Appendix1ArgyllandButeCouncilAuditedTrustFunds2324
Argyll and Bute Council · 24 September 2025
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Argyll and Bute Council Comhairle Earra Ghàidheal agus Bhòid Argyll and Bute OSCR Trusts AUDITED Annual Report and Financial Statements 2023-2024 For the Year ended 31 March 2024 Appendix 1
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Trust Funds Contents 1 Trustees’ Annual Report 2 Independent Auditors Report 11 Statement of Financial Activities for Year Ended 31 March 2024 15 Statement of Balances as at 31 March 2024 17 Notes to the Financial Statements 19
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Trust Funds Trustees’ Annual Report 2 1. INTRODUCTION The Trustees present the annual report together with the financial statements and the Auditor’s Report for the year ended 31 March 2024. ADMINISTRATION INFORMATION Charity Number Charity Name SC019599 McCaig Trust SC019607 Third Marquess Of Bute's Silver Wedding Dowry SC013578 Baillie Gillies Bequest SC013600 Kidston Park Trust SC018697 Miss Annie Dickson Burgh Bequest SC018698 Logie Baird Prize Fund SC020382 County of Argyll Educational Trust Scheme, 1960 Contact Address Argyll and Bute Council Kilmory Lochgilphead Argyll PA31 8RT Appointment of Trustees The trustees of these charities are the elected members (councillors) of Argyll and Bute Council. Trustees are appointed through their election to Argyll and Bute Council. Current Trustees Previous Trustees Councillor John Armour Councillor William Blair Councillor Janette Brown Councillor Math Campbell-Sturges Councillor Garret Corner Councillor Maurice Corry Councillor Robin Currie Councillor Audrey Forrest Councillor Kieron Green Councillor Amanda Hampsey Councillor Daniel Hampsey Councillor Graham Hardie Councillor Fiona Howard Councillor Willam Hume Councillor Mark Irvine Councillor Donald Kelly – to Aug. 23
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Trust Funds Trustees’ Annual Report 3 Councillor Andrew Kain Councillor Jennifer Kelly – from Nov. 23 Councillor Paul Kennedy Councillor Reeni Kennedy-Boyle Councillor James Lynch Councillor Tommy Macpherson Councillor Ian Macquire Councillor Luna Martin Councillor Liz Mccabe Councillor Douglas Mcfadzean Councillor Julie Mckenzie Councillor Yvonne Mcneilly Councillor Ross Moreland Councillor Gary Mulvaney Councillor Iain Paterson Councillor Gemma Penfold Councillor Douglas Philand Councillor Alastair Redman Councillor Willaim Sinclair Councillor Andrew Vennard Councillor Peter Wallace Honorary Secretary Douglas Hendry Executive Director Argyll and Bute Council Honorary Treasurer Kirsty Flanagan FCCA,CPFA,ACIBS Section 95 Officer Argyll and Bute Council Auditor Mark Outterside Audit Director Forvis Mazars 26 Mosley Street Newcastle upon Tyne NE1 1DF
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Trust Funds Trustees’ Annual Report 4 Governing Documents Charity Name Description McCaig Trust The town council shall in the building proposed to be erected by them at Corran Parks, Oban, accommodation for the McCaig Memorial Institute including accommodation for a reference library, lending library, reading room and museum and shall equip and furnish said accommodation all to the satisfaction of the governing body Third Marquess of Bute Silver Wedding Dowry £1,000 was given by John Patrick Crichton-Stuart, 3rd Marquess of Bute, on 12 April 1897 (the date of his silver wedding) to Rothesay Town Council. Noted in the Rothesay Town Council Minutes 12th April 1897 and 10th May 1897 Baillie Gillies Bequest The charity was ‘inherited’ from Bute County Council. William Gillies, Cooper and Fish curer in Rothesay, and at some time a Baillie and Chief Magistrate of that Burgh, bequeathed £200 for the benefit of the poor of Rothesay. He was elected to the Town Council in 1812 and retired in 1835. Mrs Margaret Stevenson, or Lochhead, died circa 1947. Bequest of £50 to Rothesay Town Council, the income of which is to provide