REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 June 2024 |
for |
AN COMUNN GAIDHEALACH |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 June 2024 |
for |
AN COMUNN GAIDHEALACH |
AN COMUNN GAIDHEALACH |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Report of the Trustees | 1 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Statement of Financial Activities | 10 |
Balance Sheet | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 | to | 30 |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
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 June 2024. 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 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
Our Mission Statement is as follows: |
An Comunn Gàidhealach promotes, develops, and celebrates the Scottish Gaelic language and its culture locally, nationally and internationally through The Royal National Mòd and Local Mòds. |
Tha an Comunn Gàidhealach a' brosnachadh, a' leasachadh agus a' comharrachadh cànan is cultar Gàidhlig na h-Alba aig ìre ionadail, nàiseanta is eadar-nàiseanta tron Mhòd Nàiseanta Rìoghail agus na Mòdan Ionadail. |
The aims of An Comunn Gaidhealach are to support and develop all aspects of the Gaelic language, culture, history and heritage at local, national and international levels through: |
- Promoting the use of the language in everyday community life. |
- Promoting the study and development of Gaelic language, literature, music, drama and all other related art forms. |
- Actively seeking official recognition and use of Gaelic as a living language and national asset from local, national |
and European Governments and other agencies, by co-operating with other organisations engaged in the provision |
of Gaelic language and culture. |
An Comunn Gaidhealach is non-political and non-sectarian and membership is open to anyone sharing the above objectives. |
Significant activities |
The 2023 Royal National Mòd in Paisley was successful and provided a significant economic and social impact, confirmation that the Mòd is still the major annual Gaelic event for competitors and audiences. The independent evaluation of the Paisley Mòd showed that over 8,910 people, including almost 1,000 children attended and stimulated a high level of demand for participants to attend Oban in October 2024. There was a direct economic impact of almost £1.6 million on the town from Mòd visitors and participants. The evaluation also showed that An Comunn Gàidhealach, as organiser, was highly regarded by participants. |
The President and Directors acknowledge the continuing valuable support of Bòrd na Gàidhlig and The Scottish Government, and the very generous backing of Renfrewshire Council for the 2023 event. The Trustees are grateful to Bòrd na Gàidhlig, The Scottish Government, EventScotland, and Creative Scotland for their continuing support. Warm thanks too to our principal business sector sponsor, CalMac. We also appreciate the important support which BBC Alba and Radio nan Gàidheal give to Gaelic language and culture through live and built programme transmission from the Royal National Mòd. |
In addition to outstanding voluntary support to the Royal National Mòd An Comunn members and volunteers also help stage a network of annual Local Mòds (Mòdan Ionadail) throughout Scotland. These events are generously supported by their host communities, Bòrd na Gàidhlig, Local Authorities, and by An Comunn at a national level. As of 2024, there were currently 17 Local Mòds in our network providing a vital foundation which feeds the cultural jewel that is the Royal National Mòd. Our Local Mòd officer has helped to increase the number of local Mòds establishing two new ones in 2024 with more planned in the coming years. |
An Comunn Gàidhealach's development activity is primarily targeted on supporting and assisting other Gàidhlig organisations; attendance at exhibitions and conferences; participation in cultural and arts festivals; and local branch activities. While this input is appreciated at community level we are restricted by a lack of funding. Most of our income is reserved to specific objectives around hosting The Royal National Mòd, and this impacts significantly on our ability to engage in additional development. |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
STRATEGIC REPORT |
Achievement and performance |
Charitable activities |
We continue to undertake other projects and activities out with our core work. This includes delivering the annual John MacLeod Memorial Festival in January, a 4-day event which is held in partnership with Edinburgh University, our annual Local Mòd conference held in March as well as training events for adjudicators and chairpersons throughout the year. We also work closely with our North American associates who run the annual Mòd Chesapeake in Maryland and organise exchange opportunities for participants from Scotland. The biggest challenge to our work and its development is the challenge of public sector funding and resources, but ambition to continue to innovate and develop our activities remains high. |
