ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Society R¢gi5tratlon No. 7712 Iscotland Charlty Reglstratlon No. SC045503 (Scotland)
OBAN COMMUNITIES TRUST LEGALAND ADMINISTrATIVE INFORMATION Truste {APpnI&d 26 JuTr8 20241 {Appoinled 26 June 20241 (Appointed 27 November 20241 IAppoint*d 26 June 2024) (Appointed 26 Jun8 2024) Se¢rntsry Charlty number {Seotland} PAr1PaI address Audltor Williarn Duncan + Co (Audit} Ltd Ellersley House 30 Miller Road Ayr Ayrshire I<A7 2AY Bankers Bank or Scotland Thè Direct Business PO Box 1000 BX2 1L8
OBAN COMMUNITIES TRUST CONTENTS Pago Tnjstee report Slatemgnt of Trustee responsibllities Indep6ndtrnt auditols report Statement of financial aGtwities Balance sheet Stat&ment of cash flL>WS 11 Notes to the flnandal statements 12-27
OBAN COMMUNITIES TRUST TRUSTEE REPORT FOR THE YEAR ENDED 31 AUGUST2024 Th& Trustees present their annual report and fin8llcial statemewtts for the year 8nded 31 August 2024. The financial statements have been prepared in aordanCe Mlh the accounting poliaes sel out in not& 1 to Ihe flnanclal statemenls #nd eornply with the ch8rity's governing dctum&nt. the Charities and Tru51ee Inveslm8nt (Scollandl Act 2005, the Charities Aecounls Iscotlandl Regulalirjns 20(, FRS 102 "The Flnancial Reporting Standard appli¢able in the UK and Republlc of Ir8land and the Charities SORP "Accounting and Reporting by Charitiès.- St8temanl of Recommended Practice appllcable to eh8ritigs preparing thèir accounis in a¢cordan¢e with the Financi81 RertIng Stsndard applicable in the UK and Ropublic of Ireland IFRS 1021" ObJecWves and 8etfvities Oban Communities Trust (OCT} was estatiShed by tt)e community to lake forward theFr wish to create 8 community ultural hub provfdlng Space to membèrs of the local community to meet as well as creating 8nd supporting aclivty through ¥ prcyJramm& of activities followtng our charftable objecllvès, which are.. the advancement of community development in the Oban area of Atyyll the advancement of arts, heritage, cultu. and education In 2015 OCT purchased the site and building known as The Rockfield Centrè from Argyll and Bute Council and began the ioum&y lo develop the former Victorian primary s¢hool to provide opportunities for all to become involved in our four core them8s'. Community wellbeing Arts and culture Educatlon and enterprise History and herll&Je It is intended lo ulilise the refurbished B-listed building as a cumural hub which is easlly aetessed wlh opportunitios th81 offer space lo lesrn and socialise, and to address gap8 in Seie8 enabling young 8nd old lo participate in their communily. Publiobgn&fit The Trustees hav¢ paid due regard lo guidance issugd by th* Charity Commission in d&ciding what aclvities the charity should und8rtake.
OBAN COMMUNITIES TRUST TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 A¢hl•¥•ments and perf¢xm•nco SIgnrfnÉ fjctivifves and aclH8vgmenls ag81nst obJ8cÉfv•s As nCe of thÈ Tnjstees durtno the FY 2W24 arg stlll kn post. wè cannot spgak to whatthey would La)nsld8r to be thgir a¢hievernents. We can note that th8ir lo¢us was on survmry an Imm8dl81e financAal crisi8, whSch they dld. The account of Ihl$ can b¢ found In the prfty yearfs alited accounts. Funding fcf an oul$klè Ampthoater was oblainwj. Thls w88 corylete(J In 2024. transfc¢ming the front-foong hill into a leabl& ar•a. In the )Ino1 weeks of the prewous Board, a cy)ntract wa8 gned 4¥1th Nor P8rking to install a ¢amera4ased Ild(•t419 syBtgm. This contract runs to Septsmber %J26. Into FY 24125. In July 2024 Ihe Cantre ddlv8r•d its rojo as HQ for the Clipper rujnd th• worfd rac•, Indudin9 as Food Village and events 8PtG8. In August we 4aln hr)sted tho Argyllshiro Gath81ing Plpiru Conts8t, and in Octobor 2024, wg were of the National Mod's LXJrnP8Utfjon Ues. In Dgcernber held our Ilr8t Wntèr Sofstlce F8stival, and In January threw # fvndr•ls¥w Banquet called LOCAL which shocased I(1 woduce and raised G. £7k for Ihe Centr•. In May. we hold our fltst Sprlng Festivg1- a celebralron of wheeled 8POrt5 ctre. In collaboraucm with Advenlur• Oban. Over the year we have launched 8 r8rog ol &mUn-fOCU$s8d Initiatives inclLKllng Film Club- ¢r•ating • plac forfilm in Ihe wake elthe local cingma doS[j deyMI, kn Club- 8 wular slate of enty4evel art ¢la65e5 for 8dults. a monthty Oyn Mic Nlghl, a quorterty Story Telling ewnt, weekty Communlty Lunches. and re9vl8r QmrnUrty Supper5. Wo have axp8ndod our c8tsriThJ e#pacAty. and wcfft a ojrrtract welcy)ming grovps of kneriean twrists lo the c¥nlr8 for a rneal and herfiage off8r (90 vlslts P8r yo¥ owr 6 months}. We thelpèd forrn theArgyll ml¢ro-nBtt¥ork. a group of 6 locol communlty Gulture vonugs. to brlng lrrt9ma11c8I ¢allbra artists to rural AWI - startiro ¥rilh Vulva Voc (June) and Zawos8 QU••r IAu9usII. We 8e¢ured funding for an Opemtions Man•9er, and SLrbrnitted fuThlThJ blds to c#Jvor the remalnlng 50%. Inte the 8lart ol FY 25126 18un¢hod a C(WOrkIng 6P8ce ond private us¥ office. off•ring entr8pr8neur5. crgthès, ond horne-w0 ffi9ble us¥ office spac¢ whiLst a naw Inccmo str¢8m tr the centre. FlnJn¢l•l fevlff 2023- 24 was a thallen9tng tlm& for Rocafioml asth¢ Board ts)nlinuod lo strugJ towards flnandal gjstsknablllty. In latè Jung 2024. the Board collethoty stepped down, aThJ 8 now Board of Tnjstees took18ader5hip ol the proi8ct A buslno8$ as usual approath was takèn for th8 last rnonths of the year. durkng whi¢h Ume the rww Board eng•ged closoly th owolng cpernlons and wort(ed the Financg Manag•r to conduct a dgop finanri81 divo. As of tho Ar •nd {31stALbJU8(2024>, the INst was pradlcted to wn LWI of opgrotlng fiJrvJ5 1th1n 3- 6 months If thlng changed. On Ihe first day of new flnonc4al wr (September 1st 2024), the Board made $lgnfficant oper8tlMal changes to combal Ihl$, Indudlng tr8nsth'onirYJ the ¢entr•'s calé lo a more sustaina1e soif-serylce model and orbacllng a staffirg reBtructur¢. At Ilme of wrrtkng 114 ThnthS later}, the srtU8llon is mud) rnor• susta1nab. with prol•¢tions indl¢8ling that the tnjsl can ltinUe to oparats beyond 12 months Thus. y•ar on frcqn these ac£ounts leavé off, thg board tsol ¢aulk)usly optimistic 8bout the organ11'S future. auditors have issu¢d a qu8[ opinKJn on th• finanda ¥tatements for thg year ended 31 August 2024 ardlng the carylng wdlug of tho freehold propety. They have al80 Induded a poragraph regardtry a mateal uncertainty related to golTrJ ccncem In tha aud report Mana98ment athoh%qethJè$ Ihe disdosurp of the matters surrounding going concem and r the points not8d ab¢)ve und9r ih8 flnana81 review 8r& Kirking hArd to addr958 thè finar&I challeng08 laced by Ihg INst. In relation to the propèrty valualion manag9m9 also ackn(y•rtedge thè tliff9rence In the catyng valu8 from the IBto$1 avail¥blg vaknalon. but havg not mad• Èny adluslrnents In tho fnan¢i818tat•ments forthi5. Resoryespollty The tL)Iley of the SOC Is to alm to rgtsln sufficlgnt Te8erves lo rneet the Clt d any regLdarcornmttmont8. 06 11 8$ 8 contthlgw to ¥natAe tt to o)ntinu& to dgvelop ther proj•¢ts. The net balan(e of r•slrfcted rèswves al year open1181 September 2m) wa$ £2,744,531. Ing tr* £2,769.S70 al •r end (31st August 20241. Th¥ net balance of unrostrict8d rns•Nes at year open w85 in a d&ficlt of £220.$73, rnothro to £291.908 at Or end.
