It has been a real privilege to serve as President of the Ayrshire Chamber of Commerce for the last year. Since my appointment last September, there have been significant changes – changes which merit a moment’s reflection.
Just days after the Annual General Meeting last September, Claire Baird took over as CEO following Val Russell’s retirement after an impressive 23 years with the chamber and 11 years at the helm.
To be witness to the transition has been an immense privilege. Val’s stepping back was characteristically graceful as she caringly passed the reins to Claire – a trusted previous team member of Val’s and a respected Scottish Government secondee.
With new leadership comes new energy, and this has been palpable within the Chamber team, the premises and beyond, across our membership. Only one year in and Claire has been a whirlwind of infectious energy, keen to make her own imprint on the Chamber team and the membership at large.
As President, I am proud to be a part of this. Ayrshire Chamber is the largest non-city Chamber in Scotland and is a strong voice for many. Further exciting developments which are in the pipeline will benefit many, so we are really excited about the future!
On behalf of the Board, whom I thank for their voluntary service, I’d like to thank Claire and the Team. Together, we have achieved a great deal over the past twelve months and we look forward to raising the bar as we move into another year for Ayrshire business.
President, Ayrshire Chamber of CommerceThe Ayrshire Chamber of Commerce membership team focused its efforts on sustaining current members while reaching out to businesses not yet utilising or aware of our services and benefits such as Chamber HR, Legal, Finance, Health & Wellbeing.
During the first two quarters of 2022-23 new team members were welcomed. We continued to deliver our valued service during this period, Anniversary visits are offered to members throughout the year which provide an overview of the vital services and benefits that the Chamber offer. These visits supported to ensure Membership was maintained at existing levels to finish on 801 members at the end of March 2023.
In addition, the team engage with the wider business community via our popular events and networking opportunities which take place across the regions and give venues a captive audience to showcase their business.
Working closely with the newly appointed CEO, Claire Baird, the process began to redevelop our membership offer to ensure our choicebased model not only has an impact on sustaining memberships but supports to attract new businesses to join. Our new tiers, Bronze, Silver, Gold & Gold+ were launched at the start of the new financial year.
801 members
April 2022 to March 2023
The previous financial year saw an increase in the services we offered to our members which help to provide vital support on a day to day basis as well as aiding recruitment and retention.
The four services include unlimited access to the following:
• HR/employment law advice line
• HR website with a document library
• Legal advice line
• Online library of template legal documents
• Health & safety advice
• Online of health & safety documents
• Advice on tax & VAT matters
Plus Legal expenses insurance with £1,000,000 of cover, excess free
219 Number of calls to the Quest helplines
£6570 Value of calls to the Quest helplines
1261 Number of Quest documents downloaded
£37,420 Value of Quest documents downloaded
£43,990 Estimated total value of calls and downloads to the membership
Westfield
Westfield Health maintained its appeal to our members, helping to continue positive wellbeing to their employees, generating a slight increase in policyholders. As did AXA Health, showing a year on year increase of 28% in its health insurance.
15% of our members provide the Westfield cash plan for their staff
16 new members joined service in 22/23
140 Ayrshire Chamber members
89 individual policyholders
24
Ayrshire Chamber members
3% of membership with 1 new member joined
Ayrshire Training allows access to a suite of learning and development modules including H & S induction, Food Hygiene and Fire Marshall training. Usage to the online platform saw an increase of 98% on the previous financial year.
The Chamber magazine ‘Your Business’ maintained its editorial and advertising popularity, with current and new members utilising the opportunity to promote activity and offers directly to our readership. The publication is distributed in both a printed and online version ensuring we expand our reach.
A key role for Ayrshire Chamber of Commerce is to lobby Government at a local, regional and national level on the issues that are affect our members and the wider business community.
Both the British and Scottish Chambers of Commerce actively campaign and call for the removal of regulations which increase the cost of doing business. Working together with the Chamber Network, the BCC and SCC engage with decisionmakers to influence policy, ensuring the interests of businesses are represented.
Policy and Lobbying highlights from the April 2022 to March 2023 period include:
• Two new green freeports for Scotland in Cromarty Firth and Forth Port secured.
• Successfully extended delay to the Scottish Deposit Return Scheme.
• Secured delay to the proposed Alcohol Advertising Regulations from the Scottish Government.
• Successfully reversed the proposed 1.25% increase in National Insurance Contributions (NICs) from the UK Government.
• Securing extended energy bill support from the UK Government - The Energy Bills Discount Scheme runs for 12 months from 1 April 2023 to 31 March 2024.
