NAFC Marine Centre University of the Highlands and Islands Shetland Fisheries Training Centre Trust Trustees, Report & Statement of Accounts l April 2020 to 31 July 2021
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 Table of Contents Introduction... Objectnies of the Trust............................................................................ Main Achlevements During 2O22l....... Assessment of theTrust's Piogress. Finandal Revlew. Future Plans......................................................... Reference & Administrative Detail5.............- Structure, Governance and Management..................................... Independent Auditof's Reportto theTrustees.........................-- .10 Statement of Financial Actwrties...... .14 Balance Sheet..................... .Is Statement of C45h Flows....................................................... .16 Notes to the Financial St3tementS.............. .17 NAFC Marine Centre is the operatin6 name of the Shetland Flshevles Trainin8 Centre Trust Scottlsh Charltv Mumber SC003715 NAFC Marine Centre is an academir partner of the University of the Hl8hland5 and Island5 The Trust is a Management A8ent for the Shetland Islands Coun¢ll
SHETLAND FISHERIESTRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 Introductlon The NAFC Marine Centre INAFCI 15 the operin8 n3me of the Shetland Fisherie5 Tr3inin8CentreTrust ISFfcT]. The NAFC Marine Centre w35estsblished to provide trainingfor Shetland'sfi5hing and aquaculture industrie53nd Dned in 1992 lès the North Atlantic FishèriÈs CollÈ8el. The CÈntrÈ's nèmÈ was chan8ed to rhe NAFC Marlne Centre In 2005 to reflect the increasing range and scope of the trainin& research and other artwities bein8 undertaken. Thecentre Isan ècademicpartner In the Universityefthe Highlands & Islandsand isnowformallyknowrasthe WIFC Marine Centre UHI. The Centre occupies a campus at Port Arthur in Scalloway. The campu5 comprises several buildings which provide offite, clèssroom, workshop and laboratory space, as wdl ès a public library, a marine hatchery, self-catering student occommodation, and a550flated facilitie5. The Centre a150 oper3te5 several trainin& survey and research vessels. Further information about the Centre is availèble on rtswebsite". w4Y%w.nafc.uhl.ac.uk
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 Oblertlves of the Trust The signifitant chèrit3ble 3ctivitie5 and achievement5 of the Shetland Fisheries Training Centre Trust during 202t>21 are summarised below againsi theTrust's charitable objectives.. Tosecure the est¥bllshmeTrt, maintenance and mana8ementof a Shetland Flsherles fralnlng CetreTrust to provide forni41 and informal educètlon indtralnlng Inall aspertsolthe Shetlandflshln8 Industry Includlng Ilsh catchln& fl$h proces& fish familng, marlne en¥ineerin& navi8atlon. seamanship. research and all related anclllaryartlvitles. The Trust tontinued to operate effectively during the period covered by thi5 report, and to maintain and opèrate thÈ NAFC Marine Centre campus to deliver the TrusV5 objectives. The Trust had an active group of cornmitted and professional twstees who met regularly and made a 8enuine tontribution to the management of theTrvst and Its activities. The NAFC Marine Centre, undèr the Trust'5 direction, has delivered a large number of trainin6 courses relevant to Shetland's maritime industries (see below under Objèctive 21. The Centre has cèrriÈd out a range of research project5, scientific work. ènd other artivities relevant to Shptland's fishing and èouaculture industries Isee below under Objective 31- To eduratethe publlcRenÈrally and those invdved with the fflarlne enronme abo seamanshlpahd navl8ation, the skills required both by ihe Shland hshinÈ industryi Particularly In relation to sustalnable flshln& and by ihose Involved vAth the sea adjacent to the Shetlèno Islands and elsewhe¥e. The NAFC Marine Centre. under the Trust's direction, h3s continued to deliver a wide range of t¢aininÈ courses in subject5 relevant to Shetland's maritime industries, int5uding in fish catchin8, aquaculture. marine and shore-based en8ineerin8, navi8ation and seam8nshipi to a lèrÉe number of students. Coursesrangedfrom one-day safetyand other professional development courses to modern apprenticeships, flshing ticket courses, and the Centre's three-year mwchant navyofficer Cadet pro8rarnMe. The majority of these students were5hetlènd residents undertakingtraining for profe55ional development purposes. To proMe sclentlflc research Into the marlne envlronmenL mavlne renewables and a Sustslnablt fishlng Industry and to 115e the rewlis thereol to PrOde training and to promote best practice. The NAFC Marlne Centre, underthe Trust'5 dirertion. has continued to carry out a range of scient*fit aCtItieS r4evont to Sheil3nd's rnarine envlronment and rnttritime industries, including In the fields of aquaculture. fishin8 and mèrine To promote. protert, Cl)mseThe, rehabjlltate and Improve ihe marlne enWronmetrt, Imtludln81ts anlmals and plant Ille. In Ihe seas adjacent to the Shetland151arbdsand elsewhere. Many of the stientthc research projecrs and activities carried out by the NAFC Marine Centre are relevant to the protertion of Shetland's mèrlne environment (see above under Objective 31- To promote8rtd pre5erv?the hpritaBe olboth theShetlandhshlnÉ Indu#ry amdthose1nvo1vedth the sea adlace tothe Shetland 151ands and elsewhere. Thè shetland Island5 marine spatial plan provides for the protettion of sheand's rnarine heritage through speclfic pollcie53nd data provision.
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 To hdthe Trnst Fund attheTru#ees soledlscretlon to make irants. In$ or paymentsout the Income orcapltal of the Trustlynd for these objects or any of them or for such other purpose of purpose5 chJrltable in law SDlely for the benefft of the Shetland Iand5 or of the InhabltJrrts of those Iand$ as ihe Trustees shall dwermlne.. Dedarlns th•t such grants or loans may be made on such terms and subject to such condltlons as the Trustees may thlnk flt and In the case of loans vthh or wIthO securlty and such term5 as to Interest, 11 any. and repayrnent as the Trustees their 501e dlscTetlon thlnk proper: Declarln8 fvrther that no art of the Twstees shall be Oeemed to be ultra ¥lres by reason only that persot)s whoare not lTrhabltants of the Shetl•nd 151ands mayar wlll benefit Indlrectly by suth art. The Trust tontlnues towork towards thls objective. however. no specffjic artlvty has been condvcted In 20221. To undertake suth other PLwptrse or purposes chrltèble law sdely for the beThe1 ol the Shetland Island5 or the Inhabltants of th05t Islands a$the Trustees may from tlme t0rne detemilne. The Trust contlllUP5to work towHrd5 thi5 objective,. however, nu 5pecthc activity has bttn condurted in 20221. Maln Achlevements Durlng 2020-21 Morethan I,1 students enrolled on courses covering both Higher and Furthef Education. Assessment of the Trusvs Progress The Shetland FisheriesTrainin8 Centre Trust ttrntinued to fulfil its princlpal objettives durin8 202fy21, by.. Operètin6 effertively under the direction of its actlve and ccmmitted trustees who have met regularly Maintaining and operating the NAFC Marine Centre campus to provide the facilities and resources necessary to delwer its objectives as re8èrds trèininaand re5parth (Objective 11. Deliverin8 a large number of training courses relevant to Shetland's maritime industries to a large number of Students IObjectNe5 1 & 21. Carrying out a range of research prolects relevant to sheand'S marine environment and marStime industries (Objective5 1, 3. 4 & $1- thou8h there hasbeen no èctivity a8aln5t 6 and 7. these areregafded as lower prioritiesorare not OpIcabletO theTrusVs current mode of busine55.
