Item 10 Appendix 6 - Draft Annual Accounts to 31 March 2024 for Trust Funds
West Dunbartonshire Council · 28 August 2024
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WEST DUNBARTONSHIRE TRUST FUNDS DRAFT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 APPENDIX 6
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 2 | P a g e Contents Pages Contents 2 Trustees’ Annual Report 3 – 6 Statement of Receipts and Payments 7 Statement of Balances 8
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 3 | P a g e Trustees’ Annual Report Introduction The Trustees present the annual report together with the Financial Statements for the year ended 31 March 2024. Administration Information West Dunbartonshire Council (the Council) is sole Trustee for all Trust Funds with the exception of Dunbartonshire Educational Trust Scheme 1962 and McAuley Prize for Mathematics. The table below identifies the Trustees for 2023/24. Trust Funds Charity Number Trustees Local Authority Contact Address Alexander Cameron Bequest SC025070 Provost Douglas McAllister Councillor Daniel Lennie Councillor June McKay Councillor Lawrence O’Neill Councillor Clare Steel Councillor Diane Docherty Councillor Jim McElhill Councillor Lauren Oxley Councillor Gordon Scanlan Councillor Sophie Traynor West Dunbartonshire Council West Dunbartonshire Council, Church Street, Dumbarton, G82 1QL UIE Award SC025070 Provost Douglas McAllister Laura Mason (Chief Officer – Education) Laurence Slavin (Chief Officer – Resources) Liz Connolly (Principal) West Dunbartonshire Council West Dunbartonshire Council West Dunbartonshire Council West College Scotland West Dunbartonshire Council, Church Street, Dumbarton, G82 1QL Dunbartonshire Education Trust SC025070 Councillor Clare Steel Councillor John Millar Councillor Hazel Sorrell Councillor James McPhilemy Councillor Gordon Currie Councillor Lynda Williamson Councillor Callum McNally Councillor Math Campbell- Sturgess West Dunbartonshire Council West Dunbartonshire Council West Dunbartonshire Council North Lanarkshire Council North Lanarkshire Council East Dunbartonshire Council East Dunbartonshire Council Argyll and Bute Council West Dunbartonshire Council, Church Street, Dumbarton, G82 1QL McAuley Prize for Mathematics SC025070
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 4 | P a g e Objectives and 2023/24 Activity All trusts are advertised on the Council’s website and details have been passed to West Dunbartonshire Community and Volunteering Service (WDCVS) to publicise them. The objectives and activities of each of the Trusts are detailed below: Charity Number Trust Fund Objective 2023/24 Activity SC018701 Dr A K Glen Fund The benefit of the people of Dumbarton, to assist and relieve those in need by reason of age. No awards. Fund is now closed. SC025070 Alexander Cameron Bequest The benefit of the people of Clydebank to assist those in need by reason of age, ill health, disability, financial hardship or other disadvantage. One grant was awarded during 2023/24 as detailed within note 3. SC025070 UIE Award For students studying apprenticeships or training in industry. No awards but work to review and modernise the Trust’s governance arrangements to encourage funding applications in the future continues. SC025070 Dunbartonshire Educational Trust Scheme 1962 Awards educational prizes and bursaries. No awards for either. Trustees continue to seek clarification as to amendments to the governance arrangements. As these Trusts are governed by statute, discussions are ongoing between the Council (as Administrator) and Scottish Ministers and Office of the Scottish Charity Regulator (OSCR) regarding these arrangements. SC025070 McAuley Prize for Mathematics Provides prizes for those studying maths and computing Structure and Governance West Dunbartonshire Trust Funds are OSCR registered. The governance arrangements are under the control of the Council which appoints trustees as required. The current list of trustees are shown within the table on page 3. Following a review of the governance documents, it was agreed at Council on 31 August 2016 that the Alexander Cameron Bequest Trust Fund noted below would be delegated to the Alexander Cameron Committee.
