**Congregation No: 010039 Scottish Charity No: SC003565**
## **CHURCH OF SCOTLAND ST GILES’ CATHEDRAL CONSOLIDATED ANNUAL REPORT AND ACCOUNTS**
**For the year ended 31 December 2025**
**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT AND ACCOUNTS**
## **For the year ended 31 December 2025**
|**Contents**|**Page**|
|---|---|
|Trustees’ Report|3 - 9|
|Independent Auditor’s Report|10 - 12|
|Consolidated Statement of Financial Activities|13|
|Charity Statement of Financial Activities|14|
|Consolidated Balance Sheet|15|
|Charity Balance Sheet|16|
|Consolidated and Charity Statement of Cash Flows|17|
|Notes to the Accounts|18 – 32|
|Appendix:||
|Funds held on behalf of the Congregation||
|by the Church of Scotland General Trustees|33|
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS**
## **Year ended 31 December 2025**
The Trustees of St Giles’ Cathedral (“St Giles’” or the “Parent”) present the consolidated Annual Report and Accounts for St Giles’ for the year ended 31 December 2025 incorporating the accounts of the St Giles Renewal Appeal Trust (a separate charity – No. SC007126), St Giles Luckenbooths Limited, a wholly owned subsidiary of St Giles’, and St Giles’ Heritage and Culture SCIO (“the SCIO”) (a separate charity – No SC049530). The accounts have been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
## **Objectives and Activities**
The Church of Scotland is Trinitarian in doctrine, Reformed in tradition and Presbyterian in polity. It exists to glorify God and to work for the advancement of Christ’s Kingdom through the world. As a national Church, it acknowledges a distinctive call and duty to bring the ordinances of religion to the people in every parish of Scotland through a territorial ministry. It co-operates with other churches in various ecumenical bodies in Scotland and beyond.
St Giles’ seeks to fulfil the aims expressed in the previous paragraph and to respond to the wishes of many thousands of people who visit the Church as tourists/pilgrims and for worship, private and public, on regular occasions on Sundays and weekdays, for recitals of music and for special services – commemoration, military, the Order of the Thistle, anniversaries and other.
## **The Minister**
On Sunday 16[th] February 2025, the Rev Scott M Rennie MA BD STM FRSA preached as the Sole Nominee to fill the vacancy at St Giles’, after which Scott was elected by ballot. His induction took place on 29[th] April 2025. Prior to his appointment to St Giles’, Scott was Minister of Crown Court Church, the Kirk’s historic congregation in Covent Garden, Central London. His first charge was as Parish Minister at Brechin Cathedral in Angus, where he served for 10 years, following which he spent 12 years as Minister of Queen’s Cross Church in Aberdeen.
Throughout his ministry, Scott has served the Church of Scotland, and the wider Third Sector through a broad range of Boards and Committees. He is also Vice-Chair of the General Trustees of the Church of Scotland. As Scott transitions to leading, and working alongside, the team at St Giles’ Cathedral he brings a hopeful outlook and an entrepreneurial spirit, with a firm desire for St Giles’ to deepen further its partnerships and central place in the life of the Church of Scotland, Edinburgh, and the nation.
## **St Giles’ Visitors**
In recent years, the Cathedral has enjoyed a resurgence in interest by visitors from all over the world; whether for pilgrimage, tourism, artistic or historical study, or musical performance. While many of those visitors give generously to support the upkeep of the building and the wide range of activities it supports, the average donation is a small fraction of that suggested, and the Cathedral’s cash reserves have been dwindling, as costs continue to increase steadily. The Kirk Session is therefore moving decisively towards a model of charging entry for visitors other than those attending for prayer or worship services.
A major improvement in the Cathedral’s finances has resulted from a first step in this direction. Since April 2025, visitors have been greeted at the West Door by representatives of a company retained by St Giles’ called Complete Works, whose welcome is both cordial and professional, and whose active request for donations has materially altered the level of average donation. While it still falls a long way short of the suggested sum, the effect has been to deliver a surplus of income in 2025. This offers the Kirk Session the ‘breathing space’ needed to complete the transition to formal charging, which is expected to commence in the autumn of 2026.
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## **ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## **Achievements and Performance**
For over 900 years, St Giles’ has offered to the citizens of Edinburgh opportunities for Christian worship. The building has also housed, at differing times, councils and parliaments of city and nation and general assemblies of the Church of Scotland. As the central public building of the city and nation for many centuries, St Giles’ has an importance and attraction which has called for careful maintenance and sensitive development.
St Giles’ Parish Grouping with Canongate indicated by the Presbytery Mission Plan continues to develop in depth and scope. Both congregations are reviewable charges and at the point of future review the Presbytery will consider in consultation with the Kirk Sessions the pattern of ministry for this part of Edinburgh. The Parish is served by two ministers and undertakes a city-wide missional role to Parliament, Council and the Armed Forces.
The congregations respond to common challenges and synergies along the central axis of the Old Town from the Palace to the Castle: these are historic buildings active in tourism, pilgrimage, daily services, musical events and concerts, civic and military services. St Giles’ community of online worshippers from around the world and Canongate’s participation in the ‘Faith at the Heart of the Nation’ programme strengthen outreach and mission. The links between our two churches grow ever stronger, and we are constantly finding new ways to work and worship together.
## **Financial Review**
The consolidated accounts bring together the accounts of St Giles’, St Giles Renewal Appeal Trust and St Giles Luckenbooths Limited.
The main purpose of St Giles’ is to be a place of worship, as has been the case for over 900 years. As custodians of this historic building, though, it is also the congregation’s duty and joy to share with as wide an audience as possible the beauty of the building and an understanding of the cultural heritage it represents.
In 2024, over 1.7m visitors made their way through our doors, and while this was an excellent testament to our attraction both as a place of worship and a visitor attraction, it came with a significant burden of wear and tear. The addition of the ‘welcomers’ at the West Door since the spring of 2025 has not only increased the level of donations the Cathedral receives but also reduced the number of visitors slightly; in 2025, 1.6m visitors came to St Giles’.
Within the Renewal Appeal Trust, a donation of £220,000 was received to support the work on refurbishing the Rieger Organ; this lifted the overall Donations and Legacies figure in the Consolidated Accounts. The other major difference in income, year-on-year, was the uplift in visitor income, which rose by more than £0.5m thanks to the introduction of the Welcoming team. Within the Expenditure column, the organ refurbishment represents the majority of the Restricted Funds spending; while the uplift in visitor income was delivered at a cost of £104,000 in fees to the Welcoming team and other costs.
Total consolidated income amounted to £2.4m (2024: £1.7m). Total expenditure amounted to £2.2m compared with £2m in 2024. The surplus in 2025 amounted to £0.1m compared with a deficit of £0.3m in 2024, and after net gains on investment and heritable property assets, a surplus of £0.3m compared with £0.2m in 2024.
The total funds in hand at the end of the year amounted to £6.9m (2024: £6.6m). Of this sum, £3.8m is attributable to unrestricted funds which includes the incorporation of three properties owned by St Giles’ at a valuation of £3.0m. Restricted funds and endowment funds amounted to £1.0m and £2.1m respectively.
The consolidated balance sheet shows fixed assets of £2.0m (2024: £2.0m) and investments at valuation of £3.3m (2024 - £3.2m). Net current assets increased by £0.1m year on year. The total bank and cash and short term deposits at the end of the year amounted to £1.2m (2024: £0.7m). At the end of 2025, £0.6m of unrestricted deposits was available towards the running of the Cathedral.
## St Giles’ Cathedral
Total income amounted to £2.1m in 2025 compared with £1.6m in 2024. Donations and legacies amounted to £0.2m (2024: £0.3m). No legacies were received in 2025 (2024: £8,993). Other trading activities (visitor and shop income and income from the use of the Cathedral) increased from £1.2m in 2024 to £1.7m in 2025. Total expenditure in 2025 amounted to £2.0m compared with £1.8m in 2024.
Overall in 2025, there was a net surplus in income over expenditure of £78,659 (2024: d e f i c i t o f £154,134). After taking account of net gains on investment and heritable property assets, the net increase in funds in 2025 amounted to £0.2m compared with a net increase in funds of £0.2m in 2024.
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## St Giles Renewal Appeal Trust
The principal activity of the Trust during the year was the complete refurbishment of the Rieger Organ. Built in 1992, thanks to the generosity of the Salvesen family, the organ was last cleaned in 2010. In February 2025, a team of specialists from Rieger Orgelbau in Austria travelled to Edinburgh to undertake the work. All the pipes were lifted out and thoroughly cleaned; the console cleaned, its manual and pedal mechanisms readjusted, and the electric contacts and circuit boards checked and replaced where necessary. The entire wind system was checked, with damaged or brittle leather being replaced, and the entire bellows system was re-leathered. Once these and all the other elements of the work were completed, the organ was re-tuned. The Rieger team worked intensively, and the refurbishment was completed by the end of March, on time and within budget.
