REGISTERED CHARITY NUMBER: SC033701 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024 FOR QUEENS PARK CHARITABLE TRUST Armstrong Watson LLP Caledonia Hous¢ 89 Seaward Street Glasgow G41 IHJ
QUEENS PARK CHARITABLE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED30 NOVEMBER 2024 Pige Report of the Trustees to 3 Independent Examiner's Report stleettt of Flnanclal Activitie5 Balance Sheet Note5 to the FinAnciAI StAtemeRt5 7 to 14
QUEENS PARK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER 2024 The trustees present their r¢port with th¢ financial statements of the charity foi. the year ended 30 NovembEr 2024. The trustees have adopted the pi'ovisions of A¢counting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to harities prep2ring their account5 in Accordance with the F2nancial Reporting Stalldard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the charity ar¢'.- The advan¢¢m¢nt of the Orthodox Jewish religion. The advancement of Orthodox Jewish education. The 5UPPOrt of such charitable institutions established for similar purposes. Th¢ provision and administration of Jewish cetneteries. SignificRllt attivitieB The accounts retlect the activitie5 of the Queen5 Park Charitable Trust for the year ended 30 November 2024. Capital ¢xpendilure in¢urr¢d by th¢ Que¢ns Park Hebrew Congregation in respect of its site at Cathcart Cemetery had been historically included within the accounts. No value has ever been pla¢ed on th¢ land owned by the Congregation however, as the Trustees viewed that as the asset's purpose is a cemetery, this made the asset inalienable and historic for the purpose5 of charity accounting rcgul2tiotLS. Thi5 accountin8 treatment has been continued by the Tn]stees of the Queens Park Charitable Trust and as such no value is recognised for the burial site within th¢s¢ accounts. The stained glass windows previously held by QLlCCliS Pai'li CliÉll'ilabl TIu51, h24 I.c b¢¢n gifted to Giffnock & Newlands Synagogue and can be viewed at the synagogue on ACHIEVEMEPIT AND PERFORMANCE Charitable 8Ctivities Th¢ surplus for the year wa5 £2,073 (prior to investment gain511osses) and this was an increase of £32,985 from the defitit of £30,912 in 2023. During the year the charity made grants of £5.95012023 - £18,550) as detailcd in note 7 of the aecounts. FINANCIAL REVIEW Reserves policy Investments with Quilter Cheviot were Valued at £843,460 at 30 Nov¢mber 2024 (2023 £748,163) after taking into a¢count investment managers costs. These investments generate income for the charity in the form of dividends, which are £2,116 higher than the previous year. The reserves of the charity total £870,197 (2023 - £757,705). The trustees consider this l¢vel to be suffi¢i¢nt to med the day to day running costs and to continue to make donations in support of the chority's objectives. FUTURE PLANS The charity's plans for the ¢oming year are to Continue with their ongoing support of the Jewish community and ensure the contittuatiort of the Cathcart Hebrew Burial Society. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument The charity is controlled by its governin8 document, a deed of trust and constitutes an unincorporated charity. Pp8e I
QUEENS PARK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER2024 The Queens Park Charitable Trust founded by Trust Deed on 12 Sept¢mb¢r 2002. Jt is a r¢gisteFed ¢harty und¢r the charity number SC033701. The Queens Park Charitable Trust i5 constituted by a Trust Deed and the activities of the charity and the powers of the Trustees are cont2incd therein. The Trust w&5 formed following the decision of the congregation of Queens Park Hebrew Congregation to merge with Netherle¢ & Clarkston H¢br¢w Congr¢gation in respect of their ongoing Orthodox Jewish religioLIS Activities and services. The decision to merg¢ was taken at an EGM of the congregation on 25 August 2002 and the merger was formally effected on 17 September 2002. The Queen5 Park Hebrew Con ation was a registered ch8rity (SC005898} and it owned the prop¢ty of the congregatzon's SyDagogue at An offer to s¢ll the land was pending in August 2002 and for this and other rSon$ the decision to m¢rg£, as d¢Lail¢d above, was taken by the congregation. An associated activity of the congregation was the operation of the Cathcart Hebrew Burial Society and the con8regation owned a site within Cathcart Cemetery for this activity. re The Queens Park Charitable Trust wa5 formed, with appropriate objectives, to take on the 8$set$ of the Congregation and deal with the sale of the property and asjociated assets. It also was formd to continue th¢ a¢tivities of the Cathcart Hebr¢w Burial Siety. Reerullmont 8nd 4ppoinlm¢nt of new trust¢eS The trustees shall be entitled, by way of a re501ution passed at a meetinB of trustees, by a majority of two thirds or more of the trustees present at the me¢ting, to appoint any individual as trustee. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Charity ttumber SC033701 Illdependellt Examiner Amistrong Watson LLP Cal¢donia Hous¢ 89 Seaward Str¢¢t Glasgow G41 IHJ Page 2
QUEENS PARK CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 NOVEMBER2024 REFERENCE AND ADMINISTRATIVE DETAILS Binlcers Bank of Scotland Glasgow Victoria Branch PO Box 1000 Glasgow BX2 ILB Approved by order of the board of trustee5 on 13 May 2025 and sign¢d on its behalf by.. Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF QUEENS PARK CHARITABLE TRUST I report on the accounts for the year ended 30 November 2024 set out on pages five to fourt¢en. Respective responsibilitie5 of tnistees %nd examiner Th¢ charity's tStee$ are responsible for th¢ preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts {Scotland) Regulations 2006 (a5 amended). The charity's trustees consider that the audit requirement of Regulation lQll)(o} to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(11{c) of the Act and to state whether particular matters have come to my attention. Basis ofthe independent examiner's report My examination was carried out in accordanc¢ with R¢gulation I l of the ChaTities Accounts (Scotlandl Regulations 2006. An exomination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also ittcludes consideration of any unusual items or disc105ure5 in the accounts, and seeking explanation5 from you as trustees ¢on¢erning any such matters. The procedures undertaketl do not provide all the evidence that would be required in an audiL and COllSEqUEntly I do not express an audit opinion ort the view given by the accounts. Jrtdep¢ndent exAminer's statement In connection with my examination, tto matter has come to my attention (l) which gives me reasonable cause to believe thaL in any matsrial respect, the requirements to keep accounting records in accordance with Section 44111{a) of the 2005 Act and Re8ulation 4 of the 2006 Accounts Regulations. and to prepare accounts which accord with the accountin8 teeords and to wmply with RegulatjOD 8 of the 2006 A¢ullts Regulations have not been met. or (21 to which, in my opinion. attention should be drawn in order to enable a Proper understanding of the accounts to be reached. Armstrong Watson LLP Caledonia House 89 Seaward Street Gla$8OW G41 IHJ 13 May 2025 Page 4
QUEENS PARK CHARITABLE TRUST STATEMEP4T OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 NOVEMBER2024 2024 Unrestricted fund 2023 Total funds Notes INCOME FROM Donations and legacies 11,600 Chiritable Actlvities Charitable activities 50,471) 31.859 Other trading activities Investment income 1,600 20,615 387 TotAI EXPEIYDITURE ON ChAritgble activitie5 Charitable activities 81.657 INCOME LESS EXPENDITURE 2,073 130.912) Net gains on investjnents 110419 NET INCOMEI(EXPENDITURE) 112,492 117,8201 RECONCILIATION OF FUNDS Total funds brovght forward 757,705 775,525 TOTAL FUNDS CARRIED FORWARD 870 197 757 705 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. GAINS AND LOSSES The Statement of Financial Activities include5 all gaitts and losses recognised in the year. Th¢ not¢5 fomi part ofth¢5e finartcial statements Page 5
