REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 April 2024 |
for |
MONTROSE COMMUNITY TRUST LTD |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 April 2024 |
for |
MONTROSE COMMUNITY TRUST LTD |
MONTROSE COMMUNITY TRUST LTD |
Contents of the Financial Statements |
for the Year Ended 30 April 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 | 15 |
MONTROSE COMMUNITY TRUST LTD (REGISTERED NUMBER: SC398589) |
Report of the Trustees |
for the Year Ended 30 April 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 30 April 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 main objectives of Montrose Community Trust are:- |
-The advancement of public participation in sport, in particular football in Scotland |
-The advancement of health in Scotland |
-The advancement of education in Scotland |
-The advancement of citizenship or community development and the promoting of civic responsibility, volunteering, equality and diversity in Scotland |
-The provision of recreational facilities and the organisation of recreational activities in Scotland. |
Montrose Community Trust has identified three distinct areas of work (i) community sport, (ii) health and wellbeing and (iii) education and training, and within each of the three strands, a range of programmes have been developed with the aim to providing public benefit to all ages within its target communities. |
Significant activities |
Montrose Community Trust continue to go from strength to strength. The reach of the charity is such now that they engage with, in a calendar year, approximately 1 in every 4 people in our community, and they support some of those most in need such as those who are unemployed, living with disability, facing food insecurity, recovering from an addiction, living with dementia and/ or living in isolation, to name just a few areas of work. |
MCT benefit from having a strong, diverse and passionate workforce. Of the 14 full, and part-time staff employed, a significant proportion have come through employability programmes. They are matched by an extensive network of enthusiastic volunteers. |
Public benefit |
Montrose community Trust have previously been crowned 'Best Community Football Project for All' the Scottish FA East Region. |
MCT now engage with over 1400 distinct participants (over 10% of local population), ranging from the age of 1 to 94, through an extensive range of community-benefitting programmes within the areas of community sport, education & training and health & wellbeing. |
FINANCIAL REVIEW |
Reserves policy |
The surplus will continue to be used in the following year for salaries and other additional expenses. |
Going concern |
The Trustees believe there is no foreseeable circumstances to restrict the Charity from continuing as a going concern. |
FUTURE PLANS |
There are ambitious plans to develop a fitting environment for the Trust to continue to develop sporting, health and educational programmes. The "Gable End" project will transform the ability to meet its objectives. |
MONTROSE COMMUNITY TRUST LTD (REGISTERED NUMBER: SC398589) |
Report of the Trustees |
for the Year Ended 30 April 2024 |
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. |
Recruitment and appointment of new trustees |
Trustees are appointed throughout the year, and existing members are reappointed at our annual general meeting. |
Induction and training of new trustees |
Any new trustees will be given a briefing on the roles of the trustees, directors' legal responsibilities and the regulation of charities in Scotland. |
Risk management |
The trustees have a risk management strategy which comprises: |
-an annual review of the principal risks and uncertainties that the charity face |
-the establishment of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. |
This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due and control over working capital of the charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Account Tax Ltd |
Chartered Certified Accountants |
12 Traill Drive |
Montrose |
Angus |
DD10 8SW |
MONTROSE COMMUNITY TRUST LTD (REGISTERED NUMBER: SC398589) |
Report of the Trustees |
for the Year Ended 30 April 2024 |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Montrose Community Trust Ltd |
I report on the accounts for the year ended 30 April 2024 set out on pages five to fifteen. |
