REGISTERED COMPANY NUMBER: SC153177 (Scotland)

REGISTERED CHARITY NUMBER: 022996

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

for

The Renfield Centre

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

5

Independent Examiner's Report

6

Statement of Financial Activities

7

Balance Sheet

8

to

9

Notes to the Financial Statements

10

to

17

TRUSTEES

A C G Kennedy (resigned 14.8.24)

M B A Glass (resigned 17.6.25)

R Nicolson (resigned 11.9.24)

F G Hay (resigned 9.7.25)

J Peckenson (resigned 12.6.25)

V Osso (resigned 17.6.25)

Rev D Johnston (resigned 23.6.25)

J C Clark (appointed 11.3.24) (resigned 9.7.25)

D Gunn (appointed 11.3.24) (resigned 14.5.25)

G Cree (appointed 11.3.24) (resigned 21.6.25)

J Haggarty (appointed 9.7.25)

K Machado (appointed 9.7.25)

C Pollock (appointed 9.7.25)

W Pollock (appointed 9.7.25)

E Rogers (appointed 9.7.25)

K Rogers (appointed 9.7.25)

H Anderson (appointed 11.12.24) (resigned 9.7.25)

G Smith (appointed 11.12.24) (resigned 1.7.25)

REGISTERED OFFICE

260 Bath Street

Glasgow

G2 4JP

REGISTERED COMPANY NUMBER

SC153177 (Scotland)

REGISTERED CHARITY NUMBER

022996

INDEPENDENT EXAMINER

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

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 aims

The charity is a non-denominational Christian organisation, whose over-arching objective is to advance the Christian faith through service to the community. To this end it provides serviced accommodation for an extremely wide range of social activities, thereby acting as manager and factor on behalf of the owner of the premises concerned, the Renfield Street Trust, itself a charity (SC042456). In a typical year it supports 280 organisations and with a footfall of over 60,000 individuals, contributes a substantial public benefit.

The charity is financially self-reliant and, in order to continue covering its costs in the long run, it aims to serve a mix of customers that can be charged for use of its accommodation on an 'ability to pay' basis, with discounted rents for some groups cross-subsidised from higher rents paid by others that regularly operate in the commercial market for space for meetings, training events and conferences. Accordingly the quality of accommodation provided must be kept comparable to what is available in that market; with the agreement of the Trust any surpluses that arise are reinvested in the facilities to achieve that end.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

Achievements and performance

The current Board has found it challenging to compile a report of the activities and achievements of the Renfield Centre in 2024 as none of the current Directors was present during that time. The last year presented significant challenges in the operation of the Renfield Centre and its subsidiary Renfield Enterprises. The senior member of staff, the Centre Manager, was injured in a very serious road accident as a pedestrian in late December 2023. This resulted in him being absent for the first seven months of the year, followed by a gradual phased return to work. Whilst some other staff undertook additional responsibilities which the Board of Directors appreciated, his absence was significant from both a strategic and operational perspective.

Regular users and occupiers of the Centre were able to continue as usual without experiencing any deterioration in the level of service they received. The Board is grateful to the staff for ensuring a continuation in service during difficult circumstances. In light of the foregoing this means that we do not have the information and experience that would ordinarily inform this report.

Several Directors resigned in early 2025 and the remaining Board of Directors resigned on 9 July 2025. Prior to doing so, they appointed a new Board of Directors. The (then) Board by that time was encountering serious financial difficulties as anticipated income had not increased as envisaged and substantial new expenditure had been incurred. The Board sought external financial assistance. However, any financial assistance made would be on the condition that the Board reviewed its current expenditure and made substantial and immediate reductions in expenditure. The Board was not prepared to do so.

The new Board at its first meeting discovered that the Annual Report and Accounts for 2024 had neither been drafted nor approved by the previous Board. This meant that we were unable to submit these accounts within the statutory time frame to Companies House and to the Office of the Scottish Charity Regulator. An extension for submission to December 2025 was sought and granted by Companies House. This means that the current Board has considered and approved these accounts without having been present in 2024 with the consequence that they are approved to the best of our knowledge and belief.

The financial predicament of (then) Board of Directors in 2024 appears to have arisen from a decision to employ two consultants at additional expense. The remit of one consultant was to promote the Centre, attract new business and apply for grants. This cost £15,400 from August to the end of the year. One grant application was successful for £3,000 which applied to supporting the Spire Concerts. A second application to Glasgow City Council was successful for £2,700 towards a project that did not proceed due a former Director resigning who was to have been the lead officer. The funds were subsequently returned to the City Council in 2025. The remit of the second consultant was to develop the website and produce a new logo. This cost £2,800. Further expenditure was incurred on legal fees.

Income from lettings was £180,027 in 2023 compared to £172,297 in 2024, a decrease of £7,730. Income from lettings by resident groups was £22,259 in 2024 compared to £5,348 in 2023, an increase of £16,911. A substantial part of the increase can be attributed to a new group providing several training courses. Income from office rents in 2024 was £23,946 in comparison to £15,259 in 2023, an increase of £8,687. This can be attributed to the impact of a full year let compared to a part year let in 2023 and a full year let of another office space that had previously been vacant, plus some rent increases. This made an overall increase of £17,868.

