REGISTERED COMPANY NUMBER: CS006983 (Scotland) REGISTERED CHARITY NUMBER: SC053494
Creative Regeneration SCIO
Report of the Trustees and
Unaudited Financial Statements
for the Period 11 July 2024 to 30 June 2025
73 Union Street Greenock PA16 8BG
Creative Regeneration SCIO
Contents of the Financial Statements for the Period 11 July 2024 to 30 June 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 11 |
| Detailed Statement of Financial Activities | 12 |
Creative Regeneration SCIO
Report of the Trustees for the Period 11 July 2024 to 30 June 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 11 July 2024 to 30 June 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
INCORPORATION
The charitable company was incorporated on 11 July 2024 and commenced trading on the same date.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Creative Regeneration's purpose is the advancement of the Arts, Culture, Heritage & Science. We believe in the transformative effect of community led learning, leading to renewal and regeneration.
Significant activities
Our activity this year has involved two key approaches: delivering community learning in science, technology, engineering, arts and maths (STEAM) and working towards the community re-use and regeneration of buildings of historical importance to Inverclyde to facilitate the first approach and deliver transformation for our community.
Membership & Community Engagement
The charity's SCIO membership has grown significantly, reaching 600 people, with most members (with voting rights) from our local community of Inverclyde North and Inverclyde West. This growth is a strong endorsement of our vision and ensures that we remain firmly rooted in the community we serve.
Key developments have been the appointment of a Youth STEAM Advisory Group, which ensures that young people will play an active role in shaping our future activities We are also working on the development of both an Education Advisory Group, and an Industry Advisory Group. We are continuously carrying out community engagement through consultations at the Inverclyde Heritage Fair (2024 & 2025) and the Inverclyde Shed Community Land Festival (2024), as well as running a public exhibition at McGilps Popup Shop and with further events planned for the forthcoming year.
Collaboration remains central to our work. Our involvement in the Inverclyde STEM Festival (2024 & 2025), and our partnerships with Compassionate Inverclyde and The Watt Institute, have further strengthened our local networks and raised awareness of both our educational and heritage regeneration goals.
Page 1
Creative Regeneration SCIO
Report of the Trustees for the Period 11 July 2024 to 30 June 2025
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The Glebe - Progress
The Glebe project represents a key aspect of the charities focus to deliver on our purposes by developing a multi-use space focused on community learning and working with a wide range of local, national & international partners including NextFab, BE-ST, Vanishing Point, The Beacon & others.
Consultations having been carried out with the community, schools, third sector organisations, and businesses, to help direct the mix of proposed uses.
Key technical milestones have been achieved, including the completion of detailed Building Condition, Structural and Asbestos Surveys, RIBA Stage 4 Architectural, Structural, Service Design & Costplan.
Financially, several important funding awards were secured to enable this work to be undertaken, these have included:
£12k Architectural Heritage Fund support (working with The Inverclyde Shed) to support various technical surveys and support the development of a feasibility study and business case for the project with a RIBA Stage 4 Costplan.
£8k Heritage Lottery Fund support (working with The Inverclyde Shed) to undertake various consultations, historic research, commission visualisations for better public communication and contribute to the heritage aspects of our business case for The Glebe.
£22k Inverclyde Council Levelling Up Fund to progress design development including building condition survey, RIBA architectural, structural and services design.
We have submitted a Stage 2 Scottish Land Fund Application (£180k) to facilitate acquisition of the site and successfully lodged Expressions of Interest with the Heritage Lottery Fund & Historic Environment Scotland with respect to capital cost contributions.
We have held early discussions with Inverclyde Council around inclusion of the project in the Scottish Government's Regeneration Capital Grant Fund 2026-2027.
We believe that the Glebe project would be transformative for Inverclyde, helping Creative Regeneration deliver on our charitable purposes.
The Old Library - Education & Community Hub
The Old Library is a project to bring an unused 1856 Library building back into community use with a focus of STEAM Learning. We have conducted a series of consultations with schools, parents and young people, as well as hosting young people visiting the site to engage with the science of growing.
