COMPANY REGISTRATION NUMBER: SC281265 CHARITI REGISTRATION NUMBER: SC036343 MORAY TEXTILE PROJECT Company Limited by Guarantee UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2025 RITSONS Chartered accountants 26-30 Marine Pla Buckle Moray AB56 1 UT
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Page Trustees, annual report (incorporating the directorfs report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Slatement of financial posrtion Notes to the financial statements
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT YEAR ENDED 31 MARCH 2025 The Iruslees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. R•fer•nc• and •dmlni#trative d•tails Rogl8tor•d charlty name Moray Texts'le Project Charlty rnglstratlon numb•r SC036343 Company r•glstratlon number SC281265 Prlnclpal offlco and r•glst•r•d 147 Mid Street offlc• Keith AB55 58J Tho trte&S Linda Gom Ichair person) Nicole Logan Geraldine McKillop Lonmer Gray Colleen McKenzie Bnan Gom {Treasurer) Ind•pendent •x•mln•r D J Anderson.C A 26-30 Marine Place Buckle Moray A856 1UT Structur•. gov•rnance and manag•m•nt Governlng document The charity is a company limited by gvarantee and became a chanty on 29 April 2009. The company was consliluled under a Memorandum and Artbcles ol Association on 9 March 2005. Oryanlsational Struetur• The management of the company is the Trspon$ibilrty of the 01Ctt)rS (Trustees) who are elected and Co-opted under the terrns of Memorandum and Articles of Assoeialion. New directors aro briefed on their responsibilrties arbd runnirbg of the charity by the existing directors. None of the directors have any beneficial interest in the company All the diwtors are members of the company and guarantee to contribute £1 in the event of a winding up The directofs have assessed the major risks to which the charity B exp)sed and are satisfied that systems are in place to miligale exwsure lo the major n5ks.
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) {¢onllnu•d) YEAR ENDED 31 MARCH 2025 Oblectlvos and actlvlllo• The company continues lo promte the Tradrtional KiArnaking course which all¢)ws the students to broaden their kn¢)wledge in the age-old tradition of hand-sewn kills and includes an in4eplh history of the origins of the kilt and how the tsrtan and the clans evolved. Other course5 on offer Inelude general $ewing skill and the repair of labric clothing More recently. these have included 'Teddy Bear courses and other drop-in courses which provide the conlribulion lo the social enlerpfise commitment in the formation of the charity. This also prOteS and extends the sharing of the traditional skills and leehniques across the generations. encouraging new concepts and thus ensuring a continued future. Students are encouraged to utilise family and fn'ends as 'Pral¢e. customers for the making of kilts though the activities in the course. A¢hl•v•m•nts and perfomiaTrc• In commn with many other businesses in Keith. the Moray Textile Project has. over the last tsvo years, seen a dislincl reduction in cuslorn. This ¢an be attributed bolh lo on-line shopping and the preparedness ol potential customers to travel through lo Inverness or Aberdeen where more extensive shopping is available There is no reduction apparent In the Interest expressed by the public for Kill.making bul there is a recognised increase in competition ftom Independent kill-makgrs seeking lo augment their own kill manufacturing To address this, the board eleeled lo aller the direction ol the retail support to offer children's clothing. This range of producls has not proven to be profitsble and has not developed the intended customer base The significant investment that was made has been reviewed and Il is intended lo realise what revenue as can be recovered within the next year and ¢Jiversify into Kilt and Tartan related ath'cles No charitable funds will be employed in these inveStrn1$. The charity ¢on$lrained the Courses provided to a specific range of 2-3 day options and this allows for greater attendance bul on a reduced weekly application. Active Directors continue lo ¢ommit unpaid time to maintain the operalton and as a resull the Charity closed the year in a reduced bul still finan¢Blly $Kure position. Fln*nclal r•vl•w As noted on page 5 the chanty had a nel surplus £2.05312024'. £2,247). The directors consider that the level of reserves held will ensure that, in the event ol a Significant drop in funding. they will be able lo eonlinue wrth the charity's activit5 ftir any further tsvelve months. The current directors, however. acknowledge their obligations lo monitor and update the business plan as required al any poinl. Small comp•ny provl8lon# This report has been pPared in accordance with the provisions appluble to companies entitled to the small companies exemption.