To support Ayrshire business and further inform our Policy and Lobbying campaigns throughout the year, Ayrshire Chamber of Commerce runs four Quarterly Economic Indicator (QEI) surveys per year.
The QEI surveys help Ayrshire Chamber, along with the Scottish and British Chamber of Commerce, to better understand the experiences and struggles of businesses, allowing us to lobby for the changes most important to you.
As representation and lobbying are two of the most important services that Ayrshire Chamber offers Ayrshire business, it is paramount that we continue to understand the impact of current trading conditions and the economic climate on local businesses in the future.
Highlight of listings.
Discounts on dining out and accommodation
New product launches
Member events
Flash and seasonal sales on products and services
Financial support services
Business development programmes
Member only discounts
Personal improvement and development services
145 businesses
334 listings
2126 visitors
3491
Number of documents processed. An increase 156.
Number of declarations processed. A decrease of 48
563
Value of Declarations processed
£101,783
£118,291
Value of Documents processed
£16,508
International Trade training courses. 29 delegates.
5
Total values of Docs and Decs
Types of items being exported/imported
Top 5 locations goods have been exported/imported to
USA, South Africa, UAE, Turkey and Saudi Arabia
Forklift Trucks Alcohol Covid Test Kits Medical Products YashmaksThe mentoring platform is easy to navigate, the resources are helpful. I could connect easily to mentor and the mentor relationship was a good match.
Our mentoring programme is a success due to the experienced mentors who give of their time and knowledge time and time again. A huge thank you to them for their continued support and dedication to help others on their business journeys.
74 Total lifetime users
27 Mentees engaged
12 New Mentors in the year
Stats are April 22 /23
12 Mentoring relationships completed
Creative Industries
Construction & Manufacturing
Education
Financial services
Healthcare
Retail & Trade
Tourism
Food and Drink Transport
I joined the chamber of commerce Oct 2021, I have found the chamber to be very worthwhile, speaking with my contact Lisa Stewart, she mentioned to me about the mentor scheme, that the chamber provided, and the help that it could bring to my Business, so I received the details of how to go about and pick a mentor from the list within the Chamber of Commerce website, my mentor that I picked was Iain Duff from Barclays Bank Glasgow, initial contact with Iain was quick and smooth and we started to build a relationship, theirs was many uncertainties around my Business that I needed direction on, and I found speaking with Iain to be very helpful, his knowledge and his past experiences along with his contacts have really propelled my business along so far, and I wouldn’t be where I am today without Iain and the Chamber of Commerce mentoring scheme.
Darren Hicks, Stuffed to BitsI was looking to take our social enterprise Ayrshire Film Co. CIC to the next level so I joined the Connect Me programme looking for a mentor who understood creative businesses and could support and challenge our plans for the future. I was very lucky to connect with Steve McGhee from LMA Architects for an initial chat about our social enterprise and what we were looking to do. From there I regularly met Steve on a monthly basis for a chat about our vision as a company, strategic planning and making the most of our opportunities. It was really great to speak to someone with an outside perspective and overall I can say it really accelerated our plans as well as solidifying our vision as an organisation.
Taylor McInroy, Ayrshire Film Company
We were delighted to bring the awards back in 2022, and the response online to both the finalists and the winners was fantastic. A toolkit was also produced, that allowed winners to share their amazing news across their social media and website with ease. The Chamber was delighted to see so many winners share the news, and so many reactions to the winners online.
In March 2023 the Chamber ran a short marketing campaign teasing the introduction of changes to the Membership system. This was well received and highlighted the membership bases’ openness to change.
The ever-popular Ayrshire Business Week B2B Exhibition also saw an increase in activity online across all platforms. 2022’s B2B was one of our most well attended to date, with both stand holders and walk-in guests sharing posts while at the event. We introduced a digital B2B stand holder toolkit in 2022, enabling stand holders to share their attendance at the B2B with ease.
Ayrshire Chamber is delighted to continue our association with our ever-growing Platinum Partners.
A bespoke programme which sees our Partners as an intrinsic part of our membership, with access to additional benefits that add significant value to their relationship with the Chamber. Partner membership is a strategic collaboration between the Chamber and your business, working together on shared aims and objectives placing you firmly at the heart of the Chamber.
Engagement with us at this level, offers Platinum Partners opportunities to build brand exposure, demonstrate commitment to the region, establish high profile connections to grow their network, and influence regional and national decision makers.
Thanks go to our 2022-23 Platinum Partners
Welcome to our new 2023-2024 Partners
Our membership and staff were able to continue supporting local causes and generously donate to our charity of choice.
