Charity registration number SC035025 (Scotland)
Company registration number SC287964 (Scotland)
SHOWCASE THE STREET
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
SHOWCASE THE STREET
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Fergus Storrier, Chair
Claire Puzey, Vice Chair
Hugh Jamieson, Secretary
Gary Stephen, Treasurer
Charity number (Scotland)
SC035025
Company number
SC287964
Registered office
Unit 6
Manhatten Works
Dundonald Street
Dundee
DD3 7PY
Auditor
Findlays
11 Dudhope Terrace
Dundee
Scotland
DD3 6TS
Bankers
Bank of Scotland
600 Gorgie Road
Edinburgh
EH11 3XP
Solicitors
Lindsays
Seabraes House
18 Greenmarket
Dundee
DD1 4QB
SHOWCASE THE STREET
CONTENTS
Page
Trustees' report
1 - 5
Statement of trustees' responsibilities
6
Independent auditor's report
7 - 9
Statement of financial activities
10 - 11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
SHOWCASE THE STREET
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Policies and objectives

The purpose of the charitable company are:

 

To promote, maintain, improve and advance the children, young people and adults, the health of the residents in the area which the charitable company operates and the improvement of the opportunities for educationally, socially and rurally disadvantaged by all appropriate means and particularly by encouragement of the Arts including the arts of drama, dance, music, singing, literature and visual arts and encourage public participation in sport (and sport means sport which involves physical skill and exertion) thereby improve the conditions of life and the community spirit of the inhabitants of the area.

 

We endeavour to ensure the communities that we serve can and do have access to our activity and neither financial hardship or rural exclusion would prevent them from taking part we are also keen to use our activities to support people through difficult periods in line and use them as tools to develop positive pathways they can follow.

Strategies and achieving objectives

 

The strategies employed to achieve the charitable company's aims and objectives are to:

 

Activities for achieving objectives

 

To ensure we can put these strategies into action our work follows three main streams, these being community classes and shows, educational programmes and growth around our own premises and buildings.

SHOWCASE THE STREET
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Achievements and performance

Review of activities

 

2021 continued to be a huge challenge for Showcase the Street and all charities in Scotland as we tried to balance our important provision of services with also ensuring the charity continued to be sustainable with mire lockdowns and restrictions due to the COVID pandemic.

 

During the year we have continued to provide services virtually where required including dance classes, and important projects delivered by our VR and tech staff or in partnership with other organisations. One great example of this was in Angus where a multi partner bid, headed by Showcase, and involving Angus Council, DD8 Music and Tayside Council on Alcohol delivered an arts and creativity project to young people affected by months of isolation due to no schools being open and being away from their friends. The same project was nominated for and won a national award this year at the Youthlink National Awards.

 

Also in Angus we have continued to work on the Seaton Park project in Arbroath where we hope to develop a new facility in one of the most deprived areas of Scotland. The project again is challenging with rising capital costs for materials as well as trying to find large scale funders but the continued support of HRH Princess Anne and the Chaffinch Trust has been gratefully received and HRH fisted Arbroath in October of 2021 to hear first hand on the progress of the project. 

 

Our work in VR and Tech continues to grow and is being seen more in school settings to supoort young people, especially those from deprived areas to consider careers in the digital sector. We have also worked in partnership with the Princes Trust to develop employability programmes with a focus on Tech and sports.

 

As we move into 2022 the challenges continue as our Social Enterprise model of gaining our own funds recovers back to pre pandemic levels and also the wider challenges of continuing to grow the Tech side which is in demand whilst also maintaining our core services of dance and wider support of the local community around our facility in Dundee.

 

In all though it has been a good year and again we would like to thank all our volunteers and trustees who give so much of their time for free, the staff both full and part time, our funders and supporters who allow us to develop the services we offer and finally the thousands of young people and the community who use Showcase the Street. 

Financial review

Review of financial position

 

At the year end the charity holds £218,358 (2020 - £188,781) in reserves, of which £118,990 is unrestricted and of this free reserves not invested in fixed assets or designated amount to £65,311 (2020 - £74,843 deficit). No amounts have been designated. The funds at the end of the year put the charity in a strong position as we start 2021/22.

 

The Trustees regularly monitor the level of unrestricted funds as these are vital in allowing flexibility in our work.

Going concern

 

After making appropriate enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

 

Reserves are held to bridge the gap between the spending and receiving of free income and to cover unplanned emergency repairs and other expenditure. The Trustees' ideal level of free reserves at 31 December 2021 would be £10,000 (2020 - £10,000). The current level of unrestricted reserves exceeds this.

