Acair - Charities report - 18.1
Acair - Charities report - 18.1
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Financial Statements for the Period 19 September 2017 to 31 March 2018 |
| for |
| ACAIR |
| ACAIR |
| Contents of the Financial Statements |
| for the Period 19 September 2017 to 31 March 2018 |
| Page |
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 8 |
| ACAIR |
| Report of the Trustees |
| for the Period 19 September 2017 to 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 period 19 September 2017 to 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). |
| INCORPORATION |
| The charitable company was incorporated on 19 September 2017 and commenced trading on 1 April 2018. |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objectives of Acair are to carry on in the United Kingdom and elsewhere the advancement of education, arts, |
| heritage and culture for public benefit and with charitable purposes whether by itself or through subsidiary or associated |
| companies or firms or promoters, publishers, proprietors and commissioners of educational and general material in |
| Gaelic and any other language for the purposes of education, instruction, information and recreation and for use in |
| schools, colleges, libraries and elsewhere, in the form of books and associated literary merchandising that can be |
| accessed by any member of the public. |
| Background |
| Acair Ltd, a not-for-profit company run by a board, was established in 1977 to provide Gàidhlig language materials for |
| the ground-breaking Bilingual Education Project in the Western Isles. |
| Since then our books have been (and continue to be) well-known in Gaelic Medium schools across Scotland. There |
| aren't many children who passed through school without having the pleasure of reading about the famous adventures of |
| SPÀGAN, illustrated by the wonderful Quentin Blake of Roald Dahl fame. |
| Outwith education, however, Acair have developed a long list of general interest books in Gaelic and English - even |
| Scots! - which can be enjoyed by children and adults alike. |
| While a lot of the educational resources are now produced by Stòrlann, Acair’s core business is still Gaelic books. This |
| ranges from producing new and original works of fiction to working with other well-known publishing houses to |
| produce Gaelic versions of popular children's books. |
| Acair have an impressive back catalogue of both children’s and general interest titles - more than 500 titles have been |
| published since we were set up. |
| As well as producing books independently, Acair’s Gaelic publication process is often assisted and encouraged by |
| supporting agencies such as Bòrd na Gàidhlig and the Gaelic Books Council. |
| Acair has always played an important role in developing and preserving the language and culture of this special part of |
| the world. Acair manager Agnes Rennie said: "We are really keen to encourage new and established writers, writing in |
| Gaelic and English, and welcome proposals for new books." |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable activities |
| The company was incorporated on 19 September 2017 and gained charitable status on 27 October 2017. The |
| organisation was dormant until 31 March 2018 and commenced operations on 1 April 2018. |
| In the period from incorporation to 31 March 2018, the shares in ACAIRBOOKS LTD (company number SC063662) |
| previously held by various individuals and corporate bodies were donated to the charity. There are 14,000 issued shares |
| with a nominal value of £1 each. |
| When operations commenced on 1 April 2018, the trade of ACAIRBOOKS LTD was transferred to the charity. This |
| included transferring the employees, under TUPE arrangements. In additions, the net assets were donated. |
| ACAIRBOOKS LTD ceased trading on 30 November 2018. |
| FINANCIAL REVIEW |
| Reserves policy |
| The reserves policy will be established during the first year of operations, to 31 March 2019. |
| ACAIR |
| Report of the Trustees |
| for the Period 19 September 2017 to 31 March 2018 |
| 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. |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate |
| controls are in place to provide reasonable assurance against fraud and error. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Scottish Buying Manager, Water | - appointed 19.9.17 |
| None | - appointed 19.9.17 |
| None | - appointed 19.9.17 |
| An Comunn Gaidhealach Secretar | - appointed 19.9.17 |
| None | - appointed 19.9.17 |
| - appointed 19.9.17 |
| - resigned 22.1.18 |
| Director | - appointed 24.4.18 |
| Director | - appointed 24.4.18 |
| Director | - appointed 24.4.18 |
| Company Secretary |
| Independent examiner |
| Andrew Cumming |
| Institute of Chartered Accountants of Scotland |
| Mann Judd Gordon Ltd |
| 26 Lewis Street |
| Stornoway |
| Isle of Lewis |
| HS1 2JF |
| ACAIR |
| Report of the Trustees |
| for the Period 19 September 2017 to 31 March 2018 |
| STATEMENT OF TRUSTEES RESPONSIBILITIES |
| The trustees (who are also the directors of Acair 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). |
| 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 |
| - | 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; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
| 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. |
| Approved by order of the board of trustees on |
| Independent Examiner's Report to the Trustees of |
| Acair |
| I report on the accounts for the period 19 September 2017 to 31 March 2018 set out on pages five to eight. |
| 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. |
| Andrew Cumming |
| Institute of Chartered Accountants of Scotland |
| Mann Judd Gordon Ltd |
| Chartered Accountants |
| 26 Lewis Street |
| Stornoway |
| Isle of Lewis |
| HS1 2JF |
| 6 December 2018 |
| ACAIR |
| Statement of Financial Activities |
| for the Period 19 September 2017 to 31 March 2018 |
| Unrestricted fund |
| Notes | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Total |
| NET INCOME |
| TOTAL FUNDS CARRIED FORWARD |
| ACAIR |
| Balance Sheet |
| At 31 March 2018 |
| Unrestricted fund |
| Notes | £ |
| FIXED ASSETS |
| Investments | 3 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 4 |
| Unrestricted funds | 14,000 |
| TOTAL FUNDS |
| The charitable company is entitled to exemption from audit under |
| Section 477 of the Companies Act 2006 for the period ended 31 March 2018. |
| The members have not required the company to obtain an audit of its financial statements for the period ended |
| 31 March 2018 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 special provisions of Part 15 of the Companies |
| Act 2006 relating to charitable small companies. |
| The financial statements were approved by the Board of Trustees on |
| ACAIR |
| Notes to the Financial Statements |
| for the Period 19 September 2017 to 31 March 2018 |
| 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. |
| 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. |
| 2. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the period ended 31 March 2018. |
| Trustees' expenses |
| There were no trustees' expenses paid for the period ended 31 March 2018. |
| 3. | FIXED ASSET INVESTMENTS |
| Shares in group undertakings |
| £ |
| MARKET VALUE |
| Additions |
| NET BOOK VALUE |
| At 31 March 2018 | 14,000 |
| There were no investment assets outside the UK. |
| The company's investments at the balance sheet date in the share capital of companies include the following: |
| ACAIR |
| Notes to the Financial Statements - continued |
| for the Period 19 September 2017 to 31 March 2018 |
| 3. | FIXED ASSET INVESTMENTS - continued |
| Registered office: An Tosgan, Seaforth Road, Stornoway, Isle of Lewis, HS1 2SD |
| Nature of business: Book publisher |
| % |
| Class of share: | holding |
| £ |
| Aggregate capital and reserves |
| (Loss) for the year | ( |
) |
| 4. | MOVEMENT IN FUNDS |
| Net movement in funds |
At 31.3.18 |
| £ | £ |
| Unrestricted funds |
| General fund | 14,000 | 14,000 |
| TOTAL FUNDS | 14,000 | 14,000 |
| Net movement in funds, included in the above are as follows: |
| Incoming resources |
Resources expended |
Movement in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 14,000 | - | 14,000 |
| TOTAL FUNDS | 14,000 |
| 5. | RELATED PARTY DISCLOSURES |
| There were no related party transactions for the period ended 31 March 2018. |