Aultbea Regeneration Company. Charity No. SC Company No. SC Trustees' Report and Unaudited Accounts. 31 March 2OL7

Transcription

1 Charity No. SC Company No. SC Trustees' Report and Unaudited Accounts 31 March 2OL7

2 Aultbea Regeneration Compa ny CONTENTS Trustees' Annual RePort lndependent Examiner's Report Statement o Financial Activities Summary lncome and Expenditure Account Balance Sheet Statement o Cash lows Notes to the Accounts Detailed Statement o Financial Activities Pages 2to to to 17

3 TRUSTEES ANNUAL REPORT The Trustees, who are also directors o the charity or the purposes o the Companies Act 2006, present their report with the unaudited inancial statements o the charity or the year ended 31 March REFERENCE AND ADMINISTRATIVE DETAILS Company No. SC Charity No. SC0tt0471 PrincipalOice Aultbea Village Hall Aultbea Ross-shire w22zjq Registered Oice The Slipway lnverasdale Poolewe Wester Ross IV22 2LN Directors and Trustees The Directors o the charitable company are its Trustees or the purposes o charity law. The ollowing Directors and Trustees served during the year: N. Barry W. Grant J. Latta R. Mackenzie P. Maclachlan M. Macrae Accountants sjn consultants ltd The Slipway lnverasdale Poolewe Wester Ross IV22 2LN OBJECTIVES AND ACTIVITIES 4. The company has been ormed to beneit the community o Aultbea, Laide and the surrounding croting townships. 5. With the ollowing objects: 1) The provision o acilities or the social, recreational, educational, care, advice and inancial well-being o the community as deined; especially those who have need o them, by reason o their age, ill health, disability, inancial hardship or other disadvantage.

4 Aultbea Regeneration ComPanY TRUSTEES ANNUAL REPORT 2) The same acilities will be available to members, the public (by entrance ee), companies, private individuals and groups who wish to hire the available acilities. 3) To promote, establish, operate and/or support other similar charitable schemes and projects, subject to the directors having satisied themselves that such projects can reasonably be regarded as being in direct urtherance o the main charitable purpose o rural regeneration and o beneit to the Aultbea, Laide and surrounding croting townships. But such that the company shall do so ollowing principles o sustainable development. 6. The company's objects are restricted to those set out in article 4 (but subject to article 7). 7. The company may (subject to irst obtaining the consent o OSCR add to, remove or alter the statement o the company's objects in article 4; on any occasion when it does so, it must give notice to the registrar o companies and the amendment will not be eective until that notice is registered on the register o companies. ACH IEVEMENTS AND PERFORMANCE ln the year to March 2017 the company continued to develop their plans to provide a new community hall or the Aultbea area, working closely with the architect team. The Stage 2 application was submitted to the Big Lottery Fund early in 20L7. This was unortunately rejected in March The Board o ARC and the wider community were very disappointed with this, and took some time to consider the way orward. ARC are now working with the architect team to develop a less ambitious plan or a hall with possible additionalunctions added in stages later on. lt is hoped to be in a position to apply in 2018 or a new Community Assets unding stream. From November 2016 to May 2017 ARC acilitated weekly pop-up ca6's in Aultbea Community Hall' These were well attended and popular with the community, especially since most local establishments had closed or the winter. ARC volunteers ound it diicult to maintain the momentum and these were stopped over Spring and Summer with a view to consider restarting again in Autumn. However, a small local company has undertaken to run a weekly pop up ca6 on a similar ormat since October 2OL7 ' FINANCIAL REVIEW The balance o reserves are held to urther the aims o the company and in the interests o the local community. No distributions were made rom reserves. PLANS FOR FUTURE PERIODS The ARC Board plan to submit a unding application to National Lottery Community Assets Fund during 2018, and hope to move orward with their plans to provide a new purpose built community building' STRUCTURE, GOVERNANCE AND MANAGEMENT The company, which is a recognised charity in Scotland, is registered as a charitable company limited by guarantee and was set up by a Memorandum o Association on 18 December 2008 and amended at the AGM on 29 Oct The charity registration number is SC040471' The management o the company is the responsibility o the Trustees who are elected and co-opted under the terms o the Articles o Association. Membership o is open to individuals who are resident within the Aultbea area and to local community groups. changes to the board o directors are made by majority vote at an AGM.

