CharFiy r¢gl$tration number SC004696 IS¢ollandl CATHEDRAL CHURCH OF ST. PAUL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
CATHEDRAL CHURCH OF ST. PAUL LEGAL AND ADMINISTRATIVE INFORMATION Trusiees Charity number {Scotlandl SCQ046 Principal address Ca8tlehill Hou8e 1 High Street Dundeè DD1 1TD Independent examlner Bird SimpsoTi & Co 144 Netheryale Dundee DD14EB Bankers Virgin Money Chief Oflice High Street Dundee DD1 1SS
CATHEDRAL CHURCH OF ST. PAUL CONTENTS Page Trustees. report Independent examiner's report Statement of financ¢al activities Balance sheet Notes lo the financial slalemenls 10-26
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES. REPORT (INCLUDING REPORT OF THE VESTRY) FOR THE YEAR ENDED 31 AUGUST2024 The trustees present their report and accounts for the year ended 31 August 2024. For the purposes ol Scolt¢sh Charity Law, the members of the Vestry are charitable Iruslees of the Charity The accounts have been prepared in accordan with the accounting policies sel out in note 1 to the accounts and Comply with the Church's gDverning document. the Charities and Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Scollandl Rsgulations 2006 las amended) and 'Accounling and Reporting by Charities.. statement of Recommended Practice appli¢able lo chaTilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1D2)' las amended for £ccounting periods commencing from 1 January 2019) Objectives and actlvltles The Vestry are the charity Trustees of th8 Cathèdral and Ih&ir role. as outlined In Canon 60 of the Code of Canons of the Scollish Episcopal Church is lo 'cooperal¢ with and generally assist the Rector in all matters relalffng lo the spiritual welfare of the conggation 8nd thé mi.*sit)n of Ihe whole Church... The mission of the Cathedral Vestry is guided by four key aims.. worshlp. communlty, discipleship, and the 8tewardship of resources. 1. Worship The Vestry's goals for worship include maintaining a regulaT rhythm of PTayer and devotion to God while fostering an open and inclusive liturgy that reflects the welcoming ethos of the Scottish Episcopal Church. The Vestry is committed lo bèing at the forefront of liturgical development within the SEC tradition and seeks lo creatively ulilize resources such as words, music, silenGe, spa, and movement lo enrich worship. Additionally, it provides liturgical resources lo the Diocese and aspires lo make the Cathedral a spiritual resour aCSSIble lo the wider city. 2. Community In service lo the community, the Vestry aims lo enable and broaden participation in the life of the Cathedral community, while supporting and challenging thè civic community. The Cathedral is established a5 a ntral pla for arts, culture, and heritage within the ¢ily, nurturing and encouraging ils diverse associated communities. Furthermore, the Vestry plays an a¢live role in the life of the Diocese and Province and works lo strengthen connections with other faith communities. 3. Discipleship In discipleship, the Vestry is dedicated lo supporting both local and global inilialives that promote justice. fair trade, and improved living conditions for those in need. There is also a focus on advocating for climate justice, suslainabilily, and the care of creation. The Cathedral serves as a place for teaching, lèarning. and theological exploration and actively engages with the broader community to discuss faith wthin the context of conlomporary society and cu51ure. 4. Stewardship ol Resources In stewardship, the Vestry is dedicated to ensuring the Cathedral is 8 safe and accessible environment for all. Efforts are made lo care for, conserve, and enhan the Cathedral estate for future generations, whlle maintaining good governan and operational efficiency, The Vestry is also commllled to 8ecurlng suslalnable funding lo support the Cathedral's mission and ministry. Additionally, charitable donations are made to causes that benefit clisadvantaged individuals and communities across Scotland. the United Kingdom. and internationally.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES. REPORT (INCLUDING REPORT OF THE VESTRY> (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Volunteer Conlrlbutlons The Vestry relies heBvily on the lime, skills, and resources of volunteers from the congregation. Volunleei efforts support worship servi, seTve on 8ub-cornmillees, maintain the Galhedral's pretnis&$ and fabric: and eonlilbute lo variou$ p8Storal and social aCtiVie$. Transitions Thi5 year has brought notable slaffing Iranslllons. Following his appoinlmenl as Diieclor of Musi¢ 81 Sl. Machar's Calh rdeen, tepped back froin his role as Pastoral Musician on Easter Suaday. In April 2024, as appointed Organlsl and Director of Music to replace The resigned as Provost of the Cathedral on 31 July. lollowing ker appoinimenl as Provincial Direclor of Ordinands, As the Cathedral is in a period of vacancy, EJ new Provost is expected to be iecruiled in 2025. During this interim period, Elishop Andrew a oinled the lo serve as Interim Rector of the Cathedral. This meant that role as Priest for Outreach carne to an end al the start ofAugusl. There was also a chang9 in support $laff wh bot Administrator res ectlvely during the year. To fill these rij an asAdininislralor. moving on as Verger and was recruile(l as Caretaker, Achlevements and pérformance Throughout the Feriod from Sepl8mber 2023 to August 2024. the Vestry has continued lo work toward ils kay aims in woiship, commijnity, di8cipleship. and