Charity registration number SC004696 Iscotlandl CATHEDRAL CHURCH OF ST. PAUL ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
CATHEDRAL CHURCH OF ST. PAUL LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Haslie Ross Cavanagh Aileen Black Th& Very Revd. Roxanne Campbell Carol Davidson Alan Slaler Au¥elia Arun Catherine Mitchell Bryn Richardson Jaap Jacobs Bob Main Clint Bolik (Appointed 24 November 2C1241 (Appointed 24 November 2L1241 (Appointed 24 November 20241 {Appointed 19 August 20251 Charity number IS¢otlandl SC004696 Prlnclpal address Castlehill House 1 High Street Dundoe DDI 1TD Indeptrndent examln8r BK Plus Limited 144 Nelhergale Dundee DD14EB Bankers Virgin Money Chiefoffi High Street Dunclee DD1 1SS
CATHEDRAL CHURCH OF ST. PAUL CONTENTS Page Trustees. report Independent examiner's repoil Stalament of finanGial a¢livilies Balance sheet Notes lo the financial statements 1L)-25
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES. REPORT (INCLUDING REPORT OF THE VESTRY) FOR THE YEAR ENDED 31 AUGUST 2025 The trustees present their report and accounts for the year ended 31 August 2025. For the purposes of Scottish Gharily Law, the members of the Vestry are charitable trustees of the Charity The accounts have been prepared in 8ccordance with the accounting policies sel out in note 1 to accounts and comply with the Church's governing document. the Charities and Trustee Inveslmenl {Scollgnd) Act 2005. the Charities AcGounls (Scollandl Règulations 2006 las arnendedl and 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in a¢¢ord2nce with the Financial Reporting Standaid applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting peiiods ¢ommen¢ing Irc>m 1 January 20191 Objectlves and aGtivltles The Vestry are the charity Trustees of the Cathedral and their role, as outlinèd in Canon 60 of the Code ol Canons of the Scottish Episcopal Church is lo 'cooperate wilh and generally assist the Rector in all matters rÉ>laling lo Ihe spirAtual welfare of Ilie congregation and the Inissin of the whols Church... The mission of the Cathedral Vesty is guided by four key aims.. worship, comrnunty, discipleship. and the slewarL%ship of resouices. 1. Worship The Vestry's goals for worship include maintaining a regular rhythm of prayer and devotion lo God while nurturing an open and inclusive liturgy that embodies the welcoming elhos ol the Scottish Episcopal Church. Worship is not an end in itself, bul is intended lo shape lives ol faith. dis¢ipleship, and service in the world. The C8lhedral seeks lo remain al the forefront of liturgical development within the SEC Iradilion, drswing creatively on words, music. silence. space. and movement lo enrich the worshipping life of the community. In addition, it provides liturgical resources lo the Diocese and sliives lo be a spiritual resource for the wider clly. 2. Community In service lo the community, the Ve51ry seeks lo deepen and bToaden partiapation in the life of the Cathedral, fostering a spirit ol belonging, cliscip1eship, and shared purpose among its members. Al the same lime, the CalhedTal stands as a Central place for arts, culture, and heritage within Dundee, conlribuling lo the civic fabric ot the city and offering a welcoming space where faith and public life can meet. The Vestry also plays an active role in the wider life of the Diocese and Province and is commilled to strengthening relalionships with other lailh traditions and community partners, pioviding a place of dialogue, hospitality, and shared endeavour. 3. Discipleship In disciplèship, the Ve8try is commilled lo nurturing faith that is lived out in action. This includes 5UPPOrting local and global inilialives Ihel promote justice. lair trade. and improved living conditions for those in need. Emphasis is plad on advocating lor climate justice, sustainability, and the care of creation a5 central lo Christian witness today. The Cathedral seeks to be a place of leaching, learning, and theological exploration, equipping people to grow in lailh and to engage thoughtfully with the challenges of contemporary society and culture. Through this. tt)e Cathedral community is encouraged lo wnnect worship with daily life, embodying the Gospel in servi, compassion, and hope. 4. Stewardship of Resource8 In stewardship, the Vestry is commilled to ensuring that the Cathedr81 remains a safe, welcoming, and accessible environment ltsr all. 11 lakes seriOuY the responsibility lo care for, conserve, and enhance the Cathedral eslale so that il may continue to sèrve future generations. Good governance and operational efficiency underpin this work, alongside the pursuit of sustainable funding lo resour the Cathedral's mission and ministry. The Vestry also expresses 8teward5hip Ihfouyh genèrosity, making charitable donations that supw)rt dls8dvanlaged individuals and Gommunilies locally, nationally. and inlerriallonally.