Charity registration number SC027397 (Scotland)
Company registration number SC241368 (Scotland)
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Nora Gilfillan
Gemma Baillie
(Appointed 14 June 2023)
Susan Lockwood
(Appointed 16 March 2023)
Pamela Ross
(Appointed 16 March 2023)
Ferdi Van Zyl
(Appointed 11 May 2023)
Dorothy Welsh
(Appointed 11 May 2023)
John Robinson
(Appointed 22 October 2023)
Katherine Gammie
(Appointed 21 December 2023)
Emma Pacitti
(Appointed 4 September 2024)
Jenny Stirton
(Appointed 12 September 2024)
Charity number (Scotland)
SC027397
Company number
SC241368
Registered office
The Dunblane Centre
Stirling Road
Dunblane
FK15 9EY
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Solicitors
Hill & Robb
3 Pitt Terrace
Stirling
FK8 2EY
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
CONTENTS
Page
Trustees' report
1 - 6
Chair's statement
7 - 8
Independent auditor's report
9 - 11
Statement of financial activities
12 - 13
Balance sheet
14
Statement of cash flows
15
Notes to the financial statements
16 - 27
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The purpose of Dunblane Youth and Sports Centre Trust (DY&SCT) is to provide a broad range of activities for communities in and around Dunblane. These activities take place at our purpose build premises, The Dunblane Centre. As a local charity, we depend largely on support from the local community. Without this support we would be unable to deliver this broad range of activities. We are grateful to everyone who supports and helps us in so many ways because without them there would be no Dunblane Centre.

Volunteers

The Dunblane Centre continues to have a pool of adult and junior volunteers. Volunteers are approved by Disclosure Scotland where necessary and supervise youth clubs as well as helping with administration, fundraising events and maintenance of the building. The Trustees would like formally to thank them for their ongoing contribution to The Dunblane Centre and their invaluable contribution to the community.

The Trustees have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

Achievements and performance

The Dunblane Centre opened to the public on 25 September 2004. This year (2024) we celebrate our 20th anniversary. Over these 20 years the community of Dunblane has been able to pursue a wide variety of activities right on the doorstep. Sport and fitness and youth activities have been our core footfall generators and have been supplemented by many other pastimes of general interest such as social dancing, craft fayres, knit & natter, painting and mosaic classes, lego club, chess club, nurturing classes, crafting classes as well as the occasional Ceilidh or Abba evening.

Over the years many new activities have been added to our offering such as aerial gymnastics, pre-school Music Bugs, walking football, chair yoga and the very popular pickleball. A new walking netball group is the latest addition to our list of activities.

The Dunblane Centre has proved to be a very versatile building which can be adapted to a wide range of activities well beyond what was initially envisaged.

We strive to provide activities for all ages and on many different levels within the local community. From “bumblebees” pre-school activities on 3 weekday mornings to weekly social events for senior citizens meeting over a cuppa and a scone (or once a month over a freshly made 2 course lunch).

In mid 2023 it became apparent that there was a need in Dunblane of support for children suffering from severe anxiety including emotionally based school avoidance. A “Time & Space” self-help group was set up within The Dunblane Centre for affected children and their parents who now meet weekly in a safe space. Our former “music room” has been converted into a multi-purpose “sensory room” where people of any age can chill, unwind and relax.

 

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

After a difficult few years, the Trustees are delighted with the financial performance for 2023. The major annual operational losses and depletion of reserves, which had become a common feature, have been stemmed.

The Dunblane Centre has returned to operating profit and positive cash flow.

As was previously reported, a new team of Trustees was appointed and took control of activities with effect from April 2023. A turnaround plan was launched in the second quarter of the year (described in last year’s Trustees’ Report) every part of which was successfully delivered

In short, every function of The Dunblane Centre was examined, necessary changes identified and acted upon

So, 2023 turned out to be a year when new objectives were set by a new team – and these objectives were successfully achieved. However, much remains to be done with the challenge now being to sustain the current level of performance (operationally and financially) as we make plans regarding the future management and governance of The Dunblane Centre.