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEE5' REPORT I APRIL 2020 to 31 JULY 2021 Flnanclal Revlew For the period 2020121 the Trust reported net expenditure, excluding restricted grant funds, of £208.60112020.. deficit of £548.0141 prior to the actuarial movement on the defined benefit pension scheme. This 1055 Is primarily due to trading conditions duringCOVIO-19 period which limited onsite practical learning. Theeffect was mitlgated through securing COVID funding from Pivotal Enteryise Resilience fund and the Colonawrus Job RÈtention Stheme, plus moving to online deliverv and developing new online COUfSes. Part fundin8 for some cost5 a5SOClated with the pro8ressing rneraer was secured. includingadditional 5taffingand legal costs. however theTrustwas left to covèr rne toststhat should h3veotherwise been met by other partner The actU3rial valuation of 31 July 2Q21 results in an actuarial1oss of £3.457,(oI2Q2o.' 83in of £616,[Kl. This is primarilv due to investment return5 being significantly lower than expected and changes in assJmprions increasin8 liabilities. Assurnptions used for inflabon, salary increases and discount rates. asa result of the triennial actuari3lvalu3tion, are generic to the sd)eme and are a snèpshot as at 31 July 2021,. they do not nece55arily reflect the actual results that would relate to the Trust. As at 31 July 2021. the charity had net a55et5 of f949.76512020.' £1.191.9851 excluding the pension li3bility of £6,763,IKKJ, which the Trustees consider to be è lon8-term liability, ijnlikelyto Cry5tallise in the twefve monthsfrom the date of approval c>f the financi31 statement5. The re5uIt5, inclyding the pension scheme deficit. result In an overall net defitit of £S,813,23S 12020.. deficit of £2.114.0151. As a pension scheme employer, the Trust executed a Deed of Agreement and Guarantee for transmi55ic>n of the Transferor's Liabiliries ISFTCTI to Transferee (Shetland UHII on successful completion of merger. The shetland Islands Council a8rèed to provide a guarantee in connection with the Transfer Risk Review The Trust has condurted a reieW of the major risks to which the SFTCt is exposed. and systems have been established to Afvll corporate risk re8lSter is maintained and reviewed bythe Director and approved by the Board of Trustees. Internal risksare minirnised by the irnplementation of protrdures forauthorlsatlon of all aCtltIeS, projerts and transattitsns to ensure consistent qual and these procedures are revie%Yed re8ulèrly. Reseryes Poli The main airn ofthe re5eNespolicy Istoensure thattheTrust holdsadequatefundsto manage shorttermvolatilityin income or liquidity and to maintain its longer sustainability. The policy aims forthe Tru51 to hold enough funds to meet four months avÈra8È ope¢atin8 costs, In order to provide adequate working capital levels for the continued operation of the Trust and comet10n of existing projects. The net bookvalue of capital assetsat31July 2021was £383,756and approximJtely 38% of this is matd)ed by the restncted capital reserve 01 £145.488. With the remainder matched from unrestricted reserves of £238.270. Relevant expenditUTe for 2020121 was £3,842,647, the majority of depreciation If 182,7171 does not need to be considered as this Is covered by amortlsation of capital grants which were received tD fund thp purthase of 35sets. Therefore, the target 15 £914,983 in general unrestritted funds.
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 The level of vnrestrirted and undesl8Dated reserves available to the charity Bt 31rt July 2021, excludin8 the pension li3bility, is £804,277. Therefore, the wlicy ha5 not been mÈt at Ènd of period however this wa5 a consequence of guidingthe Trust thrDvgh to successful merger. Asa re5vlt of A55etTransferAgreement èny remainin8 funds would be transferred toSheU3nd UHI on winding up of Trust. Future Plans In December 2018Tru5tees aeed in principle to merge wilh shetland College & Train Shetland 5ubjpct to condltionswhich included the p5 ce5Sètion costs of NAFC being met. SIC have agreed to thi5 and è ministerlal business case for rnerger was subsequentlydeveloped and 3pprovpd by both mer8itygpèrties before being submitted to the Scottish Fundin8 Coun£i1. An Asset Transfer Agreement was completed and signed by Trustees on July 2021 and a11 assets and operation5 were transferred to Shetland UHI following è8reement from OSCR. Frc*n ill Au8U5t 2021 the artivities, assets and staff operated a5 part of Shetland UHI. The Trust ceased tradin8and wlll be de-restered from OSCR as a charity.