The work was once again funded by a very generous donation from the Salvesen family, to whom our immense gratitude is extended. There is a small balance remaining from the funds donated, which will be used to improve the video and audio links to the organ console, as well as making further investment in fire protection within the housing.
During the year, income totalled £244,813 compared with £114,558 in 2024. The direct costs incurred during the year amounted to £181,671 (2024: £203,438). The cost of raising funds and the costs of management, administration and governance amounted to £7,510 (2024: £7,138) which gave a total expenditure for the year of £189,181 (2024: £210,576). At the end of the year, total funds carried forward amounted to £251,993 (2024: £193,781).
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## **Risk Management**
The Trustees have assessed the major risks to which the Charities are exposed and systems have been established to mitigate them. The principal risks and uncertainties are financial, and further details of income, expenditure, commitments and reserves levels are noted in the Financial Review and Reserves Policy sections of this Report. Comprehensive insurance is taken out annually for all major risks including buildings, contents, employers and third party liability.
The 2025 Church of Scotland Giving to Grow assessment was paid in full, and the 2026 assessment is also being paid monthly. At present, this remains the single largest cost element within our Charitable Activities; St Giles’ investment in increasing visitor donations has allowed this cost to be covered, but significant uncertainty remains around the introduction of visitor charging – to wit, the extent to which visitor footfall will be diminished once charging is in place.
Aside from our contribution to Giving to Grow, the major cost which lies outwith our control is that of insuring our building. In 2025, St Giles’ buildings insurance was moved out of the main Church of Scotland portfolio and placed with a third party organisation. The current agreement is in place to cover the years 2025-27 and dialogue is commencing with the insurer as to the outlook from that point.
## **Reserves Policy**
It is the Trustees’ policy, as far as St Giles’ is concerned, to aim to hold free reserves of approximately twelve months’ expenditure under unrestricted funds. Six months’ expenditure is the minimum which is considered desirable by the Church of Scotland. At the year end, unrestricted funds in the Cathedral amounted to £3.7m (2024: £3.5m) of which approximately £0.6m (2024: £0.5m) was cash readily available to cover ongoing expenditure, which equates to around 4 months’ “normal” expenditure. St Giles’ has substantial costs which it has to bear in relation to its operations, and maintaining and insuring a historic Listed Building in a World Heritage site which is open to the public all year round. The Trustees are aware of the need to raise funds; at present, the primary focus of those efforts is the investment necessary to allow the Cathedral to charge for visitor entry. A primary focus of such an activity will be, first and foremost, to rebuild free reserves to the level set by the Trustees as that required to allow St Giles’ sufficient resilience for future uncertainty.
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## **Investment Policy and Performance**
The major investments held by St Giles’ are managed by RBC Brewin Dolphin Investment Managers. The investment objective is to achieve a balance between long term capital growth and the generation of income. The risk profile is that of a medium risk approach which corresponds to a diversified portfolio invested in a broad spread of equities including a proportion of fixed interest securities, cash and where appropriate, alternative readily realisable assets such as property and infrastructure funds. The performance is measured against the RBC Brewin Dolphin Risk Level 6 Index.
In considering the Environmental, Social and Governance aspects of the Cathedral’s investment portfolios, the Kirk Session has selected RBC Brewin Dolphin as its Advisor, enabling its portfolios to reflect the Advisor’s responsible overlay on all its investment processes.
The main St Giles’ Cathedral Fund generated a total return before fees of 10.42% for the year to 31[st ] December 2025, which compares to a total return of 13.98% from the Risk Level 6 benchmark and 9.3% from ARC Steady Growth, the most relevant comparator. The investments managed by RBC Brewin Dolphin at the end of 2025 were valued at £1.9m (2024 - £1.8m).
## **Plans for the Future**
In 2026 it is planned that St Giles’ finally completes the task of securing the infrastructure, staffing and necessary permissions to commence charging visitors. Initially, the online booking system will simply allow staff to better control the stream of visitors; by autumn, the commencement of charging should be underway.
Associated with this work are the initial actions to improve the accessibility of St Giles’ for all who wish to enjoy its unique beauty. In the past year, the architectural team have been consulting with the Kirk Session on the best way to achieve full accessibility to the Thistle Chapel for those with mobility and related disabilities; a stone ramp is now in an advanced design stage, which will approach the Thistle antechapel from the west. An accessible toilet is also essential, and its location is being agreed upon. For both projects, external funding will be sought in support of the necessary investment.
Our central goal is to ensure that St Giles’ doors remain open for worshippers, pilgrims, tourists, concert-goers, officers of city, state and country, and all who wish to experience its unique environment in the years to come.
**Structure, Governance and Management Governing Document**
The Congregation is administered in accordance with the terms of the quoad omnia constitution of a church and parish of the Church of Scotland.
## **Recruitment and Appointment of Trustees**
Members of the Kirk Session are the Charity Trustees. The members of the Kirk Session are the Minister of the charge and the elders of the Church who are chosen from those members of the Church who are considered to have the appropriate gifts and skills.
## **Organisational Structure**
The Kirk Session is chaired by the Minister and meets at least five times each year. Certain responsibilities are delegated to the Finance & Administration Committee, the Fabric Committee, the Business Committee and the Community Committee as appropriate. The Kirk Session is responsible for spiritual affairs within the Church. The Treasurer presents the Accounts annually to the Kirk Session for its approval.
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## **Key Management Personnel Remuneration**
The Trustees consider the Kirk Session as comprising the key management personnel of St Giles’ in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely. No trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in note 15 to the accounts.
## **Reference and Administrative Information Trustees**
The Trustees who served during the year and up to the date of the signing of the accounts were: -
John M Andrew Lesley Elliott W Wilson Murray Victor L Ashton Amanda J Forsyth John P Robertson Mark TS Batho Kevin Hall John W Robertson Philip Brodie Christine Hamilton Lindsay Sawyer Douglas R Burke Carole Hope Mirren Stobie Emma Caskie- Potter Lesley Johnston William Taylor Alan Convery Marjory Lobban Michael Towers Susan Davie Niall Lothian Anne Whiteford Alan Dewar R Hugh MacDougall Gary C Winney Roy R Durie Sheila M Mackay Elizabeth Wright Elizabeth J S McClelland
## **Principal Office-bearers**
Minister Rev Dr Scott M Rennie (from 29 April 2025) Interim Moderator Rev Dr George Whyte (during the vacancy) Session Clerk Mark Batho Treasurer Amanda Forsyth
## **Principal Address**
Charity Name: St Giles’ Cathedral Contact Address: St Giles’ Cathedral, High Street, EDINBURGH EH1 1RE Charity Registration Number: SC003565 Congregation Reference No: 010039
## **Independent Auditor**
## **Bankers**
## **Investment Advisors**
CT Audit Limited Bank of Scotland RBC Brewin Chartered Accountants & Statutory The Mound Dolphin Auditor EDINBURGH, EH1 1YZ Atria One 61 Dublin Street 144 Morrison Street EDINBURGH EH3 6NL EDINBURGH EH3 8BR
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**ST GILES’ CATHEDRAL**
## **TRUSTEES’ CONSOLIDATED ANNUAL REPORT and ACCOUNTS (continued)**
## **Year ended 31 December 2025**
## **Trustees’ Responsibilities in relation to the Accounts**
The Trustees are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice (updated 2019);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s constitution.
The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees and signed on their behalf,
## **Mark TS Batho Session Clerk**
3 June 2026
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**ST GILES’ CATHEDRAL**
## **INDEPENDENT AUDITOR’S REPORT to the KIRK SESSION of ST GILES’ CATHEDRAL**
## **Opinion**
We have audited the accounts of St Giles Cathedral (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and notes to the accounts, 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the accounts:
- give a true and fair view of the state of the group’s and the parent charity’s affairs as at 31 December 2025, and of the group’s and parent charity’s 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 Charities and Trustee Investment (Scotland) Act 2005 and regulation 6 a n d 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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 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.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the accounts and our auditor’s report thereon. Our opinion on the accounts 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.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.
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**ST GILES’ CATHEDRAL**
## **INDEPENDENT AUDITOR’S REPORT to the KIRK SESSION of ST GILES’ CATHEDRAL (continued)**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if , in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the accounts; or
- proper accounting records have not been kept; or
- the parent charity’s accounts are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Respective responsibilities of Trustees**
As explained more fully in the Trustees’ Responsibilities Statement set out on page 9, the Trustees are responsible for the preparation of accounts which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, the trustees are responsible for assessing the group’s and parent charity’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 group or the parent charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the accounts**
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 accounts.
We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in which it operates and considered the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Charity Accounts (Scotland) Regulations 2006 (as amended), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities SORP.
