2021-22 Argyll and Bute Council Trust Funds - ISA 580 Letter of Representation
Argyll and Bute Council · 22 November 2022
Back to Audit and Scrutiny Committee — 22 November 2022 and its agenda
Text extracted from the council's PDF. Layout and reading order may differ from the original.
Page 1
Argyll and Bute Council Comhairle Earra Ghàidheal agus Bhòid Chief Executives Unit – Financial Services Financial Services www.argyll-bute.gov.uk Kyle McAulay Email: kirsty.flanagan@argyll-bute.gov.uk Senior Audit Manager Telephone 01546 604268 Audit Scotland Date: 24 November 2022 4th Floor, South Suite Athenaeum Building 8 Nelson Mandela Place Glasgow G2 1BT Dear Kyle Charitable Trusts administered by Argyll and Bute Council Annual Accounts 2021/22 • McCaig Trust (Registered Charity SC019599) • Marquess of Bute Silver Wedding Dowry (Registered Charity SC019607) • Baillie Gillies Bequest (Registered Charity SC013578) • Kidston Park Trust (Registered Charity SC013600) • Miss Annie Dickson Bequest (Registered Charity SC018697) • Logie Baird Prize Fund (Registered Charity SC018698) • County of Argyll Educational Trust Scheme 1960 (Registered Charity SC020382) • Oban Common Good Fund (Registered Charity SC021328) 1. This letter of representation is provided in respect of the annual accounts of the registered charitable trusts named above for the year ended 31 March 2022. It is for the purpose of expressing an opinion as to whether the financial statements give a true and fair view in accordance with the financial reporting framework, and for expressing an opinion on the Trustees’ Annual Report. 2. I confirm to the best of my knowledge and belief, and having made appropriate enquiries of the trustees of the registered charitable trusts where Argyll and Bute Council is the sole trustee, the following representations given to you in connection with your audit for the year ended 31 March 2022. General 3. I acknowledge my responsibility and that of Argyll and Bute Council (as the administering authority of the Charitable Trusts) for the financial statements. All the accounting records, documentation and other matters which I am aware are relevant to the preparation of the annual accounts have been made available to you for the purposes of your audit. All transactions undertaken by the Charitable Trusts have been recorded in the accounting records and are properly reflected in the financial statements. 4. I confirm that the eight trusts presented for audit are all the trusts that require an audit, where the sole trustee is Argyll and Bute Council.
Page 2
5. The information given in the Trustees Reports to the financial statements presents a balanced picture of the Charitable Trusts and are consistent with the financial statements. 6. I confirm that the effects of uncorrected misstatements are immaterial, individually and in aggregate, to the financial statements as a whole. I am not aware of any uncorrected misstatements other than those reported by you. Financial Reporting Framework 7. The financial statements of Marquess of Bute Silver Wedding Dowry, Baillie Gillies Bequest, Kidston Park Trust, Miss Annie Dickson Bequest and Logie Baird Prize Fund have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and directions made thereunder by the Scottish Ministers including all relevant presentation and disclosure requirements. 8. The financial statements of the McCaig Trust, County of Argyll Educational Trust Scheme 1960 and Oban Common Good Fund have been prepared in accordance with the requirements of the Charities Statement of Recommended Practice (SORP): Financial Reporting Standard 102 (FRS 102) and directions made thereunder by the Scottish Ministers including all relevant presentation and disclosure requirements. 9. In accordance with the 2014 regulations, I have ensured that the financial statements give a true and fair view of the financial position of the Charitable Trusts at 31 March 2022 and the transactions for 2021/22. Accounting Policies & Estimates 10. The Annual Report and Financial Statements of the Marquess of Bute Silver Wedding Dowry Baillie Gillies Bequest, Kidston Park Trust, Miss Annie Dickson Bequest and Logie Baird Prize Fund have been prepared on a receipts and payments basis as per applicable regulations and the founding documents of each Trust. 11. The Annual Report of the Trustees and Financial Statements of the McCaig Trust, County of Argyll Educational Trust Scheme 1960 and Oban Common Good Fund have been prepared on an accruals basis as per applicable regulations and the founding documents of each Trust. 12. The significant assumptions used in making accounting estimates are reasonable and properly reflected in the financial statements. Judgements used in making estimates have been based on the latest available, reliable information. Estimates have been revised where there are changes in the circumstances on which the original estimate was based or as a result of new information or experience. Going Concern Basis of Accounting 13. Several of the trusts have been dormant in recent years. The Trustees have assessed the ability of the registered charitable trust to carry on as a going concern, and have disclosed in the financial statements any material uncertainties that have arisen as a result. Assets 14. The assets shown in the Statement of Balances/Balance Sheet as at 31 March 2022 were owned by Charitable Trusts, other than assets which have been purchased under finance leases. Assets are free from any lien, encumbrance or charge except as disclosed in the financial statements.
Page 3
Liabilities 15. All liabilities have been provided for in the financial records, including the liabilities for all purchases to which title has passed prior to 31 March 2022. Fraud 16. I have provided you with all information in relation to: • my assessment of the risk that the financial statements may be materially misstated because of fraud • any allegations of fraud or suspected fraud affecting the financial statements • fraud or suspected fraud that I am aware of involving management, employees who have a significant role in internal control, or others that could have a material effect on the financial statements. Laws and Regulations 17. I have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing financial statements. Related Party Transactions 18. All material transactions with related parties have been disclosed in the financial statements in accordance with the 2021/22 accounting code. I have made available to you the identity of all the Charitable Trusts’ related parties and all the related party relationships and transactions of which I am aware. Corporate Governance 19. I confirm that there are no issues or deficiencies in internal control that require to be disclosed. Events Subsequent to the Date of the Balance Sheet/Statement of Balances 20. There have been no material events since the date of the Balance Sheet/Statement of Balances which necessitate revision of the figures in the financial statements or notes thereto including contingent assets and liabilities. 21. Since the date of the Balance Sheet/Statement of Balances no events or transactions have occurred which, though properly excluded from the financial statements, are of such importance that they should be brought to your notice. Yours sincerely Kirsty Flanagan Section 95 Officer 24 November 2022