Charfty roglstratlon numb?r SC013925 (Scotlan DIOCESE OF GLASGOWAND GALLOWAY scorrisH EPISCOPAL CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH CONTENTS Page Trustee5' report statement of trustees. rewslbilitlas Independent audiwts report 8-10 Statement of financkn?I xtivities 11 Balancg 8heel 12 Statement of cash flows 13 Notes lo the finanual statements 14-34 DIOCESE OF GLASGOW AND GALLOWAY scorrisH EPISCOPAL CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024 The trustee3 present their report and accotmts for the year ended 30 November 2024. ReferenGe and admini$tTativ¢ dots118 Reglstsmd charlty namo Diocese of Gla$gow and Galloway Scottish Episcopal Churth Charfty regl8tratlon number SC013925 Prlnclpal offlce DILKesan Otfice 49 Cochrjne Street Glasgow G1 1HL Oloc#san Councll DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Bankers The Roya Bank of SCO￿arKI 10 Gordon Street Glay90¥¥ G13PL Dlocesan Centre Staff Ms Janel Chalrne Mrs Christine Hughes Petko Marfnov Mrs Kim Sehmulian Ms Ic4anthe Stadt Audltor SRG (Audill LLP Chartered accountant & ststutory auditor 4th Floor Tumberry House 175 ￿81 George Streel Gl05gow G2 2LB The a￿Ount¥ have been prepared in ac￿rdance wilh the a(£ounling policles sel out in note 1 to trt account$ and compty with the D￿Cesan Constitution, the Charities and Trustee Investment {Scotland) Act 2005, the Charities Accounts (Scolland) Regulations 20C6 {as amended) and 'Accounting and Reportlng by Ch8riti¢$.' Stslemènt of Reeommended Practice applieable to ch8rfI'e8 preparing their accounts in aceord8nce wth the Finanual Reporting Standard applieablè in the UK and Republic of Irdand (FRS 1021 (effe¢tive 1 January 2019). ObJectlvo$ and actlvltles have referred to the guvjance contained in the Charity Régulatofs 9oner31 guidance on public kenefil %thgn reviewing our al￿ and cbjectives and in planning our fiJbJre %tiwtles. The Dl¢xese Is reswnslble for Ihe costs of the Blshopric and payment of Quota to the Province. The Diocese also provides SUPKKJrt to some charges for the costs of I￿al minislry, property granls and support for mission activty whith indude8 edLKalion, Iraining, outreach, and the promtiti¢Jn of eujmenical relations. While many volunteer8 are ensEged in these activitie8, the main thrust ￿ mi$$ion and ministry Is through local cOngregat￿n$. DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Achlwements and perfornwnce Durfng thé year. the charfty tnjslees.. implemented the outcome of a staff review adverh"8ed, int8ryiewed ￿¢j recruited a Di￿e AdmlnlSlr8￿on to support the work of the DiorE¥4n c￿ & charges in April 2024 continued to have oversight of the Th'ocese's requirements under Ihe LarKI Reform (Scotland) Act 2016 (Reglsler of Per80ns HawTrJ a Controlled Interest In Landl Regulations 2021 aF¢)roved loans and granls lo Vario￿ charges to enable them to meet Ihelr obligations and obJeGtives received iegular reports from the Blshop and D￿n on the flllng ot clerl¢AI dutles received reguLgr rgports from th• Dlocesan Treasur¢r on flnancial devebpments arKI on any varIa￿S from budget Maint￿ned, con$id¢red and l￿da￿a the Dioce8an Risk Register monitored GDPR policy. as pr legislative requlrgmants, across the Dk¢ese OLrthor159d and commenced a training programma in tha DIC￿an Centre lo asSi5t ch8rges in meeting their govèrnance obllgatlons C￿Men￿ed a staff tralnlrrfJ and developrn8nt programrne continued to review digital engagement within the DI0￿$e recelved reg￿ar reports on the stale, maintenarui and proposals for thurth propety I￿uding (Ssablèd access lo, and farAlities withln, Church property. approved. on the recommeTrJ*ion of the Di¢xesan Property Committèe. the Sa￿ of resKlonts"al propertie3 Within the DKicese ensured that v8candes for DKJce8an representstives on other l￿dieS We￿ filed a8 required fuffilled dubes 8t avic events as requested by GlasgJv City CounGil supported the Bishop's Lernen Appeal in ald of the Holy Land and raised £11,790 supported the Prep8ralory Committee lo commenc* the sear¢h fc*, and e￿IOn of, a new Blshop f the Diocese arr8nged the annual Diocesan SY￿d, and for repr888ntalic￿ on, and reports lo and trom, the General SyTh)d formed 8 Dio¢esan Envir￿ments1 Group lo promote arKI con$Kler the obl6ct￿e$ of Provin¢iaS Net Zero strategy. DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Flnanclal revlew The financkil review of Diocese 16 detailed wthin the Statement of Nnandal Activities on page 11 and Balance Sheet ￿ page 12. Totsl as 30 November 2024 amounted to £8.973m 12023 £8.164m). an in¢rease over the period ￿der rewew of £809k (2023 £291k), Total income 8aw a decrease on the previou8 year primarity as a ro$uli of funds recefv8d in the prior year lollwng the closure of Sl Bath0￿m8V#s, Gourock and the Orumchapel Missic￿, as well as the sale of the fomer rectory of St Oswald's. l¢Jng'5 Park. tr￿Se funds were designated by Ihe Di¢xgse for the tenefit of Klngs Park {note 231. In the current year furKJs were recelved frcrfn the dlysal of Annan property. Cash invested ￿th E￿WOrth 9enerated £16,808 of interest. Expenditure on charitable actMtie8 decreased on the previous year from £931,30412023) to £873,52912024) a decrease of 6.2%, due in the main to athlitional costs re Supp¢rt for minlsty In the prior ye8r. A deficit in Unrestricted funds in the year of £139,059 (2023 ¥urplu$ £88,083). Restricted Funds at the year end were £1.5m { 2023 £1.488m) and Endowment Funds £1.03m12023 £889k). Princlpal fundlng sources main source of revenue to the gener81 fund 1$ derwed from quots pald by 811 Charges 8￿$$ the Di(xese and the Diocesan Council is gratsful to Congregab'onal Vestries, all of vthom strw8 to mett Ihelr quots ass•ssm•nts in full ev8n wh8n, in som8 cas8s, thèir own financLql posib.on may be fraglle. Income from investments is a further source ol revenue to the ger￿Tal fund. The Diocèse is gratefvl for, thè grant rerAved from Benefact Trust. Thè DIocos8 w91v9d ￿019gaC￿s during the last flnanck71 year. A letter of grateful thanks was sont lo thè estate of the deceased's by the Bishop. Investrn•nt pollcy and pertomiance The Dv)cesan investment portfolio is held wAlhin over to SEC Unrt Trust Pool IUTP>. Thè investment objeclNti