Charlty Reglstratlon No. SC037381 Company Registration No. SC307282 (Scotland) PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024
PORTWILUAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Miss M McKright Mr E W Rot¥nson Mrs N J Smith Emity Nlchdson (Appolnted 4 March 2024) (Appointed 4 March 24) (Appointed 4 March 2024) (AFvointed 23 SeFrtember 2025) (Appointed 4 March 2024) Mrs A P Morgan Sretary Emily Nicholson Country of incorporation United KIn10M (Scouand) SC307282 Charlty reglstratlon Scotland Registered offe Greenmantle Main Street Mochrum Newton Stewart DG8 9LY Independent examiner John Simpson FCA Montpelier Professional (Galloway) Limited 1 Dashwood Square Newton Stewart DG8 6EQ Bankers Bank of Scotland 37 Albert Street Newton Stewart DG8 6EF
PORT WILLIAM COMMUNITY DEVELO (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees. report Indendent examinerfs report ststement of finanaal actsvities Balance sheet 7_14 Notes to the financial ststements
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Trustees. report Independent examiner's report Statement of financial acb'vities Balance sheet Notes to the financial ststements 7-14
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2024 The Trustees present their annual report and financial statements for the year ended 31 October 2024. The financial statements have been prepared in accordance with the accounting policjes set out in note 1 to the financial ststements and comply with the Charity's governing document, the Companies Ad 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Irdand, and the Charities SORP "Accounb"ng and Reporting by Charits'es: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial ReKX>rting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities The Charity's objects are to promote rural regeneration for public benefit, following principles of sustainable developmen( where sustsinable development means development which meets the needs of the present wrthout compromising the atxlty of future generations to meet their own needs, in areas of so(xal and economic deFxivation within the Community by all or any of the following means: To relieve unemployment To develop and promote training among residents with reference to develoFY'ng skn'lls To preserve the historical, architectural and construcb'onal heritage To provide faalities for development of recreats'onal and other leisure ts'me acb'vities for the public at large To preserve, restore and improve the natural and built environment in the Port Wlliam area through the ovision/maintenance and improvement of public open spaces and other public amenitr.es and other environmental and regeneration projects Already we are on tsrget with our activities, having developed a Community Youth Centre and multi-SPOrt area with flood lightsng. The trustees are reviewing the objectives with the assistance of Third Sector Dumfries and Galloway. The trustees have referred to the guidance contained in the Office of the Scottish Charity Regu18tor's general guidance on public benefrt when reviewing their objectives and in Flanning their future acbvibes. In particular, the trustees consider how Ianned acts'vibes will contribute to the obJe¢th'ves they have set. Achievements and performance Significant 8CtivitieS and 8chlevementS 8g8inst objedives We have had succe88 In geth'ng new trustee8 and volunteer8 to ensure the future success of the Trust. Our chair, Mike Cooper, has agreed to remain as chair for thi8 year to allow for a smooth transition and Paul C8rrig8n, although 8tepping down a8 treasurer, h88 agreed to rem81n on the board to help wth thi8 perlod of changa. Both Mike and Paul resigned from the board on 24th September 2024. Tha youth group has ceased to run as it previously had, and the new trustee8 and member8 are keen to move th18 forward with 8 new verslon that 11 increase footfall and parb'cipab'on of the young people in our community. We have written to local bu81ne88e8 asking if they would like to pay to have 8 sponsorship board displayed on our fence. Unfortunately, uptake ha8 been slow.
