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← Diocese Of Glasgow & Galloway Episcopal General Funds

2025-09-30-accounts

Charity registration number $C013925 (Scotland)

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

CONTENTS

Page
Trustees’ report 1-7
Statement oftrustees' responsibilities 8
Independent auditor's report 9-11
Statement offinancial activities 12
Balance sheet 13
Statement of cash flows 14
Notestothefinancialstatements 15-32

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

TRUSTEES' REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The trustees present their report and accounts for the period ended 30 September 2025.

Reference and administrative details

Registered charity name

Diocese of Glasgow and Galloway Scottish Episcopal Church

Charity registration number $C013925 Principal office Diocesan Office 49 Cochrane Street Glasgow G1 1HL

Diocesan Council

Ex officio members The Rt Rev Dr Nicholas Bundock - Consecrated May 25 The Very Rev Reuben Preston (Dean) The Rev Canon Gordon Fyfe (Synod Clerk) The Very Rev Kelvin Holdsworth (Provost) The Rt Rev Andrew Swift, Bishop of Brechin (Acting Bishop) - Resigned May 25

Other voting members The Rev Mark Goodman - Resigned May 25 The Rev Dawn Matthew Mrs Jan Whiteside Dr Beth Routledge The Rev Verity Brown The Rev Canon Paul Watson - Resigned May25 Ms Jenny Whelan Miss Morag O'Neill Mrs Nicolette Wise Dr Susan Burr - Resigned Nov 24 Mr Robert Thain - Co-opted, Appointed Feb 25 The Rev Peter Bradley - Co-opted Aug 25 The Rev Dr Elizabeth Breakey - Co-opted Aug 25

Non-voting members

Dr Susan Burr (Diocesan Secretary) - Co-opted Nov 24, Resigned Sept 25 ( Diocesan Treasurer) - Elected Feb 25

Sheriff Bruce Erroch KC (Chancellor) Mrs Kim Schmulian (Diocesan Administrator) Mr Petko Marinov (Diocesan Secretary) - Appointed Sept 25

Trustees for the Charity

The following are trustees for the Diocese in respect of heritable and moveable property.

Bishop of Glasgow & Galloway, and any acting Bishop so appointed Dean of Glasgow & Galloway (The Very Rev Reuben Preston) Synod Clerk (The Rev Canon Gordon Fyfe) Diocesan Registrar (Mr Ronald Inglis)

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Other Diocesan Appointments

Mr Elliot Glen-Esk (Surveyor)

Mrs R Cadie of ARP Lorimer Ltd (Architect) Ms Jenny Whelan (Diocesan Child and Vulnerable Adults Protection Officer)

Bankers

The Royal Bank of Scotland 10 Gordon Street Glasgow G1 3PL

Diocesan Centre Staff

The Rev lan Boa

Ms Janet Chalmers Ms Alexis Costigane Mr Petko Marinov Mrs Kim Schmulian Ms lolanthe Stack

Auditor SRG (Audit) LLP Chartered accountant & statutory auditor 4th Floor Turnberry House 175 West George Street Glasgow G2 2LB

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Diocesan 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

We have referred to the guidance contained in the Charity Reguiator's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

The Diocese is responsible for the costs of the Bishopric and payment of Quota to the Province. It also sends representatives to General Synod and has representation on various Provincial Boards. The Diocese also provides support to some charges through stipend support, property grants and loans. It also provides support with the payment of clergy stipend and information for HMRC through RTI.

It supports a range of mission activities including training, outreach, fundraising and the promotion of ecumenical relations. While many volunteers are engaged in these activities, the main thrust for mission and ministry is through local congregations. The Diocese under the leadership of our new Bishop has further plans to support mission in congregations (see future plans ).

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Achievements and performance

During the year, the charity trustees:

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Financial review

The financial review of the Diocese is detailed within the Statement of Financial Activities on page 12 and Balance Sheet on page 13.

Total funds as 30 September 2025 amounted to £10.472m (30 November 2024 £8.973m), an increase over the period under review of £1.498m (30 November 2024 £809k).

The period to 30 September 2025 is for a shortened 10 month period. Total unrestricted income for the period amounted to £2,006,112 for the 10 month period compared to £771,778 for the year to 30 November 2024. This increase was primarily due to higher leveis of donations from proceeds of the sale of the Motherwell and Clarkston properties and also from St John's Annan. Other income increased following the disposal of heritable property at 25 Quadrant Road. Rental income also increased during the period, together with interest receivable and investment income.

