FRECKFEST SCIO TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Scottish Charity No. . SC044712 FRECKFEST SCIO CHARITY INFORMATION Trustees Charity number SC044712 Independent Examlner JRD LLP 11 Portland Road Kilmamock KA1 2BT Prlncipal office address Bankers Royal Bank of S¢olland 59 High Street Irvine KA12 OAL FRECKFEST SCIO CONTENTS Page Trustee5' R¢port Financial Statements Independent Examinerfs report Statement of financh31 activities Balance sheet Notes lo the financial statements FRECKFEST SCIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 JUL Y2024 The Trustees piesenl their report and independentty examined financial statements for the year ended 31 Juty 2024_ Lè al and Adminlstratlve Inforniation Charity Infomiatlon The Scottish Charity reference, Charity contact informats'on and other adminislralive details are shown on the foregoing chartty information schedule. Trustees The following Trustees served as independent volunteer Trustees of the SCIO throughout the financial year unless otherwise noted.. There have been no further changes lo the Trustees since the year-end Indgpendent Examin8r nex RD LLP slands for reappointment as Independent Examiner of the SCIO at Structure Governance and Mana ement Constltutlon A copy of the conslitulion, which deals with the appointment and temiination of TrLtstees and other legal and adminislralive matters, is available from the Trustees at the principal office address. The charity was incorporated as a SCIO on 6 March 2014. Organisational Structure The Board of Trustees are responsible for policy decisions. Tru5tees' meetings are held every month where possible lo effect policy decisions and agree statements of accounts. As the Board are small in number most decisions are carned out and discussed colle¢b"vely al monthty meetings. However, the Chair. Treasurer and Secretary musl be involved In the financial governance with a fyvo stage sign-off of large spends or financial decisions. SLtk>groups are also appointed with delegated resFonsibilty to progress and implement decisions on particular matterslprojects. Related Parti•s Related paty transactions are disclosed at note 2 of the ffinanckgl stslements. FRECKFEST SCIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 JUL Y 2024 ectlves and Activities Objectives To advance the arts, hentage and culture To advance the citizenship or community development. and the promotion of civic restx)nsibilily Actlvities Freckfesl, since its eslablishmenl in 2013 continues lo provide regular music and entertainment-based events mainly in and around Ayrshire. bul more recently contributed lo a fesb.val (Bulesongi in Rothesay on Isle of Bule during April 2024. The organisats.on continues lo hold regular events al the Harbour Arts Centre, together with oceasional events in Troon Concert Hall. This has included co-promolions with nationally estsblished promoters encouraging them lo utilise Troon as a regular venue wrth our support. Our aims remain the same., lo promote cultural events within an area deprived of such activity and to involve community volunteers. The organisalion also prides itself in promob.ng local lalenl and giving them a platform lo play in front of a live audience. The group also contEnue to promote and encourage local talent, especially supporting headline acts. Our Chai received a British Empire Medal from the King on behalf of the group for his work through Frecklesl tor the communty of Irvine and Ayrshire. The organisation continues to locus on a secondary benefft to the local community. by encouraging event allendees lo bring non-perishable foods and products to events to be donated lo the North Ayrshire Foodbank. This has been very well received by supporters and has clearly made a difference lo those who need il most. The group are expecting this lo continue and develop The group encouraged a l(Kal food producer to donate 4000 cans of foodstuffs to the North Ayrshire Foodbank. Flnancial Review Reserves pollcy There is no formal reseNes polrcy. This will be developed when unreslrioted funds are al a more substanbal level. Risk Assessmenl A numbei of risks and opportunf(ies have presented themselves over the last year. The Trustees have considered and taken 8clion, wheie appropriate to moderate risks lo reasonable limitations. Revlew of FSnanclal Year The excess of income over expenditure for the year was £54412023.. £9.1201. A detailed analysis of restricted and unrestn'cted funds is