INNERKIP SOCIETY ANNUAL ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2025
DIRECTORS AND OFFICE BEARERS
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|---|---|---|---|---|
|Preses|Dr Barry McCusker|
|Vice|Preses|Jamie|Walker|
|Treasurer|Peter|Bennett|
|41|Dunvegan Avenue|
|GOUROCK|PAI9|1AJ|
|Secretary|Tom Ward|
|107|Finnart|Street|
|GREENOCK|PA16|8HN|
|Directors|Andy|Chappell|(retired|07.03.25)|
|Barry|Dyer|
|Mark|McDaid|
|Tony|Barrie|
|Mark Rodger|
|Craig Brown|
|Chris|Connelly|
|Graeme|Brooks|
|Ken|Morrice|
|Jonathan|Gray|(appointed|07.03.25)|
|Independent|Examiner|Craig|Lindsay CA|
|179A|Dalrymple|Street|
|GREENOCK|PAIS|1BX|
|Bankers|Royal Bank of Scotland|
|122|Cathcart|Street|
|GREENOCK|PAIS|IBA|
|Stockbrokers|Rathbones|Investment Management|
|George|House|
|50|George|Square|
|GLASGOW|G2|1EH|
|Registered|Charity No.|SC000566|
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INNERKIP SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31ST DECEMBER 2025
The trustees are pleased to present their annual Trustees’ report together with the financial statements of the charity for the year ending 31 December 2025.
The financial statements comply with the Charities and Trustees Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Rules of the Society, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102).
Purposes and activities
The Society was established in 1798 and its objects are the relief of those persons in need by reason of age, ill health, disability, financial hardship or other disadvantage, and in particular relief in respect of such persons connected with, although not necessarily resident in, the area of Inverclyde, including without prejudice to that generality, the Burghs of Greenock, Gourock and Port Glasgow and the Parish of Inverkip.
Achievements and performance
The financial statements, which follow, show the extent and result of the year’s activities and performance.
Financial Review
The Income and Expenditure Account for the year shows an operating surplus in 2025 of £110 compared to a deficit in 2024 of £2,603. Income in 2025 totalled £39,220 compared with £44,207 in 2024 (-11.3%). This decrease was in the main due to a reduction in dividend income and interest from the investment portfolio. Expenditure was £39,110 (2024 - £46,810) which included annuities of £17,100 (2024 - £19,800) and comfort payments of £15,190 (2024 - £12,454). 2025 saw an increase in the value of the investment portfolio from £799,009 to £840,186 (2024 - £804,568 to £799,009) as per the Balance Sheet.
Reserves Policy and Going Concern
The Trustees consider that the Society has sufficient reserves, bank facilities and Investments in place to meet the current and foreseeable obligations to enable it to be considered as a Going Concern.
Plans for future periods
The Society by its Rules cannot give relief greater than the Net Income ofthe Society for the current year together with any accumulated revenue balance brought forward from previous years. Certain classes of recipients of the Society’s assistance are diminishing due to changes in society in general, but the Trustees always consider how to distribute as much income as is prudent each year. The amount of Income for the future depends not only on the level of investment income but also on the successful fundraising events by the Trustees of the Society. Investment income is the primary source of income and although this diminished somewhat in 2025 due to some repositioning of investments held, regular and positive discussions take place with the stockbrokers to maintain adequate income levels without diminishing the invested funds. The Society received a substantial legacy of over £100,000 from the estate of Tommy Lavery in 2023 and the Trustees have disbursed some of the available funds to support requests for assistance in support of activities considered to be deserving. In 2025 the Trustees widened the scope ofthe activities which could be supported from this generous legacy and a significant donation from the Fund in the sum of £10,000 was pledged contingent on the recipient meeting specific conditions. The Trustees are satisfied that the Society has sufficient reserves to enable it to continue with its activities in the foreseeable future.
INNERKIP SOCIETY TRUSTEES’ REPORT (contd.) FOR THE YEAR ENDED 31ST DECEMBER 2025
Responsibilities of the Trustees
Law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing those financial statements, the Trustees are required to:
-
e Select suitable accounting policies and then apply them consistently. e Observe the methods and principles in the Charities SORP.
