| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| FOR |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| Page |
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 | to | 11 |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED (REGISTERED NUMBER: SC646049) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 AUGUST 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 August 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 charitable company was formed to support the activities of the community of interest among the local church groups operating under the governance of Catalyst Vineyard Church (charity number SC012824), by acquiring buildings for use by Catalyst Vineyard Church in the localities in which it operates, currently in Aberdeen, Inverurie, Ellon, Stonehaven, Laurencekirk and Peterhead. |
| Catalyst Community Regeneration Company's charitable purposes are the advancement of the Christian religion for the public benefit through the provision of resources to the community of interest for outreach and for social transformation, motivated by a response to the Christian gospel. Its activities include the prevention or relief of poverty, the advancement of religion, community development, and the relief of those in need. |
| ACHIEVEMENT AND PERFORMANCE |
| During the period the refurbishment programme of the former Laurencekirk Community Centre progressed, although with considerable slippage in delivery schedule by the main contractor which led to a decision to award the Phase 3 workscope to a separate nominated contractor along with some of the joinery work from Phase 2. By the end of the financial year the project was close to completion, with preparations underway for the first public church service on 8th September 2024. |
| FINANCIAL REVIEW |
| The charitable company was awarded a Community Ownership Fund grant from the Department for Levelling Up, Housing and Communities towards the cost of the refurbishment project of £153,000 in capital funding and £30,000 in revenue funding. A grant was also received towards the costs of the heating system from the Scottish government's Community and Renewable Energy Scheme through Local Energy Scotland. |
| A rental agreement was put in place in September 2024 to provide for the use of the building by Catalyst Vineyard Church, under which all costs are paid for by Catalyst Vineyard Church. |
| Reserves Policy |
| The company will maintain sufficient reserves to meet 3 months of non-discretionary commitments. |
| FUTURE PLANS |
| The charitable company will evaluate further possible property acquisitions under the asset transfer process to support other congregations of Catalyst Vineyard Church. |
| 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. |
| Risk management |
| The legal structure as a company limited by guarantee is seen as a key element in managing the risks of the charity in its activities. |
| A secure online banking service with CAF Bank is in place. |
| Insurance policies are in place to cover the main insurable risks, including buildings and content cover and civil liability. |
| The charity engages appropriate professional services for legal, property valuation, financing of property purchases and property development for potential future property acquisitions, to ensure that risks associated with these activities are managed. |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED (REGISTERED NUMBER: SC646049) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| In order to make use of the asset transfer mechanism under the Community Empowerment Act 2015, the company's articles comply with the requirements for a community-controlled body under the Act based on a community of interest as provided for in the Act. |
| In compliance with the Act, membership is open to any person who is a member of the community of interest. A requirement of the Act is that the company must have a minimum of 20 members, the majority of whom are members of the community of interest. The current members are people with active roles in Catalyst Vineyard Church in the delivery of social and community transformation activities. |
| The members have control of the company through voting rights at General Meetings including the appointment of board members. The trustee directors are also members of the community of interest. All of the existing directors were re-appointed by unanimous decision of the members at an AGM on 14th November 2024 and M Du Plessis was appointed as a director on 3rd March 2025 (after the financial period). |
| Director | Date appointed | Date resigned |
| J Purdie | 5 November 2019 |
| I Ferguson | 31 October 2022 |
| C Freeland | 31 October 2022 |
| N McKibben | 31 October 2022 | 01 May 2025 |
| S Glazier | 31 October 2022 |
| N Robinson | 18 September 2023 |
| M Du Plessis | 3 March 2025 |
| All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. |
| Pay policy for trustee directors and staff |
| No payments are made to the trustees or to connected persons, other than the reimbursement of out-of-pocket expenses. The articles make provision for the company to employ staff for the proper conduct of the activities of the company, in which case remuneration would be made under the terms of a bona fide contract of employment. |
| Staff |
| The company currently has no employees. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED (REGISTERED NUMBER: SC646049) |
| REPORT OF THE TRUSTEES |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Independent Examiner |
| Graham W Thomson |
| Bain Henry Reid |
| Chartered Accountants |
| 4 West Craibstone Street |
| Bon-Accord Square |
| ABERDEEN |
| AB11 6YL |
| Bankers |
