Culross Development Trust
Annual Report & Financial Statements
For the year ended 31 March 2022
Trustees Annual Report For the year ended 31 March 2022
ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| CONTENTS | |
|---|---|
| Trustees’ Report | 3 – 8 |
| Independent Examiner’s Report | 9 |
| Statement of Receipts & Payments | 10 |
| Statement of Balances | 11 |
| Notes to the Financial Statements | 12 – 14 |
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Trustees Annual Report
For the year ended 31 March 2022
The trustees present their report and financial statements together with the independent examiners report for the year ended 31 March 2022.
Reference and Administrative Details
| Charity Name | Culross Development Trust | |
|---|---|---|
| Charity Number | SCO36538 | |
| Principal Address | Jenny Pate House | |
| Erskine Brae | ||
| Culross | ||
| KY12 8HZ | ||
| Current Trustees | Chair | |
| Secretary | ||
| Treasurer | ||
| Resigned 15/7/22 | ||
| Appointed 14/10/21 | ||
| Bankers | Bank of Scotland | |
| Direct Business Bank | ||
| PO Box 1000 | ||
| BX2 1LB | ||
| Independent Examiner |
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Trustees Annual Report For the year ended 31 March 2022
Structure, Governance and Management
Governing Document
Culross Development Trust (“CDT”) became a Scottish Charitable Incorporated Organisation [tier one] on the 28[th] November 2017 governed by its constitution effective from that date and registered solely with OSCR.
The governing document was amended by resolution of the trustees on the 20[th] May 2021 to adopt the SCVO Model SCIO Constitution (tier two) and governed by that document from that date forward and registered with OSCR.
Appointment of Trustees
The trustees retire at each annual general meeting but are eligible for re-election. The trustees may appoint additional trustees at any time. The constitution provides for a minimum of five and a maximum of nine trustees.
Organisational Structure
Whilst the trustees remain responsible for the overall management of the charity, responsibility for the day to day running of The Stables and the work on the ancient pier is delegated to management committees reporting to the board.
CDT is the “anchor shareholder” in the local community benefit society (West Fife Community Trading Limited, FCA Reg.8541) and a trustee has been nominated to serve on the board of WFCTL reporting to the board of trustees.
Objects and Activities
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to help maintain the fabric of the Royal Burgh of Culross by ensuring sensitivity in the planning process;
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to look after the heritage of the Royal Burgh of Culross by taking public assets into community ownership where necessary;
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to help other voluntary groups maintain and take responsibility for facilities within the Royal Burgh of Culross.
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Trustees Annual Report
For the year ended 31 March 2022
Achievements and Performance
The Stables Community Hub, Culross
The work on the refurbishment at The Stables as a community hall and hub continued throughout the year with the assistance of local volunteers, grant funders and local fund raising.
Funds for the refurbishment of the building were received from Coop, Fife Council and the Common Good Fund and Fife Environment Trust, for which we are very grateful. We completed the insulation of the downstairs area, insulation of the upstairs area, fitted double glazing doors and windows, renewed all three toilets, upgraded our heating system and new wooden flooring throughout.
We also undertook a Crowdfund and raised £16,355 from our local community which is an amazing amount. These funds will be used to ensure The Stables is as welcoming as possible for our local community by ensuring we have all the home comforts a community space should have.
Our user groups have returned to the building - band practice, pilates, yoga, young seniors and hot food take-away all using the building over the year. We were used as a polling station and by 2 tv companies for their base for filming whilst in Culross.
Our future plans are to raise further funding to improve the outdoor spaces at the entrance to the building, our courtyard and the field area behind the wall.
The Pier, Culross
Due to ongoing restrictions and work commitments overseas, the pier has had no major works carried out, however, care and maintenance works continued throughout the year. During 2022, that should change and preparations are underway for capping the next 10m of stone pier summer 2022. The collection tin on the pier continues to bring a small but useful income and there is now an exhibition of photographs along the handrail on the timber platform.
It may be that this pier is the largest structure in Scotland entirely restored by volunteer labour and a remarkable achievement by the people of Culross.
