Charity registration number SC016735 (Scotland) Company registration number SC277854
ERROL LEISURE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
ERROL LEISURE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Elizabeth A Bright |
|---|---|
| Bruce Robertson | |
| Ronald A Gillies | |
| Stephen M Lilley | |
| John G Walker | |
| Charity number (Scotland) | SC016735 |
| Company number | SC277854 |
| Registered office | Errol Village Hall |
| Church Avenue | |
| Northbank Dykes | |
| Errol | |
| Perthshire | |
| PH2 7QG | |
| Independent examiner | BK Plus Limited |
| 144 Nethergate | |
| Dundee | |
| DD1 4EB | |
| Bankers | Bank of Scotland |
| 10 - 16 King Edward Street | |
| Perth | |
| PH1 5UT | |
| Solicitors | Ross Strachan & Co. |
| 2 India Buildings | |
| 86 Bell Street | |
| Dundee | |
| DD1 1JQ |
ERROL LEISURE LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
ERROL LEISURE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2025
The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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 (FRS 102)" (effective 1 January 2019).
Objectives and activities
The objects of the company are to promote the benefit of the inhabitants of Errol and its environs without distinction of sex, sexuality, political, religious or other opinions by associating the local statutory authorities, voluntary organisations and inhabitants in a common effort to advance education and to provide facilities, or assist in the provision of facilities, in the interest of social welfare for recreation and other leisure time occupation so that their conditions of life may be improved.
Achievements and performance
This year saw a reduction in hall rental income mainly due to the reduction of a Baby and Toddlers group to one day a week from 2 days per week and the hall not being used for an election in that year. A recovery is expected next year due to increased use and a small increase in hourly rental rates. The annual gala was again blessed with good weather and excellent support from the local community and contributed a net £4,501 to funds. Significant expenditure this year was £22,406 spent in October 2024 on improving the heating system. The old system took approx two hours to heat the hall to an acceptable temperature and the installation of new fan assisted radiators now heats the hall to an acceptable temperature in 20 minutes. This has resulted in a big saving in energy costs. An increase in the frequency of Bingo nights has helped fundraising.
Financial review
The company showed an overall deficit of £30,936 for the year. The general fund showed a deficit of £16,029 while the designated property fund showed a deficit of £14,907 wholly accounted for by the depreciation provided for on the property.
Income comprises hall rents, the surplus from the annual Gala, held each June and donations from Morris Leslie Ltd.
The vast majority of the company’s income this year has been generated from the general public via hall entrance hire and donations.
Risk Management
The Company’s Risk Management policy addresses the issues of health and safety, financial controls and other operational risks.
The Trustees have assessed the major risks to which the Charity is exposed and, in particular, those related to the operations of finances for the Charity. They are satisfied that systems are in place that mitigate their exposure to major risk. The Charity Accounts are subject to independent examination on an annual basis.
Plans for future periods
The hall is now well used but will continue to be marketed to local residents. Fundraising will continue to be undertaken through the Gala and other fundraising initiatives so as to keep the hall rental rates as affordable as possible.
Structure, governance and management
The Charity is a company limited by guarantee and is, therefore, governed by a Memorandum and Articles of Association.
The Directors of the charitable company are its trustees for the purposes of charity law. In accordance with the Articles of Association, no person may be appointed as a director unless that person is a member of the Company. At 30th June 2025 there were 4 directors, all being members of the Company. The liability of the members is limited to £1 each.
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ERROL LEISURE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Elizabeth A Bright Bruce Robertson (Resigned 9 February 2026) Ronald A Gillies Stephen M Lilley John G Walker
Directors’ Induction and Training
Newly appointed directors are given an informal induction tour of the organisation. The board have now implemented a policy of offering new directors places on a course on the role of charity trustees.
Governance and Decision-making
The affairs of the company are managed by the Board of Directors. All members of the Board have equal voting rights.
