INVERCLYDE HERITAGE SCIO REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2024 Charity Registration Numbèr: SC050770 Chartered Accountants 9 Royal Crescent Glasgow G3 7SP
INVERCLYDE HERITAGE SCIO FINANCIAL STATEMENTS for the year ended 28 February 2024 CONTENTS PAGE Trustees, Report Independent Examiner'5 Report to the Members Statement of Financial Activities Balance Sheet Notes forming part of the Financial Statements
INVERCLYDE HERITAGE SCIO TRUSTEES, REPORT for thè year ended 28 Fèbruary 2024 The Trustees have pleasure in submitting their annual report for the year ended 28 February 2024. The financial Statements comply with the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amended), the Trust Deed, 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 IFRS 1021 leffective l January 20191. OBJEcfivES AND ACTIVITIES The organisation's charitable purposes are: the advancement of the art5, heritage, tulture or science, together with citizenship or community development," the prc)vision of recreational facilities. or the organisation of recreational activitie5, Wlth the objert of improving the conditions of life for the persons for whom the facilities or activities are primarily intended; for the public benefit, with primary foc(Js on benefit to the community of Greenock and Inverclyde and through the creation of an inclusive space used for community. heritage. culture. music and arts activities within Greenock and Inverelyde. ACHIEVEMENTSAND PERFORMANCE AND FINANCIAL REVIEW The charity continued to be dormant during the year. The cost of living crises had a significant impact on the entertainment sector and on the development of new initiatives linked to community / heritage and entertainment. A decision was made to wait until the wider sector recovered and there were opportunities to strengthen our board and establish stronger relationships with local partners. Investment oli Under the Constitution, the charity has the power to invest any money that the charity does not immediately require. in any Investments, seturities or properties. Reserves When artivity commences the trustees have established a policy whereby funds held by the charity should be not less than 3 months of the resources expended Risk mana ement The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to mitigate any exposure to major risks.
INVERCLYDE HERITAGE SCIO TRUSTEES, REPORT for thè year ended 28 Fèbruary 2024 PLANS FOR FUTURE PERIOD Inverclyde Heritage SCIO plans to become active during 2025. Our first priority is to grow the Board, by bringing in local people with an interest in heritage, community engagement and Governance. We plan to submit some small funding applications (less than £10,0) to support us to engage with the local community about ways that we can open up The Tobacco Warehouse to be used and enjoyed by local people and start the process of securing larger capital funds to ensure that we maximise potential for this heritage resource to be open and available to the local communitv. STRUCTURE. GOVERNANCE AND MANAGEMENT Constitution Inverclyde Heritage SCIO is a Scottish Charitable Incorporated Organisation governed by its Constitution dated 12 February 2021 ènd is registered as a charity with the Office of the Scottish Charity Regulator General strutture The structure of the organisation consists of the Charity Trustees who are also the organisation's only members and comprise the ooanisation's Board. Board of Trustees Inverclyde Heritage is governed by 3 Board of Trustees. The 8oard of Tru5tee5 comprises a minimum of three trustees, and no maximum, and must include a Chair person. A person shall be eligible for appointment as a ChaTlty Trustee if they support the eharitable purposes of the organisation and are proposed by two or more Charity Trustees. At each AGM, all of the Charity Trustees must retire from office- but may then be re-elerted. Indurtlon and Trulnlng of New Trustees At present, there is no induction process undertaken, we are looking to widen membership to bring in local stakeholders and people with specific experience in Governance. heritage, and funding to strengthen the board and support existing trustees.
