Argyll and Bute Council Comhairle Earra Ghàidheal agus Bhòid ## **Argyll and Bute OSCR Trusts** ## **AUDITED** # **Annual Report and Financial Statements 2023-2024** **For the Year ended 31 March 2024** ## **Trust Funds Contents** |Trustees’ Annual Report|2| |---|---| |Independent Auditors Report|11| |Statement of Financial Activities for Year Ended 31 March 2024|15| |Statement of Balances as at 31 March 2024|17| |Notes to the Financial Statements|19| 1 Trust Funds Argyll Trustees, Annual Report COUNCIL I. INTRODUCTION The Trustees present the annual report together with the financial statements and the Auditorfs Reportforthe year ended 31 March 2024. ADMINISTRATION INFORMATION Charlty Number Charlty Name SC019599 Mccaig Trust SC019607 Third Marques5 Of Bute's Silver Wedding Oowry SC013578 Baillie Gillies Bequest SC013600 Kidston Park Trust SC018697 Miss Annie Dickson Burgh Bequest SC018698 Logie Baird Prizè Fund SC020382 County of Argyll Educational Trust Scheme, 1960 Contact Address Argyll and Bute Council Kilmory Lochgilphead Argyll PA318RT Appointment of Trustees The trustees of these charities are the elected members Icouncillorsl of Argyll and Bute Council. Trustees are appointed through their election to Argyll and Bute Council. Current Trusteas Prevlous Trust8es ## **Trust Funds** ## **Trustees’ Annual Report** **Honorary Secretary** Executive Director Argyll and Bute Council **Honorary Treasurer** Argyll and Bute Council **Auditor** 3 Trust Funds Argyll Trustees, Annual Report COUNCIL Govèrnlng Documènts Charlty Name Descrlptlon Mtcaig Trust Thè town council shall in thè building proposéd to bè Èrècted by thèm at Corran Parks, Oban, accommodation for the Mccaig Mèmorial Institute including accommodation for a reference library, lending library, reading room and museum and shall equip and furnish said accommodation all to tha satisfaction of tha govarning bodv Third £1,000 was given by John Patrick Crichton-stuart, 3rd Marquess of Butè, on 12 April 1897 Ithe date of his silver wèdding) to Rothesay Town Council. Noted in tha Rothesay Town Council Minutes 12th April 1897 and 10th May 1897 Marquess of Bute Silver Wedding Dowry The charity was 'inherited' from Bute County Council. William Gillies, Cooper and Fish curer in Rothesay, and at somè time a Baillie and Chief Magistrate of that Burgh, bequeathed £200 for the benefit of the poor of Rothesay. He was elected to the Town Council in 1812 and retired in 1835. Mrs Margaret Stevenson, or Lochhead, diad circa 1947. Bequest of £50 to Rothesay Town Council, the income of which is to provide coals for the deserving poor of the Burgh. Archibald Brown. Clerk in the Bute Savings Bank Rothesay, died 1903. Will confirmed and recorded in 1903, detailing bequest of £100. The interest to be divided annually at Candlemas among the deserving old and infirm poor of Rothesay. James Duncan, Merchant in Valparaiso, Chile, thereafter residing in Rothesay died in 1874. He bequeathed £2,000 to Rothesay Town Council. Noted in the Minute Book of the Charity, 1875-1894 in the District Archives. The income was to be distributed half yearly to 10 older women of good chararter and honest repute, over 60 years of age and not in parochial relief, whose parents a5 well as themselves have been born in Rothesay or the Island of Bute. Mrs5e5 Gib50n, Ardmory, Rothesay. Janet Gib50n died in 1893 her will was confirmed and recorded in 1894 with a bequest of £200 to the Minister of the Parish of Rothe5ay and to Rothe5ay Town Council. The interest was to be paid out at Candlemas to thè most dèsèrving of the poor and each recipient was to get 25 pènce. Mrs