THE SCOTTISH NATIONAL MEMORIAL TO DAVID LIVINGSTONE TRUST

Transcription

1 Registered number: SC16172 Charity number: SC THE SCOTTISH NATIONAL MEMORIAL TO DAVID LIVINGSTONE TRUST GOVERNORS' REPORT AND FINANCIAL STATEMENTS

2 CONTENTS Page Reference and administrative details of the charity, its trustees and advisers 1-2 Governors' report 3-7 Independent auditors' report 8-9 Statement of financial activities 10 Balance sheet 11 Notes to the financial statements 12-22

3 REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS Governors Key: 1. EX OFFICO GOVERNORS 2. NOMINATED GOVERNORS 3. ELECTED GOVERNORS (Year of Retiral Indicated) Company registered number SC16172 Charity registered number SC Registered office David Livingstone Centre, 165 Station Road, Blantyre, South Lanarkshire, G72 9BT Company secretary Treasurer Independent auditors French Duncan LLP, 133 Finnieston Street, Glasgow, G3 8HB Page 1

4 REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS Advisers (continued) Bankers Royal Bank of Scotland, 7 Duke Street, Hamilton, ML3 7DU Page 2

5 GOVERNORS' REPORT The Governors present their annual report together with the audited financial statements of The Scottish National Memorial to David Livingstone Trust for the year 1 January to 31 December. The Governors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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) as amended by Update Bulletin 1 (effective 1 January 2015). Since the Trust qualifies as Small under Section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Objectives and Activities POLICIES AND OBJECTIVES The constitutional responsibility of the Trust is to hold and maintain a National Memorial and Museum on the site of Livingstone s birth, which is made available to the public, providing an interesting, educational and enjoyable cultural experience. Achievements and performance REVIEW OF ACTIVITIES The Tri-Partite Agreement with the National Trust for Scotland, South Lanarkshire Council and the Trust to operate and provide maintenance of our facilities and the upkeep of the grounds (with the exception of the wild garden) ended on 31 March. The Trust entered into a contract with the National Trust for Scotland to provide similar, but reduced, operations to keep the Centre open for 4 days per week throughout the season Friday, Saturday, Sunday and Monday. South Lanarkshire Council contributed 20,000 towards operational costs. During the course of the year, the National Trust for Scotland intimated its intention to conclude the contract and withdraw from operations at the site on 31 March The Executive Committee therefore worked closely with NTS to ensure continuity on the site, and appropriate handover arrangements (including ensuring that all assets are in working order). The outcome of this has been positive and the Centre (museum, café and shop) has been open at week-ends during 2017 and operated by Volunteers and the Executive Committee. For example, we hosted the annual Easter Egg Hunt (attracting some 2,000 visitors over 4 days); and the Blantyre Gala (attracting some 3,500 visitors over 2 days). During, the Executive Committee also had a strong focus on the future, and led the development and submission of Bids for Funding to Heritage Lottery Fund, Historic Environment Scotland and Scottish Government. This is covered in detail in the Future Developments Section below. INVESTMENT POLICY AND PERFORMANCE The Governors have considered the most appropriate policy for investing and have found that the current operation of interest bearing Bank accounts and quoted Investment Trusts are at present sufficient for the Trust's purposes. Professional advice is sought when appropriate. Page 3

