REGISTERED COMPANY NUMBER: SC400623 (Scotland)

REGISTERED CHARITY NUMBER: SC018064

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2025

for

St Philip's School Plains

Page

Report of the Trustees

1

to

6

Report of the Independent Auditors

7

to

10

Statement of Financial Activities

11

Balance Sheet

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

to

24

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 March 2025. 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 charity are to advance the education of young people who are emotionally and behaviourally challenging through the operation and maintenance of St Philip's School Plains, by Airdrie as a residential establishment providing residential accommodation, open provision and day provision and ancillary services for the purposes of the relevant legislation.

Significant activities

The charity meets its objectives by:

- the operation of residential schools and special needs units with a view to affecting their mental, physical and moral welfare and, as far as possible, to encourage them to take their place as responsible citizens of the community;

- promoting the provision of additional childcare and educational facilities to disseminate experiences, information and treatments;

STRATEGIC REPORT

Achievements and performance

Charitable activities

We are pleased to report that following a period of negotiation, St Philip's School has successfully achieved a higher than previous financial offer from Scotland Excel for the 2024/25 financial year. This outcome reflects a strong recognition of the enhanced complexity of our service provision, the quality of care and education we continue to deliver, and the increasing specialist nature of referrals we are now accommodating.

While occupancy rates experienced some fluctuation over the year-largely attributable to a shift in referral trends towards young people with more complex neurodiversity profiles-this has been effectively mitigated by higher fee agreements secured in recognition of the increased staffing, therapeutic input, and bespoke care planning required to support these young people. These placements, although fewer in number, require significantly more intensive resources and staffing flexibility, which the new funding arrangement, in part, accommodates.

The increased offer from Scotland Excel is a positive endorsement of the school's strategic service developments, such as the expansion of our Applied Psychological Services Team and the integration of Speech and Language Therapy through our new partnership with NHS Lanarkshire. It also aligns with the investment made in our staffing infrastructure, most notably our succession planning and the continuing professional development model, which ensures the highest standards of care and education.

This year's outcome reinforces our long-term financial stability and enables us to continue investing in infrastructure and specialist services, including the development of the successful operation of the Beechwood Conference Centre as a bespoke learning and development hub.

Our ability to navigate sector-wide financial constraints while continuing to deliver high-quality, individualised services confirms the effectiveness of our strategic planning and the strength of our professional teams. The revised agreement with Scotland Excel ensures that our service model remains both sustainable and responsive to the evolving needs of our young people and their families.

Financial review

Financial position

The main source of income is by way of service income received from the Local Authorities. Incoming resources for the year to 31 March 2025 were £8.61 million (2024: £8.79 million). Resources expended were £8.70 million (2024: £9.20 million). Net outgoing resources before actuarial gains in 2025 were £84,886 compared with net outgoing resources of £418,107 in 2024.

Reserves policy

The Board of Directors has examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy in line with charity regulation guidelines whereby the unrestricted funds, not designated elsewhere or invested in tangible fixed assets held by the charity, should be the equivalent of three to six months of current annual expenditure. Annual operating expenditure for the residential and day care units has been estimated at £7 million and therefore the target is £1.87 million to £3.75 million in unrestricted revenue funds. The reserves are needed to meet the working capital requirements of the charity and to meet its legal obligations in the event of a significant drop in funding. At present unrestricted funds, excluding the net book value of fixed assets and those funds designated for other purposes, are £1.24 million. The trustees acknowledge the need to increase reserves and will review their policy on an annual basis with a commitment to reaching their target level of reserves by 2027.

Going concern

At the time of approving these financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a charitable company limited by guarantee, incorporated on 31 May 2011. The company was formed under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

In accordance with the Articles of Association the first Trustees of the company shall be those persons appointed as the first directors on incorporation of the company. Subsequent appointments shall be made as follows:

(a) There must be at least three Trustees at all times. The Board of Directors shall comprise the Officers and not more than ten other Trustees.

(b) No person may be appointed as a Trustee unless he has been approved in advance by the Ecclesiastical Superior for the time being of the Roman Catholic Diocese of Motherwell (The Superior).

(c) The Chairperson shall be directly appointed by decision of the Superior for a term of three years.

