REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2023 |
for |
New Cumnock Development Trust |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2023 |
for |
New Cumnock Development Trust |
(A Company Limited by Guarantee) |
New Cumnock Development Trust |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 6 |
Report of the Independent Auditors | 7 | to | 10 |
Statement of Financial Activities | 11 |
Balance Sheet | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 | to | 27 |
New Cumnock Development Trust |
Reference and Administrative Details |
for the Year Ended 31 March 2023 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
AUDITORS |
T/A Accountants Plus |
Statutory Auditor |
Unit 1 Cadzow Park |
82 Muir Street |
Hamilton |
ML3 6BJ |
New Cumnock Development Trust (Registered number: SC583682) |
Report of the Trustees |
for the Year Ended 31 March 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 March 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). |
We are pleased to provide an overview of the activities undertaken by NCDT in the past fiscal year. As trustees, we share the progress and positive change resulting from our charitable endeavour. |
Due to unexpected staff shortages and the expansion of our operational activities, we regret to inform stakeholders that the submission of accounts has been delayed. NCDT's staff hours were drastically reduced as a result of several staff members family matters. The increased demands on our team have led to this setback. We acknowledge the importance of adhering to deadlines, apologise for any inconvenience caused, and assure you that we understand the importance of the set deadlines, and this has been an extenuating circumstance. |
OBJECTIVES AND ACTIVITIES |
Objectives, strategies and activities |
The following values underpin our decision making and structure our approach. Our Vision & Mission statements were co-created with the community and are reflected in the decision making and deliverables of our Objectives, Strategies & Activities. |
Vision: |
New Cumnock Development Trust has the vision of a friendly, welcoming, and inclusive New Cumnock with a prosperous and sustainable future that builds on all our strengths, and which is led by a thriving and active community. |
Mission: |
To help make this future a reality, New Cumnock Development Trust works in partnership with the community and local organisations - supporting, co-ordinating and leading a range of projects and developments which deliver on the hopes and priorities of the people of New Cumnock. |
Values: |
- Open, honest & accountable |
- Community-led |
- A champion of equality & inclusion |
- Enabling & empowering |
- Respectful, treating all people with dignity |
- Collaborative, working well in partnership |
- Entrepreneurial |
New Cumnock Development Trust was granted charitable status in October 2018 and is owned and managed by the local community. It was set up to: |
- Spearhead the regeneration of New Cumnock. |
- Work in partnership with other private, voluntary and public sector organisations to realise the hopes and priorities of the local community. |
- Reduce dependency on grant support by generating income through enterprise and the ownership of assets. |
New Cumnock Development Trust (Registered number: SC583682) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The easing of COVID restrictions has been a pivotal moment, enabling us to extend our reach and enhance the spectrum of activities and support within the community. The newfound flexibility has allowed for a more significant impact on the lives of those in our community. |
Throughout the year, activities have included: |
- A total of 20 volunteers actively engaged in our programs and projects. The easing of COVID restrictions meant there was not a need for as many volunteers to deliver food packages. |
- Out 'Clubbercise' sessions were attended 383 times over the course of the year. Proving to be an inclusive and welcoming way of staying fit within the community. |
- Pleased to extend our partnership with the NHS for the ongoing promotion of better health through 'Weigh to Go'. |
- 63 children actively participated in our football and dance camp. |
- The introduction of 'Glenafton Walking Football' aimed to provide an opportunity for all ages and abilities to stay connected and keep fit. Proving to be a huge success, attended 416 times over the course of the year. |