INVERCLYDE HERITAGE SCIO TRUSTEES, REPORT for thè year ended 28 Fèbruary 2024 REFERENCE AND ADMINISTRATIVE INFORMATION Charrty name INVERCLYDE HERITAGE SCIO Charity number SC 050770 Registered Offite and Operational Addres5 7 Hood Street Greenock PA15 IYQ Trustees Independent Examiner C W Chartered Accountants 9 Royal Crescent Glasgow, G3 75P
INVERCLYDE HERITAGE SCIO TRUSTEES, REPORT for thè year ended 28 Fèbruary 2024 STATEMENT OF TRUSTEE RESPONSIBILITIES The Trustees are responsible for preparing a Trustees Annual Report and Financial Statements in accordance with the applicable law and United Kingdom Acc(>unting Standards Iunited Kingdom Generally Accepted Accounting Prarticel. The law applicable to tharities in Scotland requires the TrLJStees' to prepare financial statements for each financial year which give a true and fair view of the State of affair5 of the Trust at the end of the vear and of the profit or loss for the year then ended. In preparing those financial statements. the Trustees are required to= select suitable accounting policies and then apply them con5iStently; observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., State whether applicable accounting standards have been followed, subjert to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in busine55. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial Statements comply with the Charitie5 and Trustee Investment (Scotlandl Act 2CQ5 and Charities Accounts Iscotlandl Regulations 2006 las amended) and the provisions of the Trust's constitution. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the Trust and financial information included on the Trusf s web51te. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdittions. The Trustees confirm that the accounts comply with the above requirements. roved b the Trustee5 On Jul 2025 and signed on their behalf..
INDEPENDENT EXAMINER'S REPORTTOTHETRUSTEES OFTHE INVERCLYDE HERITAGE SCIO I report on the financial statements for the year ended 28 February 2024, set out on pages 6 to 14. Respective responsibilities of the Trustees and the Independent Examiner The chariws Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotlandl Art 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended). The charity's Trustees consider that the audit requirement of Regulation 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the accounts a5 required under section 4411) Icl of the Act and to state whether particular matters have come to my attention. Basis of independènt èxaminerfs report My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Reeulations 2006 las amended). An examination includes a review of the accounting records kept by the charity and a compari50n of the accounts presented with those record5. It 3150 include5 consideration of any unusual items or disclosures in the accounts, and seeking 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 I do not express an audit opinion on the view given by the accounts. Independent èxaminerfs statement In the course of my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with Section 44 llllal of the 2005 Act and Regulation 4 of the 2006 Atcounts Regulations las amended),. and to prepare account5 which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations las amendedl have not been met,. or 21 to which, in my opinion. attention should be drawn in order to enable a proper understanding of the account5 to be reached. cw Chartered Accountants 9 Royal Crescent Glasgow G3 7SP 17 July 2025
INVERCLYDE HERITAGE SCIO STATEMENT OF FINANCIAL ACTIVITIES (including Income & Expenditure Accountl for the year ended 28 February 2024 Unrestrirted RestrictedTotal Funds Total Funds Funds Funds 2024 2023 Notes Income and endowments from: Donotions Donations Chorittsble octivities Grants Total Expendlture on.. Raising fLJnd5 Charitable activities 13001 13001 13001 Total 13001 13CM)I 13001 Net incomellexpenditurel 13001 13001 13001 Gross transfers between funds li Net movement in funds 13001 13001 13001 Reconclllatlon of funds: Total funds at 28 February 2023 17801 17801 14801 Total funds at 28 February 2024 li 11,0801 11,0801 17801 All income and expenditure derive from continuing operations. There are no gains or losses other than those shown above. The notes on pages 8 to 13 form part of these financial statements
INVERCLYDE HERITAGE SCIO BALANCE SHEET As at 28 February 2024 2024 2023 Notes Fixed assets Tangible fixed assets Current assets Debtors Cash at bank Current liablllties Creditors falling due within one year io 11.0801 17801 Net current assets 11,0801 17801 Net assets 12 11,0801 17801 Funds Unrestricted funds Restricted funds li li 11.0801 17801 11,0801 17801 These accounts were approved by the Trustees on . July 2025 and are signed on their behalf by.. The note5 on pages 8 to 14 form part of these financial 5tatement5.