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT {INCORPORATING THE DIRECTOR'S REPORT) (contlnuedj YEAR ENDED 31 MARCH 2025 The Iru81e¥s' annual report was approved on Iru$tees by". I¥Dec. and sgned on behalf ol tho board of Linda Gorn Ichoif pefsonl I'rustoe
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MORAY TEXTILE PROJECT YEAR ENDED 31 MARCH 2025 I report on the financial statements for the year ended 31 March 2025. which comprise the statement of financial activities lincluding income and expenditure xcountl. statement of financial position and the lated notes. Rospectiv8 r8sponsibililies of truslees and oxamlner The charity's trustees {who are also the directors of the company for the purposes of company lawl are responsible for the preparalion of the accounts in accordance with the temis of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts Iscollandl Regulations 2006. The charity Iruslees consider that the audit requirement of Regulation 1011 Ila) to Icl of the 2006 Accounts Regulations does not apply. It Is my responsibility lo examine the accounts as required under section 4411 Ilcl of the Act and lo state whether partlar rnatters have come to my attention. Basls of Independent examlnefs rei)ort My examination is carried out in accordance wrth Regulation 11 of the 2006 Accounls Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the aecounls. and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provKle all the evidence that would be required in an audit and consequently I do not express 8n audit opinion on the view given by the accounts. Independenl examlnerfs statsment In COnnlI0n with my examination. no matter has come lo my attention". {11 which gives me reasonable cause to believe that in any malenal respect the requirements". to keep accounting records in accordance wth section 4411)lal of the 2005 Act and Regulation 4 of the 20{ Accounts Regulations. and to prepare accounts which accord wrth the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not teen met, or 121 lo which. in my opinion. attention should be drawn in order lo enable a proper understanding of the accounts to be reached. D J Anderson,C.A. Independent Examiner 26-30 Marine Place Buckle Moray AB56 1UT 2L Dic 2oLf
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2025 2025 Unstricted funds Total fundy 2024 Total funds Income and endowments Donations and leg8cies Charitable acb"vities Investment income 10,500 20,553 122 10.500 20.553 122 39.806 167 Totsl Income 31,175 31.175 39.973 Expenditure Expenditure on raising fund5". Costs of raising donations and legxies Expenditure on Charitab activib.es Total expenditure 26,609 2.513 26.609 2,513 29.122 33.555 4,171 29,122 37.726 Net Income and nel movement in lunds 2,053 2,053 2,247 Roconciliation of funds Totsl funds brought forward Total funds carriod forward 31.339 31,339 29.092 33,392 33.392 31.339 The statement of financial acb'vities includes all gains and losses recognised in the year. All income and expenditure derNe from continuing ath"vibes. Th• notrs on page$ 7 to 12 fom) p•rt of t1 financoal statsments.
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 2024 FIXED ASSETS Tangible fixed a5sels 14 1,709 2,018 CURRENT ASSETS SloLks Cash al bank In hand 18,930 13.453 18.41y) 11.623 32,383 30,023 CREDITORS.. amounts falling due within on• year NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS 16 700 700 31,683 33.392 29,323 31.339 33.392 31,339 FUNDS OF THE CHARITY Unrèstricted IL¢nds 33,392 33,392 31.339 Total charlty funds 17 31.339 For the year ending 31 March 2025 the Gharity was entrtled to exemption fl audit under section 477 of the Companies Act 2(X6 relating lo sm811 CoMpans. Directors. resty)nsibilities" The members have not required the Gomparby to obtain an audit of ils financial statements for the y&ar in quostion in accordanee with section 476." The directors acknowledge Ih8ir responsibilities lor ¢omplyig with the requirements ol the Act with respect lo accounting records and the preparation of financial statements. These financial statements have been prepared In accordance wilh the provisions applicable to companies subject to the small compans' regime These financial siatements were approved by board of trvstees aTKJ authorised for issue on i.f.".k....i.trISand are sned on behall of Ihe board by." Linda Gn (Chair person) Trustee The notss on page5 7 to 12 form p•rt ol th•se financial statements.
