REGISTERED COMPANY NUMBER: CS004352 (Scotland) REGISTERED CHARITh NUMBER: SC049803 Re ort of the Trust and naudited FinancÈal Statements for the Year En d 31 December 2024 fo Gatewa Charitable Tru M Squared Accnuntants Bank House Seaforth Street Fraserburgh Aberdeenshire AB43 9BB Admirali Gat Charilable Trust Contents of the Financial Statements for the Year Ended 31 De￿rnber 2024 Page Report of the Trustees 1 to 2 Independent Examinerfs Report Statement of Firiancial Activities Balance Sheet Notes to the Financial Statements 7 to 13 Detailed Statement of Financial Activities 14 to 15 Admiralit Gatewa Charitab16 Trust rtofthe Tru tees for the Year Ended 31 D ber 24 The trustees who are also dlrectOT8 of Ihe charity for the purposes of the Companies Act 2006. present theSr report with the financial statements of the charty for the year ended 31 December 2024. The trustees have adopted Ihe provlslons of Accounting and Reporting by Charities.. Ststsment of Recommended Practice applicable to Gharities preparing their accounts in accordan￿ with the Financial Reporting Standard applicatAe in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTMTIES Objectives and alms The advancement of education by encouraglng publlc engagement in local history, especially In connection to the former Pelerhead Prison. The advancement of arts, culture and heritage through the preservation and Maintenan￿ of the Peterhead Prison Museum and the lifeboat museum preserving and commemorating the work of the "Julia Park Barrf of Glasgow Lrfeboat. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document The charity is controlled by its goveming document. a deed of frust, and constitutes a limited company, limited by guarantee. a5 defined by th8 Cornpanies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Régistered Company number CS￿4352 (Scotland) Reglstered Charlty numb•r SC049803 Registered office Admirality Gateway South Road Peterhead Aberdeenshire AB42 2ZX Trustees Company Secrelary Page 1 Adrniralit Gatewa Charlt8ble Trust Re rt of the Trustees for the Yè ded 31 December 20 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner M Squared Accountants Bank House Seaforth Street Fraserburgh Aberdeenshire AB43 98B Approved by order of Ihe board of trustees on behalf by= and signed on its Page 2 Inde endent Examinerfs Re Chari ort to the Trustees of I re￿rt on the accounts ft)r the year ended 31 December 2024 set out on pages four to thirteen. Rospoctivg responslbllltl¢s of trusta•s and examiner The charity's Irustees are responsible for the preparation of the accounts in accordance wlth the terms of the Charities and Truslee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). The charitys trustees considar that the audit requirement of Regulation 10<1)(a) to {c) of the Accounts Regulations does not apply. It is my responsibility to examine th8 accounts as required under Section 44{1)(c> of the Act and to stale whether particular matters have come to my attention. 8asis of the inde￿nd￿nt oxamln8rfs report My examination was carried out in accordance with Regulation 11 of the Charities A¢¢ounts (Scotland) Regulations 2006. An examlnation includes 2 review of Ihe accounting records kept by th8 charity and a comparlson of the accounts presented wilh those records. It also includès consideration of any unusual items or disclosuros tn the accounts. and seeking 8xplanations from you as trustees concerning any such matl8rs. The procedures undertaken do not provide all the evidence thal would be required in an audi( and consequenlly I do nol express an audit opinion on Ihe view glven by the ac(x)unts. Indepondent examiner's ststernenl In connection wtth my examination. no matter has come to my attentlon .' (1) which gives me reasonable cause to bdievè that. in any material respect, th8 requirements to keep accounting records in accordance with Secllon 44(1)(8) of the 2005 Act and Regtslation 4 of thè 2006 Accounts Regulations. and to prepare accounts wlvch accord with the accounting records and to Comply with Regulation 8 of the 2006 Accounts Regulallons have not been mel. or (2) to