stewardship of resources. In Auuusl 20 was inslaEled as C8non Theologlan of the Dicrese of Brechin, and vias installed as an Honorary Canon of the Calhedral. The Diocesan Chrism Mass w&8 hald al the Calhedial In April, and the Bishop of 8rachln preded al Midnight Mass sn Dec@mber, on Easlei Sunday. and on olhei o¢¢asions throughout the year. In Oclotrer 2023. the Cathedral hosted a Diocesan pilgrlmaga sarvice lebrating ceNt pilgrimages made by children and young adulls in the Dh)case. Several meMr$ of the congregation enjoyed a retreal at Whilchesler Christian Guest Hous8 in May. Hospitality conllnued throughout the ye8r. including regular post-88rvico rèfr@5hments, occasional lunches. and social events marking signifiranl events in tho life of the Cathedral. In most wnonlhs, donations frc*n on8 Sunday'5 refreshments were allocated lo a chalitae cause selected by Cathedral's Mlcah (Social Justice) Group. The paslLYal work of the CathedTal-home cfjmmunion5, occasional offices. and visiling-continued throughout Ihe year. Musical outreach continued Ihrough Lunchtime concerts, now ccKTrrdinaled by the Dire¢lur of Music. having previously been organiBed by IhB Pastoral Musician. The Cathedral also served as a venue for extèrnal groups, hosllng con¢&rtS 8nd Caiol Services. The Fiiends of St. Paul's Cathédral hosted several talks and events Ihrouyhout the year. Cornerstone. the Calhedial's young adults, group, held a vaiiety of a¢tivilies and social events for young people throughout the year. Evensongs in September and October were billed as welcome even15 for 5tud811ts. with additional fr&&hments served. The Cathedral hosled the e>thibition Sh13no, Muscum, Huly Place. ¢uralèd by students from Duncan of Jord?nslone Art College. Participating in Ooors Open Day 2023, the Cathedral welcoilled ov¢r 100 visitors and provided hi$lori¢al tours.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES, REPORT {INCLUDING REPORT OF THE VESTRY) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 In October, we welcomed Eve Poole, who delivered the lecture Robot ,g0ts1.s to mark Forhes-lide. In November, a Poverty Forum was organised by the Micah Group in partnership with Dundee Fighting for Fairness and Faith in Community Dundoè. The Cathedral observed Climate Sunday in October, and th? Enwroiimental Commite continues lo reflect on ways the Galhedral can work towards tre hoped-lor Nel Zero target. In Oecember, the Calhedial obs8Ngd World AIDS Day wilh an open-rnic event, anil NHS staff wère on sile lo provide sexual health reSOLfrS and advice. The Cathédr81 was also open for prayar on Holocaust Memorial Day. wilh relevant resources provided. Much of Ihe Cathedral's weekday ministry Gentres on being open for prayer 2nd refflection The L8dy Chapel has been further developed. olfering resources to support wivale prayer. Thousands of Gandles have been lil over Ihe year, and many prayers placed in the prayer box have been prayed for during moming prayèr or by the prayer group. Prayer cards arè now available for visitors lo take away. with over 1,000 Cards taken thTDughDul Ihe year. Financial review Oveiall, the year ended 31 August 2024 gave rise to an decrease in funds of £61,122. There was a decrease in restricted funds of £10,812 and a d8cr888e In unreslrtct8d funds of £50,310. Donations from the Trustees of the Miss E A Kidney's Trusl for Sl. Paul's Cathedral, SCD30645, represent naarly half of the Incomlng resources during the year. In tarms of thè overall balance sheet, during the year the bank balance decreased by £81,069, investments increastrd by £29,619 with deblors decreasing by £2,15C) whllsl creditors decT@ased by some £3,743. Reserves Pollcy The Vestry's Reserves Policy is lo maintain reserves so that cash and investment income is SLrfficienl to meet Ihree months. normal operating ¢o$ls and any other cornmilled expenditure The unreslri¢led free funds balances held at 31 August 2024 were £223,277 whi(* falls within the desired parameter (and represents 12 months, nom)al operating costs}. The Vestry is currently conspjering options that seek lo reduce the unrestricted tree funds balances to bring them more In Ilne wllh the stated Reserves policy and this will be progiess&l over the fothcoming year. Investment Policy In prewous years the Vestry did not inve81 Ils monies other than in ils vwn bank deposit accounts, however, after cateful considerab'on approval was given duiing the course of last year to invest the sum Df £100,000 in the Scottish Episcopal Church Unll Trust Pool. In order lo maxirnise the potentid investment opportunities. the Veslry approved an initial investment arnounl of £75.000 with regular monthly additional Investments up lo the agreed investment limit. This investment is Vi@d 8$ providing a ba[and return from InMe and capital over the medium lo long term. Legacies reVed in the forrn of shares are retained untll IhB Vasty has a spe¢lfic purFX)se for Ihe capital. Risk Manageiner7t The tru51ees have as5es5ed the major risks ID which the Church Is Èxposed, and ar& satlsfiBd that sysl@m$ are in place to mitigate exposure to the major ¥isk5. Plans for the Future The Vestry wlll continue ils ranga of prgsent activities in the foreseeable future. The Vestry aims lo continue Its review oi financial plans and budgets.