Charity registration number SC037135 (Scotland) SOUTH OF SCOTLAND COMMUNITY HOUSING scio ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SOUTH OF SCOTLAND COMMUNITY HOUSING scio LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Senior management Gharlty r•g15tratlon Scotland SC037135 Prlnclpal address 114 Drurnlanrig Street rhomhill DG3 5LS Indopendent examlner IAontpelier Professional {Galloway> Limited l Dashwood Square Newton Stewart DG8 6EQ Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent IAE19 4JQ
SOUTH OF SCOTLAND COMMUNITY HOUSING scio CONTENTS Page Trustees, report Statement of Trustges, responsibilities Independent examiner's report Statement of flnancial actlvities Balance sheet Note8 to the flnanclal statements 10-20
SOUTH OF SCOTLAND COMMUNITY HOUSING scio TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 102)" (effective 1 January 2019). Objectlves and actlvlt1•8 The charity's objects are as noted below. There has been no change 5n these during the year. to provide, or assist with provision of, housing for persons in necessitous circumstances primarily in the South of Scotland {the "Operating Area")., to relieve the needs of persons suffering from mental or physlcal dlsability, illness, Impairment or old age, through the provision, or assistance In the provision, of housing specially adapted to meet thelr requirements, particularly in {but not limited to) the Operating Area., to advance communlty development prlmarily within the Operating Area; to promote education, particularly in the field of housing,. and to promote, establish operate andlor support other schemes and projects of a charftable nature for the benefit of the communities prlmarily wlthin Ihe Operating Area. The trustees have referred to the guidance contained In the Offlce of the Scottlsh Charity Regulator's general guidance on public beneflt when reviewing thelr objectlves and In planning thelr future actlvltles. In partlcular, the trustees consider how planned activities will contribute to the oblectlve8 they have set. Grant m8klng pollcy The charity does not distribute grants.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance Significant acliviti6s and achievements against objectives The year ending 31 March 2025 was a busy period for the SOSCH team as we further Implemented planned groW(h outlined within the organisational Business Plan. This involved continued implementalion of the desired team structure, consolidation of our strategic role in Southwest Scotland and further extension of our support, relationships and project work within new geographies. This was inclusive of a number of new engagements in Dumfries and Galloway and notable progress towards project fundlng and delivery in South Ayrshire, South Lanarkshire and Scottish Borders. In early 2024 we formally entered into a Ihree-year joint core funding package between Scottlsh Government and Nationwide Foundation, representlng the period from April 2023 - March 2026. This core grant enabled, across the reporting period, a period of organisationally stabillty around financial plannlng and relative to the team. This grant underpinned SOSCH activlty during the period, maklng a contributlon towards costs associated wlth Chlef Executive, Business Manager, Programme Manager and 2 x Community-led Housing Coordinators. March 2024 marked the end of our first 2-year Plannlng Grant with Oak Foundation which had underpinned our organisational growth into new geographles. In September 2024 we entered into a second grant, a three-year programme of support to fully fund the reinstatement of the Partnership and Learning Manager role. Dr Chri8 Dalglish was appointed into this Post. With grant providers, Oak Foundation and Nationwide Foundation, we engaged wlth Learnlng Partners (Shella McKechnie Foundation and Curiosity Society respectively) to support the overall work of SOSCH, consideratlon of practice and organisalional approach and the capture of key learning. SOSCH continued to focus on its role as a key strategic partner in Southern Scotland across the reporting perlod, Followlng participation in a housing-focused Convention of the South of Scolland, we contributed as a key stakeholder to the development of the South of Scotland Hou8ing Actlon Plan on behalf of the Regional Economic Partnership. Launched In July 2024, this strategy underplnned support for community-led housing In Southern Scotland and SOSCH were Invlted to loln the Action Plan's dellvery team (Strategic Actlon Group on Hou8lng). DSrectly participatlon In one of the Key Action8 within thls strategy, SOSCH were comml88loned In November 2024 to undertake a study to quantify and evldence the scale, nature and geography of demand for Key Worker Housing across the region. This work, which concluded in March 25, was undertaken on behalf of South of Scolland Enterprise, Scottlsh Futures Trust, Dumfrles and Galloway Council and Scottish Borders Council. The study, led on by our Partnership and Learning Manager, provlded a robust evldence base, havlng engaged a large number of partners and stakeholders, but also proposed a range of delivery solutlons which have been adopted by the Strategic Housing Group on Housing. This work has further enhanced SOSCH'S partnership work. Around project support, Phase One of the landmark urban community-led regeneration prolect, Mldsteeple Quarter in Dumfries. completed in November 2024. Named, 'The Standard, this development included six apartments, co- working space, a