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← Ingliston Trust 1983

2021-12-31-accounts

Scottish charity number SC003836

INGLISTON TRUST

REPORT AND ACCOUNTS

FOR THE

YEAR ENDED 31 MARCH 2021

.

INDEX FOR THE YEAR ENDED 31 MARCH 2021

INGLISTON TRUST

Page number
1 - 3 Trustees' Report
4 Independent Examiner's report to the Trustees
5 Statement of Financial Activities
6 Balance Sheet
7 - 9 Notes to the Accounts

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

INGLISTON TRUST

The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Objectives and activities

The objects of the charity are inter alia to support the advancement of education, training and citizenship through work carried out by the Scottish Association of Young Farmers Clubs at the national centre of the Young Farmers and such work as may be carried out throughout Scotland and elsewhere. Support of the Scottish Association of Young Farmers Clubs (SAYFC) is largely through the payments of grants.

Achievements

During the year the charity continued to provided grants to the Scottish Association of Young Farmers Clubs. Due to the Covid pandemic the activities of SAYFC, many of wholm are also income generatiing were much reduced. In response the charity provided financail support to cover some of the overheads of the Association, training courses and assiting Clubs and the Association in recovering from Covid. Grants were also provided to assist with the provision of Regional offices and an Alumni platform for current and supporters of the Young Farmers movement.

Many of the activities that trustees have agreed to support take place in the following financial year and have been accounted for in this financial year.

Financial review

Income decreased by £12,156 due to lower dividend and interest income. Expenditure increased by £71,236 to £127,959 mainly due to higher grant support to SAYFC. The deficit for the year before the change in the value of investments was £73,214 (2020 - surplus £10,178). Gains on investments for the year were £292,637 (2020 - losses £218,678). The overall result for the year was a surplus of £219,423 (2020 - deficit £208,500).

Reserves policy - the trustees policy, over the longer term, is to maintain the value of investments in real terms to allow the income from the assets of the charity to fund the future objectives of the charity. Total funds increased by £219,423 on the year to £1,769,522, with closing unrestricted funds, excluding tangible fixed assets and investments of £17,563, a decrease on the year from £78,076.

Structure, Governance and Management

The charity was established in 1983 by deed of trust with amendments in 2008 and 2012.

Six trustees are appointed annually by the SAYFC and seven other trustees are co-opted. The chairman is appointed from the co-opted trustees. Most new trustees have considerable experience of charity governance and management. New trustees receive a copy of the trust deed, copy of previous years accounts, minutes and relevant documentation and briefings.

Trustees meet at least twice per year and have procedures for making decisions between meetings when necessary. The charity acknowledges the significant voluntary contribution made by trustees to the work of the charity

Page 1

INGLISTON TRUST

TRUSTEES' REPORT continued FOR THE YEAR ENDED 31 MARCH 2021

Reference and administrative details

Charity name: Ingliston Trust Scottish charity number SC003836 Principal address Old Higham House, Newburgh, Cupar, Fife, KY14 6JF

Trustees from 1 April 2020 and their method of appointment:

==> picture [147 x 91] intentionally omitted <==

----- Start of picture text -----
Co-opted:
----- End of picture text -----

Appointed by SAYFC:

Secretary

Independent Examiner Bryce Wilson, Chartered Accountants, Hill Street Business Centre, 13 Hill Street, Edinburgh, EH2 3JP Stockbrokers Charles Stanley & Company Limited, 2 Multrees Walk, St Andrew Square, Edinburgh Solicitors Shepherd and Wedderburn LLP, 5th Floor, 1 Exchange Crescent, Conference Square, Edinburgh Thorntons Law LLP, Citypoint, 3rd Floor, 65 Haymarket Terrace, Edinburgh EH12 5HD Bankers Barclays Bank plc

Page 2

INGLISTON TRUST

TRUSTEES' REPORT continued FOR THE YEAR ENDED 31 MARCH 2021

Trustees' Responsibilities in relation to the Financial Statements

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each financial year which show a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period.

