OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Charity registration number SC053096 (Scotland)

COSMOS COMMUNITY CENTRE (SCIO)

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

COSMOS COMMUNITY CENTRE (SCIO)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Charity number (Scotland) SC053096 Independent examiner Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS Bankers Bank of Scotland P O Box 17235 Edinburgh EH11 1YH

COSMOS COMMUNITY CENTRE (SCIO)

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 16

COSMOS COMMUNITY CENTRE (SCIO)

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the period ended 31 March 2025. The Charity, following its change from an unincorporated charity to a SCIO charity, operates under a new constitution from its incorporation date of 31 January 2024. The charity began operations under the new charity on 1 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)".

Objectives and activities

The objective of the Centre is to benefit the inhabitants of St Andrews and as much of the surrounding area as possible by:

-To establish or to secure the establishment of a Community Centre and to maintain and manage, or to co-operate with any local statutory authority or authorities in the maintenance and management of such a centre for activities promoted by the centre and its constituent bodies in the furtherance of the above objects.

-The centre may further seek to do all lawful things which are deemed to advance the purposes of the centre.

Achievements and performance

Significant activities and achievements against objectives

All ages within the local area benefit, as the Centre provides an outlet where they engage and interact with the wider community, through various social and physical activity group programmes. The Centre provides disabled access facilities attracting vulnerable groups, support and training organisations, in addition to the hire of the sports hall, meeting and function rooms, as well as the community mini bus. A major Centre project is the afterschool and holiday club which runs for 50 weeks of the year to enable parents to continue in employment, further education or training.

COSMOS COMMUNITY CENTRE (SCIO)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

Financial review

The results for the period are set out in the attached accounts. During the year the charity continued to provide services to the community.

The trustees aim to maintain reserves at a level that equates to approximately 12 months of Cosmos Centre funding. The trustees consider that this level will provide sufficient funds to maintain Centre activities and ensure that support and governance costs are covered. The trustees consider that a level of 12 months is sufficient given the well established funding pattern for the charity. This aim will be reviewed as required to ensure adequate funding requirements for Cosmos Centre are met.

At the year end the charity holds £155,774 in reserves, of which £114,775 is unrestricted and not invested in tangible assets or designated funds. Restricted funds amount to £34,651.

The charity's reserves held at the period end exceeds the trustees' reserves aim of 12 months funding. The charity's principal funding sources are Fife Council and The Provost Tulloch Fund on an ongoing basis, however additional funding is secured from other sources on an ongoing basis.

The charity also generates income through the operation of an after school and holiday club and the hire of the centre to various local community groups.

The trustees have assessed the major risks to which the Centre is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Other income transferred from unincorporated organisation

The assets and liabilities of Cosmos Community Centre were transferred to Cosmos Community Centre (SCIO) on 20th July 2024. In accordance with Charities SORP (FRS 102), the transfer has been treated as incoming resources recognised in the Statement of Financial Activities at fair value as at the date of transfer. The total amount of net assets which have been recognised as income was £179,867.

Going concern

Centre usage continues to be below pre-Covid levels, but there continues to be a steady but slow increase in footfall and in groups using the Centre. The Trustees are pro-active in promoting the Centre’s facilities to the local and surrounding areas, while continuing to support essential groups which are established for the benefit of the wellbeing and health of the community.

The Trustees have consequently been unable to preserve the previous levels of reserves, but note that their policy has ensured there are sufficient reserves and secured funding that the Centre can continue as a going concern for the foreseeable future.

Structure, governance and management

Cosmos Centre (SCIO) is governed by its Constitution.

COSMOS COMMUNITY CENTRE (SCIO)

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

The trustees who served during the period and up to the date of signature of the financial statements were:

----- Start of picture text -----
October 2025)
----- End of picture text -----

Recruitment and appointment of trustees

The structure of the centre consists of a Board of centre trustees who hold regular meetings, oversee the activities of the centre and be responsible for monitoring the financial position of the centre.

The trustees also appoint additional trustees to fill vacancies, and those serving as trustees (in their capacity as members of the organisation) have the power to make changes to this constitution.

The maximum number of centre trustees is 12. The minimum number of centre trustees is 5 .

Charity trustees are elected for a period of 3 years but are then eligible for re-election.

The trustees' report was approved by the Board of Trustees.