retail unit and spaces for creative practice. Having supported this project since 2017, in 2024 SOSCH assisted In allocating the homes to Key Workers. Also aligned to the South of Scotland Houslng Action Plan, we commenced a number of Housing Innovation projects over the latter phase of the reporting perlod. These have brought together community organisalions, providers of new housing typologies, SOSCH and South of Scotland Enterprise to collaborate around solutions that will assist with some of the key challenges our work has faced around development cost. These projects are in Closeburn, Penpont, Newcastleton and Stow and, at the close of the period, have concluded outline feasibility work, moving towards planning application. Knowledge exchange continued to feature strongly for SOSCH acros5 the period. In June 2024 we attended the first annual General Assembly of the European Community Land Trust in Berlin, having participated as an inaugural member in the development of this neOrk.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Operational financial challenges related to the fact that our five-year grant relationship with Nationwlde Foundation was due to conclude in June 2023, with Scottish Government funding having been absent since 2020. vrkIng in close partnership with Communities Housing Trust and Nationwide Foundation, and aligned to Rural and Islands Housing Action Plan outcomes, SOSCH worked to lobby Scottish Government around the significance of providing financial support to enabling organisations in order to facilitate delivery of new homes. This process was successful and, from July 2023, we entered into a three-year core funding package, jointly provided by Scottish Government and Nationwide Foundation. This funding package allowed SOSCH to consolidate the team, but al80 implementation, recruit for the key role of Programme Manager in January 2024. agaln, relative to Business Plan Flnanclal r8vlew Net income for the year wa8 a detlclt of £4,796 (2024.. surplus £98,208). Funds carried forward were £709,298 of which £450,353 were restricted. ReseNes policy Under the requirement of charSty law the trustees are obliged to define the charity's policy for holdlng reserves. The intention in establishlng this reserve polScy Is to ensure the continuation of the charity's actlvitie8. The policy will enable the chanty lo meet ils legal objectives, provide confidence to supporters and donors seekSng to gSve financlal support to a prudenlly controlled charity and ensure that the reserves are at a level sufficient to discharge all of the charily's obligations in the event that it should cease operations. A large proportion of the charity'8 reserves are held In bank accounts and fixed assets It Is the directors considered opSnion that in the unlikely evenl of the charity having to cease its operations there should be sufflclent reserves avallable to allow for the charity's obligalions to be discharged. This in not considered likely in the foreseeable future. The reserve3 which the charity 18 required to maintain are those needed to fund ongolng monthly costs and further development. To thls end the trustees have decided that the charity should seek to have unrestricted reserves which are not invested in fixed assets (free reserves) of a sum equal to nol less than 3 months general runnlng costs of the charily e8timated at £70,000. At present Ihe free reserves which amount to £256,972, do meet the reserves pollcy and therefore the trustee$ consider the charity a going concern. Investment pollcy Under the constitution, the charity has the power to make Investment8 whlch the trustees see fit. Major nsks The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods As we move into the 2025126 financial year, the organisation is placing a particular 8mpha$is upon moving number of key projects forward towards a sile start. In particular. we anticipate that construction lender documents will be issued for projects in TaaS Valley and Kelloholm in summer 2025. We will continue to develop the Housing Innovation projects through partners around the South of Scotland Housing Action Plan and will prioritise a range of projects across new geograleS currently at the planning stage. At a strategic level, our focus over the next year will be on the Scottish Parliamentary ele¢tlDn in May 2028. In the lead up to this, we plan to launeh a Cornmjnily-led Housing Alliance with key partner3 including Communities Housing Tru.8t 2nd C.nmmiJnty l_and Scotland Thig work wll 99gk to d•volop 2 cohesivo voice for community-lod housing across all of Scotland. whilst also producing a Manifesto and seeking to influence strong policy support within individual political parties. Building upon the success ofthe Key Worker Houslng report, we Intend lo progress 8 range of other opportunities in analytical research across the 2025126 period. This is likely to be inclusive of further work around Key Worker Housing in other regions and consideration of partnership working between Gommunities and Housing Associalions. Wia the Strategic Action Group on Housing, the team has also been asked to collaborate to produce a delivery strategy forthe Key Worker report and this wo.k is ongoing. From April 2025, our organisational attention will also focus on the fact we have entered the final year of our core grant wlth Scottish Govemment and Nationwide Foundation. This consideration will impact upon financial planning. political lobbying, consideralion of relafjonsh#s