## **THE INSTITUTE OF CREATION**
**Annual Report & Financial Statements**
**For the year ended**
**31 August 2024**
FOR THE YEAR ENDED 31 AUGUST 2024
## **ANNUAL REPORT & FINANCIAL STATEMENTS**
## **CONTENTS**
|Trustees’ Annual Report ..............................................................................................................|3 - 5|
|---|---|
|Independent Examiner’s Report ..................................................................................................|6|
|Statement of Receipts & Payments .............................................................................................|7|
|Statement of Balances.................................................................................................................|8|
|Notes to the Financial Statements ...............................................................................................|9 - 10|
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## **TRUSTEES’ ANNUAL REPORT**
FOR THE YEAR ENDED 31 AUGUST 2024
The trustees are pleased to present their report and financial statements together with the independent examiner’s report for the year ended 31 August 2024.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
**Charity Name** The Institute of Creation **Charity Number** SC045865 **Principal Address** Flat 3/2 162 Main Street Glasgow G73 2HW **Website Address** www.theinstituteofcreation.org **Current Trustees Bankers** CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ **Independent Examiner**
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**TRUSTEES’ ANNUAL REPORT**
FOR THE YEAR ENDED 31 AUGUST 2024
## **STRUCTURE GOVERNANCE AND MANAGEMENT**
## **Governing Document**
The Institute of Creation is a Scottish Charitable Incorporated Organisation (SCIO) with the charity number, SC045865. It received its charitable status on the 3[rd] August 2015, and it is governed by its constitution.
## **Appointment of Trustees**
The Charity Trustees, who are also the organisation’s only members are also known as the Board of Trustees.
The Charity Trustees are recruited at the Annual General Meeting (AGM) and any other vacancies can be filled by appointment. At each AGM, all the Charity Trustees must retire from office, but may be re-elected. There is no limitation on the number of terms served.
The Charity Trustees meet quarterly and under the constitution, there must be a minimum of 3 trustees and a maximum of 6 and they must be over 16 years old.
## **Organisational Structure**
The Charity Trustees are responsible setting the strategy and policies of the organisation and are accountable for the organisation’s day to day management.
## **OBJECTS & ACTIVITIES**
## **Charitable Purposes**
The Institute of Creation was established with the following Charitable Purposes:
- The advancement of education.
- The advancement of health.
- The advancement of citizenship or community development.
## **Activities**
The Institute of Creation (IOC) teaches the Key Programme with the aim to create a sense of belonging and to empower people with the resources that will allow them to live an abundant, happy, healthy, purposeful, and fulfilled life.
## **ACHIEVEMENTS & PERFORMANCE**
after her resignation due to lack of Charity activity.
It was decided not to immediately replace after her resignation due to lack of Charity activity. The remaining Charity Trustees then made the difficult decision to dissolve the charity and will begin this process by asking the Office of the Scottish Charity Regulator for consent.
## **FINANCIAL REVIEW**
## **Overview**
We received income of £9 (2023: £10) in the form of interest from the bank.
Expenditure totalling £499 (2023: £2,309) were made with the main expenditure related to expenses incurred carrying out the charitable activities. At the end of financial period, the charity had a deficit of £490.
## **Donated Facilities & Services**
The Charity Trustees would like to thank the service provided by all the charity’s volunteers, who have helped contribute towards the success and achievements made within this past year.
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**TRUSTEES’ ANNUAL REPORT**
FOR THE YEAR ENDED 31 AUGUST 2024
## **Reserves Policy**
The charity’s reserves at the end of the financial year were £1,379.
## **FUTURE PLANS**
The Charity Trustees have made the decision to dissolve the charity and will contact the Scottish Charity Regulator for consent. Once this has been received, they will then begin the process of winding up the charity and donating their remaining assets to charities of a similar purpose.
## **APPROVAL**
This report was approved by the trustees on 31[st] March 2025 and signed on their behalf by:
Charity Trustee
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INDEPENDENT EXAMINER'S REPOltr
FOR THE YEAR ENDED 31 AUGUST 2024
Independent Examlnefs Report to Ihe Tntstees ol The Insirtuts of Creatlon
I re1 on the accujnts cl the chwty the year end 31 August 2024. whKth are sel out on pages 7 to 10.
Respedfve responslbllltles of Trustees and Examlner
The chantys trustees are resportsible for the preparation of th& accounts in accordance wrth the lrn of the
Charities and Truste8 Investrnont (Scotlandl Act 20051.the 2005 Acri and Charib"&s Accounts (Scotlandl
RagulaticS 2006 las am8nd8dl llhe 2006 R8gulatNJns"l. Thg trust8es considar that thè audit raquiramènt of
RègulatiCIl01l1MdI of thè 2006 R8gulab)ns doès apply. It is my rasponsibilty to èxamim tha accounts
und¢r s¢¢lion {44H1M¢l of tho 21yJ5 Act arbj lo ststo wtr*th¢r parti¢ul¥ mattws have ¢¢yro to my att¢ntitX.
8asls of Independent Examlnefs Statement
My examination is carrd in accordance wilh RegulatiM 11 of the 2CIJ6 Regulation5. Am examination
includes a review of the accounting records kept by the charity and a ccmpari%)n of the accounts presented
with thos6 records.11 also incIS c(91dr8" ofany unusual items or d¢sclosures in the accounts, and seeks
XanatiOnS from trust88s conc8mirrtJ any wch matt8rs. Th8 proc8dures urKl8rtak8n do not prov8 all t
OVhg&nc• that would roquir•d in •n audié, •rwJ ¢¢Yo•quonty I do not ?xFY•$8 w audti owiM on thg viow
given by tho xcounls.