shown al note 8 to the accounts. FRECKFEST SCIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 JUL Y 2024 Statement of trustees. responsibilities The trustees are responsible for oreparing the Trustees Report and the financial slalèments In accordance with applicable law and United Kingdom Accounting Standards IUn11ed Kingdom Generally Accepted Accounting Practice) The law applicable lo ch3T1ties In Scotland requires the Iwstees lo prepare financial statements lor 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 ol resources of the charity for that period. In preparing these financial slalemenls the Iruslees are required lo" select suitable accounting policies and then apply them consistently. observe the methods and principles In the Charities SORP.. make judgements and eslimales that are reasonable and prudent stale whethèr applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial slalements" prepare the financial statements on the going concern basis unless It Is Inappropiiate lo presume thai the charyty will conlinue In operation The Iruslees are responsible for keeping accounting recorcls that disclose with reasonable accuracy at any time the financial position ol the charity and enable them lo ensure that the financial slaletnents comply with the Charities and Trtjslee Investment (Scollandi Act 2005 Ihe Charities Accounts (Scotland i Regulations 2006 ias amended) ancj the provisions of the charity s constitution They are also responsible for safeguarding the assets ol the charity and hence fof taking reasonable steps lor Ihe prevention and deieclion ol Irau(J and olhei Irregularities Approved by the Trusiees on 28 April 2025 and signed on their behalf by_ Trustee FRECKFEST (SCIO) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FRECKFEST (SCIO) I report on the accounts oflhe ¢harity for the year ended 31 July 2024. whth aFÈ set out on pages 2 to 8. Rèspgctlve r•sponsibiliths of trust••s and examln•r The charily's tftjslees a￿ responsible loi Ihe pieparation of the accounts in accordance wth the terms of the Charities and Tiustee Investmenl IScotJand} Ad 2CM)5 and the charib.es Accounts (Scotland) Regulation$ 2006 las amended). The charbty trustees consider that the audit requirement of Regu￿110[? 10111 lal to Ic) of the Accounts Regulab'ons does nol apply. It is rny responsibilty to examine the accounts as requi￿ under section 44111 Icl ol the Act and to State whether parttcular matters have corne to my attention. Basis of Indepèndent examlnèrfs statèment My examination 18 Ca￿led out in accordar￿e wth Regulat￿ 11 of the Charit*s A￿UnIS {Scollandl Regulations 20(￿ An exarnination includes a review of the accounting record5 kept by the charity and a compa¥ison of the accounts presented with Ihose records. It also includes considerab.on of any unusual items or disdosures in the accounts. and seeks explanakn.ons fiom the iwstees conceming any such matters. The procedures undertaken (k) not provide all the evidence thal woukj reouifed in an audit, and (x)nsequentty I do not express an audit opinion on the view given by Ihe accounts. Ind•pend8nt •xaminerfs statsment In the course of my examination. no matter has come lo my attenlK)n'. which gNes me reasonable cause to b￿￿Ve that in any materi81 respect Ihe requiTerrents". lo keep accounting records in accordan￿ ¥￿th Section 44111 {al of the 2005 Act Regul81ion 4 of the 201% Accounts Regulations., and to prepare accounts which accord wilh the accounling r￿ordS aTrJ compty with Regulation 8 of the 20(E Accounts Regulath"orTrs." have rsot been met: or to whKth. in my OpEn￿n. altention Should be drawn in orderlo enable a woper understanding ofthe accounts to be reathed. Chartered Accountant IICASI JRD LLP Chartered Aeeountsnts 11 Portland Road Kllmarnock KA128T 28 Aprll, 2025 Page 1 FRECKFEST SCIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unr95trlct¢d Unrestri￿ed General Deslynated Fund8 Funds Total Funds 2024 Total Funds 2023 Funds InGorne Donations, legac￿$ and other Charitable a¢tivities Investments 2,000 84.237 52.044 52,044 Total Income 52.044 52.044 86.237 ExpèndEture Costs of raising funds Charitable actsvil￿$ Other 51.49) 51.499 77.117 Total Expendilu 51.499 51.499 77.117 Net IneomellExpenditurel 545 545 9,120 Capital expenditure Transfers botW8en fvnds Net fflov¢ment In funds 545 545 9,120 Reton￿lia110n of funds Totsl funds brought forward 36.669 36,669 27.549 Total fvnds carrled forward 37,214 37.214 36.669 An analysis of