OBAN COMMUNITIES TRUST TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Major rf$ks The boaTd have assessed the major rlsks lo which the charlty is exposed. and in partlcul8r those related to the operations and fin8n¢e8 of Ihe Su¢iety, and are satisfied that systems 8re in place to mitigate exposure lo these risks. Like many ch8ri118S, thar& is uncertainty around grant funding and the ability to support continual growth plan development. Communlty Shares The Trusl mgy raise share capital lo pursue its 0eCtIveS for the benefit of the COrUnIty. Any payment of Interest on the share tspitsl should bè limited to the minimum necessary lo obtain the capilal required. The rai¢ of interest must be declared in a¢Jvance of the periDd for which the interest is payable and the Board must be able lo jvslrfy the r8le by referen¢¢ lo the available commercSal rates for borrobwng. Any payment of interest is treated 8s an expense of the Trust btsfore calculation of any surplus. Plans for future perlods Wblh help from DTAS and InspirAlba, the Trust has developed a stralegic development plan covering the next 3 years. Thls dèvelopment plan t8k8s the trust from its current position to a position where we can afford to pay a full roster of staft and support 0ratIonS without extem81 lunding within 3 yg8r8. but is reliant on adequate staffing In the interim. Part funding150°/0l of the required roles has been secured. with the rest being actively sou9ht thmugh various thanrnel$. The Trust aims to continu9 to trade posilivèly, wlth 8 locug on income gongration from room hir. ¢atering contraots, and our carpark, whllsl supporting our Core community-focus5ed cultural activities and th four therne5 underpinning thern.. art and Cultu, heritage, educilion and enterprise, and community wellbeing. Stru¢turgI governance and man8y¢ment The charity 18 gov8med by its constitution. The charity was constituted as a rompgny limited by guarantee until 2nd F8L)ru8ry 2018 when il convert6d to a Charitable Community Beneh't Society, limited by shares with a nominal value of £1 each. The Socloly Is owned and c¢Jntrolled by its Members. All m8mbers have one vot8 regardless ol the numbers ol sha¥e& held. the year and up to Ihe date of signatur¢ ol th8 financial statements were.. (Resigned 26 June 20241 IResigned 26 June 20241 IResigned 26 June 2024} (Resigned 26 June 20241 (Resigned 26 Jung 20241 (Resigned 26 June 20241 (Resigned 26 June 20241 (Resigned 26 June 20241 (Appointed 26 June 20241 (Appointed 26 June 20241 IAppointed 27 Novernber 20241 IAppcxnled 26 Jun8 20241 IApptynled 26 June 20241 IAppoinled 26 June 2024 and rtrslgned 19 August 20241 (Appointed 26 June 2024 and resigned 25 August 20241 (Appointed 26 June 2024 and resigned 4 April 2025) (Appointed 26 June 2024 and resigned 11 September 20241
OBAN COMMUNITIES TRUST TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Recruilmentand 8PPOih3tment of trustees Tnjstees are elected al eaGh Annual General Meeting by the members present Mrflh 8 rninimum of 4 and a maxitnuffl of 8. The iniligl trustees of tho Sori¢ty wero appointed by the Ftiunder M8mbers. At the Annual Gen6ral Meeting. one third of Ihè elected tru$lees shall relirb from office, being those truste6s tho have bsen k)ngesl in office. A retiring Iiuslee 15 eligible for re-election. The board of Irustaès May ¢o-OPt ilp lo two extemal trustees, who need not be Inembers, but are selectéd for special skills or experfence. They shsll sèrve a fixed period gubjecl lo review every 12 months. Exlemal Independent Tw81ees may be removed from office al any tirne by 8 resolulion of the Board of Trustees. Any casual vacancy during the year may be fillod by the board by o>option. Such co-opted indlvlduats musl b8 members of thg society w)d will hold oifice only until n&xl allnual general meetin9. Th& Trusle@s me8t al least monthly to discuss business strategy, pertinent busine$5 and review finan¢es. The day lo day operations are uthdertaken by the small staff team led by the Head of OperalK*ns, with the asslstance of the Bo# of Trustees. Auditor In accordance with the company's ariicles, a resolution proposing that William Duncan + Co (Audil) Ltd b re8ppolnted as audilor of the eompany will bo put at o General Moeting. Datè.
OBAN COMMUNITIES TRUST STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST2024 The Trustees are responsible for preparing the Trustee Report and the finencial statements in accordance wlth applicable law and Unlled Kingdom Accounting Standards (United Kingdom GeneI]Y Accepted Aounting Practice). The law aPpIable to eharities in Scotland requlres the Trustee5 to preparè fin8n¢Sal slalernenls for each flnancl81 year whi¢h give a true and fair view of the 5fale of affairs of the chailiy and of the incoming resource5 and application of r&SoUe$ of the ¢harily for that year. In preparing these financlal stalemenls, the Trustees are requiT8d lo: sele¢t surtable accounting polici8s and then apply them wnsislently.. . obseTve the methods and prlnciples in the Charities SORP., make jtJdgpN8n15 and estimates that arp reasonable and prudent., gt8le whether applicable accounting standards have boon followed. Subject io any matfjrial departures dlsclosed and explained in the linaneial statements., and prepare tho ftn8n¢ial statements on the going concem basis unless il 19 inappropriate to presurne that Ihe charTrly will continue in operation. The Trusloes are resnSIble for keeping sufficient accounting records that dlsclose with reasonable accuracy at any fj.me the fironcial position of the Gh8rity arKJ eroble thetn to ensure that the financial statements comply with the Charities and Trust66 Investrnenl IScDtlandl Act 2005, the Charities Accounts (Scotland) Rogulations 2006 and the co.operative and Community Benefit Societies Act 2014 and the provisions of tha Irnst iJ88d. Th8y aro also responsibl8 lor safeguarding the asseis of the ch8rlty and hence lor taking reasonable step5 for the prevention ènd detecb'on of fraud and other irregularities. In so fai as th8 trusteès are aware-. - there 1$ no relgvanl aud51 inft)rmalion ol which the charitable ¢ompanVs auditor15 unaware., and the trustgtrs hawe taken all steps they ought to havè takèn tts make themselves aware of any rèlevant audit foimation and to establish that the auditor is aware ol thet inforrnation.