Financial review |
Financial position |
Total income in the year increased to £554,634 from £499,803 in the previous year. Expenditure has also increased to £579,300 from £539,579 in 2022/23. This leads to an overall net surplus for the year of £24,510 (2023: Net deficit of £26,866) including an overall surplus as a result of the market value adjustment on investments of £49,176 (2023: surplus of £12,910). |
During the year, the charity has recognised actuarial loss on its defined benefit pension schemes of £2,000 in the year to 30 June 2024 (2023: actuarial gain of £100,000). |
The funds of the charity now stand at £1,018,421 compared to £995,911 in the previous year. |
Highland Council Pension Scheme |
In line with Board policy an FRS17 report was again requested in 2024 in order for the Board to assess if any accounting surplus or deficit existed and if any adjustments were therefore required to be made to the accounts. The position in the report has increased from a small surplus of £5,000 in 2023 to a large surplus of £183,000. Scheme surpluses are not recognised in the accounts, from a prudence point of view. |
The pension scheme surplus (2023 : surplus) is an accounting adjustment made in accordance with the requirements of the Charities SORP. A scheme deficit does not impact the ability of the Charity to continue to operate as a going concern, nor does it impact on the day to day operation of the charity. |
Any pension scheme deficit is a very long term liability and one which is managed by the variation of employer pension contributions over time as a result of Triennial valuations of the pension fund. |
The Board are content that the charity operations remain unaffected by the recognition of a scheme deficit. The Board will keep the pension arrangements for its staff under review and will appraise the position annually on receipt of the FRS17 report and triennially when the funding strategy report is received. |
Reserves policy |
It is the aim of An Comunn Gàidhealach to hold unrestricted reserves to meet the running costs of the organisation for approximately six calendar months to allow the managed withdrawal from commitments to Royal National Mòds extending to three years beyond the current year. |
This sum is estimated as being unrestricted reserves in the region of £300,000. |
In addition, it is considered prudent to hold any gains on the Scottish Voluntary Sector Pension Scheme liability as a designated pension reserve fund to mitigate any fluctuations that arise each year for all pension schemes. This designated reserve fund is to exist until such time as the liability is discharged and at that point any balance will be released to general unrestricted reserves. |
Future plans |
Our underlying Balance Sheet is strong and we now wish to consolidate our financial position. This aim is central to the development of An Comunn Gàidhealach. We will strive to improve and strengthen The Royal National Mòd, and the local Mòd network, and play a full part in the wider development of our language and culture, within the constraints imposed upon us by our resources. |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
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. |
Recruitment and appointment of new trustees |
Director appointment and retiral is governed as follows: |
1. Five individual persons (who are members) shall be elected as Directors (the "elected directors"); |
2. Three Corporate Members shall be elected as Directors by the elected Directors (the "Corporate Directors"); |
3. Up to three individuals may be co-opted from time to time by the elected Directors and Corporate Directors (the "co-opted Directors"). |
4. Annually, the chairman of the Royal National Mòd Local Committee shall, subject to due appointment by An Comunn and in accordance with the articles of association of An Comunn, serve as a co-opted director on the board of An Comunn. They will also serve as a member of the Mòd Standing Committee. They will retire at the AGM following their local Mòd. |
5. At each Annual General Meeting one of the elected Directors shall retire from office. In the event of a lack of agreement amongst the serving Directors the retiring Director will be the longest serving in office. |
Organisational structure |
An Comunn Gàidhealach is a registered Charity and is constituted as a limited company, limited by guarantee, as defined by the Companies Act. |