Future Chamber 5 saw an intake of 6 new members joining Ayrshire Chamber of Commerce in October 2022.
These members were welcomed into the Chamber office on Friday 14th October, where we got to know each new Future Chamber member and heard more about their business. All benefits and services available to help support them were explained to the group, and they had an opportunity to hear from some of the Platinum Partners who attended the event.
Our Platinum Partners fund this initiative, which enables us to offer a fully funded one year’s membership to business owners based in Ayrshire aged 35 or under. We thank them for this valuable opportunity.
The future chamber has made me feel part of something. A community that encourages and motivates me to push myself out of my comfort zone and to drive my business forward in the right direction. The connections I’ve made over the past year have been invaluable, and has resulted in me taking on my biggest wedding booking to date, at Glen App Castle. The PR and marketing opportunities offered, including the magazine and across social media, has also made me reach a much wider audience and network with other members of the chamber. The support, advice and genuine care the BDMs has given me (in particular Lisa Stewart) has been very much appreciated throughout my time with the chamber. For anyone considering joining the future chamber programme, this is your sign to do so… you won’t regret it!
Caroline Smyth, The Creative Occasion CoBeing a Future Member of the Chamber of Commerce has been a brilliant insight into the huge amount of support and database of local businesses across Ayrshire. We have personally benefited hugely from the membership including mentorship support from kind, knowledgeable people that took time to share their wisdom and answered the many questions I had which was very helpful to hear about the struggles and triumphs of other businesses. We have also had editorial in the magazines, PR support on social media after a visit to see our various sites. This led to other chamber members becoming regulars in the cafe and setting up a small female business led group to support each other and also hang out which has been lovely. We have utilised the free legal advice from Quest which has been a very helpful support. Most recently we had the opportunity to provide catering for a Chamber Connect Networking meeting in the new Cutty Sark Centre which was a brilliant opportunity to be able to showcase our brand and products in the new venue and meet other local businesses.
Future Chamber is a wonderful opportunity for young business owners in Ayrshire to build relationships and gain access to valuable resources such as events, legal advice, and the opportunity to publish a free editorial in Your Business magazine. My Future Chamber membership allowed me to attend networking events at some of Ayrshire’s most exciting businesses, during which I was able to connect with a number of local business owners. I also got to go on a tour of Prestwick Airport, which - as an aviation enthusiast - was probably my favourite event! The Chamber staff are friendly, supportive, and will check in regularly to see how you’re doing and ensure you’re making the most of your Future Chamber membership. I’d recommend Future Chamber to any young person looking to take the next step in their business journey!
Chloe Hendrie, Fangirl SocialA variety of events were held across the year covering a range of topics from International Trade to First Aid and we continued to hold our ever popular
Monday:
The launch event at Ayrshire College, Kilmarnock Campus kicked off a busy and vibrant Business Week on 10th October with 38 attendees. The focus for this event was Growing Business Through Innovation with a several key speakers.
Tuesday:
An excellent Lean Thinking Workshop was delivered in the Chamber Boardroom by Danny Gregory, Lean On Me Associates Ltd on 11th October which was very well received with 15 delegates attending.
Wednesday:
This year’s B2B Exhibition was one of the best there has been with 65 stands and 68 additional delegates attending which resulted in approximately 140 attending the networking lunch. Two workshops were added to the B2B. Predict Mobile launched their Smart Comparison Platform for business mobile communications to members. Believe In discussed stress, what it is, how it affects people and ways to help release it. The Predict Mobile had 3 delegates and Believe In was supported 10 delegates.
Thursday:
Two events took place on 13th October in the Chamber Boardroom. Morning session hosted by Auditel on Demystifying & Understanding Your Carbon Footprint was attended by 12 delegates. Will Dowson, Bank of England, discussed the current economic climate and challenges with 10 delegates in the afternoon.
Friday:
The final day was attended by the 6 new Future Chamber members at a launch event in the Chamber Boardroom. Emma Sloan, William Duncan & Co, attended to support and welcome the new members as a Platinum Partner.
Approximately 300 guests attended the Gala Dinner celebrating the success of many excellent Ayrshire businesses. It was a hugely successful event and showcasing Ayrshire businesses support for one another. Excellent feedback and coverage over social media platforms summed up a great event.
Principal Sponsor – Business Gateway
Host – Robbie Duncan
This year’s Ayrshire Chamber Annual Dinner was held for the first time at Lochside House Hotel. The night was a great success with over 255 guests in attendance.