coals for the deserving poor of the Burgh. Archibald Brown, Clerk in the Bute Savings Bank Rothesay, died 1903. Will confirmed and recorded in 1903, detailing bequest of £100. The interest to be divided annually at Candlemas among the deserving old and infirm poor of Rothesay. James Duncan, Merchant in Valparaiso, Chile, thereafter residing in Rothesay died in 1874. He bequeathed £2,000 to Rothesay Town Council. Noted in the Minute Book of the Charity, 1875-1894 in the District Archives. The income was to be distributed half yearly to 10 older women of good character and honest repute, over 60 years of age and not in parochial relief, whose parents as well as themselves have been born in Rothesay or the Island of Bute. Misses Gibson, Ardmory, Rothesay. Janet Gibson died in 1893 her will was confirmed and recorded in 1894 with a bequest of £200 to the Minister of the Parish of Rothesay and to Rothesay Town Council. The interest was to be paid out at Candlemas to the most deserving of the poor and each recipient was to get 25 pence. Mrs Ann Taylor, or Jackson, residing at Easterhouse, Baillieston, died 1892 and her will was confirmed and recorded 1892. She made a bequest of £100, the annual income of which was to be expended from time to time providing coals for the poor persons of the name Taylor residing in Rothesay and who were born in Skipness (Kintyre) or Rothesay. Minute Book of the Bequest 1892-94 in District Archives. Annie McMillan - Minutes of Rothesay Town Council 28th November 1947, a bequest of £100 to Rothesay Town Council to provide coals for the deserving poor of Rothesay. Jane Paterson of Whinny Brae, Rothesay, died 1902. Will confirmed and recorded in
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Trust Funds Trustees’ Annual Report 5 1903 with a bequest of £300 made to Rothesay Town Council. The income from the bequest was to be divided at Candlemas among the old and infirm poor of Rothesay. Kidston Park Trust A bequest of £1,000 was made by William Kidston towards the upkeep of Kidston Park (formerly Cairndow or Cairndhu Park) in April 1889. It was noted in the minutes of a meeting of the Town Council of the Burgh of Helensburgh Miss Annie Dickson Bequest A bequest by Miss Mary Ann Dickson dated 4th April, 1927 to the Town Council of the Burgh of Helensburgh. Noted in an Excerpt from Copy Will and Codicils. Miss LA Colvil’s bequest - A Legacy of £200 was passed by Mr J Percival Agnew to the Town Council to perpetuate his cousin’s name in Helensburgh by means of a fund for necessitous cases. Noted in the minutes of a meeting of the Finance Committee of Helensburgh Town Council on 22nd December 1969. Logie Baird Prize Fund Ex-Bailie J. Arnold Fleming of Locksley, Helensburgh, invested the sum of £200 in the names of the Provost, Magistrates and Councillors of the Burgh of Helensburgh, for the Logie Baird Prize Fund. Noted in the minutes of the Town Council of Helensburgh, January 1956. Argyll Education Trust The Trust is a scheme under the Education (Scotland) Acts, 1939 to 1956, for the future government and management of certain educational endowments in the County of Argyll. Formed by the amalgamation of fourteen individual endowments and approved by His Late Majesty King George V in Council on 24th July, 1933. Robert MacFie of Airds and Oban, Sugar Refiner in Liverpool, died 1899. His will confirmed and recorded in 1899 a bequest of £150 2. OBJECTIVES AND ACTIVITIES The objectives of each trust are as follows: Charity Name Purpose Mccaig Trust To contribute towards the cost of a library and institute in Oban. Third Marquess Of Bute's Silver Wedding Dowry To provide a donation to one or two girls from the poorer classes on their wedding Baillie Gillies Bequest Various funds make up the Baillie Gillies fund • Baillie Gillies Bequest - Prevention and relief of poverty in Rothesay. • Margaret Lochhead Bequest - Prevention and relief of poverty in Rothesay through grants to individuals for purchase of coals.
