The Trustees present their annual report and financial statements for the year ended 30 September 2024.
The accounts have been prepared in accordance with the accounting policies set out in note 1.1 to the accounts 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) 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).
The Trustee's main aims of the charity are to promote a public understanding and appreciation of photography as an art and a means of communication, in particular to raise awareness of the challenges faced by the most vulnerable in society through the use of the highest quality documentary material including stills photography, video and audio. As well as to advance equality, diversity, challenge thinking, increase awareness, seek to increase inclusion and reduce stigma. The charity also aims to advance education through the creation of educational packages which highlight the challenges faced by the most vulnerable in society encouraging inclusiveness.
The Trustees have paid due regard to guidance issued by OSCR in deciding what activities the Charity should undertake.
During our first year The Trustees have focussed on developing our educational materials in conjunction with the charity Down's Syndrome Scotland. The Trustees have reached agreement to run a pilot within 4 Aberdeenshire Schools and now have a formal agreement with full ethics approval with St Andrews University Centre for Minorities Research. The Trustees have secured an initial funding connection with the Northwood Trust who committed to £10,000 in year one and a further £10,000 in year two. The Trustees fund raising efforts have been modest as we confirm the potential of our concept. The outlook is positive.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained and due to the fund raising efforts of The Trustees, the charity has secured £10,000 of funding for each of the next two years and so The Trustees are confident that the charity will be able to maintain this level of reserves going forward.
Our pilot trial has reached 220 pupils and the impact has been positive. St Andrews will now produce a report, white paper and other collateral so that The Trustees can report our success and encourage broader uptake across Aberdeenshire Council and other areas. The Trustees have had an initial meeting with a representative of Education Scotland. Our findings will be presented at a major Scottish conference on learning difficulties in October 25. The Trustees are now starting our planning to add our first employee and working with schools to fine tune our educational packs. The Trustees are very excited by the future as The Trustees have shown our concept is effective, unique and that it has an impact on empathy around diversity and inclusion in schools.
The Charity is a company limited by guarantee without share capital.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Michelle Ferguson was known to the founding Trustee as she photographed her daughter who has Down's Syndrome. Michelle is former chair of Down's Syndrome Scotland and so brings great understanding and compassion to the role. She recently retired as fund raiser for Radio Northsound children's charity and is helping us to fund raise.
Elaine Sutherland has over 30 years of experience in HR with a global company. She has also retired and the founding Trustee knew her from his main employment.
Leon Wilkes has helped since the early formation of Really Real Resources.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The charity's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code
(copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The charity's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the charity's contractual and other legal obligations.
At the year end the charity was not due to pay anything to it's trade creditors.
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the Charity for the year ended 30 September 2024, which are set out on pages 4 to 11.
The Charity’s Trustees, who are also the directors of Really Real Resources for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees 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 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 financial statements.
In connection with my examination, no matter has come to my attention:
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;
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.
Really Real Resources is a private company limited by guarantee incorporated in Scotland. The registered office is Southerton, Dalginross, Comrie, PH6 2EG.
These financial statements represent a year from 1 October 2023 to 30 September 2024. The comparatives represent a period from 1 August 2022 to 30 September 2023 and as such the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
The financial statements have been prepared in accordance with the Charity's [governing document], the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities 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.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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. 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 or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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 the statement of financial activities.
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets 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).
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.
Really Real Resources is exempt from tax on income and gains fully within section 505 of the Tax Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to charitable objectives.
Creditors and provisions
Creditors and provisions are recognised where there is 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 obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
In the application of the Charity’s accounting policies, the Trustees 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.
Grant income
Costs of generating voluntary income
Costs of generating voluntary income
Website development
Sundry expenses
Printing & stationery
IT costs
Staff training
Telephone
Consultancy
Rent
The average monthly number of employees during the year was:
There were no disclosable related party transactions during the year (2023 - none).