2025-05-31-accounts

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

Registered Charity No: SC000906

THE GLASGOW CARE FOUNDATION

REPORT AND FINANCIAL STATEMENTS

For the Year Ended

31 May 2025

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 315? MAY 2025

CONTENTS	PAGE
Legal and Administrative information	1
Directors’ Report	2-7
Auditors’ Report	8-11
Statement of Financial Activities	12
Balance Sheet	13
Statement ofCash Flows	14
NotestotheAccounts	15-21

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

YEAR ENDED 315" MAY 2025

LEGAL AND ADMINISTRATIVE INFORMATION

Registered Office

Auditors:

Bankers:

Investment Advisers:

Charity Registration Number:

clo Wbg Services LLP 168 Bath Street Glasgow G2 4TP

Wbg (Audit) Limited 168 Bath Street Glasgow G2 4TP

Bank of Scotland 235 Sauchiehall Street Glasgow G2 3EY

Rathbone Investment Management George House 50 George Square Glasgow G2 1EH

SC000906

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

The Directors are pleased to present their Annual Report together with the Financial Statements of the Charity for the year ended 31* May 2025. The legal and administrative information on page 1 forms part of this report.

Structure, Governance and Management

The Foundation is a Scottish Charitable Incorporated Organisation (SCIO) governed by its Constitution. The management of the Foundation is the responsibility of the Directors. The Board of Directors met five times during the last year. The Directors of the Foundation who served during the year are listed on page iC

The Foundation has three sub-committees, which are responsible for specific aspects of the Foundation’s governance. The ultimate decision on matters handled by all the sub-committees’ rests with the Board of Directors.

The Finance Committee reviews and recommends systems of internal control of financial, governance and operational risks. It also reviews management and year-end accounts and supplementary information and meets with the Foundation’s external auditor ahead of final approval of the accounts. It also maintains contact with the Foundation’s Investment Managers and normally meets with them once or twice a year (see Investment Policy on Page 6 for more details). The Finance Committee met five times during the last year.

The Care Committee focuses on the welfare work of the Foundation. It reviews applications from families when necessary and it approves/recommends applications for financial assistance for specific projects from local schools and community organisations. It also maintains contact with appropriate agencies such as social work department, kinship carers, CAB and Shelter, at the same time raising awareness of the charity. The Committee met five times during the last year on zoom.

The Marketing and Resources Committee is responsible for developing a strategy that will raise awareness of the Charity’s work and its impact on people's lives, identify new revenue streams, increase existing revenue streams and build relationships with organisations and individuals who will become supporters of the charity, The Committee met eight times during the last year on zoom

Objectives & Activities

The Charity was founded in 1874 and exists to provide assistance to Glasgow citizens who are in financial need and whose situation cannot be provided for by any other agency.

Assistance is provided to families, single parents, the elderly, the sick, the vulnerable and those with special needs. This takes the form of provision of essential appliances such as cookers, washing machines and fridges and items such as bedding and floor coverings.

The charity also provides funding for local community projects where full funding cannot be obtained elsewhere, including short holidays for disadvantaged families.

The charity administers a number of small trusts some of which require the payment of grants to pensioners with health problems.

The wider aim of the provision of assistance is to help keep families together, to allow individuals to continue to live independently, prevent homelessness and work together with other agencies to help bring about lifestyle changes to improve the standard of living whilst not undermining the individual's selfrespect.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

Mission, Vision and Values Statement

During the year the Board formulated a Mission Vision and Values Statement, as follows:

Mission

We are a small Charity doing big things for Glasgow, helping Glaswegians when they cannot help themselves because our main goal is to alleviate poverty and improve quality of life in the city, That is why we empower people and enrich lives by offering practical assistance to people in financial need, fund local community projects and provide pension and grants.

Vision

We are determined to have a greater impact on reducing poverty in Glasgow by positively improving 10000 lives in the next 10 years.

Values

COMMUNITY, we as Glaswegians want to help our Glasgow community EMPATHY, we put ourselves in the position of the Glaswegians we help, DIGNITY, we put the dignity of the people first TRUST, we work in a trusting environment: We trust our people and the people we help AGILITY. we adapt our purposes to changing circumstances and we will continue to do so to arrive quickly to help Glaswegians in need.

