The Sherbrooke Initiative Limited Annual report and accounts for the year ended 31 December 2024 Company Number SC333410 Charfty Number SG0391n
The Sherbrooke Initiative Limited Annual report and accounts for the year ended 31 December 2024 Contents Legal and Admini$lralive Inf¢)m)ation.............. Trustees. annual reKKJrt.. .................. ... Report ofthe IndeFendenl Examiner forth& year end 31 December 2024....................... . .... ...... statement of Financial Activities for the year ended 31 December 2024......,....................,................ Balance Sheet as al 31 December2024.............. Pnncipal accounting l¢le9.... Notes to the financlal 8ts1ement8 for th8 year ended 31 De¢ember2024..........................................
The Sherbrooke Initiative Limited Legal and Administrative Informatlon for the year ended 31 December 2024 Tru8te8s Rev A Dillon Mr R Baird Mr G Borland Mrs U Heanèy {reslgned 11t February 20241 Mr J Duthie {resigned 101 February 2024) Mr S Manson (appointed 111 Febnjary 20241 Ms H M¢Donald (appointed 151 February 20241 {Chairman) {Tr8asureri S•cr•tsry Mr G Borfand R¢gl8tored Offlce and Contad addre•8 240 Nithsdale Road Pollokshields Glasgow G415AD Bankern Bank of Scotland Pollokshiel¢Js Branch 238 Albert Drive Glasgow G412NL Ind•p•nd•Tht •x#mlner Kristinx Bowie FCCA 18 Ledi Road Glasgow G43 2AJ Company Number SC333410 Charlty Number SC039178
The Sherbrooke Initiative Limited Trustees. annual report for the year ended 31 December 2024 The Trustees present thelr annual rewi aThJ ihe aco)unts lor The Sherbrooke Iniliatlve Llmited for the year ended 31 December 2024. The accounts MplY with currenl statutory requlrem8nts, the Memorandum arKI Articles of Assoaation of the Inilialive and the Statement of Recommended Practice- Accounting and Reporting by Charities. The *al arKI administrative information set out on page 1 fomis part of thi¥ report, StrUcre and gov•rnlng document The Initiative 18 a private ccfflpany limited by guarantee and wlth charitabl8 Status It IS govomed by the lems of Its Memorandum and Articles of Asgoc18tion. Rocrulthient and appolnlmonl of Tru8teo8 (Dlrectorn) The rules surrounding the appointment of TnJstees (tho are the dlrectors of the Iniliativel ale contained in the Inib'alive's Articles of Asscciation. Trustees may be appalnted by ordlnary re501ution of the members of the Inlllalive or by a declsion of the Truste88. The number of Tru$lees shall not less than bul there is no maximum number. Tru8t088 The names of tha Tru8ta68 on the date Ihls annual rawt was approved by the Trustees are set out on page 3. As a private charitablè company limrted by guarantee the Inlllativ• does not have a share capilal In which the Trustees can hold intere3t& ObJ•ctlv•8 and a¢tfvltle8 The objectives of the Initiative are to encourage greater community understanding within Ihe parish of Sherbrooke MosspaTk ChurGh, Pollokshields. Glas9ow and beyond, lo promote the advancement of crtizenship and community development and the education of Ihe public In relation thereto and to advance the arts, heritage. culture and sGienc•. During this year, the Inttr'ative continued to promote the chur¢h as a place where all community groups can mg01. The Initiative has entered into an aareement with the church regarding the letting of church premis. Thus, lIe donation$ continued to be recelved on a slmllar scale lo prevlou8 years, the holdlng of musi¢ events in the church raised SnifIcanY rn0 than previously. Finan¢io1 revlew The was a significant 8urplu8 for the year. The staiement of financial a¢tivitiè8 on page 5 givas detsils of the financial transactions during the year.