Expenditure on charitable activities decreased on the previous year from £873,530 in the year to 30 November 2024 to £690,310 in the 10 month period to 30 September 2025, a decrease of 21%. However it should be bourne in mind that this is a 10 month period. Not withstanding the 10 month period, expenditure on mission did fall due to the Canon mission post being vacant.

A surplus in Unrestricted funds in the year of £1.449m (2024 £654k).

Restricted Funds at the year end were £1.508m (2024 £1.5m) and Endowment Funds £1.071m (2024 £1.031m).

Principal funding sources

The main source of revenue to the general fund is derived from quota paid by all Charges across the Diocese and the Diocesan Council is grateful to Congregational Vestries, all of whom strive to meet their quota assessments in full even when, in some cases, their own financial position may be fragile.

Income from investments is a further source of revenue to the general fund.

The Diocese is grateful for, the grant received from Benefact Trust.

The Diocese is also grateful for the receipt of a legacy received in the previous financial year.

Investment policy and performance

The Diocesan investment portfolio is held within the SEC Unit Trust Pool (UTP). This is overseen by the Provincial Investment Committee. The investment objective of the UTP is to earn a return on the assets, over the jong term, sufficient at least to maintain the real value of the distribution to unit holders.

Income from holding the SEC UTP relating to Unrestricted Funds for the 10 month period to 30 September 2025 amounted to £101,656, for the year to 30 November 2024 this was £108,892.

This is also monitored by the Diocesan finance team. Money is also invested in Epworth Funds and RBS to ensure that funds are available with ease of access. This is managed in conjunction with the cash flow monitoring.

Ethical investment

As per the ethical statement of practice issued by the General Synod of the Scottish Episcopal Church the SEC UTP does not invest in securities deemed to be within the defence and armament, gambling, tobacco, and pornography sectors of the stock market.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL : CHURCH

TRUSTEES’ REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Reserves policy

The largest part of Diocesan Funds is committed to specific purposes and the Diocesan Council is of the view that the financial position is sound and that the reserves held are adequate. In forming this view the Diocesan Council has had regard to the future anticipated expenditure requirements of the Diocese while being mindful of some of the unanticipated expenditure requirements that have arisen in the past and that accordingly may arise in the future.

The Diocesan Council considers it necessary to maintain sums in the General Fund sufficient to cover day to day expenditure, and seeks to maintain a minimum of 6 months’ average annual expenditure in unrestricted reserves.

At the 30 Sept 2025 the minimum requirement of 6 months general fund expenditure amounted to £414,186 (2024 £436,760).

Risk management

The Diocesan Council reviews, on an ongoing basis at its quarterly meetings, the Risk Register and considers the major risks facing the Diocese and the systems and procedures in place to mitigate those risks. Council meetings receive management accounts and cash flow graphs from the treasurer

The principal risks are:

Property

The care of Diocesan Centre, Churches and ancillary buildings is supervised by a Property Committee convened by the Dean, or in his/her absence, the Synod Clerk and advised by the Diocesan Architect and Diocesan Surveyor. This committee meets monthly to monitor all property. The Diocesan Treasurer is a member of this committee. The Property Committee reports regularly to staff group, the Bishops Core Group and Council.

The Diocese is engaged in the climate change initiatives encouraged by the Scottish Episcopal Church, which aim to achieve a position of Net Zero Greenhouse Gas emissions by 2030. This will be a considerable challenge given the age and history of many of the Church buildings in the Diocese.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

TRUSTEES’ REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Plans for the future

The Diocese will continue to support the ministry of its clergy and congregations.

Following the election and consecration of the Bishop of Glasgow and Galloway on 3rd May 2025, the Diocese enters 2026 with a renewed focus on supporting Charges to flourish in their own local contexts, and on progressing the Diocesan Council vision of 'Becoming a Church for Everyone’. This vision is expressed in practical commitments to welcome, inclusion and the development of Christian ministry among people from a wide range of backgrounds, lay and ordained.

A priority for the coming year will be strengthening how clergy vacancies are filled, with the aim of making appointments in a timely way and clearing the current backlog where possible. Alongside this, the Diocese will continue work to identify more bespoke and flexible solutions for Charges - recognising that appropriate ministry looks different in different places, and that sustainability requires careful attention to local context as well as Diocesan-wide strategy.

