## **Report and Accounts**
**For The Year Ended 30 September 2022**
**for**
**The Glasgow Institute of Architects**
**A Chapter of the Royal Incorporation of Architects in Scotland**
## **The Glasgow Institute of Architects**
## **Index to the Financial Statements**
||**Page**|
|---|---|
|**General Information**|**1**|
|**Report of Council**|**2 & 3**|
|**Independent Examiners Report**|**4**|
|**Statement of Financial Activities - All Funds**|**5**|
|**Statement of Financial Activities - General Fund**|**6**|
|**Balance Sheet - All Funds**|**7**|
|**Balance Sheet - General Fund**|**8**|
|**Notes to Financial Statements**|**9 - 14**|
## **The Glasgow Institute of Architects**
## **General Information**
## **For The Year Ended 30 September 2022**
## **COUNCIL MEMBERS**
As listed in Report of Council
## **HON TREASURER'S OFFICE**
c/o Nascent Construction Consulting Ltd 117 Townhead Kirkintilloch G66 1NX **ACCOUNTANTS & INDEPENDENT EXAMINERS** Chartered Accountants Regent Court 70 West Regent Street Glasgow G2 2QZ **REGISTERED CHARITY NUMBER** SC000915
Page 1
## **The Glasgow Institute of Architects**
## **Report of Council For The Year Ended 30 September 2022**
The Council is pleased to present their report in terms of the Charities Accounts (Scotland) Regulations 2006 and the Charities Statement of Recommended Practice 2015 (FRS102) on the Glasgow Institute of Architects which was founded in 1868.
## **REVIEW OF ACTIVITIES**
Details of the development of the Chapter during the year appear in the President's report to the Annual General Meeting. A copy of the minutes are available on request.
Any future plans are agreed by Council and are guided by the Constitution and Objects set out in the Bye-Laws.
## **OBJECTIVES**
The objectives of the Chapter shall be to organise and unite in fellowship all Architects within the Chapter area, and to combine their efforts for the general advancement of Architecture, and for the promotion of the aesthetic, scientific and practical efficiency of the profession of Architecture.
Further, the objects of the Chapter shall be the objects of the Royal Incorporation of Architects in Scotland as specified in its Charter, so far as competent and applicable to the Chapter and/or Chapter territory.
## **PRINCIPAL FUNDING SOURCE**
The Institute's principal funding source is quarterly subscription income from the Royal Incorporation of Architects in Scotland.
## **CONVERSION TO SCIO**
On 7th October 2021, Resolutions were passed at Special General Meeting to approve the Constitution of The Glasgow Institute of Architects SCIO, and to direct the Council to proceed to transfer the assets, liabilities and undertakings of The Glasgow Institute of Architects to the Scottish Charitable Incorporated Organisation (SCIO) once the SCIO has been registered with OSCR, and to dissolve The Glasgow Institute of Architects at a suitable time thereafter. This process is still ongoing.
## **COUNCIL**
The affairs are managed by a Council which, during the year, was as follows:-
President e Senior Vice President/Convenor Comms Vice President/Convenor Education Hon Treasurer Secretary Past President Convenor AP&P Co-opted Convenor Conservation Convenor Sustainability/Practice Co-opted s Co-opted
The Council includes a President, Past-President and not more than three Vice Presidents. Decisions are by vote and to be quorate, there must be at least nine members of Council present.
Page 2
The Glas
ow Institute of Archltects
rt of Council
continued
For The Yeor Ended 30 Se
tember 2022
COUNCIL ICONTINUEDI
Council members are eleued by postal vote of the general body of the Fellows and Associates of the Chapter, when
the number of candidates exceeds the number of vacancies, or by adoption when the number of candidates equals
or is le55 than the Thumber of vacancies.
There are no formal procedures for induction and training of new Council members. New members are 8enerally
appointed to a sub committee and are rnentored bythat committee's convenor.
STATEMENT OF COUNCIL
The Council members are responsible for maintaining accounting records and preparin8 financial statements
which give a true and fail view. for that year. In prepariThg ihe5e financial 5tatement5, the Council member5 are
required to'.-
select suitable accountin8 policies and then applythem consistentlv
tnake judgements and e5titnate5 that are reasonable and prudent
prepare the financial statemenis on the going concern basis unless it is inappropriare to presume
that the chapter will continue to operate.