The Sherbrooke Initiative Limited R0409 Pollcy It 1$ the policy of the Initiative to build and maintain free fesetves of a level suff¢cienl to 8UPPOrt its current acbvities In the event of a significant drt)p in income. As at 31 December 2024 the Initiative had ftee reserves of £26,123 whl¢h Included a cash balance of £23,722. The Tnjstees consider this a more than ample level of reserves having regard to the current annval expenditure level, which is in the region of £18,000. The combination of the new letting agreement and continuing gfft aid commmf(ments put the Initiative on a sound financial footing going forward. The Initiative has already maje commitrnenls to runslating the previous music ¥cholarships and is exploring other ways in which it can contribute to the advancernenl of the arts In the Iccalty Statement of Tru•tO08' rn8POn8lbllltleB The Trustee8 a responsible for preparing the accounts in accordance with applicable law and practice and the Trustees are required to prepare accounts for each financial year, lch show a true and fair view of the financial activities of the charity during the financlal year and the stsle of affairs of the charity a$ at the end of th& financial ygar. In preparing those aOunt8, the Tru8teeB are required lo.. select suitable accounting policies and then apply them consislenlly,. make judgements and eslimate5 Ihal are reasonable and Prudent., state whether applicable aCUntsn9 standards and statements of recommended practice have been followed, subject to any departuies disclosed and explalned in the financial 8talemenl8,' and prepare the financial statemen18 on the going concem basis unless it ig Inapproprlate to presume Ihat the charTty will continue in operational existencg. The Trustees are respon$lble for keeplng proper accountlng records whlch disclo88 with re880nable accuracy al any time the financlal position of the Ini1SatNe and to enable them to ensure that the a¢unIS ¢omply with the Companies Act 2006 and the Charities Ac¢ounls (Scotlandl Regulations 2006. They are also responsible for $afeguarding the assets of the Initialive ani1 hence for tang reasonable steps for the preventlon and detection of fraud and other irregularities. Company Reg18traUon NuMr The Companvs registration numter is SC333410. Srnall Company dlsclosure These accounts have been par In accordance th the special provisions of Part 15 of the Companies Act 20( relating to small companies. Tru8tee 25
The Sherbrooke Initiative Limited Independent examiner's report to the Trustees of The Sherbrooke Initiative Limited I report on the xcounts of the ctsrity for the year ended 31 Decemter 2024 1¢h are set out on pages5to 11. Ra8PeCtlve re8pon8lbll1ll of truste and examlner The charity tnjstees are responsible for the preparation of accoutts In accordance vnth the temi8 of the Charilies and Trustee Investment {Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10111 Idl of the 2006 Regulations does not apply. 11 is my responsibilty to examint the accounts under se¢tson 44111 Ic) of the Act and to 8tale whether partl¢ul8r matters have come lo my attention 8•81• of Indepondent examlnerfB 8mOnt My examination Is carried out in accordance with Regulation 11 of the Charities Acwunts Iscotland) Regulations 2006. An examlnation includes a review of the accountlng records kept by the charlly and a comparison of the accounts presenled with those records. It also include$ ¢on$iderallon of any unusual items or dis¢lo$ures in Ihe accounts. and Seen9 explanations from the Iruslees concernlng any such m811ers. The procedures und8rtaken do not provide all the evi¢J&ncg that would be required In an audit. and wn8equently I do not express an audit opinion on the view given by the accounts. Indepond•nt •xamineVs 8latemeTrt In the course of my examination of the xcounts for the year ended 31 De¢ember 2024, no matlor ha8 come to my *tentlon'. al whictt gives me reasonable cause to tselieve that in any matertal respect the requirements.. to keep accounting records in accordance with SlI0n 44{11(al of the Charities 8nd Trustee Investments IScotland} Act 2005 and Regulation 4 of the 2008 Regulations,. lo prepare accounts which accord th the actounllng records and comply vjlth Regulation 8 of the 2006 Regulations have not Èeen met. or bl to which. in my opinion, attenllon shoukl be drawn in order lo enable a proper underslandlng of Ihe accounts trj reached. Kf18tlna Bo0 FCCA 18 Ledi Road Glasg¢)w G43 Z4J
The Sherbrooke Initiative Limited Statement of financial activities for the year ended 31 December 2024 Notes Total fvndg 2024 Total funds 2023 In¢oming resources from 9on•rnt•d funds Voluntary Incom8 Investment Income 14,252 10,959 Incoming rnsourcgs from Charltable actlvitio¥ 16.245 3,270 Totsl In¢omlng r•8ources Rour¢ expended Char¢table a¢livilies 30,497 14,230 16,467 14.411 Govamance costs 130 100 Total Re80urce8 Expended Not movement In fund• 16,597 14,511 13,900 12,51XI) 14.723 1281) Donotlons Mado Totsl fund$ brought forward Tolal funds carrfod forward 15,004 14,723 26,123 Note- Ihere are funds designated as restrIed.
