PAMELA YOUNG TRUST TRUSTEESI REPORT AND FINANCIAL STATEMENTS S- APRIL 2024 scorrisH CHARITY NUMBER:. SC019903 CARSON & TROTTER CHARTERED ACCOUNTANTS 123 IRISH STRE OUMFRIES DG1 2PE
P•mela YOUD Trnst Tru¥iees' rt er ended 5th or the rl12024 The Trusith have ple&sure in prueniing their Rewn and the audited Financial StalemenLS of the Chanty for the yeor ended 5th April 2024. The FiDancLal SthiemenLS haN'e been prrpared in accordanct with the ac£ouniing policies set oul in Note l io the Accounts a] cornply with the Chan"ties and Tnlet Investhyni (Scotlandl Act 2(M)5. the Chan"Iies AccounLS (Scoilandl Regulaiions 2(N)6 amended) and Accounting and Rq)orting by Chan'iies. Sthiement of Reconunended Praclicc applicable to ¢han"lies preparing thetr accounts in accordance the FiTwicial ReFN)rting Standard applicable in the UK and Republic of Ireland publislKd 16th July 2014 las amended by Update Bulletin I published on 2nd February 20161. Objectlves nd aeilvltles The purlse8 of the I'rn81 aTr dethilol in the new TnL4 Deed wthich provides for the relief of th(ise in need by re&son of financial hardshfftp. through tht provision of low cost rented h)u5ing in or near to the following areas.'- the N'illa¥cs of Dalry. Balmaclellan. New GallOY a1 Carspharrn in the Slew of KirkcudbrighLthire in ScoilaThJ. The members of the public ¢0 be benefited from the Trust art such persons of fe%tricted financial means &$ are asslted the said villages of thlry. Baimaclellan. New Galloway. caT5ph"M and the DeighErf)urh(xd of Glenkens. Such &ss(Kiation being by binh. residence avocation or othmyi. The seleclion of persons to be benefited in accordance the fore80ing shall be ve51ed in the TpLqltts of this TnLSt aThJ shall be exercised by them In accordan¢ with their renable discretion. AchievemeDls performtsee The Cljarily Is a private Tru51 and does noi panieipaie in any rai$ll eN'ents. nor inviies any legacie5, donaiiorns or grdnLS. t)unng the ycar the TnLs1 received rental Income from 23 ienanLS totalling £89.790 12023 - 23 ieTMnts. rent iothlling £82.731 l. The TA1 has no plarLS to alter ILS aciivite5. The Charity do distribute grants. The Chan'iy Truslees have the w)wer io rnake any invcstmeni which they see fil. TrIDanci#l reTr'iew The Fit)ancial Siaiements have been prepaTed in accorda¢ with curreni Stawiory requirements. The nel mtTrvemeni in fund% for the year £80.406 1202J - £(59.3911. The fvnds, all Iinre5tricled, that are held ai the year end are £3.965,965 12023 - £3.885.5591. £3.275.965 of this is in unrestricied geDerdl funds12023 - £3.885.5591, and £690.0(K) t% in unrestricted de518natd finvh12023 - £60.(). Rlsk management The TnL%lee5 haN'e exmined the major 4trdtcgic bwsine$5 and operaiional risks wthi¢h the Chariry fa¢tr and confinn thai $et have been established 10 cnable regular YerK)rt5 10 be produced so that the Tce&sary can be tsken 10 lower the Reserves pollev Tru%t's rer. tthich are all unrestricted. are maully invested in residential PTOPCrties. The TnLSt also held funds. of £65.709 al the year end. together Mith sharehold8 held by Rathbone5. Stockbrokets. En their Nominee Share Portfolio Accouni. These are io ethable TnLSI repair aDd maintain the renied houses and Purch& other prowiie5. Plany for the future Throughoui this past year. the Parnela Young Trust has Continu io provide affordable IM)using io many in the Glenket)s. But the chan.iy ha5 also seen tK>me clllng¢s'. our Factor of many years, Jackn'e Connelly. stqryxd dowi) at the end of 20?3 due ¢0 health re&sons. We have been lucky enough io have secured the *Thices ofAnthony Blrd. an experienced and qualifled property manag¢r, as our new Facior. Thi% has been a key appointmeni for pyr a5 a loi of work goes on behind the Kene5. noi just in repaLf5 a1 mainien&Ke bul in coowl)Ing all the changes in legislaiion concerning ocial landlords. Afier seven year5, Steve Dat re4igned &$ PYT Chair at the begimiing of April 2024. The Trusitts are graieful for his W10M and guiding hand Since ?017 and are delighied thai he conlinue5 10 serve a5 a Trustee. Alan Smith LS now the new Chair. Also, Baird Matthew. our longes1 Serng Trlee and one of ILS fouth mcmbers. died in March 2024 and ihe Tru%¢ees wll therefore be recruiting a new Trustee laier in 2024. The Trustees are Cognisant of the imp)rthnce of g(KwJ governance and yryll shortly be urthrtthg IrLspiring Scotland's Board Trdining. In addilion. Th)w have a Minaled Ttte for 5afeguaTding. Page I