QUEENS PARK CUARiTABLE TRUST BALANCE SHEET 30 Tr40VEMBER 2024 2024 Unrestricted fund 2023 TotAI funds Notes FIXED ASSETS Investments 13 843,460 748,163 CURRENT ASSETS Debtors Cash at bank and in hand 14 700 700 15,833 30,406 16,533 CREDITORS Amounts fA]ling due within one year 15 (3,6691 (6.991) NET CURRENT ASSETS 26.737 TOTAL ASSETS LESS CURRENT LIABILITIES 870,197 757.705 NET ASSETS 870 197 757 705 FUIYDS Urtrestricted funds 17 870 197 757 705 TOTAL FUNDS 870.197 757 705 Th¢ financial statements were approved by the Board olTrustses and authorised for issu¢ on 13 May 2025 and were signed on its behalf by.. The notes form part of these financial statem¢nts Page 6
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 30 NOVEMBER 2024 ACCOUNTING POLICIES Basis of preparirtg the fEnin¢ial $tatements The financial stateittent5 of the Charity, which is a publi¢ benefit entity under FRS 102, have been pr¢pared in accordance with the Charities SORP IFRS 102) 'A¢counting and Reporting by Charities.. Statement of Kecommended Practice applicable to charities preparing th¢ir accounts in accordance with th¢ Finon¢i81 Reportin8 Standard appli¢abl¢ in th¢ UK and Republic of Ireland {FRS 1021 (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities and Trustee Investment (Scotland) Act 2005. Assets and liabilities are initially recognis¢d at historical cost or transactiott value unless otherwise stated in the Televant accounting policy notes. The financial statements ar¢ presented in Sterling 1£). Going concern The financial 5tatemcnts have been prepared on a going concern basis. which the trust¢es believe to be appropri2te for the reasons set out in the TnL5tees' Report. Provisions Provisions are re¢ognised wh¢n the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are reco8nised at the best estimate of the amount required to settl¢ the obligation at the reporting date. Judgements The charity consid¢rs on an annual basis the judgemen15 that are madc by managcment when applying its Sl8nificant accounting policies that would hav¢ th¢ most sigDifJcant effect on amounts that are reeognised in the financial statements. The trustee5 consider there are no such significattt judgements. Financi81 r¢porting $t8nd4rd 102 - reduced di5c105ure exemptions The charity has taken advantage of the following dis¢losure ¢xemption in preparing these financial stat¢ments, a5 permitted by FRS 102 The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland.: the requirements of S¢ction 7 Statement of Cash Flows. Ineome All income is recogttised in the Statement of Financial Activities once the charity has entitlemenl to the funds, it is probable that the income will be received and the amount Can be measured reliably. For l¢gaci¢s, entttl¢m¢nt 15 tak¢n as th¢ earlier of the date on which either.- the charity is aware that prob8t¢ has been granted, the estate has been finalised and notifjcation has been made by the executor(5) to the Trust that a distribution will be made, or when a distributiort is received from the estat¢. Receipt of a legacy, in whole or in part, is only considered probable when the amount Can be measured reliably and th¢ charity has be¢n notified of the executor's intentlon to make a distribution. Wh¢r¢ l¢ga¢ies have been notified to the charity, or the charity is aware of the granting of probat< and the criteria for income recognition have not been met, then th¢ legacy is a treated as a contitlgent asset and disc105ed if material. Memb¢rship 5ubs¢riptions are r¢cognis¢d in the period to whi¢h they r¢late and are included in income from charitable a¢tivitie5. InGome from government grants, whether a 'capital' grant or 'revenu¢' grant, is reGognis¢d when the charity has entitlement to the futtds, any performance conditions attached to the 8raTJts have been met, it is probabl¢ that the income w211 be received and the amount can be measured reliably. Pag¢ 7 Continued..
