DirApp NAC240228 Revenue Estimates 2024-25 - Common Good Funds and Trusts
North Ayrshire Council · 28 February 2024
Back to North Ayrshire Council — 28 February 2024 and its agenda
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NORTH AYRSHIRE COUNCIL 28 February 2024 North Ayrshire Council Title: Revenue Estimates 2024/25 – Common Good Funds and Trusts Purpose: To advise Council of the anticipated annual income and expenditure of the Common Good Funds and Trusts administered by North Ayrshire Council and seek approval for the level of funding to be made available for disbursement during 2024/25. Recommendation: That Council: (a) approves the 2024/25 revenue estimates for the Common Good Funds and registered Charitable Trusts detailed in Appendix 1; (b) approves the carry forward of funds from Irvine Common Good Fund to meet the costs of essential works required at Seagate Castle, as noted at paragraph 2.2; (c) approves the amounts available for disbursement noted at paragraphs 2.12 and 2.13; (d) agrees to capital spend from the dormant and low value Trusts and Common Good Funds, and instructs officers to seek approval from the Office of the Scottish Charity Regulator (OSCR) prior to the disbursement of any grant which would result in the winding up of a Trust; (e) notes that approval will now be sought from OSCR for the winding up of the James Dyer Simpson Fund, H Watt Trust and J H Watt Trust, held within North Ayrshire Charitable Trust. 1. Executive Summary 1.1 The Council is the custodian of the Common Good Funds for the former burghs of Ardrossan, Irvine, Largs, Millport, Saltcoats and Stevenston and a number of charitable Trusts, which are largely composed of bequests made many years ago. 1.2 This report provides Members with an overview of the financial position of each Common Good Fund and Charitable Trust and recommends the level of expenditure which can be disbursed from each for 2024/25.
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1.3 Following delays in previous financial years, previously approved essential works at Seagate Castle have not yet been completed and Council is asked to approve the carry forward of this budget to allow the completion of these works during 2024/25. Should cost projections exceed estimates, a further report will be presented to Council. 1.4 The Common Good Funds and Trusts make annual disbursements of grants to groups and individuals. The level of funding available for these grants is normally set at the net annual income of each Fund or Trust after meeting their expenditure commitments. For Common Good Funds, where the expenditure commitments exceed the annual income, the recommended budget for grant disbursement reflects the level of disbursements in previous years or £5,000, whichever is the greater. 1.5 In order to encourage the utilisation of funds across communities, in particular where the Trusts have been dormant or have low levels of income, it is recommended that, with the exception of those Trusts with significant balances, the full balance of the Trusts are approved as available for disbursement. Any disbursement which utilises the full capital balance will result in closure and will require the approval of OSCR. During 2024/25, the funds within Douglas Sellers Trust and Anderson Park Trust will be exhausted. Approval will be sought from OSCR for the disbursement of any remaining capital and winding up of these Trusts. 1.6 During 2023/24 the remaining capital within James Dyer Simpson Fund, H Watt Trust and J H Watt Trust, held within the North Ayrshire Charitable Trust, was disbursed. Approval will be sought from OSCR for winding up of these Trusts. 2. Background Common Good Funds 2.1 The Council is the custodian of the Common Good Funds for the former burghs of Ardrossan, Irvine, Largs, Millport, Saltcoats and Stevenston. The purpose of the Common Good Funds is to benefit the general population within the defined areas of each of their respective towns. 2.2 At its meeting on 5 March 2020, Council approved the allocation of £0.250m from Irvine Common Good Fund to meet the costs of works required at Seagate Castle. Following delays in the completion of these works during previous financial years, Council is asked to approve the carry forward of the £0.189m balance to allow the completion of the works during 2024/25. As noted in the previous reports to Council, working on a structure as historic as this may flag up further works which may need to be addressed at the same time. Should cost projections exceed estimates, a further report will be presented to Council.
