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2024-12-31-accounts

GARIOCH SPORTS CENTRE (SCIO)

REGISTERED CHARITY NO: SC047470

ANNUAL REPORT

AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

GARIOCH SPORTS CENTRE (SCIO)

CONTENTS

LEGAL AND ADMINISTRATIVE INFORMATION 1
TRUSTEES’ REPORT 2
INDEPENDENT AUDITOR’S REPORT 6
TO THE TRUSTEES OF GARIOCH SPORTS CENTRE (SCIO) 6
STATEMENT OF FINANCIAL ACTIVITIES 10
BALANCE SHEET 11
STATEMENT OF CASH FLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13 - 27

GARIOCH SPORTS CENTRE (SCIO)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees
Charity number SC047470
Head office Garioch Sports Centre
Burghmuir Drive
Inverurie
AB51 4GY
Auditors Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL
Bankers Bank of Scotland plc
Garioch Centre
Inverurie
AB51 4SB
Solicitors Aberdein Considine & Co
5-7 Bon Accord Crescent
Aberdeen
AB10 1TQ

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GARIOCH SPORTS CENTRE (SCIO)

TRUSTEES’ REPORT YEAR ENDED 31 DECEMBER 2024

The trustees present their report and audited financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the charitable company’s Memorandum and Articles of Association, the Companies Act 2006, The Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

The objective of the charity are;

The objectives of the charity will be met by;

The trustees have paid due regard to guidance issued by the Office of the Scottish Charity Regulator (OSCR) in deciding what activities the charity should undertake.

Achievements and performance

This financial year represents the sixth period activity for the charity, following the transfer of assets from Garioch Sports Ltd on 1 May 2018 to the charity.

2024 was a year of challenges and growth for Garioch Sports Centre (GSC). With rising minimum wages and national insurance contributions we have kept a real focus on keeping are turnover to wages percentage as optimal as possible. Despite these obstacles, GSC has emerged stronger than ever, thanks to the dedication of our team, trustees, and community.

Key highlights from the year include:

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GARIOCH SPORTS CENTRE (SCIO)

TRUSTEES’ REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Looking Ahead

Planning is already underway for Run Garioch 2025 and other exciting initiatives. With the continued support of our community, we are committed to keeping GSC a thriving and vital hub for the Garioch area.

Financial review .

Income for the period was £1,173,708 (2023 - £1,069,101) and expenditure was £1,091,149 (2023 - £1,052,665), resulting in a net surplus of £82,559 (2023 - £16,436). Unrestricted reserves as at 31 December 2024 are £281,301 (2023 - £196,847). The restricted reserves at 31 December 2024 are £10,397 (2023 - £12,292) as detailed in the notes to the accounts.

Successful Fundraising Events :

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for the future

As we look ahead, we have carefully outlined two distinct areas of focus for development and the allocation of our fundraising efforts:

1. Ongoing Repairs and Maintenance

Given the age, scale, and increasing footfall of our facility, we recognize the importance of proactive upkeep to ensure a safe, welcoming, and fully functional environment for all users. To address this, we conducted a comprehensive Facility Health Audit, which has provided us with a detailed General Maintenance Tracker which shall continue to be followed over the next 12 months. This tracker identifies areas requiring attention, including:

With this clear documentation in place, we have begun gathering quotes for each identified item. This process will enable us to prioritise necessary works effectively and allocate a defined portion of our fundraising efforts to ensure timely and efficient action. By addressing these maintenance needs systematically, we aim to preserve the quality and longevity of our facilities for years to come.

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GARIOCH SPORTS CENTRE (SCIO)

TRUSTEES’ REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024

2. Future-Proofing and Continued Facility Evolution

Our commitment to growth and innovation drives our focus on future-proofing the Garioch Sports Centre. Key projects under consideration include:

Securing Our Vision Through Partnerships and Funding

To bring these ambitious plans to life, we will actively seek funding opportunities and foster strategic partnerships. By collaborating with like-minded organisations, local businesses, and governing bodies, we aim to maximise the impact of our efforts and ensure the long-term sustainability of our centre. Our vision for the future is not just about improving facilities but also about enhancing the experiences of our visitors, supporting local sports, and fostering a thriving community hub. The Garioch Sports Centre will continue to evolve to meet the needs of our growing community while staying true to our mission of promoting health, fitness, and inclusivity.

Structure, governance and management

The charity is a Scottish Charitable Incorporated Organisation (SCIO), registered with OSCR.

The trustees who served during the year and up to the date of signature of the financial statements are noted at page 1.

