Western Recreation Trust
Financial Statements Year Ended 31 March 2025
Scottish Charity Number: SC002534
Western Recreation Trust
Contents of the Financial Statements for the period ended 31 March 2025
| Pages | |
|---|---|
| Administrative Information | 1 |
| Report of the Trustees | 2-4 |
| Report of the Independent Examiner | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| NotestotheFinancialStatements | 8-12 |
1
Western Recreation Trust Administrative Information
Contact Details
Western Recreation Trust Monteith Solicitors Limited 9 George Square Glasgow G2 1QQ
Trustees
Secretary Monteith Solicitors Limited 9 George Square Glasgow G2 1QQ
Bankers Bank of Scotland Direct Business PO Box 1000 BX2 1LB
— Examiner Titanium 1 Kings Inch Place Renfrew PA4 8WF
Scottish Charity Number $C002534
2
Western Recreation Trust
Report of the Trustees for the year ended 31 March 2025
The Trustees are pleased to present their report together with the financial statements of the Trust for the year ended 31 March 2025.
Constitution
The Trust was founded in 1973 with funds deriving from The Public House Trust (Glasgow District) which was formed in the nineteenth century to combat alcohol abuse. The Declaration of Trust requires the Trustees to hold the Trust's funds and apply them for such objects of public well being and utility, either local or general in nature, as they determine. Two restrictions are placed on this: (1) no portion of the funds have to be applied in direct relief of rates and (2) trustees shall have special regard to such means to rational recreation and entertainment as in their opinion shall tend to diminish in the community the undue consumption of alcohol, without disregarding other objects which they consider to be of benefit to the public. Its registered charity number is SC002534.
Structure, Governance and Management
The Trustees who served during the year and to the date of this report were as follows:-
Under the terms of the Trust Deed the quorum for Trustees’ meetings is four Trustees. The Trustees administer the Trust's affairs at two or three meetings per annum at which finances are reviewed and decisions made on the recipients of grants. The day to day running of the Trust is undertaken by the Secretary.
Trustee Induction and Training
New Trustees are appointed at the discretion of the Board. There is no fixed term for Trustees. The Secretary has the responsibility to provide new Trustees with copies of relevant deeds and other documents. He is also responsible for regularly updating Trustees on new Rules and Regulations. In addition, the Trustees continually review their policies relating to the induction and training of Trustees in order to ensure that all Trustees have the knowledge and skills required of them to fulfil their responsibilities and to ensure that the Trust complies with the guidelines and recommendations laid down from time to time by the Office of the Scottish Charity Regulator. Each Trustee has been issued with a copy of the Trustees’ Guidance booklet that has been issued by the Office of the Scottish Charity Regulator.
Risk Management
The Trustees implemented a risk management strategy which monitors and assesses the major risks to which they are exposed. This comprised an annual review of the risks which the Trust may face; the establishment of systems and procedures to mitigate those risks identified in the risk assessment and; the implementation of procedures designed to minimise any potential impact on the Trust should any of those risks materialise.
Western Recreation Trust
3
Report of the Trustees for the year ended 31 March 2025
Charitable Objectives and Principal Activities
Under the terms of the Trust Deed the Trustees are required to hold the Trust Fund and the income and apply the same for the benefit of charitable purposes as they see fit. The charity's key objective is to improve the recreational facilities within the West of Scotland particularly for those most affected by deprivation arising from unemployment. The Trustees prefer to contribute to the cost of specific items of equipment or projects (rather then to make contributions to major appeals) and to organised groups, clubs or teams where many will benefit. As the Trust income is limited and claimants numerous, the Trustees do not offer to support salaries or general running expenses, nor do they normally make repeated donations to the same organisation. The original fund plus any capital gains arising on reinvestment are not normally distributed but are reinvested to form the capital of the Trust, the income from which, less any administration expenses, is available for distribution each year.
Achievements and Performance
During the year the Trust awarded grants totalling £28,400 (2024 - £16,600). This comprised 25 grants ranging in value from £550 to £2,000 (as detailed in note 4), and 6 smaller grants of up to £500 in value.
Financial Review
The Statement of Financial Activities on page 6 reflects a deficit before losses on investments, of £8,201 (2024: deficit £326). After taking into account gains and losses on investments, both realised and unrealised, total assets at 31 March 2025 were £785,713 (2024: £800,005). The Trustees are not remunerated by the charity for performing their role as Trustees.
