Charity registration number SC014961 (Scotland)
Company registration number SC097367
TRANSFORM COMMUNITY DEVELOPMENT
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TRANSFORM COMMUNITY DEVELOPMENT
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Iain MacRae
Ron Gabriel
Malcolm Starling
Hans Grabowski
Carlene Cura
(Appointed 13 August 2025)
Senior Management
Bryan Smith
Chief Executive Officer
Eileen Murray
Business Support Manager
Catherine McLaren
Housing Support Manager
David Nicoll
Social Enterprise Manager
Charity number (Scotland)
SC014961
Company number
SC097367
Registered office
Transform House
95 Douglas Street
Dundee
DD1 5AZ
Auditor
Findlays Audit Limited
11 Dudhope Terrace
Dundee
DD3 6TS
Bankers
The Royal Bank of Scotland
3 High Street
Dundee
DD1 9LY
Solicitors
Lindsays
Seabraes House
18 Greenmarket
Dundee
DD1 4QB
TRANSFORM COMMUNITY DEVELOPMENT
CONTENTS
Page
Trustees' report
1 - 4
Statement of trustees' responsibilities
5
Independent auditor's report
6 - 9
Statement of financial activities
10 - 11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
TRANSFORM COMMUNITY DEVELOPMENT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 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 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)" (effective 1 January 2019).

OBJECTIVES & ACTIVITIES

Transform Community Development is a charitable company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association. Company No SC097367, Charity No SC014961.

The main areas of charitable activity are the provision of accommodation and support services, outreach work, resettlement work and the operation of food redistribution as a volunteering opportunity for clients and the wider community.

The organisation has five main objectives:

- To promote the health and welfare, and to advance the education and skills, of the inhabitants of Dundee and the surrounding areas by any means deemed appropriate.

- To relieve hardship and distress, without distinction of race, age, sex, or political or religious beliefs.

- To provide, operate, and manage accommodation and other facilities considered necessary or appropriate for the relief or assistance of single homeless individuals in Dundee and the surrounding areas.

- To advise on, promote, encourage, or assist in the provision of, or research into, the health, welfare, social, and charitable needs of the inhabitants of Dundee and the surrounding areas, and to raise public awareness of these matters.

- To develop schemes and initiatives that promote, manage, and implement facilities for waste minimisation, recycling, and other environmental improvements that support sustainability, and to encourage educational projects on recycling and waste management for public benefit.

To achieve these objectives, the organisation carries out charitable activities through the provision of temporary accommodation, a Housing First programme, and the operation of food redistribution and furniture programmes. The latter two initiatives also provide volunteering and employability opportunities for both service users and the wider community.

ACHIEVEMENTS & PERFORMANCE

As with previous years the organisation continues to support vulnerable adults and groups across the region. This year we again assisted more than one thousand individuals in moving on in their lives addressing many complex issues, whether that is through direct support or advice, the provision of food and/or furniture.

Our housing first programme continues to be at the forefront of tackling and preventing homelessness with the city, at the time of writing the programme is actively working with 82 individuals.

Brewery Lane continues to support twenty-two individuals in preparation for independent or less supported tenancies and has supported 144 individuals over the entirety of the year to this end.

Our FareShare Tayside & Fife food redistribution project has once again increased the volumes of food being redistributed from our depot and now is assisting approximately 134 different community organisations across the region.

TRANSFORM COMMUNITY DEVELOPMENT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

Transform Furniture continues to provide furniture for individuals, families moving into new tenancy and assisted 378 this year. We also sell low-cost, high-quality furniture to the general public through our retail outlet in Dundee and are increasing upcycling and the sale of unique pieces of furniture.

Development and future activities

The organisation is continuing to working close ly with Dundee City Council, Dundee Health & Social Care partnership and partners to devise and deliver a successor to the city’s Rapid Rehousing Transition Plan. This will see the continued development and re-imagining of the Housing First model; to meet the challenges we face in term homelessness and housing support within the city, including the Corra Foundation funded Recovery Worker which is funded for until August 2027. To accommodate these developments, we are planning to increase office capacity within Alasdair Macqueen House by building an extension within the warehouse which will be funded via use of reserves.

