| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Prior Communities Limited |
| (A Company Limited by Guarantee) |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 30 September 2024 |
| for |
| Prior Communities Limited |
| (A Company Limited by Guarantee) |
| Prior Communities Limited |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Prior Communities Limited (Registered number: SC323549) |
| Report of the Trustees |
| for the Year Ended 30 September 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 September 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 objects of the charity are to further the advancement of education of the public in matters relating to financial management and responsibility, savings and debt control. |
| To achieve this object, the charity sets out to: |
| i. To encourage increased membership of credit unions by formulating a programme of education, presentations and talks. |
| ii. To enable people to develop and improve their skills in managing their own finances through membership of a credit union. |
| iii. To enable people to understand the benefits of membership to a credit union. |
| iv. To effectively promote the services of credit unions by speaking to groups within the local community who are most in need of financial help and advice. |
| v. To promote the benefits of credit union membership to financially excluded groups within the local community. |
| To conduct ongoing market research about the financial needs of people in the local community? |
| The strategies employed to achieve the charity's objectives are to accumulate reserves by fund raising activities and then using these funds to achieve the charity's objectives. |
| Reference has been made to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. |
| Significant activities |
| The charity has used the donations and grants received to fund an employee who has acted as a schools co-ordinator to assist in education relating to financial management. |
| STRATEGIC REPORT |
| Achievement and performance |
| Charitable activities |
| During the year the charity has raised funds which are to be used to fund its objectives of education in respect of financial management by continuing to employ a schools co-ordinator to assist in education relating to financial management . |
| Financial review |
| Financial position |
| During the year the charity received £2500 in unrestricted grants from the Robertson Trust (2023 £500 ). |
| There was also a grant from West Lothian Council Leader Fund of £1430 in the previous year. This was a restricted fund and was for the purchase of new equipment.This grant is being written off in line with depreciation on those |
| items purchased with these funds. |
| There have been donations from Caledonian Credit Union this year of £9246 (2023 £8479) and no other donations received ( 2023 £340). |
| The main expenditure has been on the wages paid to the schools co-ordinator together with other administrative expenses including promotional material. Total expenditure for the year amounted to £12033 (2023 £10021 ) . |
| This has resulted in a deficit of income over expenditure of £296 (2023 surplus £728). |
| Principal funding sources |
| The principal funding sources are grants and donations. |
| Prior Communities Limited (Registered number: SC323549) |
| Report of the Trustees |
| for the Year Ended 30 September 2024 |
| STRATEGIC REPORT |
| Financial review |
| Reserves policy |
| The charity's policy is to expend the majority of the income received on its charitable objectives and not hold large reserves. The reserves held at the end of the year were negative £112 ( 2023 positive £184).This consisted of negative unrestricted reserves of £970 (2023 negative £960) and positive restricted reserves of £858 (2023 £ 1144). |
| Free reserves were a negative figure of £970 (2023 negative £960) The intention is to build up its reserves to positive figures in the coming years. |
| The restricted fund noted in the accounts at the year end related to a grant received in 2023 of £1430 from the West Lothian Council Leader Fund for the purchase of new equipment.The grant has been used to buy a new laptop computer.The grant is being written off in line with depreciation on that item and stands at £858 (2023 £1144) at the year end. |
| Going concern |
| The trustees have considered the position regarding going concern .Despite having negative unrestricted funds at the year end,the trustees have looked at forecasts and are looking to obtain further grant funding. They have received assurances from the board of Caledonian Credit Union that they will cover any costs in the period in excess of funding/donations received , so the charity will have adequate resources to continue to operate for the foreseeable future. In addition expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for the preparation of these financial statements. |
| Principal risks and uncertainties |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to establish systems to mitigate those risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure compliance with legislation. |
| External risks relate largely to funding as a result of the economic climate resulting in difficulties in the charity supporting its projects especially with the downturn in the economy following the covid 19 pandemic The charity has sought to minimise these risks with the assistance of grants and by not committing to funding projects unless sufficient resources are in place and will also look to diversify funding if required. |