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2.3 The Common Good Funds make annual disbursements to groups and individuals based on approved criteria. The levels of grant available for disbursement is determined after all expenditure commitments and projected income from assets has been assessed. Current practice has been for the remaining surplus to be made available for trustees to disburse, ensuring that capital balances are left intact, with the disbursement of funds from the capital balance requiring Council approval. It is recommended that this practice continues for those Common Good Funds with sufficient net income, with the minimum budget set at £5,000 for each. 2.4 In the case of Irvine and Largs Common Good Funds, the level of expenditure exceeds the level of income. In order to maximise the benefits to the community, it is proposed that the budgets for grant disbursement are set at a level which reflects previous years’ disbursements. Charitable Trusts 2.5 The Council also administers a number of Trusts which are largely composed of bequests made many years ago. Of these Trusts, there are only two which accrue significant levels of income; the Spier’s Trust and the Margaret Archibald Trust. The Spier's Trust was founded in 1936 for the administration of Spier's School, Beith and for the provision of educational grants and bursaries for the benefit of the local area, comprising the parishes of Beith, Dalry, Dunlop, Kilbirnie, Lochwinnoch and Neilston. The purpose of the Margaret Archibald Trust is "to apply the capital and income from time to time, at the discretion of the Council, for the charitable purpose of persons in need who have attained sixty five years of age, living in the Parish of Dalry, Ayrshire". 2.6 The remaining Trusts comprise four town Trusts, covering Dalry, Kilbirnie & Glengarnock, Kilwinning and Largs, which provide assistance to persons in need within the defined area of each fund; the North Ayrshire Council Trust, which incorporates a further seven smaller funds; two minor Trusts and a number of sundry bequests listed on Appendix 2. 2.7 Historically a number of Trusts have experienced periods of dormancy where no grant applications have been received. OSCR is keen that charities fulfil their charitable purposes and the Council’s external auditors have previously expressed concern about the continued lack of activity in these Trusts. If no other action is taken, the annual external audit fee and administrative charges will eventually exhaust these Trusts. As such, the utilisation of available funds through a particular project which complies with the Trust’s purposes should be considered. It is, therefore, recommended that, with the exception of those Trusts with significant balances, the full balances of the town and minor Trusts are made available for disbursement. It should be noted that any disbursement which would result in the winding up of a registered Trust must be approved by OSCR before the relevant Locality Partnership agrees the grant. For those Trusts with significant balances, it is proposed that the budgets for grant disbursement are set at a level which reflects previous years’ disbursements. 2.8 During 2024/25, the funds within Douglas Sellers Trust and Anderson Park Trust will be exhausted. Approval will be sought from OSCR for the disbursement of the remaining capital and winding up of these Trusts.
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2.9 As previously reported to Council in March 2023, the James Dyer Simpson Fund, H Watt Trust and J H Watt Trust have disbursed all remaining funds and approval will now be sought from OSCR for the winding up of these 3 Trusts by the Council’s Legal Services Team. 2.10 The following table summarises the anticipated income and expenditure for each Common Good Fund and Trusts and the proposed budget for grant disbursement for each: 2.11 The remaining smaller trusts administered by the Council are listed in Appendix 2. Projected income for 2024/25 is £232 and during 2023/24, thus far, there have been no disbursements. Therefore, the full balance of £13,970 is available for disbursement during 2024/25. Estimated Balance at 1 April 2024 Estimated Income 2024/25 Estimated Expenditure 2024/25 Available for Disbursement Estimated Balance at 31 March 2025 £ £ £ £ £ Common Good Fund Ardrossan 344,472 44,320 (13,883) (30,437) 344,472 Irvine 1,118,352 83,875 (239,430) (41,041) 921,756 Largs 433,573 22,634 (29,061) (10,000) 417,145 Millport 68,823 1,150 (378) (5,000) 64,595 Saltcoats 14,781 230 (80) (5,000) 9,931 Stevenston 188,342 17,430 (1,030) (16,400) 188,342 TOTAL 2,168,342 169,639 (283,862) (107,878) 1,946,241 Registered Charitable Trusts Dalry 1,823 30 (168) (1,685) 0 Kilbirnie & Glengarnock 2,975 40 (174) (2,841) 0 Kilwinning 37,618 630 (386) (37,862) 0 Largs 2,261 30 (176) (2,115) 0 Speir's Trust 61,666 4,230 (1,175) (3,055) 61,666 Margaret Archibald Trust 211,661 14,266 (504) (13,762) 211,661 Douglas Sellers Trust 164 0 (158) (6) 0 Anderson Park Trust 22 0 0 (22) 0 NAC Charitable Trust 47,644 2,694 (316) (2,378) 47,644 TOTAL 365,834 21,920 (3,057) (63,726) 320,971
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3. Proposals 3.1 That Council: (a) approves the 2024/25 revenue estimates for the Common Good Funds and registered Charitable Trusts detailed in Appendix 1; (b) approves the carry forward of funds from Irvine Common Good Fund to meet the costs of essential works required at Seagate Castle, as noted at paragraph 2.2; (c) approves the amounts available for disbursement noted at paragraphs 2.12 and 2.13; (d) agrees to capital spend from the dormant and low value Trusts and Common Good Funds, and instructs officers to seek approval from the Office of the Scottish Charity Regulator (OSCR) prior to the disbursement of any grant which would result in the winding up of a Trust; (e) notes that approval will now be sought from OSCR for the winding up of the James Dyer Simpson Fund, H Watt Trust and J H Watt Trust, held within North Ayrshire Charitable Trust. 4. Implications/Socio-economic Duty Financial 4.1 Approval of the budgets will allow each Locality Partnership to disburse individual grants up to the approved levels. All income and expenditure which relates to Common Good properties must be charged to the relevant Common Good Fund. Human Resources 4.2 None. Legal 4.3 All expenditure from Trusts and Common Good Funds must be for the purposes of the Trust or meet the Common Good criteria of benefitting the inhabitants of the Common Good area. Equality/Socio-economic 4.4 None. Environmental and Sustainability 4.5 None.
