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2025-03-31-accounts

Charity registration number: SC044056

Kinross-shire Local Events Organisation

Annual Report and Financial Statements for the Year Ended 31 March 2025

Kinross-shire Local Events Organisation

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Statement of Trustees' Responsibilities 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 13

Kinross-shire Local Events Organisation

Reference and Administrative Details

Trustees

Principal Office

Charity Registration Number Independent Examiner

Kirkgate Cottage Burns-Begg Street Kinross KY13 8DS SC044056

Page 1

Kinross-shire Local Events Organisation

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2025.

Objectives and activities

Objectives

The association's objectives are to:

  1. Advance citizenship and community development in Kinross-shire;

  2. Advance the arts, heritage and culture in Kinross-shire;

  3. Provide recreational facilities and to organise recreational activities in Kinross-shire that are open to all.

KLEO will also aim to create a community spirit and promote good citizenship in Kinross-shire. KLEO will develop a feeling of identify for the youth of Kinross-shire within their community and create an inclusive community by promoting equality of opportunity.

These Objects will be achieved by:

Activities:

In the year to 31st March 2025, KLEO organised the following events:

Page 2

Kinross-shire Local Events Organisation Trnsteesl Report - Kinross Farniers, Market This year Th"e continued organising the matket on ei.ery 4th Saturday of the month fro April to October on the Higb Street of Kinross. Like preiious year ￿"e decided not (lo a Jnarket in July as ￿..e ll'ould strugsle setting the staff to he]p out at Ihat n]rtet as a lot of people te￿d to be on holidays then. The May Sprin8 market and August SU￿rner llwket ￿"ere bigger ei"ellts at the m￿et Park with musical entertaiDmeot. The ll]aTkets hai"e beell well attended and stalIholders seejned to be happy too. For each nLgrket on the HigtL Street ￿'e had around 30 to 35 stallholders attellding and 82 stall hOld￿S at the Spring Market and 90 stall holders Th"ere at the Sun]mer Market ill August. - Kinross-shire willt￿ Festii'al 2024 I.￿70￿S ei"eiils £￿Id a street nwLet diu"iL12 N oi"eJllber and December 2024 in Killross-shire. Headline act wa¢ a concert of as support act. They did a 'onderfid sold out concert. C'oLiipally did a oli% coiicert too for around 172 people. rei'ioiLS i'eats Book'ii'ee - Scot ei"eIiis ￿"ere included in the fesiii'al. This year we had crime authors aild contemporary famdy drall￿ author £ii'ine talks in the library. These ii'ell attendede& Durill8 this Theek M'e also a T¥ll Millute Tales ei.ellt (ei8ht local people presentin8 a personal story in ten minutes). Other KLEO ei.ents were the Choirs To8ether concert and a joint Kacophony Orchestra and Tullis Russell Community Band coiicert. The i.enue for the Festii"e Market chan8ed at the last minute lo be held indoors at the Loch Leven Community camp￿ as there Th"as a snoN' stonn that day (Saturday 23 Noi"ember). Despite this lasl n]inute change the ei-ait was a huge success. A lot of local con)munity groups and businesses IA'ere ini"olN"ed. There ￿'ere oN"er 87 stalls that still attended. All the entertainment. local dance groups and bands ￿.¢[¢ still able to perfom] oll the stage of the assembly hall. Feedback has been l.ery positii"e and because of this ￿'e are considering holding the 2025 Festii"e Market at the Loch LeTr"ell Con]n]uuity Call]pus again. . Comedy Nights In Septenther 2024 and MaTch 2025 we orwised a cOll￿dy Night in Mi]nathort TON￿ Hall. The September event was sold out but for some reason ticket sale for Ihe March ￿"ellt i.ery SI0￿, (around 50). Lei"en Voices The con]nllllllty choir lei.en Voices, continues to be tK)pular. We hai"e around 35-40 people attending the Th"eekly sessions. There has been a great i"ariety of Horsecross tutors alld people seem to like the . Kinross Kacophony Orchestra The orchestra has gone from strength io <trenÈth and gro￿￿llg. We haie now arowid 35 people attending every 'eek. The conductor of dle orchestra. . has been challenging us with more and more difficult pieces and the orchestra is gra(h￿llY gettine e orchestra perfornied before the sunllner break: ¢kning the winter festiNal with the Tullis Russell Band and th'd a great perfornwice at the Perfornl in Perth festii'al in the Concert Hall. . Burns Bash A V*'ondethl conllnunity ei.ent on 25 January 2025 at the Kinross Golf Club. There was a 8reat Trariety of entertaiiulleiit Oocal d￿lce 8roups. Kinross Pipe Band and add￿SseS to the Ha88is. Lassies etc) durin8 the meal and the eNenin8 ￿lIshed ￿ryth some ceilidh dancin8. Ticket sale for this eN"ent was i.ery slov+ this year. We hai"e decided io haN"e a break next year and niaybe or8anise it once in two years. . Kinross-shiTe Clill￿te Cafe Kinross.shire Clinute Cafe is now wt Gre￿¢[ KinTOSS-shire. a new orw]l￿tion Ihthich will encompass clin]ate cafe. repair cafe. other clin]ate action aud biodii"ersity projects. Page 3

Kinross-shire Local Events Organisation

Trustees' Report

It will be an independent organisation so not part of KLEO anymore.

- Acoustic Open Mic

KLEO member Nigel Ewen organises monthly open mic evenings under the umbrella of KLEO. These evenings are situated in the lounge of the Green Hotel on every third Wednesday of the month. The events are fun and give local musicians the opportunity to play live for an audience.

- KLEO equipment

Various local groups have been using our equipment (marquees, tables, chairs, shelter tent) this year. These groups were: Sportive, Milnathort Primary School, Fossoway Gathering, Explorers (Scouts) and two private events.

