Charity registration number SC025724 (Scotland> Company registration number SC156603 THE PARK CENTRE (STRATHKELVIN) LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ALEXANDER SLOAN TC Group Business Advisors & Accountants 180 st Wincent street Glasgow G2 5SG
THE PARK CENTRE (STRATHKELVIN) LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Directors J Proctor G Crooks C Davis M Robertson J Clark J Maclaren l Gibson P Davis A Finnie (Appointed 5 July 20251 (Appointed 5 July 20251 Secretary A Chisholm Charity number (Scotland) SC025724 Company number SC156603 Principal address The Park Centre 45 Ke Street Kirkinlilloch G661LF Registered office Tontine House 8 Gordon Street Glasgow G1 3PL Independent examiner Philip Morri, FCCA TC Group Business Advisors & Accountants 180 Sl Vincent Street Glasgow G2 5SG Bankers Royal Bank of Scotland 116 Cowgate Kirkinlilloch Glasgow G66 1JX
THE PARK CENTRE (STRATHKELVIN) LIMITED CONTENTS Page Directors, report Independent examine¢s report statement of finanual activities Balance sheet Notes to the financial statements 10-19
THE PARK CENTRE (STRATHKELVIN) LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Directors present their annual report and ffinancial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies sel out in nole 1 to the financial statements and comply wth the charity's Memorandum and Articles of Association. the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts {Scotlandl Regulations 2006 las amended}, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordan wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounling periods commenang from 1 January 2019}. Objectives and activities For the public at large {and residents) within the communty of Strathkelvin and environs, 1. To provide in the interests of social welfare, facilities for recreation and other leisure time activity with a view to improving their conditions of life. 2. To relieve povety. 3. To relieve the needs of persons suffering from mental andlor physical disabilty, illness or impairment. 4. To advance education particularly among young people. disabled people and the unemployed. 5.To promote andlor provide training and skills of all kinds, particularly such skills as will assist the residents in obtsining paid employment. 6.To promote, establish and operate other schemes of a charitable nature for the benefft of the community. Activities The principal activity of the charity in the year under review was that of providing a centre (i.e. The Pa Centre building) for social activities, care and training as well as offering a wide range of facilities to the general public, with particular emphasis given towards those with additional support needs.
THE PARK CENTRE (STRATHKELVIN) LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfonnance The Park Centre continued to provide an accessible. affordable and attractive venue for a wide variety of local charilies, organisations and small enlerprises who retum year after year as they find our facilities meet all their requirements. The Directors held monthly Board meelings Ihroughout the year with a majortty able lo attend regulady. Minutes and monthty accounts were circulated prior to each meeting either by email or by hand. In Juty 2024, two new Direclors were appointed, Pat Davis and Alan Finnie. Both have been associated with The Park Centre for some time and have often a5SiSted with fundraising. Despite these new member5, the Board remains conscious of the increasing age of several long-standing Directors so will continue looking for surtable recruits. The Special Purchases Fund was supported by proceeds from the October Fair, sales of quizzes. knitted goods and donations. Unfortunalely, the Children's Memories Knilfesl in November had lo be abandoned due lo a one- day snowstorm but some of the exhibits were sold later. increasing the total to over £2,500. Thi5 was used to upgrade the window in the Macpherson Room in the Balcony. improving its insulation, and almost £2,000 towards fingerguards on all the aulomaticalty opening doors to meet current legal requiremenls. This was a large expense that could not be avoided. The rents were held at the 2023124 rale to lry to help the small organisations whose members were, like everyone else, suffering from Ihe rapid increase in the cost of living while many of Ihem live on their pension andl or benefits. Despite having both Creatovators and Barclays as pernanent lets now, the income is still not enough to meet all the expenses, especially as the fuel costs have risen so sharply, so some of the second legacy had to be used again this year. There will definitety be an increase in rents for 2025126 but even these may nol bring in enough income to match the expenditure so the search for further funds continues. Letting There are now 3 permanent tenants in The Park Centre and each week there are a variety of sessional lets. Contact Point in East Dunbartonshire continues to operate from the George Crooks Room where it has its office and runs 2 popular Social Interaction Groups for adults with a disability and older people on Tuesday aftemoons and Wednesday momings. It also started a new group on Thursday mornings, called Community Friends, primarily for those people with a disability {45 to 65) who want to be more active, especially during the summer when everything else seems to stop. In partnership wilh The Park Cenlre they also wn a short-lem equipment loan, mainly of wheelchairs, for the general public, available quick by a phone call or personal visit Creatovators occupy the Hadfield Suite in the balcony. This Community Inlerest Company provides services for children and young people on Ihe autistic spectrum and their families and carers as well as offering training for professionals any anyone else with an interest in this area. They operate a company volunteers scheme to assisl with and leam about the Lego therapy sessions, and several youngsters previously using the programme come back to help others who share their difficulties. Barclays bank are continuing to use the Old Vestry for their community setvices Tuesday lo Thursday.. 