An Comunn Gàidhealach is a membership-based organisation and membership is open to anyone sharing the objectives of An Comunn Gàidhealach. The organisation is supported by volunteers and has branches (Meuran) throughout Scotland and has enjoyed the support of overseas branches in the past. |
Day to day management of the Charity is delegated to the Chief Executive, Mr James Graham. |
Induction and training of new trustees |
Appointments require the approval of the Board at a General Meeting. The Board will seek appointments of suitably qualified trustees from the network of An Comunn Gàidhealach Branches, and from beyond this network if that is considered appropriate. |
The induction and training of new Trustees is undertaken, on a one to one basis, by the President and the Chief Executive of the organisation. |
Key management remuneration |
The arrangement for setting pay and remuneration of key management personnel is undertaken by the Trustees of the organisation, and based on local authority pay scales within the constraints of the Charity's budget. Such arrangements are reviewed annually by the Board. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
Trustees |
Company Secretary |
Senior Statutory Auditor |
Auditors |
Chartered Accountants |
& Statutory Auditors |
26 Lewis Street |
Stornoway |
Isle of Lewis |
HS1 2JF |
Bankers |
29 Harbour Road |
Inverness |
Highland |
IV1 1NU |
Key Management Personnel |
James Graham, Chief Executive |
Advisers |
Investment Managers |
Rathbone Investment Management |
50 George Square |
Glasgow |
G2 1EH |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of An Comunn Gaidhealach 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Report of the Trustees |
for the Year Ended 30 June 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
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. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Mann Judd Gordon Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
Report of the Independent Auditors to the Trustees and Members of |
An Comunn Gaidhealach |
Opinion |
We have audited the financial statements of An Comunn Gaidhealach (the 'charitable company') for the year ended 30 June 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Trustees and Members of |
An Comunn Gaidhealach |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: |
- | adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Trustees and Members of |
An Comunn Gaidhealach |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach was as follows: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to employment matters and those relating directly the preparation of the financial statements, that is FRS102, Charities SORP and the Companies Act 2006. The charity are also subject to data protection laws (GDPR). We assessed the risks of material misstatement in respect of fraud as follows: |
As part of our audit team discussion, we identified if any particular area was more susceptible to misstatement. A list of the known related parties was compiled along with an expectation of transactions between them. We then made fraud enquires of those charged with governance and confirmed our related party list. |
Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. We corroborated our enquiries of those charged with governance by a review of the board minutes to date, a review of the bank statements to date, a review of the service organisation's payroll files for the year and a review of legal fees charged in the year for any evidence of legal or regulatory issues. Our considerations at planning were corroborated and no further legal or regulatory issues were noted. |
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. A review of the year of bank statements was undertaken, to identify any large or unusual transactions No transactions outside the normal course of business were identified. |
Given the size of the entity, segregation of duties is limited, so we designed our audit procedures to identify and to address any material misstatements arising from this. Appropriate approval controls were found to be in place. |
The engagement partner's assessment of whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations concluded that the overall risk was of fraud and misstatement was low and the experience of the audit team assigned was sufficient and no specialists were required. An appropriate level of materiality has been calculated in consideration of the inherent difficulty in detecting irregularities along with the perceived level of risk. |