2023
2022
Better
£
£
Net loss for the year
(1,575)
(151,187)
149,612
Comprising
Profit/(loss) from normal activities
12,177
(54,358)
66,535
Net income from investments
5,508
3,807
1,701
Net gain/(loss) on investments
19,399
(52,996)
72,395
Gain on sale of fixed assets
2,200
-
2,200
Depreciation (non cash expense)
(40,859)
(47,640)
6,781
(1,575)
(151,187)
149,612
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

Donations and legacies

During the year a total of £38,889 (2022: £12,139) was raised from donations.

 

Grants

A total of £21,897 was received from grant funding (2022: £33,541).

 

The principal source of income derives from charges for participating in activities at the Centre.

 

The Dunblane Centre is entirely self-funding and does not receive any funding from national or local government.

Investment policy and performance

During 2014 The Dunblane Community Trust was wound up and reserves of £523,383 were transferred to Dunblane Youth & Sports Centre Trust. These funds were placed with Quilter Cheviot to be managed in a discretionary portfolio.

Quilter Cheviot were selected for their experience in the charities sector and track record of sound discretionary management.

Quilter Cheviot manage our portfolio following guidelines set by the Trustees. DY&SCT will not invest in certain sectors for ethical reasons; for example, arms manufacturers or distributors or sectors where there are concerns regarding human rights or child exploitation.

The investment objective is to produce a balanced combination of growth over the medium to long term together with some immediate income.

In previous years, when regular significant operational losses were incurred, those losses were funded by regular withdrawals from the investment portfolio, thereby significantly diminishing the fund's value. This obviously restricted the opportunity for the fund to grow over the medium to long term.

An added benefit of the current Board of Trustee’s success in significantly improving operating results is that no further withdrawals were taken from the fund in the later part of 2023, and this has allowed growth to materialise. The value of the fund on 19 September 2024 was £219,276 (securities) and £12,220 (cash) - an increase of £12,150 and £5,068 respectively over the year-end position.

A main focus of the current Board of Trustees is to ensure that

Going concern

After making appropriate enquiries, the Trustees anticipate that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of going concern basis can be found in the accounting policies.

Financial review

During the year the charity generated incoming resources of £200,749 (2022 - £144,547) as shown on the Statement of Financial Activities.

 

Capital expenditure of £5,217 (2022 - £1,120) was spent on fixtures and fittings and sports equipment.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Reserves policy

Most of The Dunblane Centre’s income derives from Centre activities, donations and fundraising events. As noted in the Chair’s Statement, a structural deficit normally exists between centre income and the costs of running the business. In each of the last few years a significant deficit has been reported as operating costs have exceeded income from all sources. This deficit has been funded by withdrawals from the investment fund (as previously noted) - clearly a situation that is not sustainable.

It is now the policy of the charity that

These policy goals can only be achieved by consistent operational profit. Cash reserves have continued to increase during 2024 as operations have continued to return positive cash flow.

At 31 December 2023 unrestricted funds totalled £246,405 (2022 - £207,919). This covers current annual operating costs and is monitored on a monthly basis. At 31 December 2023 restricted funds totalled £1,246,467 (2022 - £1,286,528). This represents the capital cost of The Dunblane Centre.

 

Principal funding

Subsequent to the Dunblane Primary School tragedy of 13 March 1996 several funds were created to administer the donations that were received from all over the world. The main funds established for this purpose were eventually consolidated into the Dunblane Community Trust (DCT).

 

DCT, in furtherance of the objects of its trust deed, provided the principal funding regarding the capital spend on "The Dunblane Centre".

 

In 2014, 10 years after the opening of The Dunblane Centre, DCT transferred its reserves (a cash amount of £532,383) to DY&SCT. DCT was then wound up. Responsibility for management of the funds transferred became the responsibility of the Trustees of DY&SCT.

 

The land on which The Centre is built was transferred to Dunblane Youth and Sports Centre Trust by DCT in 2014 which has allowed greater flexibility in operation and opens more options for grant support.

 

The Scottish Sports Council (sportscotland) also provided capital funding for the project.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Structure, governance and management

The charity is controlled by its governing document, the Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2016.

 

Incorporation

The charity was incorporated under the Companies Act 1985 as a private limited company on 18 December 2002 and is recognised as a Scottish Charity (Scottish Charity Number SC027397). The charity is governed by its Memorandum and Articles of Association.