9am lo 5pm, with the Paterson Hall available as a waiting area. The main stipulations for their tenancy were sole use of office space, accessibility and that The Park Centre must be manned during Iheir presence. This means that when the Centre Manager is absent for any reason, the Direclors must ensure someone else is present. Sessional tenants.. the majority of the previous year's tenants returned again after the summer break with the addition of a few others for both 'one-off and regular lets. The Bank of Scotland have indicated that they wish to establish their Community Hub in The Park Centre although this will only be held once every 2 weeks, on Thursdays, 9.30am lo 4.30pm, beginning in May 2025.
THE PARK CENTRE (STRATHKELVIN) LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Improvements: Fingerguards are now fitted to all doors with an autornatic mechanism to meet current legal requirements. These were cosuy but some of this was covered by the Special Project fund. The Resource room in the old Leaming Zone at the fronl of Ihe building was moved to the Lamb Room as it is difficult to use for sessional lets. being directty off the Mackay Hall. The Allan Room (the old resource room) was renamed afler Dr Geoff Allan. Ihe first Chairperson of The Park Centre Company. As it is just off the main entran it is much more convenient to let and the Bank of Scotland will use it from May 2025. A new carpet was laid and the intercom upgraded and reconnected Mainlenance The Centre Manager keeps an eye on both the inside and outer aspects of the building and the general condition is in good order with minimum repairs and replacement costs. The main roof required some slales replaced on occasion after high winds, severe gusts causing the most damage. A leak in the roof area above the Old Vestry qUired Iwo vistts to repair, the exacl spot of ingress being difficult to identify and some lead had to be renewed. The light fitting. damaged by the water, was replaced by an electrician and the electrical circuits checked afterwards. The lifl had its annual check and is working well, atthough it is only used on occasion these days. The gents, toilet at the rear of the building continued to give problems, the problem eventually being identified to some old piping. The spray in the urinals also required adjustmenl in both volume and frequency. The website was updated to include the Allan Room, and both Bardays and The Bank of Scotland Community services. The boundary wall with 43 Ke Street collapsed at the Victoria Street end. This wall belongs to The Park Centre, and, after examination, the damage was found to be due lo pressure from rools from trees at the rear of our grounds. Although the main culprit is now dead, aangeMentS were made for its removal and for the wall will be repaired once the frosts are over. Employment The Centre Manager continues to run the building well and is complemented on his welcoming disposition and for helping out. over and above his set duties. The Directors trust his judgement in matters of repair, replacement, etc,. and believe he is an asset to The Park Centre. The Support Assistant's recovery from her pulmonary emboli in January 2024 was very slow and she was still short of breath 5 months later. After discussion, she agreed she might never be able to do the physical work associated with her job. As The Park Centre has no olher posts to which she could be transferred she was offered medical retiremenvredundancy, which she agreed to take at the end of June 2024. To date no replacement has been appointed. Events and Fundraising There was a Craft Fair and Coffee Moming in October which raised almost £800 and was also a good opportunity for local people lo come and see whal The Parf( Centre has to offer. The 'Children's Memories Kniffesl" scheduled for a Saturday in November had lo be cancelled at the last minute due to a one-day snowstorm. The popular Quizzes were circulaled during the year again and brought in welcome funds as did the regular sale of second-hand books available in both Craigie and Mackie Halls. Donations were very welcome from both Kirkinlilloch choirs, generous individuals and trom half the wheelchair deposits Ihal were gtfted from the Short Term Equipment Loan SeNice that we administer with Contact Point in East Dunbartonshire. Volunteers The Park Centre could not run as a going concem without the contribution of Volunteers. All the Board of Direclors are Volunleers dealing wtth govemance. finan, propety, health and safety letting, administration and employment. other local people volunteer for Ihe tea-room. stalls, etc.. at our events for which the Board members are grateful as they could not manage alone.