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020to 31 JULY 2021 Reference & Administrative Details Namo of Charlty.. Shetland FisheriesTr31ningCentre Trust Charity Numbor.. SC(Q3715 Reglst@rÈd Addrès5: NAFC Marine Centre. Port Arthur. Scalloway, Shetland, ZEI OUN CurrentTrurtee& Independent Shetland Fishern)en's AssociaOn SeafoodShetL4nd Independent lTrdependent Independent (Chairperson) Indèpendent Independent Trustees Standlfil Down l)uvlng the Vea¥- Indèpeftdent IResi8ned 2Ph Oecernber 20211 Independent IAesigned 15th September 20201 tHrÈrtor'. (Termination ef employment 3LF' july 20211 The A9 Partnership Ltd, 47 Commèrcial Street, Lerwck, Shetland. 2EI ONJ Bank: Clydpsdale 8ank PLC, I(AS Comrnerci31 Street. Lerwick. Shetland, ZEI OJJ SDlldtors'. Harper MacLeod LLP In<orporating Dowle. Smith & Rutherford, St. Olafs Hall, Lerwick. Shetland, ZEI OFO
SHETLAND FISHERIESTRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020to 31 JULY 2021 Structure, Governance and Management The NAFC Madne Centre Is the operètin8 nème of the Shetland Flsherles Tralnln8 Centre Trust ISFTcfi. The Trust was rewstered a5 a Choritable Trust in the t)ok5 of the Lords of Councll and Se55ion on 30June 1988, Scottish Charty Nurnber SC(3715. Management The Trust 15 managed by 8 8oard of Trustees who ensure thatthe Centre adheres to the charitable objects both strategically and operation311y.The pxecutive m3na8ement ofthecentre is in the handsof a Directorwho reportsto the Boardof Tru5tep5 and who work5 Wlth a Senior ManagementTe3m within the Centre. The 8oèrd of Trustees is made up of nine Tru5tees'. two representing the lotal fisheries industries uS seven independent rnember5. Mf Davidsandison re518ned asChairofTruston 15 Septernber2020,andwas succeeded by Mslrene Hambleton, initially a5Vice Chair and then formally at AGM on 2. December 2020. Trustees can bÈ appointed at any formal Board mÈeting. On 3ppointmÈnt, thÈy reteive indurtion trainingto provldÈ rhÈm with information nece55aryfor the respon&bility of holdingoffice as atrustee. as availablefrom the office of Scottish Charity Regulator IOSCRI. The Centre was mèna8ed by Mr Willie Shannon until termination of employment on 3Juty 2021. Key Management Personnel Remuneratlon The Trustees consider the 8oard of Trustees and the Senior Management Team as comprising the key management personnel of theTrust. in tharge of directin8 and controlling the Trust and runnin8 and operaknng the Trust on 3 d3y-t(Fday basis. All Trustees gve their time freelyand no Trustee remuneration. was paid during the year. Trustees are reouired to disclose all relevant Interestsand rew5terthem with the Cyrectorand in accordancewith theTru5t's policy. withdrawtrorn decision5 where a conflict of interest ar15e5. The pay of the Senior Mana8ement Team sits In bands deemed approprlate at the time of appolntment and thls is revlewed regularly. Relatlonshlps wlth Related Partles and $18nlflcance of Volunteers rhe Trust Is a Management Agent for the Shetland Islands Council (SICI- The Trust has an èEreement wrth the SIC on èccess to Further EducatlDn fundin8 from the Scottish Funding Council. The Trust 15 an academic partner in the University of the Highlènds and Islat)ds. through which it accesses Scottish Funding Council funding for Higher Edutation artiwtiès. Owing to the nature of the acèdpmic ènd research activities undertaken by the Trust. it does not lend itself to volunteer OPKX)rtunities.
SHETLAND FISHERIES TRAINING CENTRE TRUST TRUSTEES, REPORT I APRIL 2020 to 31 JULY 2021 Tru5tees' Responsibilities Staternent The trustees are responsible for preparln8 the Trustpe's Annual Réport and the financial statements in atCQTdance with ppIKable law and United KinÉdom Accountin85tandards (United Kin8dom Generally Accepted Actounbn6 Practicel. The law applicable to charitEs in Scotl8nd requires thetrustees tu prepèrefinèncial statements for each finanoal year which a truÈ and fair view of the state of attair5 Df theiharity an(Jof the incgrninB re50vrce5 and application of rex>urce of the chartyfof that period. In preparing thesefinancial statements. the trustees are reouired to: Select 5Yltable accounting policies and then arply them censisteTrtly'. Observe the method5 and principle5 in the Charifies SORP 2019 IFRS 1021.. Make ju(J8ements and estimate5 that are reasonable and prudent., State whether app41¢ae accuuntill8 Standards have been followed subject to any mateTi31 departure5 d15c105ed and explained in the finarKlal statements. Prepare the finarrial Statemt5 on the going concern ba515 unle55 It 15 Inapproprlate to presume that the charrty wlll contlnue in operation. The trustees are re5ponslble for keeping proper at¢ountin8 recoros that disck)se with reasonable accuracy at onytime the financial position of the charity and enable them to ensure that the finèncièl statements comply with the Ch3ritiEs and Trustee Investment (Scotlandl Art 2LK15, theCharitiÈsAccounts (Scotlandl Re8u13tions 2C(J6135 amended) and the provision5 of the charitvs constitution. They ale also responsiblè fer safe8uardin8 the assets trf the charity and hence for takin8 reèsonable steps for the preventiun and detection ol fraud and other irregularities. Scalloway Date.. 2L)E
10 SHETLAND FISHERIESTRAINING CENTRE TRUST INDEPENDENT AUDITOR'S REPORTTO THETRUSTEES I APRIL 2020 to 31 JULY 2021 Oplnlon We have audited the financièl statements of The Shetland FishEriesTrainin8Centre Trust for the perSod ended 31July 2021 whlch comprise the Statement of Fin3nci31 Activities. the 83lance sheet, the Cish Flow Statement and the re13ted note5, inclu(Jin8 a summèry of significant accounting policies. The financièl reportin8 framework that has been applied in their preparation is 3pplicable13w and United Kin8dom Accounting Standard5, includin8 FinarFtial Repartin8 Standard 102 The FinLTncioI Reptrrtin9 sfimdord opplittsble in the UKtsnd Republit ol Irelond (United Kingdom Generally Accepted Accounting In our opinion the finèntial statements.. give a true and f•ir view of the state of the chariVs affairs as at 31 July 2021, and of its incomin8 resources and èppllcation of re50urce5, for the year then ended, hove been PToperly prepared in accordonce with United Kin8dorn GenerallyActepted AttountingFtrèctice,' and have been prepared in accordance with the requirements of the Charitles and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts Iscotlandl ResulatlOn5 20C6. Basis for opinion We condurted Ouf audit in atcordance with Intprnational Standards on Auditln8 IUKI 115As IUKII and applitAble law. Our responsibilities under those standards are further described in the Auditor's respon%bilities for the avdit of the financkil statèments section of our rèport. We ère independent of the charity in accordance with the ethic31 re4uirÈmÈnts that are rdev3nt to our audit of the financial ststements in the UK. Including the FRC'S Ethical Standard, and we have futh'lled cur othèr ethical responsibllities in èccord3nce with thÈsÈ requirÈmÈnts. We believe that thÈ audlt edence we have obtalned 15 sufficient and appropriate to provide a basis for ovr opinion. Emphasls of Matter- flnanclal statements prepared on a non-8oln8 concern basls We draw attention to note la in thefinano31 statements, which explains that the charity integration prrKes5for Shetl3nd's Tertiary Sector has taken place on 3h July 2021, with èll activitie5, assets and liabilitie5 bein¥ transferred to Shetland UHI on ltt AuBU5t 2021. The trustees, therefore, do not Consler it to be appropri3te to adopt the 8oinB concern b35is of 8CCOUnting in preparing the financial 5tatement5. Accordingly, the financial statements have been prepared on a non-going concern bas15 as described In Note la. Our ownion is not modlfled in respect of this matter. Other information ThÈothÈr information comprises the inforrnation intluded in thetru5teès' annual report, otherthèn thefinantièl statements and our auditorfs report thereon. The trustees are responslble for the other Information contained wlthln the 3nnu31 report. Ouropinion on the financial statements does notcover the other inforrnation and, except to the extent otheThvi5e ex1C1t1Y stated in Our report, we do not expres5 any form of assurance conclusion thereon.