Principal Funding

 

The charitable company's principal funding sources are fully detailed in note 2 of these financial statements.

SHOWCASE THE STREET
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -

Risk management

 

Showcase the Street have regular reviews within Trustees' meetings and through the role of Trustees as to the principal risks associated with the charitable company and the uncertainties of future plans where relevant.

 

We regularly review the factors that are likely to affect future financial performance and are proactive in order to ensure that these factors are overcome and future financial performance is maintained, if not improved.

 

Financially, the main risk identified is the potential loss of grant funding. to mitigate this risk, Showcase the Street are in regular communications with grant providers as well as looking for potential new funding opportunities.

 

We have secured long term sub-lets through groups such as Street Leagues, Shaper Caper and now a church group every Sunday this has helped considerably towards our general revenue costs. We have also, towards the end of 2019, cut our full-time staff and freelance staff in areas of dance as we as hall hires which again will add longer term sustainability.

 

Operationally, the main risk identified is the potential reputational damage which would be incurred if those working for Showcase the Street were found not to have had the required PVG checks in place. To mitigate this, PVG checks are carried out for all members of staff who work with the children, as well as any helpers who support the activities of the charitable company.

Pricing policy

 

Whilst we run regular weekly classes in dance and sport we are mindful of the areas we serve and a charge of £10 per month to access 4 dance classes to meet affordable levels for young people and their families. However, where required this can be waived or in some of our educational programmes we build this into our areas of funding to allow young people to continue on with new levels of interest.

 

Within the hire of our facilities in Dundee such as football pitches for local youth teams, we keep this at a much lower rate than commercial hire and this has been welcomed by many of the clubs who are themselves volunteers. In addition, the roller hockey rink has given clubs like Dundee Ducks a local venue which has helped their club to build and grow locally.

 

Our yearly shows have remained the same for several years now with a general set fee of £9 for adults and £7 for concessions. In addition, we ask people to buy one new shirt every year at £7 as again we know locally and commercially the costs of being involved in dance and sport can be unsustainable for many families with weekly class charges much higher than our own but additional costs with outfits and show expenses. We often get feedback from parents of how this is important and shows true value.

Plans for future periods

This year we are growing or presence in the use of VR and technology to provide social good, with more staff now on site and the ability through funding to build our equipment and resources. We are also partners in the Dundee Digital Forum and continue and aim to extend our work to more schools and communities as jobs and opportunities grow in the Tech sector.

We also hope to offer more dance classes in the local area to address long waiting lists and increase our ability to offer more employability courses across both Dundee and Angus.

We again want to ensure no one is left behind.

SHOWCASE THE STREET
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
Structure, governance and management

Constitution

 

Showcase the Street is a company limited by guarantee governed by is Memorandum and Articles of Association dated 26 July 2005. It is registered as a charity and company in Scotland (charity number SC035025). Anyone over the age of 16 who supports the aims of the charitable company can become a member, there are currently four members each of whom agrees to pay £1 in the event of the charitable company winding up. There is no subscription fee to become a member.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Fergus Storrier, Chair
Claire Puzey, Vice Chair
Hugh Jamieson, Secretary
Gary Stephen, Treasurer

Method of appointment or election of Trustees

 

As set out in the Articles of Association, appointment of Trustees is carried out at the annual AGM and minimum of three Trustees must exist to allow the charity to function. Office bearers to include a Chair and a Vice Chair must be appointed each year within these Trustees.

Policies adopted for the induction and training of Trustees

 

Any new Trustees will undergo a training and orientation day to brief them about legal obligations under charity and company law, and inform them of the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. During induction they will meet key staff and other Trustees. Where relevant and appropriate Trustees are encouraged to attend local and national training events as well as being sent regular briefs by e-mail on updates and changes in practices and or legislation that may affect the charity as well as wider information bulletins on our areas of work. We also encourage Trustees to attend regular staff meetings and visit projects in other areas again where their own time allows.

Key management personnel

 

The Trustees consider the board of Trustees to be the key management personnel of the charitable company. None of the Trustees were employed by the charitable company in the year and so no Trustee received remuneration, nor did they receive any expenses.

Organisational structure and decision making

 

The Board of Trustees administers the charitable company, they meet normally on a four monthly to quarterly basis. At present Showcase the Street has a senior manager who has delegated authority in areas such as staffing and practice as well as certain budgets where relevant.