There are inherent limitations in the audit procedures described above that result in an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with International Standards on Auditing (UK). The further removed non-compliance with laws and regulations is from the events and financial transactions in the financial statements, the less likely the auditor is to become aware of it or recognise non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment through forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Report of the Independent Auditors to the Trustees and Members of |
An Comunn Gaidhealach |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 |
Stornoway |
Isle of Lewis |
HS1 2JF |
AN COMUNN GAIDHEALACH |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 3 |
Other trading activities | 4 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Raising funds | 6 |
Charitable activities | 7 |
Other |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Transfers between funds | 19 | (3,166 | ) | 3,166 | - | - |
Other recognised gains/(losses) |
Actuarial gains/(losses) on defined benefit schemes |
( |
) |
( |
) |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 995,911 |
AN COMUNN GAIDHEALACH (REGISTERED NUMBER: SC322420) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Heritage assets | 15 |
Investments | 16 |
CURRENT ASSETS |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION LIABILITY | 20 | ( |
) |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 296,685 |
Restricted funds | 699,226 |
TOTAL FUNDS | 995,911 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
AN COMUNN GAIDHEALACH |
Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 75,173 | 27,422 |
Net cash provided by operating activities | 75,173 | 27,422 |
Cash flows from investing activities |
Purchase of fixed asset investments | (24,548 | ) | (35,901 | ) |
Sale of fixed asset investments | 65,403 | 38,642 |
Sale of social investments | (3,176 | ) | 257 |
Interest received | 4,448 | 1,717 |
Dividends received | 12,989 | 14,033 |
Net cash provided by investing activities | 55,116 | 18,748 |
Change in cash and cash equivalents in the reporting period |
130,289 |
46,170 |
Cash and cash equivalents at the beginning of the reporting period |
296,124 |
249,954 |
Cash and cash equivalents at the end of the reporting period |
426,413 |
296,124 |
AN COMUNN GAIDHEALACH |
Notes to the Cash Flow Statement |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
30.6.24 | 30.6.23 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
24,510 |
(26,866 |
) |
Adjustments for: |
Depreciation charges | 584 | 972 |
Gain on investments | (49,176 | ) | (12,910 | ) |
Interest received | (4,448 | ) | (1,717 | ) |
Dividends received | (12,989 | ) | (14,033 | ) |
Increase in debtors | (43,216 | ) | (1,464 | ) |
Increase in creditors | 166,389 | 78,390 |
Difference between pension charge and cash contributions | (6,481 | ) | 5,050 |
Net cash provided by operations | 75,173 | 27,422 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 296,124 | 130,289 | 426,413 |
296,124 | 130,289 | 426,413 |
Total | 296,124 | 130,289 | 426,413 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
The charity is a company limited by guarantee. |
The charity is registered in Scotland. |
Registered Office: |
Unit 7A |
7 James Street |
Stornoway |
Isle of Lewis |
HS1 2QN |
Place of business: Registered Office address and also at: |
5 Mitchell's Lane |
Inverness |
IV2 3HQ |
2. | 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 2019)', 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, as modified by the revaluation of certain assets. |
The presentation currency of the accounts is Pound sterling (£). |
The accounts are rounded to the nearest £1 |
Going Concern |
The charity is a going concern and there are no material uncertainties casting significant doubt over its ability to continue as a going concern. |
Critical accounting judgements and key sources of estimation uncertainty |
Fixed asset net book value and depreciation charges are the areas of the accounts which are affected by significant judgements and estimates. The trustees exercise judgement in determining both the useful economic life and the likely residual value of the charity's assets. This judgement affects the rates of and charge for depreciation in the accounts for the year. It also therefore affects the net book value of the assets in the balance sheet. |
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. |
Income received in respect of future National Mods is treated as deferred income in the balance sheet and released to the Statement of Financial Activities as income received in the period in which that Mod takes place. |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Computer & Office equipment | - |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Heritage assets |
