CHARITY REGISTRATION NUMBER: SC046794
Fifers for the Community
Unaudited Financial Statements
31 August 2024
18 North Street, Glenrothes, Fife KY7 5NA 01592 610388 8 Mitchell Street, Leven, Fife KY8 4HJ 01333 425250 www.patersonboyd.com
PATERSON BOYD & CO CHARTERED CERTIFIEDACCOUNTANTS
Fifers for the Community
Financial Statements
Year ended 31 August 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
Fifers for the Community
Trustees' Annual Report
Year ended 31 August 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2024.
Reference and administrative details
Registered charity name Fifers for the Community Charity registration number SC046794 Principal office 2 Brady Crescent Methil Fife
The trustees
----- Start of picture text -----
ppointed 1 December 2023)
Independent examiner
8 Mitchell Street
Leven
Fife
KY8 4HJ
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1
Fifers for the Community
Trustees' Annual Report (continued)
Year ended 31 August 2024
Structure, governance and management
Fifers for the Community is a Scottish charitable Incorporated Organisation registered as a charity being established by constitution. The organisation was registered as a charity from 19 August 2016.
Organisation
At each AGM all of the Trustees must retire from office and are deemed to be re-elected unless any one of them advises the Board prior to the conclusion of the AGM that he/she does not wish to be reappointed.
Risk assessment
The board of Trustees has assessed the major risks to which the Society is exposed, in particular those related to the operations and finances of the Society and are satisfied that systems are in place to mitigate our exposure to the major risks.
Objectives and activities
The aims of the charity are as follows:
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To increase public partition in sport in the local area.
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To provide sports facilities for community use.
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To promote better health and wellbeing the provision of sports facilities.
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To promote, establish or operate other projects with any other similar/related purposes and to support other projects and initiatives with charitable purposes.
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To advance citizenship and community development by encouraging volunteering within the organisation.
Achievements and performance
During the period to 31 August 2024 the charity carried out various activities in pursuit of the above stated aims.
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Continue operation of the community 3G facility which is the bedrock of our charity and has now been in operation for 7 years at the end of this accounting period.
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As stated in the 2022/23 report the facility is working at 100% during the core hours and the Trustees decided the efforts of the Community Development Manager would be better directed towards other community projects which are detailed later in the report.
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To assist the CDM, two Trustees and a paid employee are working on various community projects.
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Work has continued, using existing funding, on identifying shortfalls and looking for solutions to assist in the provision of mental health support.
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Participation in the funded Scottish Gas Network Safe and Warm scheme is continuing as detailed in the 2022/23 report. An application has now been made to SGN to expand the scope of the project. This would involve advice, where required or requested, on energy management and direction to support services. Training for this will be provided by SGN.
2
Fifers for the Community
Trustees' Annual Report (continued)
Year ended 31 August 2024
Achievements and performance (continued)
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Due to FFTC's previous experience in establishing a 3G pitch facility we have been asked to join a working group trying to provide a similar community facility. Our CDM has joined the group in an advisory capacity but to date has been a major driver of the project.
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FFTC have developed the opportunity to work with Fife Council on the purchase of an existing wind turbine and solar panel array. This has been a slow process but reports and assessments to move the project forward have been prepared.
Financial review
It is the policy of the charity to maintain sufficient funds to cover foreseeable costs, specifically a replacement 3G surface. A Sinking Fund, which was set up in December 2019, has a balance of £125,000 and is in line with the forecast that possible replacement required in Spring 2026 or almost certainly in Spring 2027. After the annual provision for pitch replacement has been made, community use of the pitch operates at break even.
To meet cost of living increases FFTC have found it necessary to increase prices by an average of 3.7%. Increased prices were introduced in August 2024. FFTC facility finances will come under increased pressure through the need to compete with Council operated facilities which enjoy certain maintenance and VAT advantages.
Costs to maintain ALL projects other than the original Bayview 3G facility must be met from grants or specific fundraising. Revenue from 3G pitch hires will be non-transferrable.
