REGISTERED COMPANY NUMBER: SC368706 (Scotland) REGISTERED CHARITY NUMBER: 032641
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 28 February 2025
for
Biggar Corn Exchange Ltd
Gordon Ferguson & Co Ltd 76 Hamilton Road Motherwell Lanarkshire ML1 3BY
Biggar Corn Exchange Ltd
Contents of the Financial Statements for the Year Ended 28 February 2025
| Page | ||
|---|---|---|
| Report of the Trustees | 1 | |
| Chair’s Report | 2 | |
| Independent Examiner's Report | 3 | |
| Statement of Financial Activities | 4 | |
| Balance Sheet | 5 | |
| Notes to the Financial Statements | 6 to | 11 |
| Detailed Statement of Financial Activities | 12 to | 13 |
Biggar Corn Exchange Ltd
Report of the Trustees for the Year Ended 28 February 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28 February 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
SC368706 (Scotland)
Registered Charity number
032641
Registered office
Biggar Corn Exchange High Street Biggar Lanarkshire ML12 6DL
Trustees
W A M Muir Trustee C T Crosse Retired P Lynch Actor Mr J R Glashan Retired L M K Morris AV/IT Service Technician Ms K L Milton (appointed 16.1.25)
Company Secretary
W A M Muir
Independent Examiner
Lynne McTaggart Gordon Ferguson & Co Ltd 76 Hamilton Road Motherwell Lanarkshire ML1 3BY
Approved by order of the board of trustees on 10 July 2025 and signed on its behalf by:
W A M Muir - Trustee
Page 1
Biggar Corn Exchange Ltd
Activities and Achievements
A key objective of the Board has been to bring the Corn Exchange building and its technical equipment up to a standard where they can be managed safely and effectively within our, somewhat limited, annual revenue. With the building now watertight, this year we have been able to focus on upgrading our light and sound systems.
Our old halogen-based lighting system served us well for many years but was increasingly expensive to run. It also required ladder and scaffold tower access to re point lanterns and change colour filters. This was an increasing burden on our volunteers as our events programme expanded, as well as being a safety issue. We now have a fully up to date, digitally controlled system, with colour and direction controlled from the gallery, making it much quicker and easier to set up between different types of events. The new LCD units are about 75% more efficient, reducing both our running costs and carbon emissions. Our sound system has also been upgraded to a digital system, with fixed speakers and much improved connectivity between gallery and stage. The whole refit cost £94,500 and we are very grateful for the funding support from local windfarm operators SSE and Nadara.
Our in-house arts participation groups, Young Performers and Biggar Theatre Workshop, continue to thrive. BTW started the year with an excellent performance of Noel Coward’s Blithe Spirit and their pantomime was Treasure Island. They ran a very entertaining Bard-based review, “Shakespeare Shorts” in October and finished the year in February with one of their ever-popular murder mystery evenings. Big thanks to Anna Ludvig who stepped down as BTW Chair at the end of the year and welcome to Shirley Craig who is taking over.
Our year-round events programme continues to develop and offers music, theatre, film and comedy to suit all sectors of the community. Special thanks to our regular delivery partner Biggar Little Cinema and Biggar Little Festival and to Braw Clan, whose Scots language performances and outreach programme have had an area wide impact. Our “Spring Up” mini-festival in February brought new, Scotland based playwrights to the Corn Exchange to see their work read and performed by professional actors and this is something that we would really like to develop further.
Ater seven years as Chair of BCE Ltd. I am stepping down (although I will remain on the Board to help manage the changeover). It has been a pleasure and really gratifying to see the Corn Exchange continue to develop into a vibrant and sustainable community arts facility. This has taken an incredible amount of work from all of our Board members, BTW and YP organisers and all our other volunteers. We have a facility of which the whole community can be proud and which now has a viable future. I wish my successor Lucas and the whole Board all the best.