11 SHETLAND FISHERIES TRAINING CENTRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES I APRIL 2020 to 31 JULY 2021 Other information (continued) Our respansibility is tD read the other informotion and, in doing 50, consider whether the other information Is materially Inconsistent with the financlal statements. or our knowledge obtainèd in thÈ audit or otherwise appear5 to be materially llllS5tated. If we identrfy such material incon515tencies or apparent material mi55tarements. we are required to determine whether there 15 3 m3terial misstatement in the financial sratements or a material misstatement of the other information. If. based on the work wè have performèd, we tonclude that there is 3 fflaterial MItateMent of this Other information. we are required to report that fact. We have nothingto report in this regard. Matters on whSch we are requlred to report by ex¢eptlon We h3ve nothing to report In respect of the following matters In relatlon to which the Charities Ateounts IScotlaTrdl Regulations 2006 requSre us to report to you if, in our opinion.. the Information Ewen In the financlèl statements is inconsistent Ih any rnaterial respect with the trustee5' report.. er proper accountin8record5 have not been kept. or the finanoal statements are not in agreement with the accounting records., or we have not received a51 the information and explanations we rèquire for our audit. Responsibilities of trustees As explained more fully in the trustee5' responyb-lities statement set out on page 9 the trustees are responsiNe for the preparation of financial statements which 8iVÈ a truÈ and fair view, and for such intprn31 control a5 the trustees determiThe is necessary to enable the preparatn of financial statements that are free from materlal misstatement. whether due to fraud or error. In preparin8 the finèncial 5t3tements, the trustees are fespon5ible for asses%ng the charSVs abillty to continue as a 8oln8 concern. d15closin& as 3ppllc3ble. matters related to 8Din8 toncern and using the going concern ba515 of accounting unles5 the trustee5 either intend to liquidate the charity orto cease operatic*ns, or have no reallstic akernative but to do so.
12 SHÉTLAND FISHERIES TRAINING CENTRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES I APRIL 2020 to 31JULY 2021 Audbtorfs respon51bllltles for the audlt of the flnanclal statement5 We habr been app•nted as 3uditor under secbon 44llllcl of the Charitips and TrustEe Investment Iscotlandl Act 2005 and report accordan wSth re8ulatlons made under that Act. Our objertNes are to obtèin reasonèble assurance èbout whetherthefinancial ststementSa5 3 whole arefree frorn rnaterial mi55t3tement, whether due tD frèud ur error, to issue aD auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but Is not a 8uaranteethat3n audit condurted in accordance with1SAs IUKI will always detect a m3teri31 mi55tatempnt when it exist5. MisstètèmerTrts can arise from fraud or error and are considered material If, individually or in the a8gregète, they could reasonèbly be expetted to Influence the economic decisions of user5 taken on the basls of these financial statements. Irregulèrities. indudingfraud. are Instances of non-compliance wr(h law5 and regulations. We design procedure5 in linewith our responsibilities, outlined above, to detect material misstatements in respertof irregulèrStles, Includlngfraud. The extent to with our procedures are capable of detectinE Irregularit$. including fraud, i5detsiled below.. Based on understandin8 of thecharity3nd ItsoperatSngartwities.we identified rhat the principal risksof non-cornpliance with law5 and regulations related to UK tax lew51ation, pensions legislation, employrnent regulation and health and safety regulation and we considered the extent to which non-ctrmpliance mi8ht havea material effecton thefinandal staternents. We also tonsideredthose lèws and regulationsthathavÈ a direct impatt on the preparatlon of thefSnancièl statements such as SORP FRS 102. We waluated managements, Incentlves and opportunllesforfraudulent manlpulatlon of thefinanclal statements lincludtng the risk of override of controls) and determined rhat ihe principal risk5 were re13ted to P05ting m3nu31 journal entrie5 to manipulète financièl perfomiante, management bias through judgements and èssumptlons In sl8nthcènt accounting estymates. Our èudii procedure5 were desienedto respond tothose Identifvèd nsks, includinE non-compliance with lawsand regu13tions lirregularitiesl and fraud thèt are material to the financial statements. Out audit procedures Included, but were not limited L*scus510ns wlth management on their pollcies and procedure5 regarding compliance with law5 and regu13tlOn5.' Comrnunicèting identified laws and re8ulation5 throu8hout out engagement teèrn and remaining alert to anv Indications of non-compliance throughout our audit-, Consi(Serln8the risk of acts bythe ch3rity which were contrary to appllcable laws and regulations. Sncluding fraud.. ond Reviewing legal fees incurred in the year for indication5 of non-comrAiance or litigation. Our audit procedures in relation tofraud included, but were not limited to.. Makin8 enquirles of manAgèmont on whether they had knowledge of any 3rtual. svspetted or alleged fraud., Gaining an understanding of the internal contro15 e5taNi5hed to mitl8ate risk5 related tu fraud,. and Addressing the risk5 of fraud through rnanagement oveiride of contro15 by perforrningjournal entrytestlng. 8ecause of the inherent1Smltations of an audit, there is a rlsk thatwewill notdetett all irre8ularlties, includln8th05e leading to a m3teri41 mi55taternent in the financial 5taternents or non-compliènre with regulation. This risk increases the more that compliance hth a law or re8ulation is removed from the events ènd transactions reflected In the financlal statements. 35 we will be les5 likely to become aware of inst4nce5 01 non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud inVoe5 intentional Concealment, forgery, collusion, orni5sion or misrepresentstitrn.
13 SHETLAND FISHERIES TRAINING CENTRE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES I APRIL 2020 to 31JULY 2021 Auditorfs resPQ115ibilities for the audit of the financial statement5 A further descrlptlon of our responsibilities is èvailable on the FRrys website at.. htt nce ww%v.frc.or audit- This description fofms part of oui auditor's report. Use of our report This report 15 made solely to the charity'5 trustees, 35 3 body, in 3ccordance with Re8ulation 10 of the Charities Account5 (Scotlandl Re8ulatlons 2tK16. Our audit %York has b@en undèrtaken so that WÈ might state to the tharitys trustees those matters we are required to state to them in an auditorfs report and fer no other purpose. To thefiJllest extent permitted b¥ law. we do not accept or assume responsibility to anyone other thèn the chèrity and the chariws trustee5as a body. for our audit work, for this report. orfor the opinions we have formed. a<J I I 47 Commercial Road THE A9 PARTNERSHIP LIMThED LeiCk Statutory Auditor etland TheA9 Partnershlp Limited is eligible to act as an ZEI DNJ auditor in terms of sertion 1212 of the Comp3niesAct 2W6.