of the LryP 18 lo eam a relum on the assets. over the lory temi, wffiuènt at least lo mantain the real vdu¢ of the distribution to unil hc4dar$. Income frorn holdlng the SEC Lrrp was £108,892 { 2023 £94,295) an In¢r8a$e of 15.5% In the year. Ethlc41 Investment As par th9 ethlcal st8lement of practlce Issued by the G8neral Synod of the Scottish Episcop81 Ch￿h th8 SEC P does not invest in securibes deemed to tre wthin ttie dofenc8 and amaTnenl, g8mbling. tobacco, and pomography sectors of the strtk markel. DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2024 Reser¥eg poIIcy The largest Part of Dlocesan fundsls commltted to spe(afr Purpo￿5 and the Diocesan Council i¥ of the viewthel the financial position is s(yJnd and that the ￿SerVeS held are adequate. In forming thi8 ¥iew the DIO￿an Council has had regard to the fuiure anticipated expendilurg r9quITemgnt$ of the Diocese while being mindfvl of Èome of Ihe unanticipated 8xpenth.ture requirements that have arisen in the past and that accordingly may arise In the fvture. Tre Dlocesan Councu considers 11 necessary to maintain sums in the General Fund sufficient lo cover day lo day oxponditure, and seeks to maintain a minimum of 6 months, av8rng8 annual exFenditure in Unrestric￿ reseNes. At th8 30 Nov 2024 the mlnlmum requirement of 6 months genoral fund expenthluro amounted to £436,780 12023 £465,650). Rbk managgmgnt Thè Diocesan Council reviews, on an ongoing ba￿$ at rts quarterfy meetings, the Risk Regist￿ 8nrl conSid￿S Ihe Ma1￿ risks l&irvJ the.Diocese a￿1 the sy5tem$ and proeedures in place to rnillgale th¢)se risks. The principal ritks ar8: DoPgnd9ncy on In¢¢mg from Chargos, rl$lng Costs ￿adng add￿'Onal burden upon ¢harg88, Ihls Is managed through monitoring of recwpls, review of the Charg8s' annual accounts" and regular pa$tcfal contact wllh Charge5. Reliance on Investment Perfonnance, all fijnds are held with the SEC UTP, o balanced prcdud, fow8ed on mgintw'ning di$tribulion$. The Pgrfomianca and Risk profile are kept under review. . Managing and cOnt￿ual revlew of expendlture. Pro￿rty Tha cara of DiocaBan, church and anallary buildings 1$ supervlsed by a Property Committ8e convened by the D8an, or in hislher absence, the Synod Clerk and advised by the DI0￿$an Architect and Dictesan SuNeyor. Plans for lutur• yoars The Di￿Se will continue to support thè ministry of it8 clorgy and congregatio￿. The Di¢XèSè wlll becom? In¢rèaslngty éngaged In the climate change Inttlalfves 8￿C￿raged by the Scolllsh Eplscopal Church, whlch aim to achleve a posltlon of Nel Zero Cafton emissicns by 2030. Thls vAlI te a consiJgratlfr chalknge given th8 age and history of many of Ihe church buiklings in the Diocese. Under the leadershlp of the New Bishop the Council wll hold an away day to prK)riti89 ¥ding on dl the chdlewes the Diocese currently faces, including a full financial T8view. DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Stwcturn, govemance and managemènt The Dlo¢e89 of Glasgow and Galloway of thg Scottish EFMscopal Church was found&J in 1837. The Diocese is an unincorporated as￿￿at￿>n, subject lo the Code of Canons of the Scoltish EpI8￿paI Clwrch and lo a revised ConslitLrtion adopted in 2021. The Dioeese is go¥emed by a Synod meeting annually, vtho appoint Diocesan Officials, Ènd a DioeesBn Counul lo execute its decisions and manage the Diocese &cordlng to the Code of Canons. For the purposes ol charities law. the ex officio and voting members of th8 DK)cesan Coundl together are Ihg Chartty Trustees of the Church. The tharitsble objective of the Dioc&se Is 'the advancemenl of religion" and to thi8 end it offers resource8, fundlNJ, support, and expertise lo clHrges lo en81￿e them to carry out thèir missiort 6ffectivèly, and monrtors attendance, mlssion adivity, and vulnerable protection comFliance. The Code of Canons require the Diocesan Synod to supErvise 811 church propertie6, caprtal funds, kwment of d)argè8 8tlpends. salariès and in8uranee premiLmis. and maintenance of and adherenGe to thurch conslltutions. The Synod ¢on$i$ls of lal all clergy meeting ¢ertaln c￿terIa, and Ib) a lay member electsd by each charge in th The Di0￿￿an Council Is made up of tha following ex-offido Members The Bishop. who is elected by an Electoral Synod. broadty congruenl wth the DIOGe5a￿ Synod, the Dean, ané the Provost. bolh appolnl8d by the Bi3hop, and the Syngd Clerk, 18 elecled by the House of Clergy. Of the ten deded mernbers, four will be frorn the House ol Cl&gy and six ffom the House ot Larty. The Diocesan S￿ratary and Diocesan Treasuier are ap￿Inted annually by the syl￿d whde Ihe Chancellor arKI the Canon MissirThr are appointed by the BIs￿p Tre members of Dlctesan Councll recaht8 sufficlerrt Infom7ation wovided Ihrough Vestry Resource5 on Ihe Provinclal webS￿e to enable them to perform thelr duties effectively, and can ￿11 upon 3ped811sed legal, financKg1, and canonul advice byhen they require it, Certain responsibilities are delegated to the Offiuals, who give an account of thèir dec￿$ to the Diocesan Counal. As a consltueni of the Scothsh Eplscopal Churth. the DI￿Se has ￿ obligation to ¢￿t￿oUts lo th8 costs of Ihe PrO￿nCe throu9h payment of an annual 'quota'. This amount is approve(I by the Gereral Synod. In tum, the Diocese obtains income by levying a quota on each charge. as approv8d by the Di¢xesan Synod, and by careful stewardship of its own funds. DIOCESE OF GLASGOWAND GALLOWAY scorrisH EPISCOPAL CHURCH STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 30 NOVEM8ER 2024 The trustees ere responsible br preparing the Trustee5' Report and the finano818tatements in a¢cordance vAlh applicable IthT and United Kin9dom A¢¢ounting Standards (un￿9￿ Kingdom Generally Ac• Accountirvj Practice). The law 8ppllcable to charities Sn Scotland requlre5 the trustees io p￿pare finandal stal8m8nls for eath financial year which give a true and fair view of the state of affairs of the tharity and of the incoming resourcès and 8ppIKation of r?wurGes ol the tharify for that year. In weparfng th88è financlal stat8m8nts, the trustees are roquir¢d to.. - Se1￿ 5ultabie acCoun￿rtg polia8s and then apply them conslstentty., - observ8 tha rn•th)ds and principles in the Chèritles