Ann Taylor, or Jackson, residing at Easterhouse, Baillieston, died 1892 and her will was confirmed and recorded 1892. She made a bequest of £100, the annual income of which was to be expended from time to time providing coals for the poor persons of the name Taylor residing in Rothesay and who were born in Skipness (Kintyrel or Rothesay. Minute Book of the Bequest 1892-94 in District Archives. Annie Mcmillan - Minutes of Rothesay Town Council 28th November 1947, a bequ8St of £100 to Rothesay Town Council to provide coals for the deserving poor of Rothesay. Jane Paterson of Whinny Brae, Rothesay. died 1902. Will confirmed and recorded in Bequest Trust Funds Argyll Trustees, Annual Report COUNCIL 1903 with a bequest of £300 made to Rothesay Town Council. The income from the bequest was to ba divided at Candlemas among the old and infirm poor of Rothesay. Kidston A bequèst of £1,000 was made by William Kidston towards the upkeep of Kidston Park (formerly Cairndow or Cairndhu Parkl in April 1889. It was noted in the minutes of a meeting of the Town Council of the Burgh of Helensburgh Park Trust Miss A bequest by Miss Mary Ann Dickson dated 4th April, 1927 to the Town Council of the Burgh of Helensburgh. Noted in an Excerpt from Copy Will and Codici15. Mi55 LA Colvil's bèquèst - A Legacy of £200 was passed by Mr J Pèrtival Agnèw to thè Town Council to perpetuate his cousin's namè in Helensburgh by means of a fund for necessitous cases. Noted in the minutes of a meeting of the Finance Committee of Helensburgh Town Council on 22nd December 1969. Annie Dickson Bequest Logie Baird Ex-Bailie J. Arnold Flèming of Locksley, Helènsburgh, invested thè sum of £200 in thè names of the Provost, Magistrates and Councillors of the Burgh of Helensburgh, for the Logie Baird Prize Fund. Noted in the minutes of the Town Council of Helènsburgh, January 1956. Prize Fund Argyll Education The Trust 15 a scherne under the Education (Scotlandl Acts, 1939 to 1956, for the futurè governmènt and managémènt of cèrtain educational èndowménts in thè County of Argyll. Formed by the amalgamation of fourteen individual endowments and approved by His Latè Majesty King George V in Council on 24th July, 1933. Robert MacFia of Airds and Oban, Sugar Refiner in LiverFiooI, diad 1899. His will confirmed and recorded in 1899 a baquest of £150 Trust 2. OBJECTIVES AND ACTIVITIES The objectives of each trust aro as follows= Charlty Name Purpose Mccaig Trust To contributè towards thè cost of a library and institute in Oban. Third Marques5 Of Bute'5 Silver Wedding Dowry To provide a donation to one or two girls from the poorer classes on their wedding Baillie Gillies Bequest Baillie Gillies Bequest- Prevention and relief of poverty in Rothesay. Various funds make up the Baillie Gillies fund Margaret Lochhead Bequest- Prevention and relief of poverty in Rothesay through grants to individuals for purchase of coals. ## **Trust Funds** ## **Trustees’ Annual Report** ||• Archibald Brown Bequest - The interest is to
be divided annually at Candlemas among the
deserving old and infirm poor of Rothesay
• James Duncan Bequest - Prevention and
relief of poverty in Rothesay through
distribution to ten old women whose parents
as well as themselves were born in Rothesay
• Janet Gibson Bequest - Prevention and relief
of poverty in Rothesay.
• Ann Jackson Bequest - Prevention and relief
of poverty in Rothesay, by providing coals for
poor persons of the name Taylor residing in
Rothesay who were born in Skipness (Kintyre)
or Rothesay.
• Annie McMillan Bequest - Prevention and
relief of poverty in Rothesay through grants to
individuals for coal.
