About Us
THE INCORPORATION OF TAILORS OF RUTHERGLEN
Master Court’s responsibilities in relation to the financial statements
Law applicable to charities in Scotland requires the Master Court to prepare financial statements for each financial year which give a true and fair view of the financial activities of the Incorporation during the year and its financial position at the end of the year.
In preparing financial statements giving a true and fair view the Master Court should follow best practice and
- select suitable accounting policies and apply them consistently
- 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 charity will continue to operate.
The Master Court is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Incorporation and which enable it to ensure that the financial statements comply with applicable law and the Incorporation’s Laws and Regulations. It is also responsible for safeguarding the assets of the Incorporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Investment Policy
The Master Court regularly reviews the Incorporation’s investments with the Incorporation’s investment advisors. The Master Court’s policy is to maintain a balance between income and capital growth.
Reserves Policy
It is the policy of the Master Court to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to at least six months unrestricted expenditure. This provides sufficient funds to cover management and administration costs and to respond to emergency applications for grants which arise from time to time. Unrestricted funds were maintained at this level throughout the year.
Grant Making Policies and Roll
Financial assistance is granted to applicants approved by the Master Court following enquiry as to their circumstances.
Risk Management
The Master Court has examined the major strategic, business and operational risks which the Incorporation faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
NOTES
Voting Qualification
No member shall be qualified until he has attained the age of 18 years.
Death Grants
Members and their dependants are reminded that in order to qualify for payment of the £150 Death Grant, notification must be made to the Clerk within 6 months from the date of death.
Pensions
Members are requested to inform the Clerk of any member, or widow or child or dependent of any deceased member who may be eligible to receive a Pension from the Incorporation.
Change of Address
Please inform the Clerk of any change of address.
Golf Competition
Any member who does not already receive notification about this Competition and would like to do so or wishes to be deleted from these lists should speak to the Clerk.
Tailors Ties
Specially designed ties are available from the Clerk at a cost of £10.00.