- 15 teenage girls still participating in our youth sessions that provide a welcoming space for building connections and personal growth. |
- 28 participants in 'Afton Active Minds' which promotes positive mental health, providing an opportunity to improve physical health and interact socially in a positive environment. |
- Provided organisational and admin support to 6 community groups including assisting one group to become a fully constituted group who are now self-sufficient. |
- 35 families supported financially with food vouchers during the Christmas period. |
- Introduced community grants, 21 grants awarded to various groups and businesses. |
- The launch of 'ReNew Cumnock', a dedicated initiative aimed at tackling waste reduction and repurposing various materials. During the initial phase, our workshops at 'ReNew Cumnock' had a total of 25 attendances. |
- Continued information sharing via social media, reaching 57,100 people - an increase of 42.75% from the previous year. |
- 81 young people cam along on our 'day trips away'. |
- 75 children participating in our weekly youth work sessions. |
Other projects include: |
- Trotters building successfully received funding from the Scottish Governments 'Regional Capital Grant Fund' in early 2023. This will be used towards capital refurbishment of the building and will be used alongside other funding such as the UK Government's 'Community Ownership Fund' and money from Red Rock Power Limited from Afton Windfarm. In summer 2023, planning permission was granted at Trotters. We brought in a team of professional advisors to create detailed plans on how to bring the building back into use. |
- Kilmarnock Railway Heritage Trust kindly allowed us to use the New Cumnock Train Station Building from Summer 2022 under a Memoration of Understanding Agreement. We have used this opportunity to launch our 'ReNew Cumnock' project where we provided bike maintenance services to reduce waste and provide more cost-effective solutions. We also ran textile-based workshops reducing the number of textiles going to landfill. |
- We opened 'Phase 2'. This was a pilot off the back of our textile workshops as we realised there was a huge surplus of unwanted clothes that still had more usage left in them. We opened up a permanent base shop in the village and allowed this to run until October 2023, till we then gave up the lease. To provide a similar service and benefit within the community, we have partnered with the 'New Cumnock Working Men's Club' who now have clothes rails at their building that is free to the public. |
New Cumnock Development Trust (Registered number: SC583682) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
- Work started at the former Castle Hotel and was progressing well at the start. In Winter 2023, internal damage was caused due to the recurring storms. The works was then paused until a way forward was agreed with the structural engineers and building contractors. Continuing difficulties on repairing the damage unfortunately delayed the project. However, we are now on track to have Phase 1 completed by Spring 2024. |
- Continuation of the Network 76 partnership project which is aiming to raise awareness of sustainable transport issues and create a community transport plan. Currently still in it's first phase which is focusing on local attention. They have been hosting various workshops and creating surveys to consult with the communities involved to identify what their transport needs and aspirations for the future are. |
FINANCIAL REVIEW |
Reserves policy |
In order to provide stability and resilience, the trustees consider that an amount equivalent to 3 months running costs, plus contractual commitments, accountancy and legal fees should be held in reserve. In addition, recent global events and the cost of living crisis indicate that to provide sufficient resilience, a higher level of reserves is desirable. Currently, NCDT's free reserves are £30,424 (2022 - £13,347) and trustees recognise the need to build up reserves to an appropriate level. |
New Cumnock Development Trust (Registered number: SC583682) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
FUTURE PLANS |
- Capital Renovation Projects In the year leading up to March 2024, NCDT will continue the capital renovation of both the Castle Hotel and the Trotters building. With funding already secured, we will proceed with the design and technical work for the Trotters development. Concurrently, we will complete Phase 1 of the Castle Hotel renovation and update the estimated costs for Phase 2. |