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e Make judgements and estimates that are reasonable and prudent.
-
e Prepare the financial statements on the going concern basis unless it is inappropriate to presume the Society will continue in operation; and
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e State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and which enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud.
The trustees are responsible for the maintenance and integrity ofthe corporate and financial information included on the charity’s website (if applicable). Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Operation of the Society
The Society operates through a Board of Trustees, chaired by a Preses, plus two Office Bearers, a Secretary and a Treasurer. In chronological order each Trustee will usually become Preses for a year then serve for a further two years before retiring. New Trustees are appointed at the Annual General Meeting. The Board meets several times each year to organise fundraising for the Society and the disbursement of funds to those persons as described in the Socicty’s Objects. A major part of the Society’s income arises from investments which have been built up over many years, as augmented by annual fundraising events which are shown in the Income and Expenditure Accounts attached to the Financial Accounts. The Society makes payments to its beneficiaries, by means of periodic payments (annuities) and single payments (comfort payments) during the year. In addition to the Board of Trustees there are three former Trustees who are described in the constitution as Trustees, with the sole responsibility of taking the title documents of the Society’s investments in their name or that of a Nominee Company, but for the purposes ofthe Charities and Trustee Investment (Scotland) Act 2005 and this Report these individuals are not Trustees.
INNERKIP SOCIETY TRUSTEES’ REPORT (contd.) FOR THE YEAR ENDED 31ST DECEMBER 2025
Nature of the Charity’s Governing Document
The Innerkip Society is an unincorporated body, which is governed by a written Rules of the Society.
Related Parties
The Treasurer and Secretary of the Society each receive an honorarium for holding their post. The honorarium is set by the Trustees.
Approved by the Directors on 10" February 2026 and signed on their behalf by:
ry McCusker
Pkese
INNERKIP SOCIETY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2025
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|---|---|---|---|---|---|---|
|2025|2024|
|Dividends|£|£|£|£|
|Bowling|and Interest Received|30,633|34,418|
|Dinner|Match|585|515|
|Fines|Surplus|133|248|
|and Donations|1,133|1,388|
|Auction & Tie Income|-|A498|
|Property Rental Income|6,736|7,140|
|39,220|44,207|
|Less:|Printing,|Stationery|and|Postages|470|44]|
|Honorary|Secretary/Treasurer|3,000|3,000|
|Insurance|401|576|
|Property Rental Expenses|1,956|1,337|
|Independent Examiner’s Fees|992|1,102|
|(6,819|)|(6,456_)|
|Less:|32,401|375751|
|Annuities|&|Comfort Payments|
|Distributed|in year|32,291|40,354|
|Less:|Accrued|at 31/12/24|(10,000|)|(10,000|)|
|22,291|30,354|
|Add:|Accrued at 31/12/25|10,000|10,000|
|(32,291|)|(40,354|)|
|OPERATING|SURPLUS|/ (DEFICIT)|110|( 2,603|)|
|Stockbroker|Charges on Capital Balance|(7,187|)|(5,577|)|
|Loss on Disposal of Investments|(3,948|)|(3,805|)|
|Gain on Revaluation|of Investments|51,918|4,377|
|(DEFICIT) /SURPLUS FOR YEAR|40,893|(7,608)|
|Balance Brought Forward|1,049,860|1,057,468|
|BALANCE CARRIED FORWARD|1,090,753|1,049,860|
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INNERKIP SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31ST DECEMBER 2025
FINANCIAL YEAR ENDED 31 DECEMBER 2025
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|---|---|---|---|---|---|---|
|Note|Unrestricted|Designated|Restricted|Total|
|Funds|Funds|Funds|Funds|
|2025|2025|2025|2025|
|£|£|£|£|
|INCOME|FROM:|
|Donations|1,133|-|-|1,133|
|Other Trading Activities|2|718|-|-|718|
|Investments|3|33,201|4,168|-|37,369|
|Total|Income|35,052|4,168|-|39,220|
|EXPENDITURE|ON:|
|Raising Funds|4|1,956|-|-|1,956|
|Charitable|Activities:|
|Annuities|&|Comfort|
