LENZIE BENEVOLENT SOCIETY SCIO ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
LENZIE BENEVOLENT SOCIETY SCIO LEGAL AND ADMINISTRATIVE INFORMATION Trustoas Charity number (Scotland) SC047694 S¢¢relarlos & Treasurers Frerth Dun(*n LLP tradiThJ as AAB Chartered Accountants Registered Auditors 133 Finnieston Street Glaso)w G3 8HB Règistar8d offic8 and principal addre55 do Fr8nth DunGan LLP IradiThJ as AAB 133 Finnieston Street Glasgow G3 8HB Independent examineT cEwen & Co 2 Broadcrolt Kirkinlilloch Glasgt)W G66 1HP Bankers Virgin Money 30 Sl Win¢%nl Pl Glasgow G1 2HL Investment advlsors RathboDes Inveslment Managemonl Limited George House George Square Glasgow G2 1EH Inveslec Wealth & Investmont Ltd 5 George Square Glasww G2 1DY
LENZIE BENEVOLENT SOCIETY SCIO CONTENTS Page Tmstees, report Independenl examinerfs report Statement of finanoal activities Balance sheet Notes lo the financxal statements 7-11
LENZIE BENEVOLENT SOCIETY SCIO TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and finan(aal ststements for the year ended 31 December 2024. The finanGi81 slalemenls have been prepared in accordance wth Ihe accounting policies set out in note 1 of the finan¢i¥l statements and comply with the charivs governing document. the Charities and Trustee Investment (Scollandl Act 2005, the Charities Ac¢x)unts IScotland} Regulations 2006 {as amended) and "Accounling and Reporting by Charities: Stalement of Recommended Practice applicable lo charities preparing their accounts in accordan wlh Ihe Financial Reporting StarKlaTd applicable in the UK and Republic of Ireland {FRS 1021 (second edition - October 2019) (effective 1 January 2019}. ObS•ctlv¢s and activities The Society was reconstituted as a S¢oltish Charilable IncortK>rate(l Organi5alion and entered in ihe Scottish Charity Register by the Office ofThe Scottt'sh Charities Regulator on 31 August 2017.lts charitable purposes are the prevention or relief of poverty- Ihe advanment of edu¢ation- the advancement of the arts, heritage. culture or saence.. the advancement of public parti(apation in sport and,. the prowsion of r9crealional facilities. with the object of improving the condilM)ns of life for the rSOnS for whom the fa(ililies or activities are primarily intended. The Society through its charitable purrx)ses provrdes public benefit lo the inhabitsnls of Lenzie and surrounding areas and also where the trustees consider that special arcumstsn¢es apply lo itnefil such persons who are living outside the area but are connected with it in some way Ihrough parents or othemse. The trustees declare that the Society's purposes which musl be exdusively charitable in terms of sedion f of the Charities and Trustees Investment (Scoand) Act 2005 and are regarded as tharitsble purry)ses in relation lo the application of th8 Taxes Acts. The principal activlty in the period under rewiew was the assisting in relieving of povety and, through monthly gr8nts lo approved applicants experiencing hardship or privation. Speaal granis were also awarded lo other worthy causes meeting the criteria of the SOes charitable purposes. The level of the Society's reserves allows the board of IrLt51ees lo have a flexible approach to giving assistance. The tM)licy of the board is to distribute the annual incorne of the Society lo approved applicants and as the essential liwng Costs of the benefiGiaries continually increase due lo inllalion. the boatd nSider it importanl that the annual awards are simil8rly increased, where appropriate. The ¢ircum$tances which cause the SocAety lo prowde finanaal assistance are varied. Serious ill health, death and unemployment a the most frequent reasons. Each case is nsidered in Confide and valuable finan¢i¥l support is given. Achievements and performance During the period. the number of recipients of monthly grants was five. A total of £41,171 was disbursed during the period to beneficiaries arKI comprised monthly. holiday and single granis. SpeGial grants lotalling £14.000 wew awarded lo organisalions operating in Slar weWaTe. Members of the Society who are aware of any individuals who may be in need of a5Slstsnce are invited lo contsct the board clo French Duncan LLP trading as AAB. selarIeSrea${lre, 133 Finnieslon Street, Glasgow. G3 8HB. Financlal revlew The financial position of the sety is sel oul in the Slatement of Finan(#al Activie$ and Balance Sheet. Ulilising its investment irthme the Society has o)nbnued to ¢>ny on lis th8rit8ble activities. The Srriety is dependent on this investment income to continue lo do so. During the period £41,171 of benefits were disbursed and £14.000 of special grants were awarded. The Sialement of Finan(#al A¢tiMt*s shows a surplus for the period of £22.411 of which £52.614 is net gains on investments. The net assets 8re £2.628.686 al 31 December 2024. Reserves polS¢y The reseNes of the Society at the year end are £2.628,686 {2023: £2.606.275). These reseNes are prfncip311y represented by its investment portfolios. The trustees. aim is lo maintain the real value of investments and Ihereby continue to make gr8nts and awards in line with its charitable purpK)ses.
