Charity registration number SC010281 Iscotlandl GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND ANNUAL REPORT AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION Members Of Council Charity numbèr Scotland SC010281 Secretary and Treasurer and Principal OffScÈ Azels Quay 2 139 Founlainbridge Edinburgh EH3 gQG Indepond•nt oxaminers Chiene 8 Tait LLP (trading as CT) Chsrtered Accountants 61 Diiblin Street Edinburgh EH3 6NL Bankers CalerAllen Piivate Bank O Nelson Streel Bfadlord B01 SAN Inveslrnent Arlvisors Evelyn Partners 7 1 L4othwel Sireel Glasgow Alternative Name of Society Manse Bairns Network Website www.mansebairnsnetwork.org
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND CONTENTS Page Council Members, report Independent examiner's report stalempmt of financial aclwilies Sia11411ienl ol financial position Moles lo the fiiiancial slalemènls 8-15
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND COUNCIL MEMBERS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Te V.1ei',Ibers of ioun¢il Plae pleasLre Iii presenling Ilieii- report and financial statements lor the year ended 30 Septeniber Log4 Tke fiiancial S'.aleent5 have been prepaied In accoroance with the accovnling policies Sel out in nole 1 ID the financial stateiients and ¢ompl! with the Society s constilulion, the ChaiiliES and Trustee Inveslmenl IScDllandl Act 2005. tie ihaiilies Accodnts IScDllandl RegJlhl ons ?006 ias an)endedl and ' AccDunling and Reporbng by Chaiities Sla',emenl o. Recomiiiended Practi applicatle ID ch2111ies oreparing their aGOUntS In accoidance wi:h the Fi'iaiicial Reporting Stanla"d applicabe In the UK and Repbblic of Ireland IFRS 1021" "'effeclive 1 Jaruary 2019. Objectives Ttre prin1p31 objectives ol the Sociels are-. To gli e fii)aiiLi.41 a>sibl.41Ke l J <iich i hil4lren of deceased ministers of the ChLirch of Scotland as shall ree.-Lllle.Ind Tre deserving ef il To grant Iin3ncial asqi$lanrè of <Lich chil.lren nf n)Iniqtprs ol the ChiJr¢h DI Scotland as shall "equire and *e de<eivira c.f It In mpg1 p.dLCStional expenses at school. universities or In posl.qiaduale training or In Iindin.J eTplovnieiTrt willi piefeience lo Iliose children who are Iraining for the ministry or Inibsloll work lor the Lyuich ol b-otlaiid Review of activilles Ttye alik'ities ol tye Socie:v ale to ni8ke orants In accoFdaii¢e with its obieclive5. Grant-making policy In accordance with the otjeclive5 01 the soty. grants are madè to Individual sons and daughters ol deceased or I ving Thinislgr4 7he availabiliiy ol ¢Jian15 15 adiièrtised widely among ministers, through the Church of Scotland at 121 G0-ge Slreel. Ediibuigh and at,www.mansebaiinsneMork.oro. itandard application forms are used provide inforwation iequiied lor deciding who should receive grants. Achievements and performance ian".s were mace lo supjort 1 ii120£3 - 151 individual petitboners Ichildren of deceased ministeisl ol the Society tolalling £72, 1 50 12023 £-;0.2501. The paymenls ranged between £l.000 arid £4.500 12023 - £1,000 and £3.-&01 vian'.% iveie also i)1.4d& lo SllPk)011 1: •0=3 - 1 Jl Iii(Iivi('.Iial stLJdL31)Iq (?ii(J sclivol yupil% Ibeiiig childicn of the iiiii'isiei% cf t'ie Cliiiiili lif Scolliln¢ and eligiblc Ir) ¢iccofilince with the constitLrtionl lo meet eKpenyEs of -hool. edLi&ilion&ryl activitie% iini¥'ersitics. furthcr edLIC1tion or po8t-qradLJate training. tolalling £31,725 ?04=, £34 0881 No a¥¥ard vias made from Ihe Bi-centènary Fund {2023 - £nil i. Tk.e Air Ja Anniilersapi meeling aS held In line With the Gonslilulion. The meeting was again held al Glasgow Cathedral. enabling nvolvemenl ol members in the activity of the Society.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND COUNCIL MEMBERS. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 FSnancial review Durina the ye3r Incorre awouiTrted lo f36.791 ,2C23 .5911 and expendiluie tolalled £131.619 12023 £133.2151. A net gain on Inveslnienls of £129.36212023 - nel gain op. Invesirnenis of £72.3201 led to nel gain ol r34.5i4 :2023 - nel expendituie of £23,3041. During the Vecf the iiia.kel value ol the Investtnenls Increased Ironi £1,236.480 10 £1,321,574 The increase was a result ol ai Increage In piarke.. value In the investment Portfolio during Ilie yeai.. AI 30 September 2024 urrestricted fLinds of £2,C9712C23 £1 92-,1, restricted funds of £3,816 12023 - £3.8161 and endo%vme-t funds of r1.334.606 19029 _ £1,30',.2021 were held, movements were dLie lo market variations Jnd éxpressèd neèo by eligible appli¢anls Rc.8¢ryeg policy Or 3 lear lo year baqif ltte blidget for Jr.?nlg jp bi15ed on the forccast'Lindg avgilable . The 8moLI nt of the oranls 15 Iixeil %0 Ih.I1 .Ill .Ip?Iir.Ints %vho ryeel the criteria rp=èive a grant R&v&nLie si.rplLJ%es ?rouqht lorvb'ard fro pievious years are available Il there is d shortfall Enjosvrreni funds are nL)t noi'inally Ljsed for reverue purposes although there Is no reslriclion as such SliJuld aiiy dtsficil 011 Ilie iieneial aiikllor Eli-c.e-iilpnaiy Fuiids ¢u, Ilie Meiiibers ot Louncil Inlend lo meet any Iiiveslmeni policy The l.':eriDe's of CcunGiI employ Evelyn Partneis lo manage Ihe Iisled Investment portlolio on a discietionary tra1$ The obieclive Is one ol a balanced portfolio subject to a n)ediuni degree ol iisk. In or'der to maximise ieluins liere are 70 Specific In estnienl reslriciici)s or Iiniitdtiolis applied to tiie poilfolio olher than Ihe general eibicai iiive>trien'. priniipals tliat Evelyii Pailiiel adopt for charitie5 The target for income is that rt should Increase by al led>t the rate of iiflalion Representa¥ives Irom Evelyn Partners meet with the Council annually. Uiil.51ed Inestlent5 are ield In The vhuich ol Scotland Investors Trust Groth Fund who publish valualions on a niolllhl¥' basis. Plans for future perlods The CoL'ncil wish Ic Gcnlinue Ic support sons and daughters ol Minister5 of the Church of Scotland who are in nètsd an¢ 10 9iue grants lor educatijnal purpose5 Related parties The S)Ciel).' works in co-operation with Ihe Esdaile Trust and the Society lor the 8enefil ol Sons and Daugttters ol the C ercy of the Ckur,_-h of Scotlaiid ard reprenstalives 811end each other's meetings In conneclion wilm the diÈtiibution ol student grants Structuie, governance and management Constitution The Socielb Vb'as In=orporaled by Charter or Seal of Cause granted by the Magislrales ol Glasgow on 1 April 1 731. The Conslilulion has been rewritter) and was aDpioved by ftiembers at lle Anniversary Meeting held on 21 l.Jlarch 290 The conslilulion vias upde.ed and approveu al a special board meeting on 21 December 2021 10 8IIow 'ihe .oc els, to have on Independent examination Membership Is open lo the Sons and Daughters ol fdiiis.ers ol the Church ol Scollano
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND COUNCIL MEMBERS, REPORT ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Appointment. Inductioii and training of Members of Council The affairs ol the SoGieiy are rLJn by a Council coiisisliiig of Ilie Piesideiil and al least 51x bul Inoie tlian ten members of the Society lo be eleknted by Ine Society at the Annual Gener31 Meeting Council members hold office for three yeais and may be elected foi a second term ol three years, a total of six consecutive years. Thereafter, one year ust elapse before they are eligible lo stand lor office again. Apart IroTn Ihe President. one third ol.he mernbers of Ihe Council retire by ioldtiuii èacli year. The Council also Mabe poi¥ers to c(FOPt up lo Ihiee rllerllbers 31 any time but such ctropted members shall only hold office until '.k)e next Annu¢l general Meeting of the Society when they may present themselves for election ew Council members arè provided with a copy of Ihe Conslrtlilion, The Annual Report 8nd Financial Statements and are ?fièfèd a¢ to their dL',lipq by the President and Secretary. From time to lirne the Members of Council are ,IrJdated on their duties and responSibli11e5. Koy