NORTH CARRICK COMMUNITY BENEFIT
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Company Registration No. SC480121 (Scotland)
Charity Registration No. SC045947 (Scotland)
NORTH CARRICK COMMUNITY BENEFIT
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Mark Fletcher
Mr Patrick Lorimer
Mr Henry Anderson
Mr James McFadzean
Mr Chris Savage
Mrs Senga Mason
Mrs Mhairi Ann Eaglesham
Mr Greg Paterson
Ms Nicole Bryden
(Appointed 1 April 2023)
Ms Michelle Androucci
(Appointed 1 April 2023)
Mr Paul Rankin
(Appointed 1 November 2023)
Ms Kirstie Hepburn
(Appointed 1 November 2023)
Mr Max Agnew
(Appointed 1 November 2023)
Charity number (Scotland)
SC045947
Company number
SC480121
Principal address
44 High Street
Maybole
Ayrshire
KA19 7BZ
Registered office
4 McAdam Way
Maybole
Ayrshire
KA19 8FD
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Bankers
Co-Op Bank plc
PO Box 250
Skelmersdale
WN8 6WT
Solicitors
Frazer Coogans
Solicitors
Dalblair House
46 Dalblair Road
Ayr
KA7 1UQ
NORTH CARRICK COMMUNITY BENEFIT
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent auditor's report
6 - 8
Statement of financial activities
9 - 10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
NORTH CARRICK COMMUNITY BENEFIT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

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

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, 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 in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

The charity's objects are covered in detail in section 4 of their Articles of Association and can be summarised as follows:

The powers adopted in furtherance of these objects are covered in detail in Section 7 of the Articles of Association and there has been no change in these during the year. Activities that were implemented during the year included:

 

NORTH CARRICK COMMUNITY BENEFIT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Achievements and performance

We continued with CPF funding which was introduced to enable communities to access a sum of money for quick fix projects in their places. The villages receive £5,000 and Maybole, due to its large population, £10,000. The arrangement is that a steering group from each community which includes an NCCBC director will establish what projects will be funded and this can be by steering group choice based on known need, consultation with the community or by taking applications from community groups. CPF has helped some communities come together for the better and is enabling community capacity-building. which is as important as the money.

 

In partnership with SAC a joint funding programme was developed to deliver better playparks across the region and also to fund environmental improvement projects in each community . It had been hoped to have all projects completed by end of the financial year but this has not been possible due to many changes within SAC so this project will run on into the next financial year and Is likely to produce an underspend. If agreement of a further project cannot be found, this will result in us claiming a refund in the next financial year.

 

Our ‘Foundations for Recovery’ programme, supported by a £515,000 grant from the UK Government Community Renewal Fund continued during the year. This was a comprehensive set of feasibility and technical studies aimed at progressing proposals for new and existing projects. Increasing income from tourism with a focus on the heritage of North Carrick is the key theme. As a result, North Carrick will promote the role it played in the story of King Robert the Bruce, believed to have been born at Turnberry in 1274. An overarching ambition is to create a “Bruce’s Web”, harking back to the story about the Bruce and the spider’s web, and linking the nine communities in North Carrick. Proposals for around £20 million of capital projects emerged from the programme and NCCBC will work with local communities to secure the support and funding needed to implement as many as possible of these.

 

We also received a grant from the UK Government’s Shared Prosperity Fund towards a Community Arts and Augmented Reality trail which will be known as The Robert the Bruce trail so all of the communities in North Carrick will have a piece of art linked in some way to Robert the Bruce. This will encourage tourism in our area as well as local interest in a key historical King of Scotland who originates from the area.

 

Work has started on a project known as Bruce 750 and we aim to provide an event in July of 2023 to kickstart a year of celebration in 2024 as the 750th anniversary of the birth of Robert the Bruce at Turnberry. The scale of the celebrations will be dependent on the levels of funding we can attract .

