The Trustees present their annual report and financial statements for the year ended 31 October 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 Charity's objects are to promote rural regeneration for public benefit, following principles of sustainable development, where sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their own needs, in areas of social and economic deprivation within the Community by all or any of the following means:
To relieve unemployment
To develop and promote training among residents with reference to developing skills
To preserve the historical, architectural and constructional heritage
To provide facilities for development of recreational and other leisure time activities for the public at large
To preserve, restore and improve the natural and built environment in the Port William area through the provision/maintenance and improvement of public open spaces and other public amenities and other environmental and regeneration projects
Already we are on target with our activities, having developed a Community Youth Centre and multi-sport area with flood lighting.
The trustees are reviewing the objectives with the assistance of Third Sector Dumfries and Galloway.
Public benefit
The trustees have referred to the guidance contained in the Office of the Scottish Charity Regulator’s general guidance on public benefit when reviewing their objectives and in planning their future activities. In particular, the trustees consider how planned activities will contribute to the objectives they have set.
PWCDT has seen a significant amount of change in the financial year 2024/25. Previous Chair, Dr. Mike Cooper, stood down at the end of the previous financial year alongside Paul Carrigan who carried out the role of treasurer for an extended period with over 18 years involved in PWCDT as a trustee. Ed Robinson took on the role of Chair in September 2024 with Arlene Morgan stepping into the role of treasurer (previously Secretary) and Emily Nicholson agreeing to take on the role of Secretary in Arlene’s place.
Initial trustee meetings focused on ways to increase use of the facility. Without a Youth Group, there were no regular activities occurring on the MUGA each week. A youth football night for kids aged 5-14 was established on a Monday night during school term. Split over two sessions with younger players on before older children in the second hour, this initiative has been hugely popular often bringing in up to 40 children each Monday night. The night is run by volunteers meaning that all revenue generated goes directly to PWCDT. We also have a netball group who hire the facility through the summer months.
The trust has received support funding from fellow community groups in Port William and the surrounding area which have donated monies towards football and netball equipment. The Trust invested in new football nets, netball hoops, footballs, netballs and bibs.
The financial statements have been prepared in accordance with current statutory requirements and the charities memorandum and Articles of Association. The charity had a deficit of £8,724 during the year (2024: £8,693 deficit).
Fund Accounting
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of any purposes of the Trust.
Designated funds form part of the unrestricted funds and represent funds earmarked by the Trust for particular purposes. The Trustees have the power to re-designate such funds within unrestricted funds.
Restricted funds are subject to restrictions imposed by donors as to the purposes to which the funds may be applied.
Although there are uncertainties regarding the finances of the charity, the trustees believe that it is appropriate for the financial statements to be prepared on a going concern basis. Further information is provided at note 18 of these financial statements.
The trustees have set a target to build its free reserves (unrestricted funds which have not been designated for a specific use or included in fixed assets) to a level equivalent to three months running costs for the organisation, estimated to be approximately £250-£300 per month.
At the year end the charitable company was in deficit of such funds by £2,591. The trustees are exploring ways of rectifying the position in the future.
Under the memorandum and articles of association, the charity has the power to invest any money that the company does not immediately require in any investments, securities or properties. As there are few funds for long-term investment the Directors, having regard to liquidity requirements of operating the charity and to the reserves policy, have operated a policy of keeping available funds in an interest bearing account.
The annual strategic review and forward planning event considers the risks to which the charity is exposed and identifies what needs to be in place to manage these risks through the year. The risks faced by the company fall into two categories, internal and external and are further broken down into strategic & reputational risks, operational risks, compliance risks and financial risks
The internall risks are minimised by the implementation of procedures for authorisation of transactions and projects and to ensure consistent quality of delivery far all operational aspects of the company.
The external risks relate largely to the continued funding of the company. However an encouraging development is the continued support from both private and public sectors, which should ensure the long-term financial stability company.
The directors have assessed the major risks to which the charity is exposed and are satisfied that the systems are in place to mitigate exposure to the major risks and have now produced a risk register.
On the back of the fantastic success of the Monday night football sessions, there has been an expression of interest from one of our previous youth workers who is keen to start up the Port William Youth Group again. We are hopeful that this will commence coinciding with the start of the new school term Aug/Sept 2026. This will provide regular income for the trust and ensure its ongoing viability. We are also receiving positive feedback and assistance from the Third Sector with regards the constitution, and although not complete, there has been progress made and there is an expectation that this will be completed soon. This will ensure that the objectives are reflected in the committee’s aims and abilities and ensure the future of the trust and facility. Once updated and finalised, we will be in a stronger position to apply for funding, essential to the running of the facility.
The Charity is a company limited by guarantee, Port William Community Development Trust was formed as a charitable company limited by guarantee when the unincorporated association, Port William Regeneration Association, was dissolved on 7 February 2003. The entire assets of the former association were transferred to the new company.
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:
The company comprises of ordinary members, aged 18 and over (who have the right to attend the AGM and any EGM and have powers under these articles and the Act, who elect people to serve as Directors and take decisions in relation to any changes in the articles), junior members and associate members.
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 Directors hold regular quarterly meetings between each AGM, set the strategy and policy of the company, supervise activities and are responsible for monitoring its financial position.
The Trustees' report was approved by the Board of Trustees.
I report on the financial statements of the Charity for the year ended 31 October 2025, which are set out on pages 5 to 15.
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 was 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
In the course of my examination, no matter has come to my attention other than that disclosed below
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.
Without qualifying my report, I draw attention to Note 18 in the financial statements, which dictates that the charity has negative free reserves of £2,591 at the year end. This condition indicates the existence of a material uncertainty which may cast significant doubt on the charity's ability to continue as a going concern. The charity's continuation is dependent on ensuring that the forecast financial outcome to 31 December 2027 is met.
Chartered Accountants Ireland
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Port William Community Development Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Greenmantle, Main Street, Mochrum, Newton Stewart, DG8 9LY.
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 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.
We would however draw your attention to note 17 of 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 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.
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.
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.
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.
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.
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.
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.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
During the year no Trustee had expenses reimbursed (2024 nil).
The charity has Trustees Indemnity Insurance in place.
The average monthly number of employees during the year was:
The charity considers that its key management personnel comprise of the trustees with no remuneration being paid to them (2024: NIL)
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Youth Workers Salaries -To cover the salaries of the youth workers.
Capital Building - This is the net book value of the building used by the charity.
Community Development Fund - To develop the village.
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.
The company is under the control of the Trustees.
During the year the Charity received £250 from Machars Ecology which is the business owned and run by the chair.
At the year end the charity had a deficit of its free reserves of £2,591. A cashflow forecast has been prepared indicating that between September 2026 and December 2027 the figure is expected to improve by approximately £1,600. The trustees acknowledge that the finances of the charity are in a precarious position, with little headway, however they do believe that it is appropriate that the accounts are prepared on a going concern basis.