Farries Kirk & McVean Dumfries Enterprise Park Heathhall Dumfries DUMFRIESSHIRE DG1 3SJ

Transcription

1 REGISTERED CHARITY NUMBER: SC Report of the Trustees and Unaudited Financial Statements for Barfil Charitable Trust Farries Kirk & McVean Dumfries Enterprise Park Heathhall Dumfries DUMFRIESSHIRE DG1 3SJ

2 Barfil Charitable Trust Contents of the Financial Statements Page Report of the Trustees 1 to 2 Independent Examiner's Report 3 Statement of Financial Activities 4 Balance Sheet 5 Notes to the Financial Statements 6 to 10 Detailed Statement of Financial Activities 11

3 Barfil Charitable Trust Report of the Trustees The trustees present their report with the financial statements of the charity for the year ended 5th April The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015). OBJECTIVES AND ACTIVITIES Objectives and Activities The Trust distributes funds arising from an initial donation by The Trust may support any charitable purpose, but it is anticipated that this will primarily involve donations to other registered charities. During the year under review, Trustees were responsible for allocating funds while investments were managed by Redmayne Bentley Stockbrokers. The other Trustees, Blackman will assume responsibility for distributing funds in the event of the deaths of FINANCIAL REVIEW The Statement of Financial Activities shows net incoming resources for the year of 1,987 ( outgoing 13,369). After accounting for gains on investment assets, this increases the overall surplus for the year to 12,034 ( deficit 12,670). A total of 143,231 was retained in accumulated funds at the year end ( ,197). Reserves Policy It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level to provide sufficient funds to cover management, administration and support costs. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Barfil Charitable Trust ('The Trust') is governed by its Trust Deed which was registered in September Appointment of Trustees Trustees are nominated for appointment by existing trustees. There is no fixed term for Trusteeship. The appointment procedure and induction process ensures that the Trust comprises Trustees who have appropriate qualifications, areas of expertise and experience, and who are clear about their role. As part of their induction programme, new Trustees are required to understand their statutory responsibility. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC Principal address Independent examiner Farries Kirk & McVean Dumfries Enterprise Park Heathhall Dumfries DUMFRIESSHIRE DG1 3SJ Bankers Royal Bank of Scotland PLC 151 High Street Dumfries DG1 2RA Page 1

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6 Barfil Charitable Trust Statement of Financial Activities Unrestricted Total fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 25,000 - Investment income 3 3,414 3,677 Total 28,414 3,677 EXPENDITURE ON Raising funds Charitable activities 5 Grants Payable 25,680 16,190 Total 26,427 17,046 Net gains/(losses) on investments 10, NET INCOME/(EXPENDITURE) 12,034 (12,670) RECONCILIATION OF FUNDS Total funds brought forward 131, ,867 TOTAL FUNDS CARRIED FORWARD 143, ,197 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 4

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8 Barfil Charitable Trust Notes to the Financial Statements 1. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income Voluntary income including donations, gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies that the grant or donation must only be used in future periods, or when the donor has imposed conditions which must be met before the charity has unconditional entitlement. Income from investments is included in the year in which it is receivable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Any gain or loss resulting from revaluing the investments to market value is taken to the Statement of Financial Activities. 2. DONATIONS AND LEGACIES Donations 20,000 - Gift aid 5,000-25, INVESTMENT INCOME Income from listed investments 3,414 3,612 Deposit account interest ,414 3,677 Page 6

9 Barfil Charitable Trust Notes to the Financial Statements - continued 4. RAISING FUNDS Raising donations and legacies Support costs Investment management costs Investment management costs Aggregate amounts CHARITABLE ACTIVITIES COSTS Grant funding of activities Support costs Totals (See note 6) Grants Payable 25, , GRANTS PAYABLE Grants Payable 25,080 14,800 Page 7

