THE FORTH ACT (SCIO)
SCOTTISH CHARITY NO. SC051816
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
THE FORTH ACT (SCIO)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
| Page | |
|---|---|
| Trustees’ Annual Report | 1 - 3 |
| Independent examiner’s report on the accounts | 4 |
| Receipts and payments account | 5 |
| Statement of balances | 6 |
| Notes to the accounts | 7 - 9 |
THE FORTH ACT (SCIO)
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Trustees have pleasure in presenting their annual report together with the financial statements and the independent examiner’s report for the year ended 30 June 2024.
Reference & Administrative Information
Charity Name
The Forth Act (SCIO)
Charity Number
SC0518416
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Trustees
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Independent Examiner
EA Independent Ltd 5 South Charlotte Street Edinburgh EH2 4AN
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THE FORTH ACT (SCIO)
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Structure Governance & Management
Legal status and founding document
The Forth Act is a Scottish Charitable Incorporated Organisation (SCIO), regulated by a written constitution. The Forth Act was registered on 24 June 2022.
The constitution was updated and approved at a Special General Meeting in January 2024. The main change was to update and formalise our membership structure.
Recruitment and appointment of Trustees
Trustees are elected at the AGM or are appointed in line with the constitution.
Entitlement to appoint Trustees
By nominating members, the nominator is exercising their right under the constitution of the Charity.
Organisational Structure
Day-to-day management of The Forth Act is organised by the Trustees which has met regularly in person and by virtual means throughout the year.
Objectives & Activities
Purpose and principal activities
The organisation’s purposes are:
a) The advancement of the arts, heritage, culture or science
- b) The advancement of education
We do this by staging dramatic performances created by the people, for the people; bringing drama into the community and using spaces that are familiar to people in new and surprising ways.
Achievements, review of the year and plans for future periods
After the success of A Midsummer Night’s Dream in June 2023, the year to June 2024 has been one of consolidation and planning. We strengthened our Board, adding further Trustees with experience in performing, directing, production, music, writing, and community engagement.
One production was staged in December 2023, of A Christmas Carol, excellently adapted and directed b , with musical direction by both new Trustees. The show was put on over three nights at St Salvador’s Episcopal Church and was free to attend, with donations of cash or to the church’s foodbank accepted. All proceeds from the show were donated to St Salvador’s Church, after covering production costs, with a total donation of £1,250 made.
In September 2023, a planning group was put in place, made up of Trustees and interested members. The aim of the group was to develop a programme of shows for the next three years. A proposed three year programme was presented to the Trustees in March 2024 and approved. A production team was subsequently set up for the first production of our programme; Blithe Spirit in November 2024. Another festive show is planned to take place at St Salvador’s Church in December, which again will be donation only with all proceeds going to the church, and we are in the early stages of planning for another outdoor production at Saughton Park in Summer 2025.
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THE FORTH ACT (SCIO)
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Another of our new Trustee arranged a series of Scratch Nights starting in January 2024. The nights are a relaxed space for performers to test out new material with an appreciative audience.
These nights help to maintain awareness of The Forth Act brand in between our productions and we hope to continue these nights over the coming year.
The Trustees are in the process of developing a website to be able to better advertise our upcoming shows and build membership involvement, alongside developing our brand.
Financial Review
Results for the year
Total receipts for the year were £4,285 and total payments for the year were £7,326. This gives a net deficit in the year of £3,041 (2023: surplus of £10,289). Fund balances at 30 June 2024 are £7,248 (2023: £10,289), of which £0 are restricted to use.
Reserves
The SCIO’s reserves policy takes into account the need to manage ongoing costs and contingencies, including unexpected needs, day to day operational costs, responding to changing funding climate, and ensuring commitments are met. The reserves are held as unrestricted funds. As at 30 June 2024, unrestricted funds are £7,248. As a small charity operating mainly on surpluses made from our productions and grant income, our aim is to build up sufficient reserves to cover the running costs of the SCIO as well as a significant proportion of the cost of putting on each new production. The unrestricted reserves are partly made up by a loan which is in place to support the SCIO in its early years of operation. The SCIO’s operational costs are kept low and reviewed regularly by Trustees at board meetings. The trustees consider the unrestricted funds and cash reserves held are sufficient.