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES, REPORT (INCLUDING REPORT OF THE VESTRY) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Voluntger Contributlons The Vestry relies heavily on the lime. skills, and commitmènt of volunteers from the congregation. Their ¢onlribulions are vital in susloining worship services, serving on commillees, maintaining the Cathedral's premises and fabric. and supporting pastoral and social aclivilies. The VeslTy records ils deep gratitude for all who give ol their lime and talents so generously. Looking ahead, there remains a ¢onlinuing need lor additional volunteers with appropriate experience and skillsels lo share in this work. erisuring that the Cathedral's ministry and missiors can be sustained and slienglhened. Transitions The Cathedral began the year in a period of interregnum, follow*ng the departure of the former Provost in August 2024. The Rewd Fioxanlle Campbell was appointed Interim Re¢lor during Ihls period. Working with the Bishop of Brechin, the Vestry unLlertook a consullalion process with the congregation lo discern the gifts and skills needed in the next Provost, as well as the priorities of the Cathedral community. An open reGruilmenl process began in January 2025, with interviews held in early April. Following this, il was announced that The Rev'd Roxanne Campbell had been appointed lo the post. She was installed as Provost on 31 May 2025. Roxanne is 81ready well known lo the congregation, having previously served as Interim Rector durlng the Vacancy 2nd earlier as Priest for Outreach. Her appointment has provided conlinully and stability for thè Cathedral community as il looks lo the lulure with confidencè. Achievemènts and performance Thioughoul the period from Septembèr 2024 to August 2025, the Vestry has continued lo work towards ils key aims in worship. community, discipleship, and stewardship of resources. In September 2024, the Cathedral wel¢om6d visitors from Ihe Companion Diocese of lowa, and later in the month observed Climate Sunday. Harv&sl was celebrated in October with a Bring and Share lun¢h, raising funds for F8re-Share. In November, the Calhedfal hosted a Civic Service rnafking the Dundee-Nablus twinning, with guests from Nablus all8nding,' this event was supported by the Bishop and Dundee City Council and affiimed Ihe Cathedral's role in civic life. The year also saw a full pattern of Advent and Christmas worship, with record attendance at the Advent Carol Service and well-supported Christmas liturgies, In October 2025 we wèl¢om8d the Aberdegn University Ch8pel Choir lo the Cathedral lo sing Evensong, enriching our worship and stTrnglhening links with the wider musi¢al and academic community. In Decembèr, the Cathedral also hosted Ihe High School of Dundee's Carol Service and the University ol Dundee's Carol Servlce. events which not only shows the Cathedral as a spa¢e lor the city bul also deepens our partnerships with local inslilltitons and offer opporlunilies for many people lo encounter the Cathedral who might not otherwise do so. oly Week and Easter 2025 wère prayerful and well attendad, with thoughtful adaptations lo the lirgy. The Bishop of Brechin presided at key setviees during the year, including the Chrism Mass, Midnight Mass On Christmas Eve, Easter Sund8y. In June 2025, two young members of the congrègation were confirmed, and additional lay eucharistic assislants were commissioned. Hospitality and soclal life continued through posl.seivi¢e ref¥eshmenls, special lunches, and occaslonal events such as the St Roqu8's Ceilidh in May 2025. The Friends of Sl Paul's hosted lectures and talks, while the Cathedral continued lo be a venuè for concerts, carol setviees, and cullural events_ The rdaunch of the Lunchtime Concert Series by the Difeclor of Music brought increased audiences and income. The Galhedral's pastoral ministry included home communions, visillng, 8nd occasional offices. The pastoral Care team was refreshed with training in late 2024 and began lo be redeployad in 2025. Services al Benvie Care Home 81so added an important new strand lo pastoral oulrèach. The Director of Music hold5 responsibility for the musical life of the Galhedral, provlding oversight of thè choir, repertoire, and liluTgical planning, and ensuring that music continues lo eniich the worship and wider tninislry ol the Cathedral. Since his gppoinlmenl in 2025 his gifts 8nd talents have continued to enriGh the musical life of the Cathedr81.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES, REPORT (INCLUDING REPORT OF THE VESTRYI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Sevgral weddings and baptisms were celebrated in the Cathédral during the year, along with a small number of ft¢nerals, marking life's milestones in the midst of Ihe worshipping community. The Cathedral maintained its weekday ministry of being open for prayer and reflecllon. The Lady Chapel continued lo develop as a space for private devotion, with thousands of Candles lil and prayers placed in the prayer box. The provision of prayer Cards was well received, wlh the most PDpular resource being "Finding Peace,, reflecting the needs of visitors in an unsellled world. The Cathedral's role in civic and SQGial justice life continued through supporting the work ol Dundee Fighting for Fairness and the participation ol the Provost in the Dundee Fairness Leadership Panal. The Young Adults Group, Cornerstone. has conlinu8d ID gather regularly, offering a welcoming spaca lo share faith, food, and fellowship. In the area of stewardship, the Vestry undertook significant prop@rty and governance work. Progress ¢ontinued on the sale of St Roque's Hall and the Commercial property owned in Commercial Street, Dundee, as well as Ihe clearance and reorganisalion of Cathedral rooms in anlicipalion of losing that sp8¢e. The Vestry also made the decision lo sell the Cathedral Rectory in the west end of the Cily and lo seek a new Rectory that better aligns with Nel Zero ambilions and meets the EPC 'C' standard, ensu¥ing a rnore sustainable clergy house for the future. The sale of Ihe hall and the commercial propety will release funds for key C8thedral devel(pments, most notably the 518p-free access project, which the Vestry recognises not simply as an ar¢hiteclural impiovemenl bul as a theologic81 imperative - embodying the Gc>spel call to welcome and equal a$$ for all. Plans have been considered, and a laser and topographic survey have taken place lo confiTm the viability of these plans. Alongside ac¢Éssibilily, the V951ry has Irealed