• Jane Paterson Bequest - The objective of the
fund is for the prevention and relief of poverty
in Rothesay| |---|---| |Kidston Park Trust|To provide a public park, or recreation ground
for the inhabitants of Helensburgh and for the
purposes of boating and bathing in the
Gareloch| |Miss Annie Dickson Burgh Bequest|The relief of distress in the Burgh of
Helensburgh.| |Logie Baird Prize Fund|The advancement of education by providing an
annual prize to a pupil at Hermitage Academy,
Helensburgh| |County of Argyll Educational Trust Scheme,
1960|The objective of the fund is for the
advancement of education for children and
young people within the former County of
Argyll. This objective is met by the issuing of
grants to individuals and organisations.| 6 **Trust Funds** ## **Trustees’ Annual Report** Robert MacFie - The objective of the fund is for the advancement of education by providing a gold Dux medal to Oban High School. ## 3. **STRUCTURE AND GOVERNANCE** Argyll and Bute Council Trust Funds are registered with the Office of the Scottish Charity Regulator (OSCR). The trustees of all of the charities are the elected members of Argyll and Bute Council. The Chief Financial Officer is the designated officer within Argyll and Bute Council with responsibility for the proper administration of the charitable trust’s financial affairs. The Chief Financial Officer is responsible for keeping proper accounting records that are up to date and which ensure that financial statements comply with the Charities Accounts (Scotland) Regulations 2006. ## **Organisational Structure** The trustees (as the elected members of the council) meet once a year at the Annual General Meeting (AGM) to consider and approve the annual report and financial statements and any other business such as future plans and the reorganisation of trust funds. The trustees delegate the day to day administration of the charities to officers of the Council. The Council has established a range of committees with delegated powers to allow it to discharge its business effectively. This includes the management of charities. The Council has an approved constitution that governs the conduct of business by the Council and covers standing orders for meetings, a scheme of administration and delegation, financial and security regulations, contract standing orders and an ethical framework. ## **Related Parties** Trustees hold this position because they are elected members of Argyll and Bute Council. Argyll and Bute Council provides administration services to the Charity at no cost to the Trusts. ## **Risk Management** The Section 95 Officer of Argyll and Bute Council has taken the steps required by trustees to consider the major risks to which the charities are exposed, in particular those related to their operation and finance, and to be satisfied that systems are in place to mitigate the exposure to the major risks. 7 Trust Funds Argyll Trustees, Annual Report COUNCIL 4. MANAGEMENT OF FUNDS AND INVESTMENT POLICY The trustees rely on the expertise of Argyll and Bute Council to manage the investments to ensure the maximum return at the least risk to each charity. In this way, the income stream for the future benefit of each charity is proterted. The Section 95 OfFicer of the Council is responsible for securing the proper management of the investments of the Charity. The day-to-day management of investments is performed by external investment managers under a discretionary agreement. 5. PERFORMANCE Incorne corne5 frorn investrnent returns and any donations. Awards totalling £23,200 were made during thè year to 31 Marth 2024, awards wèrè disbursèd as follows.. Charity Name Awards Distributed during the year to 31 March 2024 Mccaig Trust £3,835 Kidston Park Trust £2,538 County of Argyll Educational Trust Scheme, 1960 £16,827 Total £23,200 6. FINANCIAL REVIEW ov0￿1•W The following charities are dormant.. Baillie Gillies Bequest Miss Anne Dickson Burgh Bequest Trust Funds Argyll Trustees, Annual Report COUNCIL In the year to 31 March 2024, Trust funds rèceived income and héld cash and bank balancès within the Council's Loans Fund (recorded as a debtor in the financial statementsl as follows.. Income frorn InvestmÈnts Income from Donatlons Cash and Bank Balante Charity Name Mccaig Trust 3,698 73,192 Third Marquess Of Bute's Silver Wedding Dowry 387 7,345 Bailliè Gillies Bequest 504 10,693 Kidston Park Trust 175 1,175 Miss Annie Dickson Burgh Bequest 211 4,495 Logie Baird Prize Fund 97 2,049 County of Argyll Educational Trust 22.761 185,020 Scheme. 