Malcolm Muir Chair of Trustees
Page 2
Independent Examiner's Report to the Trustees of Biggar Corn Exchange Ltd
I report on the accounts for the year ended 28 February 2025 set out on pages three to ten.
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.
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.
Lynne McTaggart The Institute of Chartered Accountants of Scotland
Gordon Ferguson & Co Ltd 76 Hamilton Road Motherwell Lanarkshire ML1 3BY
10 July 2025
Page 3
Biggar Corn Exchange Ltd
Statement of Financial Activities
for the Year Ended 28 February 2025
| INCOME AND ENDOWMENTS FROM Notes Unrestricted funds £ Donations and legacies 1,829 Charitable activities Charitable Activities 80,945 Other trading activities 2 60,352 Investment income 3 1,388 Other income 383 Total 144,897 EXPENDITURE ON Raising funds 4 95,406 Charitable activities Governance Costs (7,104) Charitable Activities 61,367 Other 3,780 Total 153,449 NET INCOME/(EXPENDITURE) (8,552) Transfers between funds 13 3,953 Net movement in funds (4,599) RECONCILIATION OF FUNDS Total funds brought forward 74,854 TOTAL FUNDS CARRIED FORWARD 70,255 |
Restricted funds £ 4,244 - - - 10,735 14,979 - - 5,555 7,943 13,498 1,481 (3,953) (2,472) 4,723 2,251 |
28.2.25 Total funds £ 6,073 80,945 60,352 1,388 11,118 159,876 95,406 (7,104) 66,922 11,723 166,947 (7,071) - (7,071) 79,577 72,506 |
29.2.24 Total funds £ 3,956 31,605 47,449 1,517 20,546 |
|---|---|---|---|
105,073 |
|||
252 - 74,833 17,355 |
|||
92,440 |
|||
12,633 - |
|||
| 12,633 66,944 |
|||
| 79,577 |
The notes form part of these financial statements
Page 4
Biggar Corn Exchange Ltd
Balance Sheet
28 February 2025
| Unrestricted funds Notes £ FIXED ASSETS Tangible assets 8 100,456 CURRENT ASSETS Stocks 9 720 Debtors 10 983 Cash at bank and in hand 77,583 79,286 CREDITORS Amounts falling due within one year 11 (109,487) NET CURRENT ASSETS (30,201) TOTAL ASSETS LESS CURRENT LIABILITIES 70,255 NET ASSETS 70,255 FUNDS Unrestricted funds 13 Restricted funds TOTAL FUNDS |
Restricted funds £ 248 - 181 2,827 3,008 (1,005) 2,003 2,251 2,251 |
28.2.25 Total funds £ 100,704 720 1,164 80,410 82,294 (110,492) (28,198) 72,506 72,506 70,255 2,251 72,506 |
29.2.24 Total funds £ 11,867 720 365 189,466 190,551 (122,841) 67,710 79,577 79,577 74,854 4,723 79,577 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 July 2025 and were signed on its behalf by:
W A M Muir - Trustee
The notes form part of these financial statements
Page 5
Biggar Corn Exchange Ltd
Notes to the Financial Statements for the Year Ended 28 February 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 10% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 28.2.25 | 29.2.24 | |
| £ | £ | |
| Fundraising events | 3,000 | 3,356 |
| Bar & Coffee Takings | 19,273 | 24,185 |
| Juniors & Youth | 1,028 | 2,638 |
| Senior Productions | 30,533 | 12,488 |
| Hall & Facility Lets | 4,889 | 3,114 |
| Century Account | 1,629 | 1,668 |
| 60,352 | 47,449 |
continued...
