REGISTERED CHARITY NUMBER: SC051195
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 30 September 2025
for
The Scottish College (Congregational and United Reformed), SCIO
MacMillan Craig Chartered Accountants 100 Brand Street Glasgow G51 1DG
The Scottish College (Congregational and United Reformed), SCIO
Contents of the Financial Statements for the Year Ended 30 September 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 17 |
| Detailed Statement of Financial Activities | 18 | to | 19 |
The Scottish College (Congregational and United Reformed), SCIO
Reference and Administrative Details for the Year Ended 30 September 2025
PRINCIPAL ADDRESS _
REGISTERED CHARITY NUMBER
$C051195
INDEPENDENT EXAMINER
- MacMillan Craig Chartered Accountants 100 Brand Street
Glasgow G51 1DG
SOLICITORS
P| Gillespie MacAndrew LLP 5 Atholl Crescent EDINBURGH EH3 8EJ
Page 1
The Scottish College (Congregational and United Reformed), SCIO
Report of the Trustees for the Year Ended 30 September 2025
The trustees present their report with the financial statements of the charity for the year ended 30 September 2025. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
Charitable purposes
a) the education and training of adults for Christian ministry, primarily within the Congregational and United Reformed Churches;
b) the advancement of education among, and the training of, church members of the Congregational and United Reformed Churches and others connected to the churches or belonging to any other organisation which may wish to make use of such opportunities;
c) the advancement of the Christian religion through publication of materials and promoting public debate aimed at deepening understanding of the Christian faith
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
The principal task of the College is to train individuals for ministry in the Congregational and United Reformed Churches. This has been the sole activity during the year. In the course of this year, the College has been responsible for initial ministerial education with ordinands entrusted to it by the United Reformed Church, including direct educational delivery, liaison with educational partners and management of placements.
The College makes provision for continuing ministerial education through direct delivery of educational courses, educational guidance to ministers of word and sacraments and others in authorised ministries, management of learning programmes and educational grants and educational advice to the church. During the year discussions have been held for the college to assume responsibility for the United Reformed Church's Digital Learning Hub, used to support training activities within the United Reformed Church across Great Britain.
FINANCIAL REVIEW
Financial position
The charity had unrestricted reserves of £485,858 at the year end.
Principal funding sources
The College's principal source of external funding is education fees for students. Internal funding comes from income from reserves including a gradual spend down of those reserves. As at the date of this report ongoing discussions were still taking place with the main funder to agree a new long-term basis for calculation of payment, although it is likely that a further interim financial arrangement will apply for 2026 in addition to 2025. This position is not expected to be resolved until after July 2026 when a critical governance meeting is held by the URC.
We continue to receive new students for training from the United Reformed Church which underpins our financial income as well as providing training activities and support within the United Reformed Church National Synod of Scotland.
From the beginning of the next financial year, we are being contracted to provide the support activities of the United Reformed Church wide Digital Learning Hub.
Investment policy and objectives
The College's investments were managed on a discretionary basis by stockbrokers Rathbones. The instructions given were for a policy of balancing income and capital growth. The policy on investments including risk appetite was formally adopted on 1 September 2021 and reviewed and renewed on 3rd June 2025 by the Trustees.
The College has an ethical policy, namely that our investments avoid organisations which generate a significant proportion of their profit from the sale or production of alcohol, tobacco, carbon energy or weapons.
Page 2
The Scottish College (Congregational and United Reformed), SCIO
Report of the Trustees for the Year Ended 30 September 2025
FINANCIAL REVIEW
Reserves policy
The long-term policy of the Trustees is that year on year the running costs of the College should be met from recurring revenue sources. Unrestricted funds should be held at such a level that emergency expenses can be incurred and met promptly in the interests of, for example, health and safety. These are not expected to exceed £20,000 in any one event. In addition, reserves are needed to support cash flow and in case of loss of funding to allow orderly close down. A sum of 6 months income (c£50,000) is thought appropriate. The College's restricted (in case of buildings monies) and unrestricted funds exceed the short-term requirements outlined above.
