**REGISTERED CHARITY NUMBER: SC048033** ## **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **FOR** ## **COATS MEMORIAL PRESERVATION TRUST SCIO** Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Balance Sheet**||5|| |**Notes to the Financial Statements**|6|to|12| **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** To protect, preserve, maintain, enhance and improve the building previously known as Thomas Coats Memorial Church, Paisley. To utilise the building to promote heritage, education, culture and the arts for the benefit of the residents of Paisley and the visitors of Paisley; and To promote the heritable and cultural significance of the building to a local, national and international audience. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** Coats has enjoyed its most successful year in terms of wedding bookings and profit since it was founded. The primary source of income continues to be from weddings hosted in Coats. In this we have had a very successful year by offering a range of enhanced packages and options which customers can tailor to their specific requirements. Thanks to the excellent work done by our wedding organiser and her team Coats has won a number of wedding industry awards. This has further increased the profile of Coats and wedding bookings are high. Our aspiration to increase utilisation of the building and grounds by expanding our offering to include music and a range of other entertainment events has been partially successful. Our priority is to maintain at all times the hard won top brand status of Coats as a first class wedding venue and not adversely impact our image and reputation. Despite progressing with care in letting contracts for use of the building we have suffered some minor losses where the contractor did not meet their obligations. That said we have enjoyed success with a small number of music nights which have generated good returns. The Board is still open to expanding the offerings of the venue but only where there is no adverse impact on our staff in terms of time and engagement with the contractor. In line with our aspiration to support increasing numbers of local charities we have identified a potential candidate list of organisations who we think may benefit from the use of our building at no cost to them. Work is underway to discuss options with them. . In 2025 We plan to invest heavily in structural works in the grounds with the frontage with plans for block paving and an office installed in the grounds.. This will improve disabled accessibility and the overall appearance of the building. In addition to this we will expand the heritage profile of Coats by investing in an App supported tourist guide for the building. Our ambition is to see Coats become a major player in the wider Paisley tourist offering. With our close proximity to the Paisley Museum which is expected to draw very large numbers of visitors when it opens in 2026 our hopes for success in this are high ## **FINANCIAL REVIEW Financial position** During the year the charity made a surplus of £117,169 (2023 - surplus £15,366). Total funds have increased to £195,086 (2023 - £77,917). During the year the charity's subsidiary company continued trading, providing facilities within the Coats Memorial Building and had returned a profit. At end of 2024 it distributed £161,302 to its charity parent (2023 - £67,048). ## **Reserves policy** The charity has a Reserves Policy of six months operational funding. The reserves at the end of 2024 were considered sufficient and are expected to increase as the charity's subsidiary company continues to trade. Page 1 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is a Scottish Charitable Incorporated Organisation (SCIO) and is governed by its constitution. ## **Recruitment and appointment of new trustees** A Steering Group was formed comprising Trustees of Thomas Coats Memorial Church and others with expertise in venue design, the law, finance, theatre and project management. ## **Risk management** The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A risk accepted by the Trustees is that the building is uninsured. The reason for this is simply that the costs involved compared to the operating profit generated make payment of premiums unachievable at this time. A decision to pay the required premiums would put the venture at risk of closure. It is hoped that in time with increased profitability the Trustees will be in a position to reinstate buildings insurance cover. Partial mitigation of this risk is through active monitoring and assurance of compliance with the relevant Fire and Health and Safety Regulations. CMPT holds Building Insurance and Public Liability Insurance which covers events run in the venue. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** SC048033 ## **Principal address** 27 Causeyside Street Paisley Renfrewshire PA1 1UL ## **Trustees** ## **Independent Examiner** Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF Approved by order of the board of trustees on 14 August 2025 and signed on its behalf by: Trustee Page 2 ￿￿EPE￿1}E￿￿ EKLMDIR'S REPORT TO THE TRI"STEES OF COATS MEMORLIL PRESERVATION TRI"ST SCIO I re[￿ on th¢ accounts for the ethjed 31 tk¢en)kn 2024 sd ow on pages fow ￿ twelve. Rèspectlyè respoD51bllliles oftrnstoès aind eumlner The clwitys InLgtees are re4x)llsible for the PfLI)ar3tion of the accounts in aCc￿e the terAns of the Cbarftties and T￿￿tee Jlli'eStn￿t (Scodalld) Aci 2(M)5 al￿ the Cbarilies Aecouuts (Scothd) Re8u]att'ons 2006 {&$ a￿￿ded). The clwitys trllstees collsider that the audit royllrement of Regulation 10(IXa) to (c) of the Aceoullts Reslllations does not appty. It 15 my reSP￿IbI￿.ty to the xcounts &8 Section 441)(e) of the Act and to state ￿thether particular n]atters haie Coll￿ to attentio BA5is of the independeDt euminer's repjrt My aXaMi￿tI￿) catried out ID accord￿e V4Trth Regulati(￿ 11 of the Clwitie5 ACCO￿115 (Scthland) Regulatio￿ 2(MJ6. kni ex￿MInatiOn inclith a rniew. of the acc￿￿1￿￿ ￿(OrdS kepi by the charity and a COU]￿7$01) of ilie account5 pre5aiied w'ith those reC￿dS. li also consideraiioD o( any ilenL5 ¢x disc105ure5 in ihe accowits. seeking explaTMti(￿s ftom y(w as tsusiees cO￿¢MIng any su¢h uwners. The undertaken do proiide all thai would be requ￿￿ iti an awjii. and c(wewdy l &1 noi exwtss an wdii (yinion on the iiew 8iiwi by accounis. Indopondent oxgDthior's s¢At*)neni (l) w￿.¢h 8ives rn8(wble to that. ID any material res￿. th¢ require￿ts to keep accowilin8 recorth in o¢cordBrK¢ with S¢cti(m 44(IKo) of the 2W5 A¢t and Re8ul8tion 4 of the 2006 AcC￿UltS Re￿￿Ati￿}S. and to prepare aCco￿lt5 which accord with acc(xllJliD8 rec￿￿$ atmi to ccwly Re8thtion 8 of the 2 Accowits Re8ulatiLXiS hal'e noi beell ll￿t. L (2) to whidL in my opillioTh attenti(￿ SIK￿ld in (rder ￿ enable a of the aecoullts ￿ be Le ￿L¥lln11e of Cli4111ei'eil.4LkOlll111i JLl% iii Ell9]a￿ atMI Wales Azets Audit Ser¥ices chart￿ed AccountaDt Titaniutll I Kin8'5 lllctl Place Glas8OW PA4 8WF 14 Au8U$t 2025 Pa8e 3 ## **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024** |2024
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
161,380
**EXPENDITURE ON**
**Charitable activities**
Charitable Activites
44,254
**NET INCOME**
117,126
**RECONCILIATION OF FUNDS**
Total funds brought forward
77,917
**TOTAL FUNDS CARRIED FORWARD**
195,043|2023
Total
funds
£
67,488| |---|---| ||52,122| ||15,366
62,551| ||77,917| The notes form part of these financial statements Page 4 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **BALANCE SHEET 31 DECEMBER 2024** |2024
Unrestricted
fund
Notes
£
**FIXED ASSETS**
Tangible assets
4
3,431
Investments
5
1
3,432
**CURRENT ASSETS**
Debtors
6
191,952
Cash at bank
-
191,952
**CREDITORS**
Amounts falling due within one year
7
(341)
**NET CURRENT ASSETS**
191,611
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
195,043
**NET ASSETS**
195,043
**FUNDS**
8
Unrestricted funds
195,043
**TOTAL FUNDS**
195,043|2023
Total
funds
£
24,612
1| |---|---| ||24,613
43,398
9,906| ||53,304
-| ||53,304| ||77,917| ||77,917| ||77,917| ||77,917| The financial statements were approved by the Board of Trustees and authorised for issue on 14 August 2025 and were signed on its behalf by: - Trustee The notes form part of these financial statements Page 5 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements have been prepared in accordance with 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) (effective 1 January 2019) - (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transition value unless otherwise stated in the relevant accounting policy. ## **Preparation of accounts on a going concern basis** After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. As a result, the financial statements have been prepared on the going concern basis. ## **Accounting judgements & Sources of estimation uncertainty** In preparing these financial statements, the trustees have made the following judgements: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Bad debts are provided for where objective evidence of the need for a provision exists. ## **Critical accounting judgements and key sources of estimation uncertainty** The preparation of these financial statements requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Income** Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Other income represents those items not falling into any other heading. Page 6 continued... **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. - Costs of raising funds comprise of costs related to fundraising activities. - Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs. ## **Allocation of support costs** Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated to expenditure on charitable activities. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 25% on cost Fixtures and fittings - 25% on cost Computer equipment - 33% on cost ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Investments in subsidiaries** Investments in subsidiaries are shown at historic costs. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due. ## **Creditors and provisions** Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any discounts due. ## **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. continued... Page 7 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## 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 Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. ## Basic financial liabilities Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. ## 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. ## Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. ## Basic financial liabilities Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. continued... Page 8 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **3. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**EXPENDITURE ON**
**Charitable activities**
Charitable Activites
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**TANGIBLE FIXED ASSETS**
Plant and
machinery
£
**COST**
At 1 January 2024
81,385
Additions
1,909
At 31 December 2024
83,294
**DEPRECIATION**
At 1 January 2024
61,281
Charge for year
20,118
At 31 December 2024
81,399
**NET BOOK VALUE**
At 31 December 2024
1,895
At 31 December 2023
20,104|Unrestricted
fund
£
67,488
52,122
15,366
62,551
77,917
Fixtures
and
Computer
fittings
equipment
Totals
£
£
£
23,748
1,489
106,622
1,622
150
3,681
25,370
1,639
110,303
19,551
1,178
82,010
4,483
261
24,862
24,034
1,439
106,872
1,336
200
3,431
4,197
311
24,612| |---|---| ## **4. TANGIBLE FIXED ASSETS** continued... Page 9 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Shares in| ||group| ||undertakings| ||£| |**MARKET VALUE**|| |At 1 January 2024 and 31 December 2024|1| |**NET BOOK VALUE**|| |At 31 December 2024|1| |At 31 December 2023|1| There were no investment assets outside the UK. The wholly owned trading subsidiary Coats Events Limited is incorporated in the United Kingdom (company number SC653898) and distributesl its profits to the charity under the gift aid scheme. Coats Events Limited operates all commercial trading operations within the Coats Memorial building in Paisley.Its trading results are as follows: ||2024|2023
£
246,606
(179,441)
(108)
67,057
(9)
67,048
2023
£
67,048
(67,048)
-| |---|---|---| ||£|| |Turnover|520,637|| |Cost of sales and administration costs|(364,444)|| |Interest payable|(51)|| |||| |Net profit/( loss) before tax|161,302|| |Corporation tax|(43)|| |||| |Net profit/(loss) after tax - carried forward|161,259|| |||| |||| ||2024|| ||£|| |Net profit/(loss) after tax - brought forward|161,259|| |Amount distibuted to the charity|(161,259)|| |||| |Retained in subsidiary|-|| |||| |||| |The assets and liabilities of the subsidiary were:||2022
£
171,058
(171,057)
1
1| ||2024|| ||£|| |Current assets|341,650|| |Current liabilities|(341,649)|| |||| |Total net assets|1|| |||| |||| |Aggregate share capital and reserves|1|| |||| continued... Page 10 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
Money held by legal advisor
Prepayments and accrued income
**7.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**8.**
**MOVEMENT IN FUNDS**
At 1/1/24
£
**Unrestricted funds**
General fund
77,917
**TOTAL FUNDS**
77,917
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
161,380
**TOTAL FUNDS**
161,380
**Comparatives for movement in funds**
At 1/1/23
£
**Unrestricted funds**
General fund
62,551
**TOTAL FUNDS**
62,551|2024
2023
£
£
155,712
43,049
36,240
-
-
349
191,952
43,398
2024
2023
£
£
341
-
Net
movement
At
in funds
31/12/24
£
£
117,126
195,043
117,126
195,043
Resources
Movement
expended
in funds
£
£
(44,254)
117,126
(44,254)
117,126
Net
movement
At
in funds
31/12/23
£
£
15,366
77,917
15,366
77,917| |---|---| continued... Page 11 **COATS MEMORIAL PRESERVATION TRUST SCIO** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024** ## **8. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|67,488|(52,122)|15,366| |**TOTAL FUNDS**|67,488|(52,122)|15,366| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1/1/23
£
62,551
62,551|Net
movement
in funds
£
132,492
132,492|At
31/12/24
£
195,043| |---|---|---|---| ||||195,043| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
228,868
228,868|Resources
Movement
expended
in funds
£
£
(96,376)
132,492
(96,376)
132,492|Resources
Movement
expended
in funds
£
£
(96,376)
132,492
(96,376)
132,492| |---|---|---|---| ||||132,492| ## **9. RELATED PARTY DISCLOSURES** The Trust's subsidiary trading company, Coats Events Limited, benefitted from an interest free, unsecured loan from its parent charity which is included as other debtors. The amount outstanding at 31st December 2023 was £43,050 (2022 - £21,587). Page 12