Plans for future periods
The following aims have been agreed by the Trustees, namely:
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Having secured additional funding for 23/24 we have identified potential funders and applications are being prepared to cover mental health support programmes through 24/25.
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As above, funding for 23/24 was secured and work will continue to secure funding and improve the provision during 24/25.
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With a major project such as a community 3G football facility new issues constantly arise and need resolved. Our CDM will continue his role as a facilitator. A major step in early 2025 will be secure provisional quotations and hold a public meeting. The group will be able to listen to and address any local community concerns. A target will be to secure community support and all necessary planning permissions by the end of 2025.
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Work to create a Community Power Company in conjunction with Fife Council will continue. Discussions with Community Energy Scotland to establish the appropriate type of company required to manage the facility will take place in early 2025. After some additional assessments on the condition and value of the asset will allow positive discussions on the purchase.
3
Fifers for the Community
Trustees' Annual Report (continued)
Year ended 31 August 2024
The trustees' annual report was approved on 18 February 2025 and signed on behalf of the board of trustees by:
4
Fifers for the Community
Independent Examiner's Report to the Trustees of Fifers for the Community
Year ended 31 August 2024
I report to the trustees on my examination of the financial statements of Fifers for the Community ('the charity') for the year ended 31 August 2024.
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 and Trustee Investment (Scotland) Act 2005 (the ‘2005 Act’) and the Charities Accounts (Scotland) Regulations 2006 (as amended). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination.
I report in respect of my examination of the charity's financial statements as carried out under section 44(1)(c) of the 2005 Act. In carrying out my examination I have followed the requirements of Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Independent examiner's statement
Since the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in Regulation 11(2) of the Charities Accounts (Scotland) Regulations 2006 (as amended). I can confirm that I am qualified to undertake the examination because I am a registered member of ICAS which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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accounting records were not kept as required by section 44(1)(a) of the 2005 Act and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006 (as amended); or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 accounts to be reached.
8 Mitchell Street Leven Fife KY8 4HJ
18 February 2025
5
Fifers for the Community
Statement of Financial Activities
Year ended 31 August 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | – | – | 1,859 |
| Charitable activities | 5 | 46,443 | 46,443 | 65,954 |
| Other trading activities | 6 | 81,782 | 81,782 | 81,564 |
| Investment income | 7 | 3,571 | 3,571 | 1,490 |
| Total income | 131,796 | 131,796 | 150,867 | |
| = | = | = | ||
| Expenditure | ||||
| Expenditure on charitable activities | 8,9 | 120,939 | 120,940 | 104,165 |
| Total expenditure | 120,939 | 120,940 | 104,165 | |
| = | = | = | ||
| Net income and net movement in funds | 10,857 | 10,856 | 46,702 | |
| = | = | = | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 463,427 | 463,427 | 416,725 | |
| Total funds carried forward | 474,284 | 474,284 | 463,427 | |
| = | = | = |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 13 form part of these financial statements.
6
Fifers for the Community
Statement of Financial Position
31 August 2024
| Note Fixed assets Tangible fixed assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Net assets Funds of the charity Unrestricted funds Total charity funds 17 |
2024 £ 309,645 6,619 174,119 180,738 14,073 166,665 476,310 2,027 474,283 = 474,284 474,284 = |
2023 £ 309,645 – 165,203 |
|---|---|---|
| 165,203 6,894 |
||
| 158,309 | ||
| 467,954 4,527 |
||
| 463,427 = 463,427 |
||
| 463,427 = |
These financial statements were approved by the board of trustees and authorised for issue on 18 February 2025, and are signed on behalf of the board by:
The notes on pages 8 to 13 form part of these financial statements.
