Charity registTation number: SC049742 Sanquhar Enterprise Company Annual Report and Finantial Siatemenls for the Year Ended 30 November 2024
S2nquhar Enterprxse Company Contents (eontinued) Reference and Administrative Details 2to3 Trustees, Report ststement of Trustees, Responsibilities Independeot EXamineS Report Statemeni of Financial Activities Balance Sheet Notes to the Financial Statements 8t0 13
Sanqllhar Enterprise Company Reference and Administrative Details Trustees Chttrlty Registration Nllmber SC049742 PrioctpAI Offiee 106 High street Sapqklhar DG4 6BT. Independent ExAmlner Page I
SAnquhar Enterprise Company Tru8tees' Report The trustees present ihe annual repoit tc>gether with the financial statements of ihe ¢harity for ihe year eT]ded 30 Noveinber 2024. Objtctivts and actiwitlC5 ObjeclJ' alllis The clidritable purposes are. •The advancement of citizenship or cornmunity development. •The pr(Jvision of Tecr¢ational facilslies. Dr the organi5ation of recreational a¢tiVili¢s, with the object of irnprowing the CODdilions of lite for the per50ns for whom the lacilitie5 or aciivilie5 are priEnarily intended. .Tlie relief of thosc iii n¢ed by reason of age, ill healtl). disability. financsal hardship or othei. disadvantagc. ObjeLlive.F. SIrelie5 ftLYlvili£s •OLtr qanquhdr EnteTrrise Company Cornrnunity Developmeni Officer Laiiiinue% to ivurk well ID his role. taking forward a number of Socal piojeds, and in November 2024 appointecl io ihe post of A£knin Assistant. We have been very suc¢e55ful once again in drawing down significant amounts of grant ndIn. fr()In local, ttgional, and Iiational bodics for our local projects., aiid I would wish to place on record our thunks lo every individual fllnding b(Kly thal provided financial suppori 10 our organisation thTS reporting year. Prerni5es .This reporting year the SAnquhar Entcrprise Coinpany are oncc avain grateful to S8nquhar Comtnunity Council ]nembers for allowing u8 tlie continued use of Ihe Niihsdale Tim¢s office in Sanquhar Tollbooih as our official base, and to both the Sanquhar Town Hall rnanagemcni coJnmilt¢e and A. th¢ Airts for the use of their pretni%es for our public consuliaiion events, and to the StLnquhar Town Hhll comrnittec for h05ting our annuAI AGM. We OTe also giateful to Dumfries and G811oway Council for the use of the upstaiTS comrnittee room in the CuslOI)ier Services Centre, 100 High street, Sanquhar. where our monthly board meetings are held. •WE have now secuTed frorn DuiTrlries and Gallo.V Coun¢il a "right Iv occup. the fomer Library ai 106 I Iikli SD"eei, qrfiiiquliar, and the ptemises are CLirrently undeTgoing minor upgrad¢% and decoration with both oiv pennanttlY based in our own Olee which is s(atTed every Wednesday and Thurnday. Projects .We hove sucee55fvlly drawn down £250K for the development of an accessible (all abiliryl playpark in Bell CrescenL Sanquhar. .We have also draivn down £50K for the refurbishment of the abandoned garages in Queensbery Square. which we C.A.T_ Icomrnunity A%set Transferred) from Dunifries and Galloway Council, We completed the upgrade of the Braeliead5 Patl part of the Southern Upland Way and including ilie Riierside Walk from Sanquhar Castle back lo thc Braeheads this year, al a cost of £72K. and have coiiiiiiitted to L(?niplete the riveiside walk froin Blackaddic Hotel io CTawick Bridge and a now public path from SanqLihar Railway Station alonoside the R8ilway line to the Crawick Multiverse projcct by the end of the y¢ar. .OuT Development oificer Ronnie Bradfoid has been taking fonvard the proposed dcvtlopment of thigh&m,s Inn on Sanqultsr High Streei, and to that eiid we held public consultation events including drop-in sessions tliroughout ?024, and have produced a financial plan and developmeni brief. Page 2
Sanquhar Enterprise Company TrustLY5' Report (CODtinued) Structure. goi'ernaThte and managcmeDt FinaRei*l instruments OhieLlive.F thndwlleies The chariry's actlNiti¢5 expose it TO 8 number of financial risks intlLidiiig credit risk. cash flow risk and liquidity risk. The use (Trf linancial d¢rivali¢S is govemed by the charily's policies approved by the board of trustees. which provid¢ wriiien principles on the use of financial derivylives to Inanage these risks. The charity does not use derivative financial instTuTnents for 5peeulative purposes. CosliJTffiw risk The charity's activities expose il priin¥rily to the financial risks of changes in forcign cUencY exchan£e Mes and inieTesL rdtes. The cliarity