REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Financial Statements for the Year Ended 30 November 2017 |
for |
IONAD HIORT |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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Report of the Trustees and |
Financial Statements for the Year Ended 30 November 2017 |
for |
IONAD HIORT |
IONAD HIORT |
Contents of the Financial Statements |
for the Year Ended 30 November 2017 |
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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 |
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Notes to the Financial Statements | 7 to 10 |
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IONAD HIORT |
Report of the Trustees |
for the Year Ended 30 November 2017 |
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 30 November 2017. 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 are to develop, operate and maintain a world class centre for the study, interpretation and promotion |
of St Kilda as the UK's only dual UNESCO World Heritage Site and deliver significant cultural and economic benefits |
across the Outer Hebrides. |
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ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
During the year covered by this report the company have distilled the original Masterplans reducing both the scale and |
cost of the original Ionad Hiort/St Kilda Centre concept. This is to take account of the challenging public funding |
climate which now exists. A new Prospectus was produced by the Board outlining a phased approach to the development |
which will seek to demonstrate, at every stage, the sustainability of the project. |
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A phased strategy has been endorsed by the Board, based upon proposals commissioned from Dualchas, architects. The |
first phase envisages costs of around £2 million. This is broken down into a number of component parts - i.e |
interpretative and facilities centre, cliff-top walkway and viewing platform, refurbishment of existing buildings, nature |
trail paths network, road access, car parking. |
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Over the period we have also made considerable progress in strengthening governance. The board of Ionad Hiort/St |
Kilda Centre includes people with relevant professional skills and experience. We also have access to legal and |
accountancy advice which supports our governance. We have an Advisory Board which includes figures of national and |
international standing in various fields. We have a Memorandum of Understanding with Highlands and Islands |
Enterprise. The board of Ionad Hiort has been in receipt of occasional funding from HIE to support community |
engagement events, seminars, publications and the engagement of consultants. All of this has been handled to the entire |
satisfaction of HIE. As well as the MoU, we are in an account management relationship with HIE who are supporting |
our ambitions for community growth and have been critical to our early development work. |
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The Board are now actively pursuing funding sources to finance the various stages of the Phase One developments as |
well as funding to employ project management staff to progress the development. |
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Slighe Hiort, the St Kilda Trail is a network of visitor centres and other points of interest that will run for the Butt of |
Lewis to Barra Head. As Ionad Hiort is a key element of this network, we have started to work with colleagues in North |
Uist and Harris to ensure that individual Slighe Hiort projects work together as complimentary united entity. |
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FINANCIAL REVIEW |
Principal funding sources |
Funding is primarily provided by Highlands and Islands Enterprise. |
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Reserves policy |
The trustees are committed to have the necessary funding in place before the project commences. |
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FUTURE PLANS |
The objectives for the following year include: |
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To continue with the activities outlined above |
To aim for work starting on the site by Spring 2019 |
To employ a Project Manager |
To formalise a succession plan for the Ionad Hiort Board |
To progress the next stages of the St Kilda Centre Project |
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IONAD HIORT |
Report of the Trustees |
for the Year Ended 30 November 2017 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The company is a charitable company, limited by guarantee, incorporated on 1 November 2010. 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 purpose of charity law. |
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The directors are appointed at the Annual General Meeting under the terms of the Memorandum and Articles of |
Association. At each annual general meeting one third of the directors, other than the nominated directors, being those |
who have been longest in office since they were last elected at an annual general meeting shall retire from office, but |
may, subject to the Memorandum and Articles of Association, offer themselves for re-election. |
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Organisational structure |
The structure of the company consists of the members who elect people to serve as trustees. The members of the |
company with effect from the adoption of the Articles of Association were nominated by the St Kilda Development |
Group. Any other persons interested in the company's objects may be admitted as members by the trustees from time to |
time in accordance with the Articles of Association. |
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The members elect people to serve as trustees. The maximum number of trustees shall be 12. |
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In addition there will be an Advisory Council which will provide advice to the trustees on such matters relating to the |
operations of the Company as shall be referred, by the trustees, to the Advisory Council from time to time.The Advisory |
Council shall consist of such persons (either individuals or nominees of organisations with an interest in St Kilda or the |
operations of the Company, the Centre or the Collection) as the trustees shall appoint to the Advisory Council. |
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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 11.5.17 |
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- resigned 26.5.17 |
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- resigned 16.6.18 |
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- resigned 26.5.17 |
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- resigned 26.5.17 |
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- appointed 29.11.17 |
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- appointed 29.11.17 |
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- appointed 21.12.17 |
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IONAD HIORT |
Report of the Trustees |
for the Year Ended 30 November 2017 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Company Secretary |
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Independent examiner |
Andrew N Cumming CA |
The Institute of Chartered Accountants of Scotland |
Mann Judd Gordon Ltd |
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26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
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STATEMENT OF TRUSTEES RESPONSIBILITIES |
The trustees (who are also the directors of Ionad Hiort for the purposes of company law) are responsible for preparing |
the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom |
Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
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Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view |
of the state of affairs of the charitable company and of the incoming resources and application of resources, including |
the income and expenditure, of the charitable company for that period. In preparing those financial statements, the |
trustees are required to |
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- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business. |
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The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time |
the financial position of the charitable company and to enable them to ensure that the financial statements comply with |
the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for |
taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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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 |
Ionad Hiort |
I report on the accounts for the year ended 30 November 2017 set out on pages five to ten. |
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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. 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. 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 connection with 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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Andrew N Cumming CA |
The Institute of Chartered Accountants of Scotland |
Mann Judd Gordon Ltd |
Chartered Accountants |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
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28 July 2018 |
IONAD HIORT |
Statement of Financial Activities |
for the Year Ended 30 November 2017 |
30.11.17 | 30.11.16 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Other trading activities | 3 |
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Total |
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EXPENDITURE ON |
Raising funds |
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Other |
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Total |
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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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4,170 |
IONAD HIORT |
Balance Sheet |
At 30 November 2017 |
30.11.17 | 30.11.16 |
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Unrestricted
fund |
Total
funds |
Notes | £ | £ |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 8 |
Unrestricted funds | 8,296 | 4,170 |
TOTAL FUNDS |
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4,170 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 30 November 2017. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
30 November 2017 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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IONAD HIORT |
Notes to the Financial Statements |
for the Year Ended 30 November 2017 |
1. | ACCOUNTING POLICIES |
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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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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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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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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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2. | DONATIONS AND LEGACIES |
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30.11.17 | 30.11.16 |
£ | £ |
Grants |
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Grants received, included in the above, are as follows: |
30.11.17 | 30.11.16 |
£ | £ |
Comhaile nan Eilean Siar | - | 1,876 |
Highlands and Islands Enterprise | 1,808 | 66,024 |
Natural Heritage | 200 | - |
2,008 | 67,900 |
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3. | OTHER TRADING ACTIVITIES |
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30.11.17 | 30.11.16 |
£ | £ |
Fundraising events |
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IONAD HIORT |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 30 November 2017 nor for the year |
ended 30 November 2016 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 November 2017 nor for the year ended |
30 November 2016 . |
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5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Other trading activities |
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Total |
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EXPENDITURE ON |
Other |
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Total |
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NET INCOME/(EXPENDITURE) |
( |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 7,342 |
TOTAL FUNDS CARRIED FORWARD | 4,170 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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30.11.17 | 30.11.16 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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30.11.17 | 30.11.16 |
£ | £ |
Trade creditors |
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Other creditors |
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IONAD HIORT |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
8. | MOVEMENT IN FUNDS |
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At 1.12.16 |
Net movement
in funds |
At 30.11.17 |
£ | £ | £ |
Unrestricted funds |
General fund | 4,170 | 4,126 | 8,296 |
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TOTAL FUNDS |
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4,126 | 8,296 |
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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 | 18,251 | (14,125 | ) | 4,126 |
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TOTAL FUNDS |
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( |
) | 4,126 |
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Comparatives for movement in funds |
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At 1.12.15 |
Net movement
in funds |
At 30.11.16 |
£ | £ | £ |
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Unrestricted Funds |
General fund | 7,342 | (3,172 | ) | 4,170 |
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TOTAL FUNDS | 7,342 | (3,172 | ) | 4,170 |
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 | 67,901 | (71,073 | ) | (3,172 | ) |
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TOTAL FUNDS | 67,901 | (71,073 | ) | (3,172 | ) |
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9. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 30 November 2017. |
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10. | FIRST YEAR ADOPTION |
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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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IONAD HIORT |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
10. | FIRST YEAR ADOPTION - continued |
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The transition to this new accounting framework has not resulted in any material changes to accounting policies |
or to the previously reported accounting results for the year ended 30 November 2016. As such no restatement |
of figures reported in either the 2016 Balance Sheet or Statement of Financial Activities was deemed necessary. |
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Note 6 to the accounts replicates the figures which were published in the Statement of Financial Activities in the |
Financial statements for the year ended 30 November 2016 and confirms that there has been no change when |
these are compared to the comparative figures shown on the Statement of Financial Activities on page 7. |
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