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. |
Kerry Humphries FCCA |
The Association of Chartered Certified Accountants |
Account Tax Ltd |
Chartered Certified Accountants |
12 Traill Drive |
Montrose |
Angus |
DD10 8SW |
20 December 2024 |
MONTROSE COMMUNITY TRUST LTD |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 3 |
Total |
EXPENDITURE ON |
Raising funds | 4 |
Charitable activities | 5 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
Transfers between funds | 15 | 25,000 | (25,000 | ) | - | - |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 107,107 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
MONTROSE COMMUNITY TRUST LTD (REGISTERED NUMBER: SC398589) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 15 |
Unrestricted funds | 37,981 |
Restricted funds | 69,126 |
TOTAL FUNDS | 107,107 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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. |
MONTROSE COMMUNITY TRUST LTD (REGISTERED NUMBER: SC398589) |
Balance Sheet - continued |
30 April 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 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements |
for the Year Ended 30 April 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. |
Montrose Community Trust meets the definition of a public benefit entity under FRS 102. |
After reviewing the charity's forecasts and projections the trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing the financial statements. |
Income |
Income is recognised when received. However in accordance with FRS 102, income is accrued if not received in the financial year commensurate with he activity of the charity. |
Where income is received in advance of meeting any performance related conditions there is not unconditional entitlement to the income, its recognition is deferred and included in creditors as deferred income until the performance conditions are met. |
Expenditure |
Expenditure is recognised once there is a legal or constructive obligation to make payment to third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. |
Irrecoverable VAT is charged as a cost against activity for which expenditure was incurred. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Equipment | - |
Motor vehicles | - |
Computer equipment | - |
Historically a range of depreciation rates have been applied, the rates for acquisitions are now as above. |
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 are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES - continued |
Gifts-in-kind |
Donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount of the charity would be willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. |
2. | DONATIONS AND LEGACIES |
Donations and legacies receivable for the general purposes of the Montrose Community Trust are credited to 'unrestricted funds'. Donations and legacies for purposes restricted by the wishes of the donor are taken to 'restricted funds'. |
3. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Sports Income | Sport, healthy and educational activities | 101,468 | 77,066 |
Sponsorship | Sport, healthy and educational activities | 11,551 | 36,297 |
4. | RAISING FUNDS |
Other trading activities |
2024 | 2023 |
£ | £ |
Purchases |
Bad debts | 1,700 | - |
49,437 | 37,216 |
5. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 6) | Totals |
£ | £ | £ |
Sport, healthy and educational activities |
341,271 |
12,460 |
353,731 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | SUPPORT COSTS |
Governance |
Finance | costs | Totals |
£ | £ | £ |
Sport, healthy and educational activities | 5,032 | 7,428 | 12,460 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
8. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
9. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
193,094 | 180,274 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Administration | 2 | 2 |
Sports, Education and Health | 12 | 9 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Transfers between funds | (78,555 | ) | 78,555 | - |
Net movement in funds | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 134,432 | 946 |
TOTAL FUNDS CARRIED FORWARD | 37,981 | 69,126 | 107,107 |
11. | TANGIBLE FIXED ASSETS |
Motor | Computer |
Equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
