CHARrrY REGISTRATION NUMBER: SC034287 Capstone Projects Unaudited Financial Statements 31 March 2025 NELSON GILMOUR SMITH Chartered accountants Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB
Capstone Projects Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent examiner's report to the trustees Statement of financial activities Statement of finanoial position Notes to the financial statements
Capstone Projects Trustee8' Annual Report Year ended 31 March 2025 The trustees present Iheir report and the unaudited finanGial ststements of the charity for the year ended 31 March 2025. Reference and admlnlgtratlve details Regi8tered Gharity name Capstone Proj8Cts SC034287 Charify registration numb8r Prlnclpal office 15 Balunie Drive Dundee DD4 BPS The trustees Company secretary Independent examlner artner. Nelson Gilmour Smith CAS Mercantile Chambers 63 Bothwell Streét Glasgow G2 6T8
Capstone Projects Trustae8' Annual Report {ct)ntlnuedJ Year ended 31 March 2025 structurei governance and management The Charity was registered on 3 April 2003 In Scotland as a private charitable company limited by guarantee and was governed by its Memorandum and Afiicles of Association. On 31 May 2023 the company passed a resolution to convert to a Scottish Charitable Incorporate Organisation (SCIO) and Is now govemed by Its constitution. The Trustees who served during the year and up lo the date of slgnature of the financial statoments wer6.. Methods of appolnlrnent or election of Trustses As the Charity expands, other Twstees will be identrfied and asked to join the lJ)ard, as appropri8te to the needs of the Charity. This will be with the unanimous approval of the board, The appoinlmenl of Trustees is governed by the constituti¢Xt, No person shall be admttted as a member of the Charity unless they are appointed by the Trustoes. Organlsatlon 8tructure and decision-maklng pollcles Capstone Prolects was incorporated as 2 limited company on 3 April 2003. On 31 May 2023 the company passed a resolution to convert to a Scottish Charltablé Incorporate Organisation (SCIO). The board of Trustees, which meets tho or three tj.mes a year, administers the Charity. is approv8d by the Trustees to manage the day to day operations of the Charily.
Capstone Projects Trustee8' Annual Report (conllnuad) Year ended 31 March 2025 Objectives and activltles The Charity's objectives, as recorded In the Articles, are to relieve persons who are in conditions of need or hardship or who are aged cr sick and to relieve the distress caused thereby in the United Kingdom and overseas. To advance the Christian faith and education in accordance with Christian principles. To provide recreation and other leisure time actrvities to the youth, the old and the disabled and to improve their Conditions of life in a situation of poverty or social and economic circumstances by promoting their physical, mental and spiritual wellbeing. Tha Charity is currently involved in several projects with the aim of relieving poverty in the town cf Lugazi, Uganda. The key activities that the Charity has focused on are.. Ongoing support of medical dispensary, Living Water Medical Centre Providing support and employment opportunities in the Charity's coffee growing project which has now been closed down. Construction of a new primary school, completed during the last r8POrting year. Capstone Childrens Centre supporting children iri 8Xtended families by paying school fees, health costs etc and Support by Capstone Centre staff Achievements and performance The Charity continued its charitable work in Uganda with the intention of bringing the school project to a close in the not so distant future. They continue to support a network of children, teachers and individuals through the provision of essential resources. Flnanclal review The charity had incotlle of £14,428 and expenditure of £15,025 leaving a deficit of £597 for the year. At the year end, the Charity held £19,230 (2024: £19,827) in reserves, of which, £16,570 were unrestrfctedlfree reserves. Going Concorn After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in its operational existence ft)r the foreseeable future, For this reason, they continue to adopt the going concem basis in preparing the financial statements, Res8rves Pollcy The Trustees are aiming towards maintaining unrestricted reserves at a level that equates to at least three months of unrestricted expenditure. The Charity has unrestricted reserves which meet this reserves policy.
Capstone Projects Trustees, Annual Report (conllnugd) Year ended 31 March 2025 The trustees, annual report was approved on 22rd August, 2025, and signed on behalf of the board of trustees by..
