used towards giftslleaving events for members and the money in this fvnd comes from the members. 15. Allocallon of net assets amongst funds General Fund Presentatlon Fund Totsl Tangible assets Investments Stock Debtors Cash at bank Creditors 251,248 1.080,050 100 32,085 291,087 113,8491 251,248 1,080,050 100 32,085 291,924 113,8491 837 Net assets at 31st August 2024 1,640,721 837 1.641,558 13
Braemar Mountsin Rescue Association The following page does not forni part of the flnanclal $tstoments 14
Braemar Mountain Rescue Association Schedule 1 Investments Markgt Value at 31108124 Market Value at 31108123 Cost at 31108124 Cost at 31108123 Income Braemar Community Hydro Ordinary £1 shares 653 653 707 707 Central Investments portfollo 13,295 1,079,397 914,128 971,981 890,964 13,349 1,080,050 914,781 972,688 891,671 15