BUTE ISLAND ALLIANCE SCIO REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024
Charity No: SC046927
BUTE ISLAND ALLIANCE SCIO
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2-4 |
| Independent Examiners Report | 5 |
| Receipts & Payments Account | 6 |
| Statement of Balances | 7 |
| Notes Forming Part of the Financial Statements | 8-9 |
Page 1
BUTE ISLAND ALLIANCE SCIO LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Principal Office 17 High Street Rothesay Isle of Bute PA20 9AS
Page 2
BUTE ISLAND ALLIANCE SCIO REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024
The Trustees have pleasure in presenting their report for the year ended 31 March 2024. This report is prepared in accordance with the constitution and the recommendations of the Statement of Recommended Practice - Accounting and Reporting by charities and complies with applicable law.
Recruitment – Appointment of Trustees
(Chairperson),
(Treasurer) and
Current Trustees are:
.
has continued in his role as Treasurer, for which we are very
Members will note that grateful.
Governing Documents
The charity is a recognised Scottish Charitable Incorporated Organisation governed by a Constitution. The constitution remains as agreed at incorporation. It may be useful to members to remind ourselves of BIA SCIO purpose.
The organisation’s purposes are:
-
Increase diversity in the local economy
-
Create well paid and sustainable local employment
-
Provide great opportunities for training and skills development
-
Improve opportunities for young people
-
Reduce poverty in the local community and/or
-
Deliver improvement to the built and natural environment for the wellbeing of Bute residents and visitors
Charitable Purposes
The organisation’s purposes are:
To advance community collaboration and development (including urban and rural regeneration) on the Isle of Bute, which may include supporting (whether financially or otherwise), co-ordinating or delivering a range of initiatives and events which are intended to:
-
increase diversity in the local economy
-
create well paid and sustainable local employment
-
provide greater opportunities for training and skills development
-
improve opportunities for young people
-
reduce poverty in the local community and/or
-
deliver improvements to the built and natural environment for the wellbeing of Bute residents and visitors.
Page 3
BUTE ISLAND ALLIANCE SCIO REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024
Activities & Achievements
The financial year from 01/04/23 marked the continuation for a third year of the terms for the lease of 17 High Street which had been agreed in January 2021. These new terms replaced the payment of a fixed monthly rent with an agreement to pay the quarterly operating surplus in lieu of rent and were agreed in the aftermath of covid-19 pandemic and the operating restrictions arising from the lockdown.
Under the new lease terms we paid the following sums in lieu of rent during the year 2021/22, based on the operating surplus (income minus operating costs) for each quarter:
-
Q1 £975
-
• Q2 £1,200
-
Q3 £630
-
Q4 £850
In 2022/23 the comparable figures are
-
Q1 £1,660
-
• Q2 £1,500
-
Q3 £1,450
-
• Q4 £2,210
In 2023/2024 the figures are
-
Q1 £1,383
-
• Q2 £2,300 • Q3 £1,300 • Q4 £700
The Q2 payment of £2,300 was the second time we had achieved an operating surplus in excess of the original rent (£8,500 per year = £2,125 per quarter). The lease terms allow for any excess surplus over £2,125 to be split 50/50 between the BIA and the Hansons. The surplus was £2,469 so the “excess” of £344 was split 50/50 meaning the Hansons were due £2,125 + £172 = £2,297 (rounded up to £2,300).
The total paid for the lease in 2021/22 was £3,655 and this increased to £6,820 in 2022/23 but fell to £5,683 in 2023/2024. Under the original terms of the lease the annual rent was £8,500 so it is clear that despite a marked improvement in our operating surpluses we are still not in a position to revert to the original rental terms.