The Diocese will also develop its programme of Natural Church Development (NCD). This work is grounded in the conviction that healthy growth is often natural and context-driven, and that improvement comes through attentive listening, learning and steady, practical change. The planned appointment of a Canon Missioner will support this work by coming alongside congregations, helping them assess their current reality, identify constraints on health and growth, and take achievable next steps in mission and community engagement.

In parallel, the Diocese will continue shaping the Diocesan centre so that it is lean, team-driven and able to provide stable, consistent support to Charges. This includes strengthening internal systems and ways of working, and ensuring that diocesan support is dependable, proportionate and responsive to local needs.

Finally, work will continue on strengthening Diocesan communications, including the launch of a refreshed visual identity for the Diocese. This will support clearer public engagement and help the Diocese communicate its vision and priorities with coherence across Charges and Diocesan life.

Structure, governance and management

The modern United Diocese of Glasgow and Galloway of the Scottish Episcopal Church was founded in 1837.

The Diocese is an unincorporated association, subject to the Code of Canons of the Scottish Episcopal Church and to a revised Constitution adopted in 2021. The Diocese is governed by a Synod meeting annually, who appoint Diocesan Officials, and a Diocesan Council to execute its decisions and manage the Diocese according to the Code of Canons. For the purposes of Charities Law, the ex officio and voting members of the Diocesan Council together are the Charity Trustees of the Church. The charitable objective of the Diocese is “the advancement of religion”, and to this end it offers resources, funding, support, and expertise to charges to enable them to carry out their mission effectively, and monitors attendance, mission activity, and vulnerable protection compliance.

The Code of Canons require the Diocesan Synod to supervise all church properties, capital funds, payment of charges stipends, salaries and insurance premiums, and maintenance of and adherence to church constitutions. The Synod consists of (a) all clergy meeting certain criteria, and (b) a lay member elected by each charge in the Diocese.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL . CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The Diocesan Council is made up of the following ex-officio members - The Bishop, who is elected by an Electoral Synod, broadly congruent with the Diocesan Synod, the Dean, and the Provost, both appointed by the Bishop, and the Synod Clerk, who is elected by the House of Clergy. Of the ten elected members, four will be from the House of Clergy and six from the House of Laity. The Diocesan Secretary and Diocesan Treasurer are appointed annually by the Synod while the Chancellor and registrar are appointed by the Bishop.

The members of Diocesan Council receive sufficient information provided through Vestry Resources on the Provincial website to enable them to perform their duties effectively, and can call upon specialised legal, financial, and canonical advice when they require it. Certain responsibilities are delegated to the Officials, who give an account of their decisions to the Diocesan Council.

A number of groups meet who will contribute to the good governance of the Diocese. In addition to Council, quarterly Bishop's core group meet monthly (11/yr); Staff meet weekly; Property Comm meet monthly. There is also a small finance group that meets regularly. At all times the Council is aware of changes to legislation and information provided by OSCR (the Scottish Charity Regulator). New Trustees are provided with training. This year additional information for all Trustees has been provided and entered on the OSCR website. The Diocesan Treasurer is responsible for entering relevant data including reporting on Diocesan annual accounts.

As a constituent of the Scottish Episcopal Church, the Diocese has an obligation to contribute to the costs of the Province through payment of an annual ‘quota’. This amount is approved by the General Synod. In turn, the Diocese obtains income by levying a quota on each charge, as approved by the Diocesan Synod, and by careful stewardship of its own funds.

Also see web sites for further information Website—https://glasgow.anglican.org Facebook—https:/Awww.facebook.com/GGEpiscopal Cycie of Prayer—https://www.glasgow.anglican.org/resources/prayer-cycle/ Diocesan Constitution—hitps://Awww.glasgow.anglican.org/who-are-we/diocesan-constitution/ General Synod Representatives—https://www.glasgow.anglican.org/who-are-we/governance/general-synodrepresentatives/

Diocesan Council—htips://www.glasgow.anglican.org/who-are-we/governance/diocesan-council/ Net-Zero Action Plan—https://netzerochurch.scot/

Map of Charges—https://bit.ly/MapGG

The trustees' report was approved by the Diocesan Council.

