Globalyell Limited - Charities report - 19.3.2
Globalyell Limited - Charities report - 19.3.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements for the Year Ended 31 March 2019 |
| for |
| Globalyell Limited |
| Globalyell Limited |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2019 |
| Page |
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 to 6 |
| Notes to the Financial Statements | 7 to 13 |
| Globalyell Limited |
| Report of the Trustees |
| for the Year Ended 31 March 2019 |
| 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 2019. 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). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The charity's principal activity is to promote music and textiles education, training, appreciation and understanding. In |
| pursuance of this objective, the company undertakes performance and educational activities. |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The past year has been mainly focused on textiles; music has been on hold for two years while the charity consolidated |
| its textiles production and charitable activities. |
| Over the past year income has been generated from textile tours - educational tours across the whole of Shetland, the |
| profit from which goes back into the running of the charity premises and the costs associated. Ten tours ran over the |
| year, two in March of 2019. These latter two came about because of Edinburgh Yarn Festival. Groups from the USA and |
| Australia visited the festival and came to Shetland to look at what was available for future tours. The Yarn Festival is not |
| running in 2020 and it remains to be seen whether this event brings more visitors in the off-season. |
| Adult learning workshops also continued with two classes running in the winter. |
| Wool Week brought visitors to the studio as well as clients who attended a workshop on Shetland tweed. |
| Andy Ross, Creative Director, started a Masters of Research Degree with Glasgow School of Art looking at Shetland |
| tweed. The degree runs for two years, part-time and the Creative Director attended Winter School in Forres in January. |
| Production began in earnest through GlobalYell Production with Alexa Fitzgibbon taken on as an apprentice weaver. |
| The intention is to create enough stock for The Shetland Tweed Company for the summer months when the majority of |
| sales happen. The Shetland Tweed Company pays for the weaving of its cloth. |
| Andy Ross attended New Designers in Islington where Shetland College had a stand. Some interesting contacts were |
| made with regard to future commission weaving. |
| The next year, 2019/ 2020 will see music recommence for GlobalYell because the charity is now on a more stable |
| income through tourism and workshops, and the hire of its equipment. |
| FINANCIAL REVIEW |
| Reserves policy |
| The charity has considered the reserves required and have considered their current and future liabilities. The Trustees |
| aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted |
| charitable expenditure. The Trustees consider that this level will provide sufficient funds to respond to applications for |
| grants and ensure that support and governance costs are covered. |
| Unrestricted funds as at 31st March 2019 were £2,020. Actual 3 month cash payments totalled £15,537. The current |
| level of reserves is therefore lower than is needed and the charity will endeavour to increase reserves. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by |
| guarantee, as defined by the Companies Act 2006. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Globalyell Limited |
| Report of the Trustees |
| for the Year Ended 31 March 2019 |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent examiner |
| Wilma A Sim ACCA (Non-Practicing) |
| Bon Accord Accountancy Limited |
| Lerwick |
| Shetland |
| ZE1 0LZ |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Globalyell Limited |
| I report on the accounts for the year ended 31 March 2019 set out on pages four to thirteen. |
| 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. |
| 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. |
| 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 to 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 a proper understanding of the accounts to be reached. |
| Wilma A Sim ACCA (Non-Practicing) |
