2023-12-31-accounts - The Margaret Lindahl SCIO

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Annual Report

for the Year Ended 31 July 2023

for

The Margaret Lindahl SCIO

Scottish Charity No SC050363

The Margaret Lindahl SCIO

Index to the Annual Report for the year ended 31 July 2023

	Page
Report of the Trustees	2 - 3
Responsibilities of the Trustees	4
Report of the Independent Examiner	5
Statement of Financial Activities	6
Balance Sheet	7
Accounting Policies	8
Notes to the Accounts	9

The Margaret Lindahl SCIO

Report of the Trustees for the year ended 31 July 2023

The Trustees presents its report together with the charity’s financial statements for the year ended 31 July 2023.

Objectives and Activities

Objectives

The objectives of the charity, as described in the constitution, are:

The prevention or relief of poverty;
The advancement on education;
The advancement of health;
The saving of lives;
The advancement or citizenship or community development;
The advancement of the arts, heritage, culture or science;
The advancement of public participation in sport;
The provision of recreational facilities, or the organisation of recreational activities, with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended; and
The relief of those in need by reason or age, ill-health, disability, financial hardship or other disadvantage;
In particular through the provision of financial support (in furtherance or one or more of the above purposes) to projects, initiatives and/or organisations which benefit disadvantaged children.

Activities

Review of projects, initiatives and or/organisations to determine where the funds should be distributed to.

Achievements and performance

During the year the trustees have continued to review where the funds are to be distributed to. At the year end, no funds had yet been distributed and all activities relate to the administration of the fund.

Financial Review

The financial statements for the year to 31 July 2023 follow this report.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to its operations, finances and reputation. The Trustees do not believe that there are any major financial risks to which the charity is exposed.

Reserves Policy

Due to the nature of the charity the Trustees have examined the charity’s requirements to maintain unrestricted reserves and have ascertained that no unrestricted reserves are required to be held.

At the balance sheet date, funds for general purposes stood at £Nil and restricted funds totalled £224,693.

Plans for Future Periods

The trustees are continually reviewing projects, initiatives and organisations to allow the funds to be distributed in line with the charitable objectives.

Structure, Governance and Management

Governing Document

The charity was established in 2020 and is governed by its Constitution.

Trustee’s induction and training

New trustees are briefed on the objectives of the charity and are provided with a copy of OSCR publication – Guidance for Charity Trustees ‘acting with care and diligence’.

Organisation

The charity is administered under the supervision of the Trustees which meets regularly. Day to day administration is carried out by Burness Paull LLP.

The Margaret Lindahl SCIO

Report of the Trustees for the year ended 31 July 2023

Reference and Administration Information

Charity name: The Margaret Lindahl SCIO Scottish charity number: SC050363 Contact address:

Trustees

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Independent Examiner MMG Chartered Accountants Chapelshade House 78-84 Bell Street Dundee DD1 1RQ Solicitors Burness Paull LLP 1 Union Wynd Aberdeen AB10 1DQ

Approved by the Trustees and signed on its behalf by:

Burness Paull LLP Union Plaza 1 Union Wynd Aberdeen AB10 1DQ 4 October 2023

The Margaret Lindahl SCIO

Responsibilities of the Trustees for the year ended 31 July 2023

Trustee’s responsibilities for the preparation of accounts

The members of the Trustees are responsible for preparing the Report of the Trustees and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these accounts, the Trustees are 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 prudent;
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Margaret Lindahl SCIO

Independent Examiner’s Report to the Trustees for the year ended 31 July 2023

I report on the financial statements of The Margaret Lindahl SCIO for the year ended 31 July 2023 as set out on pages 6 to 9.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner’s statement

In the course of my examination, no matter has come to my attention :

1 which gives me reasonable cause to believe that, in any material respect, the requirements

to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations

have not been met, or

2 to which, in my opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached.

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MMG Chartered Accountants Chartered Accountants 78-84 Bell Street Dundee DD1 1RQ

4 October 2023

The Margaret Lindahl SCIO

Statement of Financial Activities for the year ended 31 July 2023

				Total	Total
		Unrestricted	Restricted	Funds	Funds
	Notes	funds	funds	2023	2022
		£	£	£	£
Income and endowments from:
Donations and legacies		-	-	-	-
Investments		-	-	-	-
Total income		-	-	-	-
Expenditure on:
Charitable activities	1	-	10,829	10,829	5,615
Total expenditure		-	10,829	10,829	5,615
Net movement in funds		-	(10,829)	(10,829)	(5,615)
Reconciliation of funds:
Total funds brought forward	5	-	235,522	235,522	241,137
Total funds carried forward	5	-	224,693	224,693	235,522

CONTINUING OPERATIONS

None of the charity’s activities were acquired or discontinued during the current and previous years.

