THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND. From: 6 April To: 5 April Scottish Charity Number SC NT/RSM YOU0306 S001

Transcription

1 ANNUAL REPORT & ACCOUNTS of THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND From: 6 April 2015 To: 5 April 2016 Scottish Charity Number SC NT/RSM YOU0306 S001

2 The John Kirkhope Young Endowment Fund Index to the Annual Report and Accounts Page Annual Report of the Trustees and Statement of Trustees' Responsibilities 1-2 Independent Examiner's Report 3 Statement of Financial Activities 4 Balance Sheet 5 Notes to Accounts 6-9

3 The John Kirkhope Young Endowment Fund Annual Report of the Trustees Structure, Governance and Management The Trust was established by Trust Deed on the 6 August 1942 with funds provided by John Kirkhope Young. The Trustees were appointed and are acting in accordance with the powers contained in the Trust Deed. The Trustees hold regular meetings to deal with the administration of Trust matters as they arise with particular reference to the consideration of grant applications, the Trust Accounts and information received from the Investment Managers. Trustees: Principal Office: Charity Number: Secretaries and Factors: Investment Managers: Quartermile Two, 2 Lister Square, Edinburgh, EH3 9GL SC Morton Fraser LLP Quartermile Two 2 Lister Square Edinburgh EH39GL Rathbone Investment Management Limited 28 St Andrew Square Edinburgh EH21AF Solicitors: Independent Examiner: Morton Fraser LLP Quartermile Two 2 Lister Square Edinburgh EH39GL Mitchell Edwards Chartered Certified Accountants 24A Ainslie Place Edinburgh EH36AJ 1

4 The John Kirkhope Young Endowment Fund Annual Report of the Trustees for the period ended 5 April 2016 Objectives and Activities The principal objects of the Trust are to provide funds for the advancement of all schemes which are for the physical wellbeing and improvement in general physical condition of the youth of the City of Edinburgh, for the advancement of knowledge in the science of chemistry as it affects the trade and industry of Great Britain, for making donations for the upkeep, extension and equipment of any charitable institution, hospital or society administered in Scotland whose object is the restoration of the sick to health and for the advancement of knowledge in medicine and surgery including the granting of bursaries and scholarships, funding research work and the purchase of necessary equipment. Achievements and Performance The benefits of the Trust's work are the provision of grants in furtherance of the objectives of the Trust. Grants paid in the year ended 5 April 2016 amounted to 40,000 (2015 : 40,000) Grants The policy of the trustees is to apply the net available income from investments and deposits in making grants to registered charitable organisations. Numerous grant applications are received containing appropriate information without the Trustees having to require completion of a specific application form. Each application receives initial consideration for eligibility in respect of the Trust's objects and, in some cases, additional details may be requested. Relevant applications are carried forward to Trustees' meetings when grants are awarded, taking into account the funds available. If time is of the essence in relation to any particular application, an imediate grant may be awarded. Where the nature or extent of applications justify it, consideration will be given, for grant purposes, to supplementing the available income with capital, provided that such action will not compromise the Trustees' investment policy. While the Trustees' seek to support a wide range of charitable organistions within their remit, they are keen to give preference, where appropriate, to smaller organisations or those most in need of financial resources. Financial Review Net expenditure for the year before net gains and losses on investment assets was 13,095 (2015: net expenditure 8,719). To this has to be added the net recognised loss on investments of 77,809 (2015: gain 49,777) resulting in a net decrease in funds for the year of 90,904 (2015: increase in funds of 41,058). Reserves Policy It is the Trust's policy to maintain unrestricted funds which are the free reserve of the charity at a level which provides funds to generate sufficient income to cover grants paid and management, administration and support costs. At 5 April 2016 total funds amounted to 1,087,204(2015: 1,178,108). Trustee Remuneration and Expenses The Trustees did not receive any remuneration as trustees during the period. Investment Policy The investment policy which is reviewed by the Trustees from time to time is aimed at maintaining a real value of the Trust funds over a period of years whilst at the same time providing a reasonable level of income. Recruitment and Appointment of Trustees New Trustees are appointed by the existing trustees. Plans for the future The Trustees intend that the Trust funds are invested in such a way to produce sufficient income to enable them to continue their grant making policy in accordance with the guidelines so that the Charity can continue to make a difference to other people's lives wherever this is possible.! 1. h. ~.f.~~. (Date) 2

5 INDEPENDENT EXAMINERS' REPORT TO THE TRUSTEES OF THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND I report on the accounts of the charity which are set out on Pages 4 to 9. Respective responsibilities of Trustees and Independent 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 The charity 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 independent examiner's statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with this records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examination, no matter has come to my attention 1. Which gives me reasonable cause to believe that in any material respect 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 comply with Regulation 8 of the 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. Mitchell Edwards Chartered Certified Accountants 24A Ainslie Place Edinburgh EH36AJ \ e J La 11.." I t: Date: t. 3