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- con¢inu¢d FOR TIIE YEAR ENDED 30 NOVEMBER 2024 ACCOUNTING POLICIES- ¢ontlDued Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the ¢harity to that expenditure, st is probable that a transfer of economic benefits will b¢ Teqllir¢d itt settlement and the amount of the obligation can be measured reliably. Expenditure is accounted foi on an accruals basis and has been classified under headin85 that aggregate all cost related lo the category. Where costs cannot be dii'ectly attributed to particular headings they have been allocated to activities on a basi5 consistent with the u5¢ of resources. Gratlts offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ChArÉtable #ctivities Costs of charitable activitie5 are incurred ort the charity's provision and promotion of Orthodox Jewish Religion, in¢luding the 5UPPOrt costs and costs relating to the govetnance of the Charity apportioned to charitable activities. GovernAne¢ costs Consists of the costs of the accounts preparation and other financial services and any expenditure incurred in ¢ompliance with the legal requirements of the charity. Allocation and #pportionm¢nt of costs Support costs are those functions that support the work of the Tn]st but do rtot d&rectly undertake charitable activities. Support Costs include back office costs, finartce and governance costs which support th¢ Truses activities. These eo$ts have been allocated to expenditUTe on charitable activities. TAnglble fixed 455ets Depre¢iation is provided at the following annual rate5 in order to write off each 85set over its estimated useful life. Prayer Hall Cemet¢ry impTov¢m¢nts 5% on cost IOYO on c05t Fixed assets are included in the balanee sheet at cost less accumulated depre¢iation and impairment10sses. In the Trllste¢s opinion the land owned by the Tru5tee5 at Cathc8rt Cemetery is historic and as such canttot be valued and it is therefore not recognis¢d within th¢s¢ accounts. Impairment ofnon-financial assets At ¢arh reporting dat¢ non-fLnan¢ial assets not ¢arri¢d at fair value, like plant, property and equipment, ar¢ reviewed to detemiine whether th¢r¢ is an indication that an 855et may be impaired. If there is an indication of possible impairment, the recoverable amount whi¢h is the higher of value in use and the fair Yalue less c05t to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the caTrying amount of the asset is teduced to its recoverable amount and an impairment loss is recognised itnmediately in profit and loss. Heritage assets A value cannot be placed upon the heritage assets held by the trust and these are therefore not capitalised nor shown on the balance sheet. TAXltlon The charity is exempt fmm tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee5. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions aTiS¢ when specified by th¢ donor or when ndS are raised for particular r¢stri¢t¢d purposes, Further explanation of the ttature and purp05c of each fvnd is included in the notes to the financi81 statements. Page 8 continued...
QUEENS PARK CHARLTABLE TRUST IYOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 NOVEMBER2024 ACCOUNTING POLICIES- tontRnued Flnanclgl tnstrument$ The charity only enters into b&8]¢ financial instruments transactions that result in the recognition of financial assets and liabilities like trad¢ and oth¢r accounts ¢givabl¢ and payabl¢ and investm¢nts in non-putt8bl¢ ordin3ry shares. D¢bt instrument5 that are payable or reGeivable within one year, typically trad¢ debtor5 and trade creditors. ar¢ measured, initially and subsequ¢ntly, at th¢ undis¢ounted amount of ¢ash or other consideration expected to be paid oi received. Financial assets measured at cost and amortised cost are assessed ot the end of each reporting period for eviden¢e of impwrment and if found, an impairment loss js Tecognised in profit or loss. Financial liabilities are derecognised when the Itability is extin8uished, that is when the contractual obli8ation is dIharged, ¢ancelled or expires. Cash and cash equivalents includes cash in hand, deposits held at call with bank5, Other short-temi highly liquid investtnents with original maturities of three months or less and bank overdrafts. Bank ov¢rdrafts, when applicable, are shown within borrowings in current liabilities. Investments Investments are shown at eost then subsequently at fair value, being the quoted market value. Reali5ed 8ain5 and losses represent the difference between sale proceeds and fair value at the previou5 fjnancial year end or purchase cost if acquired during the financial year. Unrealised gains and losses represent the movement in the fair value of investments over the financial year or fiom their date of purchase if a¢quired during th¢ financial year. Both realised and unrealised gains end losses are incorporated in the Statement of Financial Activities. Leislng eommitments Rentals paid under operating leases are charged to the Statement of Financial Aetivities on a straight line basis over the period of the lease. DONATIONS AND LEGACIES 2024 2023 Donation5 Le8acie5 1,600 11,600 OTHER TIiADING ACTIVITIES 2024 2023 Box collections Cift aid 724 876 259 128 1,600 387 Page 9 eontinued...
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 NOVEMBER 2024 INVESTMENT INCOME 2024 2023 Dividends INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Charitable activiti¢s Charitable activities Charitable activities Charitable activities Charitable a¢tivities Charitable activities Burial f¢¢s Private funerals Permits & reservation5 Funeral reimbursement New members Rental income 24.766 12,500 2,600 1,754 8.100 750 21,509 1,800 800 7,000 750 50.470 31,859 CHARITABLE ACTIVITIES COSTS Grant funding or ttivities (see note Support costs (see note 8} Direct Costs Tot81$ Charitable activities 74 5.950 2,056 82,212 CRANTS PAYABLE 2024 2023 Charitable activitie5 18.550 The total grants paid to institution5 during the year wa5 as follow5.' 2024 2023 Lubavit¢h Foundation S¢otland Glasgow Jewish Rep Council Glasgow Maccabi Glasgow Hebrew Buri Society Calderwood Lodge Yom Hashoah Scottish Covncil of Jewish Communiti¢5 Scottish J¢wish Cemeteries Giffno¢k Guides Giffnock Newton Meams Hebrew Congregation Greenock Cemetrey Restoration GRS & GNMS 3,000 3,000 500 500 10,000 1.600 1,000 450 250 500 200 1,000 1,000 soo 5,950 18.550 Page 10 continued...