1960 Total 27,833 283,969 Investrnents and Reserves The overall funds increased by £47,953. The reserves of the trusts at 31 March 2024 amount to £815,917. There is £250,683 in unrestricted Irevenuel funds and £565,234 in endowment Icapitall tunds. These funds are invested as follows.. 31-Mar-23 31-Mar-24 Investments ICCLA/Local Government Bonds) Cash and Bank hèld by Arbryll and Butè Council 488,628 279,336 767.964 521,914 246,050 767.964 531,948 283,969 815.917 565,234 250,683 815.917 Assets in Re5trirted Funds Assets in Unrestricted Funds Total Funds Trust Funds Argyll Trustees, Annual Report COUNCIL Reserves Policy Reserves are held by Argyll and Bute Council on behalf of each Trust and revenue income, generated from capital that has not been disbursed at 31 March each year, is invested in Argyll and Bute Council's Loans Fund. Trustees. Responslbllltles Statement The trustees are responsible for preparing the trustees, report and tha financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of thg charity and of the incoming resourc8S and application of resour¢es, of the ¢harity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the applicable Charities SORP,. make judgments and accounting estimates on a reasonable basis,. state whether applicable UK Accounting Standards have bèen followed, subject to any material departures disclosed and explained in the financial statements,. o prepare the financial statements on the going concern ba515 unless it is inappropriate to presume that the charity will continue in business. 7. CONCLU510N The reserves of all the Trust Funds increased by £47,953 in the year. In 23-24 the total value of grants awarded from Trust Funds amounted to £23,200. Since 2013-14 an audit is required to be carried out by the appointed auditor of Argyll and Bute Council in accordance with the requirements of tha Local Government Iscotlandl Act 1973. From 2022-23 these accounts are prepared as one group set of accounts following the guidance set out in OSCRS Guidance, A Guide to Charity Accounts Part l-The Ovèrvièw, which states in Séction 9- Connected Charities, that a single sgt of accounts can be prepared rather than individual ones where charities are connÈctÈd by having a common controlling body or administration. The appointed auditorofArgyll and Bute Council IS￿ andtheTrustees would like tothankthem for undertaking this task. 8. DECLARATION This report was signed on behalf of the Trustees on 24 September 2025 by.. Trustaé io Classification: OFFICIAL ## **Trust Funds Independent Auditors Report** ## **Independent auditor’s report to the trustees of Argyll and Bute OSCR Trusts and the Accounts Commission** ## **Report on the audit of the financial statements** ## **Opinion on the financial statements** We certify that we have audited the financial statements in the statement of accounts of Argyll and Bute OSCR Trusts (“the Charities”) for the year ended 31 March 2024 under Part VII of the Local Government (Scotland) Act 1973 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. The financial statements comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the accompanying financial statements: - give a true and fair view of the state of affairs of the Charities as at 31 March 2024 and of their incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005, and regulation 8 of The Charities Accounts (Scotland) Regulations 2006. ## **Basis for opinion** We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) (ISAs (UK)), as required by the Code of Audit Practice approved by the Accounts Commission for Scotland. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charities in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern basis of accounting** We have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 11 Classification: OFFICIAL ## **Trust Funds Independent Auditors Report** Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charities’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from when the financial statements are authorised for issue. ## **Responsibilities of the trustees for the financial statements** The trustees are responsible for the preparation of financial statements that give a true and fair view in accordance with the financial reporting framework, and for such internal control as the trustees determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charities’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees intend to discontinue the Charities’ operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud. Procedures include: - using our understanding of the local government sector and charity sector to identify that the Local Government (Scotland) Act 1973, the Charities and Trustee Investment (Scotland) Act 2005, and The Charities Accounts (Scotland) Regulations 2006 are significant in the context of the Charities; - inquiring of the Trustees as to other laws or regulations that may be expected to have a fundamental effect on the operations of the Charities; - inquiring of the Trustees concerning the Charities’ policies and procedures regarding compliance with the applicable legal and regulatory framework; - discussions among our audit team on the susceptibility of the financial statements to material misstatement, including how fraud might occur; and - considering whether the audit team collectively has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. 12 Classification: OFFICIAL ## **Trust Funds Independent Auditors Report** The extent to which our procedures are capable of detecting irregularities, including fraud, is affected by the inherent difficulty in detecting irregularities, the effectiveness of the [Charity's/Charities'] controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud are inherently more difficult to detect than irregularities that result from error as fraud may involve collusion, intentional omissions, misrepresentations, or the override of internal control. The capability of the audit to detect fraud and other irregularities depends on factors such as the skilfulness of the perpetrator, the frequency and extent of manipulation, the degree of collusion involved, the relative size of individual amounts manipulated, and the seniority of those individuals involved. A further description of the auditor’s responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Reporting on other requirements** ## **Other information** The trustees are responsible for the other information in the statement of accounts. The other information comprises the Trustees’ Annual Report. Our responsibility is to read all the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon except on the Trustees’ Annual Report to the extent explicitly stated in the following opinion prescribed by the Accounts Commission. ## **Opinions prescribed by the Accounts Commission on the Trustees’ Annual Report** In our opinion, based on the work undertaken in the course of the audit, the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements and that report has been prepared in accordance with the Charities SORP (FRS 102). ## **Matters on which we are required to report by exception** We are required by The Charity Accounts (Scotland) Regulations 2006 to report to you if, in our opinion: 13 Classification: OFFICIAL ## **Trust Funds Independent Auditors Report** - proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters. ## **Use of our report** This report is made solely to the parties to whom it is addressed in accordance with Part VII of the Local Government (Scotland) Act 1973 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, we do not undertake to have responsibilities to members or officers, in their individual capacities, or to third parties. For and on behalf of Forvis Mazars LLP 26 Mosley Street Newcastle Upon Tyne NE1 1DF 25 September 2025 14 Trust Funds COUNCIL statement of Financial Activities Third Maryuea8 Of 8Lrt•'1 County of Ar8yll Lo81* Baird Educatlonal Priz• Fund Tru9t S¢hem•. ATEMENT OF FINANCIAL Mijs Anni• Dickson ACTIVITIES FOR THE YEAR Idccalg Trust Kidston ENDING 31 MARCH 2024 Slfv•r Weddlng Bequest ParkTrust Bur8h Bequesi Total Fund8 2024 Total Funds 2024 Total FundJ 2024 Total Funds 2024 Total Fund8 2024 Total FuTrds 2024 Total Fund5 2024 Note Total INCOMING RESCOURCES Investmenr income