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Flnanclal revlew The finanaal 6tatements have been prepared in accordance wth current statutory requirements and the charrti88 memorandum and Arbdes of Associ8bon. The charity had a deficit of £8,693 dunng the year (2023.. £14,794 deficit). Funding sources Funding of£500 was received from the Communty shop. A nab.on of £25 was received from a local dance group. The rest of the income was largely from hiring of the facilib'es and tsnknng youthgroup monies. Totsl income for the year was £2,429. FundAccountsng Unrestncted funds are availaL4e for use at the discreb'on of the Trustees in fvrtherance of any purposes of the Trust De&gnated funds form part of the unrestrided funds and represent funds earmarked ty the Trust for parb'cular rposes. The Trustees have the Wer to re-designate such fvnds wthin unrestricted fun(. Restricted funds are suty'ect to restrictions imposed ty donors as to the purposes to which the funds may be applied. Going ncern Although there are uncertainties regar('ng the finances of the charity, the trustees tlieve that it is appropriate for the financial statements to t prepared on a going concern basis. Further information is Fyovided at note 17 of these finanaal statements. Reserves policy The trustees have set a target to tlId its free reseNes (unrestrided funds which have not been designated for specific use or induded in fixed assets) to a level equivalent to three months running costs for the organisats'on, estimated to be 8pproximately £250-£300 per month. At the year end the charitsble company was in deficit of such funds by £190. The trustees are exploring ways of rects'fying the po&tson in the future. /nv8Stm8ntpo/icy Under the memorandum and artides of assoaab'on, the charity has the power to invest any money that the company does not immeth"ately require in any investments, secunb'es or prOpe.es. As there are few funds for long- term investment the Directors, having regard to liquidity requirements of operabng the chanty and to the reserves policy, have operated a pdicy of keeF¥ng available funds in an interest tearing account Major nsks The annual strateg'c review and forward annIng event considers the risks to which the charty is exposed and idenbfies what needs to be in Kgace to manage these risks through the year. The risks fad by the company fall into two categones, internal and external and are further broken (k)wn into strategic & reputabonal risks, operatonal risks, comkgiance risks and finanaal risks The internall nsks are minimised by the imklementsb'on of txodUreS for authorisabon of transacb.ons and projects and to ensure consistent quality of delivery far all operatsonal aspects of the company. The external risks relate largely to the conts'nued funding of the company. However an encouragng develoF¥nent is the conbnued support from Lx)th private and puLlic sectors, which should ensure the long-term finanaal ststxlty company. The d'reCtO have assessed the major risks to which the charity is exposed and are sabsfied that the systems are in aCe to rngate exposure to the major risks and have now produced a risk register.
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Plans for future periods Going forward there are plans to start a youth football night while we work in the background to restart a youth group. We are looking at other ways to generate revenue induding an easier way to book the facilities, sponsorship ideas and increasing use of the faalits'es. We also plan to revisit the constitution as it has not been looked at since the trust was started 17 year5 ago. Structure, governance and management The Charity is a company limited by guarantee, Port William Community Development Trust was formed as a charitable company limited by guarantee when the unincorporated assoaab'on, Port William Regenerab'on Association, was dissolved on 7 February 2003. The enb're assets of the former association were transferred to the new company. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: P E Carrigan (Resigned 24 September 2024) G P McKenzie (Resigned 30 June 2025) E Penrose (Resigned 4 March 2024) A Thompson (Resigned 4 March 2024) M Cooper (Resigned 24 September 2024) P A Watkins (Resigned 4 March 2024) Miss M McKnight (Appointed 4 March 2024) Mr E W Robinson . (Appointed 4 March 2024) Mrs N J Smith (Appointed 4 March 2024) Emily Nicholson (Appointed 23 September 2025) Mrs A P Morgan (Appointed 4 March 2024) Recruitment and appointment of trustees The company comprises of ordinary members, aged 18 and over (who have the right to attend the AGM and any EGM and have powers under these arts.cles and the Act, who elect peOe to serve as Directors and take decisions in relation to any changes in the articles), junior members and associate members. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Organisational structure The Directors hold regular quarterly meetings between each AGM, set the strategy and policy of the company, supervise activities and are responsible for monitoring rts financial posib"on. The Trustees, report was approved by the Board of Trustees. Mrs A P Morgan Treasurer Date: .