SORP; - makg Judgem￿1$ and estimates that are reasona￿e and wderrt., - state %thelher applicable aGGounting standards have been fdlowed, SU￿.e￿ lo any material departures disdo8ed and 8xplained in the finanryal statements,. and - prèpare thé finar£ial statèmants the golng concern ba515 unlés$ it is inappropdate to Presu￿ tr* charty 11 continue in operation. The trustee3 are re¥KKtn5ible for keeping suffKient a(￿Unti￿ records that disclose with reasonabl& a¢¢uracy al any time the financial position ol the charty and énable them lo ensure that th8 flnanc481 st8temenls Gomply vAlh the Charitles and Trusteè Invé81mènt Iscotiandl Act 2005, the Choritio8 Acc(xm18 IScolland} Rggulalions 2[￿ las amended} and the provlsions of the trust deed. They ore also responsible foi safeguarding tha assets of the Charity and henc8 lor taking r&gsonable steps for lh8 prevention and dètéction of fraud and ot￿r lffegularitses. DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH Opinion We have audite(I Ike flnandal statements of Dic￿eSe of Glasgow and Galkjway Scottish EpiSGopal Church Ithe 'chari￿) for the year ended 30 November 2024 comprise the statement of financi81 actlvltieg. the balance sheet, the statement of cash Ilows and notes lo the financial statements, inGluding significant accounting policie¥. The financial reporting framework that has been applied in their preparation is applicable law and United lQngdom A¢¢ounlir4J Standards, including Finanry81 Reporting Stsndard 102 The Flnancial Reporting standa￿ applkable In the UK and Republic of Ireland (United Kingdom GenerallyAcopted Accounlng Practice). In our oplnlon, the finandal st8tements'. give a true and fair of Ihe stale of the chartys affairs as at 30 Novémbér 2024 and of Ils ir￿ming resources and appllcalon of resources. for the year then ended. have been property propareo in aC￿r(lanCe witn Unfft•d lQngdom Generalty Accepted AccountlThJ Practscg.. and have been kyepared in accordan￿ wilh the requirements of the Charfties and TTUStee Investment IS¢olland) AGt 2005 and regulaticfj 8 of the Charlties AccountB l&olland) Rewlatlons 2006 las amended}- Basls for oplnlDn We conducied our audit in accordanc8 With Int8mational Standards on Auditing IUKI IISAS (UK)) and applieable law. Our responslb1l￿fj$ under Ihosg stsndards are furth8r described in Ihe Auditorfs ￿sp￿SIbil￿￿eS forthe audrf ol the financial statemenls section of our report. We are independent of the Gharity in accordanGe with thè elhlc81 requirements that are relevant to our audit of the financial slatemnls in the UK, including the FRC'8 Elhical Standard, and we have fU￿illed our other ethical respon￿bIlItIeS in accordance v4ith thgsa requirements. We bdieve that the audit eV￿enCe we have obtsined 1$ sufficient and appropriate to provide a ba$1$ for our oplnicfi. Concluslons rolatlng to golng coTr¢wn In auditing the finonoal State￿nIS, wg have WTKluded that the tru8tees' of thg gdng coneem ba￿$ of accounting in Ihe preparation of the financial statements is appfopriate. Based on the work we have perforrned, we have not identrfied any material uncertainties rdating to events or conditions that, individually or collectively, may cast significant doubt on the tharit￿S abllity to continue a¥ a going ncem for a period of at least h¥elve month8 from when the financial otstements are aulhorised for issue. Our responsibilities and the responsibilities of thtr trusl¢¢$ wlth r8spect to golng concern are desulbed In the r*vant sections of this rep)rt. Other Inforniation The other irrformation comprises the infornation included in the annual report other than the finarKial statémènts aThJ our audf(orfs report thereon. The trustees are responsible for the oth8r information cefitsined wlhin the annual report. Our oplnlon on the finandal statements does not cover the other information and ¥ve do not express any forrn of assurance conClus￿n thereon. Our responsibility Is to read the other informab'on end, in doing so, coroit*r ether the other inlomalion is materially in¢onsigtenl Mlh the finanaal statemerrt8 or our kn￿edge obtained in the course of the audit. or othemse appears to be m81erialty misstated. If wè idèntty such material ￿l¢On$1$tOnc1es or apparent material misststements. we are required to determine whether this gives rise to a mate￿1 misslalernent in the financlal statements Ihams61ve8. 11. based on the work we have performed, we condude that there Is materlal mlsslalement of thls other infomiation, we are required to report Ihal fact. We have nothing lo report in this regard. DIOCESE OF GLASGOWAND GALLOWAY SCOThISH EPISCOPAL CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DIOCESE OF GLASGOWAND GALLOWAY SCOTTISH EPISCOPAL CHURCH Mattgrs on Tknl¢h we are requlrgd to rgport by exc8Ptlon We hove nothing to report in resped of the followAng matt8rs in reQ3tion to the Charities Pccounls (Scotland) Regulations 2006 (as amended) requi￿ us to report to you If, In our oplnlon.. the Infornallon glven In the financial stslements is inconsistent In any matsrtal respect wth the tsu$lees' reFrfJrt; or proper accounlirKJ reeords have not been kept.. or the ffin8n¢Lql stslements are not in agro8ment with the accourrting records; or we h8vo rnt r•¢•ived all the informatKffi and exty8nalions we require for our 8u(Ilt Respon$lbllltl¢s of trustees As expLgined more fully in the ststgmenl of tru6tees' responslbli ities. the Irusteg$ are responslble for the preparation of the financial statements and for being salisfiéd that they give a true and fair view, for such intemal contrcA as the Iruslees d8termin8 IB necessary lo enatde the preparation of finandal stat8rn8nts that are free from material mlsstatemenl, whether due to fraud or error. In preparing the financkgl statements, the trustees are responsible for assessing the charity's ability to ￿ntlnlbe as a wing concem. disdosing, as apFdie2blè, m8tter8 related to going con¢em and usng the going ooncem ba$1$ of aceounb.rg unless th8 trustees either intend lo cease cperaliorts, or have rKJ realistic a￿OrnatIVe but to do so. AudItOr￿ vesponslbllltles forthe audlt of thg financlal 5tatoments have been appointed as auditor under section 44{11{¢) of the Char￿198 and Trustee Investment Iscolsndl P 2005 and report in accordarKe wlh theAct and relevant fegulallons made or havlng off8Ct ther•und8r. Our ok4e¢tives are to cbtain reasonable assurance about whether the financkqi statements as a wht)l& fr88 frL) material misstatement. vthelher to fraud or error, and to issuè an audrtorfs report that includes our opinif￿. Reasonable assurance i8 a high level of assurance but is nol a guarantee that an audr( corKlucted in accordance wrth ISAS (UK) wll always delect a matenal misstatement when it e￿818. Mlsslalem9nts can arise from traud or error and are ￿nSIdered material rf, Indivldually or In the aggregate, they could reasonably be expgded to infiuence Ihe economic decision$ of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-comF4iance wth laws an(1 ￿UlatI(￿s. d89ign procedures line with our responsibilities. ouuined above, to delect rn8terial misststernents in resped of irregular￿.