LENZIE BENEVOLENT SOCIETY SCIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Golng Concern Aftér maklng approprlale énqulrl8$, the tmstsas have a rèasonable expectation that Ihe Charity has adequate re50u¥ces to conlinue in ¢)peralK)nal exisIen for the foreseeable future. For this reason they continue to adopt the going Concem basis in Pparing the finanual 5ts1ements. FuTlher detsi15 are given in the accounting policy Invgstment policy Thè Investments are helo In rdance the trustees, powers. The Investment policy whlch 15 regularly revièwed by the is aimed at maintaining the real value of the general fund over a period of years and thereby providing a reasonable level of income for grant making purwses. The ethical investment content of the share tx)rtlolio is reviewed by trustees. The Society's investmenl advisers are Rathtx)nes and Investec Weatth & Investmenl who m8nage the Socievs rtfolios, wth all recommndab'ons ing pul b61or8 board of trLkslÉ&s and adioned wher8 appiopriale. The markel valua of listed investmenis 3131 December 2024 was £2,571,952 Rlsk management The bo8rd maintains a risk iegisler and a5ses585 any wt8nti81 major oprational risks faced by the SocAely. At its quarterfy meeb.ngs the key a8$ addressed are: the nee(1 to maintsin or wrth(Iraw financial support for those in re(£ipl of monthly grants,. In8$ng awareness of the So(ieWs activities., managefflenl of the Society's share
rlfolios and", the longer lerm goveman( of Ihe S(Kiely. Safeg¥Jards which Ihe trustees have put in place include regular home visks to knefidarfes. cnvassing local clergy and othèr third parties in the community lo identify familiès or Indlviduals in need- reguLgr mèeling5 with the So(>etl5 investment advisers. Plans for future periods Tha Iruslees w611 wnbnue lo nK)niloi Ihe 1[are of the Inearies lo Ythom it alTeady provides rM>nthly grants 8nd il will look lo identify olh8r wieGessilous cases. The trustees will also assess applicats.ons lor special finanaal ass15tance. Using its appliGation apprdiSal prLKedure5, trustees will conshler if the application ets the nessary criteria. The board thrill review appli(zlTOnS IhrougFKJuI the year and te miThJfiJl of the level of awards when compared Lo investment iwKom& Sttucture, governance and management The Society was reconstited as a Scottish charitab Irat8d Organisation on 31 August 2017. Promsions reng to charitable purposes. members. trustees and administration are contained in the Scriety's cx)nstitution. The membets elect the trustees tptho a reswnsible for SoLietys Strategy. polices and governan. The boArd meets on a quartedy basis lo review the performance of the Socyety's charitable aclNities Ihe Society's financ¢al performance. Administration is carried out by the secretaries & treasurers. The iruste'6 viho OL'Ned during t1 year and up to Ihe date of wgnature of Il* financial ststements were.. Re¢rultment and appolntment of trustees Trustees are appointed by the members at the Annual General Mealing. Reliring trustees are elFgible for re- appoSnbnènt. Appolntmènt Is by mple maN)rty of those present. General meetings require a quorum of18n.