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORT WILLIAM COMMUNITY DEVELOPMENT TRUST I report on the finanaal statements of the Charity for the year ended 31 October 2024, which are set out on pages 5 to 14. Respective responsibilities of Trustees and examiner The chanty trustees (who are also the directors of Port Wlliam Community Development Trust for the purposes of company law) are responsible for the preparabon of the financial statements in accordance wth the terms of the Charitses and Trustee Investment (Scotland) Act 2005 and the charib.es Accounts (Scotland) Regulab'ons 20Cb.The Charity Trustees consider that the audit requirement of Regulab'on 10(1)(a)-(c) of the Charibes Accounts (Scotland) Regulatsons 20( does not aptAy It is my responsitj'lity to examine the finanaal statements as required under section 44(1)(c) of the Charib'es and Trustee Investment (Scotland) Act 2005 and to state whether parts'cular matters have come to my attenb"on. Basis of independent examiner's statement My examination was carried out in accordance with Regulabon 11 of the 20Cb Accounts Regulatsons. An examination Includes a review of the accounts.ng records kept try the charrty and a comparison of the accounts presented with those records. It also indudes consideration of any unusual items or disclosures in the accounts, and seeking explanats.ons 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 qualified statement In the course of my examination, no matter has come to my attention other than that disclosed below 1. which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordan with Section 44(1)(a) of the charib.es and Trustee Investment (Scotland) Act 2005 and Regulabon 4 of the Charits'es Accounts (Scotland) Regulabons 2006, and to prepare financial statements which accord wth the accounting records and comply with Regulation 8 of the Charibes Accounts (Scotland) Regulabons 2006 have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanong of the financial statements to be reached. I have idenbfied a matter of concem in relation to the restricted fund balances. During the year the charity did not maintain records tracking the movement of its restricted funds. The charity trustees were therefore away of the restricted fund balances during the year. At the year end the trustees believed that three restricted funds had been extinguished in previous year and therefore transferred the balances out of restricted funds. I was not able to obtain any evidence for these transfers. During the year the charity trustees completely changed. The new trustees are now aware of their responsibilities in relats.on to restricted funds. John Simpson FCA Chartered Accountants Ireland Montpelier Professional (Galloway) Limited 1 Dashwood Square Neon Stewart DG8 6EQ Date: ... ../. sli.2125
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legaaes Charitable activities Other tradng activities 275 1,194 460 500 775 1,194 460 750 750 1,655 1,655 Total income 1,929 500 2,429 1,655 750 2,405 Expenditure on: Charitable athV"es 4,922 6,200 11,122 4,140 13,059 17,199 Total expenditure 4,922 6,200 11,122 4,140 13,059 17,199 Net èxpenditure (2,993) (5,700) (8,693) (2,485) (12,309) (14,794) Transfers between funds 8,912 (8,912) 2,461 (2,461) Net movement in funds 5,919 (14,612) (8,693) (24) (14,770) (14,794) Reconciliation of funds: Fund balances at 1 November 2023 521 74,982 75,503 545 89,752 90,297 Fund balances at 31 October 2024 6,440 60,370 66,810 521 74,982 75,503 The statement of finanaal activitses indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activib"es.
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 OCTOBER 2024 2024 2023 Notes Fixed assets Tangible assets 11 57,456 65,148 Current assets Cash at bank and in hand 10,054 11,006 Creditors: amounts falling due within one year 12 (700) (651) Net current assets 9,354 10,355 Total assets less current liabilitles 66,810 75,503 The funds of the Charity Restricted income funds Unrestncted funds 13 14 60,370 6,440 74,982 521 66,810 75,503 The company is enb'ded to the exemption from the audit requirement contsined in sects'on 477 of the Companies Act 2006, for the year ended 31 October 2024. The directors acknowledge their responsibilities for com[Ying with the requirements of the Companies Act 2006 th respect to accounting records and the preparatson of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The fin cial statements were approved by the Trustees on Robinson Mrs A P Morga Treasurer Trustee
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies Charity information Port William Community Development Trust is a private company limited by guarantee incorporated in Scotland. The registered office is Greenmantle, Main Street, Mochrum, Newton Stewart, DG8 9LY. 1.1 Basis of preparation The financial statements have been prepared in accordance with the Charity's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scotland) Act 2005, the Chanbes Accounts (Scotland) Regulatsons 2006, FRS 102 "The Financial Reporb'ng Standard apF4icat4e In the UK and Republic of Ireland" and the chanb.es SORP "Accounb"ng and Reporbng by Charities. Ststement of Recommended Practice applicable to charib'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The Charity is a Public Benefit Enbty as defined by FRS 102. The finanal statements are prepared in sterling, which is the funthonal currency of the Charrty. Monetsry amounts In these financial statements are rounded to the nearest £. The financial ststements have been prepared under the historical cost convenbon, [modified to include the revaluabon of freehold properbes and to include Investment prOPeeS and certain financial instruments at fair value]. The prinapal accounbng policies adopted are set out bel(M. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to conb'nue in operabonal existence for the foreseeable fvture. Thus the Trustees conbnue to adopt the going concern basis of accounbng in prepanng the finanaal statements. We would however draw your attention to note 17 of the financial statements 1.3 Charitsble funds Unrestncted funds are available for use at the discretion of the Trustees in furtherance of their charitable objethves. Restricted funds are subject to speafic condits.ons 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 speafic condits'ons by donors that the Ca'tal must be maintained by the Chanty 1.4 Income Income is recognised when the Charity is legally entstled 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 donab'ons are recognised on receipt. Other donab'ons are recognised once the Charity has been nobfied of the donation, unless performance conditsons require deferral of the amount Income tax recoverable in relabon to donabons received under GIft.d or deeds of covenant is recognised at the time of the donabon. Legaaes are recognised on receipt or otherwise if the Charity has been nob'fied of an impending dstribution, the amount is known, and receipt Is expected. If the amount is not known, the legacy is treated as a conbngent asset 1.5 Expenditure Resources expended are included in the Statement of Finanaal Acts'vitses on an accruals basis, inclusive of any VAT which cannot be recovered.