5 TRUSTEES ANNUAT REPORT The directors will make day to day decisions as they see it, decisions being made at regular board meetings by majority vote. The Trustees are responsible or keeping proper accounting records that disclose with reasonable accuracy at any time the inancial position o the charity and to enable them to ensure that the inancial statements comply with the Companies Act The Trustees are also responsible or saeguarding the assets o the charity and hence taking reasonable steps or the prevention and detection o raud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 o the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behal o the board,,,w0}b Trustee 08 December 2017

6 INDEPENDENT EXAMINERS REPORT lndependent Examiner's Report to the trustees o I report on the accounts o or the year ended 31 March 2017 which comprise the Statement o Financial Activities, the Summary lncome and Expenditure Account, the Balance Sheet, the Statement o Cash Flows and the related notes. Respective responsibilities o trustees and examiner The trustees (who are also directors o the charitable company or the purposes o company law) are responsible or the preparation o the accounts in accordance with the terms o the Charities and Trustee lnvestment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations The trustees consider that the audit requirement o Regulation 10 (1) (a) to (c) o the 2005 Accounts Regulation does not apply. lt is my responsibility to examine the accounts as required under section aa (1) (c) o the Act and to state whether particular matters have come to my attention. Basis o independent examiner's report My examination was carried out in accordance with Regulation 11 o the 2006 Accounts Regulations. An examination includes a review o the accounting records kept by the charity and a comparison o the accounts presented with those records. lt also includes consideration o any unusual items or disclosures in the accounts, and seeks explanations rom the trustees concerning any such matters. The procedures undertaken do not provide allthe evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. lndependent examiner's statement ln connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with Section aa (1) (a) o the 2005 Act and Regulation 4 o the 2005 Accounts Regulations; and to prepare accounts which accord with the accounting records and comply with Regulation 8 o the 2006 Accounts Regulations have not been met: or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding o the accounts to be reached. Sandra J Nairn SJN Consultants Ltd Chartered Management Accountants The Slipway lnverasdale Poolewe Wester Ross IV22 2LN 08 December2ALT

7 STATEMENT OF FINANCIAL ACTIVITIES or the year ended 31 March 2017 Unrestricted Restricted unds unds unds unds Notes 20L L7 20L6 lncome and endowments rom: Donations and legacies ,000 20,466 77,737 Charitable activities L,235 20,204 27,439 77,737 Expenditure on: Raising unds 6 Charitable activities 7 1,06; 1,055 Other ,567 9,458 3,565 1,956 8,567 L0,523 3,555 Net gains on investments Net income Net income beore other gains/(losses) (72L), L7,637 10,916 74,L72 (72L) L],637 10,916 74,L72 Other gains and losses: Net movement in unds (72L1, tl,637 10,916 74,L72 Reconciliation o unds: unds brought onruard 5, , ,771 34,599 unds carried orward 5,049 LL4,638 7L9, ,771

8 Aultbea Regeneration Com pany SUMMARY INCOME AND EXPENDITURE ACCOUNT or the year ended 31 March lncome 2L,439 77,737 Gross income or the year Expenditure 2L,439 77,737 L0,523 expenditure or the year Net income beore tax or the year Net income or the year 10,523 3,555 74,L72 10,916 74,L72

9 BATANCE SHEET at 31 March 2017 Company No. SC Notes 2017 E 2016 Fixed assets Tangible assets 7t 52,126 52,L26 52,126 52,L26 Current assets Debtors L Cash at bank and in hand 67,688 57,417 68,072 57,795 Creditors: Amount alling due within one year 13 (s11) (1,150) Net current assets assets less current liabilities Net assets excluding pension asset or liability net assets 67,56L L19,687 56, ,77L 719, ,77L t!9,687 L08,777 The unds o the charity Restricted unds Restricted income unds Unrestricted unds General unds Reserves L4 LL4, ,001 LL4,638 5, ,001 5,770 5,049 5,770 unds tlg,687 L08,77L These accounts have been prepared in accordance with the special provisions o Part 15 o the Companies Act 2006 relating to small companies. For the year ended 31 March 2017 the company was entitled to exemption under section 477 o the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 o the Companies Act The directors acknowledge their responsibilities or complying with the requirements o the Companies Act 2006 with respect to accounting records and the preparation o accounts. Approved bythe board on 08 December2OlT l*kl 08 December 2OL7