 

Work had begun on the old charity shop and flat that we had purchased with assistance from the Scottish Land Fund. As part of the wider Maybole Regeneration we had secured considerable match funding and this was scheduled to be a 6 month delivery period. In December of 2022 we had to issue a failure to complete certificate through our architects as the contractors had gotten a long way behind schedule. A contract extension was issued as finding new contractors would have been very problematic.

 

Covid was still having an impact in our communities as organisations with buildings to maintain had lost considerable income over the previous 18 months so the board set up a fund to assist. The levels of assistance varied depending on different factors which included, size of facility, tenure, levels of energy bills and salaried staff. These grants enabled facilities to support the communities with a more sustainable approach to covid recovery. The funding was used to pay wages, utility bills and running costs.

 

Scottish Government Strengthening Communities Programme funding was secured for a three-year project to develop a network to link heritage- and culture-related businesses across North Carrick and we are continuing to explore the potential to create a nationally significant monument to King Robert the Bruce.

NORTH CARRICK COMMUNITY BENEFIT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Financial review

Full details of the financial situation are covered further in this report. In summary however the company received the sum of £434,522 from SPR and £3,806 from returned or cancelled grants, £447 in interest income and £631,379 in restricted grants as detailed in note 3.

 

At the end of the year the charity had reserves of £821k, of which £577k was unrestricted, this includes £524k of free reserves (excluding fixed assets) available for general use and £244k of reserves are restricted as per note 15.

 

Reserves Policy

The board regularly review the level of reserves against future commitments, which includes grant awards, projects and core running costs and aim to maintain reserves at a level that allows for these, if this is not possible, projects and activities are tailored to the reserves available.

 

The financial reserves are higher than normal at the year end, and this is partially because of slow grant applications being received, but also due to the bankrolling of larger scale projects like the charity shop and FfR where funds are claimed back from funders after the initial expense has been paid by the charity.

At the inception of NCCBC it was agreed to create a Legacy Fund that is subject to review. The Board agreed to take steps to provide this fund which will enable the company to continue to distribute funds after the final payment by SPR. The fund has been established and allows for 5% of SPR funds to be set aside during the financial year 2016/​​​17, 6% during the year 2017/​​​18, 7% during the year 2018/​​​19 etc. until 10% is reached and then 10% would be set aside annually thereafter. The Board will take advice as to how best this sum is invested. If investment opportunity remains a low value a review of this can be taken as there may be better legacies than simply a years funding.

The trustees have 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.

Structure, governance and management

The charity is a company limited by guarantee, was incorporated on 16th June 2014 and has no share capital.

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:

Mr Mark Fletcher
Mr Patrick Lorimer
Mr Angus Craig
(Resigned 1 October 2022)
Mr Henry Anderson
Mr Norman Geddes
(Resigned 2 October 2023)
Mr David Kiltie
(Resigned 2 October 2023)
Mr James McFadzean
Mr Chris Savage
Mrs Jacqueline Murray
(Resigned 7 April 2022)
Ms Deborah Watt
(Resigned 7 April 2022)
Mrs Senga Mason
Mr Gordon Caldwell
(Resigned 2 October 2023)
Mrs Mhairi Ann Eaglesham
Mr Greg Paterson
Ms Nicole Bryden
(Appointed 1 April 2023)
Ms Michelle Androucci
(Appointed 1 April 2023)
Mr Paul Rankin
(Appointed 1 November 2023)
Ms Kirstie Hepburn
(Appointed 1 November 2023)
Mr Max Agnew
(Appointed 1 November 2023)
NORTH CARRICK COMMUNITY BENEFIT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

The company’s method of recruitment and appointment of trustees can be summarised as follows: The North Carrick area has five community councils . Advertisements were placed within each council area to attract members which is unlimited. Members within each community council area were then required to nominate and approve three of their number to be directors and to serve on the Board giving a potential 15 directors. Again this was not totally taken up and currently the board comprises 13 directors who are also by definition Trustees. The vacancies on the board at 31st March 2023 were in Dunure and Minishant.

 

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.

