THE ROTARY CLUB OF EDIHtsURGH JUBILEE GHARITY FUI{D

Transcription

1 THE ROTARY CLUB OF EDIHtsURGH JUBILEE GHARITY FUI{D FI HA}IC IAL STATEi,IEhITS 3O JUNE Z}16 Ghartty Humber SCllE757

2 FINANCIAL STATEMENTS YEAR ENDED 3 JUNE 216 CONTENTS Members of the Board and professional advisers Trustees Annual Report lndependent examiner's report Statement of Financial Activities Balance Sheet Notes to the financialstatements I 9-13

3 MEIiiBERS OF THE BOARD AND PROFESSIONAL ADVISERS Registered charity name Charity number The Rotary Club of Edinburgh Jubilee Charity Fund sc8757 Trustees Business address lndependent examiner Bankers The Royal Bank of Scotland plc 36 St Andrew Square Edinburgh EH2zYB Page 1

4 TRUSTEES ANNUAL REPORT YEAR ENDED 3 JUNE 216 The trustees present their report and the independently examined financial statements of the charity for the year ended 3 June 216. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details are shown in the schedule of members of the board and professional advisors on page 1 of the financial statements. THE TRUSTEES The trustees who served the charity during the year and to date were as follows:- STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Rotary Club of Edinburgth Jubitee Charlty Fund was established by trust deed dated 1961, amended 19 September2CI2,6 March 28,26 June 214 and 16 June 216. The management of the fund is the responsibility of the trustees who are elected under the terms of the trust deed. The Trust is a charity and was originally recognised as such by the lnland Revenue for taxation purposes. As a result there is no liability to taxation on any of its income. The trust now appears on the register of the Office of the Scottish Charity Regulator under Scottish Charity No, SC8757. The charity can be contacted at the business address shown. Recruitment and Appointment of Trustees At an Extraordinary General Meeting of the Club held on 16 June 216 it was decided to reduce the number of trustees from 11 to 8. The trustees now consist of the President and Honorary Treasurer of the Rotary Club of Edinburgh (the Club) as ex-officio trustees and six Club members appointed as ordinary trustees at the Annual General Meeting of the Club. Two ordinary trustees retire annually by rotation. Retiring trustees shall be eligible for re-election, provided that they do not serye rnore than three consecutive terms of three years. Page 2

5 TRUSTEES ANNUAL REPORT (continued) YEAR ENDING 3 JUNE 216 Trusteee' lnduction and Training Trustees are encouraged to attend relevant training courses which deal with the subject of trustees' responsibilities. The trustees meet at least three times per year and receive no remuneration or expenses for their services to the charity. The charity employs no staff. Risk Management The trustees actively review the major risks which the charity faces and believe that maintaining the investment portfolio at its current level, combined with the policy adopted for making grants, will provide sufficient resources in the event of adverse conditions. Related Parties The Rotary Club of Edinburgh is deemed to be a related party and, as noted above, alltrustees are members of the Club. The Club has its own Constitution. OBJECTIVES AND ACTIVITIES At an extra-ordinary general meeting of the club held on 26 June 214 the objects of the Trust were amended to reflect modern conditions and terminologies. These objects now are:- (a) To assist those in need, either directly or by giving grants to other organisations equipped to do so, especially: r the poor. the young r those with special needs, because of illness and/or disability r those concemed with the welfare of animals (b) To provide support for the advancement of: r education r religion r medical research (c) To giveconsideration to supporting any of the above that is: r located or based in or around the CiW of Edinburgh r located or based in a country without developed support structures The trustees make grants and decide on the amount payable on the basis of written applications for funding or sponsorship. Members of the Club and their families act as unpaid volunteers for the charity. ACHIEVEMENTS AND PERFORMANCE No specific targets for fundraising were put in place but fundraising activity raised t28,692 after receipt of Gift Aid. The aim would be to maintain or enhance this level of activity in the future. Grants distributed and projects supported totalled 834,458 { ,397) as listed in Notes 5 & 6 to the financial statements. FINANCIAL REVIEW Voluntary lncome for the year exceeded the previous year totals as did grants distributed and proiects supported. Also, the investmentvaluations at 3 June 216 exceeded the prior year valuations. The trustees are satisfied that financial aims were achieved. Page 3

6 TRUSTEES ANNUAL REPORT (conttnued) YEAR ENDING 3 JUNE 216 INVESTTIiENT POLICY The trustees' aim is to maintain the value of the investments and income from the investments. This is being achieved by the funds being invested in a spread of investment trusts and similar pooled investment vehicles. RESERVES POLEY The Reserves of the charity cornprise the Endowed Fund and the Revenue Fund. The cunent Reserves policy was established at a meeting of trustees held on 5 September 213 and, while both Capitaland lncome may be distributed, they agreed as follows:- 1 Endowed Fund The Endowed Fund will be represented by the components of the investment portfolio held by Stocktrade on 1 April213. The only movements in the fund will be as a result of market value changes and additional funds invested. 2 Revenue Fund The Revenue Fund will be represented by other funds at 1 April 213 and will be credited with investment income, fundraising and donations received less grants, awards and other expenditure approved by the Trustees. The resulting Reserves at 3 June 216 are:- Endowed Fund E144,2a Revenue Fund 813,385 TotalReserves 8157,593 The results for the year are shown in the Statement of Financial Activities on page 7. PLANS FOR FUTURE PERIODS The trustees plan to continue the activities outlined above including fundraising and making grants to a variety of deserving causes. RESPONSIBILITIES OF THE TRUSTEES The charity's trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. The law applicable to charities in Scotland requires the trustees to prepare flnancialstatements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees 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 charity and the income and expenditure of the charity for that period. ln preparing these financialstatements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Page 4

