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2025-03-31-accounts

COMPANY REGISTRATION NUMBER: SC195439 CHARITY REGISTRATION NUMBER: SC029061

Boyndie Trust Limited Company Limited by Guarantee Financial Statements

31 March 2025

RITSONS

Chartered Accountants & Statutory Auditor 26-30 Marine Place

Buckie Moray AB56 1UT

Boyndie Trust Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2025

Pages
Trustees' annual report (incorporating the director's report) 1 to 5
Independent auditor's report to the members 6 to 11
Statement of financial activities (including income and
expenditure account) 12
Statement of financial position 13
Statement of cash flows 14
Notes to the financial statements 15 to 24

Boyndie Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2025

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2025.

Reference and administrative details

Registered charity name Boyndie Trust Limited
Charity registration number SC029061
Company registration number SC195439
Principal office and registered Old School
office Boyndie
Banff
Aberdeenshire
AB45 2JT
The trustees
Alasdair Ramsay - Chairman
Roger Smart - Finance Director
Ishbelle MacKinnon
George Innes
Rebecca Ross
Abbie Christie
Admin & Accounts manager Christine Redford
Company secretary Duncan Leece (Chief Executive Officer)
Auditor Ritsons
Chartered Accountants & Statutory Auditor
26-30 Marine Place
Buckie
Moray
AB56 1UT
Bankers Bank of Scotland
29 Low Street
Banff
Banffshire
AB45 1AU
Solicitors Walter Gerrard & Co
31 Duff Street
Macduff
AB44 1QL

1

Boyndie Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

Structure, governance and management

The organisation is a charitable company limited by guarantee, registered in Scotland and operating under the rules of its Memorandum and Articles, dated 1999 and amended in 2010.

The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Memorandum and Articles of Association. Boyndie Trust is open for application to be a trustee, from any person supportive of its charitable aims, and periodically it issues communication to, and regularly its paid staff meet formally with, trainees, plus their families and carers. Trustees also approach likely members of the community who show interest in matters concerning people with special needs.

Potential recruits are invited to tour the trust's Visitor Centre, meeting staff and clients, and to attend trustees' meetings as observers, before deciding whether to apply for trusteeship. Applications are discussed and voted upon by the board.

The trustees are involved in decision making for all matters other than day to day issues.

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems are in place to mitigate our exposure to the major risks.

Specific risk requirements relating to the presence of people with learning difficulties and disabilities, working at Boyndie Visitor Centre, is managed by three employed Training Leaders, both of whom have specialist knowledge, and involve local authority Care Managers in the process. All staff attend Adult Protection training at a level appropriate to their jobs.

The trustees monitor the work of Boyndie Trust against its ongoing charitable aims, and any short-term project plans. Boyndie Trust's services are also examined as part of the wider HMI Education inspections for the area, the most recent of which singled out the trust for praise. The local authority's Commissioning Team also inspect work six-monthly.

Objectives and activities

The principal object of the company is to help individuals who have special needs, by aiding them to develop their personal and vocational skills, towards employment and/or developing their potential in other ways. A secondary aim is to promote environmental conservation.

Principal Policies to Achieve Objects

Boyndie Visitor Centre remains the cornerstone of delivery of the trust's objectives. The main departments of the visitor centre are each headed by a paid Training Leader, with these departments subsequently sub-divided into a series of 'mini-businesses', which enable all participants to gain a sense of ownership of and pride in, what they do.

There has been a turnover of clients accessing skills development and training in all departments, but overall, numbers have decreased, which is purely a reflection of reduced local authority budgetary capacity to buy services, and it is not a reflection of reduced need. For clients with higher levels of special need, continuity and building long-term friendships can be a key outcome, so Boyndie's services remain flexible and individually-tailored.

2

Boyndie Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

Objectives and activities (continued)

Continuing development of initiatives have seen more clients concentrate on learning skills that will help them progress towards independent living.