We have successfully agreed a lease for the Old Library and are continuing renovation works following arranging for the roofs to be cleaned, window cleaning, external works including painting railings and creating a small growing space for learning and commissioned a masonry conservation survey to inform tenders for renovation of the building.
Several grants have been secured to establish this as a functioning STEAM and Makerspace hub: £5k Greater Renfrewshire & Inverclyde Local Area Group (GRILAG) support for digital makerspace equipment including 3D Printer, Laser Cutter, Large Screen & Stand and materials.
Page 2
Creative Regeneration SCIO
Report of the Trustees for the Period 11 July 2024 to 30 June 2025
ACHIEVEMENTS AND PERFORMANCE
The Old Library - Education & Community Hub
£3k Inverclyde Council (Invergrow) project funding for the STEAM Growing Space has allowed us to establish a successful outdoor space and shortly to invest in indoor hydroponic growing and teaching. £2k Inverclyde Community Fund (ICF) grant for mobile Makerspace equipment including 3d printer, laser cutter, coding & construction equipment.
£3k Architectural Heritage Fund (AHF) for a masonry conservation survey to inform tender for wider external works which we hope will include stone repair training opportunities, re-slate the roof and undertaking some internal upgrades.
£20k The National Lottery Awards for All (TNL), will fund operational costs for the next two years including rent, utilities, trainers and assist us in outreach activity across Inverclyde with a mobile makerspace appearing at our community spaces for prolonged periods.
We have also benefited from in-kind donations of materials, equipment, furniture and seating from The Inverclyde Community Development Trust and The Inverclyde Shed.
FINANCIAL REVIEW
Current Financial Status & Strategy Ahead
The charity remains in a stable financial position, with sufficient funding secured to deliver on our current commitments and achieve our own policy of holding a minimum 12 months of reserve. Ongoing financial management will allow us to balance investment in key projects with the need to build financial resilience.
Looking ahead, our priorities will be to:
-
Secure major capital funding (Scottish Land Fund, Heritage Lottery Fund, Historic Environment Scotland, RCGF) to progress The Glebe project.
-
Establish and then expand educational programming at the Old Library, building on our STEAM focus for community learning.
-
Diversify income streams by seeking additional revenue & capital grants, explore corporate sponsorships, and local fundraising opportunities.
Conclusion
This, our organisations inaugural year, has been a year of significant achievement, with clear progress made in both community engagement and the regeneration of key heritage sites. We would like to thank all our members, supporters, partners & funders for their continued support. We believe that our collaborative approach has meant that Creative Regeneration's purposes of the advancement of the Arts, Culture, Heritage & Science are being realised.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is
governance board, office bearers and the ordinary membership who are registered residents in Inverclyde North and Inverclyde West, all as defined by The Charities and Trustee Investment (Scotland) Act 2005.
Page 3
Creative Regeneration SCIO
Report of the Trustees for the Period 11 July 2024 to 30 June 2025
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number CS006983 (Scotland)
Registered Charity number SC053494
==> picture [233 x 157] intentionally omitted <==
Independent Examiner
Henderson & Company 73 Union Street Greenock Renfrewshire PA16 8BG
Approved by order of the board of trustees on 3 September 2025 and signed on its behalf by:
==> picture [234 x 133] intentionally omitted <==
Page 4
Independent Examiner's Report to the Trustees of Creative Regeneration SCIO
I report on the accounts for the period 11 July 2024 to 30 June 2025 set out on pages five to ten.
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 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) 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 the independent examiner's report
My examination was 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 seeking explanations from you as 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 connection with 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
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 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.