PAmel# I'•ull Trnit TrStee5, re tir ended IhA r5120 for ih The main work ofthe PYT coniinues 10 be the mainienwKe of our ?3 pr[Irtil r2n8ing from l-bed flaL5 10 l.bed ho5. and looking afier our ierwits. Our pr¢w¢nies are ail well Mataintd aThJ. ¢owled wqth affordable rents. mos¢ of our itnants are lon8-tenn. The knk-On effttt of this is thai properties rarely IKcome aN'ailable and we hve lengih}' Walill Iisi. trIng this l&si year. have prog1t with our th.el(ryymeni plaAS for the s'acani sile in Balmxlellan that we a¢qued in 2022. With &ssisiance from the Rural HwsinB Futml, archiie¢Ls were aptKTrinied and plans up for block of N'o 2.bcd flats aTKI one detsched 3.ltd house. We have ixen ably supwrtcd in this project by South or Scotland Community Housing. We will be lookuJ8 10 8oyr¢e Jditional funding to fvnher progres th1.4 devclopment. Another project wthich i.s gtill al an early stage. is th¢ po&sibiliry of iakllw on fitre of the hoLLSeS XI (ilenlee Pow Staiion aTMJ returning them lo the rcntsl seclor. Howth'er. Scortish Pouw Energy NeNoTks ISPEliI are unable io progre55 this until th£ ouicomc of the public inquirv ithio the ovcrlKad line from Kendwn lo Tongland 1% Iloth Ihe5e projects have potential addr5 the outcomes higlthghted bv the Ho5]ng Nc¢d$ and DcThand A.ssessmer)t r¢¢enily commissioned by the Glenke & "StriC1 TnLSi and Carriv oui by SOSCH. as Mtll Is OUT waiting list. (traIl. the PYT remai5 in very good finarKial health arnl the Trustees confideni that our ienanLS will continue io be well looked after. Bui we need to grow. susthinably to th the ongoing Ix)USEng Deeds of Glenkens and %ve 11 be changing our stnJ¢ntye io a SCIO reflect the requimnents of the modern fimding eni'ironmeni. Siru¢tsre goi'ernanrt and mnagem¢nt The Trusi, whiLh is a recogni5ed chanry in Scotland. okrnied under the rules of the Dew Tru%t Dee4] dalcd 4th Noi'ember 20114nd rrgistered in the BkS of Council and Seksion on I lth Novcmkn 2011. The manageTneni of the Tru.%1 is ihe re¥}51b1ltry of the Trusiees w.ho are cl¢cied and c<wied ur¥Jcr thr iemis of the Trust t)eed The Charit8 ¥trdtegy arKI obJectsve5 are sei out and reiiewvj by the The TnLth througknui the year are as noted on page_ R¢crultmeDt and appolDtmenl of Truitees In ihe pasi the Trusiee% selected to s¢rve have tKen from pn)fessionaV¢ommerctalimanagemeni background8. expenence a vonety of fields The Trust¢es appoinl a prOfe41nal Facior io handle th¢ praciical 154ues of mainienanc¢ and managem¢ni of thc TnL'S FfOkKnlK5, and Solicilor5 10 cary out the legal and financial WOTk ini'olved in the admini%lr4tion of the T%1. Il'ith a view the funue. Trustees wY)utd be lookn'ng io apwjmi any r¢placernent TnL%lce4 required from sirnilar back8rouThJs. with expenaKe in pnvaie bustness. kKal authonty andior managemeni. The TnLses look to their legal agenLs io keep thtm advi¢£d on #ll dTh'eloping and evolvtng i&sues altectin¥ the w(rk of the Trtl su¢h &% diversjty and Londlord al Tenant Law. 2nd to their Facior lo keep the apprai] of the practical rnana8euYni and NHIDienat issue5 of the TnLM prolIeS. Refer¢n<e Dd AdmlnlsiritiTh'e Informido CuTTeni Tn•stre.* I hi Iru%lie) "hi) id during the )tar and 5UKe the )rar end are as Mated below: Died 17th March 2024 Pw2
