The Ferguson Bequest Fund Report and Financial Statements for the year ended 31 December 2025
Charity Number SC043839 Company Number SC444372
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THE FERGUSON BEQUEST FUND Directors’ Report for the year ended 31 December 2025
The Directors present their report and financial statements for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 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)” (as amended for accounting periods commencing from 1 January 2019).
Objectives and Activities
The principal objective of the charity is the provision of grants for the maintenance and repair of church buildings although it may also grant aid to other activities of the Church, especially in the field of education. In the period, the Directors continued to award such building and repair grants and sundry grants. Information on grants is available from the Fund's website at www.fergusonbequestfund.org.uk.
The charity has no connection with any other body, but it shares an office, staff and administration expenses with The Baird Trust (Scottish Charity No. SC016549), The Renfield Street Trust (Scottish Charity No. SC042456) and Sir J Donald Pollock’s Trust Scottish Charity No. SC043316) .
Achievements and Performance
The charity continued to support churches across Scotland by providing a range of grants. The Directors view the performance as satisfactory.
Financial Review
The Statement of Financial Activities shows reported net income (i.e. a surplus) for the year of £10,366 (2024 — surplus £18,939) before net gains on investments of £845,348 (2024: gains £179,998). At the end of the year, the market value of investments was £6,073,901 (2024: £5,238,377). The value of the charity's investments increased very much in line with the worldwide increase in Stock Market investments during the year. In the period, the Directors voted building and repair grants amounting to £54,000 (2024: £61,000).Ministry traineesThe totalamountedof sundry togrants£2,000was(2024:£59,000£14,640).(2024: £31,000).The totalTheof totalhardshipof grantsgrantsto amounted to £1,500 (2024:Nil)
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THE FERGUSON BEQUEST FUND
Directors’ Report for the year ended 31 December 2025 (Continued)
Investment Policy
In accordance with the Memorandum of Association, the Directors have the power to invest in such stocks, shares, investments and property in the UK as they see fit. The Directors appointed Rathbone Investment Management Limited as investment advisers. The policy was to adopt a high-risk investment strategy based on aiming over time to seek returns in excess of inflation. The Directors have considered that this investment strategy has achieved its objectives during the current year.
Risk Management
The Directors implemented a risk management strategy which monitors and assesses the major risks to which they are exposed. This comprised an annual review of the risks which the company may face; the establishment of systems and procedures to mitigate those risks identified in the risk assessment and the implementation of procedures designed to minimise any potential impact on the company should any of those risks materialise. The principal risk relates to Investments which may fall in value or produce a lower return resulting in having to pay out less or lower grants. This risk is managed by engaging a firm of investment advisers who regularly report to the Directors.
Reserves Policy
The General Fund represents the free reserves of the charity. The General Fund balance at 31 December 2025 was £5,960,639. Hence, total free reserves as at 31 December 2025 was £5,960,639. This represents 33years of expenditure. The Directors believe this is an adequate level of reserves. The Scholarship Fund, which is a Restricted Fund, totalled £73,436.
Plans for the Future
The Directors propose to maintain grants at a level at or about the annual income received from investments after taking into account running costs. The Directors will continue to carefully monitor the value of investments.
Structure Governance and Management Governing Document
The organisation is a charitable company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1.
Organisational Structure
The Directors meet quarterly and determine policy as well as reviewing finance and determining grants payable. Day to day management is carried out by the Company Secretary who is an experienced Chartered Accountant.
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THE FERGUSON BEQUEST FUND
Directors’ Report for the year ended 31 December 2025 (Continued)
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Recruitment and Appointment of Directors
The Directors of the company are drawn from the members’ representatives. Under t requirements of the Memorandum and Articles of Association, the Directors are elected to se for a period of three years after which they must be re-elected at the next Annual General Meeting:
The following Directors retire by rotation and being eligible, offer themselves for re-election:
W Matheson
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H J Rennie
T Woodbridge
Rev J Fulton
Directors’Training and Induction
New Directors are encouraged to attend induction sessions to familiarise themselves with the charity and the context within which it operates. These cover:
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° The obligations of the Board of Directors. e The main documents which set out the operational framework for the charity including ° the Memorandum and Articles.
