REGISTERED CHARITY NUMBER: SCO18014
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
FOR
FOR ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
Azets Accountants Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
Page Trustees' Report 1 to 2 Independent Examiner's Report 3 Statement of Financial Activities 4 Balance Sheet 5 Notes to the Financial Statements 6 to 12
ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2024
The trustees present their annual trustees' report together with the financial statements of the charity for the year ending 31 October 2024.
The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the charity's governing document, 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to hold funds in trust for charitable purposes as the Trustees in their discretion may from time
to time determine and in particular, but without prejudice, the generality of the foregoing, for the following purposes:-
-
a Branch Club in accordance with Rule 17 of the Constitution of free reserves
-
Paisley Comrades Branch was formed in accordance
To benefit needy members and children of ex servicemen or women
Investment powers
The Trustees have wide discretion in matters of investment. Investments are made in terms of the Constitution.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Branch continues to operate a Branch Club in accordance with Rule 17 of the Constitution of The Royal British Legion Scotland with ordinary membership being conferred on Ordinary and Life Members of the Branch.
FINANCIAL REVIEW
Financial position
The financial deficit of the Branch for the year amounted to £5,209 (2023: £10,585).
Reserves policy
It is the policy of the Branch to hold a level of free reserves which will at a minimum fund twelve months of expenditure. The reserves policy is reviewed annually.
FUTURE PLANS
The Branch Committee actively seek to increase membership and maximise the income of the Branch and Club.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Royal British Legion Scotland Paisley Comrades Branch was formed in accordance with Rule 16 of the Constitution of the Royal British Legion Scotland (revised 2009). The activities of the Branch are governed by the Constitution of the Royal British Legion Scotland.
The Branch is a Scottish Charity having the reference SC018014.
Recruitment and appointment of new trustees
The Constitution provides for the appointment of a committee elected from members of the Branch in general meeting.
Organisational structure
The Branch is administered by a Branch Committee consisting of the Officers and such additional members as the Branch considers necessary.
The duty of the Branch Committee is to exercise a controlling oversight over the affairs of the Branch and to carry out any direction given to it by the Branch.
In addition to the Annual General Meeting, the Committee met several times during the year to transact business.
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
New committee members are given a copy of the charity's constitution which lays out the expectations of the roles of each officer.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number SCO18014
Principal address
13 - 19 Renfrew Road Paisley Renfrewshire PA3 4BD
Trustees
J G Gaughan Honorary President K Lupton S McDonald C McPherson
Independent Examiner
Paul Craig FCCA Azets Accountants Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ S McDonald - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
I report on the accounts for the year ended 31 October 2024 set out on pages four to twelve.
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 (as amended). The charity's 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 the independent examiner's report
My examination was 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 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 accordance with Section 44(1)(a) of the 2005 Act and accord with the accounting records and to comply with should be drawn in order to enable a proper understanding
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Paul Craig FCCA The Institute of Chartered Accountants of Scotland
Azets Accountants Abercorn House 79 Renfrew Road Paisley Renfrewshire PA3 4DA
Date: .............................................