Auditor

In accordance with the company's articles, a resolution proposing that Findlays be reappointed as auditor of the company will be put at a General Meeting.

SHOWCASE THE STREET
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Fergus Storrier, Chair
Trustee
18 August 2022
SHOWCASE THE STREET
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -

The trustees, who are also the directors of Showcase the Street for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SHOWCASE THE STREET
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF SHOWCASE THE STREET
- 7 -

Opinion

We have audited the financial statements of Showcase the Street (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its income and eexpenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

SHOWCASE THE STREET
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF SHOWCASE THE STREET
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

SHOWCASE THE STREET
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF SHOWCASE THE STREET
- 9 -

Because of the field in which the client operates we identified the following areas as those most likely to have a material impact on the financial statement: terms and conditions stipulated in grant funding, employment law, Health and Safety regulations, compliance with the UK Companies Act, Charities and Trustees Investment ( Scotland ) Act 2005 and the Charities Regulations 2006.

Because of the inherent limitations of an audit, there is risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors' 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 charitable company, the charitable company’s members as a body,and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lesley Campbell, BA, C.A. (Senior Statutory Auditor)
for and on behalf of Findlays
Chartered Accountants
Statutory Auditor
11 Dudhope Terrace
Dundee
Scotland
DD3 6TS
18 August 2022
SHOWCASE THE STREET
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2021
2021
2021
2020
as restated
Notes
£
£
£
£
Income from:
Donations and legacies
3
199,824
160,861
360,685
233,449
Charitable activities
4
230,437
-
230,437
210,178
Total income
430,261
160,861
591,122
443,627
Expenditure on:
Raising funds
5
20,000
-
20,000
15,569
Charitable activities
6
315,544
225,856
541,400
376,945
Other
11
145
-
145
-
Total expenditure
335,689
225,856
561,545
392,514
Net income/(expenditure) for the year/
Net movement in funds
94,572
(64,995)
29,577
51,113
Fund balances at 1 January 2021
24,418
164,363
188,781
137,668
Fund balances at 31 December 2021
118,990
99,368
218,358
188,781

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 14 to 30 form part of these financial statements.

SHOWCASE THE STREET
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
as restated
as restated
2020
2020
2020
Notes
£
£
£
Income from:
Donations and legacies
3
65,137
168,312
233,449
Charitable activities
4
210,178
-
210,178
Total income
275,315
168,312
443,627
Expenditure on:
Raising funds
5
15,569
-
15,569
Charitable activities
6
247,320
129,625
376,945
Total expenditure
262,889
129,625
392,514
Gross transfers between funds
(12)
12
-
Net income/(expenditure) for the year/
Net movement in funds
12,414
38,699
51,113
Fund balances at 1 January 2020
12,004
125,664
137,668
Fund balances at 31 December 2020
24,418
164,363
188,781
SHOWCASE THE STREET
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 12 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
12
137,010
198,787
Current assets
Debtors
13
9,279
9,347
Cash at bank and in hand
185,039
173,334
194,318
182,681
Creditors: amounts falling due within one year
15
(46,144)
(106,695)
Net current assets
148,174
75,986
Total assets less current liabilities
285,184
274,773
Creditors: amounts falling due after more than one year
16
(66,826)
(85,992)
Net assets
218,358
188,781
Income funds
Restricted funds
17
99,368
164,363
Unrestricted funds
118,990
24,418
218,358
188,781

The notes on pages 14 to 30 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 18 August 2022
Fergus Storrier, Chair
Trustee
Company registration number SC287964
SHOWCASE THE STREET
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
87,733
105,614
Investing activities
Purchase of tangible fixed assets
-
(4,104)
Proceeds on disposal of  investments
-
1
Net cash used in investing activities
-
(4,103)
Financing activities
Repayment of borrowings
(71,028)
(11,986)
Repayment of bank loans
(5,000)
50,000
Net cash (used in)/generated from financing activities
(76,028)
38,014
Net increase in cash and cash equivalents
11,705
139,525
Cash and cash equivalents at beginning of year
173,334
33,809
Cash and cash equivalents at end of year
185,039
173,334

The notes on pages 14 to 30 form part of these financial statements.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 14 -
1
Accounting policies
Charity information

Showcase the Street is a private company limited by guarantee incorporated in Scotland. The registered office is Unit 6, Manhatten Works, Dundonald Street, Dundee, DD3 7PY.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Grants and other income received towards capital expenditure are credited to the statement of financial activities in the year to which they relate.