OBAN COMMUNITIES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF 08AN COMMUNITIES TRUST ¢Wallff•d oplTrlon W8 have audlted tho ffin8ncla19totts of Oban Communknos Tnxt (th• 'tharity') for the year ended 31 Auj$1 2024 whlch c(Nnprfse th8 statoment of fflnar¢l81 ath'v1ts5. the b8lanc8 $hggL thg slalement of cash 8rd notès to th• finanoal statements. Induthng signfficant accountiro pc4iuas. Th& finandal ropordng frarnework that has b appli9d In thtrlr pr8paration Is appllcable law and United Klngdom AcUntIng Standard8, indudlng Flnancial Raporung Starnlard 102 Thg Finan¢thl REwrtlng Sf•nd8rd 8ppli¢8bl• In lh• UK 8nd RepubTi¢ of lrnl•nd IUnlt¢d Icmgdom GenerallyAccept•d Accounlng PMclI. In our oplnion, except fcff tha 91rts ol the rntgr dosGrfbgd In thg Ba818 tsr QJaim8d Opinion soc1k of our report, finanaal statements: glv• a trug and farr view ofthe stat• of Iho ¢harfty's aflarB as at 31 Augusl 2024 of Its In¢omiThJ re6ourG06 8nd appllcatlon of resourc8s. for thg ar then ended,. have bew) prowty pl¥pad in accordane• vAth Unl1 Khgdom Gen8ralty Aopt9d Accountlng Pradkn: and have been preparaj kn accorOanf wfth If Charitss and Tntha Invgstrnert IScx)lJ¥rdl Act 2005 8Th1 r•gulaJon 8 of the CharitiesA¢¢ounts {Scotland) Regulatio 2006. B••l8 Iw w8iifi•d oplftlon The cuThent carrylno Val of the freehold pmpgrty in the finarla[ statements at 31 August 2024 is al 81 less depredation. vthi¢h Is £2.684.063. The last valuallon of the Pperty was ranied out on 11 Mar¢h 2024, which valued ts property al £gJO.OIXI. Thor8 hav8 been no a¢Jju81rnnts made to the carying Val af th¥ fr0ohtsKI property in the 31 August 2024 ypar end ffinancFal Statts to reflect thls most recgnt 09t10. Under FRS 102 th& bwer valuation is an Indlcator of the propety belng Irryairgd in value, and vAthout ary fjJthr a7b rmallon to support tha cJJrrènt catyng valug our opini¢)n FS qua16fi¢d on this matter. Ihle wnducted our aud51 In JcoJrdance with Intemallonal Stsnd•rds on Auditing IUK) {ISAs IUKII and appIlble law. Our re$pon$ibilitias undar thos¢ ¥tsnd8rd8 are further deseAibad In tt)e AudltoV8 respon8iblll088 fc th& oudit of finan¢lal State[rnts sectlon of our repxjrt. We are Indep8nd•nl of Ihg ¢harfty in accordancg with Ihg 8thl¢al requtrenents Ihet are relevjnl to our audll of the )Inandal ststgments In the UK. Includlng the FRC'S EthIcg1 Stsndarf. and we have fulfilled sjur other ethical r&8pc¥)siknllties In Èc¢txdfjn wth these req¢Jkem8n15. We b81 that Iho audlt evklence we havg cbtslngd is suffident and appropriats to provklo a bS for our qualrfkd opiNon. Matorlal un¢•rt•lftty r•t•t•d to golng ¢onc•m e ¢Sraw your attonllon lo the golng con¢fjm aOUn1ang pollcy at notè 1.2 In the finandal stat•ments. which delails that Ihe Trust had 0 fvt dthl of £46,296 durirvJ tho yoar ènded 31 August 2024 {2023: ngt d9ffict¢rf £129,835) and Os of that date th• Trust had net current Ilabllthes of £161,$5212023-. nel current 118bilhSes of £1S3,208) and nel a55ets of £2,987,962 {2023: nal 8ss&ts of £2,734.2581 that indudèd nèg#tlve unreslricted fvnds 8t 31 Augu¥t 2024 of £291,908 {2023'. nogafj £220,573. The Twst has mad& a delbclt In Ihe t year gnLI period to 31 ALVU8t 2025 and 18 foTe(astlng a deficlt for ts 1S month perlod end8d 30 Novèrnber 2026. However the forecasts skny th•r¢1s $uffl(xent avalble cash duritvJ Ihè porKJd ended 30 Nov8mb8r 2026. on the b8SiS that actual 15 in lino th Ihe forecasted Tesults and for ts d8bts Ythere there gre no definad r•p8yffnt tBrrns th8 repent of Ihes• Is expected to in line vhth th• rnpayments induded In tho for•c¥$ts. If Ihg performance ofthe Trust Is ngt In Iln¥ Wlh thr fOr¢ts or early repayment Is requred in relat to of the debts, then the Tw81 rnay have Insufficl8nt nds to meet thelr c¥odttors as th8y fall 0. The¥e evgnt8 or Gonditi'ons, along vAth other matteTr as set forth In th• 99 cone•m ¥CUntIr¥j pdicy at note 1.2 indicatè th8t a mèrlal uncertainty eSts that may eAÈt signffic8nl doubt on tho Cornponls alylity to continue as a golng corcgm. Howew thesè fin&ndal ¥18lernents have been prered on a going concern ba815 based on the fdknwing.. Tho tNstaa8 consider that the faSts that hav• boen prepared show that the Trust has SLrfld•nl availablè cash to met Its credliors a$ thgy f41 due and the perfconc of thg Trust ond Tgpaymort debts induded In Ih? foreca8t8 is an accLnt¢ mll•¢bon of the wected levol of trado of the trust for the p0d to 30 Ncsv•mber 2026. r opln5on Is Th)t modlfied n rg3p•d of this matter.