- Community Sports and Health Initiatives We will collaborate with the Sports Forum to enhance sports and health opportunities within the community and work towards improving local facilities. Our inaugural sport, health, and wellbeing festival, FitFest, is planned for September 2023. This will be the largest event organized by NCDT to date, and we aim to make it an annual event, with the potential for growth each year. |
- Community Engagement NCDT will continue engaging with the community through various activities, including our Heritage Halloween Walk.These events allow us to share information informally about larger NCDT projects and encourage broader community involvement, including volunteering. |
- Reuse Hub Within the Station building, the Reuse Hub will trial various approaches to reducing textile landfill waste and provide education and activities around sustainability. Phase 2, in its current form, may not continue due to financial constraints. However, we are exploring a collaborative approach with the Working Men's Club to ensure the community can still access affordable clothing sustainably. |
- Building on the success of our pilot project, we will further develop the "Renew Cumnock" initiative, focusing on enhancing the community's textile skills. We will work with both young people and adults and seek partnerships with established groups to strengthen this project. |
- Youth Work Due to staffing constraints, we will reduce our weekly youth work delivery to potentially monthly sessions, allowing us to maintain relationships and engagement with New Cumnock families. The "Girls Group" will continue weekly, offering issue-based and fun activities. We hope to create more volunteer opportunities for senior group members and seek funding for one-off events and trips. |
- Partnerships and Support We will strengthen existing relationships with New Cumnock Primary School, NC Working Men's Club, and Glenafton JFC, while establishing new connections with East Ayrshire Council and East Ayrshire Leisure. Additionally, we will continue providing administrative and funding support to the groups we already work with in the community. |
- Organisational Strengthening To enhance our organizational processes and procedures, we plan to increase the finance and admin officer's hours to full-time. |
- Anticipated Challenges We anticipate a challenging year due to the complex nature of projects such as the Trotters and Castle Hotel renovations, while maintaining our face-to-face contact with the community. Staff and Trustees will continue to learn from all undertaken work, reinforcing NCDT's ability to drive forward the community's identified priorities. |
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. |
The governing document for the charity is in the form of Articles of Association. |
Recruitment and appointment of new trustees |
The board can consist of a maximum of 12 trustees - up to 9 of the trustees can be elected from ordinary members, up to 3 can be elected by the board, and 1 trustee can be appointed by New Cumnock Community Council. |
New Cumnock Development Trust (Registered number: SC583682) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
New Cumnock Development Trust is a two-tier charity limited by guarantee; the Board of Trustees, who are responsible for the governance, stewardship and overall strategic direction of the organisation and the members. People who live in New Cumnock are eligible to be ordinary members and they elect trustees and vote on any constitutional matters. Staff carry out the day to day operations of the charity, under close direction and support of the trustees. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of New Cumnock Development Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Accountants Plus (Hamilton) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Approved by order of the board of trustees on |
Report of the Independent Auditors to the Members of |
New Cumnock Development Trust |
Opinion |
We have audited the financial statements of New Cumnock Development Trust (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 17 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