Grants from the congregation of St Andrew's West Parish for services provided by the Centre remained similar to 2023. The Renfield Street Trust, as owners, continued to pay most of the building's insurance premium and to fund capital repairs and maintenance.

The Centre continues to provide accommodation for use by the congregation of St Andrew's West Parish Church as well as other various support services. The range of customers includes various Christian churches, several choirs, hobby and interest groups, political and campaign issue meetings, training courses, self-help groups, uniformed youth organisations, dance shows, concerts and English speakers of other languages classes. Additionally, light catering for meetings and events is provided by Renfield Enterprises.

Employee costs continued to rise. Although the Centre Manager costs were reduced by long term absence, responsibility payments to the Office Administrator and to the Facilities Manager eroded any savings achieved. Additionally, there was a change in status of the posts of Facilities Manager and a new post of Caretaker Supervisor resulted in additional costs. Employee costs were £115,194 in 2023 compared to £126,242 in 2024, an increase of £11,048. Utility costs rose significantly due to the cessation of a long-term fixed contract for the supply of gas and electricity. Utilities cost £30,146 in 2024 compared to £22,027 in 2023, an increase of £8,119.

In an attempt to increase usage, the (then) Board of Directors introduced a multi-layer pricing structure in August which allowed for compounding discounts using various factors. This overall resulted in lower prices being charged. We have been led to believe that the concept was that by reducing prices significantly, it would attract more business and overall income would increase accordingly. Whilst this attracted a few new customers, it did not attract new customers in sufficient numbers to make it successful. The view was that this was a medium to long-term strategy. The year showed a deficit of £23,737 in 2024 compared to a deficit of £7,528 in 2023. The significant increase in the deficit in 2024 is concerning and is unsustainable.

The Board has agreed a 12-month plan for 2026 that will focus on increasing income, monitoring expenditure and fulfilling the principal aims of the Centre as set out in its Articles of Association. These accounts are approved in good faith based on all available evidence by the current Board.

FINANCIAL REVIEW

Financial position

During the year overall Centre bookings increased from £187,887 in 2023 to £208,258 in 2024. The charity continued to received financial support from both the Renfield Street Trust and St Andrew's West Parish Church, which resulted in total income of £236,484 compared with £215,820 in the previous year. Total expenditure amounted to £260,221 (2023 - £223,348). The overall result is a deficit for the year of £23,737 (2023 - deficit £7,528).

Principal funding sources

The principal source of funding is income from the letting of accommodation within the centre to other church orgainsations, other charities, self-help groups and other commercial entities. The charity also receives grant income from the Renfield Street Trust and St Andrew's West Parish Church.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

New trustees may be sought to enhance or increase the range of expertise available to the charity. New trustees are appointed by the existing trustees. There is no formal induction programme for any newly appointed trustees. New trustees are given information containing a brief history of the charity, copies of most recent annual reports and accounts, advice on powers and responsibilities of trustees, a copy of the trust deed and a copy of the Scottish Charity Regulator's Guidance: Guidance for Charity trustees.

Organisational structure

The charity has six trustees with responsibility for the direction of the charity in meeting its objectives. The day to day running of The Renfield Centre is the responsibility of the Centre Manager who reports regularly to the trustees. The trustees meet four times a year to review performance and decide on the charity's future role while developing solutions to issues as they arise.

Decision making

The decision making process is determined by the trustees and implemented by the Centre Manager.

Related parties

The charity has a wholly owned trading subsidiary, Renfield Enterprises Limited, which now only provides catering services within the The Renfield Centre . The company ceased trading to the general public at the end of September 2020 due to the continued impact of the pandemic, and this activity has not recommenced, but the company has continued to provide services to users of The Renfield Centre.

In the year to 31 December 2024 the company reported a profit of £23,898 (2023 - £12,494). The directors are considering options regarding future trading activities but this depends on a number of factors which cannot be predicted with any certainty as this point. In the meantime cash generated is being used to reduce the inter-company indebtedness.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The principal risks are ensuring continued compliance with relevant laws and regulation regarding the maintenance of the property occupied, risk associated with rising minimum wage and associated pension costs and continuing pressure on utility costs, which continue to rise. The nature of the customer base means that there is constant pressure to minimise increased costs being passed on to customers but this is being managed at the present time. The trustees and the Centre Manager are acutely aware of these risks and they are continually under review and they have plans in place to deal with these issues as and when they arise.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 30 November 2025 and signed on its behalf by:

W Pollock - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages seven to seventeen.

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.

