REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Period 1 November 2023 to 28 June 2024 |
for |
North Coast Community Enterprises |
Limited |
Trading as |
Norc-Celt |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Period 1 November 2023 to 28 June 2024 |
for |
North Coast Community Enterprises |
Limited |
Trading as |
Norc-Celt |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Contents of the Financial Statements |
for the Period 1 November 2023 to 28 June 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 | 13 |
North Coast Community Enterprises |
Limited (Registered number: SC130721) |
Trading as Norc-Celt |
Report of the Trustees |
for the Period 1 November 2023 to 28 June 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 period 1 November 2023 to 28 June 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 company was established to help residents of the North Coastal Area of Sutherland by various schemes for education, training and other charitable functions. |
The objectives of the charity are: |
To relieve poverty among the residents of the North Coastal areas of the Sutherland District of Highland Region. (The Area of Benefit). |
To advance education among the residents of the Area of Benefit, particularly among young people and the unemployed. |
To promote and/or provide training skills of all kinds, particularly such skills as will assist residents of the Area of Benefit in obtaining paid employment. |
To promote industry and commerce for the benefit of the general public. |
The objectives of the charity are met through the operation of a museum, workshop, shop and post office, presently run from leased premises in the village of Skerray in Sutherland. |
Significant activities |
It was decided that due to the fall off in diesel customers combined with the Lott building no longer being a community resource that, going forward, Nor-celt no longer has a role to play for the community and the decision was taken to cease trading from 28th June 2024. |
It was further agreed that any remaining funds of the charity be donated to the Skerray Village Hall. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The charity continued to supply diesel in the period and still provided premises for the shop, post office and sorting office. |
FINANCIAL REVIEW |
Financial position |
Funds at the balance sheet date were nil (2023 - £2,665). The closing bank balance was donated to Skerray Village Hall leaving a bank balance of nil (2023 - £2,665). All funds are unrestricted. |
Principal funding sources |
Operating funds were sourced from the sale of diesel, rents received and sundry donations. |
North Coast Community Enterprises |
Limited (Registered number: SC130721) |
Trading as Norc-Celt |
Report of the Trustees |
for the Period 1 November 2023 to 28 June 2024 |
FINANCIAL REVIEW |
Reserves policy |
The directors regularly reviewed the future financial requirements of the company. They had a policy whereby the unrestricted funds held should be at least three (3) months of general expenditure. |
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 charity has no employees and is dependent on the voluntary efforts of individuals. The Trustees acknowledge the outstanding work which the volunteers contribute. This work is critical to the ability of the organisation to continue. |
Recruitment and appointment of new trustees |
New Trustees were recommended by the Trustees and could be appointed by ordinary resolution. |
Induction and training of new trustees |
Induction and training of new Trustees was informal and was mostly through working with and communicating with existing Trustees. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
North Coast Community Enterprises |
Limited (Registered number: SC130721) |
Trading as Norc-Celt |
Report of the Trustees |
for the Period 1 November 2023 to 28 June 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Mackay & Co |
Chartered Accountants |
Unit 8 |
Golspie Business Park |
Golspie |
Sutherland |
KW10 6UB |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
North Coast Community Enterprises |
Limited |
I report on the accounts for the period 1 November 2023 to 28 June 2024 set out on pages five to thirteen. |
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. |
Marcus MacIver CA |
The Institute of Chartered Accountants of Scotland |
Mackay & Co |
Chartered Accountants |
Unit 8 |
Golspie Business Park |
Golspie |
Sutherland |
KW10 6UB |
22 October 2024 |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Statement of Financial Activities |
for the Period 1 November 2023 to 28 June 2024 |
Period |
1.11.23 |
to | Year Ended |
28.6.24 | 31.10.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 2,665 |
North Coast Community Enterprises |
Limited (Registered number: SC130721) |
Trading as Norc-Celt |
Balance Sheet |
28 June 2024 |
28.6.24 | 31.10.23 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 13 |
Unrestricted funds | 2,665 |
TOTAL FUNDS | 2,665 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 June 2024. |
The members have not required the company to obtain an audit of its financial statements for the period ended 28 June 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. |
North Coast Community Enterprises |
Limited (Registered number: SC130721) |
Trading as Norc-Celt |
Balance Sheet - continued |
28 June 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 |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements |
for the Period 1 November 2023 to 28 June 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. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
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 | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
At the balance sheet date there are no restricted funds. |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements - continued |
for the Period 1 November 2023 to 28 June 2024 |
2. | OTHER TRADING ACTIVITIES |
Period |
1.11.23 |
to | Year Ended |
28.6.24 | 31.10.23 |
£ | £ |
Diesel sales | 230 | 595 |
3. | INVESTMENT INCOME |
Period |
1.11.23 |
to | Year Ended |
28.6.24 | 31.10.23 |
£ | £ |
Rents received |
4. | RAISING FUNDS |
Other trading activities |
Period |
1.11.23 |
to | Year Ended |
28.6.24 | 31.10.23 |
£ | £ |
Purchases |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
General | 2,831 | 495 | 3,326 |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements - continued |
for the Period 1 November 2023 to 28 June 2024 |
6. | SUPPORT COSTS |
Governance |
costs |
£ |
General | 495 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the period ended 28 June 2024 nor for the year ended 31 October 2023. |
Trustees' expenses |
In the period £30.55 expenses were reimbursed to Mrs M A Macfadyen for costs incurred on behalf of the charity. No expenses were reimbursed in the prior year. |
8. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 November 2023 and 28 June 2024 |
AMORTISATION |
At 1 November 2023 and 28 June 2024 |
NET BOOK VALUE |
At 28 June 2024 |
At 31 October 2023 |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements - continued |
for the Period 1 November 2023 to 28 June 2024 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 November 2023 and 28 June 2024 |
DEPRECIATION |
At 1 November 2023 and 28 June 2024 |
NET BOOK VALUE |
At 28 June 2024 |
At 31 October 2023 |
10. | STOCKS |
28.6.24 | 31.10.23 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.6.24 | 31.10.23 |
£ | £ |
Trade debtors |
Other debtors |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements - continued |
for the Period 1 November 2023 to 28 June 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.6.24 | 31.10.23 |
£ | £ |
Trade creditors |
Accrued expenses |
13. | MOVEMENT IN FUNDS |
Net |
At | movement | At |
1.11.23 | in funds | 28.6.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 2,665 | (2,665 | ) | - |
TOTAL FUNDS | (2,665 | ) | - |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 931 | (3,596 | ) | (2,665 | ) |
TOTAL FUNDS | ( |
) | (2,665 | ) |
Comparatives for movement in funds |
Net |
At | movement | At |
1.11.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 5,505 | (2,840 | ) | 2,665 |
TOTAL FUNDS | 5,505 | (2,840 | ) | 2,665 |
North Coast Community Enterprises |
Limited |
Trading as Norc-Celt |
Notes to the Financial Statements - continued |
for the Period 1 November 2023 to 28 June 2024 |
13. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,255 | (5,095 | ) | (2,840 | ) |
TOTAL FUNDS | 2,255 | (5,095 | ) | (2,840 | ) |
14. | RELATED PARTY DISCLOSURES |