MURRAY PLAY FOUNDATION
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
Company Registration No. SC604224 (Scotland)
Charity Registration No. SC048661 (Scotland)
MURRAY PLAY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr Judith Murray
Mr Malcolm King
Mr Malcolm Robertson
Charity number (Scotland)
SC048661
Company number
SC604224
Principal address
C/o Brodies LLP
Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
Registered office
C/o Brodies LLP
Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
Independent examiner
William Duncan + Co Ltd
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Solicitors
Brodies LLP
Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
MURRAY PLAY FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 10
MURRAY PLAY FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 January 2023.

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 charity's Articles of Association, 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

The Murray Play Foundation was established in August 2018, to oversee the creation and eventual operation of a community multi-sports facility near Dunblane in Perthshire.

 

The charity's objects are to promote, advance and further charitable purposes and activities through the provision of accessible facilities, parkland and services which enable participation in sport and enhance and contribute to the health, fitness and personal development and wellbeing of the residents of Stirlingshire (and beyond) through sporting heritage and activities, with particular focus on tennis and golf.

The policies adopted in furtherance of these objects are:

and there has been no change in these during the year.

Our vision is and always will be to enhance and contribute to the health, fitness, personal development, self-esteem, and wellbeing of the residents of the local area and beyond through affordable sport, leisure and heritage activities, with particular focus on tennis and golf and quality access to the outdoors.


We are committed to minimising the impact on the environment of our development and having a substantial positive impact in the community.

 

Outreach programmes will take tennis to rural and disadvantaged areas within the local area and we endeavour to build relationships with schools, creating inspirational learning experiences for children in all communities and growing the sporting workforce through our proposed apprenticeship scheme and training workshops for teachers, students, parents and volunteers.

Achievements and performance

The trustees meet regularly to consider the project and our purpose has not changed.

In our last report, we highlighted several macro-economic issues, such as inflation and higher then anticipated interest rates, and those continue to present challenges to our project, as they do elsewhere in society and the economy.

Financial review

The charity has been supported by one of the trustees, Dr J Murray who has provided funding to meet legal and professional costs incurred to date. These funds have been provided interest free and unsecured, and it is intended that the loan will be repaid as and when the charity is in a position to do so.

MURRAY PLAY FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -

It is the proposed policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

 

This level of reserves has not been maintained throughout the year due to the charity still being in the 'set up' phase and only governance costs being incurred. The reserves will be monitored as the charity grows and funding is gained. In the short term the trustees have agreed to continue funding the costs incurred.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

We remain in the detailed planning phase of the multi-sport leisure community facility, supported by several expert advisors. Our project team is finalising the design and layout of the facility, and the business and operational plans which will satisfy our funding partners and crystallise the long-term benefits in the local community and economy.

 

Our commitment to developing the project in a sustainable way remains absolute, and we will share more detailed plans with local communities and other stakeholders over the coming months.

Structure, governance and management

The charity is a company limited by guarantee, was incorporated on 2nd August 2018 and has no share capital. The company was registered with the Office of the Scottish Charity regulator (OSCR) on the 28th August 2018 and has had charitable status since then.

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:

Dr Judith Murray
Mr Malcolm King
Mr Malcolm Robertson

Trustees are recruited by the current board and proposed at the next meeting. Appointment is confirmed when the board have discussed and agreed the suitability of the candidate.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

In these early stages of the charity, the board meet on a needs basis whenever any decision is required. These are voted on and approved when a majority is in agreement. It is anticipated as the charity moves forward that the Board will grow and specific regular meetings will be formally set.

The only related party transactions relate to the payment of the governance costs by a trustee, explained above.

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

Mr Malcolm King
Mr Malcolm Robertson
Trustee
Trustee
26 October 2023
MURRAY PLAY FOUNDATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MURRAY PLAY FOUNDATION
- 3 -

I report on the financial statements of the charity for the year ended 31 January 2023, which are set out on pages 4 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of Murray Play Foundation for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Stephen J Bargh CA
William Duncan + Co Ltd
Chartered Accountants
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Dated: 26 October 2023
MURRAY PLAY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
17,881
-
Expenditure on:
Charitable activities
4
12,248
54,710
Net income/(expenditure) for the year/
Net movement in funds
5,633
(54,710)
Fund balances at 1 February 2022
(96,185)
(41,475)
Fund balances at 31 January 2023
(90,552)
(96,185)

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.
MURRAY PLAY FOUNDATION
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
8
122,790
122,790
Current assets
Cash at bank and in hand
9,531
-
Creditors: amounts falling due within one year
10
(222,873)
(218,975)
Net current liabilities
(213,342)
(218,975)
Total assets less current liabilities
(90,552)
(96,185)
Income funds
Unrestricted funds
(90,552)
(96,185)
(90,552)
(96,185)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 January 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 26 October 2023
Mr Malcolm King
Mr Malcolm Robertson
Trustee
Trustee
Company registration number SC604224
MURRAY PLAY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
1
Accounting policies
Charity information

Murray Play Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is C/o Brodies LLP, Capital Square, 58 Morrison Street, Edinburgh, EH3 8BP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, 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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. 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

The charity is dependent on the support of its trustees to pay governance costs until such times as they progress the plans and income is received through grants or donations.

 

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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 charity 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.
1.5
Expenditure

Expenditure is included on an accruals basis, inclusive of VAT.

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:

Land and buildings - development
no depreciation
MURRAY PLAY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 7 -

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 charity 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 charity 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 charity's balance sheet when the charity 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.

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.

MURRAY PLAY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2
Critical accounting estimates and judgements

In the application of the charity’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.

3
Donations and legacies
Unrestricted
Total
funds
2023
2022
£
£
Donations and gifts
17,881
-
4
Charitable activities

Establish the charity

Establish the charity

2023
2022
£
£

Outreach work

2,200
-
Share of support costs (see note 5)
6,000
202
Share of governance costs (see note 5)
4,048
54,508
12,248
54,710
MURRAY PLAY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
5
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

VAT Consultancy costs

6,000
-
6,000
202
-
202

Legal and professional costs

-
2,038
2,038
-
52,996
52,996

Accountancy costs

-
2,010
2,010
-
1,512
1,512
6,000
4,048
10,048
202
54,508
54,710
Analysed between
Charitable activities
6,000
4,048
10,048
202
54,508
54,710
6
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
7
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
8
Tangible fixed assets
Land and buildings - development
£
Cost
At 1 February 2022
122,790
At 31 January 2023
122,790
Carrying amount
At 31 January 2023
122,790
At 31 January 2022
122,790
MURRAY PLAY FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 10 -
9
Loans and overdrafts
2023
2022
£
£
Directors' loans
217,775
217,775
Payable within one year
217,775
217,775

Trustee Dr J Murray has paid for all set up costs of the charity until such times as the charity is in a financial position to make repayment. This loan is interest free and has no set date for repayment.

10
Creditors: amounts falling due within one year
2023
2022
£
£
Borrowings
217,775
217,775
Accruals and deferred income
5,098
1,200
222,873
218,975
11
Related party transactions

Included within note 9, is a loan payable to Trustee, J Murray of £217,775 (2022 - £217,775). The terms of the loan are disclosed at note 9, under Directors Loans and Overdrafts.

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