IRIS Accounts Production v25.1.4.42 Other Company accounts True false Pounds 1.12.23 30.11.24 30.11.24 FY N A Fyfe (Vice-president D J O Dickson J D Anderson J A Aitkenhead A Doig P B Carnan I C Gibson G A Kidd A Dorward MB ChB FRCP R E Maltman FRS 102 Independent examiner Small companies regime for accounts Full Charities SORP true true true true false true false true 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0125522023-11-30SC0125522024-11-30SC0125522023-12-012024-11-30SC0125522022-11-30SC0125522022-12-012023-11-30SC0125522023-11-30SC012552ns0:CharitableCompanyLimitedByGuarantee2023-12-012024-11-30SC012552ns15:PoundSterling2023-12-012024-11-30SC012552ns0:Trustee22023-12-012024-11-30SC012552ns0:Trustee12023-12-012024-11-30SC012552ns0:Trustee32023-12-012024-11-30SC012552ns0:Trustee42023-12-012024-11-30SC012552ns0:Trustee52023-12-012024-11-30SC012552ns0:Trustee62023-12-012024-11-30SC012552ns0:Trustee72023-12-012024-11-30SC012552ns0:Trustee82023-12-012024-11-30SC012552ns0:Trustee92023-12-012024-11-30SC012552ns0:Trustee102023-12-012024-11-30SC012552ns11:FRS1022023-12-012024-11-30SC012552ns11:IndependentExaminationCharity2023-12-012024-11-30SC012552ns11:SmallCompaniesRegimeForAccounts2023-12-012024-11-30SC012552ns11:FullAccounts2023-12-012024-11-30SC012552ns11:CharitiesSORP2023-12-012024-11-30SC012552ns16:EnglandWales2023-12-012024-11-30SC012552ns11:RegisteredOffice2023-12-012024-11-30SC012552ns0:Activity82023-12-012024-11-30SC012552ns0:Activity82022-12-012023-11-30SC012552ns10:WithinOneYear2024-11-30SC012552ns10:WithinOneYear2023-11-30SC012552ns0:TotalUnrestrictedFunds2024-11-30SC01255222023-12-012024-11-30SC01255232023-12-012024-11-30SC01255212023-12-012024-11-30SC01255212022-12-012023-11-30SC012552ns10:ListedExchangeTradedns10:CostValuation2023-11-30SC012552ns10:ListedExchangeTradedns10:AdditionsToInvestments2024-11-30SC012552ns10:DisposalsRepaymentsInvestmentsns10:ListedExchangeTraded2024-11-30SC012552ns10:RevaluationsIncreaseDecreaseInInvestmentsns10:ListedExchangeTraded2024-11-30SC012552ns10:ListedExchangeTradedns10:CostValuation2024-11-30
REGISTERED COMPANY NUMBER: SC012552 (Scotland)
REGISTERED CHARITY NUMBER: SC005109














Report of the Trustees and

Financial Statements For The Year Ended 30 November 2024

for

Incorporated Glasgow Renfrewshire
Society.

Incorporated Glasgow Renfrewshire
Society.






Contents of the Financial Statements
For The Year Ended 30 November 2024




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 13

Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Report of the Trustees
For The Year Ended 30 November 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 November 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
Objectives and aims
The objects of the Society shall be to provide the means of education and to afford pecuniary relief to members and persons who are qualified to become members. This is achieved through the awarding of financial assistance to those who fulfil the necessary criteria. The objectives of the Society remain unchanged. The Board of Directors consider the objectives to have been achieved in the year.

The Board of Directors would like to take this opportunity to thank those involved for the donation of their time.

Norman A Fyfe
It is with great sadness that the Board of Directors report that Norman Fyfe passed away on 30 January 2024. Norman had been a director of the Company since 1994 and his contribution and commitment to the Society over many years will be greatly missed.

Significant activities
The main objective for the forthcoming year is to appoint new Directors and the furtherance of the charitable objectives of the Society.

Grantmaking
Under the terms of the Articles of Association, the Board of Directors have powers to grant relief to other associations or individuals with objects altogether or in part similar to those of the Society.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The total income of the Society from all sources was £14,417 (2023 - £14,895) as shown in the statement of financial activities on page 6. The principal funding source for the charity is from investment income. The total expenditure for the year was £19,994 (2023 - £20,939) as shown in the statement of financial activities on page 6.