14 SHEfLAND FISHERIES TRAINING CENTRE TRUST STATEMENT OF FINANCIAL ACTivmES PERIOD ENDED 31 JULY 2021 2Q2l 2020 Totsi Funds Unr•ilrlct•d Funds A•strktsd R•Strfct•d Fund Gr•rrt Fundi Fund Note IN(¢)MEANLTrENOOWMENTS FROM.. Investments tharitsble actiltles 419 3.482.8S7 429 3,599.998 2.487 2,389.996 117,141 TOTAL INCOMEAND END)WMENTS 3.483.286 3.6W.427 2.397.483 LW41fft1f¢E (4.. 3.842.647 3.842.647 3.145,176 3,842,647 3,842,647 3.145.276 rKrAwiEXPENDnUREI 117,141 242.12U 11 2,793 1 funds 14 150.760 150.760 1 IWWCWIEXPENOMJREI 208.601 1 751793 1 onaAECOfjIIISEDfjAINSAND Mo11110SsesIlln defined IpyfrtPEnyw5¢heme 3057,OW I 3AS7AX) I 626.0(W) IENTIN FUNDS 3,665,501 1 3.699.220 11 126.793 1 UAnoN OF FUNDS IOTA FVIID58ROUGHTFIMWAA AI 1020 179.107 1 1,987,212 1 TOTAL FVMD5C4ftRIEtsFOAWAAts A131 JiKY20ZI 145.488 1 5.813.23S I I TheSt4temeni otFlnan(ialAttlwJeslncludes all1n5 Ig55e5in theyeir.
SHETLAND FISHERIES TRAINING CENTRE TRUST BALANCE SHE PERIOD ENDED 31 JULY 2021 020 Not• FlyAsSEr5 Tèn8lblt a$ts 383,6 356,9 IURRENT ASSETS 437,503 446,096 883.SQ9 312.05fj 821,346 L133.432 Tutsi curTenta55ets UAblLmES.. crÈd1tS. thotsntsfallinidutwlthin oneyoii 317.590 1 29&383 1 riEfcuRRENT Asstrs 5fj6,WY 835,049 NET ASSEfsExcwtyiifj PENYON LL4BlLy 949.765 L19J.985 Defined benefitper6lonsrheme 1 6.763,(W I TOTALNErSElSIlLBILrnE$l 1114.015 1 THE*UNDS OFTHÉCHAft RESTRicfED FUNDS Income 145,488 I.10? 145.485 179.107 UP4RESTRicfEDINCOME FUNDS Unrestricted iocornefuDd5 exdudlng 804,277 1 6.?63.(¥JO I 1.012.87e 3.30&riJo I Ppn5ion rt5eFve Total unrestrlcted lunds 2,2Y3,121 1 TOTALCHAAITYFUNOS 1 5,813,23S I 2.114,015 1 The ICÉountsweleapprtsYed
16 SHLAND FISHERIES TRAINING CENTRE TRUST STATEMENT OF CASH FLOWS PERIOD ENDED 31 JULY 2021 Not* 2021 2020 166.142 1 110,611 429 2C6.538 1 2(p3.If I 2.487 193A60 19).973 lTrth•rYwtlnA p•rfod 37S.251 1 ,362 1 i.Y6 1.708 I1Ju 2D21 446.096 821,346 Thertotes¢rt paÉ¢$ 17ts)19f¢hh part•1thOunll.
17 SHETLAND FISHERIES TRAINING CENTRETRUST NOTESTOTHE FINANCIAL STATEMENTS I APRIL 2020 to 31 JULY 2021 l. Prlnclpal Ac¢ountin8 Policies Basls of Preparatlon and Assessment of Goln8 Concern The accounts are prepared under the historical cost convention with items reco8nised at C05t of transaction value unless otherwise stated in the rdÈvant notes to these atiount5, and include the results of the charity's operations which are described in the Trustees. Report. The financial statements have been prepared in attordance with the St6tement of Recommended Practice-. Accountin8 and Reportin8 by Charities preparing their accounts in accordancewith the Financial Reporting St8ndard applicable In the UK and Republic of Ireland IFRS 1021 Issued on 16 July 2014 and the Financi31 Reportin8 Standard appliCae in the United Kin8dom and Republic tsr Ireland IFRS 1021, the Charitie5 Ind Trustee Investment Ikotlandl Act 200S and the Charities Accounts15cotlandl Re8ulètions 2(X)6 las amendedl and include the results of the charity's operations which are described in the Tru5tees' Report and èll of which are continuing. The charity constitutes a public benefit entity as defined by FRS 102. The chèrity 15 a registered Scott15h charity and 15 Constituted by It5 trust deed. The address of the charity's registered office and a description of the tharity's operations and principal artivities are furtherdiscussed in the Trustee5' Report. The funrtional currency of Shetland Fisheries Trainin8 Centre T¥u5t 15 considered to be pounds sterling because that is the CUTTency of the primary economic environment in which the charity operates. The financial 5taternents h3ve been prepared for the perlod 1st Aprll 2020 to 31 July 2021. This Is a period of 16 months and has been iequirpd as a result of the mer8er of the Tertiary sector on ifl August 202135 noted below. Comparative figures, therefore, are not entlrelv Comrable. The Trust merged with Shetland ColleÉe and Train Shetland on IA August 2021 and no lon8er undertakes any actNrties. therefore the account5 have been prepared on a non-8oin8 concern basi5. There have been no adjustments made to the finèntial statements a5 3 re5uk t>f the application of the non-going concern basis of accountin& b. Crlt5¢al A¢countlnB Estlmate5 and Areas of Judgement The charlty mèkes e&tim3tes and assumptions concerning the future. The charity h45 not identified any estimates or assumptions that have a significant risk of causing a matErial 3dju5tment to the carryin8 amount5 of 3S5ets Bnd Funds With the adoption of the ststement of recommended practice, funds require to be classified between restricted funds which are subject to specific twms as to their use laid down by the donor and unrpstricted funds which can vsed at the di5CTetion of the Tru5tee5 in the lurtherance of the objective5 of the Trust. All funijs held as Restricted Fund5 are funds that have restrictions imposed by donors and can only be applied for the partScular purposes specifted by thè donor.