| Kings Hill |
| West Malling |
| Kent |
| ME19 4JQ |
| Solicitors |
| Raeburn Christie Clark & Wallace LLP |
| 12-16 Albyn Place |
| Aberdeen |
| AB10 1PS |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| I report on the accounts for the year ended 31 August 2024 set out on pages five to eleven. |
| 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. |
| Graham W Thomson |
| The Institute of Chartered Accountants of Scotland |
| Bain Henry Reid |
| Chartered Accountants |
| 4 West Craibstone Street |
| Bon-Accord Square |
| ABERDEEN |
| AB11 6YL |
| 26 May 2025 |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income | 2 |
| Other income |
| Total |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| Transfers between funds | 8 | 217,439 | (217,439 | ) | - | - |
| Net movement in funds | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | (4,160 | ) |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED (REGISTERED NUMBER: SC646049) |
| BALANCE SHEET |
| 31 AUGUST 2024 |
| 2024 | 2023 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| CURRENT ASSETS |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| FUNDS | 8 |
| Unrestricted funds | (4,160 | ) |
| Restricted funds | - |
| TOTAL FUNDS | (4,160 | ) |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 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. |
| Rental income is recognised in the period to which it relates. |
| Income from government and other grants whether 'capital' grants or 'revenue' grants, is recognised when the charity is entitled to the funds, any performance conditions attached to the grants have been met, 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. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less the estimated residual value of each asset over its estimated useful life. |
| Freehold property | - not provided |
| Improvements to property | - not provided |
| Office furniture & equipment | - 20% on reducing balance |
| Computer & AV equipment | - 20% on reducing balance |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. |
| Restricted funds are subject to specific conditions by donors as to how they may be used. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Useful economic lives of tangible fixed assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
| Property valuation |
| At each reporting end date, the company reviews the carrying amounts of its property to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 2. | INVESTMENT INCOME |
| 2024 | 2023 |
| £ | £ |
| Deposit account interest |
| 3. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| 4. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | fund | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Investment income |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | (2,104 | ) | - | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | (4,160 | ) | - | (4,160 | ) |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Improvements | Office | Computer |
| Freehold | to | furniture | & AV |
| property | property | & equipment | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| Charge for year |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other creditors |
| Due to connected party | 158,674 | 158,661 |
| Accrued expenses |
| 8. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1/9/23 | in funds | funds | 31/8/24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (4,160 | ) | (3,007 | ) | 217,439 | 210,272 |
| Restricted funds |
| Community Hub fund | - | 221,362 | (217,439 | ) | 3,923 |
| TOTAL FUNDS | ( |
) | 218,355 | 214,195 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 631 | (3,638 | ) | (3,007 | ) |
| Restricted funds |
| Community Hub fund | 247,439 | (26,077 | ) | 221,362 |
| TOTAL FUNDS | ( |
) | 218,355 |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1/9/22 | in funds | 31/8/23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (2,104 | ) | (2,056 | ) | (4,160 | ) |
| TOTAL FUNDS | (2,104 | ) | (2,056 | ) | (4,160 | ) |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 163 | (2,219 | ) | (2,056 | ) |
| TOTAL FUNDS | 163 | (2,219 | ) | (2,056 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1/9/22 | in funds | funds | 31/8/24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | (2,104 | ) | (5,063 | ) | 217,439 | 210,272 |
| Restricted funds |
| Community Hub fund | - | 221,362 | (217,439 | ) | 3,923 |
| TOTAL FUNDS | (2,104 | ) | 216,299 | - | 214,195 |
| 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 | 794 | (5,857 | ) | (5,063 | ) |
| Restricted funds |
| Community Hub fund | 247,439 | (26,077 | ) | 221,362 |
| TOTAL FUNDS | 248,233 | (31,934 | ) | 216,299 |
| CATALYST COMMUNITY REGENERATION COMPANY |
| LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
| 8. | MOVEMENT IN FUNDS - continued |
| Restricted funds |
| Community Hub Fund - this was set up to purchase and refurbish buildings in the communities where our churches are based. |
| 9. | RELATED PARTY DISCLOSURES |
| The following amounts were outstanding at the reporting end date: |
| Amounts owed to related parties | Amounts owed to related parties |
| 2024 | 2023 |
| £ | £ |
| Catalyst Vineyard Church | 158,674 | 158,661 |
| 158,674 | 158,661 |
| Catalyst Vineyard Church is a connected company as during the year under review all the directors of Catalyst Community Regeneration Company were also directors of the Church. The outstanding balance at 31 August 2024 was an inter-company loan. The loan is secured against Laurencekirk Community Centre, 148-152 High Street, Laurencekirk, AB30 1BL and an agreement is in place dated 20 June 2022 for a loan not exceeding £175,000. No interest is chargeable on the loan. |