Policy for Provision of Assistance

Applications for provision of practical help in the form of appliances and furnishings are made via the Foundation's website. These are made by a variety of agencies on behalf of their clients (e.g., housing associations). Information on the process and the application form is available on the website www.glasgowcarefoundation.org.

Aa p plicationsproves the areapplications asses: authoriseslfareoricesupport and arranges who contactsdelivery. t| icant.has Whendelegated she responsibility to agree applications up to a maximum level of £750 per household. Beyond that level, or where there is uncertainty authorisation has to be obtained from the Care Committee or in the case of emergencies by the Chair who then reports to the Board.

Applications for local community projects are received in writing and include a copy of the organisation's accounts. The applications are then considered by the Care Committee or referred to the Board for further consideration.

Conflict of interest

Committee members are required to declare any interest before community project applications are considered in which case they are required to withdraw from the meeting while such applications are considered.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

Chair's Report 2025

The Foundation has had another successful year, with over 1100 approved applications, in the form of individual or family grants community/school grants and awarding Christmas vouchers. This has improved the lives of almost 10,000 people. There has been a rise in our community grants applications with 45 approved in the last year. As a result, the Care committee has formalised the criteria for awarding grants better targeting the Foundations key objectives. We continue to have a relationship with Glasgow Rotary clubs, in helping organise and fund holidays for disadvantaged families.

In difficult times despite a slowdown in donations in a tough economy, fundraising still raised over £100,000 in the last year, mainly due to legacies and trusts. However, Interest from our investments still remain the main source of our charitable donations and enables us to fulfil our commitment to helping alleviate the effects of poverty in Glasgow.

The Care Committee

The Care Committee currently consists of four Trustees. The Committee supervises the welfare work of the Foundation, carried out by our welfare officer. Applications are received from a variety of statutory agencies such as Social Work, Housing Associations, and Support organisations. The Covid pandemic meant that our welfare officer was no longer able to visit the applicants in their homes but instead carried out phone assessments. The success of this has allowed the welfare officer to cope with rising demand and continues to be our preferred method of assessment. Last year, we had 833 applications, of which 78% were approved with an average spend of £390, on such things as beds & bedroom furniture, white goods, and flooring. Refusals were due to clients living out with our Glasgow City catchment area, applications for non-household items, high income level, failure to apply to the Scottish Welfare Fund and change in circumstances following application.

The welfare officer also has the discretion to issue supermarket vouchers up to a maximum of £100 to those in need. The majority of vouchers are issued via case workers, during the Christmas period (£31,250 in December 2024). Due to the cost of living rises the demand for these has increased however caseworkers are encouraged to exhaust all other areas of support before requesting vouchers from us.

The Care Committee also deals with applications for Community/School/Rotary Grants. We support local projects that aim to alleviate the many facets of poverty, This involves giving small grants to local community groups, charities and organisations with appropriate projects, educational grants, transport, holidays, food poverty and other needs. We tend not to support national organisations unless for a specific local project. Organisations running large surpluses will not usually be successful. This year from 84 applications, we awarded 45 grants totalling £46,000. Grants were given to diverse projects and organisations, such as local schools dance and music youth projects.

Chair

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

The Marketing & Resources Committee

The economic environment continues to drive real challenges, not only for our beneficiaries, but to our fundraising in support of our Care Committee activities. It is true to say that whilst we seek new charity partners, particularly in the hospitality sector, it has become a competitive space where we all chase the same and harder to find donations.

Despite this our final fundraising income was just short of £112K. We have had some changes to our fundraising Staff with the addition of a part time business development officer (BDO) and the loss of a part time Marketing Officer. Our longer-term fundraising employee reduced her hours to 12 per week and has been concentrating on our Trust management.

Successful appeals to these Trusts made up 58% of our fundraising income with a mixture of repeat Trust and new Trust donations. In line with this competitive market some repeat Trusts have rejected our appeals and other long-standing Donors have offered less of a donation than in previous years. There has been a number of approaches to new Trusts but many of them have been rejected due to either our reserves, we don’t quite meet their criteria or their applications being oversubscribed.

With the addition of our new BDO we have had some success in developing relationships within the hospitality sector and we continue to widen our sources of funding and to better develop the long-term relationships that support sustainable growth, enhancing our core mission of alleviating poverty in Glasgow.