thich. in my opinion. attention should be drawn in order to enabl8 8 proper understanding of the accounts to be reached. M Squared Accourrtants Bank Hous8 Seaforth Street Fraserburgh Aberdeenshire A843 9BB Date: .... Page 3 A(Jmiralit G tewa Charltable Trust Statement of Finan ial A tivities for the Year Ended 31 December 2024 31.12.24 Unrestficted fund 31.12.23 Totsl funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 23.771 17.882 Other trading activities Investment income Other income 329.368 435 463 339,565 2,924 3,991 Total 354.037 364,362 EXPENDITURE ON Raising funds 281.418 235.893 Charltable activities Museum costs 195.543 182,509 Total 476,961 418.402 NET INCOMEI(EXPENDITURE) (122.9241 (54,040) RECONCILIATION OF FUNDS Total funds brought forward 490.844 544,884 TOTAL FUNDS CARRIED FORWARD 367,920 490,844 The notes form part of these financial slalements Page 4 Admiralit Gatewa Charitable Trust Balan￿ Sheet 31 December 2024 31.12.24 Unrestricted fund 31.12.23 Total funds Notes FIXED ASSErs Tanglble assets 530,587 534.333 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 10 7,266 48.319 4.155 12,597 31,387 39,735 59,740 83.719 CREDITORS Amounts falling due within one year 12 (222.407) (127,208) NET CURRENT ASSETS (162,667) (43.489) TOTAL ASSEfs LESS CURRENT LIABILITIES 367,920 490,844 NET ASSETS 367,920 490.844 FUNDS Unrestricted funds 14 367,920 490,844 TOTAL FUNDS 367,920 490.844 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not requlred the company to obtsin an audit of its financial statements for th8 year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. The trustees aCknO￿edge their responsibilities for (a) ensuring that the charitable company keeps accounting re￿rdS that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each rinancial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to flnanGial statements, so far as applicable io the charitable company. The notes form part of these financial ststements Page 5 continued... Adrniralit Gatewa Charitable Trust Balance Sh continued 31 December 2024 Thèse financial statgments have been prepared in accordance with the provisions applicable to tharitable companies subject to the small companies regime. The financial sta Zq-9-Z ments were approved by the Board of Trust8e8 and authorised for issue c . and were signed on its behalf by. The notes form part of these financial statttn8nts Page 6 Admirali Gatewa Charitsble Trust Notes to the Financial Stat8ments for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparlng the financlal statements The financial statements of the charitable company. which is a publiG benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlth the FinanGial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporling Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The flnancial statements have been prepared under the historical cost convention. Income All income Is recognised in the Statement of Financial Activities once the ¢harity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constwctlve obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent wlh the use of resources. Tanglble fixed assets Depreciation is provided at the following annual rates in order to ￿lte off each asset over its estimated useful life. Plant and machinery Fixtures and fittings 25 % on reducing balance 15 % on reducing balance Stocks Stocks are valued at the lower of cost and net reallsable value, after maklng due allowance for obsolete and slow rnoving items. Taxallon The charity is exernpt from corporation tax on its charitsble activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds Can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 7 continued... Admirali Gatewa Charitable Trust Notes to the Financi I Statements - contin for the Year Ended 31 December 2024 ACCOUNTING POLICIES - contlnued Hlre purchase and leaslng commltments Rentals paid under operating leases are charged to th8 Statement of Financial Activities on a straight line basis over the period of the lease. Penslon costs and other post-retirement benefits The charitable company