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REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED |
31 MARCH 2018 |
FOR |
THE PAIRC TRUST |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED |
31 MARCH 2018 |
FOR |
THE PAIRC TRUST |
THE PAIRC TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
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Page |
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Report of the Trustees | 1 to 3 |
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Independent Examiner's Report | 4 |
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Statement of Financial Activities | 5 |
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Balance Sheet | 6 to 7 |
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Notes to the Financial Statements | 8 to 15 |
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THE PAIRC TRUST |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2018 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with |
the financial statements of the charity for the year ended 31 March 2018. The trustees have adopted the provisions of |
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their |
accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) |
(effective 1 January 2015). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The main objectives of the charity are:- |
- to conserve and regenerate the Pairc area of the Isle of Lewis through social and environmental works for the benefit of |
the Pairc crofting community; |
- to relieve poverty and provide help for the aged, handicapped and infirm and to act otherwise for the benefit of persons |
of all ages and to advance education and other charitable purposes beneficial to the community; |
- to provide or promote the provision of housing for people in necessitous circumstances and also specially designed or |
adapted housing as may be required for handicapped or disabled or infirm persons of any age; |
- to develop or promote the development of infrastructure for the benefit of the general public and the community to |
improve communications and related facilities throughout the Pairc area including piers, harbours, roads and bridges. |
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Significant activities |
Pairc Trust employs a full time Estate Officer Manager who maintains the processes to effectively manage the Estate. |
This includes managing in-house the crofting administration as well as exploring new development and |
income-generating opportunities, to benefit the people of Pairc. During this accounting period the staffing structure was |
reduced from two full time posts (Development Manager + Admin Assistant) to one full time post (Estate Office |
Manager). |
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Volunteers |
The contribution of volunteers (including directors, members and individuals from the community) has been, and |
continues to be, of immense benefit to the charity. |
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ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year, the charity: |
- Continued to operate its 4 subgroups in the areas of Renewables, Crofting, Housing & Tourism |
- Negotiated and reviewed the leases of current and prospective lease holders on the estate |
- Acted as factor of the estate and dealt with any crofting issues as they arose |
- Improved the walkways at Cromore & Steimreway and created a new picnic area at Orinsay |
- Addressed issues of Rural Health by starting a programme of regular Health Walks |
- Investigated areas available for housing plots and continued to work on the Housing project in Gravir |
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Internal and external factors |
The charity is partially dependent upon the continuing support of public funding agencies to assist in the ongoing delivery |
of the aims and objectives of the trust. |
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FINANCIAL REVIEW |
Principal funding sources |
The charity is partially reliant on grants in order to employ one member of staff on a full time basis. Funding for the posts |
has come from a combination of the trusts own income from the estate assets and a grant from the Muaitheabhal Wind |
Farm Trust. Full details of the charity's principal funding sources are included in notes 2 and 3 of the financial statement. |
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Investment policy and objectives |
The charity's reserves are maintained in interest bearing bank accounts as the current level of reserves are required to |
meet the trust's short term operational requirements. |
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Reserves policy |
During the year the charity's incoming resources exceeded resources expended resulting in a surplus of £38,754 for the |
period (2017 - deficit of £11,377).As a result Unrestricted reserves have increased to £11,195 and Restricted funds |
increased to £527,304. |
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FUTURE PLANS |
The charity's main objectives over the following year will be to increase its income and progress towards becoming a |
self-sustainable organisation, whilst improving the quality of life for all residents and crofters in the Estate. |
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THE PAIRC TRUST |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2018 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The trust is a charitable company limited by guarantee, incorporated on 19 December 2003 and registered as a charity |
with effect from 19 December 2003. The company was established under a Memorandum of Association which |
established the objects and powers of the charitable company and is governed under its Articles of Association. In the |
event of the company being wound up members are required to contribute an amount not exceeding £1. |
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Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law. |
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Under the terms of the Memorandum and Articles of Association the Elected Directors are appointed by the whole body |
of members at the Annual General Meeting. One third of the Elected Directors must retire by rotation at each Annual |
General Meeting. |
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The Board may also invite any Nominated Member of the company to nominate representatives to be appointed as |
Nominated Directors. Nominated Directors do not require to retire by rotation. |
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Organisational structure |
The board consists of voluntary directors who manage the affairs of the charity through regular board meetings. The |
charity has reviewed its internal operational structure to assist in the effective management of the organisation. The |
board members are heavily involved in the day to day operations of the charity. The charity employs a full time Estate |
Office Manager who assists in the implementation of decisions from the board. |
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Induction and training of new trustees |
The charity undertakes training for trustees to ensure awareness and understanding of:- |
- the responsibilities of directors; |
- the organisational structure of the charity; |
- the financial position of the charity; and |
- the future plans and objectives of the charity. |
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Wider network |
The charity has established links with other organisations and agencies to foster the aims and objectives of the |
organisation. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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Trustees |
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- resigned 17.8.17 |
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- resigned 19.3.18 |
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- appointed 1.6.17 |
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- appointed 30.5.18 |
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- appointed 1.3.18 |
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Appointed Trustee |
I Maclennan on behalf of Co-Chomunn na Pairc - appointed 1.9.17 |