We focused on laws and regulations that could give rise to a material misstatement in the charity’s accounts. Our tests included, but were not limited to:
- agreement of the account disclosures to underlying supporting documentation;
- enquiries of the trustees;
- review of minutes of trustee meetings throughout the period; and
- obtaining an understanding of the control environment in monitoring compliance with laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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**ST GILES’ CATHEDRAL**
## **INDEPENDENT AUDITOR’S REPORT to the KIRK SESSION of ST GILES’ CATHEDRAL (continued)**
## **Use of our report**
This report is made solely to the charity’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 charity’s trustees those matters we are required to state to them in an auditor’s 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 group and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL
16 June 2026
CT Audit Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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## **ST GILES’ CATHEDRAL**
## **CONSOLIDATED STATEMENT of FINANCIAL ACTIVITIES - Year ended 31 December 2025 Page 13**
|||**Unrestricted**|**Restricted**|**Endowment**||**Unrestricted**|**Restricted**|**Endowment**||
|---|---|---|---|---|---|---|---|---|---|
|||**Funds 2025**|**Funds 2025**|**Funds 2025**|**Total 2025**|**Funds 2024**|**Funds 2024**|**Funds 2024**|**Total 2024**|
||**Note**|||||||||
|||**£**|**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income and endowments from:**||||||||||
|Donations and legacies|7|181,695|242,369|4,080|428,144|201,643|129,104|2,032|332,778|
|Charitable activities|8|31,269|-|-|31,269|29,091|-|-|29,091|
|Other trading activities|9|1,723,316|8,634|-|1,731,950|1,139,944|19,416|-|1,159,360|
|Investments|10|100,597|16,603|53,937|171,137|101,662|17,854|54,826|174,342|
|**Total income**|22|2,036,877|267,606|58,017|2,362,500|1,472,340|166,374|56,858|1,695,572|
|**Expenditure on:**||||||||||
|Raising funds|11|695,501|8,274|10,497|714,272|575,921|15,212|8,361|599,494|
|Charitable activities|12|1,314,380|199,448|110|1,513,938|1,121,931|221,165|3,135|1,346,231|
|**Total expenditure**|22|2,009,881|207,722|10,607|2,228,210|1,697,852|236,377|11,496|1,945,725|
|Net income/(expenditure) before
movements on investment assets||26,996|59,884|47,410|134,290|(225,512)|(70,003)|45,362|(250,153)|
|Gain on revaluation of Heritable property||-|-|-|-|300,000|-|-|300,000|
|Gains on investment assets|22|1,342|32,942|129,253|163,537|571|20,896|91,201|112,668|
|**Net income/(expenditure)**||28,338|92,826|176,663|297,827|75,059|(49,107)|136,563|162,515|
|Transfers between funds|22|101,265|(38,265)|(63,000)|-|197,341|(133,341)|(64,000)|-|
|**Net movement in funds**||129,603|54,561|113,663|297,827|272,400|(182,448)|72,563|162,515|
|**Reconciliation of funds**||||||||||
|Total funds brought forward||3,653,124|989,955|1,961,966|6,605,045|3,380,724|1,172,403|1,889,403|6,442,530|
|**Total funds carried forward**|22|3,782,727|1,044,516|2,075,629|6,902,872|3,653,124|989,955|1,961,966|6,605,045|
|||========|========|========|=======|========|========|========|=======|
|All the Charities’ activities|are continuing. The notes||on pages 18 to 3 2 form part of||these accounts.|||||
## **ST GILES’ CATHEDRAL**
|**CHARITY STATEMENT of FINANCIAL**|**CHARITY STATEMENT of FINANCIAL**|**ACTIVITIESYear**|**ended 31 December 2025**|**ended 31 December 2025**|||||||**Page 14**|
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Endowment**||**Unrestricted**||**Restricted**||**Endowment**||
|||**Funds 2025**|**Funds 2025**|**Funds 2025**|**Total 2025**|**Funds 2024**||**Funds 2024**||**Funds 2024**|**Total 2024**|
||**Note**|||||||||||
|||**£**|**£**|**£**|**£**|**£**||**£**||**£**|**£**|
|**Income and endowments from:**||||||||||||
|Donations and legacies|7|180,563|7,369|4,080|192,012|199,953||76,479||2,032|278,464|
|Charitable activities|8|31,269|-|-|31,269|29,091||-||-|29,091|
|Other trading activities|9|1,723,316|8,634|-|1,731,950|1,139,944||19,416||-|1,159,360|
|Investments|10|92,931|15,589|53,937|162,457|92,188||17,085||54,826|164,099|
|**Total income**|22|2,028,079|31,592|58,017|2,117,688|1,461,176||112,980||56,858|1,631,014|
|**Expenditure on:**||||||||||||
|Raising funds|11|695,501|8,070|10,497|714,068|575,921||15,021||8,361|599,303|
|Charitable activities|12|1,307,074|17,777|110|1,324,961|1,114,984||67,726||3,135|1,185,845|
|**Total expenditure**|22|2,002,575|25,847|10,607|2,039,029|1,690,905||82,747||11,496|1,785,148|
|Net income/(expenditure) before||||||||||||
|movements on investment assets||25,504|5,745|47,410|78,659|(229,729)||30,233||45,362|(154,134)|
|Gain on revaluation of Heritable property||-|-|-|-|300,000||-||-|300,000|
|Gains on investment assets|22|1,342|32,942|126,673|160,957|571||20,895||89,617|111,083|
|**Net income/(expenditure)**||26,846|38,687|174,083|239,616|70,842||51,128||134,979|256,949|
|Transfers between funds|22|101,566|(38,566)|(63,000)|-|197,341||(133,341)||(64,000)|-|
|**Net movement in funds**||128,412|121|111,083|239,616|268,183||(41,213)||70,979|256,949|
|**Reconciliation of funds**||||||||||||
|Total funds brought forward||3,588,750|889,259|1,933,255|6,411,264|3,320,567||971,472|1,862,276||6,154,315|
|**Total funds carried forward**|22|3,717,162|889,380|2,044,338|6,650,880|3,588,750||889,259|1,933,255||6,411,264|
|||========|========|========|=======|========|========||========||=======|
All the Charities’ activities are continuing. The notes on pages 18 to 3 2 form part of these accounts.
**ST GILES’ CATHEDRAL**
## **CONSOLIDATED BALANCE SHEET**
## **At 31 December 2025**
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|16||1,970,000||1,970,000|
|Investments|17||3,330,392||3,162,840|
||||---------------||---------------|
|Total fixed assets|||5,300,392||5,132,840|
|**Current assets**||||||
|Stocks||41,395||26,041||
|Debtors|18|42,484||56,772||
|Investments – cash on deposit||444,033||805,080||
|Cash at bank and in hand||1,203,382||717,648||
|||---------------||---------------||
|Total current assets||1,731,294||1,605,541||
|**Liabilities**||||||
|Creditors: Amounts falling due within|19|(128,814)||(133,336)||
|one year||||||
|||---------------||---------------||
|Net current assets|||1,602,480||1,472,205|
||||---------------||---------------|
|**Total net assets**|20||6,902,872||6,605,045|
||||========||========|
|**The funds of the charity:**||||||
|Endowment funds|22||2,075,629||1,961,966|
|Restricted income funds|22||1,044,516||989,955|
|Unrestricted funds|22||3,782,727||3,653,124|
||||---------------||---------------|
|**Total charity funds**|||6,902,872||6,605,045|
||||========||========|
**The accounts were approved by the Kirk Session on 3 June 2026**
**For and on behalf of the Kirk Session**
## **Mark TS Batho Session Clerk**
3 June 2026
## **Amanda Forsyth Treasurer**
3 June 2026
The notes on pages 18 to 3 2 form part of these accounts.
15
**ST GILES’ CATHEDRAL**
## **CHARITY BALANCE SHEET**
## **At 31 December 2025**
||||**2025**||**2024**|
|---|---|---|---|---|---|
||**Note**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|16||1,970,000||1,970,000|
|Investments|17||3,297,673||3,133,543|
||||---------------||---------------|
|Total fixed assets|||5,267,673||5,103,543|
|**Current assets**||||||
|Stocks||41,395||26,041||
|Debtors|18|282,786||290,501||
|Investments – cash on deposit||444,033||805,080||
|Cash at bank and in hand||973,583||527,177||
|||---------------||---------------||
|Total current assets||1,741,797||1,648,799||
|**Liabilities**||||||
|Creditors: Amounts falling due within|19|(358,590)||(341,078)||
|one year||||||
|||---------------||---------------||
|Net current assets|||1,383,207||1,307,721|
||||---------------||---------------|
|**Total net assets**|20||6,650,880||6,411,264|
||||========||========|
|**The funds of the charity:**||||||
|Endowment funds|22||2,044,338||1,933,255|
|Restricted income funds|22||889,380||889,259|
|Unrestricted funds|22||3,717,162||3,588,750|
||||---------------||---------------|
|**Total charity funds**|||6,650,880||6,411,264|
||||========||========|
## **The accounts were approved by the Kirk Session on 3 June 2026**
## **For and on behalf of the Kirk Session**
## **Mark TS Batho Session Clerk**
3 June 2026
## **Amanda Forsyth Treasurer**
3 June 2026
The notes on pages 18 to 3 2 form part of these accounts.
