Registration number CS003293
Mull of Galloway Trust Company limited by guarantee
Trustees' report and financial statements
for the year ended 5 April 2025
a
Mull of Galloway Trust Company limited by guarantee
Company information : ae
Company number CS003293 as ee Accountants Craig McIntyre & Peacock 33 Lewis Street Stranraer Wigtownshire DG9 7LB
Business address Mull of Galloway Lighthouse Drummore DG9 9HP
Mull of Galloway Trust Company limited by guarantee
Contents
==> picture [361 x 203] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|Page|
|Trustees’ report|1-2|
|Independent Examiner's report|3|
|Statement of Financial|Activities|4|
|Balance|sheet|5|
|Notes to the|financial|statements|6-7|
----- End of picture text -----
a
Mull of Galloway Trust Company limited by guarantee
Trustees’ report for the year ended 5 April 2025
The trustees present their report and the financial statements for the year ended 5 April 2025.
Status of the Trust The Trust was incorporated on 22nd February 2012 as the Mull of Galloway Trust and is a company limited by guarantee and not having a share capital. Each member's guarantee is limited to £1. The company is governed by memorandum and articles of association prepared under the terms of Companies Act legislation. The company registration number is CS003293.
The Mull of Galloway Trust is a charitable company whose charity number at OSCR is SCO43557 and is now a Scottish Charitable Incorporated Organisation (SCIO) with effect from 19th January 2018.
Aims and Objectives
The Mull of Galloway Trust has been formed to benefit the community of Kirkmaiden, and aims to support sustainable development (where sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs), namely:
To manage community land and associated assets for the benefit of the Community and the public in general, To provide, or assist in providing, recreational facilities, and/or organising recreational activities, which will be available to members of the Community and public at large with the object of improving the conditions of life of the Community,
To advance community development, including urban or rural regeneration within the Community, To advance the education of the Community about its environment, culture, heritage and/or history, To advance environmental protection or improvement including preservation, sustainable development and conservation of the natural environment, the maintenance, improvement or provision of environmental amenities for the Community and/or the preservation of buildings or sites of architectural, historic or other importance to the Community.
These aims will be developed and implemented through active involvement of the directors and other members by any and all of their powers available under the Memorandum and Articles of Association.
Trustees and Trust Management The trustees who served in the year are as stated on the company information page. The duties and qualifications of the members and directors are set out in the Articles of Association. The Trustees hold regular board meetings to control and supervise the activities of the company and are responsible for monitoring its financial position and none of the Trustees received any remuneration in the year.
Trustees' Report
The company was originally formed to allow the purchase of the Mull of Galloway Lighthouse Estate from the Northern Lighthouse Board. The property acquired on 4th July 2013 included the 30 acre heathland, three cottages, Lighthouse Exhibition, RSPB centre building, fog horn and store in East Tarbert Bay. The Lighthouse Tower and quarterdecks were not included in the sale.
Page 1
Mull of Galloway Trust Company limited by guarantee
Trustees' report for the year ended 5 April 2025
Financial Review and Reserves By the end of the year the Trust's funds had accumulated to £92,388 which the trustees believe is sufficient to meet short-term needs.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
This report was approved by the Board on 6 May 2025 and signed on its behalf by
Chairperson
Page 2
Mull of Galloway Trust
Independent Examiner’s Report to the Trustees of Mull of Galloway Trust
| report on the accounts of the charity for the year ended 5'" April 2025 which are set out on pages 4 to 6.
