REI GIST[I￿D CHARITY NUMBER: SC044678 ort of the Trustees and Unaudited Fiiiancial Stateineiits foi. tlie Yeai. Ended 31 Marcli 2025 foi. THE SOUTH LANARICSHIRE COLLEGE FOUNDATION THE SOUTH LANARKSHIRE COLLEGE FOUNDATION Conteiits of tlie Financial Statements foi. tlie Year Ended 31 Mai'cli 2025 Page Repoi't of the Ti'ustces Independ¢nt Examinei s Report Statement of Financial Activities Balance Sheet Notes to tlic Financial Statements Detailed Statement of, Financial Activities 12 THE SOUTH LANARICSHIRE COLLEGE FOUNDATION ort of tli¢ Ti'ustees for tlie Yeai. Elided 31 Marcli 2025 Tlie ti'ustees pi-eseiit theii- Irpoi-t with the financial stateineiits of tlie cliarity foi. the yeai. elided 31 March 2025. Tlie trustees liave adopted tlie provisioiis of Accoiinting aiid Repoitiiig by Cliai'ities: Statement of Recoinineiided Pi'aLtice appl icable to cliariti¢s pi'¢pai-iiig tlieir accounts iii accoi'daiice with tlie Financial Reportiiig Standard applicable in tlie UIC and Republic of Ii'elaiid (FRS 102) (effective l Januai-y 2019). OB.JECTIVES AND ACTIVITIES Objectives and aims Tlie objects of the cliai-ity al-e- to advance aiid promote fiiitliei. education iii Soutli Laiiarksliire, iiicluding without limitation, by tlie siipport of Soiitli Laiiai'ksliii-e College, and to promote siicli siinilar chai'itable purposes, objects 01- chai-itable institutioiis in such propoitions and manner as tlie ti'iistee.% wil I tl)ii)k fit. Significant activities Witli effect fi'oin l April 2014, FE Colleges wei'e iEclassified as Public Sector Bodtes and are iiow reqiiired to coinply witli tlie Scottish Goveriiineiit Regulatoiy Fi'ainewoi-k aiid coiiseqLiential additioiial reporting i-equii-einents imposed oli FE Colleges by Tlie Scottisli Fiiiidiiig Couiicil. Pi'ior to tlie I'eclassification, the Colleges had a oiie-off opportiinity to shelter Lash backed i-esei'ves fi'oin Public Sector i'esti'ictions iii the expectation tliat these will be Lltilis¢d to support th¢ College's objectives in futui'e. To effect this, an ai'ms- lengtli foundation, The Soiitli Lanai'kshiir College Foiindation, was establislied and £1,500,000 was ti'ansferred to tlie Foundatioii 011 27 Mai'ch 2014. Publie benefit The cliai'ity is a piiblic benefit entity. Grant making A grant applicatioii pi'ocess lias beeii establislied wliereby applicatioiis i'equire to be made in writiiig Lind in accoi'daiice with tlie Foundatioii's graiit dppliLation giiidaiice. Tlie application sliould explain Iiow tlic pi'oposal meets tlie objectives of tlie Folindation and detail tlie fiiiancial plan and the OLltcoines of tlie pi'oposal. Applications foi- fiinding reqiiii'e to be appi'oved by all Inembei's. Diiriiig tlie yeai. to 31 Mai'ch 2025 the Foundation Inade two gi'aiit payineiits (2024: six), tliis being a total of £7,992. £495 was granted to support the Soutli Lanai'kshii-e College Stiident Association in pi'oinoting stLident led activities to siippoit Climate Week in Septeinbei. 2024 and a sepai'ate £7,497 was granted to a South Laiiai'kshii'e Col legc pi-oject Pl'OlTtotiiig College coui-s¢ offci'ings and enabling work placemcnt pi'ovision for Ci'eative and Digital Media stLidents with Go Radio (2024: £257,032 to SoLillI Lanai'lcsliii'e College StLident Association aiid other Soutli Lanarksliire College projects)- Details of grants payable cali be fouiid in iiote 6. FINANCIAL REVIEW Investment policy aiid objective.s Uiider the constitiition tlic chai'ity lias the power to invest any Inonies not inimediately required in sucli Inanner