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Trust Funds Trustees’ Annual Report 6 • Archibald Brown Bequest - The interest is to be divided annually at Candlemas among the deserving old and infirm poor of Rothesay • James Duncan Bequest - Prevention and relief of poverty in Rothesay through distribution to ten old women whose parents as well as themselves were born in Rothesay • Janet Gibson Bequest - Prevention and relief of poverty in Rothesay. • Ann Jackson Bequest - Prevention and relief of poverty in Rothesay, by providing coals for poor persons of the name Taylor residing in Rothesay who were born in Skipness (Kintyre) or Rothesay. • Annie McMillan Bequest - Prevention and relief of poverty in Rothesay through grants to individuals for coal. • Jane Paterson Bequest - The objective of the fund is for the prevention and relief of poverty in Rothesay Kidston Park Trust To provide a public park, or recreation ground for the inhabitants of Helensburgh and for the purposes of boating and bathing in the Gareloch Miss Annie Dickson Burgh Bequest The relief of distress in the Burgh of Helensburgh. Logie Baird Prize Fund The advancement of education by providing an annual prize to a pupil at Hermitage Academy, Helensburgh County of Argyll Educational Trust Scheme, 1960 The objective of the fund is for the advancement of education for children and young people within the former County of Argyll. This objective is met by the issuing of grants to individuals and organisations.
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Trust Funds Trustees’ Annual Report 7 Robert MacFie - The objective of the fund is for the advancement of education by providing a gold Dux medal to Oban High School. 3. STRUCTURE AND GOVERNANCE Argyll and Bute Council Trust Funds are registered with the Office of the Scottish Charity Regulator (OSCR). The trustees of all of the charities are the elected members of Argyll and Bute Council. The Chief Financial Officer is the designated officer within Argyll and Bute Council with responsibility for the proper administration of the charitable trust’s financial affairs. The Chief Financial Officer is responsible for keeping proper accounting records that are up to date and which ensure that financial statements comply with the Charities Accounts (Scotland) Regulations 2006. Organisational Structure The trustees (as the elected members of the council) meet once a year at the Annual General Meeting (AGM) to consider and approve the annual report and financial statements and any other business such as future plans and the reorganisation of trust funds. The trustees delegate the day to day administration of the charities to officers of the Council. The Council has established a range of committees with delegated powers to allow it to discharge its business effectively. This includes the management of charities. The Council has an approved constitution that governs the conduct of business by the Council and covers standing orders for meetings, a scheme of administration and delegation, financial and security regulations, contract standing orders and an ethical framework. Related Parties Trustees hold this position because they are elected members of Argyll and Bute Council. Argyll and Bute Council provides administration services to the Charity at no cost to the Trusts. Risk Management The Section 95 Officer of Argyll and Bute Council has taken the steps required by trustees to consider the major risks to which the charities are exposed, in particular those related to their operation and finance, and to be satisfied that systems are in place to mitigate the exposure to the major risks.
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Trust Funds Trustees’ Annual Report 8 4. MANAGEMENT OF FUNDS AND INVESTMENT POLICY The trustees rely on the expertise of Argyll and Bute Council to manage the investments to ensure the maximum return at the least risk to each charity. In this way, the income stream for the future benefit of each charity is protected. The Section 95 Officer of the Council is responsible for securing the proper management of the investments of the Charity. The day-to-day management of investments is performed by external investment managers under a discretionary agreement. 5. PERFORMANCE Income comes from investment returns and any donations. Awards totalling £23,200 were made during the year to 31 March 2024, awards were disbursed as follows: Charity Name Awards Distributed during the year to 31 March 2024 Mccaig Trust £3,835 Kidston Park Trust £2,538 County of Argyll Educational Trust Scheme, 1960 £16,827 Total £23,200 6. FINANCIAL REVIEW Overview The following charities are dormant: Baillie Gillies Bequest Miss Anne Dickson Burgh Bequest
