**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...
Page 13
## **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