New Cumnock Development Trust |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
The figures relating to the previous financial year were not audited. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
New Cumnock Development Trust |
Our responsibilities for the audit of the financial statements |
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 a Report of the Independent Auditors 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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. |
The key factors impacting the detection of irregularities are the inherent difficulty in detecting irregularities, the effectiveness of the company's controls and the nature, timing and extent of the audit procedures performed. |
We note that it can be harder to detect irregularities arising due to fraud as they may involve deliberate concealment or collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements Including, but not limited to, the Companies Act 2006, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment (Scotland) Act 2005 and significant regulations relating to the sector in which the company operates. |
Our procedures in relation to fraud and irregularities included but were not limited to: |
- Inquiries of management whether they have knowledge of any actual, suspected or alleged fraud. |
- Gaining an understanding of the legal and regulatory framework through discussion with management and identifying how the entity ensures compliance through a review of systems. Assessing the collective ability of the audit team to identify or recognize non-compliance with laws and regulations. We identified the following as significant laws and regulations for this company - Scottish charity regulations. |
- Gaining an understanding of the internal controls established to mitigate risk related to fraud. |
- Making an assessment of the susceptibility of the charity's financial statements to material misstatement. |
- Carrying out a review of accounting systems and procedure and making an assessment on the effectiveness of its control environment. |
- Identifying the principal risks where fraud could take place eg posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transaction. Discussion of these matters by the audit team. |
Report of the Independent Auditors to the Members of |
New Cumnock Development Trust |
- Addressing the risk of fraud through management override of controls by performing journal entry testing. |
- Review of board minutes and relevant correspondence with regulators and legal advisors. |
- Agreement of the financial statement disclosures to underlying supporting documentation. |
The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In particular, the more removed from the financial transactions, the less likely it is that we would become aware of non-compliance with laws and regulations. |
As a result of our procedures, we did not identify any key audit matters relating to irregularities. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
T/A Accountants Plus |
Statutory Auditor |
82 Muir Street |
Hamilton |
ML3 6BJ |
New Cumnock Development Trust |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
NET INCOME |
Transfers between funds | 15 | 419 | (419 | ) | - | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward |
As previously reported |
Prior year adjustment | 11 | ( |
) | ( |
) |
As restated |
TOTAL FUNDS CARRIED FORWARD | 830,515 |
New Cumnock Development Trust (Registered number: SC583682) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 19,192 |
Restricted funds | 1,105,642 | 811,323 |
TOTAL FUNDS | 830,515 |
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 |
New Cumnock Development Trust |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
as | restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 409,392 | 222,521 |
Net cash provided by operating activities | 409,392 | 222,521 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (229,751 | ) | (75,712 | ) |
Sale of tangible fixed assets | 419 | - |
Interest received | 4,572 | 227 |
Net cash used in investing activities | (224,760 | ) | (75,485 | ) |
Change in cash and cash equivalents in the reporting period |
184,632 |
147,036 |
Cash and cash equivalents at the beginning of the reporting period |
572,819 |
425,783 |
Cash and cash equivalents at the end of the reporting period |
757,451 |
572,819 |