+NThe Rt Revek,Dr NicholasChessonBurdock Gallou Dated: fale G

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 30 SEPTEMBER 2025

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

Opinion

We have audited the financial statements of Diocese of Glasgow and Galloway Scottish Episcopal Church (the ‘charity’) for the period ended 30 September 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concem basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or efror and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

We obtained an understanding of the legal and regulatory framework within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we have considered in this context were the Charities and Trustees investment (Scotland) Act 2005 together with the Charities Accounts (Scotland) Regulations 2006 (as amended). We assessed the required compliance with these laws and regulations as part of our audit procedure on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context included General Data Protection Regulation and employment legislation.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income, provisions and override of controls by management. Our audit procedures in response to these risks included gaining a detailed understanding of the charity operations, including enquiries of management, identifying and assessing the risk of irregularities, testing the posting of journals, reviewing accounting estimates for bias and fixed assets for impairment. Consideration was given to transactions with related parties, as well as reviewing charity correspondence including reading minutes of all charity group meetings. We also undertook Analytical Review of the figures against budget in order to assess movements which may be caused by irregularities or fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non compliance and cannot be expected to detect non compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustees Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

SRE (Audit| KLP SRG (Audit) LLP

Chartered Accountants Statutory Auditor

Thh.. fel ce47 Z0LE

4th Floor Turnberry House 175 West George Street Glasgow G2 2LB

SRG (Audit) LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Unrestricted Restricted Endowment Total Total
funds funds funds
2025 2025 2025 2025 2024
Notes £ £ £ £ £
Income and
endowments
from:
Donations and legacies 3 1,044,526 3,691 - 1,048,217 85,030
Charitable activities 4 331,646 - - 331,646 404,073
Investments 5 158,813 40,132 30,021 228,966 206,824
Other income 6 471,127 - - 471,127 128,561
Total income and endowments 2,006,112 43,823 30,021 2,079,956 824,488
Expenditure on:
Expenditure on charitable activities 7 690,310 - - 690,310 873,530
Other 15 125,012 38,911 383 164,306 109,282
Total resources expended 815,322 38,911 383 854,616 982,812
Net gains/(iosses) on investments 12 213,226 24,474 35,434 273,134 967,399
Net incoming resources before
transfers 1,404,016 29,386 65,072 1,498,474 809,075
Gross transfers between funds 45,853 (20,595) (25,258) - -
Netmovement in funds 1,449,869 8,791 39,814 1,498,474 809,075
Fund balances at
1 December2024		 6,441,959 1,499,769 1,031,738 8,973,466 8,164,391
Fund balances at 30 September
2025 7,891,828 1,508,560 1,071,552 10,471,940 8,973,466

The statement of financial activities includes all gains and losses recognised in the period.

All income and expenditure derive from continuing activities.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 16 1,990,454 1,373,774
Investment properties 18 1,060,000 975,000
Investments 19 6,157,453 §,969,318
9,207,907 8,318,092
Current assets
Debtors 17 154,399 165,751
Cash at bank and in hand 1,242,294 544,136
1,396,693 709,887
Creditors: amounts falling due within 20
one year (132,660) (54,513)
Net current assets 1,264,033 655,374
Total assets less current liabilities 10,471,940 8,973,466
Capital funds
Endowment funds - general 23 1,071,552 1,031,738
Income funds
Restricted funds 21 1,508,560 1,499,769
Unrestricted funds
Designated funds 22 1,106,213 327,113
General unrestricted funds 6,785,615 6,114,847
7,891,828 6,441,960
10,471,940 8,973,466

The accounts were approved by the Diocesan Council on I|g| ah tN vd, Classe, balla

The Rt Rev Dr Nicholas Bundock

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30 SEPTEMBER 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from/(absorbed|by)|27| |operations|617,684|(605,339)| |investing|activities| |Purchase|of tangible|fixed|assets|(858,281)|(3,079)| |Proceeds|from|disposal|of tangible|fixed| |assets|709,792|240,000| |investment|income|received|228,966|206,824| |Net cash|generated|from|investing| |activities|80,477|443,745| |Net|cash|used|in|financing|activities|-|-| |Net|increase/(decrease)|in|cash|and|cash| |equivalents|698,158|(161,594)| |Cash|and|cash|equivalents|at|beginning|of period|544,136|705,730| |Cash|and|cash|equivalents|at end|of|period|1,242,294|544,136|

----- End of picture text -----

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Diocese of Glasgow and Galloway Scottish Episcopal Church is a Charity registered in Scotland.