| The procedures are periodically reviewed to ensure they still meet the needs of the charity. |
| Future plans |
| The charity will continue to continue to fund an employee who will work with schools to assist in education relating to financial management.. The trustees will also look to obtain funding from other sources to continue the charity's work for the foreseeable future. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is a company limited by guarantee, incorporated on 11th May 2007, registered number SC323549 and registered as a charity on 1st June 2017. The company was established by a Memorandum of Association which established the objects and powers of the limited company and is governed by its Articles of Association. In the event of the company being wound up the members are required to contribute an amount not exceeding £1. |
| Recruitment and appointment of new trustees |
| To become a trustee of the charity you must deliver to the company an application for membership. No person can become a trustee unless they are approved by the Council of Management. There are currently three directors/trustees and no external trustees. |
| Organisational structure |
| The charity is run by the Council of management according to the Articles of the Company who make all decisions regarding strategic matters and expenditure. |
| Induction and training of new trustees |
| A policy for inducting and training new trustees has been agreed and training sessions will be given to new trustees to familiarise themselves with the charity and their obligations. |
| Key management remuneration |
| Remuneration of staff is governed by market rates. |
| Prior Communities Limited (Registered number: SC323549) |
| Report of the Trustees |
| for the Year Ended 30 September 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Related parties |
| The trustees of the charity are all related parties and are also all directors of Caledonian Credit Union Limited which donated £9246 (2023 £8479) to the charity during the year.The Credit Union also charged them a £10 membership fee in both the current and previous years .The charity received a dividend from the Credit Union of £1 (2023 £nil). |
| No monies were owing to Caledonian Credit Union at the year end (2023 nil). |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| David C Adams |
| Lindley Adams Limited Chartered Accountants |
| 28 Prescott Street |
| Halifax |
| West Yorkshire |
| HX1 2LG |
| Credit Union |
| Caledonian Credit Union |
| 2A Shiel Walk |
| Almondsbank Centre |
| Craigshill |
| Livingston |
| EH54 5EH |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of Prior Communities Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | make judgements and estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| Prior Communities Limited (Registered number: SC323549) |
| Report of the Trustees |
| for the Year Ended 30 September 2024 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
| Independent Examiner's Report to the Trustees of |
| Prior Communities Limited |
| I report on the accounts for the year ended 30 September 2024 set out on pages six to thirteen. |
| 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. |
| I am independent of the charity in accordance with the ethical requirements that are relevant to my independent examination of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities in circumstances as set out in note 13 to the financial statements, and I have fulfilled my other ethical responsibilities in accordance with these requirements. |
| David C Adams |
| The Institute of Chartered Accountants in England and Wales |
| Lindley Adams Limited Chartered Accountants |
| 28 Prescott Street |
| Halifax |
| West Yorkshire |
| HX1 2LG |
| 21 May 2025 |
| Prior Communities Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| Investment income | 3 |
| Total |
| EXPENDITURE ON |
| Charitable activities | 4 |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | ( |
) | ( |
) | 184 |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| Prior Communities Limited (Registered number: SC323549) |
| Balance Sheet |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Unrestricted | Restricted | Total | Total |
| fund | funds | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
| NET ASSETS | ( |
) | ( |
) |
| FUNDS | 12 |
| Unrestricted funds | ( |
) | (960 | ) |
| Restricted funds | 1,144 |
| TOTAL FUNDS | ( |
) | 184 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 |
| Prior Communities Limited |
| Notes to the Financial Statements |
| for the Year Ended 30 September 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. |
| Grant income is recognised in the income and expenditure account so as to match them with the expenditure to which they are intended to contribute and comply with any conditions attached to their receipt. |
| 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 each asset over its estimated useful life. |
| Computer equipment | - |
| 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. |
| The restricted fund noted in the accounts relates to monies received from the West Lothian Council Leader Fund which has the condition that the monies released must be used toward the purchase of new equipment. |