MORAY TEXTILE PROJECT COMPANY LIMITED 8Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 General Inlomiation The charity is a Publ benefit entity and a PTwale company limited by guarantee, registered in Scotland and a registered charity in Seotl8nd. The address of the registered office is 147 Mid Street, Keith, AB55 58J. Statement of compllance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Stsndard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charrt5 prepanng their accounts In accordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Acl 2006 Accountlng pollcies Basls of preparatlon The financial ststements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilit and investrnent properties measured at fair value through inco or expenditure. The financial statements are prepared in sterling, which is the fvn¢tional currency of the entity. Golng concern There are no material uncertaintses about the charity's atylity to continue. Fund accounting Unrestricted fund$ are available for use at the diSCretn of the truslees to further any ol the charity's purFX)ses. Designated funds are unrestricted funds eaarked by the trustees for parb"cular fvture project or commitment. Restricted funds are subjeeled lo restrictions on their expenditure declared by the donor or through the tem)s of an appeal. and fall inlo one of SUClaSses. restn.cted income funds or endowment funds.
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS fryi¢Tnuwd) YEAR ENDED 31 MARCH 2025 Accounting policies fcontlnuodj Incoming resouvc•s All incoming resources are included in the statement of financial aclNitses when entitlement has passed to the charity, it is probable that the economic beneffts associated with the tr8ns8etion will flow to the charity and the amount can te reliably measured. The following specific policies are applied to particular categories of Income". income from donations or grants is recognised when there is e¥enCe of entitlement to the grf(, receipt is probable and ts amount can be measured reliabty. legacy income is recognised when receipt is probable and enternent is established. income from donated goods is measured at the fair value of the good$ unle55 this 1$ impractieal to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilib.es and services are recognised in the accounts when received if the value can be reliably ffasured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is reccgnised with the delivery of the contracted seNice. This is classtfied as unrestn.cted funds unless there Is a conlraelual requirement for it to be spent on a Pa.¢lar purpose and retumed if unspent. in which case il may be regarded as restn'cted. Resou¢3 expended Expenditure Is recognised on an accruals basis as a liability Is incurred. Expenditure includes any VAT which cannol be fully recovered, and is classified under headings of the statement of financial activitses tr) whKh il relates.. expenditure on raising funds includes the costs of all fundraising activities, events. non-charitable trading actsvits, and the sale of donated gocxls. expenditure on chantable activities includes all costs incurred by a charity in undertakt'ng activities that further rts chantable aims for the benefit of ils beneficiaries. including those support eosts and costs relating to the govemanee of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising fvnds for the charity nor part of its eXndItUre on charitable activities. All costs are allocated lo expendrture categories reflecb.ng the use of the resource. Direct costs attributsble to a single activity are allocated direclty to that acltvity. Shared costs are apportioned be*een the actsvities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are inib.ally recorded al cosL and subsequently stated at cost less any accumulated depreciatson and impairment losses. Any tangible assets carried al revalued arnounls are recorded al the fair value al the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimEnt losses.