OBAN COMMUNITIES TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF OBAN COMMUNITIES TRUST Olh?r infomiatSon The othor information comprlsès the information indud&d In the annual rep¢xt other than the linamial st81ements and our auditorfs r8port thereon. The Trusteès arg rgiponsiblg for the other inlorwation contained within the annual report. Our opinlon on Ihe finanaal staternen15 does not CDver th@ other inlormatior) and wè do not exprgss any form of assurancs conclusion thereon. Our responsibility is lo read the other information and. in doing so. considèr whether the other inlonnalion is materially inconsistent with the financial statements or our knowledge obtained in the course of thé Èudit, or olhenvise appears lo bg materially misststed. If we identify such material inconsisteTrcie$ or appareni material niisstalements, we are required lo d@lèrmine whelher this giv8S rise to a tn8terFI misstatement In the financkgl stslements thernselves. If, based or) the work we have performed, we cOncde that Ihere is 8 m8teri81 nwsstslement of this other infomallon. wo are required to report that fact. We hav8 llothing lo report in this regard. Matters on whl¢th wg are requlrèd to repDrt by exception Except for the matter described in the 88sis for qualffjed opinion section of our port we have nothin9 ta report in respect of the following matters in rè181ion to whlch the Co-operatfve and Community Benefit Societl8s 2014, the Charities and Trustee Inve5tmonl (Scotlandl Act 2005 and Ihe Charities Accounts Iscouandl Regul8li(Ms 2006 requires us to report lo yov il, in our opinion= the infom12tion given in the financial stalemenls 15 inwnsislenl in any material respect with tho Trustee report,. or proper aco)unting records have not been kept., or the fancIal $latemerTrtS are not in agreement with the accounting rocords.. or we have not ra1ved all the information and èxplanalions we require lor our audit. Rgsponslbllltles of Trustees Ag explained more fully in Statement of Trustee responsibilities, the Trustees are responsible for the preparation of the financial statements and lor being salisfied that glve a true and fair view. and for such intemal control 8S the Trustees deterrnin& is necessary to enable Ihe preparation of financial statements that are free from maleiial misstatement, whèthèr due lo fraud or error. In preparTng the financial slalemenls, the Trustees are respon&ble for assessing the iru5tcharity'5 ability to continue 85 a going wncern, disclosing, as applicable, matters related lo going ncern and usirtg the going concern basls ol accounting unless the Trustees eilhtrr Intwd lo cease operations, or have no fealistlG alternative but to do so. Audltorfs responslbllltles for the audit of the financial statements We have been appointed as auditor under seGtign 4411 Ilcl of the Charities and Trustee lftvestmenl (Scolandl Act 2005 and report in 8ccordanco with the Ad and rglgvanl regulauons made or h8ving ¢ff8rt thgrglmdgr. Our oblectNes are to obtain reasonable assur8nce about whether the financial statements as 8 whole sre free from material mi551alement, wh8lhèr due to Iraud or errry, and to issue an auditor's report Ih8t Includes our opinion. Reasonable assurance 1$ a high level ol assurance bul is not 8 guarantee that an audit conducted in accordance with ISAS IUKI will alway8 det¢¢t 8 malerial misstatement wh6n il exists. Mis$latemenls can arise from fraud or arror arKY are ¢onsldered rllaterial il. individually Dr in the aggregate, they could rèasengbty be expected to influence the economic decisions L)1 users taken on the basls of Ihese financial 5t8temenls. Th8 8xtènt to Mthlch our proG9dur8s are capable of delecling irregularle$, Sncludlng fraud. Is iJel8Sled below.
OBAN COMMUNITIES TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TOTHE TRUSTEES OF OBAN COMMUNITIES TRUST Enquiry of management. those charged with governance and thè entItS soliators around actual and potential I590110n and ¢laims.' Enquiry of entity staff in tax and compliance functions Ics idenlfy any in$tance8 of non-compliance with laws and regulations- Perfom)ing adi1 work over the rfsk of management override of rx)nlrols, includin9 testing of joumal 6ntri8g and other adjustments for appropriateness, evaluating the business rational? of signtficant Iransacuons outside the normal ¢our59 01 business and reviewing accounting esb'mates for bias., RevieMng minLJtès of meetings of those eharged with 9overnance- and RevIeng fillancial statement disclosure5 and lesiing to supporting document8tion to assess cornpliarjce wllh applICab laws and regulations.. Because of the inherent limitations of an audit, there is a risk that we w511 not delect all irtegulartlles. includlng those leading lo a material missiatem8nl in the financial slalements or non-compliance with regulation. Thi5 risk increasfs Ihe more Ihal compliancè wilh a law or regulati1 Is removed from the events and transactions reflected in tho financial statements, as we wlll bè lèss likely to become aware of instances ol noTr¢ompli8nce. The risk 1$ 8130 greater regarding irregulaiities occurring due to fraud rather than erior, as fraud involves Intenllond concealment, forgery, Ctsllusion, omission or misrepresent8ti0n. A further de8criplion of our rEsponsibilities is available on thg Financial R&porting Council s websito al". httpsjl wvN.fraorg.uklauditorsresponsibililies. This dgsGriplion forms part of our auditor's report. Use of our r•port Thig report is made solely to the ¢harity's trustees, ag a body, in acrdanCe wllh sedion 87 of the Co-operative and Community Benefit SoGieties Act 2014., section 4411 l of the Charili8s and Trus188 Inveslrnent (Scotlandl Act 2005 and Regulation 10 of the Charities AGGounls (Scollandl Regulations 2006. Our 8udil work has been undertakon so that we rni9ht slate to tha charity's trusloes those matters we ar? required to slate to them in an auditor's report and lor no other purposè. To the fullesl extent pemiittèd by law, we do not accept or assumg responsibltY lo anyone other than the charity and the charily's tIU51ee5 as a body. for our audit work, lor this feport, or for Ihe opin¢ons we have formed. For and on behall of Ivilliam Duiicaii + Co {AudiLI Ltd Statutory Auditor Eller81ey House 30 Miller Road Ayr Ayrshir& KAT 2AY Date: INilliam Duncan + Co (Audit) Ltd Is eligible for appointment as auditor DI Gharity by virtue of its eligibilty for aPSK)intmenl as audrtor of a MpanY under secb'on 1212 of the Companles Act 2006.
OBAN COMMUNITIES TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Unrèstricted Restrlet8d funds funds 2Q24 2024 Total Unrestrlct¢d Regtrict•d funds funds 2023 2023 Tolal 2024 2023 Note$ In¢omg from: Oonations and legaaes charitab activities Investments 43,888 268.769 12 166,438 27.011 210,326 295,780 12 33,723 259,849 69 236,500 149 270,223 259,998 89 Total Income 312,669 193.449 506,118 293,641 236,649 530,290 Expenditure on: Raising funds Charitable activities 41,525 342,479 41,525 510,889 71,863 425,791 71,863 588,262 168.410 162,471 Total gxpendlture 384,OQ4 168,410 552,414 497,6S4 162,471 660,125 Net in¢omellexpenditurè) 171,3351 25.039 (46,296) 1204,0131 74,178 1129,8351 Transfers between funds {38.0991 38,099 Net movement In funds {71,3351 25,039 146,2961 1242,1121 112,277 (129.8351 Reconclllatlon of funds-. Fund balances al 1 Sopiember 2023 {10.2731 2,744,531 2.734,258 231,839 2,632,254 2,864,093 Fund b2lAnetr¥ ot 31 August 2024 (81.608) 2,769,570 2,687,962 110,2731 2,744.531 2,734,258 The ststernenl ol )Inancial activities includes all gains and losses regnised in the year. All inGomo and expenditure derivo from continuing activits'es.