10 6. GRANTS PAYABLE - continued Barfil Charitable Trust Notes to the Financial Statements - continued The total grants paid to institutions during the year was as follows: Southwest Community Woodlands Bio-Dynamic Agricultural Association Dumfries & Galloway Arts Festival 3,000 1,000 Crocketford Community Initiative 2,000 - Feral Choir 1,500 - Spring Fling 1,500 1,500 Portsmouth Naval Base Property Trust - 1,500 Crocketford Gala South West Piping & Drumming Academy 5,280 5,700 Stewartry Community Safety Forum Kate's Kitchen - 1,000 Environmental Arts Festival Scotland - 1,000 Solway Bridge Club - 1,000 University of Glasgow Trust - 1,000 Ryan Youth Theatre D&G Health Board Endowment Fund Disabled Curlers Dumfries Pipe Band Feis an Iar-Dheas Fun Ki Riders Mool 1,000 - National Youth Choir Dalswinton Festival Riding for the Disabled Royal Scottish Agricultural Benevolent Institution The Stove Network 2,400 - First Base 3,000-25,080 14, TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 5th April 2017 nor for the year ended 5th April Trustees' expenses There were no trustees' expenses paid for the year ended 5th April 2017 nor for the year ended 5th April FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6th April ,439 Additions 19,240 Disposals (44,303) Revaluations 10,047 At 5th April ,423 NET BOOK VALUE At 5th April ,423 At 5th April ,439 There were no investment assets outside the UK. Page 8

11 8. FIXED ASSET INVESTMENTS - continued Barfil Charitable Trust Notes to the Financial Statements - continued Material investment holdings The following holdings represent more than 5% of the value of the charity's total investments: F & C Investment Trust Ordinary 25p shares 11,300 8,620 Mercantile Investment Trust Ordinary 25p shares 6,426 9,459 HICL Infrastructure Company Ltd 6,784 6,424 National Grid 1.25% ,786 Places for People Homes Ltd 1% ,860 8,340 Kames Capital PLC Investment Bond 6,861 8,670 Seneca Income & Growth Trust 8,094 9,174 Baillie Gifford Corporate Fund - 8,039 Capita Financial Managers 9,773 8,974 Royal London Unit Trust Managers 6,050 7,994 Retail Charity Bonds (GLH) 8,763 8,260 Tritax Big Box Reit PLC 5,804 9,450 John Laing Infrastructure Fund 6,710 6,075 Tesco index linked Bond 5,812 8,174 Empiric Student Prop PLC 5,363 - Threadneedle Investments 6, DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 9, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income MOVEMENT IN FUNDS Net movement At in funds At Unrestricted funds General fund 131,197 12, ,231 TOTAL FUNDS 131,197 12, ,231 Net movement in funds, included in the above are as follows: Incoming Resources Movement in resources expended Gains and losses funds Unrestricted funds General fund 28,414 (26,427) 10,047 12,034 TOTAL FUNDS 28,414 (26,427) 10,047 12,034 Page 9

12 11. MOVEMENT IN FUNDS - continued Barfil Charitable Trust Notes to the Financial Statements - continued Unrestricted funds within the General Fund are to be used for the purposes of the charity as directed by the Trustees and to meet the running costs of the charity. 12. RELATED PARTY DISCLOSURES One of the charity's trustees, is also a trustee of the South West Scotland Piping and Drumming Academy. During the year under review Barfil Charitable Trust provided a grant of 5,280 (2016-5,700) to the South West Scotland Piping and Drumming Academy. 13. FIRST YEAR ADOPTION Transitional relief It is the first year that the charity has presented financial statements under Charities SORP FRS 102 and FRS 102. The last financial statements prepared under previous UK GAAP were for the year ended 5th April 2016 and the date of transition to Charities SORP FRS 102 and FRS 102 was therefore 6th April In preparing these accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No items have been identified therefore no restatement is required. Page 10

13 Barfil Charitable Trust Detailed Statement of Financial Activities INCOME AND ENDOWMENTS Donations and legacies Donations 20,000 - Gift aid 5,000-25,000 - Investment income Income from listed investments 3,414 3,612 Deposit account interest ,414 3,677 Total incoming resources 28,414 3,677 EXPENDITURE Investment management costs Investment management costs Charitable activities Grants payable 25,080 14,800 Support costs Management Sundries Governance costs Independent examiner's fee Legal fees ,390 Total resources expended 26,427 17,046 Net income/(expenditure) before gains and losses 1,987 (13,369) Realised recognised gains and losses Realised gains/(losses) on fixed asset investments 1,347 - Net income/(expenditure) 3,334 (13,369) This page does not form part of the statutory financial statements Page 11