At each annual general meeting one third of the Members’ Directors retire by rotation. The directors can appoint from amongst them a chairman and vice chair and any such other executive offices, as they feel appropriate. The Board of Directors meets every two to three months, as required, to oversee the performance of the company and discuss future strategy.
The trustees' report was approved by the Board of Trustees.
Stephen M Lilley
Stephen M Lilley
Trustee
26 March 2026
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ERROL LEISURE LIMITED
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ERROL LEISURE LIMITED
I report on the financial statements of the Charity for the year ended 30 June 2025, which are set out on pages 4 to 13.
Respective responsibilities of trustees and examiner
The charity trustees (who are also the directors of Errol Leisure Limited for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The Charity trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the 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 financial statements.
Independent examiner's statement
In the course of my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
-
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Neil Young
BK Plus Limited
144 Nethergate Dundee DD1 4EB 26 March 2026
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ERROL LEISURE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
| Unrestricted Unrestricted funds funds general Designated Property Fund 2025 2025 Notes £ £ Income from: Donations and legacies 3 5,450 - Charitable activities 4 8,458 - Other trading activities 5 11,034 - Investments 6 282 - Total income 25,224 - Expenditure on: Raising funds 7 4,857 - Charitable activities 8 36,396 14,907 Total expenditure 41,253 14,907 Net expenditure and movement in funds (16,029) (14,907) Reconciliation of funds: Fund balances at 1 July 2024 222,208 76,615 Fund balances at 30 June 2025 206,179 61,708 |
Total Unrestricted Unrestricted funds funds general Designated Property Fund 2025 2024 2024 £ £ £ 5,450 5,331 - 8,458 10,044 - 11,034 9,915 - 282 296 - 25,224 25,586 - 4,857 4,872 - 51,303 20,489 14,907 56,160 25,361 14,907 (30,936) 225 (14,907) 298,823 221,983 91,522 267,887 222,208 76,615 |
Total 2024 £ 5,331 10,044 9,915 296 25,586 4,872 35,396 40,268 (14,682) 313,505 298,823 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ERROL LEISURE LIMITED
BALANCE SHEET
AS AT 30 JUNE 2025
| Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Income funds Unrestricted funds - Designated property fund 16 Unrestricted funds - general |
2025 £ 783 112,933 113,716 (2,643) |
£ 156,814 111,073 267,887 61,708 206,179 267,887 |
2024 £ 1,333 127,579 128,912 (1,810) |
£ 171,721 127,102 |
|---|---|---|---|---|
| 298,823 | ||||
| 76,615 222,208 |
||||
| 298,823 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2025.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 26 March 2026
Stephen M Lilley
Stephen M Lilley Trustee
Company registration number SC277854
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
Charity information
Errol Leisure Limited is a private company limited by guarantee incorporated in Scotland. The registered office is Errol Village Hall, Church Avenue, Northbank Dykes, Errol, Perthshire, PH2 7QG.
1.1 Basis of preparation
The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
The designated, though unrestricted Property Fund represents: a) the balance of the funds transferred from the Errol Benevolent Fund to be applied for the purpose of building a new/extended Community Centre. The transfer of funds was not conditional on their application for this purpose but this was the intention and the Directors have designated them for this purpose. b) £150,000 received from A & J Stephen and Stewart Milne Homes.
1.4 Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Grants are credited in the year to which they relate.
Hall rentals are included on a receivable basis.
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
Sponsorship and other forms of assistance towards running a particular event are credited to the period in which the event occurred.
Investment income is included in the year in which it is receivable.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Costs allocated to fundraising and publicity are those costs incurred on activities undertaken to generate funds for use by the charity.
Costs of charitable activities comprise all the resources applied by the charity in undertaking its work to meet its charitable objectives.