THE PARK CENTRE (STRATHKELVIN) LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 St David's Memorial Park Parish Church The original lease wilh St David's Memorial Park Parish Church of 25 years expired on 31$1 October 2022 but conlinues by tactt localion year on year with the existing conditions for the foreseeable future. As the lease has expired, the cost of all the previous improvements and repairs has depreciated to zero so there is now a peppercom rent of £100 per annum charged but The Park Centre continues lo fund all repairs, replacements and improvements from their own funds. Financial review Per the Slatemenl of Financial Aclivities on page 7, the chartty reported Net Expendtlure (i.e. Deficit) of £15,628 for the year {2024 - Deficit £12,071) of which expenditure of £1.936 related to Depreciation on Leasehold Improvemenls as indicated in Note 11, Tangible Fixed Assels, on page 15. The charity's tolal funds at 31 March 2025 amounted to £42,123 of which £9.812 as indicated in Note 16. Unrestricted Designated Funds. on page 17 was 'tied up, in fixed assets. Resenies Policy The Direclors have eslablished a policy whereby the charity's Unrestricted Funds {i.e. free reserves not committed or invested in tangible fixed assets) should approximate to at least three months of annual expenditure. Al this level, the Directors feel that they would be able to continue the charity's current aclivities in the event of a significant drop in funding. Represented by the General Fund as per the Statement of Financial Activities on page 7, the charity had free reserves of £32,311 at 31 March 2025 which, although above the required level, was acceptable to the Directors. Risk management The Directors have assessed the major risks to which the charity is exposed. in particular those related to the operations and ftjture of the charity and are satisfied that systems are in place to mitigate all exposure to major risks. Structure. governance and management The Park Centre Istrathkelvinl Ltd is a private limited company (No. SC156603) and a recognised Scottish charity (No. SC0257241, govemed by its Memorandum and Articles of Association. The Directors who served during the year and up to the date of signature of the financial slatements were.. J Proctor G Crooks C Davis M Robertson J Clark J Maclaren l Gibson P Davis A Finnie {Appointed 5 Juty 2025) {Appointed 5 Juty 2025) Appointment of Directors New Directors are appointed at the discretion of the Board. There is no fixed temi for directorship. New Directors take part in an induction programme which aims to familiarise them with the charity's values, aims and objectives together with its day-to-day operations. in addition to clanfying their statutory responsibilities as Directors of a private limited company and as Trustees of a charity- Oryanisational Structure The Directors are responsible for the charity's overall direction and consider themselves as the Key Management Personnel with regard to direcling. controlling and running the charity's daity acttvities. The Directors serve volunlarity. No remuneration or reimbursed expenses were paid to the Directors during the year in their role as Direclors.