Our Principal Sponsor was Donnini Apartments and they were delighted with the pre and post event response they received.
Thanks go to our supporting sponsors UWS, Arran Dairies, Loch Lomond Distillers, Arran Sense of Scotland, Creatur and the RAD Hotel Group.
Bob Morris, CTO, Mangata Networks was delighted to be involved as guest speaker and was joined by his colleague Larry Schwartz, Chief Operating Officer. The night gave our international guests the opportunity to share their exciting plans for the future and make new connections with the Ayrshire business community.
Following the excellent service from Lochside House and great feedback from guests next year’s Annual Dinner will take place on Friday 23rd February 2024 at Lochside House Hotel.
Excellent feedback and social media coverage summed up a fantastic event.
The Scottish Government continues to value the employer leadership of the Developing Young Workforce (DYW) programme across Scotland.
DYW Ayrshire, hosted by Ayrshire Chamber of Commerce, is one of the 20 groups across Scotland that supports 16 – 24 year olds to further their education or secure a job or training place regardless of their background. Thanks must go to Lorna Gibson, Training Director of QTS Training for her continued support & dedication in her role as DYW Chair.
One of the unique programmes DYW Ayrshire is involved in is our Innovative Projects Fund. The DYW Ayrshire Innovative Project Fund has catalysed the enhancement of vocational training and opportunities for young people across Ayrshire’s schools and communities. This report provides an overview of the funded projects, their financial details, objectives and potential impacts on young people and the community.
Arran High Community Cafe: The project procured headsets, enabling remote delivery of the Customer Service Award in partnership with Argyll College. This widens vocational offerings and supports broader achievement pathways.
Irvine Royal Academy Hair & Beauty Infrastructure: To accommodate increased demand, the project added nail stations, chairs, and lamps to the nail bar curriculum, enriching vocational training opportunities.
Greenwood Academy Hair & Beauty - Ergonomics Addendum: Funding covers new chairs to meet ergonomic standards, ensuring comfort and optimal learning conditions for Lovilicious participants.
Stewarton Academy Construction Skills Project: Additional funding addresses the cost of new workwear due to wear and tear, maintaining a safe learning environment.
Grange Academy Photography and Digital Imagery: The project introduced photography and digital imagery to the curriculum, expanding creative outlets and potential career paths.
Stewarton Academy Bike Maintenance: A new initiative at Stewarton Academy providing formal SQA courses in bike maintenance, encouraging skill development and practical learning.
Arran High Rural & Horticultural: The project revitalizes the school's garden area, fostering horticultural and gardening activities accessible to all students.
Ayrshire College Bike Maintenance: Addressing students with negative educational experiences, this project imparts bike maintenance skills, boosting confidence and self-esteem.
Kilmarnock Academy Hospitality: The project aims to provide new aprons for maintaining a professional appearance among students involved in the barista and milk bar initiative.
Kilmarnock Academy Cycle Maintenance: This initiative replenishes supplies, including puncture repair kits and inner tubes, and introduces storage solutions for fostering responsibility.
Lockhart Campus Digital Media: The project establishes a mobile digital suite, promoting online awareness and practical skills.
Lockhart Campus Bike Maintenance: This project creates a fully equipped bicycle maintenance workshop, providing practical handson training opportunities.
Queen Margaret Academy Multi-Project Support: This multi-project funding supports vocational initiatives such as Hair & Beauty, Bike Maintenance, Hospitality, and the Sports Leadership Academy.
Fossilfield Training Centre Rural & Horticultural: The project focuses on developing essential maintenance skills, expanding employment opportunities and transferable skills.
Park School Hospitality, Hair & Beauty, Bike Maintenance: These projects offer students hands-on experience in barista skills, hair and beauty services, and bicycle maintenance.
Trindlemoss Day Centre Hair & Beauty: The project establishes a beauty treatment facility, enabling participants to develop practical beauty skills.
Saint Matthew’s Academy Bike Maintenance: Expanding bike maintenance offerings, this project equips students with vocational skills and practical experience.
Ayr Academy Early Years and Childcare: This project enhances vocational training in early years and childcare, preparing students for a growing sector with diverse employment prospects.
The DYW Ayrshire Innovative Project Fund has bolstered practical education, skill development and vocational training for young individuals. These projects offer students invaluable skills, confidence and exploration of potential career paths. By removing limitations related to resources, these initiatives empower students to excel in diverse fields, fostering their growth and contributing to their future accomplishments.