 

Capital Structure

The charity is limited by guarantee and does not have share capital, therefore none of the directors has a beneficial interest or hold shares in the charity.

 

Principal activities and objectives of the company

The charity was established for charitable objectives only.

 

The objects are to advance education and to provide facilities, in the interests of social welfare, for the recreation and other leisure time occupation so that the conditions of life of young people living in Dunblane and the surrounding district may be improved.

 

The charity has established a sports and recreational facility in furtherance of its charitable objects. The charity is also responsible for the management and maintenance of the facility, "The Dunblane Centre".

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Current Trustees
Nora Gilfillan
Gemma Baillie
(Appointed 14 June 2023)
Susan Lockwood
(Appointed 16 March 2023)
Pamela Ross
(Appointed 16 March 2023)
Ferdi Van Zyl
(Appointed 11 May 2023)
Dorothy Welsh
(Appointed 11 May 2023)
John Robinson
(Appointed 22 October 2023)
Katherine Gammie
(Appointed 21 December 2023)
Emma Pacitti
(Appointed 4 September 2024)
Jenny Stirton
(Appointed 12 September 2024)
Trustees Who Resigned in the Year
Steve Birnie
(Resigned 24 February 2023)
Dr Nicholas Rawling
(Resigned 31 March 2023)
Victoria Buchanan
(Resigned 31 March 2023)
Colin Strachan
(Resigned 31 May 2023)
Nick Reed
(Resigned 31 March 2023)

Method of appointment or election of Trustees

The Trustees have the power to appoint any person to be a Trustee either to fill a casual vacancy or as an addition to the existing Trustees. A simple majority vote of Trustees is required. Any person so appointed holds office until the following Annual General Meeting at which time the appointment is either confirmed or terminated.

 

New Trustees are inducted and trained by a combination of a "Trustees Handbook", mentoring by an experienced Trustee or colleague and face to face discussions with the manager of The Dunblane Centre. Trustees meet formally on a quarterly basis and also meet regularly in between to monitor projects and discuss any issues relating to Centre activities.

 

At each Annual General Meeting, one third of the Trustees retire from office and are eligible for re-appointment.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The Board of Trustees is responsible for all policies of The Dunblane Centre and regularly reviews all operating, legal and accounting matters.

 

Day-to-day operational control and decision making is delegated to The Centre Managers who liaise regularly with the Chair, Treasurer and other Trustees, as well as attending Board meetings as necessary.

The Trustees consider the Board of Trustees and the job share managers are the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All Trustees give their time freely and no Trustee received remuneration in the year. Details of Trustees' expenses are disclosed in note 11 of the accounts.

 

The pay of senior staff is reviewed annually and normally increased in accordance with inflation. Particular consideration is given to the National Living Wage and ensuring that the Trustees meet the standards required.

Statement of Trustees' responsibilities

The Trustees, who are also the directors of Dunblane Youth and Sports Centre Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