Capstone Projects Indepandent Exarninerfs Report to the Trustees of Capstone Projects Year ended 31 March 2025 I report to the trustees on my examination of the financial statsments of Capstone Projects I'the chanty,) for tha year ended 31 March 2025. Responslbllltles and basls of report As the trust888 of the charity you are responslble for the preparation of the financial ststements in accordan with the requirements of the Charities and Trustee Investment (Scotland) Act 20D5 (the '2005 Act,) and the Charities Accounts (Scotland) Regulations 2006 (as amended). You are satisfied that yaur charity is not required by charity law lo be audited and have chosen Instead to have an independent examinaiion, I report ill respect of my examinatioTr of the charity's financial statements as carried out under secllon 4411)(c) of the 2005 A. In carrying out my examination I have followed the requirements of Regulats'on 11 of the Charities AccoLint8 (Scolland) Regulations 2006 (as amended). Independent exaniiner's statement Slnce the charrty has prepared its acwunts on an accnjals basis your exeminer must be a member of body listed in Regulation 11(2) of the Charrties Accounts (Swt12nd) Regulats'ons 2006 (as amend&J). I can confirm thal l am qualffied to ulldertake the examination because l am a registered mernber of ICAS which is one of the Ilsted bJdie8. I have completed rny examination. I conffm that no matters have come to my attention giving me cause to believe that in any material respect, a¢Unting rec.prds were not kept as required by section 44(1)(a> of the 2005 Act and Regulation 4 ofthe Charities Accounts (Scotland) Regulations 20( (as amended). or the financial Statements do not accord with those reccrds," or the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities AGcounts (Scotland) Regulations 2006 {as amanded). I have no concerns and have come across no other matters in connection with the examination to which altention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Partner, Nelson Gilmour Smith CAS Independent Examiner Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB z?1 Ilzg
Capstone Projects Statement of Financial Activities Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestricted funds Note Income and endowments Donations and legacies Investment income 13,637 318 475 14,112 316 15,040 Total income 13,953 475 14,428 15,040 Expenditure Expenditure on charitable activities Total expendllure 15,025 15,025 15,025 15,025 27,972 27,972 Net exp8nditure (1,072) 475 (597) (12,932) Transfers between funds 1,243 (1,243) Net movement in funds 171 (768) {597) (12,932) Reconclllatlon of funds Total funds brought fotrward Total funds carrled forward 16,399 3,428 2,660 19,827 19.230 32,759 19,827 16,570 The statement of financial activities includes all gains and Ioss8s recognised in the year. All Income and expenditure derive from continuing activities. The notes on page8 8 to 14 form part of these financial statements.
Capstone Projects Ststement of FAnancial Position 31 March 2025 2025 2024 Current asset$ Cash at bank and in hand Note 20,4SO 20,427 Credltors.. amounts falling due WthIn one year Net curr6nt a880ts 12 1,230 600 19,230 19,827 19,827 19,827 Total ass8ts less current Ilabllltles Not assets 19,230 19.230 Fund8 of the charlty Restricted funds Unrestrlcted funds 2,660 16,570 3,428 16,399 19,827 Totsl charity funds 13 19,230 Th&se financial statements viere approved by the board of trustees and authorised for issu8 on 22nd August, 2025, and are signed on behalfcf the board by.. The notès on pages 8 to 14 form part of these finanGial statements.
Capstone Projects Notes to the Financial Statements Year ended 31 March 2025 General Information The charity is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is 15 Balunie Drive, Dundee, DD4 8PS. Statement of compliance These financial statements have been prepared in complianGe with FRS 102, 'The Financial Reporting Standard applicable In the UK and the Republic of Ireland,, the 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 102) (Charities SORP (FRS 102)) and the Chartties and Trustee Investment (Scotland) AGt 2005 and the Charity Accounts (Scotland) Regulations 2006 <as amended). Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concem There are no material UnrtaIntiS about the charity's ability to continue. Judgements and key sourcgs of estimatlon uncertalnty In the application of the company's accounting wlicies, th& Trustees are required to make judgements, estimates and assumptions about the carrying 8mount of assets and liabilities that are not readily apparent from other SoUrS. The esb'mates and associated assumptions are based on historical experience and other factors that are considered to be relevant, Actual results may differ from these estimates. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected ta restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes., restricted income fvnds or endowment funds.