health and safely as a core imperative, completing a lull renewal of fire equipment across the sile and commissioning 8 comprehensive alectrical inspection lo ensure the Cathedral rèmains a safe and compliant environment for all who gaiher heTe. In November 2024, signlfi"¢ant repairs wete undertaken lo the Cathedral org8n, an essential part of our worship and musical tradition, cherished by congregation, choiT, and wider community alike. These works @nswe that this much-loved inslrurnenl will continue lo inspire and enrich our worship for years lo come. In all thes& ways, the Vestry has sought lo hold together worship. community, discipleship. and stewardship, enabling Ihe Cathedral lo serve both ils congregation and the wider city. Financlal review Overall. the year ended 31 August 2025 gave rise lo afi decrease in Funds of £45,408. There was an increase in reslricled funds of £2.497 and a decrease in unreslricied funds of £41,905. Donalions from the Trustees of the Miss E A Kidney's Trust for Sl, Paul's Cathedr81, SC030645, represent nearly half of the incom1r resources dursng the year. In terms of the overall bal8nce sheet. during the year the bank balance decreased by £59,977, investments increased by £14,872 with deblors increasing by £4,354 whilst creditor5 decreased by somè £3,701. Reserve5 Pollcy The Vestry's Resgrves Policy is lo maintain resèN8s so that cash and investment income Is suff1cient to me@t three months, normal operating costs and any other committed exp&ndilure. The unrestricted free funds balances held al 31 August 2025 were £183,730 which falls within the desired parameter land represents over 7 months, normal operating costs). The Vestry is currently considering optlDns Ihat seek lo reduce the unrestricted free funds balances lo bring them more in line with Ihe slated ReseNes policy and this will be progress*1 over the forthcoming year. Investment Policy In prevlous years the Veslry did not invest ils monies other than in ils own bank deposll accounts, however, after careful consideration approval was given during the 2023-24 financial year to invest the sum of £100,000 in the Scollish Episcopal Church Unil Trust Pool. Thls investment is viewed as providing a balanced return from income and capital over the medium lo long term. Legacies received in the form of shares are retained until the Vestry has a specific purpose for the capital.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES. REPORT {INCLUDING REPORT OF THE VESTRY) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Rlsk Management The Iruslees have assessed the major risks lo which the Church is exposed, and are satisfied that systems are in placts lo mitigate exposur? lo the major risks. Plans for thè Future The Vestry will continue ils range of present activities in the foreseesble future. The Vestry aims lo continue ils revlew of financial plans and budgets. Structure, govornance and management The ChurGh is an unin¢orporated as50¢ialion, governed by ils Conslilulion frotn February 2L)20 following that ol 1905 whith has, from lime lo time since, been subject lo amer>dmonls al meetings of the congregation. For the purposes of Charities Law, the members ol the Vestry are the Charity Trustees of the Church. The Church is 8 member congregation ol the Diocese of Brechin in the Scollish Episcopal Church, The Bishop of Brechin has pastoral oversight of all congregations within the diocese. and all ¢ongregalions are subject lo the Codé ol Canons of the Scottish Episcopal Church. In addition lo the Constitution, the Cathedral is also regulated by ils Stalulès, which set out in delall spe¢ifi¢s appropri81e to a Cathedral within the life of the Diocese and the wider Chur¢h. Paul Haslie Vanessa Moreland-slrange Arun Bharrat Dhinagar Vaidegi Ross Gavanagh Mia Shanks Aileen Black The Very Revd. RDxann& Campbell Martine Van Illersum Carol Davidson Alan Slaler AuTelia Arun Catherine Mitchell 8iyn Richardson Jaap Jacobs Llob Main Clint Bolik (Resigned 24 November 20241 IResign8d 24 Nov@mber 20241 {Resigned 19 August 20251 (Resigned 24 November 2024} (Appointed 24 November 2024} (Appointed 24 Novetnber 2024) (Appointed 24 November 20241 (Appointed 19 August 2025} The membeis of the Vestry normally hold office for three years and are eleclect sl the Annual Meeting of the Congregation. The Lay Representative who represents the Church al Diocesan Synod is elected annually by the lay members of the congregation al the Annual Gener81 Meeting. The Vestry Secretary and Treasurer are appointed by the Vestry. The appointment of the Rector rests with the Bishop, following consullalion with and 5ubje¢l lo the approval of the Vestry or representatives nominated by the congregation lor that purpose. The Rector shall be the Provost ulesS that office has been assumed by the Bishop. The Vestry has gener81 control and management of the Cathedral and each member of Vèstry is responsible for making sure that the Cathedral works lo achievè ils charitable objectives. In addition to ctroperaling wilh and assisting the Rector & Provost in all matters of the spiritual welfare of the congregation and the Tnisgion of the whole Chur¢h, the Vestry has the care of the finances, properly and fabriG of the Cathedral estate. The Vestry regularly considers and manages these areas of rÈsponsibilily and receives reports and recommendations from the Finance Subcommittee and the Property SUL0mMIttee. Day to day management is delegal8d lo the ReGlor and the Cathedral Ministry Team wlth the Vestry aulhorising policy relating lo temporal affairs and appointing staff. The Rector is responsible for the spiritual affails of the Church and delegates aspects of the Church's operations lo the Ministry Te8m.