THE PARK CENTRE (STRATHKELVIN) LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Related parties The charitable company's share capiial is held jointty by Contact Point in East Dunbartonshire SCIO (Scottish Charity No. SC0081841 and St David's Memorial Park Parish Church (Scottish Charity No. SC0074271. The shares are held in trust by the Directors of The Park Centre (Strathkelvin) Limited. The Directors holding office at 31 March 2024 did not hold any beneficial interest in the issued share capital of the charitable company. Independent Examiner The Directors recommend Ihal Philip Morrice, F.C.C.A., a partner in TC Group, Business Advisors and Accountants, remains in office as independent examiner until further notice. The Directors, report was approved by the Board of Directors. J Proctor Direclor Dated.. 1311112025
THE PARK CENTRE (STRATHKELVIN) LIMITED INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF THE PARK CENTRE (STRATHKELVIN) LIMITED I reporl on the financial statements of the the charity for the year ended 31 March 2025, which are sel out on pages 7t019. Respective responsibilities of Directors and exarniner The charity Trustees (who are also the Directors of The Park Centre (Strathkelvin) Limited for the purposes of company law) are responsible for the preparation of the financial slatements in accordance wilh the terms of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006.The the charity Directors consider that the audit requirement of Regulation 10{11{a)-{c) of the Charities Accounls (Scotland) Regulations 2006 does not app. It is my responsibility to examine Ihe financial Statements as required under section 44{11(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried oul in accordance with Regulation 11 of Ihe 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 statemenls, and seeks explanations from the Trustees conceming 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 stslements. Independenl examinerfs ststemenl In the course of my examination, no matter ha5 come to my attention . which gives me reasonable cause lo believe that in any material SpeCt the qUIreMen1s= to keep accounting records in accordance with Section 44111{al of the Charities and Trustee Investment {Scotlandl Act 2005 and Regulalion 4 of the Charities Accounts {Scotlandl Regulations 2006, and to prepare financial statements which accord with the accounting records and compty with Regulation 8 of the Charities Accounls (Scolland) Regulations 2006 have nol been met, or 2. lo which, in my opinion. attention should be drawn in order to enable a proper underslanding of the financial statements to be reached. Philip Morrice, FCCA TC Group BusinessAdvisors & Accountants 180 st Vincenl Street Glasgow G2 5SG Date.. 1411112025
THE PARK CENTRE (STRATHKELVIN) LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestricted Unrestricted Restricted funds funds funds general designated 2025 2025 Total Total 2025 2025 2024 Notes Income from: Donations Income trom charitable activities Investment income 2.261 41,841 580 50 2,311 41,841 580 4,812 29,526 783 Total income 44.682 50 44.732 35,121 enditure on: Cost of charilable activities 55,830 4,480 50 60,360 47,192 Net expenditure before transfers {11.148) (4.480) (15.6281 (12,0711 Gross transfers between funds 17 (1.201) 1.201 Net movement in funds (12.349) (3.279) (15.6281 (12,0711 Fund balances at 1 April 2024 44,660 13,091 57,751 69,822 Fund balances at 31 March 2025 32,311 9,812 42,123 57,751 The statement of financial activities indudes all gains and losses recognised in the year. The slatement of financial activities indudes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 10 to 19 form an integral part of these financial statements.
THE PARK CENTRE (STRATHKELVIN) LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prior financial year Unrestricted Unrestricted Restricted funds funds funds general designated 2024 2024 Total 2024 2024 Notes Income from: Donations Income trom charitable activities Investment income 3,007 29,526 783 1,805 4,812 29,526 783 Total income 33,316 1,805 35,121 enditure on: Cost of charilable activities 39,937 5,450 1,805 47,192 Net expenditure before transfers (6,621) (5,450) {12,071) Gross transfers betsveen funds 17 (4,554) 4,554 Net movement in funds (11,175) {896) {12,071) Fund balances at 1 April 2023 55,835 13,987 69,822 Fund balances at 31 March 2024 44,660 13,091 57,751 The slatement of financial activities indudes all gains and losses recognised in the year. The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activilies. The statement of financial aclivities also complies with the requirements for an income and expenditure accounl under the Companies Act 2006. The notes on pages 10 to 19 form an integral part of these financial slatements.