rnela Youn Truit I'rustefs, re orl ear end d th A rll 2024 for the Principill (' () A 11 & A M3ithcu 13ank of Scoiland Buildin85 Newlon Sie¥¥ DGS 6F.G Cliority NHmber ()19903 Governinx Documemts The rhariiy fi)unded by w t)red of Try4t on l fith December 1991 and.sub.%equent d&1¢, and regi.slered In the Books iTrf Council and Se%%ic)n ()n 7ih January 1992 8nd now operaie% under & l)ccd of 1rn4t daled 4th November 21111 and re¥i4tered in the Books of Council WKI S¢4sion on I l th Novemebr 2011 Amditnr C'arson 4nd'l roiter. Chartcrcd A¢countant%. 123 1ri4h 8tytt1. t)umfriu I12PE.. .4dvi.sors A 11 & A Matihe Ildnk (Il SLiiiland Buildings Newion Siewffi IXJX 6F..ti lJunher.¥ EIAnk iil'scoiland 37 Albcrt Sircei Stewart IXil¢ hb(i P*Ke 3
Trnjt TruMees' rt er ended 5th A rll 2024 rl for the Trust¢¢g' responsibilities in reltlon to Ibe fJnanell itttments Th¢ TnleeS are rcsponsiblc for prcpanng the TnLSttts.' Annual RewiTI aThJ rhe financial staments in accordance with applicable law aTMI United Kin£dom Accountin8 S¢aT¥JArd% Iuniied lldoIn GenallY Accepted Accounting Praciicel. IAW applicable to chaniitr in ScotlaThl requirrs the tte8 ia prepre finarKial statements for each finarK131 year wh]ch givc a true and fair vicw. of ihe state of affairs of the chanty at the C1 tsf the >tar and of the ItOming resour¢e and applicaiien lif resource% of the chaftry. lor thai penod. In prepanng thaqe rthala1 stalenL. the l gre requjred to... - S¢leci suithble a¢wuniinB plicies •tJ apply wosistenily, . (jh.¢ Ihc methods and priy1p1¢S in the Charitie% SORP 2015 (FRS 102): - Make Jud8emeni% and cstimaies thai are Telnable Aryl prudeni.. - wheihL'r appliL8blc a¢countLnÉ sthndards ha been fiillowcd. wbJeLI 10 any material d¢pamwts diKlosed and explained in the financ1 ststemtnts: l>repare Ihe finaniial lit•iemeDts on the Boin8 Cot b&sts unless li is imppropnate to presurne ththt thc chancy will onijnue in operalion ThL Ini%iecs arc resp)nsible for keeping PrT accoun¢ing record$ w'hich di14¢ with rca50nabl¢ accuracy ai any time ihe fUnCIal WSL(iori ol. thc chan. and io enable them 10 ern*urt that the finani2EII siaiemenis comply with the Chdniie% and 'lru%lLc Invcslrneni (Scoilandl Aci 2(K)5. thc Chantie% Ac¥()uni% is¢(Iilandl Regul?tiiin% 2(M16 (1 amended) and the I'ru51 Deeds. Th¢} are aly) rttsw)TLsible IIIT rryardIn¥ thc a$ts of chan'ty and herKe for king rca8iinablL 4l¢ps for the pr¢%enii()n arKI deitiiivn of fraud and UTryulaniies ,,f Trnsttts on 15th (ktober 2n24 and on its E%half by Pige 4
P•mtlJ Youn Trusttts. r ear ended or he 20 Truilee5' reJpoDsibilltitJ ID rekniloth to the fl••n¢l•l statemethii The Tru%lees are r¢sp(Trnsib5e for prq the I"nLses' Annual RqxTrrt and tht financial staiemenL4 irt accordancc with applLLable law and Uniied Kingdom Accouniin8 Swhdar(Ls (Urtiied Kingdom G¢n¢Tally Accepted AccTruniing Praciice). Law applicablc to ¢harii¥es in Scotland requires the tswsitts prcp8re finWl&l 8thtement% for each financial year which give a lThe arrfl fair tW of the sthte of Affairs of the charity ai thc end of the and of the Incomi re%vurLe and application of reyjurces of the ch&n'ty for thai lOd. In pIrpan tIMJK financial suiemeni4. the Trustees are required ..- - Select suiwble accouniinB FM)licies Mnd ¥ply th cowist¢tsily. . Observe the methods and pnnciplu in the Charitic4 SORP 2015 IFRS 1021: . M&k¢ jud8emenLs and eslim•1 thai are rtaM)nable arml pnthi: - Sialc w'heiher Applicable accountin8 8wthrds h&'C been followed. thject to JDY nu¢enal depanures disclod and explained in the financJ&l sthiements.. . Prepare tk fInala1 sthtemertts on goin8 cOr¢M bLsis unless it i4 uwpropriate to prewn that than'ty wryll LUDlinu¢ in vperdtion. The irnilrc% are re5y)fLsible for kecpin¥ proper a¢¢ouniing ¢1)rd% wthich disclose wilh reasonable accuracy At arty lime Ihe flnancial Wiiiion of the ch8nt)' and io enible ihcm 10 ensu th•1 the financial statements comply wqth the Chanti¢i and TnL4iee Inve4tsneni IScoilAndl Act 2)5, the Chaniies Ac¢ounLs Iscoilandl Re8ulaiioTh8 21MIfi 188 amended) and the "Inwi Decds. Th¢y ar¢ also re5W51bIt for safe8uarding the &&sets of the chanty #nd hence fnr tukin8 rea%i)iuble slep) fot th¢ pVentIon deterlivn of fT8ud and pthcr Irregulariiie Tkn's rew)rt 4romved by the Board of Tru¢¢5 on 15th (kiober 2024 and sisd on li4 bchalfby Plee 4