| Pension costs and other post-retirement benefits |
| The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
| Going Concern |
| The trustees have considered the position regarding going concern .Despite having negative unrestricted funds at the year end,the trustees have looked at forecasts and are looking to obtain further grant funding. They have received assurances from the board of West Lothian Credit Union that they will cover any costs in the period in excess of funding/donations received , so the charity will have adequate resources to continue to operate for the foreseeable future. In addition expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for the preparation of these financial statements. |
| Financial Instruments |
| The charity only has financial assets and financial 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. |
| Prior Communities Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | DONATIONS AND LEGACIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Donations |
| Grants |
| There were two grants received from the Robertson Trust amounting to £500 (2023 £500) in respect of cost of living increases and £2000 (2023 £ nil) from the Robertson Trust " wee grants". Both grants were unrestricted. |
| The grant from West Lothian Council Leader Fund of £1430 in 2023 was a restricted fund and was for the purchase of new equipment.This grant is being written off in line with depreciation on those items. |
| 3. | INVESTMENT INCOME |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Dividends receivable | 1 | - |
| 4. | CHARITABLE ACTIVITIES COSTS |
| Support |
| Direct | costs (see |
| Costs | note 5) | Totals |
| £ | £ | £ |
| General | 11,054 | 989 | 12,043 |
| 5. | SUPPORT COSTS |
| Governance |
| costs |
| £ |
| General | 989 |
| Support costs, included in the above, are as follows: |
| Governance costs |
| 30.9.24 | 30.9.23 |
| Total |
| General | activities |
| £ | £ |
| Accountancy | 330 | 346 |
| Independent Examination | 659 | 692 |
| 989 | 1,038 |
| Prior Communities Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Depreciation - owned assets |
| Deficit on disposal of fixed assets |
| 7. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. |
| 8. | STAFF COSTS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Wages and salaries |
| Other pension costs |
| 8,522 | 7,715 |
| The average monthly number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Schools co-ordinator |
| 9. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted | Restricted | Total |
| fund | funds | funds |
| £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Charitable activities |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | (544 | ) | - | ( |
) |
| TOTAL FUNDS CARRIED FORWARD | (960 | ) | 1,144 | 184 |
| Prior Communities Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 October 2023 and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Accrued expenses |
| 12. | MOVEMENT IN FUNDS |
| Net |
| At | movement | At |
| 1.10.23 | in funds | 30.9.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (960 | ) | (10 | ) | (970 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | 1,144 | (286 | ) | 858 |
| TOTAL FUNDS | (296 | ) | (112 | ) |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 11,747 | (11,757 | ) | (10 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | - | (286 | ) | (286 | ) |
| TOTAL FUNDS | ( |
) | (296 | ) |
| Prior Communities Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
| Net |
| At | movement | At |
| 1.10.22 | in funds | 30.9.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (544 | ) | (416 | ) | (960 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | - | 1,144 | 1,144 |
| TOTAL FUNDS | (544 | ) | 728 | 184 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 9,319 | (9,735 | ) | (416 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | 1,430 | (286 | ) | 1,144 |
| TOTAL FUNDS | 10,749 | (10,021 | ) | 728 |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| At | movement | At |
| 1.10.22 | in funds | 30.9.24 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | (544 | ) | (426 | ) | (970 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | - | 858 | 858 |
| TOTAL FUNDS | (544 | ) | 432 | (112 | ) |
| Prior Communities Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 12. | 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 | 21,066 | (21,492 | ) | (426 | ) |
| Restricted funds |
| West Lothian Council Leader Fund | 1,430 | (572 | ) | 858 |
| TOTAL FUNDS | 22,496 | (22,064 | ) | 432 |
| Restricted funds from the West Lothian Council Leader Fund relate to grants received in respect of capital items which are being written off in line with depreciation on those items. |
| 13. | RELATED PARTY DISCLOSURES |
| The trustees of the charity are all related parties and are also all directors of Caledonian Credit Union Limited which donated £9246 (2023 £8479) to the charity during the year.The Credit Union also charged them a £10 membership fee in both the current and previous years .The charity received a dividend from the Credit Union of £1 (2023 £nil). |
| No monies were owing to Caledonian Credit Union at the year end (2023 nil). |
| 14. | NON INDEPENDENT EXAMINERS SERVICES |
| In common with many other charities of our size and nature, we use our independent examiners to prepare and submit returns to the tax authorities and assist us with the preparation of the financial statements. |