LENZIE BENEVOLENT SOCIETY SCIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Induetlon and tralnlng of trustses The Board identifies suitabla (2ndldat8s from wllhln thè mèmbershlp. The ¢¥ndldats Is approached and the rola and activities explained. Care 15 taken lo ensure conflicts of interesL The candidate us directed towards guidance from the offi of Ihe Scottish Charities Regulator. Related partles Ntsne of th8 trusta8s recaive remuneration or I9(1ts aTisirvJ from their wLYk for the &Kiely eNed as directors of Lenae Estale Company Ltd tjuring the perl¢)J. The Society own5 100°/u of the issued share capital of Lenzie Estate Company Ltd. Statèmgnt of tru81ee8' respon8ibilitie3 The trustees are resrx)nsible lor preparing the Trustees, Report and the financ?al stslements in accordance wilh applicable law and Uniled Ki[ A(Eounting Stsndar(1s (United lfjngdorn Generally knepled Accounting Practsl. The law applicable to charities in ScoUaThJ requires the trustees io pr6parè financial slatements lor each finan(yal year whkh glve a true and fair wew of the state of affairs of the thlty and of tha incxjming rèsouto%s and application ol resources of the charity for that year. In preparing these financjal statntS. the Injslees are requi1 lo: - select suitable a(xounling poli(Aes and th apply them (nSiSteny. - observe the methods arvj principles in the charities SORP.. - make judgements and e5tirnales that are reasonable and prudent: state wh81her applicable aLvJvnting standards have been folk)wed. subject to any material departures disdosed and explained in the finarla1 staterts" and prepare the financial slalements on the going (x)no%m basis unle&s it is inappropriate to presume that thè chaiily I11 conUnu8 In opèratH)n. The trustees a responsible for keeping sufficient accounting records ihat disdose wilh reasonable 8caJr8cy at any lime the financial position of the charity and enable Ihem lo ensure that the finanaal siaiemenls comply with the Charities and Truslee Investment IScotland} Act 2005. the Charities Accounts Iscouandl Regulations 2006 {8s amendeé) and the p¥ovis(Olls of Ihe trust deed. They a also Tesponsible lor safeguarding tho asseis of the charity and hence for ta.g reasonable steps for the prevention and detection of fraud and other irregularities. Independent examlner In aceordallce wth the companys attides. a resolution proposing that..A. of McEwen & Co bè reappointed as Independent Examiner of the ujmpany will put al a GE¥f*iai The Irusiees. report was approved by the Board ofTruslees. French Duncar¢ LLP irading as A4B SeGreiarips & Tregsur8rs
LENZIE BENEVOLENT SOCIETY SCIO INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LENZIE BENEVOLENT SOCIETY SCIO I report on the finanaal slatèmenis of th8 charity for the year endad 31 December 2024. vthic a sel oul on pages Sto 11. Respective respon$lbllrtle¥ of trn$t•ès and èxamlnèr The charity's trustees are reSponsie for the prepar21ion of the finarla1 staterrnts in accordance with the terms of the Charities and Tiuslee Investments {ScotL4ndl Act 2(X)5 and the chariti.es AC£tS (Scotlandl Regulations 2006 las amended). The Gharity's trustees consider that the audit requirern8nl of Regulation 1011Kal lo Icl of the 2006 Accounts Regulations la5 arnended) does not apply. 11 Is my responsibility to examlng the finBndal stalemenls as required under seGtv)n 44{1Mcl of the Act arKI to statÈ whèlhér parthxjlar matlers havè ttoma lo my attenth)n. Basis of independent examinerfs statement My examinalion is carried oul in accordance wilh RwJulal¥)n 11 of Iho Charities A(£ounls (ScoUarKII Regulalions 2006 {as amended). An examination includes a remew of the accwnting records kepl by the charity and a comparison of Ihe finanryal statemenls presented those records. 