16
**ST GILES’ CATHEDRAL**
## **CONSOLIDATED STATEMENT OF CASH FLOWS**
## **At 31 December 2025**
|||||**2025**|
**2024**||
|---|---|---|---|---|---|---|
||||**Note**|**£**|
**£**||
|**Net cash used in operating activities**|||26|(42,435)|
(280,573)||
|||||---------------|
---------------||
|**Cash flows from investing activities**|||||||
|Interest, dividends and rent||||171,137|
174,342||
|Purchase of investments||||(412,860)|
(734,643)||
|Proceeds from sale of investments||||408,845|
575,036||
|||||---------------|
---------------||
|**Net cash provided by investing activities**||||167,122|
14,735||
|Change in cash and cash equivalents in|the|year||124,687|
(265,838)||
|Cash and cash equivalents brought forward||||1,522,728|
1,788,566||
|||||---------------|
---------------||
|Cash and cash equivalents carried forward||||1,647,415|
1,522,728||
|||||========|
========||
|**Analysis of Changes in Net Cash/(Debt)**|**- Group**||||||
|**2024**||**Cash flows**||**Non-cash **|**changes**|**2025**|
||||**Finance**|**leases Other**|**changes**||
||**£**|**£**||||**£**|
|**Cash and cash equivalents**
1,522,728||124,687||-|-
1,647,415||
|**Total net cash**
**1,522,728**||**124,687**||**-**|**-**
**1,647,415**||
|**CHARITY STATEMENT OF CASH FLOWS**|||||||
|**At 31 December 2025**|||||||
|||||**2025**|
**2024**||
||||**Note**|**£**|
**£**||
|**Net cash used in operating activities**|||26|(73,925)|
(194,966)||
|||||---------------|
---------------||
|**Cash flows from investing activities**|||||||
|Interest, dividends and rent||||162,457|
164,099||
|Purchase of investments||||(407,373)|
(727,654)||
|Proceeds from sale of investments||||404,202|
568,713||
|||||---------------|
---------------||
|**Net cash provided by investing activities**||||159,286|
5,158||
|Change in cash and cash equivalents in|the|year||85,361|
(189,808)||
|Cash and cash equivalents brought forward||||1,332,257|
1,522,065||
|||||---------------|
---------------||
|Cash and cash equivalents carried forward||||1,417,618|
1,332,257||
|||||========|
========||
|**Analysis of Changes in Net Cash/(Debt)**|**- Parent**||||||
|**2024**||**Cash flows**||**Non-cash **|**changes**|**2025**|
||||**Finance**|**leases Other**|**changes**||
||**£**|**£**||||**£**|
|**Cash and cash equivalents**
1,332,257||85,361||-|-
1,417,618||
|**Total net cash**
**1,332,257**||**85,361**||**-**|**-**
**1,417,618**||
The notes on pages 18 to 3 2 form part of these accounts.
17
**ST GILES’ CATHEDRAL NOTES to the ACCOUNTS**
## **For the year ended 31 December 2025**
## **1. Accounting Policies Basis of Accounting**
The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considered material to the accounts, are set out below.
## **Basis of Preparation**
The accounts have been prepared in accordance with applicable accounting standards and under the historical cost convention, modified to reflect the inclusion of investments and heritable properties at market value, and in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The accounts are prepared in GBP Pound (£). St. Giles Cathedral meets the definition of a public benefit entity under FRS 102.
The consolidated accounts herein include the accounts of St Giles’ Cathedral (a separate charity), St Giles Renewal Appeal Trust (a separate charity) and St Giles Luckenbooths Limited (the trading subsidiary of St Giles’ Cathedral) and St Giles’ Heritage and Culture SCIO” (“the SCIO”). The Kirk Session formed the SCIO to take on areas of the work of the Cathedral relating to heritage and culture. The SCIO has been incorporated, but is not active as yet.
## **Going Concern**
The accounts have been prepared on a going concern basis. The Trustees take comfort from (a) the heartening recovery of income from visitors, and (b) the Charity’s substantial asset base as part of their assessment of the Charity’s ability to continue as a going concern. In addition, the Trustees are actively examining ways in which income from visitors to the Cathedral could be significantly increased. The Trustees have reasonable expectation that the Charity has adequate resources to continue for the foreseeable future.
## **Income and Endowments**
Income and endowments are accounted for in the Statement of Financial Activities when there is a legal entitlement to the income and the amount can be quantified with reasonable accuracy. All income and endowments are included within the relevant fund headings: unrestricted, restricted or endowment.
For legacies, entitlement is the earliest of the estate account being finalised, the date of receipt, or where there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value can be measured with sufficient reliability. Legacies are credited to the relevant fund either in accordance with the wishes of the donor or as approved by the Kirk Session.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has gone ex-dividend.
Other trading income represents the sales from the gift shop, income from events and fundraising and is accounted for when the right to consideration arises.
All grants and contractual payments are included on a receivable basis. Income received for expenditure in future accounting periods is deferred and included in creditors.
Tax recoverable on Gift Aid but not received is accrued at the year end.
18
**ST GILES’ CATHEDRAL NOTES to the ACCOUNTS Continued)**
## **For the year ended 31 December 2025**
## **1. Accounting Policies (Continued) 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.
The cost of raising funds includes the costs incurred in generating donations, fundraising trading costs and investment management costs. These costs are regarded as necessary to generate funds that are needed to finance charitable activities.
Governance costs, which comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, are included within Charitable Activities.
## **Investments**
Fixed asset investments are stated at market value at the balance sheet date. Gains or losses on investments incorporate unrealised gains and losses representing the difference between the market value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and market value at the end of the year and realised gains and losses representing the difference between the proceeds on disposal and the market value at the start of the year or cost if purchased in the year. These gains and losses on investments are recorded in the Statement of Financial Activities.
St Giles’ does not acquire or use put options, derivatives or other complex financial instruments.
## **Tangible Fixed Assets (other than Heritable Properties)**
Tangible fixed assets costing more than £10,000 (2024 - £10,000) are capitalised. Below this amount, the costs of the fixed assets are charged to the appropriate heading within Expenditure.
## **Depreciation**
Depreciation is provided on Tangible Fixed Assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life as follows:
|Motor vehicle|3 years|
|---|---|
|Computer equipment|3 years|
|Office equipment|5 years|
|Furniture and fittings|10 years|
## **Stocks**
Stocks are stated at the lower of cost and net realisable value.
## **Debtors**
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any discounts due.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
19
**ST GILES’ CATHEDRAL**
**NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **1. Accounting Policies (Continued) Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **2. Funds Structure**
## **Unrestricted Funds**
These are Income Funds which are expendable in furtherance of any of the purposes of the group.
## **Restricted Funds**
These are Income Funds which are subject to donor restrictions and may only be used for the stated purpose.
## **Permanent Endowment Funds**
These are Capital Funds where there is no power to convert the capital into income, i.e., the capital must be held in perpetuity and only the income can be expended.
## **Expendable Endowment Funds**
These are Capital Funds where there is discretion to convert the capital into income.
## **Endowment Funds**
These Funds comprise both Permanent Endowment Funds and Expendable Endowment Funds. Further details of each fund are disclosed in note 22
## **3. Heritable Properties**
The Charity has the right to occupy and use for its charitable objects the building known as St Giles’ Cathedral which is vested in the Church of Scotland General Trustees. No consideration is payable for the use of this asset. Expenditure incurred on the repair and maintenance of this asset is charged to Expenditure in the Statement of Financial Activities in the period in which the liability arises.
The following properties were owned by St Giles’ Cathedral throughout 2025 and 2024: Manse and Basement Flat in Northumberland Street, Edinburgh
Flat in Jeffrey Street, Edinburgh
The manse and basement flat were valued during 2024 by three independent professionals and a revised valuation of £1.8m has been adopted at 31 December 2024 which is also considered to be reasonable at 31 December 2025. The flat in Jeffrey Street was valued at £0.17m at 31 December 2025 and at 31 December 2024. No depreciation has been charged on these properties as the Trustees are of the view that the cost of these properties is not more than the valuation.
## **4. Investment Properties**
St Giles’ Cathedral owns one investment property in George IV Bridge, Edinburgh which is tenanted. The cost of the property is not known. The Trustees are of the opinion that the Market Value of the property at balance sheet date is £1.07m (2024: £1.07m). This is not based on an independent surveyor report but on the expertise available to the Trustees in the sector.
## **5. Taxation**
St Giles’ Cathedral has charitable status for tax purposes and as such has the usual exemptions from UK income, capital gains and corporation taxes. The charity is registered for VAT which can be partially recovered. That element of input VAT which cannot be recovered is included within Resources Expended.
## **6. Pension Scheme**
St Giles’ Cathedral and St Giles Luckenbooths Limited make contributions on behalf of their employees under the pension auto-enrolment regulations. The employers’ contributions in 2025 were at a rate of 3% of relevant salary. The employees must also contribute at rates allowed within the regulations. The chosen pension provider is NEST. This is a direct contribution scheme with no further liability on the part of the Employers.