The deficit for the year of £5,577 (2023 - £6,044), together with the gain on investments of £38,494 (2023 loss - £1,744) have been added to the capital account. The capital account as at 30 November 2024 now stands at £441,882 (2023 - £408,965).

Investment performance
As is shown in Note 9, the total cost of the general fund quoted investments was £315,174 (2023 - £279,630). The market value of these investments as at 30 November 2024 amounted to £427,536 (2023 - £395,018).

FINANCIAL REVIEW
Investment policy and objectives
The Board of Directors have the power to invest in such securities as authorised by the Charities' and Trustees Investment (Scotland) Act 2005 and Regulations 2016, and as set out in the Articles of Association. The Board of Directors regularly take advice from the society’s advisers and are aware of the fluctuating performance of the investments.

Reserves policy
The capital account represents the funds arising from current operating results and the Board of Directors are satisfied that the level of reserves held are sufficient to meet all anticipated liabilities.


Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Report of the Trustees
For The Year Ended 30 November 2024

FUTURE PLANS
The main objective of the forthcoming year is the furtherance of the objects of the Society.

ETHICAL INVESTMENT STATEMENT
The Society's assets should be invested in line with the requirement to make regular payments to those individuals it assists. The Directors expect that the appointed Investment Manager will, within the Investment selection process:-

(a) be aware of Environmental, Social and Governance (ESG) considerations and
(b) exercise discretion and avoid any investments which might be considered inappropriate.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees
The Office Bearers and the Ordinary and Extraordinary Members of the Board of Directors shall be elected at the Ordinary Annual Meeting. Directors shall be elected by open voting by a majority of members present at the Ordinary Annual Meeting of The Incorporated Glasgow Renfrewshire Society (hereinafter referred to as "the Society"). The President and Vice-President shall hold office for one year. The Directors hold office for three years, after which they retire and are eligible for re-election.

Organisational structure
The Society was founded in 1838 and Incorporated in 1923. Its objects are declared to be the benevolent assistance of such of its members or those born or resident in Renfrewshire.

The management of the Society is vested in the Board of Directors who comprise the President, the Vice President, the Secretary & Treasurer, and ten Directors. Details of these Office Bearers are on page 3.

Induction and training of new trustees
Only Members of the Society, who are considered to have adequate experience and training to fulfil roles, are eligible to serve on the Board of Directors.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC012552 (Scotland)

Registered Charity number
SC005109

Registered office
c/o Robb Ferguson
Regent Court
70 West Regent Street
GLASGOW
G2 2QZ


Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Report of the Trustees
For The Year Ended 30 November 2024

Trustees
President
G A Kidd

Vice-President
D J O Dickson

Extraordinary Directors
I C Gibson
A Doig
J A Aitkenhead
Dr A Dorward MB CHB FRCP

Directors for Glasgow
R E Maltman
J D Anderson
P B Carnan JP

Directors for Paisley
Vacant

Directors for Greenock
Vacant

Others:

Honorary Patron
Colonel Peter T McCarthy, Lord Lieutenant of Renfrewshire

Company Secretary
A Logan C.A., Robb Ferguson C.A.

Independent Examiner
McLay, McAlister & McGibbon LLP
Registered Auditors and Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

Bankers
Bank of Scotland plc
54-62 Sauchiehall Street
Glasgow
G2 3AH

Investment Advisers
Rathbones Investment Management
50 George House
George Square
Glasgow
G2 1EH

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Incorporated Glasgow Renfrewshire Society. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Report of the Trustees
For The Year Ended 30 November 2024


STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 25 June 2025 and signed on its behalf by:





D J O Dickson - Trustee

Independent Examiner's Report to the Trustees of
Incorporated Glasgow Renfrewshire
Society.

I report on the accounts for the year ended 30 November 2024 set out on pages six to thirteen.

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.








Fiona Russell C.A.
The Institute of Chartered Accountants of Scotland

McLay, McAlister & McGibbon LLP
Registered Auditors and Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

26 June 2025

Incorporated Glasgow Renfrewshire
Society.