Following some significant renovation works at our Brewery Lane temporary accommodation, we are now working with commissioners to strengthen the service delivery model to ensure that it meets the needs of those who use the service.

Transform Furniture continue to develop strategies to increase income and opportunities. We working with community partners to develop volunteering and employability opportunities for those with an interest in furniture repair and upcycling.

FareShare Tayside & Fife has actively supported Community Food Members (CFMs) across Tayside, Fife and Clackmannanshire by supplying high quality surplus food. In this financial year we have supplied the equivalent of 1,984,495 meals to CFMs. We continue to look at opportunities to further develop the product we receive to make it more acceptable to CFMs.

In the coming year we anticipate access to increase product through the forthcoming merger between FareShare and the Felix Project, which will form a single organisation with greater reach, strength and national impact.

FINANCIAL REVIEW

Income streams remained broadly in line with expectations throughout the year, with occupancy levels at the accommodation unit, 10 Brewery Lane, consistently maintained within the 5% void assumption used in the organisational budgets.

The charity recorded a deficit for the year of £641,867 (2024: surplus of £10,598), arising primarily from a one-off, non-cash impairment of the charity’s head office property, Al a sdair Macqueen House, 95 Douglas Street, Dundee. The impairment followed an external valuation by Graham & Sibbald, Chartered Surveyors (18 August 2025), which identified a reduction in the property’s market value compared with its historic carrying amount. This accounting adjustment ensures the property is reflected at a prudent value in the balance sheet but has no impact on the charity’s cash position or operational performance. Excluding this exceptional item, the charity’s underlying activities generated a surplus of £74,488.

Total reserves at 31 March 2025 stood at £1,852,497 (2024: £2,494,364), comprising restricted reserves of £37,838 (2024: £294,888) and designated funds of £150,000 (2024: £150,000) set aside for specific future costs. Despite the accounting deficit, the trustees remain satisfied that the charity retains a strong balance sheet and adequate unrestricted reserves to support continued operations and future commitments.

Going concern

The trustees have reviewed the charity’s financial position, including cash flow projections, reserves, and commitments. Based on this review, the trustees are satisfied that there are no material uncertainties and that the charity remains a going concern for the foreseeable future.

TRANSFORM COMMUNITY DEVELOPMENT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Reserves policy

The trustees have established a policy that unrestricted funds not committed or invested in fixed assets (“free reserves”) should be maintained at £350,000, representing approximately three months of operational expenditure.

As at 31 March 2025, the charity held total unrestricted reserves of £1,814,659, of which £150,000 was designated for the maintenance of property leased from Dundee City Council. After accounting for designated funds and unrestricted fixed assets, free reserves amounted to £1,163,036, comfortably exceeding the target level.

Risk management

A risk assessment is carried out regularly in relation to the strategic, operational and financial risks which the charitable company faces and systems have been established to enable regular reports to be produced so that any necessary steps can be taken to lessen these risks, including new protocols and insurance cover has been implemented to mitigate the impact of increased threat of cyber-attack or data breaches.

This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors and creditors balances to ensure sufficient working capital by the charity.

Attention has also been focused on non-financial risks arising from fire, health & safety, Infection control and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place, and regular awareness training for staff working in these operational areas. We also have scheduled contracted annual external risk audits by our insurers (AJ Gallagher), employment advisors (Bright Safe) and FareShare UK (Work Nest).

All policies and procedures are reviewed on an annual basis to ensure they meet the regulatory standards set out by commissioners and regulatory bodies e.g., Care Inspectorate. A full inspection was carried out in July 2024.

STRUCTURE, GOVERNANCE & MANAGEMENT

Transform Community Development is a charitable company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association.

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:

Iain MacRae
Ron Gabriel
Malcolm Starling
Scott Cameron
(Resigned 15 October 2024)
Hans Grabowski
Carlene Cura
(Appointed 13 August 2025)
Recruitment and appointment of trustees

The trustee s of Transform Community Development are elected at the Annual General Meeting. The process is open to any member to propose themselves or be proposed. There is a total of 10 places on the Board with an additional two places available for co-opted trustees. Co-options can be agreed at any meeting of the Board of Trustee s and are used to address any skills or knowledge gaps identified by the Board of Trustee s. The organisation continues to actively look at increasing the size and make-up of the Board, despite this Scott Cameron resigned from the Board in October 2024.

