Charity Registration No. SC047353 (Scotland)
Company Registration No. SC556133 (Scotland)
CERES AND DISTRICT COMMUNITY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CERES AND DISTRICT COMMUNITY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr David Beveridge
Mr Florian Dargel
Mr Alistair Ewan
Mr Raymond Lawrence Hutt
Mr Norman Campbell Law
Mr Ben Pacholek
Mr Hugh Lambert Milne Stewart
Mr Adam Waldie
(Appointed 24 April 2023)
Charity number (Scotland)
SC047353
Company number
SC556133
Registered office
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
Independent examiner
Sheena Gibson
39 Silver Birch Drive
Ballumbie
DUNDEE
DD5 3NS
CERES AND DISTRICT COMMUNITY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Directors present their report and financial statements for the year ended 31 March 2024.

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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The charity's objects are; a) To enhance the quality of life for local residents by provision and management of recreation facilities and activities b) To promote, undertake, support and enable community development and rural regeneration c) To advance informal education, with particular regard to the local environment, culture, social, recreational and historical interests of the community.

 

The policies adopted in furtherance of these objects are; a) To conserve, improve and manage, for public benefit, community land, buildings and related assets in the operating area; b) To engage in consulting with the wider community to ascertain and address identified local aspiration, and; c) To do all such other things which further the objectives of the company and may be deemed to be charitable. There has been no change in these during the year.

Achievements and performance

 

Projects & Activity

 

Ceres Green Burn Walls

The Ceres Green Burn Walls have deteriorated significantly in recent years, however, grant funding from various pockets within Fife Council has allowed ongoing works on the walls to be undertaken. Work to the extent of funding available was completed during the financial year. However, further repairs will be needed as the popular footpath from Meldrums to the village green has been damaged in floods and needs urgent attention.

Hill of Tarvit Gateway

The National Trust for Scotland has agreed to allow the Trust to form an entrance through the wall off the Centenary Wood Walk at Wemysshall Mains Road which will result in additional road safety and give fantastic links to additional existing walks. Following a long period of negotiation and extra fundraising to cover planning and listed status requirements, this project was completed in March 23. Funding of £8,980 was secured from Fife Rural Development Fund; a generous donation of £1,000 was provided by a local Craigrothie resident to purchase the gate itself; and we were grateful for the volunteers who helped carry out the work. Many thanks to all involved!

 

Craigrothie to Denhead path

This path has a burst drain/Spring in the middle of the path resulting in the path being muddy at best or impassable in very wet times. Also completed in the spring of 2023 from existing Trust funds using local contractors D.T Stewart & Sons.

Moor Road Walkway

The area at the Ceres end of the Moor Road Walkway installed by Scottish Gas Networks (SGN) which was washed out in floods continues to be under constant discussion with SGN. The Trust, with dogged assistance from Willie Rennie MSP and local councillor Margaret Kennedy, managed to unlock some funding from SGN for D.T Stewart & Sons to repair the badly eroded path, install water breaks across the path at the top and bottom of the path and clear out sections of the waterway to mitigate flooding of gardens lying downstream. While a marked improvement, unfortunately this has not fully solved the problem yet. Although SGN has verbally agreed to further remedial works, this is still ongoing.

CERES AND DISTRICT COMMUNITY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The Village Church Glebe (Field opposite Meldrum's Hotel and the old football field)

It has been a longterm objective of the Trust, driven by strong community demand, to secure control of the Glebe for the community. This has only intensified after the bridge fell down in the floods at New Year 2022. We are pleased to report that discussions with The Church of Scotland and the Ceres Church Session have yielded agreed heads of terms for a 25 year lease with rent prepaid for the period and are now subject to contract. This will require further fundraising from the community to cover the rent, the cost of reinstating the bridge and upgrading the Glebe to a first class amenity for the village. However, no action will take place without full community consultation, and the Trust is looking forward to work with everyone to achieve this goal.

Ceres Memorial Hall

Trustees of the hall have approached the Trust to assume trusteeship of the Ceres Memorial Hall. The idea being that this arrangement could help reduce running costs and assist fundraising by gaining charitable status benefits while providing support to the Hall Committee. To this end a survey of the Hall was commissioned (co-funded by the Hall Committee and the Trust) indicating the urgent need for further fundraising for significant repairs in the medium term and improved sustainability. These discussions are ongoing at the time of writing but the Trust is in principle offering to agree to the proposal subject to working out the details and responsibilities.

Financial review

The Trust is in a reasonable financial position with £6,000 ready for 2025 projects.

Total funds / reserves held at 31 March 2024 were £5,956 (2023 - £10,013).

 

Restricted funds totalled £800 (2023 - £5,000), as some funding received towards cost of the community path and new gate remains unspent as at the year end.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Directors considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’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.

The Directors has 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.

Structure, governance and management

The charity is a company limited by guarantee.

