REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 January 2023 |
for |
Innerleithen Community Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 January 2023 |
for |
Innerleithen Community Trust |
Innerleithen Community Trust |
Contents of the Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 13 |
Innerleithen Community Trust (Registered number: SC389404) |
Report of the Trustees |
for the Year Ended 31 January 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2023. The trustees have adopted the provisions of 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 |
Objectives and aims |
The object of the charity is the advancement of citizenship and community development, including rural regeneration, and the promotion of civic responsibility, volunteering and the voluntary sector, all within Innerleithen, Traquair and the Glen area comprising of the all postcode units in EH44, by providing grants to individuals or organisations enabling then to carry out activities. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The War Memorial Garden Restoration has made very little progress in the last year due to lack of funding and the lack of volunteers to take the project forward. This does not mean the project will not progress but will now take much longer than originally hoped. The centenary of the Memorial Hall has now passed as well with no event to mark this taking place due to lack of personnel to plan this. |
With significant pressure on some families and individuals the Swap and Share Shed can hardly keep up with demand. As soon as the shed is stocked up the provisions are moving quickly off the shelves. This has resulted in some stock being purchased now that was previously supplied through donations. Thanks are recorded to those who keep the Shed clean an ensure it is stocked up. |
Early in the year we had some pathworks carried out by Tweed Trails in Pirn Wood. This involved protecting our paths from water erosion and the removal of a large, fallen tree. Work done allowed a closed path to be made safe and reopened. Volunteers from Tweed Trails are thanked for their input to this work. |
Heritage Walks held over the summer were very successful with increased numbers of participants. It was good to introduce Stewart Wilson as a walk leader with his research and knowledge proving of great value. The walks did generate some income and a few of our publications were sold. We invested some money in the purchase of proper archive storage equipment to protect our assets for the future and it is good to see that other projects in the community are asking for the use of some of our archive materials in their designs. |
Perhaps our most successful and fulfilling project was the purchase of our Trishaw. With some financial help from the Peeblesshire Trust, we were able to take possession of our own Trishaw, train some volunteers to ride the machine safely and reach out to local care homes and families who had members in need of an outing. Since mid-June we have seen 93 trips out and 53 different passengers making use of the opportunity to enjoy a run along the Tweed Valley. Many users had not been out since before the pandemic! |
The Trust was involved in a number of Queen's Platinum Jubilee Events. We successfully applied to SBC for funding to gift commemorative lapel badges to our primary school children. The badges were designed locally and were unique to Innerleithen. Opportunity was made to visit the school to present the badges and share something about Queen Elizabeth II with the children. |
Adding Flower Baskets along our High Street was again carried out during the summer months. We are grateful to the business community and householders who contribute generously to make this happen and to the volunteers who carried out watering and maintenance duties over a very hot and dry few months. |
An offer to take ownership of the piece of land known as The Strip was made to ICT by resident of adjacent houses. The financial risks of taking on this poorly maintained wooded area was deemed to be too much for ICT. |
With our ongoing commitment to help non constituted voluntary groups we are pleased again to record that we helped three of such groups with financial advice, insurance cover, help with grant funding applications and banking facilities. |
We spent over £16,000 on projects to benefit the community in the last year and I thank Ted McKie for his role as Treasurer. |
Innerleithen Community Trust (Registered number: SC389404) |
Report of the Trustees |
for the Year Ended 31 January 2023 |
FINANCIAL REVIEW |
Financial position |
Although there has been a decrease in total grants received, there has been a significant increase in donations received. Overall the charity has generated a surplus of £6,233 in the year (2022 - surplus of £3,086). |
The trust is acting as banker for three local volunteer community groups, recording their income and expenditure, receiving donations and making funds available as required. Independently, the groups manage the Sharing Shed, cultivate the Flowerbeds, and the Wells Group maintains the gardens at St. Ronan's Wells. |
Reserves policy |
The charity aims to hold funds to cover at least three months' worth of costs. Total unrestricted reserves available at year end was £4,861 (2022 - £5,634). |
FUTURE PLANS |
Discussions with Fred Olsen Renewables who are proposing a wind farm at Scawd Law and accessed from the B709 north of Innerleithen have been ongoing. We are grateful to Gordon Donald who has led these discussions on behalf of ICT. There are now other windfarms proposed for this area and we will engage with these developers when appropriate. |
Proposals to carry out projects on the Mill Lade were brought forward by the larger Destination Tweed Group. The Reminiscence Day held in the town was very successful and many and varied issues were aired with respect to the use of the Lade in the past. This listed structure, that was the power source for our textile and other industries, is in need of some restoration and funding to allow the significance in our heritage to be preserved and explained. |
The above sits well with our input to the development at Caerlee Mill. ICT successfully argued that there had to be a heritage element in the redeveloped mill building, that is due to become a 'Biking Innovation Centre'. We are represented on a Heritage Working Group bringing together what we believe needs to be part of this heritage aspect of the building, that will be part of our area's economic future. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Consideration is given to this area at Trustees' meetings which take place four to five times a year. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Innerleithen Community Trust (Registered number: SC389404) |
