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← Incorporation Of Hammermen

2025-04-30-accounts

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Docusign Envelope ID: 34CA3522-A7E1-4F0E-A6D6-E1 ADEAE6697A
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The Incorporation of Hammermen of Glasgow
Scottish Charity No. $SC014125
Trustees’ Report and Financial Statements
For the year to 30 April 2025
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Docusign Envelope ID: 34CA3522-A7E1-4FOE-A6D6-E1ADEAE6697A
The Incorporation of Hamm asgow
Scottish Charity No
Report of the Ma
For the year to 30
st ourt presents its report along with the financial statement oration for th ar to
12 The financial statem s have been prepared in accord stated accou policies
ith the Laws and Reg _ ions of the Incorporation and ap
t and objects
tion of Hammermen lasgow was incorporated by Se anted by the istrates
ncil of Glasgow with currence of Gavin, Archbishop o der Sea ity
alof the Archbishop ed 11 October 1536.
tion has from its ince — n sought to promote the mainte standard rms of
k and to support needy mbers and their families. With f the priv the
f tland and the extens __ of free trade, the Craft became ganisatio y,
support members an ir dependents in need; to pro in crafts a
spects of metalworki o encourage engineering edu related c r ng
mote engineering in s branches as a worthy occup port cha ures
c ected in some way w__he Craft and its origins.
, Training and Indu n of Trustees
ourt is elected by the = mbers on Deacon's Choosin ins mber each t
bearers are as w the contents page. Pro wMa__ sare gener ed
ponsibilities by D— onand Clerk prior to ele the C providesc n g ce
ommittee mee .
ionisthenheld 6 ober for the two Keepers ys of Deacon's B nda
ittee ofnotles a e, of which the Deacon a tora embers, ex ios.
nted and pa ng the pleasure of the M rt.
rt has not les e meetings during the ye are convened by the kont
e Deacon.
olicy
nce is grante applicants by the Master Cou g enquiry by one or of its
viewed annu __in October. Persons on the R eficiaries receive pay ts on
mber, Februa May and August. Prizes are a ed for the promotion of Craft
nd surplus in e may be given at the discret Master Court to public institut
volent or cha le objects, preference being g ose associated with the Craft.
lyearnetg t, bursaries and general bene was distributed to beneficiaries, as
ched accou .
intends toc _ inue with its present polici volence for beneficiaries and for the
eeringedu = on and training. It current oposals under discussion for any changes.
and investment policy
's major source of income is derived from sted funds with additional receipts from
otal income for the year amounted to £74 (2024: £97,364) of which £12,082 (2024: £13,268) a
m Arrol Fund and the Special Funds.
provided regular payments to beneficiarie nd for prizes. Net incoming resources amounted
20 £32,140 net incoming resources). Truste re empowered to invest in investments authorised by
fo investment of trust funds. The Investme anagers manage the Incorporation's portfolio on a
yb with agreed targets for income and grow __ nd provide quarterly reports to the Master Court. The
yi at endowment funds are invested princip _in equity investments with a view to ensuring that cap
° funds exceeds inflation over a five year od of measurement.
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Docusign Envelope ID: 34CA3522-A7E1-4FOE-A6D6-E1ADEAE6697A

Th poration of Hammermen of Glasgow cottish Charity No. SC014125

Report of the Master Court

or the year to 30 April 2025

policy r Court has established a policy wh the unrestricted fu not committed or invested in ed assets held by the Incorporation d be between 3 a months of the resources expended, 0,000-£20,000 in general Cash at bank at ear end was in excess ired by the Master Court p

as examined the major st siness and ional risks which the Incorporation c that systems have been e to enable r reports to be produced so that the en to lessen these

ilities in relation ncial__ te sible for preparing s'ann re nd financial statements in accorda ingdom Accountin ds(Uen Accepted Accounting Practice). ies in Scotland req Chari U o prepare financial statements for ar iew of the state of heCh y the incoming resources and applic r that period. In prep e fina Is nts, the M rt is required policies and then a mconen principles in the ap Chari iS) timates tha a and p n e accounting d een f e ject to any epartures dis | ncial statem t ements on g basi le in appropr sume that the y i : sible for ke c recor ha ose with re accuracy ata a Incorporat w ble it ns hat the finan ents comply tment (Sc c Charit Ac ts (Scotland ons 2006 (as d), ovisions rust deed. onsib r guarding the the Incorpora reasona for the pre a ction au d other irreg r Court i sible for th n dinte y Charity and information w s nthe Ch ebsite. Leg n ted Ki om governing the p and dissemi f | stateme differ from ion on other jur tions. P| — eptember 2025

