REGISTERED CHARITY NUMBER: SC030680 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 for Institute of Contem ora Scotland SCIO Mackay & Co Chartered Accountants Unit 8 Golspie Business Park Golspie Suthedand KW10 SUB
Institute of Contem ora Scotland SCIO Contents of the Financial Statements for the Year Ended 31 December 2023 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7 to 12 Detailed Statement of Financial Activities 13 to 14
Institute of Contem ora Scotland SCIO Re ort of the Trustees for the Year Ended 31 December 2023 The trustees present their report with the financial statements of the charity for the year ended 31 Bember 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The main objects are.. To promote for the benefrt of the public the study of and research into all aspects of contemporary Scotland. including in particular social. economic and cultural aspects- To create for the public benefit an independent, socially inclusive. non-political resource for Ihe intellectual and cultural advancement of Scotland: to stimulate awareness and discussion of social, economic and cultural issues affecting Scotland and Scots through education and educational initiatives., To promote by the organisation of meetings and lectures and the publication of papers the exchange and dissemination of knowledge on matters of local and national importance., To encourage people across Scotland to participate in initiatives which will seek to broaden their social. economic and cultural horizons and foster education in and Ihrough such initiatives-, To sponsor research into matters of local and national importance wilh the aim of educating the people of Scotland and encouraging discussion and debate. Signrficant activities strategies to achieve Ihe charty's objectives are - Publishing the Scottish Review. Assisting in the organising and running of events in furtherance of the aims of the charity. ACHIEVEMENT AND PERFORMANCE Charitable activities Scottish Review ICS'S joumal, the Scottish Review, was re-launched in 2008 as a weekly online current affairs magazine, combining commentary, essays and reportage. Praised as 'the indispensable online magazine, (Herald) and 'the enterprising Scottish Review, {Guardian). SR is a rare independent voice in a media increasingly dominated by a few powerful players. It is in no sense a political magazine (though it has plenty to say about the state of Scotland)- It is passionate about causes, but owes allegiance to no ideology or orthodoxy. Most of all, it is a champion of intellectual freedom. In 2009. a Friends of the Scottish Review scheme was launched. This enables supporters of the magazine to give an annual donation towards ICS'S running costs in publishing it. The scheme has proved Sucssful. Page 1
Institute of Contem ora Scotland SCIO ort of the Trustees for the Year Ended 31 December 2023 FINANCIAL REVIEW Reserves policy The trustee5 have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Unrestricted reserves are needed to bridge the funding gaps btheen spending on productions and events and receiving resources through donations and subscriptions that provide funding. Reserves are also held to cover possible emefgencies. The trustees therefore consider that the ideal level of fr88 reserves as at 31 Dernber 2023 would be £30,000. This would allow the charity to conts'nue to operate for at least one year without any new sources of funding. The actual unrestrided reserves at 31 Dember 2023 wer8 £13,490. FUTURE PLANS The board are in the process of winding down the charity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Charity 15 a Scottish Charitsble Incorporated Organisation ia SCIO). 11 was registered in its current legal form on 16 January 2015. The charity was previously a company limited by guarantee, but changed ils legal form to a SCIO. The assets of the company were transferred to Ihe SCIO on the 16 January 2015. It has a single tier structure and as such Ihe trustees are the members of the charity. Recrultment and appointment of new trustees New trustees are appointed by the members and undergo an appropriate induction programme to brief them on thelr obligations under charity law and on the financial performance of the charity. Organisatlonal structure The trustees meet regularly to administer the charity- The management of the day to day operations of the charity is delegated to 151ay McLeod, secretary of the Institute. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC030680 Principal addrÈss es Page 2