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024
| DRAF Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Pipe Band 1,852 Members Subscriptions 10,024 Investment income 2 23,967 Other income 11,550 Total 47,393 EXPENDITURE ON Charitable activities Pipe Band 6,499 Donations and benevolence 2,025 Members Subscriptions 8,437 Administration 17,244 Governance 3,060 Other 4,919 Total 42,184 NET INCOME/(EXPENDITURE) 5,209 RECONCILIATION OF FUNDS Total funds brought forward 744,048 TOTAL FUNDS CARRIED FORWARD 749,257 |
T Restricted fund £ - - - - - - - - - - - - - - - |
2024 Total funds £ 1,852 10,024 23,967 11,550 47,393 6,499 2,025 8,437 17,244 3,060 4,919 42,184 5,209 744,048 749,257 |
2023 Total funds £ 2,779 14,461 13,614 3,230 34,084 3,430 1,448 10,272 22,190 2,410 4,919 44,669 (10,585) 754,633 744,048 |
|---|---|---|---|
The notes form part of these financial statements
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
BALANCE SHEET 31 OCTOBER 2024
| DRA Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 426,945 Investments 8 100,000 526,945 CURRENT ASSETS Debtors 9 325 Investments 10 175,039 Cash at bank 50,788 226,152 CREDITORS Amounts falling due within one year 11 (3,840) NET CURRENT ASSETS 222,312 TOTAL ASSETS LESS CURRENT LIABILITIES 749,257 NET ASSETS 749,257 FUNDS 12 Unrestricted funds TOTAL FUNDS The financial statements were approved by the Board of ............................................. and were signed on its behalf by: |
FT Restricted fund £ - - - - - - - - - - - Trustees and |
2024 2023 Total Total funds funds £ £ 426,945 431,864 100,000 100,000 526,945 531,864 325 398 175,039 164,814 50,788 50,221 226,152 215,433 (3,840) (3,249) 222,312 212,184 749,257 744,048 749,257 744,048 749,257 744,048 749,257 744,048 authorised for issue on |
|---|---|---|
............................................. K Lupton - Trustee
The notes form part of these financial statements
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The 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 applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Royal British Legion Scotland Paisley Comrades Branch meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Financial reporting standard 102 - reduced disclosure exemptions
of the following disclosure exemption in preparing these there are no material uncertainties about the charity's ability significant areas of adjustment and with respect to the depreciated over their useful lives taking into account of the assets and residual values are assessed annually In re-assessing asset lives, factors such as technological programmes are taken into account. Residual value assessments indications of impairment. If required an impairment review impairment. Factors taken into consideration in reaching future financial performance of the asset the charity has entitlement to the funds, any performance
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Preparation of accounts on a going concern basis
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. There were no significant areas of adjustment and with respect to the next reporting period, no significant areas of uncertainty.
Accounting judgements and Sources of estimation uncertainty
In preparing these financial statements, the trustees have made the following judgements:
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES - continued
Income
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
Rental income is included in the period in which it is earned.
Other income represents those items not falling into any other heading.
once there is a legal or constructive obligation to make a payment will be required and the amount of the obligation can be measured activities includes the costs of activities undertaken to functions that assist the work of the charity but do not include back office costs, finance, personnel, payroll and and activities. These costs have been allocated to hand includes cash and short term highly liquid investments depreciated as it is considered to be an Investment Property not been revalued in accordance with the relevant accounting
Expenditure
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 amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
-
Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated to expenditure on charitable activities.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Tangible fixed assets
Freehold property is not depreciated as it is considered to be an Investment Property as defined by the FRS 102. However, the property has not been revalued in accordance with the relevant accounting standard in view of the cost implication to the charity.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life -
Integral features - 10% straight line
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work.
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.
continued...
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
1. ACCOUNTING POLICIES - continued
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.
only when the contractual rights to the cash flows from transfers the financial asset and substantially significant risks and rewards of ownership are retained but equity instruments are classified according to the An equity instrument is any contract that evidences a residual including creditors, are initially recognised at transaction price transaction, where the debt instrument is measured at the rate of interest. Financial liabilities classified as payable defined contribution pension scheme which is managed by charity's pension scheme are charged to the Statement of recognised at the settlement amount due after any discount
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
Pensions
The charity operates a defined contribution pension scheme which is managed by The Peoples Pension. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
continued...