7
Fifers for the Community
Year ended 31 August 2024
Notes to the Financial Statements
1. General information
The charity is a public benefit entity and a registered charity in Scotland and is unincorporated. The address of the principal office is 2 Brady Crescent, Methil, Leven, Fife, KY8 3JP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities and Trustee Investment (Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
8
Fifers for the Community
Notes to the Financial Statements (continued)
Year ended 31 August 2024
3. Accounting policies (continued)
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Fifers for the Community
Notes to the Financial Statements (continued)
Year ended 31 August 2024
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Donations and legacies
| Donations and legacies | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | – | – | 1,859 | 1,859 |
| = | = | = | = | |
| Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Grants | 46,443 | 46,443 | 65,954 | 65,954 |
| SGN | 31,600 | 31,600 | – | – |
| Fife Council | 14,843 | 14,843 | – | – |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | |
| 92,886 | 92,886 | 65,954 | 65,954 | |
| = | = | = | = |
5. Charitable activities
6. Other trading activities
| Other trading activities | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Pitch hire | 81,782 | 81,782 | 81,564 | 81,564 |
| = | = | = | = |
10
Fifers for the Community
Notes to the Financial Statements (continued)
Year ended 31 August 2024
7. Investment income
| 7. | Investment income | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds Unrestricted | Total Funds | |||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 3,571 | 3,571 | 1,490 | 1,490 | |
| = | = | = | = | ||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds Unrestricted | Total Funds | |||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 120,343 | 120,343 | 103,700 | 103,700 | |
| Support costs | 596 | 597 | 465 | 465 | |
| 120,939 | 120,940 | 104,165 | 104,165 | ||
| = | = | = | = | ||
| 9. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 120,343 | – | 120,343 | 103,700 | |
| Governance costs | – | 597 | 597 | 465 | |
| 120,343 | 597 | 120,940 | 104,165 | ||
| = | = | = | = | ||
| 10. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 600 | 465 | |||
| = | = | ||||
| **11. ** | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Wages and salaries | 67,163 | 44,918 | |||
| = | = | ||||
| The average head count of employees during the year | was 9 (2023: 8). |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11
Fifers for the Community
Notes to the Financial Statements (continued)
Year ended 31 August 2024
12. Trustee remuneration and expenses
During the year one or more trustees were paid remuneration totalling £28,432.
13. Tangible fixed assets
| Cost At 1 September 2023 and 31 August 2024 Depreciation At 1 September 2023 and 31 August 2024 Carrying amount At 31 August 2024 At 31 August 2023 14. Debtors Trade debtors 15. Creditors: amounts falling due within one year Bank loans and overdrafts Accruals and deferred income Social security and other taxes 16. Creditors: amounts falling due after more than one year Bank loans and overdrafts |
Equipment £ 309,645 = – = 309,645 = 309,645 = 2024 2023 £ £ 6,619 = – = 2024 2023 £ £ 2,503 2,507 5,739 – 5,831 4,387 14,073 = 6,894 = 2024 2023 £ £ 2,027 4,527 = = |
|---|---|
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Fifers for the Community
Notes to the Financial Statements (continued)
Year ended 31 August 2024
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2023 | Income | Expenditure | 24 | ||
| £ | £ | £ | £ | ||
| General funds | 463,427 | 131,796 | (120,939) | 474,284 |
|
| = | = | = | = | ||
| At | At | ||||
| 1 September | 31 August 20 | ||||
| 2022 | Income | Expenditure | 23 | ||
| £ | £ | £ | £ | ||
| General funds | 416,725 | 150,867 | (104,165) | 463,427 |
|
| = | = | = | = | ||
| 18. | Analysis of net assets between funds | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2024 | ||||
| £ | £ | ||||
| Tangible fixed assets | 309,645 | 309,645 | |||
| Current assets | 180,738 | 180,738 | |||
| Creditors less than 1 year | (14,073) | (14,073) |
|||
| Creditors greater than 1 year | (2,027) | (2,027) |
|||
| Net assets | 474,283 | 474,283 | |||
| = | = | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2023 | ||||
| £ | £ | ||||
| Tangible fixed assets | 309,645 | 309,645 | |||
| Current assets | 165,203 | 165,203 | |||
| Creditors less than 1 year | (6,894) | (6,894) |
|||
| Creditors greater than 1 year | (4,527) | (4,527) |
|||
| Net assets | 463,427 | 463,427 | |||
| = | = |
13