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES, REPORT (INCLUDING REPORT OF THE VESTRY) (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2024 structurg, governanc8 and managBmBnt The Church 18 an unincorporated associalitsn. governed by its Constitution from Fobruary 2020 folli)wing that of 1900 which has, from time to lime sin, been subject 10 2mendmenls al meetings of the Congregalion. For the purposes of Charili85 LBW, thè members of the Vestry are the Cliarily Trusleas of thè Church. The Church is a m2mber congregation of ihe Diocese of Brechln In the Scottish Episcopal Church. The Bishop of Brechin t5 pastoral oversight of all corEregalioNs within the dio¢esa, and all congregalioiis are subject lo the Code of Canons of the Scollish Episcopal Church. The EneTnbers of the Vestry normally hold officè for three years and arè elected al the Annual Meeting of the congrallon. Tha Lay Represenl£lSvè who represenls Ihe Church al Diocesan Synod is elected annually by the lay members of thè congregatiori at Ilie Annual General Meeting. The Vestry Secretsry and Tr8a8uw are appointed by the Vestry The appointment ol the Rector rests with the Bishop. following consu118tion with and subject to the approval of the Veslry or repte8enlalives nominated by the congregation for that purpose. Th Rector shall be the Provosl unless thal office has been assumed by the Bishop. The Vestry has general control and management ol thè Calh8dral and each member ol Vestry is responsible for making sure that Ihe Cathèdral works lo achieve ils charitable objectives. Iii addition to ct>opHating wlh and assisting the Rector & Provost in all mallers of Ihp spiritual welfa¥e of the congregalion and the mission of the whol& Church, the Vestry ha5 the care of the finances. property and fabric of the Cathedral estate. The Vestry regularly ¢onsiders and mar7ages Ihe8e areas of responsibility and receives TrEports and recommendations fro the FinanGe Suk0MmI1lee and the Propety subcommittee. Day lo day management is delegated lo the Rector and the Cathedral Ministry Tfram with the V&stry 8Uthorising policy relating lo temporal affairs and appointing staff. The Rector Is rèsponsiblè lor the splrltual affairs of Ihe ChuiGh and delegales asped8 of the Church's opeTations to Ihe Ministiy Team, In addilion to attending a short induction sesslon, all iiew Vestry n)erMbers are provided with a copy of "Guidance for Charity Trustees. Issued by the Office of the Scotlish Charity Regulator when appoinled.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES. REPORT (INCLUDING REPORT OF THE VESTRY) ICONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 statement of trustees, responslbllltles The tru8tses are responsible for preparing the Tiuslees, Rewrt and the awounls in accordance with applicable law and Urbited Kingdom Accountsng Standards {Uniled Kingdom GeneTally Accepted Accounting PraCte). The law appllcable to chaiitles in Scoll4nd requires the trustees 10 ppare accounts fo¥ each lin8ndal year which give a true and fair view of the slate of affairs of the Church and of the incoming rgsources apFilicalion ol resour¢es of the Church for that year. In preparing these accounts, the trustees are required to.. - select suitabl@ accountlng policies and then apply them GonsiStenlly- - observe the mathrS and princlples in the Charities SORP., make judgements and Èstlmaleg that are reasonable and prudent.. state whether applicable accoLinting standaids have been fallowed, subject to any malert81 departures disclosed and explained in Ihe accounts,. and prepare the accounts on the going concern basi8 unless il 18 inappiopriale to piesume that the charity will conUnu8 In op8rallon. The trustèes ara responsible for keeping sufficient accountin9 records that disclose wllh 8$OnShIe accuracy at any liffie the financial posibon of the chrCh anif anabla Ih8m lo ensure that the acrout71s comply wlh the Charities and Tru81ee Inveslmenl {Scotlandl A¢1 2005, the Charities Accounts (Scotlandl Ragulallons 2006 (as amended) and the provisions of the Constitution. They are also responsib for safeguarding the assets ol the Church and hence for tsknng ieasonable slep5 lor the prevention and detection of fraud and other irregularities. Th8 Iruslees, rgport was approved by the Vestry. Daled.. 24 November 2024
CATHEDRAL CHURCH OF ST. PAUL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CATHEDRAL CHURCH OF ST. PAUL I report on Ihe accounts of the Calhadral Church for th& year ended 31 August 2024, whiGh are set out on pages 71026. Respectlve responsibilities of trustees and 8xaminer The Church's Iru$lees ale responsible for the prtparalion of Ihe financial 8talement8 in accordance vrilh the terms of the Charities and Trustee Inveslmenls (Scollandl Ad 2005 and the Charities Aecounls (Scollandl Regulations 2006. The charills Iruslee5 consider Ihal the audit Tequirement of Regul8tlon 1011)lal lo Icl of the 2008 AccDunls Regulations does not apply. 11 18 my re¥ponslbility to examine the financial slalemenls as requir8d under s8clion 4411)Icl ol the Act 3nd lo stale whether particular matters hava coma lo my allention. Basls of Independgnt oxamlngr s statèment My examination is earried out In aecordance with Regulation 11 of th8 2006 Account5 Regulati()ns. An examination includes a review of the accountlng records kept by the Gharity and a comparison of the financial slalemeftls pr¥ènled wllh those records. 