-Grants

During this year we received £1000 from the Community Investment Fund to upgrade electricity points at the Market Park and £700 from Scottish Book Trust for Bookweek Scotland events.

Financial review

Policy on reserves

KLEO has no non-earmarked reserves. Grants are used for the purpose for which they were awarded.

Page 4

Kinross-shire Local Events Organisation

Trustees' Report

Structure, governance and management

Organisational structure

The structure of the association shall consist of:

  1. The Members - who have the right to attend the annual general meeting (and any special general meeting) and have important powers under the constitution; in particular, the members elect people to serve on the management committee and take decisions in relation to changes to the constitution itself

  2. The Management Committee - who hold regular meetings during the period between annual general meetings, and generally control and supervise the activities of the association; in particular, the management committee is responsible for monitoring the financial position of the association.

  3. The Trustees – meet regularly and are responsible for:

a. Ensuring that the constitution of the association is adhered to

b. Ensuring that planned activities advance the association’s charitable purposes

c. Making sure that the association carries out its planned activities

The annual report was approved by the trustees of the charity on ..[0] ...[5] ..[/] ..[0] ..[6] ...[/] .[2] ...[5] .. and signed on its behalf by:

Page 5

Kinross-shire Local Events Organisation

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees of the charity on .[0] ...[5] ..[/] ..[0] ..[6] ..[/] ..[2] ...[5] ... and signed on its behalf by:

Page 6

Kinross-shire Local Events Organisation

Independent Examiner's Report to the trustees of Kinross-shire Local Events Organisation

I report on the accounts of the charity for the year ended 31 March 2025 which are set out on pages 8 to 13.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s report

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures 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, consequently, I do not express an audit opinion on the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

have not been met; or

05/06/25 Date:.............................

Page 7

Kinross-shire Local Events Organisation

Statement of Financial Activities for the Year Ended 31 March 2025

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Total Income
Expenditure on:
Charitable activities
4
Total Expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
8
Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Total Income
Expenditure on:
Charitable activities
4
Charitable activities
Total Expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
8		 Unrestricted
funds
£
4,200
48,964
53,164
(46,327)
(46,327)
6,837
22,018
28,855
Unrestricted
funds
£
545
42,608
43,153
(40,174)
(857)
(41,031)
2,122
19,896
22,018		 Total
2025
£
4,200
48,964
53,164
(46,327)
(46,327)
6,837
22,018
28,855
Total
2024
£
545
42,608
43,153
(40,174)
(857)
(41,031)
2,122
19,896
22,018

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 8.

Page 8

Kinross-shire Local Events Organisation

(Registration number: SC044056 ) Balance Sheet as at 31 March 2025

(Registration number: SC044056 )
Balance Sheet as at 31 March 2025
Note
Current assets
Cash at bank and in hand
Creditors: Amounts falling due within one year
Net assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
8
Total funds		 2025
£
28,856
(1)
28,855
28,855
28,855		 2024
£
22,018
-
22,018
22,018
22,018

The financial statements on pages 8 to 13 were approved by the trustees, and authorised for issue on ..[0] ...[5] ..[/] ..[0] ..[6] ..[/] ..[2] ...[5] .. and signed on their behalf by:

Page 9

Kinross-shire Local Events Organisation

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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 (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Kinross-shire Local Events Organisation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

Since the end of the Covid-19 pandemic the charity was able to carry out all of its planned events, and it still has sufficient reserves. Therefore, the trustees do not consider there to be any material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 10

Kinross-shire Local Events Organisation

Notes to the Financial Statements for the Year Ended 31 March 2025

Tangible fixed assets

Individual fixed assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Equipment

Depreciation method and rate 20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

2 Income from donations and legacies

Grants receivable Unrestricted
funds
General
£
4,200
4,200		 Total
2025
£
4,200
4,200		 Total
2024
£
545
545

3 Income from charitable activities

Ticket sales
Concessions and advertising
Stall hire		 Unrestricted
funds
General
£
30,856
1,650
16,458
48,964		 Total
2025
£
30,856
1,650
16,458
48,964		 Total
2024
£
26,571
2,469
13,568
42,608

Page 11

Kinross-shire Local Events Organisation

Notes to the Financial Statements for the Year Ended 31 March 2025

4 Expenditure on charitable activities

4 Expenditure on charitable activities
Artists and associated costs
Bar costs
Other costs
Equipment repairs and renewals
Hall hire & conductors
Marketing and advertising
Donations
Depreciation
Insurance
Wages and salaries		 Unrestricted
funds
General
£
12,523
40
3,381
3,952
10,116
2,672
1,600
-
943
11,100
46,327		 Total
2025
£
12,523
40
3,381
3,952
10,116
2,672
1,600
-
943
11,100
46,327		 Total
2024
£
7,630
-
11,551
-
5,962
2,731
-
878
857
11,422
41,031

5 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

Page 12

Kinross-shire Local Events Organisation

Notes to the Financial Statements for the Year Ended 31 March 2025

6 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries		 2025
£
11,100		 2024
£
11,422

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

Support staff 2025
No
1		 2024
No
1

No employee received emoluments of more than £60,000 during the year

7 Taxation

The charity is a registered charity and is therefore exempt from taxation.

8 Funds

Unrestricted funds
General
Unrestricted funds
General		 Balance at 1
April 2024
£
(22,018)
Balance at 1
April 2023
£
(19,896)		 Incoming
resources
£
(53,164)
Incoming
resources
£
(43,153)		 Resources
expended
£
46,327
Resources
expended
£
41,031		 Balance at 31
March 2025
£
(28,855)
Balance at 31
March 2024
£
(22,018)

Page 13

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