that inay be detei'miiied from time to tiine by tlie ti'ustees. Tlie Foundation operates ali interest paying cliarity bank account witli Clydesdale Baiik (now ti'ading as Virgiii Money) which paid bank interest to the Foundation of £4,195 in tlie yeai. to 31 Mai'ch 2025 (2024 - £5,859). Risli management Tlie pi'iiicipal i'isks faced by tlie Foiiiidatioii are opei'ational, I'esulting froin ineffective gi'ant making and the capacity of tlie Foundation to make effective giants. Tliis i-isk of ineffective gi'ant making is initigated by Irlaiiiing tl'LlStees of sufficient skill and expeitise to Inake infoi'ined assessineiits of fiinding applications i-eceived. Tlie risk to tl)e Cc2pacity of the Foiiiidation to make effective gi-aiits is also initigated by the inti'oduction of an application teinplilte wliich ensiii'es tliat al l applicatioiis ai'¢ A'eceived iii a standai'd format, Page I eiisiii'iiig a consisteiit platfoi-m for assessinent and IEview. THE SOUTH LANARKSI.IIRE COLLEGE FOIJNDATION Re oit of the Ti'iistees foi. the Ycar Elided 31 Mairh 2025 Reserves policy Tlie Fouiidalion is inteiEsled pi-imdl'ily in advancing aiid promoting furthei. education iii Soiitli Laiiai-ksliii'e and fociises oil disbiir.siiig Inoii ies to appi-oved projects I'athei. tlian iEI'aiiiing Inoiiies. Tlie Fouiidation has no payroll cost.% and few ovei-lieads and aims to retaiii siifficient fiiiids to enable it to assist aiiy appi'oved projecls iii Ilie pipeline. FUTURE PLANS As iioled in prioi- yeai., ongoing additioiis to tlie boai'd of tl'LlStees and tlie boost to fuiids by way of tlie donation of £500,000 that was inade to tl)e Foundatioii by tlie College fi'oni its gcnci'ated sui'plLiS iii July 2022, tlie ti'ustees consider tlie FoLindation to b¢ in a good position to considei. a larger voluine of applications for fiinding in the yeai. to Mai'cli 2026 and beyond. STRUCTURE, GOVERNANCE AND MANAGEMEI NT Governing document Tlie cliarity 18 COlltroll¢d by its govei-niiig document, a constitution. Tlie charity is a Scottish Cliai'itable liicoi'poi'ated Orgaiiisation as defined by the Chai-iti¢s aiid Ti-listee Investnient (Scotland) Act 2005 (as amended). Trustees The charity is Inanaged by a board coinpi'ising of tl'LlStees wlio have the aiithoi'ity to exei-cise all of the powers of the Foundatioii aiid who ineet qiiaitei'ly. The boai-d and the College were guided by the Nominatioiis Coinmittee in relation to tlie selection of appropriate ind ividiials foi. appointineiit as trust¢¢s. Eacli tl'LlStee shall noi'mally hold office Lllltil tlie coiiclusioii of the tliird aiinual g¢n¢i'al meeting followiiig tlie date of tlieii. appointinent. All of tlie trustees appointed to tlie Foundatioii had relevant experience withiii a cliaritable organisation. As pait of an introduction to tlie foundatioii, a preseiitation was made to tli¢ new tl'LlStees on tlie Foiiiidation's constitiition and code of conduct and eacli tl'LlStee was given a copy of the code of condiict and also a copy of OSCR'S Guide foi. Chai'ity Tj'ustees. Tlie Noiniiiations Coinmittee Ineet to considei. applications from poteiitial ti-ustees and appointinciits are subsequently inade REI FERF,NCE AND ADMINISTRATIVE DEI TAILS Registered Charity numbei" SC044678 Priiicipal address College Way East Kilbi'ide G75 ONE Page 2 THE SOUTH LAN.4RKSHIRE COLLEGE FOUNDATION Reuo oft e Ti'u Triiste.es Independeni Examiner ALets Audit Services chartei.ed Accountant Titanium I Kings Inch Place Glasgow PA4 8WF Bankers Clydesdale Baiik PLC (now tradiiig