￿8, including fraLbJ. The extsnt to whid) our procedures are ¢apoble of detsctlng Irregulanlies, induding fraud, is dolailed on p8gg 10. DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DIOCESE OF GLASGOWAND GALLOWAY SCOThISH EPISCOPAL CHURCH We obtained an understanding of the legal and regulatory framewiyk bvithin which the Ch81ity operates, focu8ing on those laws and regulations that have o direct effect on Ihe determin$t￿)n of Material amounts and disclosures in the financial statemgnls. The laws and regulations wg havg ￿nsador8d in thi8 context were thg Charities and Trustees Investment (Scollandl Act 2005 together with the Charkties Accounts Iscotlandl Regulations 2006 las amended). assessed the required compliance with these laws and regulatk)ns as part of our audll procedure on t1￿ related flnanclal ststemenl items. In addition, we considered proviwons of otsr laws and regul8tion8 that do not hav8 a direct dfttt on 1h8 financial statements bul compliance wrf(h which might be fijndamentsl lo the Charty. We also ¢on$idered the opportunities and ineentives that rnAy exist wrthin the Charity for fraud. The laws and regulati￿S we con5Idered In thls conle induded General Data Prolectlon Regulation and employrnent legislab'on. We thntified the greatest Tl$k of material impoct on tha ffinancial statements from irregulorities, includng fraud, to be within the recognition of incorne, provisions and override of controls by mana9ernenl. Our audit procedures in response to these risks induded gaining a detailed undèrstanding of the Chanty operations, induding enquiries ol management. identifying and assessing the risk of irregula￿ties, teS￿nll the posting of ￿jUM015. remewing accountirvJ estirnales for bias an(1 fixed assets for impairmeml. Consideration was given to transact'￿$ Y￿¢h rdate(I parties, as well as Teviewing Charity cOrreSp￿dence including reading minutes of all Charity group meetings. We also undert¢)ok Analytical Roview of tho figures aggi￿1 Ixtdget in crder lo assess movemonts which may be cau80(1 by irrfjgularities or fr?￿J. ing to the inherenl limitalion5 of an audit. there is an unavoldable rlsk that we rnay not hove detected some material misslalements in the finanoal slalements, even though wè have properly ￿anned and perfomed our audit in ac￿rdanCe wlh auditing standards. We are not responsi￿e lor preventing non ¢omrAlancé and carmt be expècted to delect non eompllance wlh all laws and regulab"on8. A further descrlplon of our TesponslbllltSes Is available on the Financial Reportin9 cc￿ncIl,$ website at.. http8:11 www.frc.org.uklaudiloTsresponsibilitias. This d8scription forms part of tyjr a￿allOr'S reporL Use of our report This report is made solety to the charty's trustees, as o bo(ty. in aC￿rdanCe wlih Section 44(11{¢} of the Charities and Trustees Investment (Scollandl Act 2005 and regulgtion 10 of the Charit￿$ Accounts IScotlarKI} Regulations 2006 las amandedl. Our audit work has bo8n undertaken so that we might slate lo the ¢harfty's tnjstees those matters we are required lo $late to them in an audlte¢s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume respOn￿bIlIty to anyone other than the charity 4n(J the charity's trustees as a body, for our wdil WOTk. for Ihis report, or for Ihe opinions we have fomied. SRG (Audlt) LLP 1625 Chartered A¢countsnts Statutory Audltor 4th Floor Turnberry Hou8e 175 Wesl George Street Gla$g¢w G2 2LB SRG IAthJltl LLP Ss eligible for appolnlment as aL*JStor In tenns of sectlon 1212 of th8 Companles Act 2006. 10- DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER 2024 Unre81rkled RestrlGt¢d End0*m￿nt funds fund5 fund¥ 2024 2024 2024 Totsl Total 2024 2023 Donat￿n8 and legacies Charitsble activities Inveslmerrts Other irthme 85,030 404,073 154,114 128,561 85.030 404,073 206,824 128.561 609.802 385.039 197.099 201 26.328 26,382 Total Incom• and endo*Thents 771.778 26,328 26.382 824.488 1,192,141 Expenditsre on charltabk8 actfvllles 873,530 873.530 931,304 othor 14 37.308 70.241 1,733 109,282 211.185 Total re8ourco8 0x￿nd•d 910.838 70.241 1.733 982,812 1,142,489 Net galnslllo38e8) on Investments 15 675.877 151,458 140,064 987,399 241,264 Net Incomlng resource8 bofore transfer8 536.817 107,54S 164,713 B09,075 290,916 Gro8S transfer8 bets¥een fund3 117,745 195,5491 (22,196) Net movement In funds 654,￿2 11.996 142,517 809.075 290,916 Fund balarKes at 1 D&ember 2023 S.787,￿ 1,487.773 889.221 8,164,390 7.873.474 Fund balinc•s at 30 Novamber 2024 6,441.958 1.499,769 1.031,738 8,973.465 8.164,390 The statement of ￿n￿¢181 aCt￿LtIeS Include8 all gains and l(wes recognlsod in the year. All income and expenditur6 derive from continulng act1Mt￿. 