 

Government and other grants towards revenue expenditure are credited to revenue in the year to which they relate.

Sublet income is recognised once the charitable company has entitlement to the income.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over the length of the lease
Plant and equipment
25% reducing balance / 20% straight line
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Concessionary loans

Concessionary loans are initially recognised and measured at the amount received, with the carrying amount adjusted in subsequent years to reflect repayments and adjusted if necessary, for any impairments. The loan from The Energy Savings Trust Limited constitutes a concessionary loan.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 17 -
2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

 

Fixed assets are also assessed as to whether there are indictors of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

Allocation of wages

Wages are allocated across projects both on a direct basis and a percentage basis, Where salaries are funded, the allocation of wages is direct. For employees involved in more than one project, the trustees allocate salaries on a percentage basis.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 18 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
as restated
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
Donations and gifts
161,699
-
161,699
5,916
-
5,916

Grants

38,125
160,861
198,986
59,221
168,312
227,533
199,824
160,861
360,685
65,137
168,312
233,449
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
Donations and gifts
Donations
-
-
-
5,916
-
5,916
Tom & Vicky Forsyth Charitable Trust
150,000
-
150,000
-
-
-
Northwood Charitable Trust
10,000
-
10,000
-
-
-
Arnold Clark
1,000
-
1,000
-
-
-
Other
699
-
699
-
-
-
161,699
-
161,699
5,916
-
5,916
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Donations and legacies
(Continued)
- 19 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
Grants receivable for core activities
Big Lottery - Showcase Family Fund
-
-
-
-
21,750
21,750
Big Lottery - VR Project
-
-
-
-
31,000
31,000
Tayside Health Board
-
3,500
3,500
-
2,400
2,400
Scottish Government
-
10,000
10,000
8,000
17,000
25,000
Government - Bounceback Loan Interest
625
-
625
625
-
625
The Wood Foundation
-
-
-
4,000
-
4,000
First Sport Resiliance Fund
-
-
-
32,396
-
32,396
Adapt & Thrive VR
-
-
-
-
25,000
25,000
Dundee City Council
37,500
-
37,500
4,200
-
4,200
Resilient Scotland
-
-
-
-
25,000
25,000
Social Investment Scotland
-
-
-
-
5,000
5,000
Foundation Scotland
-
-
-
-
1,800
1,800
Wellbeing Fund
-
-
-
-
24,362
24,362
Northwood Charitable Trust
-
-
-
5,000
15,000
20,000
WM Sword Charitable Trust
-
-
-
5,000
-
5,000
Youthlink Scotland
-
50,236
50,236
-
-
-
SCVO
-
7,125
7,125
-
-
-
Zero Waste Scotland
-
40,000
40,000
-
-
-
Adapt & Thrive
-
50,000
50,000
-
-
-
38,125
160,861
198,986
59,221
168,312
227,533
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 20 -
4
Charitable activities

Charitable Income

Charitable Income

2021
2020
as restated
£
£

Trading income within charitable activities

223,161
180,606
Performance related grants
7,276
29,572
230,437
210,178
Performance related grants
HMRC - CJRS
7,276
29,572
7,276
29,572
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Fundraising and publicity
Other professional fees
20,000
15,569
20,000
15,569
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
6
Charitable activities

Charitable Expenditure

Charitable Expenditure

2021
2020
£
£
Staff costs
137,502
119,918
Depreciation and impairment
61,632
62,086

Tuition & show expenses

6,065
897

Refreshments & party food

-
1,241

Hire of equipment

5,559
5,571

Repairs & equipment

33,913
26,808

Freelance tutors

8,826
8,336

Office costs

23,223
26,427

Rent, rates & insurance

80,936
82,686

Premises expenses

94,194
12,167

Other professional fees

57,585
4,904

Bank charges

6,100
1,208

Loan interest

4,047
4,367

Subscriptions

2,317
1,262

Miscellaneous expenses

996
353

Motor & travel

1,698
3,135

Bad debts

360
1,143
524,953
362,509
Share of support costs (see note 7)
9,247
7,920
Share of governance costs (see note 7)
7,200
6,516
541,400
376,945
Analysis by fund
Unrestricted funds
315,544
247,320
Restricted funds
225,856
129,625
541,400
376,945
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 22 -
7
Support costs
Support costs
Governance costs
2021
Support costs
Governance costs
2020
Basis of allocation
as restated
£
£
£
£
£
£
Staff costs
4,247
-
4,247
4,120
-
4,120