as Virgiii M￿leY) 45 Main Street Baillieston G69 6SQ Page 3 THE SOUTH LANARICSHIRE COLLEGE FOUNDATION ort of tlie Ti'iistees foi. tlie Year Ended 31 Mai'ch 2025 Ti'ustccs Independenl Lxaminer Azets Aiidit Setvices Chaitered Accountaiit Kings Incli Place Glasgoiv PA4 8WF Banke13 Clydesdale Baiik PLC (now trading as Virgiii Money) 45 Main Street Bailliestoll G69 6SQ Page 3 Iiide endent Examiiiei s Re oit to tlie Trii.stees of Th¢ 8oiitli Lanarkshii'c Col Ic ¢ Foiindatioi) W¢ iEpoit oii tli¢ accouiits for tli¢ y¢ar ciided 31 Marcli 2025 scl OLIt OI) pages five lo eleyeii. ResiieL'llve i'L'¥pon¥ibllitlL'¥ of tril¥le￿ aiid L'xaminei" Tlie cli£irily'S II'Lislees al'e I'espoiisible foi. Ilie pi'epdl'dtioii of tlie acLounts in accordance witli the tei'ins of tlie Cliarities aiid Ti'ustee liivesiinent (Scotlaiid} Act 2005 and Ilie Chai'ities Accouiits (Scolland) Regiilatioi)s 2006 (as ainei)ded). Tl)e chai'ity's trusiees considei. diat tlie aiidit I'equii'ernent of Regiilalioii l O(1 )(a) to (c) of tlie Accounts R¢gLilatioiis does not apply. It is Iny I'esponsibi lity to exainine tlie accounts as required under Section 44(1 }(c) of tlie Act aiid to state whethei. paiticular Inattct's Iiave coine to Iny attention. Basis of the independent examiner's report My examination was cai'ried out in accordance with Regulation I l of the Charities Accounts (Scotland) Kegulations 2006. An examination includcs a review of the accounting records kept by the chaiity and a comparison of the accoiints pi'esented wilh iliose i-ecoiyls. It also incliides consideration ot. any iinusual items oi. disclosures in the accoiints aiid seeking explaiiations ti'oin yoii as tiiistee8 concerniiig any siich matters. Tlie pi'ocedures iindeitaken do not provide all the evidence tliat woiild be I'equii'ed in an aiidit, and conseqiieiitly I do iiot express an audit opinion on tlie view given by tlie accoiints. Indepenilent examinei s stalernent In coniiectioii witli Iny exaininatioii, no Inatler has coine to my attention.. {1) which Elves me reasonable cause to believe tljat, in any inatei'ial respect, tlie I'equirements to keep accountiijg i'ecords in accordance with Section 44(1)(a} of the 2005 Act and Regulation 4 of the 2006 Accouiits Regiilations. aiid to pi'epair accouiits whicli accord with tlie accouiiting I'ecords and to comply with Regulation 8 of tlie 2006 Accouiits Regiilations have not been met. or (2) to which, in my opinion, attention sh)iild be drawn in oi'dei. to enable a pi'oper iindei'standing of the accoiints to be i-eaclied. The Institute ol Lhartei'ed Accounlanl8 in Scotland Azet5 Audil Services Chaitered AcLountant Tilaniuin I Kings Iiich Place GlasgFOW PA4 8wr Date.. Page 4 THE SOUTH LANARICSHIRE COLLEGE FOUNDATION Stateineiit of Fiiiancial Activities foi- tli¢ Year Fiided 31 Mai'ch 2025 Note Unrestsicted Restricted Funds Funds 2025 Total 2024 INCOME AND ENDOWMENTS FROM Donations and legacies Investinent income 495 495 4,195 4,690 500 5,859 6,359 4,195 4,195 495 EXPENDITURE ON Charitable activities Advancement and promotion of fui'ther Education in South Laiiarkshire 9523 495 10,018 258,775 NET INCOME/EXPENDITURE (5,328) (5,328) (252,416) Total funds brought forward TOTAL FUNDS CARRIED FORWARD 243,056 237,728 243,056 237,728 495,472 243,056 CONTINUING OPERATIONS All income has arisen Eroni coiitinuing operations. The notes foi-ln pai't of these financial stateinents PagFe 5 THE SOUTH LANARKSHIRE COLLEGE FOUNDATION Stat(xnciit of Fiiiancial Positioii 31 Mai'ch 2025 2025 Ttsldl runds 2024 Tul