Capstone Projects Notes to the Financial Statsments {continupdJ Year ended 31 March 2025 Accounting polici8S (contlnued) Incomlng resources All incoming resources are included in the statement cf financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated wtth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to th8 donor or the estimated resale value. Donatsd facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted servi, This Is classifi'ed as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT whlch cannot be fully recovered, and is classified under headings of the statement of financlal activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. exp8nditur8 on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaiies, including those support costs and costs relating to the govemance of the charlty apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the actrvities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognlsed only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Capstone Projects Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accountlng policies (contlnued) Flnanclal In8truments (contlnued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently rneasured at amortised cost. INhere investm8nts in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business temis or fInand at a rate of interest that is llot a market rate, in which case th8 asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationshlp. Financial assets that are measured at cost or amortised cost are reviewed for obj8Ctive evidence of impairment at the end of each reporting date. If there is objectwe evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and cther financial assets that are individually significant, these are assessed individually ft)r impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediatety, to the extent that th8 reversal does not result in a carrying amount of the financial asset that exceeds what the carying amount would have been had the impaiment not previously been recognised. Donations and legacies Unrestricted Funds Restricted Total Fund8 Funds 2025 Donations Donations and legacies 13,637 475 14,112 Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations and legacies 14,215 825 15,040 10
Capstone Projects Notes to tha Financial Statements (contlnuedj Year ended 31 March 2025 Investment incomo Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest receivable 316 316 Expendlture on charltable activiti88 by fund type Unrestricted Funds Restricted Tolal Funds Funds 2025 Uganda street children Uganda dispensary Uganda school expenses Uganda personal support Health Outreach Uganda Keep Uganda MIslIaneOuS Support cost5 5,300 4,200 5,300 4,200 2,060 2,640 2,060 2,640 825 825 15,025 15,025 Unrestricted Funds Restricted Total Funds Funds 2024 Uganda street children Uganda dispensary Uganda school expenses Uganda personal support Health Outreach Uganda Keep Uganda Miscellaneous Support costs 4,800 7,980 600 4,325 3,000 4,800 7,980 600 4,325 3,000 1,631 3,626 2,010 27,972 1,631 3,626 2,010 26,341 1,631 11
Capstone Projects Notes to the Financial Statements (continued) Year ended 31 March 2025 Expenditure on charltable activities by activity type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Uganda street children Uganda dispensary Uganda school expenses Uganda personal support Health Outreach Uganda Keep Uganda Miscellaneous Support costs Governance costs 5,300 4,200 5,300 4,200 4.800 7,980 600 4,325 3,000 1,631 3,626 1,160 850 2,060 2.640 2,060 2,640 195 630 195 630 14,200 825 15,025 27,972 Analysls of support costs Charitable activities Total 2025 Total 2024 Governance costs Support costs- Legal and professional fees Support costs - Bank charges 630 63D 850 950 210 195 195 825 825 2,010 Independent examination fees 2025 2024 Fees payable to the independent examiner for.. Independent examinatj'on of the financial statements 630 600 l O. Staff costs The average head count of employees during the year was Nil (2024: Nil). No employee received employee benefi15 of more than £60,000 during the year (2024,, Nil). 11. Trustee remuneration and expenses No trustee received remuneration during the period {2024', £nil}. No travel expenses (2024.. £nil} were reimbursed to trustees. 12
Capstone Projects Notes to the Financial Statements (continued) Year ended 31 March 2025 12. Credltors: amounts falllng due within one year 2025 2024 Accruals and deferred income 1,230 600 13. Analysls of charitable funds Unrestricted funds At 31 March 202 At 1 April 2024 Income Expenditure Transfers Unrestricted General Funds 16,399 13,953 (15,025) 1,243 16,570 At 31 March 202 At 1 April 2023 Income Expenditure Transfers Unrestricted General Funds 25,983 14,215 (2e,341) 2,542 16,399 Restricted funds At 51 March 202 At 1 April 2024 Income Expenditure Transfers Uganda travel costs Uganda winners school 3,428 475 {1,243} 2,660 3,428 475 (1,243) 2,660 At 31 March 202 At 1 April 2023 Inwme Expencliture Transfers Uganda travel costs Uganda winners school 4,234 2,542 6,776 825 (1,631) 3,428 (2,542) (2,542) 825 (1,631) 3,428 Uganda travel costs - To fund team members travel to Ug8nda. It was agreed with the donor that £1,243 could be transferred to unrestricted funds. Uganda winners school To fund the build of a nursery and primary school in Lugazi, Uganda, The building has been completed and it was agreed with the donors to transfer the balance to other general projects in Uganda. 13
Capstone Projects Notss to th6 Financlal Ststements (¢on¢lnu&d) Year ended 31 March 2025 14. Anatysis of net assets betweon fund8 Unrestricted Funds Restricted Total Funds Funds 2025 Current assets Creditors less than 1 year Not a880ts 17.800 (1,230) 16,570 2,660 20,460 (1,230) 19.230 2,660 Unrestrlcted Funds Restrlcted Total Funds Funds 2024 Current assets Creditor8 less than 1 year Net assets 16,999 (600) 16,399 3,428 20.427 (600) 19,827 3,428 15. Rolated parties Name of related paty: Nature of relationship; rus ee Transactions.- Flights to Uganda totalling £nil (2024: £1,631) paid on his behalf to enable volunteer work in Uganda. During the year, all five Trustee5 made donations to the Charity totalling £5,105 (2024., £5,280), 14