from managed funds- Unrestritted Interest from short-rerm deposits- Unrestricted 43 13.915 14.036 3,621 344 503 175 211 97 8,846 13,797 Donated Setvices IAuditl 891 107 119 13 50 23 7.797 Total Incomini Resource 4589 494 623 261 120 30,558 36.83> REsOUR￿s EXPENOED Costs of generatingfundJ.' Investrnent managernent costs Auditfee 891 107 119 13 50 23 7,797 Charltabla ActlvY£l4s: Grants awarded 3,835 2.538 16,827 23.21X) Total Resour￿ Expended 726 107 119 1551 50 23 24.624 52.2LKI Net Incorninglloutgoingl Resources before Other Recogniied Gain81lLo8seJl 137 >87 1363 211 97 5,934 4,633 OTHER RECOGNISED GAINS AND ILOSSESI Unrealised gaindllossesl- Perrnanent Endowment Total Gains and ILosse51 on Inve•trnent A85ets 43,320 43,320 43,320 43.320 Nei Movement Fund$ 11371 387 Il3631 211 97 49,254 47,953 Total fund5 brou8ht forward- Unrestricted 45,791 8,358 7,189 2,538 1,336 1,752 179,086 246,050 Total funds brought forward- Permonenl Endowment 35.138 3.050 2,948 2(M) 478.578 521,914 Total fund¥ brought forward Funds Carried Forward- Unrestricted io 80,929 9.358 10,289 8,538 4,284 1,952 657,664 767.964 45.654 8.745 7.693 175 1.547 1,849 185.020 250,683 Funds Carried Forward- Permanenr Endowment 35,138 3,050 2.948 2(M) 521,898 565.234 Total funds carried forATard io 80.792 9.745 10.74> L175 4A95 2.049 706.918 815.917 15 Trust Funds COUNCIL statement of Financial Activities Th*d STATEMENT OF FINANCIAL County Marqu•ss 01 Birte's Si Weddknz m￿SAnni• ACTIVITIES FOR THE YEAR Loele Balrd Prize Fund Edueatlothal Trust Schem4 ENDING JI MARCH 1023 Trust rkTrurt Bur Beque BequESt Total Funds 1013 Total Funds 1023 Total Fund• 2023 Total Fundi 2013 Total Funds 1023 Total Funds 2023 Total Fundg 2023 Total INCOMINfj RE5COURCES Investmont incomefrom managed fund5- Unre5trirted InterE5t from 5h(xt-ter dwsts- Unrostrictod 45 13.915 14.037 144 198 70 83 38 3,534 5,536 Donatod IAudttl 667 79 87 30 36 i? 5,584 6,S(M) Total Inoomini R•soureas 2.113 285 loo 119 13.033 26.075 RESOURCF5 EXPENfiED Costs o18eneratlnifvnd5'. Audtt fee 667 79 87 36 17 5.584 Charfiable A¢ii¥kks'. Grarrtsaward 51x1 131 Total R•xowo•s ENpllnd•d 3,067 $79 87 161 36 17 22,384 26,331 Net In¢omlnEIIOutEokng) Rexourcei before oih•r R44wis•d fjains/lL•ssesl 18541 13111 193 ¥3 649 12581 OThER RECofjN￿EDCA1N$ AND ILOSSESI Unrealised gain511knsse51- Permanent EfjdowmeDt 118.8221 118.8221 Total Gaini and ILoss•s1 on IDveMmentAssets 118.8221 118.8221 N•t Mwem•Dt In Funds 811 198 61 18,173 19,080 Total funds brouahtforward- Unrestricted 46.645 8,669 6,991 2,599 1.253 1.714 178,437 246,308 Total funds brouEht for¥Jard- Perfftanent End(A¥ment 497 400 540 736 Total knndi broLthttor&Yard Fund5Catried Forward- nresthctod 81,783 9,669 10,041 3,599 4,201 1,914 675,837 787,1)44 45,791 8,358 7,189 2,538 1,336 1,752 179,086 246,050 FurKlsCatried Forward. Permanenr Erdowment 35.138 3,050 1.000 2(K> 478,578 521,914 Total lundi ￿lI1￿d lonvard 80.929 9a58 10.239 3.558 1.952 657.664 767.964 All incoming rosources and resources expended derive from continuing activities. The notes on pagos 19 to 26 form an integral part of these financial statements. 16 Trust Funds Balance Sheet c.ni INCTI, Balance Sheet as at 31 March 202 Third Marquess 01 BLrte Silver Weddino Dowry County of Argyll Edutatlonal Trust Scheme, 1960 Miss Annle Dickson Buruh 8equ88t Loule Baird Prize Fund Kidston Park 8eque8t Trust Mrcaig Trust Note Total Totsl Totsl Totsl Totsl Totsl Total Total Flxed A868ts Investments. UnrestrKted 2.4(K) 2,4 Inveslrnents_ Pem)arent E￿10￿￿n8nt Fu￿S 521898 529 498 TotalFix8dAssets 7,600 2,400 621,898 631,948 Cuffent Assets DEbl¢x (Cash at Bank at HaThJl - Unresthct 45,654 6,345 7,643 175 1,547 1,849 185,020 248,233 Debtrx IC8sh at B8nk and at Handl . Pertnanent En(kA￿￿t 2txi rotal CurrontAssets 73.192 7.345 lo,￿3 1,175 4,495 2.049 186,020 283.9 Culrent Lfiabllltles Ner Cumt Assets orUablllll¢s T3,1¥2 1.345 10.693 1.175 4.495 2,049 185.020 283, T¢>tal A5¥ets 706 918 815917 Funds of the Cha￿ty UNestricted Fur 45,654 8.745 7,693 175 1.547 1,849 185,￿20 2￿,683 2LMJ 521898 565 234 Total Charity Funds 706 918 81 917 17 Trust Funds Balance Sheet c.ni INCTI, Balance Sheet as at 31 March 2023 County of Argyll Eduutional Trust Scheme. 