CATHEDRAL CHURCH OF ST. PAUL TRUSTEES, REPORT (INCLUDING REPORT OF THE VESTRYI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 In addition lo allending a short induction session, all new Vestry members are provided with a cow ol"Guidance for Charity Tru$leés issued by the Office of the Scollish Charity Regulator when appointed. statement of trustees, responsibilltles The Iruslees are responsible for preparing the Trustees. Report and the accounts in accordance with appli¢able law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in Scotland requires the Ituslees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the Church and of thè incoming resou5 and application ol resources of the Church for Ihat year. In preparing these accounts, the Iruslees are required lo.. select suitable accounting policies and then apply them consislenlly., observe th8 methods and principles in the Charities SORP., make judgements and estimates that aro reasonable and prudent.. slate whether applicablé accounting standards have been followèd, subject lo any material departuros disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 8ccounling records that dis¢lose with reasonable accuracy al any lime the financial position of the Church and enable them lo ensure that the accounts ¢omply with the Chaiilies and Trustee Investment IS¢ollandl Act 2005, the Gharilies Accounts IS¢olland} Regulations 2006 las amended) and the provisions of the Conslilulion. They are also responsible for safeguarding the assets ol the ChurGh and hence lor taking reasonable steps for the prevention 2nd detection of fraud and other irregularities The trustees, report was approved by th8 Vestry. The Very R xanne Campbèll Dated.. 23 November 2025
CATHEDRAL CHURCH OF ST. PAUL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CATHEDRAL CHURCH OF ST. PAUL I report on the financial slalemenls of the Church for the year Ènded 31 August 2025, which are set out on pages 7 to 25. RespeGtive responsibllltles of trustees and examlner The Church's Iiuslees are responsible for the preparation of the financi81 slalements in accordance wtth the terms of the Charitie5 and Trustee Investment (Scollandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006. The Church Iruslees consider that the audit requiremanl of Regulation 10{1llal-Ic} ol the Chafilies Accounts (Scollandl Regulations 2006 does not apply. 11 is tny responsibility lo examine the financlal statements as required under section 4411 Ilcl of the Charities and Twslee Investment IS¢ollandl Act 20C15 and lo stale whether partiwlar mallers have come lo my allenlion. Basi5 of Independent èxamlnerfs statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scollandl RegLJlalions 2006. An examination includes a réview of the accounting records kept by the charity and a comp8r4scn of the financial slalemenls presented with those records. It also includes consideration of any unusual items or disclosures in the financial slalements, and seeking explanations from the trusteés concerning any such matters. The procedures undèrtaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial slalemenls. Independent examiner's statement In the Course of my examination, no maller has come lo my allenlion 1. which gives me reasonable cause lo believe that in any material respect the reguirements.. lo keep aGcounling records in accordan¢@ with SeGtion 4411 Ila) of the Charities and T¥uslee Investrnenl {Scollandl Act 2005 and Regulation 4 01 the Charities Accounts Iscollandl Regulations 2006, and lo prepare financial slalemenls which accord wlh the accounting records and comply with RUlatIon 8 of the Charities Accounts Iscouandl Regulations 2006 have not been mel, or 2. to which, in my opinion, attention should be drawn in order lo enablo a proper understanding of the financial slateinenls lo be reached. Ross Grahaffl BK Plus Limlted 144 Nelhergale Dundee DD14E 23 November 2025
CATHEDRAL CHURCH OF ST. PAUL STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Current flnancial year Unrestrlcted Unrestrlcted Re$lrlcted funds funds funds general de$lgnatgd 2025 2025 Total Total 2025 2026 2024 Notes Donations and legacies Other trading activities Investments 167,445 6,919 15,164 8,301 22,595 198,341 6,919 16,163 188,582 5,268 9,044 999 Total Income 189,528 8.301 23,594 221,423 202,894 Raising funds 5.352 5,352 5,217 Charitable adivilies 238,009 13,031 25,311 276.351 268,304 Total expenditure 243,361 13,031 25,311 281,703 273,521 Net outgolng r8s0urc8s before transfers 153,8331 14.7301 11,7171 160.2801 170.6271 Gross transfers betweèn funds 13971 397 Net outgoing resources other recognlsed galns and losses Revaluation of tangible fixed assets 154,2301 (4,7301 11,3201 160.2801 170,6271 11,055 3,817 14,872 9,505 Net movement In funds 143,1751 {4,7301 2,497 145,4081 161,1221 Fund balances at 1 September 2024 438,381 18,197 89.642 546,220 607,342 Fund balances at 31 August 2025 395,208 13,467 92.139 50Q,812 546.22U The statement of financial aclivilies includes all gains and losses re¢ognised in the year. All iwme and oxpenditure derive from Continuing activities.