7 TRUSTEES ANNUAL REPORT (continued) YEAR ENDING 3 JUNE 216 RESPONSIBILITIES OF THE TRUSTEES (continued) The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee lnvestment (Scotland) Act 25 and the Charities Accounts (Scotland) Regulations 26 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO THE INDEPENDENT EXAMINER To the knowledge and betief of each trustee at the time that this report is approved: - so far as each trustee is aware, there is no relevant information of which the charity's examiner is unaware and - each trustee has taken all steps that he/she ought to have taken in order to make himselflherself aware of any relevant accounts information and to establish that the charity's independent examiner is aware of the information. Signed on behalf of the trustees 7 November 216 Trustee Page 5

8 INDEPENDENT E)(AMINER'S REPORT TO THE TRUSTEES OF THE CHARITY I report on the accounts of the charity for the year ended 3 June 216 set out on pages seven to thirteen. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAM}NER The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee lnvestment (Scotland) Act 25 and the Charities Accounts (Scotland) Regulations 26 (as amended). The charity's trustees consider that the audit requirement of Regulation 1 (1) (a) to (c) of the Accounts Regulations does not apply. lt is my responsibility to state, on the basis of my examination as required under section 44(1) (c) of the Act, whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAi,TINER'S STATEMENT My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 26 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with these records. lt 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 whether the accounts present a 'true and fair view. INDEPENDENT EXAINNER'S STATEMENT ln 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 trustees have not met the requirements to ensure that: - proper accounting records are kept in accordance with section aa(1) (a) of the 25 Act and Regulation 4 of the 26 Accounts Regulations; and - accounts are prepared which agree with the accounting records and comply with Regulation I The Rotary Club of Edinburgth Jubilee Charity Fund was established by trust deed dated 1961, (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. lndependent Examiner 16 November 216 Page 6

9 STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 3 JUNE 216 Revenue Endowed Fund 216 Fund 216 tt Total Funds Revenue Endowed 216 Fund 215 Fund 215 tfe, Tatal Funds II,ICOITING RESOURCES lncoming resources from generating funds: Voluntary income 2 28,692 28,692 27,132 27,132 lnvestment income 3 4,17 4,17 3,718 3,718 Gainl (Loss) on investment assets 1,4M 1,464 8,479 8,479 TOTAL IIICOMING RESOURCES 32,862 1,464 34,326 3,85 8,79 38,929 RESOURCES EXPENDED Costs of generating funds (226) (226) (421) (421) Grants 5 (31,716) (31,716) (2,962) (2,962) Projects Governance costs o 4 (2,742) {2,742) (3,435) (3,435) TOTAL RESOURCES EXPENDED (34,684) (34,684) (24,818) {24,818) NET RESOURCES EXPENDED BEFORE TRANSFERS (1,822) 1,464 (358) 6,32 8,79 14,111 Transferbetween Funds (24,996) 24,996 NET RESOURCES EXPENDED FORTHE YEAR (1,822) 1,464 (358) (18,964) 33,75 14,111 RECONCILIATION OF FUNDS Total funds brought forward 15,27 142, ,951 34,171 1A9, ,84A TOTAL FUNOS CARRIED FORYUARD ,28 157,593 15,27 142, ,951 The Statement of FinancialActivities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages I to 1 3 form part of these financial statements Page 7

10 THE ROTARY CLUB OF EDINBURGH JUBILEE GHARITY FUND BALANCE SHEET AS AT 3 JUNE 2{6 FIXED ASSETS lnvestments CURRENTASSETS Debtors Cash at bank irotet2' s 144, ,1 g5 2r ,171 12,36 13,385 15,27 CREOITORS: Amounts falling due within one year n 142,744 NET CURRENT ASSETS 13,385 15,27 TOTAL NETASSETS 157, ,951 RESERVES Endowed Fund n Revenue Fund 13 TOTAL RESERVES 144,28 13, , ,744 15,27 157,951 Approved by the trustees on 7 November 216 and signed on their behalf by: The notes on pages I to 1 3 ficrm part of these financial statements. Page I