20
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**7. Donations and Legacies (Group)**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Offerings|157,200|5,975|3,384|166,559|169,360|
|Tax recovered on Gift aid|24,495|4,394|696|29,585|44,067|
|Legacies|-|-|-|-|8,993|
|Charitable Trusts|-|220,000|-|220,000|-|
|Donations|-|12,000|-|12,000|110,359|
||------------|------------|------------|------------|------------|
||181,695|242,369|4,080|428,144|332,778|
||========|========|========|========|========|
Income from donations and legacies was £428,144 (2024: £332,778) of which £181,695 was unrestricted, (2024: £201,643), £242,369 was restricted (2024: £129,104) and £4,080 was endowment (2024: £2,032).
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**Donations and Legacies (Parent)**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Offerings|156,206|5,975|3,384|165,565|236,129|
|Tax recovered on Gift aid|24,357|1,394|696|26,447|33,342|
|Legacies|-|-|-|-|8,993|
||------------|------------|------------|------------|------------|
||180,563|7,369|4,080|192,012|278,463|
||========|========|========|========|========|
Income from donations and legacies was £192,012 (2024: £278,463) of which £180,563 was unrestricted, (2024: £199,953), £7,369 was restricted (2024: £76,479) and £4,080 was endowment (2024: £2,032).
|||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|---|
|**8.**|**Charitable Activities (Group**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
|**and**|**Parent)**||||||
|||£|£|£|£|£|
|Rents||14,304|-|-|14,304|13,563|
|Weddings and Funerals||16,965|-|-|16,965|15,528|
|Grants||-|-|-|-|-|
|||31,269|-|-|31,269|29,091|
|||========|========|========|========|========|
Income from charitable activities was £31,269 (2024: £29,091) of which £nil (2024: £nil) is restricted and £31,269 unrestricted (2024: £29,091).
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**9. Other Trading Activities (Group**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
|**and Parent)**||||||
||£|£|£|£|£|
|Trading operations|431,658|-|-|431,658|426,066|
|Use of premises|1,740|8,634|-|10,374|12,743|
|Neighbourhood fundraising|20,911|-|-|20,911|17,788|
|Visitor and miscellaneous|1,269,007|-|-|1,269,007|702.763|
||1,723,316|8,634|-|1,731,950|1,159,360|
||========|========|========|========|========|
Income from other trading activities was £1,731,950 (2024: £1,159,360) of which £1,723,316 was unrestricted, (2024: £1,139,944) and £8,634 was restricted (2024: £19,416).
21
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
|**10. Investments (Group)**|**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Interest receivable|22,580|5,150|2,535|30,265|38,009|
|Dividends receivable|3,017|11,453|51,402|65,872|61,313|
|Rent|75,000|-|-|75,000|75,000|
||100,597|16,603|53,937|171,137|174,342|
||========|========|========|=======|=======|
Income from investments was £171,137 (2024: £174,342 of which £100,597 was unrestricted, (2024: £101,662), £16,603 was restricted (2024: £17,854) and £53,937 was endowment (2024: £54,826).
|**10. Investments (Parent Charity)**|**Unrestricted**|**Restricted**|**Endowment**
**Total**|**Total**|
|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**
**2025**|**2024**|
||£|£|£
£|£|
|Interest receivable|14,914|5,150|2,535
22,599|28,535|
|Dividends receivable|3,017|10,439|51,402
64,858|60,564|
|Rent|75,000|-|-
75,000|75,000|
||92,931|15,589|53,937
162,457|164,099|
||========|========|========
=======|=======|
|Income from investments was £162,457 (2024: £164,099) of which £92,931 was unrestricted, (2024: £92,188),||||£15,589 was|
|restricted (2024: £17,085) and £53,937 was|endowment (2024:|£54,826).|||
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**11. Raising Funds (Group)**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Direct fundraising costs|380,133|8,070|-|388,203|275,143|
|Commercial trading operations|315,368|-|-|315,368|315,990|
|Investment management costs|-|204|10,497|10,701|8,361|
||--------------|--------------|--------------|------------|------------|
||695,501|8,274|10,497|714,272|599,494|
||========|========|========|=======|=======|
|Expenditure on raising funds was £714,272 (2024: £599,494) of which £695,501|||was unrestricted|(2024: £575,921), £8,274||
|was restricted (2024: £15,212 and £10,497 was endowment (2024: £8,361).||||||
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|
|**11. Raising Funds (Parent Charity)**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Direct fundraising costs|380,133|8,070|-|388,203|274,952|
|Commercial trading operations|315,368|-|-|315,368|315,990|
|Investment management costs|-|-|10,497|10,497|8,361|
||--------------|--------------|--------------|------------|------------|
||695,501|8,070|10,497|714,068|599,303|
||========|========|========|=======|=======|
Expenditure on raising funds was £714,068 (2024: £599,303) of which £695,501 was unrestricted (2024: £575,921), £8,070 was restricted (2024: £15,021) and £10,497 was endowment (2024: £8,361).
22
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
|**For the year ended 31 December 2025**||||||
|---|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|**12. Charitable Activities (Group)**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
||£|£|£|£|£|
|Giving to Grow allocation|159,054|-|-|159,054|135,277|
|Presbytery dues|4,263|-|-|4,263|3,212|
||163,317|-|-|163,317|138,489|
|Minister’s expenses|11,410|-|-|11,410|620|
|Associate Ministers’ costs|72,817|-|-|72,817|62,818|
|Pulpit supply|2,971|-|-|2,971|16,925|
|Other salary costs|360,660|-|-|360,660|267,142|
|Fabric repairs and maintenance|227,365|170,752|-|398,117|336,336|
|Professional fees|29,083|-|-|29,083|21,672|
|Council tax|12,564|-|-|12,564|7,790|
|Other building costs|85,724|-|-|85,724|96,983|
|Insurance|149,626|-|-|149,626|143,754|
|Church office expenses|66,646|-|-|66,646|57,834|
|Organ and music|19,115|-|-|19,115|25,876|
|Donations|17,388|12,000|-|29,388|36,811|
|Irrecoverable VAT|44,501|10,919|-|55,420|37,725|
|Fixed asset purchases|17,248|-|110|17,358|9,047|
|Audit, accounting and taxation fees|23,090|-|-|23,090|20,589|
|900thAnniversary|1,007|-|-|1,007|58,583|
|Other expenses|9,848|5,777|-|15,625|7,237|
||1,314,380|199,448|110|1,513,938|1,346,231|
||========|========|========|========|=======|
Support costs have not been separately identified as the Trustees consider there is only one charitable activity. Therefore, support costs relate wholly to that activity. Governance costs are shown under Audit, accounting and taxation fees above. Expenditure on charitable activities was £1,513,938 (2024: £1,346,231) of which £1,314,380 was unrestricted, (2024: £1,121,931), £199,448 was restricted (2024: £221,165) and £110 was endowment (2024: £3,135).
||||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Total**|
|---|---|---|---|---|---|---|---|
|**12.**
**Charitable**|**Activities**|**(Parent**|**Funds**|**Funds**|**Funds**|**2025**|**2024**|
|**Charity)**||||||||
||||£|£|£|£|£|
|Giving to Grow allocation|||159,054|-|-|159,054|135,277|
|Presbytery dues|||4,263|-|-|4,263|3,212|
||||163,317|-|-|163,317|138,489|
|Minister’s expenses|||11,410|-|-|11,410|620|
|Associate Ministers’|costs||72,817|-|-|72,817|62,818|
|Pulpit supply|||2,971|-|-|2,971|16,925|
|Other salary costs|||356,660|-|-|356,660|263,142|
|Fabric repairs and maintenance|||227,365|-|-|227,365|145,939|
|Professional fees|||29,083|-|-|29,083|21,672|
|Council tax|||12,564|-|-|12,564|7,790|
|Other building costs|||85,724|-|-|85,724|96,983|
|Insurance|||149,626|-|-|149,626|143,754|
|Church office expenses|||66,646|-|-|66,646|57,834|
|Organ and music|||19,115|-|-|19,115|25,876|
|Donations|||17,388|12,000|-|29,388|86,811|
|Irrecoverable VAT|||44,319|-|-|44,319|24,528|
|Fixed asset purchases|||17,248|-|110|17,358|9,047|
|Audit, accounting and taxation||fees|20,090|-|-|20,090|17,989|
|900thAnniversary|||1,007|-|-|1,007|58,583|
|Other expenses|||9,724|5,777|-|15,501|7,045|
||||1,307,074|17,777|110|1,324,961|1,185,845|
||||========|========|========|========|=======|
Expenditure on charitable activities was £1,324,961 (2024: £1,185,845) of which £1,307,074 was unrestricted, (2024: £1,114,984), £17,777 was restricted (2024: £67,726) and £110 was endowment (2024: £3,135).