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (Continued) 1.6 Tanglble fixed assets Tang'ble fixed assets are inibally measured at cost and subsequently measured at cost or valuation, net of depreciabon and any impairment losses. Depreciation is recognised so as to wrrte off the cost or valuation of assets less their residual values over their useful lives on the followng bases: Freehold land and buildings Equipment Nil & 4 % Straight line 200A on reducing balance The gain or loss arising on the disposal of an asset Is determined as the difference beeen the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial ath"vits"es. 1.7 Impairment of fixed assets At each reporb.ng end date, the Charity reviews the carying amounts of its tsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such Indicab'on exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturtties of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current lialies. Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initsally measured at transacbon price induth'ng transacbon costs and are subsequently carried at amortised cost using the effecb.ve interest method unless the arrangement consbtutes a financing transaction, where the transactson 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. Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are inib'ally recognised at transactson pnce unless the arrangement constitutes a financing transacbon, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilrties classified as payable thin one year are not amorb'sed. Debt instruments are subsequently carried at amortised cost, using the effecb've interest rate method. Trade creth'tors are obligatsons to pay for goods or services that have been acquired in the ordinary course of operab'ons from suppliers. Amounts payable are dassified as current Iiabilibes if payment is due within one year or less. If not, they are presented as non-current liabilit"es. Trade creditors are recognised inibally at transacb'on pri and subsequently measured at amorb.sed cost using the effethve interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Accounting policies (Continued) 1.9 Employee beneflts he ost of any unused holiday entstlement is recognised in the period in which the emF4oyee's services ar ei Terminats'on benefits are recognised immediately as an expense when the Chanty is demonstratAy committed to terminate the employment of an employee or to provide terminabon benefits. Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Grants 275 500 775 750 750 275 500 775 750 750 Donations and gifts Wigtown Charity Shop James Gordon Tap Dance 500 500 250 25 250 25 275 500 775 Grants Community services Wigtown Charrty shop 250 500 250 500 750 750 Income from charitable activities Unrestricted Unrestricted funds funds 2024 2023 Charitable activities Community Youth Centre 1,194 ,655
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Income from other trading actlvlties Unrestricted Unrestricted funds funds 2024 2023 Fundraising events 460 Expenditure on charitable activities Running of Running of youth centre youth centre 2024 2023 Direct costs Staff costs Youth centre expenses Repairs & renewals 3,825 1,189 1,321 165 225 390 6,335 Share of support and governance costs (see note 6) Support Governance 9,842 890 10,059 805 11,122 17,199 Analysis by fund Unrestricted funds Restricted funds 4,922 6,200 4,140 13,059 11,122 17,199 Support costs allocated to activities Running of youth centre 2024 Total 2023 epreciation Advertising Electricity Insurance Sundry Governance 7,692 25 516 1,445 164 890 8,107 25 516 1,356 55 805 10,732 10,864 10
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 Support costs allocated to activlties (Contlnued) 2024 2023 Governance costs comprise: Accountancy 890 805 890 805 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl(cred"tsng): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 890 7,692 805 8,107 Trustees None of the Trustees (or any persons connected with them) received any remunerth'on or benefits from the Charity during the year. During the year no Trustee had expenses reimbursed (2023 nil). The chanty has Trustees Indemnity Insurance in place. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Youth worker Employment costs 2024 2023 Wages and salanes 3,825 There were no employees whose annual remunerab.on was more than £60,000. Remuneration of key management personnel The charity considers that its key management personnel comprise of the trustees wth no remunerats'on being paid to them (2023: NIL) 10 Taxation The charity is exempt from tsxabon on its activib'es because all its income is applied for charitable purposes. 11