| Bon Accord Accountancy Limited |
| 2 North Ness Business Park |
| Lerwick |
| Shetland |
| ZE1 0LZ |
| 20 December 2019 |
| Globalyell Limited |
| Statement of Financial Activities |
| for the Year Ended 31 March 2019 |
| 31.3.19 | 31.3.18 |
| Unrestricted fund |
Restricted funds |
Endowment funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Other trading activities | 2 |
| Other income |
| Total |
| EXPENDITURE ON |
| Raising funds | 3 |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) |
( |
) |
( |
) |
( |
) |
| Transfers between funds | 14 | (3,850 | ) | 3,850 | - | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | ( |
) |
| TOTAL FUNDS CARRIED FORWARD |
86,515 |
| Globalyell Limited |
| Balance Sheet |
| At 31 March 2019 |
| 31.3.19 | 31.3.18 |
| Unrestricted fund |
Restricted funds |
Endowment funds |
Total funds |
Total funds |
| Notes | £ | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| Investments | 9 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
( |
) |
( |
) |
( |
) |
( |
) |
| NET CURRENT ASSETS/(LIABILITIES) |
( |
) |
( |
) |
( |
) |
( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 14 |
| Unrestricted funds | 2,020 | (213 | ) |
| Restricted funds | 86,433 |
| Endowment funds | 295 |
| TOTAL FUNDS | 86,515 |
| Globalyell Limited |
| Balance Sheet - continued |
| At 31 March 2019 |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the year ended 31 March 2019. |
| The members have not required the company to obtain an audit of its financial statements for the year ended |
| 31 March 2019 in accordance with Section 476 of the Companies Act 2006. |
| 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. |
| These financial statements have been prepared in accordance with the |
| provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees on |
| Globalyell Limited |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2019 |
| 1. | ACCOUNTING POLICIES |
| 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 with the exception of investments which are included at market value. |
| 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. |
| 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. |
| 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 |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Taxation |
| The charity is exempt from corporation 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. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| 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. |
| 2. | OTHER TRADING ACTIVITIES |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Workshops & fundraising |
| Rental income | 1,362 | - |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 3. | RAISING FUNDS |
| Raising donations and legacies |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Support costs |
| 4. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Depreciation - owned assets |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 March 2019 nor for the year ended |
| 31 March 2018. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 March 2019 nor for the year ended 31 March 2018. |
| 6. | STAFF COSTS |
| The average monthly number of employees during the year was as follows: |
| 31.3.19 | 31.3.18 |
| Project staff | 1 | 2 |
| No employees received emoluments in excess of £60,000. |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted fund |
Restricted funds |
Endowment funds |
Total funds |
| £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Charitable activities |
| Other trading activities |
| Other income |
| Total |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
| Unrestricted fund |
Restricted funds |
Endowment funds |
Total funds |
| £ | £ | £ | £ |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Other |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | (6,598 | ) | 6,598 | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward | 47,114 | 88,989 | 348 | 136,451 |
| TOTAL FUNDS CARRIED FORWARD | (213 | ) | 86,433 | 295 | 86,515 |
| 8. | TANGIBLE FIXED ASSETS |
| Freehold property |
Plant and machinery |
Fixtures and fittings |
Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2018 and 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| Charge for year |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 9. | FIXED ASSET INVESTMENTS |
| The company owns 100% of the issued share capital of Globalyell Productions Limited, a company incorporated |