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 5 | P a g e The trustees have overall responsibility for ensuring there are appropriate systems of control, financial and otherwise. They are also responsible for keeping proper accounting records which disclose, with reasonable accuracy, the financial position of the Trusts and enable them to ensure Financial Statements comply with Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and are therefore responsible for taking reasonable steps to prevent and detect fraud and other irregularities and also provide reasonable assurances that: • The trusts are operating efficiently and effectively. • Assets are safeguarded against unauthorised use and disposition. • Proper records are maintained and financial information used by the charities is reliable. • The trusts comply with relevant laws and regulations. The systems of internal controls are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The systems of internal control follow those of the Council and, as such, much of this is delegated to the Council’s Chief Officer - Resources. The Council continually seeks to improve the effectiveness of its systems of internal control so that any irregularities are either prevented or quickly detected. The systems of internal control are based on a framework of regular management information, financial regulations, financial and administrative procedures (including segregation of duties), management supervision and a system of delegation and accountability. The Financial Statements and Trustees Report are prepared by the Council’s Finance Service. The appointed external auditors are Forvis Mazars. The Council has agreed to meet the cost of this audit and not pass this on to the Trusts. This is to provide additional financial support to the Trusts, ensuring that core funds are not eroded, and objectives can continue to be achieved. The Trustees only meet as and when required during the year and will ensure that the required accounting arrangements are adhered to. Management of Funds and Investment Policy Decisions regarding the management of the Trusts are made by the Trustees. Trustees rely on the expertise of Council staff to manage the investments to ensure the maximum return at the least risk to the Trusts. In this way, the income stream for the future benefit of the Trusts is protected. Funds available are invested each year with interest earned. Investments are made both internally and externally, with the majority invested in the Council’s Loans Fund and externally managed by the Council. Performance (Investments) Income for West Dunbartonshire Trusts comes from investment returns. All Trusts (with the exception of those investments noted below) received income on their reserves held based upon the average interest rate used for internal investments within the Council’s loans fund was 4.569%.
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 6 | P a g e Following a Trustee decision in 2019/20, Alexander Cameron had an element of their funds in a fixed interest agreement. Trustees met and agreed in February 2022 to continue this investment for a further fixed term of 2 years (the revised interest rate was 2.04%) and the overall impact of this was £2,957 of interest gained during 2023/24. Dunbartonshire Educational Trust Scheme 1962 continues to receive income from external investments i.e. 3% Clydeport and 4% Clydeport Consolidated Stock. These investments are managed by the Council and achieved investment income of £5 in 2023/24 (£5 in 2022/23). Financial Review The total balance on the Trusts as at 31 March 2024 (including stocks) is £268,442. On 8 July 2016 Clydeport Operations Ltd delisted 3% and 4% stocks from the London Stock Exchange. These are stocks held by Dumbarton Educational Trust. Until further information is available it has been assumed that the balance of this stock has remained the same as the previous year (£218). The Trusts held cash and bank balances at 31 March 2024 of £170,717. Reserves are held by the Council on behalf of the Trusts and revenue income, generated from investment interest that has not been disbursed at 31 March every year, is invested in line with the investment policy outlined above. Declaration This report was signed on behalf of the Trustees on 30 June 2024 by: Councillor Martin Rooney West Dunbartonshire Council 30 June 2024