In order to be eligible for consideration as a trustee, an individual must generally be an over the age of 16, reside in the Garioch area and not be an employee of the charity. Alternatively, an individual can be appointed as a trustee if they do not meet those requirements as long as the total number of trustees who do not meet the requirements do no exceed 49% of the total number of trustees then in office

A minimum number of 3 and a maximum of 14 trustees are required at any time. At each annual general meeting (AGM), the charity trustees must retire from office but may then be re-elected.

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GARIOCH SPORTS CENTRE scio TRUSTEES, REPORT CONTINUED YEAR ENDED 31 DECEMBER 2024 For decisions to be made. there must be a quorum of 20 members. present in person and all decisions will be made by majority vote wf(h the exception of the following resolutions which require a thirds majorty:. A resolution amending the constitution., A resolution expelling a person from membership- A resolution directing the board to take {or not to take) any particular step- A resolution approving the amalgamation of the charty with another SCIO- A resolution to the effe¢t that all of the ¢harty's property, rights and liabilities should be transferred lo another SCIO and- A resolution for the winding up or dissolution of the charity- The day lo day management of the GarTroch Sports Centre is delegated to our management team and details of these individuals can be found on our website. h s'.Ilwww. ari¢xhs rts.co.uklabout-U5. Statement of tru$tee$' re$ on$ibilities The trustees are resp￿sIble for preparing the Trustees ReFlWt and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Ac¢ounts'ng Practice). The law applicable to Charities #i S¢olland requires the tru$lee$ lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the ¢harty and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements. the trustees are required to= select suitable ae¢ounts'ng poli￿e$ and then apply them ¢onsi$tentty; observe the methods and principles in the chart1￿$ SORP., make judgements and estimates that are reasonable and prudent-, state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going ¢on¢ern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charrties and Trustee Investment IScoUandl Act 2005, the Charities Accounts {Scotland} Regulats'ons 2006 las amended) and the provisK)ns of the trust deed. They are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularrties_ The trustees. report was approved by the Board ofTrustees on 25 September 2025

GARIOCH SPORTS CENTRE (SCIO)

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF GARIOCH SPORTS CENTRE (SCIO)

Opinion

We have audited the financial statements of Garioch Sports Centre (SCIO) (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. .

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GARIOCH SPORTS CENTRE (SCIO)

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF GARIOCH SPORTS CENTRE (SCIO) (CONTINUED)

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:

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GARIOCH SPORTS CENTRE (SCIO)

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF GARIOCH SPORTS CENTRE (SCIO) (CONTINUED)

In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:

We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.

Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions represented in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors-responsibilities. This description forms part of our auditors report.

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GARIOCH SPORTS CENTRE (SCIO)

INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF GARIOCH SPORTS CENTRE (SCIO) (CONTINUED)

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Hall Morrice LLP Chartered Accountants Aberdeen, 25 September 2025

-9

GARIOCH SPORTS CENTRE (SCIO)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Income from:
Notes
Donations and legacies
3
Charitable activities
4
Total income
Expenditure on:
Charitable activities
5
Financing costs
Total expenditure
Net (expenditure)/income for the year
Net movement in funds
Fund balances at 1 January 2024
Fund balances at 31 December 2024		 Unrestricted
funds
£
3,300
1,133,350
1,136,650
1,051,298
898
1,052,196
84,454
196,847
281,301		 Restricted
funds
£
37,058
-
37,058
38,953
-
38,953
(1,895)
12,292
10,397		 Total
2024
£
40,358
1,133,350
1,173,708
1,090,251
898
1,091,149
82,559
209,139
291,698		 Total
2023
£
47,750
1,021,351
1,069,101
1,048,844
3,821
1,052,665
16,436
192,703
209,139

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GARIOCH SPORTS CENTRE scio BALANCE SHEET ASAT 31 DECEMBER2024 2024 2023 Notes Fixed assets Inveslmerrts Current assets Stcck5 Debttys Cash at bank and in 10 11 10,984 448,431 7,582 378,042 483,349 410,881 Creditors- amounts falling due within one year Net current assets Totsl assets less ¢urrenl IK4kn1rt 319,355 256.734 Creditors.. amounts falling due after more than one year Net assets 14 The Funds ofthe Chanty Re$trthd furKIs Unrestricted funds 17 10,397 12,292 The financial statements We￿ authorised tssue and approved by the Tru$tee$ on 25 September 2025 Company Registration No: SC047470 -11