In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on 30 May 2021 and signed on their behalf by:

==> picture [130 x 50] intentionally omitted <==

==> picture [86 x 47] intentionally omitted <==

Page 3

INGLISTON TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INGLISTON TRUST FOR THE YEAR ENDED 31 MARCH 2021

I report on the accounts of the charity for the year ended 31 March 2021 which are set out on pages 5 to 9.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustees 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) (d) of the 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 Charities Accounts (Scotland) Regulations 2006 (as amended). 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 gives me reasonable cause to believe that in any material respect the requirements:

  2. to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and

  3. to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Partner Bryce Wilson, Chartered Accountants Hill Street Business Centre 13 Hill Street Edinburgh EH2 3JP

2021

Page 4

INGLISTON TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

UnrestrictedUnrestricted
Restricted
Fund
Fund
Fund
Property
main-
2021
General
tenance Regional
Total
Fund
Fund
Fund
Funds
£
£
£
£
notes
Income from:
Charitable activities - rent
19,000
-
-
19,000
Investment income
29,727
-
5,968
35,695
Bank interest
28
18
4
50
Total income
48,755
18
5,972
54,745
Expenditure on:
Raising funds
Investment management costs
11,119
-
1,606
12,725
Charitable activities
Grants to SAYFC
101,484
-
7,000
108,484
Other charitable costs
3/4
6,750
-
-
6,750
108,234
-
7,000
115,234
Total expenditure
119,353
-
8,606
127,959
Net (expenditure) / income
before gains and
losses on investments
( 70,598)
18
( 2,634)
( 73,214)
Net gains / (losses)
on investments
1/7
263,305
-
29,332
292,637
Net (expenditure) / income
192,707
18
26,698
219,423
Transfers between funds
1
( 8,550)
8,550
-
-
Net movement in funds
184,157
8,568
26,698
219,423
Reconciliation of funds
Total funds brought forward
1,317,343
31,034
201,722
1,550,099
Total funds carried forward
1,501,500
39,602
228,420
1,769,522		 UnrestrictedUnrestricted
Restricted
Fund
Fund
Fund
Property
main-
2020
General
tenance Regional
Total
Fund
Fund
Fund
Funds
£
£
£
£
19,000
-
-
19,000
42,051
-
5,619
47,670
135
75
21
231
61,186
75
5,640
66,901
11,720
-
1,801
13,521
30,274
1,702
7,000
38,976
4,226
-
-
4,226
34,500
1,702
7,000
43,202
46,220
1,702
8,801
56,723
14,966
( 1,627)
( 3,161)
10,178
( 184,378)
-
( 34,300)
( 218,678)
( 169,412)
( 1,627) ( 37,461)
( 208,500)
( 8,450)
8,450
-
-
( 177,862)
6,823
( 37,461)
( 208,500)
1,495,205
24,211
239,183
1,758,599
1,317,343
31,034
201,722
1,550,099

Page 5

INGLISTON TRUST

BALANCE SHEET AS AT 31 MARCH 2021

note
Fixed assets
Tangible assets
6
Investments at market value
7
Current assets
Debtors
Other debtors & prepayments
Cash at bank
Liabilities: amounts falling
due within one year
Creditors and accruals
Net current assets
Net assets
The funds of the charity:
Total charity funds		 Unrestricted Unrestricted
Restricted
Fund
Fund
Fund
Property
main-
2021
General
tenance
Regional
Total
Fund
Fund
Fund
Funds
£
£
£
£
s
2
-
-
2
1,523,537
-
220,385
1,743,922
1,523,539
-
220,385
1,743,924
6,222
-
1,356
7,578
4,634
-
-
4,634
42,018
39,602
6,679
88,299
52,874
39,602
8,035
100,511
74,913
-
-
74,913
( 22,039)
39,602
8,035
25,598
1,501,500
39,602
228,420
1,769,522
1,501,500
39,602
228,420
1,769,522		 Unrestricted Unrestricted
Restricted
Fund
Fund
Fund
Property
main-
2020
General
tenance
Regional
Total
Fund
Fund
Fund
Funds
£
£
£
£
2
-
-
2
1,270,299
-
192,659
1,462,958
1,270,301
-
192,659
1,462,960
6,616
-
1,690
8,306
4,534
-
-
4,534
59,077
31,034
7,373
97,484
70,227
31,034
9,063
110,324
23,185
-
-
23,185
47,042
31,034
9,063
87,139
1,317,343
31,034
201,722
1,550,099
1,317,343
31,034
201,722
1,550,099

Approved by the Trustees on 30 May 2021

Authorised to sign on their behalf

==> picture [101 x 41] intentionally omitted <==

Chairman

Page 6

INGLISTON TRUST

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

1 Principal accounting policies

The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considered material to the accounts, are set out below.

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The charity constitutes a public benefit entity as defined by FRS 102.

The charity exists largely to provide grants from known investment and other income and it does not commit itself to obligations that it cannot meet. The Trustees, having considered the effect of Coved 19 consider that there are no material uncertainties over the ability to continue as a going concern. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The functional currency is £ sterling.