11 DIOCESE OF GLASGOW AND GALLOWAY scorrisH EPISCOPAL CHURCH BALANCE SHEEr ASAT30 NOVEMBER 2024 2024 2023 Flxed assets Tangible assets Inveslrnent propertles Investments 16 1.373.774 975,000 5,969,318 1,694,225 630,OCKI 5.137.749 8.318.092 7,461,974 CuTrnnt assgts Debtors C8sh at bank and in hand 17 165,751 S44,136 88,725 705,729 709,887 794,454 rgditorn: amounts falling duo wthin one year 21 154,514) 146,918) Net current assets 655,373 747,536 Totsl assets les$ ¢urr¢nt Ilabllllles 8.973,465 8.209.510 ProviBiOnS ft>r liabllltles 145.1201 Net assets 8.973,465 8.164,390 Capltal funds Endowment funds- general InGom* fvnds Restricied fund5 24 1,031,738 889,221 1,499.769 1,487,773 Deslgnated funds General unrestrlcted funds 327,113 6,114,845 313,323 5.474,073 6.441,958 5.787.396 8,973,485 8,164,390 12- DIOCESE OF GLASGOW AND GALLOWAY scorrisH EPISCOPAL CHURCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024 2024 2023 Cash tk)Mts trom operatlng actlvlile8 Cash absorbed by operations 1605,339} 137,8461 Investlng a¢tlvltlo9 Purthase of tangi￿8 fixed asset8 Proceeds from dlsposa ol tan9lble fixed assets Purchase of investments Investr)¢fit In¢cwne rec&￿ed 13.079) 11,5751 240,000 {251.897) 197.099 2L%,824 Net cash generated fromllus•d In) Inv￿tIng actlvltles 443,745 156,373} Net cash Us￿ in finaA¢lng a¢tlvltl•s Net decrease In cash and cash •qulv•lents 1161.5941 194.219) Cash and cash equtvalents at b&ainning of year 705,729 799,945 Cash and cash equlvalgnts at and of yèar 544.136 705,729 13- DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 Ac¢ountlng pollcles 1.1 Accountlng conventlon Tho aGwunls have been prepared in accordancg wilh Ihe charity's Trusl Deed, the Chartbes and T￿￿te0 Investment (Scotland) Ad 2005, the Charities A￿oUnts (S￿tland) Regulation5 2006 (as amended) and 'Accounting and Reporting by Charities.. Slalement of Recommended practi￿ applicable lo charities preparing Ih*r accounts in accordance V￿th the Financial Reportin9 Standard apF4icable in the UK ond Republic of Ireland (FRS 1021 leffedive 1 January 20191. The ¢harity i¥ a PubliG Benefit Entity as defined by FRS 102. The financ￿1 statements are prepared In steding, whSch Is the fUn￿Onal currency of the charty. Monetary amounts in these finanaal statetnents ale rounded to the neaiest £. The financial statements have been prepared under the historical cost ￿nventIOn, Imodified to indude the revaluatson of freehgld properb.es and to inGlude investment properties and cèrtain financial instruments at fair Valuel. The prinapal accounting PDlicies adopied are 8et out below. 1.2 Going c¢nrKrn The acc￿nts have ken prepared on a goin9 Co[￿e[n basis. The Trustees have assessed ts ability of the DTr)cese lo continue a5 a going concem and have reasonable expectation that it h8s &lequate resources to continue in operatbnal e￿stenCe for the foreseeable fuiure, and for at lea81 12 months from the dale of approving the accounts. The Diocesan Cwncll are not aware of any material uncertainties whlch w0￿d impacl w the a5sessrnent of going concem. They thu8 continue to adjpt the going concem basis of aco)untirg in preparlng these 1.3 ChaTltable funds Unreslricted funds are available for use at the discretion of Ihg trustees in furtherance of thdr Gharitable objectives. Truslees may ch005e to set aside part of the ￿reStriCted fvnds a¥ a designated fund f pertiGular future project ￿ commitment. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restriL#ed furKls are set out in the note8 to the finanaal stolorr19nts. End04yThent funds arfr subject to speclfic corKlitions by donors that the capital mu51 be rnaintsined by the Gharity. 1,4 Incomlng r880urceg Income 13 recognised fftn the chanty is legalty entiued to it after any perfrymance conditions have been met, the amounts can be measured reliably. and il is KKobable that income will be re￿ived. Cash donation5 are recognised on receipt. Other dor￿0￿5 are recogni*é on¢e the ¢haAty has been notifigd of the donation. unless perfomiance conditions require doferral of the amount. Income tax recoverabkn In relat￿n to donatlons re¢8tvsd under Gift Aid is recogn18ed al the tlm& of th8 donation. Assets for distribution are recogni¥ed only when distributed. Assets gwen for use by the charity ¥e recognised when receivable. st￿ks of un¢thstributed donated goods are not valued for b￿ar￿ Sheèt PUTposes. 14- DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accountlng poll¢lo8 (Continu￿) 1.5 Re80urce8 expend8d Expenditure recognised onee there is a legal or constNctive obligation to transfer economic benefti to third party. it is probable that a transfer of eo)nomlc beneff(8 will be fequired in $ettlement, and Ihe amount of the obligation can be rnea5ured reliabty. Expenditur9 15 cla5Stngd by activity. The coBt8 of eath activty ar• madé up of the total of dir&t Costs arKI sharod costs, including support eosls Involved in undertaknng each activity. Dlrecl costs attr*JLrtable lo a slng activity are allcKat8d directty to that aetnrtty. Shared costs wh￿h contribute to rnor8 than one aGbvity and support costs ￿lch are not attributable lo a single actlvily are apFortioned behyeen I￿se activities on a basis consistent with the use of resources. Central staff costs are allocated basis of tim¢ s￿nI. and depr￿ation charges are allocated on the porbon of the 8sset'$ u$¢. Expendrture is recognisod on an accruals basis as a liability is incurred. Expèndllure Includes any VAT cannol be fLlly recovered, and is Classified under headin9s of the statement of finanud activities lo which il relates.. expenditure on raL￿Thg funds includes the costs of all fiJrKlraislng aciivities, events. n0nvtharit8￿e trading activities. and the Sa￿ of donated go¢xls. expendrfure on charitable activrtl88 Includes all costs in¢uffed by 8 charty in L￿￿￿takIng actiMties that further its charitablè aims for the beneflt of its ben8fiaaries. induding those support costs and costs relating lo th8 govemarte of the charity apportionod to charitable aclNities. crther expendf(ure inGludes all exFenditure that is neither related to raising funds for the nor part of its expendilure on char￿able ac*Nities. All costs ar9 allocated to expen11kn￿ categories reflecttng the use of the resource. Direct costs attrltMJiatrJe lo a slnglg actimty are allocated directby to that activrty. Shared ¢o$ts ara apportloned bebveen the activrties they contrlbute to on a reasonable, justhfialAe and con&stenl basis. 1.6 Tanglble ffxed as39ts Tangible fix8d a5set$ are inlbally measured al cosi and subs8quenUy me8sured at cost or valuation. nel of d8pr8aation and any impairment losses. Depre¢iation 1> reeogrased so as to write off the cost or ￿luatIon of assets les8 Ih8ir ￿SIdUal values over tr￿1[ usefijl lives on fdlowing boses.. Office Equiwient 20% Straighl line The gain or loss arising on the disposal of an assèt Is detemiined as the difference be￿Tr tre sale proceeds and the carrying value of the asset, and is reco9nlsed in the stslement of finanaal activitie8. 