FUTURE PLANS
We are working closely with our main funders to agree a medium-term funding approach. This will allow for better planning of our future activities.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The College has origins dating back to 1811 and is a Scottish Charitable Incorporated Organisation (SCIO), governed by a constitution agreed in 2021 last updated 2022.
Recruitment and appointment of new trustees
Trustees are elected at Annual General Meetings in line with the constitution. The constitution allows for additional trustees to be co-opted by the existing trustees and they hold office until the following Annual General Meeting.Trustee Office Holders are appointed annually at the Annual General Meeting.
Organisational structure
The affairs of the College are governed by the Trustees under the guidance of the Annual General Meeting. Responsibility for designing and agreeing policies and budget lies with the Trustees. Implementation of policy is overseen by those Trustees who are also Office Holders. The College Principal is responsible for day to day management of the College. He is accountable to the Trustees for the academic leadership, and for management of the College's life in accordance within the agreed policies and budget. A newly appointed college manager now ensures day to day administration is carried out and has reduced single person risk. Limited delegated financial powers have been agreed to ensure effective administration of the College.
Induction and training of new trustees
In addition to clarification of their statutory responsibilities as trustees of the charity, new trustees are given on-going guidance to ensure that they are familiar with the College's values, aims and objectives, together with its day to day operations. The College provides training in trustee responsibilities for stakeholders in the churches, and this is also available to our own trustees.
Risk management
The Board of Trustees has assessed the major risks to which the charity is exposed and is satisfied that systems are in place to identify and mitigate the exposure to major risks. Financial risks are examined at all Trustee meetings. Our main risks are:
-
inflation, impacting the value of investments and our cost base
-
economic recession
-
a critical dependency on one external funder (the United Reformed Church)
-
unexpected costs for the freehold office premises purchased in 2019
-
loss of data
-
loss of financial control
-
the College has recognised that there is a key person risk, now partially mitigated by recruitment of a college manager
Mitigation activities for all the key risks have been identified and are being acted upon. The residual risks are within the Trustee agreed risk appetite.
Page 3
The Scottish College (Congregational and United Reformed), SCIO
Report of the Trustees for the Year Ended 30 September 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Safeguarding
We treat safeguarding as a key issue. Whilst we do not routinely interact with identifiably vulnerable groups, we recognise that all people can experience periods of being vulnerable and as such all staff who have academic and pastoral care of students are members of the PVG scheme. College staff deliver and receive regular training in safeguarding.
Approved by order of the board of trustees on 23 February 2026 and signed on its behalf by:
Page 4
Independent Examiner's Report to the Trustees of The Scottish College (Congregational and United Reformed), SCIO
I report on the accounts for the year ended 30 September 2025 set out on pages six to seventeen.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the 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 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
-
to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
The Institute of Chartered Accountants of Scotland
MacMillan Craig Chartered Accountants 100 Brand Street Glasgow G51 1DG
23 February 2026
Page 5
The Scottish College (Congregational and United Reformed), SCIO
Statement of Financial Activities for the Year Ended 30 September 2025
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 75 Charitable activities 4 Delivery of educational services 107,458 Investment income 3 13,560 Total 121,093 EXPENDITURE ON Charitable activities 5 Delivery of educational services 125,382 Funding scholarships - Total 125,382 Net gains on investments 21,115 NET INCOME 16,826 RECONCILIATION OF FUNDS Total funds brought forward 469,032 TOTAL FUNDS CARRIED FORWARD 485,858 |
Restricted Endowment funds fund £ £ - - - - 3,192 336 3,192 336 5,895 128 2,429 - 8,324 128 6,401 524 1,269 732 100,158 8,361 101,427 9,093 |