% of staff hours

Consultancy fees

5,000
-
5,000
3,800
-
3,800

% of consultancy hours

Audit fees
-
7,200
7,200
-
-
-
Governance
Accountancy
-
-
-
-
6,516
6,516
Governance
9,247
7,200
16,447
7,920
6,516
14,436
Analysed between
Charitable activities
9,247
7,200
16,447
7,920
6,516
14,436

Governance costs includes payments to the auditors of £6,000 (2020- £Nil) for audit fees.

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 23 -
8
Auditor's remuneration
Fees payable to the charitable company's auditor and associates:
2021
2020
£
£
Audit of the charitable company's annual accounts
7,200
-
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
10
Employees

The average monthly number of employees during the year was:

2021
2020
Number
Number
9
9
Employment costs
2021
2020
£
£
Wages and salaries
134,638
118,882
Social security costs
5,103
3,315
Other pension costs
2,008
1,841
141,749
124,038
There were no employees whose annual remuneration was more than £60,000.
11
Other
Unrestricted
Total
funds
£
2021
2020
Net loss on disposal of tangible fixed assets
145
-
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2021
374,642
123,264
2,589
500,495
Disposals
-
-
(2,589)
(2,589)
At 31 December 2021
374,642
123,264
-
497,906
Depreciation and impairment
At 1 January 2021
231,763
67,501
2,444
301,708
Depreciation charged in the year
39,620
22,012
-
61,632
Eliminated in respect of disposals
-
-
(2,444)
(2,444)
At 31 December 2021
271,383
89,513
-
360,896
Carrying amount
At 31 December 2021
103,259
33,751
-
137,010
At 31 December 2020
142,879
55,763
145
198,787
13
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
9,279
9,257
Prepayments and accrued income
-
90
9,279
9,347
14
Loans and overdrafts
2021
2020
£
£
Bank loans
45,000
50,000
Other loans
40,994
112,022
85,994
162,022
Payable within one year
19,168
76,030
Payable after one year
66,826
85,992
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
14
Loans and overdrafts
(Continued)
- 25 -

A bounce back loan was received in the year to 31 December 2020 amounting to £50,000. It has an outstanding balance at 31 December 2021 of £45,000 (2020 - £50,000) which is repaid in monthly instalments of £833.33 and carries a fixed interest rate of 2.5% per annum.

 

Social Investment Scotland loan has been full repaid in the year (2020 - £36,137). This loan carried an annual fixed interest rate of 7%.

 

Jessica Scotland Trust loan has an outstanding balance at 31 December 2021 of £35,484 (2020 - £41,787) which is repaid in monthly instalments of £736 and carries an annual fixed interest rate of 6.5%.

 

A second loan from Jessica Scotland Trust was received in the year 31 December 2018 amounting to £40,000. This loan has been fully repaid in the year (2020 - £27,448). The loan carried an annual fixed interest rate of 6.5%

 

A loan was received in the year to 31 December 2018 from the Energy Saving Trust Limited amounting to £9,181. It has an outstanding balance at 31 December 2021 of £5,510 (2020 - £6,650) which is repaid in monthly instalments of £95 and carries no interest.

15
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans
14
10,000
5,000
Other borrowings
9,168
71,030
Other taxation and social security
2,883
2,504
Trade creditors
413
477
Other creditors
15,193
20,169
Accruals and deferred income
8,487
7,515
46,144
106,695
16
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Bank loans
14
35,000
45,000
Other borrowings
31,826
40,992
66,826
85,992
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
17
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Balance at
1 January 2020
Incoming resources
Resources expended
Transfers
Balance at
1 January 2021
Incoming resources
Resources expended
Balance at
31 December 2021
£
£
£
£
£
£
£
£
Capital funds
125,664
14,765
(30,241)
(10,662)
99,526
-
(26,234)
73,292
Wellbeing Fund
-
9,597
(20,271)
10,674
-
-
-
-
Scottish Government
-
17,000
(9,917)
-
7,083
10,000
(17,083)
-
Northwood Charitable Trust
-
15,000
(15,000)
-
-
-
-
-
Foundation Scotland
-
1,800
-
-
1,800
-
(1,800)
-
Resilient Scotland
-
25,000
(2,412)
-
22,588
-
(22,588)
-
Big Lottery - VR Project
-
31,000
(27,634)
-
3,366
-
(3,366)
-
Tayside Health Board
-
2,400
(2,400)
-
-
3,500
(3,500)
-
CRF - Adapt & Thrive VR
-
25,000
-
-
25,000
-
(15,268)
9,732
Big Lottery - Family Project
-
21,750
(21,750)
-
-
-
-
-
Social Investment Scotland
-
5,000
-
-
5,000
-
(5,000)
-
Youthlink Scotland
-
-
-
-
-
50,236
(39,316)
10,920
SCVO
-
-
-
-
-
7,125
(1,701)
5,424
Zero Waste Scotland
-
-
-
-
-
40,000
(40,000)
-
Adapt & Thrive
-
-
-
-
-
50,000
(50,000)
-
125,664
168,312
(129,625)
12
164,363
160,861
(225,856)
99,368
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
17
Restricted funds
(Continued)
- 27 -

