REGISTERED COMPANY NUMBER: SC293107 (Scotland)

REGISTERED CHARITY NUMBER: SC012497

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Charles Rennie Mackintosh Society

Page

Report of the Trustees

1

to

9

Independent Examiner's Report

10

Statement of Financial Activities

11

Balance Sheet

12

to

13

Notes to the Financial Statements

14

to

23

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 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

Objectives and activities

The Charles Rennie Mackintosh Society is an independent, non-profit making charity, established in 1973 to promote and encourage awareness of the Scottish architect and designer, Charles Rennie Mackintosh.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Charles Rennie Mackintosh Society (CRMS) is now in its fifty-first year of existence - and has looked after the Mackintosh Church at Queen's Cross since 1977. During those years, the CRM Society has stayed true to its founding principles of protecting, preserving and promoting the works of the great architect, artist and designer CR Mackintosh - whilst running and maintaining the Queen's Cross building. Notable successes over the decades have ranged from having the demolition order removed from Martyrs' School through to the rescue of Queen's Cross and campaigns and practical projects to preserve, restore and promote Mackintosh's legacy. The Society has continued to play a leading role in promoting Mackintosh through exhibitions, events, marketing, visitor services, academic queries and education programmes. This has included the instigation of the city-wide CRM Senior Operations Group.

All of this happens without any core-funding and through the support and dedication of members, volunteers and minimal staffing. An ever-increasing pressure on resources, with growing demand for advice and information, plus increasing costs has always put the organisation under a lot of strain, and we strive to build capacity and resilience for the future.

MONUMENT LEGACY PROJECTS

Funding received from the Monument Trust in 2018 has been extremely beneficial in covering our ever-increasing overheads and allowing the Society to undertake a series of important projects relating to Queen's Cross and the wider Mackintosh collection. Funds utilised so far include:

2018

QX Chancel Furniture Purchase

£82.518

QX Ladies Toilet upgrade

£15,000

Mackintosh at the Willow - operation costs

£14,000

2021

QX Kitchen upgrade

£25,000

QX Finial research & investigation

£1,000

2022

Support for Core Operation Costs at QX

£40,000

HF - Emergency Lighting Upgrade at QX

£7,000

2023

HH - Fire Suppression Feasibility for QX

£5,050

and Carbon Reduction Survey

HH - Boiler design Spec for QX

£4,032

OVI - Lighting Concept for QX

£5,000

2024

Fire Panel Upgrade + CCTV

£11,000

MB - Windows Conservation Report

£1,480

SB - Quinquennial Survey

£1,850

MT - Support for Core Costs at QX

£40,000

Mackintosh Queen's Cross

Building Maintenance Work

- Annual roof and gutter repairs were completed.

Quinquennial Survey

In 2024 the Society commissioned a Quinquennial report on Queen's Cross by conservation architects Simpson & Brown. The purpose of this five-yearly inspection is to record the present condition of the building fabric and to provide an outline of any repair work required. The report is critical to the Society's ability to carry out the systematic and continued maintenance of its headquarters.

Simpson & Brown undertook a visual inspection during which they examined the upper walls from the ground and from the tower roof. The roof spaces themselves were not accessible for inspection. With no opening up undertaken, it may be that future investigations will turn up new information on the extent of some of the work needed.

The recommendations from the report are designed to support a work programme which balances repair and maintenance of the building with the conservation of significant existing fabric ensuring that the building is not only in good working order, but its appearance enhanced and restored.

Fire Alarm Control Panel

The fire control panel has been upgraded to allow remote access. This is now a 'best practice' standard in terms of mitigating fire risk and speeding up any call out, in response to the changes in fire call out by the fire brigade. The purpose of being able to remotely view the information on the panel is to allow the monitoring centre and callout team (whether that is professional keyholding or CRM Society staff team) to see (from out with the building) where the alarms have triggered. By knowing the area of concern, it allows safer access to the building and also enables remote cctv camera access to see, again from outside the building or via remote monitoring, what is going on inside, in the area of concern.

Mackintosh Buildings Survey

Since the completion of the Mackintosh Buildings Survey in 2016 there continues to be vital and essential work to be undertaken in safeguarding and developing the Mackintosh heritage.

As outlined in the MBS report, the Society continues to take a pro-active role in monitoring the buildings and monuments and working with the information obtained, and on the progress made through the Survey and its recommendations for each site.

The Mackintosh Buildings Survey is one of the best examples of the Society's value and contribution to conserving Scotland's heritage. The project would not have happened without the support and generosity of The Monument Trust.

