**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.
- 1 -
## **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
- 2 -
## **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
1. 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
2. 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
- 3 -
## **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.
- 4 -
## **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**
- 5 -
## **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.
- 6 -
## **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.
- 7 -
## **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.
- 8 -
## **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|
- 9 -
## **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.
- 10 -
## **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|
- 11 -
## **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|
- 12 -
## **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).
- 13 -