The Trustees meet regularly [currently every 3 months] to consider grant applications which are put before them by the secretariat. These are then considered and approved, deferred or rejected. The SAC secretariat checks the actual applications before they are put to the board to ensure that all the requirements in any application have been properly met and this includes but is not exhaustive to current constitution, bank account in organisations name, match funding secured, permissions and ownerships in place, equality and protection policies and estimates or preferred quotes. It is usual to have a member of the secretariat present at each Trustees meeting to advise on individual applications and protocol, generally.

 

There is a declaration of Trustees interests lodged.

Prior to consideration of any grant application Trustees are required to declare any interest in the application under consideration and if it is agreed by the board that there is a potential conflict of interest then the Trustees concerned take no part in any discussions or decisions in respect of the application under consideration and leave the room.

Auditor

William Duncan + Co (Audit) Ltd were appointed as auditor to the company and a resolution proposing that they be re-appointed was agreed at a General Meeting.

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.

Mr Mark Fletcher
Trustee
16 November 2023
NORTH CARRICK COMMUNITY BENEFIT
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The trustees, who are also the directors of North Carrick Community Benefit 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 charity and of the incoming resources and application of 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;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTH CARRICK COMMUNITY BENEFIT
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS AND TRUSTEES OF NORTH CARRICK COMMUNITY BENEFIT
- 6 -

Opinion

We have audited the financial statements of North Carrick Community Benefit (the ‘charity’) for the year ended 31 March 2023 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 March 2023 and of its incoming resources and application of resources, including its income and expenditure, 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 charity 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.

 

Other matter

Comparative information in the financial statements is derived from the charity's prior period financial statements which were not audited.

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 charity’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.

NORTH CARRICK COMMUNITY BENEFIT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF NORTH CARRICK COMMUNITY BENEFIT
- 7 -

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 charity 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.

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 charity 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 charity’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.

NORTH CARRICK COMMUNITY BENEFIT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF NORTH CARRICK COMMUNITY BENEFIT
- 8 -

Because of the inherent limitations of an audit, there is a 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

Mr Neil Reid FCCA (Senior Statutory Auditor)
for and on behalf of William Duncan + Co (Audit) Ltd
20 November 2023
Chartered Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY

William Duncan + Co (Audit) Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

NORTH CARRICK COMMUNITY BENEFIT
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2023
2023
2023
2022
Notes
£
£
£
£
Income and endowments from:

Donations

3
434,522
631,379
1,065,901
499,096
Investments
4
447
-
447
50
Other income
5
3,806
-
3,806
18,030
Total income
438,775
631,379
1,070,154
517,176
Expenditure on:
Charitable activities
6
434,983
472,104
907,087
217,406
Net incoming resources before transfers
3,792
159,275
163,067
299,770
Gross transfers between funds
(19,474)
19,474
-
-
Net (expenditure)/income for the year/
Net movement in funds
(15,682)
178,749
163,067
299,770
Fund balances at 1 April 2022
592,807
65,548
658,355
358,585
Fund balances at 31 March 2023
577,125
244,297
821,422
658,355

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.
NORTH CARRICK COMMUNITY BENEFIT
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
Notes
£
£
£
Income and endowments from:

Donations

3
396,096
103,000
499,096
Investments
4
50
-
50
Other income
5
18,030
-
18,030
Total income
414,176
103,000
517,176
Expenditure on:
Charitable activities
6
149,654
67,752
217,406
Net incoming resources before transfers
264,522
35,248
299,770
Net (expenditure)/income for the year/
Net movement in funds
264,522
35,248
299,770
Fund balances at 1 April 2021
328,285
30,300
358,585
Fund balances at 31 March 2022
592,807
65,548
658,355
NORTH CARRICK COMMUNITY BENEFIT
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
272,109
42,564
Current assets
Debtors
13
162,952
-
Cash at bank and in hand
485,713
673,867
648,665
673,867
Creditors: amounts falling due within one year
14
(99,352)
(58,076)
Net current assets
549,313
615,791
Total assets less current liabilities
821,422
658,355
Income funds
Restricted funds
15
244,297
65,548
Unrestricted funds
Designated funds
16
176,002
132,103
General unrestricted funds
401,123
460,704
577,125
592,807
821,422
658,355