The financial statements are presented for the 10 month period to 30 September 2025. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as a result. The change in the period end was for administrative purposes.

The accounts have been prepared in accordance with the charity's Trust Deed, 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).

The charity is a Public Benefit Entity as defined by FRS 102.

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

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

The accounts have been prepared on a going concern basis. The Trustees have assessed the ability of the Diocese to continue as a going concern and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months from the date of approving the accounts.

The Diocesan Council are not aware of any material uncertainties which would impact on the assessment of going concern. They thus continue to adopt the going concern basis of accounting in preparing these accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. The Trustees may choose to set aside part of the unrestricted funds as a designated fund for a particular future project or 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 restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

(Continued)

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

Assets for distribution are recognised only when distributed. Assets given for use by the charity are recognised when receivable. Stocks of undistributed donated goods are not valued for balance sheet purposes.

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

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis asa liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: * expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

-16-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL : CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

(Continued)

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

Office Equipment

20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.10 Impairment of fixed assets

1.11 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. Bank overdrafts are shown within borrowings in current liabilities.

1.12 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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.

-17-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

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.

In terms of Concessionary Loans these are initially measured at the amount paid and recognised in the balance sheet. The loan is subsequently reviewed for impairment.

Basic financial liabilities

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.

1.13 Taxation

The Diocese of Glasgow and Galloway Scottish Episcopal Church is a charity within the meaning of Section 467 of the Corporation Tax Act 2010. Accordingly the charity is exempt from taxation on the income and gains falling within Part Il of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 insofar as such income and gains are applied exclusively to charitable purposes.

1.14 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

-18-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL : CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

1 Accounting policies

(Continued)

1.15 Retirement benefits

All employees are eligible to join the Scottish Episcopal Church Pension Fund which is a non contributory defined benefit scheme with benefits based on final pensionable salary. The majority of employees are members of the Fund and others employed by the Scottish Episcopal Church are also members. The Diocese is unable to identify its share of the underlying assets and liabilities of the Fund on a consistent and reasonable basis therefore accounts for its contributions as if the scheme was a defined contribution scheme.

The last actuarial valuation of the fund was at 31 December 2023 and the estimated surplus at that stage was of the order of £4,600,000. The Pension Trustees agreed with the Province that with effect from 1 January 2025 the rate of contribution paid by the Church will be 22%, previously 32.2%, per annum of Pensionable Salary/Standard Stipend. Contributions paid by the Diocese in the 10 month period to 30 September 2025 amounted to £33,064 (2024 - £55,354) and there were no contributions outstanding as at 30 September 2025 (2024 - Enil).

2 Critical accounting estimates and judgements

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

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

3 Donations and legacies

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2025|2024| |£|£|£|£| |Benefact|Trust|11,000|3,691|14,691|13,730| |Legacies|receivable|-|-|-|70,074| |Assets|introduced|989,375|-|989,375|-| |Other|donations|44,151|-|44,151|1,226| |1,044,526|3,691|1,048,217|85,030| |For the|period|ended|30|November|2024|85,030|-|85,030|

----- End of picture text -----

~19-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

4
Charitable activities Total Funds
General fund Restricted 2025 2024
funds
£ £ £ £
Quota receipts duefrom Charges 252,092 - 252,092 293,357
General Synod grantfunding and othergrants
Provincial Stipend Support 50,488 - 50,488 55,716
Transitional Stipend Assistance Grant - - - 24,000
50,488 - 50,488 79,716
Dunderdale fund endowment for bishoprics
Bishop's Stipend 15,333 - 15,333 16,200
Dunderdale fund endowment forCharges
Dunderdale grant for needychuches 10,333 - 10,333 11,200
Dean's allowance
Dean's expenses 3,400 - 3,400 3,600
Total income from charitable activities 331,646 - 331,646 404,073
General Fund Restricted Endowment Total
Funds Funds
Fund totals 2024:
Quota receipts due from Charges 293,357 - - 293,357
General Synod grantfunding 79,716 - - 79,716
Dunderdale fund endowment for bishoprics 16,200 - - 16,200
Dunderdale fund endowment for Charges 11,200 - - 11,200
Dean'sAllowance 3,600 - - 3,600
404,073 - - 404,073

-20-

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

6 Other income

Net gain on disposal of heritable property

----- Start of picture text -----
||| |---|---| |Unrestricted|Total| |funds| |2025|2024| |£|£| |471,127|128,561|