Pwnela Trust Inde ndent audlior5' re rt to ibe trustees of the You We have audiitd the finwKial styiements of the Pamela Young TnLsi (the '¢bar1) for the year eThled 5th April 2024 which comprise ihe statemeni of fu]wlE acuviiie5. the bal&t sheel aTKI r)leS io the financial stsmenL4. Lncludin8 a 5unmiary of significani accounting wlicies. The rtnancial rerK)rting framework thai has been applied in their preparation is applicable law and United Kingdom Accouniing Standu&, including Financial RenIng Standard 102 The Financial Reporting Stsndard applicablc in the UK and Rtpublic of trelarKI (Uniied Kingdom Germlly Accepted Accounling Praciicel. In our opinion the fllwKial ststements.. - give a true and fair view of thc 5ts1e of the chan"Ws affairs as it 5th Apn'l 2024. and of its incoming resources and application of rewurccs. for the w then ended: . have been properly prepared in accordance with United Kingdom Genern]ly Acc¢pd ACCountll Practice; aThJ . hai'e been prepared in accorda¢ with the requirements of the Chan"tiC5 and TnLse IDveslmcnl IS¢oilandl Act 2(M)5 aTKI regulation 8 of the Chan"ties Ae¢ounts IScotlaDdl Regu]atioRs 2(M)6. Basis of #udit opinio We condts¢¢ed our audii in accordance International StaThJards on Audiiing (UK) (ISA% IUKII and applicable law. Our Te5ponsibiliiies under those Slandar are further dcscriw in the Audilols respo$1b11lTle for the audi( of the rinancial stsiements section of our reFXTrrt. We are indeFKknI of the chan.ty in accordance the ethical requirements that are relevani LO our audil of the financial staiements in the UK. including thc FRCS Ethieal Stsndard. and we have fulfElled our othcr ethical reswnsibilities tn accordance tht requirenJenLs. We believr that the audit evidence we have obtsined is S1¢1CmI thl appropnaie io provide a basis for our opinion. Contluslorts rel•tinp Io Koing fonrern In audilLn8 the financlal staiemenL%. we have cowlth that the trLLss' of the Boing cowern basis of accounting Èn the preparation of the finarKthl 5ts1ements Is apprtwiate. Based on the work we have perfornul. we have >1 ideniifieJ any mtrIal urKenaioiies relating to events OT condiiion$ that. Individually or collectively. may ¢a5t Significant doubt on thc chan'Ws abiliiy io Continue a going CotM for a period of ai least twelve mondLS from when the fu1&] statemenLS are authorised for issue. Our resFN)fLsibiliies and the respoThsibilities of the with respect trj goJn8 wnrern are dcscribed in the relevanl sections of thls retK)n. Other Informatlon The other Infom170 cornprises the infom*iEon included in the trustees annual othei than thc financial %talernenLS and our audÈioes rep)n theron. The thlS are rt5POTLsiblc for the other information contatned wthin the annual rwrt. Our opinion on the financial sthiemenis d(x5 not cover the other infonnation and, excepi io the extent Otherse expliciiy stated in our reporL •At &) tK)l express any fornj of assur conclusion the. Our re%ponsibility is io read the other infonnarion aTht Tn doin8 SO. cotLsider thther the otkn infornution ts maierially tnconsi%tent with the fInalat 51alernenLS or our know'ledge obtsined in the ¢our5e of the audit or othenw¢t appear5 lo be maieriall). mi%staied. If we idenufy 5u¢h malcrial io$1s1¢n¢ItS or apparenl maierial miisthtements. we are required io delerniine wthether this gives to a maierial mi&stsiemeni in the finwKial sthtemeTJts themselve5. If. based on the work we have perforn)ed. we COlude thai is a material mIssleMent of thi.s other infornwtion. are Tequwed to report that fa¢1. We have wthing tts rewn in thi'$ regard. Page 5