Heritage assets comprise the Royal National Mod trophies which are incorporated in the accounts as heritage assets at professional valuation. They were not incorporated in the accounts of the company from which the charitable activity was transferred on 1 July 2007, but are now incorporated to comply with the Statement of Recommended Practice on Accounting by Charities. |
The Trophies are included at a value based on a professional valuation in 2017. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
Until 31 March 2010 the company participated in the Scottish Voluntary Section Pension Scheme, which is a multi-employer defined benefit scheme which continues in paid-up form. As the scheme is multi-employer, where the scheme assets are co-mingled for investment purposes and benefits are paid from total scheme assets, the accounting charge for the period under FRS17 represents the employer contribution payable. |
From 1 April 2010 the company is participating in the defined benefit scheme operated by The Highland Council. |
Investments |
Investments are stated at market value at the end of the financial year. The investments comprise those held by the Trust which transferred its charitable activity to the company at 1 July 2007 and the Feill Trust which were also transferred to the new company. |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. |
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. |
Financial Instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the cost of the investment less transaction costs. At the year end, financial instruments are measured at fair value, with the changes recognised in the Statement of Financial Activities. |
Government Grants |
Income from government and other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. |
3. | DONATIONS AND LEGACIES |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Donations | 1,315 | - |
Grants | 453,150 | - |
Subscriptions | 4,122 | - |
Royal National Mod local committee | - | - | - | 270 |
458,587 | - |
Grants received, included in the above, are as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Local authority | 205,000 | 190,000 |
Bord na Gaidhlig | 158,250 | 125,000 |
Other | 2,800 | - |
Scottish Government | 62,000 | 61,000 |
Creative Scotland | 3,600 | - |
EventScotland | 20,000 | 20,000 |
Highlands and Islands Enterprises | 1,500 | - |
453,150 | 396,000 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
4. | OTHER TRADING ACTIVITIES |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Shop income | 806 | - |
Sponsorships | 29,767 | - | 29,767 | 31,467 |
Other income | 20,213 | - | 20,213 | 1,830 |
Entry fees | - | - | - | 14,058 |
Programme sales | 2,517 | - | 2,517 | 1,917 |
Ticket sales | 20,989 | - | 20,989 | 21,419 |
Music sales | 4,222 | - | 4,222 | 4,775 |
Royalties Received | 96 | - | 96 | 22 |
78,610 | - |
5. | INVESTMENT INCOME |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Investment income | 8,028 | 4,961 | 12,989 | 14,033 |
Deposit account interest | 4,448 | - |
12,476 | 4,961 |
6. | RAISING FUNDS |
Other trading activities |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Purchases | 1,563 | - |
Investment management costs |
30.6.24 | 30.6.23 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Portfolio management | 2,783 | 1,534 | 4,317 | 4,302 |
Aggregate amounts | 4,346 | 1,534 | 5,880 | 4,647 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
7. | CHARITABLE ACTIVITIES COSTS |
Direct | Support |
Costs (see | costs (see |
note 8) | note 9) | Totals |
£ | £ | £ |
Charitable | 550,692 | 4,332 | 555,024 |
Governance costs | - | 18,152 | 18,152 |
550,692 | 22,484 | 573,176 |
8. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
30.6.24 | 30.6.23 |
£ | £ |
Staff costs | 205,221 | 189,650 |
Hire of plant and machinery | 15,843 | 13,757 |
Water and waste disposal charges | 378 | 197 |
Insurance | 11,719 | 10,855 |
Light and heat | 5,086 | 3,170 |
Telephone | 2,574 | 2,737 |
Postage and stationery | 3,804 | 3,981 |
Royal National Mod - prizes | 8,447 | 8,705 |
Royal National Mod - medals and engraving | 10,670 | 8,192 |
Royal National Mod - adjudicators and accompanists | 15,943 | 16,582 |
Royal National Mod - junior choir expenses | - | 515 |
Royal National Mod - venue hire | 17,862 | 67,788 |
Royal National Mod - marketing and promotion | 36,524 | 33,090 |
Royal National Mod - accommodation | 28,761 | 37,185 |
Royal National Mod - catering and lunches | 11,876 | 3,681 |
Royal National Mod - music print and arrange | 8,640 | 8,640 |
Royal National Mod - consultant costs | 43,984 | 38,139 |
Local Mod grants | 19,000 | 9,000 |
Royal National Mod - programme costs | 2,520 | - |
Repairs | 7,307 | 3,083 |
Subscriptions | 221 | 444 |
Miscellaneous | 2,630 | 1,312 |
Rent | 11,990 | 11,146 |
Travel & subsistence - staff | 8,609 | 9,637 |