CATHEDRAL CHURCH OF ST. PAUL STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST2025 Prlor flnancial year Unrestrfcted Unrestrlcted Restrlcted funds funds funds get)eral designatèd 2024 2024 Total 2024 2024 Notes Donations and legacies Other trading activrties Inve51rnenls 171,802 5,268 8,080 9,852 7.128 188,582 5,268 9,Q44 964 Total Incom& 185,150 9,652 8,092 202,894 Raising fund8 5,217 5,217 Charitable activities 234,194 13,255 2Ql,855 268,304 Total expend5ture 239,411 13,255 20,855 273,521 Net outgolng resources before transfers 154,261} {3,6031 112,7631 170,6271 Gross transfers belwè8n fund8 11.172} 1,172 Net outgoing resources {55,4331 13.603) 111,5911 170,627) Other recognised gains and losses Revaluation of tangible fixed assets 8.726 779 9,505 Net movement in funds (46,7071 13,8031 110,812} 181,1221 Fund balances al 1 September 2023 485,088 21,800 100,454 607,342 Fund balan¢es at 31 August 2024 438,381 18,197 89.642 546,220
CATHEDRAL CHURCH OF ST. PAUL BALANCE SHEET ASAT31AUGUST2025 2025 2024 Not&s Flxed assets Tangible assets Invesltnenls 13 14 224,943 128,670 233,301 113.798 353,613 347,099 Current assets Debtors Cash al bank and in harid 16 20.269 133,374 15,915 193,351 153,643 209,266 Credltors: amounts falllllg due wlthin one year 17 16,4441 {10,1451 Nel curfent assets 147,199 199,121 Total assets less current Ilabllities 500.812 546,220 Income funds Reslrlclecl fijnds 92,139 89.642 Designated funds General unreslricled funds 20 13,487 395,206 18,197 438.381 408,673 456.578 500,812 546,220 The finana81 stateme s were approved by the Trustees on 23 November 2025 Bob Main Hon. Tre8surer
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting poliGie$ Charlty Informatlon Calhedial Church of Sl. Paul is an unincorporated association. 1.1 Basls of preparation The account8 have been prepared in accordance with the Chuich's governing document, the Charities and Trustee Investment (Scollandl Act 2005, the ChaTilies Accounts (Scollandl Regulations 2006 las amendedl and "Accounting and Reporting by Charities". Sl81@ment of Rocommended Practice applicable lo Charities preparing their a¢¢ounts in accordance with the Financial Repoth'ng Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended foi aG¢ounling periods commencing f¥om 1 January 20191. The Church is a Public Benefit Entty as defined by FRS 102. The Church has taken advantage of the provisions in the SORP lor chaTilies applying FRS 102 Update BuSletin I not lo prepare a Statement of Cash Flows. The financial slalaments are prepared in sterling, which is the functional currèncy of the Church. Monetary amounts in Iheso financial statements are rounded lo thè nearest £. The financial slalemenls have been pr&pared under the historical cost convention, Imodified lo inclucle the revaluation of freehold properties and to include investment properties and certain financial instruments al lair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial 51alements, the Iruslees have a reason8ble expectation that the Church has adequat& resources lo continue in operational existence for the foieseeable future. Thus the ITusle8s continue to adopt the going concern basis of accounting in preparing the financial slalements. 1.3 Charitable funds Unreslricled Genaral funds are available for use al the discretion ol the trustees in furtherance of theii ¢harttable objeolives unless the funds have been designated for other purposes. Designaled fvnds comprise funds which have been sel aside al tha discretion of the Iruslees for specific purpc>ses. The purposes and uses of the designated ftjnds are Sel out in the notes lo the financial slalements. Reslricled funds are subject lo spealic conditions by donors or uranlors as lo how they may be used. The purposes and uses of the reslriGted funds are sel out in the notes lo the fi'nancial statements. 1.4 Income Congregational giving is accounted for when received. Donalions. legactes and similar income are accounted for when St Paul's becomes entitled to the income and a reliable eBtimale of the amount lo be received can be made, Gift Aid recoverable is accounted for on an accruals basis, Cash don811ons are recognised on receipt. Other donations are recognised once the Church has been notifièd of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donalions received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on recaipl OT otherwise if the Church has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the atnounl is not known, the legacy is treated as a conlingenl asset, 1.5 Expendlturè All expenditure is included on an accruals basis and is rgcognised when there is a leg81 obligation lo pay lor expencliture. Irrecoverable VAT is included in the related expenditure. 10