Pmrl• YouD Trus1 Inde dent lldltors' re rt io the Irustets of the PtDelm yo Trust CODtinued MtlerJ on whleh we Art requlred to report by txteptlo We have nothing to retKTrrt in rcspe¢i ofthe followryng matiers in relation to 7thich the Charities Accounts {ScotlaTKII RegulatiorLS 2006 require to rerxprt lo you if. in our opinion.. - the information given ID the fInl8] stalemenis LS IncoT11¢nl in any material respeci with the Ints, repon,. or - proper accounting record5 have noi been kepl or - the financial sthiements are noi in agreemeni with the accounting record5.' or - we have noi received all the Enformaiion and explanations we wuire lor our audit. Responslbillies of trste¢S A% explained more fully in the Trusltts resp)711111es siatemeni set out on page J. the trustees are resryjnsible for the prepara¢50n of fmancial Statements give a true and fair view, and for such internal control as the trustees deiemiine is ntte&5ary to enable the prepaNion of financ381 thiemcnts thai are ftte from mawial missthtemeni. whether due to frdud or error. In preparing the financial Sthlements. the trLLSittS are re5wDsible for a&essl8 the chan"IV$ ability to continue a going concern, disc105in¥. as applicable. matters related to goll ¢oncern and using the goErtg concern bLsis of accounting unlc&s the trusttts either intend lo liquidaie the charity of to cease operdiiOThS. 01 have no realisiic alteTnative bul lo do so. Auditor'8 Responsibllltes for tbe udlt of ibe f¢11 sttemeDts 'e have bcen appoinied as auditor tsnder 5eclion 441 l Mcl of the Chan'ii&s and Trustee Investsnent (S¢otlaT¥JI Act 25 and rert in Xcordance with the Aci and relevani rtgu1aii0 nyde or haw effeci the1ceT. Our obJe£tives we io obtsin ruwnable &55urance ai)U¢ the financial tatemcnLS as a Mthole arc free from maierial miststemeni. whethtr due to fraud or error. and to i&sue an auditorfs report thai includes our opinion. Reawnable &ksurdn¢e is a high level of assurarKe, but is noi a guarantee thai an audit conducted in accordance with ISAS IUKI will detecl a maierial misslaterneni il cxisL%. Mi&StsMents can arise from fnud or ern)r and are cotLsidered malerial if, individually or in the aggre8ait, they Could rrasonably be expecd to influence the economic decisions of uws taken on the basi5 of these finarKial statements. P¢6
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Irregulaniiri. including fra. are iA8iwKc5 of M<0MplISe 1th jaws and regulati0Ths. We design procedures in li
()ur reswrLsibilities. 10 deteci materiaj miisthiemenL8 Jn pe£t of irregulariiie%. including fraud. In iden11n8 aTMI
asseR4in¥ risk% of maierial mi&stsiemeni in resrrtcl of irregulariue5. ilUding fraud and non
ayou StAt¢meD¢ of Flnnell Artliliies or the tr ended Sth A ril Z024 Rutrleted Totil Fnd¥ Fundi Tot•1 Funds 2023 2024 hot Infome •Dd endowmenti from Charithble Activiiie Inveiiment Income Trading Aciiviiie& 89.790 28.543 8.198 89.790 28.543 49.648 82.731 211.359 7,7%4 41.450 Tot1 Ineomt 41.450 126.531 1 (17.981 18.874 xpendlturt OD Railin¥ fiuML Chaniable Aciivities 10.684 84.4¢)9 10.796 82.902 49.350 133,849 TotAI expendlture 49.350 95.183 144.533 tt Incomellexpendlturt) And #el movemenl In funds before %lns •nd lo• on lffjvmtments GaLIL{&St$I on invKn1 (7.9> 31.348 56.958 23.448 5th,958 25,116 IR4.SQ71 ei Movtmenl In Trundl {7.9) [18.306 Rn.40fv 159.3911 Tronsfer {7.9001 Recon¢iliation of funds 80.41M> 110.406 159,3911 Total Fund¥ Brou8hi Forward Tol•l Fundi CArrled Forwrd 3.885.559 3,R85.559 3.944.950 3.965.965 3.9h5.965 3.1185,559 All fund5 at the year end art unre.4tyicied.12023 unrestricWI. Tbt DQt¢4 on p#itt 10 10 16 form In SD¢egrl part of fhffe Iln•nfll •t•temtnti. Pmge 8
Pamtl You Trust Bl•o¢e Jbeet It Sth A ril 2024 2D24 2023 l%ote5 Fixed asse IDvesthKnts 3.919.X62 3,1145,110 Current assets Ilank Lurrenl ¥¢ouni A B &. A Matthews client accounl PrepaentS 5,344 fi0,3A5 9.594 53.991 .573 75J03 fi7.849 Crcdliors: •mouD15 fUiJbg due within ont vear (29.200) 127,4001 et rurrent assttj 46.103 4U,449 Nef iuets 3.965.965 3.RA$ 559 FuDd5 of ihe rharitv Resmcied Fund Unrcstricied Cienerdl Fund? UnTe5tricted tksignated Flind5 1'tstal charit). funds J.275.965 6W,O(K) 3.885.559 690.000 13 3.965.965 I,R85.5$9 These a¢coutht5 have beet] prepared in Cord with the FinlJI Rcponing Stathd IFRS 102). on iLs behalf by I'rusiee Tru51ee The notes on PaRe$ 10 to 16 form att Integral prt ol ¢hese flDanciI st#¢emen¢$. P8e 9