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 7 | P a g e Statement of Receipts and Payments Account Receipts 2022/22 Payments 2022/23 (Surplus) /Deficit 2022/23 Receipts 2023/24 Payments 2023/24 (Surplus) /Deficit 2023/24 £ £ £ £ £ £ (1,796) 0 (1,796) Dunbartonshire Educational Trust Scheme 1962 (4,216) 0 (4,216) (435) 0 (435) McAuley Prize for Mathematics (1,020) 0 (1,020) (3,436) 6,200 2,764 Alexander Cameron Bequest (10,272) 300 (9,972) 0 4,947 4,947 Dr AK Glen 0 0 0 (491) 0 (491) UIE Award (1,154) 0 (1,154) (6,158) 11,147 4,989 Total (16,662) 300 (16,362)
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 8 | P a g e Statement of Balances as at 31 March 2024 Opening Balance 2022/23 (Surplus) /Deficit 2022/23 Closing Balance 2022/23 Note Cash and Bank Opening Balance 2023/24 (Surplus) /Deficit 2023/24 Closing Balance 2023/24 £ £ £ £ £ £ (90,494) (1,796) (92,290) Dunbartonshire Educational Trust Scheme 1962 (92,290) (4,216) (96,507) (21,898) (435) (22,333) McAuley Prize for Mathematics (22,333) (1,020) (23,352) (20,000) 5,515 (14,485) Alexander Cameron Bequest (14,485) (9,972) (24,457) (4,947) 4,947 0 Dr AK Glen 0 0 0 (24,757) (491) (25,248) UIE Award (25,248) (1,154) (26,401) (162,096) 7,740 (154,356) Total Cash and Bank (154,356) (16,362) (170,717) Investment (218) 0 (218) 5 Dunbartonshire Educational Trust Scheme 1962 (218) 0 (218) (100,269) (2,751) (103,020) 5 Alexander Cameron Bequest (103,020) 5,515 (97,506) (100,487) (2,751) (103,238) Total Investment (103,238) 5,515 (97,724) (90,712) (1,796) (92,508) Dunbartonshire Educational Trust Scheme 1962 (92,508) (4,216) (96,725) (21,898) (435) (22,333) McAuley Prize for Mathematics (22,333) (1,020) (23,352) (120,269) 2,764 (117,505) Alexander Cameron Bequest (117,505) 4,457 (121,963) (4,947) 4,947 0 Dr AK Glen 0 0 0 (24,757) (491) (25,248) UIE Award (25,248) (1,154) (26,401) (262,583) 4,989 (257,594) Overall Total (257,594) 10,847 (268,441) All funds are unrestricted which means they may be used for any purpose relevant to the Trust Fund. The draft Financial Statements were authorised for issue on 30 June 2024. Signed on behalf of the Trustees by:- Councillor Martin Rooney West Dunbartonshire Council 30 June 2024
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 9 | P a g e Notes to the Financial Statements Note 1 - Basis of Accounting The Financial Statements have been prepared on a receipts and payments basis and in accordance with the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. Note 2 – Trustee Remuneration, Expenses and Related Party Transactions • No remuneration or expenses were paid to the Trustees or any connected persons during the 2023/24. • The Trusts received interest of £9,347 from the Council at 31 March 2024, and all transactions incoming and outgoing are made via the Council’s bank accounts. • The Council has not charged the Trusts any fees for legal, financial or administrative services provided during the year. Note 3 – Grants A single grant was awarded during 2023/24 by Alexander Cameron Bequest of £300 to the Faifley Art Group. Note 4 – Cash and Bank Balances During the year the Trust’s balances were held by the Council, which manages the administration of the funds on behalf of the Trustees. No costs were incurred by the Trusts for this administration. The Council also acts as the banker for the Trusts and, as detailed above, all transactions incoming and outgoing are made via the Council’s accounts. The balances are repayable on demand. Interest is paid on balances. Note 5 – Investment Dunbartonshire Educational Trust - The investment valuation of £218 (shown in the table below) is the market value as at 31 March 2016, as valued by the Council. Notification was received that the stocks were delisted in July 2016. There has been no further update on this and therefore the assumption is that the market price remains the same. Purchase Price as at 31 March 2023 Market Price as at 31 March 2023 Investment Purchase Price as at 31 March 2024 Market Price as at 31 March 2024 £ £ £ £ (289) (199) 4% Clydeport authority (289) (199) (35) (19) 3% Clydeport Authority (35) (19) (324) (218) Total (324) (218)
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West Dunbartonshire Trust Funds Draft Financial Statements for the year ended 31 March 2024 10 | P a g e Alexander Cameron – Following a decision on 23 February 2022, £20,000 was invested on a short term variable basis, with the remainder (£100,269) invested on a longer term fixed interest rate basis with the Council for two years at 2.04%. The opening value of the investment, including interest was £103,020. During 2023/24 a sum of £5,515 was withdrawn from the investment in order to replenish the fund’s cash and bank balance, thus reducing the investment to £97,505. Note 6 – Audit Fee The audit fee for the year of £6,500 (£6,500 2022/23) was absorbed by the Council.
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