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REGISTERED COMPANY NUMBER: SC398281 (Scotland)
REGISTERED CHARITY NUMBER: SC042872














Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 April 2024

for

Caledonian Foundation

Caledonian Foundation






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Balance Sheet 5

Notes to the Financial Statements 6 to 9

Caledonian Foundation (Registered number: SC398281)

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).

The Caledonian Foundation was formed to pioneer and provide affordable debt-free housing solutions for communities through the use of the Micro Equity Home Ownership (MEHO) model.

The Caledonian Foundation aims to provide organisations and communities with the tools and support required to realise the full potential of this new approach to:

- Provide affordable housing for homeless people
- Help and support people threatened by repossession to retain their homes
- Help individuals and families to achieve their goals of owning their own homes
- Create improved community facilities

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives for the year were:
- Revise MEHO financial model to align with current housing market.
- Review strategy to begin pilot project.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
Activities to achieve objectives for the year:
1) Revise MEHO financial model.
- Researched current property market values and rental values.
- Incorporated new values into MEHO financial model to show the model is still financially viable.

2) Review strategy to begin pilot project.

- Set our own crowdfunding website to issue community shares to raise capital for pilot projects in each
of the capital cities: London, Edinburgh, Cardiff and Belfast.


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.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC398281 (Scotland)

Registered Charity number
SC042872

Registered office
20 Gilmore Place
EDINBURGH
EH3 9NQ

Trustees
R Lo
D Turner
Mrs G Turner
J A Andrew
Ms S J Macleod

Caledonian Foundation (Registered number: SC398281)

Report of the Trustees
for the Year Ended 30 April 2024


REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
J S Accounting Services Limited
13-15 Morningside Drive
EDINBURGH
EH10 5LZ

Approved by order of the board of trustees on 28 January 2025 and signed on its behalf by:





R Lo - Trustee

Independent Examiner's Report to the Trustees of
Caledonian Foundation

Independent examiner's report to the trustees of Caledonian Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 April 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








June Sinclair

J S Accounting Services Limited
13-15 Morningside Drive
EDINBURGH
EH10 5LZ

28 January 2025

Caledonian Foundation

Statement of Financial Activities
for the Year Ended 30 April 2024

30.4.24 30.4.23
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 800

EXPENDITURE ON


Other 360 301

NET INCOME/(EXPENDITURE) (360 ) 499


RECONCILIATION OF FUNDS
Total funds brought forward 72,153 71,654

TOTAL FUNDS CARRIED FORWARD 71,793 72,153

Caledonian Foundation (Registered number: SC398281)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Unrestricted Total
fund funds
Notes £    £   
CURRENT ASSETS
Debtors 4 4,010 4,010
Cash at bank 67,783 68,143
71,793 72,153

NET CURRENT ASSETS 71,793 72,153

TOTAL ASSETS LESS CURRENT
LIABILITIES

71,793

72,153

NET ASSETS 71,793 72,153
FUNDS 5
Unrestricted funds 71,793 72,153
TOTAL FUNDS 71,793 72,153

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.

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 28 January 2025 and were signed on its behalf by:





R Lo - Trustee

Caledonian Foundation

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.

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.

2. 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.



Caledonian Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£   
INCOME AND ENDOWMENTS FROM
Donations and legacies 800

EXPENDITURE ON


Other 301

NET INCOME 499


RECONCILIATION OF FUNDS
Total funds brought forward 71,654

TOTAL FUNDS CARRIED FORWARD 72,153

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Other debtors 4,010 4,010

5. MOVEMENT IN FUNDS
Net
movement At
At 1.5.23 in funds 30.4.24
£    £    £   
Unrestricted funds
General fund 72,153 (360 ) 71,793

TOTAL FUNDS 72,153 (360 ) 71,793

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund - (360 ) (360 )

TOTAL FUNDS - (360 ) (360 )


Caledonian Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.5.22 in funds 30.4.23
£    £    £   
Unrestricted funds
General fund 71,654 499 72,153

TOTAL FUNDS 71,654 499 72,153

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 800 (301 ) 499

TOTAL FUNDS 800 (301 ) 499

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.5.22 in funds 30.4.24
£    £    £   
Unrestricted funds
General fund 71,654 139 71,793

TOTAL FUNDS 71,654 139 71,793

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 800 (661 ) 139

TOTAL FUNDS 800 (661 ) 139


Caledonian Foundation

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 April 2024.