management per4onno1 Thf+ qotietv eon<iders that Ilq kpy nianaoemenl personnel comprise thè Counal member5 ar)d no ren)uiieialion rAyxble. lo tne kev rnanaqe.tnent personnel The SociÈlv einploys no stalf A list ol Ilie CoLinciI niemt)eis Is on the Inforniation p£oe at the start of the annLJal report. Decision making process Tho CoLinril norrrAllii meels'.lirè& lim?.q a year lo decidè on Qldiilb lo be Triade and tsieie 15 an annual service lor )Èmbèrg héld al GlasgJ¥¥' Calkedr31. Tlie CuLiniil Have apk)011)led a Secretary and Irea5uFei io handle day to dai. aJixinistraiioii Risk management policy The Counal regu 3rl¥tr a%sesses and considers the major nsks to which the Society is exposed in particular those relating operations and Iinan-lnq ol the Socielv The p"Incipal risk to the Society is Ios5 of capital duè lo rnarkel risk on the Investment portfolio. This Is mitigated by appropriate systems and controls and Ihe eng3gemenl ol an appropriate Investment a¢visor. The Society anticipates a long leiin future and acc£pls the reality that financial markets ale such that capital va ues of Investments v¢ill IluclLJale during a long time-scale. ro, r rovèd by the Board ol Meinbers 01 Council.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF COUNCIL OF GLASGOW SOCIETYOF THE SONSAND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND I report jn the financial slatemenls of Itre Society foi the year ended 30 September 2024, which are sel out o pages 5 to 15. This report is made 10 the Member5 of Ihe Council, as 3 body, in accordance with the terms of my eng8gÈm&nt. Ms. Wrk h?.s been uTrdertaken lo enable i)e to report rny opinion as set out below 8nd for no other purposes. To the fullest extént pèrTi'.led bii law, I d? not accept or assume respons bility to anyone other than the Sociely and the mem.ber ol the C.3uncil. a5 a bcdy for rny woyk or for this report Respective responsibilitie$ of Members of Councll and examiner The Soc',el/'s Ivlembers ol Council are responsible lor the preparation of the financial slaternenls In accordance with tie lerms of the Chaities and Trustee Investments (Scollandl Act 2005 and the Chaiilies Accounts S"otlandl Re9ulatio'is =006 Tl'e iliéi Ilv's Me'iiL,eis ol Louiiiil ioiisider Iliat Ilie audit reqiiiremeTrl of Re9ulalion 10,1 Iial 10 I) ol tlie 2006 AiCOLilits RegLilalioiis does iiol apply 11 I iiiy iesponsibiSily to Lxani1i Ilie liiiai)aal slc.'.eiTie'itb as ieLILiiied Iiiidei be¥lioi) 44 j11iil Jl the Act aiid 10 stalc whether PLHrticular mattcrs have come to my attention Basis of independent examincr's statement Mi cxJmirati•n is carried ou". li accordan-e with Regu'.ation 11 of the 2006 AccoLinls RègLilations An ex3miraiion In-liides 2 review of the accounting records kept by the charity and a comparison ol the stC.Lements presEnteJ wilh those records It also includes consideralion of any unusual Iterns or disdosures In the financial statements and seeks &xplanations from the trustees conceining any such matters. The prodLjreS undelaken dc not proi.lde all the evidence that would tye requifed In an audit and consequently I do not express an audit opinion on the viebv given by the finanla1 slalemenls. Independent examiner's statement In .-onneclion wilh my examination. no other mattel except that referred to In the previous paragraph has come 10 nil aiY.er'.io'i ia) wtridi gives me iJasonable use to believe that In any matersal respect the requirernenls". to keep accoLlitip,g 'ecords n accordance Nvith section 44111 (al of the 2005 A¢1 and Regulation 4 of thè 2306 Accounts Regula'.ions ard lo prepzre Inancial >tèteTYenls which 3ccoid with the awounting records and comply with Regulgllon 8oftie OOS Accounts Regulations, have not been met or Ibi to which. in my opinion, attention should be drawn In order lo enable a proper understanding of tl finanla1 statemeils to De iea¢Fed. Chieie & Tai.. LLP Ilrading as CT) Cha-iered Accountants 61 Dublin Street Edinburgh. EH3 6NL Dated..