New Cumnock Development Trust |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Net income for the reporting period (as per the Statement of Financial Activities) |
305,551 |
233,645 |
Adjustments for: |
Depreciation charges | 10,590 | 16,003 |
Interest received | (4,572 | ) | (227 | ) |
Decrease/(increase) in debtors | 52,730 | (3,860 | ) |
Increase/(decrease) in creditors | 45,093 | (23,040 | ) |
Net cash provided by operations | 409,392 | 222,521 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 572,819 | 184,632 | 757,451 |
572,819 | 184,632 | 757,451 |
Total | 572,819 | 184,632 | 757,451 |
New Cumnock Development Trust |
Notes to the Financial Statements |
for the Year Ended 31 March 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 trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the charity. |
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. |
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled within the reporting period. |
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the statement of financial position as deferred income to be released. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Charitable activities |
Charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES - continued |
Governance costs |
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee's meetings and reimbursed expenses. |
Allocation and apportionment of costs |
Support costs have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by time spent and other costs by their usage. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Plant and machinery | - |
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. |
Basic financial instruments |
Debtors |
Short term debtors are measured at the transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
Reserves |
It is the policy of the charity to maintain three months average expenditure as reserves. |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | DONATIONS AND LEGACIES |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Windfarm Community Benefits Fund | 220,185 | - |
DTA Scotland | 5,000 | - |
Scottish Midland | 200 | - |
East Ayrshire Council | 223,020 | - |
Shire Housing Association | 3,588 | - |
NHS Ayr & Arran | 3,336 | - |
Foundation Scotland | 18,000 | - |
Youth Scotland | 2,725 | - |
Scottish Government | 45,731 | - |
Inspiring Scotland | 90,952 | - |
Other grants | 11,004 | 418,349 |
623,741 | 418,349 |
3. | INVESTMENT INCOME |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Deposit account interest |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
Direct | (see note | costs (see |
Costs | 5) | note 6) | Totals |
£ | £ | £ | £ |
Charitable Activities | 249,157 | 75,967 | 11,868 | 336,992 |
5. | GRANTS PAYABLE |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Charitable Activities | 75,967 | 28,177 |
6. | SUPPORT COSTS |
Governance |
costs |
£ |
Charitable Activities | 11,868 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Auditors' remuneration | 8,760 | - |
Other non-audit services | 1,440 | - |
Depreciation - owned assets |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. |
9. | STAFF COSTS |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Wages and salaries |
131,820 | 76,709 |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
as | restated |
Office and support staff |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
as restated |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
Transfers between funds | 5,845 | (5,845 | ) | - |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
as restated |
£ | £ | £ |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 12,334 | 584,536 |
TOTAL FUNDS CARRIED FORWARD |
19,192 |
811,323 |
830,515 |
11. | PRIOR YEAR ADJUSTMENT |
In accordance with the requirements of FRS 102, the cost of freehold property is required to be depreciated unless it is classed as investment property or where the charity has a policy of revaluation. This has not previously been considered by the trustees and a prior year adjustment totalling £14,343 has been included within the accounts. |
In addition, the restricted reserves were not disclosed in line with FRS 102 requirements previously. A prior year adjustment has been processed during this year to bring this disclosure in line with the requirements. |
The prior year accounts were unaudited. |
12. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Other debtors |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Trade creditors |