Boyndie Trust has cooperated with Aberdeenshire Council's local secondary school, Banff Academy, and Moray Council's Keith Grammar, to assist in the long-term development of young people accessing their Additional Support for Learning workstreams, and also with Department of Work & Pensions (principally via Banff Job Centre) to scope-out future cooperation for longer-term unemployed clients.

The visitor centre provides an ideal medium for promoting interaction between disadvantaged people, and the remainder of their community. Breaking down barriers and delivering social inclusion are areas where outside agencies rate Boyndie very highly.

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

Training and Learning Opportunities

The Boyndie team has successfully delivered learning opportunities to augment the established portfolio, such as the 'Caley Award' horticulture programme. Another piece of work, to deliver Confidence 2 Cook, is an initiative which sees trust staff working with local NHS officers.

It is worth recording that significant praise and appreciation has been made, by both public agencies and local families and individuals, at the innovative and diligent way Boyndie Trust continues to conduct its services in very challenging times.

Networking and Partnership Working

Boyndie Trust has worked on specific projects throughout the year with the following partners:

Whitehills & District Community Council

Nadara (formerly Renantis)

Banffshire Partnership Ltd

Seafield Estates Ltd

Aberdeenshire Council Learning & Development

Moray Council

Enable Employability Team Department of Work & Pensions Job Centre Team

The RAF Banff Association

Mears Healthcare

Allied Healthcare

Development Trust Association Scotland

Venture Healthcare

NHS Grampian

Deveron District Age Concern

Acorns 2 Trees

Royal Caledonian Horticultural Society (Caley Awards)

3

Boyndie Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

Financial review

The net expenditure of unrestricted funds, which are the operational activities of the charity, was £60,632 (2024: £43,289). The unrestricted income has decreased by £6,217 and unrestricted costs have increased by £11,125 when compared to last year.

Reserves Policy

The Directors note that as individual service contracts for clients, many of which are paid via Aberdeenshire Council, provide for around 36% of turnover in a normal year, and knowing how stretched local authority budgets continue to be, a reserve approaching 50% of the value of business from this one customer has traditionally seemed prudent. A welcome trend has begun for contracts to come from more than this one source, with Moray Council, and individual clients via Self Directed Support, now commissioning services from Boyndie too. Comfort is also derived from local authorities now making public the cost of their in-house services which could be a lower-specification alternative to Boyndie's, yet all of these services are more expensive. There is strong suggestion that many of these Council-run services will either be curtailed or closed entirely by the end of 2025, or soon after, securing Boyndie's position.

The balance held on unrestricted funds at the year end was £397,732 (2024: £468,219) of which £251,516 are regarded as free reserves, after allowing for funds tied up in unrestricted fixed asset balances.

The balance held in restricted funds at the year end was £166,141 (2024: £154,761) which largely relates to fixed assets.

The visitor centre building remains in good condition, particularly after a major grant-funded replacement programme upgrading windows and external doors with new high-efficiency, triple-glazed, hard wood, units. But as has been stated in previous annual reports, it is a fairly large and complex structure. Major repair or maintenance could be very costly, and this is another reason why a significant financial reserve is still prudent.

Volunteers

Many Volunteers give up their time to help Boyndie Trust. The organisation values their input greatly and could not function without them. It has been particularly gratifying to note retention of volunteer numbers. No money or even real effort has been put into advertising for or cajoling new volunteers, and this increase has been achieved purely by word of mouth from those who have seen the value and success of work at Boyndie, and wish now to be part of it.

