**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
- they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
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:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees' report has been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
-
- we have not received all the information and explanations we require for our audit.
**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:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
**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:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **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:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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**