We continue to receive regular enquiries and support from students, some of whom have ran their own events on our behalf and generated some income for us. Schoo! pupils participating in the Wood Groups YPI initiative were successful in winning £3K this year for us and we continue to engage with these incoming enquiries.

The Marketing Committee would like to thank everyone who has donated time, effort and funds over the last financial year.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

Financial Review

The results for the year are shown in the attached Financial Statements.

The net deficit for year was £3,101 (2024: deficit £8,675) before losses in investments of £4,264 (2024: gains on investment £551,473) this gave us an overall deficit of £7,365 (2024: gain £542,798).

The total income in the year was £445,215 (2024: £440,671).

The investment income for the year was £287,640 (2024: £275,325). Other income for the year was £157,575 (2024: 165,346).

The total expenditure in the year on charitable activities was £448,316 (2024: £449 346).

Going Concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern,

Donations Received

The Foundation would like to thank the organisations and individuals who made donations during the year.

Risk Management

The Directors have assessed the major risks to which the Foundation is exposed, in particular those relating to the operations and finances of the Foundation, and are satisfied that systems are in place to mitigate exposure to major risks. The Directors consider variability of investment returns to constitute the Foundation's major financial risk. Retaining expert investment managers and having a diversified investment portfolio mitigate this.

Investment Policy

in accordance with the Foundation’s Constitution the Directors have the power to invest in such stocks, shares and investments as they see fit. The Directors have engaged Rathbones as investment managers and the Foundation use their Discretionary Management Service. The investment managers are responsible for the day-to-day and tactical activity within carefully chosen investment parameters and risk preferences. The responsibilities of the Directors are to set parameters and monitor activity and performance.

Reserves Policy

The Trustees have reserves to cover 6 months’ worth of overheads. The reserves of the Foundation at 31" May 2025 totalled £8,295,811 (2024: 8,303,176), which equates to 20 years overheads and will give a level of dividend income to cover future grants and overheads. These reserves are invested in Equities and Government Stocks to produce a level of income, which the Directors consider sufficient to respond to applications for financial assistance. The Directors consider that the financial position of the Foundation is sound.

Directors

The Foundation is extremely grateful to the ‘volunteer’ support of all its Trustees without whom the charity would not develop.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 315" MAY 2025

Staff

Directors’ Responsibilities

The Directors are responsible for preparing the Directors’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources, including the income and expenditure of The Glasgow Care Foundation for that period. In preparing these financial statements, the Directors are required to:

• e select suitable accounting policies and then apply them consistently; e observe the methods and principles in the Charities SORP 2019 (FRS102); and * make judgments and estimates that are reasonable and prudent.

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and 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. They are also responsible for safeguarding the assets of the Foundation and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

A resolution will be proposed at the Annual General Meeting that Wbg (Audit) Limited be reappointed as the Auditors of the Foundation.

In so far as the Directors are aware:

• e there is no relevant audit information of which the Foundation's Auditor is unaware; and e the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the Auditor is aware of that information.

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (effective January 2019).

Approved by the Directors and signed on their behalf by:

Chair

Date: 15 August 2025

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF THE GLASGOW CARE FOUNDATION FOR THE YEAR ENDED 31* MAY 2025

Opinion

We have audited the financial statements of The Glasgow Care Foundation (the ‘charitable company’) for the year ended 31 May 2025 which comprise Statement of Financial Activities Incorporating an income and expenditure account), the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity’s affairs as at 31** May 2025, 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; and

• have been prepared in accordance with the requirements of 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 auditor 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 other information comprises the information included in the trustees' annual report*, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. 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.

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 course of 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.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

INDEPENDENT AUDITORS’ REPORT TO THE DIRECTORS AND MEMBERS OF THE GLASGOW CARE FOUNDATION FOR THE YEAR ENDED 31* MAY 2025

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 trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• — the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.

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 directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 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 trustees’ responsibilities statement set out on page 7, 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concer basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures response to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

INDEPENDENT AUDITORS’ REPORT TO THE DIRECORS AND MEMBERS OF THE GLASGOW CARE FOUNDATION FOR THE YEAR ENDED 31* MAY 2025

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;

• e The nature of the charity, the environment in which it operates and the control procedures implemented by management and the trustees; and

• e Our enquiries of management and trustees about their identification and assessment of the risks of irregularities.