|Payments|24,191|8,100|-|32,291|
|Support|Costs:|
|Governance|Costs|5|3,992|-|-|3,992|
|Sundry|6|871|-|-|871|
|31,010|8,100|-|39,110|
|INCOME|/|
|(EXPENDITURE) NET|
|AND NET MOVEMENT|IN|
|FUNDS BEFORE|GAINS|
|AND LOSSES|ON|
|INVESTMENTS|4,042|(3,932 )|-|110|
|Capital Charges|(7,187|)|-|-|(7,187).|
|Net Gain|on Investments|-|-|47,970|47,970|
|NET MOVEMENT|IN|
|FUNDS|(3,145|)|(3,932)|47,970|40,893|
|Funds|Reconciliation:|
|Total Funds Brought Forward|5,404|98,423|946,033|1,049,860|
|Total Funds Carried Forward|2,259|94,491|994,003|1,090,753|
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INNERKIP SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31ST DECEMBER 2025
FINANCIAL YEAR ENDED 31 DECEMBER 2024 (AS REQUIRED BY CHARITY LAW)
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|---|---|---|---|---|---|---|
|Note|Unrestricted|Designated|Restricted|Total|
|Funds|Funds|Funds|Funds|
|2024|2024|2024|2024|
|INCOME|FROM:|£|£|£|£|
|Donations|1,886|-|-|1,886|
|Other Trading Activities|2|763|-|-|763|
|Investments|3|36,379|5,179|-|41,558|
|Total Income|39,028|5,179|-|44,207|
|EXPENDITURE|ON:|
|Raising Funds|4|1,337|-|-|1,337|
|Charitable|Activities:|
|Annuities &|Comfort|
|Payments|32,254|8,100|-|40,354|
|Support|Costs:|
|Governance Costs|5|4,102|-|-|4,102|
|Sundry|6|1,017|-|-|1,017|
|38,710|8,100|-|46,810|
|INCOME|/|
|(EXPENDITURE) NET|
|AND NET MOVEMENT|IN|
|FUNDS BEFORE|GAINS|
|AND|LOSSES ON|
|INVESTMENTS|318|(2,921)|-|(2,603|)|
|Capital Charges|(5,577|)|-|-|(5,577|)|
|Net Gain on Investments|-|-|572|572|
|NET MOVEMENT|IN|
|FUNDS|(5,259|)|(2,921)|572|( 7,608|)|
|Funds|Reconciliation:|
|Total Funds Brought Forward|10,663|101,344|945,461|1,057,468|
|Total Funds Carried Forward|5,404|98,423|946,033|1,049,860|
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INNERKIP SOCIETY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER 2025
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|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Increase|/ (Decrease)|in Funds|40,893|(7,608|)|
|(Gains)|/ Losses on Revaluation|of Investments|(51,918|)|(4,377|)|
|Loss on|sale of investments|3,948|3,805|
|Increase|in|debtors|(227|)|-|
|Increase|/ (Decrease)|in|Creditors|(98|)|193|
|Net Cash Movement|before|Investing|Activities|(7,402|)|(7,987|)|
|Proceeds|from|Sale of Investments|407,950|186,308|
|Purchase|of Investments|(387,011|)|(178,941|)|
|Increase|in Portfolio Cash Balance|(14,146|)|(1,236|)|
|Change|in Cash and Cash Equivalents|in Year|(609|)|(1,856|)|
|Cash and Cash Equivalents|at the Beginning|of|the Reporting|Period|144,801|146,657|
|Cash and Cash Equivalents|at the End of|the Reporting Period|144,192|144,801|
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INNERKIP SOCIETY BALANCE SHEET AS AT 31ST DECEMBER 2025
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|---|---|---|---|---|---|
|Note|2025|2024|
|FIXED|ASSETS:|£|£|£|£|
|Investments|7|840,186|799,009|
|Investment Property|8|119,000|119,000|
|Total Fixed Assets|959,186|918,009|
|CURRENT|ASSETS:|
|Debtors|227|-|
|Cash|at Bank and|in Hand|144,192|144,801|
|CURRENT|LIABILITIES:|144,419|144,801|
|Creditors Falling Due Within One Year|9|12,852|12,950|
|Net Current Assets|131,567|131,851|
|Net Assets|1,090,753|1,049,860|
|FUNDS OF THE CHARITY:|10|
|Unrestricted Funds|2,259|5,404|
|Designated Funds|94,491|98,423|
|Restricted Funds|994,003|946,033|
|Total Charity Funds|1,090,753|1,049,860|
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Approved by the Directors on 10 February 2026 and signed on their behalf by:
D vy McCusker Preses
INNERKIP SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR TO 31ST DECEMBER 2025
- ACCOUNTING POLICIES
Basis of Preparing and Assessment of Going Concern
The financial statements have been prepared under the historic cost convention, modified to include the revaluation of investment property and certain financial instruments at fair value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with The Statement of Recommended Practice: Accounting and Reporting by Charities, preparing their accounts in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended),
The society constitutes a public benefit entity as defined by FRS 102.