TRANSFORM COMMUNITY DEVELOPMENT
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Organisational structure

Transform Community Development has a board of five trustee s who meet five times a year and are responsible for the strategic direction and policy of the charity. At present there are a variety of professional backgrounds representing areas relevant to the work of the charity.

The day-to-day management and operation of the charitable company is a delegated responsibility to the Chief Executive Officer, Bryan Smith, who is assisted in this task by three managers (Housing Support, Warehouse & Logistics and Business Support). The CEO is responsible for ensuring that the charity delivers its specified services and that the key performance indicators are met. The m anagers have day-to-day responsibilities for the management of the projects, individual supervision of staff and development of working practices in line with good practice recommendations and charitable company policy.

Decision-making process
All decisions not delegated to the Chief Executive Officer and his team are taken by the Board of Trustee s on a basis of one vote per trustee, with the Chairperson having a casting vote. The ultimate decision-making body is the Board of Trustee s.

Key management personnel

The trustees consider Transform Community Developments key personnel to be the trustees, the Chief Executive Officer and the aforementioned three managers. The organisation has a transparent pay grading structure, including a commitment to the Real Living Wage, which is reviewed by the board on an annual basis. Staff are placed within that pay grading structure commensurate with their qualifications and experience. Trustees receive no remuneration from the company.

Induction and training of trustees

All trustee s receive an induction pack. This contains previous minutes of meetings, the Memorandum and Articles of Association of the company, the annual report, the strategic plan, the directors code of conduct, job description, and a list of contact details for all other trustee s. Any request for training relevant to the duties of a trustee is considered according to priority within the organisations training plan and the resources available.

Ongoing training is offered to trustee s as necessary.

Auditor

In accordance with the company's articles, a resolution proposing that Findlays Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' r eport was approved by the Board of Trustees.

Iain MacRae
Trustee
3 December 2025
TRANSFORM COMMUNITY DEVELOPMENT
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -

The trustees, who are also the directors of Transform Community Development for the purpose of company law, are responsible for preparing the Trustees' Report 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRANSFORM COMMUNITY DEVELOPMENT
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS AND TRUSTEES OF TRANSFORM COMMUNITY DEVELOPMENT
- 6 -

Opinion

We have audited the financial statements of Transform Community Development (the ‘charity’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

TRANSFORM COMMUNITY DEVELOPMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF TRANSFORM COMMUNITY DEVELOPMENT
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' r eport for the financial year for which the financial statements are prepared, which includes the d irectors' r eport prepared for the purposes of company law, is consistent with the financial statements; and

-

the d irectors' r eport included within the trustees' r eport has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors' r eport included within the trustees' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

-

proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of trustees' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The audit team has the appropriate skills and expertise required and through discussions with management and Trustees, knowledge of the sector to ensure any non-compliance is recognised and all necessary disclosures are made. The controls in place help the charity mitigate the risk of fraud and also aids them in highlighting any instances of fraud that might have occurred.

TRANSFORM COMMUNITY DEVELOPMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF TRANSFORM COMMUNITY DEVELOPMENT
- 8 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations, including GDPR, employment law, food hygiene laws, health and safety laws, and fraud.

- Reviewing correspondence with regulators including OSCR, Companies House, and legal advisors.

- Reviewing legal fees and board minutes.

- Challenging assumptions and judgements made by management in their significant accounting estimates, including the application of judgement-based accounting policies such as depreciation and other material estimates.

- Auditing the risk of management override controls, including through testing of journal entries and other adjustments for appropriateness.

- Performing analytical procedures to identify unusual transactions.