Social security and other taxes |
Pension fund | 1,348 | - |
Accruals and deferred income |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | MOVEMENT IN FUNDS |
Prior | Net | Transfers |
year | movement | between | At |
At 1.4.22 | adjustment | in funds | funds | 31.3.23 |
£ | £ | £ | £ | £ |
Unrestricted funds |
General Fund | 13,347 | 5,845 | 10,813 | 419 | 30,424 |
Restricted funds |
Restricted Funds | 831,513 | (831,513 | ) | - | - | - |
Fixed Assets Reserve | - | 216,633 | (10,590 | ) | 229,332 | 435,375 |
Brocklochrig 2 | - | 104,140 | (3,542 | ) | (24,622 | ) | 75,976 |
Harehill Wind Farm, Scottish Power |
- |
43,853 |
18,528 |
- |
62,381 |
Afton Wind Farm Red Rock Power |
- |
132,629 |
5,023 |
(950 |
) |
136,702 |
Community Renewal Fund |
- |
6,875 |
(5,812 |
) |
- |
1,063 |
Investing in Communities Fund, Scottish Government |
- |
26,218 |
(27,525 |
) |
- |
(1,307 |
) |
Harehill Extension Wind Farm, Scottish Power |
- |
192,138 |
64,906 |
- |
257,044 |
Brocklochrig 1 | - | 5,699 | (2,843 | ) | - | 2,856 |
UK Community Renewal Fund, East Ayrshire Council |
- |
(336 |
) |
1,789 |
(1,453 |
) |
- |
Community Mental Health and Wellbeing Fund |
- |
22,601 |
(20,314 |
) |
- |
2,287 |
Supporting Communities Fund – Covid 19 |
- |
10,680 |
- |
- |
10,680 |
Young Deciders - SK Foundation Scotland |
- |
1,000 |
(650 |
) |
- |
350 |
Development Trust Association Scotland Green Shoots |
- |
4,800 |
(4,475 |
) |
- |
325 |
RJ McLeod | - | 75 | - | - | 75 |
Arnold Clark - Youth Worth |
- |
1,805 |
(1,474 |
) |
- |
331 |
EAC Covid | - | 196 | - | - | 196 |
Shire Housing - Activities |
- |
1,209 |
286 |
- |
1,495 |
Town Centre Regeneration Fund |
- |
14,530 |
(90 |
) |
(3,209 |
) |
11,231 |
Renewable Energy Fund -21 Castle |
- |
21,716 |
(5,870 |
) |
- |
15,846 |
51 Castle Feasibility | - | 2,548 | - | - | 2,548 |
Arnold Clark - Garden Group |
- |
288 |
(288 |
) |
- |
- |
Garden Group | - | 764 | (108 | ) | - | 656 |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | MOVEMENT IN FUNDS - continued |
Garden Group - 1 | - | - | 1,934 | - | 1,934 |
Garden Group Scotmid |
- |
- |
200 |
- |
200 |
Running Group NCCF Grant |
- |
- |
302 |
- |
302 |
Girls Group - NCCF Grant |
- |
- |
2,000 |
- |
2,000 |
Youth Group | - | - | 123 | - | 123 |
Youth Group - NCCF Grant |
- |
- |
774 |
- |
774 |
Shire Housing - Warm Space |
- |
- |
2,605 |
- |
2,605 |
Place Based Investment Fund, East Ayrshire Council |
- |
- |
97,000 |
(97,000 |
) |
- |
Renewable Energy Fund, East Ayrshire Council |
- |
- |
74,801 |
(74,801 |
) |
- |
Youth Scotland - Youth Work |
- |
1,262 |
(40 |
) |
- |
1,222 |
Youth Scotland - Spring Fund |
- |
- |
2 |
- |
2 |
Development Trust Association Scotland - Acorns to Trees |
- |
- |
5,000 |
- |
5,000 |
Inspiring Scotland | - | - | 85,086 | (27,716 | ) | 57,370 |
Windy Rigg Wind Farm, Foundation Scotland |
- |
- |
18,000 |
- |
18,000 |
831,513 | (20,190 | ) | 294,738 | (419 | ) | 1,105,642 |
TOTAL FUNDS | (14,345 | ) | 305,551 | - | 1,136,066 |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | 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 | 17,351 | (6,538 | ) | 10,813 |
Restricted funds |
Fixed Assets Reserve | - | (10,590 | ) | (10,590 | ) |
Brocklochrig 2 | 1 | (3,543 | ) | (3,542 | ) |
Harehill Wind Farm, Scottish Power | 19,996 | (1,468 | ) | 18,528 |
Afton Wind Farm Red Rock Power | 125,098 | (120,075 | ) | 5,023 |
Community Renewal Fund | 1 | (5,813 | ) | (5,812 | ) |
Investing in Communities Fund, Scottish Government |
46,135 |
(73,660 |
) |
(27,525 |
) |
Harehill Extension Wind Farm, Scottish Power |
75,091 |
(10,185 |
) |
64,906 |
Brocklochrig 1 | - | (2,843 | ) | (2,843 | ) |
UK Community Renewal Fund, East Ayrshire Council |
51,219 |
(49,430 |
) |
1,789 |
Community Mental Health and Wellbeing Fund |
- |
(20,314 |
) |
(20,314 |
) |
Young Deciders - SK Foundation Scotland |
- |
(650 |
) |
(650 |
) |
Development Trust Association Scotland Green Shoots |
- |
(4,475 |
) |
(4,475 |
) |
Arnold Clark - Youth Worth | - | (1,474 | ) | (1,474 | ) |
Shire Housing - Activities | 325 | (39 | ) | 286 |
Town Centre Regeneration Fund | - | (90 | ) | (90 | ) |
Renewable Energy Fund -21 Castle | - | (5,870 | ) | (5,870 | ) |
Arnold Clark - Garden Group | - | (288 | ) | (288 | ) |
Garden Group | - | (108 | ) | (108 | ) |
Garden Group - 1 | 5,000 | (3,066 | ) | 1,934 |
Garden Group Scotmid | 200 | - | 200 |
Running Group NCCF Grant | 2,102 | (1,800 | ) | 302 |