Reserves Policy
It is the policy of the Trust to maintain capital reserves at a level to meet the Trust's needs, and to distribute income on a yearly basis. At the year end undistributed income amounted to £9,215 and the Trustees expect to distribute this in the coming years.
Investment Policy
In accordance with the Trust Deed governing the Western Recreation Trust, the Trustees have the power to invest in such stock, shares, investments and property in the UK as they see fit. The Trustees continued with Rathbones as investment managers The policy was to adopt a medium risk investment strategy based on maximising income. The Trustees have considered that this investment strategy has achieved its objectives during the current year.
Grant Making Policy
This policy is detailed in the Trust Deed governing the Western Recreation Trust. Grants are also made to assist improvement of recreational facilities within the West of Scotland.
Plans for Future Periods
As in the past the Trustees hope to continue to support a wide variety of organisations in accordance with the terms of the Trust Deed. As the investment policy is to hold investments to generate income, the Trustees have recently reviewed the income generated. This review assured Trustees that there was sufficient income to carry out the Trust's objectives.
4
Western Recreational Trust
Report of the Trustees for the year ended 31 March 2025
Statement of Trustees’ Responsibilities
Under legislation relating to charities in Scotland, the Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the Trust's affairs and of its incoming resources and application of resources, including its surplus or deficit for that year, and which have been properly prepared from and are in agreement with the accounting records of the Trust and comply with relevant disclosure requirements.
In preparing those financial statements, the Trustees are required to:
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° select suitable accounting policies and then apply them consistently; e make judgements and estimates that are reasonable and prudent;
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e prepare the financial statements on the going concern basis unless it is inappropriate to
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presume that the Trust will continue its activities
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the Trust's financial position and enable the Trustees to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees also have general responsibility for taking such steps as are reasonably open to them to safeguard the Trust’s assets and to prevent and detect fraud and other irregularities.
Western Recreation Trust
5
Independent Examiner’s Report to the Trustees for the year ended 31 March 2025
| report on the accounts of the charity for the year ended 31 March 2025 which are set out on pages 6 to 11.
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of Independent Examiner’s Statement 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 accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts 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 | do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In the course of my examination, no matter has come to my attention.
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which gives me reasonable cause to believe that in any material respect the requirements:-
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e to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and regulation 4 of the 2006 Accounts Regulations, and
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e to prepare the accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the to be reached.
Western Recreation Trust
6
Statement of Financial Activities
for the year ended 31 March 2025
| Funds | 2025 | 2024 | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Investments | 2 | 28,070 | 0 | 28,070 | 28,946 |
| Donations | 2 | 5,000 | 0 | 5,000 | 28,946 |
| Total Income | 33,070 | 0 | 33,070 | 28,946 | |
| Expenditure on: | |||||
| Raising funds | |||||
| InvestmentManagement Costs | 3,372 | 3,373 | 6,745 | 6,600 | |
| Charitable Activities | |||||
| Direct Charitable Expenditure | 3 | 28,400 | 0 | 28,400 | 16,600 |
| Support Costs | |||||
| Secretarial Fee | 5,166 | 0 | 5,166 | 5,016 | |
| Other | |||||
| Governance costs | 5 | 960 | 0 | 960 | 1,056 |
| Total Expenditure | 37,898 | 3,373 | 41,271 | 29,272 | |
| Net Income | (4,828) | (3,373) | (8,201) | (326) | |
| Other recognised gains/losses | |||||
| Net Unrealised Gains/(losses) on | investments | 0 | (6,091) | (6,091) | 33,941 |
| Net movement in funds | (4,828) | (9,464) | (14,292) | 33,615 | |
| Total funds brought forward | 14,043 | 785,962 | 800,005 | 766,390 | |
| Total funds carried forward | 9,215 | 776,498 | 785,713 | 800,005 | |
| Comprising: | |||||
| Unrestricted Funds | |||||
| General Fund | 9 | 9,215 | 0 | 9,215 | 14,043 |
| Restricted Capital Funds | 10 | 0 | 776,498 | 776,498 | 785,962 |
| 9,215 | 776,498 | 785,713 | 800,005 |
The notes on pages8 to 11 form part of these financial statements
Western Recreation Trust
7
Balance Sheet at 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 6 | 737,656 | 757,349 | ||
| Current Assts | |||||
| Debtors | 0 | 0 | |||
| Cash at bank and in hand | 51,943 | 45,668 | |||
| 51,943 | 45,668 | ||||
| Creditors: Amounts falling due | 7 | (3,886) | (3,012) | ||
| within one year | |||||
| Net current assets | 48,057 | 42,656 | |||
| Total Net Assets | 785,713 | 800,005 | |||
| The Funds ofthe Charity: | |||||
| Unrestricted funds | 9 | 9,215 | 14,043 | ||
| Restricted funds | 10 | 776,498 | 785,962 | ||
| 785,713 | 800,005 |
The financial statements were approved by the Trustees on 0]WZ. and signed on their behalf by:
The notes on pages 8 to 12 form part of these financial statements
Western Recreation Trust
8
Notes to the Financial Statements for the year ended 31 March 2025
- 1 Accounting Policies
Basis of Accounting
The accounts (financial statements) have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts.
