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← Weavers Society Of Anderston

2025-06-15-accounts

WEAVERS SOCIETY OF ANDERSTON ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 JUNE 2025

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WEAVERS SOCIETY OF ANDERSTON

LEGAL AND ADMINISTRATIVE INFORMATION

LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION LEGAL AND ADMINISTRATIVEAND ADMINISTRATIVEADMINISTRATIVE INFORMATION
a
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Trustees - RobertTomlinson - Preses (Appointed 5 September
2024)
. Janet Pierotti - Treasurer (Appointed 5 September
2024)
BruceWood - Late Preses (Appointed 5 September
2024)
Hugh Campbell - Life Director
Norman Hamilton - Life Director
Sir Michael Hirst - Life Director
Rose Mary Harley
John Harris
Graeme Lyall
Gordon Price
Peter Shand
lanYoung
Secretary Macdonald Henderson
Charitynumber(Scotland) $C009763
Independentexaminer Susan JWood CA
BK Plus Limited
6th Floor
— ~~ Gordon Chambers~~ a a -
90 Mitchell Street
Glasgow
Scotland
G1 3NQ
Bankers Bank ofScotland
167 - 201 Argyle Street
Glasgow
G2 8BU
investmentmanagers Rathbones
George House
50 George Square
Glasgow
G2 1EH
Solicitors Macdonald Henderson
Business& Property Lawyers
94 Hope Street
Glasgow
United Kingdom
G26PH

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\VERS SOCIETY OF ANDERSTON

CONTENTS

as ee ee
Page
Trustee's report 1-2
Independent examiner's report 3
Statement offinancial activities 4
Balance sheet 5
—_—Notesto-the-financial-statements-—--------------—------.------------- Bag -

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WEAVERS SOCIETY OF ANDERSTON

TRUSTEE'S REPORT FOR THE YEAR ENDED 15 JUNE 2025 OOo

The trustees present their annual report and financial statements for the year ended 15 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of ireland" and the Charities SORP “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)".

Objectives and activities

The principal object of the society is the benevolent assistance of such of its members, their widowed spouses and the dependants of deceased members as may be in reduced circumstances. The society also makes charitable donations to worthy causes in Anderston, local Glasgow youth organisations and other Scottish charities.

Grant making policy Grants are paid quarterly to members or their widowed spouses and dependants at the discretion of the Trustees and the recipients do not have a contractual right. In addition to the quarterly grants, recipients may be eligible for heating allowances and summer holiday gifts and all recipients are eligible for a Christmas gift. Those receiving grants are visited annually where possible by a professional visitor.

Achievements and performance Significant activities and achievements against objectives The Trustees continued to support other Scottish charities and not-for-profit organisations, particularly those which _ ~~“are closely associated with the community of Anderston. Further-details are-provided in-note-7 on-page-10.——.

Financial review Per the statement of financial activities, the Society reported a net deficit for the year of £10,600 (2024: £71,822 surplus) after losses on investments of £2,495 (2024: £80,508 gains) (see note 12 on page 11). Before gains and losses on investments, the Society reported a net deficit of £8,105 (2024: 8,686). At 15 June 2025, the Society had total unrestricted funds amounting to £1,263,283 (2024: £1,273,883) of which £1,168,500 (92%) was invested in UK and Global stocks, shares and funds listed on the London Stock Exchange.

Reserves policy

The policy of the Trustees is to ensure that the tangible fixed assets and the fixed assets investments are matched by capital reserves and the the revenue reserves are sufficient te cover at least one years expenditure. Further details are provided in note 18 on page 13.

Investment policy In accordance with the trust deed, the Trustees have the power to invest as they see fit in accordance with the relevant statutory provisions. The Trustees adopt an investment strategy aimed at generating income and maintaining the value of capital. The Trustees have appointed Rathbones as investment managers.

Major risks

The Trustees have assessed the risks, both operational and financial, to which the Society is exposed and have identified the major risk to be a significant diminution in the value of the investment portfolio. This risk is addressed by engaging the services of a recognised firm of investment managers, who manage the portfolio on a discretionary basis thus allowing them to respond promptly to any changes in stock markets. They report quarterly to the board. A representative of the investment advisers periodically attends the board meetings to discuss the performance of the portfolio and address any issues raised by the Trustees.

