REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MUIRSHIEL RESOURCE CENTRE |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
MUIRSHIEL RESOURCE CENTRE |
MUIRSHIEL RESOURCE CENTRE |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 MARCH 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 15 |
MUIRSHIEL RESOURCE CENTRE (REGISTERED NUMBER: SC293982) |
REPORT OF THE TRUSTEES |
for the year ended 31 MARCH 2024 |
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 2024. 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 charity's objects as set out in its memorandum and articles of association are: |
(1) To provide relief to people who are in need because of age, mental or physical disability or illness or poverty, and in particular (but without prejudice to that generality) to provide and assist in the provision of an Elderly and Disabled Resource Centre serving the needs of such people. |
(2) To promote, conduct and/or support other charitable projects and initiatives of a charitable nature for the benefit of the community. |
Significant activities |
The organisation has again faced significant challenges in 2023/24. The organisation has worked tirelessly to sustain our adult day care services supporting older people, those living with dementia and individuals with both physical and learning disabilities. We provided much needed respite to carers who are often supporting a loved one 24/7. |
It is worthy of note that the organisation has two very distinct operational aims. Our main activity of providing Day Care and a Home Maintenance service. Although managed and operated within the provision of our charitable status the two services are distinct from each other. The appendix to our audited accounts details the financial performance of each service. Both services generate income from those receiving support with the Home Maintenance service in particular generating around one third of its budgets through charging. During 2023/24 Day Care services provided 4,100 days of support and Home Maintenance service completed support on 290 occasions. |
Muirshiel Centre has worked in a positive manner to plan, respond and organise resources in such a manner that maximises the benefits to our service user group and at the same time, maintain our commitment to a skilled staff team. |
Reserves have been established to ensure the organisation can withstand adverse market conditions ensuring that potential liabilities including associated staff cost can be covered. Ongoing replacement and upgrades of both building based assets and movable equipment is essential to the maintenance of a high quality and safe service. |
The ongoing support offered through Inverclyde Health and Social Care Partnership & the Scottish Government has allowed us to sustain services and staff teams within both services. Keeping pace with inflation has represented some challenges in particular with energy and wage costs. The latter is important as it allows us to maintain a skilled workforce in what is now becoming a very competitive social care labour market. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The board and staff team have responded in a positive manner to the ever-changing Health and Social Care environment. The need for resilience is evident in the instability in the Health and social Care environment within which we exist. Occupancy levels and therefore earned income has been below our expectations. The variance in place numbers has been and will continue to be a significant cause of concern to the board. This fact leads to uncertainty and an element of risk to the organisation. Our board of directors and staff continue to work collaboratively with Inverclyde HSCP with the aim of securing and maintaining a quality provision within both of our services. |
Our board of directors look forward to participating in forward planning for the development and or diversification of the services we offer. We continue to have at the heart of our planning and service delivery the interests of service users from across east Inverclyde and their carers, with an ageing population and emphasis on maintaining those with support needs within the community. As our population changes and demographics demonstrate an aging population we see a growing need for the social and therapeutic support we offer. |
MUIRSHIEL RESOURCE CENTRE (REGISTERED NUMBER: SC293982) |
REPORT OF THE TRUSTEES |
for the year ended 31 MARCH 2024 |
FINANCIAL REVIEW |
Financial position |
Prudent financial planning and operational arrangements have and will continue to play a significant part in the organisation's wellbeing. The organisation has a requirement to invest in itself replacing / upgrading and adapting resources to satisfy the ever-changing needs of service users. In addition the care and maintenance of assets including transportation and premises are an ongoing issue requiring our attention. Parts of our premises are around 60 years old having had little or no investment over the last 20 years. Potential liability arising from premises are an area of concern for the organisation. Action has and is being taken to ensure that the organisation can meet these potential financial liabilities. An unstable and unpredictable Social Care market prevails at this time and Day Care is not insulated from the impacts of this. Reduced occupancy / income may result in financial shortfalls incurred as a result of fixed costs and overheads. |
Despite the challenges faced by the charity, we have still been able to generate a surplus of £48,837 for the year (2023-£12,638). |
Principal funding sources |
The charities principal sources of income are generated through contracts with Inverclyde Council Health and Social Care Partnership (HSCP). Our service users also make a contribution towards our costs in the last year this has amounted to an approximate total of £26,000.00 across both services. |