==> picture [268 x 79] intentionally omitted <==
Henderson & Company 73 Union Street Greenock Renfrewshire PA16 8BG
3 September 2025
Page 5
Creative Regeneration SCIO
Statement of Financial Activities for the Period 11 July 2024 to 30 June 2025
| Unrestricted Restricted fund funds Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 19,399 40,992 Investment income 2 35 - Total 19,434 40,992 EXPENDITURE ON Charitable activities The advancement of the arts, heritage, culture or science 4,898 12,294 NET INCOME 14,536 28,698 TOTAL FUNDS CARRIED FORWARD 14,536 28,698 |
Total funds £ 60,391 35 60,426 17,192 43,234 43,234 |
|---|---|
The notes form part of these financial statements
Page 6
Creative Regeneration SCIO
Balance Sheet 30 June 2025
| Unrestricted Restricted fund funds Notes £ £ FIXED ASSETS Tangible assets 5 200 5,182 CURRENT ASSETS Cash at bank 14,811 23,516 CREDITORS Amounts falling due within one year 6 (475) - NET CURRENT ASSETS 14,336 23,516 TOTAL ASSETS LESS CURRENT LIABILITIES 14,536 28,698 NET ASSETS 14,536 28,698 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Total funds £ 5,382 38,327 (475) 37,852 43,234 43,234 14,536 28,698 43,234 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2025.
The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
Creative Regeneration SCIO
Balance Sheet - continued 30 June 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 3 September 2025 and were signed on its behalf by:
==> picture [228 x 156] intentionally omitted <==
Trustee
The notes form part of these financial statements
Page 8
Creative Regeneration SCIO
Notes to the Financial Statements for the Period 11 July 2024 to 30 June 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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 objects 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. INVESTMENT INCOME
Deposit account interest
£ 35
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
£ Depreciation - owned assets 1,254
continued...
Page 9
Creative Regeneration SCIO
Notes to the Financial Statements - continued for the Period 11 July 2024 to 30 June 2025
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 30 June 2025.
Trustees' expenses
There were no trustees' expenses paid for the period ended 30 June 2025.
5. TANGIBLE FIXED ASSETS
| 5. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Plant and | Computer | |||
| machinery | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| Additions | 4,178 | 2,458 | 6,636 | |
| DEPRECIATION | ||||
| Charge for year | 836 | 418 | 1,254 | |
| NET BOOK VALUE | ||||
| At 30 June 2025 | 3,342 | 2,040 | 5,382 | |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| £ | ||||
| Accrued expenses | 475 | |||
| 7. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| in funds | 30.6.25 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 14,536 | 14,536 | ||
| Restricted funds | ||||
| Greater Renfrewshire & Inverclyde | ||||
| Local Action Group (GRI LAG) | 4,000 | 4,000 | ||
| Inverclyde Council Invergrow | 2,698 | 2,698 | ||
| Inverclyde Community Fund | 2,000 | 2,000 | ||
| The National Lottery Awards for All | 20,000 | 20,000 | ||
| 28,698 | 28,698 | |||
| TOTAL FUNDS | 43,234 | 43,234 |
continued...
Page 10
Creative Regeneration SCIO
Notes to the Financial Statements - continued for the Period 11 July 2024 to 30 June 2025
7. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 19,434 | (4,898) | 14,536 |
| Restricted funds | |||
| Inverclyde Council | 10,992 | (10,992) | - |
| Greater Renfrewshire & Inverclyde | |||
| Local Action Group (GRI LAG) | 5,000 | (1,000) | 4,000 |
| Inverclyde Council Invergrow | 3,000 | (302) | 2,698 |
| Inverclyde Community Fund | 2,000 | - | 2,000 |
| The National Lottery Awards for All | 20,000 | - | 20,000 |
| 40,992 | (12,294) | 28,698 | |
| TOTAL FUNDS | 60,426 | (17,192) | 43,234 |
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 30 June 2025.