THE PARK CENTRE (STRATHKELVIN) LIMITED BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 11 10,960 12,896 Current assets Debtors Cash at bank and in hand 12 5,655 36.225 5,279 46.872 41.880 52.151 Creditors: amounts falling due within one year 13 (10.717) (7.2961 Net current assets 31.163 44,855 Total assets less current liabilities 42,123 57,751 The funds of the the charity Unrestricled funds - general Unrestricted funds - designated 17 16 32,311 9,812 44,660 13,091 42,123 57,751 The company is entilled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge Iheir responsibilities for complying wtlh Ihe requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of tts financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies regime. 1311112025 The financial stalemenls were approved by the Directors on ......................... J Proctor Director Company registration number SC156603 (Scotland)
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity infonnation The Park Centre Istrathkelvinl Limited is a private company limited by guarantee incorporated in Scotland. The registered office and principal place of business is Tontine House, 8 Gordon Street, Glasgow, G1 3PL. 1.1 Accounting convention The financial stalemenls have been prepared in accordance wtlh the the charity's Memorandum and Articles of Association. the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Acl 2006 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 IFRS 1021° {as amended for accounting periods commencing from 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 amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention.The principal accounting policies adopled are sel out below. 1.2 Going Concern At the time of approving the financial statements, the Directors have a reasonable expectation that the the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going COnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Directors in furthera of their charitable objectives. Restricted funds are subject to specrfic 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 legalty entitled to tt after any perfomiance conditions have been met, the amounts can be measured reliabty, 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 donalion, unless perfomiance conditions require deferral of the amounl. Income lax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Donated services and donated facilities Donaled services and donated faciltties are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefft from the use by the charity of the item is probable and that economic benefft can be measured reliably. On receipt, donated services and donaled facilities are recognised on the basis of the value of the gift to Ihe charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of receipt. Income from Charilable Activities Income from charitable activities includes incorne eamed both from the suppty of goods or ServIS under contractual arrangements and from perfonnance-related grants which have conditions that specify the provision of particular goods or services to be provided by the chartty. Income from charitable activities is recognised as earned (as the related goods or services are provided). 10-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Investment income Inlerest on funds held on deposit is induded 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. 1.5 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constTUCtive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably. Liabilities are measured on recognition at historical cost and then subsequently measured at the best eslimate of the amount required to settle the obligation at the reporting dale. The exception is that certain financial instruments must be adjusted to their present value,. these include financial liabilities where settlement is deferred for more than 12 months after the reporting date. All expenditure is accounted for on an accruals basis. All expenses including support costs and govemance costs are allocated or apportioned to the applicable expenditure headings. Expenditure on Charitable activities Expenditure on charilable activtties includes all costs incurred by the charity in undertaking aclivities that further its charitable aims for the benefit of its beneficiaries. including those support costs and costs relating to the governance of Ihe charity apportioned to charitable activities. The costs of charitable activilies presented in the Statement of Financial Activities includes the costs of both direct Servi provision and the payments of grant awards if applicable. Governance costs Governance costs {which are induded as a component of support costs in accordance with SORPI comprise all costs involving the pubic accountability of the charity and tts compliance wtlh regulalion and good practice. These costs include those related to the constitutional and stalutory requirements, external scrutiny (audit or independent examination), strategic management and other legal and professional fees. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading in vthich it was incued. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaimient 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.. Leasehold improvements Plant and equipment Fixtures and fittings Computers To write off expenditure over the remaining term of the lease. 150/0 reducing balance 150A reducing balan 30°/o reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimlent of fixed assets At each reporting end date, the the charity reviews the carrying amounts of its tangible assets to detemiine whether there is any indicalion Ihat those assets have suffered an impaimenl loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impairment loss {rf any). 11