op8rates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Museum shop sales Cafe sales Admissions 38,588 62,508 228.272 65.746 39,806 234,013 329.368 339.565 INVESTMENT INCOME 31.12.24 31.12.23 Deposit account interest 435 2.924 RAISING FUNDS Invostment management costs 31.12.24 31.12.23 Bank charges Depreciation 4.719 3.746 7,000 4,488 8,465 11.488 NET INCOMEI(EXPENDITURE) N81 incomel{expenditure) is sLqted after chargingl(crediting): 31.12.24 31.12.23 Depreciatlon - own8d assets Hire of plant 2nd machinery 3,746 13.618 4.488 15,332 Page 8 continued... Admiralit Gatewa Charitable Tnjst Notes to the Finan ial Statements- continued for the Year Ended 31 December 2024 TRUSTEES. REMUNERATION AND BENEFITS 31.12.24 31.12.23 Trustees, salaries Trustees. social security Trustees. pension contributions to money purchase schemes 33.075 3.308 475 33,075 3,308 36,858 36.383 Trustees. expenses There were no trustees. expenses paid for the year erKled 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS The average monthly number of employees during the year was as follows: 31.12.24 31.12.23 Management Fundraising 15 14 16 15 No ern￿oyeeS recefved emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donations and legacies 17,882 Other trading activities Investment income Other income 339.565 2.924 3,991 Total 364.362 EXPENDITURE ON Raising funds 235.893 Charitable actffivities Museum costs 182,509 Total 418,402 NET INCOMEI(EXPENDrruRE) (54,040) Page 9 ontinued... Admirali Gatewa Charitable Tr Notes to the Financial Ststements - continued ftjr the Year Ended 31 Decemb8r 20 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund RECONCILIATION OF FUNDS Totsl funds brought forward 544,884 TOTAL FUNDS CARRIED FORWARD 490,844 TANGIBLE FIXED ASSETS Fixtures and r￿Ing$ Freehold property Plant and machinery Totals COST At 1 January 2024 and 31 December 2024 510,700 6.292 31,788 548.780 DEPRECIATION At l January 2024 Charge for year 4,275 504 10,172 3,242 14.447 3,746 At 31 December 2024 4,779 13.414 18,193 NEf BOOK VALUE At 31 December 2024 510,700 1,513 18,374 530,587 At 31 December 2023 510,700 2.017 21,616 534,333 10. STOCKS 31.12.24 31.12.23 Stocks 7,266 12.597 Page 10 continued... Aamiraii "aiewa naniaDle I rust Notes to the Financial Stat merrts - continued for the Year Ended 31 December 2024 11. DEBTORS: AMouKfs FALLING DUE wrrHIN ONE YEAR 31.12.24 31.12.23 Trade debtors VAT Prepayments 2,986 45.333 5,693 24,672 1,022 48,319 31,387 12. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other loans (see note 13) Trade creditors Social security and other taxes Other creditors 179.000 37,724 100,000 25,078 630 1,500 5.683 222,407 127,208 13. LOANS An analysis of the maturity of loans Is given b810w.' 31.12.24 31.12.23 Amounts falling due within one year on demand: Other loans 179.000 100,000 14. MOVEMENT IN FUNDS Net movement In funds At 31.12.24 At 1.1.24 Unrestrlcted funds General fund 490,844 (122.924) 367,920 TOTAL FUNDS 490,844 (122.924) 367,920 Page11 continued... Admirali Gatewa Charitable Trust Notes to th8 Financial Statements - continued for the Ye8r Ended 31 December 2024 14. MOVEMENT IN FUNDS - contlnued Net movement in funds. included in the above 8re as follows.. Incoming Re50urc8s Movement resources expended in funds Unreslricled funds General fund 354.037 (476.961) (122,924) TOTAL FUNDS 354.037 (476.961) (122,924) Comparatives for movement in funds Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 544,884 (54,040) 490.844 TOTAL FUNDS 544,884 (54,040) 490,844 Comparative net movement in funds, included In the above are as follows: Incoming Resources Movement reSoUr￿S expended in funds Unrestricted funds General fund 364,362 (418.402) (54,040) TOTAL FUNDS 364.362 (418,402) (54.040) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 1.1.23 31.12.24 Unrestrlcled funds General fund 544.884 (176,964) 367.920 TOTAL FUNDS 544.884 (176.964) 367,920 Page 12 continued... Admirali Gat4Wd Charitable Trust Notes to the Financial Statements - ¢0 for the ar Endod 31 Decemb r 2024 tinued 14. MOVEMENT IN FUNDS - continued A current year 12 months and prtor year 12 months c