**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 : - (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. 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