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Current financial year Unrestricted Endowment Restrlcted funds furnds funds desiqnated 2024 T¢)tsl Total 2024 2024 2024 2023 Notes Income from: Donations ¢ nd lefjgCI8S Inve51went* 1.070 35 721 1.070 35.721 465 37.126 Total income 36,791 36,791 37 591 x endlture Raisirg funds 11.105 11,105 11,905 Charitable activities 117J95 J,119 12V,b14 121,310 Total expendlture 117.395 14,224 131,619 133,215 Nel expenditure beloie In¥estnienl moven)ents 180,6041 114,224} 194,8281 195,6241 Nel gains ori inveslrnents 11 12kJ. jti2 129,302 72,320 Net lexpenditurell income before tiansfers 160,6041 115,138 123.3041 Gross Ifansfers amongst funds 81,674 181,6741 Net movernent in tunds 1,070 33,464 34,534 123,3041 Fund balances a11 Oclober 2023 1927 1.301,202 3.816 1,306,945 1,330.249 Fund balances at 30 September 2024 2997 1,334.666 3,816 1.341,479 1,306.945 The statèmènt ol financial activities Includes all gains and losses recognised In the year. All aclivilie< of the Society relalc to continuing operations. The notes cn pages 8 1015 foiri part ol these finaniia. slalei))ents
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Prior financial year Unrestricted Endowment Restricted funds funds funds èsignatèd 2023 Totsl 2023 2023 2023 Donations and legacies .nveslments 465 465 Totsl income 491 481sing funds 11.905 11,905 Charitable acliv,, 11b.18J 3,121 121.310 Total expenditure 115,183 15,032 133,215 Net exoenditure befoie IiiiJesimei)I Iiioveiiients 180,5921 115.0321 195,6241 Net gains on Ini'eslmenls 72,320 72.320 Netlexpenditurellincome before transters 180.5921 57,288 123.3041 Gross trHnsfgr8 txJ.Iween liinds 181.057) Net niovement in funds 465 123.7691 123,3041 Fund balances at 1 Octobei 2022 1.462 1,324,971 3,816 1,330.249 Fund balances at 30 SepteiT7ber 2023 1,301.202 3.816 1.306,945 I he. s'.atei)ieii'. 01 Iinaiicial activities Includes all gains Jnd losses rccoyiiis&d Iii 11)e year. All aclivi:ie5 01 the Society relate to coiiliiiuiiig operalioiis. The notes on pages 8 to 15 fonn part ol these financial slalemenls.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND STATEMENT OF FINANCIAL POSITION AS AT30 SEPTEMBER 2024 2024 2023 Notes Fixed assets Ini'eslments 12,13 1,021.514 1."36,480 Current assets Debt¢lS C8sh at bank and In h8n 14 7518 17236 7.781 70.640 24 754 78,421 Cretlitors.. amounts falling due wllhln one year 15 14.8491 17,9561 Ne.. ¢urrèr)l assets 19,905 70.465 Total assets Luttent Ilaljilllles 1.341.419 1,306.945 RestriLted tUrS Elldoivment funds aesignaled Un"eslricled funds 3,816 1,334,666 2,997 3.816 1,301.202 1,927 Total funds 16,17 1.341,479 1,J06.945 Tlie l., ILTrved by the Menibers 01 Council on 20 March *025 The n)les on pa9es 8 to 15 loim part o, these fin£n¢ial sla'.emenls.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity information Thts Qoc ets, is a public benefit entity. The F.rin-Ipal acc-unting policies applied in the preparation of these financial statements are sel out below. These Policies have been ap)lied consistently, unlèss otherwise stated 1.1 Atcounlirig convention The ligan-i21 Siatamen-.s have been preparecj n accordance Ivith the Society'5 conslilution, the Charities and Trtsstee ,nve51menl (Scotlandi Act 2005 the Charitie5 AGGounts (Scollandl Regulatitsns 2006 (as am&ed}, 'The Finanla4 Reporliig Slandaid applicabl= In the UK ané and Republic of IrÈland" I'FRS 102,1 and "Aicounfing and Reporting b!, Cha'ilies.. SL8lÈment ol Recommended Practice applicable to charslies preparino their 3-COUnts In ac-oidancÈ with the Financial Reporting Standard applicablè In the UK and Rèoublic of Irelanc IFRS 1021 leffeclive l January 20191 The Soc et5, hds 18ken advanlage of the provisians in the SORP lor small charities not lo piepare a Statement of ash Flo¥vs. The financial slalements are prepared in steTling. which Is the functional currency of the Society Monetary amounts In ihese financial slalemenls ara rounded to the nearest £. The linanci&l 5".alèmenls are prepared on the historical Gosl basis. with the excepbon ol Inveslmenls yvhich are carried 81 fair value The principal aecouyling policies adopted are sel out below. 