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← The Grocer Company Of Glasgow

2025-12-31-accounts

Charity registration number SC010900 (Scotland)

THE GROCER COMPANY OF GLASGOW

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 .

ee) BE RNDER TC Group Business Advisors & Accountants 180 St Vincent Street Glasgow G2 5SG

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THE GROCER COMPANY OF GLASGOW

LEGAL AND ADMINISTRATIVE INFORMATION

Directors David Blackwood
Malcolm Wilde
Len Monaghan (Preses)
Hugh Green
Mari McTear (Treasurer)
Sheila Carter
Charity number (Scotland) $C010900
Principal address Wright Johnson & Mackenzie LLP
clo Wright Johnston & MacKenzie
302 St Vincent Street
Glasgow
G2 5RU
Independent examiner Allison Devine C.A.
TC Group
Business Advisors &Accountants
180 St Vincent Street
Glasgow
G2 5SG
Solicitors WrightJohnson & Mackenzie LLP
c/o Wright Johnston & MacKenzie
302 St Vincent Street
Glasgow
G2 5RU
Investment advisors Rathbones
George House
50 George Square
Glasgow
G21EH

THE GROCER COMPANY OF GLASGOW

CONTENTS

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Page
Directors report 4-2
_ Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6-12
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THE GROCER COMPANY OF GLASGOW

DIRECTORS REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their annual report and financial statements for the year ended 31 December 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 Constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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

The charity was founded in 1789 by a group of Grocers and Provision Merchants in the city of Glasgow who were convinced of the need to look after the poor and needy of the trade. The charity continues to fulfil this purpose in the present day and from its funds, distributes pensions to some four enrolled pensioners who are also visited from time to time by the charity's Directors. The charity also pay bursaries to students engaged in full-time study at a college of further education on courses relating to the food and related industries and provides occasional support to other charities.

Grant making policy

In pursuit of the charity's objects, the Directors have power to settle financial support whether in the form of a pension or other recurring payment or on an ad hoc or one off basis. These may be payable to any of the members, or their family, or any other person normally resident in Scotland who the Trustees consider are by reason of their age, health, financial or other circumstances living in poverty or otherwise in need because they are disadvantaged compared to others as detailed in the Constitution.

The Directors may also award grants to any student engaged in study at a university or college of further education on courses relating to or concerning the food or grocery or hospitality and/or ancillary trades or industries or other courses considered appropriate by the Directors.

In each case, the Directors retain the right to remove financial support from any person at their entire discretion. The Directors are also empowered to make gifts or donations to registered charities.

Achievements and performance

The charity continues to provide much valued support for four (2024 :four) pensioners in need, as well as students at the City of Glasgow College through bursaries and sponsorship of the WSET Course. Recognising a declining number of pensioners, the Directors have paid to the City of Glasgow College for support of its students (2025 : £9,800; 2024 : £10,375). The charity's links with the College are a cornerstone of its current and future activities.

Financial review

Per the Statement of Financial activities on page 5, the charity reported Net Income (i.e a Surplus) for the year of £36,344 (2024: Deficit £3,750) after gains on investments of £68,095 (2024: £25,480 gain) which are further detailed in Note 11. Before gains and losses on investments, the charity reported Net Expenditure of £31,751 (2024: Net expenditure £29,230).

Reserves policy , The Directors operate no specific policy other than that so far as possible the Directors try to accommodate all activities through normal income from the portfolio and avoiding using capital if possible, although relatively modest uses of capital within the scope of what is permitted by the Constitution of the charity are not regarded as a issue. The charity receives advice from Rathbones on anticipated capital and income and follow their recommendations. The Directors consider the level of reserves to be satisfactory.

Investment policy

The Directors have power to invest in such assets as are set out in the Constitution. The Directors consider the performance of the investments to be satisfactory.

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THE GROCER COMPANY OF GLASGOW

DIRECTORS REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Structure, governance and management

The charity is an unincorporated charity governed under the rules of its Constitution.

