REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
MAKING MELDRUM BETTER CHARITY |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
MAKING MELDRUM BETTER CHARITY |
MAKING MELDRUM BETTER CHARITY |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 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 |
MAKING MELDRUM BETTER CHARITY (REGISTERED NUMBER: SC345312) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 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 31 July 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 aim of the charity is to advance citizenship and community development by giving grants to be used for the benefit of the community of Oldmeldrum and in particular provide opportunities for residents to participate fully in the life of their community. |
Significant activities |
The main activities of the charity are:- |
- | To distribute surplus funds raised by Making Meldrum Better Community Interest Company |
- | To raise money for the community of Oldmeldrum and surrounding rural district |
- | To give money to good causes in the community |
- | To fund community development activities |
- | To carry on any other activities which further any of the above objects |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Charity receives funds from Making Meldrum Better CIC. Profits arise from trading by The Meldrum Cafe which is run by volunteers. |
In December 2010 Making Meldrum Better CIC took over the lease of the Oldmeldrum Town Hall. |
We have been advertising to the community that funds are available to request. |
FINANCIAL REVIEW |
Principal funding sources |
Making Meldrum Better Community Interest Company provides the majority of the funding received. |
Reserves policy |
The company is not generally looking to build up significant reserves. To date the strategy has been:- |
- | to obtain the best bank interest rate possible in line with our operational needs |
- | to monitor the level of reserves and grant applications to ensure that reserves do not accumulate significantly above foreseeable needs. |
At 31 July 2024 the charity holds unrestricted reserves of £291. The trustees consider this level of funds will allow them to continue to distribute further grants in the future. |
The charity benefits indirectly from the donated services of our trading company Making Meldrum Better Community Interest Company |
- | Over 60 volunteers run the cafe including customer service, baking, soup making, shopping and cleaning. Approximately 130 hours per week. |
- | Book - keeping and cash management. Approximately 8 hours per week. |
- | Café and volunteer management - including compliance with all employment legislation and health and safety legislation as relevant to cafe operations and volunteers. Approximately 8 hours per week. |
- | Cafe equipment monitoring and minor repairs as required. |
- | Business planning and research for new developments are required (reviews of legislation, negotiations, applications, specifications) |
- | Attending community meetings and networking events. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is a company limited by guarantee and is governed by it's Articles and Memorandum of Association. |
Recruitment and appointment of new trustees |
The current trustees of the charity applied to be subscribers when the charitable company was incorporated. Trustees may be appointed at the annual general meeting by either the members or the existing directors provided that they are a member of the company and are wiling to act. The maximum number of directors is four. All directors retire from office at the annual general meeting and are eligible for re-election. |
MAKING MELDRUM BETTER CHARITY (REGISTERED NUMBER: SC345312) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2024 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Bain Henry Reid |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
FUTURE OUTLOOK |
After the easing of Covid-19 pandemic restrictions, the MMB Cafe resumed operations on a limited schedule in March 2022, while Townhall rentals began again in early 2023. We look forward to resuming our more active role in community funding distribution as our financial situation improves. Throughout 2023/24, we've seen encouraging growth in Townhall bookings, which has significantly strengthened the CIC's cash flow position. |
Given these circumstances, we have been unable to distribute funds to community initiatives during this period. Our primary focus remains on ensuring we can consistently meet the Townhall's operational expenses before resuming our community funding activities. |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
MAKING MELDRUM BETTER CHARITY |
I report on the accounts for the year ended 31 July 2024 set out on pages four to nine. |
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. |
Karen Gardiner |
The Institute of Chartered Accountants of Scotland |
Bain Henry Reid |
Chartered Accountants |
4 West Craibstone Street |
Bon-Accord Square |
ABERDEEN |
AB11 6YL |
24 April 2025 |
MAKING MELDRUM BETTER CHARITY |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
( |
) |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 22 |
MAKING MELDRUM BETTER CHARITY (REGISTERED NUMBER: SC345312) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS/(LIABILITIES) |
FUNDS | 7 |
Unrestricted funds | 22 |
TOTAL FUNDS | 22 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 |
MAKING MELDRUM BETTER CHARITY |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 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. |
Going concern |
The trustees are of the opinion that the charity has adequate resources to execute its operations over the next 12 months. The trustees have therefore made an informed judgement at the time of approving the accounts that the charity is a going concern. As a result, the trustees have continued to adopt the going concern basis of accounting in preparing the accounts. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
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. |
Debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Cash at bank and in hand |
Cash at bank and in hand includes cash on hand, demand deposits and other short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of similar account. |
Creditors |
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discounts due. |
Financial Instruments |
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
MAKING MELDRUM BETTER CHARITY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. |
3. | STAFF COSTS |
The average number of employees during the year was nil (2023 - nil). |
The charity has no key management personnel other than the trustees. Transactions with trustees are shown in note 2. |
4. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 22 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
MAKING MELDRUM BETTER CHARITY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accrued expenses |
7. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/8/23 | in funds | 31/7/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 22 | 269 | 291 |
TOTAL FUNDS | 269 | 291 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 99 | 170 | 269 |
TOTAL FUNDS | 269 |
Comparatives for movement in funds |
Net |
movement | At |
At 1/8/22 | in funds | 31/7/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 275 | (253 | ) | 22 |
TOTAL FUNDS | 275 | (253 | ) | 22 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 600 | (853 | ) | (253 | ) |
TOTAL FUNDS | 600 | (853 | ) | (253 | ) |
MAKING MELDRUM BETTER CHARITY |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1/8/22 | in funds | 31/7/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 275 | 16 | 291 |
TOTAL FUNDS | 275 | 16 | 291 |
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 | 699 | (683 | ) | 16 |
TOTAL FUNDS | 699 | (683 | ) | 16 |
8. | RELATED PARTY DISCLOSURES |
Making Meldrum Better Charity is a nominated charity for the company Making Meldrum Better Community Interest Company. |
During the year ended 31 July 2024 the company assigned outstanding accountancy fees of £600 (2023: £nil) to the charity. |
During the year ended 31 July 2024 the company donated £nil (2023: £600) to the charity by the way of assignation of outstanding accountancy fees. |
At 31 July 2024 there is a loan to the company of £1,097 (2023: £1,697). The loan has no set repayment terms and no interest is chargeable. |
9. | ULTIMATE CONTROLLING PARTY |
Throughout the year the charity was controlled by the trustees. |
10. | LEGAL STATUS |
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of the company winding up is limited to £1. |