Summary report from the Buildings and Interiors Sub-Committee:

Glasgow School of Art Update

The Glasgow School of Art (GSA) appointed Reiach and Hall with Purcell to 'robustly test' its existing rebuild plans to restore the fire-ravaged Mackintosh building.

The two practices were asked to 'identify the appropriate route to delivery of the faithful reinstatement' of the Charles Rennie Mackintosh-designed 1909 landmark, which was extensively damaged by a major fire in 2018. At the time, it was nearing the end of a £35 million restoration following a previous fire in 2014.

The appointment forms part of the GSA's new phased plan for the building's rebuild, having scrapped an earlier procurement process to find a design team to lead the entire reconstruction.

Reiach and Hall with Purcell will essentially go back to an earlier brief testing and direction-setting stage, working to update the existing 2021 strategic outline business case (SOBC).

According to the school, this SOBC addendum, which is due to be published in spring 2025, 'will ensure the GSA can make evidenced-based decisions, ensuring the Mackintosh Building is successfully rebuilt as a working school of art and contributes to the regeneration of Sauchiehall Street and Glasgow City Centre'.

The GSA has also said it is embroiled in a row with its insurers, and this has gone to arbitration.

Scotland Street School

Ongoing restoration work and repairs to the building fabric at Scotland Street School are part of preparing the building for the proposed new Early Learning Centre on the ground floor. The re-introduction of an education provision will signal a return to the building's original use and offer new ways of interpreting its architecture and history. At the same time, it will allow the building to retain its important role in the city in terms of cultural tourism and consolidate the significance of the design by Charles Rennie Mackintosh.

In December 2024, the roof and rainwater repairs had been completed. The quality of workmanship throughout is excellent and a great testament to all those working on the project.

More work will be required on the stonework and windows as part of the second stage of restoration. Currently this is on hold, as there is some uncertainty about the funding for the Early Learning Centre.

The Hill House

A generous £1.1 million package of development funding from The National Lottery Heritage Fund has been pledged to the National Trust for Scotland as the first step towards a highly ambitious project to celebrate the genius of Charles Rennie Mackintosh and Margaret Macdonald.

Funding will also enable the Trust to continue the vital conservation work at The Hill House, which has been afflicted with chronic damp since it was completed in 1904. The pioneering chainmail Box, installed in 2019, has successfully allowed the house to dry out slowly. This new funding will enable the Trust to move forward with the full removal of the current render, to find a replacement which will resolve the longstanding damp issue, remove the Box in 2028 and provide updated, permanent visitor facilities, including a café, shop and toilet facilities at the site on Upper Colquhoun Street in Helensburgh.

Mackintosh at the Willow

Following negotiations and the support of the National Lottery Heritage Fund, it was confirmed in January 2024 that The Willow Tea Rooms Trust will transfer Mackintosh at the Willow to the National Trust for Scotland's portfolio, which consists of Scotland's most important built, cultural and natural heritage.

The National Trust for Scotland will operate Mackintosh at the Willow on a 'business as usual' basis, with existing operations, the website and other elements continuing.

The Lighthouse (Glasgow Herald Building)

The building remains closed to the public, but there were recent articles in the press stating that GCC were in negotiations with a developer for use of the building as a 'Tech Hub' with some public access.

Martyrs' School

In October we learnt that Martyrs' School was up for sale by GCC. No notification had been given to the Society by GCC or explanation as to why there had been the change from the previous marketing for a new leaseholder under GCC's ownership. This was especially disappointing after the relatively recent meeting by the Society with Glasgow City Council (GCC).

The Society is currently looking at potential options for Martyrs', and have had numerous meetings and discussions with MPs, MSPs and councillors. We are hopeful that a solution can be found to safeguard the future of Martyrs'.

Ruchill Church Hall

Explorations are continuing to safeguard the future of Ruchill.

1 Dunira Street, Comrie

In April a site visit to the Mackintosh Shop at 1 Dunira Street was arranged by the Landmark Trust. Until recently, the extent of Mackintosh's design in the shop has been somewhat obscured by the extensive fittings of a gift shop. However, in 2024, a change of tenancy provided the opportunity to examine the interior without any distractions and revealed fittings and fitted joinery around structural columns and an extensive shop counter.

This is only a sample of the work going on with the various Mackintosh Buildings.

L'association Charles Rennie Mackintosh en Roussillon

The Charles Rennie Mackintosh Association in Roussillon celebrated its twentieth anniversary. Since its inception in February 2004, its volunteers have worked tirelessly to bring the life and work of Charles and his wife Margaret to a wider and wider audience, notably through the forty or so watercolours that C R Mackintosh painted in Roussillon and the three exhibition-interpretation centres: Port-Vendres, Amélie-les Bains-Palalda and Bélesta.

