REGISTERED CHARITY NUMBER: SC007830
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 FOR BISHOP GEORGE HAYS TRUST
BISHOP GEORGE HAYS TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Auditor's Report | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statements & Related Notes | 10 |
| Notes to the Financial Statements | 11 to 16 |
BISHOP GEORGE HAYS TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025
The trustees present their report with the financial statements of the charity for the year ended 31 August 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trust deed establishes the trust’s funds are to be used for the good of religion, for the assistance of poor Catholics in distress, for the printing of books of piety and the erection of schools for the use and instruction of the poor.
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
Income is generated by the trust’s capital fund and from this income, grants are distributed to the Scottish Catholic Church Dioceses to expend on suitable projects in line with the trust’s objectives. The capital fund represents the capital of the trust and is not available for distribution.
FINANCIAL REVIEW
Financial position
The financial results are as set out in the attached financial statements.
The trust’s incoming resources for the year totalled £87,931 (2024: £81,567).
At 31 August 2025, the trust had total funds of £3,482,594 (2024: £3,374,072).
Investment policy
The strategy which the trustees adopt is to protect the underlying value of the capital whilst focusing on generating income to allow the trust to attain its objectives.
The trustees are satisfied with the performance of the portfolio in terms of income and capital growth as reported.
Reserves policy
The Unrestricted Fund represents accumulated surpluses and deficits and is available for use at the discretion of the trustees in the furtherance of the general charitable objectives.
The Capital Fund represents the capital of the trust and is not available for distribution.
The trustees aim to hold sufficient reserves to ensure the trust is on a sound financial footing.
Going concern
The trustees are satisfied that it is appropriate to prepare the financial statements on the going concern basis as there are no material uncertainties about the trust's ability to continue as a going concern as the trust has a significant investment portfolio generating income on which its expenditure is based.
The Charity is in a strong financial position and cash flow is not an immediate problem. The trustees will continue to assess income and reserves and monitor grant expenditure (distributions), they therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements.
There are no material uncertainties about the charity’s ability to continue as a going concern.
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BISHOP GEORGE HAYS TRUST
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGUST 2025
FINANCIAL REVIEW - continued
Future Plans
There are no future plans to significantly change the trust’s activities.
STRUCTURE, GOVERNANCE & MANAGEMENT
Governing document
The trustees act under the trust deed which was recorded in the Books of the Council and Session, dated 31 August 1804.
Trustees
The trust is governed by the trustees who are the Bishops of Scotland who together form the Bishops’ Conference of Scotland.
Key management
The trustees are the trust’s key management. These personnel are in charge of directing, controlling and operating the trust.
Management
The trust is administered by the General Secretary of the Bishops’ Conference of Scotland.
Risk management
The Trustees of the charity are aware of the risks the charity faces and consider that adequate procedures are in place for dealing with risk assessment, particularly in relation to the management and control of the trust funds, including the investment portfolio.
Page 2
BISHOP GEORGE HAYS TRUST
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGUST 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
SC007830
Principal address
64 Aitken Street Airdrie ML6 6LT
The Trustees
Right Rev John Keenan, Bishop of Paisley Right Rev Brian McGee, Bishop of Argyll and the Isles Right Rev Andrew McKenzie, Bishop of Dunkeld
Most Rev Leo Cushley, Archbishop of St. Andrews & Edinburgh Right Rev Hugh Gilbert, Bishop of Aberdeen Right Rev Joseph Toal, Bishop of Motherwell Most Rev William Nolan, Archbishop of Glasgow Right Rev Frank Dougan, Bishop of Galloway
General Secretary
Rev Gerard Maguiness – to 31 January 2026 Ms Luisa Campbell – from 1 February 2026
Auditors
AAB Audit & Accountancy Limited Statutory Auditors Chartered Accountants 133 Finnieston Street Glasgow G3 8HB
Stockbroker Bankers Brewin Dolphin Bank of Scotland 41 West Campbell Street 2 West Marketgait Glasgow Dundee G2 6SE DD1 1QN
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BISHOP GEORGE HAYS TRUST
REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 AUGUST 2025
STATEMENT OF TRUSTEES RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these 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;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the 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.
DISCLOSURE OF INFORMATION TO AUDITORS
So far as the trustees are aware, there is no relevant information of which the charity's auditors are unaware, and each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant information and to establish that the charity's auditors are aware of that information.
AUDITORS
A resolution to appoint AAB Audit & Accountancy Limited as auditor of the charity will be proposed at the next general meeting.
