Aberdeen based orchestras of fiddles and accordions that practice, perform and preserve traditional Scottish music.

Annual Report and Financial Statements for the Year ended 28 February 2012

Notes - Continued 2

12. Tangible fixed assets

 
Instruments
£
Office & Other
Equipment

£

Trophies
£

Total
£
Cost        
At beginning of year 1,702 50 530 2,282
Additions 1,191 167 - 1,358
At end of year
2,893
217
530
3,640
         
Depreciation        
At beginning of year 863 10 373 1,246
Charge for year 218 20 16 254
At end of year
1,081
30
389
1,500
         
Net book value        
At 28 February 2012
1,812
187
141
2,140
         
At 28 February 2011
839
40
157
1,036

Heritage fixed assets

The Society owns three original music manuscripts by Peter Milne and one music manuscript by J Scott Skinner. Due to the difficulty in valuing these they are not incorporated in the above table. The manuscripts are currently on loan to the University of Aberdeen and can by viewed in their archives by contacting them directly.

13. Investments

  2012
£
2011
£
Market value at beginning of year 1,000 1,000
Net change in deposit account balances (1,000) -
Add: Investment purchases at cost 1,000 -
Add: Net gain on revaluation 22 -
Market value at end of year
1,022
1,000
     
Represented by:    
Listed securities: UK Common Investment Funds 1,022 -
Deposit account balances - 1,000
 
1,022
1,000
Historic cost of investments 1,000 1,000

Included in the portfolio are the following individual investments which represent more than 5% by value of the total investment fund:

  2012 
£
2011
£
Sarasin Alpha CIF for Income & Reserves 1,022 -
Deposit account balances - 1,000

14. Stock

  2012 
£
2011
£
Finished goods:
 CDs, Tapes, Anniversary Books
2,154 2,311
 T Shirts and Ties 141 142
 
2,295
2,453

15. Debtors

  2012
£
2011
£
Gift Aid recoverable 60 123
Other debtors and prepayments 486 445
 
546
568

16. Creditors: amounts due within one year

  2012 
£
2011
£
Trade creditors 202 269
Deferred income 155 -
Accruals and other creditors 982 1,165
 
1,339
1,434

17. Total funds  

Funds Opening balance
£
Incoming Resources
£
Resources Expended
£

Transfers
£
Gains/ Losses
£
Closing balance
£
Unrestricted:            
General fund 16,250 8,235 (4,793) (150) - 19,542
Designated funds:            
 Stage piano fund - - - 150 - 150
 CLAN Donation 1,000  - (1,000) - - -
             
Restricted:
Iain Fraser Award prize fund
- 35 (30) - - 5
             
Endowed:
Iain Fraser Award endowment fund
1,000 - - - 22 1,022
             
Total all funds
18,250
8,270
(5,823)
-
22
20,719

The Stage piano fund is a designated fund established in the year ended 28 February 2012 with the target of increasing the fund at a rate of £150/year over 10 years, plus associated interest earned, in order to cover the replacement of the current stage piano at the end of its anticipated life.

The CLAN donation fund is a designated fund established in the year ended 28 February 2011 in relation to the £1,000 donation to CLAN agreed at the AGM in May 2010. The donation was presented in March 2011 and the fund closed.

The income from the Iain Fraser Award endowment fund is restricted and is to be used as a prize (the Iain Fraser Award) in the Society’s annual competition. The income may be variable and/or received in arrears. The committee has agreed that any deficit arising on the fund should be carried forward, reducing the following year’s prize. 

18. Analysis of net assets by fund

  Unrestricted funds: Restricted
income
funds
£
Endowed
funds
£
Total
£
General
fund
£
Designated
funds
£
Tangible fixed assets 2,140 - - - 2,140
Investments (fixed assets) - - - 1,022 1,022
Net current assets 17,402 150 5 - 17,557
 
19,542
150
5
1,022
20,719

19. Controlling party

The Society was under the control of the committee members, as detailed on page 1, throughout the current year. Refer to the previous year's annual report for a full list of the committee members that served during that period.

Our Scottish Music CDs

£10.00
Live at the Music Hall CD Cover Image
£10.00
From Dee to Don CD Cover Artwork
£10.00
Tuned to the North CD Cover Artwork

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