Based on our understanding of the charity and the sector we identified that the principal risks of noncompliance with laws and regulations related to, but were not limited to;

• e Regulations and legislation pertinent to the charity's operations; and e The charity's memorandum & articles.

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Charities and Trustee Investment (Scotland) Act 2005, and the Charities Accounts (Scotland) Regulations 2006. We evaluated management and trustees’ incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks were related to;

e Posting inappropriate journal entries.

Audit response to the risks identified;

Our procedures to respond to the risks identified included the following;

• e Gaining an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates;

• e Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• e Endquiring of management, trustees and legal advisors concerning actual and potential litigation and claims;

• ¢ Reading minutes of meetings of those charged with governance;

• e In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments; evaluating rationale of any significant transactions that are unusual or outside the normal course of business.

• e Review of journals included but was not limited to the following areas: - Depreciation - Accruals - Prepayments - Wages & Salaries

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council's website at: httos://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andquidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor's report.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

INDEPENDENT AUDITORS’ REPORT TO THE DIRECORS AND MEMBERS OF THE GLASGOW CARE FOUNDATION FOR THE YEAR ENDED 31* MAY 2025

Use of our report

This report is made solely to the charity'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 charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wbg Me arse . (Audit) Limited (Statutory Auditor)

Glasgow G2 4TP

Date: 15 August 2025

Wbg (Audit) Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDING 315" MAY 2025

(incorporating an income and expenditure account)

		2025	2024
	Notes	£	£
Income and Endowments from:
Donations and Legacies	4	157,575	165,346
Investments	5	287,640	275,325
Total Income		445,215	440,671
Expenditure on:
Charitable activities	6	448,316	449,346
		448,316
Total Expenditure			449 346
Net (expenditure)		(3,101)	(8,675)
Unrealised (loss)/gain in investments	11	(394,367)	456,187
Realised gain on investments	11	390,103	95,286
		(4,264)	551,473
Net (expenditure)/income		(7,365)	542,798
Fund reconciliation
As at 31 May 2024	14	8,303,176	7,760,378
Asat31May2025	14	8,295,811	8,303,176

The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

BALANCE SHEET AT 31**MAY 2025
			2025	2024
	Notes	£	3	s
FIXED ASSETS
Tangible assets	10		1,570	1,962
Investments, at market value	11		8,191,470	8,191,378
			8,193,040	8,193,340
CURRENT ASSETS
Debtors	12	21,278		19,148
Cash at bank and in hand		_97,450		98,112
		118,728		117,260
Creditors: amounts falling due
within one year	13	15,957		F424
NET CURRENT ASSETS			102,771	109,836
NETASSETS			8,295,811	8,303,176
Representing
Investment appreciation over cost	11		1,887,012	2,281,379
Unrestricted funds			6,408,799	6,021,797
TOTALFUNDS	14		8,295,811	8,303,176

Approved by the Directors and signed on their behalf.

15 August 2025

15 August 2025

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31" MAY 2025

	Note	2025	2024
		£	£
Cash flowsfrom operating activities:
Net cash (used in) operating activities	15	(283,946)	(286,231)
Cash flows from investing activities:
Dividends and interest from investments		287 640	275,325
Purchase ofequipment		-	(2,094)
Proceeds from sale of investments		1,238,462	928,660
Purchase ofinvestments		(1,247,370)	(936,602)
Net cash provided by investing activities		278,732	265,289
Change in cash and cash equivalents in the		(5,214)	(20,942)
year
Cash and cash equivalents brought forward		128,753	149,695
Cashand cashequivalents carried forward		«123,539	iss«d:28, 753
Split;
Cash at bank and in hand		97,450	98,112
Cash held as investments		26,089 _	30,641
		123,539	128,753

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

1. Accounting Policies

(a) Basis of preparation and assessment of going concern

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these 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.

In addition, to fully comply with the SORP, the calculation of realised gains on the sale of investments would require the proceeds of such gains to be measured against their market value at the previous year end. The Directors do not consider this would give a true, fair or prudent view of such transactions and have therefore measure them against their original cost.

The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

(b)Funds structure

Unrestricted funds are available for use at the discretion of the Directors in furtherance of the general objectives of the Foundation. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market value.

(c) Income recognition

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.

All incoming resources are included in the Statement of Financial Activities when the Foundation is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• e Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Foundation, are recognised when the Foundation becomes unconditionally entitled to the grant.