Girls Group - NCCF Grant | 2,000 | - | 2,000 |
Youth Group | 958 | (835 | ) | 123 |
Youth Group - NCCF Grant | 2,000 | (1,226 | ) | 774 |
Shire Housing - Warm Space | 3,589 | (984 | ) | 2,605 |
Place Based Investment Fund, East Ayrshire Council |
97,000 |
- |
97,000 |
Renewable Energy Fund, East Ayrshire Council |
74,801 |
- |
74,801 |
Youth Scotland - Youth Work | 1,725 | (1,765 | ) | (40 | ) |
Youth Scotland - Spring Fund | 1,000 | (998 | ) | 2 |
Development Trust Association Scotland - Acorns to Trees |
5,000 |
- |
5,000 |
Inspiring Scotland | 90,951 | (5,865 | ) | 85,086 |
Windy Rigg Wind Farm, Foundation Scotland |
18,000 |
- |
18,000 |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | MOVEMENT IN FUNDS - continued |
Network 76 | 3,000 | (3,000 | ) | - |
625,192 | (330,454 | ) | 294,738 |
TOTAL FUNDS | 642,543 | (336,992 | ) | 305,551 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.21 | in funds | funds | 31.3.22 |
£ | £ | £ | £ |
Unrestricted funds |
General Fund | 12,334 | 1,013 | 5,845 | 19,192 |
Restricted funds |
Restricted Funds | 584,536 | 232,632 | (6,079 | ) | 811,089 |
Development Trust Association Scotland VDL |
- |
- |
15 |
15 |
Reindeer Funds Run | - | - | 99 | 99 |
SLF Stage 2 | - | - | 120 | 120 |
584,536 | 232,632 | (5,845 | ) | 811,323 |
TOTAL FUNDS | 596,870 | 233,645 | - | 830,515 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General Fund | 3,639 | (2,626 | ) | 1,013 |
Restricted funds |
Restricted Funds | 414,959 | (182,327 | ) | 232,632 |
TOTAL FUNDS | 418,598 | (184,953 | ) | 233,645 |
Description of Funds |
1, Place Based Investment Fund, East Ayrshire Council - £97,000.00 to support the capital renovation project regarding the former Castle Hotel, which will be converted into a community-led tourism facility |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | MOVEMENT IN FUNDS - continued |
2. Renewable Energy Fund, East Ayrshire Council - £74,800.50 to support the capital renovation project regarding the former Castle Hotel, which will be converted into a community-led tourism facility |
3. Inspiring Scotland - £90,951.60 to support the capital renovation project regarding the Trotters building, which will be converted into a space to be utilised by the community |
4. Investing in Communities Fund, Scottish Government - £45,730.59 extension of support to deliver community engagement activities, due to the impact of Covid |
5. Harehill Wind Farm, Scottish Power - £19,995.58 community benefit funds to be used for education, cultural, environmental, recreational, sporting and benevolent purposes for the community of New Cumnock. |
6. Harehill Extension Wind Farm Scottish Power - £75,090.40 community benefit funds to be used for the benefit of the community of New Cumnock. |
7. Windy Rigg Wind Farm, Foundation Scotland - £18,000 community benefit funds to be used to support community-led development in line the community plans and priorities of New Cumnock |
8. Afton Wind Farm Red Rock Power - £136,098.12 community benefit funds to be used to develop projects for the benefit of the community of New Cumnock. |
9. Brocklochrig 1 - community benefit funds to be used for appropriate causes to benefit the community of New Cumnock. |
10. Brocklochrig 2 - community benefit funds to be used to develop projects for the benefit of the community of New Cumnock |
11. Community Renewal Fund - continuation of community support following the impact of covid |
12. Community Mental Health and Wellbeing Fund - to support mental health and wellbeing focused activities in New Cumnock including targeted support for the walking group, running club and facilities at Greenhead Park |
13. Town Centre Regeneration Fund - to support purchase and development of the former Castle Hotel |
14. Renewable Energy Fund, East Ayrshire Council 21 Castle - to support alterations at 21 Castle building including feasibility and options appraisal work |
15, Supporting Communities Fund - Covid 19 - underspend to be used to support migration to digital ways of working |
16. Development Trust Association Scotland Acorns to Trees - £5000 to support provision of expert VAT guidance |
17. Other grants under £5,000- various community benefit projects |
New Cumnock Development Trust |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | RELATED PARTY DISCLOSURES |
17. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements. |