11 also indudes consideralion of any unusual items or disdosures in Ihe financial statements, 8n(f seeks explana16ons from the Iruslees concerning any Such mallers. The prOdureS undsrtaken do not provide all the evideFEce that would be wuired in an audit and Consequent I do not express an audit opinion on Iliè view given by Ilie financi81 slalemenls. Independent examinorfs stalement Your attention is drawn lo the faGI that the Eharily has propayed financial stalements in aGGoidan(8 with Accounling and porting by Charities preparing their accounts in accordance with the Flnanclal Roporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Slaternenl of Recommended Prathce issued on 1 April 2005 which 18 referréd lo in the exianl regulations but has now been wlhdrawn. l understand that this has been done in older for thè financial stalements to provide a true and frair VI in accgrdance with Genarally Accepled Aceounllng Practice effective for reportillg periods beginning on or after 1 January 2015. In conneGlion wilh rny examination, no other matter ex¢epl that referred lo in th8 prevlous par8graph has come ID my atlenlion.. {a) which gives me iea80nable cause lo believe that in any material respect the requi1gmenls'. lo keep accounting record5 in accordance with section 44111 (al of the 2005 Act and Regulation 4 ot the 2006 Accounls Regulations,. and Ill) to prepare finanoxal statem6nts which accord with the accounling records and comply wilh RegLilalion 8 of tha 2006 Accounts Regulations., have not been mei or Ibl to which, in my opinion, atlenlion 3hould be drawn in order lo enable a proper understanding of tF finan.-i31 s alempnts lo to reached. Blrd Simpson & Co Chartered AccDunlanl 144 Nolhefgale Dund88 DDI 4EB Dated.. 24 Nov8mb8r 2024
CATHEDRAL CHURCH OF ST. PAUL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Current flnancial year Unrestrlcted Unrestrfctad Restricted funds funds funds gèneral deslgnated 2024 2024 Totsl Total 2024 2024 2023 Notes Donations and legacies Other trading activities Investments 171.802 5,268 8,080 9,652 7,128 188,582 5,268 9,044 210.766 4,888 9,049 964 Total Income 185.150 9,652 8,L)92 202,894 224,703 Raising funds 5,217 5.217 3,538 Ch8rilable aclivikn'es 234.194 13,255 20,855 268,3Q4 234,888 Total expenditure 239,411 13,255 20,855 273,521 238.424 Net outgolng resources before transfers 154,261) 13.6031 112,763} {70.627) 113,7211 Gross transfers between funds {1,1721 1,172 Net outgolng resources Other recognlsed gain5 and losses Revaluation of tangible fixed assols 155,4331 13.603} 111,5911 170,6271 113,7211 8,726 779 9,505 1.531 Net movomont In funds {46.7071 13,8031 110,812) (61.122) 112,19Q} Fund balan5 at 1 September 2023 485,088 21,800 100,454 607,342 619,532 Fund balances at 31 August 2024 438,381 18.197 89,642 546.220 607,342 The slalemenl of financlal actlvlties includes all gains and losses recognised in the year. The slalemenl of financial activities in¢ludes all gains and losses recognised it) the year. Al income and expenditure derive from continuing acliwlies.
CATHEDRAL CHURCH OF ST. PAUL STATEf¥lENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INcof¥lE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Prlor flnanGial ygar Unrestricted Unrestricted Restylcted funds funds funds general deslgnated 2023 2023 Total 2023 2023 Notes Donations and legacies Other trading activities Investments 182,289 4.888 8,741 11,031 17.446 210,766 4,888 9,049 308 Total Income 195.918 11,031 17.754 224,703 Ex Raising funds 3.538 3,538 Charitable actlvltles 19e.928 21,948 16.Q110 234,886 Total 8xp8ndlturè 200.466 21,948 16,010 238,424 Net outgoing resources beforè transfers 14,5481 110,9171 1,744 {13,721) Gross transfers between funds (7471 747 Net outgolng re$ovrc8s {5.2951 110,917) 2,491 {13,721) other recognised gains and losses Revaluation of tangible fixed assets 420 1,111 1.531 Net movement In funds (4,8751 {10,917) 3.602 112,1901 Fund balances at 1 September 2022 489,983 32,717 96,852 619,532 Fund balanGes at 31 Augusl 2023 485.088 21,800 100,454 607.342
CATHEDRAL CHURCH OF ST. PAUL BALANCE SHEET ASAT31 AUGUST2024 2024 2023 Notas Fixed assets Tangible assets Inveslmènls 13 14 233,301 113,798 244,568 84.179 347,099 328,745 Current assets Debtors Cash al bank and in hand 16 15,915 193,351 18,085 274.420 209.266 292,485 Credltors: arnounts falling duo within one year 110,145) {13,8881 Nel curr@nt as£el8 199,121 278.597 Total assets less current Ilabllltles 546.220 607,342 Incomefunds Reslri¢led funds 19 89,642 100,454 Designated lund$ Geneial unreslricled funds 18,197 438,381 21,800 485,088 456.J78 s,8e8 546,220 6D7.342 The financial slalements were approvèd by the Trustee8 on 24 November 2024 Hon. Treasurer
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Charity Information Cathedral Church of Sl. Paul is an unin¢orporaled association. 