Picinisco Val Di Comino Millennium Foundation Report of the Board and Financial Statements for the Period 1 January 2022 to 5 September 2022 Charity Number: SC046730 Picinisco Val Di Cornino Millennium Foundation Index to the Financial Statements for the Period 1 January 2022 to 5 September 2022 Page Legal and Administrative Infomiation Report of the Board Report of the Independent Examiners Statement of Financial Activities Balan¢e Sheet Notes to the Finaneial Statements Picinisco Val Di Comino Millennium Foundation Legal and Administrative Infomiation for the Period 1 January 2022 to S September 2022 BOARD: PRINCIPAL ADDRESS.. scorrisH CHARITY NUMBER: SC046730 INDEPENDENT EXAMINER.. BANKERS: Allied Irish Bank IGBI 227 West George Street Glasgow G2 2ND Picinisco Val Di Comino Millennium Foundation Report of the Board for the Period 1 January 2022 to 5 September 2022 The Board present their report, together with the financial statements of the charity, for the period 1 January 2022 10 5 September 2022_ This report is prepared in accordanc8 with the Statement of Recommended Practi￿.. Accounting and Reporting by Charities preparing their accounts in accordance with FRS 102 and omplies with applicable law. REFERENCE AND ADMINISTRATIVE DETAILS The Picinisco Val Di Comino Millennium Foundation was incorporated as a Scottish Charitable InCorpo￿ted Organisalion ISCIO} on 20 July 2016. The Board, who are also charity trustees for the purposes of charity law, who served throughout the period and up to the date of this rew)rt are listecl on page 1_ Particulars of the principal address of the charity and details of its professional advisers are also listed on page 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document The charity is governed by its constitution which established the objects and powers of the charity. Recruitment and A ointment of Truste A person will not be eligible for election or appointment lo the Board if they are.. Disqualified from being a charity trustee under the Charities and Trustee Investment (Scotland) Act 2005,. or An employee of the organisation. Al each Annual General Meeting, the Members may elect any member to be a charity Irustee. The Board may al any time appoint any member lo be a charity trustee on the basis that they have a specialist experience andlor skill which could be of assistance to the organisation. At each Annual general Meeting, all of the charity trustees rnusl retire from office but may then be re-elecled. Or anisational Structu The Board who hold regular meetings generally control the activities of the ¢harity. Risk Assessment The Board has considered the major risks to which the charity is exposed and has reviewed those risks and estsblished systems and procedures lo manage those risks. A formal review of the charity's risk management processes is undertaken on an annual basis. OBJECTIVES AND ACTIVITIES The charity was established for the following purposes.. 1. To promote projects 3nd events to celebrate the first Millennium of Picinisco Val Di Comino in 2017 and to Conduct these activities in such a way as to recognise that".- 2. Piciniseo is a part of Val di Comino and that this Millennial celebration should be conducted so far as pr)ssible lo benefft the whole valley., 3. While the Foundation is based in Scotland, it must reach out and seek to Contact every nation to which emigration from Val di Comino has occurred,. 4. To prornote art, music and the culture of Val di Comino and the former Terra di Lavoro, of which Val di Comino forms part and to increase an understanding and awareness of the contribution made by the people of this area in Scotland, the UK and elsewhe￿ in the wortd. Picinisco Val Di Comino Millennium Foundatlon Report of the Board forthe Period 1 January 2022 to 5 September 2022 OBJECTIVES AND ACTIVITIES (ConLI 5. To be an enabling group and seek to a5SiSt others to achieve their own aspirations to celebrate and commemorate the Millennium providing these are in line with our objectives, 6. To promote Italian heritage, language & citizenship,. 7. To actively communicate with the Comune of Picinisco, the Pro Loco, othèr local orgsnisations in Val di Comino as well as the Church lo promote harmony., 8. To communicate our activities and other events via our electroni¢ newsletter & website to as wide an audience as possible that are interested in Italian culture., ACHIEVEMENTS AND PERFORMANCE We are pleased lo report that the restoration and high resolution photocopying of the Baptism, Marriage and Death Registers kept in San Lorenzo in Picinisco from the mid-1500s until the 1800s have been completed as has the indexation. This with the commissK)ning of the Millennium Stain glass window installed in S. Ro¢co in the piazza are fitting reminders of the value which the Piciniscan community abroad place on their town of origin and in keeping the connection alive. The Comune have given permission to mount a Commemorative plaque the wording of which is "To the chIld￿n of Pi¢inffsGo Over the Cou￿8 of8 £housandyears, succeeding generations ofpiciniscani hava b88n proud to represent the ftstU￿ of this great community. Now it is your turn, whether here or wherever in the world you may be, to cherish this enduring bond and to celebrate your good fortune in bging child￿n of P￿iniScO. This message comes courtesy of the generosity ofthe p&ople of PiGinisco, both at home and overseas, as part of ils 2017 millennium.