23
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **13. Auditor’s remuneration**
The auditor’s remuneration constituted an audit fee of £13,815 (2024: £11,850).
## **14. Staff Costs and Numbers (Parent and Group)**
|**4. Staff Costs and Numbers (Parent and Group)**|||
|---|---|---|
||**2025**|**2024**|
||£|£|
|Salaries and wages|711,106|583,259|
|Social security costs|67,745|47,023|
|Pension costs|16,857|14,550|
|Total|795,708|644,632|
||========|========|
Termination payments have been included in gross wages in the above note.
The average number of employees during the year, calculated on a head count basis, was as follows:
||**2025**|**2024**|
|---|---|---|
||Number|Number|
|Ministry|2|2|
|Heritage and Culture|9|9|
|Shop|6|6|
|Administration|5|5|
|Music staff|2|2|
|Beadles & Maintenance|4|4|
|Total|28|28|
||========|========|
No employee received emoluments in excess of £60,000 (2024: none). All Church of Scotland congregations contribute to the National Stipend Fund which bears the costs of all ministers’ stipends and employer’s contributions for national insurance, pension and housing and loan fund. Ministers’ stipends are paid in accordance with the national stipend scale, which is related to years of service. For the year under review the minimum stipend was £32,433 and the maximum stipend in the fifth and subsequent years of service was £39,856.
## **15. Trustee Remuneration and Related Party Transactions**
During the year one Trustee received expenses totalling £11,092 including relocation expenses payments (2024: £nil) together with benefits in kind to a value of £1,124 (2024: £nil).
Rev Dr George Whyte, as Interim Moderator, was a member of the St Giles’ Kirk Session. He was also receiving remuneration in respect of his role as locum while the process of appointing a new Minister was under way. In 2025, that amounted to £2,971 (2024: £16,925).
One Trustee (Kevin Hall) is employed in the Cathedral Shop and Archive and received remuneration of £20,657 (2024: £19,466).
Total donations by Trustees in 2025 amounted to £35,900 (2024: £40,036).
Nine Trustees are members of the Cathedral Choir (Mark Batho, Douglas Burke, Amanda Forsyth, Carole Hope, Lesley Johnston, Marjory Lobban, John P Robertson, William Taylor and Michael Towers). They are entitled to claim expenses for Sunday morning attendance, though some choose to waive that expense. They are also entitled to receive fees for performing at weddings, memorial services and other ceremonials, payable by the individual or organisation who is arranging the event.
24
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **15. Trustee Remuneration and Related Party Transactions (continued)**
The related party transactions are as follows:
|||**St Giles**||||||
|---|---|---|---|---|---|---|---|
||**Renewal Appeal**||**St Giles Luckenbooths**
**St Giles’**|||||
|||**Trust**||||**Cathedral**||
||**2025**|**2024**|**2025**|**2024**||**2025**|**2024**|
||£|£|£||£|£|£|
|**St Giles’ Cathedral**||||||||
|Recharge of staff and other costs|4,000|4,000|119,611|103,888||-|-|
|Donation to St Giles Renewal Appeal Trust|-|50,000|-||-|
-|-|
|**St Giles Luckenbooths Limited**||||||||
|Management fees charged|-|-|-||-|235,901|213,964|
|Profit gift aided|-|-|-||-|116,289|110,076|
||=======|=======|=======|=======||=======|=======|
||||||||**Group and**|
|||||||**Heritable**|**Parent**|
|**16. Tangible Assets**||||||**Properties**|**Total**|
|||||||£|£|
|**Valuation**||||||||
|At 31 December 2024 and 31 December 2025||||||1,970,000|1,970,000|
|||||||=========|=========|
|Tangible assets held in unrestricted funds were 2025: £1,970,000 (2024: £1,970,000).||||||||
|**17. Investments**||||||||
|||**Group**||**Group**||**Parent**|**Parent**|
|||**2025**||**2024**||**2025**|**2024**|
|||**£**||**£**||**£**|**£**|
|Market value at 1 January||3,162,840|
2,890,565|||3,133,543|2,863,521|
|Additions at cost||412,860|
734,643|||407,373|727,654|
|Disposals at opening market value||(392,768)|
(561,684)|||(388,737)|(555,620)|
|Unrealised (losses)/gains on investments||147,460||99,316||145,494|97,988|
|||---------------|
---------------||---------------||---------------|
|Market value at 31 December||3,330,392|
3,162,840|||3,297,673|3,133,543|
|||=========|
=========||=========||=========|
|Investments at cost||1,704,113|
1,619,377|||1,674,370|1,591,479|
|||=========|
=========||=========||=========|
|The following investments were held:||||||||
||**Group**|**Group**||||**Parent**|**Parent**|
||**2025**||**2024**|||**2025**|**2024**|
||**£**||**£**|||**£**|**£**|
|Investment in subsidiary|-||-|||100|
100|
|Investment properties (see note 4)|1,070,000|
1,070,000||||1,070,000|
1,070,000|
|Investments listed on a recognised Stock|1,994,411|
1,846,189||||1,961,592|
1,816,792|
|Exchange||||||||
|Unlisted investments (Church of Scotland|265,981|
246,651||||265,981|
246,651|
|Growth Fund)||||||||
||---------------|---------------||||---------------|---------------|
||3,330,392|
3,162,840||||3,297,673|
3,133,543|
||=========|
=========||||=========|
=========|
25
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **17. Investments (continued)**
|**Movement per class of**|**Movement per class of**|**Listed**|**Listed**|**Unlisted**|**Listed**||**Listed**|**Unlisted**|
|---|---|---|---|---|---|---|---|---|
|**investments was:**||**Group**|**Parent**|**Group/Parent**|**Group**||**Parent**|
**Group/Parent**|
|||**2025**
|**2025**|**2025**|**2024**||**2024**|
**2024**|
|||**£**|**£**|**£**|**£**||**£**|
**£**|
|Opening market value||1,846,186|1,816,792|246,651|1,595,177|
1,568,033||
225,388|
|Additions at cost||412,860|407,373|-|734,643||727,654|
-|
|Disposals
at|opening||||||||
|market value||(392,768)|(388,738)|-|(561,684)|
(555,618)||
-|
|Unrealised (losses)/gains|||||||||
|on investments||128,133|126,164|19,330|78,053||76,723|
21,263|
|||---------------|---------------|---------------|---------------|---------------||---------------|
|Closing market value||1,994,411|1,961,592|265,981|1,846,186|
1,816,792||
246,651|
|||=========|=========|=========|=========|
=========||
=========|
|||**Group**|
**Parent**||**Group**||**Parent**||
|**Realised gains:**||**2025**|
**2025**|||**2024**||**2024**|
|||**£**||**£**||**£**||**£**|
|Proceeds from sales||408,845|
404,202||575,036||569,713||
|Disposals at opening market|||||||||
|value||(392,768)|
(388,737)||(561,684)||(555,618)||
|||---------------|---------------||---------------||---------------||
|Realised (losses)/gains on|||||||||
|investments||16,077|
15,464||13,352||13,095||
|||=========|
=========||=========||=========||
There was no movement in the investment in subsidiary or investment property in 2024 or 2025.
The investment in subsidiaries is 100% of the share capital in St. Giles Luckenbooths Limited. The net assets of this company is £100 (2024 - £100).
Investments listed on a recognised stock exchange, unlisted investments and investment properties are carried at their market value. Investments in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The investment in the subsidiary is held at cost. Investments held in 2025 were: unrestricted £1,086,451 (2024: £1,085,261) endowment funds £2,080,911 (2024:£1,929,632) and restricted funds £162,931 (2024: £147,945).
|47,945).|||||
|---|---|---|---|---|
||**Group**|**Group**|**Parent**|**Parent**|
|**18. Debtors**|**2025**|**2024**|**2025**|**2024**|
||£|£|£|£|
|Sundry debtors|20,689|45,741|20,283|45,350|
|Gift Aid tax and income receivable|20,538|9,893|20,538|9,893|
|Prepayments and accrued income|1,257|1,138|1,257|1,138|
|Intergroup debtors|-|-|240,708|234,120|
||42,484|56,772|282,786|290,501|
||========|========|========|========|
Debtor balances amounted to £42,484 (2024: £56,772) of which £33,818 was unrestricted (2024: £50,728), £373 was restricted (2024: £nil) and £8,293 was endowment (2024: £6,044).