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THE PAIRC TRUST |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MARCH 2018 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Company Secretary |
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Independent examiner |
Calum Macdonald |
Chartered Accountant/ICAS |
CIB Services |
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63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
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Bankers |
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Delf House |
Southway |
Skelmersdale |
WN8 6WT |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to |
small companies. |
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Approved by order of the board of
trustees
on
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
THE PAIRC TRUST |
I report on the accounts for the year ended 31 March 2018 set out on pages five to fifteen. |
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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's 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. |
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Basis of the independent examiner's report |
My examination was 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 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 consequently I do not express an audit opinion on the view given |
by the accounts. |
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Independent examiner's statement |
In the course of my examination, no matter has come to my attention: |
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(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the
2006 Accounts Regulations; and |
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to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the
2006 Accounts Regulations |
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have not been met; or |
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(2) |
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts
to be reached. |
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Calum Macdonald |
Chartered Accountant/ICAS |
CIB Services |
Chartered Accountants |
63 Kenneth Street |
Stornoway |
Isle of Lewis |
Western Isles |
HS1 2DS |
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15 November 2018 |
THE PAIRC TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 MARCH 2018 |
31.3.18 | 31.3.17 |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Charitable activities | 4 |
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Investment income | 3 |
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Other income |
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Total |
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EXPENDITURE ON |
Charitable activities |
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NET INCOME/(EXPENDITURE) |
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( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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499,745 |
THE PAIRC TRUST |
BALANCE SHEET |
AT 31 MARCH 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
( |
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( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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FUNDS | 15 |
Unrestricted funds | 11,195 | 256 |
Restricted funds |
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499,489 |
TOTAL FUNDS |
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499,745 |
THE PAIRC TRUST |
BALANCE SHEET - CONTINUED |
AT 31 MARCH 2018 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 March 2018. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 March 2018 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act |
2006 relating to charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
on
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of |
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting |
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies |
Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements are prepared in sterling which is the functional currency of the charity. |
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The trustees consider that there are no material uncertainties about the charity's ability to continue as a going |
concern. The trustees also consider that there are no significant areas of judgements, estimates or key |
assumptions that affect items in the accounts. |
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Reconciliation with previous Generally Accepted Accounting Practice |
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by |
FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was needed. The policies applied |
under the charity's previous accounting framework are not materially different to FRS 102 and have not impacted |
on fund balances or net income/(expenditure). Accordingly no restatements were required. |
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Financial reporting standard 102 - reduced disclosure exemptions |
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as |
permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
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- | the requirements of Section 7 Statement of Cash Flows. |
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Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is |
probable that the income will be received and the amount can be measured reliably. |
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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 the 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 the use of |
resources. |
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Charitable activities |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its objects and activities. It |
includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary |
to support them. The allocation of direct and support costs are analysed in the notes to the financial statements. |
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Governance costs |
Governance costs include those costs associated with meeting the constitutional and statutory requirements of |
the charity and include accountancy fees and costs linked to the strategic management of the charity. |
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Allocation and apportionment of costs |
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis |
designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are |
apportioned on an appropriate basis e.g. estimated usage. |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Land & Buildings |
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Fixtures and fittings |
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Office equipment |
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Tangible fixed assets are stated at cost less accumulated depreciation. The costs of minor additions or those |
costing below £100 are not capitalised. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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Designated funds are unrestricted funds earmarked by the trustees for particular purposes. |
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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. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable |
company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
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2. | DONATIONS AND LEGACIES |
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31.3.18 | 31.3.17 |
£ | £ |
Donations |
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Other income | 489 | - |
Wayleaves | 7,881 | - |
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3. | INVESTMENT INCOME |
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31.3.18 | 31.3.17 |
£ | £ |
Rents received |
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Bank account interest |
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All investment income arises from assets held within the UK. |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
4. | INCOME FROM CHARITABLE ACTIVITIES |
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31.3.18 | 31.3.17 |
Activity | £ | £ |
Grants | Charitable activities | 56,490 | 119,816 |