• e Donated services and facilities are included at the value to the Foundation where this can be quantified.

• e Investment income is included when receivable.

• « Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the Foundation earns the right to consideration by its performance.

Income is only deferred when:

• e The donor specifies that the grant or donation must only be used in future accounting periods; or

• e The donor has imposed conditions which must be met before the Foundation has unconditional entitlement.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

(d) Expenditure recognition

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates:

• e Costs of generating funds comprise the costs associated with attracting voluntary income. e Grants payable are payments made to or on behalf of third parties in furtherance of the charitable objectives of the Foundation. Grants are accounted for when the Directors have agreed to pay the grant without condition.

• e Charitable expenditure comprises those costs incurred by the Foundation in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• e Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Foundation and include the audit fees and costs linked to the strategic management of the Foundation.

• « Allcosts are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as set out in Note 6.

(e) Tangible fixed assets and depreciation

All assets costing more than £2,500 are capitalised and valued at historical cost. Depreciation is charged as follows:

Computer

Basis 20% reducing balance

(f) Fixed asset investments

investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

(g) Pensions

The Foundation makes contributions to a personal pension set up for all of its employees. The assets of the scheme are held separately from those of the Foundation.

The pension costs charged against income represent the amount of employer's contributions payable to the scheme in respect of the accounting period.

(h) Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

16

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. Legal Status

The Foundation is a Scottish Charitable Incorporated Organisation (SCIO).

The company has charitable status for tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received, to the extent that such income or gains are applied to exclusively charitable purposes.

3. Related party transactions and trustees’ expenses and remuneration

The trustees all give freely their time and expertise without any form of remuneration or other benefit cash or kind, expenses claimed were £nil (2024 £nil). Expenses not claimed by the trustees in the year totalled £nil (2024: £nil).

4. Income from donations and legacies

4.	Income fromfrom donations and legacies
		2025	2024
		£	£
	Donations	127,735	127,586
	Grants	29,840	37,760
		157,575	165,346
5.	Investment Income
		2025	2024
		£	£
	Dividends	287,640	275,325
		287.640	275,325
6.	Analysis ofExpenditure on Charitable Activities
		2025	2024
		Total	Total
		3	€
	Alleviation ofpoverty	346,844	346,306
	Depreciation	392	491
	Governance costs (note 8)	4,032	4,101
	Supportcosts (note 8)	97,048	98,448
		448,316	449346

6. Analysis of Expenditure on Charitable Activities

17

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

7. Allocation of Governance and Support Costs

The breakdown of support costs and how these were allocated between governance and other support costs is shown in the table below:

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||||||| |---|---|---|---|---|---| |2025|Other|Basis|of apportionment| |Cost type|Total|Governance|support| |allocated|related|costs| |£|£|£| |Staff costs|101,080|4,032|97,048|4%|Staff time| |Total|101,080|4,032|97,048| |2024|Other|Basis|of apportionment| |Cost type|Total|Governance|support| |allocated|related|costs| |£|£|£| |Staff costs|102,549|4,101|98,448|Staff time| |Total|102,549|4,101|98,448| |Governance|costs:|2025|2024| |£|£| |Auditor's|remuneration|7,592|7,012| |Support|costs|(see|above)|4,032|4,101| |11,624|11,113|

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8. Net Incoming Resources for the Year

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|||||||| |---|---|---|---|---|---|---| |This|is|stated|after|charging:| |2025|2024| |£|£| |Depreciation|392|491| |Auditors'|Remuneration-|Audit|Fees|7,592|7,012| |Loss on|disposal|of|office|equipment|-|2,462|

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 3157 MAY 2025

1. Analysis of staff costs and remuneration of key management personnel

Staff costs were as follows:

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----- Start of picture text -----
|||||| |---|---|---|---|---| |2025|2024| |£|£| |Salaries|91,322|77,729| |Social|security|costs|3,178|15,183| |Pension|costs|6,580|9,638| |Total|101,080|102,549|

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None of the remunerated staff are considered to be key management. Strategic decisions of The Foundation are taken by the Trustees who are non-remunerated.

No employee received emoluments of more than £60,000.

The number of permanent employees during the year was 5 (2024— 4). This consisted of four part time members of staff.

