**COMPANY NUMBER RS008837** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **FINANCIAL STATEMENTS** **PERIOD ENDED 31 DECEMBER 2024** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **FINANCIAL STATEMENTS** ## **PERIOD ENDED 31 DECEMBER 2024** |**CONTENTS**|**PAGE**| |---|---| |The report of the directors|1| |Independent accountant's report to the members|2| |Income statement|3| |Balance sheet|4 - 5| |Notes to the financial statements|6 - 8| ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **THE REPORT OF THE DIRECTORS** ## **PERIOD ENDED 31 DECEMBER 2024** The directors have the pleasure in presenting their report and the unaudited financial statements of the society for the period ended 31 December 2024. ## **PRINCIPAL ACTIVITIES** The principal activity of the society during the year was to carry on business for the benefit of the community at large. ## **DIRECTORS** The following directors served during the year:- Resigned 16th October 2024 Resigned 16th October 2024 Co-opted 16th October 2024 Company Secretary: Registered office: Lochranza Centre Lochranza Isle of Arran KA28 8HL Signed on behalf of the directors on: **PAGE 1** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **INDEPENDENT ACCOUNTANTS' REPORT TO THE MEMBERS OF NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **PERIOD ENDED 31 DECEMBER 2024** We report on the financial statements of the society for the year ended 31 December 2024 on pages 3 to 8. This report is made solely to the members of the society as a body. Our reporting work has been undertaken so that we might conclude to the members on those matters we are required to state to them in an independent accountant’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 society and its members as a body, for our work, for this report, or for the opinion we have formed as independent accountant. ## **RESPECTIVE RESPONSIBILITIES OF MANAGEMENT COMMITTEE AND THE INDEPENDENT ACCOUNTANT** The Directors are responsible for the preparation of the financial statements and they consider that an audit is not required for this year and that an independent accountant’s report is needed. It is our responsibility to carry out procedures designed to enable us to conclude on, and report our opinion on, the financial statements. ## **BASIS OF THE INDEPENDENT ACCOUNTANT'S OPINION** Our procedures consisted of comparing the financial statements with the books of account kept by the society and making such limited enquiries of the officers of the society as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion. ## **INDEPENDENT ACCOUNTANT'S OPINION** In our opinion as independent accountant: (1) the financial statements are in agreement with those accounting records kept by the society under the Co-operative and Community Benefit Societies Act 2014, s.75; (2) having regard only to, and on the basis of, the information contained in those accounting records, the financial statements have been drawn up in a manner consistent with the accounting requirements of the applicable legislation; and (3) the society satisfied the financial criteria enabling it to disapply the requirement to have an audit of the financial statements for the year as specified in the Co-operative and Community Benefit Societies Act 2014, s.84(1), as amended by the Co-operative and Community Benefit Societies Act 2014 (Amendments to Audit Requirements) Order 2018. Suite 2, Ashton Square Business Centre, 22 Ashton Square, Dunstable, Bedfordshire, LU6 3PH Reporting independent accountants and Chartered Certified Accountant **PAGE 2** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **INCOME STATEMENT** ## **PERIOD ENDED 31 DECEMBER 2024** |**Notes**
Income
Expenditure
Other operating income
2
Profit/(loss) for the financial period|**2024**
**£**
-
(67,175)
99,410
32,235|**2023**
**£**
-
(65,641)
9,824| |---|---|---| |||(55,816)| **PAGE 3** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **BALANCE SHEET** ## **PERIOD ENDED 31 DECEMBER 2024** |**FIXED ASSETS**
**Notes**
Investment in subsidiary company
Investment property
4
Hotel Refurbishments Capitalised
5
Office Equipment
5
**CURRENT ASSETS**
Other debtors
6
Cash at bank and in hand
CREDITORS: Amounts falling due
within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**CAPITAL AND RESERVES**
Community share subscription
9
Contributor share subscription
9
Restricted funds
10
Unrestricted funds
**MEMBERS FUNDS**|**2024**
**£**
**£**
1
440,000
189,975
4,838|**2024**
**£**
**£**
1
440,000
189,975
4,838|**2023**
**£**
**£**
1
440,000
66,727
6,048|**2023**
**£**
**£**
1
440,000
66,727
6,048| |---|---|---|---|---| |||634,814||512,776| ||5,989
111,680|111,371|35,183
164,755|194,283| ||117,669
6,298||199,939
5,655|| |||||| |||746,185||707,059| |||746,185||707,059| |||86
92,250
680,299
(26,450)||85
88,500
677,158