1.7 Invèstment propertlo8 Investment propety, which is property held to earn rentals an￿Or t￿ capltal appreciation, i¥ iThtially recogni5ed at COSt. which indvdes the purchase cost and any directly attributable expenth'ture. Subwuenlly It Is mea8ured 8t fair value at the reporting end dale. The sU￿lUS or defiat on revaluation 1$ rocognised In profft or1088. 15- DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Acc¢)untlng polkles Icontlnu•dl 1.8 HeTltable •ssets Heritable Property is ¥alu8d at Cost to the Dioc8se. Thg propertie8 are not depreclaled In the accounts as residual value is deemed Suff￿le￿IlY high that any depreciation would be immaterial. 1.9 Flxed a88et Inve8tments Fixed asset investments ar& initially measured at transaction price exduding trans￿tIOn ¢J)sls, and are subsequently measured at fair value at e&h reporting date. Changes in fair value are recogni8ed in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.1Q lrnpalrnwnt of flxed ass9ts At each rewrting end dale. the ctsrity revie4VS the carrying amount8 of lis tanglble a8sets to determin& whether there is any irKlication that Ihose assets havo suffgred an impaimènt loss. If any such Ind￿ation exis18, the ￿M¥er9b1e arnount of the 055et is estirngted in order to detemine the extent of thg impairment loss Of any}. 1.11 Cash and cash equivalents Cash and cash equivalent$ Indude cash in hand, deposlis held ot call wlth banks, other short-term liquid investments w41h original maturilies of three months orloss, and bank overdrafts. Bank ov8rdrafts are shown within bo￿o￿ng$ in ￿rrent liabilities. 1.12 Flnaftclal In8trumènts The charity has elected lo apply the K*oMsions ol Seclion 11 '8asiG Financial Instruments, and Section 12 '0￿r Financi81 Instruments188ue8' of FRS 102 to all of its financial instruments. Flnanaal Instruments are recognbsed In the charlty's balance sheet when the tharfty b8comes paty to the contractual provisicns of the instrument. Financial assets and liabilrties are off8el, with the net ￿OUntS Presented in the finawal stslements, when there is a legally enforceaNe right lo set off the recognised amounts and Ihere is an intenbon lo settle on 8 net basis or to realise the asset and settle the Iiabilty simultsneousty. Bask fin•nclal assèts Basic fin8ndal assets, vthich Indude debtors and cash and bank balancfrs, are initially measured at Ironsaction price including transaction eosls and are subsequently carned at amortis8d cost uslng the effectlve interest method unkss the arrangement eonstliutes a finanung transactlon. where the transacti(￿ is measured at the ptesent value of the future receipts discounted at a market rnle of Inleresi. Financial assets dassrfied a8 receivable within one year are not amortised. In lems of Concessionary Loans these are initially measured at the amount paid and recognised in the balanee sheet. The IrA4n is subsequ8nlly r8￿8Wed for irnpaimient. 16- DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TOTHE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Accounting policies Icontlnuedl Baslc financial Ilabllmes Basic financial Ik*bililie8, induding creditor8 8rsd bank loans are In￿OI1Y recc#Jnlsed al transa¢tK•n prl¢e ￿lesS the a￿angeMent constitutes a financlng Iransaction, wh9re the debl instrument is rneasLsred at Ihe present value of the future yaymgnl$ discounted at a market rate of Interest. Financial liabilthes dassified a5 payable within ong y￿r are not amorbsed. Debt instruments are subsequently carrled at amorbsed cost. u3ng the effective interest rate method. Trade creditors are oblig8tions to pay fcy goDds Of $eNices that have been acquired in lh& ffdinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due Wthin one year or les$. If Ihey are preserrted as non-currenl liabililieÈ. Trade creditors are rgco9nised inrtialty at tran￿￿10n pricè and subseq￿nIty measured at amortised ￿$t using the effectivè interest methtrj. Dwpcognltlon of flnanclal Ilablllues Financial liabilities are derecognised lthen the charity's contrxtual obligatlons expire ¢0 DIOCESE OF GLASGOWAND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Other incom• UDrnstrlct•d R•strkted funds fund8 Total Totsl 2024 2L124 2024 2023 Nat gain C￿ dS$posal of heritabl propwtty 8islK>P'S Dis¢relionary Fund 128,561 128.561 201 128,561 128,561 201 For the yfjar endoql 30 Novgmbgr 2023 201 201 Exp•ndltyre on charltable actlvltl•s Total Funds 2023 Dlrnct Costs Grant Fundlng Support Costs 2024 Qwota pald to General Synod Episcopal Ministry & Administrntion Support for Cl•rgy & Vestry MIs55on Extemal Pro￿￿ Exp•nse8 Grants to local CODgregadons Gengral Contlngon¢y 138281 57,377 211,343 98,104 58,831 138,281 94,904 361,450 118,118 96,358 54,730 9,690 132,78e 115.369 302.432 121,117 107,248 49,334 103,016 37.527 15D,107 20,014 37,527 49.726 9,690 573,626 49.726 250,178 873.530 931.304 AnJly¥ls by Fund: G•n•ral Restrlcted Endowment 573,626 49.726 250.178 873.530 931.304 573.626 49,726 250,178 873.530 931,304 -21 DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Not mov•m•nt In f￿ndS 2024 2023 The nel Trrf)vemenl in fund5 Is staled after d￿rgin￿(Creditingl.' Fe25 payable forthe audit of the tharitls ffinan￿81 $tstements Depreclalion of ¢)wned langlble fixed assets Profft on disposal of tangible ffixed assets 13.800 2.921 {128.5611 12,900 2.744 Tr￿1¢ The followirrfJ TThEsle9s w¢r¢ r¢munerated during the year.. The Bishop £39,689 12023.. £45,51n, Canon Mi6$igner £43,82312023'. £38,745), Diocesan Secretsry £11,546 (2023-. £10,1151 and the DSocèsan Treasurer £11,546 (2023.. £10,115). The following Trustees aL80 received employer pension contfibut#)ns.' The Bishop £7,902 {2023'.£ 9,7711 the Canon Mis3K>ner £10,371 12023.. £9,971). Remuneration paid to the Bishop and Canon Mi89ion8r conforms to tho $¢ales detemiined by the General Syntsj of the Scottish Episeopal Church. The Dean, sYr￿d Clerk and Diocesan Secretary were refunded expense5. The expenses refunded was £8,44512023.. £12.7921. 