wllh exlsting funders and the seeking of engagement with new funders. It is our intention to commission an irdependent financlal sustalnabillty ievlew durlng thls perlod. Overall, this has been a period that has extended the breadth of SOSCH'S work. influerbce and impact. As we move into the new reporting period, the Organisati Is presented wth a range of opportunities lo progress delivery on exciting and innovative housing projects, to enter into new partnership and collaborations and to extend our programme of research. We will continue to face challenges around fvture financlal sustalnability and relenlion ol the overall team, bul WAI do so from a positive position. structurn, govamance and management The charity is a Scortlsh Charitable Incorporated Organisation. having converted from a limited company during the year. The charlty Is governed by Its constitution. The Trustees who served durino the ear and IJ +0 the date of si nature of the fin I statements were: Recruitment and appointment of tnistees As set out in the constilution. the chairman of the trustees is nominated by the trustees, who are elected annually by the members of the charity attending theAnnual General Meeting. Appointed and elected trustees are norninated to the Board by their respective member organisations. Co-opled trustees are invited to the Board by current Tiustees after assessing the potentlal contribution the individual could maKe to the organisation. New trustees are briefed on the operab'on of the charity, and rneet the key staff, and are also infortned of a trustees responsibllitles. To facilitate effective oFefations Mr M Staple5 has been delegated aulhoilty for operatlonal matters.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
SOUTH OF SCOTLAND COMMUNITY HOUSING scio STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice) The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the Trustees are required to.. selecl suitable accounting policies and then apply them consistently,, observe the melhods and principles in the Charlties SORP., make judgements and estimates that are reasonable and prudent., state whether appllcable accounting standards have been followed, subject to any materlal departures disclosed and explained in the financial statements., and prepare the financial statements on the golng concern ba81s unless It Is Inappropriate to presume that the charSty will continue in operation. The Trustees are responsible for keeping sufficient accountlng records that dlsclose with reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure thal the financial statemen ts comply wlth the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulatlons 2006 and the provisions of the trust deed. They are also responsible for safeguardlng the assets of the charity and hence for taking reasonable steps for the preventlon and deleclion of fraud and other irregularitles.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTH OF SCOTLAND COMMUNITY HOUSING I report on the financial statements of the charity for the year ended 31 Marth 2025, whiGh are set out on pages 8 to 20. Re6poctlVg rgsponsibilitlos of Trustee8 and examlner The charity's Trustees are reJpon3ible for the preparation of the flnanGlal slatements In accordance with the lenns of the Charities and Trustee Investment (Scotland) AGI 2005 and the Charilies Accounts (Scotland) Regulatlons 2006. The charity Trusteès consider that the audit requirement of Regulation 10(1)(a>-(c) of the Charities Accounts {Scolland) Regulations 2006 does not apply It is my responsibility to examine the financial statement3 as required under se¢tlon 44(1 }(c> of Ihe Charltles and Trustee Investment {Scotland) Act 2005 and to Étate whether particular matters have come to my attention. Ba81B of independont •x•mlnor'8 8tat•rnont My examinabon was carried out In aG¢ordance with Regulatlon 11 of the 2006 Accounls Regulations. An exarnination include8 a review of the accounting records kept by the charity and a cornparlson of the accounts presented with those record6. It also includes consideration of any unusual items or disGlosures In the accounts, and seeking explanations from you as trustees conceming any such matters. The procedures undertaken do not provide all the eviden that would be required in an audit and consequently I do not express an audit opinion on the VEW given by the accounts Indep8nd8nt •xamin•r's gtat•mgnt Since the charity has prepared its financial slatements on an accruals bas18 and is 8180 registered In Scotland, the independent examiner musl be a member of a body listed in Regulation 11 {2) of the Charitie$ Accounts (Scotland) Regulations 2006. 1 confirm that l am qualified to undertake the examination becau8a l am a member of Chartered Accountants Ireland. which is one of the listed bodies. In the course Df my exarnination, no matter has come to my attenllon 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 I(al of the Charities and Trustee Investrnent (Scoland) Acl 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulats'ons 200S. and to prepare financial statements which accord with the accounting records and comply with Regulalion 8 of ttte Charities Accounts (Scoland) Regulations 2006 have not been met, or 2. to whiGh, in rny opinion, attention should be drawn In order lo enable a proper understandlng Of the financlal statements to be reached. Lhartered Accountants Ireland Montpelier Professional (Galloway) Limited 1 Dashwood Square Newton Stewart DG8 6EQ Date..