InCc￿e Expendrture is ind￿Je￿ at Noles 8 & 9 to the finan￿al ststements. Expenditure 1$ allocated lo the abo¥e cost categories on the basis ol Ihe accountirg polKy disclosed al Note 1 Idl to the financial Jtstements. Page 2 FRECKFEST SCIO BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notes Clsrrenl assets Debtois Cash al bank and in han¢J 1459 36.705 38.164 2363 36.021 38.384 Liabilities Creditors. amounts falling due within one year 1950) 11.7151 Nel current assets 37 214 36.669 Total assets less current liabilities 37,214 36,669 Funds Reslricled Income funds Unreslricled income funds General funds Designated funds 718 718 718 37 214 36 669 Total unrestricle(J funds 37 214 36 669 Total Charity Funds 37,214 36,669 The financial s131em&YtS iverg approvod bi the Tru5tesas on 28 April 2025 and 51gned on their Delall by Trustee Page 3 FRECKFEST SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 1 Accounting pollclos The prinupal accounting poh'cies a￿ $umm8ri5ed belthv. The accounth.ng poli¢ie$ have been applied consistently throughout the year and the prior year. la} Basis of preparation The financial state[T￿ntS ale presented in sterfing 1£) and have been prepared in accordance wth Accounting and Reporting by Charilies." Statemenl of Recommended Practice applicable lo charities preparing their accounts in accordance v￿h the Finanaal Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (effective 1 January 20191 ICharitie5 SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Charrties and Trustee Investment (Scotlandl Act 21X)5 and Ihe Charities Accounts Iscottand) Regulalions 2(Q6 las amended). Freckfest SCIO Meets Ihe definitson of a PlFbI￿ benefit entity under FRS 102. Assets and liabilities are initially recognised at historical co$1 or Iransactyon value unless otherwise ststed in the relevanl accounting policy notelsl. {b) Pr•paratlon of aeeounts ort a golng concern basls The financial slatements have beèn prèpaied on a going concem basis vthich assumes thai the charity will continue to operate for a period of 12 months from the date of apprtsval by the Board. The charrty is ielianl on extemal funding and, vthile the trustèès ha¥e no reason lo believe that such funding W￿11 not continue, the charity's ability to continue in bLF5iness is dependent on being successful in attracting s￿h fvnding. Ic) Fund accountSng Unrestri¢ted ftrnds are available for use at the discreth.on of the truslees in lurtherance of the general objectives ol the charty. Designated funds are urTrrè5tricted lunds whKh have been set aside at thè di$uelion of Ihe trustees for specthc purp05e5. Reslricled funds are subjeci to restrictions on their expenditure imposed by the donor OT grantor. Tf8nsfers befv￿en funds are made at the discretion of the truslees taking into consideration any ieslrictions imposed on funds. Id} Incom? All income is included in the statement of financial activilies when the charity ts enlilled lo the income, the amount can be quanlthed reasonable accuracy and it is probable that the tncome wll btr r8ceNed. The following specific policies are applied to parti¢ul8T categryies of income.. Income from donations & legacies is received by way of grants, donations and grfls and is induded in full in the Statement ol Financial Acliviti'es when ieceNable. Granls. Whe￿ enlrtlemenl is not Gonditional on the delivery of a special performance by Ihe charity. a￿ recognised when the tharity becomes uncon¢Jilionally entitled to the grant. Donated services and facilities are included at the value to the d)aTrty where this can be quant[r￿d. The value of services provided by volunteers has not been induded in Ihese accounts. Investment in¢ome is inclvded when received. Income frorn granls. where ielated to pertormance and specffic delNerables, are accounted for ag thè chaity eams the right to consideration by its perfomance. (•) Exp•ndtturg Liabilities are recognised as expendrt[j￿ as soon as Ihere is a legal or constructNe obl￿allOn committing the har￿tY to that expend¢tUfe. it is probable that a transfer of economic benefits will be required in settlemenl and Ihe amounl of the obligation (2n be measured reliably. Expenditure is accounted lor on an accwals basi5 and has been dassified undef headings that aggregate all cost iel8ted lo the category. Whère costs cannot be directly attribLrted to particular headings they have been allocated to activilies on a basis consistent wrth the use of resources_ Govemance costs