1.2 Going concern The N.1errbers of Ccun¢il hai.e prepared the fiiancial slalemenls cn the going concern basis as there are no m81erial urcertainlies about Its ability to continue to deliver Its charitable auivilies. The Society holds considerable Irveslments which cc.uld be readily sold should the need arise. 1.3 Charltable funds Ur,re5tric'.ed funds ale available for use al discretion of Ihe Mern?eis of Council. In order lo ensure that 'LJP,ds ar> a,alIale for specific projects, certain funds are set aside and designated by Members of Council Int) separate ftjnds. eslri-ted funds are those wyich have been given to tr,e Society foi use in a¢¢ordance with the wishes ol the doiors normally lor use In reialijn ID a specific service 1.4 Income Incnme s iecognised when the Soaety is le9ally entilled to Il after any performance conditions have been met ITè amounts can be measured reliably. and it Is prObae that Income will be received. Divi<Yené In-OTne is recogrised ivhen the right lo receipt Is established and Is rneasured al the lair Value.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Aeeounting policies Iconlinuedl 1.5 Expenditure Expendilure is recoani5ed on an accruals basis and related where pra¢li¢able to the Society's activities. 'Othere possiblts expenditurè is allo¢aled dirèctly to the funclion to whi-h Il relates. Inlheie this is not possible il Is allald on tiie basis of t1.e spent on that activity. Costs of raising lund5 comprises those Costs which Ére associated w.,h the generation ol irtome from sources olhei than undertaking charitable aclivilies, and InclLJdes Inveslmenl management ¢DsIs. Charilable expenditure cotnprise5 Ih05e ¢osts incLsried by the Society in the delivery of its charitsble aGliYities and serN'IGes Sutiport Costs ard governance costs (including Independént examination (previously aucill fees, sècrelari¢l 2nd office Costs) are apportioned beeen activities or the besis ol lime spent by staff on that antivity 1.6 Fixed asset Trnvestments Quoted investments are staled al their lair value al Ihe reporting dale. Gains and losses arising are recognised In '.he slalemenl of financial activities In the period in which they arise. Realisecs gains and losses are calcLilaled as the drfference betrween disposal proceeds and opening carrying valLJe lor acquisition value if acquired during the yearl. Unrealised gains and losses are calculated as the difference between the lair value ot the Iniestmenls al the seaf end dale, and their broughl lonvaid c3iiying Vdlug aL1justed for acquisitions and disposals. Unlisted Invesiments are 51aled at their fair value at the rcporting dale. 1.7 Financlal Snstruments Filiarila7 instrui)ieiils are iecoynised In the statement of financial 8¢livities when the Society becomes a party '.0 the conlractLial provisionq ol Ihc instrument. Financial inslriimgnts are initially mèasured at transaction thrice Linleso the arr3ngemÈrt constitutes a finance transaction which includes tiansaclion costs lor financial .nslruments not subsequentl5' measured al lair value. Subsequent to Initial recognition, they are accounted for as set out below A financing transaction Is measureoj al the present value of the future payments discounted at markei rate of Interest lor similar dejt Inslrumenl. Financial Instruments are -lassified as either 'basic' or'olher. In accordance with Ch8pler 11 of FRS 102. .41-.he end ol eac reporting period. debt Instruments classified as basic are measured at amortised cost usin9 '.he effective irterest method All financial instruments not classifièd as basic are measured at fair value at the end of the reporting oe'iod with the resulting charg8s recognised In Income or expènse Vlhere the fair value cannot be reliably measurèd, they are recognised at cost less impairment. Firancial assels are derecognised whey the conlraclual righ15 to the cash flows from the asset expire. or 'Nhen the Societ), has transferred subslanlially all the risks and reward of ownership Financial liabilities are ,leiecogiiised only oiice tlie l..ability has beeii exliiiguished IhioLJgh disuliaig&, ¢ancellalion of explry.
