The trustees present their annual report and financial statements for the year ended 30 June 2025.
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 governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
The principal objects of the charity are as follows:
- To advance citizenship and community development through activities and projects to carry out and further the following (or those which are aligned or akin) within and nearby the Community:-
- Promotion of Dunblane's history and heritage (and recognising the environment) through the preservation of Bank House (a category B listed original bank building) and working with other local groups, charities and organisations to promote events and increase visitors in order to promote such history and heritage
- Facilitating the gateway into the historic area of Dunblane and providing a meet-point for tours and encouraging visitors and engagement through venue provision
- Increasing access to the arts across all topics and genres in an inclusive manner
- Facilitating the provision of community space to provide a fully accessible and inclusive space for people, especially families, to meet, eat and feel part of the community
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Difference made to beneficiaries and wider society.
Whilst the Charity is still in the Development and build phase of the project and The Bank is not open , we have supported a number of local community events enabling The Dunblane Development Trust to use the building and the forecourt for open air events during the Extravaganza. We have engaged with a number of community organisations and charities to identify how The Bank can support their objectives when it is open. Our social media platforms continue to show rapid growth - from a total of 20 Facebook views for the whole of August 2024 to 58,928 views for August 2025. Website views are also increasing rapidly - from a few hundred per month last year to over 1800 in Aug 2025. Our mailing list has also grown and is now over 1400 people
Performance of fundraising activities
We have been successful in securing Community Ownership funding, and grants from Stafford Trust and Robert Barr Charitable Trust. We also successfully applied for UKSPF consultancy support via Stirling Voluntary Enterprise to fund an options appraisal for hospitality models. We have numerous other grant applications submitted that we are currently awaiting an outcome from. We are in the process of launching our Crowd funder in September and had a pre-launch event at Dunblane New Golf Club that was attended by over 100 people. This also included a number of community group members and local politicians expressing continued support for the charity.
Balanced picture of the charity’s progress against its objectives.
Building and refurb is going well, and we expect to complete Phase 1 before the end of the year and initiate Phase 2 in the New Year. Whilst fund raising is the most difficult aspect of the project we remain positive and have now over 1000 members , robust project plan , recruited a Centre Manager and have clear line of sight as to how we can close the funding gap through Grants, Crowd funder and potentially Social Loans.
Positive and negative factors that have affected the achievement of objectives and how future plans are affected.
The Board is prioritising its time on challenges related to the limited availability in capital funding and the development of a detailed Hospitality business plan to provide clear line of sight of how much revenue will be generated to satisfy any funders. The funding gap may necessitate a delayed opening until such times as the funding for Phase 2 is secured. However the Board are still confident that the combination of Grant applications ,crowd funder and Social Loan should close the gap in the next quarter.
During the year the charity received grant income of £447,000 and spent £5,730 on charitable activities resulting in a net surplus of £441,270.
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 between three and 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 throughout the year.
The charity is controlled by its governing document, a deed of trust and constitutes an incorporated charity.
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:
New trustees are recruited to the charity at the invitation of the existing trustees.
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 trustees' report was approved by the Board of Trustees.
I, Cassandra McFadzean, report on the financial statements of the charity for the year ended 30 June 2025, which are set out on pages 5 to 14.
It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.
My examination is 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 financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking 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 the course of 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 Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006
have not been met, or
2. 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.
Dunblane Square Limited is a private company limited by guarantee incorporated in Scotland. The registered office is The Coach House, Perth Road, Dunblane, Perthshire, FK15 0HX.
The company became a charity on 14 November 2024. The prior year accounts are restated in the Charities SORP FRS102 format since the company is now a charity.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)". The charity is a Public Benefit Entity as defined by FRS 102.
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 2024 income and expenses were shown inclusive of VAT. The company became VAT registered and reported VAT transactions relating to 2024. As a result there should have been a VAT debtor of £2,140 and the unrestricted deficit brought forward was overstated by £2,140.
Costs relating to property improvements were reported on the profit and loss account rather than the balance sheet. This means that the unrestricted deficit brought forward was overstated by a further £19,038.
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.
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:
Freehold land and assets in the course of construction are not depreciated.
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.
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.
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.
The average monthly number of employees during the year was:
There has been no depreciation recorded on the property because the residual value at least equals the carrying value.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year the charity entered into the following transactions with related parties:
The bank was bought from the Carman Family Foundation.
At the start of the financial year the charity owed the Carman Family Foundation £28,354. During the year further advances of £182,812 were received and repayments of £177,919 were made. As a result of these transactions the Carman Family Foundation were owed £33,247 at the end of the financial year.
Dr Carman is the chairman of the Carman Family Foundation.
The charity had no material debt during the year.