Where possible costs are allocated directly to one of the above headings. Otherwise costs are allocated between the headings with reference to the areas utilised and time spent.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property 4% Straight Line Equipment 20% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
1 Accounting policies
(Continued)
1.9 Financial instruments
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donations and gifts | 5,200 | 5,331 | |
| Grants | 250 | - | |
| 5,450 | 5,331 | ||
| 4 | Income from charitable activities |
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Charitable rental income | |||
| Charitable rental income | 8,458 | 10,044 | |
| 5 | Income from other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Fundraising events | 11,034 | 9,915 | |
| 6 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Interest receivable | 282 | 296 |
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
7 Expenditure on raising funds
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Fundraising and publicity | |||
| Other fundraising costs | 4,857 | 4,872 | |
| 8 | Expenditure on charitable activities |
| Charitable | Charitable | ||
|---|---|---|---|
| activities | activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Depreciation and impairment | 14,907 | 14,907 | |
| Insurance | 1,869 | 1,436 | |
| Hall maintenance | 27,284 | 5,193 | |
| Cleaning | 592 | 1,010 | |
| Heat and light | 5,330 | 8,684 | |
| Sundry expenses | 169 | 1,412 | |
| 50,151 | 32,642 | ||
| Share of support and governance costs (see note 9) | |||
| Governance | 1,152 | 2,754 | |
| 51,303 | 35,396 | ||
| Analysis by fund | |||
| Unrestricted funds - general | 36,396 | 20,489 | |
| Unrestricted funds - Designated Property Fund | 14,907 | 14,907 | |
| 51,303 | 35,396 | ||
| 9 | Support costs allocated to activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Governance costs | 1,152 | 2,754 | |
| Analysed between: | |||
| Charitable activities | 1,152 | 2,754 |
Governance costs includes payments to the independent examiner of £1,152 (2024 - £1,134) for independent examination fees.
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
| 10 | Net movement in funds | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 1,152 | 1,134 | |
| Depreciation of owned tangible fixed assets | 14,907 | 14,907 |
11 Employees
There were no employees during the year.
12 Taxation
The charity is exempt from taxation on its activities because all income is applied for charitable purposes.
| 13 Tangible fixed assets Cost At 1 July 2024 At 30 June 2025 Depreciation and impairment At 1 July 2024 Depreciation charged in the year At 30 June 2025 Carrying amount At 30 June 2025 At 30 June 2024 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income |
Property £ 372,681 372,681 200,960 14,907 215,867 156,814 171,721 |
Equipment £ 6,189 6,189 6,189 - 6,189 - - 2025 £ 639 144 783 |
Total £ 378,870 |
|---|---|---|---|
| 378,870 | |||
| 207,149 14,907 |
|||
| 222,056 | |||
| 156,814 | |||
| 171,721 | |||
| 2024 £ 1,333 - |
|||
| 1,333 |
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
15 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Other creditors | 2,643 | 1,810 |
16 Unrestricted funds - Designated Property Fund
These are unrestricted funds which are material to the Charity's activities.
| At 1 July 2024 Resources expended At £ £ Property fund 76,615 (14,907) Previous year: At 1 July 2023 Resources expended At £ £ Property fund 91,522 (14,907) |
30 June 2025 £ 61,708 |
|---|---|
| 30 June 2024 £ 76,615 |
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
| At 1 July 2024 Incoming resources Resources expended At £ £ £ General funds 222,208 25,224 (41,253) Previous year: At 1 July 2023 Incoming resources Resources expended At £ £ £ General funds 221,983 25,586 (25,361) |
30 June 2025 £ 206,179 |
|---|---|
| 30 June 2024 £ 222,208 |
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ERROL LEISURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
18 Analysis of net assets between funds
| Unrestricted Unrestricted funds funds general Designated Property Fund 2025 2025 £ £ At 30 June 2025: Tangible assets 95,106 61,708 Current assets/(liabilities) 111,073 - 206,179 61,708 Unrestricted Unrestricted funds funds general Designated Property Fund 2024 2024 £ £ At 30 June 2024: Tangible assets 95,106 76,615 Current assets/(liabilities) 127,102 - 222,208 76,615 |
Total 2025 £ 156,814 111,073 |
|---|---|
| 267,887 | |
| Total 2024 £ 171,721 127,102 |
|
| 298,823 |
19 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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