Reserves policy |
The trustees have examined the charities requirements for reserves in light of the main risks to the organisation. In doing so they considered the reason why the company needs restricted and unrestricted funds, the level of these reserves required and the steps to be taken in order to establish and maintain reserves at the required level. |
The level of reserves is identified by the board of directors as a requirement to ensure ongoing financial stability for the organisation. The introduction of contracting arrangements to our relationship with HSCP means that the organisation needs to invest in measures that add to our resilience in a changing market place. Financial uncertainty and risk have increased significant over resent years reflecting instability in the social care market and significant changes introduced by Inverclyde Health and Social Care Partnership. |
At the year end, the charity has total reserves of £269,706, all of which are Restricted Funds (2023-£220,869). |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
Recruitment and appointment of new trustees |
New trustees are elected at the Annual General Meeting of the charity. Members wishing to become trustees complete nomination papers which are distributed with the Annual General Meeting papers. |
Organisational structure |
The board of trustees meets monthly and has responsibility for all strategic decisions of the charity. The board is supported in its work by a number of volunteers designated as a "Users Group" these individuals are service users themselves and reflect the needs and aspirations of those accessing our provision. The service users group through fundraising and donations have supported the organisation in regards to the provision of social recreational activities. |
Induction and training of new trustees |
All new Board members are inducted by the trustees of the charity. The chairperson of the board of trustees meet with new trustees to outline the code of governance. |
Related parties |
The company is a stand-alone charity. |
MUIRSHIEL RESOURCE CENTRE (REGISTERED NUMBER: SC293982) |
REPORT OF THE TRUSTEES |
for the year ended 31 MARCH 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Independent Examiner |
Thomas Barrie & Co LLP |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
MUIRSHIEL RESOURCE CENTRE |
I report on the accounts for the year ended 31 March 2024 set out on pages five to fifteen. |
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. |
Martin Greig BA CA |
The Institute of Chartered Accountants of Scotland |
Thomas Barrie & Co LLP |
Atlantic House |
1a Cadogan Street |
Glasgow |
G2 6QE |
19 September 2024 |
MUIRSHIEL RESOURCE CENTRE |
STATEMENT OF FINANCIAL ACTIVITIES |
for the year ended 31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 | - | 844 | 844 | 1,025 |
Charitable activities | 3 |
Home maintenance project | - | 43,210 | 43,210 | 33,476 |
Resource Centre project | - | 309,897 | 309,897 | 258,140 |
Other income | - | 5,196 | 5,196 | 4,390 |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
Home maintenance project | - | 37,382 | 37,382 | 38,546 |
Resource Centre project | - | 272,928 | 272,928 | 245,847 |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 220,869 |
MUIRSHIEL RESOURCE CENTRE (REGISTERED NUMBER: SC293982) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 14 |
Restricted funds | 220,869 |
TOTAL FUNDS | 220,869 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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. |
MUIRSHIEL RESOURCE CENTRE (REGISTERED NUMBER: SC293982) |
BALANCE SHEET - continued |
31 MARCH 2024 |
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 |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 MARCH 2024 |
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 presentational and functional currency of the financial statements is Pounds Sterling (£). |
Going Concern |
After reviewing the charity's forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
Critical accounting judgements and key sources of estimation uncertainty |
In preparing these financial statements, the trustees are required to make judgements, estimates and assumptions that affect the application of the Charity's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively. |
There are no significant judgements or estimates included in these accounts |
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 |
Donations are recognised on receipt. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met. |
Grants |
Grants are recognised when the charity has been notified in writing of both the amount and settlement date. Grants are deferred if terms or conditions must be met before the charity has entitlement to the resources |
Services |
Income from services is recognised when delivered. |
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. |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Motor vehicles | - |
Computer equipment | - |
The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying values may not be recoverable. |
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. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
Financial instruments |
The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Cash and cash equivalents |
Cash and cash equivalents comprises cash balances. |
Creditors |
Short term trade creditors are measured at the transaction price. |
Provisions |
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. |
Short-term employee benefits |
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably if material. |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
2. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
3. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Service user contributions | Home maintenance project | 10,509 | 9,436 |
Inverclyde Council - HM grant |
Home maintenance project |
32,701 |
24,040 |