Respective responsibilities of trustees and examiner
The charity’s trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 4006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention
- which gives reasonable cause to believe that in any material respect the requirements: ® to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
° to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
-
8" May 2025
Page 3
Mull of Galloway Trust Company limited by guarantee
Statement of Financial Activities for the year ended 5th April 2025
==> picture [495 x 635] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Designated|Total|Total|
|Funds|Funds|2024/25|2023/24|
|£|£|£|£|
|Incoming|Resources|
|Cottage rents|- Puffin|15,844|15,844|26,641|
|- Kittiwake|15,412|15,412|23,411|
|- Lightkeepers|20,657|20,657|29,173|
|- Deposit refunds|0|(1,192)|
|Exhibition Income|47,735|47,735|43,564|
|Donations|261|261|157|
|Foundation|Scotland|0|0|0|
|National|Heritage|0|0|0|
|DGC Grants|5,000|5,000|5,000|
|RSPB Rent|2,160|2,160|2,160|
|Galloway Association|0|0|0|
|Arnold Clark|0|0|0|
|Other income|2,734|2,734|3,797|
|Bank Interest|749|749|707|
|Kilgallioch|Grant|0|0|0|
|110,552|0|110,552|133,418|
|Resources|Expended|
|Printing, postage|and|stationery|674|674|123|
|Bank charges|0|0|0|
|Volunteer expenses|0|0|170|
|Exhibition|Gifts|3,023|3,023|1,378|
|Professional|fees|11,533|11,533|22,398|
|Advertising|1,673|1,673|2,787|
|General|expenses|(incl|grant exp)|3,798|3,798|4,516|
|Insurance|4,301|4,301|4,782|
|Depreciation|15,088|15,088|15,088|
|Wages|53,733|53,733|55,273|
|Exhibtion|1,767|1,767|0|
|Events|297|297|2306|
|Site maintenance|11,729|11,729|2892|
|Cottage expenses- Council tax|&|bin collection|1,356|1,356|
|Cottage|expenses|- Telephone|118|118|281|
|Cottage|expenses|- Heat &|light|9,635|9,635|9,675|
|Cottage expenses|- Repairs & renewals|7,125|7,125|29,162|
|Cottage|expenses|- Broadband &|satellite|2,792|2,792|1,749|
|Cottage expenses|- Sundry expenses|965|965|369|
|Total|resources expended|129,607|0|129,607|152,949|
|Net incoming resources|(19,055)|0|(19,055)|(19,531)|
|Total funds|at 05/04/24|232,152|0|232,152|251,683|
|Total funds|at 05/04/25|213,097|0|213,097|232,152|
----- End of picture text -----
The notes on page 6 form an integral part of these financial statements.
Page 4
Mull of Galloway Trust Company limited by guarantee
==> picture [484 x 232] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Balance|sheet|
|as|at|5|April|2025|
|2025|2024|
|Notes|£|£|£|£|
|FixedTangibleassets assets|5|120,709|135,797|
|CurrentCash at bankassets and|in hand|92,388|96,354|
|92,388|96,354|
|Net current assets|92,388|96,354|
|213,097|232,151|
|Net|assets|
|AccumulatedUnrestricted|reservesFunds|213.097|232,151|
|Total funds at year end|213,097|232,151|
----- End of picture text -----
For the financial year ended 5 April 2025 the company was entitled to exemption from audit under section 477 Companies Act 2006; and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and 387 of the Act and preparing accounts which give a true and fair view of the state of affairs of the company as at the year end and of its profit (or loss) for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006, so far as applicable to the company.
These financial statements have been prepared in accordance with the special provisions of Part 15 the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The financial statements were approved by the Board on 6 May 2025 and signed on its behalf by:
==> picture [36 x 16] intentionally omitted <==
----- Start of picture text -----
Trustee
----- End of picture text -----
==> picture [36 x 16] intentionally omitted <==
----- Start of picture text -----
Trustee
----- End of picture text -----
The notes on pages 6 to 7 form an integral part of these financial statements.
Page 5
Mull of Galloway Trust Company limited by guarantee
Notes to the financial statements for the year ended 5 April 2025
1, Accounting policies
- 1.1. Basis of preparation
The financial statements have been prepared under the historic cost convention and in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005), applicable UK Accounting Standards and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are set out below.