||**Group**|**Group**|**Parent**|**Parent**|
|---|---|---|---|---|
|**19. Creditors**|**2025**|**2024**|**2025**|**2024**|
||£|£|£|£|
|Sundry creditors|33,960|53,921|33,960|53,921|
|Accruals and deferred income|94,854|79,415|88,782|73,193|
|Intergroup creditors|-|-|235,848|213,964|
||128,814|133,336|358,590|341,078|
||========|========|========|========|
|Creditor balances amounted to £128,814 (2024: £133,336) of which £128,814 was unrestricted (2024:||||£133,336),|
|£nil was restricted (2024: £nil) and £nil was endowment (2024: £nil).|||||
26
**ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
|**20. Analysis of Net Assets**|**Unrestricted**|**Restricted**|**Endowment**|**Total**|
|---|---|---|---|---|
|**among Funds (Group)**|**Funds**|**Funds**|**Funds**|**2025**|
||£|£|£|£|
|Tangible fixed assets|1,970,000|-|-|1,970,000|
|Investments|1,086,550|162,931|2,080,911|3,330,392|
||---------------|--------------|--------------|--------------|
|Total fixed assets|3,056,550|162,931|2,080,911|5,300,392|
|Net current assets|726,177|881,585|(5,282)|1,602,480|
||---------------|--------------|--------------|---------------|
|**Net Assets**|3,782,727|1,044,516|2,075,629|6,902,872|
||========|========|========|========|
|**Comparative information for year**|**Unrestricted**|**Restricted**|**Endowment**|**Total**|
|**ending 31 December 2024**|**Funds**|**Funds**|**Funds**|**2024**|
||£|£|£|£|
|Tangible fixed assets|1,970,000|-|-|1,970,000|
|Investments|1,085,263|147,945|1,929,632|3,162,840|
||---------------|--------------|--------------|--------------|
|Total fixed assets|3,055,263|147,945|1,929,632|5,132,840|
|Net current assets|597,861|842,011|32,334|1,472,205|
||---------------|--------------|--------------|---------------|
|**Net Assets**|3,653,124|989,955|1,961,966|6,605,045|
||========|========|========|========|
|**Analysis of Net Assets**|**Unrestricted**|**Restricted**|**Endowment**|**Total**|
|**among Funds (Parent)**|**Funds**|**Funds**|**Funds**|**2025**|
||£|£|£|£|
|Tangible fixed assets|1,970,000|-|-|1,970,000|
|Investments|1,086,550|162,931|2,048,192|3,297,673|
||---------------|--------------|--------------|--------------|
|Total fixed assets|3,056,550|162,931|2,048,192|5,267,673|
|Net current assets|660,612|726,449|(3,854)|1,383,207|
||---------------|--------------|--------------|---------------|
|**Net Assets**|3,717,162|889,380|2,044,338|6,650,880|
||========|========|========|========|
|**Comparative information for**
**year ending 31 December**
**2024**|**Unrestricted**
**Funds**|**Restricted**
**Funds**|**Endowment**
**Funds**|**Total 2024**|
||£|£|£|£|
|Tangible fixed assets|1,970,000|-|-|1,970,000|
|Investments|1,085,360|147,945|1,900,237|3,133,542|
|||||--------------|
||---------------|--------------|--------------||
|Total fixed assets|3,055,360|147,945|1,900,237|5,103,542|
|Net current assets|533,390|741,314|33,018|1,307,722|
||---------------|--------------|--------------|---------------|
|**Net Assets**|3,588,750|889,259|1,933,255|6,411,264|
||========|========|========|========|
## **21. Volunteers**
In common with all congregations of the Church of Scotland, the congregation benefits from the contribution made by volunteers who give their time and talents willingly for the benefit of St Giles’. The areas of congregational life which rely on the contribution of volunteers are many and varied and much of the activity would be unable to continue were it not for the commitment shown.
27
|||||||**Balance**|
|---|---|---|---|---|---|---|
||**Balance**||||**Investment**|**31**|
||**1 January**|**Incoming**|**Outgoing**|**Fund**|**Gains/**|**December**|
|**22. Movement in Funds**|**2025**|**Resources**|**Resources**|**Transfers**|**(Losses)**|**2025**|
||£|£|£|£|£|£|
|**Unrestricted Funds (Group)**|||||||
|General (St Giles’ Cathedral)|3,560,944|2,027,248|(2,002,481)|101,566|-|3,687,277|
|General (Appeal)|64,374|8,799|(7,306)|(301)|-|65,566|
|Reserve (Designated)|22,436|725|(94)|-|1,342|24,409|
|Organ Cleaning (Designated)|5,370|105|-|-|-|5,475|
||3,653,124|2,036,877|(2,009,881)|101,265|1,342|3,782,727|
|**Restricted Funds**|||||||
|Poor of Parish|166,411|5,178|(12,000)|-|14,985|174,574|
|Youth|29,306|6,735|(5,777)|(10,000)|-|20,263|
|Dunard|7,781|123|-|-|-|7,904|
|Tulliallan|192,131|6,268|-|(8,566)|-|189,833|
|Penney Renewable Energy|||||||
|Reserve Fund|189,501|4,362|(1,273)|-|17,957|210,547|
|COVID Recovery for loss of|||||||
|visitor income|237,368|-|-|(20,000)|-|217,368|
|The Wood Fund (Appeal)|122,097|-|(125)|-|-|121,972|
|Organ Recitals Fund|14,873|8,925|(6,679)|-|-|17,119|
|Lighting Works (Appeal)|(15,257)|15,000|(44)|301|-|-|
|1124 Society|51,887|-|(118)|-|-|51,769|
|Organ Refurbishment (Appeal)|(12,934)|220,000|(181,502)|-|-|25,564|
|Funds under £10k (Appeal)|6,791|1,015|(204)|-|-|7,602|
||989,955|267,606|(207,722)|(38,265)|32,942|1,044,516|
|**Endowment Funds**|||||||
|**Permanent Endowment**|||||||
|Brown Bequest Capital|1,546,370|-|(9,924)|-|105,227|1,641,673|
|Music Capital|44,090|-|-|-|3,455|47,545|
|Daily Service|56,991|-|-|-|4,558|61,549|
|Dunard|51,245|1,589|(323)|(2,000)|3,475|53,986|
|Thistle Chapel (Appeal)|28,711|-|-|-|2,580|31,291|
|Thistle Chapel (Cathedral)|37,574|1,242|(250)|(1,000)|2,655|40,221|
|Hope Rennie King Bequest|20,000|-|-|-|-|20,000|
|Other funds under £10,000|17,278|-|-|-|1,527|18,805|
||---------------|---------------|---------------|---------------|---------------|---------------|
||1,802,259|2,831|(10,497)|(3,000)|123,477|1,915,070|
||---------------|---------------|---------------|---------------|---------------|---------------|
|**Expendable Endowment**|||||||
|Brown Bequest Expendable|100,274|49,824|-|(60,000)|-|90,098|
|Flowers|19,432|3,348|-|-|2,027|24,807|
|Youth|28,412|-|-|-|3,749|32,161|
|Other funds under £10,000|11,589|2,014|(110)|-|-|13,493|
||---------------|---------------|---------------|---------------|---------------|---------------|
||159,707|55,186|(110)|(60,000)|5,776|160,559|
||---------------|---------------|---------------|---------------|---------------|---------------|
||1,961,966|58,017|(10,607)|(63,000)|129,253|2,075,629|
||---------------|---------------|---------------|---------------|---------------|---------------|
|**Total Funds**|6,605,045|2,362,500|(2,228,210)|-|163,537|6,902,872|
||=========|=========|=========|=========|=========|=========|
* The opening balance is adjusted to reflect each year end change in makeup of Funds under £10,000.
28
## **ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **22. Movement in Funds (continued)**
Total Endowment Funds at 31 December 2025 of £2,075,629 are made up of £1,915,072 Permanent Endowment and £160,559 Expendable Endowment (2024: £1,802,259 Permanent Endowment and £159,707 Expendable Endowment).
Transfers are made from Restricted and Endowment Funds to Unrestricted Funds to cover expenses paid out through the latter but which refer to specific costs which may be reimbursed from Restricted or Endowment Funds. The only exception to this is where Unrestricted funds are used for a particular purpose. The material Restricted Funds transfers covered specific asset purchases, specific administration costs and a contribution to the deficit incurred in the year. The material Endowment Funds transfer covered the part reimbursement of maintenance costs incurred during the year.
## Purpose of Designated (Unrestricted) Funds
- a. Reserve Fund - to be used for extraordinary expenditure on fabric, properties, equipment and special projects.
- b. Organ Cleaning Fund - to be used to pay for significant long-term cleaning and major overhaul costs of the organ as opposed to annual maintenance costs.
## Purpose of Restricted Funds
- a. Poor of Parish and Congregation - for the benefit of the Parish and the Congregation.
- b. Youth Uninvested - for the benefit of youth work and projects.
- c. Dunard - for the benefit of music.
- d. Tulliallan – for specific one-off costs.
- e. Penney Renewable Energy Reserve Fund – for energy-efficient investment in Cathedral infrastructure.
- f. COVID Recovery fund for loss of visitor income – this fund is an appeal to the congregation and other interested parties to make contributions to assist in covering expenses normally covered by income from visitors.
- g. The Wood Fund is to be used for works to the interior of the Cathedral as approved by the donor.
- h. Organ Recitals Fund – supports the production each summer of a series of Celebrity Organ Recitals.
- i. Lighting Works (Appeal) – is a fund for restoring external illumination of the Cathedral.
