The Directors present their 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 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)” (as amended for accounting periods commencing from 1 January 2016)
The charity's objects are; a) To enhance the quality of life for local residents by provision and management of recreation facilities and activities b) To promote, undertake, support and enable community development and rural regeneration c) To advance informal education, with particular regard to the local environment, culture, social, recreational and historical interests of the community.
The policies adopted in furtherance of these objects are; a) To conserve, improve and manage, for public benefit, community land, buildings and related assets in the operating area; b) To engage in consulting with the wider community to ascertain and address identified local aspiration, and; c) To do all such other things which further the objectives of the company and may be deemed to be charitable. There has been no change in these during the year.
Projects & Activity
The Ceres Village Church Glebe (Field opposite Meldrum's Hotel and the old football field)
It has been a long-term objective of the Trust, driven by strong community demand, to secure control of the Glebe for the community. This has only intensified after the bridge fell down due to erosion of the banks in the floods at New Year 2022. Following negotiations with the Church of Scotland and the Ceres Church Session, the Trust was able to sign a long-term lease for 25 years, with the rent prepaid for the entire lease, starting on 1 April 2025. Post year end the Trust held a public meeting to present initial plans and priorities and gather feedback.
All plans, and even just maintaining and improving the Glebe to become a first-class amenity for the village and surrounding area, will require further fundraising and community effort. Both for one-off projects such as reinstating the bridge to make the old football field properly accessible again, as well as the ongoing maintenance and creating paths etc.
Ceres Memorial Hall
Trustees of the Memorial Hall have approached the Trust to assume trusteeship of the Ceres Memorial Hall. The idea is that this arrangement could help reduce running costs and assist fundraising by gaining charitable status benefits while providing support to the Hall Committee. Following successful fundraising from Fife Rural Development Fund and a Public Meeting on 10 February 2025, the Hall was officially transferred to ownership of the Trust on 28 February 2025. This has already improved the financial position of the Memorial Hall, and (we hope) set up the Hall governance for the next 100 years of the hall.
Moor Road Walkway
The area at the Ceres end of the Moor Road Walkway installed by Scottish Gas Networks (SGN), and following an award of funds from SGN was repaired by D.T Stewart & Sons. However, it transpired further repairs (and funding) were needed. Further lobbying of SGN finally unlocked this and we are grateful to all involved including the volunteers cleaning out the ditch and generally preparing the site for the repair.
Trustees & Volunteers
The Trust couldn't operate without its trustees and volunteers generously giving their time and skills to help improve Ceres and District. Many thanks to all who supported the Trust and if you would like to help this cause, do please get in touch.
The Trust is in a reasonable financial position with £4,000 ready for 2026 projects.
Unrestricted funds totalled £5,193 as of the year end (2024 - £5,156).
Included within Unrestricted funds are Designated funds totalling £1,329 relating to the ongoing operation of the Ceres Memorial Hall.
Restricted funds totalled £1,300 (2024 - £800), as some funding received towards cost of the community path, new gate and tools for the Glebe remains unspent as at the year end.
Total funds / reserves held at 31 March 2025 were £6,493 (2024 - £5,956).
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 Directors considers 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 Directors has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity is a company limited by guarantee.
The Directors who served during the year and up to the date of signature of the financial statements were:
A person shall not be eligible for election / appointment as a director unless they are a member of the company. Directorship is open to any member over the age of eighteen who is not disqualified from acting as a Charity trustee or Company Director by law. Each Director will be appointed to service for 3 years and will be eligible for re-appointment for a further 3 years. A Director who has served for two terms will not be eligible for re-election until a break period of at least one year has been observed, unless circumstances dictate otherwise.
None of the Directors has any beneficial interest in the company. All of the Directors 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 Directors.
I report on the financial statements of the charity for the year ended 31 March 2025, which are set out on pages 4 to 11.
The charity’s directors, who also act as trustees for the charitable activities of Ceres and District Community Trust, 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 Directors 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.
Ceres and District Community Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 59 Bonnygate, CUPAR, Fife, KY15 4BY, UK.
The financial statements have been prepared in accordance with the charity's 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)” (as amended for accounting periods commencing from 1 January 2016). 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 applying FRS 102 Update Bulletin 1 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 Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Designated funds comprise funds which have been set aside at the discretion of the Directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
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.
A transfer is made from unrestricted funds to restricted funds to compensate fully all restricted funds which would otherwise be in deficit at the accounting date.
Cash donations and fundraising income 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.
Government and other grants received in respect of revenue expenditure are recognised in the statement of financial activities in the period in which they are received.
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the obligation can be measured reliably.
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.
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
Taxation
The charity is exempt from taxation.
Grants receivable
Rental income from hall
Total
Community path
Gate
The Glebe - legal costs
Community Hall - running costs
Community Hall - legal costs
Confirmation statement
Other expenses
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the Directors for specific purposes:
Incoming resources
Resources expended
Unrestricted
Designated
Restricted
There were no disclosable related party transactions during the year.