REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
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 | 12 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED (REGISTERED NUMBER: SC213108) |
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 activities |
The Trust's objectives are to work to preserve the Common Good, the Low Green and Ayr seafront and other open lands in Ayr and surrounding areas and to provide a forum for debate on all issues concerning the aforementioned areas. The policies adopted in furtherance of these objects are shown in note 1 and there has been no change in these during the year. |
The activities were in accordance with the Charity's objectives. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Charity maintained its financial position and achieved its objectives. |
We continued to support organisations trying to prevent the demolition of the historic Ayr Station Hotel but unfortunately though we had all proved it was cheaper to refurbish it than to demolish it a tragic fire led to its demolition by the Council. We have continued to monitor the use of the Low Green for one-off events such as the Air Show, the Pavilion Pop Festival and annual Circus. Also the plans by the Council to replace Hourstons Dept Store in the High St with a retirement village and to refurbish the Citadel swimming baths. Our objections to a proposed housing development in an unspoiled area of natural beauty at Greenan Castle were also successful. We have continued to hold in the region of £25,000 invested for our members in order for LAST to take advice and where necessary legal action to fulfil our remit. |
FINANCIAL REVIEW |
Financial position |
Turnover, which comprises subscriptions and donations from members, and the operating expenses are summarised in the Statement of Financial Activities. The surplus for the year has been transferred to reserves. The year-end financial position is considered satisfactory. |
The company is a Scottish Charity. Any donation to the charity can be made within Gift Aid and is treated net of basic rate tax, which can be recovered by the charity. The gross equivalent is allowed against higher rates for the donor. Gift Aid declaration forms are available from the chairman. |
It is general policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a minimum level £5,000. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. |
Reserves are in excess of the general policy because the directors see themselves as custodians of funds that were raised to enable a challenge to be made against plans to build/construct on the Ayr Low Green and Seafront. The directors have been successful, in that these plans are not proceeding at present or in the near future. These remaining funds are retained for the future challenges on Ayr Seafront or similar alternative sites in Ayr that will fit in to the charitable objectives. The reserves will not significantly change from their current level until a new issue arises that the directors consider requires their intervention. |
The directors have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Trust is a company limited by guarantee. The Trust is controlled by the Committee of Management. |
LOW GREEN & AYR SEAFRONT TRUST LIMITED (REGISTERED NUMBER: SC213108) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Other Committee Members |
Bradley Robertson (elected March 2024) |
David Robertson (elected March 2024) |
Company Secretary |
Independent Examiner |
Galbraith Pritchards |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
Solicitors |
McGrigors |
Solicitors |
Pacific House |
70 Wellington Street |
Glasgow |
G2 6SB |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Low Green & Ayr Seafront Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
LOW GREEN & AYR SEAFRONT TRUST LIMITED (REGISTERED NUMBER: SC213108) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
I report on the accounts for the year ended 31 March 2024 set out on pages five to twelve. |
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. |
Marguerite Roos B. Acc CA |
The Institute of Chartered Accountants of Scotland |
Galbraith Pritchards |
20 Barns Street |
Ayr |
Ayrshire |
KA7 1XA |
26 November 2024 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 MARCH 2024 |
31/3/24 | 31/3/23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities | 3 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 28,035 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED (REGISTERED NUMBER: SC213108) |
BALANCE SHEET |
31 MARCH 2024 |
31/3/24 | 31/3/23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 28,035 |
TOTAL FUNDS | 28,035 |
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. |
LOW GREEN & AYR SEAFRONT TRUST LIMITED (REGISTERED NUMBER: SC213108) |
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 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
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 Trustees consider that there are no material uncertainties about the company's ability to continue as a going concern. |
INCOME |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
EXPENDITURE |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
TAXATION |
The charity 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. |
FINANCIAL INSTRUMENTS |
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | INVESTMENT INCOME |
31/3/24 | 31/3/23 |
£ | £ |
Deposit account interest |
3. | CHARITABLE ACTIVITIES COSTS |
Support |
costs (see |
note 4) |
£ |
Support | 754 |
4. | SUPPORT COSTS |
Governance |
Management | costs | Totals |
£ | £ | £ |
Support | 124 | 630 | 754 |
Governance costs represents the remuneration paid to the independent examiner. |
5. | 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. |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted |
fund |
£ |
TOTAL FUNDS CARRIED FORWARD | 28,035 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Trade debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 31/3/23 |
£ | £ |
Accrued expenses |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 28,035 | 999 | 29,034 |
TOTAL FUNDS | 999 | 29,034 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,753 | (754 | ) | 999 |
TOTAL FUNDS | ( |
) | 999 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 27,794 | 241 | 28,035 |
TOTAL FUNDS | 27,794 | 241 | 28,035 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,137 | (896 | ) | 241 |
TOTAL FUNDS | 1,137 | (896 | ) | 241 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 27,794 | 1,240 | 29,034 |
TOTAL FUNDS | 27,794 | 1,240 | 29,034 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 2,890 | (1,650 | ) | 1,240 |
TOTAL FUNDS | 2,890 | (1,650 | ) | 1,240 |
LOW GREEN & AYR SEAFRONT TRUST LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | RELATED PARTY DISCLOSURES |