Service user contributions | Resource Centre project | 309,897 | 248,876 |
Inverclyde Council - RC grant |
Resource Centre project |
- |
9,264 |
353,107 | 291,616 |
4. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 5) | note 6) | Totals |
£ | £ | £ |
Home maintenance project | 31,554 | 5,828 | 37,382 |
Resource Centre project | 268,999 | 3,929 | 272,928 |
300,553 | 9,757 | 310,310 |
5. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2024 | 2023 |
£ | £ |
Staff costs | 225,747 | 199,977 |
Insurance | 8,892 | 6,548 |
Light and heat | 8,735 | 6,796 |
Telephone | 1,234 | 1,494 |
Postage and stationery | 854 | 1,144 |
Advertising & publicity | - | 241 |
Sundries | 514 | 40 |
Training costs | 282 | 1,236 |
Disclosure Scotland | 59 | 36 |
Cleaning | 2,308 | 2,191 |
Repairs and maintenance | 8,967 | 10,667 |
Protective clothing | 500 | 212 |
Subscriptions and memberships | 276 | 745 |
Materials/tools/fuel | 1,778 | 1,191 |
Volunteers expenses | 500 | - |
Transport costs | 14,009 | 12,181 |
Care Commission fees | 1,711 | 1,711 |
Catering costs | 11,026 | 10,558 |
Depreciation | 13,161 | 13,606 |
Staff compensation | - | 4,501 |
300,553 | 275,075 |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
6. | SUPPORT COSTS |
Governance |
costs |
£ |
Home maintenance project | 5,828 |
Resource Centre project | 3,929 |
9,757 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
9. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Resource project | 10 | 9 |
Home maintenance project | 2 | 3 |
The charity considers its key management personnel to be the Trustees, none of whom receive any form of remuneration for their services. |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 1,025 |
Charitable activities |
Home maintenance project | - | 33,476 | 33,476 |
Resource Centre project | 258,140 |
Other income | 4,390 |
Total |
EXPENDITURE ON |
Charitable activities |
Home maintenance project | - | 38,546 | 38,546 |
Resource Centre project | - | 245,847 | 245,847 |
Total | - | 284,393 |
NET INCOME | - | 12,638 |
RECONCILIATION OF FUNDS |
Total funds brought forward | - | 208,231 |
TOTAL FUNDS CARRIED FORWARD | - | 220,869 | 220,869 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Social security and other taxes |
Accrued expenses |
14. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.4.23 | in funds | funds | 31.3.24 |
£ | £ | £ | £ |
Restricted funds |
Resource Centre Fund | 191,712 | 43,010 | 814 | 235,536 |
Home Maintenance Fund | 29,157 | 5,827 | (814 | ) | 34,170 |
48,837 |
TOTAL FUNDS | 48,837 | 269,706 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Restricted funds |
Resource Centre Fund | 315,938 | (272,928 | ) | 43,010 |
Home Maintenance Fund | 43,209 | (37,382 | ) | 5,827 |
( |
) | 48,837 |
TOTAL FUNDS | ( |
) | 48,837 |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
14. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.4.22 | in funds | funds | 31.3.23 |
£ | £ | £ | £ |
Restricted funds |
Resource Centre Fund | 168,919 | 17,709 | 5,084 | 191,712 |
Home Maintenance Fund | 39,312 | (5,071 | ) | (5,084 | ) | 29,157 |
208,231 | 12,638 | - | 220,869 |
TOTAL FUNDS | 208,231 | 12,638 | - | 220,869 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Restricted funds |
Resource Centre Fund | 263,556 | (245,847 | ) | 17,709 |
Home Maintenance Fund | 33,475 | (38,546 | ) | (5,071 | ) |
297,031 | (284,393 | ) | 12,638 |
TOTAL FUNDS | 297,031 | (284,393 | ) | 12,638 |
PURPOSE OF FUNDS |
Restricted |
Resource Centre Fund - In recent years Muirshiel Resource centre has moved from restricted grant funding to earned income. However Muirshiel Resource Centre as a register charity is restricted in how funds are used. All charities must use their funds and assets only in furtherance of their charity's purposes. In terms of Muirshiel centre our charitable objectives are specified in the organisations memo and articles. These state : The company's objects are 1) to provide relief to people who are in need because of age, mental or physical disability or illness or poverty, and in particular (but without prejudice to that generality) to provide and assist in the provision of an elderly and disabled resource centre servicing the needs of such people. 2) Additionally to promote, conduct and or support other charitable projects and initiatives of a charitable nature for the benefit of the community. |
The organisation is committed to maintaining reserves in order to average out longer-term maintenance and replacement costs of the charity's assets, including the specially converted minibus and Home Maintenance Van, IT equipment and premises. Premises in particular are in need of investment / refurbishment. Half the centre in accommodation that is around 60 years old and having little investment over the last 20 years. In addition the Social Care market in which the organisation operates within is increasingly volatile and future income and potentially liabilities are more difficult to define. Maintaining sufficient reserves safeguards the organisations sustainability / viability and potential liabilities in an unstable market. |
Home Maintenance Fund - This fund is maintained as a mechanism to manage the finances of our Home Maintenance service. Overall funding is restricted by the organisations memo and articles as outlined above. Grant funding and therefore restricted funds are secured from Inverclyde Health and Social Care Partnership. Around 30% of operating costs is derived from earned income i.e. service users contribution for work completed. As with the operation of Muirshiel Centre the dependants on Inverclyde Health and Social Care Partnership funding and this impacted by instability in the care market. Reserves are required to mitigate against potential sustainability / viability and concerns and potential liabilities arising from this. |
MUIRSHIEL RESOURCE CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 MARCH 2024 |
15. | RELATED PARTY DISCLOSURES |