Structure, governance and management

The Weavers Society of Anderston (‘the Society’) was constituted by a Contract of Society dated 3 November 1738, incorporated by Royal Charters in 1902 and 1926 and supplemented by Bylaws in 1993, 2006 and 2019. (‘the Trust Deed’). a

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WEAVERS SOCIETY OF ANDERSTON

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

The trustees who served during the year and up to the date of signature of the financial statements were: Robert Tomlinson - Preses (Appointed 5 September 2024) Janet Pierotti - Treasurer (Appointed 5 September 2024) Bruce Wood - Late Preses (Appointed 5 September 2024) Hugh Campbell - Life Director Norman Hamilton - Life Director Sir Michael Hirst - Life Director Rose Mary Harley John Harris Graeme Lyall Gordon Price Peter Shand lan Young Tom Moffat (Resigned 5 September 2024)

Recruitment and appointment of trustees

The Trustees of the Society comprise the Office Bearers (the Preses, the Treasurer and the Late Preses) and other members who are known as Directors. The Office Bearers shall be elected at the annual general meeting. The Preses (chairman) shall be elected annually by the vote of the members from amongst their number and must have previously held the office of Treasurer. The Treasurer shall be elected annually by vote of members as shall nine Directors and of these, three Directors shall retire annually and by rotation, but shall by eligible for re-election.

Key management personnel ~Thethe Trustees consider themselves thecharities key management personnel, in charge ofdirecting and controlling charity and overseeing its daily activities. No remuneration was paid to the Trustees during the year.

Independent Examiner

The Trustees recommend that Susan J Wood, CA, a Partner in BK Plus, be appointed as Independent Examiner until further notice.

The trustee's report was approved by the Board of Trustees. © RobertaTomlinson - Preses \larfetOePierotti - Treasurer Trustee Trustee Date: Ble3peu

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WEAVERS SOCIETY OF ANDERSTON

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF WEAVERS SOCIETY OF ANDERSTON

| report on the financial statements of the Charity for the year ended 15 June 2025, which are set out on pages 4 to 13.

Respective responsibilities of trustees and examiner

The Charity's trustees are responsible for the preparation of the financial statements 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 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In the course of my examination, no matter has come to my attention

__1, which gives me reasonable cause to believe that in any material respect the requirements: BS

have not been met, or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Gur A2aA

Susan J Wood

CA

BK Plus Limited 6th Floor Gordon Chambers 90 Mitchell Street Glasgow G1 3NQ Scotland Date: BAY te

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WEAVERS SOCIETY OF ANDERSTON

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 15 JUNE 2025

,

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Othertrading activities 3 2,080 3,270
Investments 4 23,213 29,351
Charitable bequests 1,000 -
Total income 26,293 32,621
Expenditure on:
Raising funds 5 10,403 10,073
Charitable activities 6 23,995 31,234
Total expenditure 34,398 41,307
Net gains/(losses) on investments 12 (2,495) 80,508
Netincome/(expenditure) and movement in funds (10,600) 71,822
Reconciliation offunds:
Fund balances at 16 June 2024 1,273,883 1,202,061
Fundbalancesat15June2025 1,263,283 1,273,883

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 13 form part of these financial statements.

WEAVERS SOCIETY OF ANDERSTON

BALANCE SHEET

AS AT 15 JUNE 2025

. 2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 14 61,000 61,000
Investments 15 1,168,500 1,174,821
1,229,500 1,235,821
Current assets
Debtors 16 2,920 10,943
Cash at bank and in hand 40,787 30,942
43,707 41,885
Creditors: amounts falling due within 17
one year (9,924) (3,823)
Net current assets » 33,783 38,062
Total assets less current liabilities 1,263,283 1,273,883
The funds ofthe Charity
Unrestricted funds 18 1,263,283 1,273,883
1,263,283 1,273,883

The notes on pages6 to 13 form part of these financial statements.

The financial statements were approved by the trustees on 23( 03/2026

Robert Tomlinson - Preses anet Pierotti - Treasurer Trustee Trustee

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 15 JUNE 2025

Charity information

Weavers Society of Anderston is a Scottish registered charity. The registered office address (and principal office) is Macdonald Henderson, Standard Buildings, 94 Hope Street, Glasgow, G2 8BU.

1.1. Basis of preparation The financial statements have been prepared in accordance with the Charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern - 7 Oe At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.2

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from other trading activities Income from other trading activities includes income earned from both trading activities to raise funds for the charity and income from fundraising events and is recognised when the charity has entitlement to the funds, it is probable that these will be received and the amounts can be measured reliably.

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

eee 1 Accounting policies (Continued)

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised wen the shareholders right to receive payment is established, measured at the fair value receivable. Generally this is upon notification by the investment adviser once the dividend has been declared.

1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Raising funds

Expenditure on raising funds includes all expenditure incurred by a charity to raise funds for its charitable purposes. It includes the costs of all fundraising activities and events together with those costs incurred in seeking donations, grants and legacies and investment management costs.

Charitable activities

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Expenditure_on_charitable-activities-includes—all-costs-incurred-by-the- charity-in-undertaking~ activities" further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.

that

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Grant expenditure

Grants payable are made to third parties in the furtherance of the charitable objects. The award of a grant is recognised asa liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably and there are no conditions attaching to its payment that limit recognition. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.

Governance costs

Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulations and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.

