Registered Charity Number: SC004705
THE JENNLE S. GORDON MEMORIAL FOUNDATION UNAUSITED FINANCIAL STATEMENTS 'FOR THE YEAR ENDED 5™ APRIL 2025
The Jennie S. Gordon Memorial Foundation
Contents of the Financial Statements
For the year ended 5" April 2025
| Report ofthe Trustees | 1-3 |
|---|---|
| Statement ofFinancial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the accounts | 6-9 |
| IndependentExaminer’sReport | 10 |
The Jennie S. Gordon Memorial Foundation
Report of the Trustees for the year ended 5" April 2025
The trustees present their report with the financial statements of the charity for the year ended 5" April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of[Ireland][(FRS102)][(effective] | January 2015).
Administrative Information
Name of Charity The Jennie S. Gordon Memorial Foundation
Scottish Charity Number $€004705
Principal Address Morton Fraser MacRoberts, Solicitors Capella 60 York Street Glasgow G2 8JX - ae Bankers HSBC Independent Examiner Po Aiton & Co. 1 Elizabeth Street Stirling FK8 2HL
Stockbroker Evelyn Partners 177 Bothwell Street Glasgow G2 7ER
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The Jennie S. Gordon Memorial Foundation
Report of the Trustees for the year ended 5" April 2025 (Cont/d)
Structure Governance & Management
Governing document
The Jennie S, Gordon Memorial Foundation was established by a Deed of Trust by Alistair Ronald Gordon dated 16" October 1986 and registered in the Books of Council and Session on 4"" November 1986.
Recruitment and appointment of new trustees New trustees are appointed as required.
Management and administration
The trust was founded in 1986 by Alistair Ronald Gordon who served as a Trustee until his death. The Trustees continue to benefit the organisations in which the late Alistair Gordon had a personal interest and ongoing commitments have been made to a large number of organisations on an annual basis. In addition, the Trustees receive a large and wide ranging number of applications from other charities and recipients are selected from the applicants according to need and merit and to ensure a number of differing sectors benefit.
Risk Management
The trustees are satisfied with the advice given to them by the stockbrokers. The trustees were conscious that when advice was issued it was important to react quickly and therefore a system is in place to ensure that a prompt response is given.
Objectives and Activities
The trustees are directed to apply the Trust Fund and the income thereof for such charitable purposes as they think fit, including the relief of poverty, the preservation of wildlife, the preservation and renewal of buildings and other items of national or historic interest, the assistance of archaeological excavation in Great Britain or Cyprus, the advancement of health and education, the assistance of disabled people, the encouragement of the fine arts and the advancement of the Christian religion.
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The Jennie S. Gordon Memorial Foundation
Report of the Trustees for the year ended 5‘ April 2025 (Cont/d)
Achievements and Performance
During the year 27 grants (29 in previous year) ranging from £500 to £20,000 were paid. The average grant was £3,620 (2024 - £3,293)
Financial Review
Investment policy and objectives The Trustees have a policy ofdistributing the majority of income received during the year.
The trustees take advice on the Trust portfolio from Evelyn Partners.
Reserves policy
The trustees aim to maintain sufficient reserves to meet expected grants and expenses.
Statement of Trustee’s Responsibilities
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Account Standards (Generally Accepted Accounting Practice).