Bank charges | 2,484 | 2,846 |
Special project costs | 496 | 4,482 |
Artiste fees | 17,953 | 14,661 |
Website maintenance | 7,970 | 11,789 |
Royal National Mod local committee support | 36,683 | - |
Training | 1,226 | 1,811 |
IT Support | 3,687 | - |
Depreciation | 584 | 972 |
550,692 | 518,047 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | SUPPORT COSTS |
Governance |
costs |
£ |
Charitable | 4,332 |
Governance costs | 18,152 |
22,484 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Auditors' remuneration | 6,000 | - |
Depreciation - owned assets |
Hire of plant and machinery | 15,843 | 13,757 |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. |
Trustees' expenses |
30.6.24 | 30.6.23 |
£ | £ |
Trustees' expenses |
12. | STAFF COSTS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
205,221 | 189,650 |
The average monthly number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Staff |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Other |
Total |
Net gains on investments |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Other recognised gains/(losses) |
Actuarial gains on defined benefit schemes |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 230,906 | 691,871 |
TOTAL FUNDS CARRIED FORWARD | 296,685 | 699,226 | 995,911 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
14. | TANGIBLE FIXED ASSETS |
Computer |
& Office |
equipment | Website | Totals |
£ | £ | £ |
COST |
At 1 July 2023 and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
15. | HERITAGE ASSETS |
Total |
£ |
MARKET VALUE |
At 1 July 2023 and 30 June 2024 | 468,900 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The Trophies were revalued by a professional valuer during the year ended 30 June 2017. |
16. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 July 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 | 495,392 |
At 30 June 2023 | 483,895 |
There were no investment assets outside the UK. |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 June 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2024 | 495,392 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Sundry debtors | 9,896 | 3,267 |
VAT |
Prepayments |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | - | 904 |
Pension scheme | 3,278 | 2,862 |
Grants received in advance |
Accrued expenses |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | MOVEMENT IN FUNDS |
Net | Transfers |
movement | between | At |
At 1.7.23 | in funds | funds | 30.6.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 232,764 | 37,041 | (3,166 | ) | 266,639 |
Designated general pension reserve | 63,921 | - | - | 63,921 |
37,041 | ( |
) |
Restricted funds |
Feill Trust | 79,018 | 9,162 | - | 88,180 |
Mod Prize and Trophy Upkeep | 11,971 | 1,451 | - | 13,422 |
Broadcasting project | 10,800 | 1,165 | - | 11,965 |
Educational Trust | 54,084 | 5,833 | - | 59,917 |
Mod Trophies | 468,900 | - | - | 468,900 |
D J Maciver Memorial Prize | 4,784 | 478 | - | 5,262 |
Royal National Mod Oban Local Committee |
33,178 |
(36,344 |
) |
3,166 |
- |
Royal National Mod Inverness Local Committee |
4,068 |
442 |
- |
4,510 |
Projects | 10 | - | - | 10 |
Royal National Mod Lochaber Local Committee |
17,272 |
1,683 |
- |
18,955 |
Royal National Mod Western Isles Local Committee |
15,141 |
1,599 |
- |
16,740 |
(14,531 | ) |
TOTAL FUNDS | 22,510 | 1,018,421 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 549,673 | (541,083 | ) | 28,451 | 37,041 |
Restricted funds |
Feill Trust | 1,816 | (561 | ) | 7,907 | 9,162 |
Mod Prize and Trophy Upkeep | 326 | (113 | ) | 1,238 | 1,451 |
Broadcasting project | 262 | (91 | ) | 994 | 1,165 |
Educational Trust | 1,306 | (453 | ) | 4,980 | 5,833 |
D J Maciver Memorial Prize | 107 | (37 | ) | 408 | 478 |
Royal National Mod Oban Local Committee |
339 |
(36,683 |
) |
- |
(36,344 |
) |
Royal National Mod Inverness Local Committee |
70 |
(24 |
) |
396 |
442 |
Royal National Mod Lochaber Local Committee |
378 |
(131 |
) |
1,436 |
1,683 |
Royal National Mod Western Isles Local Committee |
357 |
(124 |
) |
1,366 |
1,599 |
( |
) | (14,531 | ) |
TOTAL FUNDS | ( |
) | 22,510 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.7.22 | in funds | 30.6.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 166,985 | 65,779 | 232,764 |
Designated general pension reserve | 63,921 | - | 63,921 |
230,906 | 65,779 | 296,685 |
Restricted funds |
Feill Trust | 78,867 | 151 | 79,018 |
Mod Prize and Trophy Upkeep | 11,374 | 597 | 11,971 |
Broadcasting project | 10,261 | 539 | 10,800 |
Educational Trust | 51,386 | 2,698 | 54,084 |
Mod Trophies | 468,900 | - | 468,900 |
D J Maciver Memorial Prize | 4,563 | 221 | 4,784 |
Royal National Mod Oban Local Committee |
31,756 |
1,422 |
33,178 |