1.1 Accountlng corbvention The accounts have been prepared in accordance with the ChLsrGh's governing document, the Charities and TrLfslee Invéstment (Scollandl Act 2005, the Charities Accounts {Scotlandl Regulations 2006 {as amended) and 'Ac¢ounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 las amended lor accounting periods commencing from 1 January 20191. The Church is a Public Benefit Enlily as defined by FRS 102. The Chur¢h has taken advantage of the PTovisions in the SORP for charities apptying FRS 1L12 Update Bulletin 1 not lo prepare a Ststsment ol Cash Flows. The financial slalemenls have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has Involved followng the Slalemenl ol Recommended Pra¢lice lor charities applying FRS 102 lather than th8 version of the Statement of Recommended Practice which is referrtrd to in the Regulations but whiGh has since been withdrawn. Thg financial statements are prepared in sterling, which is the functional currency ol the Church. Monetary amounts in these financial sialements are rounded lo the nearest £. The financial slalements have been prepafed under the historical cost Convention. Imodified lo include the revalu8tlon of freehold properties and lo include investment properties and certain financial inslrum&nts al fair valuel. The principal accounting policies adopted are sel out below_ 1.2 Golng concern At the lime Df approving the financial slatemenls, the trustees have a rèasonable expeclatson that the Chuich has adequate resour$ lo continue in operational eStenCe for the loreseeable future. Thus the Iwstees Continue to adopt the going concern basis of accounting in preparing the financial slalemenls. 1.3 Charltable funds Unreslricled General funds afe available for use al the discretion of the trustees in furtheran of their charitable obj@ctives unless the funds have been designated for other purposes. Designated funds Comprise funds which have been sel aside al the discretion of the trustees for speclflc purposes. The purposes and uses of the dèsignated funds are sel out in the notes to the financial slatemenls. Restricted funds 8re subject lo specific Conditions by donors or grantors as lo how they may be usecl. The purposes and use¥ of the reslricled funds are sel out in the notes lo th& financial stalemenls. 1.4 Income Congregational giving is accounted for when received. Donations, legacies and similar in¢ome are accounted for when Sl Paul's becomes entitled lo the income and a reliable estimate Df the amount lo be received can be made, GiftAid recoverable is accounted for on an accruals basis. Cash donations are recognised on receipt. Other donations are recognised once the Church has been notified of the donation, unless performance conditsons require deferral of the amount. Income lax recoverable in relation lo donations received under GiftAid 01 deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or olhetwise if the Church ha$ bean notified of an imp?ndiny dislribulion. the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as a nlingent asset. 10-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles Icontlnuedl 1.5 Expend5ture All expenditure is included on an ac¢¥uals basis and is recognised wh8n there is a legal obligation lo pay for expenditure. Irrecoverable VAT is included in the related expenditure. 1.6 Tanglble flxed assets Tangible fixed assels are initially measured at cost and subsequently tneasuied al cost or valuation. n81 of depreciation and any impairment losses. Dèpre¢ialion is recognised so as lo write off the cost or valuation of assets le88 their resiclual values over their useful lives on the following bases.. Redory Commercial Street, Dundee Sl. Roque's Hall Improvements Flxlufes, fillings and equipment 2% straight line 2% slraighl line 10°/0 Straight line 25¥0 straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and Is recognised in the statement of financial activities. 1.7 Flxed asset investments Fixèd asset inveslrnenls are initially measuied al transaction price excluding tiansaclion cos15, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomèllexpendilurel for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of fixed assets Al each reporting end dale, the Church reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment Ios5. If any such indication exists, the recoverablè amount of the &8sel is eslimaled in order lo determine the extent of the impairment loss {if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments with original maluiilies of three monlhs or less, and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial Instrumonts The Church has elected to apply thè provisions of Section 11 'Basic Fifjancial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. FinanGial instruments are recognised in the Church's balance sheet when the Church becornes party lo the conlraclu81 provisions of the inslrumenl. Financial assets and li8bilitles are offset, with the net amounts presented in the financial slatemenls, when thére is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a nel basis or lo realise the asset and settle the liability Simultaneouy. Basic financiTal assots BasiG financial assets, which include debtors and cash and bank balances, are initlally measured at transaction pricè including transaction costs and are subsequently carried al amortised cost using the effective inlèrast method unless the arrangement conslilttl&8 a Iinancing transaGtion, where the transaction is Inea.4uied al the present valLse uf the fulLire i-eLeipls discounted dl a iriarkel r¥lè of Inl@re51. Financial assets classified as receivable wilhirb one year are not amortised. 11