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Key Priorities 4.6 This report directly supports the Council Plan 2023 to 2028 by developing strong relationships with communities and providing support for community organisations in achieving their goals. Community Wealth Building 4.7 None. 5. Consultation 5.1 Legal Services have been consulted on the recommendations and procedures for winding up the Trusts. Click here to enter text. Mark Boyd Head of Service Finance(Chief Executives) For further information please contact David Forbes, Senior Manager (Strategic Business Partner), on 01294 324551. Background Papers None
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Index of Common Good and Trust Funds Page Appendix 1 Common Good Funds Ardrossan 1 Irvine 2 Largs 3 Millport 4 Saltcoats 4 Stevenston 5 Trusts North Ayrshire Council (Dalry) Charitable Trust 6 North Ayrshire Council (Kilbirnie & Glengarnock) Charitable Trust 6 North Ayrshire Council (Kilwinning) Charitable Trust 7 North Ayrshire Council (Largs) Charitable Trust 7 Speir’s Trust 8 Margaret Archibald Trust 8 Douglas Sellers Trust 9 Anderson Park Trust 9 North Ayrshire Council Charitable Trust 10 Appendix 2 Sundry Bequests 11
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1 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 308,045 325,082 Projected Common Good Balance Brought Forward at 1 April 344,472 INCOME 38,500 38,500 Rental - Ardrossan Civic Centre 38,500 7,700 15,090 Loans Fund Interest (on cash balances) 5,820 46,200 53,590 TOTAL INCOME FOR THE YEAR 44,320 EXPENDITURE Property Costs 12,000 0 External Property Repairs - Ardrossan Civic Centre 12,000 Others 1,586 1,586 Administration - Charge from Finance 1,883 13,586 1,586 SUB TOTAL OF EXPENDITURE 13,883 32,614 52,004 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 30,437 32,614 32,614 Available for Disbursement as Grants 30,437 0 19,390 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 0 308,045 344,472 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 344,472 COMMON GOOD FUND - ARDROSSAN
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2 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 1,093,549 1,115,681 Projected Common Good Balance Brought Forward at 1 April 1,118,352 INCOME Property Rentals 25,000 25,000 Woodlands Centre 25,000 11,500 11,500 Bank Street (Church of Latter Day Saints) 11,500 13,385 13,385 Irvine Moor 13,385 13,000 13,000 Ground East Road (McConnachies) 13,000 2,000 2,000 East Road New Car Park 2,000 Other Income 27,340 49,260 Loans Fund Interest (on cash balances) 18,990 92,225 114,145 TOTAL INCOME FOR THE YEAR 83,875 EXPENDITURE Property Costs 500 500 General Repairs 500 10,500 10,219 Rates on vacant properties (36/38 Bank Street) 10,500 3,110 3,110 Electricity 1,837 30,445 28,995 Grounds Maintenance* 30,445 210,000 21,000 Property Maintenance - Seagate Castle 189,000 1,000 980 Other Property Costs 1,000 255,555 64,804 233,282 Others 5,629 5,629 Administration - Charge from Finance 6,148 5,629 5,629 6,148 261,184 70,433 SUB TOTAL OF EXPENDITURE 239,430 (168,959) 43,712 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (155,555) 26,500 41,041 Available for Disbursement as Grants 41,041 (195,459) 2,671 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (196,596) 898,090 1,118,352 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 921,756 COMMON GOOD FUND - IRVINE
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3 | P a g e * For the upkeep of ground at Douglas Park. Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 425,819 431,752 Projected Common Good Balance Brought Forward at 1 April 433,573 INCOME Property Rentals (Including Insurance Premiums) 7,315 7,315 Haylie House 7,315 1,250 1,250 Douglas Park Bowling Club 1,250 210 210 Douglas Park Grazings 210 6,000 6,000 Douglas Park Tennis Club & Children's Nursery 6,539 Other Income 10,650 19,000 Loans Fund Interest (on cash balances) 7,320 25,425 33,775 TOTAL INCOME FOR THE YEAR 22,634 EXPENDITURE Property Costs 5,584 5,300 Electricity 10,976 13,462 13,462 Grounds Maintenance* 14,714 1,000 1,000 Other Property Costs 1,000 Others 2,192 2,192 Administration - Charge from Finance 2,371 22,238 21,954 SUB TOTAL OF EXPENDITURE 29,061 3,187 11,821 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (6,427) 10,000 10,000 Available for Disbursement as Grants 10,000 (6,813) 1,821 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (16,427) 419,006 433,573 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 417,145 COMMON GOOD FUND - LARGS