10. Tangible Fixed Assets

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||||||| |---|---|---|---|---|---| |Computer|Total| |£|£| |Cost|or valuation| |At|1% June|2024|2,453|2,453| |At 31% May|2025|2,453|2,453| |Depreciation| |At|1% June|2024|491|491| |Charge|for|the|year|392|392| |At 31% May|2025|883|883| |Net|book|values| |As|at 31*|May|2025|1,570|1,570| |As|at 31° May|2024|1,962|1,962|

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At 31 May 2025 ail fixed assets are used for charitable purposes.

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Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

11. Fixed Asset Investments

Fixed Asset Investments
	2025	2024
	£	£
Cost as at 1% June 2024	5,879,358	5,776,130
Additions at cost	1,247,370	936,602
	7,126,728	6,712,732
Disposals atcost	848,359	833,374
Costas at 31% May 2025	6,278,369	5,879,358
Adjustto market value	1,887,012	2,281,379
Marketvalue as at 31**May2025	8,165,381	8,160,737
Cash in hands of stockbroker	26,089	30,641
	8,191,470	8,191,378
Disposal ofinvestments
Proceeds of sale	1,238,462	928,660
Costofsales	(848,359)	(833,374)
Realised gain/(loss)as at 31°'May2025	390,103	95,286
Appreciation
As at 1*June2025	1,887,012	2,281,379
As at31% May 2024	(2,281,379)	(1,825,192
Movementinunrealisedloss	(394,367)	456,187

All of Glasgow Care Foundation investments are held for unrestricted charitable purposes and are included at market value. All investments are carried at their fair value. The diversified investment portfolio comprises predominately domestic and international equities as well as some fixed interest and generates a small amount of dividend income. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchased are recognized at the date of trade at cost (that is their transaction value).

The main risk to Glasgow Care Foundation from financial instruments lies in the combination of uncertain investment markets and volatility in yield.

Glasgow Care Foundation pay Rathbones to manage the diverse investment portfolio.

12. Debtors

	2025	2024
	£	£
Other debtors	15,831	13,920
Prepayments Dividends	137 5,310	132 5,096
	21,278	19,148

20

Docusign Envelope ID: 4DA29D0C-D584-4A7B-8266-24A33774A212

THE GLASGOW CARE FOUNDATION

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 315" MAY 2025

13. Creditors: Amounts falling due within one year

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|||| |---|---|---| |2025|2024| |£|£| |Other|creditors| |Accruals|9,457|900| |_6500|_6,524| |15,957|7,424|

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14. Unrestricted Funds

Movement in funds

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|||||||||| |---|---|---|---|---|---|---|---|---| |Transfers|&| |Balance|at1|Incoming|Resources|other gains &|Balance|at| |June 2024|resources|expended|losses|31 May 2025| |£|£|£|£|£| |Designated|fund|1,933|-|-|(1,933)|-| |General|funds|8,301,243|445,215|448,316|(2,331)|8,295,811| |Total|8,303,176|445,215|448,316|(4,264)|8,295,811| |Movement|in|funds| |Transfers|&| |Balance|at|1|Incoming|Resources|_|other gains|Balance|at| |June|2023|resources|expended|&|losses|31 May 2024| |£|£|£|£|£| |Designated|fund|1,933|-|-|-|1,933| |General|funds|7,758,445|440,671|(449,346)|551,473|8,301,243| |Total|7,760,378|440,671|(449,346)|551,473|8,303,176|

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The unrestricted funds are available to be spent for any of the purposes of the charity. The Trustees have created the following designated fund:

• e Mr Alexander and Mrs Margaret Hunter Legacy — In his will Mr Hunter requested that the foundation on receipt of the funds set up a separate fund to be known as ‘The Margaret Hunter Memorial Fund’. These funds are available for the general use in furtherance of the general objectives of the Foundation.

15. Reconciliation of net (expenditure) / income to net cash flow from operating activities

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|(expenditure)|for|the|year|(as|per|the|Statement|of|Financial|(3,101)|(8,675)| |Activities| |Dividends|(287,640)|(275,325)| |Loss|on|disposal|of|fixed|assets|-|2,795| |Depreciation|charges|392|491| |(Increase)|/|decrease|in|debtors|(2,130)|2,795| |Increase|/|(decrease)|in|creditors|8,533|(7,890)| |Net cash (used|in) operating activities|___ (283,946)|(286,231)|

----- End of picture text -----

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