OBAN COMMUNITIES TRUST BALANCE SHEET ASAT31AUGUST2024 2024 2023 Notes Fixed as$et¥ Tangibl¢ ass¢ts 13 3.071,441 3,067,966 Currgnt a$$¢t$ Slo¢ks Debtors Cash at bank and in hand 14 15 800 fA.683 40.977 50.991 74,634 12S,625 106,460 Credltors- amounts falllng due within one year 17 1287.1771 1259.668) Net ¢urront Ilablllile$ 1161,5521 1153,2081 Total assets1&88 current Ilabllltl*$ 2.909,889 2.914.758 Credltors.. amounts falling due after mor• than one year 18 1221.927) 1180,51XJI Not assets exclyding pènsion Ilabllity 2.687.962 2,734,258 Net a$89ts 2.687,962 2.734.258 The funds of the charity Ci)mmunity shares Rèstriclgd income funds Unrestrictgd funds 210,300 2,769,570 1291.9081 210,3C 2.744.531 1220.5731 2.687.962 2,734,258 10-
OBAN COMMUNITIES TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Notes Co¥h flows from operatlng acllvltles Cash generated from operations 25.356 152,474 Investlng acllvltles Purchase of tangible fixed assets Pro¢eed3 from ¢Jisposal of tangible fixed 8ssels Investment income re¢ei¥ed 1116,8891 1154,8741 479 12 Net ra3h used In lTrvestlng actlvities 1116,8771 (154,3261 Flnaneing activities Repaytnenl ol borrowqngs 125.178 {4,5001 Net eash generated froml{u5ed In) flnancing actlvltles 125,178 4,5001 Net Increasolldoereasel In rash and ca¥h oqulvalents 33,657 16,3521 Cash ané cash oquivalents at bèginning ol year 40,977 47.329 Cash and cash èqulvalents at end of year 74,634 40,97T 11
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ountlng pollcl&¥ Charity inforn)ation The charity is a cornmunity benefit suciety lirniled by shares and Ss governed by lis constSlutlon. registerod as a ¢harity with the Office of the Scottish Charity Regu18tor en¢J registered gs e community benefit society with thè Flnan¢ial Conduct Authority. 1.1 Accounung eonv•ntlon The financial statements havs bepll prepared in accordanc8 with tho requiramgnt of the Charities 8rYJ Tru5t* Investsnenl IScollandlAct 2005, the Charities Accounts Iscollandl RegLJlatlDns 18$ Amended) 85 well as the Coopgrative and Comrnunity Bengfil Sociots'¢s A¢t 2014. and the Stalomenl of R9wmmended Practice ISORPI 2D19, ACCoLting and Reporting by Charities preparing their 8ccounts in accordan wilh Ihe Financial Reporting Standard applicable In the (JK and Republic of Ireignd IFRS 1021. leffeclive 1 January 20191. The charlly is a Public 8enefit Entity as defined by FRS 102. Th& financial ststeffierb15 are prepared in 51erfing, which 15 the functional currency of the tharity. Monetary afftount5 in these financial statements are roundEd to the nearest £. The financial slatefflents have been prepaied under the historical cost convention. The principal accounting policies 8dopted are sel out below. 1.2 Going ¢oncm The Trust had a net deficit of £46,296 durin9 the year erHled 31 August 2024 {2023: nel deficit of £129,835) attd as ol that date the Trust had nel current liabilitie5 of £161,S5212023.' net current liabilities ol £153,208) nel 8ssels of £2,987,96212023.' nel assets of £2.734.2581 that included negatre unrestricted funds at 31 August 2024 of £291.90812023'. negative £220,573). The Trust has made a deficit in the post year trnd period to 31 August 2025 and 19 forècasting a deficit for the 15 month period ended 30 November 2026. Hoiv8v&r thè forecasts slvJw thère is sufficiént SV8ilable cash during tho period ended 30 November 2026. on the basi5 that actual performance is in line with the lorecasled results and for the debts where there are no defitpd repaym$nt terms the repaymenl of these 15 expected to b& in ling wllh the r¢payments in¢luded in the forecasts. If the performance of the Trust is not in line ¥%rfih their forecasts or early rapayment is required in relation lo any of th8 d8bls, th8n th6 Trust may have insufficient funds lo meet their creditors as they fall du8. The trustees ar? confident that the forecasts are achlevable and il is on this basis that thgsg fmanclal statements have béèn prepared on a going concem basig. 1.3 Charltable funds Unrestricted funds ar6 available for use at the dlscretion ol the Trustees In furthgrance of their charitable objectives. Restricled lund$ are Subje to specific conditions by dgnots or granto¥s as to how Ihey rnay be used. The purpose8 and use5 of the Estricted funds are set out in thè notes to Ihe financial $ts19fft8nls. 1.4 In¢ome InGornE is recognised in the statement of finan¢i81 activities when the charity is &ntltlod to Intsomè, any perfomance conditions attached h8v6 been m6L it is probable that the income wlll be received and the amount Can be quantified with reasonable 8ccuracy. Such income Is onty deferred when the donor speafies pertormance condillons whlch must be met before the charily has unconditional entitlement. The lolbjwing p¢cific policies are applied ta partiwlar categories of incom?= 12-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Accountin9 pollelg$ Iconiinuedl Donationg, grants and legacies includirKJ gran15 lor purchase of fixed ass&ts, are induded in fvll in the ststement of financial activities when rcceivable. Grants where entitlement is not conoltlonal on th& delivery ol a specific performance by the charity, arè re¢o9nisad when th? charity becomes unconditionally 8nliUed to the grant. Donated servic&s and faciifties are included at the value lo the chaiity where Ihls can be quantifled. The value ol setvices provided by volunt8eTS has not been included. Gifts donglpd for resale #re included as inEDr wilhin actlvllles for generathng fund$ when Ihay are sold. Irrome from charity shop, cafe and bar are Included in the year in which it Is receNable. Income from investment is includod in the year in whlch11 is recelvable. 1.5 Expenditure Expenditure is rècognEed once Iherg is a legal or constructive obligatiDn lo transfer gconomic bengfil to a third party. il is probab that a fransfer of economlc benefils wtll be required in setuemenl. and th& arnount of tho obligation can be measured reliably. All expenditure Is accounted for on an accrual basis. All expense$ including support costs and governan¢s costs are allu¢ated on an appropriate basis to the various activities ol the ch8rity. Where costs rznnot be albcated directly. they are apporiioned to Ihe cal8gories on the basis ol a reasonable eslimale ol Gosts. Governart8 costs indude those co¥ts necessary for the board lo fulfil its GOn51ilulional and statutory obligations and are now included as support eosls includèd ir7 charitablg a¢tivities. Support costs are Ihosg costs incurred directly in support pf expenditure on the objects of the chanty and includ6 projècl management. 1.6 Tanglble flxed ass•ts Tangible fixed assets 8re initially measured at Cost and subsequenvy measured at cost or valuation. net of depreclabon and any lrnpairmenl 105ses. Depreciation is recogni5ed so as lo write off thè eost or valuation of asGet$ less theii residu81 value$ over their useful lives on the ftAlowing bases- FieetrKJld property Plant and èquipment Fixtures and fittings Office equipment Building works 2Vo Strai9ht Ilne 25.10 Str8ighl line 25.10 Straight line 25/0 straight line 2°ts straight line The gain or loss arising on the disposal of an asset is dglermined 8$ the diffèron¢e beN¥egn th$ sale proceed? and the carrying value of the asset, end is recognised In (he statement of financial activities. 1.7 Imp?irmeTr¢ of flxed as5els At eaEh reporting end date, the charity reviews the carrying amounts of ils tsrngible 8ssels lo determine wh8lh8r there is any indication that those assets have Suffered an impairmeTrl loss. If any such indaon ists. the recoverèble amount ol the asset is eslirnaled in ordei lo detemiine Ihe extent ol the ImtBirmenl loss lif any). 13.