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Funding and the current financial position as set in the latest published accounts.
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- ° There are no future plans to alter the policies or change the objectives of the company.
Directors receive an annual update on their responsibilities.
Remuneration of Key Management Personnel
The Directors consider the Board of Directors and the Company Secretary as the charity's key management personnel, in charge of directing and controlling the charity. All Directors serve voluntarily. Remuneration of the Company Secretary is set to recognise his responsibilities and professional qualification.
Grant Making Policy
This policy is detailed in the Memorandum of Association of the “The Ferguson Bequest Fund”. Grants are made to assist in the building and repair of Churches and Halls, and generally assist in the work of the Church of Scotland or other Churches in Scotland or beyond. A detailed grant making policy has been set by the Directors and is regularly reviewed.
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THE FERGUSON BEQUEST FUND
Directors’ Report
for the year ended 31 December 2025 (Continued)
Reference and Administrative Information
Charity Name:
The Ferguson Bequest Fund
Charity Registration Number:
$C043839
Principal Address & Registered Office:
182 Bath Street Glasgow G2 4HG
Directors
Elizabeth Ashmole Aileen C Barrie Douglas Carswell John O Fulton lain Gillies Joanne Hood Robert G Hynd (Chair) Walter Matheson
Rev Margaret McArthur Rev Jeanne Roddick Howard J Rennie Mary Sweetland Tom Woodbridge
Principal Office Bearers
Chair
Secretary Auditors
Robert G Hynd
lain AT Mowat C.A.
TC Group Accountants and Business Advisers 180 St Vincent Street Glasgow G2 5SG
Bankers
Bank of Scotland PO Box 1000 BX2 1LB
Solicitors
bto
48 St Vincent Street Glasgow G2 5HS
Stockbrokers
Rathbone Investment Management Limited 50 George Square Glasgow G2 1EH
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THE FERGUSON BEQUEST FUND
Directors’ Report for the year ended 31 December 2025 (Continued)
Statement of the Directors’ Responsibilities in relation to the Financial Statements
The Directors, who also act as Trustees for the charitable activities of The Ferguson Bequest Fund, are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Directors are required to-
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. select suitable accounting policies and then apply them consistently; ° observe the methods and principles in the Charities SORP FRS 102;
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° make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to
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° any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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In so far as the Directors are aware:
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e there is no relevant audit information of which the charitable company’s auditors are unaware and;
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e the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of the information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’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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THE FERGUSON BEQUEST FUND
Directors’ Report
for the year ended 31 December 2025 (Continued)
Auditors
TC Group fall to be re-appointed as the charitable company's auditors at the Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
W/ ehalf of the Board. RG Hy Director 9th March 2026
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THE FERGUSON BEQUEST FUND Independent Auditor's Report to the Members and Trustees of The Ferguson Bequest Fund
Opinion
We have audited the financial statements of The Ferguson Bequest Fund (the charitable company) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet and Notes to the Financial Statements, including a summary of 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).
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In our opinion, the financial statements:
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e give a true and fair view of the state of the charitable company's affairs as at 31 December 2025
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e and of its incoming resources and application of resources for the year then ended:
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e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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e have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 finSncial statements section of our report. We are independent of the charitable company 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
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In auditing the financial statements, we have concluded that the Directors’ use of the going concern 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 charitable company’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 Directors with respect to going concern are described in the relevant sections of this report.
