**Charity Number**
**SC051547**
## **Cumbrae Aspires (previously 'The Cumbrae WAVE')**
## **Report and Financial Statements**
**For the Period Ended 31 March 2025**
Page 1 of 10
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
## **Contents**
||_Page_|
|---|---|
|Reference and Administration Details|3|
|Trustees' Annual Report|4 - 5|
|Independent Examiner's Report|6|
|Receipts and Payments Account|7|
|Statement of Balances|8|
|Notes to the Accounts|9 - 10|
Page 2 of 10
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
|**Reference and Administration Details**|**Reference and Administration Details**|
|---|---|
|**Charity Name**|Cumbrae Aspires (previously 'The Cumbrae WAVE')|
|**Charity Number**|SC051547|
|**Principal Address**|College of the Holy Spirit|
||College Street|
||Millport|
||Isle of Cumbrea|
||KA28 0HE|
|**Trustees**||
|**Independent Examiner**||
||Brett Nicholls Associates|
||Herbert House|
||24 Herbert Street|
||Glasgow|
||G20 6NB|
|**Bankers**|Bank of Scotland|
||32 Main Street|
||Largs|
||KA30 8AD|
Page 3 of 10
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
## **Trustees' Annual Report**
The trustees present their Report and Accounts for the Period Ended 31 March 2025
## **Structure, Governance and Management**
## **Governing Documents**
Cumbrae Aspires SCIO was established as a charity on 26 January 2022 and is registered with the Office of the Scottish Charity Regulator (Charity No. SC051547). The charity is a Scottish Charitable Incorporated Organisation (SCIO) and is governed by its constitution. The charity changed its name from The Cumbrae WAVE to Cumbrae Aspires on 31 July 2025. This change does not affect the charity’s legal status or registration.
## **Recruitment and appointment of new trustees**
Trustees are elected by the charity’s members at general meetings. Where particular skills or experience are identified as lacking on the Board, additional trustees may be co-opted by the existing trustees to ensure the Board maintains an appropriate balance of expertise and knowledge. The charity's trustees are responsible for it's effective running, serve on a voluntary basis and are fully committed to make good decisions in the best interest of Cumbrae Aspires.
## **Objectives and activities**
## **Charitable Purpose**
To regenerate and preserve the historic environment of The College of the Holy Spirit providing leisure activities and facilities for the benefit of inhabitants and visitors of the Isle of Cumbrae. The current activities of the charity on focused on developing the vision for this important historic site, identifying support and funding to bring the building back into good repair.
## **Achievements and Performance**
During 2024 the charity, which had been dormant during the previous 18 months began work on developing a vision for the college of the Holy Spirit. The trustees agreed new purposes with OSCR and began work on a major feasibility study to see if a financially viable future could be possible for this important historic site that surrounds the cathedral of the isles.
During 2024 we developed a tender brief, which included the results of a number of community consultation meetings, and after successfully applying to North Ayrshire Council for round 1 repurposing funds we appointed John Renshaw Architects to complete a feasibility study. This was completed in November 24 and the results were shared with the local community.
During this period we were also working with the Diocese of Argyll and the Isles to move the Cumbrae Trust into a modern charitable vehicle to enable governance of the site to be modernised and clarified. This work is still ongoing.
In January 25 once we realised that the project was likely to be possible in the longer term we strengthened the trustee board and appointed a number of locals with the skills and experience that we are likely to need for the future.
Page 4 of 10
Cwnbrae Aspkes (prevkxsty Yhe Cumlrae WAVÉ?
Repwt and ACCnts Perw)d Ended 31 March 2025
TrleeS.Annl Rep)rt
FIrla1 RevkThv
The d)arity generated a Surp1 of £112 in the pernd eIed 31 Mardi 202512024: defKtt oF£751. At 31 March
2025, total cash balances totslled at £4,099 (2024: £3987). The chaty's reserves across years consisted
ent11¥ of (mrestrtcted Sra1 reserves.
Reserves Pol
The chariy 15 Still in the eady stages of pdiy deveknFxnenL We ate have SeNe5 of a of
six months runnings forthe site. We recognlse thattrTe is signifntwO trJ do to athieve this, induding tl
develq)rnent of an understsndin£ of what bngertem) ruMir8 costs are lfftety to be.
Plans lor the fithre
DUY1 202S/26ourmain aimsare:
• To clarify the vision we a aiming f. a corrtjination of busness pfanning and comrnui¥ty con5utsti
• To contwiue wth Diocese of Argym andthelsles on the m(xJemsation of the Cumbrae T[
. To appty Round 2 Repurposing funding to pay fdetailed design wth and appty forFAaMtrg pem)issio
• To develLXY and start work on fu)drnisirg plan
• To continue the (k4vek)pmèntof commun¥ supwrt forthe project
The tTUStees dedare that tly have apwoved reF¢XtalThe.