Statement of Financial Activities
For The Year Ended 30 November 2024

2024 2023
Unrestricted Total
funds funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 50 50

Investment income 3 14,367 14,845
Total 14,417 14,895

EXPENDITURE ON
Raising funds
Investment management costs 4 3,809 3,577
3,809 3,577

Charitable activities 5
Cost of charitable activities 16,185 17,362
Total 19,994 20,939

Net gains/(losses) on investments 38,494 (1,744 )

NET INCOME/(EXPENDITURE) 32,917 (7,788 )


RECONCILIATION OF FUNDS
Total funds brought forward 408,965 416,753

TOTAL FUNDS CARRIED FORWARD 441,882 408,965

Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Balance Sheet
30 November 2024

2024 2023
Unrestricted Total
funds funds
Notes £    £   
FIXED ASSETS
Investments 9 427,536 395,018

CURRENT ASSETS
Cash at bank 24,211 21,923

CREDITORS
Amounts falling due within one year 10 (9,865 ) (7,976 )

NET CURRENT ASSETS 14,346 13,947

TOTAL ASSETS LESS CURRENT
LIABILITIES

441,882

408,965

NET ASSETS 441,882 408,965
FUNDS 11
Unrestricted funds 441,882 408,965
TOTAL FUNDS 441,882 408,965

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Incorporated Glasgow Renfrewshire
Society. (Registered number: SC012552)

Balance Sheet - continued
30 November 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 25 June 2025 and were signed on its behalf by:





D J O Dickson - Trustee

Incorporated Glasgow Renfrewshire
Society.

Notes to the Financial Statements
For The Year Ended 30 November 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Unrestricted funds
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Investments
Investments are shown at market value. Realised gains and losses are taken to the Statement of Financial Activities.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 50 50

3. INVESTMENT INCOME
2024 2023
£    £   
Investment asset income 14,367 14,845

All investment asset income comprises dividends receivable, from listed investments.


Incorporated Glasgow Renfrewshire
Society.

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

4. INVESTMENT MANAGEMENT COSTS
2024 2023
£    £   
Investment management costs 3,809 3,577

5. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 6) note 7) Totals
£    £    £   
Cost of charitable activities 12,580 3,605 16,185

6. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£    £   
Grants to beneficiaries 12,580 13,750

7. SUPPORT COSTS
Governance
costs
£   
Cost of charitable activities 3,605

Support costs, included in the above, are as follows:
2024 2023
Cost of
charitable Total
activities activities
£    £   
Secretary fee 3,000 3,000
Independent examiner's fee 605 612
3,605 3,612

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 November 2024 nor for the year ended 30 November 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 30 November 2024 nor for the year ended 30 November 2023.



Incorporated Glasgow Renfrewshire
Society.

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

9. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 December 2023 395,018
Additions 54,115
Disposals (60,091 )
Revaluations 38,494
At 30 November 2024 427,536
NET BOOK VALUE
At 30 November 2024 427,536
At 30 November 2023 395,018

COST
At 30 November 2024 315,174
At 30 November 2023 279,630

The market value of fixed asset investments includes £75,769 (2023: £58,367) of foreign investments assets.

Investments are held primarily to generate a return for the Society.

The following quoted investments comprise more than 5% of the total market value at 30 November 2024:
- Polar Capital Tech. Trust (Cost - £15,121 Market Value - £26,040)

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accruals 9,865 7,976

11. MOVEMENT IN FUNDS
Net
At movement At
1.12.23 in funds 30.11.24
£    £    £   
Unrestricted funds
General fund 408,965 32,917 441,882

TOTAL FUNDS 408,965 32,917 441,882

Incorporated Glasgow Renfrewshire
Society.

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

11. MOVEMENT IN FUNDS - continued

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 14,417 (19,994 ) 38,494 32,917

TOTAL FUNDS 14,417 (19,994 ) 38,494 32,917


Comparatives for movement in funds

Net
At movement At
1.12.22 in funds 30.11.23
£    £    £   
Unrestricted funds
General fund 416,753 (7,788 ) 408,965

TOTAL FUNDS 416,753 (7,788 ) 408,965

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 14,895 (20,939 ) (1,744 ) (7,788 )

TOTAL FUNDS 14,895 (20,939 ) (1,744 ) (7,788 )

A current year 12 months and prior year 12 months combined position is as follows:

Net
At movement At
1.12.22 in funds 30.11.24
£    £    £   
Unrestricted funds
General fund 416,753 25,129 441,882

TOTAL FUNDS 416,753 25,129 441,882

Incorporated Glasgow Renfrewshire
Society.

Notes to the Financial Statements - continued
For The Year Ended 30 November 2024

11. MOVEMENT IN FUNDS - continued

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 29,312 (40,933 ) 36,750 25,129

TOTAL FUNDS 29,312 (40,933 ) 36,750 25,129

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 November 2024.

13. LIMITED COMPANY

The Incorporated Glasgow Renfrewshire Society is a private company, limited by guarantee.