18 SHETLAND FISHERIES TrAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS I APRIL 2020 to 31 JULY 2021 c. Funds Icontinuedl Permanenr Restricted Grant fund5 are grant funding th3t ha5 been received in respect of specffic capltal expenditure. The èmount transferred between furFds relates to the amortisatlon of the capitalised grants. These ants are amortSsed over the useful economic life of the a55et5 the grants were recewed for. Amounts are also transferred in relation to the purchaseof fixed assets. d. Statement of Financial Activities This statement disc105e5 all income and capital resources at)d expendlture and contalns a reconciliation of all movements of theTrust's funds. Pensions: Defined Benefit Scheme Employeesafeeliblblefor membershipofthe LocalGO¥ernmentPen0n scheme, a multl-employer defined beneflt 5tstutOry scheme, administered by Shetl8nd Island5 Council in accordance with the Lottl Govemment PensSon Scheme IScotl3ndl R28ulations 1998 as amended. The contributions to the scheme are charged to the profit and loss account so a5 to spread the cost of pensions over the 5eYvice live5 of employees. Variation5 from the regular cost5 are spread over the avera8e expetted remalningwoik lives of current members In the scheme. Terminatlon Beneflts Terminètion benefits are payable when employment Is terminated bythe charity before the norrnal retirement date, or whenever èn employee èccepts volunt3ry redundancy. Such benefits are recoEnised when the charity Is demon5tTably committed to terminating the em 0yrnent without withdrawal or when 3n offer of voluntary redundancy Is accepted. g. Income As a general principle, irKome 15 reco8ni5ed in the Statement of Financial Activities when a transèction or other event results In an Increase in the charlty's assetsora redurtSon In Its liabllltie5. Income Is only recognlsed when all of the following criteri3 are met.. Entitlement.. control over the rights or other acce55 to the economic benefit hos pa55ed to the charity. Probable.. it is more likelyth3n not that the econornic benefits3550ciated with the transaction or aift will fluw to the charity; and Me35urement.' the monetary value or amount of the income can be measured reli3bty and the cost5 incurred for the trans8rtlon and the costs to complete the transèction can be measured reliably. Gratrts are recognlsed when the entltlement to the grènt is cot)firmed. Grants are deferred If the expenditure the grant was iecewÈd for was not m3dE in the year the grant was received. l income is directfy attributed to the rdev3nt PTolert the income wa5 received for a5 Stated in the grHnt offer letter. Donations, le8èC4es and similar incomin8 resources are induded in the year in which they are receivable. which Is when the charity become5 entitled to the resource.
19 SHÉTLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS I APRIL 2020 to 31 JULY 2021 g. Incorne Icontinuedl No rent is chaf8ed to SFfcT for the cdlege properties. No value for a commercial rent h35 been Included 35 donation in the Finanoal Statements as a value Is not eèsilyestabllshed or quantifiable due to the sppc1a1st ll3ture of the college properties. h. Value Added Tèx Irrecoverable value added tax is written off when the expenditure to which it rdates is Incurred. Resources Expendèd All expenditure Is accounted for on an accruals basis and is recognised when there 15 a legal or ronstrurtwe obligation to pay for expenditure, it 15 prob3ble that settlement will be Tequired. and the amount of the obligation can be measured reliably. 1 costs have been directly attributed to one ef the furKtional tate8oriÈs of resources expended In thè Statement of Financial Activitie5. Support costs are those functions that asslst the work of the charity but do not directly undertake charitable artwrties. These costs Includè staff 531aries, overhead5 and governance c05t5. 1 costs are allocated between the expenditure cate8orie5 of the Statement of Financlal ActivlUes on a baslsthat reflerts the usp of the resourte. Tan8lble Flxed Assets TanÉible fixed assetsarè stated attost orvaluatian, net of depreciBtIDn and any prov1540n for impairment. fixed asspt5 are initially stated at cost. The value below which fixed assets ère not capitali$ed is £S,(MK>. Depreclation Is providÈd on all tsngible fixed asset5 at rates calculated to wrlte off the cost or valuatlon, less e5tirnated Tesidual value, of each asset over its expeited useful live5, as follows.. Leasehold property 20 or IOyear5 straight line 8oats En8ineerln8 Equlpment Fixtures and Equipment Metof Vehicles 3 or 5 years strai8ht line tibrary Equipment ftesidu31value represents the estimared amoJntwhich would currently beobtèinedfrorn disposal of an asset, after deductineestlmated costs of disposal, if the asset were already of an ageand in the condition expected at the end k. Forelgn Currencies Assets and IiabilitiÈs in foreign currencies are tranated into sterlin8 atthe rates of exchange ruling Jt the bal3nce sheet date. Transactions in foreign currencie5 are tianslated into SterlinÉ at the rate of exchange rulin8 at rhe date of the transactlon. Exchan8e differences ère taken Into account in arrivin8 atthe net Incomin&outgoin8 resources.
20 SHLAND FISHERIESTRAINING CENTRETRUST NOTES TO THE FINANCIAL STATEMENTS I APRIL 2020 to 31JULY 2021 Debtors Trade and other debtors, that are recdvablewithin one year, are mÈasured at their recoverable amounts and IrKIle amounts owed tothe charity forthe provision of goods and semces or ameunts paid In advance for Ord5 seNKes that the charitywill receive. m. Liabilities Liabilitiesayise from legal orconstruttNe oblS6ationsthat commit the charity to expenditure. A liability and rel¥ted expenditure is recognised when all of the following cnteria are rnet.. Obli8ation-. a wesent le8al or tonstructDie obligètion exists at the reporting date as a result of a past event-, Probable.- it Is more Ilkely thèn not that a transfef of ecenomK benefits, often c?sh, will be required In settlement., 3nd Measurement.. the amovnt of the obligation can be measured or estimated reliably. alitIeS that are cla551fied as payable within one year on initial reco8nition are measured at the undi5CQUllted amount of cash or other conslderation expected to be pald. Amounts are included in liabilitie5 when author15ed and committed. n. Cash at bank ènd In hand Cash èt bank and in hand Is held to meet the short-temi cash commStments as they fèll due rèther than for any investment purposes. o. Flnanclal Instruments Thecharityonlyh3sfin3ncial assetsand liabilitiesof a kindthatqualifyasbasicfinancial instruments. Ba5icfinancial In5trurnents ore initially measured at their transaction value and 5ubsequentlymeasured attheir Settlement vèlue.
21 SHETLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 INWTMENTIFICOME 31stJuly 2021 31st March 2020 LIN¢strict*O Fundi le5trfrted Fund5 REStrttttd Gr¥ntFund Funds Funds 429 429 2.487 In2020. all 1nve5trnentinirynewp5¥ttT1tab1etO[tricIed lund> INtOMEFROM CTrIARtTABiEAcnvmE5 3151July 2021 Total Funds 31st March 2020 Vmestrlcted Funds flestrfcted Fwds Restrftttd GrnntFunOs Funds FundiDICoufitil Éiants Tuition fee5 & educaana1 Loniracts Research 8Tants & contracls Consultancy Incame Management and 5eThicefees Otherinccrfne 1.520.36S 778,371 578.1 136.190 60.102 409.723 117,141 1.637.506 778.371 578.105 136.190 60.102 409.723 779.566 741.830 558.510 124.9SO 79.658 105.482 3.482,B57 117,141 3.599.998 2.389.996 In2020 £198 of incomefrarn tharitsble actiwtyeswas altributsbleto restrithed lunds.The balanceolE2.389.798wès 3ttiibutèt1O utlrtstliued funds.