GARIOCH SPORTS CENTRE (SCIO)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities
Notes
Cash absorbed by operations
(i)
Interest paid
Financing activities
Proceeds from borrowings
Repayment of borrowings
Repayment of bank loans
Net cash generated from financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
(i)
Cash generated from operating activities
Income for the year
Adjustments for:
Finance costs
Movements in working capital:
Increase in stocks
(Increase) /Decrease in debtors
Increase/(Decrease) in creditors
Increase in deferred income
Cash absorbed by operating activities		 2024
£
21,485
(898)
20,587
-
(15,880)
(6,030)
(21,910)
(1,323)
25,257
23,934
82,559
898
(3,402)
(70,389)
7,938
3,881
21,485		 2024
£
21,485
(898)
20,587
-
(15,880)
(6,030)
(21,910)
(1,323)
25,257
23,934
82,559
898
(3,402)
(70,389)
7,938
3,881
21,485		 2024
£
21,485
(898)
20,587
-
(15,880)
(6,030)
(21,910)
(1,323)
25,257
23,934
82,559
898
(3,402)
(70,389)
7,938
3,881
21,485		 2024
£
21,485
(898)
20,587
-
(15,880)
(6,030)
(21,910)
(1,323)
25,257
23,934
82,559
898
(3,402)
(70,389)
7,938
3,881
21,485		 2023
£
29,570
(3,821)
25,749
-
(13,431)
(3,085)
(16,516)
9,233
16,024
25,257
16,436
3,821
(259)
5,619
(2,069)
6,022
29,570		 2023
£
29,570
(3,821)
25,749
-
(13,431)
(3,085)
(16,516)
9,233
16,024
25,257
16,436
3,821
(259)
5,619
(2,069)
6,022
29,570		 2023
£
29,570
(3,821)
25,749
-
(13,431)
(3,085)
(16,516)
9,233
16,024
25,257
16,436
3,821
(259)
5,619
(2,069)
6,022
29,570


21,485

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies Charity information

Garioch Sports Centre (SCIO) is registered as a Scottish Charitable Incorporated Organisation (SCIO) as a registered charity with the Office of the Scottish Charity Regulator (OSCR) in Scotland. The principal place of business is Garioch Sports Centre, Strathburn Park, Burghmuir Drive, Inverurie, AB51 4GY.

1.1 Accounting convention

These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity has not prepared consolidated accounts on the basis that the subsidiary company is dormant. The financial statements present information about the charity as an individual entity and not about its group.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the year end a loan balance of £362,940 was due to the charity from Garioch Sports and Community Centre Holdings. No written agreement is in place for this balance but the intention is that it will be repaid over a long period of time.

Based on the management accounts and the financial projections available at the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for any other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1.4 Income

Income, including grants, is recognised when the charity is entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probably that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Income received by the charity is deferred until the performance of the activity or event.

Income includes charitable activities income earned from activities undertaken in furtherance of the charity's objectives. Income receivable for goods and services is recognised when the goods are provided, or when the services or events are performed.

1.5 Expenditure

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay. All costs have been directly attributed to one of the functional categories of expenditure in the Statement of Financial Activities. The charity is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT.

Charitable expenditure comprises of those incurred in the direct pursuance of the charity’s principal objects and as set out in the trustees’ report and includes the costs of operating a Sports Centre and related events.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.

All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.

1.6 Investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7 Stocks

Stocks are stated at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less all estimated costs to sell the goods.

1.8 Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Note 10 refers to debt instruments included within basic financial assets and include trade and other debtors, not cash and bank balances.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled .

1.10 Employee benefits

The cost of any unused holiday entitlement is assessed and recognised where appropriate, in the period in which the employee’s services are received.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12 Taxation

The company is recognised by HM Revenue & Customs as a charity and, as a consequence of the tax reliefs available in relation to the current year, income is not liable to taxation.