SOUTH OF SCOTLAND COMMUNITY HOUSING scio STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restrictsd funds funds 2025 2025 Total Unrestrlcted Restrlcted funds funds 2024 2024 Total 2025 2024 Note8 Income from: Donations and legacies Charltable activities Investments 196,050 196,050 72,403 6,848 173,644 173,644 107,369 5,900 72,403 6,848 107,369 5,900 Total Income 79.251 196,050 275,301 113,269 173,644 286,913 Expendlturo On: Charitable activities 27,211 253,066 280,277 19,553 175,152 194,705 Totsl expondlture 27,211 253,066 280,277 19,553 175,152 194,705 Net gainslllosses) on investments 11 6,000 8,000 Net Incornel(expendlture 52,040 (57,016) (4,976) 93,716 4,492 98,208 Transfers beeen funds 1,098 (1,098) 548 (548) Net movement In funds 53,138 (58,1141 (4,976) 94,264 3,944 98,208 Reconciliatlon of fundg: Fund balances at 1 April 2024 205,807 508,467 714,274 111,543 504,523 616,066 Fund balances at 31 March 2025 258,945 450,353 709,298 205,807 508,467 714,274 The statement of financial actlvities includes all gains and losses recognised In the year. All Income and expenditure derive from continuing activities.
SOUTH OF SCOTLAND COMMUNITY HOUSING scio BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assels Investment property 13 14 1,973 132,000 1,368 132,000 133,973 133,368 Curr6nt assets Debtors Cash at bank and in hand 15 16,100 569,568 54.675 533,571 585,668 588,246 CreditorJ: arnounts falllng due wfthln one year 16 (10.343) 17,340) Net current assèts 676,325 580,906 Total a8$•ts 1088 curront Ilabllltlos 709,298 714,274 Tho funds of the Gharfty Restricted income fund3 Unrestricted funds 18 19 450,353 258,945 508,467 205,807 709,298 714,274 The financial statements were apwoved by the Trustees on c'&. 11 . If
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charlty Information South of Scotland Community Housing is a Scottish Charitable Incorporated Organlsation. 1.1 Basls of preparatlon The financial statements have been prepared in accordance with the charlty's governing document, the Charities and Trustee Investment (Scolland) Act 2005, the Charities Accounls (Scotland) Regulalions 2006, FRS 102 "The Financlal Reporting Standard applicable in the UK and Republic of Ireland and the Charities SORP Accounting and Reportlng by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 The charity Is a Public Beneflt Enlily as defined by FRS 102. The charity has taken advantage of the provisions In the SORP for charitie8 not to prepare a statffnenl of cash flows. The flnanclal statements are prepared in sterling, which is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost conventlon, modlfied to include the revaluatlon of freehold properties and to include investment propertles and certaln financial instruments at falr value. The principal accounting policies 8dopted are set out below. 1.2 Going concern At the time of approvlng the financSal statements, the Trustees have a reasonable expectallon that the charity has adequate resources to contlnue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the golng concern basls of accountlng in preparlng the financlal statements, 1.3 Charltabla funds Unrestricted funds are available for use at the dlscretlon of the Trustees in furtherance of thelr charltable objectives. Restricted funds are sublect to specific 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. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognlsed when the charlty Is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, 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 donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expendlture Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. 10
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies Icontlnued) 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuatlon, net of depreciation and any irnpairment losses. Depreciation is recognised so as to write off the cost or valuatlon of assets less their residual values over thelr useful lives on the following bases.. Plant and equipment 20% on reduclng balance The gain or loss arising on the disposal of an asset18 determined as the difference between the sale proceeds and the carrylng value of the asset, and is recognised in the statement of flnancial actlvities. 1.7 Investment property Investment property, whlch is property held to eam rentals andlor for capltal appreciation, Is Inltially recognised at cost, which includes the purchase cost and any directly attributable expendlture. Subsequently It is measured at fair value al the reporting end date. The surplus or deflclt on revaluation Is recognlsed In profit or loss. 1.8 Impalrment of flxed a8sets At each reporting end date, the Charity reviews the carrying amounts of Its tangible assets lo determlne whether there Is any Indication that those assets have suffered an Impalrment loss. If any Such indlcation exists, the recoverable amount of the asset 18 estimated in order to determine the extent of the Impalrment loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents Include cash Sn hand, deposlts held at call wlth banks, other short-term Ilquld Investments with origlnal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowlngs In current liablllties. 