**Draft Financial Statements at 03 April 2025 at 10:32:10** **Charity registration number SC045364 (Scotland)** ## **STONEHAVEN FIREBALLS ASSOCIATION** **ANNUAL REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 28 FEBRUARY 2025** **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|A Eccles| |---|---| ||G Cusine| ||J Stephen| ||R Milne| ||A Jackson| ||G Brindley| ||G Reid| ||D Dallas| ||S Leiper| ||A Craig| ||A Brown| ||A Penny| |**Independent examiner**|Precision Accountants and Business Advisors Limited| ||1 Marischal Square| ||Broad Street| ||Aberdeen| ||AB10 1BL| **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1| |Independent examiner's report|2| |Statement of financial activities|3| |Balance sheet|4| |Notes to the financial statements|5 - 11| **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ The trustees present their annual report and financial statements for the year ended 28 February 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 governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". ## **Objectives and activities** ## _Public benefit_ The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** ## _Significant activities and achievements against objectives_ ## **Financial review** _Reserves policy_ It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. ## **Structure, governance and management** The trustees who served during the year and up to the date of signature of the financial statements were: A Eccles G Cusine J Stephen R Milne A Jackson G Brindley G Reid D Dallas S Leiper A Craig A Brown A Penny ## _Recruitment and appointment of trustees_ The trustees' report was approved by the Board of Trustees. R Milne ## **Trustee** 2 April 2025 - 1 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF STONEHAVEN FIREBALLS ASSOCIATION** I report to the trustees on my examination of the financial statements of Stonehaven Fireballs Association (the charity) for the year ended 28 February 2025. ## **Responsibilities and basis of report** As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## **Precision Accountants and Business Advisors Limited** 1 Marischal Square Broad Street Aberdeen AB10 1BL 2 April 2025 - 2 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| ||**Notes**|**£**|**£**| |**Income from:**|||| |Donations and legacies|**3**|34,399|31,250| |Charitable activities|**4**|1,605|907| |Investments|**5**|79|-| |**Total income**||36,083|32,157| |**Expenditure on:**|||| |Raising funds|**6**|13,684|15,021| |Charitable activities|**7**|24,506|12,462| |Other expenditure|**12**|-|278| |**Total expenditure**||38,190|27,761| |**Net income/(expenditure) and movement in funds**||(2,107)|4,396| |**Reconciliation of funds:**|||| |Fund balances at 29 February 2024||34,313|29,917| |**Fund balances at 28 February 2025**||32,206|34,313| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 3 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **BALANCE SHEET** ## _**AS AT 28 FEBRUARY 2025**_ |||**2025**||**2024**|| |---|---|---|---|---|---| ||**Notes**|**£**|**£**|**£**|**£**| |**Fixed assets**|||||| |Tangible assets|**14**||1,816||1,349| |**Current assets**|||||| |Stocks|**15**|1,210||2,075|| |Debtors|**16**|4,207||4,754|| |Cash at bank and in hand||29,923||30,652|| |||35,340||37,481|| |**Creditors: amounts falling due within one year**|**17**|(4,950)||(4,517)|| |**Net current assets**|||30,390||32,964| |**Total assets less current liabilities**|||32,206||34,313| |**The funds of the charity**|||||| |Unrestricted funds|**18**||32,206||34,313| ||||32,206||34,313| The financial statements were approved by the trustees on 2 April 2025 R Milne **Trustee** - 4 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ ## **1 Accounting policies** ## **Charity information** Stonehaven Fireballs Association is a unincorporated association. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. ## **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 continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject 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 recognised when the charity 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 Gift Aid 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. - 5 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment 25% reducing balance Computers 33% straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.9 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 maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 6 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ ## **1 Accounting policies** ## **(Continued)** ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised 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 financial 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. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective 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. ## _**Basic financial 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 liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience 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. - 7 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ |**3**|**Income from donations and legacies**||| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Donations and gifts|33,769|30,540| ||Membership fees|630|710| |||34,399|31,250| ## **4 Income from charitable activities** |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||**Merchandise sales**||| ||Income|355|-| ||**Fireball Mesh**||| ||Income|1,250|907| |||1,605|907| |**5**|**Income from investments**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||Interest receivable|79|-| |**6**|**Expenditure on raising funds**||| |||**Unrestricted**|**Unrestricted**| |||**funds**|**funds**| |||**2025**|**2024**| |||**£**|**£**| ||**Trading costs**||| ||Support costs|13,684|15,021| - 8 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ ## **7 Expenditure on charitable activities** |||**Expenditure**|**Expenditure**| |---|---|---|---| |||**2025**|**2024**| |||**£**|**£**| ||**Direct costs**||| ||Cost of sales|2,992|811| ||Direct costs|18,114|8,951| ||Donations made|3,400|2,700| |||24,506|12,462| ||**Analysis by fund**||| ||Unrestricted funds|24,506|12,462| |**8**|**Support costs allocated to activities**||| |||**2025**|**2024**| |||**£**|**£**| ||Depreciation|739|449| ||Software|159|3,068| ||Bank charges|134|34| ||Equipment hire|-|302| ||Insurance|5,586|5,672| ||Stationery and printing|1,081|929| ||Security costs|4,500|4,077| ||Governance costs|1,485|490| |||13,684|15,021| ||**Analysed between:**||| ||Fundraising|13,684|15,021| |**9**|**Net movement in funds**|**2025**|**2024**| |||**£**|**£**| ||The net movement in funds is stated after charging/(crediting):||| ||Fees payable for the independent examination of the charity's financial statements|460|460| ||Depreciation of owned tangible fixed assets|739|449| ## **10 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. - 9 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ ## **11 Employees** |The average monthly number of employees during the year was:||| |---|---|---| ||**2025**|**2024**| ||**Number**|**Number**| |Total|-|-| |There were no employees whose annual remuneration was more than £60,000.||| |**Remuneration of key management personnel**||| |The remuneration of key management personnel was as follows:||| ## **12 Other expenditure** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2025**|**2024**| ||**£**|**£**| |Other expenses|-|278| ## **13 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. ## **14 Tangible fixed assets** |**Plant and**
**equipment**
**Computers**
**£**
**£**
**Cost**
At 29 February 2024
2,117
-
Additions
-
1,207
At 28 February 2025
2,117
1,207
**Depreciation and impairment**
At 29 February 2024
769
-
Depreciation charged in the year
337
402
At 28 February 2025
1,106
402
**Carrying amount**
At 28 February 2025
1,011
805
At 28 February 2024
1,349
-|**Total**
**£**
2,117
1,207| |---|---| ||3,324| ||769
739| ||1,508| ||1,816| ||1,349| - 10 - **Draft Financial Statements at 03 April 2025 at 10:32:10 STONEHAVEN FIREBALLS ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 28 FEBRUARY 2025**_ |**15**
**Stocks**
Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income|**2025**
**£**
1,210
**2025**
**£**
500
3,707
4,207|**2024**
**£**
2,075| |---|---|---| |||**2024**
**£**
1,099
3,655| |||4,754| ## **17 Creditors: amounts falling due within one year** |Other creditors
Accruals and deferred income|**2025**
**£**
4,500
450
4,950|**2024**
**£**
4,077
440| |---|---|---| |||4,517| ## **18 Unrestricted funds** The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions 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. ||**At 29 February**|**Incoming**|**Resources**|**At 28 February**| |---|---|---|---|---| ||**2024**|**resources**|**expended**|**2025**| ||**£**|**£**|**£**|**£**| |General funds|34,313|36,083|(38,190)|32,206| |**Previous year:**|**At 28 February**|**Incoming**|**Resources**|**At 28 February**| ||**2023**|**resources**|**expended**|**2024**| ||**£**|**£**|**£**|**£**| |General funds|29,917|32,157|(27,761)|34,313| ## **19 Related party transactions** There were no disclosable related party transactions during the year (2024 - none). - 11 -