All figures reported in the financial statements are in pounds sterling.
Incoming Resources
Income from investments is included in the year in which it is receivable.
Resources Expended
Expenditure is recognised on an accruals basis when a liability is incurred. The Trust is not VAT registered and accordingly expenditure is shown gross of irrecoverable VAT.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Investments
Fixed asset investments are stated at market value at the balance sheet date. The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unreaiised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Fund Structure
For the purposes of the Statement of Financial Activities as shown on page 6, funds are defined as follows:
Unrestricted funds can be used in accordance with the charities objectives at the discretion of the trustees
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes
Western Recreation Trust
9
Notes to the Financial Statements for the year ended 31 March 2025
| Unrestricted | Restricted | 2025 | 2024 | ||
|---|---|---|---|---|---|
| 2 | Investments | £ | £ | £ | £ |
| Dividends and Fixed Interest | 27,550 | 0 | 27,550 | 28,340 | |
| Bank Interest | 520 | 0 | 520 | 606 | |
| 28,070 | 0 | 28,070 | 28,946 | ||
| Direct | Total | Total | |||
| Costs | 2025 | 2024 | |||
| 3 | Charitable Activities | £ | = | £ | |
| Activity | |||||
| Improving recreational activities | 28,400 | 28,400 | 16,600 as |
||
| Ofwhich: | |||||
| Relating to unrestricted funds | 28,400 | 28,400 | 16,600 | ||
| Relai'ng to restricted funds | 0 | 0 | 0 | ||
| 28,400 | 28,400 | 16,600 |
Western Recreation Trust
10
Notes to the Financial Statements for the year ended 31 March 2025
| Unrestricted | Restricted | 2025 | 2024 | ||
|---|---|---|---|---|---|
| 4 | Direct Costs | £ | £ | £ | £ |
| Small Grants - to £500 | 2,900 | - | 2,900 | 500 | |
| Maryhill Open Art Space | - | - | - | 850 | |
| Forth Primary School | - | - | - | 1,000 | |
| Greenock & District Scout Council | - | - | - | 1,100 | |
| Bluevale Community Club | - | - | - | 1,000 | |
| Gareloch Riding for the Disabled | - | - | - | 800 | |
| North Glasgow Community Food Initiative | - | - | - | 1,000 | |
| Dunlop Table Tennis Club | - | - | - | 1,000 | |
| The Haven, Kilmacolm | - | - | - | 1,000 | |
| Kilwinning Netball Club | - | - | - | 1,000 | |
| 1st Helensburgh Scout Group | - | - | - | 850 | |
| Carstairs Junction Primary School | - | - | - | 1,500 | |
| Handicapped Children's Action Group | - | - | - | 1,000 | |
| Greenwood Volleyball Club | - | - | - | 1,000 | |
| Linwood Boxing Club | - | - | - | 1,000 | |
| Taigh Sgire Scholais | - | - | - | 1,000 | |
| Kilmarnock Tennis Club | - | - | . | 1,000 | |
| Boxing Scotland | 1,000 | - | 1,000 | - | |
| Children ‘st | 1,500 | - | 1,500 | - | |
| Sapphire Gymnastics Academy | 1,000 | - | 1,000 | - | |
| Clydebank Football Club 2015 Limited | 1,000 | - | 1,000 | - | |
| Shoshin Taiko Dojo | 1,000 | - | 1,000 | - | |
| Glasgow Tigers Academy | 900 | - | 900 | - | |
| Arran Junior Sailing Club | 1,000 | - | 1,000 | - | |
| British Disabled Angling Association | 1,000 | - | 1,000 | - | |
| Maidens Primary Parents Council | 700 | - | 700 | - | |