11 NOTES TO THE FINANCIAL STATEIIiENTS YEAR ENDING 3 JUNE 216 ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared under the historical cost convention, except for investments which are included at market value, and in accordance with applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 25 (SORP 25) and the Charities and Trustee lnvestment (Scotland) Act 25 and the Charities Accounts (Scotland) Regulations 26 (as amended). lnvestmenb lnvestments are included at market value. Gains and losses on revaluation of investments are charged or credited to the SOFA. lnvestment lncome lncome from investments is accounted for in the year in which it is received. lncoming Resources All incoming resources are recognised once the charity has entitlement to the resources, is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. lncome represents donations and collections from the charity's ordinary activities. Resources Expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. These are allocated as between charitable expenditure and governance costs. Charitable expenditure is incurred in direct pursuance of the chari$'s principal objects through fund raising activities carried out by The Rotary Club of Edinburgh. Governance costs comprise allcosts involved in compliance of regulation and good practice. VAT The charity is not registered for VAT and accordingly expenditure includes VAT where appropriate. Page 9

12 THE ROTARY CLUB OF EDINBURGH JUBILEE GHARIW FUND NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 3 JUNE 216 VOLUNTARY INCOME Donations and Fundraising Members Donations The Edinburgh Auction Member's Sponsorship via Just Giving GiftAid lndian Girls School Toilets Project RCE Golf Club Ladies Lunch Spice Lounge - Taste of lndia Rotary Club of Edinburgh Raffles Crocus Sales Other Donations Vanuatu Cyclone Appeal Nepal Earthquake Appeal lndian Blood Bank Project Castle Restaurant Charity of the month Revenue Fund E 6,39 6,272 3,979 3,145 2,725 1,622 1,552 1,27 1, Total Funds 216 t 6,39 6,272 3,979 3,145 2,725 1,622 1,552 1,27 1, Total Funds 215 6,478 8,798 2,391 2, , , ,692 28,692 27,132 INVESTMENT INCOME Revenue Total Funds Total Funds Fund eit lncome from UK listed investments Bank interest receivable 4, ,17 4, ,17 3, ,718 GOVERNANCE COSTS Revenue Fund Total Funds 216 Total Funds 215 Administration costs Page 1

13 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 3 JUNE 2{6 PROJECTS Kids'Out Day 2A16 Club Christmas Parcels Senior Citizens' Outing GRANTS Revenue Fund E 1, Revenue Fund -_zr42 m 7,893 5,3'19 2,34 2,4 2,4A 1,25 1,2 1, 1, 1, Total Funds 216 E 1, Total Funds 215 t 1, ru. _:ffi Total Funds Total Funds f 7,893 5,319 2,34 2,44 2, 1,254 1,2 1, 1, 1, s f6'@ 4, a a 896 1,4 a ,24 3,5 1, 1, , Page 1 1

14 THE ROTARY CLUB OF EDINBURGH JUBTLEE CHARITY FUND NOTES TO THE FINANCIAL STATEi'IENTS YEAR ENDING 3 JUNE 216 TRUSTEES' REMUNERATION No trustee received any remuneration or reimbursement of expenses from the charity (215 - tnil). FUND TRANSFERS Excess funds are transferred to further the objectives of the charity and in accordance with the revised Reserves Policy INVESTMENTS Movement in market value Market value at 1 July 215 Purchase of shares Net gain (loss) on revaluation at 3 June 216 Market value at 3 June 216 Historical cost at 3 June 216 Analysis of investments at 3 June 216 between funds Alliance Trust - Ordinary 25p shares M&GCharifundUnits Scottish American lnvestment Co - Ordinary 25p shares Scoftish Mortgage lnvest Trust - Ordinary 5p shares Law Debenture Corp - Ordinary 5p shares City of London lnvestment Trust - Ordinary 25p shares IO DEBTORS Gift Aid receivable RCE Prepayments 11 CREOTTORS 216 f 142, f 19,669 24,996 8,79 1,464 1MW 142,744 M,11 84,411 Endowed Total Funds Total Funds Revenue Fund Fund E I E t UK listed investments 144,28 144,28 142,744 The following investments represented more than 5% of the value of the portfolio at 3 June 216 Holding 3,8 1,2 1, 11, 5,1 6,344 Cost value Ef 1,117 19,912 9,445 16,988 15,414 28,74 3,947 29,81 2,92 24,811 24,996 23,987 84,11 144, E t 2, , f Page 12

15 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDING 3 JUNE ENDOWED FUND 13 REVENUEFUND Balance at 1 July 2{5 _15,24? 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS {5 Endowed Fund Revenue Fund RELATED PARTY TRANSACTIONS Balance at 1 July 215 _142,?44 Transfers J Transfers E lncoming Resources f 32,862 lnvestments 144,28 Gain on lnvestmenb _1,464_ Outgoing Resources t 134,684)- Net current assets 13,385 _144,28_ jgg Balance at 3 Jun 216 t _144,28_ Balance at 3 Jun 2tG t 13,385 Total 144,2A8 13,385 l5?5e3 As stated in the Trustees' Report, The Rotary Club of Edinburgh is deemed to be a related party. No individual members of the Club have benefitted from donations or sponsorship paid oul Donations received from Club members are shown in Note 2. Club members also act as unpaid volunteers in connection with the various fund raising events and collections. 16 COMMITMENTS The following commitments existed as at 3 June 216 (215 84,925). Approved earlier years The David School-Sierra Leone Approved 15 February 216 RC of Kenton - School Project in RSA Old People in East Craigs 2, 1, e 1,1 3, tl6- Page 13