The Directors present their annual report and financial statements for the year ended 31 December 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 Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), Companies Act 2006 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 2019).
The company has as its objectives:-
a) The provision of recreational facilities, the organisation of recreational activities and the provision of fellowship, friendship and support services with the object of improving the condition of life for the people for whom the facilities, activities, fellowship and support are primarily intended.
b) The advancement of the work of Church mission worldwide through the support, financial and otherwise, of those actively involved in spreading the knowledge of God as contained in the Bible.
Towards the end of 2023 the directors agreed that 2024 would be the last year of Superb Choice Club Ltd. The number of holidays we were able to run had been declining steadily over recent years as had the number of those able to devote enough time to organise and lead these events. Nevertheless, with this decision in the background we set about completing the 2024 holiday programme as plans for these were already well advanced. Seven holidays to various destinations at home and abroad took place and were greatly enjoyed by all those attending.
However, a minority of our members felt the Club should continue and called an Extraordinary General Meeting to put a proposal to that effect to the vote. The Board disagreed and at the EGM in Perth on 21st September this proposal was defeated by a very substantial majority.
Following this clear decision by the members, and as required by our Articles of Association, suggestions as to how any remaining Club funds should be disbursed were brought by the directors to the Annual General Meeting on 19th October. These were agreed by the members.
It is now the directors’ intention to initiate all the necessary legal procedures required for closure. Application will be made to OSCR for permission to wind up, and if obtained we will then apply to Companies House to be struck off.
Per the Statement of Financial Activities on page 4, the charity reported Net Expense (i.e. a Deficit) for the year of £21,686 (2023 - Deficit £3,981) comprising (1) a £21,323 operating Deficit within the General Fund (Unrestricted), and (2) a £363 Deficit within the Project Fund (Restricted). At 31 December 2024, the charity had total reserves of £81,930.
Reserves policy
It is the policy of the charity to maintain Unrestricted Funds (funds not committed or invested in fixed assets) at a level sufficient to make advance payments to suppliers, thus ensuring that members' advance payments are ring-fenced and available for refund should this be necessary and also to ensure that there is sufficient working capital to finance and maintain ongoing operations. At 31 December 2024, Unrestricted Funds per the General Fund (page 4) amounted to £81,930 which was considered by the Directors to be adequate for the foregoing purposes.
Grant making policy
The charity makes grants to organisations that are generally known to the Directors. The beneficiaries are involved in activities or ministries compatible with the charity's objectives.
Risk management
The Directors assess the major risks to which the charity is exposed on an ongoing basis and have established procedures to mitigate those that are identified as a result of those reviews.
The charity is a company limited by guarantee (No.SC404056) and a recognised Scottish charity (No.SC042497), governed by its Memorandum and Articles of Association.
The Directors who served during the year and up to the date of signature of the financial statements were:
Appointment of Directors
In accordance with Article 49 of the Articles of Association, all the Directors shall serve for a period of 4 years, at the end of which they shall retire from Office, but shall then be eligible for re-election. Members may elect any member to the board, providing he/she is willing to act.
Article 51 of the Articles of Association cease to have effect.
Organisational Structure
The Directors are responsible for the administration and financial affairs of the charity. The Directors serve the charity on a voluntary basis.
The Directors' report was approved by the Board of Directors.
I report on the financial statements of the charity for the year ended 31 December 2024, which are set out on pages 4 to 14.
The charity’s Directors, who also act as Trustees for the charitable activities of Superb Choice Club Limited, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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 Directors 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 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 financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
Matters which have come to my attention
The accounts are prepared on a non-going concern basis as the Directors have made the decision to wind up the charity or as highlighted in the Directors Report.
No other matter has come to my attention in connection with my examination 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.
Superb Choice Club Limited is a private company limited by guarantee incorporated in Scotland. The registered office and principal place of business is 43 Longcraigs Avenue, Ardrossan, KA22 7PU.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), Companies Act 2006 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 2019). 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.
The accounts are prepared on a non-going concern basis as the Directors have made the decision to wind up the charity or as highlighted in the Directors Report.
Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the Directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors 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.
Cash donations 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 is recognised at the time of the donation.
Income from Charitable Activities
Income from charitable activities includes income earned both from the supply of goods or services under contractual arrangements and from performance-related grants which have conditions that specify the provision of particular goods or services to be provided by the charity. Income from charitable activities is recognised as earned (as the related goods or services are provided).
Gift Aid
Income tax recoverable on Gift Aid donations is recognised when the respective donation has been recognised and the recoverable amount of income tax can be measured reliably; this is normally when the donor has completed the relevant Gift Aid declaration form. Income tax recoverable on Gift Aid donations is allocated to the same fund as the respective donation unless specified by the donor.
Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
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 settlement will be required and the amount of the obligation can be measured or estimated reliably.
Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Charitable activities
Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.
Grant expenditure
Grants payable are made to third parties in the furtherance of the charitable objects. The award of a grant is recognised as a liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably and there are no conditions attaching to its payment that limit recognition.
Governance costs
Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
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.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
In the application of the charity’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There were no individuals employed by the charity during the year.
The Directors are all volunteers and receive no remuneration or benefits in lieu. A holiday allowance of up to five-eighths of the holiday cost is given to every person who leads a holiday. Where a Director volunteers to undertake this responsibility, they receive the same allowance. This allowance had to be used for the holiday led or it lapsed. See also Note 16.
The average monthly number of employees during the year was:
Purpose of Restricted Funds
Project Fund
Represents funds to subsidise holiday costs to members who, in the opinion of the Directors, have not been able to holiday for financial reasons. The income comes mainly from the donations of the other members. Transfer in the year represents the balance of the fund being transferred to the general fund on the wind up of the charity.
These are the designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:
Purpose of Designated Funds
Package Travel Directive Fund
The Package Travel Directive Fund represents funds set aside (transferred from the General Fund) by the Directors to cover any expenses incurred as a result of the new (2018) EU Travel Directive. Transfer in the year represents the balance of the fund being transferred to the general fund on the wind up of the charity.
There were no disclosable related party transactions during the year (2023 - none).
The company is limited by guarantee and has no share capital. In the event of the company being wound up, the liability of the members is limited to £1.