Amardeep Kalsi CA

The Institute of Chartered Accountants of Scotland

Stevenson & Kyles

Chartered Accountants

25 Sandyford Place

Glasgow

G3 7NG

30 November 2025

2024

2023

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

7,081

-

7,081

4,573

Charitable activities

General

-

-

-

31

Grants recieved

19,510

1,000

20,510

22,798

Other trading activities

2

208,893

-

208,893

188,418

Total

235,484

1,000

236,484

215,820

EXPENDITURE ON

Charitable activities

3

General

260,221

-

260,221

223,348

NET INCOME/(EXPENDITURE)

(24,737

)

1,000

(23,737

)

(7,528

)

RECONCILIATION OF FUNDS

Total funds brought forward

110,798

-

110,798

118,326

TOTAL FUNDS CARRIED FORWARD

86,061

1,000

87,061

110,798

2024

2023

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

20,966

-

20,966

18,227

Investments

10

100

-

100

100

21,066

-

21,066

18,327

CURRENT ASSETS

Debtors

11

51,975

-

51,975

46,613

Cash at bank

28,478

5,700

34,178

64,409

80,453

5,700

86,153

111,022

CREDITORS

Amounts falling due within one year

12

(15,458

)

(4,700

)

(20,158

)

(18,551

)

NET CURRENT ASSETS

64,995

1,000

65,995

92,471

TOTAL ASSETS LESS CURRENT LIABILITIES

86,061

1,000

87,061

110,798

NET ASSETS

86,061

1,000

87,061

110,798

FUNDS

15

Unrestricted funds

86,061

110,798

Restricted funds

1,000

-

TOTAL FUNDS

87,061

110,798

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 30 November 2025 and were signed on its behalf by:

W Pollock - Trustee

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.

The presentation currency of the financial statement is the Pound Sterling (£).

Preparation of consolidated financial statements

The financial statements contain information about The Renfield Centre as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

Tangible fixed assets

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

Long leasehold

-

10% on cost

Fixtures and fittings

-

15% on cost

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.

Government grants

Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the statement of financial activities over the same period as the expense it is intended to compensate.

2.	OTHER TRADING ACTIVITIES

2024

2023

£

£

Centre bookings

208,258

187,887

Other income

635

531

208,893

188,418

3.	CHARITABLE ACTIVITIES COSTS

Direct

Support

Costs (see

costs (see

note 4)

note 5)

Totals

£

£

£

General

224,928

35,293

260,221

4.	DIRECT COSTS OF CHARITABLE ACTIVITIES

2024

2023

£

£

Staff costs

129,507

118,779

Rates and insurance

13,694

13,853

Light and heat

30,146

22,027

Telephone

7,931

4,346

Postage and stationery

2,291

2,123

Sundries

1,938

5,999

Repairs and renewals

26,193

26,934

Cleaning

3,101

2,352

Equipment hire

4,610

4,652

Bank charges

451

201

Depreciation

5,066

3,949

Interest payable and similar charges

-

(452

)

224,928

204,763

5.	SUPPORT COSTS

Governance

costs

£

General

35,293

6.	NET INCOME/(EXPENDITURE)

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

2024

2023

£

£

Depreciation - owned assets

5,066

3,949

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.	STAFF COSTS

2024

2023

£

£

Wages and salaries

126,242

115,194

Social security costs

2,773

2,271

Other pension costs

492

1,314

129,507

118,779

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

2024

2023

Management and administration

5

3

Caretakers

4

4

9

7

The key management are deemed to be the trustees, the Centre Manager, and the Assistant Manager. Total employment benefits of the key management personnel including employer pension contributions were £35,240 (2023- £40,572). No employee received emoluments in excess of £60,000.

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2024

3,250

56,392

59,642

Additions

-

7,805

7,805

At 31 December 2024

3,250

64,197

67,447

DEPRECIATION

At 1 January 2024

325

41,090

41,415

Charge for year

325

4,741

5,066

At 31 December 2024

650

45,831

46,481

NET BOOK VALUE

At 31 December 2024

2,600

18,366

20,966

At 31 December 2023

2,925

15,302

18,227

10.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Renfield Enterprises Ltd

Registered office: 260 Bath Street, Glasgow, G2 4JP

Nature of business: Catering

%

Class of share:

holding

Ordinary

100

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(20,367

)

(44,265

)

Profit for the year

23,898

12,494

11.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

16,526

7,110

Prepayments

7,195

-

23,721

7,110

Amounts falling due after more than one year:

Amount due from subsidiary

28,254

39,503

Aggregate amounts

51,975

46,613

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 13)

-

989

Social security and other taxes

11,117

13,203

Accrued expenses

9,041

4,359

20,158

18,551

13.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year on demand:

Bank loans

-

989

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Between one and five years

42,875

-

15.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

110,798

(24,737

)

86,061

Restricted funds

The Spire Concert Series

-

1,000

1,000

TOTAL FUNDS

110,798

(23,737

)

87,061

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

235,484

(260,221

)

(24,737

)

Restricted funds

The Spire Concert Series

1,000

-

1,000

TOTAL FUNDS

236,484

(260,221

)

(23,737

)

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

118,326

(7,528

)

110,798

TOTAL FUNDS

118,326

(7,528

)

110,798

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

215,820

(223,348

)

(7,528

)

TOTAL FUNDS

215,820

(223,348

)

(7,528

)

The General Fund is used for the operation of core activities.

The Spire Concert Series is used to support a season of classical chamber music.

16.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.