6 The John Kirkwood Young Endowment Fund Statement of Financial Activities and Income and Expenditure Account Notes Income Donations 2 5,258 I nvestment income 2 45,865 44,091 Total Income 45,865 49,349 Expenditure Cost of generating funds 3 11,400 10,748 Charitable expenditure 4 47,560 47,320 Total Expenditure 58,960 58,068 Net income/(expenditure) before gains/(iosses) on investments (13,095) (8,719) Realised gain/(ioss) from sale of investments 6 (3,799) 2,260 Unrealised loss/(gain) on revaluation of investments 6 (74,010) 47,517 Net movement in funds (90,904) 41,058 Fund balance brought forward 1,178,108 1,137,050 Fund Balance at 5 April ,087,204 1,178,108 All activities relate to continuing operations and are unrestricted. 4

7 The John Kirkwood Young Endowment Balance Sheet as at 5 April 2016 Fund Notes Investments at Market Value 6 1,073,805 1,141,288 Current Assets Debtors Cash at bank and in hand 16,219 39,125 16,219 39,640 Creditors - Amounts falling due within one year Accruals 8 (2,820) (2,820) Net Current Assets 13,399 36,820 Net Assets 1,087,204 1,178,108 The Funds of the Charity Unrestricted Funds 1,087,204 1,178,108 1,087,204 1,178,108 The Notes at pages 6 to 9 form part of these accounts Approved by the Trustees 5

8 THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND NOTES ON THE FINANCIAL STATEMENTS 1. Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of preparation The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities, the Financial Reporting Standard for Smaller Entities (effective January 2015), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations Assets and liabilities are initially recognised at histotical cost or transaction value unless otherwise stated in the relevant accounting policy note(s) b) Income Recognition All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received and the amount of income receivable can be measured reliably. c) Fund Accounting Unrestricted funds are available to spend on activities that further any of the purposes of the Trust. d) Expenditure recognition and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligations can be measured reliably. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Grants payable are payments made to third parties in the furtherance of the charitable activities of the Trust. e) Allocation of support and governance costs Support costs are those functions that assist the work of the Trust but do not directly undertake charitiable activities. Governance costs comprise all costs involving the public accountability of the Trust and compliance with regulation and good practice. These costs include costs relating to the Independent Examination. These costs have been allocated to expenditure on charitable activities and are analysed in note 4. f) Fixed Asset Investment Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closed quoted market price. The statement of financial activities includes net gains and losses arising in revaluation and disposals throughout the year. g) Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities h) Debtors Debtors are recognised at the settlement amount due 6

9 THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND NOTES ON THE FINANCIAL STATEMENTS - continued 1. Accounting Policies - continued i) Creditors and provisions Creditors and provisions are recognised where the fund has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured reliably. Creditors are normally recognised at their settlement value. j) Cash at bank Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of the acquisition or opening of the deposit or similar amount. 2 Income Dividends 38,668 44,058 Bank interest 7, Donations 5,258 45,865 49,349 3 Costs of generating funds Secretarial and factoring fees 6,000 5,760 Investment management fees 5,400 4,988 11,400 10,748 4 Analysis of charitable expenditure Support Grant and making governance activities costs Total Total Secretarial and factoring fees 6,000 6,000 5,760 Accounting and taxation fees 1,260 1,260 1,260 Independent Examiner's fee Grants to institutions 40,000 40,000 40,000 40,000 7,560 47,560 47,320 7

10 THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND NOTES ON THE FINANCIAL STATEMENTS - continued 5 Grants TACT Dr Sell's Family Centre YMCA Edinburgh Happy Days Dunoon Link Clun Parkinsons UK Scotland Waverly Care Maggies Centre Scottish Spina Sifida Association Edinburgh Headway Group Nordoff- Robbins Group S Strep Support PSC Foundation Equibuddy Islay & Jura Community Enterprises Ltd Scottish Autism Scottish Huntington's Association Children's Liver Disease Foundation Alzhemiers Research UK Muscular Dystrophy Redburn School Harmeny Education Trust Edinburgh Cyrenian Trust Children with Cancer UK Arthritis Research UK National Deaf Children's Society Spinal Research Dean and Cauvin Trust The Yard Adventure Centre Teenage Cancer Trust The Junction Young People Health & Wellbeing Edinburgh Youth Carers Project Lothian Sound MND Scotland CCLASP Positive Help Little Sisters of the Poor ,000 3,000 2,000 2,000 1, 1, 1, 1, 40,000 6 Fixed Assets Investments Market Value as at 31 January 2015 Add: additions to investments at cost Disposals at carrying value Unrealised gain/(ioss) ,141,288 85,984 (79,457) (74,010) ,088,793 43,217 (38,239) 47,517 Market Value as at 31 January ,073,805 1,141,288 8

11 THE JOHN KIRKHOPE YOUNG ENDOWMENT FUND NOTES ON THE FINANCIAL STATEMENTS - continued 7 Debtors ,015 Accrued income Creditors ,015 Accruals 2,820 2,820 2,820 2,820 9 Related Parties Trustees do not receive remuneration, expenses or other benefits from their work with the Trust Fees paid to Morton Fraser LLP relating to secretarial, factoring, accounting and taxation fees amounted to 12,000 (2015: 11,520). trustee, is a partner in Morton Fraser LLP. 9