Independent Examlnefs Statement
In conn¢ction my •xt4ninaticn, mattor c•m• to my att•nticfi:.
1. whith giv•s m• rSOnabl0 caus• to lv0 that in any matwial rnspact. r4uir0nnts
to koep accounting r•cordJ in •ccord•rK• wilh s•ctM 441111•l of th• 2C135 Act and Rtyulalion 4 of th•
2006 Regulations, and
to prnp•ro •¢cwnts vthi¢h a¢c¢xd with the accouniry ar¥J ¢c4rply with Regulalicffi 9 of th•
2006 Regulations
hav• not b••n m•t, or
2. to which. in my opinion. attention shoukl bo drav4n in ord8rtoonabl8a woper K18r5tandIng of tho accounts
to be reachod.
## **STATEMENT OF RECEIPTS & PAYMENTS**
FOR THE YEAR ENDED 31 AUGUST 2024
|**Receipts**
Bank Interest
**Payments**
Charitable Activities
Governance Costs
Independent Examination
**Net movement in funds**
Transfers between funds
**Surplus/(Deficit) for year**|Note|Unrestricted
Restricted
**Total**
Total
Funds
Funds
**2024**
2023|
|---|---|---|
||5|£
£
**£**
£
9
-
**9**
10|
|||9
-
**9**
10|
|||299
-
**299**
2,109
-
-
**-**
-
200
-
**200**
200|
|||499
-
**499**
2,309|
|||(490)
-
**(490)**
(2,299)
-
-
**-**
-|
|||(490)
-
**(490)**
(2,299)|
The Notes on pages 9 to 10 form an integral part of these accounts.
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## **STATEMENT OF BALANCES**
AS AT 31 AUGUST 2024
|**Funds Reconciliation**
Balance as at 01 September 2023
Surplus/(Deficit) for year
Balance as at 31 August 2024
**Bank & Cash Balances**
Cash at Bank
**Liabilities**
Independent Examination|Note|Unrestricted
Restricted
**Total**
Total
Funds
Funds
**2024**
2023|
|---|---|---|
|||£
£
**£**
£
2,019
2,470
**4,489**
6,788
(490)
-
**(490)**
(2,299)|
|||1,529
2,470
**3,999**
4,489|
|||1,529
2,470
**3,999**
4,489|
|||1,529
2,470
**3,999**
4,489|
|||150
-
**150**
200|
|||150
-
**150**
200|
The Notes on pages 9 to 10 form an integral part of these accounts.
These accounts were approved by the trustees on 31[st] March 2025 and signed on their behalf by:
Charity Trustee
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## **NOTES TO THE FINANCIAL STATEMENTS**
FOR THE YEAR ENDED 31 AUGUST 2024
## **1. Basis of Preparation**
These accounts have been prepared on the receipts & payments basis in accordance with:
- (a) The Charities and Trustee Investment (Scotland) Act 2005
- (b) The Charities Accounts (Scotland) Regulations 2006 (as amended)
There have been no changes to the basis of preparation or to the previous year’s accounts.
## **2. Fund Accounting**
- (a) Unrestricted funds are those that can be expended at the discretion of the trustees in the furtherance of the objects of the charity.
- (b) Restricted funds are those that may only be used for specific purposes. Restrictions arise when specified by the donor, or when funds are raised for specific purposes.
- (c) The purposes of the funds are shown in Note 7.
## **3. Taxation**
- (a) The charity is not liable to income tax or capital gains tax on its charitable activities.
- (b) The charity is not registered for VAT, thus all costs are shown inclusive of VAT charged.
## **4. Transactions with trustees and related parties**
- (a) No remuneration was paid to trustees or any persons connected with them during the year (2023: £Nil).
- (b) No expenses were reimbursed to the trustees during the year (2023: £Nil).
- (c) The charity's insurance policy includes trustee indemnity insurance cover for all of its trustees.
## **5. Payments relating to Charitable Activities**
|Marketing
Bursary Payments
Administration
Gifts
Bank Charges
Travel|Unrestricted
Restricted
**Total**
Total
Funds
Funds
**2024**
2023|
|---|---|
||£
£
**£**
£
-
-
**-**
1,050
-
-
**-**
550
238
-
**238**
241
-
-
**-**
200
61
-
**61**
68
-
-
**-**
-|
||299
-
**299**
2,109|
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**NOTES TO THE FINANCIAL STATEMENTS** FOR THE YEAR ENDED 31 AUGUST 2024
## **6. Movements in Funds**
|Unrestricted Funds
General Fund
Restricted Funds
St James Place Charitable
Foundation
Total Funds|As at
**As at**
31/08/2023
Receipts
Payments
Transfers**31/08/2024**|
|---|---|
||£
£
£
£
**£**
2,019
9
(499)
-
**1,529**|
||2,470
-
-
-
**2,470**|
||4,489
9
(499)
-
**3,999**|
## **7. Purpose of Funds**
St James Place Charitable Foundation
Restricted funding that will be expended in the next financial year, for supporting young people from challenging backgrounds within the education sector.
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