Plans for future periods

Training for adults with varied special needs and disabilities will continue to operate in all departments within the centre for the foreseeable future. In addition the centre will continue to run as a visitor attraction. Work is ongoing to create more formally-accredited training opportunities.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

4

Boyndie Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2025

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

The trustees' annual report and the strategic report were approved on 31 July 2025 and signed on behalf of the board of trustees by:

Rebecca Ross

Rebecca Ross Trustee

5

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Boyndie Trust Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

6

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited (continued)

Year ended 31 March 2025

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

7

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited (continued)

Year ended 31 March 2025

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

8

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited (continued)

Year ended 31 March 2025

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of the audit planning procedures, the engagement partner and engagement team obtained an understanding of and discussed the legal and regulatory frameworks that are applicable to the entity, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on the operations of the entity. The key laws and regulations we considered in this context included the Charities and Trustees Investments (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 and FRS 102 (Charities SORP (FRS102)). Other specific laws and regulations which would have a material effect on the charity are employment laws, tax laws, GDPR and AML regulations.

The engagement team discussed non-compliance with laws & regulations at the audit team planning meeting. The engagement team made enquiries of management regarding their assessment of the likelihood of fraud or error or non-compliance with laws & regulations which could lead to a material misstatement in the accounts and whether they were aware of any instances of fraud or non-compliance.

The engagement partner was satisfied that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws & regulations during the audit.

The engagement team reviewed records to identify any legal and regulatory correspondence, including any correspondence with OSCR, alongside enquiries of management as part of the audit fieldwork. The team did not identify any key audit matters in relation to irregularities, including fraud.

Part of the engagement team's assessment of non-compliance with laws and regulations included a review of the risk of management override of controls. This was carried out by way of a review of journals posted to the financial records, reviewing accounting estimates and significant transactions that are outside the normal course of operations, to identify any material misstatement which may be due to fraud. Additional reviews were carried out in relation to large and unusual transactions, indicators of window dressing and undisclosed related party transactions.

The engagement team considered whether there could be fraudulent revenue recognition by way of a review of revenue recognition accounting policies, testing material income streams and testing cut-off at the period end date.

The disclosures within the account were reviewed and agreed to supporting documents to assess compliance with laws and regulations. A Disclosure Checklist was carried out to confirm that the financial statements comply with current accounting requirements.

9

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited (continued)

Year ended 31 March 2025

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

10

Boyndie Trust Limited

Company Limited by Guarantee

Independent Auditor's Report to the Members of Boyndie Trust Limited (continued)

Year ended 31 March 2025

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's members, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Anderson

David Anderson, CA (Senior Statutory Auditor)

For and on behalf of Ritsons Chartered Accountants & Statutory Auditor 26-30 Marine Place Buckie Moray AB56 1UT

6 August 2025

11

Boyndie Trust Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2025

2025 2024
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 6,587 45,558 52,145 42,100
Charitable activities 6 584,014 – 584,014 580,975
Investment income 7 – – – 4,736
Other income 8 – – – 8,782
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total income 590,601 45,558 636,159 636,593
================================ ============================ ================================ ================================
Expenditure
Expenditure on charitable activities 9,10 651,233 44,033 695,266 666,567
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Total expenditure 651,233 44,033 695,266 666,567
================================ ============================ ================================ ================================
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net expenditure (60,632) 1,525 (59,107) (29,974)
================================ ============================ ================================ ================================
Transfers between funds (9,855) 9,855 – –
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net movement in funds (70,487) 11,380 (59,107) (29,974)
Reconciliation of funds
Total funds brought forward 468,219 154,761 622,980 652,954
-------------------------------- -------------------------------- -------------------------------- --------------------------------
Total funds carried forward 397,732 166,141 563,873 622,980
================================ ================================ ================================ ================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 24 form part of these financial statements.