USES forei8n ¢xchangc fotward contrdcts and interc8t te sM'&p coiitracis to hedge these exposures. Interest bearing asset5 and liabilities are held at lixed rate to ensure certainty vf cash flows. Credil Tlsk The cliarity's principlll financial as5eis are bank balances and cash, trade and other weiv2bles, and invfstments. The charity's credit risk is priiY)arily attributabl¢ to its trade receivables. The amounts Present in the balonce slieet are net of allowances for doubttul receivables. An allowatlce for impaimient is made wherc tliere is an identified loss event which, based on previous ¢xrIenCe, is cvtdence of a reducthon in the recoverabilsty of the cash flow's. The credsl risk on liquid funds and derivative financial instruments is limited because the counterparties are banks ivirh high credil-ratings asSied by iniernational credÉt-r81ing agencies. Th¢ charity sifinificant conceniratton of credit risL with exposure spread over a laTge nurnber of counteiparties and customers. l.iquidity risk In CTrrder to maintain liquidity to ensure th&t suffi¢ient funds are available tor ongoing operations and fulwe developmenis. the charity use5 EL mixture of long-term and shon-teThn debt financg. rurthcr deiails iegarding liquidity risk can be Foutjd in Ilie Siatement of accounting policies in the financial stdLem¢nt8. The ¢ll1ll1< I I"epoil lias aiJproN'ed b}. the trustees of the charity on 27 February 2025 and signed QD its belialf by- Pa8¢ 3
Sanquhar Enterprise Company Statement of Trustees, Responsibilities The ttustees are responsible for preparing the tNstees' report and rhe financial %iatetnents in accordance with the Unitcd Kiiigdoni Accountin¥ Staiidards {Unitcd Kingdom Generally AcLepted Acc(Fut]ting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to preparc financial statements for eacli financial year wliich give a true and fair view of the state of aifairs of th¢ cliarity and ()f (he incomiDg resuurces and application of resources of ihe charity. for that period. In prepaiing these financial staleinents, the trustees are required to.. selett suitsble accountillg policics atld then apply iheill consistently; observe the methods and principles in the Charities SORP- make judgemcnt5 and estijnates that are r¢Asonable amd prudent. state wheiher applicable accounting 5tkndards ha%'e been followe(L subjed Èo any material departures disclosed and explained in the financial 5tateinellts- and prepaT¢ the financi7LI siatements on the going concern basis unless it is inappropriate to preswne that ihe ¢harit}' will continue in busines5. Th¢ trustee5 are responsibl¢ for keeping propeT accouiiting records that disclose wilh Teasonable accuracy at any lime the financial posltion of the ¢harily and endble thein to ensurc that the fiDan¢ial 51atements ¢c)mpl> with The uulalion5 2006 1 Charities and Trust¢e Investment (Scotland) Act 2005. th¢ Charity Accounts (Scotland) Re. aTnended>. and the provisions of the constiwtion. The trustees are also responsible for safegu<irdiiig the assets of the charitv and hencc foT taking rcasonable sieps for Ihc preventitsll and deteciion of fraud and oth¢r irregvlarities. The tntsiee5 are responsible for the maintenan¢e and inie£riry of Lh¢ corporate and financial infomiation included on the Cliaritable company's websiie. LEoislAiion governing th¢ preparaiion and dissemiiiaihon of finllncial statements may ditfer from l¢xislation in other jurisdietions. Approved by the trustees ofthe charity on 27 febnwy 2025 and signcd on its behalf by-. PagE 4
Sanquhar EDteryris¢ Company Independent Examiner's Report to the trustees of Sanquhar Enterprise Company I repon to the trustees on my ex8mination of the account5 of Sanquhar EnteTpfi5e Cornpany for the year ended 30 Novernber 2024. Responsibilitie5 and basis of report As the Lharity tyustees of Sanquhar Enterprise Company you are responsible for the prepaTation ofthe accounts in accordancc with the requirement5 of the Charities and Tru5t¢e Investtnent (Scotland) Act 2005 and the Charities Accounts Iscotland) Regulations 200610$ amended). You are satisfied thai the audit r¢quirein¢nt of R¢gulaiion l 01 l) (al to {c) of the ?006 Ac¢ouHts RegLildtlOn5 does iiot apply. I rtpon in iespect of my cxamination of the Sanquhar Enterprise Companv'5 accounts carried out under section 44 (1)(cl of the 2005 Act and sectlQD 145 of the 2011 Act. In Carryin out Tlly exaTnination I have folloived the requireinents of Regul&fion I l of the Chariiies Accouiits {Scotland) Regulations 