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accoun¢lng poll¢l (Contlnuedl 1.8 Sto¢k¥ Storks are stated at the lower of cost and estimated selling price les3 Costs to complele and Sell. Cost Gclmprises direct materials and. where applicable, direct (abour costs and those overheads that have been incurred in bringing the stocks to their present bcalion and eondilion. Items held for distribution at no or nc)mlnal consideration ar& measured thè k)wer of replacement cost and cost. Nel real#bre value is the eslim81ed selling pri¢e less all estirnated costs of completion 8fKI costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equivalents Cash and cash eqvivalenls include lash in hanij. deppsits held at call wilh banks, other sts)rt-term liquid investments with original m8lurilie8 of thiee months or lo99, end b8nk ovgrdrafts. Bank overdrafts are shown within boriDwings in currgnt liabilitios, 1.10 Flnanclal 5nstruments The d)3rity has elected to apply the provisions of Section 11 'Basic Fin8nryal Irslruments, and Section 12 'Other Financial Instrurrents Issues, ol FRS 102 10 811 of its financial instrurnents. Financial instruments arg re¢ognised in the charity's balance sheel when the charity beGomes party tD the ontraclual provisions of the instrument. Financial a55eis and liabilitles are offsel. with the nel amounts pr9ted In thè financial statements, when there is a leg811y enfoiceabl& right to set off the recognised amounts 8nd there is an intention to settle on ¥ net basis or to ¥ealise the asset and $9tt19 thg liabilty simullaneousty. Baslc finanolal assèts Bas financial a$sgts, which include debtors and eash and bank balanc&s, are initl8lly measured at trans2clion price Includlng transaction costs and are subsequently carried al aTfK>rtised cost Using ihe effective Inleresl method unles5 kne arrangetnenl conslitules 8 ffinancing transaction. where the Iransadion is measured at the present value of the luture r¢ceipts discounted al a market ralg of inter951. Financial assèts olassified as r8¢èivablè within ono year are not amortisÈ)d. Basi¢ financial liabllilies Basic financial liabilities, including creditors and bank loans are initially recognised 8t tr8nsaction price unles5 the arr8ngemenl constitutes a f n8n¢ing transacts'on, where Ihe debt Instrument Is tneasured al the present value of the future payments discounted 81 a tnatkel rate ol interest. Finanal liabilities classified a5 payable within orE year are not amortised. Oebl instruments are sub5equenlly carried 8t amortised cost. using the effgctive interest r8te melhod. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary coutse ol operations from suppliers. Anounts payable are classrfied as current liabiliti.es il payment is due within ong year or less. 11 not, they are presèntèd as non-currenl Ilabllllies. Trade credllors arè r8cognised initlally al transaction pt5ce ano sub5equenily measur8d at am0Sed c051 using the effective inleresl method. Derecognition Df Ilnanci&l liabilities FlnBncial liabilllles are derecognised when the charity's contractual obligations txplre or are discharged or celled. 1.11 Taxation The cliaiily is exempt from Corporation tax on 118 diaritable aclivilies. 14-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accounting pollcles {Contlnued) 1.12 Employee benèllts Thg CQSt ol any unusad holiday entitlemènt is recognised in the period In vh)ich the employee's seNi¢es are received. Termination benefits are recognis8d immediatety as an expense whan th8 charity is demon$trably o)mmilled lo terminate the omploymenl of an employeg or to provNJe termination b8nel71s. Critical accountlng estimates and judgèmènts In the application ol Ihe charily's awounling policies, Ihe Trustees are requirgd to rnake judgemwts, estimates and assumptrons about the carrying amount ol asseis and liabilities that are not reaeily apparent from other sources. The estimates and a55wialed assumplions are based on historic816xperience and other factors that are considwed to be relevant. Actual results may differ from these @stimales. The eslimales and underlw'ng a$$umptions are reviwed on an ongoing bas1s. Revisions to accounting estimates are recognis¢d in the period In which thg eslitna18 Is r&vised wher& Ihe revision affects thly that period. or in Ihe period of the revision and future periods where Ihe revision aff8cts bfjth current and future periods. In¢omo from donatlons and 1ggaci•$ Unrestrl¢tod Rostricted funds funds 2024 2024 Total Unre$trleI Re8trl¢ted fund5 funds 2023 2023 Total 2024 2023 Donations and gifts Grants 18.676 25,212 18.676 191,650 33.723 40,258 196.242 73,981 196,242 166.438 43.888 166,438 210,326 33.723 23e,500 270.223 15-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Income from donations and legaeles {ContlnuÈdl Unrestrl¢tsd Restricted funds fvnds 2024 2024 Total Unr85tr1cted Restrlcted funds fund5 2023 2023 Total 2024 2023 Grants Scottish Government Place Dernonstrators Argyll and Bute WM Gr¥nls EB Scotland Ltd Bid40ban National Lollery Robertson Trust Oban Common Good Fund DTA- Community shares granl TSI - Growing conneclioll5 Historic Environmenl Touring Nel%vork Swtlish Bookltust fund HIE Revenue grant Heritage Lottery lund Eco creative 108,706 108.706 10.212 1S.O(K) 100,000 110,212 15.000 20,000 5,000 11,000 13,000 20.000 5,000 11,000 13,000 4.0 4.000 4.200 4,200 5,000 5,000 9,612 43,000 3.050 500 15,176 7,4160 3.738 9,612 43,000 3,050 500 15.176 7.460 3,738 3,738 3,738 25,212 16D.938 186,150 196,242 196,242 16-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Incomg from charitab activities UnrgStrlct•d R•$trlctgd fund9 fund8 2024 2024 Total Unr¢8trl¢led Restrl¢t¢d fundg fund$ 2023 2023 Total 2024 2023 Ch#ritable actlviues Arts & Culture - performances Commission on 9allery sales Events, workshops & la55es Caipaik iiiGoFne Hire ol spaces- main building Clipper project Cafe Rowan & bar sales Rentèl income - len8nl8 other in(x)me Shop income Shelter hire 5,202 5,202 9,378 9,378 197 197 1,615 74,780 1,615 74,780 7.626 67,397 7.626 67.397 42,197 42,197 26,000 99.103 31.669 2,666 12,548 41,¥24 41,924 26,000 99,103 31,669 1,655 12,548 102,152 13.089 8.212 9,824 102.152 13.089 8.212 9,973 50 1,011 149 268,769 27,011 295,780 259,849 149 259,998 Incoiye from investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Interest reGeivable 12 69 Expenditure on raising funds Vnre$lrl¢tvd Unrfj$trid¢d funds funds 2024 2023 Raising funds Cafe Ro¥van & bar purchases Carpark management charges Cale Rowan & Bar- maintenance & GI1ng Other fUrraISIng costs 23,239 13,802 4,484 53.452 10,878 7,316 217 41,525 71,863