(58,684)| |||746,185||707,059| The society is satisfied that it is entitled to exemption from the requirement to obtain an audit under section 84 of the Co-operative and Community Benefit Societies Act 2014 (the Act). The members have not required the society to obtain an audit of its financial statements for the year in question in accordance with the Act. **PAGE 4** The directors of the society acknowledge their responsibilities for: (i) ensuring that the society keeps proper accounting records which comply with sections 75 of the Co-operative and Community Benefit Societies Act 2014 (the Act); (ii) establishing and maintain a satisfactory system of its books of accounts, its cash holdings and all its receipts and remittances in order to comply with section 75 of the Act, and (iii) preparing financial statements which gives a true and fair view of the state of affairs of the society as at the end of the financial period and or its profit or loss for the period in accordance with the requirements of sections 79 and 80, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the society. These financial statements have been prepared in accordance with FRS 102 Section 1 A Small Entities. These financial statements were approved by the Directors and authorised for issue on the 21 July 2025 and signed on their behalf by: **PAGE 5** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **PERIOD ENDED 31 DECEMBER 2024** ## **1. COMPLIANCE WITH ACCOUNTING STANDARDS** The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard. ## **2. ACCOUNTING POLICIES** The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts. ## **Basis of preparation** The accounts have been prepared under the historical cost convention and are presented in £ sterling. ## **Investment property** Investment property is included at market fair value. Gains are recognised in the income statement. ## **Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Hotel refurbishment 10% reducing balance Office equipment 20% reducing balance ## **3. OTHER OPERATING INCOME** |Donations
Grants
Sundry income
**4. INVESTMENT PROPERTY**
**Fair value**
At 1st January 2024
Additions
At 31st December 2024|**2024**
**2023**
£
£
402
834
88,508
6,730
10,500
2,261| |---|---| ||99,410
9,824| ||**Hotel**
**Total**
**£**
**£**
440,000
440,000
-
-| ||440,000
440,000| The fair value of the investment property has been determined by the directors by reference to recent market prices of similar properties in the area at 31 December 2024. **PAGE 6** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **PERIOD ENDED 31 DECEMBER 2024** |**5. TANGIBLE FIXED ASSETS**
**Hotel**
**Refurbish-**
**ments**
**Cost or Vaulation**
**£**
At 1st January 2024
74,141
Additions
144,356
At 31st December 2024
218,497
**Depreciation**
At 1st January 2024
7,414
Charge for the year
21,108
At 31st December 2024
28,522
**Net book value**
At 1st January 2024
66,727
At 31st December 2024
189,975
**6. OTHER DEBTORS**
North Arran Community Benefit Society Related party transactions
Payroll advance
**7. CREDITORS: Amounts falling due within one year**
Trade creditors
Accruals
Payroll liabilities|**Hotel**
**Refurbish-**
**ments**
**£**
74,141
144,356|**Office**
**Total**
**Equipment**
**£**
**£**
7,560
81,701
-
144,356| |---|---|---| ||218,497|7,560
226,057| ||7,414
21,108|1,512
8,926
1,210
22,318| ||28,522|2,722
31,244| ||66,727|6,048
72,775| ||189,975|4,838
194,813| |||**2024**
**2023**
£
£
4,789
35,183
1,200
-| |||5,989
35,183| |||**2024**
**2023**
£
£
1,190
1,469
3,060
2,060
2,048
2,127| |||6,298
5,655| ## **8. RELATED PARTY TRANSACTIONS** Lochranza Community Inn Limited is a wholly owned subsidiary of North Arran Community Benefit Society Limited. During the period expenses were paid on behalf of Lochranza Community Inn Limited. As at 31 December 2024 Lochranza Community Inn Ltd owed North Arran Community Benefit Society Limited £4,789 (2023 - £35,183). **PAGE 7** ## **NORTH ARRAN COMMUNITY BENEFIT SOCIETY LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **PERIOD ENDED 31 DECEMBER 2024** ## **9. SHARE CAPITAL** The company does not have an authorised share capital. Each adult member owns one share in the society which is not transferrable. The share is cancelled if an indivudal ceases to be a member. |As at 1 January 2024
Shares issued
As at 31 December 2024|**Community**
**Shares**
**£**
**Contributor**
**Shares**
**£**
85
88,500
1
3,750| |---|---| ||86
92,250| ## **10. MOVEMENT IN FUNDS** |Scottish Land Fund - Capital
Community Ownership Fund
Royal Countryside
CPF
ARIA
Community Asset Maintenance
Total restricted funds
Unrestricted funds
**Restricted Fund comparative**
Scottish Land Fund
Community Ownership Fund|**Depn to**
**At 1 Jan 24**
**Income**
**Expenditure**
**unrestricted**
**At 31 Dec 24**
483,643
(54,669)
(25,537)
403,437
193,515
(3,558)
189,957
25,000
(3,275)
(2,172)
19,552
49,750
(919)
48,831
15,484
(114)
15,370
3,150
3,150| |---|---| ||677,158
93,384
(61,502)
(28,742)
680,299
(58,684)
10,902
(7,410)
28,742
(26,450)| ||618,474
104,286
(68,911)
-
653,849| ||**At 1 Jan 23**
**Income**
**Expenditure**
**At 31 Dec 23**
442,000
41,643
-
483,643
-
250,000
(56,485)
193,515| The Scottish Land Fund Grant was used to purchase the investment property and to fund any capitalised refubishments. ## **11. NET ASSETS OVER FUNDS** |**11. NET ASSETS OVER FUNDS**|| |---|---| |Investment in subsidiary
Investment properties
Hotel Refurb Capitalised
Office Equipment
Other debtors
Cash at bank and in hand
Creditors falling due within one year|**Unrestricted**
**Restricted**
**Funds**
**Funds**
**Total**
**£**
**£**
**£**
1
-
1
-
440,000
440,000
12,574
177,401
189,975
-
4,838
4,838
5,989
-
5,989
53,621
58,059
111,680
(6,298)
-
(6,298)| ||65,887
680,299
746,185| **PAGE 8**