Major risks facing the charity
The key risks facing the charity are that we do not generate surpluses from our productions to ensure the SCIO holds sufficient unrestricted reserves, or that we do not attract grant funding to support our productions.
Trustee remuneration and expenses
Trustees do not receive remuneration or expenses in connection with their role as a Trustee of the charity.
Approved by the Trustees on 20 October 2024 and signed on their behalf by:
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Chair
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THE FORTH ACT (SCIO)
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE FORTH ACT
I report on the financial statements of the charity for the period ended 30 June 2024, which are set out on pages 5 and 6 and the related notes on pages 7 to 9.
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) Act 2005 (“the 2005 Act”) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (“the 2006 Regulations”). The charity’s Trustees consider that the audit requirement of Regulation 10(1) (d) of the Regulations does not apply. It is my responsibility to examine the accounts as required under section (44)(1)(c) of the 2005 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 2006 Regulations. 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 view given by the accounts.
Independent Examiner’s 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(1)(a) of the 2005 Act and Regulation 4 of the 2006 Regulations
-
to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 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.
EA Independent Ltd 5 South Charlotte Street Edinburgh EH2 4AN
21 October 2024
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THE FORTH ACT (SCIO)
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 30 JUNE 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| 2024 | 2024 | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Receipts | |||||
| Grants and donations | 2 | 302 | - | 302 | 6,097 |
| Receipts from fundraising activities | 2,455 | - | 2,455 | 2,140 | |
| Receipts from charitable activities | 3 | 1,528 | - | 1,528 | 7,851 |
| Loan | - | - | - | 8,809 | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 4,285 | - | 4,285 | 24,897 | ||
| ──-───── | ──-───── | ──-───── | ───── | ||
| Payments | |||||
| Grants and donations | 4 | 1,250 | - | 1,250 | - |
| Fundraising activities | 63 | - | 63 | - | |
| Charitable activities | 5 | 5,553 | - | 5,553 | 14,358 |
| Governance costs | 6 | 460 | - | 460 | 250 |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| Total payments | 7,326 | - | 7,326 | 14,608 | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| Net (payments)/receipts before transfers | (3,041) | - | (3,041) | 10,289 | |
| Transfers between funds | - | - | - | - | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| (Deficit)/surplus for the year | (3,041) | - | (3,041) | 10,289 | |
| ═════ | ═════ | ═════ | ═════ |
.
The Notes on page 7 to 9 form part of these financial statements
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THE FORTH ACT (SCIO)
STATEMENT OF BALANCES
AS AT 30 JUNE 2024
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| 2024 | 2024 | 2024 | 2023 | ||
| Notes | £ | £ | £ | £ | |
| Fund balances at start of period | 10,289 | - | 10,289 | - | |
| (Deficit)/surplus for the period | (3,041) | - | (3,041) | 10,289 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Fund balances at 30 June 2024 | 8 | 7,248 | - | 7,248 | 10,289 |
| ═════ | ═════ | ═════ | ═════ | ||
| Bank and cash balances represented by: | |||||
| Bank account at start of period | 10,289 | - | 10,289 | - | |
| Net receipts and payments in period | (3,041) | - | (3,041) | 10,289 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Bank account at 30 June 2024 | 7,248 | - | 7,248 | 10,289 | |
| ═════ | ═════ | ═════ | ═════ | ||
| Creditors | |||||
| £ | £ | ||||
| Loan (Note 8) | 8,809 | 8,809 | |||
| Edinburgh Council – park hire | - | 3,982 | |||
| Independent examination fee | 200 | 200 | |||
| ─────── | ─────── | ||||
| Total creditors | 9,009 | 12,991 | |||
| ═════ | ═════ |
The accounts were approved by the Trustees on 20 October 2024 and were signed on its behalf by:
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Chair
The Notes on page 7 to 9 form part of these financial statements
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THE FORTH ACT (SCIO)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024
1. ACCOUNTING POLICIES
Basis of accounting
The accounts are prepared on a Receipts and Payments basis in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Statement of Receipts and Payments is a summary of all money received and paid by the Charity during the financial year. No adjustments have been made for income due not yet received, or for expenditure incurred not paid by the end of the year.