The Council 15 ie5pon5ible for keeping proper aicouTrting records which di5c105e. with reasonable accuracy at any
time, the financial position and to enable them 10 ensure that the financial statements comply with the Charities
Accounts Iscotlandl Regulation5 2006 and the Charities Statement ol Recommended Practice 2015 IFRS1021.
They are a150 iespon5ible foi the prevention and detection of irregularities and fraud.
RISK MANAGEMENT
The Council have exatnined the majoi strategic, busines5 and operational risks which the charity faces and
confirm that systems have beÈn established to enable regular reports to be produced so that the necessary
steps can be taken to lessen the risks.
RESERVES
At the year end, approximately one third of the chariws reserves were held as currently accessible bank funds to
mitigate exposure to any immediate financial pressuies. The remaining reserves are invested ITr low risk gilts and
stocks and are managed by Raihbone InvesimeThi Management Ltd. siockbrokers, on the Charity's behalf. They
instigate regular reviews and provide Council with appropriate advice on investments.
On behalf of the Council Comtnittee
Treas
Date 13th April 2023
Page 3
## **The Glasgow Institute of Architects**
## **Independent Examiner's Report For The Year Ended 30 September 2022**
## **Independent Examiner's Report to the Council of The Glasgow Institute of Architects**
I report on the accounts of the Charity for the year ended 30 September 2022 which are set out on pages 5 to 14.
## **Respective responsibilities of trustee and examiner**
The Charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. (as amended).
The Charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44 (1)(c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations.
An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention;
1 Which give me reasonable cause to believe that in any material respects the requirements:
to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Chartered Accountant**
**For and on behalf of Robb Ferguson, Chartered Accountants Regent Court 70 West Regent Street Glasgow G2 2QZ**
**______________________** 13th April 2023 Dated
Page 4
## **The Glasgow Institute of Architects**
## **Statement of Financial Activities For The Year Ended 30 September 2022**
## **All Funds**
|**Income**
**Expenditure**
Charitable activities
Raising funds
Net investment (gains)/losses
**Total**
**Net movement in funds**
**Opening funds**
**01.10.2021**
**Closing funds**
**30.09.2022**
Income
Expenditure
Charitable activities
Raising funds
Net investment (gains)/losses
Total
Net movement in funds
Opening funds
01.10.2020
Closing funds
30.09.2021|**2022**
**2022**
**2022**
**General**
**Restricted**
**Restricted**
**Fund**
**W B Whitie**
**A Thomson**
**Benevolent**
**Travelling**
**Fund**
**Studentship**
**Fund**
**_(Page 6)_**
**_(Page 12)_**
**_(Page 13)_**
**£**
**£**
**£**
**33,729**
**450**
**54**
**43,114**
**0**
**0**
**1,733**
**614**
**65**
**7,521**
**2,448**
**290**
**52,368**
**3,062**
**355**
**(18,639)**
**(2,612)**
**(301)**
**107,425**
**32,479**
**3,770**
**88,786**
**29,867**
**3,469**
2021
2021
2021
General
Restricted
Restricted
Fund
W B Whitie
A Thomson
Benevolent
Travelling
Fund
Studentship
Fund
_(Page 6)_
_(Page 12)_
_(Page 13)_
£
£
£
20,900
374
56
19,885
0
0
341
119
13
(13,233)
(1,803)
(235)
6,993
(1,684)
(222)
13,907
2,058
278
93,518
30,421
3,492
107,425
32,479
3,770
Comparative Figures
For The Year Ended 30 September 2021|**2022**