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Trust Funds Trustees’ Annual Report 9 In the year to 31 March 2024, Trust funds received income and held cash and bank balances within the Council’s Loans Fund (recorded as a debtor in the financial statements) as follows: Charity Name Income from Investments £ Income from Donations £ Cash and Bank Balance £ Mccaig Trust 3,698 0 73,192 Third Marquess Of Bute's Silver Wedding Dowry 387 0 7,345 Baillie Gillies Bequest 504 0 10,693 Kidston Park Trust 175 0 1,175 Miss Annie Dickson Burgh Bequest 211 0 4,495 Logie Baird Prize Fund 97 0 2,049 County of Argyll Educational Trust Scheme, 1960 22,761 0 185,020 Total 27,833 0 283,969 Investments and Reserves The overall funds increased by £47,953. The reserves of the trusts at 31 March 2024 amount to £815,917. There is £250,683 in unrestricted (revenue) funds and £565,234 in endowment (capital) funds. These funds are invested as follows: 31-Mar-23 31-Mar-24 £ £ Investments (CCLA/Local Government Bonds) 488,628 531,948 Cash and Bank held by Argyll and Bute Council 279,336 283,969 767,964 815,917 Assets in Restricted Funds 521,914 565,234 Assets in Unrestricted Funds 246,050 250,683 Total Funds 767,964 815,917
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Trust Funds Trustees’ Annual Report 10 Reserves Policy Reserves are held by Argyll and Bute Council on behalf of each Trust and revenue income, generated from capital that has not been disbursed at 31 March each year, is invested in Argyll and Bute Council’s Loans Fund. Trustees’ Responsibilities Statement The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing these financial statements, the trustees are required to: o select suitable accounting policies and then apply them consistently; o observe the methods and principles in the applicable Charities SORP; o make judgments and accounting estimates on a reasonable basis; o state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; o prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 7. CONCLUSION The reserves of all the Trust Funds increased by £47,953 in the year. In 23-24 the total value of grants awarded from Trust Funds amounted to £23,200. Since 2013-14 an audit is required to be carried out by the appointed auditor of Argyll and Bute Council in accordance with the requirements of the Local Government (Scotland) Act 1973. From 2022-23 these accounts are prepared as one group set of accounts following the guidance set out in OSCRs Guidance, A Guide to Charity Accounts Part 1 – The Overview, which states in Section 9 - Connected Charities’ that a single set of accounts can be prepared rather than individual ones where charities are connected by having a common controlling body or administration. The appointed auditor of Argyll and Bute Council is Forvis Mazars and the Trustees would like to thank them for undertaking this task. 8. DECLARATION This report was signed on behalf of the Trustees on 24 September 2025 by: Councillor J Lynch Trustee Kirsty Flanagan Section 95 Officer
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Trust Funds Independent Auditors Report 11 Independent auditor’s report to the trustees of Argyll and Bute OSCR Trusts and the Accounts Commission Report on the audit of the financial statements Opinion on the financial statements We certify that we have audited the financial statements in the statement of accounts of Argyll and Bute OSCR Trusts (“the Charities”) for the year ended 31 March 2024 under Part VII of the Local Government (Scotland) Act 1973 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. The financial statements comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the accompanying financial statements: • give a true and fair view of the state of affairs of the Charities as at 31 March 2024 and of their incoming resources and application of resources 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 Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of The Charities Accounts (Scotland) Regulations 2006. Basis for opinion We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK)), as required by the Code of Audit Practice approved by the Accounts Commission for Scotland. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charities in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern basis of accounting We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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Trust Funds Independent Auditors Report 12 Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charities’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue. Responsibilities of the trustees for the financial statements The trustees are responsible for the preparation of financial statements that give a true and fair view in accordance with the financial reporting framework, and for such internal control as the trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to discontinue the Charities’ operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud. Procedures include: • using our understanding of the local government sector and charity sector to identify that the Local Government (Scotland) Act 1973, the Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006 are significant in the context of the Charities; • inquiring of the Trustees as to other laws or regulations that may be expected to have a fundamental effect on the operations of the Charities; • inquiring of the Trustees concerning the Charities’ policies and procedures regarding compliance with the applicable legal and regulatory framework; • discussions among our audit team on the susceptibility of the financial statements to material misstatement, including how fraud might occur; and • considering whether the audit team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