In December 2023 the Trustee undertook a review of the BIA financial position. Our projections indicated that we would be unlikely to have sufficient reserves to continue to operate the Bank of Ideas beyond June 30[th] 2024. Although the lease provides for flexibility in the quarterly lease costs to take account of revenues and operating expenditure, there are several large outgoings in Q2 and Q3 every year. These are the costs of buildings insurance (£1,100 in 2023), audit fees
Page 4
BUTE ISLAND ALLIANCE SCIO REPORT OF THE TRUSTEES YEAR ENDED 31 MARCH 2024
(£700 in 2023) and the BIA’s own insurance (£463 in 2023). Whilst these operating expenses are accounted for and allocated to the income/expenses accounts every quarter the BIA does need to have sufficient reserves to meet these liabilities when they fall due. In 2023 these totalled over £2,200 and an increase is likely in 2024. The problem is a cashflow issue and our financial projections indicated we would not have sufficient reserves to meet these costs when they fall due.
The Trustees therefore, notified the BIA membership, the Hansons that we would terminate the lease on 30[th ] June 2024 and we would give the required three months notice to the landlord by March 31[st] . we also notified the Pavilion and Isle of Bute Resilience Team who have been long term hirers of office and storage space in the Bank of Ideas. BIA Members were asked whether there were any objections to this proposal and none were received, although messages of regret were expressed by some members.
We duly gave notice on 31/03/24 to the Hansons of termination of lease on 30/06/24. The agreement by the Hansons in 2021 to accept payment of operating surplus in lieu of rent has constituted a valuable and much appreciated level of support for the continued operation of the Bank of Ideas until now, for which the BIA has been very grateful. Without this agreement the BIA would have been forced to close the Bank of Ideas in March 2021.
With the closure of the Bank of Ideas we now intend to wind up the Bute Island Alliance SCIO once all outstanding financial liabilities have been discharged. The remaining reserves will be transferred to the Isle of Bute Resilience Team and unspent restricted funds returned to the funders who provided them for specific purposes.
Restricted Funds are shown on page 9, note 10.
Approved by the trustees and signed on their behalf by: -
Chair
30 October 2024
Page 5 TO THE TRUSTEES OF report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages I to 9. Respective Responsibilities of Trustees and Examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (d} of the 2006 Accounts Regulations does not apply. It 15 my responsibility to examine the accounts a5 required under sertion 44(1) (c) of the Act and to state whether particular matters have come to my attention. Basis of Independent Examiner's Statement My examination is carried out in accordance with Regulation I l of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the accounts. Independent Examiner's Statement In the course of my examination. no matter has come to my attention:. Which gives me reasonable cause to believe that in any material respect the requirements: To keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and To prepare accounts which accord with the accounting record5 and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, or To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 30 Ortober 2024 Unit 4 9 Victoria Street Rothesay Isle of Bute PA20 OAJ
Page 6
BUTE ISLAND ALLIANCE SCIO RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| Notes Receipts Donations 5 Grants 6 Activities for Generating Funds 7 Investment Income Other Income Total Receipts Payments Costs of generating funds 8 Charitable Activities 9 Governance Costs 9 Other Costs Total Payments Excess of Payments over Receipts Transfers to/(from) Funds Surplus/(Deficit) for Year |
Unrestricted Funds £ - - 10,896 - - --------- 10,896 --------- - 12,434 708 - --------- 13,142 --------- (2,246) - --------- (2,246) ===== |
Restricted 2024 2023 Funds Total Total £ £ £ - - 2,888 - - 4,750 - 10,896 8,537 - - - - - - --------- --------- --------- - 10,896 16,175 --------- --------- --------- - - - - 12,434 14,408 - 708 636 - - - --------- --------- --------- - 13,142 15,044 --------- --------- --------- - (2,246) 1,131 - - - --------- --------- --------- - (2,246) 1,131 ===== ===== ===== |
|---|---|---|
| -- -- -- -- -- = |
Page 7
BUTE ISLAND ALLIANCE SCIO STATEMENT OF BALANCES AS AT 31 MARCH 2024
| Unrestricted Funds £ Bank and Deposits Balances Bank & Deposit Balances Brought Forward at 31 March 2023 - Bank Account 4,414 Movement in Year: Excess of Payments over Receipts for the Year (2,246) Transfers - --------- Funds at 31 March 2024 2,168 ===== Bank & Deposit Balances Carried forward at 31 March 2024 - Bank Account 2,168 ===== Other Assets held at 31 March 2024 Liabilities at 31 March 2024 Independent Examiner Fee Approved by the Trustees and signed on their behalf. |
Restricted 2024 Funds Total £ £ 1,800 6,214 - (2,246) - - --------- --------- 1,800 3,968 ===== ===== 1,800 3,968 ===== ===== |
2023 Total £ 5,083 1,131 - --------- 6,214 ===== 6,214 ===== £ Estimated WDV - ===== 708 ===== |
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30 October 2024 Trustee
Page 8
BUTE ISLAND ALLIANCE SCIO NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
Principal Accounting Policies
These Financial Accounts have been prepared on a Receipts and Payments basis.
