**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:**
**----- 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the applicable Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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:
**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:
- to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- 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.
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
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**