Environmental Key Fund Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC273901 (Scotland)

Financial Statements for the Year Ended 31 March 2022

for

ENVIRONMENTAL KEY FUND LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M Smillie

Ms M J Halliday

Mr C Bridges

Mr D Greer

Councillor A Masterton

SECRETARY:

McDaid & Partners

REGISTERED OFFICE:

Stanley House

69/71 Hamilton Road

Motherwell

ML1 3DG

REGISTERED NUMBER:

SC273901 (Scotland)

SENIOR STATUTORY AUDITOR:

Ian Watson BA CA

AUDITORS:

Watson & Co

Statutory Auditor

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

CURRENT ASSETS

Cash at bank

564,943

490,761

CREDITORS

Amounts falling due within one year

4

155,149

94,938

NET CURRENT ASSETS

409,794

395,823

TOTAL ASSETS LESS CURRENT LIABILITIES

409,794

395,823

RESERVES

Income and expenditure account

409,794

395,823

409,794

395,823

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2022 and were signed on its behalf by:

Mr M Smillie - Director

Ms M J Halliday - Director

1.	STATUTORY INFORMATION

Environmental Key Fund Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.

Going concern

The company prepares its accounts on the basis that it remains a going concern: that is that there is the assumption that the functions of the company will continue in operational existence.

General provisions

The company accounts for income and expenditure in the period when it is received and when payments have taken place.

Where income and expenditure has been recognised but cash has not been received or paid, a debtor or creditor for the relevant amount is recorded in the Balance Sheet. Equally, where cash has been received or paid which is not yet recognised as income or expenditure, a creditor (income in advance) or debtor (payment in advance) is recorded in the Balance Sheet.

Grants payable are payments to third party community based organisations or projects which seek to achieve Environmental Key Fund Limited objectives and are located within a specific boundary. Grant awards are subject to the applicant completing an approved project and are only recognised once the applicant, and directors of Environmental Key Fund Limited, have agreed and signed off the terms and conditions set out by Environmental Key Fund Limited and any remaining unfulfilled conditions attached to that grant are outside the control of Environmental Key Fund Limited.

Environmental Key Fund Limited reserve the right to revoke the grant claim should any of the agreed terms and conditions be broken or unfulfilled by the applicant. Payment is made only when evidence of the agreed project expenditure is provided to Environmental Key Fund Limited along with a claim for payment form.

Grant awards are considered to be one-year awards and are not multi-year grants.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

155,149

94,938

Other creditors includes grant commitments of £151,545 (2021 £91,934). This is approved grants where the conditions for payment have not yet been met.

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Watson BA CA (Senior Statutory Auditor)

for and on behalf of Watson & Co

6.	RELATED PARTY DISCLOSURES

During the year an award was made to Getting Better Together for a community project. Prior to any decisions being made on the award Mr C Bridges made it known that he was involved in the project through his links to North Lanarkshire Council and it was agreed that he would not be present during the decision making process.

In addition an approved grant award remains payable to Green Action Trust (formerly - CSGNT) and Mr M Smillie (Director) is an employee of CSGNT.

During the application process Mr M Smillie and Mr C Bridges were not permitted to be involved in the decision making, for the projects they were involved with, and the grant applications were subject to the same procedures as all other applications. Due to the application procedures in place these transactions were considered to be at arms length.