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Trust Funds Independent Auditors Report 13 The extent to which our procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the [Charity's/Charities'] controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error as fraud may involve collusion, intentional omissions, misrepresentations, or the override of internal control. The capability of the audit to detect fraud and other irregularities depends on factors such as the skilfulness of the perpetrator, the frequency and extent of manipulation, the degree of collusion involved, the relative size of individual amounts manipulated, and the seniority of those individuals involved. A further description of the auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Reporting on other requirements Other information The trustees are responsible for the other information in the statement of accounts. The other information comprises the Trustees’ Annual Report. Our responsibility is to read all the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon except on the Trustees’ Annual Report to the extent explicitly stated in the following opinion prescribed by the Accounts Commission. Opinions prescribed by the Accounts Commission on the Trustees’ Annual Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements and that report has been prepared in accordance with the Charities SORP (FRS 102). Matters on which we are required to report by exception We are required by The Charity Accounts (Scotland) Regulations 2006 to report to you if, in our opinion:
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Trust Funds Independent Auditors Report 14 • proper accounting records have not been kept; or • the financial statements are not in agreement with the accounting records; or • we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters. Use of our report This report is made solely to the parties to whom it is addressed in accordance with Part VII of the Local Government (Scotland) Act 1973 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, we do not undertake to have responsibilities to members or officers, in their individual capacities, or to third parties. Mark Outterside Audit Director For and on behalf of Forvis Mazars LLP 26 Mosley Street Newcastle Upon Tyne NE1 1DF 24 September 2025
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Trust Funds Statement of Financial Activities 15 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2024 McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Note Total Funds 2024 Total Funds 2024 Total Funds 2024 Total Funds 2024 Total Funds 2024 Total Funds 2024 Total Funds 2024 Total £ £ £ £ £ £ £ £ INCOMING RESCOURCES Investment income from managed funds - Unrestricted 5 77 43 1 - - - 13,915 14,036 Interest from short-term deposits - Unrestricted 3,621 344 503 175 211 97 8,846 13,797 Donated Services (Audit) 6 891 107 119 13 50 23 7,797 9,000 Total Incoming Resources 4,589 494 623 188 261 120 30,558 36,833 RESOURCES EXPENDED Costs of generating funds: Investment management costs - - - - - - - Audit fee 6 891 107 119 13 50 23 7,797 9,000 Charitable Activities: Grants awarded 7 3,835 - - 2,538 - - 16,827 23,200 Total Resources Expended 4,726 107 119 2,551 50 23 24,624 32,200 Net Incoming/(Outgoing) Resources before Other Recognised Gains/(Losses) (137) 387 504 (2,363) 211 97 5,934 4,633 OTHER RECOGNISED GAINS AND (LOSSES) Unrealised gains/(losses) - Permanent Endowment - - - - - - 43,320 43,320 Total Gains and (Losses) on Investment Assets - - - - - - 43,320 43,320 Net Movement in Funds (137) 387 504 (2,363) 211 97 49,254 47,953 Total funds brought forward - Unrestricted 45,791 8,358 7,189 2,538 1,336 1,752 179,086 246,050 Total funds brought forward - Permanent Endowment 35,138 1,000 3,050 1,000 2,948 200 478,578 521,914 Total funds brought forward 10 80,929 9,358 10,239 3,538 4,284 1,952 657,664 767,964 Funds Carried Forward - Unrestricted 45,654 8,745 7,693 175 1,547 1,849 185,020 250,683 Funds Carried Forward - Permanent Endowment 35,138 1,000 3,050 1,000 2,948 200 521,898 565,234 Total funds carried forward 10 80,792 9,745 10,743 1,175 4,495 2,049 706,918 815,917