Mackintosh Tours

The Society continues to facilitate internal and external tours.

Talks and Events

In January and February, we hosted thirteen successful concerts for Celtic Connections, with nearly 4000 attendees.

In June prior to our AGM weekend, we hosted a two-day symposium; Heritage Under Threat at Mackintosh Queen's Cross. Initiated by the Society, we had an impressive programme of speakers who offered local, national and international perspectives on the vulnerability of built heritage. Whilst there were encouraging examples where successful restoration had not only rescued the buildings themselves but delivered wider cultural and economic benefits, there were other instances, including examples from Glasgow's own Mackintosh heritage, where such positive developments still seem a long way off.

In September we hosted Doors Open at Queen's Cross, with a series tours/talks of the building.

We continue to have the monthly Composers Ensemble, which is growing in size.

Membership and Patron Scheme

We continue to make improvements in our service to our Members: through better communications and membership recruitment. The website supports member information and more of our members are comfortable with receiving electronic newsletters. The take-up on the Direct Debit service has been excellent and we hope this makes it easier for members to renew their membership.

Journal

In April 2024 issue 107 of the Society Journal was published.

Visitor Numbers

Visitors to Queen's Cross have been steady, with around 10,615 over the year.

Mackintosh DSB Travelling Scholarship

Now in its third year, the 2024 Mackintosh/DSB Travelling Scholarship was awarded to Julian Caldwell, a DipArch graduate from the Mackintosh School of Architecture's Stage 5 course. The generous scholarship has been set up by the late Deirdre Bernard and her husband Stanley and is a fitting tribute to Deirdre who was a stalwart supporter of the Society. The scholarship covers up to £2,000 of travel cost enabling students to explore an aspect of their practice inspired by their final year design thesis. It is available only to students studying at the Mackintosh School of Architecture.

Education and Volunteer Outreach

We continue to build on introductions to Mackintosh for our young people so that they can continue to be inspired both by the creativity and the fabulous interiors of Mackintosh Queen's Cross. Our exciting workshops are designed to cultivate participation and arts involvement in order to develop a long-term relationship with artistic pursuits for young people. We hope to encourage children to involve themselves in arts programmes so that they can develop an interest and understanding of their cultural heritage. As part of the Gaia display, the grant support by Glasgow City Council enabled us to invite local schools and learn about the Earth and environmental issues for free. This initiative was most successful. Thirteen primary schools sent their P4, P5 and P6 classes to visit and each had an immersive experience in the company of Glasgow-based children's theatre company Halo talking about our planet.

FINANCIAL REVIEW

Financial Review

The Society continues to work on a series of conservation and development programmes to secure the future of Queen's Cross and the work of the Society.

This is only the start of meeting increased costs of restoration and development in the face of a challenging and gloomy economy outlook. Our fundraising will continue, as we look to make Queen's Cross secure for the future.

The CRM Society exists through the support and dedication of members, volunteers and a very small but hugely effective staff. The hard work of everyone involved has resulted again in a positive financial position of the Charity.

The Society cannot rest on its laurels. Fundraising to secure the future work of the Society and the Mackintosh Building for the public to enjoy is ongoing and vital. The Society is however in a very good place to do that.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that the reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

At 31 December 2024, there were unrestricted funds of £242,952 (Note 13 on page 20) for general use. This represents over a year of expenditure based on the 2024 level..

Donations

We received £17,500 as Gift Aid from Edward Le Bas Properties Limited as part of our licence agreement for Glebe Place.

The funding is of great benefit in allowing us to explore new ways in developing Mackintosh Queen's Cross and enabling the Society to continue its extensive education and advocacy role in safeguarding and promoting the work of Charles Rennie Mackintosh.

Investment Policy

The Society has invested with Barclays Wealth Fund in order to develop the funds gifted by the Monument Trust, whilst also producing a sustainable and growing income flow to assist with the Society's ambitions towards securing the future of the Mackintosh Queen's Cross building, the development of its heritage and engagement work and the legacy projects we plan to deliver over the next few years.

The Society chose Barclays Charity Fund, as this was the most effective and efficient way for the Society to gain access to the Barclays Wealth's Discretionary Portfolio Management Service and the specialist Charities Moderate Risk Income Biased Strategy.