(d) The other Trustees shall be appointed by decision of the Trustees for a term of three years.

At the end of a term of office a willing Trustee who remains eligible under the law to act as a charity trustee and company director may be re-appointed to another term.

Induction and training of new trustees

New trustees attend a short induction and training session where they are briefed on the content of the Constitution, the decision making process, the business plan and recent financial performance of the charity.

Related parties

St. Philip's School Plains is one of four specialist schools affiliated with Cora Foundation. The others are St. Mary's Kenmure Secure Unit, Bishopbriggs, The Good Shepherd Centre, Bishopton and The Good Shepherd Close Support. Cora Foundation was established by the Bishops' Conference of the Roman Catholic Hierarchy in Scotland as the organisation within which a number of social care and specialist educational projects could operate and develop strategically. Cora Foundation promotes the operation of the residential schools, secure units and special needs units, administering funds on their behalf.

The trustees of St Philip's School Plains are also trustees of two associated charities, Arisaig Unit and St Philip's Day Unit (a dormant company).

Risk management

The Trustees have a risk management strategy which comprises:

- an annual review of the risks the charity may face;

- the establishment of systems and procedures to mitigate those risks identified; and

- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

Internal control risks are minimised by the implementation of procedures for the authorisation of all transactions. The finance sub-committee discuss any external risks to funding, decide on appropriate action to minimise risks, and develop a strategic plan.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC400623 (Scotland)

Registered Charity number

SC018064

Registered office

c/o McSparran McCormick

Waterloo Chambers

19 Waterloo Street

Glasgow

G2 6AH

Principal address

10 Main Street

Plains

Airdrie

ML6 7JE

Trustees

J Aitken

A Bennett

T G Bradshaw (appointed 31.10.24)

F Farrell

D J Ryan

Ms E M Seery (appointed 31.10.24)

B J Dempsey (resigned 31.3.25)

L G Byrne (resigned 31.12.24)

J Harkins (resigned 24.8.24)

Company Secretary

McSparran McCormick

Auditors

Accountants Plus (Hamilton) Ltd

T/A Accountants Plus

Statutory Auditor

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

Solicitors

McSparran McCormick

Waterloo Chambers

19 Waterloo Street

Glasgow

G2 6AH

Principal Bankers

Virgin Money

Business Banking Centre

Suite 2

Ochil House

Springkerse Business Park

Stirling FK7 7XE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of St Philip's School Plains 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).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees 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 trustees 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 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 Charities 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.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 15 December 2025 and signed on the board's behalf by:

A Bennett - Trustee

Opinion

We have audited the financial statements of St Philip's School Plains (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to note 11 of the financial statements, which describes the Trustees' treatment of refurbishment costs. Our opinion is not modified in respect of this matter.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-	adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these among our audit team members. We then designed and performed audit procedures to respond to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing the risks or material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the following;

- The nature of the charity, the environment in which it operates and the control procedures implemented by management and the trustees; and-

- Our enquiries of management and trustees about their identification and assessment of the risks of irregularities.

Based on our understanding of the charity and the sector as a whole we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to;

- Regulations and legislation pertinent to the charity's operations; and

- UK tax and employment legislation.

We considered the extent to which non-compliance might have a material impact on the financial statements. We also considered those laws and regulations which have a direct impact on the preparation of the financial statements, such as the Charities and Trustee Investment (Scotland) Regulations 2006. We evaluated management and trustees' incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of management override of controls), and determined that the principal risks of the charity were related to;

- Inappropriate journal entries; and

- Management bias in accounting estimates.