**General**
**Fund**
**_(Page 6)_**
**£**
**33,729**
**43,114**
**1,733**
**7,521**|**2022**
**General**
**Fund**
**_(Page 6)_**
**£**
**33,729**
**43,114**
**1,733**
**7,521**|**2022**
**Restricted**
**W B Whitie**
**Benevolent**
**Fund**
**_(Page 12)_**
**£**
**450**
**0**
**614**
**2,448**|**2022**
**Restricted**
**A Thomson**
**Travelling**
**Studentship**
**Fund**
**_(Page 13)_**
**£**
**54**
**0**
**65**
**290**|**2022**
**Restricted**
**Student**
**Award**
**Fund**
**_(Page 14)_**
**£**
**42**
**0**
**92**
**635**|**2022**
**Total**
**Funds**
**£**
**34,275**
**43,114**
**2,504**
**10,894**|2021
Total
Funds
£
21,369
19,885
497
(16,284)|
|---|---|---|---|---|---|---|---|---|
|||**52,368**
**(18,639)**
**107,425**||**3,062**
**(2,612)**
**32,479**|**355**
**(301)**
**3,770**|**727**
**(685)**
**6,677**|**56,512**
**(22,237)**
**150,351**|4,098
17,271
133,080|
||||**88,786**|**29,867**|**3,469**|**5,992**|**128,114**|150,351|
|||||||2021
Restricted
Student
Award
Fund
_(Page 14)_
£
39
0
24
(1,013)|2021
Total
Funds
£
21,369
19,885
497
(16,284)||
|||2021
General
Fund
_(Page 6)_
£
20,900
19,885
341
(13,233)
||2021
Restricted
W B Whitie
Benevolent
Fund
_(Page 12)_
£
374
0
119
(1,803)
|||||
|||6,993
13,907
93,518||(1,684)
2,058
30,421|(222)
278
3,492|(989)
1,028
5,649|4,098
17,271
133,080||
|||107,425||32,479|3,770|6,677|150,351||
Page 5
## **The Glasgow Institute of Architects**
## **Statement of Financial Activities For The Year Ended 30 September 2022**
## **Unrestricted Funds - General Fund**
|**INCOME**
**Income from Charitable Activities**
Subscriptions (RIAS)
Lecture meeting and event income
COP26 events
Student awards sponsorship
**Income from Investments**
Investment income
Bank interest
**TOTAL INCOME**
**EXPENDITURE**
**Expenditure on Charitable Activities**
Lecture meeting and event expenses
COP26 events
Awards and expenses
Donations and sponsorship
Accountancy fee and expenses
Office bearers and committee expenses
Legal fees
Depreciation
Website, IT & social media
**Expenditure on Raising Funds**
Bank & investment management charges
**TOTAL EXPENDITURE**
**Gains and losses on investment assets**
Unrealised (losses)/gains
Realised (losses)/gains
**Net income/(expenditure)**
**Net movement in funds**
**Opening funds 1 October**
**Closing funds 30 September**|**2022**
**£**
**£**
**13,679**
**8,050**
**10,000**
**0**
**31,729**
**1,995**
**5**
**2,000**
**33,729**
**14,631**
**15,804**
**2,150**
**1,900**
**1,122**
**4,816**
**0**
**233**
**2,458**
**43,114**
**1,733**
**44,847**
**(6,636)**
**(885)**
**(18,639)**
**(18,639)**
**107,425**
**88,786**|2021
£
£
13,679
5,295
0
0
18,974
1,925
1
1,926|2021
£
£
13,679
5,295
0
0
18,974
1,925
1
1,926|
|---|---|---|---|
|||20,900
1,570
0
5,640
2,000
1,092
1,100
3,600
234
4,649
19,885
341
20,226
10,889
2,344
13,907
13,907
93,518
107,425||
|||||
||||20,226
10,889
2,344
13,907
13,907
93,518|
||||107,425|
Page 6
## **The Glasgow Institute of Architects**
## **Balance Sheet**
## **For The Year Ended 30 September 2022**
## **All Funds**
|**Investments (at Market Value)**
**Tangible Fixed Assets**
**Debtors**
Accrued Income
**Cash & Bank**
**Total Current Assets**
**Liabilities Payable within one Year**
**Creditors and Accruals**
Accruals and deferred income
**Net Current Assets**
**Net Assets**
**Represented by**
Unrestricted Funds
Restricted Funds|**2022**
**General**
**Fund**
**_(Page 8)_**
**£**
**57,245**
**0**
**9,684**
**30,352**|**2022**
**Restricted**
**W B Whitie**
**Benevolent**
**Fund**
**_(Page 12)_**
**£**
**21,992**
**0**
**0**
**7,875**|**2022**
**Restricted**
**A Thomson**
**Travelling**
**Studentship**
**Fund**
**_(Page 13)_**
**£**
**2,340**
**0**
**0**
**1,129**|**2022**
**Restricted**
**Student**
**Award**
**Fund**
**_(Page 14)_**
**£**
**3,313**
**0**
**0**
**2,679**|**2022**
**Total**
**Funds**
**£**
**84,890**
**0**
**9,684**
**42,035**|2021
Total
Funds
£
97,361
233
8,478
55,421|