1960 Third marque￿ 01 Bute's Sllver Wedding Dowry Miss Annie Dlckson Burgh Bequest Total Logie Balrd Prvze Fund Kld8ton Park TYu$t Mccaig Tru$t Bequest Total No Total Total Total Total Total Total Fixed Amets IwNe5trnents. Un￿St[thd 2.4￿• Invaslrnants. P8rrnanent EtvJo%Thl Fur¥Js 418 578 486 178 rotal FixedAJsets 7.600 47&578 488.628 Current A38et¥ tlebtrx (Cash at Bank and at He[￿1- Unrestrict Deblu (Cash al B8nk and at HatKJI- Pertnanent ETrJo%wwit 45.791 7.139 1.752 179.086 243.6[￿• rotai CurrentAssets 73.329 6.958 10.189 4.284 1T9.086 279.336 Current Liabilities Ilet cUn￿t Assots or Liabilth 73.3 10.189 4.284 179.0 279.336 Total A88•ts Funds of the Chadty ur￿StriCted Funds 45,791 7,189 2,5 1.752 179,0 24fj,OXI 478 578 521914 Total Charity Fur￿5 18 ## **Trust Funds** ## **Notes to the Financial Statements** ## **1. Basis of Preparation** The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. ## **1.1. Basis of Accounting** The financial statements are prepared under the historic cost convention and in accordance with: - a) Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2019 - 2[nd] Edition); and the Financial Reporting Standard for Smaller Entities FRS102 - b) The Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **2. Accounting Policies** ## **2.1. Form of Financial Statements** - a) Unrestricted funds are those that may be used at the discretion of the trustees in the furtherance of the objects of the charity. - b) The permanent endowment funds are invested in perpetuity and derive an annual investment income which is available for distribution. ## **2.2. Incoming Resources** - a) All incoming resources are recognised and included in the Statement of Financial Activities when the charity becomes entitled to the resources; the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability. The following specific policies are applied to particular categories of income. - b) Income from investments is included in the year to which it relates. - c) Investments gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. - d) The value of the services provided free of charge by Argyll and Bute Council has not been included in the accounts but is described in the trustees’ annual report. 19 ## **Trust Funds** ## **Notes to the Financial Statements** ## **2.3. Resources Expended** a) All expenditure is included in the Statement of Financial Activities on an accrual basis and is recognised when there is a legal or constructive obligation to pay out resources. ## **2.4. Cash and Bank Balances** a) During the year the above short term deposits were held by Argyll and Bute Council, which manages the administration of the funds on behalf of the Trustees. The Council also acts as the banker for the charity and, as detailed below, all transactions incoming and outgoing are made via the Council’s accounts. No costs were incurred by the trust for this work. The balances are repayable on demand. Interest is payable on balances. b) As cash and bank balances are held as short term deposits with Argyll and Bute Council and are not in a standalone bank account, they appear on the Balance Sheet as a debtor. c) The debtor balance is split between those funds deemed to be unrestricted and those deemed to be permanent endowment. The unrestricted funds are available to be used for the charitable activities of the trust and the permanent endowment funds are held to generate income for the charitable activities. ## **3. Taxation** The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the expense to which it relates. ## **4. Trustee Remuneration, Expenses and Related Party Transactions** - (a) No remuneration or expenses were paid to charity trustees or persons connected to a trustee during the year (2022-23 - £0). - (b) The trust received interest of £13,797 (2022-23 £5,536) from Argyll and Bute Council on unrestricted reserves placed on short-term deposits and also from interest on investments of £14,036 (2022-23 - £14,037). All transactions incoming and outgoing are made via the Council’s accounts. - (c) There were no other transactions between the charity and any trustee or any connected person during the year (2022-23 - £0). 