1.13 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1.14 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Donations and grants
For the year ended 31 December 2023
Donations and grants		 Unrestricted
funds
£
3,300
12,116		 Restricted
funds
£
37,058
35,634		 Total
2024
£
40,358		 Total
2023
£
47,750

47,750

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Charitable activities

Charitable activities
Garioch
Sports
Centre
£
Sales within charitable activities
983,697
Analysis by fund
Unrestricted funds
983,697
Restricted funds
-
983,697
For the year ended 31 December 2023
Unrestricted funds
866,993
Restricted funds
-
866,993		 Venue
Events
£
68,579
68,579
-
68,579
84,276
-
84,276		 Run
Garioch
£
81,074
81,074
-
81,074
70,082
-
70,082		 Total
2024
£
1,133,350
1,133,350
-
1,133,350		 Total
2023
£
1,021,351

1,021,351
-
1,021,351

1,021,351
-
1,021,351

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GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Charitable activities

Staff costs (employed and self-
employed)
Purchases
Advertising
Rent
General rates
Insurance
Power, light & heat
Motor running expenses
Meeting expenses
Printing and stationery
Telecommunication
Staff training
Accountancy
Legal & professional fees
Repairs & maintenance
Cleaning
Other charitable expenditure
Share of governance costs (see
note 6)
Analysis by fund
Unrestricted funds
Restricted funds		 Garioch
Sports
Centre
£
613,794
30,545
2,358
125,526
4,196
41,125
65,658
14,314
3,763
1,802
17,555
2,538
14,966
4,516
5,069
11,967
17,797
977,489
10,200
987,689
948,736
38,953
987,689		 Venue
Events
£
-
44,158
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
44,158
-
44,158
44,158
-
44,158		 Run
Garioch
£
-
58,404
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
58,404
-
58,404
58,404
-
58,404		 Total
2024
£
613,794
133,107
2,358
125,526
4,196
41,125
65,658
14,314
3,763
1,802
17,555
2,538
14,966
4,516
5,069
11,967
17,797
1,080,051
10,000
1,090,251
1,051,298
38,953
1,090,251		 Total
2023
£
556,379
130,940
2,061
124,146
4,649
37,219
57,911
14,099
1,427
1,831
16,467
1,754
5,113
4,222
6,270
10,272
64,084

1,038,844

10,000

1,048,844

964,396
84,448

1,048,844

-18 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

5 Charitable activities (continued)

Garioch
Sports
Centre
£
For the year ended 31 December 2023
Staff costs (employed and self-
employed)
556,379
Purchases
30,477
Advertising
2,061
Rent
124,146
General rates
4,649
Insurance
37,219
Power, light & heat
57,911
Motor running expenses
14,099
Meeting expenses
1,427
Printing and stationery
1,831
Telecommunication
16,467
Staff training
1,754
Accountancy
5,113
Legal & professional fees
4,222
Repairs & maintenance
6,270
Cleaning
10,272
Donation
-
Other charitable expenditure
64,084
938,381
Share of government costs (see
note 6)
10,000
948,381
Analysis by fund
Unrestricted funds
863,933
Restricted funds
84,448
948,381
 Venue
Events
£
-
41,371
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
41,371
-
41,371
41,371
-
41,371		 Run
Garioch
£
-
59,092
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
59,092
-
59,092
59,092
-
59,092		 Total
2023
£
556,379
130,940
2,061
124,146
4,649
37,219
57,911
14,099
1,427
1,831
16,467
1,754
5,113
4,222
6,270
10,272
-
64,084
1,038,844
10,000
1,048,844
964,396
84,448

1,048,844

The rent figure of £125,526 (2023 - £124,146) represents the rent charged under an operating lease for the year.

-19 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Support costs

Audit fees
Analysed between
Charitable activities		 Support
costs
£
-
-
-		 Governance
costs
£
10,200
10,200
10,200		 2024
£
10,200
10,200
10,200		 2023
Basis of
allocation
£
10,000
Governance
10,000
10,000

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

Number of Employees

The average monthly number of employees during the year was:

Management
Operational
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
3
37
40
2024
£
532,891
29,184
15,330
577,405		 2023
Number
3
34
37
2023
£
487,854
24,065
13,059
524,978

There were no employees whose annual remuneration was more than £60,000.

-20 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Fixed asset investments

9
Fixed asset investments
Cost or valuation
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
Other investments comprise:
Notes
Investments in subsidiaries
20
10
Stocks
Finished goods and goods for resale
All stock relates to unrestricted funds.
11 Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayment and accrued income
All debtors relate to unrestricted funds.		 2024
£
1
2024
£
10,984
2024
£
19,977
367,849
60,605
448,431		 Other
Investments
1
1
1
2023
£
1
2023
£
7,582

2023
£
19,194
307,945
50,903
378,042

-21 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Loans and overdrafts

Bank loans
Other loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2024
£
32,642
14,950
47,592
19,935
27,657
2,510		 2023
£
38,672
30,830
69,502
21,907
47,595
8,537

The long-term bank loans are provided through a government backed guarantee.