Institute of Contem ora Scotland SCIO Re rt of the Trustees for the Year Ended 31 De¢ rnber 2023 REFERENCE AND ADMINISTRATIVE DETAILS Inde endent Examiner Mac ay Chartered Accountsnts Unit 8 Golspie Business Park Golspie Sutherland KVV10 6UB Approved by order of the board of trustees on behalf by= Page 3
Inde endent Examiner's Re ort to the Trustees of In Itute of Contem ora Scotland SCIO I report on the aocounts for the year ended 31 December 2023 set out on pages five to twelve. Respective responsibilities of trustees and exarniner The charty's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charitie5 and Trustee Investment (scotnd) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amerKled)- The charity's trustees consider that the audit requirement of Regulation 10(11(a) to (c) of the Accounts Regulations doe5 not apply. It is my responsibility to examine the accounts as required under Seclion 44(1)(c) of the Act and to state whether particular matters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance wth Regulation 11 of the Charilies Accounts (Scotland) Regulations 2006. 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 rtems or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and nsequentlY I do not express an audit opinion on the view given by the accounts. Independent examinerfs statement In connection with my examination, no matter has come to my attention {1) which gives me reasonable cause to beli8ve Ihal, in any material respect, the requirements to keep accounting records in accordance vrth Section 44(1){a) of the 2005 Act and Regulation 4 of the 2006 Accounls Regulations., and to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulats'ons have not been met,. or (21 to which, in my opinion. attention should be drawn In order to enable a proper understanding of the acco Mackay & Co Chartered Accountants Unit 8 Golspie Business Park Golspie Sutherland KW106UB Date: ..... Page 4
Institule of Contem ora Scotland SCIO Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,430 2,430 30,719 other trading activitie5 1,724 1,724 1,674 Total 4.154 4,154 32,393 EXPENDITURE ON Charitable activities General 29,587 29,587 33,144 other 1,000 Total 29.587 29,587 34.144 NET INCOMEI{EXPENDITUREI (25.433) {25,433) (1.7511 RECONCILIATION OF FUNDS Total funds brought fOard 38,923 275 39,198 40,949 TOTAL FUNDS CARRIED FORWARD 13,490 275 13,765 39,198 The notes form part of these financial slatements Page 5
Institute of Contem ora Scotland SCIO Balance Sheet 31 December 2023 31.12.23 Total funds 31.12.22 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Intangible assets Tangible assets 25 25 38 26 26 39 CURRENT ASSETS Debtors Cash at bank 905 39,104 14,314 275 14,589 14.314 275 14,589 40,009 CREDITORS Amounts falling due within one year {8501 (850) {850) NET CURRENT ASSETS 13.464 275 13,739 39,159 TOTAL ASSETS LESS CURRENT LIABILITIES 13.490 275 13,765 39.198 NET ASSETS 13,490 275 13,765 39,198 FUNDS Unrestricted funds Restricted funds 13,490 275 38,923 275 TOTAL FUNDS 13,765 39,198 The financial statements were approved by the Board of Trustees and authorised for issue on ¥...a.KW*w.4 2oLYand wer8 signed on its behalf by.. The notes form part of these financial statements Page 6
Institute of Contem ora Scotland SCIO Notes to the Financial Statements for the Year Ended 31 December 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} (effective 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities and Trustee Investment (Scotland} Act 2005. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to Ihe funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with Ihe use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery at variable rates on reducing balance Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 7 continued...
Institute of Contem ora Scotland SCIO Notes to the Financial Statements - continued for the Year Ended 31 December 2023 OTHER TRADING ACTIVITIES 31.12.23 31.12.22 Book sales Young Writer prize money In Case ofAny News- sales 1.640 1,640 34 1,724 1,674 TRUSTEES. REMUNERATION AND BENEFITS 31.12.23 31.12.22 TTUStees' fees 12,000 12,000 Trustees, expenses There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 30.719 30,719 Other trading activities 1,674 1,674 Total 32,393 32,393 EXPENDITURE ON Charitable activities General 33.144 33,144 Other 1,000 1.000 Total 34,144 34,144 NET INCOMEI{EXPENDITURE) {1,751) 11.751) RECONCILIATION OF FUNDS Total funds brought forward 40,674 275 40.949 TOTAL FUNDS CARRIED FORWARD 38,923 275 39,198 Page 8 continued...
