2011/2012 audited annual accounts - Falkirk Council
2011/2012 audited annual accounts - Falkirk Council
2011/2012 audited annual accounts - Falkirk Council
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31. Trust & Third Party Funds<br />
FALKIRK COUNCIL<br />
NOTES TO THE CORE FINANCIAL STATEMENTS<br />
The <strong>Council</strong> administers and acts as trustees, where applicable, to a number of Third Party Funds none of which are<br />
registered as a Charity under the Charities and Trustee Investment (Scotland) Act 2005. Whilst each fund has specific<br />
objectives and conditions, most were gifted into the trust of the <strong>Council</strong> to provide assistance to the poor and needy and to<br />
pay for the maintenance and upkeep of lairs. The <strong>Council</strong> acts as the sole trustee for all funds except two.<br />
The purposes of the largest General Trust Funds held by <strong>Falkirk</strong> <strong>Council</strong> are:<br />
(i) Funds for which the <strong>Council</strong> Acts as Sole Trustee<br />
Provost’s Fund for Necessitous Poor (£53,927) - to provide donations to residents of the former Burgh of <strong>Falkirk</strong> at<br />
the sole discretion of the Provost.<br />
Shank’s Bequest (£27,036) - to provide donations to the needy of Denny.<br />
Grangemouth Childrens’ Day Committee (£22,543) - to provide a donation to the <strong>annual</strong> cost of the Grangemouth<br />
Childrens’ Day.<br />
Candyend Trust (£70,066) - to provide donations to specific organisations assisting the elderly in the Muiravonside<br />
area.<br />
Alexander Douglas King Bequest (£31,773) – new bequest for the promotion and advancement of education of art at<br />
Bo’ness Academy.<br />
(ii) Funds for what the <strong>Council</strong> is not Sole Trustee<br />
Scottish Veterans’ Garden City Association (SVGCA) (£55,453) - to manage the Association’s housing in the <strong>Falkirk</strong><br />
<strong>Council</strong> area. The <strong>Council</strong>’s main role is to manage the properties including collection of rental and undertake repairs<br />
on behalf of the Association.<br />
Odenwald Trust (£27,361) - to foster twinning exchanges between the <strong>Council</strong> and the Odenwald region in Germany.<br />
The Fund is managed by the three successor <strong>Council</strong>s of Central Regional <strong>Council</strong> who previously administered it.<br />
Each of the <strong>Council</strong>’s from Stirling, <strong>Falkirk</strong> and Clackmannanshire have appointed one Trustee along with one<br />
appointed from the Odenwald Association.<br />
The funds do not represent assets of the <strong>Council</strong> and are not included in the <strong>Council</strong>’s Balance Sheet. The financial<br />
position of all funds are as follows:-<br />
Income and Expenditure Account<br />
2010/11 <strong>2011</strong>/12<br />
£’000 £’000<br />
Income<br />
(5) Investment Income (6)<br />
Expenditure<br />
18 Awards and Other Expenses 6<br />
13 (Surplus)/Deficit for the Year -<br />
Balance Sheet<br />
Fixed Assets<br />
6 External Investments 6<br />
364 Internal Investments 364<br />
370 Net Assets 370<br />
(383) Fund Balance at 1April <strong>2011</strong> (370)<br />
13 (Surplus)/Deficit for Year -<br />
(370) Fund Balance at 31 March <strong>2012</strong> (370)<br />
86
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