includes those costs associated meeting the constituttonal and statutory requirements of Ihe charity and include the auditorf5 lees and costs linked to the strategic management Of the chaTty whi¢h are volunlary other than trustees. travelling expense5 reimbursed. Although di$¢losed separately at note 8 govemance costs now ft)rm part of charitable expendrlure Ipage 2) under the current SORP. Page 4 FRECKFEST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 l Accounting pollcl•s (continued) lfj Fixed assets Fixed assets {excluding investments) are stated at cost less accumulated depreciatton. Minor additions cosling below £500 are not capilalised. DepTeeialion is provided al the followng annual rates calculated to write off the eost of each asset over ils expected useful life which tske into eonsideration expected residual values in a¢coTdance with FRS102. Computer equipment over 4 years on 8 straight line basis Fixtures & fittings over 7 years on a straight line basis Ig) Hire purchase and lea$ing commitments Rentals paid under operatsng leases are eharged to the profit and loss account on a straight line basis over the period of the lease. (h) Pension costs and other post¥etirement benerts The charity operates a defined conliibulion scheme for the benefit of ils employees. The cost of contributions are charged lo the Income & Expenditure account when incurred. {il Other basie financial instruments The charity only has financial assets and financial liabilities of a kind that qualty as bas￿ financial instruments. Basic financial instruments are initialty recconised al transaction value and subsequently measured at their settlement value. Ul Cash at bank and in hand Cash al bank and cash in hand includes cash and short lenn hwJhty liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Ikl Debtors Short lem debtors are measured al transaction pri¢e, Fess any impairment. {1) Creditors and provlslons Creditor5 and provisions are recognised where the charity has a present obligation resulting from a past event Ihal will probably result in the transfer of fvnds lo a third paty and the amount due to setlle the obligation can be measured of eslimaled reliably. Credrtows and provisions are nomialty recognised at their setllernent amount after allowng for any trade discounts due. Im) Dgferred income Grants received in advance of the ass(￿lated woth being Carried out are deferred onty when the donor has imF)osed preconditions on the expenditure of resources. 2 Trustee Remunèratlon and Rglatgd Party Transactlons Tnjstees are reimbuised for expenses incurred. No expense5 were paid during the year to any Trustee. No Trustee or other person related lo the charity had any personal interest In an enlefed into by the charity durFng the year. This is with the exceptson of director of The Airsh¢)w (Scolland) Ltd and Zisys Events. These er¢liti during the year or prior year, on standard commercial lems. contract or transaction a Trustee, who is a suppliers to the charty were 3 Taxation The SCIO is a registered Scotbsh charty and no eorporats.on tsx liability arises. The SCIO was VAT registered with effect from 1 March 2022 due lo the Making Waves festival. Page 5 FRECKFEST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 4 Dtblor5 2024 2023 A¢Grued ticket income VAT debtor 2.363 1,459 1,459 2,363 S Bank attd ¢ash balan£•$ 2024 2023 8ank balance Cash balance 35.9LK) 35,216 805 36,021 36.705 6 Credltors: amounts lalllng due wlthln one 2024 2023 VAT ¢￿ttOr Other accountan¢y fees Independent Exarnirtrfs fees 715 150 850 850 950 7 Analpl$ of N8tAss*ts Between Umre5trfcted UArestrlct8d General Designated Funds Funds R•strlcted Funds Total Fund$ Fixed Asset$ Cuffent Asse15 38.164 38.164 Current 950 Nei As$et5 37,214 37.214 Detsils of Svjnificant Fund5".- Unre51ricled General Funds This is 8ifectni$ly the charilws ￿erye which carF spenl al the d¢¢relh)n of the Tr￿Elee￿. p￿86 J fj PJ TrJ FRECKFEST SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 9 Income and Expenditurg Account 2024 2023 Notes Income Event income Grants and eonlribub"on$ 52,044 84,237 2,000 52,044 86,237 Expenditure Artist costs Production costs Hospitslity Venue hire Travel expenses Insurance Merchandise costs Advertising Donations Aceounlancy fees Independent Examinerfs fees 30,715 8,219 1,326 4.954 859 910 2,008 1,399 250 410 450 43.693 19,596 1.060 4,647 1,729 895 2,445 1,202 250 750 850 51,500 77.117 Excess Ineomel(ExpenditUTel for Year 9,120 Page 8