----- End of picture text -----

7 Expenditure on charitable activities

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Total|Funds| |Direct Costs|Grant|Support|2025|2024| |Funding|Costs| |£|£|£|£| |Quota|paid|to|General|Synod|117,688|117,688|138,281| |Episcopal|Ministry|& Administration|52,189|36,560|88,749|94,903| |Support|for Clergy|&|Vestry|164,777|146,239|311,016|361,450| |Mission|39,393|19,498|58,891|118,118| |External|Property|Expenses|49,537|36,560|86,097|96,358| |Grants|to|local|congregations|17,062|4,875|21,937|54,730| |General|Contingency|5,933|-|5,933|9,690| |429,517|17,062|243,731|690,310|873,530| |Analysis|by|Fund:| |General|429,517|17,062|243,731|690,310|873,530| |Restricted|-|-|-| |Endowment|-|-|-| |429,517|17,062|243,731|690,310|873,530| |8|Net|movement|in|funds|2025|2024| |£|£| |The|net|movement|in|funds|is|stated|after|charging/(crediting):| |Fees|payable|for the|audit|of the|charity's|financial|statements|28,800|13,800| |Depreciation|of owned|tangible|fixed|assets|2,936|2,921| |(Profit)|on|disposal|of tangible|fixed|assets|(471,127)|(128,561)|

----- End of picture text -----

-22.

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

9 Trustees

The following Trustees were remunerated during the period. The Bishop £21,864 (2024: £39,689), Canon Missioner £0 (2024: £43,823), Diocesan Secretary £4,412 (2024: £11,546) and the Diocesan Treasurer £6,435 (2024: £11,546).

The following Trustees also received employer pension contributions: The Bishop £3,116 (2024:£7,902) the Canon Missioner £0 (2024: £10,371).

Remuneration paid to the Bishop and Canon Missioner conforms to the scales determined by the General Synod of the Scottish Episcopal Church.

The Bishop, Dean, Synod Clerk, Diocesan Secretary, Diocesan Treasurer and the Diocesan Administrator were all refunded expenses. The expenses refunded was £20,850 (2024: £8,445).

10 Grants payable

Grants

2025 2024
£ £
17,062 49,726

11 Support costs

Support costs
Support Governance 2025 2024
costs costs
£ £ £ £
Staffcosts 140,870 13,000 153,870 167,081
Depreciation 2,936 - 2,936 2,921
Diocesan Centre 29,284 - 29,284 27,162
Audit fees - 14,400 14,400 13,800
Legal and professional - 11,341 11,341 11,011
Synods & meetings - 7,205 7,205 5,564
Deans charge and expenses - 24,695 24,695 22,638
173,090 70,641 243,731 250,177
Analysed between
Charitableactivities(note7) 173,090 70,641 243,731 250,177

Governance costs includes payments to the auditors of £14,400 (2024 - £13,800) for audit fees.

Support costs,which relate primarily to costs associated with the Diocesan Office and governance costs, are apportioned based on estimates of time spent by staff on the various activities.

-23-

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DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

13. Employees

Number of employees

The average monthly number of employees during the period was:

2025 2024
Number Number
Clergy 4 1
Mission and ministry 1 1
Administration and communications 6 7
8 9
Full time equivalent
Clergy 0.33 0.75
Mission and ministry - 1
Administration and communications 3.88 4.30
4.24 6.05
Employment costs 2025 2024
£ £
Wages and salaries 156,869 218,381
Social security costs 6,968 14,514
Otherpensioncosts 33,064 55,354

There were no employees whose annual remuneration was £60,000 or more. 14 Taxation

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

15 Other

Unrestricted Restricted Endowment Total Total
funds funds funds 2025 2024
general £ £
Release offunds - 38,911 383 39,294 71,974
Other expenditure 125,012 - 125,012 37,308
125,012 38,911 383 164,306 109,282
Forthe period ended 30 November
2024 37,308 70,241 1,733 109,282

-25-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

16 Tangible fixed assets
Heritable
Property		 Office
Equipment		 Total
£ £ £
Cost
At 1 December 2024 1,364,666 18,394 1,383,060
Additions 855,150 3,131 858,281
Disposals (238,665) - (238,665)
At 30 September 2025 1,981,151 21,525 2,002,676
Depreciation and impairment
At 1 December2024 - 9,286 9,286
Depreciation charged in the period - 2,936 2,936
At 30 September 2025 - 42,222 12,222
Carrying amount
At 30 September 2025 1,981,151 9,303 1,990,454
At 30 November 2024 1,364,666 9,109 1,373,774
17 Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 52,927 286
Other debtors 82,351 162,032
Prepayments and accrued income 19,121 3,433
154,399 165,751
18 Investment property
2025
£
Fair value
At 1 December 2024 975,000
Net gains through fairvalue adjustments 85,000
At30September2025 1,060,000

In determining the fair value of the investment properties the trustees sought the view of the Professionally Qualified Diocesan Surveyor as to their values at 30 September 2025.