Page 6
Biggar Corn Exchange Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2025
3. INVESTMENT INCOME
| 3. | INVESTMENT INCOME | ||
|---|---|---|---|
| 28.2.25 | 29.2.24 | ||
| £ | £ | ||
| Interest receivable - trading | 1,388 | 1,517 | |
| 4. | RAISING FUNDS | ||
| Investment management costs | |||
| 28.2.25 | 29.2.24 | ||
| £ | £ | ||
| Property repairs | 95,406 | 252 | |
| 5. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| 28.2.25 | 29.2.24 | ||
| £ | £ | ||
| Depreciation - owned assets | 7,316 | 1,381 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 28 February 2025 nor for the year ended 29 February 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 28 February 2025 nor for the year ended 29 February 2024.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,435 Charitable activities Charitable Activities - Other trading activities 42,323 Investment income 1,517 Other income 11,087 Total 56,362 EXPENDITURE ON Raising funds 252 Charitable activities Charitable Activities 37,323 Other 6,210 Total 43,785 NET INCOME 12,577 RECONCILIATION OF FUNDS Total funds brought forward 62,277 |
Restricted funds £ 2,521 31,605 5,126 - 9,459 48,711 - 37,510 11,145 48,655 56 4,667 |
Total funds £ 3,956 31,605 47,449 1,517 20,546 105,073 252 74,833 17,355 92,440 12,633 66,944 |
|---|---|---|
continued...
Page 7
Biggar Corn Exchange Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2025
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund Restricted funds £ £ TOTAL FUNDS CARRIED FORWARD 74,854 4,723 8. TANGIBLE FIXED ASSETS COST At 1 March 2024 Additions At 28 February 2025 DEPRECIATION At 1 March 2024 Charge for year At 28 February 2025 NET BOOK VALUE At 28 February 2025 At 29 February 2024 9. STOCKS 28.2.25 Stocks £ 720 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 28.2.25 Trade debtors £ 1,164 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 28.2.25 £ Trade creditors 4,395 Accruals and deferred income 105,467 Accrued expenses 630 110,492 |
Total funds £ 79,577 Computer equipment £ 126,679 96,153 222,832 114,812 7,316 122,128 100,704 11,867 29.2.24 £ 720 29.2.24 £ 365 29.2.24 £ 3,917 118,294 630 122,841 |
Total funds £ |
|---|---|---|
continued...
Page 8
Biggar Corn Exchange Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2025
12. MOVEMENT IN FUNDS
| Unrestricted funds At 1.3.24 £ General fund 74,854 Restricted funds Biggar Community Toilets Fund 770 Clyde Windfarm 2,682 SSE Renewables - Grease 1,271 4,723 TOTAL FUNDS 79,577 Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Biggar Community Toilets Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Biggar Community Toilets Fund Clyde Windfarm SSE Renewables - Grease TOTAL FUNDS |
Net movement in funds £ (8,552) 1,481 - - 1,481 (7,071) Incoming resources £ 144,897 14,979 159,876 At 1.3.23 £ 62,277 4,667 - - 4,667 66,944 |
Transfers between At funds £ 28.2.25 £ 3,953 70,255 - 2,251 (2,682) - (1,271) - (3,953) 2,251 - 72,506 Resources expended £ Movement in funds £ (153,449) (8,552) (13,498) 1,481 (166,947) (7,071) Net movement At in funds £ 29.2.24 £ 12,577 74,854 (3,897) 770 2,682 2,682 1,271 1,271 56 4,723 12,633 79,577 |
|---|---|---|
continued...