The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005 and Charities Accounts (Scotland) Regulations 2006 require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income 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
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Select suitable accounting policies and then apply them consistently;
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— Observe the methods and principles in the Charity SORP; — Make judgements and estimates that are reasonable and prudent’ — Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that the Financial Statements comply with the above requirements and the Trust’s governing doc
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The Jennie S. Gordon Memorial Foundation
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Statement of Financial Activities
(Incorporating an Income and Expenditure Account) For the year ended 5" April 2025
| Unrestricted | ||||
|---|---|---|---|---|
| Note | General Fund | General Fund | ||
| 2025 | 2024 | |||
| Income from: | ||||
| Investments | 3 | 110,537 | 113,005 | |
| Total Income | 110,537 | 113,005 | ||
| Expenditure on: | ||||
| Raising funds | 4 | 13,381 | 13,098 | |
| Charitable activities | 4 | 108,150 | 108,300 | |
| Other | 4 | 10,192 | 11,746 | |
| Total Expenditure | 131,723 | 133.144 | ||
| (Losses) on investments | 5 | (132,246) | (11,311) | |
| Net (expenditure) | (153,432) | (31,450) | ||
| Reconciliation of funds | ||||
| Total fundsbrought forward | 2,875,053 | 2,906,503 | ||
| Total funds carried forward | 2,721,621 | 2,875,053 | ||
| Continuing Operations | ||||
| Allincomeandexpenditurehasarisenfromcontinuingactivities. |
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The Jennie S. Gordon Memorial Foundation (SC004705)
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Balance Sheet
At St April 2025
Note 2025 2025 2024
£ £ £
Fixed assets
Investments (Cost £2,217,899) : 2024 —£2,183,635) 5 2,729,669 2,871,311
Current assets
Cash 13,130 30,466
Current liabilities
Accruals (21,178) (26,724)
Net current (liabilities)/assets (8,048) 3,742
Net assets 2,721,621 2,875,053
Represented by:-
Unrestricted Funds
General Fund 2,721,621 2,875,053
The of ene
Financial Statements set out on pages 5 to 1] were approved by the trustees on /
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Trust
Trust
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The Jennie S. Gordon Memorial Foundation
Notes to the Financial Statements for the year ended 5" April 2025
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|1.|Statutory|Information|
|The|Jennie|S.|Gordon|Memorial|Foundation|is|a|charity|registered|in|Scotland.|The|charity’s|registered|
|number and|registered|office|can|be|found|in|the|Report|of the|Trustees.|
|2.|Accounting|Policies|
|2.1.|Basis|of preparation|
|The|financial|statements|of the|Trust,|which|is|a|public|benefit|entity|under|FRS102,|have|been|prepared|
|in|accordance|with|the|Charities|SORP|(FRS102)|‘Accounting|&|Reporting|by|Charities:|Statement|of|
|Recommended|Practice|applicable|to|charities|preparing|their|accounts|in|accordance|with|the|Financial|
|Reporting|Standard|applicable|in|the|UK|and|Republic|of Ireland|(FRS102)|(effective|1|January|2015)’,|
|Financial|Reporting|Standard|102|‘The|Financial|Reporting|Standard|in|the UK|and|Republic|of Ireland’,|
|the|Charities|and|Trustee|Investment|(Scotland)|Act|2005|and|the|Charities|Accounts|(Scotland)|
|Regulations|2006|(as|amended).|
|The|financial|statements|have|been|prepared|under|the|historical|cost|convention|as|modified|by|the|
|inclusion|of fixed|asset|investments|at|market|value|in|accordance|with|the|Charities|SORP|(FRS102).|
|2.2.|Going|concern|
|The|trustees|have|reviewed|the|charity’s|operating|costs|for|the|next|twelve|months,|and|the|sources|of|
|funds|available,|and|are|satisfied|that|the|charity|is|a|going|concern.|
|2.3.|Investments|
|Assets|held|for|investment|purposes|are|stated|at market|value|at the|balance|sheet|date.|The|market|value|
|of equities|is|based|on|the|closing|middle|market|price.|The|market|value|of unit|trusts|is|based|on|the|
|average|of bid|and|offer|price|at|the|balance|sheet|date.|
|Realised|and|unrealised|gains|and|losses|;|
|All|gains|and|losses|are|recognised|in|the|Statement|of Financial|Activities|as|they|arise.|Realised|gains|
|and|losses|on|investments|are|calculated|as|the|difference|between|the|sales|proceeds|and|market|value|at|
|the|opening|balance|sheet|date|(or purchase|price|if|purchased|subsequent to the|last year end).|Unrealised|
|gains|and|losses|are|calculated|as|the|difference|between|the|market|value|at|the|year end|date|and|market|
|value|at|the|opening|balance|sheet|date|(or|cost|if|purchased|since|the|last|year|end).|Realised|and|
|unrealised|gains|and|losses|on|investments|are|combined|in|the|Statement|of Financial|Activities.|
|2.4|Income|recognition|
|All|income|is|recognised|once|the|charity|has|entitlement|to|the|income,|it|is|certain|that|the|income|will|
|be|received|and|the amount|of income|receivable|can|be|measured|reliably.|
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Investment income — distributions and interest which are receivable by or before the period end are treated as income for the period. Investment income includes the relevant amounts of recoverable taxation.