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THE FERGUSON BEQUEST FUND
Independent Auditor's Report to the Members and Trustees of The Ferguson Bequest Fund (continued)
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 Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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e the information given in the Directors' Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared, is consistent with the financial statements; and
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e the Directors' Report included within the Directors’ Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements within the Directors’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:
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e adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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e the financial statements are not in agreement with the accounting records and returns; or e certain disclosures of Directors’ remuneration specified by law are not made; or
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e we have not received all the information and explanations we require for our audit; or
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e the Directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Directors' Report and from the requirement to prepare a strategic report.
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THE FERGUSON BEQUEST FUND
Independent Auditor's Report to the Members and Trustees of The Ferguson Bequest Fund (continued) Responsibilities of Directors As explained more fully in the statement of Directors' Responsibilities, the Directors 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 Directors 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 Directors (who are also the Trustees of the charitablecharitable company’scompany forabilitythe purposesto continueof ascharitya goinglaw) concern,are responsibledisclosing,for asassessingapplicable,the matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts 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 error 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 is detailed below: Extent to which the audit was considered capable of detecting irregularities, including fraud
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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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e the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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e we identified the laws and regulations applicable to the charitable company through discussions with Directors and other management, and from our wider knowledge and experience of the charity sector;
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THE FERGUSON BEQUEST FUND
Independent Auditor's Report to the Members and Trustees of The Ferguson Bequest Fund (continued)
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e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, Charities SORP (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
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e we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
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e identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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e considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
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e performed analytical procedures to identify any unusual or unexpected relationships; e tested journal entries to identify unusual transactions; e assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and
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e investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to
- e agreeing financial statement disclosures to underlying supporting documentation; e reading the minutes of meetings of those charged with governance; e enquiring of management as to actual and potential litigation and claims; and e reviewing correspondence with HMRC and OSCR.
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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THE FERGUSON BEQUEST FUND
Independent Auditor's Report to the Members and Trustees of The Ferguson Bequest Fund (continued)
Use of our report
This report is made solely to the charitable company’s Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company’s Trustees, as a body, in accordance with Section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's Members and 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 charitable company, its Members as a body and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
StevenraiCunningham BA(Hons) CA (Senior Statutory Auditor) Date 9th March 2026 for on behalf of TC Group Accountants and Business Advisers Statutory Auditor 180 St Vincent Street Glasgow G2 5SG
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THE FERGUSON BEQUEST FUND
Statement of Financial Activities including Income and Expenditure Account for the year ended 31 December 2025
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|Notes|Unrestricted|Restricted|Total|Total|
|Funds|Funds|2025|2024|
|2025|2025|
|£|£|£|£|
|Income:|
|Income|from|Investments|186,824|2,566|189,390|182,716|
|interest|2|173|.|173|158|
|Fees|received|2,450|-|2,450|2,333|
|Total|income:|189.447|2,566|192,013|185,207|
|Expenditure:|
|Investment|management|costs|3|26,449|-|26,449|22,302|
|Charitable|activities|4|150,198|5,000|155,198|143,966|
|Total|expenditure|176,647|5,000|181,647|166,268|
|Net|income/(expenditure)|
|before|gains|and|losses|on|
|Investments|12,800|(2,434)|10,366|18,939|
|Net|gains/|(losses)on|
|investments|834.761|8,587|843|348|179,998|
|Net|income/(expenditure)|for|
|the|year|847,561|6,153|853,714|198,937|
|Reconciliation|of|funds:|
|Total|funds|brought forward|5,113,078|67,283|5,180,361|4,981,424|
|Total funds|carried forward|5,960,639|73,436|6,034,075|5,180,361|
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The Statement of Financial Activities includes all gains and losses in the year. All income and expenditure derive from continuing activities.
The Statement of Financial Activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The Notes on pages 14 to 24 form an integral part of these financial statements.