Because of the field in which the charity operates in, we identified the following laws and regulations as those most likely to have a material impact on the financial statements:

Direct impact on financial statements:

- Companies Act 2006

- FRS 102

- SORP 2019

Indirect impact on financial statements:

- Employments laws

- Health & safety laws

- Food hygiene regulations

- GDPR

Because of the inherent limitations of an audit, there is risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TRANSFORM COMMUNITY DEVELOPMENT
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF TRANSFORM COMMUNITY DEVELOPMENT
- 9 -

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of P art 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lesley Campbell, BA, C.A. (Senior Statutory Auditor)
for and on behalf of Findlays Audit Limited
Chartered Accountants
Statutory Auditor
11 Dudhope Terrace
Dundee
DD3 6TS
3 December 2025

Findlays Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

TRANSFORM COMMUNITY DEVELOPMENT
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2025
2025
2025
2024
Notes
£
£
£
£
Income from:
Donations and legacies
3
11,374
138,808
150,182
169,276
Charitable activities
4
1,700,140
-
1,700,140
1,480,516
Total income
1,711,514
138,808
1,850,322
1,649,792
Expenditure on:
Charitable activities
5
1,640,808
135,026
1,775,834
1,639,194
Impairment of building
12
455,523
260,832
716,355
-
Total expenditure
2,096,331
395,858
2,492,189
1,639,194
Net income/(expenditure) and movement in funds
(384,817)
(257,050)
(641,867)
10,598
Reconciliation of funds:
Fund balances at 1 April 2024
2,199,476
294,888
2,494,364
2,483,766
Fund balances at 31 March 2025
1,814,659
37,838
1,852,497
2,494,364

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 28 form part of these financial statements.

TRANSFORM COMMUNITY DEVELOPMENT
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
26,648
142,628
169,276
Charitable activities
4
1,462,185
18,331
1,480,516
Total income
1,488,833
160,959
1,649,792
Expenditure on:
Charitable activities
5
1,448,650
190,544
1,639,194
Total expenditure
1,448,650
190,544
1,639,194
Net income/(expenditure) and movement in funds
40,183
(29,585)
10,598
Reconciliation of funds:
Fund balances at 1 April 2023
2,159,293
324,473
2,483,766
Fund balances at 31 March 2024
2,199,476
294,888
2,494,364
TRANSFORM COMMUNITY DEVELOPMENT
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
15
518,703
1,303,997
Current assets
Debtors
16
113,585
90,032
Cash at bank and in hand
1,416,152
1,269,252
1,529,737
1,359,284
Creditors: amounts falling due within one year
18
(148,187)
(104,905)
Net current assets
1,381,550
1,254,379
Total assets less current liabilities
1,900,253
2,558,376
Creditors: amounts falling due after more than one year
19
(47,756)
(64,012)
Net assets
1,852,497
2,494,364
The funds of the charity
Restricted income funds
21
37,838
294,888
Unrestricted funds
22
1,814,659
2,199,476
1,852,497
2,494,364

The notes on pages 14 to 28 form part of these financial statements.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 3 December 2025
Iain MacRae
Trustee
Company registration number SC097367 (Scotland)
TRANSFORM COMMUNITY DEVELOPMENT
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
162,333
129,157
Investing activities
Purchase of tangible fixed assets
-
(84,274)
Net cash used in investing activities
-
(84,274)
Financing activities
Repayment of bank loans
(15,433)
(14,692)
Net cash used in financing activities
(15,433)
(14,692)
Net increase in cash and cash equivalents
146,900
30,191
Cash and cash equivalents at beginning of year
1,269,252
1,239,061
Cash and cash equivalents at end of year
1,416,152
1,269,252

The notes on pages 14 to 28 form part of these financial statements.

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Accounting policies
Charity information

Transform Community Development is a private company limited by guarantee incorporated in Scotland. The registered office is Transform House, 95 Douglas Street, Dundee, DD1 5AZ.

1.1
Accounting convention

The financial statements have been prepared in accordance 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), 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 financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts 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.

1.2
Going concern

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.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds are unrestricted monies set aside by the trustees to fund future expenditure.

Restricted funds are subject to specific conditions by donors or grantors 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.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

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.

Grants including government grants are recognised on a n accruals basis. The balance of income received for specific purposes but not expended during the period is shown with in the relevant funds on the Balance Sheet.

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Expenditure

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 analysed by activity. The cost of each activity comprises direct costs and shared/support costs. Direct costs that relate to a single activity are charged directly to that activity. Shared costs, which benefit multiple activities, and support costs that cannot be attributed to a single activity, are apportioned across activities using a percentage split agreed annually with Dundee Health & Social Care Partnership, consistent with the use of resources. Central staff costs are included within this allocation, and depreciation is allocated based on the agreed split for each activity.