Grow West Fife
Grow West Fife transferred its assets and funds to its own SCIO, number SC051026 on 9[th] July, 2021.
Senior Citizens
We organise a weekly chat/ coffee/ cake morning for our young seniors.
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Trustees Annual Report For the year ended 31 March 2022
The Red Lion Inn/ West Fife Community Trading Ltd.
In keeping with our plans for this year, the community benefit society set up to purchase the Red Lion Inn, West Fife Community Trading Ltd. (“WFCTL”), was incorporated and has had a busy year. CDT holds the anchor share in WFCTL, has the right to appoint two Directors and is due to receive any surplus profit from WFCTL which the CDT will award to community projects that fulfil the objectives of the CDT.
Fund raising activities and finalising details of the proposed operating business model have consumed most of the volunteer hours.
Currently WFCTL has raised £975,000 comprising the following:
- £11,000 - raised though JustGiving fundraising page £100,000 - raised from a community share offer £504,000 - grant from The Scottish Land Fund £10,000 - donation from a local benefactor £350,000 - loan from the vendor of the Red Lion Inn
Currently WFCTL has spent £15,000 on the share offer, professional fees and merchandising, leaving £960,000 of free funds.
The purchase price of the Red Lion Inn is £950,000 and there are additional legal fees to be funded as part of the purchase so WFCTL requires to raise a further funds to cover these costs and the Board of WFCTL is currently exploring ways to raise this funding. The Board will prioritise this task in order to secure the future of the Red Lion Inn.
The tenant took over management of the Red Lion Inn on 5[th] August, 2022 and a lease has been agreed with the tenant. The existing practices and operating policies at the Red Lion Inn that benefit the community will be maintained - employing local young people, using local suppliers, sponsoring village events and so on.
WFCTL Solicitors - Young & Partners, Dunfermline
WFCTL Accountants - Christies, Dalgety Bay
In summary, 2021/ 22 has been a roller coaster ride of successes and failures. Notably, the team of part time volunteers have out-performed expectations and shown remarkable resilience through the trials and tribulations that has been involved in establishing a community benefit society.
Our key remaining task is to fill the funding deficit and secure community ownership of the Red Lion Inn.
The normal scheduling of meetings and the manner of conducting our business was adjusted to meet the needs of the times.
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Trustees Annual Report For the year ended 31 March 2022
Financial Review
Overview
Our principal sources of income for the year were an annual grant of £3,900 from Fife Council, income from activities at the Stables, grants towards the refurbishment of the Stables building and a Crowdfund to be used to improve the facilities at the Stables.
A summary of receipts and payments is shown in the following table:
| Receipts Payments Transfer Out Net Movement in Funds |
Unrestricted £ 11,192 15,547 - (4,355) |
Restricted £ 57,434 45,803 (2,182) 9,450 |
Total to 31/3/22 £ 68,627 61,350 (2,182) 5,095 |
Total to 31/3/21 £ 56,499 59,608 - (3,109) |
|---|---|---|---|---|
Donated Services and Facilities
CDT is very grateful for the support of volunteers in the community without whose support, the various projects could not be undertaken.
Reserves Policy
Owing to very limited resources, the charity only undertakes capital activities as and when funds become available. It is the trustees policy, at this time, to maintain a reserve of three months running costs for the combined trust activities.
Reserves at the year end were £5,068 (2021: £9,423) which is above the target. In addition, restricted funds held for the future development of the pier, the Stables and other restricted activities at the year end were £16,980 (2021: £7,520).