P•melA Yo Trthst Bil•nre sbett 81 #15th A ril 2024 2024 2023 P4ott• Flxed $stti Investments 3.919.1162 3.845,110 Current swii Bank Curreni account A B & A Maithews clienl acrounl Prepa)Inen 5.344 60.365 9,594 5.285 53.991 8.57J 75.303 67.849 Crediton- amouotg fllln% dt ont year 1292(K)} 127,4001 Nti ¢tyrrent •t¢S 46.103 40.449 Net auet$ 3.965.965 3.885.559 FuDdJ of tbe ehirity Resiricttd Fund5 UnTe5tricied Gencrnl FuThJs Unrestricd fknignaied FuniL4 Totl cb4Tlty funds 3.275.965 690.} 3.IfSt5.559 690.OIK) 13 3.965.965 -1,885.559 Thtse ¥¢ouni4 have been prepared in x¢ordance with the R¢w>rnng sta (FRS 1021. The accounts were approved and authrid for by trUrts on 15th (kiober 2n24 and on its behalf by rust¢ Trtsilec The noitt on pte$ 10 to Ib form an in¢egrl part of they 1Sn•ntlal sl•temfDt& P4t9
Pamel Yow Trust Plotes ¢0 the finnti•l JtAtemeDts lor the t¥Jr ended 5th A ri12024 Summary of significnt e¢ounting pfyliries The principal accouniin¥ policies wkn'¢h are adopted consisienily in the prepaTation of the fmancial sthicments are sei out below. Bills of prep#r4tlOD The ac¢ounL% Ifinan¢ial s¢aiemcDtsI hay¢ been prepared in ac¢ordwKc with Accow)iinE aTKI Rq>orting by Chariiies.. Sthiemet]t of RecoMm•ed Practice appli¢able to chariiies PTepanng thchr accounts in accordance (h the Financial Rewning Standard applicable in the UK aThl Republic of Ireland IFRS 1021 i&sued on 16th July 2014 la5 updaied throu8h UFdate Bulletin I published on 2nd Febnlary 20161. the Charities and TrUse Investhjent IS¢otlaThJl Act 2W5 atyj the Charities Accounts Iscodandl Regulations 20(kn {&s amended). The accounLS are prepared on a going concern $15 uth the historical convcntiorL AdIr]rjJ to include certain itenLS ai fair value. The accounL% are prwnted In srI]ng which 15 the funciional currency of the chariiy. The charity h&s applied UFthie Bulletin l a5 published on 2nd February 2016 and docs not include a $h flow Statement on the groun(L% thai il i5 appl>in8 FRS 102 Section IA. The chariiy constitutes a publi¢ baKfit entity as defmed by FRS 102. Fund A¢coutsting Unless otherwi"5e noted all as5cts of the Tn1 are COTLsidered Is unrts. tri¢*d. The of these fund% reTnairLS 81 the discreiion of the tru51ees. Unresthcied incorne fillmts compn5e tIMTrse fiJ$ Mthich the Tr$7 are free to Use for any pUrse in filrtherne of the charitable obje¢ts. The restricted funds received in the year were for the purposes d¢scnbed iti 13. Eipendliure r¢¢ognition Liabilities are reCognid a5 expendinwe as soon as there is a legal or construciivt obltgation committing ihe charity lo thai expendiDJre, it is probable that settiemeni will be required and the amount of the obligalton can be me&sured reliably. All expendlture is accounied for on an accruals b&41s. All exFtnse5, including support ¢osLs and goVernae c05t5. are allttaled or apw>rtioned io the applicable eXTndinITe headings in the 51atement of financial activities. No grants are issued by the TnLSi. IDcome recognition All incotne is included in the Statement of Financial AclÈvilies when the Charity is legatly entitled to the in¢ome. there is sufficient certainty or r¢¢eipi and il 15 probable thai the income will received. and the amount of income receivable can be na$ reliably. Legacy gifLs are recognised on a by c&r< b1515 follo7n8 the gTan¢ing of probAle kn the administraior.lexecuior for the esthte ha5 communica1 in WTiiing EKJth the amount and seiilement dale. In the eNeni that the gift is in the forni of an &ssa other than cash or a fmancial traded on a reco]ed stLKk exchan8e. recognilion is Subject lo the value of the gift bctng reliable measurable 7th a degree of reasonable accuracy and the litle to the asw has been traSferred to the clwity. Rents received are included in the Staiemeni of Financial Activiti on atl accruals b&si5, inieresi on fund% held on deposit is included noiification olthe inlerest paid or payable by the Bank. Dividends are recognised once the dividend been declared and noiification ha5 been received of the dividend due. T.5 rs nomlly upon Mtifiration by our invlmenT ad¥i%or of the dith ¢Id of the investment portfolio. P•ge ID