1.6
Tangible fixed assets

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:

Buildings
50 years straight line
Leasehold improvements
5 years straight line
Plant and equipment
4 years straight line
Motor vehicles
4 years straight line

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.

1.7
Impairment of fixed assets

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).

1.8
Cash and cash equivalents

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.

1.9
Financial instruments

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.

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

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

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 p aymen ts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2
Critical accounting estimates and judgements

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.

Critical judgements
Depreciation

Tangible fixed assets are depreciated over a period to reflect their estimated useful lives. The applicability of the assumed lives is reviewed annually, taking into account factors such as physical condition, maintenance and obsolescence.

Fixed assets are also assessed as to whether there are indicators of impairment. This assessment involves consideration of the economic viability of the purpose for which the asset is used.

3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Donations and gifts
7,619
-
7,619
21,148
-
21,148
Grants
3,755
138,808
142,563
5,500
142,628
148,128
11,374
138,808
150,182
26,648
142,628
169,276
Grants
The Corra Foundation
-
80,161
80,161
-
70,524
70,524
Fareshare
255
56,483
56,738
-
55,947
55,947
Scottish Social Services Council
-
-
-
-
8,400
8,400
Social Bite
-
-
-
-
5,000
5,000
Scottish Government
-
1,000
1,000
-
1,500
1,500
Tesco
-
1,164
1,164
-
1,257
1,257
Northwood Trust
-
-
-
5,500
-
5,500
St Katherines Fund
2,500
-
2,500
-
-
-
Lord Armistead
1,000
-
1,000
-
-
-
3,755
138,808
142,563
5,500
142,628
148,128
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Charitable Income
Furniture
161,710
-
161,710
153,527
-
153,527
Support services
971,303
-
971,303
820,564
-
820,564
Housing
567,127
-
567,127
488,094
-
488,094
Performance related grants
-
-
-
-
18,331
18,331
1,700,140
-
1,700,140
1,462,185
18,331
1,480,516
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
5
Expenditure on charitable activities
Support services
Housing
Furniture
Total
Support services
Housing
Furniture
Total
2025
2025
2025
2025
2024
2024
2024
2024
Direct costs
Staff costs
776,756
306,787
81,949
1,165,492
651,224
310,937
98,591
1,060,752
Depreciation
58,536
10,403
-
68,939
86,202
10,403
-
96,605
Repairs & maintenance
34,081
133,259
10,608
177,948
51,778
39,557
19,892
111,227
Heat & light
26,079
30,858
3,100
60,037
32,500
32,361
8,223
73,084
Telephone & broadband
13,538
22,484
1,581
37,603
14,472
4,126
1,817
20,415
Subscriptions & training
13,985
2,793
695
17,473
8,199
2,561
1,402
12,162
Postage, stationery & advertising
5,743
624
142
6,509
3,216
467
1,752
5,435
Rent, rates & insurance
48,711
10,233
19,639
78,583
54,800
19,136
17,550
91,486
Motor & travel
54,288
-
15,545
69,833
44,800
-
13,691
58,491
Loan interest
3,762
-
-
3,762
4,502
-
-
4,502
Professional fees
10,194
4,805
1,360
16,359
11,869
5,403
2,977
20,249
Bank charges
949
-
-
949
906
-
-
906
Premises expenses
3,153
2,241
214
5,608
12,883
2,213
619
15,715
Computers & software
6,091
-
-
6,091
24,735
-
-
24,735
Sundries
714
-
-
714
-
-
-
-
1,056,580
524,487
134,833
1,715,900
1,002,086
427,164
166,514
1,595,764
Grant funding of activities (see note 6)
33,994
-
-
33,994
30,427
-
-
30,427
Share of support and governance costs (see note 7)
Governance
14,820
8,653
2,467
25,940
7,297
4,341
1,365
13,003
1,105,394
533,140
137,300
1,775,834
1,039,810
431,505
167,879
1,639,194
Analysis by fund
Unrestricted funds
971,368
532,140
137,300
1,640,808
875,997
404,774
167,879
1,448,650
Restricted funds
134,026
1,000
-
135,026
163,813
26,731
-
190,544
1,105,394
533,140
137,300
1,775,834
1,039,810
431,505
167,879
1,639,194
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
6
Grants payable
Support services
Support services
2025
2024
£
£
Grants to institutions (1 grant):
Hillcrest Housing Association
33,994
30,427

Grant funding was disbursed to Hillcrest as part of a partnership arrangement under a Scottish Government funded project, delivered via The Corra Foundation, to support addiction services in Dundee.