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEIVIENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcles {Continuedl Basie flnanclal Ilabllltles Basic financial liabilitiès, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslilules a financing Iransaclion, where the debt instrument is maasured al the present value of the fulijre payments discounted at a mark81 rale of interest. Financial liabilities ¢lassified as payable within one Ye aré not amortised. Dèbt instruments are subsequently catried at arnortised cost, using the effecllve interest rale method. Trade credrtors are obligations lo pay for gix>ds or services that have been a¢quired in the ordinary course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recDgnised iriilially al transaction price and subsequently measured al amortised cost using the effective interest method. Derncognition of financiTal liabilities Financial liabilities are derecognised when the Church's contractual obllgalions expire or are discharged or cancell6d. 1.11 Employee benefits The cost of any unus8d holiday entitlement Is rOgnIsed in the period in which the employee's services are received. Termlnalion benefits are recognised immedlately as an expense when the Church is demonstrably Committed lo lerminale th& employrnenl of an employee or lo provide lerminalion benefits. Critical accountlng estimates and Judgements In thè application of the Church's accounting policies, the Iruslees ar8 required to make luclgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and asso¢ialed assumptions are based on historical experience and other fa¢lofS that ara considered lo be relevant. Actual resulls may differ from these eslimales. The èstimates and underfying assumptions are vieWed on an ongoing basis. Revisions to a¢untIng estimates are recognised in the period in which the estimate is revised where the revision affects only that peTio)d, or in the period of the revision and future periods whete the revislon aflects both current and future periods. 12-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Donatlons and legacies Unrestrlcted Unrestrlctad Rostricted funds funds fund$ ganeral deslgnated Total 2024 Total 2023 Donab'ons and gifts Legacies receivable Grants Received 154,658 14,552 2.592 7.128 161,786 14,552 12,244 196,826 9,652 13,940 171,802 9.652 7.128 188,582 210,766 For tho year ended 31 August 2023 182.289 11.031 17,446 210,766 Donations and glfts FWO and gift aid donations Church ¢olleGlions Income tax recoverable of GiftAld Sundry other donations Donations for Choial Scholarship Donations for Swazlland Project Eileen Kidney's Trust for St Paul's Donations for Leach Trust tk)nalion for Youth Worker Donation for Slep Free Ac¢ess Donation for Soup Kitchen Donation for Bells Appeal DonatlDn for Organ Fund Donation for Cornertone Youth Group Donation for Voices United Donation for Tay Copes 47.915 7,665 13,282 5,796 47.915 7,665 13,617 5,796 1,200 210 80,000 5,000 48,276 7.177 13,637 11,158 1,4D5 205 100,000 5,000 62 335 1,200 210 80,000 5,000 29 29 110 6f) 16 175 110 50 16 175 3.950 750 5.188 154,658 7,128 161,786 196,826 Grants receivable for coro a¢tlvlties Dundee Music Grant Benefact Trust IformerlyAII Churches Trust Limiledl SEC- Recovery and Ren8wal Grant Award Transitional Stipend Supporl Grant 250 9,652 9,652 11,031 1,250 1.342 1,250 1,342 1,250 1,409 2,592 9.852 12,244 13.940 13-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Income from other tradlng aGtivltles Unr8stricted Unrestricted funds funds 2024 2023 Fundraising events 5,268 4.888 Investments Unrestrlcted Restrl¢ted funds funds general Total 2024 Total 2023 Rental income Income from listed investments Interest receivable 4,665 3,008 407 4,665 3,151 1,228 8,605 108 336 143 821 8,080 964 g,044 9,049 For the year ended 31 August 2023 8,741 308 9,049 Expendlture on ralslng funds Unrestrl¢ted Unrestrlcted funds funds 2024 2023 Fundraislng and publlclty Other fundraising costs 5,217 3,538 14-
co o (o (o 10 o) In C ¢0 ¢7) ¢ry (ry O ts) u) ¢4 Ln wj ¢0 lyi O ¢000 (0 <5) N <0 10 o ¢7) o) o) LU fL L) i) > LL 13 o c c o) C(
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Deserlptlon of charitable activities 2024 2023 Cle aiid Mlnlst Costs 33.860 11,000 2,749 151 583 270 10.325 885 1,014 34,017 12,000 21 690 567 10,358 60.837 57,653 Worshlp Costs Comrnunion elements and Gandle8 Worship resources Junior Church - £834 Roslricted LIY £418 Purchase of Vesbment51Allar Linens - Restricted Donation lo Ukrainian Donalion lo Swazlland vla Holy Trinity- Restricted 1,42B 260 1,240 1,171 1,443 44 480 .523 150 180 4.277 10,640 Fabrlc Costs Repairs and maintenan Cathedral E5ectricity and Gas Repairs and Maintenance- Oeslgnated Depreciation 21.913 15.033 11,890 13,630 8,013 3,514 3.514 40.460 37,047 Quota Quota is paid by Sl Paul's Cathedral lo Diocese of Brechin to support the work of the Diocese and of the Sry)ttish Episcopsl Church as a whole. DLiring the Gourse of Ihe year the Cathersral paid £31,209 in Quota. Musltt Costs Organist- Restricted £NIL OrganlPianolBe115 Tuning Repairs - £14,665 Reslricled LIY £1.976 Sundry Expenses- £833 Re$lrictad LIY £1,779 Other Musicians Payments - £3,171 Reslricled LIY £3.315 15,724 20.147 1.153 5,369 15,250 2,981 1.929 7,749 42.393 27,909 16-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support costs Governance costs 2024 2023 Telephone, adverb'sing and slalionery Church staff Fabric costs Other charges 9,215 24.982 46.490 6,971 9,215 24,982 46,490 6,971 9,444 18,905 34,177 5,858 Independl examiners fee 1,470 1,470 1.400 87,858 1,470 89.128 69,784 Analysed b@Iwe@n Charitable activities 87,658 1.470 89,128 69,784 Resources expended on charitable activities include direct costs, grants awarded and support costs. Support ¢0s15, whiGh relate primarily ID non clergy staff costs and costs associated with running the church buildings. 8re attributable lo more than one category. These costs have been apportioned lo the sp8cifi8d Categories based in prop¢)rtion with the direct costs. 