Page 11
Creative Regeneration SCIO
Detailed Statement of Financial Activities for the Period 11 July 2024 to 30 June 2025
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Insurance Postage and stationery Sundries Tooling & Consumables Website & IT Costs Professional Fees Depreciation of tangible fixed assets Support costs Governance costs Accountancy fees Total resources expended Net income |
£ 60,391 35 60,426 270 364 1,077 1,211 1,549 10,992 1,254 16,717 475 17,192 43,234 |
|---|---|
This page does not form part of the statutory financial statements
Page 12
Management Report
Creative Regeneration For the period ended 1 May 2025
Prepared on 1 May 2025
For management use only
Table of Contents
Statement of Activity........................................................................................................................................3 Statement of Financial Position.......................................................................................................................4
2/4
Statement of Activity
1 July, 2024 - 1 May, 2025
| Statement of Activity 1 July, 2024 - 1 May, 2025 |
|
|---|---|
| Total | |
| INCOME | |
| Grant | 38,392.00 |
| Total Income | 38,392.00 |
| TOTAL | 38,392.00 |
| EXPENDITURES | |
| Printing & Postage | 310.19 |
| Professional Consultancy | 11,312.00 |
| Repairs | 236.00 |
| Subscriptions | 859.44 |
| Tooling & Consumables | 984.41 |
| Travel & Accomodation | 135.96 |
| Total Expenditures | 13,838.00 |
| NET OPERATING INCOME | 24,554.00 |
| OTHER INCOME | |
| Bank Interest | 33.67 |
| Total Other Income | 33.67 |
| OTHER EXPENDITURES | |
| Insurance | 179.92 |
| IT | 331.20 |
| Total Other Expenditures | 511.12 |
| NET OTHER INCOME | -477.45 |
| NET INCOME/(EXPENDITURE) | £24,076.55 |
3/4
Creative Regeneration
Statement of Financial Position
As of May 1, 2025
| Statement of Financial Position As of May 1, 2025 |
|
|---|---|
| Total | |
| FIXED ASSET | |
| Tangible assets | |
| Equipment | 6,635.87 |
| Total Tangible assets | 6,635.87 |
| Total Fixed Asset | 6,635.87 |
| CASH AT BANK AND IN HAND | |
| Creative Regeneration | 17,440.68 |
| Total Cash at bank and in hand | 17,440.68 |
| NET CURRENT ASSETS | 17,440.68 |
| NET CURRENT ASSETS(LIABILITIES) | 17,440.68 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 24,076.55 |
| TOTAL NET ASSETS (LIABILITIES) | £24,076.55 |
| CHARITY FUNDS | |
| Retained Earnings | 0.00 |
| Surplus/(Deficit) | 24,076.55 |
| Total Charity funds | £24,076.55 |
4/4
Creative Regeneration
Management Report
Creative Regeneration For the period ended 1 May 2025
Prepared on 1 May 2025
For management use only
Table of Contents
Statement of Activity........................................................................................................................................3 Statement of Financial Position.......................................................................................................................4
2/4
Statement of Activity
1 July, 2024 - 1 May, 2025
| Statement of Activity 1 July, 2024 - 1 May, 2025 |
|
|---|---|
| Total | |
| INCOME | |
| Grant | 38,392.00 |
| Total Income | 38,392.00 |
| TOTAL | 38,392.00 |
| EXPENDITURES | |
| Printing & Postage | 310.19 |
| Professional Consultancy | 11,312.00 |
| Repairs | 236.00 |
| Subscriptions | 859.44 |
| Tooling & Consumables | 984.41 |
| Travel & Accomodation | 135.96 |
| Total Expenditures | 13,838.00 |
| NET OPERATING INCOME | 24,554.00 |
| OTHER INCOME | |
| Bank Interest | 33.67 |
| Total Other Income | 33.67 |
| OTHER EXPENDITURES | |
| Insurance | 179.92 |
| IT | 331.20 |
| Total Other Expenditures | 511.12 |
| NET OTHER INCOME | -477.45 |
| NET INCOME/(EXPENDITURE) | £24,076.55 |
3/4
Creative Regeneration
Statement of Financial Position
As of May 1, 2025
| Statement of Financial Position As of May 1, 2025 |
|
|---|---|
| Total | |
| FIXED ASSET | |
| Tangible assets | |
| Equipment | 6,635.87 |
| Total Tangible assets | 6,635.87 |
| Total Fixed Asset | 6,635.87 |
| CASH AT BANK AND IN HAND | |
| Creative Regeneration | 17,440.68 |
| Total Cash at bank and in hand | 17,440.68 |
| NET CURRENT ASSETS | 17,440.68 |
| NET CURRENT ASSETS(LIABILITIES) | 17,440.68 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 24,076.55 |
| TOTAL NET ASSETS (LIABILITIES) | £24,076.55 |
| CHARITY FUNDS | |
| Retained Earnings | 0.00 |
| Surplus/(Deficit) | 24,076.55 |
| Total Charity funds | £24,076.55 |
4/4
Creative Regeneration