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Trustees Annual Report For the year ended 31 March 2022 Future Plans Our plans for 2022123 Include: Contlnue to malntsln and rebuild Culross pier,. Continue the refurbishment work at The Stables as a communlty hub: Asslst In improvlng the resllience of the community wherever the opportunity arise& To increase the MembeIp of CDT th a view to increasing the diversity and Inclusiveness of CDT.. Asslst WFCTL to manage The Red Lion Inn,. Accept surplus funds from WFCTL and distribute those funds to the communlty groups as appropriate. Appn>v•l Thls report was approved by the trustee5 on P October 2022 and signed on thelr behalf bv.. Ir
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 rt to the Trustees of Culross Develo Inde endent Examlnerfs Re ment Trust I report on the accounts of the charity for the year ending 31 March 2022. Res ectlve Res onslbllltles of Trustees and Exam5ner The charity's trustees are responslble for the preparation of the accounts In accordance with the terms of the Charities and Trvstee Investment (Scotlandl Act 20051"the 25 Art") and the Charities Accounts (Scotlandl Regulat10115 2006 las amended) I'the 2006 Regulations"). The trustees consider that the audit requirement of regulation1101111 Idl of the 21)06 Regulations do not apply. It is my responsibility to examine the accounts under section1441111 Icl of the 2005 Act and to state whether particular matters have come to my attention. Basls of Inde endent Exarnlnerfs Statement My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An exami- nation Includes a review of the accounting records kept by the charity and a comparison of the ac- count5 presented with those records. It also includes consideration of any unusual items or disclo- sure in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required In an audit. and con- sequently I do not express an audit opinion on the views given by the accounts. Inde endent Examinerfs uaiified Statement In connection with my examination, no matter came to my attention.. which gives me reasonable cause to believe that in any material respect, the requirements to keep accounting records in accordance with secilon1441111 lal of the Act 2005 and Regulation 4 of the 2006 Regulations, and to prepare accounts which accord with the accounting records and comply with Re8ulation 9 of the 2CXJ6 Re8ulations 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. 3010612022
STATEMENT OF RECEIPTS & PAYMENTS
FOR THE YEAR ENDED 31 MARCH 2022
| Receipts Donations Grants Trading Property Rent Charitable Activities Fund Raising Payments Fund Raising Charitable Activities Cleaning Heating & Lighting Insurance Pier Renovation Professional Fees Stables Renovation Repairs & Maintenance Shed Food Hub Grow West Fife Donation Sundries Governance Costs Independent Examiner Purchase of Fixed Assets Net Movement in Funds Transfer out Surplus/ (Deficit) for Year |
Unrestricted Funds 182 3,900 7,110 |
Unrestricted Funds 182 3,900 7,110 |
Restricted Funds 314 40,765 16,355 |
Restricted Funds 314 40,765 16,355 |
Total Year to 31 March 2022 496 44,665 7,110 - 16,355 |
Total Year to 31 March 2021 522 50,980 980 3,977 40 |
||
|---|---|---|---|---|---|---|---|---|
| 11,192 | 57,434 | 68,627 | 56,499 | |||||
| - 613 2,001 352 11,369 278 816 19 100 |
500 168 39,745 45 1,409 |
500 613 2,001 352 168 - 51,114 278 816 45 1,409 - 19 100 |
- - 419 983 319 1,100 37,364 72 6,972 4,618 2,057 25 - 150 |
|||||
| 15,547 - |
41,868 3,935 |
57,415 3,935 |
54,079 5,528 |
|||||
| 15,547 | 45,803 | 61,350 | 59,608 | |||||
| (4,355) | 11,632 (2,182) |
7,276 (2,182) |
(3,109) - |
|||||
| (4,355) | 9,450 | 5,095 | (3,109) |
The Notes on pages 12 to 14 form an integral part of these accounts.
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STATEMENfc LATrIcEs ASAT31 MARCH 2022 nre5trict Balanceasat l A4)rll 2021 Surplus/ (Deficitlfor Year Balanceasat 31 March 2022 9,423 14.355 5,068 7.530 9,450 16.980 16,954 20,063 3.109 16,954 k & Cash Ba1ceS Cash at Bank 5,068 16,980 16,954 "Stable< Bulldlng rfrusteeg Valuatlonl "Stable< Contents(frustees' Valuatlonl Debtor5 190,000 14,000 570 190,000 14,000 570 loo.000 13,028 360 204,570 204.570 113.388 Creditors 3,682 80 The Notes on page5 12 to 14 form an Integral part ol these accounts. These accounts *re approved by the trustees on * October 2022 and signed on thelr behalf by: Chair li
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. Basis of Preparation
These accounts have been prepared on the receipts and payment basis in accordance with:
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(a) The Charities and Trustee Investment (Scotland) Act 2005;
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(b) The Charities Accounts (Scotland) Regulations 2006 (as amended).