Thanks to our DYW Business Ambassador Walter Smith MBE for continued support with this part of our initiative.
60 employers pledges
8 events
600 attendees
We were delighted to support our partners North and South Ayrshire to arrange career information events for their residents from S3 onwards. These evening events ‘South Ayrshire Futures’ and ‘North Ayrshire Your Next Move’ both saw over 40 employers take part to help give young people and their parents/carers relevant information and support for their future. Both events were well attended with over 600 attendees at each event.
The Chamber continued to work with the 3 Local Authorities to deliver the employer engagement and work experience contracts.
Since the schools reopened post pandemic the team have been supporting them to transition back to in persons and online engagements with employers.
Over the financial year 2022/2023 the education team were involved in facilitating 43 career events engaging with 437 employers and attended by 7596 young people.
43 Careers Events
437 Employers
7,596 Young People
One highlight of this was a link created with the Franco British Chamber to support the promotion of learning languages in school. Over 300 pupils from 16 secondary schools across Ayrshire participated in an online session with 3 interns from the Franco British Chamber team. Their representatives spoke about their experience of learning languages and living in other countries before taking questions in French.
This was made possible by the chamber’s links with their global network. Special thanks to Paul Abi-Akar and colleagues from the Franco British Chamber.
One teacher commented:
The information shared was very informative and definitely reusable from a teacher point of view to promote languages across our school and to promote careers linking French and business.
The landscape for sourcing school work placements has significantly changed since the March 2020 lockdown with many placements being lost due to business closures.
Another challenge has been the introduction of hybrid working in many workplaces which has also have a negative impact on the volume of placements offered. However schools have been focussing on a more targeted approach to work placements with more schools focusing on a more flexible approach.
Ayrshire Chamber were advised in March 2023 that the contract with East Ayrshire Council would cease at the end of June 2023.
1351 Placements
222 H&S Checks
282 Booked
For the financial year 2022-2023 the work experience team sourced 1351 placements, 282 of these were booked and carried out 222 Health and Safety checks.
The team also held a meeting in January 2023 for 16 of the school work experience coordinators to allow them to share best practices and hear about opportunities available to them.
Over the summer, apprentices from businesses across Ayrshire have been working hard on a project that gives back to the local community as part of our Ayrshire Apprenticeship Challenge 2022
The challenge allowed apprentices of 1 or more per group to use their skills they’ve attained within their business to do something of benefit for the local community. Each team was responsible for the planning and devising of their project and worked on a portfolio to support their work. Collins Aerospace, Shire Housing and Spirit AeroSystems completed their challenge and made it to the semi-final in September. Each team presented their challenge in front of a panel of judges with their portfolio evidence.
Apprentices from Collins Aerospace chose to support Community Gift Exchange (CGX). This charity is within their local community near their facility in Monkton that provides a positive method to recycle and upcycle donated items such as bikes, furniture, and more through the help of their volunteers who are sometimes disabled, troubled or in rehabilitation. The CGX workshop was previously in an unorganised state, with no standard work or production flow throughout. This made it difficult for the volunteers to work safely, effectively and progress their skills. From this, the Collins team decided to refurbish the workshop to create better flow and linkage. They worked with the charity’s volunteers to make the space as practical as possible measuring equipment to create storage and recycle materials to do so.
The Spirit team helped develop aspects of Aoife’s Sensory Bus by designing and building a box that stored sensory equipment and headphones for children. Aoife’s Sensory Bus is a local charity in Monkton that has transformed a generic stagecoach bus into a safe and fun place where children go and play with others, decompress and reduce stimulation, or increase stimulation dependant on the individual needs. The apprentices from Spirit raised money e.g., by selling football scratch cards to profit for equipment they would use for the bus then donated the remaining money to the charity. The group were able to go around the site selling these cards and also to friends and family to raise the funds.
Apprentice Jayden from Shire Housing came up with a cost-of-living crisis open day event with the main goal of creating as much of a positive impact on the community and assist as many members of it as possible. Therefore, this event was free to attend event where people could come and get assistance on how to become more comfortable financially in these tough times and would provide the greatest benefit to the community out of all my ideas. Jayden was responsible for the entire event planning from invitations to the location of the event to the marketing, as well as being responsible for the wide variety of information he would require on the day to relay to attendees seeking advice. He successfully got other businesses on board too to support the event by coming along and providing advice/ assistance. This event was advertised on social media and the local paper to reach as many people as possible.
Collins Aerospace were announced as the overall winner and we would like to congratulate the apprentice team once again for winning this award.
The team joined us on Friday night at the Ayrshire Business Awards where they received their prize.