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST t (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2024 11 Tangible fixed assets Freehold land and buildings EquI)mt Total Cost At 1 November 2023 156,370 23.201 179,571 At 31 October 2024 156,370 23,201 179,571 DeprlatIOn and impairment At 1 November 2023 Depreciation charged in the year 99,509 6,035 14,914 1,657 114,423 7,692 At 31 October 2024 105,544 16,571 122,115 Carrying amount At 31 October 2024 50,826 6,630 57,456 At 31 October 2023 56,861 8,287 65,148 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 700 651 13 Restricted funds The restncted funds of the charity comprise the unexpended balances of donab'ons and grants held on trust subject to speafic condibons by don0 as to how they may be used. At1 November 2023 Incoming resources Resources expended Transfers At 31 October 2024 Youth Worker salaries Capital building Summer activibes Community Development Fund Youth groups Future developments 2,548 56,861 6,544 7,161 908 960 (165) (6,035) 2,383 50,826 (6,544) 7,161 500 (1,408) (960) 74,982 500 (6,200) (8,912) 60,370 12
PORT WILLIAM COMMUNITY DEVELOPMENT TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) OR THE YEAR ENDED 31 OCTOBER 2024 Restricted funds (Continued) Previous year: At1 November 2022 Incomlng resources Resources expended Transfers At 31 October 2023 Youth Worker salaries Capital building Summer ath'vibes Community Development Fund Youth groups Future developments 6,373 62,896 7,028 7,941 1,365 4,150 (3,825) (6,035) (484) (780) (1,207) (728) 2,548 56,861 6,544 7,161 908 961 750 (2,461) 89,752 750 (13,059) (2,461) 74,982 Youth Workers Salaries -To cover the salanes of the youth workers. Capital Building - This is the net book value of the building used by the charity. Summer Activities - This fund is to be used for the activib'es run by the charity during the summer months. The charity trustees believe that these restricted funds have been exbnguished in previous year, but have no clear evidence. Community Development Fund- To develop village. Youth Groups - These funds to hold money for youth group act'vib'es. The charity trustees believe that these restricted funds have been exb'nguished In previous year, but have no dear evidence. Future Development - This fund is for the new extension and gym equipment. The chanty trustees believe that these restricted funds have been exbnguished in previous year, but have no dear evidence. 14 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donabons and grants which are not subject to specific condibons by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At1 November 2023 Incoming resources Resources expended Transfers At 31 October 2024 General funds 521 1,929 (4,922) 8,912 6,440 Previous year: At1 November 2022 Incoming resources Resources expended Transfers At 31 October 2023 General funds 545 1,655 (4,140) 2,461 521 13
ORT WILLIAM COMMUNITY DEVELOPMENT TRUST IA COMPANY LIMITED BY GUARANTEE) OTES TO THE FINANCIAL STATEMENTS (CONTINUED) OR THE YEAR ENDED 31 OCTOBER 2024 Analysis of net assets between funds Unrestrlcted funds 2024 Restricted funds 2024 Tota I 2024 At 31 October 2024: Tangible assets Current assetsl(liabilities) 6,630 (190) 50,826 9,544 57,456 9,354 6,440 60,370 66,810 Unrestricted funds 2023 Restricted funds 2023 Totsl 2023 At 31 October 2023: Tangible assets Current assets/(liabilities) 8,286 (7,766) 56,862 18,121 65,148 10,355 520 74,983 75,503 16 Related party transactions The company is under the control of the Trustees. There were no disclosable related paty transactions during the year 17 Going concern At the year end the charity had a deficit of its free reserves of £190. A cashflow forecast has teen prepared indicating this figure to have improved by approximately £800 by December 2026. The trustees acknowledge that the finances of the charity are in a precarious position, with little headway, however they do believe that it is appropriate that the accounts are prepared on a going concern basis. 14