REGISTERED CHARITY NUMBER: SC051464
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR
THE CATHERINE MCINESPIE FOUNDATION
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
THE CATHERINE MCINESPIE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 to 11 |
THE CATHERINE MCINESPIE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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
The Catherine McInespie Foundation will promote, advance and further Charitable purposes primarily by working to encourage and promote, ordinarily through the provision of grants for the public benefit and witha geographical focus of its activities in Glasgow, opportunities for school pupils to have educational, extra-curricular, sporting and similar activities that they might otherwise not have been accessible or available due to socio/economic constraints and barriers on individuals, schools or communities with a view to supporting educational attainment and achievement for those pupils.
Income consists primarily of personal giving and investment income, and there is no fundraising of any sort.
FINANCIAL REVIEW
Reserves policy
The level of reserves held is shown in the Balance Sheet on page 5. The Trustees are satisfied with the level of reserves held, particularly taking into account the need to ensure sufficient funds are available to allow flexibility in responding to needs.
Financial review
The Trustees are pleased to record that income for the year amounted to £9,639 and that donations totalling £19,000 were paid to the following funds highlighted on Note 5 to the financial statements on page 8.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
New Trustees are appointed as and when required by the Trust's needs. Appointment is through a process of strict criteria that has been agreed upon by the current Trustees. No set time limit is agreed for Trustees though the Trustees review their involvement annually.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
SC051464
Principal address
Trustees
Independent Examiner
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
Page 1
THE CATHERINE MCINESPIE FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Approved by order of the board of trustees on 2 October 2025 and signed on its behalf by:
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CATHERINE MCINESPIE FOUNDATION
I report on the accounts for the year ended 31 December 2024 set out on pages four to eleven.
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 :
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
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have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
Date: 2 October 2025
Page 3
THE CATHERINE MCINESPIE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 - Investment income 3 9,639 Total 9,639 EXPENDITURE ON Raising funds 4 4,289 Charitable activities Donations 19,000 Other 1,800 Total 25,089 Net gains on investments 16,976 NET INCOME 1,526 RECONCILIATION OF FUNDS Total funds brought forward 349,892 TOTAL FUNDS CARRIED FORWARD 351,418 |
2023 Total funds £ 230 7,417 7,647 4,776 12,300 1,908 18,984 12,003 666 349,226 349,892 |
|---|---|
The notes form part of these financial statements
Page 4
THE CATHERINE MCINESPIE FOUNDATION
BALANCE SHEET 31 DECEMBER 2024
| 2024 Unrestricted fund Notes £ CURRENT ASSETS Investments 9 263,480 Cash at bank 89,738 353,218 CREDITORS Amounts falling due within one year 10 (1,800) NET CURRENT ASSETS 351,418 TOTAL ASSETS LESS CURRENT LIABILITIES 351,418 NET ASSETS 351,418 FUNDS 11 Unrestricted funds 351,418 TOTAL FUNDS 351,418 |
2023 Total funds £ 242,227 109,465 351,692 (1,800) 349,892 349,892 349,892 349,892 349,892 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 2 October 2025 and were signed on its behalf by:
The notes form part of these financial statements
Page 5
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. 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.
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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
All funds are unrestricted subject to their application in achieving the objects of the Foundation.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Debtors
Debtors are recognised at the settlement amount due after any discount offered.
Creditors
Creditors 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 are normally recognised at the settlement amount after allowing for discounts due.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The balance sheet at 31 December 2024 shows a strong net assets and cash flow position. As a result, the financial statements have been prepared on the going concern basis.
continued...
Page 6
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Dividends/interest received 4. RAISING FUNDS Investment management costs Investment management fees 5. GRANTS PAYABLE Donations The total grants paid to institutions during the year was as follows: St Paul's High St Angela's Primary Books for Oxford St Margaret Marys St Vincent's Primary College funding Turnbull High School Glasgow's No. 1 Baby & Family Support Service Glasgow University Next Gen Vale of Leven Academy |
2024 £ - 2024 £ 9,639 2024 £ 4,289 2024 £ 19,000 2024 £ - - 2,000 2,500 - 1,000 500 - 1,000 10,000 2,000 19,000 |
2023 £ 230 2023 £ 7,417 2023 £ 4,776 2023 £ 12,300 2023 £ 2,500 3,000 2,000 1,300 1,000 1,000 500 1,000 - - - 12,300 |
|---|---|---|
continued...
Page 7
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| costs | |||
| £ | |||
| Other resources expended | 1,800 | ||
| Support costs, included in the above, are as follows: | |||
| Governance costs | |||
| 2024 | 2023 | ||
| Other | |||
| resources | Total | ||
| expended | activities | ||
| £ | £ | ||
| Sundries | - | 108 | |
| Accountancy fees | 1,800 | 1,800 | |
| 1,800 | 1,908 |
Support costs, included in the above, are as follows:
Governance costs
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 230 |
| Investment income | 7,417 |
| Total | 7,647 |
| EXPENDITURE ON | |
| Raising funds | 4,776 |
| Charitable activities | |
| Donations | 12,300 |
| Other | 1,908 |
| Total | 18,984 |
| Net gains on investments | 12,003 |
| NET INCOME | 666 |
continued...
Page 8
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. CURRENT ASSET INVESTMENTS Listed investments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1/1/24 £ Unrestricted funds General fund 349,892 TOTAL FUNDS 349,892 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 9,639 (25,089) TOTAL FUNDS 9,639 (25,089) |
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. CURRENT ASSET INVESTMENTS Listed investments 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 11. MOVEMENT IN FUNDS At 1/1/24 £ Unrestricted funds General fund 349,892 TOTAL FUNDS 349,892 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 9,639 (25,089) TOTAL FUNDS 9,639 (25,089) |
continued 2024 £ 263,480 2024 £ 1,800 Net movement in funds £ 1,526 1,526 Gains and losses £ 16,976 16,976 |
Unrestricted fund £ 349,226 349,892 2023 £ 242,227 2023 £ 1,800 At 31/12/24 £ 351,418 351,418 Movement in funds £ 1,526 1,526 |
|---|---|---|---|
continued...
Page 9
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/23 £ 349,226 349,226 |
Net movement in funds £ 666 666 |
At 31/12/23 £ 349,892 349,892 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 7,647 | (18,984) | 12,003 | 666 |
| TOTAL FUNDS | 7,647 | (18,984) | 12,003 | 666 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/23 £ 349,226 349,226 |
Net movement in funds £ 2,192 2,192 |
At 31/12/24 £ 351,418 351,418 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 17,286 | (44,073) | 28,979 | 2,192 |
| TOTAL FUNDS | 17,286 | (44,073) | 28,979 | 2,192 |
continued...
Page 10
THE CATHERINE MCINESPIE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 11