Going Concern
The members consider that there are no material uncertainties about the Society’s ability to continue as a going concern. With respect to the next reporting period, 2026, the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the levels of return on investments, and the performance of the financial markets along with the Society’s ability to hold its fundraising events.
Funds Structure
Unrestricted income funds comprise those funds which the members are free to use for any purpose in furtherance of the charitable objectives.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is a single restricted fund, the Capital Account, restricted to providing capital for the purpose of investment within the Society’s listed investment portfolio.
Income Recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Expenditure Recognition
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure includes VAT, which cannot be recovered and is reported as part of the expenditure to which it relates.
Expenditure on raising funds comprises those costs incurred in the management of the investment portfolio and expenses relating to the rental of the investment property.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, and include independent examiner fees and honorarium payments to both the Treasurer and Secretary of the charity.
INNERKIP SOCIETY NOTES TO THE ACCOUNTS (cont’d.) FOR THE YEAR TO 31ST DECEMBER 2025
Investment Property
The investment property held by the charity is initially recognised at its transaction value, and subsequently measured at its fair value at the balance sheet date. The cost associated with the engagement of a professional valuer was considered an undue cost by the members, and as such no professional valuation has taken place.
Investments
Investments are a form of basic financial instrument and are initially recognised at their Transaction Value, and subsequently measured at its fair value at the balance sheet date using the closing quoted market price.
The statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
The charity does not acquire part options, derivatives or other complex financial instruments.
Realised Gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Capital Charges
Stockbrokers costs are now set at an agreed percentage of the capital funds held and mitigate transaction costs. These are now shown as capital charges after the Society’s operating result has been determined.
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|---|---|---|
|2.|INCOME FROM OTHER TRADING ACTIVITIES|
|2025|2024|
|Bowling|£|£|
|Innerkip Match|585|515|
|Society Dinner|133|248|
|718|763|
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All items of income above were unrestricted in the years to 31 December 2025 and 2024.
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3. INVESTMENT INCOME
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,
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|---|---|---|---|
|2025|2024|
|Dividends|£|£|
|Property|on Equities|26,465|29,239|
|Interest|Rental Income|6,736|7,140|
|on Term Deposit|4,168|5,179|
|37,369|41,558|
|All items of|income above were unrestricted|in the years to 31|December 2025 and 2024.|
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INNERKIP SOCIETY NOTES TO THE ACCOUNTS (cont’d.) FOR THE YEAR TO 31ST DECEMBER 2025
4. EXPENDITURE ON RAISING FUNDS
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|---|---|---|
|2025|2024|
|Property|£|£|
|Rental Expenses and Fees|1,956|1,337|
|1,956|1337|
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All items of expenditure above were unrestricted in the years to 31 December 2025 and 2024.
5. GOVERNANCE COSTS
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|---|---|---|
|Honorarium|
|Independent|Payments (note|11)|
|Examiner’s Fees|
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|---|---|
|2025|2024|
|£|£|
|3,000|3,000|
|992|1,102|
|3,992|4,102|
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All items of expenditure above were unrestricted in the years to 31 December 2025 and 2024.
6. SUNDRY EXPENSES
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|---|---|---|
|2025|2024|
|Printing,|£|£|
|Stationery and Postage|470|44]|
|Insurance|401|576|
|871|1,017|
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All items of expenditure above were unrestricted in the years to 31 December 2025 and 2024.