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The Jennie S. Gordon Memorial Foundation
Notes to the Financial Statements for the year ended 5" April 2025 (Cont/d)
2.5 Expenditure recognition Expenditure is recognised once there is a legal or constructive obligations to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be recovered and is allocated between;
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Cost of raising funds comprise the costs charged by the Investment Managers for manging the Investment Assets,
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Charitable Expenditure comprises grants awards and donations.
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Support costs include costs associated with meeting the constitutional and statutory requirements of the charity and include external scrutiny fees and costs linked to the strategic management of the Charity.
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~ All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the usage of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a usage basis.
Grants awarded are recognised as liabilities when the trustees approve the grant unconditionally.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
- 2.6 Fund structure Unrestricted funds comprise accumulated surpluses or deficits on general funds and they are available for use at the discretion of the Trustees in furtherance of the objectives described in the Trust Deed.
| 3. | Income | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Investments | |||
| Income from Quoted Stocks& Shares | 109,837 | 111,763 | |
| Bank Interest | 700 | 1,242 | |
| 110,537 | 113,005 |
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The Jennie S. Gordon Memorial Foundation
Notes to the Financial Statements for the year ended 5" April 2025 (Cont/d)
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|4.|Expenditure|2025|2024|
|£|£|
|Raising|funds|
|Investment|managers|fees|13,381|13,098|
|Charitable|Activities|
|Charitable|donations|(Note|6)|97,750|95,500|
|Proportion|of Legal|fees|expended|on|Charitable|Activities|10,400|12,800|
|108,150|108,300|
|Other|
|Support|costs:|
|Independent|Examiner’s|fees|4,920|4,960|
|Proportion|of Legal|fees|expended|on|governance|5,200|6,400|
|Sundry|expenses|TZ,|386|
|10,192|11,746|
|The|Secretarial|&|Accountancy|fees|are|allocated|between|‘Charitable|Activities’|and|‘Support|Costs’|
|based|on|the|actual|time|spent|on|each|of these|cost|groups.|
|5.|Fixed|Asset|Investments|2025|2024|
|£|£|
|Market|value|at|6|April|2024|2,871,311|2,875,101|
|Funds|invested|441,857|131,928|
|Disposals|(451,253)|(124,407)|
|Net|realised|and|unrealised|investments|gains/(losses)|(132,246)|(11,311)|
|Market|value|at|5|April|2025|2,729,669|2,871,311|
|Cost|at|5|April 2025|2,217,899|2,183,635|
|Investments|are|wholly|in|respect|of listed|investments.|
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Material investment holdings — market value at 5 April 2025 There was one individual investment representing more than 5% of total market value of investment portfolio.
BAE — 5.06%
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The Jennie S. Gordon Memorial Foundation
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Notes to the Financial Statements for the year ended 5" April 2025 (Cont/d)
| 6. | Charitable Donaticens | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Paid to Institutions: | |||
| Music | 67,000 | 68,500 | |
| Archaeology | 5,000 | 5,000 | |
| Other | 25,750 | 22,000 | |
| TotalDonations | 97,750 | 95,500 |
‘- TrusteesDuring theRemunerationeeand Related Party TransactionsHonorary President of The National Youth Choir of ScotlandScotland. andHe Theis ChairmanScottish ofInternationalChairman ofPianothe RSNOCompetition Foundation.and TrusteeSnof the Royal ConservatoireTrustee of theof Scottish Civic Trust. Trustees expenses of £nil (2024 - £157) were reimbursed during the year. No remuneration has been paid. ministration fee of £15,600 (2024 - £19,200) was paid to a partnership of which a Trustee) is a partner.