10 Trustees Except for the Prov¢)sl, no member of the vestry received r8muneralion or reimbursement ol expenses, other than reimbursemanl of purchases made on behalf of the Cathedral. The Provost was ex officio a member ol the Vestry and a Iruslee, and ieceived remuneralion, benefits and reimbursement of expenses in respect of the services as a stipendiary clerfc in line wth scales determined by General Synod of the Scollish Episcopal Church. Expenses paid to the Provost dun9 thè year were £59412023 £6891. 11 Employees The average monthly number ol employees during the year was.. 2024 Number 2023 Number No employea rec8ived emoluments in excess of £60,000. Certain employees are eligible lo join the Scollish Epis¢opal Church Pension Fund which is a nc>n contributory defined benefit scherne wlh benefits based on final pènsionable salary. The ProvDSt was and the interim Re¢tor is the only member of the Fund. Sl Paul's Cathedral is unable lo identify ils share of the underlying assets and liabilities of the Fund on a consislenl and reasonable basis and so accounts for ils contributions as Ihe s¢heme was a defined contribution schem8. The contribution rale 15 32.20/D. There were no contributions oulslanding al 31 August 2024 in relation to the employees of the Galhedral Church of St Paul. Contributions are made to r8lev8nt schèmes for other employees. 17-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 12 Taxatlon The chaTily is exempt from laxalion on ils activtties because all Ils income is appli8d for charitable purposes. 13 Tangible flxed assets Rectory Commorotal str8et, Dundee SL Roqu8'S Fixtures, Iittlngs and equlpm8nt Total Improvements Cost Al 1 September 2023 200,000 187.575 64.962 51,302 503,839 At 31 August 2024 200,000 187,575 84,962 51,302 503,839 Depre¢latlon and Impalrment Al 1 September 2023 Depreciation charged in the year 84,000 4,000 83,737 3,751 64,962 46,574 3,514 259,273 11,265 Al 31 August 2024 68,000 87,488 64,962 50,088 270,538 Carrylng amount Al 31 August 2024 132.000 100,087 1,214 233.301 At 31 ALtgust 2023 136,000 103,838 4,728 244,566 Fixed assets not induded in the balance sheet,. Cathedral Church of St. Paul. 1 High Street. Dundee Casllehill House and ground, l High Street, Dundee Sl. Roque's Hall. 1 High Street, Dundee The Church buildings, consisting ol the Cathedral, Casllehill House and grounds and St. Roque's Halls, located in High Street, DunLtee are owned by The Cathedral Church ol Sl. Paul. Thè original costs OS these assets and the Cost of improvements prior lo the restoration works are not known and have not been included because, in the opinion of the Vestry, the cost of prof&ssionally valLring them to include a value in the a¢¢ounls outrweighs the benèfits lo users of the accounts. 18-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 14 Fixed asset Investments Unllsted Investments Cost or valuation Al 1 September 2023 Additions VElualion changes 84,179 20,114 9.505 Al 31 August 2Q24 113,798 Carrylng amount At 31 Augusl 2024 113,798 Al 31 August 2023 84,179 £20,114 was invested in the Scottish Episcopal Church Unil Trust Pool during the year. 16 Financial Instruments 2024 2023 Carylng amount offinancial assets Insliumenls measurèd al fair value through profil or loss 113,798 84,179 16 Debtors 2024 2023 Amounts falllng due wTrthin one ygar: Tiade debtors Prepayments and accrued income 14,546 1,369 1e,832 1,233 15,915 18,065 17 Credltors.- amounts falling due wlthln one year 2024 2023 Other ¢reditors 10,145 13.888 19-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 18 Deslgnated funds Funds sel aside by the Vestry. The Vestry declded that the grants received from Benefact Trust slK>uld only be spent on speclfic one off projects. The balance carri forward will be used On future speci81 projects have been identified. At1 September 2023 Incoming resouTces ResOueS At 31 August èxpgnded 2024 Benefacl Trust 21,800 9,652 113,2551 18,197 Prèvlous year: At1 September 2022 Incoming resources Resources At 31 August expendgd 2023 Benefacl Tnjsl 32,717 11,031 121,9481 21,800 -20-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Rastrlct&d funds The restricted funds ol the Gharity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At1 September 2023 Incoming resources Resourcès expended Transfers Galns and At 31 August loss&s 2024 Resloralion Fund Dr Hodgson's bequesl Jenny Wren award Phyllis Guild Music Foundation Voices United Sl P8uI's Music Fc>undalion Slep Iree aCsS Choral s¢holarship fund Swaziland project Leach Trust Fund Choir room shelving fund Soup kitchen fund Sound system Itjnd Lady Chapel Chair Fund Youth Worker VeslmenUAtar Linens Bell Appeal Organ Fund 23.333 14,665 183 964 779 25,076 {14,6651 183 2.672 2,672 175 175 1,000 35,423 560 281 6.889 (8331 167 35,452 1,158 363 9,574 29 1,452 262 5,000 1856) 1180} 12,3151 335 320 472 30D 944 335 323 472 300 126 18 {8341 11,1721 1.172 12,169 908 128 63 12,297 971 100.454 8,092 120.8551 1,172 779 8S,642 21