- The remaining funds of £810 have been donated to 8 local charity. The Trustees wish again lo thank all those who contributed money, b.me or support in any way lo help us achieve OLJr aims. FINANCIAL REVIEW AND RESERVES POUCY There was no income re￿iVed during this period. Expenditure of £2,902 was incLtrred. Rèserves Polic There is no need lo hold any reserves as the charity is being wound up and all available fund5 have been spent. Picinisco Val Di Comino Millennium Foundation Report of the Board for the Period 1 January 2022 to 5 September 2022 STATEMENT OF TRUSTEES. RESPONSIBILITIES The twstees are responsible for preparing the Trustee5' Annual Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicablg to charities in Scotland requires the tru51ees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charFly and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustees a￿ required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudentr state whether applicable accounting standards have been followed, subject to any material departu￿$ disclosed and explained in the financial statèments-, prepare the financial ststemenls on the going concem basis unless it is inappropriate to presurne that the charity will continue in operation. The trustees ar¢ responsible for keeping proper accounting records that 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 (Scot12ndl Act 2005, the Charities Accounts Iscotlandl Regulations 2006 las amended} and the provisions of the charity's constitution. They are also responsible for safeguarding the 2ssets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Board on 10 O¢tober 2022 and signed on their behalf by.. Picinisco Val Di Comino Millennium Foundation Report of the Independent Examiner to the Board of Picinisco Val Di Comino Millennium Foundation I report on the accounts of the charity for the period 1 January 2022 10 5 September 2022 which are set out on pages 6 to 8. Respective responsibillties 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 (Scotlandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006 (as amended). The charity trustees consKler that the audit requirement of Regulation 1011) (al to Icl of the Ac¢ounls Regulations does not apply. It is my responsibility to examine the accounts as required urlder section 44111 (cl of the Act and to stale whether particular matters have come to my attention. Basis of independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts Iscotlandl Regulations 2006 las amendedl. 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 explanabons Irom the trustees concerning any such matters. The pro￿ureS unclertaken do not provide all the eviden￿ that would be required in an audit, and consequently I do not express an audit opinion the view 9iven by the accounts. Independent examiner's statement In the Course of my examinats"on, no matter has come to my attention 1. which gives rne reasonable cause to believe that in any material respect the requ1￿mentS.. lo keep accounting records in accordance with Section 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations las amended), and to prepare accounts which accord with the accounting records and comply with RegLtlation 8 of the 2006 Accounts Regulations las amendedl have not been me( or 2. to which, in my opinion, attention should be drawn in order to enable a proper understsnding of the accounts to be reached. Dated.. ID Picinisco Val Di Comino Millennium Foundation Statement of Financial Activities for the Period 1 January 2022 to 5 September 2022 Unrestricted funds 2022 Unrestricted funds 2021 Notes Income and endowments from: Sundry income Total incoming resources Expenditure on: Raising fvnds Chanlable activities 144 1,861 2,758 Total reSoU￿eS expended 2,902 2,077 Net outgoing resources 12,9021 {2,0771 Total funds brought fO￿a 2,902 4,979 Total funds ¢arried fomard 2,902 The notes on pages 8 form part of these financial statements Picinisco Val Di Comino Mlllennium Foundation Balance Sheet As at 5 September 2022 2022 2021 CURRENT ASSETS.. Cash al bank 8nd in hand Sundry debtors 3,862 1,590 1,590 3,862 CREDITORS: Amounts falling due within one year 11,5901 19601 NET CURRENT ASSETS 2,SX)2 NET ASSETS 2,9L12 FUNDS Unre51ri¢led funds 2,902 2,902 The financial statements were approved by the Board on 10 October 2022 and signed on their behalf by.. ecre ary The notes on pages 8 fomi part Df these financial statements Picinisco Val DI Comino Millennium Foundation Notes to the Financlal Statements for the Period 1 January 2022 to 5 September 2022 1. ACCOUNTING POLICIES Basis of accounting The financial ststements have been p￿Pared in accordance with applicable a¢¢ounling standards, the Charities Accounts Iscotlandl Regulations 2006 las amended) and the Statement of Recommended PractiTr.' Accounting and Reporting by Charities preparing their accounts in 8e¢ordance with FRS 102. The eharity has 8pplied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow ststemenl on the grounds that it is applying.FRS 102 Section 1A. The charity conslitules a public benefit enlily as defined by FRS102. Incoming resources All income is recognised when the charity is entitled to the inctsme. Expenditure All expenditure is included on an accnjals basis and is recognised when there is a legal or ¢onslructive obligation to pay for expenditu￿. All costs have been directly attributed lo one of the functional categories of reSoUr￿S expendecl in the Income and Expenditure 8c¢ounl. The ch8rity is not registered for Vat and accordingly expenditure is shown inclusive of Vat. Fund Accounting Unrestricted funds are available for use at the discretion of the tmstees in fvrtheran￿ of the general objectives of the charity. Restricted ftjnds are subjected to restrictions on their expenditure imposed by the donor or through the lemis of a grant. 2. CHARITABLE ACTIVITES 2022 2021 CommeFnorative Plaque Donations Bank charges Indèpendent exominerfs fee 1,5 810 68 300 1,289 92 2,768 1,861 3. BOARD AND RELATED PARTY TRANSACTIONS No membei of the Board reTrived any remuneration or were ￿l￿bursed any expenses during the current period or previous year.