- j. 1124 Society - a fund relaunched in order to support the St Giles’ 900[th] Anniversary celebrations, after which its use is to focus on opportunities for the St Giles’ congregation and wider community to come together in fellowship.
- k. Organ Refurbishment (Appeal) – is to fund the refurbishment of the Rieger organ.
## Purpose of Endowment Funds
## **Revenue**
- a. The revenue from the Brown Bequest under this heading may only be used for the preservation, repair and maintenance of the fabric of the Cathedral.
- b. The other funds include a number of small revenue endowment funds, the largest of these is the moderator’s fund to be used at the discretion of the moderator.
## **Capital**
- a. The income of the Daily Service and Music Funds within this section is included under interest and dividends. The capital may not be used.
- b. The Dunard Fund may only be used for music purposes. Part of the income from the endowment is to be used to fund the Herrick Bunney Organ Scholarship. The revenue is shown under Restricted Funds.
- c. The income from the Thistle Chapel is to be used for the upkeep of the Thistle Chapel including repairs, maintenance and cleaning and towards the cost of insuring the Thistle Chapel.
- d. The income from the M. Hope Rennie Bequest is to be used for music purposes in St Giles. The capital may not be used.
- e. The other funds include a number of small capital endowment funds, the largest of which is for the purpose of the organ.
29
## **ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **Prior Year Movement in Funds**
||**Balance**||||**Investment**|**Balance**|
|---|---|---|---|---|---|---|
||**1 January**|**Incoming**|**Outgoing**|**Fund**|**Gains/**|**31 Dec**|
||**2024**|**Resources**|**Resources**|**Transfers**|**(Losses)**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Unrestricted Funds**|||||||
|**(G**
**)**
General (St Giles’ Cathedral)|3,293,479|1,460,427|(1,690,307)|197,341|300,000|3,560,944|
|General (Appeal)|60,157|11,164|(6,947)|-|-|64,374|
|Reserve (Designated)|21,857|606|(598)|-|571|22,436|
|Organ Cleaning (Designated)|5,227|143|-|-|-|5,370|
||3,380,720|1,472,340|(1,697,852)|197,341|300,571|3,653,124|
||---------------|---------------|---------------|---------------|---------------|---------------|
|**Restricted Funds**|||||||
|Poor of Parish|162,435|5,394|(12,000)|-|10,582|166,411|
|Youth|31,695|7,611|-|(10,000)|-|29,306|
|Dunard|7,553|228|-|-|-|7,781|
|Tulliallan|195,061|8,069|-|(11,000)|-|192,131|
|Penney Renewable Energy
Reserve Fund|226,606|3,415|(834)|(50,000)|10,314|189,501|
|COVID Recovery for loss
of visitor income.|329,709|-|-|(92,341)|-|237,368|
|The Wood Fund (Appeal)|194,718|0|(72,621)|-|-|122,097|
|Organ Recitals Fund|13,373|6,810|(5,309)|-|-|14,873|
|Special Services – 900th|5,040|20,000|(5,040)|(20,000)|-|0|
|Lighting Works (Appeal)|-|52,625|(117,882)|50,000|-|(15,257)|
|1124 Society|-|61,452|(9,565)|||51,887|
|Organ Refurb (Appeal)|-|-|(12,934)|||(12,934)|
|Funds under £10k (Appeal)|6,213|769|(191)|-|-|6,791|
||1,172,403|166,374|(236,376)|(133,341)|20,896|989,955|
||---------------|---------------|---------------|---------------|---------------|---------------|
|**Endowment Funds**|||||||
|**Permanent Endowment**|||||||
|Brown Bequest Capital|1,483,609|-|(9,482)|-|72,243|1,546,370|
|Music Capital|40,289|-|-|-|3,801|44,090|
|Daily Service|52,137|-|-|-|4,854|56,991|
|Dunard|50,086|1,607|(310)|(3,000)|2,862|51,246|
|Thistle Chapel (Appeal)|27,127|-|-|-|1,584|28,711|
|Thistle Chapel (Cathedral)|35,497|1,095|(240)|(1,000)|2,222|37,574|
|Hope Rennie King Bequest|20,000|-|-|-|-|20,000|
|Other funds under £10,000|15,934|-|-|-|1,344|17,278|
||---------------|---------------|---------------|--------------|---------------|---------------|
||1,724,679|2,702|(10,031)|(4,000)|88,910|1,802,260|
||---------------|---------------|---------------|--------------|---------------|---------------|
30
## **ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **Prior Year Movement in Funds (continued)**
||**Balance**||||**Investment**|**Balance**|
|---|---|---|---|---|---|---|
||**1 January**|**Incoming**|**Outgoing**|**Fund**|**Gains/**|**31 Dec**|
||**2024**|**Resources**|**Resources**|**Transfers**|**(Losses)**|**2024**|
|**Expendable Endowment**|**£**|**£**|**£**|**£**|**£**|**£**|
|Brown Bequest Expendable|109,637|50,637|-|(60,000)|-|100,274|
|Flowers|16,934|1,781|(100)|-|817|19,432|
|Youth|26,938|-|-|-|1,474|28,412|
|Other funds under £10,000|11,216|1,738|(1,365)|-|-|11,589|
||---------------|---------------|---------------|--------------|---------------|---------------|
||164,724|54,156|(1,465)|(60,000)|2,291|159,706|
|||||--------------|||
||---------------|---------------|---------------||---------------|---------------|
|**Total Endowment**|1,889,403|56,858|(11,496)|(64,000)|91,201|1,961,966|
||---------------|||--------------|||
|||---------------|---------------||---------------|---------------|
|**Total Funds**|6,442,530|1,695,572|(1,945,725)|-|412,668|6,605,045|
||=========|=========|=========|=========|=========|=========|
## **23. Capital Commitments**
The total amount of capital commitments outstanding as at 31 December 2025 was £nil (Group Only)(2024 - £212,802 for the refurbishment of the cathedral organ).
## **24. Special Collections**
During the year the undernoted sums were collected and distributed:
||**2025**|**2024**|
|---|---|---|
||£|£|
|Various good causes (from congregational funds)|12,000|12,000|
|Various good causes (through the Neighbourhood Group)|17,388|24,811|
||29,388|36,811|
||========|========|
31
## **ST GILES’ CATHEDRAL**
## **NOTES to the CONSOLIDATED ACCOUNTS (Continued)**
## **For the year ended 31 December 2025**
## **25. Leases**
The charity (group and charity) has the following commitments under operating leases as lessee:
||**2025**|**2024**|
|---|---|---|
||£|£|
|Due within 1 year|7,456|1,632|
|Due after 1 year|13,456|4,896|
||20,912|6,528|
||========|========|
|Paid in the year|3,088|1,632|
The charity (group and charity) also receives rents as lessor under non-cancellable operating leases, the future minimum lease payments receivable are as follows:
|ease payments receivable are as follows:|||
|---|---|---|
||**2025**|**2024**|
||£|£|
|Due within 1 year|76,200|76,133|
|Due between 1 and 5 years|300,000|300,000|
|Due later than 5 year|93,750|168,750|
||469,950|544,883|
||========|========|
|Received in the year|89,304|88,563|
## **26. Reconciliation of net movement in funds to net cash flow from operating activities (group)**
||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Net movement in funds|297,825|162,515|
|Gain on revaluation (heritable property)|-|(300,000)|
|Gains on investments|(163,536)|(112,668)|
|Interest, dividends and rent|(171,137)|(174,342)|
|Increase in stock|(15,354)|(2,261)|
|Decrease in debtors|14,288|206,270|
|Decrease in creditors|(4,522)|(60,087)|
|**Net cash outflow used in operating activities**|(42,436)|(280,573)|
||========|========|
|**Reconciliation of net movement in funds to net cash flow from operating activities (charity)**|||
||**2025**|**2024**|
||**£**|**£**|
|Net movement in funds|239,616|256,949|
|Gain on revaluation (heritable property)|-|(300,000)|
|Gains on investments|(160,957)|(111,084)|
|Interest, dividends and rent|(162,457)|(164,099)|
|Increase in stock|(15,354)|(2,261)|
|Decrease in debtors|7,715|157,283|
|(Decrease)/increase in creditors|17,512|(31,754)|
|**Net cash outflow used in operating activities**|(73,925)|(194,966)|
||========|========|
32
## **APPENDIX**
## **ST GILES’ CATHEDRAL**
## **FUNDS held on BEHALF of the CONGREGATION by the CHURCH of SCOTLAND GENERAL TRUSTEES**
||**2025**|**2024**|
|---|---|---|
||£|£|
|**Capital Account**|||
|Investment held at 31 December at cost|10,688|10,688|
||========|========|
|Market value of Investment at 31 December|16,406|15,650|
||========|========|
|**Temporary Funds**|||
|Credit balance at 31 December|-|-|
||========|========|
|**Revenue Account**|||
|Credit balance at 31 December|1,901|1,602|
||========|========|
33