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 Restrlcted fund$ Icontlnuedl Prevlous year: At1 September 2022 Incomlng resources R8sources expended Transfers Galns and At 31 August losses 2023 Restoration Fund Dr Hodgson's bequest J8nny Wren award Phyllis Guild Music Foundation Sl Paul's Music Foundation Slep free aesS Choral scholarship fund Swaziland project Leach Trust Fund Choir room she5ving fund Soup kitchen fund Anniversary fund Sound system fund Lady Chapel Chair Fund YoL6lh Worker VestmenVAllar Linans Bell Appeal Organ Fund Tay Copes Fund 21,914 16,641 183 308 23,333 14,665 183 11.9761 3,421 {7491 2.672 1,740 35,405 2,184 40 1,889 17401 1,000 35,423 56L) 281 6,889 18 1,691 241 5,000 13,3151 335 320 2,153 761 300 1,300 15 8,131 120 335 320 12.153) 1289} 472 300 944 62 14181 1224} 209 4,038 788 5,608 12,169 908 {6.146} 538 98,852 17,754 116.010) 747 1,111 100,454 22-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 19 RestrlGted fund5 Icontlnuedl Re5toratlon Fund Funds held for 8 phased restoration of the Cathedral buildings. All appeal funds and grants given specifically for resloralion have been Grediled lo the Reslor21ion Fund which has been used to finance the works. All elements of the works have been categorised as repairs and have been treated as revenue éxpenditure and charged to tho Restoration Fund. Dr Hodgson's bequest- Bequest lo the Vestry for an endowment fuad. On 22nd March 2023 OSCR approved the reorganisalion ot the fund, this was lo be used for repair and upgrade of the Cathedral organ. This has now been fully ulilised. Jenny Wren award- Funds held for the restricted purposes of providing an award lo the best chorister. Phyllls Gulld Music Foundatlon - Funds held for the restricted purposes of purchasing sheet music for the Choir. St Paul's Music Foundatlon - Funds held for the reslricled purpose of supporting music in the Cathedral. Step Free Access- IFoTmerly Disabled Acss) Funds held for the restricted purposè ol invesllgaling and implementing access lo the Cathedral for all including dimerenlly abled people. older people using walking aids and young parents with pushchairs. Choral Scholarship Fund Funds held foT the reslricled purpose of awarding annual Chofal Scholarships to school children aged between fourteen and eighteen year5 of age or per service Choral Scholarship to pèrsons who are more than eighteen years ol ag6 bul who are in full-lime further educatlon. Swazlland Project . Funds h&ld for the reslricled purpose of supporting WOTk in the Diocese of Swaziland, in eSwalir)i. L8a¢h Trust Fund- Funds held for the promotlon of music. Cholr Room Shelving Project- Funds held for shelving in the choir room. Soup Kltchen Fund . Funds hèld for the provision of food for homeless. Annlvfrrsary Celebratlon Fund - Funds held for the Celebration of 160th Annlversary. On 22nd March 2023 OSCR approved the reorganisalion of this fund. This is now lo be used towards the purchase of 6 Copes f(Y use by senior clergy 81 spacial Setvices held in the Cathedral. This fund has now been fully ulili8ed. Sound System Fund - Funds held for the renewal of sound system. Lady Chapel Chalr Fund - Funds held for the renewal of chairs. Youth Worker- Funds held for youth worke¥ costs. VestmenVAltar Linens- Funds held for purchase of veslmenualtar linens. Bèll Appeal - Funds held for the purpose of augmenllng the current ring of bells. Oryan Fund - Funds held for the repair and mailllenance of the organ. Tay Copes- Funds held for the purchase of Tay Copes. This fund has now been ftjlly ulilised. Voices Unlted - Funds held for the restrided purposes of funding a portion of a Choral schols annual bursary.. for the Maintenan and tuning of musical instruments within the Cathedral; and the 8CqUlSltion of new Choir resour$. 23-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 20 Unrestrlcted fund$ At1 Septembgr 2023 Incomlng resources Resources 8xpended Transfers Gains and At 31 August Iosso$ 2024 General funds 485,088 185.150 1239,4111 11,1721 8,726 438,381 Prevlous year: Ati September 2022 Incoming resources Resources expended Transfèrs Galns and At 31 August losses 2023 General fijnds 489,963 195,918 1200.4661 17471 420 485.088 21 Analysis of net assgts b8tween funds Unrestricted Unrestrictèd funds funds general deslgnat8d 2024 2024 Restrlcted funds Total 2024 2024 At 31 August 2024.. Tangible assets Investments Current 8sselsllliabililies} 233,301 109,458 95.622 233,301 113,798 199,121 4,340 85,302 18.197 438,381 18.197 89.642 546,220 Unrestrictèd Unrestrlcted funds funds general designated 2023 2023 Restrlcted funds Total 2023 2023 At 31 August 2023.. Tangible assets Investments Current asselsl{liabililiesl 244,566 80,618 159,904 244,566 84,179 278.597 3.561 96,893 21,800 485,088 21,800 100,454 607.342 24-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 22 Financlal commitmentsi guarantfres and contlngent liabilities Al 31 August 2024 the charity was committed lo making Ih@ following payments in the year lo 31 August 2025 Agreements which expire.. 2024 2023 Withln 1 year Within 2- 5 years 1.717 1,717 1.717 1,717 23 Related party transaotlons Idenb'liable donations from Trustees amount lo £8,35812023 £14,700). Remuneration of koy management personnel As well as the Vestry, the key management personnel are the rninislry team. The amount paid lo the key managmenl pèrsonnel is detailed al note 8. -25-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 24 Collectlons for Third Partles The following income from Special Collections was received and disbursed during the year., 2024 2023 Capability Scotland Ward 34 - Ninewells Friends of Sl Pauls Jacqui Wood Can¢8r Centre Eswalini Friends Inc Fairshare Dundee Balms Guide Dogs Sl Francis Hosp DFFF Hol Chocolate Parish Nurse Project SGrapanlics Pickup8 for Peace Mid Lin Pastoral musician leaving donations Provost leaving donations Other leaving donations Kanlete Karate Andy's Man Club Lent Appeal 126 150 147 111 338 37 10 100 140 80 75 50 80 72 165 76 1.174 525 100 64 60 70 3,022 728 -26-