Susan Lockwood
Trustee
Dated: 25 September 2024
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
CHAIR'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
I am delighted and relieved to report a significant positive turnaround in the operational and financial performance of The Dunblane Centre since April 2023.
Last year, we reported that the very poor financial performance of recent years could not continue. Regular operational losses in the tens of thousands of pounds had diminished reserves of this unique charity to a concerning level. On becoming aware of this downward spiral, the new Board of Trustees immediately implemented major changes in order to return operations and finances to a healthy position and to safeguard The Dunblane Centre itself, which is a living tribute and a gift to the community of Dunblane.
So how have we done this? How have we changed the direction in which our beloved Centre was heading? The 2023/24 turnaround is a result of many people coming together and focusing on clear objectives and working as a team. It has been by an amazing amount of hard work from our dedicated Trustees, staff and volunteers along with the generous support of clients, customers, sponsors, donors, local groups and businesses, grant providers and the community of Dunblane, as well as by prudent housekeeping, that we have made this happen.
Last year's report identified our initial objectives to get back on track and I can now report that:-
• We have successfully addressed the haemorrhaging of cash;
• We have established an effective staffing structure (both operationally and financially);
• We have increased our connection with local schools;
• We have expanded our youth offering;
• We have shown that we can provide a 7 day a week offering;
• We have widened our user base by the introduction of new sporting and other activities.
After much hard work, The Dunblane Centre has returned to a position of generating profit from activities (before depreciation and investment portfolio performance). Cash flow has been positive as income has increased and expenditure has been tightly controlled.
New Trustees, new (job-share) Centre Managers and new youth workers have been appointed. Many volunteers have stepped forward to assist in different areas of our operation.
Equally important is the fact that this improved operational and financial performance has continued into 2024 as we continue to focus on areas of improvement.
The reality of The Dunblane Centre is that it is extremely difficult to generate adequate income from activities to cover the cost base. Grants, donations and other sources of income are crucial to bridge this structural deficit. To minimise the structural deficit, it is vital to enlist the support of volunteers with a wide range of skills, as well as young people wishing to help and gain experience. The biggest challenge in maintaining financial stability is to control staff costs whilst ensuring that all legal, regulatory and compliance matters are dealt with professionally. We may be a small charity, but we carry a heavy administrative burden.
Fundraising has varied - from small, well-known ideas such as collecting 5p coins in mini jam-jars, to establishing a 'Friends of The Dunblane Centre' and inviting local businesses to sponsor various aspects of our business, including our new workwear which is worn with pride. Generous gifts from local individuals, charities, groups and businesses have been very gratefully received and we are also improving our efforts to apply for grant funding.
Although there is still much to be done and we cannot ever be complacent, when we celebrate our 20th anniversary in September 2024, we can look forward with renewed hope to the next 20 years and passing The Dunblane Centre on to the next generation.
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
CHAIR'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
As I say in each thank you letter I write, "every gift, no matter how small, has improved not just the money coming in but also the confidence in the future of the Centre."
We are grateful to every person and organisation who has helped The Dunblane Centre since its inception. And our particular thanks go to all those in recent months whose hope, love and support has been so crucial.
And finally, I am thrilled to report we've just learned that our Beacon of Hope: Empowering Community Unity at The Dunblane Centre grant application to The National Lottery Community Fund has been successful and that we have been awarded £102,411 over two years from October 2024. This very generous grant is a huge vote of confidence in what has been achieved at The Dunblane Centre over the last 18 months and gives us a wonderful financial boost.
Also, it has just been confirmed that our Patron number is increasing and further new Trustees have been appointed. All of this adds to The Dunblane Centre's strength and standing within the Community as we continue to plan with positivity for a secure and successful future.
Susan Lockwood
Trustee
Dated: 25 September 2024
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF DUNBLANE YOUTH AND SPORTS CENTRE TRUST
- 9 -

Opinion

We have audited the financial statements of Dunblane Youth and Sports Centre Trust (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF DUNBLANE YOUTH AND SPORTS CENTRE TRUST
- 10 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

-

proper accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the existence and timing of recognition of income.  We discussed the risk with management, designed audit procedures to test the timing and existence of income and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including applicable charity and company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.

We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the Trustees.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF DUNBLANE YOUTH AND SPORTS CENTRE TRUST
- 11 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Sharon Collins (Senior Statutory Auditor)
for and on behalf of Thomson Cooper
25 September 2024
Dunfermline

Thomson Cooper is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2023
2023
2023
2022
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
2
38,889
21,897
60,786
45,680
Charitable activities
3
129,674
-
129,674
93,081
Investments
5
6,089
-
6,089
5,786
Other income
4
4,200
-
4,200
-
Total income
178,852
21,897
200,749
144,547
Expenditure on:
Raising funds
6
2,902
-
2,902
2,718
Charitable activities
7
156,714
62,107
218,821
240,020
Total resources expended
159,616
62,107
221,723
242,738
Operating surplus/(loss)
19,236
(40,210)
(20,974)
(98,191)
Net gains/(losses) on investments
12
19,399
-
19,399
(52,996)
Net incoming/(outgoing) resources before transfers
38,635
(40,210)
(1,575)
(151,187)
Gross transfers between funds
(149)
149
-
-
Net movement in funds
38,486
(40,061)
(1,575)
(151,187)
Fund balances at 1 January 2023
207,919
1,286,528
1,494,447
1,645,634
Fund balances at 31 December 2023
246,405
1,246,467
1,492,872
1,494,447