Well done for all your hard work and thank you to the businesses who took part in the challenge.
The Directors are delighted to present the 2022-2023 Annual report and would like to take this opportunity to formally thank each team member for their work that contributes to the success of the Chamber throughout the year.
The staff always provide a high quality of service, and the Board wishes to record its appreciation of all the staff for their hard work during the year.
We are very pleased to report another very successful year, enabling an increase in the range of services and benefits to our members.
On behalf of the Board of Directors
Alison Somerville Claire Baird President Chief ExecutiveAlison’s management background is in textiles, but at the turn of the millennium, as globalisation was biting the UK textiles sector, she took the opportunity to join the family engineering business in a Business Development role on a short-term basis – or that was the plan at the time! 20 something years on, Alison still here and feel proud and privileged to be at the helm.
Her interests span across science and art, and Alison hopes that this shows in her approach to life and leadership. Alison genuinely believes in people and relishes the opportunity to help support people through offering job security, opportunities to develop and to make a difference, together, through connecting and collaborating with one another and with others.
Alison’s academic background and my belief in the value of togetherness and team spirit lends itself to her role as Team Lead of QHSE, Culture and Wellbeing team.
On a wider Leadership basis, Alison aspires to the ‘3P’ or ‘triple bottom line’ business sustainability model and encourages others to consider it too – People, Planet and Profit, working together. This model is a pre-curser to the burgeoning narrative of the Wellbeing Economy – an evolving movement that seeks to reshape economic systems and policies to prioritize human well-being, environmental sustainability, and social equity.
Outside work, Alison has volunteered as a Board Director of Ayrshire Chamber of Commerce for some years now and is proud to hold office as current President
Craig Johnstone CEO & Founder at Giglets Education Vice President Ayrshire Chamber of CommerceCraig has a number of years experience as a CEO/MD and is a graduate from Strathclyde University in 2011 with a BA Honours degree in International Business with Marketing, with a year spent in Ottawa, Canada.
Previously, Craig has worked for a number of global FMCG’s in sales and marketing roles, gained experience of manufacturing firms in Europe and has been involved at a local and national level in Scotland with the development of entrepreneurship in education.
Craig’s, award winning, entrepreneurial journey started at school and then onto university, running a successful paper publishing enterprise before teaming up with Dr. Karsten Karcher, Chairman & Founder of Giglets Education. They launched their ground-breaking literacy product in January 2015. Craig, from Ayrshire in Scotland, is known to be an occasional runner, a passionate Scot and volunteers with the RAF Air Cadets in what little spare time he has.
David is the founder of ClearSight Strategies Ltd, a consultancy with the clear purpose of helping Scotland’s entrepreneurs and business owners grow already successful businesses into thriving scalable and sustainable businesses, helping to create employment and wealth for the Scottish economy.
David has over 30 years’ experience in strategic management, sales and customer service roles, gaining his experience in managerial roles in Scotland, London, and the Middle East. He worked in the fascinating world of franchising for 5 years, until his own entrepreneurial passion hit, launching his own business in 2011. He commented “It was a real eye opener, I experienced for the first time just how difficult it was to be a solo entrepreneur. I made many mistakes, along with some successes and I learned more in a very short time than I had in my many years in the corporate world”.
Most recently David designed and delivered the West Coast Accelerator programme on behalf of the Hunter Foundation. He has helped over 200 business owners and entrepreneurs realise their dreams and ambitions to create sustainable and profitable businesses. Even with the very difficult trading conditions in recent years, over 90% of these businesses continue to thrive today.
Fiona MckenzieAfter 20 years, Fiona left secondary school teaching to co-found CentreStage in 2006, building the original theatre in Kilmarnock without public or grant funding.
CentreStage’s vision for a society where everyone can realise their potential, regardless of circumstance, is being driven through development of the CentreStage Village, Scotland’s largest community-led asset transfer to date, creating a cultural, social and community destination at the regenerated 1.8 hectare site of the former Kilmarnock Academy.
Fiona is an Entrepreneurial Founder at the Hunter Centre for Entrepreneurship at Strathclyde Business School and was awarded the Honorary Degree of Doctor of Letters from Caledonian University in 2019 before receiving the OBE in the King’s inaugural birthday honours in 2023.
Finance Director at Ashleigh (Scotland) Limited
Board Director Ayrshire Chamber of Commerce
Iain Forbes is a seasoned finance professional with over 30 years of experience in the construction industry. As the Finance Director of Ashleigh (Scotland) Limited, he brings a wealth of knowledge and expertise to the organisation.
