REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 November 2023 |
for |
The Leith Trust |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 November 2023 |
for |
The Leith Trust |
The Leith Trust |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Report of the Trustees | 1 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 7 |
The Leith Trust (Registered number: SC412080) |
Report of the Trustees |
for the Year Ended 30 November 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 30 November 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 vision of The Leith Trust is to bring together and collaborate with organisations and charities in the Leith area and other relevant partners in order to facilitate and initiate the delivery of projects to regenerate and revitalise the community, strengthen its identity, encourage pride in its environment, raise its profile and renew its sense of purpose. The objectives of The Leith Trust are to develop a plan for the future of Leith and create a strategy which will fulfil the vision. In pursuance of the plan, The Leith Trust will act as a vehicle to facilitate the delivery of projects for the benefit of the public covering the following areas: Heritage and Education; Arts and Culture; Environment and the Community and it's Identity. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Trust continued to hold and facilitate meetings, and build working relationships with interested individuals and Leith organisations. Particular achievements and projects that were advanced during the year included: |
- Ongoing engagement with local organisations and individuals, and representatives of City of Edinburgh Council and Forth Ports PLC, on various matters of relevance to Leith and its community. |
- Working together with the Leith Culture and Heritage Group. |
- Supporting the Leith Community Fund. |
- Supporting Leith organisations with grant funding under the Leith Gives banner. |
The Trust collaborated with Leith Writings, an organisation established to promote Leith writing talent, and facilitated its activities through financial administrative support. |
The Trust continued its work on the development of a strategy for Leith, revisiting the outcomes of the last Leith Conference held in 2019 and preparing summary documentation with a view to taking matters forward. |
FINANCIAL REVIEW |
Financial position |
There was very little financial activity during the year, with the main transactions being the financial administrative assistance provided to Leith Writings, and further financial assistance provided to local organisations through Leith Gives. |
Reserves policy |
The charity is still in the early stages of development and has minimal funds. The charity plans to maintain reserves at a level to facilitate its activities. At the balance sheet date, the charity had free, unrestricted reserves of £618, which is sufficient to cover the small amount of overhead costs incurred for a period of at least 12 months from the balance sheet date based on current year spend. |
At the year end the charity held restricted reserves of £10,064, of which £9,374 relate specifically to the Leith Gives project. |
FUTURE PLANS |
The charity continues to collaborate with other organisations in support of various initiatives in the Leith area, taking forward action in the four work areas - Heritage and Education; Arts and Culture; Environment and the Community and it's Identity. |
The charity is consulting with others on the future of the Leith Gives project and the remaining funds held. |
Further discussions and input is envisaged to continue the development of a Strategy for Leith. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is a limited company, limited by guarantee, as defined by the Companies Act 2006 and is governed by Articles of Association dated 25 November 2011 and revised by Special Resolution dated 7 May 2013. |
The Leith Trust (Registered number: SC412080) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
Trustees are appointed to the Board by existing members of the Board, having regard to individual skills and interest and involvement in the Leith community. |
Organisational structure |
The charity is managed by a Board of Trustees which meets on a regular basis as necessary to deal with the business of the charity. Independent professional advisers are consulted as necessary. |
Induction and training of new trustees |
Induction and training of new Trustees is undertaken by other Trustees, having regard to individuals prior learning and knowledge. |
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. |
The trustees consider that the principal risks to which the charity is exposed are: |
- reputational risk |
- financial risk |
The trustees review the exposure to risks on a regular basis and are content that appropriate controls are in place. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Mathew R J Gillies LLB(Hons) ACPA FCIE |
Cowan & Partners Limited |
60 Constitution Street |
Edinburgh |
EH6 6RR |
CHARITABLE STATUS |
The company was registered as a charity with the Office of the Scottish Charity Regulator on 13 May 2013. |
The Leith Trust (Registered number: SC412080) |
Report of the Trustees |
for the Year Ended 30 November 2023 |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Leith Trust |
I report on the accounts for the year ended 30 November 2023 set out on pages five to eleven. |