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Trust Funds Statement of Financial Activities 16 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2023 McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Note Total Funds 2023 Total Funds 2023 Total Funds 2023 Total Funds 2023 Total Funds 2023 Total Funds 2023 Total Funds 2023 Total £ £ £ £ £ £ £ £ INCOMING RESCOURCES Investment income from managed funds - Unrestricted 5 77 45 - - - - 13,915 14,037 Interest from short-term deposits - Unrestricted 1,469 144 198 70 83 38 3,534 5,536 Donated Services (Audit) 6 667 79 87 30 36 17 5,584 6,500 Total Incoming Resources 2,213 268 285 100 119 55 23,033 26,073 RESOURCES EXPENDED Costs of generating funds: Audit fee 6 667 79 87 30 36 17 5,584 6,500 Charitable Activities: Grants awarded 7 2,400 500 - 131 - - 16,800 19,831 Total Resources Expended 3,067 579 87 161 36 17 22,384 26,331 Net Incoming/(Outgoing) Resources before Other Recognised Gains/(Losses) (854) (311) 198 (61) 83 38 649 (258) OTHER RECOGNISED GAINS AND (LOSSES) Unrealised gains/(losses) - Permanent Endowment - - - - - - (18,822) (18,822) Total Gains and (Losses) on Investment Assets - - - - - - (18,822) (18,822) Net Movement in Funds (854) (311) 198 (61) 83 38 (18,173) (19,080) Total funds brought forward - Unrestricted 46,645 8,669 6,991 2,599 1,253 1,714 178,437 246,308 Total funds brought forward - Permanent Endowment 35,138 1,000 3,050 1,000 2,948 200 497,400 540,736 Total funds brought forward 10 81,783 9,669 10,041 3,599 4,201 1,914 675,837 787,044 Funds Carried Forward - Unrestricted 45,791 8,358 7,189 2,538 1,336 1,752 179,086 246,050 Funds Carried Forward - Permanent Endowment 35,138 1,000 3,050 1,000 2,948 200 478,578 521,914 Total funds carried forward 10 80,929 9,358 10,239 3,538 4,284 1,952 657,664 767,964 All incoming resources and resources expended derive from continuing activities. The notes on pages 19 to 26 form an integral part of these financial statements.
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Trust Funds Balance Sheet 17 Balance Sheet as at 31 March 2024 McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Note Total Total Total Total Total Total Total Total £ £ £ £ £ £ £ £ Fixed Assets - Investments - Unrestricted 8 - 2,400 50 - - - 2,450 Investments - Permanent Endowment Funds 8 7,600 - - - - - 521,898 529,498 Total Fixed Assets 7,600 2,400 50 - - - 521,898 531,948 - Current Assets - Debtor (Cash at Bank and at Hand) - Unrestricted 9 45,654 6,345 7,643 175 1,547 1,849 185,020 248,233 Debtor (Cash at Bank and at Hand) - Permanent Endowment 9 27,538 1,000 3,050 1,000 2,948 200 35,736 Total Current Assets 73,192 7,345 10,693 1,175 4,495 2,049 185,020 283,969 - Current Liabilities - Net Current Assets or Liabilities 73,192 7,345 10,693 1,175 4,495 2,049 185,020 283,969 - Total Assets 80,792 9,745 10,743 1,175 4,495 2,049 706,918 815,917 - Funds of the Charity - Unrestricted Funds 45,654 8,745 7,693 175 1,547 1,849 185,020 250,683 Endowment Funds 35,138 1,000 3,050 1,000 2,948 200 521,898 565,234 Total Charity Funds 80,792 9,745 10,743 1,175 4,495 2,049 706,918 815,917
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Trust Funds Balance Sheet 18 Balance Sheet as at 31 March 2023 McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Note Total Total Total Total Total Total Total Total £ £ £ £ £ £ £ £ Fixed Assets - Investments - Unrestricted 8 - 2,400 50 - - - 2,450 Investments - Permanent Endowment Funds 8 7,600 - - - - - 478,578 486,178 Total Fixed Assets 7,600 2,400 50 - - - 478,578 488,628 - Current Assets - Debtor (Cash at Bank and at Hand) - Unrestricted 9 45,791 5,958 7,139 2,538 1,336 1,752 179,086 243,600 Debtor (Cash at Bank and at Hand) - Permanent Endowment 9 27,538 1,000 3,050 1,000 2,948 200 35,736 Total Current Assets 73,329 6,958 10,189 3,538 4,284 1,952 179,086 279,336 - Current Liabilities - Net Current Assets or Liabilities 73,329 6,958 10,189 3,538 4,284 1,952 179,086 279,336 - Total Assets 80,929 9,358 10,239 3,538 4,284 1,952 657,664 767,964 - Funds of the Charity - Unrestricted Funds 45,791 8,358 7,189 2,538 1,336 1,752 179,086 246,050 Endowment Funds 35,138 1,000 3,050 1,000 2,948 200 478,578 521,914 Total Charity Funds 80,929 9,358 10,239 3,538 4,284 1,952 657,664 767,964
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Trust Funds Notes to the Financial Statements 19 1. Basis of Preparation The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. 1.1. Basis of Accounting The financial statements are prepared under the historic cost convention and in accordance with: a) Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2019 - 2nd Edition); and the Financial Reporting Standard for Smaller Entities FRS102 b) The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 2. Accounting Policies 2.1. Form of Financial Statements a) Unrestricted funds are those that may be used at the discretion of the trustees in the furtherance of the objects of the charity. b) The permanent endowment funds are invested in perpetuity and derive an annual investment income which is available for distribution. 2.2. Incoming Resources a) All incoming resources are recognised and included in the Statement of Financial Activities when the charity becomes entitled to the resources; the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability. The following specific policies are applied to particular categories of income. b) Income from investments is included in the year to which it relates. c) Investments gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. d) The value of the services provided free of charge by Argyll and Bute Council has not been included in the accounts but is described in the trustees’ annual report.