|---|---|---|---|---|---|---|
||**40,036**
**(8,495)**|**7,875**
**0**|**1,129**
**0**|**2,679**|**51,719**
**(8,495)**|63,899
(11,142)|
||**(8,495)**
**31,541**|**0**
**7,875**|**0**
**1,129**|**0**
**2,679**|**(8,495)**
**43,224**|(11,142)
52,757|
||**88,786**|**29,867**|**3,469**|**5,992**|**128,114**|150,351|
||**88,786**|**29,867**|**3,469**|**5,992**|**88,786**
**39,328**|107,425
42,926|
||**88,786**|**29,867**|**3,469**|**5,992**|**128,114**|150,351|
||||||||
## **Treasurer**
**_____________________________** 13th April 2023 Date
Page 7
## **The Glasgow Institute of Architects**
## **Balance Sheet**
**For The Year Ended 30 September 2022**
|**UNRESTRICTED FUNDS**
**INVESTMENTS AT MARKET VALUE - APPENDIX I**
**TANGIBLE FIXED ASSETS - APPENDIX II**
**DEBTORS**
Accrued income
**BANK**
Cash at bank
**CREDITORS**
Accruals & deferred income
**NET ASSETS - UNRESTRICTED FUNDS**
**RESTRICTED FUNDS**
**W B WHITIE BENEVOLENT FUND - APPENDIX III**
Net assets
**ALEXANDER THOMSON TRAVELLING STUDENTSHIP - APPENDIX IV**
Net assets
**STUDENT AWARDS FUND - APPENDIX V**
Net assets
**TOTAL NET ASSETS**|**2022**
**£**
**57,245**
**0**
**9,684**
**30,352**
**(8,495)**
**88,786**
**29,867**
**3,469**
**5,992**
**128,114**|2021
£
65,744
233
8,478
44,112
(11,142)|
|---|---|---|
|||107,425
32,479
3,770
6,677|
|||150,351|
## **ON BEHALF OF COUNCIL**
## **Bryan McGhie Treasurer**
13th April 2023 Date
## **_____________________________**
Page 8
**The Glasgow Institute of Architects**
**For The Year Ended 30 September 2022**
## **Notes to the Financial Statements**
## **1 ACCOUNTING POLICIES**
## **Basis of Preparation of Accounts**
The financial statements are prepared under the historical cost convention on a going concern basis, in accordance with the Charities Statement of Recommended Practice for those preparing their accounts under FRS102 (effective January 2015), the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below.
The charity constitutes a public benefit entity as defined by FRS102.
As detailed in the Report of Council, the charity will transfer all assets, liabilities and undertakings to a SCIO in due course. As all such transfers will be made on a going concern basis, Council consider that it continues to be appropriate to prepare the financial statements on this basis.
## **Funds Held**
The General Reserve Fund is held to promote the objects of the Institute and is unrestricted.
Other subsidiary funds are held for the purposes of benevolence, events and awards to students. and are restricted for these purposes.
## **Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
## **Investment Income**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. Dividends are recognised when the charity's right to receive payment is established, measured at the fair value receivable.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably. All expenditure is accounted for on an accruals basis. Irrecoverable vat is charged against the expenditure heading for which it was incurred.
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at cost. They are subsequently measured at fair value at the balance sheet date using the closing quoted market value provided by the charity's investment managers. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **Tangible Fixed Assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life;
Computer Equipment 33.33% reducing balance
Page 9
**The Glasgow Institute of Architects**
## **Notes to the Financial Statements (Continued) For The Year Ended 30 September 2022**
## **2 COUNCIL MEMBERS EXPENSES**
The Institute has no employees and does not meet expenses of Council members other than those incurred on behalf of the Institute.