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies (Contlnuedl 1.6 Tangible flxed assets Tangible fixed assets are initially measufed at cost and subsequently measured al cost or valuation, net ol deprÉci8tion and any impairment losses. Depreciation is re¢ognised so as lo write off the Gosl or valuation of assets less their residual values over their useful lives on the following bases- Rectory ComTllerGial Slreel, Dundee Sl. Roque's Hall Improvèmenlg Fixtures, fittings and equipment 2010 Straight line 2QA slraighl Ilne 10% straight line 25% straight linp The gain or loss arising on the disposal of an asset is determined as the difference bebNeen the sale procgeds and the carrying value of the asset, and is récognised in the statement of linan¢ial aclivilies. 1.7 Fixed asset investments Fixed asset inveslmenls are initially measurecl al Iransacts'on price excluding transaction costs, and are subsequently measured al fair value al each ieporting date. Changes in lair valuè are recognised in nel incomellexpendlturel for the year. Transaction costs are expensed as incurred. 1.8 Impalrmenl of fixed a$s•ts Al &ach reporting end dale, the Church reviews the carrying amounts ol ils tangible assets lo detern)ine whether there is any indication that those assets have suffered an impainnenl loss. If any such ind8110n 6xisls, the recoverable amount of the asset is èstimaled in order to determine the exlenl of the impaiimenl loss {if any). 1.9 Cash afid cash equlvalents Cash and cash equivalents include cash in hand. deposits held at ca15 with banks, other short-lerm liquld investments wilh original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowrings in current liabilities. 1.10 Flnancial Instruments The Church has elected lo apply the provisions of Sedion 11 '8asic Financial Inslrumenls, and SeGtiuii 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the Church's balance sheet when the Church becomes paty lo the GonlraGlual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the finan¢i81 slalemenls, when there is a legally enforceab5e rlght lo sel off the recognised amounts and thèr8 is an intention lo sellle on a n2t basis or lo realise the asset and sellle the liabilty simullaneously, Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are inilia1Sy measurèd at transaction price including transaction costs and are subsequently carried al amortised cost using the effe¢live inlerèsl method unless the arrangement conslilules a financing transaclion, where the transaction is measured al the present value ol Ihe future reGeipls discounted al a market rale of interest. Financial asséts classified as receivable within one year are not amortised.
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 AUGUST 2025 Accounting pollGies Icontlnued Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement ¢onslitutes a financing Iransaclion, where the debt instrument is measured al the present value of the future payments cliscoLJnled al a market rala of interest. Finan¢ial liabilities classified as payable wlhin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using tho effective inlerèsl r818 method. Trade creditors are obligations lo pay lor goods or services that have been acquired in the ordinary course ol operation5 from suppliers. Amounts payable afe classified as current liabilities if payment is due within one year or less. If not, they ale presented as non-currenl liabilities. Trade creditois are rewgnised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of flnancial Ilabilities Financial liabilities are derecognised when the Church'8 contractual obligations expire or are clischarged or cancelled. 1.11 Employae benefits The cost of any unused holiday entillemenl Is recognised in the period in which the employee's services are received. Temiinatlon benefits are recognised immediately as an expense when the Chufch is demonstrably commilled lo lerminale thé @mploymenl of an employee or lo provide termination benefits. Critlcal accoLbntlng estimates and judgements In the application of the Church's accounting poliGies, the trustees arè required lo make judgements, eslimales and assumptions about the carrying amount of 8ssets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical expertence and othe¥ factors that are considered lo be relevant. Actual results may differ from these estimates. The eslim21os ar)d underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognisèd in th& period in which the èstimate is revised where the revision affects lY that period, or in the pe.wiod of the revision and future periods where the revision aflects both current and future periods. 12