30.9.25 Total funds £ 75 107,458 17,088 124,621 131,405 2,429 133,834 28,040 18,827 577,551 596,378 |
30.9.24 Total funds £ 95 88,458 17,693 106,246 113,022 409 113,431 19,833 12,648 564,903 577,551 |
|---|---|---|---|
The notes form part of these financial statements
Page 6
The Scottish College (Congregational and United Reformed), SCIO
Balance Sheet
30 September 2025
| 30.9.25 | 30.9.24 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | ||
| fund | funds | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | £ | |
| FIXED ASSETS | ||||||
| Tangible assets | 11 | 103,602 | - | - | 103,602 | 103,655 |
| Investments | 12 | 344,565 | 77,911 | 8,439 | 430,915 | 406,527 |
| 448,167 | 77.911 | 8,439 | 534,517 | 510,182 | ||
| CURRENT ASSETS | ||||||
| Debtors | 13 | 4,653 | 437 | - | 5,090 | 4,515 |
| Cash at bank | 39,318 | 23,079 | 654 | 63,051 | 68,322 | |
| 43,971 | 23,516 | 654 | 68,141 | 72,837 | ||
| CREDITORS | ||||||
| Amounts falling duewithin one | ||||||
| year | 14 | (6,280) | - | - | (6,280) | (5,468) |
| NET CURRENTASSETS | 37,691 | 23,516 | 654 | 61,861 | 67,369 | |
| TOTAL ASSETS LESS | ||||||
| CURRENT LIABILITIES | 485,858 | 101,427 | 9,093 | 596,378 | 577,551 | |
| NET ASSETS | 485,858 | 101,427 | 9,093 | 596,378 | 577,551 | |
| FUNDS | 15 | |||||
| Unrestricted funds | 485,858 | 469,032 | ||||
| Restricted funds | 101,427 | 100,158 | ||||
| Endowment funds | 9,093 | 8,361 | ||||
| TOTALFUNDS | 596,378 | 577,551 |
The financial statements were approved by the Board of Trustees and authorised for issue on 23 February 2026 and were signed on its behalf by:
The notes form part of these financial statements
Page 7
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements for the Year Ended 30 September 2025
1. LEGAL STATUS OF CHARITY
The Scottish College (Congregational and United Reformed) was formerly an unincorporated organisation. On 12 August 2021 it was registered as a SCIO. On 31 December 2021 the former organisation ceased to be a charity.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 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. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost Fixtures and fittings - 33% on cost Computer equipment - 33% on cost
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 8
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
2. ACCOUNTING POLICIES - continued
Investments
Fixed asset investments are stated at market value at the balance sheet date. Unrealised gains and losses represent the difference between the market value at the beginning and the end of the financial year or, if purchased in the year, the difference between the cost and market value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the cost.
Debtors
Debtors are recognised at the settlement amount due.
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.
3. INVESTMENT INCOME
| Other fixed asset invest - FII Deposit account interest Loan stock interest INCOME FROM CHARITABLE ACTIVITIES Activity Seminars and courses Delivery of educational services Student education funds Delivery of educational services Reimbursement of principal's expenses Delivery of educational services Training services Delivery of educational services |
30.9.25 £ 16,278 59 751 17,088 30.9.25 £ 5,400 86,254 2,804 13,000 107,458 |
30.9.24 £ 16,575 34 1,084 17,693 30.9.24 £ 6,120 67,164 2,174 13,000 88,458 |
|---|---|---|
4. INCOME FROM CHARITABLE ACTIVITIES
5. CHARITABLE ACTIVITIES COSTS
| Delivery of educational services Funding scholarships |
Direct Costs (see note 6) £ 128,830 2,244 131,074 |
Support costs (see note 7) £ 2,575 185 2,760 |
Totals £ 131,405 2,429 133,834 |
|---|---|---|---|
continued...
Page 9
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| Staff costs Insurance Books, postage and stationery Sundries Principal's travel & subsistence Honoraria Student costs Travel, committee and college Property management charges Investment management costs Student support Depreciation 7. SUPPORT COSTS Delivery of educational services Funding scholarships Support costs, included in the above, are as follows: Delivery of educational Funding services scholarships £ £ Independent Examination 2,575 185 |
30.9.25 30.9.24 £ £ 83,799 70,298 1,886 1,804 387 159 3,366 3,962 3,827 2,670 4,000 4,000 8,602 8,917 14,317 5,024 4,449 7,525 3,639 3,569 2,000 - 802 2,983 131,074 110,911 Governance costs £ 2,575 185 2,760 30.9.25 30.9.24 Total Total activities activities £ £ 2,760 2,520 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees' expenses
The charity met individual expenses incurred by three trustees for services provided to the charity during the year. The total of these expenses was £1,602 for travel (2024: £415).
continued...