Page 10
**The Glasgow Institute of Architects**
## **Notes to the Financial Statements (Continued) For The Year Ended 30 September 2022**
## **APPENDIX I FIXED ASSET INVESTMENTS INVESTMENTS - GENERAL FUND**
|**INVESTMENTS - GENERAL FUND**
Murray International Trust Ordinary Shares
Henderson Far East Income Ltd
Treasury 0.125% Index Linked 2029
Lowland Investment Co
Ruffer Investment Co
HICL Infrastructure Co Ltd
Legg Mason Global Funds
Royal London Unit Trust Managers
Monks Investment Trust
Montanaro UK Smlr Cos Inv Tst
Guinness Asset Mgmt
M&G Securities Ltd
Impax Funds (Ire) Plc
Greencoat UK Wind Plc
Smithson Investment Trust
Findlay Park Funds (CAV American Inc)
Mercantile Investments Trust
Abrdn OEIC
**Total at 30 September 2022**
Total at 30 September 2021|Market
Nominal
£
320
721
934
450
1,500
910
29
2,600
270
4,700
198
3,229
1,350
1,100
290
50
2,300
6,100|Value
£
3,744
1,904
1,340
3,658
4,320
1,471
2,602
2,378
2,619
4,418
5,072
2,961
2,072
1,656
3,419
6,689
3,795
3,127
**57,245**
65,744|Cost
£
1,792
2,183
1,283
4,732
3,735
1,647
2,918
3,154
2,984
5,308
4,102
3,409
2,131
1,456
4,373
6,393
3,827
3,102|
|---|---|---|---|
||||**58,529**|
||||53,099|
The Institute's investments are managed by Rathbone Investment Management Ltd.
|**APPENDIX II**
**TANGIBLE FIXED ASSETS - GENERAL FUND**
Cost at 1.10.21
Additions
Disposals
Cost at 30.9.22
Aggregate Depreciation at 1.10.21
Charge for Year
Disposals
Aggregate Depreciation at 30.9.22
Net Book Value at 30.9.22
Net Book Value at 1.10.21|**Computer**
**Equipment**
**£**
**701**
**0**
**0**|
|---|---|
||**701**|
||**468**
**233**
**0**|
||**701**|
||**0**|
||**0**|
Page 11
## **The Glasgow Institute of Architects**
## **Notes to the Financial Statements - Restricted Funds**
## **For The Year Ended 30 September 2022**
||||**2022**||||2021|||
|---|---|---|---|---|---|---|---|---|---|
||**£**|||**£**|**£**|||**£**||
|**APPENDIX III**||||||||||
|**W B WHITIE BENEVOLENT FUND**||||||||||
|**Income**||||||||||
|Henderson Far East Income Ltd||**71**||||70||||
|Aberdeen Ethical World Equity I Acc||**0**||||7||||
|Treasury 0.125% Index Linked 2029||**5**||||5||||
|Fidelity||**19**||||0||||
|T Bailey Fund Mgrs||**170**||||128||||
|Sarasin Investment Funds||**112**||||88||||
|Threadneedle Investments||**73**||**450**||76|||374|
|**Expenditure**||||||||||
|Investment charges||||**614**|||||119|
|**Gains and losses on investment assets**||||||||||
|Unrealised (losses)/gains||||**(1,926)**|||||1,803|
|Realised (losses)/gains||||**(522)**|||||0|
|Surplus/(deficit) for year||||**(2,612)**|||||2,058|
|Surplus brought forward||||**32,479**|||||30,421|
|**SURPLUS CARRIED FORWARD**||||**29,867**|||||32,479|
|**REPRESENTED BY:**||||||||||
|**Investments**||||||||||
|Aberdeen Ethical World Equity I Acc - 915 Units (Cost £1,891)||||**0**|||||3,757|
|Henderson Far East Income Ltd - 302 Units (Cost £913)||||**796**|||||894|
|Treasury 0.125% Index Linked 2029 - 3,045 Units (Cost £4,180)||||**4,369**|||||4,929|
|Fidelity - 1,100 Units (Cost £1,314)||||**1,132**|||||0|
|T Bailey Fund Mgrs - 3,200 Units (Cost £7,236)||||**7,393**|||||6,089|