The Diocesan Surveyor has assessed the Fair Value of the investment properties based on the location and class of the investment properties being valued.

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

18 Investment property

(Continued)

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

2025 2024
£ £
Cost 613,310 404,140
Accumulated depreciation - -
Carrying amount 613,310 404,140
19 Fixed asset investments
Other
investments
£
Cost or valuation
At 30 November 2024 5,969,318
Valuation changes 188,135
At 30 September 2025 6,157,453
Carrying amount
At 30 September 2025 6,157,453
At 30 November 2024 5,969,318
20 Creditors: amounts falling due within one year
2025 2024
£ £
Other taxation and social security 6,513 5,299
Trade creditors 22,822 1,611
Other creditors 50,359 1,099
Accruals, grants payable and deferred income 52,966 46,504
132,660 54,513

-27-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

21 ~=Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds
Balance at Incoming Resources Transfers Revaluation Balance at
1 December resources expended (losses) 30 September
2024 2025
£ £ £ £ £ £
Congregational Funds 263,873 - (5,000) ~ - 258,873
The St George's Fund 986,542 30,317 (9,715) (20,595) 17,817 1,004,366
The Bishop's Discretionary
Fund (Stanton Bequest) 179,768 8,175 (14,439) - 5,302 178,806
The West Bequest Fund 35,586 - - - 1,355 36,941
Portpatrick/Stranraer Fund 34,000 5,573 (10,000) - - 29,573
1,499,769 44,065 (39,154) (20,595) 24,474 1,508,560

Congregational funds represent monies held on behalf of individual congregations which may be accessed by approach to the Diocesan trustees.

The St George’s Fund was set up in 2007 from the sale of St George’s Church, Maryhill, Glasgow and includes monies held on behalf of East End Episcopal Churches from the sale of property. The Fund is split two thirds and one third respectively with the Diocesan share of the income (two thirds) being expended for ministry support. The St George’s Fund generated a total income of £27,149 (2023 - £21,063) of which one third has been remitted to East End Episcopal Churches.

The Bishop’s Discretionary Fund (Stanton Bequest) is used at the discretion of the Bishop for clerical exigencies.

Income from the West Bequest Fund may be applied only in providing for, or augmenting, the stipend of a priest, the expenses of a lay preacher, or for the provision of regular services at St Ninian’s, Portpatrick. Income received is transmitted directly to the charge.

The Portpatrick/Stranraer Fund was set up in 2022 to hold monies from these congregations to be drawn upon for the stipend/pension cost of their priest-in-charge.

~ 28 -

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

22 Designated funds

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

Movement in funds Movement in funds
Balance at Incoming Resources Gains and Balance at
1 December
2024		 resources expended losses 30September
2025
£ £ £ £ £
Learning, Development & Pastoral Fund 14,966 - - - 14,966
Kings Park Fund 312,147 7,523 (16,439) (2,856) 300,375
Motherwell Fund - 357,500 (14,077) - 343,423
Clarkston Fund - 535,500 (88,051) - 447 449
327,113 900,523 (118,567) (2,856) 1,106,213

Learning, Development & Pastoral Fund is to provide financial support to clergy and lay readers in respect of learning, ministry development, and pastoral care.

The King’s Park Fund, set up in 2023, is used to provide housing costs as requested by the congregation of St Oswald’s King’s Park at the discretion of the Diocesan Trustees. Income from the Fund is remitted to the congregation for its general use.

The Motherwell Fund, set up in 2025, is used to provide housing costs as requested by the congregation of Holy Trinity Motherwell at the discretion of the Diocesan Trustees.

The Clarkston Fund, set up in 2025, is used to provide housing costs as requested by the congregation of St Aidan's Clarkston at the discretion of the Diocesan Trustees.