| Parents Community Sports Trust | 700 | - | 700 | - | |
| Troon Blackrtock Pipe Band | 1,000 | - | 1,000 | - | |
| Bellshiil Athletic 2008 | 1,000 | - | 1,000 | - | |
| Ayr Archery Club | 1,500 | - | 1,500 | - | |
| Ayr Boswell 2010's | 1,500 | - | 1,500 | - | |
| Trellis Scotland | 1,000 | - | 1,000 | - | |
| The Safety Zone | 1,000 | - | 1,000 | - | |
| DaillyCommunity Activity Centre | 600 | . | 600 | - | |
| Scouts Scotland | 2,000 | - | 2,000 | - | |
| GlasgowTrades Collective | 750 | - | 750 | - | |
| Healing for the Heart | 550 | - | 550 | - | |
| St Stephen's Parent Council | 650 | - | 650 | - | |
| Glasgow Riding for the Disabled | 650 | - | 650 | - | |
| Sharon Taylor Dance Academy | 1,500 | - | 1,500 | - | |
| G20 Works | 1,000 | - | 1,000 | - | |
| Tinto Primary School Parent Council | 1,000 | - | 1,000 | - | |
| 28,400 | - | 28,400 | 16,600 |
Western Recreation Trust
11
Notes to the Financial Statements for the year ended 31 March 2025
| Unrestricted | Unrestricted | Restricted | 2025 | 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | Other: Governance Costs | £ | £ | £ | £ | ||||||
| Independent Examination Fee | 960 | 0 | 960 | 1,056 | |||||||
| 6 | Fixed Asset Investments | £ | |||||||||
| Market Value brought forward | 757,349 | ||||||||||
| Additions | 187,682 | ||||||||||
| Disposals | (201,284) | ||||||||||
| Net realised and unrealised gains/(loss) | (6,091) | ||||||||||
| Market Value carried forward | 737,656 | ||||||||||
| 7 | Creditors: Due within one year | 2025 | 2024 | ||||||||
| £ | £ | ||||||||||
| Accruals | 3,886 | 3,012 | |||||||||
| 8 | Trustees’ remuneration and | transactions | |||||||||
| No Trustees received remuneration nor reimbursed | expenses during the | year (2024 | - nil) | ||||||||
| Balance at | Incoming | Resources | Balance at | ||||||||
| 31.03.2024 | Resources | Expended | Transfers | 31.03.2025 | |||||||
| 9 | Unrestricted Funds | £ | £ | £ | £ | £ | |||||
| General Fund | 14,043 | 33,070 | 37,898 | 0 | 9,215 | ||||||
| Total Unrestricted Funds | 14,043 | 33,070 | 37,898 | 0 | 9,215 | ||||||
| Explanation offund | |||||||||||
| The General Fund encompasses | all income | and expenditure | relating to the | primary focus | activities ofthe | ||||||
| charity, other than those for which funding is | restricted. | ||||||||||
| Balance at | Incoming | Resources | Gains/(Losses) | Balance at | |||||||
| 31.03.2024 | Resources | Expended | onInvestments | 31.03.2025 | |||||||
| 10 | Restricted Funds | £ | £ | £ | £ | £ | |||||
| Total | 785,962 | 0 | 3,373 | (6,091) | 776,498 |
11. Events since Period End
The Capital value of the Trust’s investments has continued to fluctuate in line with the market in general. The Trustees are confident that the Trust can continue to pay grants to beneficiaries.
12
Western Recreation Trust
Notes to the Financial Statements for the year ended 31 March 2025
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| 12 | Analysis ofNet Funds | £ | £ | £ |
| Investments | 0 | 737,656 | 737,656 | |
| Current assets | 11,231 | 40,712 | 51,943 | |
| Current liabilities | (2,016) | (1,870) | (3,886) | |
| 9,215 —— |
776,498 785,713 oe |