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
Notes
£
£
£
Income and endowments from:
Donations and legacies
2
12,139
33,541
45,680
Charitable activities
3
93,081
-
93,081
Investments
5
5,786
-
5,786
Total income
111,006
33,541
144,547
Expenditure on:
Raising funds
6
2,718
-
2,718
Charitable activities
7
152,710
87,310
240,020
Total resources expended
155,428
87,310
242,738
Net gains/(losses) on investments
12
(52,996)
-
(52,996)
Net incoming/(outgoing) resources before transfers
(97,418)
(53,769)
(151,187)
Net movement in funds
(97,418)
(53,769)
(151,187)
Fund balances at 1 January 2022
305,337
1,340,297
1,645,634
Fund balances at 31 December 2022
207,919
1,286,528
1,494,447

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,252,006
1,287,648
Investments
15
207,126
215,433
1,459,132
1,503,081
Current assets
Stocks
16
245
473
Debtors
17
11,080
12,616
Cash at bank and in hand
43,035
7,044
54,360
20,133
Creditors: amounts falling due within one year
18
(20,620)
(28,767)
Net current assets/(liabilities)
33,740
(8,634)
Total assets less current liabilities
1,492,872
1,494,447
Income funds
Restricted funds
20
1,246,467
1,286,528
Unrestricted funds
246,405
207,919
1,492,872
1,494,447

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 25 September 2024
Susan Lockwood
Trustee
Company Registration No. SC241368
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
5,215
(47,970)
Investing activities
Purchase of tangible fixed assets
(5,217)
(1,120)
Proceeds from disposal of tangible fixed assets
2,200
-
Purchase of investments
(202,000)
(60,273)
Proceeds from disposal of  investments
229,704
96,013
Investment income received
6,089
5,786
Net cash generated from investing activities
30,776
40,406
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
35,991
(7,564)
Cash and cash equivalents at beginning of year
7,044
14,608
Cash and cash equivalents at end of year
43,035
7,044
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Charity information

Dunblane Youth and Sports Centre Trust is a private company limited by guarantee incorporated in Scotland. The members of the Trust are the Trustees named on the Legal and Administrative Information page and in the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The registered office is The Dunblane Centre, Stirling Road, Dunblane, FK15 9EY.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees consider that the charity has adequate resources to continue in operational existence for a period of not less than twelve months. The Trustees have reviewed cashflow requirements and are satisfied that the charity has sufficient funds available in the investment portfolio to cover any shortfall of income over the next twelve months. They therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

 

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.

 

All costs are allocated between the expenditure categories of the statement of financial activity on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

 

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Fixtures and fittings
20% on cost
Computers
33% on cost
Sports and music equipment
33% on cost
1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments

The company only has financial assets and liabilities of a kind that quality as basis financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

Debtors

Trade and other debtors are recognised as a settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.14

Creditors and provisions

Creditors and provisions are recognised where the company 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 reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
38,889
-
38,889
12,139
-
12,139

Grants

-
21,897
21,897
-
33,541
33,541
38,889
21,897
60,786
12,139
33,541
45,680
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Donations and legacies
(Continued)
- 19 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
Dunblane Road Race
3,590
-
3,590
4,500
-
4,500
Anonymous
10,000
-
10,000
-
-
-
Clare Moore
-
-
-
6,000
-
6,000
Gold Post Box
4,000
-
4,000
200
-
200
Other individuals
2,953
-
2,953
683
-
683
Wonderful Donations
1,220
-
1,220
-
-
-
Stirling Lottery
486
-
486
169
-
169
Easyfundraising
168
-
168
108
-
108
Amazon
-
-
-
48
-
48
Other
16,472
-
16,472
431
-
431
38,889
-
38,889
12,139
-
12,139
Grants receivable for core activities
Discover Dunblane
-
-
-
-
10,000
10,000
Stirling Council
-
-
-
-
9,195
9,195
Graduate Interns
-
9,365
9,365
-
7,925
7,925
Manager Funding
-
8,097
8,097
-
-
-
Windfarm
-
2,000
2,000
-
-
-
Raspberry Pi
-
1,435
1,435
-
-
-
Dandara
-
1,000
1,000
-
-
-
Chance to Flourish
-
-
-
-
2,500
2,500
Stirling Voluntary Enterprise
-
-
-
-
1,921
1,921
Arnold Clark
-
-
-
-
1,000
1,000
Scottish Children's Lottery
-
-
-
-
500
500
Tesco
-
-
-
-
500
500
-
21,897
21,897
-
33,541
33,541
3
Charitable activities
2023
2022
£
£