Approved by order of the Board of Trustees on 18 March 2026 and signed on its behalf by:
Trustee
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP GEORGE HAYS TRUST
Opinion
We have audited the financial statements of Bishop George Hays Trust (the “Charity”) for the year ended 31 August 2025 on pages eight to sixteen. This comprises the Statement of financial activities, the Balance sheet, the Cash Flow statement and the relates notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; and
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
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 Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
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the Trustees’ have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The Trustees are responsible for the other information. The other information comprises the Report of the Trustees.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters:
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the charity has not kept proper and adequate accounting records or returns adequate for our audit; or
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the financial statements are not in agreement with the accounting records and returns; or
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• we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP GEORGE HAYS TRUST - CONTINUED
Responsibilities of Trustees
As explained more fully in the Statement of Trustees’ Responsibilities set out on page three, 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 concern 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.
Our responsibilities for the audit of the financial statements
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 a Report of the Independent Auditors 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:
We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material accounts and disclosures in the financial statements. The laws and regulations we considered in this context were The Charities Trustee Investment (Scotland) Act 2005, together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
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Management override of controls to manipulate the company’s key performance indicators;
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Timing and completeness of revenue recognition;
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Management judgement applied in calculating estimates and provisions; and
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Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading.
Our audit procedures to respond to these risks included:
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Testing of cash book & journal entries and other adjustments for appropriateness;
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Testing a sample of investment income transactions by agreeing receipt to reliable third-party sources;
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Evaluating the business rationale of significant transactions outside the normal course of business;
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Reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
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Analytical procedures to identify any unusual or unexpected trends or relationship; and
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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF BISHOP GEORGE HAYS TRUST – CONTINUED
Use of our report
This report is made solely to the charity’s Trustees. 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 auditors' 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.
Natalie Boyle ACA For and on behalf of AAB Audit & Accountancy Limited Statutory Auditors Chartered Accountants 133 Finnieston Street Glasgow G3 8HB
Date: …………………… 16 April 2026
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BISHOP GEORGE HAYS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025
| Unrestricted Fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 3 87,760 Total 87,760 EXPENDITURE ON Raising funds 4 - Charitable activities Projects 5 85,158 Total 85,158 NET INCOME/(EXPENDITURE) BEFORE NET GAINS/(LOSSES) ON INVESTMENTS 2,602 Net gains/(losses) on investments: Realised - Unrealised - NET INCOME/(EXPENDITURE) 2,602 Transfers between funds - NET MOVEMENT IN FUNDS 2,602 RECONCILIATION OF FUNDS Total funds brought forward 91,079 TOTAL FUNDS CARRIED FORWARD 93,681 |
Capital Fund £ 171 171 13,532 - 13,532 (13,361) 81,664 37,617 105,920 - 105,920 3,282,993 3,388,913 |
2025 Total funds £ 87,931 87,931 13,532 85,158 98,690 (10,759) 81,664 37,617 108,522 - 108,522 3,374,072 3,482,594 |
2024 Total funds £ 81,567 81,567 12,721 85,052 97,773 (16,206) 8,113 268,389 260,296 - 260,296 3,113,776 3,374,072 |
|---|---|---|---|
The notes form part of these financial statements
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BISHOP GEORGE HAYS TRUST
BALANCE SHEET AT 31 AUGUST 2025
| Notes FIXED ASSETS Investments 11 CURRENT ASSETS Cash at bank Amounts falling due within one year 12 CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS NET ASSETS FUNDS 14 Unrestricted Fund Capital Fund TOTAL FUNDS |
2025 £ 3,365,940 80,698 42,156 122,854 (6,200) 116,654 3,482,594 93,681 3,388,913 3,482,594 |
2024 £ 3,254,945 80,080 46,239 126,319 (7,192) 119,127 3,374,072 91,079 3,282,993 3,374,072 |
|---|---|---|
The financial statements were approved by the Board of Trustees on 18 March 2026 and were signed on its behalf by:
Trustee
The notes form part of these financial statements
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BISHOP GEORGE HAYS TRUST
CASH FLOW STATEMENT AND NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 Notes £ Cash flows from operating activities Cash generated from operations 1 (7,668) Net cash provided by operating activities (7,668) Cash flows from investing activities Purchase of investments (638,333) Sale of investments 646,619 Net cash used in investing activities 8,286 Change in cash and cash equivalents in the reporting period 618 Cash and cash equivalents at the beginning of the reporting period 80,080 Cash and cash equivalents at the end of the reporting period 80,698 1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 £ Net (expenditure)/ income for the reporting period (as per the Statement of Financial Activities) 108,522 Adjustments for: Unrealised (gain)/loss on investments (37,617) Realised (gain)/loss on investments (81,664) Decrease/(increase) in debtors 4,083 (Decrease)/increase in creditors (992) Net cash provided by operations (7,668) 2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) At 1.9.24 Cash flow £ £ Net cash Cash at bank 80,080 618 |
2024 £ (7,415) (7,415) (960,621) 967,593 6,972 (443) 80,523 80,080 2024 £ 260,296 (268,389) (8,113) 3,099 5,692 (7,415) At 31.8.25 £ 80,698 |
|---|---|
The notes form part of these financial statements
Page 10
BISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. GENERAL INFORMATION
The trust is a registered Scottish charity (number SC007830) and constitutes an unincorporated charity. The principal address of the charity is 64 Aitken Street, Airdrie, Lanarkshire, ML6 6LT.
2. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of preparing the financial statements
The financial statements of the trust have been prepared in accordance with the Charities (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Going concern
The trustees are satisfied that it is appropriate to prepare the financial statements on the going concern basis as there are no material uncertainties about the trust's ability to continue as a going concern as the trust has a significant investment portfolio generating income on which its expenditure is based.
The trustees will continue to assess income and reserves and monitor grant expenditure (distributions), they therefore have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements. There are no material uncertainties about the charity’s ability to continue as a going concern.
Critical accounting judgement and key sources of estimation uncertainty
We need to acknowledge any key judgements and uncertainties – usually this applies to charities with investments, significant fixed assets, accrued or deferred income.
The charity considers on an annual basis the judgements that are made when applying its significant accounting policies that would the most significant effect on amounts that are recognised in the financial statements.
In the application of the charity’s accounting policies, the Trustees are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The charity does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting year that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities withing the next financial year.
Income
All income is recognised in the Statement of Financial Activities once the trust has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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BISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
2. ACCOUNTING POLICIES - continued
Expenditure
Expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Expenditure is directly attributable to the category to which it is charged.
Cost of raising funds includes the costs incurred in respect of the investment portfolio management.
Charitable activities expenditure includes costs incurred in directly meeting the objects of the trust.
Support costs, a category within charitable activities, are costs attributable to the management of the trust.
Governance costs, a category within Support costs, are costs attributable to compliance with the trust's statutory requirements.
Taxation
The trust is exempt from tax on its charitable activities.
Fund accounting
The nature of each fund is explained in the Reserves policy within the Report of the Trustees.
Fixed asset investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market value. The Statement of Financial Activities includes net gains and losses arising on revaluation and disposals throughout the year.
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 investment gains and losses are combined in the Statement of Financial Activities.
Financial Instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Cash and cash equivalents
Cash and cash equivalents includes bank and stockbroker accounts with immediate access to funds.
Debtors
Debtors are all recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired.
Creditors
Accruals are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Accruals are recognised at their settlement amount.
3. INVESTMENT INCOME
| Dividends Interest |
2025 £ 87,193 738 87,931 |
2024 £ 80,880 687 81,567 |
|---|---|---|
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BISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025
4. RAISING FUNDS
| 4. | RAISING FUNDS | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | |||
| Stockbroker fees | 13,532 | 12,721 | ||
| 5. | CHARITABLE ACTIVITIES COSTS | |||
| Direct costs | Support costs | Total | ||
| (See note 6) | (See note 7) | |||
| £ | £ | £ | ||
| Projects | 80,000 | 5,158 | 85,158 | |
| 6. | DIRECT COSTS | |||
| Grants expended on suitable projects distributed across each Diocese as follows: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| St. Andrews & Edinburgh | 11,768 | 11,768 | ||
| Glasgow | 9,392 | 9,392 | ||
| Motherwell | 11,768 | 11,768 | ||
| Paisley | 11,768 | 11,768 | ||
| Galloway | 11,768 | 11,768 | ||
| Aberdeen | 11,768 | 11,768 | ||
| Dunkeld | 11,768 | 11,768 | ||
| 80,000 | 80,000 | |||
| 7. | SUPPORT COSTS | |||
| Governance | ||||
| costs | ||||
| £ | ||||
| 5,158 | ||||
| Governance costs | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Audit fee | 5,000 | 5,052 | ||
| Miscellaneous | 158 | - | ||
| 5,158 | 5,052 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2025, nor for the year ended 31 August 2024.