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4 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 66,008 67,433 Projected Common Good Balance Brought Forward at 1 April 68,823 INCOME 1,630 3,020 Loans Fund Interest (on cash balances) 1,150 1,630 3,020 TOTAL INCOME FOR THE YEAR 1,150 EXPENDITURE Others 335 335 Administration - Charge from Finance 378 335 335 SUB TOTAL OF EXPENDITURE 378 1,295 2,685 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 772 1,295 1,295 Available for Disbursement as Grants 5,000 0 1,390 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 4,228 66,008 68,823 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 64,595 COMMON GOOD FUND - MILLPORT Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 15,106 15,213 Projected Common Good Balance Brought Forward at 1 April 14,781 INCOME 350 640 Loans Fund Interest (on cash balances) 230 350 640 TOTAL INCOME FOR THE YEAR 230 EXPENDITURE 73 72 Administration - Charge from Finance 80 73 72 SUB TOTAL OF EXPENDITURE 80 277 568 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 150 1,000 1,000 Available for Disbursement as Grants 5,000 (723) (432) FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (4,850) 14,383 14,781 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 9,931 COMMON GOOD FUND - SALTCOATS
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5 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 175,310 184,472 Projected Common Good Balance Brought Forward at 1 April 188,342 INCOME Property Rentals 14,250 14,250 New Street (Health & Social Care) 14,250 Other Income 4,380 8,250 Loans Fund Interest (on cash balances) 3,180 18,630 22,500 TOTAL INCOME FOR THE YEAR 17,430 EXPENDITURE 902 902 Administration - Charge from Finance 1,030 902 902 SUB TOTAL OF EXPENDITURE 1,030 17,728 21,598 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 16,400 17,728 17,728 Available for Disbursement as Grants 16,400 0 3,870 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 0 175,310 188,342 COMMON GOOD BALANCE CARRIED FORWARD AT 31 MARCH 188,342 COMMON GOOD FUND - STEVENSTON
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6 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 1,878 1,903 Projected Trust Balance Brought Forward at 1 April 1,823 INCOME 47 80 Loans Fund Interest (on cash balances) 30 47 80 TOTAL INCOME FOR THE YEAR 30 EXPENDITURE 160 160 Administration - Charge to Finance 168 160 160 SUB TOTAL OF EXPENDITURE FOR THE YEAR 168 (113) (80) SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (138) 1,765 0 Available for Disbursement as Grants 1,685 (1,878) (80) FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (1,823) 0 1,823 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 NAC (DALRY) CHARITABLE TRUST Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 2,978 3,010 Projected Trust Balance Brought Forward at 1 April 2,975 INCOME 75 130 Loans Fund Interest (on cash balances) 40 75 130 TOTAL INCOME FOR THE YEAR 40 EXPENDITURE 165 165 Administration - Charge from Finance 174 165 165 SUB TOTAL OF EXPENDITURE FOR THE YEAR 174 (90) (35) FINAL SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (134) 2,888 - Available for Disbursement as Grants 2,841 (2,978) (35) FINAL SURPLUS/(DEFICIT) FOR THE YEAR (2,975) 0 2,975 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 NAC (KILBIRNIE & GLENGARNOCK) CHARITABLE TRUST
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7 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 36,045 37,594 Projected Trust Balance Brought Forward at 1 April 37,618 INCOME 934 1,650 Loans Fund Interest (on cash balances) 630 934 1,650 TOTAL INCOME FOR THE YEAR 630 EXPENDITURE 342 342 Administration - Charge from Finance 386 342 342 SUB TOTAL OF EXPENDITURE FOR THE YEAR 386 592 1,308 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 244 36,637 1,284 Available for Disbursement as Grants 37,862 (36,045) 24 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (37,618) 0 37,618 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 NAC (KILWINNING) CHARITABLE TRUST Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 3,301 3,328 Projected Trust Balance Brought Forward at 1 April 2,261 INCOME 83 100 Loans Fund Interest (on cash balances) 30 83 100 TOTAL INCOME FOR THE YEAR 30 EXPENDITURE 167 167 Administration - Charge from Finance 176 167 167 SUB TOTAL OF EXPENDITURE FOR THE YEAR 176 (84) (67) SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (146) 3,217 1,000 Available for Disbursement as Grants 2,115 (3,301) (1,067) FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (2,261) 0 2,261 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 NAC (LARGS) CHARITABLE TRUST