10 Grants payablg 2024 2023 Grants 49,726 45,277 -22- DIOCESE OF GLASGOWAND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 11 Support costs Support Gov8rnanc• costs 2024 2023 Stsff ¢osts D￿e￿at￿Sn Dloee8an Centr¢ 141,915 2,921 27,162 25,187 167.082 2,921 27,162 123,397 2,744 28,270 Audit fee$ Legal and professional Synods & meethigs Deans charg8 and expense5 13,800 11,011 13,800 11,011 5.564 22.638 12.900 8.713 5,343 21.422 22,638 171,998 78,180 250,178 202,789 Analysad bglwogn Charitable activltle8 { note 71 171,998 78,180 250,178 202,789 Governr￿ costs Indude8 payments to the auditors of £13,800 {2023. £12,900) for aLKIit fees. Supwrt costs,which relale primarily to costs assoaatéd wth the Diocesan Offic8 and 9JV8marte costs. are apwrtioned based on estlmales of ￿me SP8nl by staff on the various actlvitles. -23- DIOCESE OF GLASGOW AND GALLOWAY scorrisH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 12 Employoe8 Numb•r of •mployees T1￿ avgr¥ge monthly numbgr of gmtAoyg95 durin9 the year was.. 2024 Number 2023 Numb•r CleffJy Mission and ministy Administration and communications Full bme equivalent Clergy Mk%sK*r) and ministry Admlnistration and communications 0.75 4.30 3.60 6.05 5.60 Empbymenl costs 2024 2023 Wages and salarie8 Swal 8ecurity costs Other pertsion costs 218,381 14,514 55,354 190,128 11,527 45,728 There were no employee8 vthose annual remunera￿0￿ wa5 £60,000 or more. 13 Taxatlon The tharty is exempl from L2xation on its actiknilies b￿aUse all its income is applied for charitabl8 purpos85. 14 Other Unr•gtrlcted Ro¥trl¢t¢d Endowment funds funds funds Total 2024 Total 2023 gen•ral Rdea&e offunds Othèr axwndilure 70,241 1.733 71,974 37,308 91,611 19,129 37.308 37.308 70,241 1,733 109,282 211,185 For the year ended 30 Novembèr 2023 119,574 89,743 1.868 211,185 -24- •) vj ¢ f0￿Co ttv)( DIOCESE OF GLASGOWAND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 I S Tanglbl? flxod a$$ets HerIts￿& Properfy Equlpment Tolal Cost At 1 Decernber 2023 Additions Disposals Transfer to in¥estmeDt property 1,685,27S 15,315 3,079 1,700.590 3.079 (111,4391 (209,1701 1111,4391 (209,170} At 30 November 2024 1.364.866 18,394 1,383,C60 D•prn¢iation and impairmont Al 1 December 2023 Depreciab"on thwged in the year 6.365 2.921 6,365 2.921 At 30 November 2024 9.286 9,286 Carrying amount At 30 November 2024 1,364,666 9,108 1,373.774 At 30 November 2023 1,685,275 8,951 1,694,225 17 Debtors 2024 2023 Amounts falllng dug wlthln on8 yoar: Trade debtors Olhar debtors Prepayments and XcrL￿d income 286 162,032 3.433 2P4 80,62B 3.804 165,751 84.726 2024 2023 Amounts falling due after more than one year: Othw debtors 3,999 Total d•btorn 165,751 88.725 Other Debtors includes vari(yJs wncession8ry loans, interest free, made to a nurnLEr of charges durir4J the year. DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 18 Investment property 2024 Falr value At 1 December 2023 Trgnsfers from heritable PToperty Nel galn$ thr1x￿h f&r value adju3trnents 630.000 209,170 135,830 At 30 Nov8n*Jer 2024 975,Cl)O In dotormhlng th8 lalr valLte olthe Investrnent pro￿rtIeS Ihe Irusteès sought the view of the Professlonally Qualified Dlocesan Surveyor as to theii values at 30 November 2024. The Dlocesan SuTheY￿ has assessed the Fair Value of the Investment properties based C￿ the Itxation and class ofthe Inv&stm8nl propertie8 b&ng valued. If Investment propertle6 were staled on an hlstorlcal c05t bayi$ ratsr than a fair value basi5. thry amounts would have been induded as follows". 2024 2023 613,310 404,140 Accumulated d8precaation Catyng amount 813,310 404.140 19 Flxod asset Investrnonts Other lTrv•strnonts Cost orvaluatlon At 30 November 2023 valUat￿n changes Diyp05als 5.137,749 847,837 116,2681 At 30 Novemb¢r21T24 5.969,318 Carryln9 amount At 30 Nov8mber 2024 5,969,318 At 30 November 2023 5.137,749 -27- DIOCESE OF GLASGOW AND GALLOWAY scorrisH EPISCOPAL CHURCH NOTES TO THE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 20 Pro¥l8lons lor Ilabllltles 2024 2023 Land Refomi {ScoUandl Act 2016 45.120 The TnJstees have recognised a provision regarding legal costs asswated with ccffl￿ylng wllh the Land ReforTn Iscoljand) Act 2016, Register of Controlled Interests in Land. The timing of payments is expected to be prior to 31 March 2024. belng the dale ¢)n ¥thlch compliance Mih the Act is required. 21 Credltor5: falllng dug wlthln one year 2024 2023 Olhèr taxation and sctlal se¢urity Trade credf(ors Other ¢redf(ors Aecnials, grants payab￿ and deferred irwme 5,299 1.611 1.099 46,504 4.138 835 9.393 32,552 $4,513 46,918 DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDEO 30 NOVEMBER 2024 22 Rèstrbcted funds The restrfcted funds of the charlty compdse the unexpended balances of dona￿OnS and grants held on trust subjed to specific conditions by donors as lo how they may be used. Movement In fund$ Resources Transfarn R•Yaluatlon Bala*K• at expended Il¢M•sl 30 N4)v•Mb•r 2024 8alarK• at Incoming 1 Do¢•m￿r Y•sour¢•s 2023 Ccmgregation81 Funds The St George's Fund The Bishop's Dtscretionary Fund (Stanton B8qu8st} Tha West Bequest Fund PTrtricklStranraer Fund 398,660 861,218 157,337) 185 (77,4501 118.0991 263,873 986.542 18.099 125.139 151,867 30.228 46,000 8,229 11,089) 20.961 5,358 179.768 35,586 34,000 {12.000) 1,487,773 28,789 170.241) {95,549) 151,458 1.499,769 Cwgregational funds represent monies held on bEhaW of individual congregatlorts which may te accessed by approach to the Diocesan trustee¥. The St Georye's Fund wa8 Èèt up in 2007 Irom the sale of Sl George's Churth, Maryhill, Glasgow and Indudes monie5 hdd on behalf of East End Epi8eopal Churth8s from the sale of propety. The Fund 18 splot two thirds and one third re$pe¢tively with the Diocesan share of the Income (IM) thirds) being eXpend￿j lor ministry support. The St George's Fund gene￿Ied a lotsl income of £27,14912023 - É21,C631 of which one third has b88n r8rnitt8d io East Erhj Episcopal Churches. Bishop's Discretionary Fund Istsnlon Bequest) 1$ used at the di8crets.on of the &"shop fc* clerical exgenck%5 Income from the Wesl Bequest Furvj may be applied only m providing for. or augmentlro, the $lipend of priest, the expense$ of a lay preacher, or for the provision of regular 8ervices at St Ninian's, Portpatrlck. Ir￿me received 1$ Iransmittod direcdy