Trustees' expenses
There were no trustee’s expenses during the year ended 31 August 2025, nor for the year ended 31 August 2024.
9. STAFF COSTS
There were no staff costs in 2025 or 2024. The trustees being deemed the key management of the trust received no remuneration in either 2025 or 2024. See note 8.
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BISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - 31 AUGUST 2024
| Unrestricted Fund £ INCOME AND ENDOWMENTS FROM Investment income 80,452 Total 80,452 EXPENDITURE ON Raising funds - Charitable activities Projects 85,052 Total 85,052 NET INCOME/(EXPENDITURE) BEFORE NET GAINS/(LOSSES) ON INVESTMENTS (4,600) Net gains/(losses) on investments Realised - Unrealised - NET INCOME/(EXPENDITURE) (4,600) Transfers between funds - NET MOVEMENT IN FUNDS (4,600) RECONCILIATION OF FUNDS Total funds brought forward 95,679 TOTAL FUNDS CARRIED FORWARD 91,079 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 September 2024 Additions Disposals Net realised investment gain/(loss) Net unrealised investment gain/(loss) At 31 August 2025 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Cash held with stockbroker Accrued investment income |
Capital Fund £ 1,115 1,115 12,721 - 12,721 (11,606) 8,113 268,389 264,896 - 264,896 3,018,097 3,282,993 2025 £ 29,428 12,728 42,156 |
Total funds £ 81,567 81,567 12,721 85,052 97,773 (16,206) 8,113 268,389 260,296 - 260,296 3,113,776 3,374,072 Listed Investments £ 3,254,945 638,333 (646,619) 81,664 37,617 |
Total funds £ 81,567 81,567 12,721 85,052 97,773 (16,206) 8,113 268,389 260,296 - 260,296 3,113,776 3,374,072 Listed Investments £ 3,254,945 638,333 (646,619) 81,664 37,617 |
|
|---|---|---|---|---|
| 3,365,940 | ||||
| 2024 £ 35,945 10,294 46,239 |
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B ISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Stockbroker fee Audit fee |
2025 £ 1,200 5,000 6,200 |
2024 £ 2,200 4,992 |
| 7,192 |
14. MOVEMENT IN FUNDS
| Net income / | Transfers | |||
|---|---|---|---|---|
| At 1.9.24 | (expenditure) | between funds | At 31.8.25 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 91,079 | 2,602 | - | 93,681 |
| Capital Fund | 3,282,993 | 105,920 | - | 3,388,913 |
| TOTAL FUNDS | 3,374,072 | 108,522 | - | 3,482,594 |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Net losses on | Net income / | |
| resources | expended | investments | (expenditure) | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 87,760 | (85,158) | - |
2,602 |
| Capital Fund | 171 | (13,532) | 119,281 |
105,920 |
| 87,931 | (98,690) | 119,281 |
108,522 | |
| COMPARATIVES FOR MOVEMENT IN FUNDS | ||||
| Net income/ | Transfers | |||
| At 1.9.23 | (expenditure) | between funds | At 31.8.24 | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 95,679 | (4,600) | - |
91,079 |
| Capital Fund | 3,018,097 | 264,896 | - | 3,282,993 |
| TOTAL FUNDS | 3,113,776 | 260,296 | - | 3,374,072 |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Net losses on | Net income / | |
| resources | expended | investments | (expenditure) | |
| £ | £ | £ | £ | |
| Unrestricted Fund | 80,452 | (85,052) | - |
(4,600) |
| Capital Fund | 1,115 | (12,721) | 276,502 |
264,896 |
| 81,567 | (97,773) | 276,502 |
260,296 |
Net movement in funds, included in the above are as follows:
Net movement in funds, included in the above are as follows:
Page 15
BISHOP GEORGE HAYS TRUST
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Fund £ Fixed assets - Current assets 98,681 Current liabilities (5,000) 93,681 |
Capital Fund £ 3,365,940 24,173 (1,200) 3,388,913 |
2025 Total funds £ 3,365,940 122,854 (6,200) 3,482,594 |
2024 Total funds £ 3,254,945 126,319 (7,192) 3,374,072 |
|---|---|---|---|
16. RELATED PARTY DISCLOSURES
The trustees of the dioceses of Scotland who receive an annual distribution from the charity are also trustees of Bishop George Hay’s Trust.
Page 16