Slgned on behalf of the charity's trnstees:
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
## **Independent Examiner's Report**
**Report to the trustees/members of** Cumbrae Aspires (previously 'The Cumbrae WAVE') **Registered charity number** SC051547 **Accounts of the charity for the period** 1 February 2024 to 31 March 2025 **Set out on pages** 7 - 10
## **Respective responsibilities of trustees and examiner:**
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of Independent Examiner's statement:**
My examination is carried out in accordance with Regulation 11 of the Charities 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, I do not express an audit opinion on the accounts.
## **Independent Examiner's statement:**
In the course of my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that in any material respect the requirements to:
- keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations
have not been met, or
2. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Fellow of the Association of Chartered Certified Accountants Brett Nicholls Associates
Herbert House, 24 Herbert Street, Glasgow, G20 6NB
Page 6 of 10
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
## **Receipts and Payments Account**
|**Receipts**
_Notes_
Donations & Legacies
2
Grants
3
Other
4
**Payments**
Charitable Activities Costs
5
Governance Costs
6
**Net Receipts/-Payments**
_Transfers Between Funds_
Net Surplus/-Deficit for the Period
_Funds Brought Forward_
**Funds Carried Forward**
8|_Unrestricted_
_Restricted_
_Total_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
3,000
-
3,000
-
23,940
23,940
5,868
-
5,868
8,868
23,940
32,808
8,673
23,940
32,613
83
-
83
8,756
23,940
32,696
**112**
**-**
**112**
-
112
-
112
3,987
-
3,987
**4,099**
**-**
**4,099**|_2024_
_Total_
_£_
-
-
-|
|---|---|---|
|||-|
|||-
75|
|||75|
|||**(75)**|
|||-
(75)
4,062
**3,987**|
The notes on pages 9 to 10 form an integral part of these accounts.
Page 7 of 10
Cumbrae As*es {prevk4ts 7he Cumtrae WAVE?
RewYtarnl AcUrtS for the PerKJd En(kd 31 March 2025
Slatemenlof BalarKes
Unre5tncted Re5rffjted
FuThls
Fu
Total
Funds
2024
Totol
Cash and Bank 8abrKes
Opening Cash and Bank B21arces
slUs/-DeftrtfOrthe perhxl
Closing Cash and BarTrk Balance5
3987
112
3987
4ffi2
(751
3,987
499
4m9
N4JnDonations
**3. Grants**
North Ayrshire Council
**4. Other Income**
C Campbell Loan
**5. Charitable Activities Costs**
Feasibility Study
Professional Fees|_Unrestricted_
_Restricted_
_Total_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
3,000
3,000
_Unrestricted_
_Restricted_
_Total_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
23,940
23,940
_Unrestricted_
_Restricted_
_Total_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
5,868
5,868
_Unrestricted_
_Restricted_
_Total_
_Funds_
_Funds_
_Funds_
_£_
_£_
_£_
5,868
23,940
29,808
2,805
2,805
8,673
23,940
32,613|_2024_
_Total_
_£_
-|
|---|---|---|
|||_2024_
_Total_
_£_|
|||_2024_
_Total_
_£_|
|||_2024_
_Total_
_£_|
|||-|
Page 9 of 10
**Cumbrae Aspires (previously 'The Cumbrae WAVE') Report and Accounts for the Period Ended 31 March 2025**
## **Notes to the Accounts**
|**6. Governance Costs**|_Unrestricted_|_Restricted_|_Total_||_2024_||
|---|---|---|---|---|---|---|
||_Funds_|_Funds_|_Funds_||_Total_||
||_£_|_£_|_£_||_£_||
|Independent Examination Fee|83|||83||75|
## **7. Related Party Transactions**
The trustees received no remuneration or expenses during the period (2024: Nil).
During the period C Campbell loaned £5,868 to the charity, this is to be repaid when the charity is financially able to do so (2024: Nil).
|**8. Funds Analysis**
**Unrestricted**
General
**Restricted**
North Ayrshire Council
**Grand Total**|_Opening_
_Closing_
_Balance_
_Balance_
_1 Feb 24_
_Receipts_
_Payments_
_Transfers_
_31 Mar 25_
3,987
8,868
(8,756)
4,099|
|---|---|
||-
23,940
(23,940)
-|
||3,987
32,808
(32,696)
-
4,099|
## **Purposes of Funds**
General Fund The unrestricted, 'free reserves' of the charity
North Ayrshire Council The grant from North Ayrshire Council was Round one funding for repurposing buildings within North Ayrshire. The grant paid for the feasibility study that the charity is working towards implementing. It is hoped that Round two funding will be available over the next financial year.
Page 10 of 10