The Directors who served during the year and up to the date of signature of the financial statements were: David Blackwood

Malcolm Wilde

Len Monaghan (Preses) Hugh Green Mari McTear (Treasurer) Sheila Carter

Appointment of Directors

Trustees are elected by the members at the Annual General Meeting.

Directors induction and training

The Directors may be subject to retirement by rotation under the constitution where others wish to become a Director, with the Preses and Treasurer both subject to annual election at the AGM. No person or body bar the members at an AGM have any appointment rights. The Directors are always looking at ways of attracting new members, supporters and Directors.

Independent examiner

Allison Devine, C.A. remained as independent examiner of the Charity as the designated Partner of TC Group, Business Advisors & Accountants responsible for this engagement. The Directors recommend that she remains in office as independent examiner until further notice.

The Directors report was approved by the Board of Directors.

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Director

Dated: 16 March 2026

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THE GROCER COMPANY OF GLASGOW

INDEPENDENT EXAMINER'S REPORT

TO THE DIRECTORS OF THE GROCER COMPANY OF GLASGOW

| report on the financial statements of the charity for the year ended 31 December 2025, which are set out on pages 4 to 12.

Respective responsibilities of Directors and examiner

The charity's Directors 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 Directors 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:

« to keep accounting records in accordance with Section 44(1)(a) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 4 of the Charities Accounts (Scotland) Regulations 2006, and « to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Charities Accounts (Scotland) Regulations 2006

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.

Allison Devine C.A.

TC Group Business Advisors & Accountants 180 St Vincent Street Glasgow G2 5SG

Date? ..eeccceesesesererereees

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THE GROCER COMPANY OF GLASGOW

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Investments 3 19,717 22,955
Total income 19,717 22,955
Expenditure on:
Raising funds 4 8,228 8,603
Charitable activities 5 43,240 43,582
Total expenditure 51,468 52,185
Net gains/(losses) on investments 9 68,095 25,480
Net income/(expenditure) and movement in funds ; 36,344 (3,750)
Reconciliation offunds:
Fund balances at 1 January2025 931,441 935,191
Fundbalancesat31December2025 967,785 931,441

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 pages6 to 12 form part of these financial statements.

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THE GROCER COMPANY OF GLASGOW

BALANCE SHEET

AS AT 31 DECEMBER 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 11 945,530 924,602
Current assets
Debtors 12 28,044 12,685
Creditors: amounts falling due within 13
one year (5,789) (5,846)
Net current assets 22,255 6,839
Total assets less current liabilities 967,785 931,441
The funds ofthe charity
Unrestricted funds 14 967,785 931,441
967,785 931,441

The notes on pages 6 to 12 form part of these financial statements.

The financial statements were approved by the Directors on 16 March 2026 W.[Vy][ (Gey] Director

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Charity information

The Grocer Company of Glasgow is an unincorporated charity, registered in Scotland. The registered office address is St Vincent Plaza, 319 St Vincent Street, Glasgow, G2 5RZ.

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

1.2 Going concern

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 when the shareholder's right to receive payment is established, measured at the fair value receivable. Generally this is upon notification by the investment advisor once the dividend has been declared.

Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date.

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.

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

(Continued)

Charitable activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that 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.

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 regulation 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.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

1.6 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.

1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

(Continued)

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the Directors 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 periods.

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 19,717 22,955
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Trading costs
Stockbrokerfees 8,228 8,603

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

5 Cost of charitable activities

2025 2024
£ £
Running costs 574 650
Governance costs 10,476 10,171
11,050 10,821
Pension and grant funding of activities (see note 6) 32,190 32,761
43,240 43,582

6 Grants payable

Raising Raising
funds funds
2025 2024
£ £
.
Pensions paid:
Grant payments to Pensioners 21,015 19,586
Other Grants 11,175 13,175
32,190 32,761

Grant Payments to Pensioners

During the year, a total of £21,015 was paid to four pensioners in the form of recurring financial support (pension payments) (2024 - £19,586 paid to five pensioners).