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Critical accounting estimates and judgements In the application of the Society's accounting policies the Mi embers of Council are requirecj lo make iudgemenls estimates and assumptions about the carryin9 amount of assets an(J liabilitie5 that are not readily apparent from oltrer sources The eslim8tes and a5socialed assumplions are based on historical experience and olher l¢¢lLrs Ihel are considered to be relev8nl Actual results may diff¢r from these estimates. The éstimates and unJe",lyi*g assumption5 arè rèviewed on ar, ongtsing basis. Revisions lo accounting s1imates 2'e recognised In the period n iihich the estimale is revised where the revision affects only that Jeriod. or in ttrie period ol the revision and luturfr periods where the revision affects both current and future eriods. The .enIbe1S ol coJncil ale of the opinior that there ale no significant estimates 01 iuegements that would iave illaterial ImFad on te financial slaiernent. Donations and legacles Unrestricied Unrestricted funds funds 2024 2023 Don¥Lions and gifts 1,070 465 Inv¢sthienL¢ Unrestricted Unrestrictsd funds funds 2024 2023 Divideiids Interesl on fixed inleie51 securities 21,067 4,654 33,6 3.160 35,721 Ralsing funds Endowment Endowment funds funds designated designated 2024 2023 Support costs Inve¥.menl mana9ernenl 4.688 6,417 4.732 7.173 11.105 11,905 10-
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Charitable aclivities 2024 2023 rant funding ol activities (see note 71 104.338 haie ol SLPPOrt costs (see note 81 harp ol goveriianrg r.oqi.q (sep nolp 81 Q802 6.237 10.718 6.254 120 514 121.310 Analysis by furid Unresinclea liinds Endowm.enl funds - designated 111.395 3 119 118.183 3,127 42,J,514 121.310 Graiits payable 2024 2023 vranls l? petitioners rants for educational purposes 72,750 31,725 70,250 34,088 104.4-, 5 104,338
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Support costs Support Governaiice costs costs 2024 Support Governaiice costs costs 2023 Mai)dge'iiei)t Ji)a 14.Ob3 14.063 14,197 Adve'1is ng aiid clfice xpieiises 427 1.253 1.253 Iiideken.Jeiil exa'i)In31ion iaiid5',or'ql remuneralioii 1.549 1 419 1,419 311"IbLil&J te goveinance Meeliiig Cosls 4688 4.688 4.732 103 "03 14.490 6237 15,450 6,254 21,704 Analssed betw'een FLndraisinc Charitable 8clivilies 4,688 9,802 4,668 16,039 4.732 10,718 4,732 16,972 6.237 6,254 14,490 6.237 15.450 6,254 21,704 Members Of Council Nc Member of Counal Vbas remunerated ioi receive(J any benefits for an employment with the Society In either the current Dr prior year. Nc MemDer of Council receiied reimbursèment for expenses in the current or prior year. 10 Employees The Sociely had no employees during the cuiienl or prioi year Net Ilossesllgalns oil investrnentS Endowment Endowment funds fu nds designated dèsignated 2024 2023 Revaluation ol invesimenls Gainl 110SSJon $95e of Investments 120.557 8,805 61.315 11,005 ", 29.3ti2 72.320 12-