The Barclays Charity Fund is an authorised unit trust structured as a Tax Elected Fund with the objective of providing a sustainable level of income with the prospect of growth in both capital and income over the long term, through investment in an attentively managed and diversified risk appropriate portfolio of assets.

The Fund is positioned to be suitably globally diversified, multi-asset and managed on a moderate risk basis with underlying investments selected across a high-quality range of direct entities and bonds, 3rd party mutual funds, index funds and, where appropriate, alternative trading strategies.Additionally, the Fund is ethically screened to avoid tobacco, pornography, gambling and the manufacture or sale of arms.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charles Rennie Mackintosh Society is a charity limited by guarantee and governed by its Memorandum and Articles of Association. The organisation is a Scottish Charity, number SC012497, and is registered with Companies House, number SC293107.

The Trustees, who are also the directors for the purpose of company law, and served during the year and up to the date of signature of the financial statements were:

Mr S D Robertson

(Appointed 10/06/2006)

Mr P Trowles

(Appointed 08/06/2019)

Mr J V James

(Deceased 12/01/2025)

Ms M Callaghan

(Appointed 10/06/2023)

Mr M Dale

(Appointed 11/06/2022)

Mr R Henry

(Appointed 10/06/2023)

Ms L Hepburn

(Appointed 10/06/2023)

Mr G W Ingram

(Appointed 10/06/2023)

Dr E A Silber

(Appointed 10/06/2023)

Mr D J F Vaughan

(Appointed 10/06/2023)

Ms L B Watt

(Appointed 10/06/2023)

Recruitment and appointment of new trustees

New trustees are elected at the AGM of the Charity. Members wishing to become Trustees complete nomination papers, which are distributed with the AGM papers.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Honorary Officers of the Society

The Society would like to thank our Honorary Officers for their ongoing support:

Honorary President

Roger Billcliffe

Honorary Vice Presidents

Murray Grigor

Bruno del Priore

Prof. Pamela Robertson MBE

Prof. Frank Walker OBE

Organisational structure

The society is governed by a Board of Directors (The Council) which meets on a regular basis and makes decisions on the policies and direction of the Society.

The Society is currently run by staff comprising a Director, a Heritage and Development Manager, Events and Administration Co-ordinator, Visitor Services and Volunteer Co-Ordinator and a complement of about 30-50 volunteers who support the team at Queen's Cross.

Operational decisions are delegated to the senior staff, with the director having overall responsibility for day-to-day operations.

Induction and training of new trustees

The charity operates an induction programme for all Trustees. The programme includes an opportunity to attend Trustee Meetings as an observer and individual meetings with other Trustees. The induction programme is designed to ensure that new trustees fully understand their roles and responsibilities, as well as the objectives, ethos and activities of the charity.

The trustees' report was approved by the Board of Trustees.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC293107 (Scotland)

Registered Charity number

SC012497

Registered office

Queens Cross Church

870 Garscube Road

GLASGOW

G20 7EL

Trustees

Company Secretary

S D Robertson

Independent Examiner

Mark Blair FCCA

TB Dunn & Co

Unit 8000

Academy Business Park

51 Gower Street

Glasgow

G51 1PR

Approved by order of the board of trustees on 13 May 2025 and signed on its behalf by:

M D Dale - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages eleven to twenty three.

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.

Mark Blair FCCA

The Association of Chartered Certified Accountants

TB Dunn & Co

Unit 8000

Academy Business Park

51 Gower Street

Glasgow

G51 1PR

13 May 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

62,586

70,000

132,586

258,760

Other trading activities

2

79,396

-

79,396

58,411

Investment income

3

3,146

-

3,146

2,866

Total

145,128

70,000

215,128

320,037

EXPENDITURE ON

Raising funds

56,055

-

56,055

71,775

Charitable activities

Queen's Cross Running Expenses

161,189

-

161,189

168,132

Queen's Cross Restoration Expenses

4,382

-

4,382

10,316

Licence

-

70,000

70,000

70,000

Total

221,626

70,000

291,626

320,223

Net gains on investments

57,499

-

57,499

65,953

NET INCOME/(EXPENDITURE)

(18,999

)

-

(18,999

)

65,767

RECONCILIATION OF FUNDS

Total funds brought forward

2,179,598

17,500

2,197,098

2,131,331

TOTAL FUNDS CARRIED FORWARD

2,160,599

17,500

2,178,099

2,197,098

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

8

28,378

-

28,378

18,494

Heritage assets

9

974,841

-

974,841

974,841

1,003,219

-

1,003,219

993,335

CURRENT ASSETS

Stocks

10

5,197

-

5,197

5,317

Debtors

11

2,060

17,500

19,560

19,695

Investments

12

901,135

-

901,135

843,636

Cash at bank and in hand

260,891

-

260,891

345,976

1,169,283

17,500

1,186,783

1,214,624

CREDITORS

Amounts falling due within one year

13

(11,903

)