6 GOVERNORS' REPORT (continued) Financial review GOING CONCERN The Trust had a Tripartite Agreement in place with National Trust for Scotland and South Lanarkshire Council. This Agreement had been renewed at various intervals since inception in 1999 and came to an end on 31st March. Under the Agreement any revenue deficit up to 100,000 was shared on a pro rata basis by both bodies. Any deficit over 100,000 was borne by the Trust. This Tripartite Agreement ended on 31 March, and was replaced by a contract with the National Trust for Scotland. In the spirit of partnership and continuity, South Lanarkshire Council contributed 20,000 towards operational costs. The Governors have a reasonable expectation that the David Livingstone Trust has adequate resources to continue in operational existence for the foreseeable future. RESERVES POLICY The Trust has only limited free reserves which are being used to meet the ongoing requirement to keep the Centre open as noted in the review of activities above. This has resulted in a further reduction to the free reserves. Structure, governance and management CONSTITUTION The Trust, which is a recognised charity in Scotland, is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 20 October The principal object of the Trust is to hold, maintain and keep open to the public David Livingstone's birthplace at Blantyre as a museum and repository of his personal relics. METHOD OF APPOINTMENT OR ELECTION OF GOVERNORS The management of the Trust is the responsibility of the Governors who are elected and co-opted under the terms of the Articles of Association. They are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. In terms of the Articles of Association the following Governors fell to retire by rotation at the Annual General Meeting, and were re-elected :-. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF GOVERNORS In line with the guidelines and recommendations from the Office of the Scottish Regulator, a procedure is in place relating to the induction of new Governors. Page 4

7 GOVERNORS' REPORT (continued) ORGANISATIONAL STRUCTURE AND DECISION MAKING The elected members of the Governing Body who served during the year are shown below: The Nominated Governors who served during the year were: Church of Scotland World Mission ) Royal College Physicians and Surgeons, Glasgow Royal Scottish Geographical Society United Free Church of Scotland United Reformed Church (Scottish Synod) South Lanarkshire Council In addition, the following served as Ex Officio Governors during the year: Her Majesty's Secretary of State for Scotland The Lord Lieutenant of the County of Lanark The High Commissioner for the Republic of Botswana The High Commissioner for the Republic of Malawi The High Commissioner for the Republic of Zambia The High Commissioner for the Republic of Zimbabwe A review of skills sets and governance is currently underway following discussion and agreement at the September AGM. The Governors will seek to recruit individuals who have specialist skills and knowledge that can contribute to the work of the charity. RELATED PARTY RELATIONSHIPS The Charity has had no related party transactions. RISK MANAGEMENT The Governors have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. Page 5

8 GOVERNORS' REPORT (continued) Plans for future periods FUTURE DEVELOPMENTS The Governors are happy to report that, following discussion with funders, the Application for the Centre has been revised downwards and the a new cost of 6.1m was approved at the September AGM for submission to the Heritage Lottery Fund, Scottish Government and Heritage Environment Scotland. These funding requests have now been approved in June 2017 and the project will now go ahead. The Trust will have to apply 15k of its reserves to satisfy the funders requests. The purpose of the is to create a vibrant new visitor destination telling the story of the remarkable life and heritage of David Livingstone ( ). This story sets Scotland in a global context and presents a compelling universal example of what each of us can achieve and what we have to offer the world. Given the importance of our Collection we intend to become a centre for research; and deliver learning and public programmes to support schools, community regeneration and international partnerships. The project involves refurbishment of Shuttle Row (a Grade A Listed Building), conserving part of our significant Collection; interpreting David Livingstone s story from poor millworker to global figure to enable all of us to think about how we might change our world; delivering an Activity Plan to engage our public, inspire social justice and personal achievement; and improvements to the African Pavilions. At its AGM, the Trust recognised its fortune in having the ongoing support of several Professional Executive Committee members who are working on a voluntary basis. RESULTS The accounts for the David Livingstone Trust show grant income of 151,561 from the Heritage Lottery Fund and 90,000 from the Scottish Government. Project costs were 213,850. The surplus for the year was 50,507 and the net assets at 31 December amounted to 166,511. The Trust will continue to adopt its present policies as detailed above. GOVERNORS' RESPONSIBILITIES STATEMENT The Governors (who are also directors of The Scottish National Memorial To David Livingstone Trust for the purposes of company law) are responsible for preparing the Governors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments 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 Page 6

9 GOVERNORS' REPORT (continued) charitable company will continue in operation. The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that: AUDITORS so far as that Governor is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the charitable company's auditors in connection with preparing their report and to establish that the charitable company's auditors are aware of that information. The auditors, French Duncan LLP, have indicated their willingness to continue in office. The Governors will propose a motion re-appointing the auditors at a meeting of the Governors. This report was approved by the Governors, on and signed on their behalf by: 7