TOTAL RECOGNISED GAINS AND LOSSES

The charity has no recognised gains or losses other than the surplus for the current and previous years

The notes on pages 8 to 9 form part of these accounts

The Margaret Lindahl SCIO

Balance Sheet as at 31 July 2023

Unrestricted Restricted Notes funds funds £ £ Current Assets: Bank balances - 227,957	Total Funds 2023 £ 227,957	Total Funds 2022 £ 238,558
Total current assets - 227,957	227,957	238,558
Current liabilities: Falling due within one year 3 - (3,264)	(3,264)	(3,036)
Net current assets - 224,693	224,693	235,522
Net assets - 224,693	224,693	235,522
Funds of the charity: Unrestricted funds: General Fund 5 Restricted funds: Legacy Fund 5	- 224,693 224,693 224,693	- 235,522 235,522 235,522

Approved by the Trustees of The Margaret Lindahl SCIO and signed on its behalf by:

Burness Paull LLP Union Plaza 1 Union Wynd Aberdeen AB10 1DQ

4 October 2023

The notes on pages 8 to 9 form part of these accounts

The Margaret Lindahl SCIO

Accounting Policies

for the year ended 31 July 2023

1 . Accounting Policies

The following accounting policies have been applied in dealing with items which are considered material in relation to the charity’s accounts

Basis of preparation

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

Funds

All income and expenditure is dealt with through the Statement of Financial Activities. Funds are classified as restricted or unrestricted funds defined as follows:

(i) Restricted funds are funds subject to specific requirements as to their use, which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity.
(ii) Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity.

Incoming resources

Income is recognised when the charity has the entitlement to funds, any performance conditions attached to the item of income has been met, it is probable that the income will be received and the amount can be measured reliably.

Donations, are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following confirmation when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Resources expended

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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Taxation

The Margaret Lindahl SCIO is recognised as a charity for the purposes of applicable taxation legislation and is not, therefore, subject to taxation on its charitable activities. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT.

The Margaret Lindahl SCIO

Notes to the Accounts

for the year ended 31 July 2023

Unrestricted Restricted Total Funds Funds 2023 £ £ £ 1. Charitable Expenditure Administration fees - 7,565 7,565 Accountancy fees - 1,845 1,845 Independent examination - 1,419 1,419 - 10,829 10,829 2. Trustees Remuneration No trustee received any remuneration or expenses during the year (2022 - £nil). 3. Current liabilities 2023 £ Accruals 3,264 4. Analysis of Net Assets between funds Unrestricted Restricted £ £ Current Assets - 227,957 Current Liabilities - (3,264) - 224,693 2022 comparatives Current Assets - 238,558 Current Liabilities - (3,036) - 235,522 5. Movements in Funds At 1 August Incoming Outgoing 2022 Resources Resources Transfers £ £ £ £ Restricted Funds Legacy Fund 235,522 - (10,829) - Total Funds 235,522 - (10,829) - At 1 August Incoming Outgoing 2021 Resources Resources Transfers £ £ £ £ Restricted Funds Legacy Fund 241,137 - (5,615) - Total Funds 241,137 - (5,615) -	Total 2022 £ 2,579 1,716 1,320 5,615 2022 £ 3,036 Total £ 227,957 (3,264) 224,693 238,558 (3,036) 235,522 At 31 July 2023 £ 224,693 224,693 At 31 July 2022 £ 235,522 235,522	Total 2022 £ 2,579 1,716 1,320 5,615 2022 £ 3,036 Total £ 227,957 (3,264) 224,693 238,558 (3,036) 235,522 At 31 July 2023 £ 224,693 224,693 At 31 July 2022 £ 235,522 235,522

		224,693
		At 31 July 2022 £ 235,522
		235,522

Nature and purpose of funds:

Legacy Fund - to meet the day to day operating expenses of the charity and to provide support in furtherance of the charity’s objects.