10 STATEMENT OF CASH FLOWS or the year ended 31 March t7 20L6 Cash lows rom operating activities Net income per Statement o Financia! Activities 10,916 74,L72 Adjustments or: lncrease in trade and other receivables Decrease in trade and other payables (6) (63e) (41) (680) Net cash provided by operating activities to,27l 73,45L Net cash used in investing activities (50,445) Net cash rom inancing activities Net increase in cash and cash equivalents LO,27L 23,006 Cash and cash equivalents at the beginning o the year 57,4t7 34,4LL Cash and cash equivalents at the end o the year 57,688 57,4t7 Components o cash and cash equivalents Cash and bank balances 67,588 57,4t7 67,688 57,4t7

11 NOTES TO THE ACCOUNTS or the year ended 31 March Accounting policies Basis o preparation The inancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement o Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic i lreland (FRS 102) - Charities SORP (FRS 102) (eective l January 2015) - the Financial Reporting Standard applicable in the UK and Republic o lreland (FRS 102) and the Companies Act Change in basis o accounting or to previous accounts There has been no change to the accounting policies (valuation rules and method o accounting) since last year and no changes have been made to accounts or previous years. Fund accounting These are available or use at the discretion o the trustees in urtherance o the Unrestricted unds general objects othe charity. Designated unds These are unrestricted unds earmarked by the trustees or particular purposes. These are unrestricted unds which include a revaluation reserve representing the Revaluation unds restatement o investment assets at their market values. These are available or use subject to restrictions imposed by the donor or through Restricted unds terms o an appeal. lncome Recognition o income lncome is included in the Statement o FinancialActivities (sofa) when the charity becomes entitled to, and virtually certain to receive, the income and the amount o the income can be measured with suicient reliability. lncome with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and legacies Tax reclaims on Voluntary income received by way o grants, donations and gits is included in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income. lncome rom tax reclaims is included in the SoFA at the same time as the donations and gits git/donation to which it relates. Donated services and acilities Volunteer help These are only included in income (with an equivalent amount in expenditure) where the beneit to the Charity is reasonably quantiiable, measurable and material. The value o any volunteer help received is not included in the accounts. lnvestment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting rom revaluing investments to market value revaluation o ixed at the end othe year. assets Gains/(losses) on investment assets This includes any gain or loss on the sale o investments.

12 NOTES TO THE ACCOUNTS Expenditure Recognition o expenditure Expenditure on raising unds Expenditure on charitable activities Grants payable Governance costs Other expenditure Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be ully recovered, and is reported as part o the expenditure to which it relates. These comprise the costs associated with attracting voluntary income, undraising trading costs and investment management costs. These comprise the costs incurred by the Charity in the delivery o its activities and services in the urtherance o its objects, including the making o grants and governance costs. All grant expenditure is accounted or on an actual paid basis plus an accrual or grants that have been approved by the trustees at the end o the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements o the Charity, including any audit/independent examination ees, costs linked to the strategic management o the Charity, together with a share o other administration costs. These are support costs not allocated to a particular activity. Taxation The charity is exempt rom corporation tax on its charitable activities. Trade and other debtors Trade and other debtors are recognised at the settlement amount due ater any trade discount oered. Prepayments are valued at the amount prepaid net o any trade discounts due. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities o three months or less and bank overdrats. ln the statement o inancial position, bank overdrats are shown within borrowings or current liabilities. ln the Statement o Cash Flows, cash and cash equivalents are shown net o bank overdrats that are repayable on demand and orm an integral part o the company's cash management. Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting rom a past event that will probably result in the transer o unds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount ater allowing or nay trade discounts due. Company status The company is a private company limited by guarantee and consequently does not have share capital' The members o the company are the Trustees named on page 2. ln the event o the company being wound up, the liability in respect o the guarantee is limited to 1 per member o the company.