VAT
The Charity is not registered for VAT and, accordingly, expenditure includes VAT where appropriate.
Taxation
The SCIO is accepted by HMRC as a Charity under Section 521 to 563, Income Tax Act 2007, and accordingly no provision is required for taxation on surpluses.
Resources expended
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Expenditure on fundraising activities relates to those costs incurred directly in the raising of donations for the charity.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the Independent Examiner’s fee.
Restricted funds
The charity holds restricted funds representing funds donated specifically for a certain activity. The income and expenditure relating to each restricted fund is accounted for separately.
2. GRANTS AND DONATIONS
| RANTS AND DONATIONS | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Membership fees | 300 | - | 300 | 490 |
| Audience card donations | 2 | - | 2 | 300 |
| Audience cash donations | - | - | - | 307 |
| Edinburgh Council Community Grant Fund | - | - | - | 5,000 |
| ──-───── | ──-───── | ──-───── | ──-───── | |
| 302 | - | 302 | 6,097 | |
| ──-───── | ──-───── | ──-───── | ──-───── |
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THE FORTH ACT (SCIO)
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
3. RECEIPTS FROM CHARITABLE ACTIVITIES
| 3. | RECEIPTS FROM CHARITABLE ACTIVITIES | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Ticket sales | 1,516 | - | 1,516 | 7,801 | |
| Cast script purchases | 12 | - | 12 | - | |
| Bank compensation | - | - | - | 50 | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 1,528 | - | 1,528 | 7,851 | ||
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 4. | PAYMENTS ON GRANTS AND DONATIONS | ||||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Donation to St Salvador’s Church | 1,250 | - | 1,250 | - | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 5. | PAYMENTS ON CHARITABLE ACTIVITIES | ||||
| £ | £ | £ | £ | ||
| Sound and light technician | - | - | - | 5,756 | |
| Park hire | 3,982 | - | 3,982 | - | |
| Hall hire | 477 | - | 477 | 5,717 | |
| Costumes and set | 207 | - | 207 | 1,094 | |
| Advertising and printing | 79 | - | 79 | 835 | |
| Script purchase | 149 | - | 149 | - | |
| Website development | 477 | - | 477 | - | |
| Chair hire | - | - | - | 394 | |
| Interval refreshments | - | - | - | 227 | |
| Other consumables | - | - | - | 226 | |
| Ticketing and card machine charges | 13 | 13 | - | ||
| Memberships | 169 | - | 169 | 84 | |
| Technician advertising | - | - | - | 25 | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 5,553 | - | 5,553 | 14,358 | ||
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 6. | GOVERNANCE COSTS | ||||
| £ | £ | £ | £ | ||
| Independent examination | 200 | - | 200 | - | |
| Insurance | 260 | - | 260 | 250 | |
| ──-───── | ──-───── | ──-───── | ──-───── | ||
| 460 | - | 460 | 250 | ||
| ──-───── | ──-───── | ──-───── | ──-───── |
The fee for the 2024 independent examination is £200 (2023: £200) and is included in the Statement of Balances.
7. TRUSTEE EXPENSES
No remuneration or expenses were paid to the trustees.
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THE FORTH ACT (SCIO)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024
8. FUNDS
| UNDS | |||||
|---|---|---|---|---|---|
| At 30 June | At 30 June | ||||
| 2023 | Receipts | Payments | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 10,289 | 4,285 | (7,326) | - | 7,248 |
| ──-───── | ──-───── | ──-───── | ──-───── | ──-───── | |
| Total funds | 10,289 | 4,285 | (7,326) | - | 7,248 |
| ═════ | ═════ | ═════ | ═════ | ═════ |
Nature and purpose of Funds
Unrestricted funds:
General Fund has no restriction and is administered on a discretionary basis by the Trustees in line with the objects of the SCIO. Part of the unrestricted funds brought forward, £8,809 are from a loan which is deemed to be unrestricted as it is to support the general charitable purposes of the SCIO. The loan is repayable only when the SCIO is generating sufficient funds and is shown in the Statement of Balances.
Restricted funds:
The SCIO did not have any restricted funds carried forward from the prior year and did not receive any restricted funds during the year.
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