Throughout his career, Iain has demonstrated a strong track record of success in managing financial operations, developing and implementing financial strategies, and maximising returns for stakeholders.
In addition to his role at Ashleigh (Scotland) Limited, Iain also serves as a Board Member, leveraging his experience and insights to provide valuable contributions and guidance to the organisation.
Ashleigh’s main offices are based in Prestwick and Dumfries and their operations generally cover South West and Central Scotland. With this local connection Iain is keen to see the business community of Ayrshire thrive and hopes to be able to give something back in his time with The Ayrshire Chamber.
Iain lives in Ayr with his family and enjoys Golf and Tennis in his spare time.
Martin D. Murphy Managing Director SCMGBoard Director Ayrshire Chamber of Commerce
He has over 25 years’ experience providing advice and support to corporate and SME businesses on supply chain, procurement and contract management issues across the private and public sector at all stages of the business lifecycle,
He is the Managing Director of SCMG, a consultancy business, and has managed and worked on projects in 24 different countries, He is interested in how the Chamber can support Ayrshire businesses and organisations to capture more local spend and win more business across the UK and further afield,
Martin has a degree in Mechanical Engineering and an MBA.
Board Director Ayrshire Chamber of Commerce
Richard has been a Creative Director at Launch for over 8 years and is a graduate from Glasgow Caledonian University in 2010 with a BA(hons) degree in Graphic Design for Digital Media. In 2020 Richard was named one of the GCU Heroes receiving the Alumni of the Year Award and has since returned to teach the Design for Change module on the Digital Design course part-time.
Richard has a real passion for helping local businesses promoting their services and products in the UK and abroad. He has worked closely with the Ayrshire Chamber and DYW Ayrshire on many projects and through Launch is a member of Ayrshire, Glasgow and London Chamber’s of Commerce. Richard also works closely with the Scottish Chamber’s of Commerce and has previously won the British Chamber’s of Commerce Regional Family Business of the Year award.
Richard is also passionate about giving back to the community and encourages Launch to take on work with local charities who need help with marketing as well as giving back as a student mentor at GCU. This led to Richard taking up a part-time lecturing role and is heavily involved in the alumni relations at GCU. Richard continues his own personal development becoming a member of the Chartered Institute of Marketing and Chartered Society of Designers.
Away from work Richard is an avid golfer and an enthusiastic football and rugby fan. He enjoys travelling, playing his acoustic guitar, gaming and drawing both landscapes and portraits.
Peter Telfer
Managing Director Urquhart Opticians
Board Director Ayrshire Chamber of Commerce
Peter is Managing Director at Urquhart Opticians. A graduate of Strathclyde Business School with First Class Honours, he has had a variety of Sales & Marketing roles before taking over Urquharts with long-time friend Alistair Duff
Peter is responsible for all non-Clinical areas of the business and particularly enjoys the Financial Management and Marketing aspects of the business. He is a Board Member of the Ayrshire Chamber of Commerce, a member of Entrepreneurial Scotland and plays an active role in a number of the local business associations, including the Chair of Kilmarnock Business Association.
Away from work, Peter has two young daughters, Katy and Chloe, and enjoys going to the football on a Saturday afternoon. He also has a passion for reading and one of his favourite quotes is:
“You don’t always have to see the whole staircase, just make the first step.”
As Managing Partner at William Duncan Accountants, Robert Fergusson’s passion lies in helping clients know their purpose so that they can achieve their life and business goals. During his many years at the helm he has grown the business and position it as one of the most digitally advanced, progressive advisory practices in the country.
His advocacy for the use of Cloud and AI technology in accountancy is rooted in his belief that these tools can significantly improve the efficiency and accuracy of quality, up-to-the-minute data for businesses and individuals. His contribution to the digital advancement of William Duncan Accountants is a testament to this vision.
When he’s not in the office or assisting clients with their financial journeys, Robert is an avid supporter of the Ayr Rugby Club. As someone who finds great fulfilment in his profession, Robert’s dream is that the next generation will also find the same enjoyment and sense of purpose in this field.
Steven Easton Director Easton Group, Co-founder & Chairman Green Home Systems Board Director Ayrshire Chamber of Commerce
Steven Easton is a director of Easton Group a family-owned property and investments business that is headquartered in Ayrshire and operates throughout Scotland. Its activities include residential housing, commercial property, and private equity investments.
Steven is also a Co-founder and Chairman of Green Home Systems, an energy efficiency specialist that installs thermal insulation and renewable energy systems in housing, helping families to lower energy costs while reducing greenhouse gas emissions.