Page 10
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
9. STAFF COSTS
| Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Principal Administration |
30.9.25 £ 73,579 2,302 7,918 83,799 30.9.25 1 2 3 |
30.9.24 £ 60,448 2,134 7,716 70,298 30.9.24 1 1 2 |
|---|---|---|
No employees received emoluments in excess of £60,000.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 95 Charitable activities Delivery of educational services 88,458 Investment income 13,803 Total 102,356 EXPENDITURE ON Charitable activities Delivery of educational services 103,870 Funding scholarships - Total 103,870 Net gains on investments 13,946 NET INCOME/(EXPENDITURE) 12,432 RECONCILIATION OF FUNDS Total funds brought forward 456,600 TOTAL FUNDS CARRIED FORWARD 469,032 |
Restricted Endowment funds fund £ £ - - - - 3,543 347 3,543 347 9,032 120 409 - 9,441 120 5,403 484 (495) 711 100,653 7,650 100,158 8,361 |
Total funds £ 95 88,458 17,693 106,246 113,022 409 113,431 19,833 12,648 564,903 577,551 |
|---|---|---|
continued...
Page 11
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
11. TANGIBLE FIXED ASSETS
| Improvements Freehold to property property £ £ COST At 1 October 2024 102,854 12,000 Additions - - At 30 September 2025 102,854 12,000 DEPRECIATION At 1 October 2024 - 12,000 Charge for year - - At 30 September 2025 - 12,000 NET BOOK VALUE At 30 September 2025 102,854 - At 30 September 2024 102,854 - 12. FIXED ASSET INVESTMENTS Shares Other |
Fixtures and fittings £ 28,384 - 28,384 28,384 - 28,384 - - |
Computer equipment £ 3,950 749 4,699 3,149 802 3,951 748 801 30.9.25 £ 430,747 168 430,915 |
Totals £ 147,188 749 147,937 43,533 802 44,335 103,602 103,655 30.9.24 £ 406,359 168 406,527 |
|---|---|---|---|
Additional information as follows:
| Listed investments £ MARKET VALUE At 1 October 2024 401,214 Additions 11,641 Disposals (4,631) Revaluations 17,771 At 30 September 2025 425,995 NET BOOK VALUE At 30 September 2025 425,995 At 30 September 2024 401,214 |
Cash and settlements pending £ 5,145 31,975 (32,368) - 4,752 4,752 5,145 |
Totals £ 406,359 43,616 (36,999) 17,771 430,747 430,747 406,359 |
|---|---|---|
There were no investment assets outside the UK.
continued...
Page 12
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
12. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 30 September 2025 is represented by:
| Cash and Listed settlements investments pending £ £ Valuation in 2025 425,995 4,752 Investments (neither listed nor unlisted) were as follows: 30.9.25 £ Feu duties 50 Ground annuals 118 168 The historical cost of fixed asset investments as at 30 September 2025 was £301,078 (2024: £295,905). 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.9.25 £ Fees due from Trust 4,653 Prepayments 437 5,090 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.9.25 £ Social security and other taxes 1,512 Accrued expenses 4,768 6,280 |
Totals £ 430,747 30.9.24 £ 50 118 168 30.9.24 £ 4,092 423 4,515 30.9.24 £ 1,141 4,327 5,468 |
|---|---|
continued...
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The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS |
follows: Incoming resources £ 121,093 1,322 886 984 3,192 336 124,621 |
At 1.10.24 £ 469,032 48,517 27,126 24,515 100,158 8,361 577,551 Resources expended £ (125,382) (2,429) (5,521) (374) (8,324) (128) (133,834) |
Net movement At in funds 30.9.25 £ £ 16,826 485,858 2,372 50,889 (3,251) 23,875 2,148 26,663 1,269 101,427 732 9,093 18,827 596,378 Gains and Movement losses in funds £ £ 21,115 16,826 3,479 2,372 1,384 (3,251) 1,538 2,148 6,401 1,269 524 732 28,040 18,827 |
|---|---|---|---|
continued...
