REGISTERED CHARITY NUMBER: SC050213
Reports of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2024 SADCO FOUNDATION
AMS ACCOUNTING SERVICES LIMITED
7 Callanish Crescent Newton Mearns, Glasgow East Renfrewshire G77 5WT
Contents of the Financial Statements for the Year Ended 30 June 2024
SADCO FOUNDATION
| Page | |
|---|---|
| Report of the Trustees | 3 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 9 |
| Detailed Statement of Financial Activities | 10 |
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SADCO FOUNDATION
Report of the Trustees for the Year Ended 30 June 2024
The trustees present their annual report and financial statements of the charity for the year ended 30 June 2024 and confirm they comply with the charities and Trust Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practise applicable to charities preparing their accounts in accordance with th Financial Reporting Standard applicable in the UK.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number SC050213
Prinicpal Address
90 Fernlea, Bearsden, Glasgow Scotland G61 1NB
Trustees
Independent examiner AMS ACCOUNTING SERVICES LIMITED 7 Callanish Crescent Newton Mearns, Glasgow East Renfrewshire G77 5WT
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by constitution of Sadco Foundation.
Objectives
Sadco Foundation objectives are:
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The prevention and relief of poverty by helping any suffering person to gain access to funds and grants or through the provision of financial assistance by ourselves.
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The advancement of citizenship or community development by holding classes, events and seminars structured to increase engagement and to help empower communities to overcome social, economic, and environmental challenges. 3. The provision of recreational facilities, or the organisation of recreational activities, with the objective of improving the conditions of life for the persons for whom the facilities or activities are primarily intended by running various sports classes including but not limited to football, basketball, badminton, cricket, and yoga. 4. The relief of those in need by reason of age, ill-health, disability, financial hardship or other disadvantage by providing funds for the reconstruction of schools, places of worship and homes, by providing basic food provisions for the poor and those affected by natural disasters or war and the establishment of medical and rehabilitation clinics for victims of war, oppression and drug abuse.
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.
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Trustees' responsibilities in relation to the financial statements
The charity trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006;. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees and signed on its behalf by:
Date: ….............................
Page 4
Independent Examiner’s Report to the Trustees of Sadco Foundation
I report on the accounts of the charity for the year ended 30th June 2024 which are set out on pages 6 to 10.
Basis of independent examiner’s statement
My examination was carried out in accordance with Regulation 11 of Charity accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given to as whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statements below.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
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to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
..............................................
AMS ACCOUNTING SERVICES LIMITED
7 Callanish Crescent Newton Mearns, Glasgow East Renfrewshire G77 5WT
Date: 20.03.2025
Page 5
SADCO FOUNDATION
| Statement of Financial Activities for the Year Ended 30th June 2024 INCOMING RESOURCES Incoming resources from generated funds Voluntry income Incoming resources from charitable activities Charitable activity Total incoming resources RESOURCES EXPENDED Cost of generating funds Fundraising trading:cost of goods sold and other cost Charitable activities Charitable activity Governance Costs Total resources expended NET INCOMING RESOURCES RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 18,584 - 18,584 627 16,221 909 17,757 827 5,783 6,610 |
Restricted fund £ - - - - - - - - - - |
30.06.24 Total funds £ 18,584 - 18,584 627 16,221 909 17,757 827 5,783 6,610 |
30.06.23 Total funds £ 13,279 - |
|---|---|---|---|---|
| 13,279 503 7,967 648 |
||||
| 9,118 | ||||
| 4,161 1,622 |
||||
| 5,783 |
Page 6
SADCO FOUNDATION
Balance Sheet
for the Year Ended 30th June 2024
| Notes FIXED ASSETS Tangible assets Investment Property CURRENT ASSETS Stocks Cash at bank and in hand CREDITORS Amount falling due within one year 6 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amount falling more than one year NET ASSETS FUNDS Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ - - - - 6,965 6,965 355 6,610 6,610 - 6,610 |
Restricted fund £ - - - - - - - - - - - |
30.06.24 Total funds £ - - - - 6,965 6,965 355 6,610 6,610 - 6,610 6,610 - 6,610 |
30.06.23 Total funds £ - - |
|---|---|---|---|---|
| - - 6,138 |
||||
| 6,138 355 |
||||
| 5,783 5,783 - |
||||
| 5,783 | ||||
| 5,783 - |
||||
| 5,783 |
The financial statements were approved by the Board of Trustees on …..............................and were signed on its behalf by:
Page 7
Notes to the Financial Statements for the Year Ended 30th June 2024
SADCO FOUNDATION
1. ACCOUNTING POLICIES
Accounting convention
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), the companies Act 2006 and the requirements of the Statement of Recommended Practise, Accounting and Reporting by Charities
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accrual basis and has been classified under the 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Fixture and fittings etc 15% on reducing balance
Taxation
The charity is exempt from corporation 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 objectives 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.
2. NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):
30.06.24 30.06.23 £ £ Depreciation - owned assets - -
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30th June 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30th June 2024.
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SADCO FOUNDATION
| Notes to the Financial Statements for the Year Ended 30th June 2024 4. TANGIBLE FIXED ASSETS COST- ADDITION At 1st July 2023 - June 2024 DEPRICIATION At 1st July 2023 Charge for year |
Fixture and fittings £ - - - |
||
|---|---|---|---|
| At 30th June 2024 | - | ||
| NET BOOK VALUE | |||
| At 30th June 2024 | - | ||
| At 30th June 2023 | - | ||
| 5. FIXED ASSETS INVESTMENTS £ Investment on Property - 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.06.24 30.06.23 Other creditors 355 355 7. MOVEMENT IN FUNDS At 30.06.2023 Net movemen t in funds At 30.06.2024 £ £ £ Unrestricted funds General fund 5,783 827 6,610 Restricted funds Restricted - - - TOTAL FUNDS 5,783 827 6,610 Net movement in funds, included in the above are as follows. Incoming Resources Resources expended Movement in funds £ £ £ Unrestricted funds General fund 18,584 ( 17,757) 827 Restricted funds Restricted - - - TOTAL FUNDS 18,584( 17,757) 827 |
Net movement in funds, included in the above are as follows.
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SADCO FOUNDATION
Detailed Statement of Financial Activities for the Year Ended 30th June 2024
| INCOMING RESOURCES Voluntry income Grants, charity & donations Incoming resources from charitable activities Income from Charitable Activities Sundries receipts Total incoming resources |
30.06.24 £ 18,584 - - - 18,584 |
30.06.23 £ 13,279 - - - 13,279 |
|---|---|---|
| RESOURCES EXPENDED | ||
| Fundraising trading: cost of goods sold and other costs Purchases Charitable activities Event Costs Charitable Machinery Web Development & mgmt Events & food Travel and Subsistence Advertisement Governance costs Light and heat Wages & PAYE Professional fees Printing, Stationery Subscriptions Loan paid Donations Telephone & Internet Consultancy fee Advertising & PR Accountancy fee Legal fees Cleaning Sundries Repairs & maintenance Bank charges Total resources expended Net Income |
627 5,262 8,004 - 500 1,492 963 16,221 135 - - 59 216 - - 65 - - 375 - 38 21 - - 909 17,757 827 |
503 727 7,240 - - - 7,967 128 - - 39 - - - 57 - - 375 - 26 23 - - 648 9,118 4,161 |
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