Trustee

10 December 2025

COSMOS COMMUNITY CENTRE (SCIO) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF COSMOS COMMUNITY CENTRE (SCIO) I report on the financial statements of the Company for the period ended 31 March 2025, which are sel out on pages 5 10 16. Respectlve responslbllities of trustees and examlner Th8 Companvs trustees ar8 responsible for the preparation of the financial statements in accordance with the temis of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotland) R8gulations 2006. The Company trustees consider that the audit roquirement of Regulation 10(1){aF{c} of the Charities Accounts (Scotland) Regulations 2006 does not apply. It is my r8sponsibilty to axamine tha financial statements as required under section 44(1){c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention. Basls of Independent examlne¢s stalement My examination is carried out in accordance Mth Regulation 11 of the Chariti83 Accounts (Scotland) R8gulations 2006. An examination includes a review of the accounting records k8Pt by the charity and a comparis(￿ of the financial ststements presented with thos8 records. It also includes consideration of any unusual items or disclosur85 in the financial statements, and seeking explanations from the trustaes conceming 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 financial statements. Independent examlner'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: lo keep accounting records in accordance with Section 44{1)la) of the Charities and Trustee Inveslment (Scotlandl Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2008, and lo prepare financial ststements which accord with the accounts'ng records and comply with Regulalion 8 of Ihe Charities Accounts (Scotland} Regulations 2006 have not been met, or 2. to which. in my opinion, attention should bo dra￿Tr in order to enable a propor understanding of the financial ststements to be reached. Findlays Audit Limited 11 Dudhope Terrace Dundee DD3 6TS 10 December 2025

COSMOS COMMUNITY CENTRE (SCIO)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2025

Current financial period
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
37,259
45,454
Charitable activities
4
137,731
-
Other trading activities
5
40,418
-
Investments
6
2,900
-
Other income
7
141,561
38,306
Total income
359,869
83,760
Expenditure on:
Charitable activities
8
238,746
49,109
Total expenditure
238,746
49,109
Net income and movement in funds
121,123
34,651
Reconciliation of funds:
Fund balances at 1 April 2024
-
-
Fund balances at 31 March 2025
121,123
34,651		 Total
2025
£
82,713
137,731
40,418
2,900
179,867
443,629
287,855
287,855
155,774
-
155,774

The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.

The notes on pages 7 to 16 form part of these financial statements.

COSMOS COMMUNITY CENTRE (SCIO)

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current assets
Total assets less current liabilities
The funds of the Company
Restricted income funds
18
Unrestricted funds
19		 2025
£
19,258
142,055
161,313
(32,595)		 £
27,056
128,718
155,774
34,651
121,123
155,774

The notes on pages 7 to 16 form part of these financial statements.

The financial statements were approved by the trustees on 10 December 2025

Trustee

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Cosmos Community Centre (SCIO) is a charity registered in Scotland. The principle address is

1.1 Reporting period

The financial statements cover a period of 15 months from 31 January 2024 to 31 March 2025. The charity registered as incorporated on 31 January 2024. As this is the first year, there are no comparisons.

1.2 Accounting convention

The financial statements have been prepared in accordance with the Company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The Company is a Public Benefit Entity as defined by FRS 102.

The Company has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.7 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 15% reducing balance Computers 15% reducing balance Motor vehicles 15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.8 Impairment of fixed assets

At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Depreciation

Fixed assets are depreciated over their expected useful lives. Useful lives of assets are reviewed regularly, taking into consideration the assets physical condition.

Gifts in Kind

The charity receives rent free of charge from the University of St Andrews and therefore a gift in kind has been recognised at an estimate based on market rates.

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

3 Income from donations and legacies
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
Donations and gifts 4,532 33,000 37,532
Grants 32,727 12,454 45,181
37,259 45,454 82,713
Donations and gifts
St Andrews University (Gift in Kind) - 20,000 20,000
Provost Tulloch - 13,000 13,000
Small donations 4,532 - 4,532
4,532 33,000 37,532
Grants
Fife Council 32,727 3,454 36,181
Transport Grant - 4,000 4,000
Settlement Trust - 5,000 5,000
32,727 12,454 45,181
4 Income from charitable activities
Unrestricted Unrestricted
funds funds
2025
£ £
Charitable activities
After school care and holiday club 137,731 -

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

5 Income from other trading activities

Unrestricted
funds
2025
£
Coffee bar sales 527
Subscriptions 189
Minibus 757
Hire of centre 27,941
Member fees 53
Photocopier and payphone 71
Fife Council 10,880
Other trading activities 40,418
6 Income from investments
Unrestricted
funds
2025
£
Interest receivable 2,900