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8 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 8 22 Projected Trust Balance Brought Forward at 1 April 22 INCOME 0 0 Loans Fund Interest (on cash balances) 0 0 0 TOTAL INCOME FOR THE YEAR 0 EXPENDITURE Administration - Charge from Finance 0 0 0 SUB TOTAL OF EXPENDITURE FOR THE YEAR 0 0 0 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 0 8 0 Available for Disbursement as Grants 22 (8) 0 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS (22) 0 22 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 ANDERSON PARK TRUST Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 197,297 197,817 Projected Trust Balance Brought Forward at 1 April 211,661 INCOME 10,130 10,688 Share dividends 10,696 1,093 9,250 Loans Fund Interest (on cash balances) 3,570 11,223 19,938 TOTAL INCOME FOR THE YEAR 14,266 EXPENDITURE 302 444 Administration - Charge from Finance 504 302 444 SUB TOTAL OF EXPENDITURE FOR THE YEAR 504 10,921 19,494 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 13,762 10,921 5,650 Available for Disbursement as Grants 13,762 0 13,844 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 0 197,297 211,661 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 211,661 MARGARET ARCHIBALD BEQUEST
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9 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 197,297 197,817 Projected Trust Balance Brought Forward at 1 April 211,661 INCOME 10,130 10,688 Share dividends 10,696 1,093 9,250 Loans Fund Interest (on cash balances) 3,570 11,223 19,938 TOTAL INCOME FOR THE YEAR 14,266 EXPENDITURE 302 444 Administration - Charge from Finance 504 302 444 SUB TOTAL OF EXPENDITURE FOR THE YEAR 504 10,921 19,494 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 13,762 10,921 5,650 Available for Disbursement as Grants 13,762 0 13,844 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 0 197,297 211,661 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 211,661 MARGARET ARCHIBALD BEQUEST Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 291 306 Projected Trust Balance Brought Forward at 1 April 164 INCOME 7 10 Loans Fund Interest (on cash balances) 0 7 10 TOTAL INCOME FOR THE YEAR 0 EXPENDITURE 152 152 Administration - Charge from Finance 158 152 152 SUB TOTAL OF EXPENDITURE FOR THE YEAR 158 (145) (142) SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS (158) 146 0 Available for Disbursement as Grants 6 (291) (142) FINAL SURPLUS/(DEFICIT) FOR THE YEAR (164) 0 164 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 0 DOUGLAS SELLERS TRUST
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10 | P a g e Budget 2023/24 Projected Outturn 2023/24 Proposed Budget 2024/25 £ £ £ 42,363 44,194 Projected Trust Balance Brought Forward at 1 April 47,644 INCOME 1,885 1,904 Dividends 1,904 1,027 2,080 Loans Fund Interest (on cash balances) 790 2,912 3,984 TOTAL INCOME FOR THE YEAR 2,694 EXPENDITURE 284 284 Administration - Charge from Finance 316 284 284 SUB TOTAL OF EXPENDITURE FOR THE YEAR 316 2,628 3,700 SURPLUS/(DEFICIT) FOR THE YEAR BEFORE GRANTS 2,378 2,628 250 Available for Disbursement as Grants 2,378 0 3,450 FINAL SURPLUS/(DEFICIT) FOR THE YEAR INCLUDING GRANTS 0 42,363 47,644 TRUST BALANCE CARRIED FORWARD AT 31 MARCH 47,644 NORTH AYRSHIRE COUNCIL CHARITABLE TRUST (excluding SPIERS TRUST)
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Appendix 2 11 | P a g e Name of Funds Investment Projected Income 2024/25 Available for Disbursement 2024/25 Purpose of Bequest £ £ £ Isabella McPhee Memorial Fund 2,962 50 3,012 Largs - Annual Putting Competition (Mackerston) N Stewart 1,682 28 1,710 Provision of Liberty at Rothesay and Arran Sturrock 3,033 51 3,084 Upkeep of Springside Community Centre Clark Trophy 568 10 577 Road Safety Competition Ayrshire Accident Relief 4,009 68 4,077 Accident Relief Cast/Florist/N Child 290 5 295 No information available Miss Hanslip Bequest 1,195 20 1,215 No information available Total 13,738 232 13,970 Sundry Bequests