Centre activities

129,674
93,081
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
4
Other income
Unrestricted
Total
funds
2023
2022
£
£
Net gain on disposal of tangible fixed assets
2,200
-

Insurance refund

2,000
-
4,200
-
5
Investments
2023
2022
£
£

Investment dividends and interest

6,089
5,786
6
Raising funds
2023
2022
£
£

Fundraising and publicity

Staging fundraising events
2,365
2,096
Advertising
537
622
2,902
2,718
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
7
Charitable activities
2023
2022
£
£
Staff costs
101,378
106,636

Vending supplies

9,047
12,057

Catering supplies

158
1,991

Insurance

8,468
8,267

Staff uniforms

1,264
-

Staff training

680
1,201

Youth Club expenses

445
5,475

Garden project

51
291

Bank charges

624
796

Professional fees

2,363
2,244
Investment management costs
581
1,979
General expenses
200
-
125,259
140,937
Share of support costs (see note 8)
88,235
94,334
Share of governance costs (see note 8)
5,327
4,749
218,821
240,020
Analysis by fund
Unrestricted funds
156,714
152,710
Restricted funds
62,107
87,310
218,821
240,020
8
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
Basis of allocation
£
£
£
£
£
£
Depreciation
40,859
-
40,859
47,640
-
47,640

Office costs

1,502
-
1,502
998
-
998

Premises and general costs

41,004
-
41,004
40,422
-
40,422

IT costs

4,870
-
4,870
5,274
-
5,274
Audit fees
-
5,250
5,250
-
4,690
4,690
Governance

Disclosure

-
77
77
-
59
59
Governance
88,235
5,327
93,562
94,334
4,749
99,083
Analysed between
Charitable activities
88,235
5,327
93,562
94,334
4,749
99,083
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
9
Net movement in funds
2023
2022
£
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial statements
5,250
4,690
Depreciation of owned tangible fixed assets
40,859
47,640
Profit on disposal of tangible fixed assets
(2,200)
-
10
Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11
Employees
Number of employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Governance staff
1
1
Support staff
1
1
Staff engaged in charitable activities
7
7
9
9
Employment costs
2023
2022
£
£
Wages and salaries
97,432
104,512
Social security costs
1,884
-
Other pension costs
2,062
2,124
101,378
106,636

The charity considers its key management personnel comprises of Trustees and the Centre managers. The total employment benefits of the key management personnel were £23,545 (2022: £30,257).

There were no employees whose annual remuneration was £60,000 or more.
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
12
Net gains/(losses) on investments
2023
2022
£
£
Revaluation of investments
(4,311)
(65,427)
Gain/(loss) on sale of investments
23,710
12,431
19,399
(52,996)
13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Sports and music equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
2,010,528
163,934
19,494
58,413
2,252,369
Additions
-
4,755
-
462
5,217
Disposals
-
(8,845)
-
-
(8,845)
At 31 December 2023
2,010,528
159,844
19,494
58,875
2,248,741
Depreciation and impairment
At 1 January 2023
723,851
162,963
19,494
58,413
964,721
Depreciation charged in the year
40,210
649
-
-
40,859
Eliminated in respect of disposals
-
(8,845)
-
-
(8,845)
At 31 December 2023
764,061
154,767
19,494
58,413
996,735
Carrying amount
At 31 December 2023
1,246,467
5,077
-
462
1,252,006
At 31 December 2022
1,286,677
971
-
-
1,287,648
14
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
207,126
215,433
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
Fixed asset investments
Listed investments
£
Valuation
At 1 January 2023
215,433
Additions
202,000
Valuation changes
(4,311)
Gain/(Loss) on sale
23,710
Disposals
(229,706)
At 31 December 2023
207,126
Carrying amount
At 31 December 2023
207,126
At 31 December 2022
215,433
2023
2022
£
£
Investments at fair value comprise:
UK
207,126
86,187
Overseas
-
129,246
207,126
215,433
16
Stocks
2023
2022
£
£
Finished goods and goods for resale
245
473
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,083
991
Other debtors
6,101
-
Prepayments and accrued income
896
11,625
11,080
12,616
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
18
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
1,055
1,589
Trade creditors
-
8,766
Other creditors
8,605
10,956
Accruals and deferred income
10,960
7,456
20,620
28,767
19
Retirement benefit schemes
Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £2,062 (2022 - £2,124).