The Directors who served during the year and up to the date of signature of the financial statements were:

Mr David Beveridge
Mr Florian Dargel
Mr Alistair Ewan
Mr Raymond Lawrence Hutt
Mr Norman Campbell Law
Mr Ben Pacholek
Mr Hugh Lambert Milne Stewart
Mr Adam Waldie
(Appointed 24 April 2023)
CERES AND DISTRICT COMMUNITY TRUST
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

A person shall not be eligible for election / appointment as a director unless they are a member of the company. Directorship is open to any member over the age of eighteen who is not disqualified from acting as a Charity trustee or Company Director by law. Each Director will be appointed to service for 3 years and will be eligible for re-appointment for a further 3 years. A Director who has served for two terms will not be eligible for re-election until a break period of at least one year has been observed, unless circumstances dictate otherwise.

 

None of the Directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of a winding up.

 

The Trustees report was approved by the Board of Directors.

Mr Florian Dargel
Dated: 29 October 2024
CERES AND DISTRICT COMMUNITY TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF CERES AND DISTRICT COMMUNITY TRUST
- 4 -

I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 5 to 11.

Respective responsibilities of Directors and examiner

The charity’s directors, who also act as trustees for the charitable activities of Ceres and District Community Trust, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Directors consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the 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 financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Sheena Gibson, FCCA
39 Silver Birch Drive
Ballumbie
DUNDEE
DD5 3NS
Dated: 29 October 2024
CERES AND DISTRICT COMMUNITY TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income from:
Donations and legacies
2
275
10,040
10,315
200,202
Other trading activities
65
-
65
-
Total income
340
10,040
10,380
200,202
Expenditure on:
Raising funds
3
152
-
152
-
Charitable activities
4
-
14,234
14,234
200,000
Other
7
51
-
51
58
Total resources expended
203
14,234
14,437
200,058
Net incoming/(outgoing) resources before transfers
137
(4,194)
(4,057)
144
Gross transfers between funds
6
(6)
-
-
Net income/(expenditure) for the year/
Net movement in funds
143
(4,200)
(4,057)
144
Fund balances at 1 April 2023
5,013
5,000
10,013
9,869
Fund balances at 31 March 2024
5,156
800
5,956
10,013

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.
CERES AND DISTRICT COMMUNITY TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Current assets
Cash at bank and in hand
5,956
10,013
Net current assets
5,956
10,013
Income funds
Restricted funds
8
800
5,000
Unrestricted funds
5,156
5,013
5,956
10,013

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The Directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 Directors on 29 October 2024
Mr Raymond Lawrence Hutt
Trustee
Company Registration No. SC556133
CERES AND DISTRICT COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
1
Accounting policies
Charity information

Ceres and District Community Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, KY15 4BY, UK.

1.1
Accounting convention

The financial statements have been prepared in accordance 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors 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 Directors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

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.

 

A transfer is made from unrestricted funds to restricted funds to compensate fully all restricted funds which would otherwise be in deficit at the accounting date.

1.4
Incoming resources

Cash donations and fundraising income are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Government and other grants received in respect of revenue expenditure are recognised in the statement of financial activities in the period in which they are received.

1.5
Resources expended

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

1.6
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.

CERES AND DISTRICT COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.7
Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.

1.8

Taxation

The charity is exempt from taxation.

CERES AND DISTRICT COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2
Donations and legacies
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
£
£
£
£
Donations and gifts
120
1,060
1,180
202

Grants receivable

-
8,980
8,980
200,000
Membership fees
155
-
155
-
275
10,040
10,315
200,202
For the year ended 31 March 2023
202
200,000
200,202
Donations and gifts
Honesty box
120
-
120
202
Donation towards wooden sleepers
-
60
60
-
Contribution towards new gate
-
1,000
1,000
-
120
1,060
1,180
202
Grants receivable for core activities
Fife Rural Development Fund
-
0
8,980
8,980
200,000
-
8,980
8,980
200,000
CERES AND DISTRICT COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
3
Raising funds
Unrestricted
Total
funds
2024
2023
£
£
Fundraising and publicity
Other fundraising costs
152
-
152
-
4
Charitable activities

Charitable Expenditure

Charitable Expenditure

2024
2023
£
£

Community path

4,260
-

Burn Wall

-
200,000

Gate

9,974
-
14,234
200,000
14,234
200,000
5
Directors
None of the Directors (or any persons connected with them) received any remuneration or benefits from the charity during the year.
6
Employees
There were no employees during the year.
7
Other
Unrestricted
Total
funds
2024
2023
£

Confirmation statement

13
26

Other expenses

38
32
51
58
CERES AND DISTRICT COMMUNITY TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
8
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:
Balance at
1 April 2023
Incoming resources
Resources expended
Transfers
Balance at
31 March 2024
£
£
£
£
£
Paths for All funding - community path
5,000
-
(4,260)
-
740
Fife Council - gate
-
8,980
(8,980)
-
-
Anonymous donation - gate
-
1,000
(994)
(6)
-
Donation for sleepers
-
60
-
-
60
5,000
10,040
(14,234)
(6)
800
9
Analysis of net assets between funds

Unrestricted

Restricted

Total
Total
2024
2024
2024
2023
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Current assets/(liabilities)
5,156
800
5,956
10,013
5,156
800
5,956
10,013
10
Related party transactions

There were no disclosable related party transactions during the year.

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