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THE FERGUSON BEQUEST FUND
Balance Sheet
as at 31 December 2025
| 2025 | 2024 | ||
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| Notes | £ | ¥ | |
| Investments | |||
| Stocks and shares | 8 | 6,073,901 | 5,238,377 |
| Current assets | |||
| Debtors | 9 | 42,611 | 33,069 |
| Bank and cash | 31,763 | 8.915 | |
| 74,374 | 41,984 | ||
| Liabilities | |||
| Creditors falling due within one year | 10 | (114,200) | (100,000) |
| Net Current (Liabilities) | (39,826) | (58,016) | |
| Total assets less current liabilities | 6,034,075 | 5.180.361 | |
| The Funds of the charity | |||
| Unrestricted Funds | 12 | 5,960,639 | 5,113,078 |
| Restricted Funds | 12 | 73,436 | 67,283 |
| Totalcharityfunds | 6,034,075 | 5,180,361 |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These figgncial statements were authorised for issue by the Board of Directors on 9th Marc 026 signed on behalf of the Board of Directors:
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RG Hynd
Director
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Company Number SC444372
The Notes on pages 14 to 24 form an integral part of these financial statements.
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THE FERGUSON BEQUEST FUND
Notes to Financial Statements Year ended 31 December 2025 1. Accounting Policies
Statutory Information
The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant Notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing these accounts in accordance with Financial Reporting Standard 102 (effective January 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts preparation(Scotland) Regulationsof the financial2006statements(as amended). are setThe outprincipal below. accounting policies adopted in the
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Basis of preparation and Statement of Compliance
The financial statements are prepared under the historical cost convention with items financialrecognisedstatements. at cost or transactionThe financialvaluestatements unless otherwisehave been statedpreparedin the relevantin accordance Notes towith thesethe Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard 102 (effective January 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The principal accounting policies adopted in the preparation of the financial statements are set out below. The financial statements are presented in UK Sterling and rounded to the nearest whole pound.
The charity meets the definition ofa public benefit entity under FRS 102.
The Directors consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Fund Accounting
Funds are classified as unrestricted funds, defined as follows.
Unrestricted funds are expendable at the discretion of the Directors in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Directors for a particular purpose, they are designed as a separate fund. This designation has an administrative purpose only and does not legally restrict the Directors’ discretion to apply the fund. Restricted funds are funds subject to specific requirements as to their use which may be declared by the charity.
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Income
Income is recognised when the charity has entitlement to the income, it is probable that the income will be received, and the amount can be measured reliably.
Investment Income
Dividends are recognised when the shareholder's right to receive payments is established, measured at the fair value receivable. Generally, this is upon notification by the investment advisor once the dividend has been paid.
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THE FERGUSON BEQUEST FUND
Notes to Financial Statements (continued) Year ended 31 December 2025
1. Accounting Policies (Contd.)
Investments
Fixed asset investments are stated at market value at the balance sheet. Unrealised gains andthe financiallosses representyear or, ifthepurchaseddifferenceinbetweenthe year,thethemarketdifferencevaluebetweenat the beginningthe cost andand marketend of value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the market value at the start of the year or cost if purchased in the year.
Taxation
The Ferguson Bequest Fund is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.
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Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and amount of the obligation can be measured or estimated reliably.
Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities estimate of the amount required to settle the obligation at the reporting date. The exception is that where settlement is deferred for more than 12 months after the reporting date. All expenditure is accounted for on an accrual basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
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Expenditure on Charitable Activities
Expenditure on charitable activities includes all costs incurred by the charity in undertaking activitiessupport coststhat furtherand costsits charitablerelating to aimsthe governancefor the benefitof theof charityits beneficiaries,apportionedincludingto charitablethose activities. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payment of grant awards if applicable.
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Investment Management Costs
Investment manager's costs represent the fees charged for managing the charity’s investment portfolio.
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THE FERGUSON BEQUEST FUND
Notes to Financial Statements (continued) Year ended 31 December 2025
1. Accounting Policies (Contd.)
Governance Costs
Governance costs (which are included as a component of support costs in accordance with the SORP) comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These include those related to constitution and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.
Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Pensions
The pension costs charged in the financial statements represent the contributions payable by the charity during the year
Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Cash at Bank and in Hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Judgements and Estimates
In preparing the financial statements, the Directors are required to make estimates and assumptions which affect reported income, expenses, assets, and liabilities. Use of available information and application of judgement are inherent in the formation of expenses, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates
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THE FERGUSON BEQUEST FUND
Notes to the Financial Statements for the year ended 31 December 2025
| 2. | Income from investments | 2025 | 2024 |
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| £ | £ | ||
| Dividends received | 189,390 | 182,716 | |
| Interest | __173 | __158 | |
| 189,563 | 182,874 | ||
| 3: | Investment management costs | ||
| Investment management | 26,449 | 22,302 | |
| 4. | Expenditure on charitable activities | ||
| Grants awarded in the year | 121,900 | 110,940 | |
| Staff costs | 15,499 | 15,464 | |
| Office premises costs | 5,441 | 6,295 | |
| Running costs | 6,458 | 5,567 | |
| Governance costs (audit fee) | __5.900 | 5,700 | |
| 155,198 | 143,966 | ||
| 5. | Net income/(expenditure) for the year | ||
| Net income/(expenditure) is stated after charging | |||
| Auditor'sremuneration | 5,900 | 5,700 |
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THE FERGUSON BEQUEST FUND
Notes to the Financial Statements for the year ended 31 December 2025
6. Employees
| 2025 | 2024 | |
|---|---|---|
| Staffcosts and numbers | ||
| Average monthly number of employees during the year | 2 | 2 |
| Employment costs | ||
| & | £ | |
| Salaries | 15:273 | 15,240 |
| Pension costs | 226 | 224 |
| 15,499 | 15,464 |
There were no employees who received remuneration of over £60,000 in the period. The cost of the employees is shared with The Baird Trust and The Renfield Street Trust. The remuneration of key management personnel during the year was £10,945. (2024: £10,925).
ra Related party transactions
No Directors nor any persons connected with them received remuneration or reimbursed expenses during the year (2024: £nil).
Grants of £18,000 were paid to The Lodging House Mission of which Mr RG Hynd is a Director. A Grant of £5,000 was paid to Crow Road Free Church of which Mr W Matheson is a trustee.
The Ferguson Bequest Fund paid rent of £2,933 to The Baird Trust. The Ferguson Bequest Fund received a share of a fee from The Sir J Donald Pollock Trust for management services.
|
One of the key management of the charity is also key management of The Baird Trust and The Renfield Street Trust.
8. Investments
£
Fair value (market value)
At 1 January 2025 5,238,377 Additions 828,906 Disposals (749,890) Revaluations 756,508 At 31 December 2025 6,073,901 At 31 December 2024 5,238,377
18
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements For the year ended 31 December 2025
| 9. | Debtors | 2025 | 2024 | ||
|---|---|---|---|---|---|
| £ | £ | ||||
| Other Debtors | 42,611 | 33,069 | |||
| 10. | Creditors falling due within | oneyear | |||
| Grants outstanding | 101,000 | 88,000 | |||
| Other creditors and accruals | 13,200 | 12,000 | |||
| 114,200 | 100,000 | ||||
| 11. | Analysis of NetAssets between Funds | ||||
| Unrestricted | Restricted | Total | |||
| General | Scholarship | 2025 | |||
| £ | £ | £ | |||