| in Scotland with registration number SC511677. |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 10. | STOCKS |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Stocks |
| 11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Other loans (see note 13) |
| Trade creditors |
| Wages | 586 | - |
| Other creditors |
| Accrued expenses |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.3.19 | 31.3.18 |
| £ | £ |
| Amounts falling due within one year on demand: |
| Other loans | 12,871 | 15,717 |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 14. | MOVEMENT IN FUNDS |
At 1.4.18 |
Net movement in funds |
Transfers between funds |
At 31.3.19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General Fund | (213 | ) | 6,083 | (3,850 | ) | 2,020 |
| Restricted funds |
| Coastal Communities - Capital Fund | 39,603 | (3,234 | ) | - | 36,369 |
| Units 3 & 4 Funds | 46,830 | (1,005 | ) | 3,850 | 49,675 |
| (4,239 | ) |
| Endowment funds |
| Highland Arts Capital Fund | 295 | (35 | ) | - | 260 |
| TOTAL FUNDS | 1,809 | 88,324 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 68,790 | (62,707 | ) | 6,083 |
| Restricted funds |
| Coastal Communities - Capital Fund | - | (3,234 | ) | (3,234 | ) |
| Units 3 & 4 Funds | - | (1,005 | ) | (1,005 | ) |
| ( |
) | (4,239 | ) |
| Endowment funds |
| Highland Arts Capital Fund | - | (35 | ) | (35 | ) |
| TOTAL FUNDS | ( |
) | 1,809 |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 14. | MOVEMENT IN FUNDS - continued |
| Comparatives for movement in funds |
At 1.4.17 |
Net movement in funds |
Transfers between funds |
At 31.3.18 |
| £ | £ | £ | £ |
| Unrestricted Funds |
| General Fund | 47,114 | (40,729 | ) | (6,598 | ) | (213 | ) |
| Restricted Funds |
| Sing Saturday Fund | 1,021 | - | (1,021 | ) | - |
| Scot Music Centre Fund | (260 | ) | (260 | ) | 520 | - |
| Young Start Fund | 3,988 | - | (3,988 | ) | - |
| Coastal Communities - Revenue Fund | 509 | - | (509 | ) | - |
| Coastal Communities - Capital Fund | 42,626 | (3,533 | ) | 510 | 39,603 |
| Shetland Textile Fund | (5,794 | ) | (5,361 | ) | 11,155 | - |
| Units 3 & 4 Funds | 46,899 | - | (69 | ) | 46,830 |
| 88,989 | (9,154 | ) | 6,598 | 86,433 |
| Endowment funds |
| Highland Arts Capital Fund | 348 | (53 | ) | - | 295 |
| TOTAL FUNDS | 136,451 | (49,936 | ) | - | 86,515 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 22,638 | (63,367 | ) | (40,729 | ) |
| Restricted funds |
| Scot Music Centre Fund | (1 | ) | (259 | ) | (260 | ) |
| Shetland Textile Fund | 3,211 | (8,572 | ) | (5,361 | ) |
| Coastal Communities - Capital Fund | - | (3,533 | ) | (3,533 | ) |
| 3,210 | (12,364 | ) | (9,154 | ) |
| Endowment funds |
| Highland Arts Capital Fund | - | (53 | ) | (53 | ) |
| TOTAL FUNDS | 25,848 | (75,784 | ) | (49,936 | ) |
| Globalyell Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2019 |
| 14. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined position is as follows: |
At 1.4.17 |
Net movement in funds |
Transfers between funds |
At 31.3.19 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General Fund | 47,114 | (34,646 | ) | (10,448 | ) | 2,020 |
| Restricted funds |
| Sing Saturday Fund | 1,021 | - | (1,021 | ) | - |
| Scot Music Centre Fund | (260 | ) | (260 | ) | 520 | - |
| Young Start Fund | 3,988 | - | (3,988 | ) | - |
| Coastal Communities - Revenue Fund | 509 | - | (509 | ) | - |
| Coastal Communities - Capital Fund | 42,626 | (6,767 | ) | 510 | 36,369 |
| Shetland Textile Fund | (5,794 | ) | (5,361 | ) | 11,155 | - |
| Units 3 & 4 Funds | 46,899 | (1,005 | ) | 3,781 | 49,675 |
| 88,989 | (13,393 | ) | 10,448 | 86,044 |
| Endowment |
| Highland Arts Capital Fund | 348 | (88 | ) | - | 260 |
| TOTAL FUNDS | 136,451 | (48,127 | ) | - | 88,324 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General Fund | 91,428 | (126,074 | ) | (34,646 | ) |
| Restricted funds |
| Scot Music Centre Fund | (1 | ) | (259 | ) | (260 | ) |
| Shetland Textile Fund | 3,211 | (8,572 | ) | (5,361 | ) |
| Coastal Communities - Capital Fund | - | (6,767 | ) | (6,767 | ) |
| Units 3 & 4 Funds | - | (1,005 | ) | (1,005 | ) |
| 3,210 | (16,603 | ) | (13,393 | ) |
| Endowment funds |
| Highland Arts Capital Fund | - | (88 | ) | (88 | ) |
| TOTAL FUNDS | 94,638 | (142,765 | ) | (48,127 | ) |
| 15. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the year ended 31 March 2019. |