The directors present their annual report and financial statements for the year ended 31 March 2025.

The Commonwealth Games (Scotland) Endowment Fund was incorporated as a company limited by guarantee on 10 May 2006. It acquired fixed asset investments from the former Commonwealth Games (Scotland) Endowment Fund (a public non-charitable trust). The main objectives for which the company was established are:

1. a.    To receive, hold and administer grants, donations and other forms of financial aid in the form of an endowment fund ("the Endowment Fund") to enable the Commonwealth Games Council for Scotland ("the Council") to provide financial and other assistance to teams, and those associated with them, at Commonwealth Games or Commonwealth Youth Games.

    

2. b.    To provide financial assistance through the Council for such groups or individuals comprising Scottish teams for Commonwealth Games or Commonwealth Youth Games in order to meet or contribute to the costs, whether in whole or in part, of team training, equipment, preparation, travel and participation in Commonwealth Games or Commonwealth Youth Games. In so far as income is not utilised in any one year it is retained by the company and used in the following year or years for the purpose of the Endowment Fund.

    

3. c.    To benefit such other objectives of the Commonwealth Games related objectives of the Council as the directors shall determin.

During the year, the Board engaged regularly with the Commonwealth Games Council for Scotland as plans for the future of the Commonwealth Games were clarified.

It was announced that the 2026 Commonwealth Games would take place in a revised format in Glasgow, Scotland and that there was a healthy interest from others in hosting future Commonwealth Games from 2030 onwards. It is expected that the venue for the next Commonwealth Youth Games will be announced in late 2025.

These decisions confirmed that the financial requirement on the Commonwealth Games Scotland Endowment Fund would continue for the foreseeable future and that resources would be required in advance of 2026. Investments and policy were kept under review to maintain focus on the objective of raising the required funds for Team Scotland.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Commonwealth Games (Scotland) Endowment Fund for the year ended 31 March 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Commonwealth Games (Scotland) Endowment Fund, as a body, in accordance with the terms of our engagement letter dated 3 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Commonwealth Games (Scotland) Endowment Fund and state those matters that we have agreed to state to the Board of Directors of Commonwealth Games (Scotland) Endowment Fund, as a body, in this report in accordance with ICAEW Technical release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Commonwealth Games (Scotland) Endowment Fund and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Commonwealth Games (Scotland) Endowment Fund has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Commonwealth Games (Scotland) Endowment Fund. You consider that Commonwealth Games (Scotland) Endowment Fund is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Commonwealth Games (Scotland) Endowment Fund. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

The notes on pages 7 to 10 form part of these financial statements.

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The notes on pages 7 to 10 form part of these financial statements.

The notes on pages 7 to 10 form part of these financial statements.

Commonwealth Games (Scotland) Endowment Fund is a private company limited by shares incorporated in Scotland. The registered office is Doges, Templeton on the Green, 62 Templeton Street, Glasgow, United Kingdom, G40 1DA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.

The financial statements have been prepared on a going concern basis. Given the size of the investment portfolio, the cash reserves and the expected expenditure in the next 12 months, the directors are satisfied that there are sufficient resources available for the company to continue to operate. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

This consists of investment income and bank interest which is recognised when the company is entitiled to it.    

Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

Cash and cash equivalents are basic financial assets and 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.

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are 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, 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, where the 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.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The average monthly number of persons employed by the company during the year was:

There was no corporation tax liability in the current year as taxable profits on investment income and gains were covered by unutilised investment management expenses and capital gains tax losses carried forward.

The tax credit in the current year relates to refunds of tax suffered at source, on income which is subsequently covered by unutilised investment management expenses and capital gains tax losses carried forward.

No deferred tax provision is recognised in respect of the unrealised gain on the investments held as this unrealised gain is eliminated by the carried forward capital and other losses. It is not probable that the company will incur corporation tax in the near future and thus this net deferred tax asset has not been recognised in the financial statements.

Listed investments are included in these financial statements at their fair value on the reporting date. The fair value has been measured based on a quoted market price in an active market. Had the investments not been revalued, they would have been included in these financial statements at their historical cost of £2,047,954 (2022: £1,985,109).

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

There were no related party transactions in the year or in the prior year.

There is no ultimate controlling party.