Item 13-Appendix 1
West Dunbartonshire Council · 18 June 2025
Back to West Dunbartonshire Council — 18 June 2025 and its agenda
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WEST DUNBARTONSHIRE TRUST FUNDS DRAFT ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 APPENDIX 1
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 2 Contents Pages Contents 2 Trustees’ Annual Report 3 - 6 Independent Auditor’s Report 7 - 9 Statement of Receipts and Payments 10 Statement of Balances 11 Notes to the financial statements 12 -13
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 3 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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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 4 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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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 5 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 which was 4.569%.
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 6 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 of the Trusts as at 31 March 2024 (including stocks) is £268,441. 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 The unaudited annual accounts were issued on 30 June 2024 and the annual accounts were authorised for issue on 18 June 2025 by: Councillor Martin Rooney West Dunbartonshire Council 18 June 2025
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 7 Independent auditor’s report to the trustees of West Dunbartonshire Trust Funds 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 West Dunbartonshire Trust Funds (“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 Receipts and Payments Account, the Statement of Balances 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 a receipts and payments basis. In our opinion the accompanying financial statements: • properly present the receipts and payments of the Charities for the year ended 31 March 2024 and their statement of balances at that date; and • have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, and regulations 9(1), (2) and (3) 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. 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. 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, Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 are significant in the context of the Charities;
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 8 • 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. 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 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 Charity Accounts (Scotland) Regulations 2006. 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: • 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.
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 9 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. Tom Reid, Director For and on behalf of Forvis Mazars LLP 100 Queen Street Glasgow G1 3DN 18 June 2025
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 10 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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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 11 Statement of Balances as at 31 March 2024 Opening Balance 2022/23 (Surplus) /Deficit 2022/23 Closing Balance 2022/23 Note Other Assets 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) (96,506) (21,898) (435) (22,333) McAuley Prize for Mathematics (22,333) (1,020) (23,353) (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) (26,402) (162,096) 7,740 (154,356) Total Other Assets (154,356) (16,362) (170,718) 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 (97,505) (100,487) (2,751) (103,238) Total Investment (103,238) 5,515 (97,723) (90,712) (1,796) (92,508) Dunbartonshire Educational Trust Scheme 1962 (92,508) (4,216) (96,724) (21,898) (435) (22,333) McAuley Prize for Mathematics (22,333) (1,020) (23,353) (120,269) 2,764 (117,505) Alexander Cameron Bequest (117,505) (4,457) (121,962) (4,947) 4,947 0 Dr AK Glen 0 0 0 (24,757) (491) (25,248) UIE Award (25,248) (1,154) (26,402) (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 unaudited annual accounts were issued on 30 June 2024 and the annual accounts were authorised for issue on 18 June 2025 by: Signed on behalf of the Trustees by:- Councillor Martin Rooney West Dunbartonshire Council 18 June 2025
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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 12 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 – Other Assets 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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Dr A K Glen and West Dunbartonshire Trust Funds Financial Statement for the year ended 31 March 2024 13 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 £10,000 (£6,500 2022/23) was absorbed by the Council.