The bank loan is provided at a fixed rate of 2.5% per annum, initial terms show the loan to be repayable over a period of five years. During the year, the charity applied for extended terms under the pay as you grow scheme to a term of ten years which was accepted.

The other loan is provided at a rate of 0% per annum, repayable over a period of five years.

13 Creditors: amounts falling due within one year

Notes
Bank loans
12
Other loans
Other taxation and social security
Deferred income
15
Trade creditors
Amounts due to subsidiary undertakings
Other creditors
Accruals		 2024
£
6,027
13,908
10,726
25,725
73,687
1
3,742
30,179
163,995		 2023
£
6,027
15,880
9,136
21,844
69,611
1
3,649
28,000
154,148

The bank loans are provided through a government backed guarantee.

In 2024, £5,466 (2023 - £7,265) of Creditors related to Restricted Funds.

-22 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14 Creditors: amounts falling due after more than one year

Notes
Bank loans
12
Other loans		 2024
£
26,615
1,042
27,657		 2023
£
32,645
14,950

47,595

The long term bank loans are provided through a government backed guarantee.

All creditors relate to unrestricted funds.

15 Deferred income

Other deferred income 2024
£
25,725		 2023
£
21,844

Deferred income relates to income generated by the Sports Centre to which services have not yet been provided.

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to statement of financial activities in respect of defined contribution schemes was £15,330 (2023 - £13,059).

-23 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Inverurie Youth Sports Foundation
Tennis Sessions
Judy Murray Foundation
IYSF - Table Tennis
OOSC
Youth Hub
Inverurie Youth Sports Foundation
Strength and Conditioning Zone
Motive Net Zero Hub
Tennis Sessions
Judy Murray Foundation
IYSF - Table Tennis
Youth Hub		 Balance at
1 January
2024
£
-
10,000
1,955
337
-
 - Movement in funds
Income
£
Expenditure
£
33,000
(33,000)
-
(1,558)
-
-
2,808
(3,145)
250
(250)
1,000
(1,000)
37,058
(38,953)
Movement in funds
Income
£
Expenditure
£
31,750
(31,750)
-
(6,761)
-
(41,557)
-
-
-
-
3,404
(3,900)
1,000
(1,000)
35,634
(84,448)		 Balance at
31 December
2024
£
-
8,442
1,955
-
-
-
12,292 10,397
Balance at
1 January
2023
£
-
6,761
41,557
10,000
1,955
833
 - Balance at
31 December
2023
£
-
-
-
10,000
1,955
-
-
61,106 12,292

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

The Inverurie Youth Sports Foundation (IYSF) has partnered with Garioch Sports Centre to promote sport and the participation in sport in the local Garioch area. To meet these aims, the charity has received funding to support the costs of employing a member of staff, whose aim is to promote the work undertaken by both entities.

Strength and Conditioning Zone represents amounts received for the funding of strength and conditioning equipment.

Wellness Hub represents the amounts received for the funding of the wellness hub extension.

-24 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Tennis Sessions fund is money that has been received for the delivery of workforce tennis training sessions.

The Judy Murray Foundation donated these funds for use against costs relating to the proposed Tennis Facility at Garioch Sports Centre. The donation is an amount received when The Judy Murray Foundation was dissolved.

The funding from the IYSF for Table Tennis is to cover costs associated with employing a coach and any associated equipment to support both entities desire to re-introduce Table Tennis as a sport in the Garioch area.

The Youth Hub at Garioch Sports Centre is supported with funding from the IYSF for the purpose of covering the cost of qualified sports coaches attending the sessions to offer a variety of sport throughout the winter months.

18 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
£
£
Fund balances at 31 December 2024 are represented by:
Investments
1
-
Net current assets
308,957
10,397
Long term liabilities
(27,657)
-
281,301
10,397
Unrestricted
funds
Restricted
funds
£
£
Fund balances at 31 December 2023 are represented by:
Investments
1
-
Net current assets
244,441
12,292
Long term liabilities
(47,595)
-
196,847
12,292
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows:
2024
£
Aggregate compensation
139,668		 Total
£
1
319,354
(27,657)
291,698
Total
£
1
256,733
(47,595)
209,139
2023
£
92,447

19 Related party transactions

-25 -

GARIOCH SPORTS CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Subsidiaries

Details of the charity’s subsidiaries at 31 December 2024 are as follows:

Class of % Held
Registered Nature of shares Direct
Name of undertaking office business held Indirect
Garioch Sports Centre
Burghmuir Drive
Garioch Sports Centre Ltd Inverurie, AB51 4GY Dormant Ordinary 100.00

-26 -