2006 (as amended}. An exaininalion includes a review of the accounting reLords kept by tl)e charity and a ¢ompaTison of the a¢counlS presenled with ihobe records. It also includes consideration (kf an}, unusual iteins or disclosures in the accounr& 8nd geeks explan<1tion8 from thc ttwstees concerning any such mailers. The procedure5 undertaken do not provide all the evidence that would be required in an audit, and conseiiuently I do not exprcss an audit opinion on Ihe view given by tlie accous]ts. Independent examiner's ststemetlt Siiice thc Iharity prepared its accounts on An aC£a]S basis und is also re8151ered in ScotInd yollr examiner musi be a meinber of a body listed in Re&iulation I1{21 of the Charities Accounts (Scotland) Regulations ?006 (as amcndedl. I can confim that l am qualificd to undertake the exarnination because l aTn a regisieTed membEr of ICAS. which is one of the lied bodies. I have LOTnpleied my exaTnination. l Confimi tl)at no mAlters have come io my attention in connection with Ihe exaDinalion giving me cause to believe.. accollnling record5 were not k¢pt in respect of Saiiquh&r Enterprise Company as required by seeiion 4411)(a) of the 2005 Act and Regulation 4 of ihe Charities Accoutlts {Scotland) Re¥ulations 2006 (as amended); or 2. the wcounis do not accord with those record5. or 3. the account5 do noi coinply with the accounting F¢quirem¢iits Regulation 8 of the Charities Accounts (Scoiland) Regulations 2006 (a5 amend¢d). I have nD concerns and have come across no oth¢r Tnatters in connection wilh the exwninatioii to which attcntion slTroiilcl i?L drai*n iii this rLPOrt in order to ¢nable a prop¢T understanding of ihe accounts to be reached. ?7 F¢brnary 2025 Page S
Sanquhar Enterprise Company Statement of Financial Aetivities for the Year End¢d 30 November 2024 Total 2024 Unrestricted funds Restricted funds Note Income and Endowments from: Donatioris and legacies 291,140 ?91,140 Total income 291.140 291.140 Expenditure OD: Raising funds Charitable activities Other expenditure {2,599} (129,318) (400) (2.599) (129,3J8) 1400) {20} Total expenditure Net (expendiiureyincome Net movement in fvnds {20) {132.317) (132,337) (20) 158,823 158,803 (20) 158,823 158.803 ReeonciliAtion of funds Total fund5 brought forward Total funds cartied forward 3,535 85,447 88,982 3.515 Unrestricted funds 244,?70 Restricted fund5 247.785 Total 2023 Note Incorne and Ethdowments from: Donations and legacies 98.635 98,635 Total income 98.635 98,635 ExpendFture on: Raising fi]nds Charitable activities (595} (1.032 (37,126) (1.980) (37,721) 13,0121 Total expendire (1.627 (39.106) {40,733) Net (expenditure)lincome Net moveiment in funds Reeoneiliation of funds Total fvnds brought forward Totsl fithds carrsed forward (1.627) 59.529 57,902 (1,627) 59,529 57,902 5.162 25,918 31,080 3.535 85.447 88,982 All of the charity's activities derive from continuing operations during the above periods. The fvnds breakdown for 2023 is shown in notc I l. The note5 on pages 8 to 13 forni an integrdl part of these financial Statements. Pa8e 6
Sanquhar Enterprisc Company (Registration number: 12345) Balance Sheet as at 30 Nov¢mbcr 2024 2024 2023 Note Fixed a55ets Tangible Jssets 1.199 Current a$stts C&sh at bank and in hand 10 246,586 247,785 88.982 Net assets Funds of the eharily: Re5trieted incom¢ funds Restrkcted funds 244.270 85,447 Unrestrlcted iDeome funds Unrestricted funds 3,515 3.535 Total funds 247,78) The financial staternents on pages 6 tD 13 were approved by th¢ trustee5, and authori5ed lor issue on 27 Fehi-uiiy O?) Jiid sitsned rjn ilicir behalf by- The note5 ofl pages 8 to 13 forffj an iTJtegral PAn of ihe5e financial stateTn¢nts. Page 7
Sanquhar Enteryri$e Company tsotes lo the Financial Statements for the Year Ended 30 November 2024 l Aecouoting policies Statement of eompli#nce The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities A¢t ?01 l. Basis of preparation Sanquhar EnteTprise Company meets the definition of a public benefit entity under FRS 102. The accounts (rin3ncial statements) have been prepared utjder the historical cost convention with items r¢cognised ai cost or traiisaction value unless otherwise ststed in the relevant note{s) to these accounts. Going coneern The trustees consider that there are no material uncertainties about the charity's ability to coniinue as a going concem. Income and endowments Voluntary incorne including donations. gifts, legacies and grants thai provide core funding or are of a general nature