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Docusign Envelope ID: 34CA3522-A7E1-4FOE-A6D6-E1ADEAE6697A
The Incorporat ammermen of Glasgow
Scottis ty No. SC014125
No e Accounts
For th 0 30 2025
1 ounting policies
is of accounting
accounts (financial statements) have been pre acc e with Accoun Repor
rities: Statement of Recommended Practice ap to ch preparing the nts ina nce
the Financial Reporting Standard FRS 102, the sa tee Investme land) A and
ties Accounts (Scotland) Regulations 2006 end
unts have been prepared under the histor con with items re da
n value unless otherwise stated in the rele tes ccounts.
s reported in the financial statements are i s ste
ity meets the definition of a public benefit e ssets and esa
d at historical cost or transition value unle e the releva nti
r Court considers that there are no mate in the Incorp ‘sa
a going concern.
g resources are included on the Statement o c s when th tyis itled
e and the amount can be quantified with re I :
vestments is included in the year in whi e
recognised on an accruals basis when a is ou The Inc on
accordingly expenditure is shown gross ov T.
enditure comprises those costs incurred ch delivery of its activi
benef . Itincludes both costs th e irectly to such activi those
irect n ecessary to support them.
osts in hose incurred in the govern th and its assets and ar ily
h cons al and statutory requiremen
vestme stated at market value at nc eet date. The statement of financial
des ne and losses arising on reva n posals throughout the year.
s and
ssesa en to the statement of financial activi as they arise. Realised gains and losses
sarec ed as the difference between sales p eds and their opening carrying value or
value ired subsequent to the first day of the financial year. Unrealised gains and losses
as the nce between the fair value at the year end and their carrying value. Realised and
ns and are combined in the Statement of Financial Activities.
e
come omprise those funds which the Master Court are free to use for any purpose in
of the ch objects.
nd endow funds are funds which are to be used in accordance with specific restrictions
the dono st deed.
ils of eac are disclosed in note 11.
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Docusign Envelope |D: 34CA3522-A7E1-4F 0E-A6D6-E1ADEAE6 697A,

The Incorporation of Hammermen of Glasgow Scottish Charity No. SC014125 Trustees’ Report and Financial Statements For the yearto 30 April 2025

independent Auditor's Report to the Trustees of The Incorporation of Hammermen of Glasgow

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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 error and are considered material ff, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, induding 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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of[the][ legal][and][regulatory][ frameworks][that][are][applicable][ to][ the][charity,][ and][determined][that][the][ most] significant are those that relate to the form and content of the financial statements such as the accounting policies and the Charities SORP (FRS102). We assessed how the charity is complying with these frameworks by observing the oversight of those charged with governance, the culture of honesty and ethical behaviours and a strong emphasis placed on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals nottocommit fraud because of the likelihood of detection and punishment.

We assessed the susceptibility of the charity financial statements to material misstatement, including how fraud might occur, by making an assessment of the key fraud risks to charity, and the manner in which such risks may occur in practice, based on our previous knowledge of the charity, as well as an assessment of the current business environment. Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered higher, we performed audit procedures to address each identified fraud risk, including management override of controls. These procedures induded testing manual journals and were designed to provide reasonable assurancethat the financial statements were free from fraud or error. We evaluated the design and operational effectiveness of controls put in place to address the risks identified, or that otherwise prevent, deter and detect fraud.

In addition, our audit procedures induded enquiring of management conceming actual and potential litigation and claims, and performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. We addressed the fraud risk in relation to revenue recognition by testing completeness andcut off of income.

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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.
As with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of intemal controls. 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 for the audit of the financial statements is located on the Financial Reporting Council's
website at www .frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland)
Regulations 2006. 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 auditors’ 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
— we have formed.
Azets Audit Services
Chartered Accountants
Bigible to act as an auditor in terms of Section 1212 of theCompanies Act 2006
Titanium 1
Kings Inch Place
Glasgow
PA4 8WF
Dated: 26-01-2026
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