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 16 November 2023
Mr Mark Fletcher
Mr Patrick Lorimer
Trustee
Trustee
Company registration number SC480121
NORTH CARRICK COMMUNITY BENEFIT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
51,181
298,236
Investing activities
Purchase of tangible fixed assets
(239,782)
(1,388)
Investment income received
447
50
Net cash used in investing activities
(239,335)
(1,338)
Net cash used in financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(188,154)
296,898
Cash and cash equivalents at beginning of year
673,867
376,969
Cash and cash equivalents at end of year
485,713
673,867
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Charity information

North Carrick Community Benefit is a private company limited by guarantee incorporated in Scotland. The registered office is 4 McAdam Way, Maybole, Ayrshire, KA19 8FD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's constitution, 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 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

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.

Cash donations are recognised on receipt. Other donations are recognised once the charity 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.

Revenue grants are recognised in the SOFA when the charity has entitlement. Capital grants are also recognised in the SOFA when the charity has entitlement; both are credited to reserves as appropriate to the nature and conditions attaching to the grant

1.5
Expenditure

Expenditure is included on an accruals basis.

Grants awarded are provided for in full when approved by the Board of Trustees. Grants awarded not paid out at the balance sheet date are reflected in creditors falling due within one year.

 

Grants awarded but not taken up within 18 months of the award will be written off (subject to extension, in appropriate circumstances, at the Trustees discretion).

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
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
no depreciation
Plant and machinery
20% straight line

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.

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
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.

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.

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
3

Donations

Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
434,522
-
434,522
396,096
-
396,096

Grants Received

-
631,379
631,379
-
103,000
103,000
434,522
631,379
1,065,901
396,096
103,000
499,096
Donations and gifts
Scottish Power Renewables - Community Benefit Contribution
434,522
-
434,522
396,096
-
396,096
434,522
-
434,522
396,096
-
396,096
Grants receivable for core activities
North Carrick Locality Planning Partnership
-
4,000
4,000
-
-
-
The National Lottery
-
15,000
15,000
-
-
-
South Ayrshire Council - CRF2 Project
-
411,457
411,457
-
103,000
103,000
South Ayrshire Council - Maybole Regen Project
-
190,422
190,422
-
-
-
South Ayrshire Council - SEGAR
-
2,000
2,000
-
-
-
South Ayrshire Council - Costal Communities
-
8,500
8,500
-
-
-
-
631,379
631,379
-
103,000
103,000
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Interest receivable
447
50
5
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Grants returned/cancelled

3,806
18,030

Grants returned/cancelled relates to a write back of grants awarded in prior years which have not been fully claimed and are therefore no longer deemed payable. This arises on grants that have been cancelled due to projects not obtaining planning permission and/or additional funding support, and also balances on grants awarded in excess of actual project cost, when the full grant was not required

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
6
Charitable activities
Assistance to community benefit organisations
Assistance to community benefit organisations
2023
2022
£
£
Depreciation and impairment
10,237
-