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Fixed asset investments Listed Unlisted investments investments Total Cost or val uation Al 1 Octobèr 2023 4d,litliinq ValLia".ion clianges Oi*pcsal% 1.122.191 119 140 108,173 1154,6021 114,289 1,236.480 119.140 120.556 11$4 6021 12,383 At 30 Septembei 20?4 1.194,902 126,672 1.321.574 Carrying amount At 30 SepteTber 2024 1.194,902 126,672 1.321.574 AI 30 Seplewber 2023 1.122 191 114,289 1,236,480 13 Flnariclal Instrunient¥ 2024 2023 Carrying aniount of financial assets Inslrumeils measured al lair value Ihrough profil or loss 1,321,574 1236,480 14 Debtors 2024 2023 Amouiits lalling due within one year- Giftad Accrued investment Income 825 6.956 6,655 7,781 15 Crèditors: amounts falllng due within one year 2024 2023 Othe. C"eeilors Grant Acftruals 2.687 3.350 1.939 2.06 4,84Q
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 16 Funds Movement in funds Expenditure Translers Revaluatioi)s Balance at gains and 30 Séptember losses 2024 Balance at 1 October 2023 Income General Fuid DesioYa'.ed bi-centenary -ente-ary Fund 1111,3951 81674 1,070 2,997 3,816 DesigYa.'ed Endownmenl 1,301,202 114.2241 181.6741 129,362 1.334,666 1,306,945 36.791 1131.6191 129,362 1,341.419 Moveinent in funds In¢om¢ Expeiiditure TTan5fers Revaluatlolls Balance al yaliis aiid 30 Septetnbèr loss¢s 2023 Balance at 19ctober 2022 (ieneral Fuiid Designa:ed bi-.-eiileiaiy 81-ente"7arY FJnil 1118,1631 1,462 465 1.927 3,816 3.816 oesigna.ed Endowniiienl Fund 1,394.971 115,0321 181 0571 72,320 1.301,202 1,330,?49 37.591 1133.2151 72,320 1.306.945 -1 Funj rep-esenls inco'i)e ai(J doi"aliJns acciiniLilaied over the history ol the Society to be used Tlie Gerer- Ilhoul ieslriclion for consitutioial purposes. The transfer from the Designated Inveslmenl Fund represents fur,ds tied up in the investmert portfolio. The Bi-cenlenary Fund Is a restricted fund that represents funds tollected on the bi-centenary ol the SIKiely. vrants madè l-om Ihig iufics are genérally lor young Deople pursuing educational aciivilies conneclod with the Church ol Scotland or lo support fèmilies of ChLJrch of Scotland ministers in particular need The Des gnalÉd Endo'wmen.. Funl represents ir,¢ome and clonalions accumulated over the history of the Jocieiy not normally used for revenue purposes although Ihe conslilulion does permit this. Th- De5igr.aled Bi-¢er,lerary Fund reflects doiatlDnS reIVed and will be used lor a similar purpose as the Bi-tsn eTary FJnd 14
GLASGOW SOCIETY OF THE SONS AND DAUGHTERS OF MINISTERS OF THE CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 17 Analysis of net assels aniongst funds Unrestricted Designated Restricted funds funds fuiids 2024 2024 2024 Total 2024 Fund balanceo al 30 Septèmber 2024 are represenieo bv nveslmenls CuTenl asselsllliabililiesl 1.321,574 13.092 1,321,574 19,905 2997 3,816 2.997 1.334.666 3,816 1,341,479 UnrestrS¢ted Designated Reslricted funds funds funds 2023 2023 2023 Total 2023 Fund balan-es al 30 Seplembei 2023 are 'epre5enlec by Investments Current asselsllliabilitie51 1,236.480 64.722 1,236,480 70,46 1,927 3,816 1,927 1,301.202 3.816 1,306,945 18 Relaled party transactions Tkére were IiJ ii¥ilosatrle related p8ltv Iiai)iactioiis during l'ie l'ear I:0,3 - noiiel