- Movement in Funds
| Movement in Funds | Net Movement | ||
|---|---|---|---|
| At 6.4.24 | in funds | At 5.4.25 | |
| Unrestricted funds | £ | £ | £ |
| Generalunrestrictedfund | 2,875,053 | (153,432) | 2,721,621 |
- Taxation
The Trust has charitable status and is exempt from taxation. The Trust is not registered for VAT and accordingly any irrecoverable VAT is included in the expenditure concerned.
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The Jennie S. Gordon Memorial Foundation
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Independent Examiner’s Report to the Trustees of The Jennie S. Gordon Memorial Foundation
[ report on the accounts of the charity for the year ended 5" April 2025 which comprise the Statement of Financial Activities, the 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. The charity Trustees consider that the audit requirement of Regulation | 0(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) of the 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 1 1 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the directors 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 -
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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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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Date
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John P. Cleary Aiton & Co. Chartered Accountants | Elizabeth Street Stirling FK8 2HL
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The Jennie S. Gordon Memorial Foundation
Financial Statements for the year ended 5" April 2025 Grants Paid
Appendix 1
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|---|---|---|---|---|---|---|
|2025.|2024|
|Grants|made|to|Institutions:|£:|£|
|Music|
|RSNO|20,000|20,000|
|National|Youth Choir|of Scotland|15,000|15,000|
|National|Youth|Orchestra|of Scotland|5,000|5,000|
|Childrens|Music|Foundation|in|Scotland|10,000|10,000|
|Scottish|International|Piano|Competition|10,000|10,000|
|Royal|Conservatoire|of Scotland|2,000|2,000|
|Scottish|Opera|1,000|1,000|
|Scottish|Ensemble|1,000|1,000|
|Music|in|Hospitals|500|500|
|Music|Education|Partnership|1,000|1,000|
|Glasgow|Chamber|Choir|1,000|-|
|Aberdeen|Sinfonietta|500|-|
|Westbourne Music|-|3,000|
|aArchaeolo|Lemba Archaeological|Project|5,000|5,000|
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The Jennie S. Gordon Memorial Foundation
Financial Statements for the year ended 5" April 2025 (Cont/d) Grants Paid
| Other | ||
|---|---|---|
| Cairns Counselling Centre | 6,000 | 6,000 |
| Fellowship ofDunkeld | 500 | 500 |
| Scottish Civic Trust | 2,000 | 2,000 |
| Cromar Future Group | 1,000 | 1,000 |
| Salvation Aimy | 2,000 | 2,000 |
| KIND | 1,000 | 1,000 |
| Bowel Cancer UK | - | 500 |
| Scottish Bible Society | - | 500 |
| Paisley Sea Cadets | - | 1,000 |
| Canine Concern Scotland Trust | - | 1,000 |
| Mearns Kirk Helping Hands | - | 500 |
| Glasgow Cathedral | 1,500 | 1,500 |
| Pet Fostering Service Scotland | 500 | 500 |
| Mental Health Foundation Scotland | - | 1,000 |
| MS Society Scotland | - | 1,000 |
| Cantilena Festival on Islay | - | 1,000 |
| High SchoolofGlasgow | 5,000 | : |
| EeeFilm on James R. MacDonald | 1,000 | - |
| Scottish Music Heritage Centre | 500 | - |
| Glasgow Group Riding for the Disabled | 250 | - |
| Sense Scotland | 2,500 | - |
| Carers Trust | 2,000 | |
| The Benedetti Foundation | - | 1,000 |
| TotalDonationspaidinyear | 97,750 | 95,500 |
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