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Trust Funds Notes to the Financial Statements 20 2.3. Resources Expended a) All expenditure is included in the Statement of Financial Activities on an accrual basis and is recognised when there is a legal or constructive obligation to pay out resources. 2.4. Cash and Bank Balances a) During the year the above short term deposits were held by Argyll and Bute Council, which manages the administration of the funds on behalf of the Trustees. The Council also acts as the banker for the charity and, as detailed below, all transactions incoming and outgoing are made via the Council’s accounts. No costs were incurred by the trust for this work. The balances are repayable on demand. Interest is payable on balances. b) As cash and bank balances are held as short term deposits with Argyll and Bute Council and are not in a standalone bank account, they appear on the Balance Sheet as a debtor. c) The debtor balance is split between those funds deemed to be unrestricted and those deemed to be permanent endowment. The unrestricted funds are available to be used for the charitable activities of the trust and the permanent endowment funds are held to generate income for the charitable activities. 3. Taxation The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the expense to which it relates. 4. Trustee Remuneration, Expenses and Related Party Transactions (a) No remuneration or expenses were paid to charity trustees or persons connected to a trustee during the year (2022-23 - £0). (b) The trust received interest of £13,797 (2022-23 £5,536) from Argyll and Bute Council on unrestricted reserves placed on short-term deposits and also from interest on investments of £14,036 (2022-23 - £14,037). All transactions incoming and outgoing are made via the Council’s accounts. (c) There were no other transactions between the charity and any trustee or any connected person during the year (2022-23 - £0).
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Trust Funds Notes to the Financial Statements 21 5. Investment Income McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total 2023 77 1,469 1,546 45 144 189 1 199 200 - 70 70 Unrestricted 77 3,621 3,698 43 344 387 1 503 504 - 175 175 Permanent Endowment - - - - - - - - - - - - 2024 77 3,621 3,698 43 344 387 1 503 504 - 175 175 Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Income from Investments Interest on Short-term deposits - Argyll and Bute Council Total Totals 2023 - 83 83 - 38 38 13,915 3,534 17,449 19,575 Unrestricted - 211 211 - 97 97 13,915 8,846 22,761 27,833 Permanent Endowment - - - - - - - - - 2024 - 211 211 - 97 97 13,915 8,846 22,761 27,833
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Trust Funds Notes to the Financial Statements 22 6. Audit Fees The independent auditor’s fee is a donated service amounting to £9,000 (2022-23 £6,500). 7. Grants Awarded Charity Name Grants Awarded in year to 31 March 2024 Number of Grants awarded McCaig Trust £ 3,835 1 Kidston Park Trust £ 2,538 1 County of Argyll Educational Trust Scheme 1960 £ 16,827 21 Total £23,200 23
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Trust Funds Notes to the Financial Statements 23 8. Fixed Asset Investments Mccaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Total £ £ £ £ £ £ £ £ Carrying (market) value at 1 April 2023 7,600 2400 50 0 0 0 478,578 488,628 Add: additions to investments at cost - - - - - - - Less: disposals at carrying value - - - - - - - Add/(deduct): net gain/loss on revaluation - - - - - - 43,320 43,320 Carrying (market) value at 31 March 2024 7,600 2,400 50 - - - 521,898 531,948 Analysis of Investments CCLA Investments - - - - - - 521,898 521,898 Local Government Bonds 7,600 2,400 50 - - - - 10,050 Total 7,600 2,400 50 - - - 521,898 531,948