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 ACCOUNTING POLICIES The principal accounting policies are summarised below. Basis of Preparation The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notels) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Prartice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFR51021, the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The SCIO constitutes a public benefit entity as defined by FRSIO2. The trustees consider there are no material uNcertaintie5 about the SCIO'S ability to continue as a going concern. Accordingly the financial statements have been prepared on a Éoing concern basis. The SCIO has taken advantage of the exemption from the requirement to prepare a Statement of Cash Flows as permitted under FRS 102 and the Charities FRS 102 SORP. Ibl Funding Accountin8 Unrestricted funds are available for use at the discretion of the trustees furtherance of the general objective5 of the charity. Designated funds are unrestricted funds earmarked by the charity for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Income recognition All income is included in the Statement of financial activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Grants receivable and donations are credited to the Statement of Financial Activities in the year for which they are received. Investment income is included when receivable.
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 I. ACCOUNTING POLICIES Itont.) Idl Expenses recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 15 probable that settlement will be required and the amount of the obligation can be measured reliablv. Expenditure is retognised on an ateruals basis. All expenses intluding support costs and governance cost are allocated or apportioned to the applicable expenditure headings. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of expenditLJre to which it relates= Raising funds comprise the costs associated with attracting donations. Charitable expenditure comprise those costs incurred by the charity in the delivery of its activities and services for it5 beneficiaries. It includes both cost5 that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. lel Flnanclal Instruments Financial instruments comprise financial assets and financial liabilities which are recognised when the charity become5 a party to the contractual provi5ion5 of the instrument. They are classified as 'basic" in accordance with FRS102 and are accounted for at the settlement amount due, which equates to the cost. Financial assets comprise investments and cash. Financial liabilities comprise accruals.
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 Intomè from Donations Unrestricted Restricted 2024 2023 Donations Income from donations was £nil12023.' £nill of which £nil 12023.. £nill was unrestricted and £Nil12022.' £nill was restricted. Income from Charltable Attlvltles Unrestrirted Restrirted 2024 2023 Grants Income from charitable activities w3s £nil 12023.. £nill of which £nil 12023.. £nill was unrestricted and £Nil12023'. £nill was re5trirted. 4. Expenditure 2024 2023 Dlrect costs Support costs Governance costs- Independent Examination fees 300 300 300 300 Expenditure was £30012023 £3001 of which £30012023.. £3(M)I was unrestricted and £nil 12023.. £nill wa5 restricted. io
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 stsff costs and numbers 2024 2023 Salaries and wages Social Security costs Pension costs The number of persons employed by the company during the period was nil12023.. £nill. Trustees. Rèmuneration No members of the board of Trustees received any remuneration. nor were reimbursed any expenses, during the current or previous period. Movement in Total Funds for the period 2024 2023 This is stated after charging.. Independent Examination fees 300 300 li
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 Debtors 2024 2023 Grant5 debtors io. Creditors Falling due Within One Year 2024 2023 Other creditor Accruals 1,080 780 1.080 780 ii. Movement In Funds Ati March 2023 At28 February 2024 Income Expenditure Transfer5 UnrestrictedFunds General 17801 13001 11,0801 Total unrestricted funds 17801 13001 11,0801 Restrirted Funds Restricted Fund Total Restricted Funds Total 17801 13001 11,0801 12
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 Movèment in Funds Itont.) Atl March 2022 At28 February 2023 Income Expendlture Transfers UnrestrictedFund5 General 14801 13001 17801 Total unrestricted funds 14801 13001 17801 Restrfrted Funds Restricted Fund Total Restricted Funds Total 14801 13001 17801 Purpose of restrlctedAunds As the charity is dormant at present there are no funds held. 12. Analysis of Net Assets Between Funds Unrestrlcted Restrlcted Funds Fund5 2024 2024 Total Fund5 2024 Tangible fixed assets Current assets Current liabilities 11,0801 11,0801 Net assets 11,0801 11,0801 13
INVERCLYDE HERITAGE SCIO NOTES TO THE FINANCIAL STATEMENTS for thè year ended 28 Fèbruary 2024 12. Analysis of Net Assèts Betweèn Funds Icont.) Unrestrirted Restrirted Funds Funds 2023 2023 Total Funds 2023 Tangible fixed assets Current assets Current liabilities 17801 17801 Net assets 17801 17801 13. Related Parties transartion5 No one individual had control of the charity during the year. There are no related party transactions during the current of previous period. 14