Our procedures to respond to the risks identified included the following:

- Gaining an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management, trustees and legal advisors concerning actual or potential litigation and claims;

- Reading minutes of meetings of those charged with governance;

- In addressing the risk of fraud as a result of management override of controls, testing the appropriateness of journal entries and other adjustments and evaluating rationale of any significant transactions that are unusual or outside the normal course of business; and

- Communicating relevant identified laws and regulations and potential fraud risks to all audit team members, and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. The further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Fiona Struthers C.A. (Senior Statutory Auditor)

for and on behalf of Accountants Plus (Hamilton) Ltd

T/A Accountants Plus

Statutory Auditor

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

Second Floor

Airbles House

270 Airbles Road

Motherwell

ML1 3AT

15 December 2025

31.3.25

31.3.24

Unrestricted

Total

funds

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

3

Charitable Activities

8,032,545

8,249,132

Investment income

2

582,605

544,460

Total

8,615,150

8,793,592

EXPENDITURE ON

Charitable activities

4

Charitable Activities

8,700,036

9,211,699

Net gains/(losses) on investments

(3,416,000

)

(3,112,000

)

NET INCOME/(EXPENDITURE)

(3,500,886

)

(3,530,107

)

Other recognised gains/(losses)

Actuarial gains on defined benefit schemes

3,383,000

313,000

Net movement in funds

(117,886

)

(3,217,107

)

RECONCILIATION OF FUNDS

Total funds brought forward

5,626,087

8,843,194

TOTAL FUNDS CARRIED FORWARD

5,508,201

5,626,087

31.3.25

31.3.24

Unrestricted

Total

funds

funds

Notes

£

£

FIXED ASSETS

Tangible assets

12

3,872,468

4,309,980

CURRENT ASSETS

Debtors

13

2,285,285

2,719,212

Cash at bank and in hand

63,130

16,250

2,348,415

2,735,462

CREDITORS

Amounts falling due within one year

14

(712,682

)

(1,419,355

)

NET CURRENT ASSETS

1,635,733

1,316,107

TOTAL ASSETS LESS CURRENT LIABILITIES

5,508,201

5,626,087

NET ASSETS

5,508,201

5,626,087

FUNDS

16

Unrestricted funds

5,508,201

5,626,087

TOTAL FUNDS

5,508,201

5,626,087

The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2025 and were signed on its behalf by:

A Bennett - Trustee

Cash flows from operating activities

Cash generated from operations

1

59

(693,279

)

Net cash provided by/(used in) operating activities

59

(693,279

)

Cash flows from investing activities

Purchase of tangible fixed assets

(123,852

)

(39,154

)

Interest received

582,605

544,460

Net cash provided by investing activities

458,753

505,306

Cash flows from financing activities

Loan repayments in year

(336,715

)

(51,914

)

Net cash used in financing activities

(336,715

)

(51,914

)

Change in cash and cash equivalents in the reporting period

122,097

(239,887

)

Cash and cash equivalents at the beginning of the reporting period

2

(58,967

)

180,920

Cash and cash equivalents at the end of the reporting period

2

63,130

(58,967

)

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.25

31.3.24

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(3,500,886

)

(3,530,107

)

Adjustments for:

Depreciation charges

561,365

357,133

Interest received

(582,605

)

(544,460

)

Actuarial gain

3,383,000

313,000

Decrease in debtors

433,926

168,280

(Decrease)/increase in creditors

(294,741

)

423,875

Difference between pension charge and cash contributions

-

2,119,000

Net cash provided by/(used in) operations

59

(693,279

)

2.	ANALYSIS OF CASH AND CASH EQUIVALENTS

31.3.25

31.3.24

£

£

Cash in hand

7,382

8,386

Notice deposits (less than 3 months)

55,748

7,864

Overdrafts included in bank loans and overdrafts falling due within one year

-

(75,217

)

Total cash and cash equivalents

63,130

(58,967

)

3.	ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

16,250

46,880

63,130

Bank overdraft

(75,217

)

75,217

-

(58,967

)

122,097

63,130

Debt

Debts falling due within 1 year

(336,715

)

336,715

-

(336,715

)

336,715

-

Total

(395,682

)

458,812

63,130

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.

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.

Freehold property

-

4% on cost

Motor vehicles

-

33% on cost

Computer equipment

-

33% on cost

Residential properties have an estimated residual value equal to cost and as a result no depreciation is charged

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 two defined benefit pension schemes.