7
Support costs allocated to activities
Support services
Total
2025
2024
£
£
Governance
25,940
13,004
2025
2024
Governance costs comprise:
£
£
Audit fees
16,380
13,004
Audit fees (prior year under-accrual)
9,560
-
25,940
13,004

Governance costs comprise solely of fees payable to the auditors for statutory audit of the charity's financial statements. The increase in audit fees in the year reflects an under-accrual in the prior year and additional work required in the first audit cycle to restate and re-present the financial statements in line with the Charities SORP.

8
Net movement in funds
2025
2024
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
25,940
13,004
Depreciation of owned tangible fixed assets
68,939
96,605
Impairment of owned tangible fixed assets
716,355
-
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
9
Auditor's remuneration
Fees payable to the charity's auditor and associates:
2025
2024
£
£
For audit services
Audit of the financial statements of the charity
16,380
13,004
Prior year audit fees under-accrued
9,560
-
25,940
13,004
10
Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity (202 4 - nil), or were reimbursed for any expenses during the year (202 4 - nil).

11
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
37
38
Employment costs
2025
2024
£
£
Wages and salaries
1,015,931
935,967
Social security costs
94,389
77,574
Other pension costs
55,172
47,211
1,165,492
1,060,752
The number of employees whose annual remuneration was more than £60,000 is as follows:
2025
2024
Number
Number
£90,000 to £100,000
1
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025
2024
£
£
Aggregate compensation
235,477
210,604
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
12
Other expenditure
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Impairment of building
455,523
260,832
716,355
-
-
-

Other expenditure in the year includes an impairment charge of £716,355 relating to the relating to the charity’s head office property, Alasdair Macqueen House, 95 Douglas Street, Dundee. Following an external valuation by Graham & Sibbald Chartered Surveyors on 18 August 2025, the carrying value of the property was reduced to £440,000 to reflect its recoverable amount. The charity continues to hold the property at cost less accumulated depreciation and impairment, and future depreciation will be charged on this revised carrying amount

13
Taxation

The charity is exempt from tax ation on its activities because all its income is applied for charitable purposes.

14
Impairments

The following impairment losses have been recognised in profit or loss:

2025
2024
£
£
In respect of:
Property, plant and equipment
716,355
-

An impairment charge of £716,355 was recognised in respect of Alasdair Macqueen House, 95 Douglas Street, Dundee, as described in note 12 (Other expenditure).

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
15
Tangible fixed assets
Buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
1,583,923
52,016
169,178
94,078
1,899,195
At 31 March 2025
1,583,923
52,016
169,178
94,078
1,899,195
Depreciation and impairment
At 1 April 2024
395,890
10,403
96,029
92,876
595,198
Depreciation charged in the year
31,678
10,403
25,656
1,202
68,939
Impairment losses
716,355
-
-
-
716,355
At 31 March 2025
1,143,923
20,806
121,685
94,078
1,380,492
Carrying amount
At 31 March 2025
440,000
31,210
47,493
-
518,703
At 31 March 2024
1,188,033
41,613
73,149
1,202
1,303,997

All of the charity's assets have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

More information on the impairment arising in the year is given in note 14.

16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
99,291
84,109
Other debtors
6,852
1,800
Prepayments and accrued income
7,442
4,123
113,585
90,032
17
Loans and overdrafts
2025
2024
£
£
Bank loans
63,965
79,398
Payable within one year
16,209
15,386
Payable after one year
47,756
64,012

The loans are secured by a standard charge over Parkmill Business Centre (Alasdair Macqueen House, 95 Douglas Street, Dundee) and a floating charge over all of the assets of the charity.

TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
17
Loans and overdrafts
(Continued)
- 24 -

The bank loan is being repaid in monthly instalments of £1,599 at an interest rate of 5.24%.