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. |
Mathew R J Gillies LLB(Hons) ACPA FCIE |
Full member of the Association of Charity Independent Examiners |
Cowan & Partners Limited |
60 Constitution Street |
Edinburgh |
EH6 6RR |
19 August 2024 |
The Leith Trust |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 November 2023 |
30.11.23 | 30.11.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
EXPENDITURE ON |
Raising funds | 3 |
Charitable activities | 4 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 13,223 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
The statement of financial activities includes all gains and losses recognised in the year. |
The Leith Trust (Registered number: SC412080) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 7 |
Unrestricted funds | 712 |
Restricted funds | 12,511 |
TOTAL FUNDS | 13,223 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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. |
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 |
The Leith Trust |
Notes to the Financial Statements |
for the Year Ended 30 November 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. |
The accounts are presented in sterling which is the charity's functional currency, and rounded to the nearest |
pound. |
No changes have been made to the basis of preparing the financial statements this year or to the previous year's financial statements. |
Going Concern |
While there is a deficit in the current year, the trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern and there are sufficient reserves to meet the reserves policy detailed on page 1, therefore the accounts are prepared on a going concern basis. |
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. |
Taxation |
The charity's activities fall within the exemption afforded by the provisions of the Income and Corporation Taxes Act 2010. There is therefore no tax charge provided for in the accounts. |
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 the charitable purpose for which they are provided. |
Measurement of debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. |
Prepayments are valued at the amount prepaid net or any trade discounts due. |
Cash at Bank and on Hand |
Cash at bank and cash in hand includes cash and any short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
Creditors and Loans |
Creditors and loans are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be |
measured or estimated reliably. Creditors and loans are normally recognised at their settlement amount after |
allowing for any trade discounts due. |
The Leith Trust |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
1. | ACCOUNTING POLICIES - continued |
Measurement of debtors |
VAT |
The Leith Trust is not VAT registered and income and expenditure is recognised inclusive of VAT. |
2. | DONATIONS AND LEGACIES |
30.11.23 | 30.11.22 |
£ | £ |
Donations |
3. | RAISING FUNDS |
Raising donations and legacies |
30.11.23 | 30.11.22 |
£ | £ |
Fundraising Costs | 54 | 216 |
4. | CHARITABLE ACTIVITIES COSTS |
Direct |
Costs |
£ |
Core | 94 |
Leith Gives | 1,400 |
Leith Writings | 1,775 |
3,269 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 November 2023 nor for the year ended 30 November 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 November 2023 30 November 2023nor for the year ended 30 November 2022. |
The Leith Trust |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 1,025 | 14,179 |
TOTAL FUNDS CARRIED FORWARD | 713 | 12,510 | 13,223 |
7. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.12.22 | in funds | 30.11.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 712 | (94 | ) | 618 |
Restricted funds |
Sculpture by the Sea | 21 | - | 21 |
Leith Gives | 10,828 | (1,454 | ) | 9,374 |
Leith Writings | 1,662 | (993 | ) | 669 |
(2,447 | ) |
TOTAL FUNDS | (2,541 | ) | 10,682 |
The Leith Trust |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (94 | ) | (94 | ) |
Restricted funds |
Leith Gives | - | (1,454 | ) | (1,454 | ) |
Leith Writings | 782 | (1,775 | ) | (993 | ) |
( |
) | (2,447 | ) |
TOTAL FUNDS | ( |
) | (2,541 | ) |
Comparatives for movement in funds |
Net |
At | movement | At |
1.12.21 | in funds | 30.11.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,025 | (313 | ) | 712 |
Restricted funds |
Sculpture by the Sea | 21 | - | 21 |
Leith Gives | 14,158 | (3,330 | ) | 10,828 |
Leith Writings | - | 1,662 | 1,662 |
14,179 | (1,668 | ) | 12,511 |
TOTAL FUNDS | 15,204 | (1,981 | ) | 13,223 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (313 | ) | (313 | ) |
Restricted funds |
Leith Gives | 5,274 | (8,604 | ) | (3,330 | ) |
Leith Writings | 1,831 | (169 | ) | 1,662 |
7,105 | (8,773 | ) | (1,668 | ) |
TOTAL FUNDS | 7,105 | (9,086 | ) | (1,981 | ) |
The Leith Trust |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
7. | MOVEMENT IN FUNDS - continued |
Sculpture by the Sea Fund - this fund is to support continuing to pursue the possibility of holding a "Sculpture by the Sea" or other major event in Leith. |
Leith Gives Fund - this fund is to support those in need in the Leith community. |
Leith Writings Fund - this fund is the administration of funds pending Leith Writings opening a bank account. |
8. | RELATED PARTY DISCLOSURES |
There were no related party transactions in the year ended 30 November 2023 nor the year ended 30 November 2022 that require disclosure. |