Pmel• YOUD Trust Note5 to the fiD8ncial st#t¢meot$ for the e#r ended 5tb A ril 2024 Alloc#ilon of Support ind govtrnnce rwts Support co.%ts have been differentiated between governance ¢0sL% and other 5UPP)rt costs. Governance COSL8 CQTnprise all cost.s involvLn8 the public hccountability of the charity and its compliance with regulaiLOll and good prdC¢i¢e. These costs include cosLs related 10 Statutory audit and legal fees together 1th an apponionmeni of overhead and costs relaiing io Truslee Board ar]d Sub Comtniltee meetings. Cost of Raising Funds The costs of generatin8 filnds con51St of investmeni m4Dagement and cenain legal fee4. Ch•rStable actlvlti The expendtture on charitable activities includes costs relaiin8 10 investsnent propenies. governance ¢osLs and an apwrtionment of support costs as shown in note 6. Fiied Ayxt IvtMentS Investsnents are Initially recognlsed al their tyan.%aclion value and subsequenily mea.sured ai thetr markei value a ai ihe Balance Sheet d41¥ ling the clo%in¥ quoted rnarket price. The %¢atetneni of financial aclLVltie8 include% the nel gal and losses aTiSing on revaluation and disposals throughout the year. The Tru.18 does noi acquire or use Pul optiOTL%, derivatives or other complex fiTWLcial ilL%iniments. Investment propertieg Invesuneni properties for which fair value can be measured reliably wihout undue cosi or effon are me&sured al fair value ai each reponing dale with changes in fair value recogTllsed in "net gain(lOsses} on investments, in the SOFA. 1.10. Realijed Rains and 1055e5 All gatns and 108$¢% are taken to the statement of financial aciiviiies Is they arise. Realised gains 8nd lo%$ on inve%tmenLs are calculated &% the dtfferen¢e between sales procttds and their opening Ca)1g value or their purch&se value if acqutred 4ubsequet)i io the firsi day ofihe financial year. Unrealised gains and losse4 are calculated as the difference between the fair value ai the year end and their Can¥ value. Realised and unreali%d inve.%tmenl gains and lo&se% are combincd in the Stetem¢nt of Financial Activities. 1.1 l. Tax#tloD The Tru%1 ha5 chaTithble ststus and 15 exempt from iaxation. 1.12. Going coneerD The financial statements have been prepared on a going concern b&sis as the trustees believe ihat no maittial uncertaintie.% exisi. The tnL%iees have con%ider¢d ihe level of fund4 held and the expected level of income and expcndilure for 12 month% from authorising ihese financial s¢atements. The budBeted income and expendiluie 15 suffi¢ieni with the level of re¢$ for the charity to be able to continue &8 a going concern. Ineome from Charlt8ble Actlvlties 2024 2023 The provision of low cost housing 89.790 82,731 Income for charithble aciivities was attribuble to unrestric¢ed ndS in both y¢8rs. P*gel1
PamelA You Trust r4otes to the financlal it#t¢ments for the 'eir ended Sib A ril 1024 Investment Ineome 1024 2023 inter&si Divid¢nd income 59 28.484 l() 28.343 28,543 28.359 Income from inve%tments was attribuble 10 unrestricied fund5 in both years. Other Trding Acllvltley 2024 2024 2024 2023 Rfstricted Unrestri¢t¢d 3.(>00 4.598 Total 3.600 4,59R 41,450 TotAI 3,6(K) 4,184 Glenkens Community Shop rentsl income Heating Enceniives Grant5 received 41.450 41.450 8.19A 49.648 7.784 Income from other act1viti w&$ attributable to unrestricted fimds in 2023. Expenditure on R#lJlng Funds 21114 2023 Investmeni portfolio tnanagement costs 10.6x4 10.796 All of the above COSLS were attribulable io wwegetved funds in year5. PEe 12