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Donatlons and legaclès Unrestricted Unr8$trlcted Rèstricted funds funds funds gonaral designated Total 2025 Total 2024 Donations and gifts Legacitts receivable Grafils Received 167,232 19,145 186.377 161,788 14,552 12,244 213 8,301 3,450 11,964 167.445 8,301 22.595 198,341 188,582 For the year ended 31 August 2024 171,802 9.652 7.128 188.582 Donatlons and glfts FWO and gift aid donations Church collections Income tax recoverable of GiftAid Sundry other donations Donations lor Choral Scholarship Donations for Swaziland Project Eileen Kidney's Trust for Sl Paul's Donations for Le8ch Trust Donation for Slep Free Access Donation for Sl Paul's Music Foundation Donation for Soup Kitchen Donation for Bells Appeal Donation for Resloialion Fund Donslion lor Organ Fun Donation for Cornerstone Youth Group Donation for Voices United Donation for Candlestand 49.958 11,236 13,887 4,939 49,958 11,236 14,842 4,939 1,415 30 87,212 5,000 2,560 47,915 7,665 13,617 5,79fj 1,200 210 80.000 5,000 29 955 1,415 30 87,212 5,000 2,56LI 154 110 60 7,827 60 7,827 50 16 175 605 539 605 539 167,232 19,145 186.377 161,786 Grants recèlvable for core activitles Benefacl Trust (formerly All Churches Trust Limiledl SEC- Recovery and Renewal Grant Award Transitional Slipend Support Grant Dunderdale Grant 8,301 8.301 9.652 1,250 1,342 213 213 3,450 3.450 213 8,301 3,45 11,964 12,244 13-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Income from othèr tradlny activltles Unrestrictsd Unrestricted funds funds 2025 2024 Fundraising events 6.919 5.268 Investments Unrestrlctsd Restricted funds funds general Total 2025 Total 2024 Rental income Income from listed investments Interest receivable 11,089 3,653 422 11.Q189 3,819 1.255 4,665 3,151 1,228 166 833 15,164 999 16,163 9,044 For the year ended 31 August 2024 8,080 964 9,044 Expendlture on ralslng funds Unrestrlcted Unre5trl¢ted funds funds 2025 2024 Fundraising and publlcity Olher fundraising costs 5.352 b.217 14-
W CO O) CQ ) O trj <0 o) (w ry) IfjO* C4i ) v ¢ U) oov D O) ooff) ttj Ln ¢4 a) ¢0 )00 ¢00 ) ¢0 (o Lo0 i (ri ¢ti (fj crj a) U) au>LLO c c
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Descrlptlon of charltabl8 actlvlties 2025 2024 Clergy and Ministry Costs Stipend - E. Thomson Stipend Conlribulion- R. Campbell Stipend - R. Campbell En7ployers NIC- E. Thomson Employers NIC- R. Campbell Clergy Expenses- E. Thomson Clergy Expenses - R Campbell Clergy Expensas Assistant Contributions to pension fund - E. Thomson Contribution lo pension fund R. Gampbell Housing Allowance - R. Capell 33,860 11,000 2,749 151 35.154 1.244 583 213 450 270 10,325 885 1,014 8,573 12,168 57,802 60,837 Worshlp Costs Communion elements and candles Worship resources Junior Church £Nil Reslricled LIY £834 Purchase of Vestmenls/Altai Linens Reslricled Donation lo Swaziland via Holy Trinity- Restricted 1,164 539 512 1.426 260 1.240 1,171 180 30 2,245 4,277 Fabric Costs Repairs and Maintenall¢e Cathedral £3,450 Reslricled LIY Nil Electricity and Gas Depreclalion 19,364 20,136 607 21,913 15.033 3,514 40,107 40,460 Quota Quota is paid by Sl Pau5's Cathedral lo Diocese of Brechin lo support the work of the Dlocese and of the Scottish Episcopal Church as a whole. During th8 course of the year the Cathedral paid £29.709 in Quota. Music Costs Organist- Restricted £3.504 Organ/PianolBells Tuning Repairs - £9,113 Reslricled Lry £14.665 Sundry Expenses- £1,316 ReslTiCted UY £833 Other Musicians Payments- £4,755 ReslNcled LIY £3,171 20,209 11,262 1,316 7,478 15,724 20,147 1,153 5,369 40,265 42,393 16-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Support costs Support costs Governance costs 2025 2024 Telephonè, advertising and slalionery Church staff Fabric costs Other charges 10,396 24,970 60,087 9.222 10.398 24,970 60,087 9,222 9,215 24,982 46,490 6,971 Independent examiners fee 1,548 1,548 1,470 104.675 1,548 106,223 89,128 Analysed between Charitable activities 104,675 1,548 106,223 89,128 Resources expended on charitable aclivilies include direct costs, grants awarded and support costs. Sltpport costs, which relate primarily lo non clergy slafl costs and costs asso¢ialed with running the church buildings. are allribulable lo more than one category. These costs have been apportioned lo the specified c8legorses based in proportion wtth the direct costs. 10 Trustees Except for the Provost, no member of the vestry received remunèration or reimbursement ol expenses. other than reimbursement of purchases made on behalf of the Cathedral. The Provost was ex officio a member ol the Vestry and a trustee. and received remuneration, benefits and reimbursement of expenses in respect ol the services as 8 slipendiary cleii¢ in line with scales determined by General Synod of the Scollish Episcopal Church. Expenses paid lo the Provost during the year wer6 £21312024 £5941. 11 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number No èmployee received emoluments in excess of £60,000. Certain employees are eligible lo join the Scottish Episcopal Church Pension Fund which 1s a non conlribulory defined benefit s¢hame wilh benefits based on final pensionable salary. The Provost is and the interim Rector was the only member of the Fund. Sl Paul's Calhedral is Ljnable lo Identify its sharo of the underlying assets and liabilities ol the Fund on a consistent and reasonable basis and so accounts for ils contributions as the scheme was a defined contribution scheme. The contribution ralè is 22% (32.201 There were no eonlributlons oulslanding 8131 August 2025 in relation lo the employees of the Cathedral Church of St Paul. Contributions are made to felevanl schemes for other employees.