Strathclyde Pension Scheme

The pension liabilities and assets are recorded in line with FRS102, with a valuation undertaken by an independent actuary. FRS102 measures the value of pension assets and liabilities at the Balance Sheet date and determines the benefits accrued in the year and the interest on assets and liabilities. The value of benefits accrued and the net interest cost is used to determine the pension charge in the SOFA and are allocated across the appropriate incoming/outgoing resource categories. The change in value of assets and liabilities arising from asset valuation, changes in benefits, actuarial assumptions, or change in the level of deficit attributable to members is recognised in the SOFA within actuarial gains/losses on defined benefit pension schemes. The resulting pension liability or asset is shown on the Balance Sheet.

Scottish Teachers Superannuation Scheme (STSS)

The STSS is a defined benefit multi-employer pension scheme. It is not possible to identify St Philip's School Plains' share of the underlying assets and liabilities of the STSS and hence contributions to the scheme are accounted for as if they were contributions to a defined contribution scheme. Pension contributions are charged to the SOFA as incurred.

2.	INVESTMENT INCOME

31.3.25

31.3.24

£

£

Deposit account interest

33,605

35,460

Interest receivable - pension

549,000

509,000

582,605

544,460

3.	INCOME FROM CHARITABLE ACTIVITIES

31.3.25

31.3.24

Activity

£

£

Service income

Charitable Activities

7,798,908

7,868,206

Rental income

Charitable Activities

75,930

1,950

Other income

Charitable Activities

157,707

378,976

8,032,545

8,249,132

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Charitable Activities

8,301,383

398,653

8,700,036

5.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Charitable Activities

349,570

49,083

398,653

6.	NET INCOME/(EXPENDITURE)

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

31.3.25

31.3.24

£

£

Auditors' remuneration

18,950

14,984

Official correspondent fees

30,133

26,324

Depreciation - owned assets

561,364

551,035

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

8.	STAFF COSTS

31.3.25

31.3.24

£

£

Wages and salaries

4,748,065

4,282,836

Social security costs

460,754

430,817

Other pension costs

849,380

701,027

6,058,199

5,414,680

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

31.3.25

31.3.24

Staff

137

132

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.3.25

31.3.24

£60,001 - £70,000

1

4

£70,001 - £80,000

-

1

£80,001 - £90,000

1

-

£90,001 - £100,000

2

2

4

7

Key management:

Key management personnel are considered to be the Senior Management Team. In the year to 31 March 2025 they received total aggregate employee benefits, including pension contributions, of £247,657 (2024: £259,220).

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

funds

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Charitable Activities

8,249,132

Investment income

544,460

Total

8,793,592

EXPENDITURE ON

Charitable activities

Charitable Activities

9,211,699

Net gains/(losses) on investments

(3,112,000

)

NET INCOME/(EXPENDITURE)

(3,530,107

)

Other recognised gains/(losses)

Actuarial gains on defined benefit schemes

313,000

Net movement in funds

(3,217,107

)

RECONCILIATION OF FUNDS

Total funds brought forward

8,843,194

TOTAL FUNDS CARRIED FORWARD

5,626,087

10.	EMPLOYEE BENEFIT OBLIGATIONS

Strathclyde Pension Fund

The Local Government Pension Scheme (LPGS) is a defined benefit statutory scheme, administered by Glasgow City Council in accordance with the Local Government Pension Scheme (Scotland) regulations 1998 (as amended). It is contracted out of the State Second Pension Scheme. The assets of the scheme are held in a separate trustee-administered fund.

As required by FRS102 the defined benefit liabilities have been measured using the projected unit method. The tables below state the actuarial assumptions upon which the valuation of the scheme was based.

2025

2024

(% p.a.)

(% p.a.)

Pension increase rate

2.75%

2.75%

Salary increase rate

3.45%

3.45%

Discount rate

5.80%

4.85%

The mortality assumptions adopted imply the following life expectancies at age 65

2025

2024

Current pensioners Males

19.3 years

19.3 years

Females

21.7 years

21.7 years

Future pensioners Male

20.1 years

20.3 years

Female

23.5 years

23.5 years

Analysis of amounts charged to statement of financial activities

2025

2024

£(000)

£(000)

Current service cost

(822)

(851)

Past service cost (including curtailments)

-

-

Net interest

549

509

Net finance charge

(273)

(342)

Changes in demographic assumptions

35

196

Return on pension scheme assets excluding interest income

(430)

1,546

Other experiences

202

(2,721)