| Investments | 5,998,000 | 75,901 | 6,073,901 | ||
| Current Assets | 74,374 | - | 74,374 | ||
| Current Liabilities | (114,200) | - | (114,200) | ||
| 5,958,174 | 75,901 | 6,034,075 | |||
| Previous | Previous year | ||||
| Unrestricted | Restricted | Total | |||
| General | Scholarship | 2024 | |||
| £ | £ | ||||
| Investments | 5,216,723 | 21,654 | 5,238,377 | ||
| Current Assets | (3,645) | 45,629 | 41,984 | ||
| Current Liabilities | (100,000) | - | (100,000) | ||
| 5,113,078 | 67,283 | 5,180,361 |
Previous year
19
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements
For the year ended 31 December 2025
12. Movement in Funds
| 1 January | Income | Expenditure | Gains/ | 31 | ||
|---|---|---|---|---|---|---|
| 2025 | (Losses) on | December | ||||
| Investments | 2025 | |||||
| £ | £ | £ | = | 2 | ||
| General Fund | 5,113,078 | 189,447 | (176,647) | 834,761 | 5,960,639 | |
| Scholarship | ||||||
| Fund | ||||||
| (Restricted | ||||||
| Fund) | 67,283 | 2,566 | (5,000) | 8,587 | 73,436 | |
| 5,180,361 | 192,013 | 181,647 | 843.348 | 6,034,075 | ||
| Previous year | ||||||
| 1 | January | Income | Expenditure | Gains/ | 31 | |
| 2024 | (Losses) on | December | ||||
| Investments | 2024 | |||||
| £ | £ | £ | £ | £ | ||
| General Fund | 4,909,939 | 182,707 | (163,768) | 184,200 | 5,113,078 | |
| Scholarship | ||||||
| Fund | ||||||
| (Restricted | ||||||
| Fund) | 71,485 | 2,500 | (2,500) | (4,202) | 67,283 | |
| 4,981,424 | 185,207 | (166,268) | 179,998 | 5,180,361 |
Previous year
Purpose of Funds
General Fund
Firstly, to fund the provision of grants for the maintenance and repair of church buildings and secondly to fund the charity's operating costs.
Scholarship Fund (Restricted)
To provide for grants towards the education of appropriate students.
20
|
|
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements For the year ended 31 December 2025
13. Sundry Grants
This comprises various grants to Institutions and individuals
Grants payable to Institutions > £1,000 are as follows:
|
| 2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | ||||||
| Lodging House Mission | 18,000 | - | |||||
| Church House | 5,000 | - | |||||
| Camperdown and Lochee Ministry | - | - | |||||
| Faith in Community (Scotland) | 5,000 | 5,000 | |||||
| Cambuslang and Rutherglen | Christian | Reachout | Trust | 2,000 | 3,000 | ||
| 3D Drumchapel | 5,000 | 10,000 | |||||
| The Wheel Trust | - | 2,000 | |||||
| Colston Milton Parish Church | . | 2,000 | |||||
| United Irvine Church of Scotland | - | 6,000 | |||||
| Eco Congregational Scotland | - | 3,000 | |||||
| Westgait Ministry and Outreach | 2,000 | - | |||||
| Connect Youth | 1,000 | - | |||||
| Esk Valley Free Church | 2,000 | - | |||||
| The Renfield Centre | 7,000 | - | |||||
| Cranhill Development Trust | 3,000 | - | |||||
| Solo Way Ukranian Choir | 1,000 | - | |||||
| Room 60 Newton Wallacetown Church | 3,000 | - | |||||
| Erskine Parish Church | 5,000 | - | |||||
| 59,000 | 31,000 | ||||||
| Ministry Trainee Grants | |||||||
| This comprises one(2024:20) grant | toa ministry trainee | ||||||
| amounting to £2,000 for 2025 (2024: between £900 | and £1,200) | ||||||
| 2,000 | 14,640 | ||||||
| Hardship Trainee Grant | |||||||
| This comprises one (2024:Nil) | grant to a | ministry trainee | |||||
| amounting to £1,500 (2024:Nil) | 1,500 | : | |||||
| Sunday Schools and School Grants | |||||||
| This comprises grants to |
Sunday | Schools | or | Schools | |||
| towards the purchase of books or materials | relating | to | |||||
| religious education. | 400 | 1,800 | |||||
| Scholarship Fund | |||||||
