Annual Report 2010 to 2011 - Fife Coast & Countryside Trust

Pensions
In preparing the financial statements for the current year, the Trust has adopted the full reporting
requirements of FRS17: Retirement Benefits.
For defined benefit pension schemes the amounts charged in resources expended are current service costs
and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service
costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits
have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost
and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to
interest. Actuarial gains and losses are recognised in the ‘Other recognised gains and losses’.
Defined benefit pension schemes are funded, with assets of the scheme held separately from those of
the Trust, in separate trustee-administered funds. Pension scheme assets are measured at fair value and
liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate
equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to
the scheme liabilities. The actuarial valuations are obtained every three years and updated at each balance
sheet date. The resulting defined benefit asset or liability is presented separately after other net assets on
the face of the balance sheet.
Fund accounting
Funds held by the Trust v are either:
• unrestricted general funds, which can be used in accordance with the charitable objectives at the
discretion of the trustees, or
• restricted funds, which are funds that can only be used for a particular restricted purpose within the
objectives of the Trust.
Further explanation of the nature and purpose of each fund is included in the notes to the financial
statements.
2. Incoming resources from charitable activities
Restricted Unrestricted
Funds Funds Total Total
2011 2011 2011 2010
£ £ £ £
Grants received:
Fife Council Funding: SLA 1,329,959 - 1,329,959 1,434,400
Fife Council Funding: Other Projects 228,368 - 228,368 364,656
Biffa - - - 7,997
ERDF/EU Funding 46,230 - 46,230 16,286
Scottish Natural Heritage 17,600 - 17,600 18,438
Scottish Water 7,325 - 7,325 7,200
Fife Environment Trust 48,643 - 48,643 40,826
Forestry Commission Scotland 6,400 - 6,400 3,315
Falkland Heritage Trust - - - 350
Sustrans 35,000 - 35,000 -
National Lottery Fund 25,000 - 25,000 -
NHS Fife - - - 5,000
BSkyB - - - 7,592
Scottish Executive 24,313 - 24,313 10,505
Big Green Footprint 5,201 1,542 6,743 -
Scottish Enterprise - - - 242,500
Other sources - - - 292
1,774,039 1,542 1,775,581 2,159,357
26 Fife Coast and Countryside Trust Audited Accounts 2010-2011