1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Chains of office

Nil depreciation

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

(Continued)

The chains of office were last valued for insurance purposes at 10 February 2020 and are shown in note 14. It is policy of the charity not to depreciate these assets as the Trustees consider that their residual value does not fall below the value included within the financial statements.

1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future 3 periods.Income from other trading activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Merchandising and miscellaneous receipts 2,080 3,270

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 22,935 27,315
Interest - UK Fixed Interest Securities - 1,646
Interest receivable 278 390
23,213 29,351

5 Expenditure on raising funds

Investment management

Unrestricted Unrestricted
funds funds
2025 2024
£ £
10,403 10,073

6 Expenditure on charitable activities

Provision of Provision of
charitable charitable
assistance assistance
2025 2024
£ £
Direct costs
Running costs 8,690 10,515
Grantfunding ofactivities (see note 7) 9,065 14,095
Share ofsupportand governance costs (see note 8)
Governance 6,240 6,624
23,995 31,234
Analysis byfund
Unrestrictedfunds 23,995 31,234

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

7 Grants payable
Provision of Provision of
charitable charitable
assistance assistance
2025 2024
£ £
Grants to institutions:
The Pyramid atAnderston - 2,700
Anderston Primary School 3,565 3,895
Glasgow City Mission - 1,000
Anderston Christmas Event - 1,500
Anderston Green Spaces 1,000 -
Glasgow City Mission 500 -
5,065 9,095
Grants to individuals 4,000 5,000
9,065 14,095
8 Supportcosts allocated to activities
£ £
Governance costs 6,240 6,624
Analysed between:
Provision of charitable assistance 6,240
—=		 6,624
2025 2024
Governance costs comprise: £ £
Independent Examination fees 2,640 3,824
Secretary fees 3,600 2,800
6,240 6,624
9 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination ofthe charity's financial
statements 2,640 3,824

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

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11. Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

12. Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation ofinvestments
Sale ofinvestments		 (2,495)
-		 81,710
(1,202)
a — ee ~(2,495) 80,508

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Tangible fixed assets
Chains of
office
£
Cost
At 16June2024 61,000
At 15June 2025 61,000
Carrying amount
At 15June 2025 61,000
At15June2024 61,000

The Chains of Office were valued for insurance purposes by J Forrest & Co Ltd on 10 February 2020 at £97,000 (2019: £61,000). The valuation has not been included above.

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

15 Fixed asset investments

Listed
investments
£
Cost orvaluation
At 16 June 2024 1,174,821
Valuation changes 28,465
Disposals (34,786)
At 15 June 2025 1,168,500
Carrying amount
At 15 June 2025 1,168,500
At15June2024 1,174,821

Fixed asset investments revalued

Fixed asset investments were valued on an open market basis on 15 June 2025 by Rathbones Investment Management.

The

cost of the above investments at 15 June 2025 is £1,031,832 (2024: £1,054,537),

16 Debtors

16 Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 1 -
Other debtors 2,919 10,943
2,920 10,943
17 Creditors: amounts fallingduewithin oneyear
2025 2024
£ £
Accrualsanddeferredincome 9,924 3,823

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WEAVERS SOCIETY OF ANDERSTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 15 JUNE 2025

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18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donars ‘and grantors as to how they may be used. These include designated funds which have been Set aside out of unrestricted funds by the trustees for specific purposes.

At 16June
2024		 Incoming
resources		 Resources
expended		 Transfers Gains and
losses		 At 15June
2025
£ £ £ £ £ £
Revenue
Reserve
Capital Reserve
Special Range		 27,921
1,174,820		 26,293
-		 (16,712)
-		 -
-		 -
(12,898)		 37,502
1,161,922
Fund
Insurance Fund
General funds		 61,000
10,142
-		 -
-
-		 -
-
(17,686)		 -
-
-		 -
-
10,403		 61,000
10,142
(7,283)
1,273,883 26,293 (34,398) - (2,495) 1,263,283
Previous year: At 16June
2023		 Incoming
resources		 Resources
expended		 Transfers
ee		 Gains and
_losses		 At15June
2024
Revenue
Reserve
Capital Reserve
Special Range		 43,855
1,087,064		 32,621
-		 (41,307)
-		 (7,248)
7,248		 -
80,508		 27,921
1,174,820
Fund
Insurance Fund		 61,000
10,142		 -
-		 -
-		 -
-		 -
-		 61,000
10,142
1,202,061 32,621 (41,307) - 80,508 1,273,883

Revenue Reserve

The Revenue Reserve comprises income received for the Society's objectives. It may be used for any purpose within the objectives at the Trustees' discretion.

Capital Reserve

The Capital Reserve represents the market value of the Society's investments.

Special Range Fund

The Special Range Fund represents the value of the Society's Chains of Office.

insurance Fund

The Insurance Fund represents the balance of insurance claim monies remaining from the theft of the previous Chains of Office

19 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

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