11 also includes consideration of any unusual items or disclosures in the finanual slalements. and seeks expL4natsons from the twslees concerning any such matters. The pr¢xedurtss undertakèn do not provide all the evklence that would be required in an atjdit and consequenuy I do not eXp$S an au¢Jii opinN)n the view given by the financtal stalemenls. Independent examlnerfs statement In corbneclion with my examination. no other wnall81 exc8pl that roferred to in the prèvious paragraph has (x)mÈ to my attention.. la) which gives mg r8asonab18 caus8 lo b8110 that in any malerial Tesp8ct Ihe requirements: lo keep accounting retx>rds in accordance with sectK)n 4411) (a) of the 2005 Act and Regulation 4 of the 2006 A(xx)unts Regulations (as amended},' and (ill to prepare financial slatements whith accord wilh Ihe accounbng records and comF4y with Regulation 8 of the 2006 Acryjunls Regulations las amended): ha not beèn mat or Ib) lo which. in my opinh)n. attention should be drawn in order to enable a prokEr underslanding of Ihe rinancial stalements to be reached. McEivc.n & Co 2 Broadcroft lfjrkiniilloch Glasgow G66 1HP . |.912a25
LENZIE BENEVOLENT SOCIETY SCIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted fund5 2024 Unrestricted funds 2023 Notes Income from: Donalions and legacies Inveslmenis 40 65,908 63,081 Total Incom• 63.101 65.948 Expenditure on- Charitsble actimties 93.304 73.721 Total expenditure 93,304 73,721 Net gainslllossesl on investments 52,614 105,142 Net income and movement in funds 22,411 97,369 Reconclllat5on of funds: Fund balances at 1 January 2024 2.606.275 2,508,906 Fund balances at 31 DeC•Mr 2024 2.628.686 2,606.275 The statement of fin8n¢i81 a¢tivilies iThJudes 811 gains and tosses recA)gnised in the year. All income and expendilure derives from ¢ontinving activities.
LENZIE BENEVOLENT SOCIETY SCIO BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Investments 10 2,573,252 2,533,194 Current assets Debtors Cash at bank and in hand 11 4.625 60.225 5.597 76.189 81.786 Cr8dltors: amounts falling due within one year 12 19.416) (8,705} Net current Jssets 55,434 73,081 Total assets less current liabilities 2.628.686 2,606,275 The funds of the charlty Unrestricted funds 13 2.628,686 2.606,275 2.628.686 2.606.275 'riip Iiiiin-,Iril :;131E:niLnl.E ivprp appmved by Ihe trustee5 On Trustee Trustee
LENZIE BENEVOLENT SOCIETY SCIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Accounting convention The financial stslements have been prepared in accordance the charivs goveming document, the Charities and Trustee Investment {Scollandl Act 2005. the Charities Accounts {Scotlandl Regulalions 2006 las amended) and "Accounting and Repts"ng 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 IFRS 1021 (se¢x>rKI edilion - October 2019) {effecbve 1 January 20191. The charity is a Public Benefit Entily as defined by FRS 102. The fin8n¢i81 statements are Prepared in sleding. which is the functional ojrrency of the charity- Monelary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hislorical cost convention. modified lo include the revaluation of rtain financial instruments al fr value. The prinpaI accounting policies adopted are set out below. 1.2 Going concem Al the lime of approving the finanaal statements. the trustees have remewed the tuture funding and activities of the charity. The trustees have a reasonable expectalion thal the charity has adeqvale resources to continue in operational existence for the foreseeable future. Thus the tnjstees continue to adopt the going concem basis of 8e&x)unting in preparing the finanaal statements. 1.3 Charltabl¥ fund$ The general fund represents the anKJunt set aside to ensure the (x)ntinuing ch8rttable activities of the Society. 1.4 Incoming resources Income is recognised when the charity has enement io the funds. it is probable that the in(XTrme wll be reiVed and the arUnt can be me&8ured reliably. MeTnbership income. legacjes and bequests are recognised in Ihe accounis when they are rec6ivablo. Investment Income is staled net in the accounts on a cash basis. Bank Interest is stated gross in Ihe accounts as they are received gross on a cash basis. 