22 SHETLAND FISHERIES TRAINING CENTRE TRUST NOTES TO ThE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 3tstJuty2021 Total 31srMarch 2020 Totsi Funds ilnr•strf¢t•d R£t•d Rdtrf<t•d Fwds Funds Grant Fnd¥ 1.975.669 6.877 4.13S 76.IEB I.9,664 6,877 4.135 76.168 4,177 44.171 27.081 ISI.98D 1563.397 1039 5,566 6&789 3.941 47.048 23,181 163.5C6 57,746 44.171 27.OBI 151.980 11.394 990.X 607,161 148 26.077 29,851 29BSI 3,Yll 8.409 210.703 .614 8.897 182.717 8,4CI3 210.703 90,614 8,897 182,717 8.286 192.359 115.977 12,279 227.947 & financial lees Tr•nl & thKle expenSÈS cos IS.685 15.685 12,739 3.842.647 3.842.647 3,145.276 1020. all of thtexpeDditult on chèrit•ble athwiies was attrlbutableto wrestricted lunds. rJOVERNANCECOSTS 31st luty 2021 rotal Fun 315t Marth 20ZD Totsi Fund5 Unrestrf¢ted Fthds Restrtcted Funds R•strf£t*d Audltcrfsremuneratlon 10,669 3.652 1.364 iQ,669 3.652 10.444 AccountsncvseNce5 VAT(SlnseceS 2.2 15.685 15,SB5 11739
SHETLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 STAFFCOSTSANDAEMLINERATIONOFItY MANAGEMENTPERSONNEL 3litJuly 2021 31srMaith 2020 Ther01 emduMlS P41dioernployeesdviin8the perlod Other StsfFcosts EMpler5 Nl Pens [tribu& lintluding aperin&c05ts01 dled benefitpen51lln schefflel 2.100.591 60.038 222.973 1.625.483 45.570 169.744 474.819 325.763 2.858.421 2.170.560 In addirion Jbove costs, relundancypayrnentstotallin8£107.s56hèvebe included In accruals. NoredundtyptynÈnts were made durinithe yearended 31 Marth 2020. 3tstJuly 2021 No. 31%tMaich 2020 Theavtia8ertumbef ol empltsyeesernpluyed durin&theyearw45 48 Thenurnberolhi&hEfpèid eTnplow5was T¥aEtUMents band £60.(th-£70.( TaAaNÈtmuMertts band £7D.(W-£8D,f T4xaWeemduments band £80,fm.£90.C Talaè Èmduments band £90,(-ÉI,O ThenUrnberofhi•herid ernp1ow5accrubeThe1kls defind benÈfitpÈn$A$chrnÉ5 Ernplo¥er5CODtrlbutl510the delned bene1ltpensb scheme lortheseothceis were£103,58012020." £29.0121. The tharity (wsiders its kev man3ieMeni personnel to cwsist of the vu5tees the senior Mana8emwt The total employNnt btothts Induding employerpen5ion cwtnbutits7S of the ktymaDè8ement personntl wert £440.58912020. £34S.5891. Jiini the yeai. the tharlty paid amounts ol £nil ta tiuSteÈs for The I*Mr$eMÈnt of travd Èxpenses (U[re& 12020.. Enil was rrnr5ed fo IWO tluSIpEsI. This IndudÈd amountspaid diTecttytothird par¥e5.
24 SHEfLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 TANfjIBLE FIXEDASSETS Leasehold FlxtLYes & Equlpmint V•Nrl Ubrnty Totsl cosr At tstAprA2020 Addityty75 4,25L269 3(N5,189 39.379 24,531 2,258,563 170.159 9,165 6,850.117 209,538 At 31stthty2021 4.2SI.269 34S.568 24.531 2.429.122 9.16S 7.OS9.655 At 1st Wl 3020 iothey&¥ 4.IIS.347 121.108 2.319 7.366 24.531 2.C63.819 S4.243 9.16S &493.181 IB2.717 31Stj¥2021 4.236.455 297.685 24.531 2,IOB,062 9,165 6.675,898 IIEfiwKVALU£ 131stluly2021 14.814 47.883 321.0 3B3.756 131stMorch 2020 135.922 15.870 205.144 356.936 JtstJ¥I0II 315t March 20ZO TradedebtNs Preptyh¢Atsandacuued 258.462 179,041 142.734 169,352 437,5D3 312,fjB6 UAWLMES 313tJuty2021 31st March 2020 Amourts duewthln oneytar 138.3 S37 148.046 41.642 60,559 88.447 23.330 38.983 43.422 Other tieditois Acwa15 Oelerredlncome VAT PAYE and SQ¢lals2cuilty 30598 31759 298,383 A£tkntleJhr GeDernt5n8 Volvrfary In¢orne Total Deferred IntllminxreSourCeSAt l April 2020 In(omin¥re5ource5 deleirpd in (UTreni¥eJr rnount5released Irom prevbusyear 23.330 23,330 23,330 1 Deferred1ncgrnln&Tesourie5at31 Ivly Z021
SHLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 10 TAXAnoN The Inland Revenve recwises theTrvStas a ScDtti5h th8Tfty. TheTIuM 15thereforenot liable ioCoipNatSon Tamon Itsarae1ctlv1fle$. 11 RELATEDPAITY DISCLOSURES IheTewere llD ielated paity tlan5actions reqiiiFinid15(lowreduiinithe perlod ended 3Lluly2021. 12 PENSIOW.. DEFINED BEMEFITSCXEM Sheilènd Fisheiies TiainiAI Centre Trust provide pengon arranaernents ¢0 di8ible employees ihrou8h the Sc aoministpred multi ernpler definEd bpnplitsstheme3ndtherelaied c05t5aieas5e55td in Jccordwcewifh the advice ofHymansRobernson. Independenl QualifiedActuaTies The latostfomi4 valuation ol the Fund wa5 ar31 Maith 2020 and ihisis updated on a tr1enni basis. Asummary of the mÈmbÈiship data used and the benefits valued ¥1 the latest lormal valvation are set Out in the formal valuation rEPDrt. Hym5 ADbert50n h?5 re¥yewed the most Tecent fvll actuarlal AttantrmÈnts have been put In plJce whrieby the employer'5 annual cwtrSbudons hlde dddt fundini 012.9% of peoable payroll costsspr?pd Over 20yearS. J¥umpan541 ttt 3tstJuty2021 X p•rannurn 315t Marth1029 %pw annum Infl3tiDnlpenSion Ite4$•re |&ryincre?5e5 scountrate Prop10 of