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 EXamine￿S 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. SIr￿elie5 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 pennant￿tlY based in our own O￿lee 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 cU￿encY 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 ¢x￿rIenCe, 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 asSi￿ed 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 ¢ll1ll￿1< 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