is recognised when the eliarity has eniiilemeni to the income. it is probable that the income will be received and the amount can be measured with sutTicient reliability. Graiits receivttble Grants are recognised when ihe charity has an entitlement to the funds and any conditions linked to the grants have been met. Wheie perforniBnce conditions are attached to the gront and are yet to be Inet. the incom¢ is recognised as a liability and included on the balance sheet as deferred income to be released. Expend ur¢ All expeiiditure is recognised once there is a legal or constructive obligation to that expenditure, it is PTobable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to thai category. Where costs cannot be directly aiiributed to P8rticulaT heading5 they have been allocated on a basis consistent with the use of resources. with central staff costs allocaied on the basis of time spenL and depreciation charge5 allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raisiiigluiids These aTe costs incurred in attrdcting voluntary income, the management of investments and those incurred in trading activities that raise nds. Cliurildble oclivilies Charitable expenditure comprises those costs incurred by ihe charity in the delivery of its activiiie5 and services for its beneficiaries. It includes both costs that can be allocated directly to su¢h activitie5 and those costs of an indirect nature necessary to support th¢m. Page 8
Sanquhar Enterprise Company Notes to the Financial Statements for the Year Ended 30 November 2024 (continued) Support costs Supptsft costs include ¢entral functions and have been allocated tts activity ¢OSt caiegories on a basi5 ¢on51Stent with the use of resources. for example. allocating property COStg by floor areas. or per capit4 sthff costs by the time spent and other costs by their usage. Governance costs These inclllde the costs altributable to the charity's complianc¢ with constÈkntional and stahltory requirements, including audii. strategic management and trustees Tneetings and reimbursed expenses. Taxation Tlie Charity IS considered t(Tr pass the tests set oui in Paragraph I Schedule 6 of the Finance Act 2010 and thereforc It meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the ¢harity is Potentially exempt frotn taxation in respect of income or capital gains received within catetsories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to th¢ extent that such income or gains are applied exclusively io charitable purposes. Tangible fixed assets Individual fixed assets Costintt £100.00 or more are initially recorded at Cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and xmortisation Depreciation is provided on iangible fixed assets so as to write off the ¢0st or valuation, less any estimated residual value, over their expected useful economic life as follows.. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-t¢rm highly liquid investments that are readily convertible io a known amount of c2sh and are subject to an insignificant risk of change in value. Fund strueture Unrestricted incoTne funds are general funds that are available for use at the trustees discretion in fihernCe of th¢ objectives of the charity. Restricied income fvnds are those donated for use in a particular area or for specific purposes. the use of which is restrioed to that aT¢a or purpose. 2 Inc0e from donatlons And legacies Restricted funds Total funds Grants, including Capital grants. Grdnts from other charities 291,140 291.140 291,140 Total for 2024 291,140 98,6i5 Total for 2023 98,635 Page 9
Sanquhar Enterprise Company Notes to Ihe Financial Statements for the Year Ended 30 November 2024 (continued) 3 Expenditure on charitable 4ctivitie5 Unrestrieted lunds GenerAI Restricted fund5 TotAI runds Note Expenditure on projects Allocated support costs Governance costs 107,498 20,618 1,202 107.498 20.618 20 129.338 Total for 2024 20 129.318 1.980 3.012 Total for 2023 1.032 4 Other expenditure Restrieted funds Total funds Note Depreciation, Amortisaiion and other similar cost5 Totsl for 2024 400 400 400 400 S Analysis of governance and 5UPPOrt costs Governance costs Unrestricted fund5 GeDer#l Restrieted funds Total runds Independent examiner fees xamittation of the financial 5t2tements Other governance costs 780 422 780 442 20 1.222 Total for 2024 20 1,202 Total for 2023 1.032 1,980 3,012 6 Trustees rernuNeration and expeD5es No tFust¢ts, nor any persons connected with them, have r¢ceived any remurteration from the Charity during the year. No tSle¢S have received any reiTnbuTsed expenses or any other benefits from the charity during the year. Page 10