20
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Balance at
1 January 2023
Incoming resources
Resources expended
Transfers
Balance at
31 December 2023
£
£
£
£
£
Capital Fund
1,286,528
-
(40,210)
149
1,246,467
Windfarm Grant
-
2,000
(2,000)
-
-
Graduate Interns
-
9,365
(9,365)
-
-
Manager Funding
-
8,097
(8,097)
-
-
Raspberry Pi
-
1,435
(1,435)
-
-
Dandara
-
1,000
(1,000)
-
-
1,286,528
21,897
(62,107)
149
1,246,467
DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Restricted funds
(Continued)
- 26 -
Movement in funds
Balance at
1 January 2022
Incoming resources
Resources expended
Transfers
Balance at
31 December 2022
£
£
£
£
£
General
2,129
-
(2,129)
-
-
Capital Fund
1,334,168
-
(47,640)
-
1,286,528
TNL Mural Project
2,500
-
(2,500)
-
-
Discover Dunblane
-
10,000
(10,000)
-
-
Stirling Council
-
9,195
(9,195)
-
-
Arnold Clark - Welly Tots
-
1,000
(1,000)
-
-
Windfarm Grant - Seniors Afternoon Tea
1,500
-
(1,500)
-
-
Chance to Flourish
-
2,500
(2,500)
-
-
Graduate Interns
-
7,925
(7,925)
-
-
Stirling Voluntary Enterprise - Senior afternoon tea
-
1,921
(1,921)
-
-
Scottish Children's Lottery
-
500
(500)
-
-
Tesco Groundworks
-
500
(500)
-
-
1,340,297
33,541
(87,310)
-
1,286,528

The general operations fund are those funds which the Trustees are free to use in accordance with the charitable objectives.

 

The restricted capital fund reflects the net book value of the freehold land and buildings. The fund will be reduced over the useful economic life of the assets in line with depreciation.

21
Analysis of net assets between funds
Unrestricted funds
Restricted funds
Total
Unrestricted funds
Restricted funds
Total
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fund balances at 31 December 2023 are represented by:
Tangible assets
5,539
1,246,467
1,252,006
-
1,287,648
1,287,648
Investments
207,126
-
207,126
215,433
-
215,433
Current assets/(liabilities)
33,740
-
33,740
(7,514)
(1,120)
(8,634)
246,405
1,246,467
1,492,872
207,919
1,286,528
1,494,447
22
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

DUNBLANE YOUTH AND SPORTS CENTRE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Cash generated from operations
2023
2022
£
£
Deficit for the year
(1,575)
(151,187)
Adjustments for:
Investment income recognised in statement of financial activities
(6,089)
(5,786)
Gain on disposal of tangible fixed assets
(2,200)
-
Gain on disposal of investments
(23,710)
(12,431)
Fair value gains and losses on investments
4,311
65,427
Depreciation and impairment of tangible fixed assets
40,859
47,640
Movements in working capital:
Decrease/(increase) in stocks
229
(293)
Decrease/(increase) in debtors
1,537
(8,584)
(Decrease)/increase in creditors
(8,147)
17,244
Cash generated from/(absorbed by) operations
5,215
(47,970)
24
Analysis of changes in net funds

The charity had no debt during the year.

25
Post balance sheet events

In September 2024 we were informed that our grant application to The National Lottery Community LED fund had been successful. We are to receive £102,411 over a 2 year period in respect of our "Beacon of Hope: Empowering Community Unity at The Dunblane Centre" project.

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