7 Other income

Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £
Transfer from unincorporated 141,561 38,306 179,867

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Charitable
activities
2025
£
Direct costs
Staff costs 195,411
Coffee Bar expenses 539
Rent and rates 21,048
Heat & light 20,368
Repairs and maintenance 8,772
Insurance 2,856
Stationery, postage and advertising 494
Mini bus expense 4,415
Cleaning 2,282
Office telephone 926
TV and other licences 1,784
After school club 18,111
Other costs 1,002
278,008
Share of support and governance costs (see note 9)
Governance 9,847
287,855
Analysis by fund
Unrestricted funds 238,746
Restricted funds 49,109
287,855
9 Support costs allocated to activities
9
Support costs allocated to activities
Governance costs
Analysed between:
Charitable activities
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
Depreciation of owned tangible fixed assets		 2025
£
9,847
9,847
2025
£
3,884
4,775

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Company during the period.

12 Employees

The average monthly number of employees during the period was:

Employment costs
Wages and salaries
Other pension costs		 2025
Number
17
2025
£
193,488
1,923
195,411

There were no employees whose annual remuneration was more than £60,000.

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Tangible fixed assets
Fixtures and
fittings
Computers
£
£
Cost
Additions
1,504
5,565
At 31 March 2025
1,504
5,565
Depreciation and impairment
Depreciation charged in the period
227
833
At 31 March 2025
227
833
Carrying amount
At 31 March 2025
1,277
4,732		 Motor
vehicles
£
24,762
24,762
3,715
3,715
21,047		 Total
£
31,831
31,831
4,775
4,775
27,056

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

15 Debtors

Debtors
2025
Amounts falling due within one year: £
Trade debtors 19,258

16 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
3,912
448
9,360
18,875
32,595

Included within other creditors is amounts due to third parties for funds held on their behalf.

17 Retirement benefit schemes

Retirement benefit schemes
2025
Defined contribution schemes £
Charge to profit or loss in respect of defined contribution schemes 1,923

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Music Project- capital
Annexe
Replacement minibus
Provost Tulloch
Donations in kind
Transport Grant
Fife council- Energy Efficiency
Fife council- Settlement Trust
Provost Tulloch- 25/26		 1 April
2024
Incoming
resources
Resources
expended
At 31 March
2025
£
£
£
£
-
323
(49)
274
-
3,918
(445)
3,473
-
21,064
(3,160)
17,904
-
13,001
(13,001)
-
-
20,000
(20,000)
-
-
4,000
(4,000)
-
-
3,454
(3,454)
-
-
5,000
(5,000)
-
-
13,000
-
13,000
-
83,760
(49,109)
34,651		 1 April
2024
Incoming
resources
Resources
expended
At 31 March
2025
£
£
£
£
-
323
(49)
274
-
3,918
(445)
3,473
-
21,064
(3,160)
17,904
-
13,001
(13,001)
-
-
20,000
(20,000)
-
-
4,000
(4,000)
-
-
3,454
(3,454)
-
-
5,000
(5,000)
-
-
13,000
-
13,000
-
83,760
(49,109)
34,651
34,651

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

18 Restricted funds

(Continued)

Purpose of restricted funds

Music Project- Capital/ Revenue were funds received for the purchase of music equipment for the music project run at the Centre. The capital elements are released to the unrestricted reserves over the useful life of the funded assets.

Donations in kind were received in respect of property rent.

Transport grant was received in respect of transport costs for the after school club.

The Annexe- was awarded for the conversion of the annexe to a learning centre.

Replacement Minibus- was awarded towards the cost of a replacement minibus. Capital funds are released to the unrestricted reserves over the useful life of the asset.

Provost Tulloch- are to be spent specifically for the benefit of the youth of St Andrews.

Fife council settlement trust- are to be spent on transport costs for the after school club.

Fife council energy efficiency- are to be spent on upgrades that will make the centre more energy efficient.

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
General funds - 359,869 (238,746) 121,123

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Tangible assets
6,348
20,708
Current assets/(liabilities)
114,775
13,943
121,123
34,651		 Total
2025
£
27,056
128,718
155,774

COSMOS COMMUNITY CENTRE (SCIO)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2025

21 Related party transactions

During the year, trustee was reimbursed £81 for expenses he incurred for the charity.

Fife Council has been identified as a related party as who is a trustee of the centre, is an appointed councillor. £32,727 was received from Fife Council in the form of recurring grant income.