20 Trust Funds Notes to the Financial Statements rnI INelL Investment Income McCayTrust Th1￿ Marquess OfB￿e'S51￿erweddknZ Badli•Gillios KIdStr￿ ParkTrus Inierestorl ShO￿￿rM dep•s1ts- Invesbnents Argyll and Bule tounoil Inierestorl sho￿ts￿l dep•s1ts- Inveslrnertj and auto Ca￿ell Intorost on Short-ttrm &poits- Argyll at)d Biite Coun¢ Irfere￿ on shO￿t•rr￿ deposhs- InvestmEllts Argyl and ButoCouThtil Incame Inoorn• IrKom• Total Total Inrom• T•tal Totsl InvestmEntS 21)23 L469 1 199 200 UThrutrid•d 77 a.621 43 387 503 SQ4 175 175 Permnnent 2024 4,621 387 SIM 175 175 MhsAMle Dkkn Burth Bequest e Bakd Pth Fuvthl County ofAryWI Educathw￿l TnutSthem•, Short-torni from deposlts- knll Total lThv•slm•nts Ind Bul• CouThdl Intorn• Short4orrn from deposks- Inv•stm•nts Ar￿1 and Birtecoundl In￿rna Irom Inv•stm•nts lThteresi on ShDrt-term deposffts- Al￿11 nd ButeCcun(il T4xal T￿al T￿￿15 20ZS 13.915 *534 17.449 19J75 Unrestyi¢ted ui 97 13.915 &846 2Z.761 27￿5￿ Permanent ETrdowm•nt 211 15,915 22,761 27W8 21 Trust Funds Notes to the Financial Statements rnI INelL 6. Audit Fees The independent auditorfs fee is a donated service amounting to £9,00012022-23 £6,500). Grants Awarded Charity Name Mccaig Trust Kidston Park Trust Grants Awarded in year to 31 March 2024 £ 3,835 £ 2,538 £ 16.827 Number of Grants awarded County of Argyll Educational Trust Scheme 1960 Total 21 £23,200 23 22 Trust Funds Notes to the Financial Statements rnI INelL Fixed Asset Investments Thvd Marquess 01 Buto'i MlssAnn Dicknon Burgh BequESt County OfA￿lI Eduutional Tru51 Stheme. 1960 Gilli Bequest dsknTh Park M¢eaKeTrust Pyfjze Fund Toul W•dding c￿￿{m￿lket)ylIue * i W12021 478.578 48462• Add.. addltbnsto In}￿5￿ments atmst Le5s.' dlwsals at carrylng walue Addlldedurtl.. netlain￿O$s on revaluatyon 43.320 43.320 cwryvv41mark•tl￿Iu• *alMaroh2024 Ana￿$￿$01 Invesbhents 521,898 53&941 CCLA lTr¥estments 521.898 521.898 L(￿1 Government Bonds 2.4 10.050 T**1 1,898 23 Trust Funds Notes to the Financial Statements rnI INelL 9. Cash and Bank Balances During the year the above short term deposits were held by Argyll and Bute Council, which manages the administration of the funds on behalf of the Trustees. The Council also acts as the banker for the charity and, as detailed below, all transactions incoming and outgoing are made via the Council's accounts. No c05t5 were incurred by the trust for this work. The balances are repayable on demand. Interest is payable on balances. Mccai Trust Third Ma ues8 Of Bul•'8 Sil¥•r Kidston Park Trust P•rmanent Unrestri¢ted Endo¥mier Total Funds Porrnan•Tht Unrestrt¢ted Endowmetht Total Futhds P*rman•Tht Ur*estrfrted EThdowme Tot¥1 Funds P•rrn1n￿t UThrestrt¢ted Endowmert Totsl Funds Short-temi ¢kposrtswiih￿I and But• Coun￿1.. iApri12028 45,791 27,538 74329 958 7,139 8,050 ,189 2,5a8 Add= hdgements duringyear 3.6 387 387 504 504 175 175 ILe551=wtthdrawak duringyear 13.8351 18,8351 12.5381 12,$981 Gain511055e5 27.538 74192 3,050 10,698 175 IA75 24 Trust Funds Notes to the Financial Statements rnI INelL L le Balrd Pdze Fund Coun of n Educatlonal Trust Scheme 196 Perrnanent Totsl Permanent PerrnanErrt UDreFtrfjrtgd ¢ndow7n4rt T•lal FuDds Endowm•DI Totsl Fynd 5hort-tsmi deposhSwbth￿thl and Biire Council.. iApri12028 1.752 IP52 I79,￿6 I79,￿6 279,886 Add= kndgetnents duringyear 211 211 97 U7fA) 22,760 27,832 ILess)=wlthdrawa￿ durlnEvear 116.8261 116.8261 125.1gYI GalnsAos￿s "Cash and Bw*at31Mx¢h 2024 &947 'Cash and bank on above tables recorded as a debtor on the balanca sheet IA49 18>,020 283,969 25 Trust Funds Notes to the Financial Statements rnI INelL 10.Movement in Fund5 A￿11￿ Glllb•s Duwry UThr•Etrict•d P•rmanoTht Totsl Endowmeht Funds LlThr•strictsd Pdrnianont Endowment Tr*t31 Funds UThroEtrict•d P•rmanoTht Endowment Total Futhds UnrostriEtdd PorrnaThhint Ethdowment Total Funds Re¥enue Re¥enue Revenue Revenue 2023 45.791 35.138 80.9Z9 7.189 10239 Incomi 4.365 4.365 591 591 205 0￿1 4.502 4.>D2 79 87 Gai At31 Marrh 2024 45,654 85,138 $0,792 #,745 9,71S 7.69a 10,744 175 1,175 m￿Anni• Dir&¥oTh Burih iaei• B￿dPr￿• F￿d CouThtyof AryWI Edur•tDJnilTrust 5¢heme. 1960 urwes1riG￿d Permanent Revenue EDdwwnent Unrertrirkd PernwneTht Revenue EndowmeTht T•tsl Fund5 Unrestrirted Perrnanent Totsl ftevenue Endwment Totsl Funds Tot* At IAyil 2024 1,336 2.948 4,2S4 L752 1,9$2 179.OB6 478,578 657,664 767,964 IhGoffiI 247 247 114 28.345 34￿38 Oultol 36 36 17 17 22.411 29.700 GaiMI Lojs At31 m?￿h 2024 43,320 43,320 43,320 4547 4,495 185.020 521,898 74918 815P17 26