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
2. INVESTMENT INCOME
| Rents received Interest received |
2024 £ 9,996 13,971 23,967 |
2023 £ 9,996 3,618 |
|---|---|---|
| 13,614 |
3. SUPPORT COSTS
| SUPPORT COSTS | ||||||
|---|---|---|---|---|---|---|
| Governance | ||||||
| Management | Finance | costs | Totals | |||
| £ | £ | £ | £ | |||
| DRAFT Pipe Band - 102 - 102 Administration 21,534 - - 21,534 Governance - - 3,060 3,060 21,534 102 3,060 24,696 TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year end 31 October 2023. Trustees' expenses There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year end 31 October 2023. STAFF COSTS The average monthly number of employees during the year was as follows: 2024 2023 Administration 1 2 No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
||||||
| Unrestricted | Restricted | Total | ||||
| fund | fund | funds | ||||
| £ | £ | £ | ||||
| INCOME AND ENDOWMENTS FROM | ||||||
| Charitable activities | ||||||
| Pipe Band | 2,779 | - | 2,779 | |||
| Members Subscriptions | 14,461 | - | 14,461 | |||
| Investment income | 13,614 | - | 13,614 | |||
| Other income | 3,230 | - | 3,230 | |||
| Total | 34,084 | - | 34,084 | |||
| EXPENDITURE ON | ||||||
| Charitable activities | ||||||
| Pipe Band | 3,430 | - | 3,430 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
5. STAFF COSTS
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
| DRAFT 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ Donations and benevolence 1,448 - Members Subscriptions 10,272 - Administration 22,190 - Governance 2,410 - Other 4,919 - Total 44,669 - NET INCOME/(EXPENDITURE) (10,585) - RECONCILIATION OF FUNDS Total funds brought forward 754,633 - TOTAL FUNDS CARRIED FORWARD 744,048 - 7. TANGIBLE FIXED ASSETS Freehold Integral property features £ £ COST At 1 November 2023 and 31 October 2024 396,436 49,175 DEPRECIATION At 1 November 2023 - 13,747 Charge for year - 4,919 At 31 October 2024 - 18,666 NET BOOK VALUE At 31 October 2024 396,436 30,509 At 31 October 2023 396,436 35,428 8. FIXED ASSET INVESTMENTS 2024 £ Other 100,000 There were no investment assets outside the UK. Investments (neither listed nor unlisted) were as follows: 2024 £ Investments 100,000 |
Total funds £ 1,448 10,272 22,190 2,410 4,919 44,669 (10,585) 754,633 744,048 Totals £ 445,611 13,747 4,919 18,666 426,945 431,864 2023 £ 100,000 2023 £ 100,000 |
|---|---|
continued...
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
| DRAFT 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments 10. CURRENT ASSET INVESTMENTS Term deposit account 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Club current account Accruals and deferred income 12. MOVEMENT IN FUNDS At 1/11/23 £ Unrestricted funds General fund 744,048 TOTAL FUNDS 744,048 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 47,393 TOTAL FUNDS 47,393 Comparatives for movement in funds At 1/11/22 £ Unrestricted funds General fund 754,633 TOTAL FUNDS 754,633 |
2024 £ 325 2024 £ 175,039 2024 £ 1,589 2,251 3,840 Net movement in funds £ 5,209 5,209 Resources expended £ (42,184) (42,184) Net movement in funds £ (10,585) (10,585) |
||
|---|---|---|---|
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ROYAL BRITISH LEGION SCOTLAND PAISLEY COMRADES BRANCH
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2024
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 34,084 | (44,669) | (10,585) |
| TOTAL FUNDS | 34,084 | (44,669) | (10,585) |
| DRAFT A current year 12 months and prior year 12 months combined position is as follows: Net At movement At 1/11/22 in funds 31/10/24 £ £ £ Unrestricted funds General fund 754,633 (5,376) 749,257 TOTAL FUNDS 754,633 (5,376) 749,257 A current year 12 months and prior year 12 months combined net movement in funds, included in the above as follows: Incoming Resources Movement resources expended in funds £ £ £ Unrestricted funds General fund 81,477 (86,853) (5,376) TOTAL FUNDS 81,477 (86,853) (5,376) |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
Restricted funds relate to grant monies received from Renfrewshire Council for the purchase of pipes and drums equipment. This grant was fully spent at the year end.
13. RELATED PARTY DISCLOSURES
During the year the Royal British Legion Scotland Paisley Comrades Branch made interest free unsecured advances to the Royal British Legion Scotland Paisley Comrades Club. The balance due to the club at 31 October 2024 was £1,589 (2023: £1,377).
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