There have been no changes to the basis of preparation or to the previous year’s accounts.
2. Fund Accounting
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(a) Unrestricted funds are those that can be expended at the discretion of the Trustees in the furtherance of the objects of charity.
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(b) Designated funds are unrestricted funds that the trustees have set aside for a particular reason.
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(c) Restricted funds are those that may only be used for a specific purpose. Restrictions arise when specified by the donor, or when funds are raised for a specific purpose.
3. Taxation
(a) The charity is not liable to corporation tax or capital gains tax on its charitable activities.
(b) The charity is not registered for VAT, thus all cost are shown inclusive of VAT charged.
4. Trustee Remuneration
No remuneration was paid to the trustees during the year or in the previous year.
5. Trustee Expenses
No expenses were reimbursed to the trustees during the year or in the previous year.
6. Transactions with Related Parties
There were no transactions with related parties during the year or in the previous year.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7. Movements in Funds
| Unrestricted Funds General Fund General Fund - Stables Restricted Funds Pier Stables - Coop Stables - Tesco Fund Stables - Building Refurbishment Stables - Defibrillator Stables - Crowdfund General - Senior Citizens General - Grow West Fife General - Food Hub Total Funds |
As at 31 March 2021 1,731 7,692 |
Receipts - 11,192 |
Payments (1) (15,546) |
Capital Expenditure - - |
Transfers - - |
As at 31 March 2022 1,730 3,338 |
|
|---|---|---|---|---|---|---|---|
| 9,423 | 11,192 | (15,547) | - | - | 5,068 | ||
| 2,087 156 1,166 - - - 876 2,591 654 |
214 1,133 - 37,632 1,000 16,355 100 1,000 - |
(168) (1,289) - (37,632) - (1,324) - (1,409) (45) |
- - - - - (3,295) (640) - - |
- - - - - - - (2,182) - |
2,132 - 1,166 - 1,000 11,736 336 - 609 |
||
| 7,530 | 57,434 | (41,868) | (3,935) | (2,182) | 16,980 | ||
| 16,954 | 68,627 | (57,415) | (3,935) | (2,182) | 22,048 |
8. Transfer Out
Grow West Fife transferred their funds of £2,182 and assets of £2,778 to their own SCIO, Charity Number SC051026.
9. Purpose of Funds
Unrestricted Funds
General Fund:
General Fund - Stables:
Unrestricted funds that can be expended at the discretion of the trustees in furtherance of the objects of the charity.
Unrestricted funds arising from managing the Stables building.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
9. Purpose of Funds (continued)
Restricted Funds Pier: Restricted grant funding received from Fife Council towards the cost of refurbishing Culross pier. Stables - Coop: Restricted grant funding received from the Coop Local Community Fund towards the cost of upgrading the toilet facilities at the Stables. Stables - Tesco: Restricted grant funding received from Tesco towards the cost of upgrading the seating at the Stables. Stables - Building Refurbishment: Restricted grant funding received from Fife Environment Trust and Fife Council Common Good Fund towards the cost of refurbishing the Stables. Stables - Defibrillator: Restricted grant funding received from Fife Council towards the cost of installation of a defibrillator at the Stables. Stables - Crowdfund: Restricted grant funding received from the residents of Culross towards the cost of upgrading the facilities at the Stables. General - Senior Citizens: Restricted grant funding received from Culross Community Council towards the cost of organising social events for senior citizens of Culross. General - Grow West Fife: Restricted grant funding received from Fife Council towards the cost of establishing the Carlow Home Walled Garden fruit & vegetable allotment to supply local food banks. General - Food Hub: Restricted grant funding received from various Covid relief grant giving bodies towards the cost of setting up and running a food hub.
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