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Trust Funds Notes to the Financial Statements 24 9. Cash and Bank Balances During the year the above short term deposits were held by Argyll and Bute Council, which manages the administration of the funds on behalf of the Trustees. The Council also acts as the banker for the charity and, as detailed below, all transactions incoming and outgoing are made via the Council’s accounts. No costs were incurred by the trust for this work. The balances are repayable on demand. Interest is payable on balances. McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Unrestricted Permanent Endowment Total Funds Unrestricted Permanent Endowment Total Funds Unrestricted Permanent Endowment Total Funds Unrestricted Permanent Endowment Total Funds Short-term deposits with Argyll and Bute Council: £ £ £ £ £ £ £ £ £ £ £ £ Carrying value at 1 April 2023 45,791 27,538 73,329 5,958 1,000 6,958 7,139 3,050 10,189 2,538 1,000 3,538 Add: lodgements during year 3,698 - 3,698 387 - 387 504 - 504 175 - 175 (Less): withdrawals during year (3,835) - (3,835) 0 - - 0 - - (2,538) - (2,538) Gains/losses - - - - - - - - - - - - *Cash and Bank at 31 March 2024 45,654 27,538 73,192 6,345 1,000 7,345 7,643 3,050 10,693 175 1,000 1,175
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Trust Funds Notes to the Financial Statements 25 Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Unrestricted Permanent Endowment Total Funds Unrestricted Permanent Endowment Total Funds Unrestricted Permanent Endowment Total Funds Totals Short-term deposits with Argyll and Bute Council: £ £ £ £ £ £ £ £ £ £ Carrying value at 1 April 2023 1,336 2,948 4,284 1,752 200 1,952 179,086 - 179,086 279,336 Add: lodgements during year 211 - 211 97 - 97 22,760 - 22,760 27,832 (Less): withdrawals during year 0 - - 0 - - (16,826) - (16,826) (23,199) Gains/losses - - - - - - - - - *Cash and Bank at 31 March 2024 1,547 2,948 4,495 1,849 200 2,049 185,020 - 185,020 283,969 *Cash and bank on above tables recorded as a debtor on the balance sheet
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Trust Funds Notes to the Financial Statements 26 10.Movement in Funds McCaig Trust Third Marquess Of Bute's Silver Wedding Dowry Baillie Gillies Bequest Kidston Park Trust Unrestricted Revenue Permanent Endowment Total Funds Unrestricted Revenue Permanent Endowment Total Funds Unrestricted Revenue Permanent Endowment Total Funds Unrestricted Revenue Permanent Endowment Total Funds At 1 April 2023 45,791 35,138 80,929 8,358 1,000 9,358 7,189 3,050 10,239 2,538 1,000 3,538 Incoming Resources 4,365 - 4,365 466 - 466 591 - 591 205 - 205 Outgoing Resources 4,502 - 4,502 79 - 79 87 - 87 2,568 - 2,568 Gains/ Losses - - - - - - - - - - - - At 31 March 2024 45,654 35,138 80,792 8,745 1,000 9,745 7,693 3,050 10,743 175 1,000 1,175 Miss Annie Dickson Burgh Bequest Logie Baird Prize Fund County of Argyll Educational Trust Scheme, 1960 Unrestricted Revenue Permanent Endowment Total Funds Unrestricted Revenue Permanent Endowment Total Funds Unrestricted Revenue Permanent Endowment Total Funds Totals At 1 April 2023 1,336 2,948 4,284 1,752 200 1,952 179,086 478,578 657,664 767,964 Incoming Resources 247 - 247 114 - 114 28,345 - 28,345 34,333 Outgoing Resources 36 - 36 17 - 17 22,411 - 22,411 29,700 Gains/ Losses - - - - - - - 43,320 43,320 43,320 At 31 March 2024 1,547 2,948 4,495 1,849 200 2,049 185,020 521,898 706,918 815,917