12

Boyndie Trust Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible fixed assets 17 312,357 300,760
Current assets
Stocks 18 111,508 116,733
Debtors 19 38,446 20,208
Cash at bank and in hand 126,536 214,134
-------------------------------- --------------------------------
276,490 351,075
Creditors: amounts falling due within one year 20 24,974 28,855
-------------------------------- --------------------------------
Net current assets 251,516 322,220
-------------------------------- --------------------------------
Total assets less current liabilities 563,873 622,980
-------------------------------- --------------------------------
Net assets 563,873 622,980
================================ ================================
Funds of the charity
Restricted funds 166,141 154,761
Unrestricted funds 397,732 468,219
-------------------------------- --------------------------------
Total charity funds 22 563,873
================================		 622,980
================================

These financial statements were approved by the board of trustees and authorised for issue on 31 July 2025, and are signed on behalf of the board by:

Rebecca Ross

Rebecca Ross Trustee

The notes on pages 15 to 24 form part of these financial statements.

13

Boyndie Trust Limited

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2025

2025 2024
£ £
Cash flows from operating activities
Net expenditure (59,107) (29,974)
Adjustments for:
Depreciation of tangible fixed assets 36,294 35,730
Other interest receivable and similar income – (4,736)
Accrued income (17,477) –
Changes in:
Stocks 5,225 (9,003)
Trade and other debtors (761) 3,774
Trade and other creditors (3,881) 4,006
---------------------------- ----------------------------
Cash generated from operations (39,707) (203)
Interest received – 4,736
---------------------------- -----------------------
Net cash (used in)/from operating activities (39,707) 4,533
============================ =======================
Cash flows from investing activities
Purchase of tangible assets (47,891) (18,414)
---------------------------- ----------------------------
Net cash used in investing activities (47,891) (18,414)
============================ ============================
Net decrease in cash and cash equivalents (87,598) (13,881)
Cash and cash equivalents at beginning of year 214,134 228,015
-------------------------------- --------------------------------
Cash and cash equivalents at end of year 126,536 214,134
================================ ================================

The notes on pages 15 to 24 form part of these financial statements.

14

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Old School, Boyndie, Banff, Aberdeenshire, AB45 2JT.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity constitutes a public benefit entity as defined by FRS 102.

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

Therefore the trustees have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Useful economic life of the tangible asset

The annual depreciation charge for the tangible asset is sensitive to changes in the estimated useful economic life and residual value of the asset. The useful economic life and residual value is re-assessed annually. It is amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the asset. See note 3 for the depreciation accounting policy for the useful economic life for the asset and see note 16 for the carrying amount of the asset.

Stock

The value of shop stock held has been carried at an estimated amount based upon the retail value of stock adjusted to reflect the applicable VAT and mark up percentage applied to the items. The adjustments are made to ensure that the value carried for stock is reasonably in line with the cost price of the relevant items.

15

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

Further details on the funds can be found in note 21.

Income

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

16

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property - 4% straight line Plant and equipment - 25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Kitchen and Garden stock are measured at the lower of cost and net realisable value. The shop stock is carried at an estimated value based on the retail price reduced for the applicable mark up percentage and VAT charged thereon.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Limited by guarantee

The charity is a company limited by guarantee and has no share capital.

17

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Donations
Donations 6,587 – 6,587
Grants
Acorns 2 Trees Project – – –
Aberdeenshire Council – 45,558 45,558
----------------------- ---------------------------- ----------------------------
6,587 45,558 52,145
======================= ============================ ============================
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Donations
Donations 2,075 – 2,075
Grants
Acorns 2 Trees Project 250 34,775 35,025
Aberdeenshire Council – 5,000 5,000
----------------------- ---------------------------- ----------------------------
2,325 39,775 42,100
======================= ============================ ============================
6. Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Facilities hire/service user hire 5,613 5,613 5,425 5,425
Training income 242,278 242,278 226,288 226,288
Catering and cafe income 221,262 221,262 221,145 221,145
Shop income 74,458 74,458 83,465 83,465
Garden/woodwork income 40,311 40,311 44,511 44,511
Charging points income 92 92 141 141
-------------------------------- -------------------------------- -------------------------------- --------------------------------
584,014 584,014 580,975 580,975
================================ ================================ ================================ ================================
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Bank interest receivable – – 4,736 4,736
============== ============== ======================= =======================