Page 14
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS |
At 1.10.23 £ 456,600 45,500 32,725 22,428 100,653 7,650 564,903 |
Net movement in funds £ 12,432 3,017 (5,599) 2,087 (495) 711 12,648 |
At 30.9.24 £ 469,032 48,517 27,126 24,515 100,158 8,361 577,551 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS |
Incoming resources £ 102,356 1,237 1,289 1,017 3,543 347 106,246 |
Resources expended £ (103,870) (409) (8,681) (351) (9,441) (120) (113,431) |
Gains and Movement losses in funds £ £ 13,946 12,432 2,189 3,017 1,793 (5,599) 1,421 2,087 5,403 (495) 484 711 19,833 12,648 |
|---|---|---|---|
continued...
Page 15
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS |
At 1.10.23 £ 456,600 45,500 32,725 22,428 100,653 7,650 564,903 |
Net movement in funds £ 29,258 5,389 (8,850) 4,235 774 1,443 31,475 |
At 30.9.25 £ 485,858 50,889 23,875 26,663 101,427 9,093 596,378 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Miss Mary Ann Baxter Scholarship Trust Property Reserve Bursary Fund Endowment funds Permanent Endowment TOTAL FUNDS |
Incoming resources £ 223,449 2,559 2,175 2,001 6,735 683 230,867 |
Resources expended £ (229,252) (2,838) (14,202) (725) (17,765) (248) (247,265) |
Gains and Movement losses in funds £ £ 35,061 29,258 5,668 5,389 3,177 (8,850) 2,959 4,235 11,804 774 1,008 1,443 47,873 31,475 |
|---|---|---|---|
Miss Mary Ann Baxter Scholarship Fund: Restricted to the use of scholarships
Property Reserve Fund: Restricted to the use of upkeep of property.
Bursary Funds: Restricted to the use of providing assistance to students whilst studying under the auspices of the College.
continued...
Page 16
The Scottish College (Congregational and United Reformed), SCIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2025.
Page 17
The Scottish College (Congregational and United Reformed), SCIO
Detailed Statement of Financial Activities for the Year Ended 30 September 2025
| 30.9.25 | 30.9.24 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 75 | 95 |
| Investment income | ||
| Other fixed asset invest - FII | 16,278 | 16,575 |
| Deposit account interest | 59 | 34 |
| Loan stock interest | 751 | 1,084 |
| Charitable activities | 17,088 | 17,693 |
| Seminars and courses | 5,400 | 6,120 |
| Student education funds | 86,254 | 67,164 |
| Reimbursement of principal's expenses | 2,804 | 2,174 |
| Training services | 13,000 | 13,000 |
| 107,458 | 88,458 | |
| Total incoming resources | 124,621 | 106,246 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 73,579 | 60,448 |
| Social security | 2,302 | 2,134 |
| Pension contributions | 7,918 | 7,716 |
| Insurance | 1,886 | 1,804 |
| Books, postage and stationery | 387 | 159 |
| Sundries | 3,366 | 3,962 |
| Principal's travel & subsistence | 3,827 | 2,670 |
| Honoraria | 4,000 | 4,000 |
| Student costs | 8,602 | 8,917 |
| Travel, committee and college | 14,317 | 5,024 |
| Property management charges | 4,449 | 7,525 |
| Investment management costs | 3,639 | 3,569 |
| Student support | 2,000 | - |
| Property improvements depreciation | - | 2,400 |
| Computer equipment depreciation | 802 | 583 |
| Support costs | 131,074 | 110,911 |
| Governance costs | ||
| Independent Examination | 2,760 | 2,520 |
| Total resources expended | 133,834 | 113,431 |
| Net expenditure before gains and losses | (9,213) | (7,185) |
This page does not form part of the statutory financial statements
Page 18
The Scottish College (Congregational and United Reformed), SCIO
Detailed Statement of Financial Activities for the Year Ended 30 September 2025
| 30.9.25 | 30.9.24 | |
|---|---|---|
| £ | £ | |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 10,269 | (5,312) |
| Net income/(expenditure) | 1,056 | (12,497) |
This page does not form part of the statutory financial statements
Page 19