Institute of Contem ora Scotland SCIO Notes to the Financial Statements - continued for the Year Ended 31 December 2023 INTANGIBLE FIXED ASSETS Goodwill COST At 1 January 2023 and 31 Dember 2023 NET BOOK VALUE At 31 DerEmber 2023 At 31 December 2022 The above represents the cost to the company of the journal 'The Scottish Review" and is considered to be the best estimate of value. The trustees recognise that "The Scottish Revievl, may be developed as a separate source of revenue. TANGIBLE FIXED ASSETS Plant and machinery COST At 1 January 2023 and 31 December 2023 14,570 DEPRECIATION At 1 January 2023 Charge for year 14,532 13 At 31 December 2023 14,545 NET BOOK VALUE At 31 December 2023 25 At 31 December 2022 38 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other debtors 905 Page 9 continued...
Institute of Contem ora Scotland SCIO Notes to the Financial Statements - continued for the Year Ended 31 December 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.23 31.12.22 Other creditors 850 850 MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 38,923 (25.433) 13,490 Restricted funds Young Scotland Programme 275 275 TOTAL FUNDS 39,198 125,433) 13,765 Net movement in funds, included in the above are as follows-. Incoming ResOurS Movement resources expended in fund5 Unrestricted funds General fund 4,154 {29,587) (25,4331 TOTAL FUNDS 4,154 {29,587) (25,4331 Comparatives for movement in funds Net movement in funds At 31.12.22 At 1.1.22 Unrestricted funds General fund 40,674 (1,751) 38,923 Restricted funds Young Scotland Programme 275 275 TOTAL FUNDS 40,949 (1,751) 39,198 Page 10 continued...
Institute of Contem ora Scotland SCIO Notes to the Financial Statements - continued for the Year Ended 31 December 2023 MOVEMENT IN FUNDS- continued Comparative net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds General fund 32,393 (34.144) (1,751) TOTAL FUNDS 32,393 (34,144) {1,751) A current year 12 months and prior year 12 months combined position is as follows= Net movement in funds At 31.12.23 At 1.1.22 Unrestricted funds General fund 40,674 {27,184} 13,490 Restricted funds Young Scotland Pro9ramme 275 275 TOTAL FUNDS 40.949 (27,184) 13.765 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows= Incoming Resour$ Movement re50ur¢es expended in funds Unrestricted funds General fund 36,547 {63,731) (27,184) TOTAL FUNDS 36.547 (63,731) (27.184) Page11 ontinued...
Ins itute of Contem ora Scotland SCIO Notes to the Financial Statements - continued for the Year Ended 31 December 2023 10. RELATED PARTY DISCLOSURES During the year to 31 December 2023. £12,000 was paid to - a trustee of the charity £12,000 was also paid to urIng the previous year to 31 December 2022. Page 12
Institute of Contem ora Scotland SCIO Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 INCOME AND ENDOWMENTS Donations and legacies Donations Gift aid 1,984 446 29,912 807 2,430 30.719 Other trading activities Book sales Young Vvriter prize money In Case of Any News- sales 1,640 1,640 1,724 1,674 Total incoming resources 4,154 32,393 EXPENDITURE Charitable activities Trustees, fees Editorial fees Telephone Prizes E-book formatting 12.000 7,650 1,747 1,200 260 12,000 9,980 1,843 900 66 22,857 24,789 Other Donalions 1,000 Support costs Finance Bank charges 191 428 Other Rent, rates, heal and light Insuran Sundries Depreciation - plant & machinery 3.649 5,207 123 1,708 19 2,007 13 5,669 7,057 This page does not form part of the statutory financial statements Page 13
Institu e of Contem ora Scotland SCIO Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 other Governance costs Accountancy and legal fees 870 870 Total resources expended 29,587 34,144 Net expenditure {25,433} (1.751) This page does not form part of the statutory financial statements Page 14