Sanquhar Enterprise Company Notes tD the Financial Statements for the Year Ended 30 November 2024 (contllnued) 7 Independent examiner's remuneration 2024 2023 Examination of the financÈal statements 780 180 Page 11
Sanquhar Enterprise Company Notes to the Financial Statements for the Year Ended 30 November 2024 (continued) 8 Tax8tion The charity is a registered charity and 15 therefore exempt froin taxation. 9 Tangible fixed assets Computer equipment Total Cost At l December 2023 1.599 1,599 At 30 November 2024 1.599 1,599 Depreciation Chaoe for the year 400 400 At 30 November 2024 400 400 Net book value AI 30 November 2024 1,199 1,199 At 30 November 202J 1,599 1.599 10 Cash And Cash equivalents 2024 2023 Cash at Ethnk 246.586 88.982 I l Funds BAl3Nce at I DeceN]ber 2023 Balanee at 30 Novtmber 2024 Incoming resour¢es Resources expended Unrestricted funds General 3.535 (20) 3.515 Restricted funds 85,447 291,140 (132,317) 244.270 Total fund5 88.982 291.140 (132,337) 247,785 Page l2
Sanquhar Enterprise Company Notes to the Financial Statements for the Year Ended 30 November 2024 {eontinued} Balance at 30 Novelnber 2023 BalAnce at J DeCeber 2022 IDcoming re50uree5 Resources expended Unr¢5trieted funds General 5,162 (1,6?7) 139.106) 3,535 Restricted funds 25.918 98.635 85,447 Total funds 31.080 98,635 (40.733) 88,982 12 Analy5L5 of net assets between funds Unrestricted fund5 General Total funds at 30 November 2024 Restricted funds Tangible fixed assets Current alsets 1,199 243,071 1,199 246.586 3,515 Total net assets 3,515 244,270 247,785 Unrestricted funds Ceneral Total funds at 30 November 2023 Restricted fuDd5 Current assets 3,535 85,447 88.982 Page 13
Sanquhar Enterprise Company Statement of Financial Activities by fund for the Year Ended 30 November 2024 Total Total Unrestrieted Unrestricted Funds Funds 2024 2023 Income and Endowments from: Expenditure on: Raising funds Charitablt activities (595) (1.032) (20) Total exptnditure Net expenditure Reconcillxtion of funds Total funds brought fotivard Total funds Ca led forward {20} (1,627) (20) (1.627) 3.535 5.162 3,515 3,535 This pag¢ does not form part of the statutory fInancial statements. Page 14
Sanquhar Enterprise Company Statement of Financial Activities by fund for the Year Ended 30 November 2024 (continued) Total Restricted Funds 2024 Total Restricted Fund5 2023 Income and Endowments from: Donations and legacies 291,140 98.635 Total income 291.140 98,6i5 Expenditure on: Raising funds Charitable activitie5 Other expenditure (2,599) (129,318) 1400} (37,126) (1.980) Total expenditure (132.317) (J9,106) Net incorne 158,823 59,529 Net movement in funds 158,823 59,529 Reeonciliatitsn of funds Total funds brought forward Totsl funds carried forward 85,447 25.918 244.270 85,447 This page does not f(Trrtn part of the statutory finan¢ial statements. Page 15
Sanquhar Enterprise Company Detailed Statement of Financial Activities for the Year Ended 30 November 2024 Total 2024 Total 2023 Income and Endowrnents from: Donation$ and legacies (analysed below) 291,140 98.635 Total income 291,140 98,635 Expenditure on: Raising funds lanalysed below) Charitable activities {analy5ed below) Other expenditure (analysed below) Total expenditure (2.599} {129,338) (400) {37,721) (3,012) (132,337) (40.733 Net income 158,803 57.902 Net movement in funds 158,803 57,902 Reeonciljation of funds Total funds brought forward 88,982 31.080 Total funds ¢arried fon¥ard 247.785 88.982 This page does not ftsrni part of the siatuiory flnancial statements. Pag¢ 16
Sanquhar Enteryrise Company .Detailed Statement of Financial Activities for the Year Ended 30 November 2024 (continued) Total 2024 Tot&1 2023 Doiiolioiis legucles Grants - trther agencies 291,140 291,140 98,635 98.635 Raisingfund.s Direct costs Advertising Wages and salaries Travellin$ Travelling Insurance Repairs and maintenance Telephone and fax Telephotje and fax (15.818) (40) (20.194) (304) (1,551) (459) (565) (509) 1555) {189) (1361 (2.599 CliurilfihlÉ ttclivilies Direct costs Wages and salaries Sundry expenses Sundry expenses Itjdependent examiner's fee Independent examiner's fee Consultancy fees Rent (107,498} (20.618) (422) (20) (7801 (477) (180) {1.980) 1375) 129,338) (3,012) O¢lier e-ypenditure Depreciation of office equipTntnt 400) 1400 This page does not form part of the statutory financial statements. Pag¢ 17