1.10 Flnanclal In8trum8nts The charity has elected to apply the provislons of Section 11 'Basic Financial Instrument8, and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments are recognlsed in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financlal statements, when there is a legally enforceable right to Set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc flnancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effeclive interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 11
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) Basic flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitles classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate mgthod. Trade creditors are obllgations to pay for goods or servlces that have been acqulred in the ordlnary course of operations from suppliers. Amounts 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 credltors are recognlsed initially at transactlon pnce and subsequently measured at amortised c08t uslng the effectlve interest method. Derecognltlon of flnanclal Ilabllltles FinanGlal liabilities are derecognised when the charity's contractual obllgations expire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement18 recognlsed In the perlod in whlch the employee's servlces are received. TerminatSon benefits are recognlsed Immedlately as an expense when the charlly Is demonstrably commltted to terminate the employment of an employee or to provide termination benefits. 1.12 Rètlremant beneflts Payments to defined contrlbution retlrement benefit Schemes are charged as an expense as they fall due, Crltlcal accountlng 08tlmatss and Judgements In the applicatSon of the Gharity's accounling pollcies, the Trustees a requlred to make judgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readlly apparent from other sources The eslimates and associated assumptions are based on historical experlence and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legaclos Restrlcted fund8 2025 Restrlcted funds 2024 Grants 196,050 173,644 12
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and legacles Icontlnued Rostrlcted funds 2025 Restrlcted funds 2024 Grants Nationwide Foundation Oak Foundation South of Scotland Enterprlses Scottish Govemment 39,525 49,525 52,044 15,600 106,000 107,000 196,050 173,644 Income from charltable actlvltles UnroBtrlctod Unr08trlcted funds fund8 2025 2024 Prov181on of rural hou81ng Primary purpose consultancy CharStable rental income 67,500 4,903 102,814 4,555 72,403 107,369 Income from Investments Unre8trlcted Unrestrlcted funds funds 2025 2024 Interest receivable 6,848 6,900 13
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on charltsble activities Charltable activitles 2025 Charltsble activities 2024 Dlrect costs Staff costs Legal and professional fees Clock Tower renovation Training costs New Galloway redevelopment Staff travel 196,940 132,685 634 9,531 360 9,780 15,600 23,344 20,018 245,664 183,228 Share of support and governance costs (see note 7) Support Governance 32,211 2,402 29,819 1,658 280,277 194,705 Analys18 by fund Unrestricted fund8 Restricted funds 27,211 253,066 19,553 175,152 280,277 194,705 Support C08ts allocated to actlvltlo8 2025 2024 Staff costs Depreciation Telephone Postage & Stationery Advertising Sundry Insurance Governance costs 24,796 493 1,038 212 664 2,587 2,421 2,402 23,418 342 779 958 2,101 2,221 1,658 34,613 31,477 Analysed between: Charitable activities 34,613 31,477 14-
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support costs allocated to actlvities Icontlnued 2025 2024 Governance costs comprlse: Accountancy 2,402 1,658 2,402 1,658 Net movement In funds 2025 2024 The net movement In funds Is stated after chargingllcredlting).. Fees payable for the independent examlnatlon of the charlty's financial statements Depreciation of owned tangible fixed assets 2,402 493 1,658 342 Trustees None of the Trustees lor any persons connected wlth them) recelved any remuneratlon or beneflts from the charity during the year. There were no re-imbursements of expenses paSd to any of the Trustees by the durlng the year. The charlty ha8 Trustees Indemnlty Insurance In place. 10 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Numbor Development workers Admlnlstration Total Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 192,236 17,678 11,822 136,971 8,730 10,402 221,736 156,103 There were no employees whose annual remuneration was more than £60,000. 15