The bank loans figure is not a bank loan or overdraft but is one of the departments that has spent more in expenditure than its received in income. |
15. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.5.23 | in funds | funds | 30.4.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 37,981 | - | 25,000 | 62,981 |
Restricted funds |
Restricted | 50,000 | - | - | 50,000 |
Montrose Youth FC | 18,094 | 3,089 | - | 21,183 |
Montrose Amateur FC | 1,777 | 1,400 | - | 3,177 |
Montrose Women FC | (2,299 | ) | 2,874 | - | 575 |
Montrose Walking FC | 595 | (429 | ) | - | 166 |
Gill Park | (6,234 | ) | 2,929 | - | (3,305 | ) |
Dementia Meeting Centre | 7,193 | 15,612 | - | 22,805 |
MCT | - | 62,123 | (25,000 | ) | 37,123 |
Montrose Merpro Alliance AFC | - | 3,814 | - | 3,814 |
Montrose Rotary Defib Fund | - | 4,593 | - | 4,593 |
96,005 | ( |
) |
TOTAL FUNDS | 96,005 | 203,112 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
15. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Restricted funds |
Montrose Youth FC | 74,826 | (71,737 | ) | 3,089 |
Montrose Amateur FC | 6,464 | (5,064 | ) | 1,400 |
Montrose Women FC | 9,523 | (6,649 | ) | 2,874 |
Montrose Walking FC | - | (429 | ) | (429 | ) |
Gill Park | 12,665 | (9,736 | ) | 2,929 |
Dementia Meeting Centre | 88,004 | (72,392 | ) | 15,612 |
MCT | 295,072 | (232,949 | ) | 62,123 |
Montrose Merpro Alliance AFC | 8,026 | (4,212 | ) | 3,814 |
Montrose Rotary Defib Fund | 4,593 | - | 4,593 |
( |
) | 96,005 |
TOTAL FUNDS | ( |
) | 96,005 |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.5.22 | in funds | funds | 30.4.23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 134,432 | (17,896 | ) | (78,555 | ) | 37,981 |
Restricted funds |
Restricted | 946 | - | 49,054 | 50,000 |
Montrose Youth FC | - | 2,662 | 15,432 | 18,094 |
Montrose Amateur FC | - | (68 | ) | 1,845 | 1,777 |
Montrose Women FC | - | (3,058 | ) | 759 | (2,299 | ) |
Montrose Walking FC | - | 41 | 554 | 595 |
Gill Park | - | (4,373 | ) | (1,861 | ) | (6,234 | ) |
Dementia Meeting Centre | - | (5,579 | ) | 12,772 | 7,193 |
946 | (10,375 | ) | 78,555 | 69,126 |
TOTAL FUNDS | 135,378 | (28,271 | ) | - | 107,107 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
15. | 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 | 45,215 | (63,111 | ) | (17,896 | ) |
Restricted funds |
Montrose Youth FC | 71,841 | (69,179 | ) | 2,662 |
Montrose Amateur FC | 1,804 | (1,872 | ) | (68 | ) |
Montrose Women FC | 37,461 | (40,519 | ) | (3,058 | ) |
Montrose Walking FC | 600 | (559 | ) | 41 |
Gill Park | 760 | (5,133 | ) | (4,373 | ) |
Dementia Meeting Centre | 190,976 | (196,555 | ) | (5,579 | ) |
303,442 | (313,817 | ) | (10,375 | ) |
TOTAL FUNDS | 348,657 | (376,928 | ) | (28,271 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.5.22 | in funds | funds | 30.4.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 134,432 | (17,896 | ) | (53,555 | ) | 62,981 |
Restricted funds |
Restricted | 946 | - | 49,054 | 50,000 |
Montrose Youth FC | - | 5,751 | 15,432 | 21,183 |
Montrose Amateur FC | - | 1,332 | 1,845 | 3,177 |
Montrose Women FC | - | (184 | ) | 759 | 575 |
Montrose Walking FC | - | (388 | ) | 554 | 166 |
Gill Park | - | (1,444 | ) | (1,861 | ) | (3,305 | ) |
Dementia Meeting Centre | - | 10,033 | 12,772 | 22,805 |
MCT | - | 62,123 | (25,000 | ) | 37,123 |
Montrose Merpro Alliance AFC | - | 3,814 | - | 3,814 |
Montrose Rotary Defib Fund | - | 4,593 | - | 4,593 |
946 | 85,630 | 53,555 | 140,131 |
TOTAL FUNDS | 135,378 | 67,734 | - | 203,112 |
MONTROSE COMMUNITY TRUST LTD |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
15. | MOVEMENT IN FUNDS - continued |
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 | 45,215 | (63,111 | ) | (17,896 | ) |
Restricted funds |
Montrose Youth FC | 146,667 | (140,916 | ) | 5,751 |
Montrose Amateur FC | 8,268 | (6,936 | ) | 1,332 |
Montrose Women FC | 46,984 | (47,168 | ) | (184 | ) |
Montrose Walking FC | 600 | (988 | ) | (388 | ) |
Gill Park | 13,425 | (14,869 | ) | (1,444 | ) |
Dementia Meeting Centre | 278,980 | (268,947 | ) | 10,033 |
MCT | 295,072 | (232,949 | ) | 62,123 |
Montrose Merpro Alliance AFC | 8,026 | (4,212 | ) | 3,814 |
Montrose Rotary Defib Fund | 4,593 | - | 4,593 |
802,615 | (716,985 | ) | 85,630 |
TOTAL FUNDS | 847,830 | (780,096 | ) | 67,734 |
16. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 30 April 2024. |