-29-

.

24

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

23 Endowment funds

Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as income. Any capital gains or losses arising on the assets form part of the fund.

Movement in funds funds
Balance at1 Incoming Resources Transfers Revaluation Balance at 30
December resources expended (losses) September
2024 2025
£ £ £ £ £ £
Permanent endowments
The Bishop Goldie
Memorial Fund 103,150 2,527 - - 2,982 108,659
The Gordon Fund 854,117 25,258 - (25,258) 29,812 883,929
The Drumchapel
Legacy 74,471 2,236 (383) - 2,640 78,964
1,031,738 30,021 (383) (25,258) 35,434 1,071,552

The Bishop Goldie Fund is used to support training of students for the ministry within the Diocese.

The Gordon Fund represents monies donated to the Diocese from St Ninian's Church, Castle Douglas which is invested in the name of the Diocesan Trustees. Income arising thereon is applied towards or to supplement the Stipends of any of the rectors and curates serving the Diocese.

The Drumchapel Legacy Fund represents monies to be used for the benefit of the Drumchapel Mission Of Holy Cross, Knightswood, Glasgow. The Mission was dissolved permanently in 2022, the income will continue to used for missional purposes.

~=Analysis of net assets between funds

Unrestricted Restricted Endowment Total
funds funds funds
2025 2025 2025 2025
£ £ £ £
At 30 September 2025:
Tangible assets 1,990,454 - - 1,990,454
investment properties 1,060,000 - - 1,060,000
Investments 3,955,471 1,191,771 1,010,211 6,157,453
Current assets/(liabilities) 885,903 316,789 61,341 1,264,033
7,891,828 1,508,560 1,071,552 10,471,940

25

Analysis of changes in net funds

Accounting Standards require the Cash Flow Statement to be accompanied by an Analysis of Changes in Net Debt. The charity had no debt during the year. Accordingly, the changes in Net Debt is apparent from the Statement of Cash Flows above.

~ 30 -

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL : CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

26_~—s&Related party transactions

The nature of the Diocese requires that it has many financial transactions with the General Synod of the Scottish Episcopal Church and with Charges in the Diocese. As members of the Diocesan Council are connected with their respective local church congregations and certain members are also members of Boards and Committees of the General Synod, these bodies are related parties under FRS 102, and transactions with them are "related party transactions".

The governance procedures of the Diocese and of General Synod require that members of all Boards and Committees declare their interest in any grant or joan application prior to its discussion by the Board or Committee. Most of the Diocesan transactions are with related parties as would be expected.

The Diocese pays quota to and receives grants from General Synod, as detailed in the accounts. The Diocese also receives quota from and pays grants to individual congregations.

A number of properties are held by the Diocesan Heritable Trustees.

FRS 102 requires disclosure of material related party transactions and year end balances with related parties. In the case of the accounts of the Diocese, these are for the most part separately disclosed in the statement of financial activities, the balance sheet or in the notes to the accounts.

Remuneration of key management personnel

The remuneration of key management personnel is found at note 9.

27 Cash generated from operations 2025 2024
£ £
Surplus forthe period 1,498,474 809,075
Adjustments for:
Investment income recognised in statement offinancial activities (228,966) (206,824)
(Gain) on disposal oftangible fixed assets (471,127) (128,561)
Net loss/(gain) on investments disposal (275) (1,732)
Fair value (gains) on investment properties (85,000) (135,830)
Fair value (gains) and losses on investments (187,860) (829,837)
Depreciation and impairment oftangible fixed assets 2,936 2,921
Movements in working capital:
Decrease/(increase) in debtors 11,352 (77,026)
Increase in creditors 78,147 7,595
(Decrease) in provisions - (45,120)
Cashgeneratedfrom/(absorbedby)operations 617,681 (605,339)

-31-

DIOCESE OF GLASGOW AND GALLOWAY SCOTTISH EPISCOPAL CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 30 SEPTEMBER 2025

Appendix 1 Diocesan properties

Heritable

Erradale Street, Lambhill, Glasgow Land at Girvan, Ayrshire

Westfield Drive, Cardonaid, Glasgow Cochrane Street, Glasgow Thorn Road, Bearsden

Investment

Blake Road, Cumbernauld

Brownside Road, Cambuslang, Glasgow

St Matthews Old Rectory/The Place, Balmore Street, Glasgow Kelvin Crescent, East Kilbride, Glasgow