Report of the Trustees |
for the Year Ended 31 January 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Pamela Baillie CA |
Gall Robertson CA |
Tweedside Park |
Tweedbank |
Galashiels |
Selkirkshire |
TD1 3TE |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Innerleithen Community Trust |
I report on the accounts for the year ended 31 January 2023 set out on pages five to thirteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as 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 accounts. |
Independent examiner's statement |
In 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 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of 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 of the accounts to be reached. |
Pamela Baillie CA |
The Institute of Chartered Accountants of Scotland |
Gall Robertson CA |
Tweedside Park |
Tweedbank |
Galashiels |
Selkirkshire |
TD1 3TE |
25 October 2023 |
Innerleithen Community Trust |
Statement of Financial Activities |
for the Year Ended 31 January 2023 |
31.1.23 | 31.1.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities | 2 |
Total |
EXPENDITURE ON |
Raising funds | ( |
) |
Charitable activities |
Total |
NET INCOME |
Transfers between funds | 9 | 28 | (28 | ) | - | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 26,243 |
Innerleithen Community Trust (Registered number: SC389404) |
Balance Sheet |
31 January 2023 |
31.1.23 | 31.1.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 20,581 |
Restricted funds | 5,662 |
TOTAL FUNDS | 26,243 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Innerleithen Community Trust (Registered number: SC389404) |
Balance Sheet - continued |
31 January 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Innerleithen Community Trust |
Notes to the Financial Statements |
for the Year Ended 31 January 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern |
The directors have assessed a period of 12 months from the date of approval of the financial statements and consider that no material uncertainties exist that cast significant doubt about the ability of the company to continue as a going concern. Thus the directors adopt the going concern basis of accounting in preparing the financial statements. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each assets over its estimated useful life. |
Land is held at cost with no depreciation provided. |
Plant and machinery - 20% on cost. |
Computer equipment - 25% on cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Provisions |
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. |
Innerleithen Community Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
1. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises. |
2. | OTHER TRADING ACTIVITIES |
31.1.23 | 31.1.22 |
£ | £ |
Book sales | 539 | 172 |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.1.23 | 31.1.22 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 January 2023 nor for the year ended 31 January 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 January 2023 nor for the year ended 31 January 2022. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Other trading activities |
Total |
EXPENDITURE ON |
Raising funds | ( |
) | ( |
) |
Charitable activities |
Total |
Innerleithen Community Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 17,365 | 5,792 |
TOTAL FUNDS CARRIED FORWARD | 20,581 | 5,662 | 26,243 |
6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2022 |
Additions |
At 31 January 2023 |
DEPRECIATION |
At 1 February 2022 |
Charge for year |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
7. | STOCKS |
31.1.23 | 31.1.22 |
£ | £ |
Stocks |
Innerleithen Community Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.23 | 31.1.22 |
£ | £ |
Other creditors |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.2.22 | in funds | funds | 31.1.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 20,581 | 5,469 | 28 | 26,078 |
Restricted funds |
Pathway maintenance at Pirn Wood | 5,662 | 736 | - | 6,398 |
Jubilee Badges | - | 28 | (28 | ) | - |
764 | ( |
) |
TOTAL FUNDS | 6,233 | 32,476 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 11,487 | (6,018 | ) | 5,469 |
Restricted funds |
Pathway maintenance at Pirn Wood | 1,000 | (264 | ) | 736 |
Jubilee Badges | 610 | (582 | ) | 28 |
( |
) | 764 |
TOTAL FUNDS | ( |
) | 6,233 |
Innerleithen Community Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.2.21 | in funds | 31.1.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 17,365 | 3,216 | 20,581 |
Restricted funds |
Pathway maintenance at Pirn Wood | 5,324 | 338 | 5,662 |
St Ronans Wells | 468 | (468 | ) | - |
5,792 | (130 | ) | 5,662 |
TOTAL FUNDS | 23,157 | 3,086 | 26,243 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 6,482 | (3,266 | ) | 3,216 |
Restricted funds |
Pathway maintenance at Pirn Wood | 1,000 | (662 | ) | 338 |
St Ronans Wells | - | (468 | ) | (468 | ) |
1,000 | (1,130 | ) | (130 | ) |
TOTAL FUNDS | 7,482 | (4,396 | ) | 3,086 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.2.21 | in funds | funds | 31.1.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 17,365 | 8,685 | 28 | 26,078 |
Restricted funds |
Pathway maintenance at Pirn Wood | 5,324 | 1,074 | - | 6,398 |
St Ronans Wells | 468 | (468 | ) | - | - |
Jubilee Badges | - | 28 | (28 | ) | - |
5,792 | 634 | (28 | ) | 6,398 |
TOTAL FUNDS | 23,157 | 9,319 | - | 32,476 |
Innerleithen Community Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 17,969 | (9,284 | ) | 8,685 |
Restricted funds |
Pathway maintenance at Pirn Wood | 2,000 | (926 | ) | 1,074 |
St Ronans Wells | - | (468 | ) | (468 | ) |
Jubilee Badges | 610 | (582 | ) | 28 |
2,610 | (1,976 | ) | 634 |
TOTAL FUNDS | 20,579 | (11,260 | ) | 9,319 |
10. | RELATED PARTY DISCLOSURES |
11. | INDEPENDENT EXAMINER |
The amount payable to Gall Robertson for the independent examination of the accounts is £585 (2022 - £395). |
12. | GOING CONCERN |
The trustees know of no material uncertainties relating to the charity's ability to continue as a going concern. |
13. | PUBLIC BENEFIT ENTITY |
The charity is a public benefit entity. |
14. | VOLUNTEERS |
The charity does rely on volunteers to carry out the services as arranged by the trustees such as maintenance of paths and upkeep of flower baskets. |