|Threadneedle Investments - 2,800 Units (Cost £3,024)||||**2,267**|||||4,483|
|Sarasin Investment Funds - 2,100 Units (Cost £3,443)||||**3,942**|||||4,034|
|LionTrust Investments Ltd - 2,800 Units (Cost £2,074)||||**2,093**|||||0|
|**Money Market Account**||||**7,875**|||||8,293|
|||||**29,867**|||||32,479|
Page 12
## **The Glasgow Institute of Architects**
## **Notes to the Financial Statements - Restricted Funds**
## **For The Year Ended 30 September 2022**
||||**2022**|||||2021|||
|---|---|---|---|---|---|---|---|---|---|---|
||**£**|||**£**||**£**|||**£**||
|**APPENDIX IV**|||||||||||
|**ALEXANDER THOMSON TRAVELLING STUDENTSHIP**|||||||||||
|**Revenue Account**|||||||||||
|**Income**|||||||||||
|Aberdeen Ethical World Equity I Acc||**0**|||||2||||
|Henderson Far East Income Ltd||**53**|||||53||||
|Fidelity||**0**|||||0||||
|Treasury 0.125% Index Linked 2029||**1**|||**54**||1|||56|
|**Expenditure**|||||||||||
|Investment charges|||||**65**|||||13|
|**Gains and losses on investment assets**|||||||||||
|Unrealised (losses)/gains|||||**(134)**|||||235|
|Realised (losses)/gains|||||**(156)**|||||0|
|Surplus/(deficit) for year|||||**(301)**|||||278|
|Surplus brought forward|||||**3,770**|||||3,492|
|**SURPLUS CARRIED FORWARD**|||||**3,469**|||||3,770|
|**REPRESENTED BY:**|||||||||||
|**Investments**|||||||||||
|Aberdeen Ethical World Equity I Acc - 349 Units (Cost £722)|||||**0**|||||1,435|
|Henderson Far East Income Ltd - 228 Units (Cost £689)|||||**601**|||||675|
|Treasury 0.125% Index Linked 2029 - 331 Units (Cost £454)|||||**475**|||||536|
|Royal London Asset Mgmt SDGI - 1,200 Units (Cost £1,264)|||||**1,264**|||||0|
|**Money Market Account**|||||**1,129**|||||1,124|
||||||**3,469**|||||3,770|
Page 13
## **The Glasgow Institute of Architects**
## **Notes to the Financial Statements - Restricted Funds**
## **For The Year Ended 30 September 2022**
||||**2022**||||2021||
|---|---|---|---|---|---|---|---|---|
||**£**|||**£**|**£**|||**£**|
|**APPENDIX V**|||||||||
|**STUDENT AWARDS FUND**|||||||||
|**Revenue Account**|||||||||
|**Income**|||||||||
|Aberdeen Ethical World Equity I Acc||**0**||||1|||
|Henderson Far East Income Ltd||**35**||||34|||
|S&W Short Dated Corporate Bond Z||**0**||||0|||
|Kames High Yield Bond B||**0**||||0|||
|Impax Funds (Ire) Plc||**6**||||3|||
|Treasury 0.125% Index Linked 2029||**1**||**42**||1||39|
|**Expenditure**|||||||||
|Investment charges||||**92**||||24|
|**Gains and losses on investment assets**|||||||||
|Unrealised (losses)/gains||||**(533)**||||1,013|
|Realised (losses)/gains||||**(102)**||||0|
|Surplus/(deficit) for year||||**(685)**||||1,028|
|Surplus brought forward||||**6,677**||||5,649|
|**SURPLUS CARRIED FORWARD**||||**5,992**||||6,677|
|**REPRESENTED BY:**|||||||||
|**Investments**|||||||||
|Aberdeen Ethical World Equity I Acc - 229 Units (Cost £473)||||**0**||||940|
|Henderson Far East Income Ltd - 149 Units (Cost £451)||||**394**||||442|
|Treasury 0.125% Index Linked 2029 - 215 Units (Cost £295)||||**309**||||348|
|Impax Funds (Ire) Plc - 1,700 Units (Cost £2,032)||||**2,610**||||3,055|
|**Money Market Account**||||**2,679**||||1,892|
|||||**5,992**||||6,677|
Page 14