18

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

8. Other income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2025 Funds 2024
£ £ £ £
Long term unemployed scheme – – 8,782 8,782
============== ============== ======================= =======================
Expenditure on charitable activities by fund type
Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Administration 445,147 44,033 489,180
Catering and cafe 105,122 – 105,122
Shop 62,264 – 62,264
Garden Centre/Woodworking 30,837 – 30,837
Support costs 7,863 – 7,863
-------------------------------- ---------------------------- --------------------------------
651,233 44,033 695,266
================================ ============================ ================================
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Administration 453,121 26,460 479,581
Catering and cafe 107,343 – 107,343
Shop 58,287 – 58,287
Garden Centre/Woodworking 14,324 – 14,324
Support costs 7,032 – 7,032
-------------------------------- ---------------------------- --------------------------------
640,107 26,460 666,567
================================ ============================ ================================
Expenditure on charitable activities by activity type
Activities
undertaken Support Total funds Total fund
directly costs 2025 2024
£ £ £ £
Administration 489,180 – 489,180 479,581
Catering and cafe 105,122 – 105,122 107,343
Shop 62,264 – 62,264 58,287
Garden Centre/Woodworking 30,837 – 30,837 14,324
Governance costs – 7,863 7,863 7,032
-------------------------------- ----------------------- -------------------------------- --------------------------------
687,403 7,863 695,266 666,567
================================ ======================= ================================ ================================

9. Expenditure on charitable activities by fund type

10. Expenditure on charitable activities by activity type

11. Analysis of support costs

Administratio
n Total 2025 Total 2024
£ £ £
Governance costs 7,863 7,863 7,032
======================= ======================= =======================

19

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

12. Net expenditure

Net expenditure is stated after charging/(crediting):

Net expenditure is stated after charging/(crediting):
2025 2024
£ £
Depreciation of tangible fixed assets 36,294 35,730
============================ ============================
13. Auditors remuneration
2025 2024
£ £
Fees payable for the audit of the financial statements 5,529 4,807
======================= =======================
Fees payable to the charity's auditor and its associates for other services:
Other non-audit services 2,332 2,225
======================= =======================

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2025 2024
£ £
Wages and salaries 321,952 311,208
Social security costs 16,889 15,140
Employer contributions to pension plans 7,088 6,612
-------------------------------- --------------------------------
345,929 332,960
================================ ================================

The average head count of employees during the year was 13 (2024: 14). The average number of full-time equivalent employees during the year is analysed as follows:

2025 2024
No. No.
Kitchen 7 7
Garden 3 4
Retail 2 2
Administration 1 1
-------------- --------------
13 14
============== ==============

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £53,955 (2024:£51,327).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees in the current or previous year. No expenses were paid to the trustees in the current or previous year.

20

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

16. Transfers between funds

An amount of £15,091 has been transferred from unrestricted funds to restricted funds. This transfer relates to a funding deficit which was covered by the unrestricted funds of the charity.

An amount of £5,236 has been transferred from the Acorn 2 Trees restricted fund to the unrestricted funds of the charity. This is in relation to expenditure allocated as unrestricted in the prior year in error.

17. Tangible fixed assets

Freehold
property Equipment Total
£ £ £
Cost
At 1 April 2024 709,018 138,242 847,260
Additions 45,558 2,333 47,891
-------------------------------- -------------------------------- --------------------------------
At 31 March 2025 754,576 140,575 895,151
================================ ================================ ================================
Depreciation
At 1 April 2024 430,350 116,150 546,500
Charge for the year 30,182 6,112 36,294
-------------------------------- -------------------------------- --------------------------------
At 31 March 2025 460,532 122,262 582,794
================================ ================================ ================================
Carrying amount
At 31 March 2025 294,044 18,313 312,357
================================ ================================ ================================
At 31 March 2024 278,668 22,092 300,760
================================ ================================ ================================
18. Stocks
2025 2024
£ £
Raw materials and consumables 111,508 116,733
================================ ================================
19. Debtors
2025 2024
£ £
Trade debtors 20,969 20,208
Prepayments and accrued income 17,477 –
---------------------------- ----------------------------
38,446 20,208
============================ ============================

21

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

20. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 9,575 3,072
Accruals and deferred income 6,230 6,230
Social security and other taxes 9,169 19,553
---------------------------- ----------------------------
24,974 28,855
============================ ============================

21. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,088 (2024: £6,612).

22. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At At
1 April 2024 Income Expenditure Transfers 31 Mar 2025
£ £ £ £ £
General funds 468,219 590,601 (651,233) (9,855) 397,732
================================ ================================ ================================ ======================= ================================
At At
1 April 2023 Income Expenditure Transfers 31 Mar 2024
£ £ £ £ £
General funds 493,095 596,818 (640,107) 18,413 468,219
================================ ================================ ================================ ============================ ================================

22

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

22. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
At At
1 April 2024 Income Expenditure Transfers 31 Mar 2025
£ £ £ £ £
Building fund 2,875 – (17,966) 15,091 –
Building extension and
upgrade 126,016 – (6,991) – 119,025
Charging points fund 4,508 – (1,127) – 3,381
Acorn 2 Trees 21,362 – (16,126) (5,236) –
Aberdeenshire Council – 45,558 (1,823) – 43,735
-------------------------------- ---------------------------- ---------------------------- ---------------------------- --------------------------------
154,761 45,558 (44,033) 9,855 166,141
================================ ============================ ============================ ============================ ================================
At At
1 April 2023 Income Expenditure Transfers 31 Mar 2024
£ £ £ £ £
Building fund 20,841 – (17,966) – 2,875
Building extension and
upgrade 133,007 – (6,991) – 126,016
Charging points fund 6,011 – (1,503) – 4,508
Acorn 2 Trees – 34,775 – (13,413) 21,362
Aberdeenshire Council – 5,000 – (5,000) –
-------------------------------- ---------------------------- ---------------------------- ---------------------------- --------------------------------
159,859
================================		 39,775
============================		 (26,460)
============================		 (18,413)
============================		 154,761
================================

The building fund was received by the charity in previous years for the purpose of buying and renovating the property held. The depreciation of the building is the outgoing resource of the fund each year.

Building extension and upgrade - funds for the extension and upgrade of the property.

Charging points fund - funds to set up electrical charging points on the premises.

Acorn 2 Trees - funds received towards the costs of creating a new training room, staff costs and the cost of training courses.

Aberdeenshire Council - funds received to purchase kitchen equipment.

Aberdeenshire Council - funds received towards the upgrade of windows and doors in the building to improve the heat efficiency.

23

Boyndie Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2025
£ £ £
Tangible fixed assets 146,216 166,141 312,357
Current assets 276,490 – 276,490
Creditors less than 1 year (24,974) – (24,974)
-------------------------------- -------------------------------- --------------------------------
Net assets 397,732 166,141 563,873
================================ ================================ ================================
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Tangible fixed assets 167,361 133,399 300,760
Current assets 329,713 21,362 351,075
Creditors less than 1 year (28,855) – (28,855)
-------------------------------- -------------------------------- --------------------------------
Net assets 468,219 154,761 622,980
================================ ================================ ================================
Analysis of changes in net debt
At
At 1 Apr 2024 Cash flows 31 Mar 2025
£ £ £
Cash at bank and in hand 214,134
================================		 (87,598)
============================		 126,536
================================

24. Analysis of changes in net debt

25. Related parties

Salary was paid in respect of 1 spouse (2024: 1 spouse) of key management in the year under the terms of their employment contract.

A sum was paid to a spouse of a trustee in relation to goods purchased. The purchase price was at normal market value.

24