The Sherbrooke Initiative Limited Balance sheet as at 31 December 2024 Note 2024 2023 Current a680ts Debtors 4726 5,041 Bank 23,722 12,148 28,448 17,189 Crpdftorn Falling due within one year N•t CUTrent assets 2,325 2,466 26,123 14,723 Funds of the ¢harlty G8n8ral funds io 26,123 14,723 Totsl fiJnd8 26,123 14,723 Thgse accounts have been prepared with thg spe¢lal provlslon8 relating to sm811 companies thin Part 15 of the Companies Act 21 For the financial year ended 31M December 2024 the company was entitled to exemption from audit under section 477 of the Compani8$ Act 20Ce and no notice has tseen depo$itèJ under gection 476 of tho Companies Aci 2006. The Directors acknowtedge thelr re$ponsibililie¥ for ensurtng that the company keeps accounting records whl¢h compty wth Section 386 of the Act and for preparing accounts which gwe a true and fair view of the state of affairs of the company as at the end of the financial year and of its profil or 1089 for the year In accordano wth the requirements of Section 394 and 395 ar which otherwise comply with the requirnents of the Companie8 Act 2006 relating to a¢counl$, 30 far as applicabte lo the company, Signed for and on behalf of the Board of Directorn by R Baird Tnjstee The financial slatem8nts were approved by the Board ClI11ulY 2025
The Sherbrooke Initiative Limited Principal accounting polices The princip81 accounttng [l¢les, which have been applied consistenuy in dealing with Stems that are considered material to the accounts are set out below. The Company has adopted the requlrements of the Slatement of Recommended Practi.. A¢counling and RepoFting by Chariti8s (iB$ued February 20051. The accounts of the Company are prepared on an accruals basis. Ba$18 of pr8paration The accounts have been prepared in accordan¢e Mth applicable &counting standards and und the historical cost convention. and in accordance wilh lh& Charities and Trustee Inve$tm&nl IScotlan(11 Act 2005, Th& Charities Accounts (Scotlandl Regulatsons 2006 and the Statement of Recommended Pr8¢tlce.' Accounting and Reporting by Charilies120051. Fufids of th• Company Fund8 are ckssified as either re¥lrKted funth or unrestn'cknj fvnd8, deftned as foll. Resmcw funds are funds gubject to SFrfifr requlrements as to tholr use lch may tre declar•J by the donor tr wilh IheSr authority or ueated through legal processes, bLrt Still wrthin th& oty'ts of the Company. unrestric funds are expendable at the discretb)n ofthe TnBlees In furtherance of the (*4ects of I Company. If parts of the unrpstn.cted furKls are earnarked at the disrydion of th8 Trustees for a particular wrp)se, are desvJnaled ag a s•parate fund. Endowmenl fijnds are unrestricted funds that have been gwen cn th8 ¢ondthcffl that the orfrjlnal captal sum is not redd, but the Inc(yme therefrcm is used at the di8cretk)n of the Trustees for purpx)9es defined in xcordancewith the of the Company. Incomlng r880urc8s I donalicns and glfts a inrjuded w51hin Inccffilrrfj rescr under ether unrestdct&d or reslrthd nds accordirtg to the temis underwhich the donatK)n ts made and when the amount can quaDb"fied wth Tea80nable rtainty. DorétK)rn and gffts in kind are Ought into the Unts al their value 10 th8 Company. R•8ourceJ exnded Expenditure 1$ reccgnisoJ on an accruals basis as the liabilty is incurred. Tanglble fixed assets All tangible fixed assets costing in extt$s of £1,000 having a useful life to the Company greater than one year are capitalised. Currentty. the Company has no fixed asset& Taxatlon The Sherbrooko Initiative Limlted Is recognlsed as a chartty for the purposes of applicable taxatson legislation and is therefore not subject to taxation on its charitable aclivilEs The Company is not registered for VAT and resources expended therefore nclude all ifrecoverable input VAT.
The Sherbrooke Initiative Limited Notes to the financial statements for the year ended 31 December 2024 1 Voluntary income 2024 2023 Donats'ons 11,670 8,815 Tax rernred on Gift Ald 2,582 2,144 14,252 10,959 2 Investment income 2024 2023 Int8rest 3 Incoming resources from charitable activitie8 2024 2023 Event InMme 16,245 2,870 Sundry Income 400 16,245 3.270 4 Analysis of resources expended 2024 2023 Charftable activiti¢F Licence fee Office & Administration 776 695 Staff costs 14.691 13.716 16,467 14.411 Support costs have nol been separatety identified as the Trustees consider there is only one charitable activlty. Therefore support costs relate wholly to that activity and have not been separately identif.
The Sherbrooke Initiative Limited Notes to the financial ststements for the year ended 31 December 2024- continued 4 Analysis of resources expended. continued Analy8is of staff costs 2024 2023 Salaries and 14691 13.718 Social 8ecurity costs Total 14,691 13,716 Av•rage numbor of employees 2024 2023 No. No. Admlni31ralor 5 Governance costs 2024 2023 Independent examinerfs fees 130 100 6 Donations Made During the year the Charity made one donation of £2,500 as a Contribution to the installation of an 8cc&88ible toilet in tho halls of Sherbrooke Mosspark Farish church12023 Nill. 7 Trustee remuneration and related party transactions No Trustee recelvad any remunerat¢on during the year. No Trustee or person related to a Trust89 had any persal interest in any contract or transaction entered Into by the InibatNe during the year.
The Sherbrooke Initiative Limited Notes to the financial statements for the year ended 31 December 2024- continued 8 Debtors 2024 2023 Glft Aid tax refvnd 4.726 2,144 Sherbrooke Mosspark Church 2,897 726 5,041 9 Creditors 2024 2023 Accruals 741 1,810 Creditors due within 12 months 1357 857 Other creditors 227 2,325 2.467 10 Movement in funds 2024 Unrestrlcted fund8 General fund as al 1 January 2023 Surplus for the year General fund as at 31 December 2023 14723 26.123 10
The Sherbrooke Initiative Limitsd 11 Control The Ccffipany is controtleLI by its trustees.