1.2. Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Land and buildings - Straight line over 20 years
- Incoming resources
All incoming resources are included in the Statement of[Financial][Activities][when][the][charity][is][entitled] to the income and the amount can be quantified with reasonable accuracy. The Trust has established 2 main funding categories for disclosure and operational purposes as shown in the SOFA each year - Unrestricted Funds and Designated Funds.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates. The Trust has adopted the practice of utilising a large number of expenditure headings in the Statement of Financial Activities each year. The SOFA therefore provides a very detailed statement of income and cost allocations which meets the disclosure requirements of this small charity.
3;
| Netincoming/(outgoing) resources for theyear | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| This is stated after charging: | ||
| Depreciationandotheramountswrittenofftangibleassets | 15,088 | 15,088 |
3.1 Taxation
The charity's activities fall within the exemptions afforded by the provisions of the Corporation Taxes Act 2010. Accordingly there is no taxation charge in these accounts.
Page 6
Mull of Galloway Trust Company limited by guarantee
Notes to the financial statements for the year ended 5 April 2025
leseseeeeeeeeeeeees CONTINUE
| 4, | Directors' emoluments | ||
|---|---|---|---|
| None ofthe Trustees received any remuneration in the year. | |||
| Land and | |||
| 5; | Tangible fixed assets | buildings | |
| freehold | Total | ||
| £ | £ | ||
| Cost | |||
| At 6 April 2024 | 135,797 | 135,797 | |
| At 5 April 2025 | 135,797 | 135,797 | |
| Depreciation | |||
| Charge fortheyear | 15,088 | 15,088 | |
| At 5 April 2025 | 15,088 | 15,088 | |
| Net book values | |||
| At 5 April 2025 | 120,709 | 120,709 | |
| At5April2024 | 135,797 | 135,797 |
Page 7
Mull of Galloway Trust Company limited by guarantee
| Summary trading profitand | Summary trading profitand | lossaccount | |||
|---|---|---|---|---|---|
| and expenses schedule | |||||
| for the | for theyearended 5 April2025 | ||||
| 2025 | 2024 | ||||
| £ | £ | £ | £ | ||
| Incoming resources | |||||
| Cottage Rents Exhibition Income RSPB Rent |
51,914 47,735 2,160 |
78,033 43,564 2,160 |
|||
| D&GGrants | 5,000 | 5,000 | |||
| Bank Interest Donations |
749 261 |
707 157 |
|||
| Sundryincome | 2,734 | 3,797 | |||
| Outgoing resources | 110,553 | 133,418 | |||
| Wages | 53,733 | 55,273 | |||
| Insurance | 4,301 | 4,782 | |||
| Cottage expenses - Council Tax | 1,356 | - | |||
| Cottage expenses - Telephone | 118 | 281 | |||
| Cottage expenses - heat& light | 9,635 | 9,675 | |||
| Cottage expenses - Repairs& renewals | 7,125 | 29,162 | |||
| Cottage expenses - Broadband& | satellite | 2,792 | 1,749 | ||
| Cottage expenses - Sundry expenses | 965 | 369 | |||
| Printing, postage& stationery | 674 | 123 | |||
| Advertising | 1,673 | 2,787 | |||
| Cottage admin | 644 | 941 | |||
| Events | 297 | 2,306 | |||
| Site Maintenance | 11,729 | 2,892 | |||
| DrummoreHub | - | 500 | |||
| Sundial | - | 1,475 | |||
| Airtanks | 1,404 | - | |||
| Bursary | 750 | - | |||
| Exhibition | 1,767 | - | |||
| Professional fees | 11,533 | 22,398 | |||
| Volunteer expenses | - | 170 | |||
| Drummore School&Nursery | 1,000 | 1,600 | |||
| Exhibition Gifts | 3,023 | 1,378 | |||
| Depreciation | 15,088 | 15,088 | |||
| 129,607 | 152,949 | ||||
| Operating(deficit)/surplus | 17% | (19,054) | 15% | (19,531) |