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 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 currenl liabilities. 1.9 Financial instruments The charity has elected to appty the provisions of Section 11 'Basic Financial Instruments. and Seclion 12 'Other Financial Instruments Issues. of FRS 102 to all of rts financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty 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 inlention to settle on a net basis or to realise the asset and settle the liability simulianeousty. Basic financial assets Basic financial assets, which indude debtors and cash and bank balans, are initialty measured at transaction price including transaction costs and are subsequenlly carried al amortised cost using the effective interest method unless the aangement constrtutes a financing transaction, where the transaction is measured al Ihe present value of Ihe fvture reiptS discounted at a market rate of inlerest. Financial assels classified as receivable within one year are not arnortised. Basic financial liabilities Basic financial liabiliiies, including creditors and bank loans are inits'alty recognised at transadion price unless the arrangemenl conslitules a financing transaclion, where the debl instrument is measured at Ihe 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 instnjments are subsequentty 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 operalions from suppliers. Amounls 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 credilors are recognised initially at transaction price and subsequentty 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 Retirement benefits Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's accounting policies. the Directors are required to make judgements, eslimates and assumplions aboul the carrying amount of assets and liabiltties thal are not readily apparenl from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resums may differ from these eslimates. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where Ihe revision affects only thal period, or in the period of the revision and future periods where the revision affect5 both current and future periods. 12-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donations Unrestricted Restricted funds funds general 2025 Total Unrestricled funds general 2024 Reslricted funds Total 2025 2025 2024 2024 Donations and gifts EDC Winter Connections Scheme 2,261 50 2,311 3,007 305 3,312 1,500 1,500 2,261 50 2,311 3,007 1,805 4,812 Donations and gifts Donations 2,261 50 2,311 3.007 305 3,312 2,261 50 2,311 3.007 305 3,312 Income from charitable aclivities 2025 2024 Hall Rentals 41,841 29,526 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 580 783 13-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities 2025 2024 Direct costs Staff costs Depreciation and impaiment Premises costs Running costs Legal and professional Governance costs (Note 9) 29,900 1,936 10.115 14,902 993 2,514 28,806 2,021 7,583 5,534 854 2,394 60,360 47,192 Analysis by fund Unrestricted funds - general Unrestricted funds - designated Restricted funds 55,830 4,480 50 39,937 5,450 1,805 60,360 47,192 Trustees. Emoluments None of the Trustees lor any persons connected with them) received any remuneration or beneffts from the charity during the year. See also Note 16. Employees Number of employees The average monlhly number of employees during the yearwas.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension costs 28,918 982 27,841 965 29,900 28,806 No remuneration was paid to key management personnel during the year (2024 - £Nil). There were no employees whose annual remuneration was £60,000 or more. 14-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Net Incomel{expenditure) 2025 2024 Net incomel{expenditure) for the year is stated after charging= Independent Examineffs MUneration Depreciation of owned tangible fixed assets 2,514 1,936 2,394 20,890 10 Taxation The charity is exempt from tsxation on its activities because all its income is applied for charitable purposes. 