Royal National Mod Inverness Local Committee |
3,859 |
209 |
4,068 |
Projects | 10 | - | 10 |
Royal National Mod Lochaber Local Committee |
16,494 |
778 |
17,272 |
Royal National Mod Western Isles Local Committee |
14,401 |
740 |
15,141 |
691,871 | 7,355 | 699,226 |
TOTAL FUNDS | 922,777 | 73,134 | 995,911 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 494,034 | (537,809 | ) | 109,554 | 65,779 |
Restricted funds |
Feill Trust | 1,840 | (555 | ) | (1,134 | ) | 151 |
Mod Prize and Trophy Upkeep | 326 | (101 | ) | 372 | 597 |
Broadcasting project | 294 | (91 | ) | 336 | 539 |
Educational Trust | 1,471 | (455 | ) | 1,682 | 2,698 |
D J Maciver Memorial Prize | 121 | (37 | ) | 137 | 221 |
Royal National Mod Oban Local Committee |
775 |
(240 |
) |
887 |
1,422 |
Royal National Mod Inverness Local Committee |
114 |
(35 |
) |
130 |
209 |
Royal National Mod Lochaber Local Committee |
424 |
(131 |
) |
485 |
778 |
Royal National Mod Western Isles Local Committee |
404 |
(125 |
) |
461 |
740 |
5,769 | (1,770 | ) | 3,356 | 7,355 |
TOTAL FUNDS | 499,803 | (539,579 | ) | 112,910 | 73,134 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1.7.22 | in funds | funds | 30.6.24 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 166,985 | 102,820 | (3,166 | ) | 266,639 |
Designated general pension reserve | 63,921 | - | - | 63,921 |
230,906 | 102,820 | (3,166 | ) | 330,560 |
Restricted funds |
Feill Trust | 78,867 | 9,313 | - | 88,180 |
Mod Prize and Trophy Upkeep | 11,374 | 2,048 | - | 13,422 |
Broadcasting project | 10,261 | 1,704 | - | 11,965 |
Educational Trust | 51,386 | 8,531 | - | 59,917 |
Mod Trophies | 468,900 | - | - | 468,900 |
D J Maciver Memorial Prize | 4,563 | 699 | - | 5,262 |
Royal National Mod Oban Local Committee |
31,756 |
(34,922 |
) |
3,166 |
- |
Royal National Mod Inverness Local Committee |
3,859 |
651 |
- |
4,510 |
Projects | 10 | - | - | 10 |
Royal National Mod Lochaber Local Committee |
16,494 |
2,461 |
- |
18,955 |
Royal National Mod Western Isles Local Committee |
14,401 |
2,339 |
- |
16,740 |
691,871 | (7,176 | ) | 3,166 | 687,861 |
TOTAL FUNDS | 922,777 | 95,644 | - | 1,018,421 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
19. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 1,043,707 | (1,078,892 | ) | 138,005 | 102,820 |
Restricted funds |
Feill Trust | 3,656 | (1,116 | ) | 6,773 | 9,313 |
Mod Prize and Trophy Upkeep | 652 | (214 | ) | 1,610 | 2,048 |
Broadcasting project | 556 | (182 | ) | 1,330 | 1,704 |
Educational Trust | 2,777 | (908 | ) | 6,662 | 8,531 |
D J Maciver Memorial Prize | 228 | (74 | ) | 545 | 699 |
Royal National Mod Oban Local Committee |
1,114 |
(36,923 |
) |
887 |
(34,922 |
) |
Royal National Mod Inverness Local Committee |
184 |
(59 |
) |
526 |
651 |
Royal National Mod Lochaber Local Committee |
802 |
(262 |
) |
1,921 |
2,461 |
Royal National Mod Western Isles Local Committee |
761 |
(249 |
) |
1,827 |
2,339 |
10,730 | (39,987 | ) | 22,081 | (7,176 | ) |
TOTAL FUNDS | 1,054,437 | (1,118,879 | ) | 160,086 | 95,644 |
20. | EMPLOYEE BENEFIT OBLIGATIONS |
Scottish Voluntary Sector Pension Scheme |
Until 31 March 2010 the company participated in the Scottish Voluntary Sector Pension Scheme, which is a multi-employer defined benefit scheme which continues in paid-up form. As the scheme is multi-employer, where the scheme assets are co-mingled for investment purposes and benefits are paid from total scheme assets, the accounting charge for the period under FRS represents the employer contribution payable. |
The last formal actuarial valuation of the scheme was performed as at 30 September 2023, which revealed a shortfall of assets compared with the value of liabilities of £2.0 million (£6.7 million deficit at 30 September 2020). The Trustees accordingly prepared a recovery plan which will require An Comunn Gaidhealach to make annual contributions from 1 April 2022 of £10,321, increasing by 3% annually. This pattern of contributions should be sufficient to eliminate the entire past service deficit arising by 31 May 2024. |
The asset and obligation breakdowns in the remainder of this note combines both the SVS scheme and the Highland Council scheme. As the SVS pension is not a crystalised scheme, we only have details relating to the liability and not the assets. Any references to pension assets will be directly related to the Highland Council scheme. Liabilities includes both Highland Council and SVSPS. |
The results for SVS alone are: |
30 June 2024 | 30 June 2023 |
Provision at start of period | 9,481 | 19,431 |
Unwinding of the discount factor (interest expense) | 244 | 478 |
Deficit contribution paid | (9,725 | ) | (10,321 | ) |
Remeasurements - impact of any change in assumptions | - | (107 | ) |
Remeasurements - amendments to the contribution schedule | - | - |