to tho chargè. The Portpatricklstranraer Fund was set up in 2022 to hdd monies Ircm these CCfigregatior￿ to be drawn UFon for the sllpendlpenslon cost of thelr pr￿s14￿￿arge. DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2024 23 De81gnated funds The unrestricted fvnd¥ ol the thanty ￿mprise Ihe unexpended balarKes of donations and grarrts which are not ¥ubjec# to y¢ific Gondthons by donors and grantors as to how they may be used. These indud¢ designatèj fvnds whith have been sel awde out of unrestricted fund$ by thè trudaes for specffic purposes. Movernent In funds BaLgn¢• at Inccrning I1•sOW￿$ 1 December reuource8 0X￿1￿1¢d Galns and 8alanrg at 1058es 30 Novemlxr 2024 Leaming, Developrnent & Pastoral Fund lungs Park Fund 11,118 302,205 10,000 10,123 {6,1521 (22,075) 14.96e 312,147 21,894 313,323 20.123 {28,227) 21,894 327,113 Leaming, Development & Pastoral Fund is lo provide financoal Supp￿ to dergy and lay ￿￿er8 In re8pect of leaming, ministy development, and pastoral ca￿. Thg King's Park Fund, Set up in 2023, is used lo provide housing ￿$1S as requested by the congregatlon of Sl O$wald'$ King's Park at the ￿l￿rets.0n of the D￿eSan trustees. Inc£￿e from the Fund is remitted to the congregation for ils general use. DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 24 End¢)wment fvnds Endowment funds represent assets whlch tnusl be held pernanen￿Y by Ihtr ¢harlty. Incom& arlslng on the endowment funds can be used in aC￿rdance with the objects of the charity and is included as income. Ary capital gains or losses ari*rvJ on the a35ets form part of the lund. Movement in funds Balance at 1 IncomiThg Resour¢es December vesources ex￿nded 2023 Transfers Revalyatlon Balance at 30 (lo¥se¥l November 2024 Pormanent ￿d0¥￿nIS The Bishop Goldie Memorial Fund The Gordon Fund The Drurthapel Legacy 90.231 736.273 2.220 22.197 {1.088) 11,787 117,843 103,150 854.117 122,1961 62,717 1,985 16451 10,434 74,471 889,221 26.382 11,7331 122,1961 140,064 1,031,738 The Bishop Goldie Fund 15 ￿Sed to 8UPPOrt trainiTrJ of st￿19nts for the mlnlÈlry vAlhln the Dlocese. The Gordon Fund represents monies th)natècl to the Diocese from St Ninian'¥ Church, Castle Dwgkgs which is ￿VaSIOd In tha namg of the Dloces8n Truslges. Income arlsing thereon is applied t¢)wards or to supplement the Stipgnds of ary ofthe rectors and curates setving the Di￿95e. The Drumchapel Legacy Fund represents monles to be used fN the benefft of the Dwrndwp81 M1$81on Of Holy Cross. Kn*Jhtsw(K)d. Glasgow. Thg Mi$gon was dl8solved permanentty in 2022, the Inccthe WAII conllnue lo used for missional purposes. 25 Analysls of net assets betwèèn funds Unr95trlcted fund$ 2024 Rostd¢tod Endovm)ent funds funds 2024 2024 Total 2024 At 30 Novembgr 2024: Tangible a88els Investment properties Inve*ments Current as8etsllliabilitiesl 1,373,774 975,000 3.827,244 265.940 1,373,774 975,000 5,969,318 655.373 1,167.297 332.472 974,TT7 56,961 6,441,958 1,499,789 1,031.738 8,973,465 28 Analysis of changos in fundB Accounting Standards require the Cash Flow Slat8menl lo be aecompanled by an Anafy818 of Changes in Net Debt. The aharity had no debt during the year. Accordingly. Ihe changes in NEt Debt is apparent from the Statement of Cash FICAVS above. 31 DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 hlOVEMBER 2024 27 Related party tranBactlon8 The natUTe of the Diocese requires ihal il has many finanthal tr8nsadons wlh the Gener81 Synod of the Scottish Episcopal Church and with Charges in the Diocesè. As members of the Diocesan Coun￿1 ar¢ connectgd with Iheir resF4dive local church congrègations and certain memb9rs are also members of Boards and Committoes of th• Gen¢ral Synod. these bodles are Tdated parDe$ under FRS 102, and transadons vAlh Ihem are'yelated party Iransacth)ns" The governance PTocedures of the Thocese and af General Synod requlre that members of all Boards Committees declare their interest in any grant or loan application prior to its ¢Jiscussion by the Board or Commrtte8. Most of the Diocesan transactions $re with related parties as would be expected. The Dloce5e pays qwta to arKI receives grants from General Synod, as dgtailed in the accounts . The Dvxese also receives quota from and pay¥ grants to ir#Yividual congregaliorfj. A numb9r gf propgrtlgs arg hgld by thg Diocosan Herita￿0 Trustee& FRS 102 r8quires disclosure of material related paty Iransadons and year end Imlgnces whh related parties. In the case of the accounts of the Diocese, these are for the most part Separately disdosed in th8 statement of finanaal actiwties, the balance sheet or in the notes lo the acccunts. Remuneratlon of key managemont pernonnel The remuneration of key management personnel is fgund at note 9. 28 Gash g9norated frorn operatlons 2024 2023 Surpbjs for the year 809.075 290.916 Adjustments for Investment Income recognised in ststement of financial activities {Goinl on disposal of tsngib* fixed assets Nel lossllgain) on investments disposal Fair value Igainsl on investment propèrtk88 Fair value {gains) and losses on investments DepreCIa￿On and ImpalThgnt of langlble flxed a5sels 12C6,824) 1128,561) 11,732) 1135,8301 1829.8371 2,921 (197,0991 {40,0001 1201,2641 2,744 Movements in working c8lital.. {Increase}Idecfease in debtors Increaselldecrease) in crgdrtor8 IDecroasellincr9ase in provisions 177,026} 7,595 145.120) 83,135 (21.3981 45,120 Cash ab8orb8d by op•ratlon3 (605,339) 137.8461 -32- DIOCESE OF GLASGOW AND GALLOWAY SCOThISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 29 Subsequent Evènts A herttable property vAth a book valu8 01 £238.665 was sold after the rewrtiny peric¢J. It was held wthin tangl￿e fixed assets. The mis￿Ve8 were con¢lud8d on 4th Dtt 2024, and signing of the dispo$iticn and the settlement datè w8s 9th Dac 2024. -33- DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Appendix 1 DIoc•8an propertlos Horllablp Quadrant Road, Newlands. Gksg)w- {di$p08ed December 2024) Erradab Streef, Lamthill, Glasgow Land 81 Girvan, Ayrshi sffield Drive, Cardonald, Glasgow Cothran8 Stroet. Glasgow Invostm¢nt Blake Road, Cumbemauld Brownside Road, Cambu$long, Glas9￿ St Matlhew8 Old ReCtOry￿he Pla￿, Balmore Stre&l, Glasg)w Kelvin Crescent, East Kilbride. Gla8gL -34-