P¥m¢l8 Youn Trust Note8 10 the firtaDelal 51atement5 for tbe ear ended Sth A ri12024 AD•lysls of Kxpendlture OD Ch*rliable Aeil•ltS 2024 2023 A¢tiYitie5 undertaken directiy'.- Reytrleied Unrestricted Total Tot#1 Repairs. maintenance and renovation work Insuran¢e Mibcellaneous paents Professiana5 fees Propeny Management charge5 36.23 8,573 2.345 36.23A 8.573 2.345 49,350 5.603 45,435 6.220 2,147 49.350 5,603 49,350 52.759 102,109 53.802 Support and Governance costs A B & A Mdithews fee8, ouilay¥ and other expenses External audit 25.920 5.820 25.920 5,8£0 3.960 31,740 31,740 29.160 Total expendiwre on chantable activities 49,350 84.499 133.849 82.962 All the aht)ve COSLS were aitribuiable io unresincied funds in 2023. Auditor8 Remuneritlon The amouni paid io exIenl auditors wa5 £5.820 (2023 - £3.9301 and ihLS W85 made up of £3.820 audii fee12023 £1.9601 and £2.0(X) lor accounL% prepardlhon work12023 - £1,970), all amounts are inclusive of V AT. Trustees remuntr#tlon The TTusiee8 were noi In receipi of any remuneration for their senices. nor were they reimbuTYd for any expense% duri the year. The TnLsiees are cotL%idered to be the key managemeni sOnnel. The Chanty has no employees. P¥ge 13
P*mela Youn Trus1 l%otes lo the finitttial sl•tements for the ear eDded 5th A rll 2024 io. Fixed Asset Investments 2024 2023 Summary Listed lrtvestmenis Cash held &s pan of investmeni Etholio 1228.50fi 1.164,005 29,906 19.655 .258,412 1.183.660 Llsted InvestmeDt Markei value of shares ai 6th April 2021 Addiiion5. Shares pUrchd DiyMI proceeds- Share.% sold Ne¢ inve5tmeni gainv]osses 1.164.005 1,287.496 309.025 194.765 (301.477} 1233.7491 56.953 {84.5071 1,228.506 1.164.005 Clsh held IJS part of tht Investmeni Portfollo 29.91K) 19.655 InvestmeDt Propertie5 Property per Opening Valuations Properry Addilions Propeny Disp05als Cjain on revaluaiions 2.661,450 2,608.0(M) 53.450 2.661.450 2.661.450 All propeny valuations ai I lth June 2019 were conthtal by G M Thomson & Co a Company within Allied Sunryor5 Scotland pl¢. Chartered SuTreyor5. at open markei priccs. Gain{10eS} OTJ investments takcn to the SMeI ofFInla1 Acti11¢5 are SUMMSed as follows=_ 2024 2023 Nei irtvestmeni gainslllossesl on shareholdings Nel investsnenl gain(10e$I on prowtses Net InVller]I gainQl1o$) peT 5tstemeni of financial activilies 56,958 184.507) 56.958 {84.507) P#ge 14
Pmel YDIIJI .Notes lo the nnntiai s¢t¢ments for the elr ended 5th A rS12024 Creditor8: nlOIIDts f•Uing due wlthin 0¢ yer 2024 2023 Trade credilors Accruals 25.2(M) 25,2(K) 2.200 29.200 27,400 12. AnlysiJ of Det Mei$ betw¢eTr funds Flxed Amet Invesimenti Otber Totil Assets Assets Unmtricted Fundi 3.919.862 46.103 3.965.965 13. Fund RecoTr¢llltlott Closing Bxl•nre 04104124 Openln8 BlaNre Expelldilure GAinlIe¥l Tr*Dsfers Re51ncicd Fun&8 Unrestricted Funds Di8n21ed Fund5 General Fund 41.450 (49.3501 690.(XM) 3.195.559 690.000 (7.9(KTri 3.275.965 126.531 {95.183> 56.958 Total Funts 3.885.559 167.981 1144,5331 56,958 J.965.96.5 Restricted FuTh15. thcse fim&% durinB the )Thr wert as follows... 1. £23.7(X) received from Dumfries & Galloway Council and the Scotti%h Governmeni io fimd Inv118a¢10ns into the po&sible pur¢ha5e of IK)U51ng ai Glenlee owmed by Scotti4h Power. which now $ury)1¥ lo their rtquirements. These gfdnts were fvlly exw)ded in the yeAr, with £ I.IKK) tr&Lsferred from generdl fund8 for the balance of the exprndinLre. 2. £17.750 Wd5 received from Dumfn"e5 & Gallow3y Courril aThJ the Scottish Gol'ernmeni io fimd feasibiliiy Strjdies. ground and other invesiigaiiotLS for w&sible on a browffjfield site purchased ai Balmaclellan in the Previous year. These gran¢s were fully CA in the year. with £6.¢XKI trasferred from general fil1$ for the balance of the expeThJilure. The trLL5te transfened £690,[) from Unrestrictrd General Funds to Unrestricied Designated Funds as a provi.sion de%ignated for fullwt repairs ar maintenae to the tnLSi pwies. This prok'ision be reviewrd on an anrtual b15. Pmge IS
P4meli YDUD Trujt Note¥ to the flnanel#l ittementi for ihe er ended 4th A ru 2024 14. Rf IAfed party tr#n**etloni One of ihe Trustees, Baird Maiihews. who died on 17th March. 2024. was a fom)er Partner of A B & A Maithew. wh(> act 0% a8enl.% for the Trusl. Their ftts are shown in Nole fi, of which an amount of £25.2(X) WdS (iutstandin8 at the y¢aT end. Controlllng Relitlonihlpi The tn15t is und¢T the control of the trusiees. Page lo