1. Nature and Purpose of each Fund
The nature and purpose of each fund is outlined in the report of the trustees for the year.
2. Grants Paid
There were no grants paid in the year.
3. Remuneration
There was no remuneration paid to any charity trustee or person connected with a trustee in the year.
4. Expenses
There were no expenses paid to any charity trustee in the year.
5. Analysis of Donations
| 6. 7. |
Donations Ardencraig Fund Saputo (Alterations) Saputo (L Duquemin) Analysis of Grants Corra Foundation Fyne Futures Inspiring Scotland Activities for Generating Funds Room Hire |
Unrestricted £ --------- - ===== Unrestricted £ --------- - ===== Unrestricted £ 10,896 ===== |
Restricted £ --------- - - ===== = Restricted £ --------- - - ===== = Restricted £ - ===== = |
2024 2023 Total Total £ £ - 70 - - - 2,598 - 220 -------- -------- - 2,888 ==== ===== 2024 2023 Total Total £ £ - - - - - 4,750 -------- -------- - 4,750 ==== ===== 2024 2023 Total Total £ £ 10,896 8,537 ==== ===== |
|---|---|---|---|---|
Page 9
BUTE ISLAND ALLIANCE SCIO NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024
8. Cost of Generating Funds
| Costs | Unrestricted £ - --------- - ===== |
Restricted £ - --------- - ===== |
2024 Total £ - --------- -- - ===== == |
2023 Total £ - ------ - === |
|---|---|---|---|---|
9. Charitable Activities
| 10. | Ardencraig Project Costs Heat & Light Deposit & Rent of Property Repairs & Maintenance Telephone Charity Insurance Property Insurance Sundry Expenses Cleaning Costs Advertising Costs Isle of Bute Resilliance Team Costs Website Costs Wavvy Exhibition Costs Governance Costs Independent Examiner Fee Movements in Funds At 1 Apr 2023 £ General Fund 4,414 Restricted Funds 1,800 --------- Total Funds 6,214 ===== |
Unrestricted £ - 2,331 7,183 208 751 463 1,128 22 180 - 168 - - --------- 12,434 ===== Unrestricted Funds £ 708 --------- 708 ===== Receipts £ 10,896 - --------- 10,896 ===== |
Restricted £ --------- ===== Restricted Funds £ - --------- - ===== Payments £ 13,142 - --------- 13,142 ===== |
2024 Total £ - 2,331 7,183 208 751 463 1,128 22 180 - 168 - - --------- 12,434 ===== 2024 Total £ 708 --------- 708 ===== Transfers £ - - --------- - ===== |
2023 Total £ 738 1,585 5,460 631 705 463 593 298 216 66 3,028 368 257 --------- 14,408 ===== 2023 Total £ 636 -------- 636 ===== At 31 Mar 2024 £ 2,168 1,800 -------- 3,968 ===== |
|---|---|---|---|---|---|
Restricted Funds
Restricted funds held at 31 March 2024 are:
Saputo (Alterations) Fund
1,800 =====