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
16,209
15,386
Other taxation and social security
20,872
18,520
Trade creditors
61,886
5,695
Accruals and deferred income
49,220
65,304
148,187
104,905
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
17
47,756
64,012
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,172
47,211

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

21
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Capital funding
294,888
-
(277,808)
17,080
Fareshare
-
56,483
(56,483)
-
Tesco
-
1,164
(1,164)
-
The Corra Foundation
-
80,161
(59,403)
20,758
The Scottish Government
-
1,000
(1,000)
-
294,888
138,808
(395,858)
37,838
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Restricted funds
(Continued)
- 25 -
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
Capital funding
324,473
-
(29,585)
294,888
Fareshare
-
55,947
(55,947)
-
Tesco
-
1,257
(1,257)
-
Scottish Social Services Council
-
8,400
(8,400)
-
Discover Work Partnership
-
18,331
(18,331)
-
The Corra Foundation
-
70,524
(70,524)
-
Social Bite
-
5,000
(5,000)
-
Scottish Government
-
1,500
(1,500)
-
324,473
160,959
(190,544)
294,888

Purpose of Funds

Capital Grants

Funding received for the acquisition of operational assets. Balances on this fund are being amortised over the useful life of the underlying assets.

Fareshare
Annual grants received from Fareshare to support salary costs, motor expenses, and food waste-related expenses.

Tesco
Topup funding received from Tesco permanent collection points for Fareshare.

Corra Foundation
Scottish Government funding administered via The Corra Foundation. This supports a partnership with Hillcrest to provide a 24-hour IEP vending machine and deliver direct support to individuals engaged in addiction.

Scottish Government

Personalised budget funding from the Scottish Government to cover outreach costs for supporting homelessness and hardship.

22
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Brewery Lane maintenance reserve
150,000
-
-
150,000
General funds
2,049,476
1,711,514
(2,096,331)
1,664,659
2,199,476
1,711,514
(2,096,331)
1,814,659
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Unrestricted funds
(Continued)
- 26 -
Previous year:
At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
Brewery Lane maintenance reserve
150,000
-
-
150,000
General funds
2,009,293
1,488,833
(1,448,650)
2,049,476
2,159,293
1,488,833
(1,448,650)
2,199,476

Within unrestricted funds is a designated reserve which has been set aside by the trustees for long-term maintenance of the property at Brewery Lane.

23
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
501,623
17,080
518,703
Current assets/(liabilities)
1,360,792
20,758
1,381,550
Long term liabilities
(47,756)
-
(47,756)
1,814,659
37,838
1,852,497
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
1,009,109
294,888
1,303,997
Current assets/(liabilities)
1,254,379
-
1,254,379
Long term liabilities
(64,012)
-
(64,012)
2,199,476
294,888
2,494,364
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
24
Operating lease commitments
Lessee

Operating leases consist of property and equipment rentals. Leases are negotiated on terms of 3 - 5 years.

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
13,264
13,264
Between two and five years
25,424
38,687
38,688
51,951
25
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Name of RP - Uppertunity Limited

Nature of Relationship - Common Director - Scott Cameron

Details of Transaction - During the year, Transform Community Development made Community Tray sales to Uppertunity Limited totalling £955 (202 4 - £430). At the year end, Uppertunity Limited owed Transform Community Development £146 in respect of these sales.

26
Cash generated from operations
2025
2024
£
£
(Deficit)/surplus for the year
(641,867)
10,598
Adjustments for:
Depreciation and impairment of tangible fixed assets
785,294
96,605
Movements in working capital:
(Increase)/decrease in debtors
(23,553)
49,634
Increase/(decrease) in creditors
42,459
(27,680)
Cash generated from operations
162,333
129,157
TRANSFORM COMMUNITY DEVELOPMENT
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
27
Analysis of changes in net funds
At 1 April 2024
Cash flows
At 31 March 2025
£
£
£
Cash at bank and in hand
1,269,252
146,900
1,416,152
Loans falling due within one year
(15,386)
(823)
(16,209)
Loans falling due after more than one year
(64,012)
16,256
(47,756)
1,189,854
162,333
1,352,187
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