Capital receipts | Charitable activities | - | 25,100 |
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Grants received, included in the above, are as follows: |
31.3.18 | 31.3.17 |
£ | £ |
Highlands & Islands Enterprise | 12,821 | 68,728 |
Comhairle nan Eilean Siar | - | 372 |
Scottish Land Fund | 20,621 | 7,728 |
Keeping Scotland Beautiful | - | 954 |
Scottish Government | - | 9,533 |
Western Isles Development Fund | - | 10,000 |
Energy Saving Trust | - | 14,641 |
Tesco | 2,000 | 6,000 |
Scottish Landfill Communities Fund | - | 1,860 |
Scottish Community Alliance | 860 | - |
Third Sector Hebrides | 4,990 | - |
Muaitheabhal Community Windfarm Trust | 15,198 | - |
56,490 | 119,816 |
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5. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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31.3.18 | 31.3.17 |
£ | £ |
Depreciation - owned assets |
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6. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 March 2018 nor for the year ended |
31 March 2017 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2018 nor for the year ended 31 March 2017 . |
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7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
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31.3.18 | 31.3.17 |
Charitable activities | 2 | 2 |
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No employees received emoluments in excess of £60,000. |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Charitable activities |
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Investment income |
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Total |
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EXPENDITURE ON |
Charitable activities |
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Total |
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NET INCOME/(EXPENDITURE) |
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( |
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( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | - | 511,122 | 511,122 |
TOTAL FUNDS CARRIED FORWARD | 256 | 499,489 | 499,745 |
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9. | TANGIBLE FIXED ASSETS |
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Land &
Buildings |
Fixtures and
fittings |
Office
equipment |
Totals |
£ | £ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
10. | FIXED ASSET INVESTMENTS |
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Shares in
group undertakings |
£ |
MARKET VALUE |
At 1 April 2017 and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 | 100 |
At 31 March 2017 | 100 |
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There were no investment assets outside the UK. |
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The company's investments at the balance sheet date in the share capital of companies include the following: |
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Nature of business : Dormant |
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% |
Class of share: | holding |
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31.3.17 |
£ | £ |
Aggregate capital and reserves |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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VAT |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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31.3.18 | 31.3.17 |
£ | £ |
Other loans (see note 13) |
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Trade creditors |
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Social security and other taxes |
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VAT | 699 | - |
Accrued expenses |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
13. | LOANS |
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An analysis of the maturity of loans is given below: |
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31.3.18 | 31.3.17 |
£ | £ |
Amounts falling due within one year on demand: |
Other loans | 25,000 | 52,500 |
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14. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
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31.3.18 | 31.3.17 |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
£ | £ | £ | £ |
Fixed assets | - | 511,439 | 511,439 | 503,436 |
Investments |
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Current assets | 12,664 | 45,825 |
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Current liabilities |
( |
) |
( |
) |
( |
) |
( |
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11,195 | 527,304 | 538,499 | 499,745 |
15. | MOVEMENT IN FUNDS |
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At 1.4.17 |
Net
movement in funds |
At 31.3.18 |
£ | £ | £ |
Unrestricted funds |
General fund | 256 | 10,939 | 11,195 |
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Restricted funds |
Revenue Grants fund | 26,008 | 315 | 26,323 |
Estate Buyout Fund | 473,481 | 27,500 | 500,981 |
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27,815 |
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TOTAL FUNDS |
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38,754 | 538,499 |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 15,741 | (4,802 | ) | 10,939 |
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Restricted funds |
Revenue Grants fund | 56,979 | (56,664 | ) | 315 |
Estate Buyout Fund | 27,500 | - | 27,500 |
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( |
) | 27,815 |
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TOTAL FUNDS |
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( |
) | 38,754 |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
15. | MOVEMENT IN FUNDS - continued |
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Comparatives for movement in funds |
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At 1.4.16 |
Net
movement in funds |
At 31.3.17 |
£ | £ | £ |
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Unrestricted Funds |
General fund | - | 256 | 256 |
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Restricted Funds |
Revenue Grants fund | - | 26,008 | 26,008 |
Estate Buyout Fund | 511,122 | (37,641 | ) | 473,481 |
511,122 | (11,633 | ) | 499,489 |
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TOTAL FUNDS | 511,122 | (11,377 | ) | 499,745 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 34,006 | (33,750 | ) | 256 |
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Restricted funds |
Revenue Grants fund | 119,817 | (93,809 | ) | 26,008 |
Estate Buyout Fund | 99 | (37,740 | ) | (37,641 | ) |
119,916 | (131,549 | ) | (11,633 | ) |
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TOTAL FUNDS | 153,922 | (165,299 | ) | (11,377 | ) |
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FUNDS |
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General fund |
The general fund represents unrestricted funds which the trustees are free to use in accordance with the |
charitable objects. |
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Revenue fund |
The revenue fund represents assistance from funding agencies towards specific operational and development |
costs. |
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Capital grants fund |
The capital grants fund represents assistance from funding agencies in respect of specific fixed assets. |
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Estate Buyout fund |
This represents funds raised by the charity to assist with the purchase of Pairc Estate. |
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16. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 31 March 2018. |
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THE PAIRC TRUST |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
FOR THE YEAR ENDED 31 MARCH 2018 |
17. | LIMITED BY GUARANTEE |
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The company is limited by guarantee and has no share capital. The liability of each member in the event of the |
company being wound up is restricted to £1. |
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18. | PERMANENT ENDOWMENTS |
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The charity does not have any permanent endowments. |
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