Provision at end of period | - | 9,481 |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
20. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The Highland Council Pension Fund |
From 1 July 2010 the company participates in the defined benefit scheme operated by The Highland Council Pension Fund. |
The Directors obtained an FRS17 valuation of the pension scheme as at 30 June 2024 and the results are shown below. |
The amounts recognised in the Statement of Financial Activities are as follows: |
Defined benefit |
pension plans |
30.6.24 | 30.6.23 |
£ | £ |
Current service cost | 32,000 | 38,000 |
Net interest from net defined benefit asset/liability |
244 |
3,478 |
Past service cost | - | - |
32,244 | 41,478 |
Actual return on plan assets | 39,000 | 28,000 |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
30.6.24 | 30.6.23 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Deficit contribution paid | (9,725 | ) | (10,321 | ) |
Benefits paid | ( |
) | ( |
) |
Remeasurements: |
Actuarial (gains)/losses from changes in financial assumptions |
(113,000 |
) |
(96,000 |
) |
Oblig other remeasurement | (13,000 | ) | (4,107 | ) |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
20. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
30.6.24 | 30.6.23 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Contributions by scheme participants |
Expected return | 39,000 | 28,000 |
Benefits paid | ( |
) | ( |
) |
Other experience | 15,000 | - |
Return on plan assets (excluding interest income) |
40,000 |
- |
The amounts recognised in other recognised gains and losses are as follows: |
Defined benefit |
pension plans |
30.6.24 | 30.6.23 |
£ | £ |
Actuarial (gains)/losses from changes in financial assumptions |
113,000 |
96,000 |
Oblig other remeasurement | 13,000 | 4,107 |
Return on plan assets (excluding interest income) |
40,000 |
- |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
30.6.24 | 30.6.23 |
Equities | 69% | 70% |
Bonds | 9% | 10% |
Property | 15% | 15% |
Cash | 7% | 5% |
100% | 100% |
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages): |
30.6.24 | 30.6.23 |
Discount rate (SVSPS) |
Future salary increases (Highland) |
Future pension increases (Highland) |
Discount rate (Highland Council) | 5.15% | 5.10% |
AN COMUNN GAIDHEALACH |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
21. | RELATED PARTY DISCLOSURES |
During the year, reimbursed travel expenses of £1,009 (2023: £1,438) were paid to Trustees. |
Allan Campbell, the outgoing President of An Comunn Gàidhealach, also sat on the Board of Bòrd na Gàidhlig. Bòrd na Gàidhlig is one of the main funders of An Comunn Gàidhealach, awarding grants totalling £160,948 in the year (2023 : £125,000). |
22. | RESTRICTED FUNDS |
The General Unrestricted fund represents the income and expenditure relating to the annual Royal National Mòd. In the previous year, the Trustees took the decision to amalgamate the Mòd Fund with the General Unrestricted Fund. |
The Broadcasting Research Fund Reserve represents the excess balance from the Recruitment Reserve (to fund the recruitment of a new chief executive) which the donor requested be invested in a broadcasting research project. |
The Educational Trust was transferred from the unincorporated association, An Comunn Gàidhealach, where it had been set up in 1972 to provide awards for the promotion of Gaelic and various Royal National Mòd prizes. |
The Mòd Prizes and Trophy Upkeep Fund is a designated fund, earmarked by the Trustees for the purchase of Royal National Mòd prizes and the upkeep of trophies. |
The Trophies Fund represents the valuation of Royal National Mòd trophies. It is essentially a revaluation reserve. |
The RNM LOC funds represent the surplus funds deposited by local organising committees (LOC) for the Royal National Mod with the charity for safekeeping, which will be returned to the LOC when the Mod returns to their locality. |
The Projects Fund represents the grant income and related expenditure in respect of restricted project funding received from Bord na Gaidhlig, the balance of funds are carried over to the next year where they will be expended as the projects conclude. |
23. | FINANCIAL INSTRUMENTS |
The carrying amounts of the charity's financial instruments are as follows: |
Financial assets measured at fair value | 30.06.24 | 30.06.23 |
Listed investments (note 16) | 495,392 | 483,895 |
The income attributable to the charity's financial instruments is £12,988 (2023: £14,033) with portfolio management fees of £4,317 (2023: £4,302). Net losses of £3,176 (2023: £2,478 net gains) are recognised in the Statement of Financial Activities. The fair value of the financial instruments is determined by the quoted market price at the year end. |