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Employees (Contlnued) Remuneration of key management personnel The remuneration of key management personnel was as follows.. The Chief Executive and the Trustees are considered the Key Management Personnel. The remuneratSon paid for the year (including employer pension contributlon8 and employer National Insurance contributions) were £65,424 (2024.. £60,772). 11 Gain8 and1088e8 on Investments Restrlcted fund6 2025 Restrlcted fund8 2024 Gainslllosses) art81ng on.. Revaluatlon of Investment propertles 6,000 12 Taxatlon The charity 18 exempt from tax on income and gains falling within Sectlon 505 of the Taxes Act 1988 or 8ectlon 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Its charltable objects, 13 Tanglbla flxed assets Plant and •qulpmont Cost At 1 Aprll 2024 Additions 3,058 1,098 At 31 March 2025 4,156 Depreclatlon and Impalrment At 1 April 2024 Depreciation charged in the year 1,690 493 At 31 March 2025 2,183 Carrylng amount At 31 March 2025 1,973 At 31 March 2024 1,368 14 Investment property 2025 Fair value At 1 April 2024 and 31 March 2025 132,000 16-
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Investment property IContlnued> The carrying value of land included in investment propertles comprises.. 2025 2024 Freehold 132,000 132,000 15 Debtorn 2025 2024 Amounts falllng due wlthln one year: Trade debtors 16,100 54,675 16 Credltor8: amounts falllng due wlthln one year 2025 2024 Other taxatlon and social security Accruals and deferred Income 4,794 5,549 3,693 3,647 10,343 7,340 17 Retlrement beneflt schemes 2025 2024 Deflnod contrlbutlon s¢heme8 Charge to profit or loss In respect of defined contribution schemes 11,822 10,402 The charity operates a defined contributlon pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. At the year end £1,190 was owed to the pension scheme {2024'. £9961. 17-
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2024 Incomlng re8ource8 Resources expended Transfers Galns and At 31 March 108888 2025 Rural Housing Buyback Fund Scottish Government Oak Foundation Castle Douglas Clock Tower Project NWF-2 SOSE Housing Investigation 287,750 287,750 26,759 107,000 49,525 (133,759) {26,147) 23,378 148,231 30,127 (9,780) 167,780) 138,451 774 39,525 {1,098) 15,600 115,600) 508,467 196,050 <253,066) {1,098) 450,353 Prevlou8 year: At 1 Aprll 2023 Incomlng re8ourc88 Ro8ourc08 axpendod Transfern Galns and At 31 March 108808 2024 Rural Houslng Buyback Fund Scottish Government Decent Affordable Home Programme Oak Foundation SEHP Castle Douglas Clock Tower Project NWF-2 SOSE Housing Investigation 281,750 6,000 287,750 106,000 (79,241 > 26,759 3,079 37,500 24,432 11,544 (14,075) (37,500) (24,432) 1548) 157,762 (9,531) {10,373) 148,231 30,127 40,500 15,600 15,600 504,523 173,644 {175,152) (548) 6,000 508,467 18
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restricted funds (Contlnued) Rural Housing Buyback Fund- funds to enable the acqLJlsltlon af homes with Rural Housing Burden. Scottish Government Nationwide Foundation. core funding to assist with salary and expense costs, Sn partnership with The Oak Foundation - funding to cover Partnership & Learnlng Manager Salary and all associated cost8, Castle Douglas Clock Tower Project- grant to fund the acquisition and redevelopment of an empty home from Castle Douglas Common Good.. NWF 2 - core fundlng to assist with salary and expense costs, in partnership with the Scottish Government. The transfer relates to capital expenditure in the year. SOSE Housing Investigation lo fund pre-acquisition Investigation of exlstlng housing in New Galloway. 19 Unrestrlcted fund8 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are nol subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aslde out of unreslricled funds by the trustees for specific purposes. At 1 Aprll 2024 In¢omlng ro8ource• R88ourc98 exponded Transfers At 31 March 2025 General funds 205,807 79,251 {27,211) 1,098 258,945 Prevlous year: At 1 Aprll 2023 Incomlng ro8ources Resources oxpendod Transfers At 31 March 2024 General funds 111,543 113,269 {19,5531 548 205,807 20 Analy818 of net a88ets between funds Unrestrlcted fund8 2025 Restrlcted funds 2025 Total 2025 At 31 March 2025: Tangible assets Investment properties Current assetsl(liabilities) 1,973 1,973 132,000 575,325 132,000 318,353 256,972 258,945 450,353 709,298 19-
SOUTH OF SCOTLAND COMMUNITY HOUSING scio NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Analysls of net assets between funds (Contlnued) Unrestrlcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investment propertSes Current assetsl(liabilities) 1,368 1,368 132,000 580,906 132,000 376,467 204,439 205,807 508,467 714,274 21 Related party tran8actlon8 There were no disclosable related party transactions during the year. -20-