INNERKIP SOCIETY NOTES TO THE ACCOUNTS (cont’d.) FOR THE YEAR TO 31ST DECEMBER 2025
| 7. | FIXEDASSETINVESTMENTS | ||
|---|---|---|---|
| Movementinfixed assetlistedinvestments | 2025 | 2024 | |
| MarketValueat 1 January2025 Additions Disposals Revaluations Movement inCashBalance inPortfolio |
£ 799,009 387,011 (411,898 ) 51,918 14,146 |
£ 804,568 178,941 (190,113 ) 4,377 1,236 |
|
| 840,186 | 799,009 | ||
| Investments atFairValue Comprised: | 2025 | 2024 | |
| Equities Bonds Equity Funds/Diversifiers Gilts CashHeldwithinInvestment Portfolio |
£ 754,198 13,284 25,664 24,599 22,441 |
£ 559,438 29,894 176,874 24,508 8,295 |
|
| 840,186 | 799,009 |
The original cost of the above investments, excluding cash balances, was £725,367 (2024 - £732,431).
| 8. | INVESTMENTPROPERTY | ||
|---|---|---|---|
| FairValue | 2025 | ||
| £ | |||
| At 1 January2025 and31December2025 | 119,000 | ||
| 9. | ANALYSISOFCURRENT LIABILITIES |
||
| 2025 | 2024 | ||
| Provision forAnnuities&Comfort Payments Accruals |
£ 10,000 2,852 |
£ 10,000 2,950 |
|
| 12,852 | 12,950 |
INNERKIP SOCIETY NOTES TO THE ACCOUNTS (cont’d.) FOR THE YEAR TO 31ST DECEMBER 2025
10.
MOVEMENT IN FUNDS
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|---|---|---|---|---|---|---|
|Net|Gain|/|
|Atl|Incoming|Outgoing|(Loss) on|At 31|
|January|Resources|Resources|Investments|December|
|2025|2025|
|Unrestricted|Funds:|£|£|£|£|£|
|Dinner|Fund|200|-|-|
|Revenue|-|200|
|Account|5,204|35,052|(38,197|)|-|2,059|
|Designated Fund|98,423|4,168|(8,100|)|-|94,491|
|103,827|39,220|(46,297|)|-|96,750|
|Restricted|Funds:|
|Capital Account|946,033|-|-|47,970|994,003|
|Total Funds|1,049,860|39,220|(46,297|)|47,970|1,090,753|
|COMPARATIVE YEAR|
|Net|Gain|/|
|Atl|Incoming|Outgoing|(Loss)|on|At 31|
|January|Resources|Resources|Investments|December|
|2024|2024|
|Unrestricted|Funds:|£|£|£|£|£|
|Dinner Fund|200|-|-|
|Revenue|-|200|
|Account|10,463|39,028|(44,287|)|-|5,204|
|Designated Fund|101,344|5,179|(8,100|)|-|98,423|
|112,007|44,207|(52,387|)|-|103,827|
|Restricted|Funds:|
|Capital Account|945,461|-|-|572|946,033|
|Total Funds|1,057,468|44,207|(52,387|)|572|1,049,860|
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Purpose of funds:
Capital Account — provides capital for the purpose of investment to generate funds for distribution.
Designated Fund — represents a legacy received from a former member of the Society. The legacy was advised towards the end of 2023 and the directors continue to discuss the best use for these funds.
11. PAYMENTS TO OFFICE BEARERS
The Treasurer and Secretary of the Society each received an honorarium payment of £1,500, giving a total of £3,000 (2024 - £3,000). In addition, one trustee received on aggregate £258 (2024 - £239) for reimbursement of stationery and postage costs.
INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS OF THE INNERKIP SOCIETY
T report on the accounts ofThe Innerkip Society for the year ended 31st December 2025 which comprise of the Income and Expenditure Account, Statement of Financial Activities, Cashflow, Balance Sheet and the related notes.
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 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) ofthe Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination is 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 ofthe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the 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.
-
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) ofthe 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
-
~ _ to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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BE
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CRAIG LINDSAY CHARTERED ACCOUNTANT Welsh Walker Limited 179A Dalrymple Street Greenock
13th February 2026