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)
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.
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.
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.
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.
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:
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.
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.
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.
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.
In connection with my examination, no matter has come to my attention:
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 financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
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.
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.
Taxation
The charity is exempt from taxation.
Grants receivable
Charitable Expenditure
Charitable Expenditure
Community path
Burn Wall
Gate
Confirmation statement
Other expenses
Unrestricted
Restricted
There were no disclosable related party transactions during the year.