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Expènditure on ¢haritable artivltlos Charltable a¢llvilies 2024 Charttable •clivilies 2023 Dlreet costs Staff costs Deprg¢i8tion and impairment Rates and walei Insurance Light and heat Sundriès Material & equipment Marketing costs Licences & subscriptions Other premise5 COSt5 Laundry & dèaning Equiprnent mainten8nco costs Property maintenanco I$ Training costs Communications Performance lees Tutor costs Events & workshops Activity costs Consultancy & professional f8e8 8ad debts 198.151 113.408 4,183 29,160 32.963 742 4,112 4,394 1,372 280.314 111,254 3,919 33.506 30,034 5,694 12,118 11,229 2,868 4.579 978 7,487 5,154 572 643 13,045 10,090 8,569 7,322 3,540 4.085 4,567 4.485 546 548 1,933 3,oe6 6,439 16,435 11,660 458,693 552,915 Share of support and governanc• eo$ts Is¢• not• 81 Support Governanc8 11,274 40,922 12.064 23,282 510.889 588,261 Analysis by fund Unrestricted funds Restricted funds 342,479 168,410 425,791 162,471 510,889 588,262 18-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support c(Yats althatgd to activitlO$ 2024 2023 B8nk char9QS Communication S IT Costs Other office expenses Goverrkince costs 4.555 5.408 1,311 40,922 2.843 6,924 2,297 23,282 Analysed b*fvieen: Ch&ritsble activities 52,196 36,346 52.196 35,346 Governancg ¢O$t8 comprise: 2024 2023 Audit lees Accountancy Legal 8nd professk)nal HMRC penalties anJ interest Loan inler8St 23.000 13.410 2,740 169 1.603 9,500 7,089 5,377 1,316 40,922 23,282 Net movewnenl In funds 2D24 The nel movoment in lund5 IS Staled after Ghargingllcredilingl., 2023 Fees payable for the audit of the charity's financial statements Depreciation ol owned tangible fixed assets 23,000 113.408 s,soo 111,254 10 Trustee5 There was no tru51ees' expens8s paid for the year ended 31 Augu512024 nor for the year en(Jed 31 Augusl 2023. Theie was no trustees. remunerab'on or other benefits for the year ended 31 August 2024 nor the year ended 31 August 2023. 11 Ernployeg9 The 8ver8ge m¢)nthly ntjmber of employees duilng the year was.. 2024 Number 2023 Number Cafe and shop stsff 13 19 19
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGusf2024 11 Employees (Conunugdl Employment COSts 2024 2023 Wages and sa13ri&s Other pen5i0n costs 195,378 2.773 27fj,474 3,840 198,151 280,314 There w9re no gmployoes whoso annual rernuneration was rnore than £80.000. 12 Taxatlon The charity Is exempt from taxallon on ts a¢livilies because all its income is applied for charitable purposes. 13 Tangible fixed assets Freghold proporty Plantand Flxtufts and equipmenl Iltilngs Offl¢eBulJding work$ equlpmeni T¢)141 Co$1 At 1 September 2023 Additions 2.914.641 25,651 769,622 2,689 613 229,619 3,342.222 116,276 116,889 Ai 31 August 2024 2.914,641 25,651 169,622 3.302 345,895 3,459,171 Deprectati¢)n and impairrnent Al 1 Septombtrr 2023 Depre¢iab"on Charged in the year 172,285 13,143 73,122 2,494 13,218 274,262 58,293 5,677 42,405 115 6,918 113.408 At 31 August 2024 230,578 18,820 175.527 2.609 20.136 387,670 Carrylng awnount Al 31 August 2D24 2,684,063 6,831 54.095 fj93 325,759 3,071.441 At 31 August 2023 2.742,363 12,508 96,499 195 216,401 3.067,966 14 stock5 2024 2023 R8w materials and consumables 800 -20-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 1 S Debtors Amount$ falllng due wllhln one year: Trade debtors Prepayments and accrugd incom 2024 2023 13.414 37,577 40,246 24,437 ),991 64,683 16 Loans and overdrafts 2024 2023 Other loan5 306,678 181,500 Payable within one ye8r Payable after oné year 194.751 111,927 86,COO 95,5CIO 17 CrÈdltors.' amounls falling duo wlthin one year 2024 2023 BDrrowings Oihei laxaiion and social security Trade cieditor5 Other cieclitor5 Accruals and deferred income 194,751 15,660 35,939 573 40,254 86,000 3,101 154.015 5,189 11,363 287,177 259,668 18 Credllors: amounts falling due after mor• than one year 2024 2073 Borrowings Other creeliors 111,927 110,000 95,500 85,CK)O 221,927 180,600 21
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Rg8tricted funds The restricted funds of the charity comprise thè unexpended balances of don8lions and grants held on Iw81 subject to specific conditions by dcinors as io how th&y may be used, At1 September 2L123 Incomlng r•sourcos Re$oureo¥ expended Transfer$ At 31 August 2024 The National Lottery- Community Ass915 Fundlng Scotitsh GOvernent Region81 Capital Grant via Argyll & Bule Council Histor Enviommenl Scotland - Techincal G¥ant Co-op Foundation Other capital lunding Heritage Lottery FLrnd - People & Place Natn81 Cornmunily Lottery Robertson Trust EB Scotland Ll Eco Cieative BSA Science Week Adapt & Ihrivg TSI Growing Conne¢tions Grant Drax Grant ABC Lego Club ABC Dye Garden 2022 Proipcl Gaiden Development SEotti5h Booklrust Fund Clipper porjecl War Memoiial Book Week Scoiiand Robertson Trust Oban Common GOOKI Fund Bid40ban DTA CommLJnlty Bhare5 770,184 116,815) 753,369 685,384 115,452) 669,932 66.513 37.584 1,045,531 {530) 18471 140.6811 65,983 36,737 1,004,850 1,898 2.066 11,8981 17.5661 12,3261 16,500 100,000 20,DOO 3,738 11,000 97,674 2CI,000 6,817 1,298 3,460 3,393 1,298 3,460 1,601 1,364 912 1,499 76,344 40,000 500 (3141 11,6011 1,364 1912) 1,499 49.553 40,000 500 128,791) 26,000 787 224 13,000 4,000 5,000 4,2C 126,0001 17871 1211 113.0(Kl 14,QOO} I5.0> 13,8691 5,331 2.744,531 193,449 1168,4101 2,769,570