10 INDEPENDENT AUDITORS' REPORT TO THE GOVERNORS AND MEMBERS OF THE SCOTTISH NATIONAL MEMORIAL TO DAVID LIVINGSTONE TRUST We have audited the financial statements of The Scottish National Memorial To David Livingstone Trust for the year ended 31 December set out on pages 10 to 22. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable trust's Governors, as a body, in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinion we have formed. RESPECTIVE RESPONSIBILITIES OF GOVERNORS AND AUDITORS As explained more fully in the Governors' responsibilities statement, the Governors (who are also the directors of the charitable trust for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. The Governors have elected for the financial statements to be audited in accordance with the Charities and Trustee Investment (Scotland) Act 2005 rather than also with the Companies Act Accordingly we have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report to you in accordance with regulations made under that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the trust's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Governors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Governors' report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Page 8

11 INDEPENDENT AUDITORS' REPORT TO THE GOVERNORS AND MEMBERS OF THE SCOTTISH NATIONAL MEMORIAL TO DAVID LIVINGSTONE TRUST OPINION ON FINANCIAL STATEMENTS In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December and of its incoming resources and application of resources, including its income and expenditure, 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, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: the information given in the Governors' report is inconsistent in any material respect with the financial statements; or the trust has not kept proper and adequate accounting records; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit; or the Governors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic report. French Duncan LLP 133 Finnieston Street Glasgow G3 8HB Date: French Duncan LLP are eligible to act as auditors in terms of section 1212 of the Companies Act Page 9

12 STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT INCOME FROM: Note Restricted Unrestricted 2015 Donations and legacies 2 241,561 54, , ,548 Investments Other income 4-1,815 1,815 16,973 TOTAL INCOME 241,561 56, , ,699 EXPENDITURE ON: Raising 5-30,098 30,098 48,830 Charitable activities 6,7 172,758 44, , ,948 TOTAL EXPENDITURE 8 172,758 74, , ,778 NET INCOME / (EXPENDITURE) BEFORE INVESTMENT GAINS/(LOSSES) 68,803 (18,501) 50,302 (32,079) Net gains/(losses) on investments (8) NET INCOME / (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 68,803 (18,296) 50,507 (32,087) NET MOVEMENT IN FUNDS 68,803 (18,296) 50,507 (32,087) RECONCILIATION OF FUNDS: brought forward 28,373 87, , ,091 TOTAL FUNDS CARRIED FORWARD 97,176 69, , ,004 The notes on pages 12 to 22 form part of these financial statements. Page 10

13 REGISTERED NUMBER: SC16172 BALANCE SHEET AS AT 31 DECEMBER FIXED ASSETS 2015 Note Tangible assets 10 85,729 87,499 Investments 11 3,071 2,866 CURRENT ASSETS 88,800 90,365 Debtors 12 44,982 94,112 Cash at bank and in hand 60,468 6, , ,021 CREDITORS: amounts falling due within one year 13 (27,739) (75,382) NET CURRENT ASSETS 77,711 25,639 NET ASSETS 166, ,004 CHARITY FUNDS Restricted 14 97,176 28,373 Unrestricted 14 69,335 87,631 TOTAL FUNDS 166, ,004 The Governors consider that the trust is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the trust to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The financial statements were approved and authorised for issue by the Governors on signed on their behalf, by: and Dr Isabel Bruce OBE, Chair Alastair J Firth, Treasurer The notes on pages 12 to 22 form part of these financial statements. Page 11