At the year end date the Directors had not committed to paying any pension grants in the forthcoming year and therefore no liability has been recorded at year end.

Additional payments were made to each of the four pensioners, with the totals detailed below.

Two Trustees, Mr Blackwood and Mrs McTear were among the beneficiaries and received total support in the year of £11,715 (2024 : Two Trustees £6,624).

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

6 Grants payable (Continued)
2025 2024
Christmas Payments 2,000 1,600
Utility Cost Support Payments - 1,200
2,000 2,800

Grant Payments to Others

Bursaries of £550 were awarded directly to six individual students of City of Glasgow College this year. Resulting in a total charge of £3,300, one cheque of £625 from the prior year was cancelled in the year as it was not cashed. (2024 : £625 awarded to seven students, resulting in a total of £4,375). These grants were paid in furtherance of the charity's objectives.

Furthermore, during this financial year sponsorship payments were made to City of Glasgow College for various students nominated by the College to participate in WSET and personal licence holders’, these amounted to £6,500 (2024 - £4,800) and £nil (2024 - £1,200) for the provision of computer equipment.

7 Net income/(expenditure) forthe year
2025 2024
Income/(exenditure) forthe year is stated after charging: £ £
IndependentExamination 3,540 3,540

There were no individuals employed by the charity during the year.

None of the Directors received any remuneration for their services or reimbursement of expenses during the year (2024 - Nil).

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments 69,218 45,916
Sale ofinvestments (1,123) (20,436)
68,095 25,480

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

10 Taxation

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

11. ~-Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2025 924,602
Additions 257,796
Valuation changes 69,218
Disposals (306,086)
At 31 December2025 945,530
Carrying amount
At 31 December 2025 945,530
At31December2024 924,602

12 Debtors

12 Debtors
2025 2024
Amounts falling due within one year: £ £
Other debtors 27,666 12,323
Prepayments and accrued income 378 362
28,044 12,685
13 Creditors: amounts falling due within one year
2025 2024
£ £
Accrualsanddeferredincome 5,789 5,846

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THE GROCER COMPANY OF GLASGOW

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

14 Unrestricted funds

These are the unrestricted funds of the charity

At1 January Income Expenditure Gains and At 31
2025 losses December
2025
£ £ £ £ £
General funds 931,441 19,717 (51,468) 68,095 967,785
Previous year: At 1 January Income Expenditure Gains and At 31
2024 losses December
2024
£ £ £ £ £
Generalfunds 935,191 22,955 (52,185) 25,480 931,441

15 Related party transactions

Other than grant payments to beneficiaries of the charity who is also charity Directors (detailed in note 6), no other disclosable related party transactions were identified during the year.

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THE GROCER COMPANY OF GLASGOW

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |Investment|income| |Income|from|listed|investments|.|19,717|22,955| |19,717|22,955| |Total|income|19,717|22,955| |Total|expenditure|(51,468)|(52,185)| |Net|gains/(losses)|on|investments|68,095|25,480| |Net|surplus/(deficit)|for the|year|36,344|(3,750)|

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THE GROCER COMPANY OF GLASGOW

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

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||||||| |---|---|---|---|---|---| |2025|2024| |Raising|funds| |Stockbroker|fees|8,228|8,603| |Total|raising|funds|expenditure|8,228|8,603| |Charitable|activities| |Grants|payable| |Pensions|21,015|19,586| |Other|grants|11,175|13,175| |32,190|32,761| |Running|costs| |Sundry|expenses|574|650| |574|650| |Governance|costs| |Independent|examination|fees|3,540|3,540| |Clerk's|salary|6,936|6,631| |10,476|10,171| |Total|charitable|activities|expenditure|43,240|43,582| |Total expenditure|51,468|52,185|

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