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Rg$trlrted fund (Contlnuedl Prevlous year: Septembtr 2022 Incomlng rosour¢¢¥ Resources expended Traftster¥ At 31 August 2023 The National Lottery- Community Assèts Fundlng Scolllsh Govemfflenl Regional Capital Granl via Argyii & Butg Couneil Historie Enviornmenl Sc(*land- Techincal Grant Co-op Foundation Other capital lundin9 Heritage Lottery Fund- People &Pla National CommunSly Lott9ry HIE Revenue NÈW Lottery Revenue Eco Creative BSA Science Week Adapt & thrive Touring Nelwork Heritage HLnlers rsi Growing Connections Grant Drax Grant ABC Lego Club A8C Dy8 Garden 2022 Bemis-Danelio Other funds 786.400 116,216) 770,184 700,284 (14,901) 685,384 24,024 38.401 1,045,083 43,000 (511) 1817) 140.7311 66,513 37.584 1.045,531 41.179 7,179 7.460 112.7411 1,898 2,066 15,3151 4.466 5,477 1,298 5,662 425 326 9.655 1,932 912 2,494 1,485 15.176 {10,5241 14.4901 15,822) 663 24 3.738 3,393 1,Z98 3,460 {2.202) 13.958) 3.QS) 483 13261 9,612 117,666) 15681 1,601 1,364 912 1,495 19991 12,0851 128,240) eoo (4,5241 154,612 121,848 2.632,254 236.649 1162.471) 38,099 2.744,531 -23-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 19 Restrlctgd funds Icontlnugdl Funding from The N?tional Lottery - Community Asset Funding,. Scottish Governm9nt Reglonal Capital Grant Fund (Vis Argyll & Bute Councill,. Highlands & Islands Enterprise,. C(>op Foundation are ajl to support c2pital works. In addition the fund callsd 'Olher Capital Works" represents the balanco of funds secured spgcifvcally for th8 relurbishrnent of Ihe building. Hlstoric Environment S¢oUand ntrIbUtl to the scheme of repair- capltsl works programme. Heiilag8 Lottery Fund- Pècple & Race- this was lo progi8ss People & PL8cos hgritage objectives. Highland & Island Enterprise- this was to support staffing costs. EGo£reats"vp Cluster- lo support the development of Dyg Garden. National Lottery - operational support - to support Covid re4)Dn$e staffing 8nd cultural prggramme posi lockdown. Tourlng Network- small grants for arts perfomance which are lunded retrospectively fplrohg the event. Adspt & Thrivo - to supwrt the Trust through the Covid recovery pBriod, iTr¢luding the e51ablishrngnt ol a wellness programme. BSA Science week- 19 support STEM aellvity. TSI Glowing - to develop a culture ol mental wellbelng and prevention of mental ill-health. The tundin9 wag used Io sUPPOrt staff costs. [ax- to support Ihe frt trut of the servery. ABC Lego lo support Ihe Logg & Creatvo Conslru¢lion Club in purchaEing new Lego lS and other construction toys. ABC Dye Garden 2022 _ 10 support the establishrnent of a Dye Garden at the Rothffeld CeTrtre. BEMIS - D8ndèlion - to fund the hosting of a UkrydinianlG8elic cultural-¢ros50ver harvest festival meal. Scoib'sh 6ook Trust- to sijpport the berfItS of reading and wrlting across Scouand. Open Draw- to supportArt workshops. Garden Devfylopment- lo support the dgvelopmenl of a gardeft proloct whith would help with food grNth Ihp provision ol community allotments. Scottish Govemmenl Placo Ogmonslfators lo creatè a 20 mlnute neighbouihood hub whtrre Visitors can ènjtsy outdoor spa¢tts whilst utilsing SeDceS 8vailable. Community shares- lo 8gsisI wth the community shares progratnme. Robertson Ttusl and EB Scotland Ltd grants repre8enl support for c8pitsI works during the year, The clipper project was an world clipper bost Trce Ihat stsyed in Oball foi 8 weok. This was fund with grants received from Argyll & Bute cx)uncll. -24-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 R•$tricted funds Icofttlnued) The Robertscin Trust grants was lo support the operpllons markgger fo wlthSn the charity. Oban Common Good Fund was to support the freelancè events manager within the charity. Bid4oban was to support the clippw projod. 8c¥ik Week Scotland was to $upport the benefit of readln9 and literature throughout Scouand. 20 Unrestricted funds The unreslil¢ted funds of the charity comprise the unsxtÉnded balances of donatson$ and grants which are not subject to speciflc condjkn'os by donors and grantors a510 how they may bg used. Thgse include designated luttds which have been Set asidè out of unrestricted funds by the trustees for spècific purpos69. At1 September 2023 hcoming r•sourees Resourcos expended Transfers At 31 August 2024 General funds ILO,573) 312.669 1384.0041 1291,9081 Provlous year. Atl Septemb9r 2D22 Incoming resources R?sou9? expendèd Transfers At 31 August 2023 General funds 21.539 293,647 1497.654} 138,0991 1220,573} 21 Analysts of net asset$ between funds Unrestrfcted funds 2024 Restrl¢ted funds 2024 Total 2024 Al 31 August 2024,. T8ngibl& assets Current asselsllliabilih'es) Long tettn liabilities Cotnmunlly shares 373,339 1233,020} 1221,9271 1210,3001 2,698.102 71,468 3,071,441 1161,5521 1221,9271 1210,3001 (291,9081 2,769.570 2,4T7.662 .25-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 21 Analys1$ of net assets betwgen funds Icontlnuodl Unrestri¢ted funds 2023 Restrlcted lunds 2023 Total 2023 At 31 August 2023.. Tangible assets Current assetsllllabllltlesl Long terrn liabilities Community shares 323,435 (153,208) 1180.5001 12fO.300} 2.744.531 3.067,966 1153,2Q8) {180,5001 {210,3001 IZ20,573} 2,744,531 2,523.958 22 COMMUNITY SHARES Community shares at the balance $heel date were £210,30012023 - £210.3001. There wero new shares issued by Society during the year. Shareholders aro entitled to one voto regardl&ss of the amount of shales held. Total mernbership as of 31 August 2024 74512023 . 7181. 23 Rglated party Iransacllons Included in "Olher loans" is £105,617 12023 - £75,000) advanced by former Trustee Gordan McNab. Thls loan Is rep8yable on demand and does not bear any interest. 24 Cash genwated from op•ratlons 2024 2023 Defidt for the year {46.296) 1129,8351 AdJustments for: Inveslm6nl income recognised tn statement of finandal a¢tiiqts'es Depreciation 8nd Impaimient of tengible assets 1121 113.408 1691 111,254 Movements In working capital.. Decreasellincre8sel in stocks Decrease/lin¢re&se} in deb¢ois IDecreaseyincre8se in credito 800 13,898 156.2421 12001 130.2871 201.611 Cash generated from oporatitsns 25,356 152.474 -26-
OBAN COMMUNITIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Analys1$ of ehang•s In net {debtllfunds At 1 Septsmber 2023 ash flow5 At 31 AuguEt Z024 Cash at bonk and in hand 4L),977 33.657 74,834 Loans falling due wilhin one year Loans falling due after more than one year 186,0001 19S,5001 1108.7511 116,4271 1194,7511 1111,9271 114Q.5231 191.521> 1232.044) 27-