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 T￿e V.1ei',Ibers of ioun¢il Pla￿e pleasLre Iii presenling Ilieii- report and financial statements lor the year ended 30 Septeniber Log4 Tke fiiancial S'.ale￿ent5 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 a￿GOUntS 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 prin￿1p31 objectives ol the Sociels are-. To gli e fii)aiiLi.41 a>sibl.41Ke l J 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 In￿est￿lent5 are ield In The vhuich ol Scotland Investors Trust Gro￿th 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 responSib￿li11e5. Koy management per4onno1 Thf+ qotietv eontèteTYenls 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 finan￿la1 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 tUr￿S 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 Finan￿la4 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,￿alIa￿le 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 prOba￿e that Income will be received. Divi