DIRECTORS: Alison Somerville (President)
Craig Johnstone (Vice President)
Fiona McKenzie
Peter Telfer
Steven Easton
Robert Ferguson (Treasurer) (Appointed 2 February 2023)
Iain Forbes (Appointed 2 February 2023)
Richard Longmuir (Appointed 2 February 2023)
David Christian (Appointed 2 February 2023)
Martin Murphy (Appointed 2 February 2023)
REGISTERED OFFICE: The Mezzanine
Glasgow Prestwick International Airport
Prestwick
Ayrshire
KA9 2PL
REGISTERED NUMBER: SC119799 (Scotland)
AUDITORS: Rogerson & Goldie
Statutory Auditors
Chartered Accountants
29 Portland Road
Kilmarnock
KA1 2BY
The directors present their annual report and financial statements for the year ended 31 March 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Alison Sommerville - President
Craig Johnstone - Vice President
Fiona McKenzie
Peter Telfer
Steven Easton
Robert Fergusson - Treasurer (Appointed 2 February 2023)
Iain Forbes (Appointed 2 February 2023)
Richard Longmuir (Appointed 2 February 2023)
David Christian (Appointed 2 February 2023)
Martin Murphy (Appointed 2 February 2023)
Other changes in directors holding office are as follows:
Chris McMail (Resigned 5 April 2022)
Laura Rennie (Resigned 5 April 2022)
Steve McGhee (Resigned 27 July 2022)
Frank Gormanley (Resigned 29 September 2022)
Jane Grant (Resigned 29 September 2022)
James Thomson (Resigned 2 February 2023)
James Cumming (Resigned 1 March 2023)
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies
- (President) Director Date: 10th August 2023
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS102. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of The Ayrshire Chamber of Commerce & Industry (the ‘company’) for the year ended 31 March 2023 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the company’s affairs as at 31 March 2023 and of its profit for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of our audit:
• the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the directors’ report has been prepared in accordance with applicable legal requirements.
TO THE MEMBERS OF THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• the financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the directors’ report and from the requirement to prepare a strategic report.
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.
In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. We made enquiries of management with regards to compliance with laws and regulations.
We completed a sample of branch audit reviews with a focus on the income, expenditure and cash balances throughout the period to ensure that activities were supported and in line with company rules and practices.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias that represented a risk of material misstatement due to fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.
TO THE MEMBERS OF THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
BRYAN SWAN (Senior Statutory Auditor)
For and on behalf of Rogerson & Goldie
Chartered Accountants
Statutory Auditor
29 Portland Road
Kilmarnock
East Ayrshire
KA1 2BY
Date: 10th August 2023
THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
The profit and loss account has been prepared on the basis that all operations are continuing operations.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10th August 2023 and are signed on its behalf by:
Alison Sommerville - (President) Director Company Registration No. SC119799The Ayrshire Chamber of Commerce & Industry is a private company limited by shares incorporated in Scotland. The registered office is The Mezzanine, Glasgow Prestwick International Airport, Prestwick, Ayrshire, KA9 2PL.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The directors expect the company to continue to trade for at least the next 12 months from the date of approval of these accounts and therefore they consider the going concern basis of preparation to be appropriate.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies (Continued)
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:
Plant and equipment
25% on cost Office fixtures and equipment 25% on cost
Computers 33% on cost Database 25% on cost
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 credited or charged to profit or loss.
At each reporting period 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cashgenerating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FOR THE YEAR ENDED 31 MARCH 2023
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the company’s accounting policies, the directors 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.
The average monthly number of persons (including directors) employed by the company during the year was:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
FOR THE YEAR ENDED 31 MARCH 2023
5 Tangible fixed assets
6 Debtors
7 Creditors: amounts falling due within one year
THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Related party transactions
Remuneration of key management personnel
Transactions with related parties
The company provides/receives services to entities in which certain directors have an interest. The board of directors consider that disclosure of such transactions, which are undertaken on normal commercial terms, would not influence the decisions made by the users of the financial statements.
THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY DETAILED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023
THE AYRSHIRE CHAMBER OF COMMERCE & INDUSTRY
DETAILED PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Ayrshire Chamber of Commerce
The Mezzanine Glasgow Prestwick Airport Prestwick, KA9 2PL 01292 678666 enquiries@ayrshire-chamber.org
Registered in Scotland: Company No. 119799
AyrshireChamberofCommerce
AyrshireChamber
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