11 Tangible fixed assets Leasehold wnprovements Plant and Fixtures and equipment frttings Compute Totsl Cost At 1 April 2024 314,085 7,297 24,469 2,129 347,980 At 31 March 2025 314,085 7,297 24,469 2,129 347,980 Depreciation and impainnent At 1 April 2024 Depreciation charged in the year 314,085 7,190 16 11,693 1,916 2.116 335,084 1,936 At 31 March 2025 314,085 7,206 13,609 2,120 337,020 Carrying amount At 31 March 2025 91 10,860 10,960 At 31 March 2024 107 12,776 13 12,896 12 Debtors 2025 2024 Amounts falling due within one year: Other debtors Prepayments and accrued income 4.545 1,110 4,820 459 5,655 5,279 15-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Creditors: amounts falling due within one year 2025 2024 Notes Deferred income Accruals 14 6,240 4.477 4,350 2,946 10.717 7,296 14 Deferred income 2025 2024 Other deferred income 6,240 4,350 Deferred income is included in the financial ststements as follows= 2025 2024 Deferred income is included within= Current liabilities 6.240 4,350 Movements in the year.. Deferred income at 1 April 2024 Released from previous periods Resources deferred in the year 4,350 {4.3501 6,240 4,350 Deferred income at 31 March 2025 6,240 4,350 15 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or Ioss in respect of defined contribution schemes 982 965 The the charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the the chartty in an independently adminislered fund. The pension charge represents contributions due from the company and amounted to £98212024 £965} 16-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Unrestricted funds - designated These are the designated funds which have been set aside out of unreslricled funds by the Truslees for specific purposes.. At 1 April 2024 Resources expended Transfers At 31 March 2025 Designated Assets Fund Special Purchase Fund Share Capital 10,538 1.553 1,000 (1,936) 12,544) 8,602 210 1,000 1.201 13,091 (4,480) 1,201 9,812 Previous year- At 1 April 2023 Resources expended Transfers At 31 March 2024 Designated Assets Fund Special Purchase Fund Share Capital 11.730 1.257 1,000 (3,187) (2,263) 1,995 2,559 10,538 1,553 1,000 13,987 (5,450) 4,554 13,091 Purposes of Designated Funds Designated Assets Fund The Designated Assets Fund represents the net book value of the charity's fixed assets, distinguishing their value from unreslricted funds immedialety for use. During Ihe year ended 31 March 2024, the Fund received a £1,995 transfer from the General Fund {Unrestrictedl representing the financing and purchase of fixed assets. Special Purchases Fund Originated from a gift received from the foTher Park Centre Support Group on its cessation to finan special purchases and enhance Ihe charity's facilities and aclivities. Transfers in the year of £1,201 from the general fund represent unrestricted donations and fundraising monies that the Directors have allocated towards the Special Purchase Fund. Share Capital Originaled from the company's share capital vthich is held joinlly by Contact Poinl in Easl Dunbartonshire SCIO (Scottish Charity No. SC008184) and St David's Memorial Park Parish Church (Scottish Charity No. SC007427). The shares are held in trust by the Directors of The Park Centre. 17-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Unrestricted funds The income funds of Ihe charity include the following designated funds which have been sel aside out of unrestricted funds by the Directors for specific purposes= At 1 April 2024 Income Expenditure Transfers At 31 March 2025 General funds 44,660 44,682 {55,830) {1,2011 32,311 Previous year: At 1 April 2023 Income Expenditure Transfers At 31 March 2024 General funds 55,835 33.316 (39,937) (4,5541 44,660 18 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to spectfic conditions by donors as to how they may be used. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 Special Purchases Fund 50 (501 Previous year- At 1 April 2023 Incoming resources Resources At 31 March expended 2024 Special Purchases Fund EDC- Winter Scheme 305 1,500 (3051 (1.5001 1,805 (1.8051 Purposes of Restricted Funds Special Purchase Fund Represents donations received with Ihe specific purpose of being spenl on special purchases and enhance the charity's facilities and activities. EDC Winter Connections Scheme The EDC Winter Connections Scheme represents a grants received from East Dunbartonshire Council for the purpose of running costs.. cleaning, staff, heating costs and insurance. 18-
THE PARK CENTRE (STRATHKELVIN) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysis of net assets between funds Unrestricted Unrestricted funds funds general designated 2025 2025 Total 2025 At 31 March 2025: Tangible assets Current assetsllliabililies) 10.960 (1,1481 10,960 31,163 32,311 32,311 9,812 42,123 Unrestricted Unrestricted funds funds general designated 2024 2024 Totsl 2024 At 31 March 2024: Tangible assets Currenl assetsllliabililies) 12,896 195 12,896 44,855 44,660 44,660 13.091 57,751 20 Related party transactions During the year. the following transactions took place with related parties= Contact Point in Easl Dunbartonshire SCIO and St David's Memorial Park Parish Church are joinl shareholders of The Park Centre Istrathkelvinl Limrted. Directors, Jenny Proctor and Christine Davis are Truslees of Contact Point in East Dunbartonshire SCIO. The charity signed a lease agreement on 1 November 1997 with the lessor, St. David's Memorial Park Parish Church, for a twenty-five year lease on the property at 45 Kerr Street, Kirkintilloch. Per an agreement with Sl David's Memorial Park Parish Church as outlined on page 3, no rent was payable for the first 25 years ending on 31st December 2022. During the yearto 31 March 2025 £100 was paid (2024- £125). John Maclaren, Director, received a salary of £24,843 in his capacity as Centre Manager (2024 - £23,956). Chrisline Davis, Director, received a salary including redundancy of £2.610 in her capacity as Support Assistant12024- £3,960). 19-