Defibrillator Project

10,382
904

Youth & Mental Health Initiative

20,000
20,000

CRF2 Project

466,820
67,752

Bruce Project

1,047
-
508,486
88,656
Grant funding of activities (see note 7)
290,015
74,020
Share of support costs (see note 8)
101,210
50,992
Share of governance costs (see note 8)
7,376
3,738
907,087
217,406
Analysis by fund
Unrestricted funds
434,983
149,654
Restricted funds
472,104
67,752
907,087
217,406
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
7
Grants payable
2023
2022
£
£
Grants to institutions:
CKS Community Council
-
5,434
Maybole Community Council
95,000
-
Kirkoswald, Maidens & Turnberry Community Council
30,000
1,474
Dunure Community Council
10,000
-
Carrick Community Leisure Group
15,000
-
Maybole Juniors
3,000
-
Carrick Youth Rugby
2,500
-
Maybole Bowling Club
1,000
-
Straiton Co-op
10,000
-
7th Ayrshire Scouts
2,000
-
Kirkmichael Village Renaissance
2,034
-
North Carrick Sports Club
2,000
-
Crosshill Bowling Club
1,000
-
Kirkmichael Bowling Club
1,000
-
Carrick Centre
17,000
-
Maidens Bowling Club
1,000
-
McCandlish Hall
19,050
-
South Ayrshire Community Transport
9,082
11,550
KVR
10,000
1,000
South Ayrshire Paths Initiative
-
14,562
Dunure Boat Shed
-
40,000
Kennedy Hall
4,000
-
Carrick Coastal Rowing Club
2,000
-
Dunure Youth Club
2,000
-
Maybole Youth Club
2,000
-
KKCG
1,500
-
South Ayrshire Girl Guides
1,500
-
D O G Cuthbert Church
1,000
-
Kirkoswald Parish Church
2,000
-
Maybole Memorial Park Bowling Club
1,000
-
St Oswalds Church
1,000
-
Maybole Charity Shop
500
-
Crosshill, Straiton & Kirkmichael Community Council (inc CPF)
34,987
-
Carrick History Society
1,862
-
Carrick Centre (restricted)
500
-
KKCG (restricted)
1,000
-
South Ayrshire Girl Guides (restricted)
1,000
-
Dunure Youth Club (restricted)
500
-
Maybole youth Club (restricted)
500
-
7th Ayrshire Scouts (restricted)
500
-
290,015
74,020
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
8
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Administration Costs

23,120
-
23,120
2,639
-
2,639

Advertising

16,781
-
16,781
13,116
-
13,116

Expense Claims

443
-
443
148
-
148

Sundry Costs

1,704
-
1,704
150
-
150

Development Consultant

41,629
-
41,629
30,000
-
30,000

Charity Shop Costs

17,533
-
17,533
4,939
-
4,939
Audit fees
-
7,000
7,000
-
-
-

Accountancy and Tax Costs

-
376
376
-
3,738
3,738
101,210
7,376
108,586
50,992
3,738
54,730
Analysed between
Charitable activities
101,210
7,376
108,586
50,992
3,738
54,730

Governance costs in 2023 included payments to auditors of £7,000 for audit fees (2022 - £1,000 for independent examination) and £376 for other services (2021 - £2,738). Both are inclusive of VAT.

9
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year, and none (2022 - 2) of them were reimbursed a total of £nil (2022 - £231) for expenses.

10
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.
11
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
12
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022
42,564
-
42,564
Additions
188,597
51,185
239,782
At 31 March 2023
231,161
51,185
282,346
Depreciation and impairment
Depreciation charged in the year
-
10,237
10,237
At 31 March 2023
-
10,237
10,237
Carrying amount
At 31 March 2023
231,161
40,948
272,109
At 31 March 2022
42,564
-
42,564

Land and buildings represents the property at 44-46 High Street Maybole, which is going through a large capital project and depreciation is not charged while this is ongoing.

13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
162,952
-
14
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
19,050
48,805
Accruals and deferred income
80,302
9,271
99,352
58,076
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
15
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 April 2021
Incoming resources
Resources expended
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
£
£
£
South Ayrshire Council Locality Planning Group - Participatory Budget
500
-
-
500
-
-
-
500
Scottish Land Fund
29,800
-
-
29,800
-
-
-
29,800
South Ayrshire Council CRF2
-
103,000
(67,752)
35,248
411,457
(467,057)
21,300
948
Maybole Regeneration Project
-
-
-
-
190,422
-
(1,826)
188,596
North Carrick Locality Planning Partnership
-
-
-
-
4,000
(4,000)
-
-
National Lottery - Cost of Living
-
-
-
-
15,000
-
-
15,000
South Ayrshire Council SEGAR
-
-
-
-
2,000
(1,047)
-
953
South Ayrshire Council Costal Communities
-
-
-
-
8,500
-
-
8,500
30,300
103,000
(67,752)
65,548
631,379
(472,104)
19,474
244,297
NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
15
Restricted funds
(Continued)
- 23 -

There is a small brought forward balance available for use towards future Participatory Budgeting events or to be applied for similar purposes.