13 NOTES TO THE ACCOUNTS 3 Statement o Financial Activities - prior year E unds lncome and endowments rom: Donations and legacies ,237 77, ,237 77,737 Expenditure on: Charitable activities 678 2,997 3,565 Net income Net income beore other gains/(losses) 678 2,897 3,555 (178) 74,350 74,772 (178) 74,350 74,!72 Other gains and losses: Net movement in unds (178) 74,350 74,r72 Reconciliation o unds: unds brought onrard 5,948 28,651 34,599 unds carried orward 5, ,001 Lo8Il]_ 4 lncome rom donations and Iegacies Unresricted Restricted 20L Donations 500 Grants 20,000 20,000 77,237 Gits in Kind ,000 20,466 77,737 5 lncome rom charitable activities Unrestricted Restricted t 20t7 20t6 Fundraising events

14 NOTES TO THE ACCOUNTS 6 Expenditure on raising unds Costs o generating voluntary income Donations Grants Gits in Kind 7 Expenditure on charitable activities Expe nditure on charitable activities Fundraising events Governonce costs Unrestricted 1,065 20L ,065 L,055 1,055 20t6 20L6 8 Other expenditure General administrative costs Legal and proessional costs Unrestricted 693 Restricted ,542 8, _ 8,557 9,458 20t7 7L ,119 t91 9 Net income beore transers This is stated ater charging: lndependent Examiner's ee Other ees paid to the independent examiner 10 Sta costs No employee received emoluments in excess o 50,000' 20L L6 E Tangible ixed assets Cost or revaluation At l April 2015 At 31 March 2017 Net book values At 3l March 2017 At 31 March ,L26 52,L26 52,L26 52,L26 52,L26 52,L26 52,126 52,L26

15 NOTES TO THE ACCOUNTS 12 Debtors Prepayments and accrued income 13 Creditors: amounts alling due within one year Accruals and deerred income 20L L L L6 1,150 5L1 1, Movement in unds lncoming At l April 20L6 resources (including other gains/losses) Resources expended Gross transers At 31 March 20L7 Restricted unds: Endowment unds: Restricted income unds: New Community Hall 103,001 20,204 (8,567) LL4,638 Totol Unrestricted unds: General unds 103,001 20,204 (8,567)!L4,638 5,770 L,235 (1,956) 5,049 Designated unds: Revaluation Reserves: Endowment unds: Restricted unds: New Community Hall Unrestricted unds: unds LOg,77L 2L,439 LLg,687 gqs21 Purposes and restrictions in relation to the unds: Restricted unds: New Community Hall

16 NOTES TO THE ACCOUNTS 15 Analysis o net assets between unds Unrestrieted unds Restricted unds Fixed assets Net current assets C C 52,L26 52,L26 5,049 62,5L2 67,55t 5, ,638 LL9, Related party disclosures Controlling party The company is limited by guarantee and has no share capital; thus no single party controls the company.

17 DETAILED STATEMENT OF FINANCIAT ACTTVITIES or the year ended 31 March 2017 Unrestricted unds 20L7 C Restricted unds 2017 unds 20!7 unds 20L6 lncome and endowments rom: Donations and legacies Donations 500 Grants 20,000 20,000 77,237 Gits in Kind ,000 20,466 77,737 Charitable activities Fundraising events income and endowments L,235 20,204 2L,439 77,737 Expenditure on: Costs o generating donations and legacies Donations Grants Gits in Kind Charitable activities Fundraising events 1,,065 1,065 1,055 1,065 o expenditure on charitable activities General administrative costs, including depreciation and amortisation 1,065 1,065 General insurances Sotware, lt support and related costs Stationery and printing Subscriptions Sundry expenses Legal and proessional costs 393 2s t8 446 t: Audit/lndependent examination ees ees Consultancy ees 5,278 5,278 2,92L Other legal and proessional costs 48 3,264 3,3L ,542 8,740 3,1L9 o expenditure o other costs 891 8,567 9,458 3,565

18 DETAILED STATEMENT OF FINANCIAL ACTIVITIES expenditure 1,956 8,567 10,523 3,555 Net gains on investments Net income Net income beore other gains/(losses) (7zLl' L]-,637 10,916 74,L72 (721]. LL,637 10,915 74,772 Other Gains Net movement in unds (72L1 tl,637 10,916 74,L72