14 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES 1.1 Basis of preparation of financial statements The financial statements 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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act The Scottish National Memorial To David Livingston Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 1.2 Going concern This Tripartite Agreement ended on 31 March, and was replaced by a contract with the National Trust for Scotland. In the spirit of partnership and continuity, South Lanarkshire Council contributed 20,000 towards operational costs. The Governors therefore have a reasonable expectation that the David Livingstone Trust has adequate resources to continue in operational existence for the foreseeable future and they are able to meet their liabilities as and when they fall due and that they are able to prepare the accounts on a going concern basis. 1.3 Company status The Trust is a company limited by guarantee. The members of the company are the Governors named on page 1. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to 1 per member of the Trust. 1.4 Fund accounting General are unrestricted which are available for use at the discretion of the Governors in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Restricted are which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 12

15 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) 1.5 Income All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the Trust is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Trust has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Trust, or the Trust is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements. Costs of generating are costs incurred in attracting voluntary income, and those incurred in trading activities that raise. Charitable activities and Governance costs are costs incurred on the trust's operations, including support costs and costs relating to the governance of the trust apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. 1.7 Reconciliation with previous Generally Accepted Accounting Practice In preparing these accounts, the Governors 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 restatements were required. Page 13

16 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) 1.8 Tangible fixed assets and depreciation A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account. Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Heritable property - 2% reducing balance Plant and machinery - 25% reducing balance In addition to the assets appearing in the Balance Sheet, part of the ground, a number of relics and certain other assets, which have been gifted, belong to the Trust. 1.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliabily in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading Gains/(losses) on investments in the Statement of financial activities incorporating income and expenditure account Interest receivable Interest on held on deposit is included when receivable and the amount can be measured reliably by the trust; this is normally upon notification of the interest paid or payable by the Bank Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 14

17 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES (continued) 1.13 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2. INCOME FROM DONATIONS AND LEGACIES Restricted Unrestricted 2015 Donations - 2,555 2,555 2,370 Legacies - 31,700 31,700 - Grants - Heritage Lottery Fund 151, , ,806 Other grants 90,000 20, ,000 - Similar incoming resources ,372 donations and legacies 241,561 54, , , ,806 3, ,548 Page 15

18 NOTES TO THE FINANCIAL STATEMENTS 3. INVESTMENT INCOME Restricted Unrestricted 2015 Dividends received OTHER INCOMING RESOURCES Restricted Unrestricted 2015 Other incoming resources Forestry Commission ,306 Other income - 1,215 1, ,815 1,815 16, , , COSTS OF RAISING FUNDS Restricted Unrestricted 2015 Fundraising Expenses - 17,625 17,625 19,200 Advertising and PR Expenses - 12,473 12,473 29,630-30,098 30,098 48, ,830 48,830 Page 16

19 NOTES TO THE FINANCIAL STATEMENTS 6. DIRECT COSTS Charitable activities 2015 Repairs 2,797 2, Landscaping ,852 Planning Fees 36,230 36,230 - Bank Charges Stationery Development Professional Fees 172, , ,491 Depreciation 1,770 1,770 1, , , ,612 At 31 December , , GOVERNANCE COSTS Restricted Unrestricted 2015 Auditors' remuneration - 2,399 2,399 2,200 Auditors' non audit costs - 1,124 1,124 1,136-3,523 3,523 3, ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Depreciation Other costs 2015 Fundraising expenses - 30,098 30,098 48,830 Costs of generating - 30,098 30,098 48,830 Direct costs 1, , , ,612 Expenditure on governance - 3,523 3,523 3,336 1, , , , , , ,778 Page 17

20 NOTES TO THE FINANCIAL STATEMENTS 9. NET INCOME/(EXPENDITURE) This is stated after charging: 2015 Depreciation of tangible fixed assets: - owned by the charity 1,770 1,814 Auditors' remuneration - audit 2,399 2,200 During the year, no Governors received any remuneration ( NIL). During the year, no Governors received any benefits in kind ( NIL). During the year, no Governors received any reimbursement of expenses ( NIL). AUDITORS' REMUNERATION The Auditor's remuneration and non audit services amounts to 3,524 (2015-3,336). 10. TANGIBLE FIXED ASSETS Cost Heritable Plant and property machinery At 1 January and 31 December 133,640 31, ,089 Depreciation At 1 January 46,229 31,361 77,590 Charge for the year 1, ,770 At 31 December 47,977 31,383 79,360 Net book value At 31 December 85, ,729 At 31 December , , FIXED ASSET INVESTMENTS Market value Listed securities At 1 January 2,866 Revaluations 205 At 31 December 3,071 Page 18