-

(11,903

)

(10,861

)

NET CURRENT ASSETS

1,157,380

17,500

1,174,880

1,203,763

TOTAL ASSETS LESS CURRENT LIABILITIES

2,160,599

17,500

2,178,099

2,197,098

NET ASSETS

2,160,599

17,500

2,178,099

2,197,098

FUNDS

14

Unrestricted funds

2,160,599

2,179,598

Restricted funds

17,500

17,500

TOTAL FUNDS

2,178,099

2,197,098

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 13 May 2025 and were signed on its behalf by:

R Henry BSc FCA - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with 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 (FRS102). The financial statements have also been prepared in accordance with the Charities Accounts(Scotland) Regulations Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005.

The charity is a public benefit entity as defined by FRS102.

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all periods presented.

Income

Income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met of the fulfilment of those conditions is wholly within the control of the charity and it is probably that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether "capital" or "revenue" grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

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 settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accrual basis. All expenses including support costs are allocated or apportioned to the applicable expenditure headings.

Cost of raising funds comprise the costs of commercial trading including investment management costs, and certain legal and professional fees associated with support costs.

Expenditure on charitable activities includes all staff costs, delivery costs, property costs, professional fees, vehicle costs, evaluation costs and other activities undertaken to further the purposes of the charity and their associated support costs.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognized in the charity’s financial statements when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are only offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investment with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.

Governance costs

Governance costs (which are included as a component of support costs (in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Heritage assets

Heritage assets are stated at cost less accumulated impairment if considered permanent.

Depreciation is not charged on the heritage assets as the recoverable value is considered higher than the net book value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation 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 charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

The Directors are obliged to consider the appropriateness of the going concern assumption when preparing the financial statements. Given the declining economic outlook and increasing inflationary pressures has created a degree of uncertainty with potential subsequent impact on funding, the Directors have assessed its potential impact on the finances and future of the charity. Further disclosure regarding the Directors assumptions and decisions taken thus far to mitigate its impact are detailed in the Directors' Report. Consequently, the Directors believe that there are no material uncertainties affecting the charity's ability to continue as a going concern and, accordingly, the financial statements are prepared on a going concern basis.

Provisions

Provisions are recognised where a legal or constructive obligation has been incurred which will probably lead to an outflow of resources that can be reasonably estimated. Provisions are recorded for the estimated ultimate liability that is expected to arise, taking into account the time value of money where material.

2.	OTHER TRADING ACTIVITIES

31.12.24

31.12.23

£

£

Fundraising events

51,033

40,625

Shop income

28,363

17,786

79,396

58,411

3.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Deposit account interest

3,146

2,866

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Independent examination

1,500

1,500

Depreciation - owned assets

3,699

4,623

5.	TRUSTEES' REMUNERATION AND BENEFITS

One of the trustees received remuneration and benefits from the charity during the year totalling £44,764 (2023: £42,230).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Support and administration

4

4

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

188,760

70,000

258,760

Other trading activities

58,411

-

58,411

Investment income

2,866

-

2,866

Total

250,037

70,000

320,037

EXPENDITURE ON

Raising funds

71,775

-

71,775

Charitable activities

Queen's Cross Running Expenses

168,132

-

168,132

Queen's Cross Restoration Expenses

10,316

-

10,316

Licence

-

70,000

70,000

Total

250,223

70,000

320,223

Net gains on investments

65,953

-

65,953

NET INCOME

65,767

-

65,767

Transfers between funds

9,401

(9,401

)

-

Net movement in funds

75,168

(9,401

)

65,767

RECONCILIATION OF FUNDS

Total funds brought forward

2,104,430

26,901

2,131,331

TOTAL FUNDS CARRIED FORWARD

2,179,598

17,500

2,197,098

8.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

86,218

Additions

13,583

At 31 December 2024

99,801

DEPRECIATION

At 1 January 2024

67,724

Charge for year

3,699

At 31 December 2024

71,423

NET BOOK VALUE

At 31 December 2024

28,378

At 31 December 2023

18,494

9.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

974,841

NET BOOK VALUE

At 31 December 2024

974,841

At 31 December 2023

974,841

10.

STOCKS

31.12.24

31.12.23

£

£

Stocks

5,197

5,317