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (Caftllnuedj YEAR ENDED 31 MARCH 2025 Accountlng pollclos (conllnu•dJ Tanglbl• a$$gts An increase in the carrying amount of an asset as a result of a revaluabon, is recognised in other recc>Jnised gains and losses, Un$$ it reverses a charge for impairnRnl that has previously been reeognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of fevalualion. is fecognised in other recognised gains and losses, except lo whh il offsets any previous revaluation gain. in which ease the loss Is shown within other recognised gains and losses on the statement of financial a1Ville$. D•pro¢latlon DePlatIon is calcuLed so as lo wnte off the cost or valuation of an asset, less ils residual value. over the useful e¢onomi¢ life of Ihat a$$el a$ follows.. Plant and machinery Flxture$ and fitting$ 15% reducing balance 20% reducing balance Stock• stks a measured al the lower of cosl and eslimated selling price less costs lo complete and sell. Cost includes all costs of purchase. costs of Conversn and olher costs incurred in bringing the stock to ils present location and condition Llmlt•d by gur•nt•• The company is limited ty guarantee and does not have share capitsl. Every member of ltte company undertakes lo contribute such amunl as may be required. not exceeding £1. to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member. Oonatlon• and l•90¢1•8 Unrestncted Total Fund# Unreslricled Total Funds Funds 202S Funds 2024 DONATIONS Donations 10.5 10.500 Ch•rltable actlvttle8 untrICted Total Fund• Unrestricted Total Funds Funds 2025 Funds 2024 Shop Courses 7,188 13,365 7.188 13.365 13.354 26,452 13,354 26,452 20.5S3 20.553 39,806 39,8¢
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (¢Mllnu•d) YEAR ENDED 31 MARCH 2025 Inv•8tmont Incom? UnreStrted Tot•1 Funds Unrestricted Total Funds Funds 2025 Fund$ 2024 Bank interest receivable 122 122 167 167 Cos1• of rnl•Sng donallon• and l•gacl•• unStriCted Total Fund8 Unrestn'cted Total Fund8 Funds 2025 Funds 2024 Costs of generating funds 26.609 26.609 33,555 33,555 Exp•ndltur• on charltabl• actlvltles by actlvlty typo Support Total fund• osts 2025 Totsl fund 2024 Governance cos18 2,513 2.S13 4,171 10. Not Incom• Nel income is stsled after ¢hargingl1cdItIftg}'. 2026 2024 Depre¢iabon ol tangible fixed assets 307 364 11. Ind•p•nd•nt •xamln•tlon fM• 2025 2024 Fees payab to the independent examiner for.. Independent examinatson of the financial statements 74S 701 12. Staff cMts The total staff costs and employee benefits for the reports.ng p8riod are analysed as follows.. 2025 2024 Wages and salaries 6,760 5,730 Thè average head count of empknyees dunng the year was Nil12024.' Nill. No employee received ernpbyee benefits of mre than £60,000 during the year12024". Nill. 13. Tru8t•• rnmun•Alion and 0xnI•s No remuneration or other benefits from empfoyment wrth the charity or a lated entity were received by the trustees. 10
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS iconUnu•d) YEAR ENDED 31 MARCH 2025 14. Tangiblo fix•d assets Plant and Fixlures and mxhinery ffttings Total Cost At 1 April 2024 and 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 22.550 3,901 26,451 20.636 287 3.799 20 24,435 307 20.923 3.819 24,742 Carrying arnount At 31 March 2025 1,627 1,709 Al 31 March 2024 1.914 102 2,016 15. Stocks 2025 2024 Raw materials and consumables 18.930 18.400 16. Crodltorg: amounts falllng due wlthln one year 2025 2024 Accruals and deferred income 700 700 17. Anatysis of charitable funds Unrestrictod funds At 31 March 20 25 1 April 2024 Income Expenditure General fvnd$ 31,339 31.175 (29,1221 33,392 At 31 March 20 24 At 1 Aw'l 2023 Income Expendrtu General fvnds 29,092 39,973 137,7261 31.339 11
MORAY TEXTILE PROJECT COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (¢tyifrnu¢rfJ YEAR ENDED 31 MARCH 2025 18. Analysis of net a850ts belweon funds Unrestricted Total Funds Funds 2025 Tangible fixed assets Currenl assets Creditors less than 1 year Ngt assets 1,709 32,383 {700} 33.392 1.709 32.383 1700) 33,392 Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Not assets 2.016 30,023 17001 2,016 30,023 17001 31,339 31.339 12