 

The fund received from the Scottish Land Fund were to contribute towards the purchase of the charity shop in Maybole High Street which is used by a significant number of local organisations to provide a source of income for them. The fund balance at the end of the year is part of the net book value of the land and buildings.

 

South Ayrshire Council CRF2 funding was funding from The UK Government Community Renewal Fund, received via South Ayrshire Council was to fund the Foundations for Recovery programme. The transfer of £21,300 into the fund was a correction for items previously allocated to the fund that shouldn't have been.

 

Maybole Regeneration Project was grant-funding from Historic Environment Scotland, National Lottery Heritage Fund and the Regeneration Capital Grants Fund towards the costs of repairing and renovating the former charity shop and the flat above on Maybole High Street. The transfer of £1,826 taken out of the fund was a £20,402 contribution to the building works from NCCBC's unrestricted funds - a total of £100k will be made - and £22,228 transferred back to unrestricted funds for items previously paid and allocated against unrestricted funds.

 

North Carrick Locality Planning Partnership was funds received to top-up post pandemic support grants to local groups and organisations.

 

The National Lottery Cost of Living grant was for a project to alleviate problems faced by local people as a result of soaring energy and food prices. NCCBC allocated up to £50,000 of its unrestricted SPR funding to the project.

 

South Ayrshire Council SEGAR was a grant from South Ayrshire Council as a contribution towards the costs of additional short-term contractors to enable NCCBC to plan and deliver events as follow ups to the Foundations for Recovery programme.

 

South Ayrshire Council Costal Communities was funding received on behalf of the Minishant Social and Leisure Group for a project to be carried out in partnership which started after March 2023.

 

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
16
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Balance at
1 April 2021
Transfers
Balance at
1 April 2022
Transfers
Balance at
31 March 2023
£
£
£
£
£
Legacy Fund
92,444
39,659
132,103
43,899
176,002
92,444
39,659
132,103
43,899
176,002

The Board agreed, at the request of the members, to designate this fund to continue to distribute funds after the final payment is received by Scottish Power Renewables (SPR). The fund has been established and allows for 5% of SPR funds to be set aside during the financial year 2016/17, 6% during the year 2017/18, 7% during the year 2018/19 etc. until 10% is reached and then 10% would be set aside annually thereafter. This makes up the balance of the designated fund noted above.

17
Analysis of net assets between funds

Unrestricted Funds

Restricted Funds

Total

Unrestricted Funds

Restricted Funds

Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
52,764
219,345
272,109
12,764
29,800
42,564
Current assets/(liabilities)
524,361
24,952
549,313
580,043
35,748
615,791
577,125
244,297
821,422
592,807
65,548
658,355
18
Capital commitments

At the balance sheet date the company was committed to a development project with a contractual obligation of £373k. The capital commitment will be met by agreed funding pledges.

NORTH CARRICK COMMUNITY BENEFIT
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
19
Related party transactions

Board members declare any potential conflicts of interest where the director/trustee of the charity has a connection with the organisation making the grant application. In these instances the Board Member in question leaves the room and takes no part in the decision making process.

 

The following interests were declared in the year relating to grant applications:

 

The charity made awards totalling £86,000 for Post-pandemic recovery support (2022 - £nil), this was made by the board of NCCBC without applications being received, the following interests were declare relating to this:

 

The declarations above may differ from the total amount given to an applicant if the director in question was not in attendance at the meeting where the decisions was taken, as they were absent they did not take part in the discussion or decision and no declaration could be made.

20
Cash generated from operations
2023
2022
£
£
Surplus for the year
163,067
299,770
Adjustments for:
Investment income recognised in statement of financial activities
(447)
(50)
Depreciation and impairment of tangible fixed assets
10,237
-
Movements in working capital:
(Increase) in debtors
(162,952)
-
Increase/(decrease) in creditors
41,276
(1,484)
Cash generated from operations
51,181
298,236
21
Analysis of changes in net funds

The charity had no debt during the year.

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