employeesoplnil( EailyfÈUremEni Z.3% 1.3% The d15count rate used to place a value on thE blalItIeS 15 detprmined by Teference io rnJrei ylelds on hlgh wallty C(¢poraie bonds at the ieportini date. The approach 3doptÈd by Hyfflan5 Robert5W to 5ewng the dlxount late Involved constructkn8 a £orpoiatÈ bund iidd OJtve based w the con5tytuentsol ihe IBOXKAA coiporate bond inde¥. valItyS$umPOt JlstJuly2021 %p*i annum 31st Maich 2020 % per annum Lm8evity4138e6Sfoi (urrentpensloners Iden WGYnt 20.8 23.1 21.4 23.2 LwBevityatay6S foi future penslonws Me 22.3 25.3 22.7 wen J¢tsIEmployv5hJrel 315tJuly2021 F4lrvilu• of th• toul Wan ass•ts 3151 K4arth 2020 total plan assets Percentaie PtlCEnwB 82% 6.98? 71? 1.075 gonds Piopertv Cash 99S 1.120 124 iy& 2% 12,440 8.958
26 SHETLAND FISHERIES TRAINING CENTRE TAUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 12 KNSION." (VW•Eiivrrs(p4f((o1JndI 3151July 1021 3151 MJith ZQIO 12.440 12.264 1 3.306 1 6.76a I 3.306 1 3.3061 3.106 1 3tstJbly2021 31StMarch 2010 6501 414 327 13S 5.8341 485 1.433 ksets eX1n1•MTrts Indudedln ntintÈreSt 2,951 9271 626 I021 3151 March 2020 Refvm w assets ekdudln84mOunts Included Itt net Interest 2.951 28? 237 Rewm m plw 355ets 6901 Re¢on¢t15Jiion of denned beneftt obllWIoTr 31st M4fch 2020 12.264 13,269 CwreniseNce c051 763 402 136 S,755 137 650 Contributions bymembtrs Attuèrial ISe5/{gains) 107 enefits Paid J9.203 12.264
27 SHETLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENDED 31 JULY 2021 12 PENS1014". DEFIIIED8tNEFIT S(HEME Kctsnrinueél Re¢orrtlllatlon otslr¥alL of em0vra$sttS ltstjul02l 315t M¥rrh2020 Openlwfalrvalue of employeraM*ts 1958 9.337 287 217 107 327 ContiibutlonsbYrneMber5 Contlibutionibytheempl S51 189 1 2.9SI 254 1 Return on assetsexdudin8arnount51nduded in netinteiest Benefltspald 12.440 8.9S8 efjand Fi5heiie5 TraininiCentFe Truste5imatesthat EmployeFSCODtr]butlonsforthe yeai to31July 2021 wll be èPPi4ximately£309.IXY). Hyman5 ftobertson conflrm the fIreS piesented èbovÈ ale prepared only for thÈpuiP(JSèS tsf Finantull Repartiw5tsndard 102 and have no validity In tsthet £irCumstsnteS. In partitul¥. they 4re relevant for (JlwlaDons undertaken toi lundin{ purposes. for accountin8 undei the Inteination Accovniing stsndaTd IA519. lor bulktransfersor lor otbei statutoty pufptsstt undet LGPSfteiulètOfis. JlstJtyty1021 31st Marth 2020 ia cApAl COMMrrMENTS Amount5 iantsaited IDI buinr0¥bdQd in the finsndJl 5tateMents'. 38.321 14 STAIEMÉFnoF FUNDS r¢estrfrted Unrestrf¢ted G4nernl Funds Untesttitted DgsSgnat•d Funds unrestrf¢ttd Restdtttd P•nOn Funds Grant Fur Fund Total 645.151 367.727 1 3.306,(1 179.107 1 2.114.OlS I Inctyne 3.483.286 j,f.427 ÉxpÈnditurè 3W42.647 1 a2,64? 1 1 3,457,ODQ I 3A57XKO I Transfer ol lund5between fvnds 518A87 1 367.727 1 150.760 1 804.277 1 6.763.ODO I 145.488 1 5013.235 1
28 SHETLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENOED 31 JULY 2021 14 5TA1EMEWTOF FiIIIOS{t•rtlthAI ieawJSlaWetospend on 4n¥olthepuTP05esof the chaiity. rtlate5 to the Oet fvndiO$ required to meet the calcul3fed pens1 Iipbllty at 31 Juty 1021 Ih accoidance with the aEana1 Valua1]n atthatdate. iknr25tDrted Fth1 r)EneTal Fund fvndln(Iromvarlous sourcestorassryted prdect54ndre5e4rrh cllntiacts. fundin¥frllm variou5fundinÈ budies lor the purthase of fixett assets. The amounitrJn51erred beNe8n lunds rdètÈsto the amryD5won of the cèpitalised urants. TStr$ bee funds rdateto.. the ol taprta115Ed #ants..and -thetr•rferolwl0ror desIated reserve5. 15 AMIiVJ50F NEfASSEfsBETWEEN FUN Restrictod Fwd5 Fundi 31sriuty2011 Funds 238.268 883.599 317.59) I l E,763.rth I 14S.488 383.756 883.599 Cwrwtbabllties 6.763.Cb)O I 145,488 1 Total Fuhds 31st M?h1o20 Unrestrfctod Funds Hestrftted Fund 175.702 181.234 356.936 298.3&3 1 3.306,OCI) I rthed Benefit Pen9¢$therne bilIty 1 3.306.OW I I.107 1
SHrfLAND FISHERIES TRAINING CENTRE TRUST NOTES TO THE FINANCIAL STATEMENTS PERIOD ENO£D 31 JULY 2021 16 NQTE5T05fATEMENfoF CASHFIOWS 3tstJutylOII 31st March 2020 {al RiconElll¥thn of n•tinrorn•llexpendiiurelt•net <Jshthwfromoperatlni•¢tIt5eI Dividend5. Inwe5t4nd rentsfiom Investments 2.487 1 227,947 6SS.691 182.717 NetCa5b pioodedbyllused In) oper1# a(tiwleS 166.142 1 Ibl AYbJtysls of c•shand<asht4ulOnts Jtstluty2021 31tMaFth 2020 106 445,99) 118 8ZI.228 Cash atbJn 446.Q96 821.346 {£} An4tyS55dchie5 Innetdebt 118 821.228 821,347 Netdebiat tstApd12020 821.347 Cash flows 375.2SI N•td•bt it3tyJuty2O21 446.(r46
NAFC Marine Cerrtre Lknlverslty of the Hl8hL*KIs and Islands NAFC Marine Centre I Port Arthur Scalloway | Shetland | ZEI OUN | UK lel + 441011595 772 000 EIT)riil nainfo@uhl.ac.uk www.nafc.ac.uk