1.2 Income recognition

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.

Dividends and other investment income is recognised when notification is received from the portfolio manager that it is receivable. Bank interest is recognised on notification from the bank that it will be received.

1.3 Expenditure recognition

Liabilities, including for grants, 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 reliably. All expenditure is accounted for on an accruals basis. The charity is not registered for VAT and expenditure is therefore shown gross of irrecoverable VAT.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Leasehold buildings were depreciated over the period of the lease on a straight line basis.

1.5 Fixed assets investments

Fixed asset investments are stated at market value at the balance sheet date. Unrealised gains and losses represent the difference between the market value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and market value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the market value at the start of the year or cost if purchased in the year.

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their market value as at the Balance Sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Page 7

INGLISTON TRUST

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31 MARCH 2021

1.6 Taxation

The charity is exempt from tax on income and gains applied to its charitable objects.

1.7 Funds

Funds are classified as either restricted funds or unrestricted funds, defined as follows:

Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity.

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund.

The General Fund is an unrestricted fund which supports the general aims of the charity including maintenance of the Young Farmers Centre. Support towards the maintenance of the Young Farmers Centre is achieved through annual transfers to the Property Maintenance Fund.

The Property Maintenance Fund is a designated unrestricted fund established, by the trustees, to meet the maintenance costs of the Young Farmers Centre.

The Regional Fund is a restricted fund and was established with funds, mainly from the former East Area, North Area and West Area committees of the SAYFC and supports the costs of maintaining SAYFC Regional offices.

2 Trustee remuneration, expenses and employees

No trustee received remuneration or expenses in the year to 31 March 2021 (2020 - nil). The cost of trustee indemnity insurance is shown in note 3. The charity has no employees.

3 Governance costs

overnance costs
Independent examination fee
Trustees indemnity insurance		 2021
£
903
466
1,369		 20120
£
880
436
1,316

4 Support costs

Support costs have not been separately identified as the trustees consider there is only one charitable activity. Therefore support costs relate wholly to that activity and have not been separately identified.

5 Related party

The Scottish Association of Young Farmers Clubs (SAYFC) appoints six trustees to the Ingliston Trust. The Ingliston Trust has a leasehold interest in the building, at the Young Farmers Centre, Ingliston, Edinburgh, which is the headquarters of SAYFC. The rent received from that occupancy is shown in the Accounts. During the year the charity provided financial support to the SAYFC of £108,484 (2020 - £38,976). The closing debtor due from SAYFC at 31 March 2021 was nil (2020 - nil). The closing creditor due to SAYFC at 31 March 2021 was £72,000 (2020 - £19,700).

Page 8

INGLISTON TRUST

NOTES TO THE ACCOUNTS continued FOR THE YEAR ENDED 31 MARCH 2021

6 Tangible assets

Cost:
At 1 April 2020
and 31 March 2021
Accumulated depreciation:
At 1 April 2020
and 31 March 2021
Net book value:
At 31 March 2021
At 31 March 2020
7
Investments
Analysis of movement of investments
Market value at beginning of year
Add additions to investments at cost
Less disposals at carrying value
Add /(deduct) net gain/(loss) on revaluation
Add/(deduct) movement in un-invested cash
Market value at end of year
Investment classification
Investment assets in the UK
Investment assets outwith the UK
Un-invested cash
Historic cost at end of year		 2021
Total
Leasehold
property
£
140,717
140,715
2
2
General
Regional
2021
Fund
Fund
Total
£
£
£
1,270,299
192,659
1,462,958
160,801
-
160,801
( 142,564)
( 20,435)
( 162,999)
229,162
29,572
258,734
5,839
18,589
24,428
1,523,537
220,385
1,743,922
1,357,619
198,327
1,555,946
100,901
-
100,901
65,017
22,058
87,075		 2020
Total
Leasehold
property
£
140,717
140,715
2
2
General
Regional
2020
Fund
Fund
Total
£
£
£
1,464,854
228,759
1,693,613
219,152
-
219,152
( 259,856)
( 5,001)
( 264,857)
( 186,601)
( 34,291)
( 220,892)
32,750
3,192
35,942		 2020
Total
Leasehold
property
£
140,717
140,715
2
2
1,270,299
192,659
1,462,958
1,116,537
189,189
1,305,726
94,585
-
94,585
59,177
3,470
62,647
1,523,537
220,385
1,743,922		 1,270,299
192,659
1,462,958
1,069,782
196,078
1,265,860		 1,033,260
199,407
1,232,667

Page 9