Page 9
Biggar Corn Exchange Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2025
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Biggar Community Toilets Fund Clyde Windfarm SSE Renewables - Grease Loaningdale High School TOTAL FUNDS |
Incoming resources £ 56,362 11,980 24,447 11,168 1,116 48,711 105,073 |
Resources expended Movement in funds £ £ (43,785) 12,577 (15,877) (3,897) (21,765) 2,682 (9,897) 1,271 (1,116) - (48,655) 56 (92,440) 12,633 |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Net | Transfers | |||
|---|---|---|---|---|
| movement | between | At | ||
| At 1.3.23 | in funds | funds | 28.2.25 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 62,277 | 4,025 | 3,953 | 70,255 |
| Restricted funds | ||||
| Biggar Community Toilets Fund | 4,667 | (2,416) | - | 2,251 |
| Clyde Windfarm | - | 2,682 | (2,682) | - |
| SSE Renewables - Grease | - | 1,271 | (1,271) | - |
| 4,667 | 1,537 | (3,953) | 2,251 | |
| TOTAL FUNDS | 66,944 | 5,562 | - | 72,506 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Biggar Community Toilets Fund Clyde Windfarm SSE Renewables - Grease Loaningdale High School TOTAL FUNDS |
Incoming resources £ 201,259 26,959 24,447 11,168 1,116 63,690 264,949 |
Resources expended Movement in funds £ £ (197,234) 4,025 (29,375) (2,416) (21,765) 2,682 (9,897) 1,271 (1,116) - (62,153) 1,537 (259,387) 5,562 |
|---|---|---|
continued...
Page 10
Biggar Corn Exchange Ltd
Notes to the Financial Statements - continued for the Year Ended 28 February 2025
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 28 February 2025.
Page 11
Biggar Corn Exchange Ltd
Detailed Statement of Financial Activities for the Year Ended 28 February 2025
| 28.2.25 | 29.2.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 4,848 | 2,616 |
| Subscriptions | 785 | 1,060 |
| Other events | 440 | 280 |
| 6,073 | 3,956 | |
| Other trading activities | ||
| Fundraising events | 3,000 | 3,356 |
| Bar & Coffee Takings | 19,273 | 24,185 |
| Juniors & Youth | 1,028 | 2,638 |
| Senior Productions | 30,533 | 12,488 |
| Hall & Facility Lets | 4,889 | 3,114 |
| Century Account | 1,629 | 1,668 |
| 60,352 | 47,449 | |
| Investment income | ||
| Interest receivable - trading | 1,388 | 1,517 |
| Charitable activities | ||
| Grants | 80,945 | 31,605 |
| Other income | ||
| Revenue | 11,118 | 20,546 |
| Total incoming resources | 159,876 | 105,073 |
| EXPENDITURE | ||
| Investment management costs | ||
| Property repairs | 95,406 | 252 |
| Charitable activities | ||
| Rates and water | 1,545 | 983 |
| Light and heat | 9,788 | 8,492 |
| Telephone | 656 | 690 |
| Postage and stationery | 29 | 84 |
| Advertising | 590 | 858 |
| Subscriptions | 955 | 401 |
| Consumables | 9,899 | 14,125 |
| Juniors & Youths (CXYP) | 3,873 | 22,881 |
| Senior Productions | 8,950 | 7,604 |
| Technician | 435 | 1,995 |
| Century Club prizes | - | 1,170 |
| Computer equipment | 7,317 | 1,380 |
| 44,037 | 60,663 | |
| Other | ||
| Admin support & cleaning | 11,723 | 17,355 |
| Support costs | ||
| Finance | ||
| Licenses, insurance & performing rights | 4,646 | 8,038 |
| Carried forward | 4,646 | 8,038 |
This page does not form part of the statutory financial statements
Page 12
Biggar Corn Exchange Ltd
Detailed Statement of Financial Activities
for the Year Ended 28 February 2025
| Detailed Statement of for the Year Ended |
Financial Activities 28 February 2025 |
|
|---|---|---|
| 28.2.25 | 29.2.24 | |
| £ | £ | |
| Finance | ||
| Brought forward | 4,646 | 8,038 |
| Bank charges | 1,889 | 895 |
| 6,535 | 8,933 | |
| Information technology | ||
| Repairs and renewals | 7,316 | 3,927 |
| Governance costs | ||
| Accountancy and legal fees | 1,930 | 1,310 |
| Total resources expended | 166,947 | 92,440 |
| Net (expenditure)/income | (7,071) | 12,633 |
This page does not form part of the statutory financial statements
Page 13