| This comprises grants to one | individual | (2024: two) towards | |||||
| their post graduate education. | 5,000 | 2,500 | |||||
| 21 |
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements Year the year ended 31 December 2025
| 14. Grants voted - Building and Repair Grants |
||
|---|---|---|
| This comprises grants to various institutions. | ||
| Grants payable > £1,000 are: | ||
| 2025 | 2024 | |
| £ | £ | |
| Whithorn: St. Ninian’s Priory | - | 3,000 |
| Newbattle Parish Church | - | 5,000 |
| Paisley Abbey | - | 5,000 |
| Carnytne and Cranhill Parish Church | - | 10,000 |
| St. Mary's Parish Church | - | 4,000 |
| St. Ninian’s United Free Church | - | 5,000 |
| Stonelaw Parish Church | - | 3,000 |
| Airdrie, Clarkston Parish Church | - | 3,000 |
| Kirkcaldy Hope Parish Church | - | 10,000 |
| Nairn United Reformed Church | 5,000 | 3,000 |
| Airdrie:Cairnlea Parish Church | - | 5,000 |
| Ferintosh Free Church | - | 2,000 |
| Fife Forthview Inverkeithing Parish Church | - | 3,000 |
| Campbeltown Free Church | 2,000 | - |
| Gorebridge Parish Church | 8,000 | - |
| Lossiemouth United Free Church | 2,000 | - |
| Park Church | 2,000 | - |
| Croftfoot United Free Church | 2,000 | . |
| Crow Road Free Church | 5,000 | - |
| Broughty Ferry Free Church | 4,000 | - |
| Erskine United Free Church | 4,000 | . |
| Haddington Community Church | 4,000 | - |
| Cumbernauld Free Church | 6,000 | - |
| Free North Church, Inverness | 5,000 | - |
| St Mary’s Motherwell | 5,000 | - |
| 54.000 | 61,000 |
22
4
’
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements
For the year ended 31 December 2025
15. Financial Instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial Assets | ||
| Financial assets measured at fair value | 6,073,901 | 5,238,377 |
| Financial assets measured at amortised cost | 74,374 | 41,984 |
| 6,148,275 | 5,280,361 | |
| Financial Liabilities | ||
| Financial liabilities measured at amortised cost | 114,200 | 100,000 |
| Financial assets measured at fair value include the investment portfolio. | ||
| Financial assets measured at amortised cost include cash at bank | ||
| andotherdebtors. |
Financial liabilities measured at amortised cost include other creditors and accruals.
23
1
'
THE FERGUSON BEQUEST FUND
Notes to the Financial Statements For the Year ended 31 December 2025
- Statement of Financial Activities including Income and Expenditure Account for the year ended 31 December 2024
| Notes | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| Funds | Funds | 2024 | ||
| 2 | £ | £ | ||
| Income: | ||||
| Income from Investments | 2 | 180,216 | 2,500 | 182,716 |
| Interest | 158 | - | 158 | |
| Fees received | 2,333 | - | 2,333 | |
| Total income: | 182,707 | 2,500 | 185,207 | |
| Expenditure: | ||||
| Investment management costs | 3 | 22,302 | - | 22,302 |
| Charitable activities | 4 | 141,466 | 2,500 | 143,966 |
| Total expenditure | 163,768 | 2,500 | 168,268 | |
| Net income/(expenditure) | ||||
| before gains and losses on | 18,939 | - | 18,939 | |
| investments | ||||
| Net gains/(losses) on | ||||
| hiiniemactiaien | 184,200 | (4.202) | 179,998 | |
| Netincome/(expenditure)for the year |
203.139 , |
(4,202) , |
198.937 , |
|
| Reconciliation of funds: | ||||
| Total funds brought forward | 4.909.939 | 71,485 | 4,981,424 | |
| Totalfundscarriedforward | 9.113.078 | §7.283 | 5,180,361 |
Under Charites Statement of Recommended Practice (FRS 102), comparatives for each class of funds are required for each line on the Statement of Financial Activities (SoFA). The note above illustrates the SoFA for the year to 31 December 2024.
24