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 30 NOVEMBER2024 SUPPORT COSTS Governgnee tosts Charitable a¢tivitie$ Support Costs, in¢lud¢d in the above, are as follows.. 2024 ChAritAble a¢tiviti¢5 2023 Total Attivities Independent examiner's fee 1.960 TRUSTEES, REMUNERATION AND BENEFITS Th¢r¢ were no trLtstees' rernuneration or other benefits for the year ended 30 November 2024 nor for the year end 30 November 2023. Trustees. ¢xpense$ Th¢r¢ wer¢ no 30 November 2023. trustees, expenses paid for the year end¢d 30November2024 nor for the year etkded io. STAFF COSTS 2024 2023 Wages and salaries 17,705 17,422 17.705 Th¢ 8verdge monthly number of employees during the year was as follows.. 2024 2023 Employee5 No employee$ received emoluments in exce5$ of £60,000. ii, COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES The comparatives shown in th¢ Statement of Finan¢ial A¢tiviti¢s on pag¢ 5 for the prlor year wholly relate to unrestricted funds. Page 11 continued...
QUEENS PARK CHARITABLE TRUST IYOTES TO THE FINANCIAL STATEMENTS- eontlnutd FOR THE YEARENDED30 NOVEMBER2024 12. TANGIBLE FIXED ASSETS Prayer Hall Cetnetery improvements Totals COST Al l D¢c¢mber 2023 and 30 November 2024 134 281 145 857 DEPRECIATION At l December 2023 and 30 November 2024 134 281 145,857 NET BOOK VALUE At 30 November 2024 At 30 November 2023 13. FIXED ASSET IIYVESTMENTS Listed investments MARKET VALUE At l Decemb¢r 2023 Additions Disposals Net gain(lO$S¢s) on revaluations 748,163 110,729 1106,992) 91 J60 At 30 November 2024 843,460 NET BOOK VALUE At 30 November 2024 843.460 At 30 November 2023 748 163 There were no investment &ssets outside the UK. The histor2C C05t of these investment assets is £733,058 (2023.. £725.6351. 14. DEBTORS: AMOUNTS FALLING DUE WITHJN ONE YEAR 2024 2023 Prepayments and accrued income 700 700 Pag¢ 12 ntinued...
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS. eontinued FOR THE YEAR EINDED 30 NOVEMBER 2024 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxe5 Accruals and deferred income 302 267 3,194 197 16. LEASING AGREEMENTS Minimum lease payments Und non.can¢ellable operating leases fall due as follows.. 2024 2023 Within one yesr 622 622 17. MOVEMENT IN FUNDS Net movement in funds At 1112123 At 30111124 Unrestrletod funds General fund 757,705 112,492 870,197 TOTAL FUNDS 7S7.705 IIL492 870.197 Net movement in funds, included in the abtsve are as follows: Incoming resources Re50urees expended Gains and losses Movernent in fund5 Unr¢$trlcted funds G¢lleral fund 84,285 (82212) 110.419 112,492 TOTAL FUNDS 84,285 82,212 110,419 112.492 Compgrative5 for movement In funds Net movement ith funds At 1112122 At 30111123 Ullre$triet¢d fuNds General fund 775,525 (17.820) 757,705 TOTALFUNDS 775,525 17,820> 757 705 Page 13 continued...
QUEENS PARK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 30 NOVEMBER 2024 17. MOVEMENT IN FUNDS- continued Comparative net moven)ent th futkds, included in the above are as follows= Intoming resources Resources expended Gains #nd losses Movement in futLd5 Unrestritted fund5 General fund 50.745 (81,637) 13,092 117,8201 TOTAL FUNDS 816571 18. RELATED PARTY DISCLOSiJRES There were no related party transactions for the year ended 30 November 2024 nor for the year ended 30 November 2023. Page 14