1.5 Resources expended Resour8 expended are induded in the Statement of Finaal Activities on an aLxruals basis. inclusive of any VAT which cannot be rec4)vered. (>JvemarKe wsts cx)mprise all StS involving the public accountability of the ¢harity and its Complian with regulation and good practice. These costs include costs related lo independenl examination and legal fees. Grants lo Benefi¢larl•s Grants paid to benefi¢iaries are wholty discretionary. The board aayS keen to seek out further beneficiaries who could benefit from the SoCies help. 1.6 Flxed ass¢t Investmènts Listed Investments are stated at market value at the b3lan(* sheet date. The Statement of Financlal Activities includes the net gains and losses arising on revaluations and disposals throughout the year. The only unlisted investment (The Lenzie Estate Ccmnpany Lld.) ntinUeS to be shown at (x)st
LENZIE BENEVOLENT SOCIETY SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted funds 2024 Unr•strlctèd funds 2023 Membership fees 20 40 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Incorne from listed investmerbts Interest reIvable 62.114 967 65.056 852 63.081 65,908 Expenditure on charitable activitles 2024 2023 Benefits disbursed and donali( 55.171 39.824 Share of support costs (see note 51 Shale of govemance costs (see note 5) 37.333 33.057 93.304 73,721 Analysis by fund Unreslricled funds 93.304 73.721
LENZIE BENEVOLENT SOCIETY SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support eosts allocatèd lo a¢tlvltl¢s 2024 2023 Secretarial fees Nominee company ¢h8rges VAT Governance costs 12.803 17,527 7.003 8(K) 10.950 16.504 5,603 38.133 33,897 Governance costs comprise: Independenl examIneS fee 800 Trusteès None of the tTU51ees {or any persons nnected 7hith them) red any mUneration or benefits from the charity during the year. Employees The average monthly number of empknyees during year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneralion was more than £60.000. Net galnslllossesl on Investments UnTestricted Unrestricted funds funds 2024 2023 Revaluation of investhients Gainlllo&81 on sale of investments 66,742 (14.128) 84,117 21.025 52.614 105,142 Taxatlon The charity is exempt from taxation on its actitieS Wuse JI ils InMe is applied for challtable purw)ses.
LENZIE BENEVOLENT SOCIETY SCIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Fixed asset investments Listed Unlisted investments investsnents Total Cost or valuation Al 1 January 2024 Additions Valuation changes Disp05als 2,531,894 283.588 52.642 {296,1721 1.300 2,533,194 283,588 52,642 (296,172} Al 31 Dember 2024 2.571.952 1.300 2.573.252 Carrylng amount At 31 December2024 2.571.952 1.300 2.573.252 Al 31 December 2023 2,531,894 1,300 2,533.194 The value of listed investments at cost as at 31 December 2024 is £2.171.82512023.' £2.165.359}. Unlisted investments (x)mprises 1.300 ordinary shares of £1 each in Lenzle Estate Company Ltd. 11 Debtors 2024 2023 Amounts falllng due wthln one year: Other debtors 4.625 5.597 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 9.416 8.705 13 unrestrict lunds The income funds of tho charity irK4ude the followng unrestricted funds.. At 1 January 2024 Incomlng resources Resources expended Galns and losses At31 Decembar 2024 General funds 2.6r.275 63,101 {93.304) 52.614 2.628.686 10-
LENZIE BENEVOLENT SOCIETY SCIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Unrestrlcted fund5 (Continued) Previou5 year- At 1 January 2023 Incoming resources Resources expended Gains and losses At31 December 2023 General funds 2.508.906 65.948 173.721) 105.142 2,606.275 14 Analysis of net assets between funds UnTestricted Unreslricled funds funds 2024 2023 Fund balances at 31 December 2024 8re represented ty. Inveslments Nel current assets 2,573,252 55,434 2.533.194 73,081 2,628,686 2,606.275 15 Related party transactions There wele no disclosable related paty transactions duiing the year {2023- ne). 11