21 NOTES TO THE FINANCIAL STATEMENTS 11. FIXED ASSET INVESTMENTS (continued) Investments at market value comprise: 2015 Equities 200 M & G Charifund 2,866 2,874 Change in Market Value of Investments 205 (8) 3,071 2,866 Investments are stated at market value. The market value is based on the closing middle market price. All movements in value are shown in the Statement of Financial Activities. 12. DEBTORS 2015 Other debtors 44,982 94, CREDITORS: Amounts falling due within one year 2015 Accruals and deferred income 27,739 75, STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Unrestricted Balance at Balance at 1 January Income Expenditure Transfers in/out Gains/ (Losses) 31 December General Funds (2,689) 56,212 (74,713) 90, ,335 Capital Reserve 90, (90,320) ,631 56,212 (74,713) ,335 Page 19

22 NOTES TO THE FINANCIAL STATEMENTS 14. STATEMENT OF FUNDS (continued) Restricted David Livingstone Birthplace fund 28, ,561 (172,758) ,176 of 116, ,773 (247,471) ,511 STATEMENT OF FUNDS - PRIOR YEAR Unrestricted Balance at Balance at 1 January 2015 Income Expenditure Transfers in/out Gains/ (Losses) 31 December 2015 General Funds 51,308 3,529 (54,435) (3,091) - (2,689) Capital Reserve 92, (1,861) (8) 90, ,497 3,529 (54,435) (4,952) (8) 87,631 Restricted David Livingstone Birthplace fund - 180,864 (152,491) ,373 Forestry Commission Project 4,594 16,306 (25,852) 4, , ,170 (178,343) 4,952-28,373 of 148, ,699 (232,778) - (8) 116,004 The Forestry Commission Project was in respect of received for landscaping and to improve the paths and walkways around the Centre. The David Livingstone Birthplace Fund is the project for the redevelopment of the Centre. Page 20

23 NOTES TO THE FINANCIAL STATEMENTS SUMMARY OF FUNDS - CURRENT YEAR Balance at Balance at 1 January Income Expenditure Transfers in/out Gains/ (Losses) 31 December General 87,631 56,212 (74,713) ,335 Restricted 28, ,561 (172,758) , , ,773 (247,471) ,511 SUMMARY OF FUNDS - PRIOR YEAR Balance at Balance at 1 January 2015 Income Expenditure Transfers in/out Gains/ (Losses) 31 December 2015 General 143,497 3,529 (54,435) (4,952) (8) 87,631 Restricted 4, ,170 (178,343) 4,952-28, , ,699 (232,778) - (8) 116, ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Restricted Unrestricted Tangible fixed assets - 85,729 85,729 Fixed asset investments - 3,071 3,071 Current assets 97,176 8, ,450 Creditors due within one year - (27,739) (27,739) 97,176 69, ,511 Page 21

24 NOTES TO THE FINANCIAL STATEMENTS 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Restricted 2015 Unrestricted Tangible fixed assets - 87,499 87,499 Fixed asset investments - 2,866 2,866 Current assets 28,373 72, ,021 Creditors due within one year - (75,382) (75,382) 28,373 87, , FIRST TIME ADOPTION OF FRS 102 It is the first year that the trust has presented its financial statements under SORP 2015 and FRS 102. The following disclosures are required in the year of transition. The last financial statements prepared under previous UK GAAP were for the year ended 31 December 2015 and the date of transition to FRS 102 and SORP 2015 was therefore 1 January As a consequence of adopting FRS 102 and SORP 2015, a number of accounting policies have changed to comply with those standards. The policies applied under the trust's previous accounting framework are not materially different to FRS 102 and have not impacted on or net income/expenditure. Page 22