Purpose of restricted funds

Capital funds - various grants awarded to support capital expenditure

 

Wellbeing fund - To fund VR staff and equipment to ADHD support group

 

Scottish Government - To fund staff wages

 

Northwood Charitable Trust - To fund VR costs

 

Foundation Scotland - To fund development of VR

 

Resilient Scotland - To fund development of VR

 

Big Lottery - To fund VR Game staff, freelance tutors and other expenses.

 

Tayside Health Board - To fund VR staff wages

 

Communities Recovery Fund Adapt & Thrive VR - To fund VR costs

 

Showcase Family Fun - To fund play equipment, freelance tutors and staff wages

 

Social Investment Scotland - To fund project which will help pre school children develop their skills.

 

Youthlink Scotland - a number of awards to support VR project costs, poverty and isolation project and VR camps

 

SCVO - To fund a Digital Project which aims to support people gain computer skills to aid in job searches

 

Zero Waste Scotland - To fund a low carbon specification report and feasibility study

 

Adapt & Thrive - To contribute towards the cost of replacement 3g pitches

 

SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
18
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2021
2021
2021
2020
2020
2020
£
£
£
£
£
£
Fund balances at 31 December 2021 are represented by:
Tangible assets
53,679
83,331
137,010
99,261
99,526
198,787
Current assets/(liabilities)
132,137
16,037
148,174
11,149
64,837
75,986
Long term liabilities
(66,826)
-
(66,826)
(85,992)
-
(85,992)
118,990
99,368
218,358
24,418
164,363
188,781
19
Operating lease commitments

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2021
2020
£
£
Within one year
83,235
83,547
Between two and five years
150,712
231,147
233,947
314,694
Lessor

At the reporting end date the charitable company had contracted with sub-let tenants for the following minimum lease payments:

2021
2020
£
£
Within one year
45,500
43,200
Between two and five years
66,600
111,000
112,100
154,200
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
20
Related party transactions
Transactions with related parties

During the year the charitable company entered into the following transactions with related parties:

Name: Community Warehouse Limited (SC475448)
Nature of relationship: Fergus Storrier, a charity trustee, is also a director of the above named company.
The transaction: During the year, the charity paid the above named company a total of £25,500 (2020 - £19,000) for consultancy services provided.

 

Name: Baby Sensory
Nature of relationship: Claire Puzey, a charity trustee, runs this business within the charity's premises.
The transaction: During the year, the charity received a total of £3,543 (2020 - £3,365) for studio hire.

21
Prior Year Adjustmemt

Due to updated guidance released specifically relating to the accounting treatment of CJRS funding, grant income received from the CJRS scheme has been shown within income from charitable activities and removed from income from donations and legacies.

22
Cash generated from operations
2021
2020
£
£
Surplus for the year
29,577
51,113
Adjustments for:
Loss on disposal of tangible fixed assets
145
-
Depreciation and impairment of tangible fixed assets
61,632
62,086
Movements in working capital:
Decrease in debtors
68
9,779
(Decrease) in creditors
(3,689)
(17,364)
Cash generated from operations
87,733
105,614
SHOWCASE THE STREET
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 30 -
23
Analysis of changes in net funds
At 1 January 2021
Cash flows
At 31 December 2021
£
£
£
Cash at bank and in hand
173,334
11,705
185,039
Loans falling due within one year
(76,030)
56,862
(19,168)
Loans falling due after more than one year
(85,992)
19,166
(66,826)
11,312
87,733
99,045
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