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 12 Taxation The charity is exempl from laxalion on its activities because all its income is applied for charitable purposes. 13 Tangiblè flxed assets Rectory CDmm8rcial straot, Dundee St. Roque s Hall Improvements Fixtur8S. fTrttlng8 and equlpment T¢>tal Cost Al 1 September 2024 200,000 187,575 64,962 51,302 503,839 At 31 August 2025 200,000 187.575 64,962 51,302 503,839 Depreclatlon and Impairment At 1 September 2024 Deprèciation Charged in the year 68,OOQI 4,000 87,488 3,751 64,962 50,088 607 270,538 8,358 Al 31 August 2025 72,000 91,239 64,962 50,695 278,896 Carrylng amount Al 31 August 2025 128,000 96,338 607 224,943 Al 31 August 2024 132,000 100,087 1,214 233,3L)1 Fixed assets not included in the balance sheet., Cathedral Church of Sl. Paul, 1 High Street, Dundee Casllehill House and ground, 1 High Street, Dundee Sl. Roque's Hall, 1 High Street, Dundee The Church buildings, Gonsisling of thè Cathedral, Gasllehill House and grounds and Sl. Roque's Halls. located in High Street, Dundee are owned by Thè Cathedral Church of St. Paul. The original Costs ol these as5els and the cost of improvemcnts prio." lo the restoration works are not known and have not hepn included because, in the opinion of the Vestry, the cost of professionally valuing them lo include a value in the accounts outweighs the benefits lo users ol the accounts. 14 Flxed asset Investments Unlisted InvestmerEtS Cost or valuatlon Al 1 September 2024 Valuation changes 113.798 14.872 Al 31 August 2025 128,670 Carrylng amount Al 31 August 2025 128,670 At 31 August 2024 113.798 18-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 15 Flnanclal instrumènts 2025 2024 Carrying amount of financial assets Instruments measured at laii value through profit or loss 128.670 113,798 16 Debtors 2025 2024 Amounts falllng due wlthin one y&ar'. Trada doblors Prepayments and accrued income 1 5,622 4,647 14,546 1,369 20,269 15,915 17 Creditors: amounts falSlng due wlthin one year 2025 2024 other crèditors 6,444 10.145 18 Designatèd funds Funds sel asidè by the Vestry. The Veslry decsded that the grants received from Benelacl Trust slK)uld only be spent on specific one off projects. The balance carried forward will be used once future special projects have been identified. At1 September 2024 Incoming resources Resources At 31 August expended 2025 Benefact Trust 18,197 8,301 113,031) 13.467 Pr8vious year: At1 Septembèr 2023 Incomlno resour¢es Resources At 31 August expended 2024 Benefacl Tru81 21,8QO 9,652 113,255) 18,197 19-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 19 Restrictèd funds The restricted funds of the charlty comprise the unexpended balances ol donations and grants held on trust subject to specific conditions by donors as lo how they may be used. At1 Septomber 2024 Incomlng reSoUeS ReSoUeS trxpènded Transfers Galns and At 31 August losses 2025 Restoration Fund Jenny Wren award Phyllis Guild Music Foundation Voicas United Sl Paul's Music Foundation Slep free access Choral scholarship fund Swaziland project Leach Trust Fund Choir room shelving fund Soup kitchen fund Sound system fund Lady Chapel Chair Fund Youth Worker Candle stanLf fund Bell Appeal Organ Fund Dundttrdale Grant 25,076 183 1,059 3,817 29,952 183 2.672 175 15051 2,167 930 755 167 35,452 1,156 363 9,574 154 2,560 1,691 30 5,000 1718) 12,8051 11,2001 1301 17,0591 397 35,407 1,647 363 7,515 335 323 472 300 126 335 323 380 300 126 {921 539 {5391 12,297 971 12,297 214 8,356 3,450 {9,1131 {3,4501 89,642 23,594 125,3111 397 3,817 92.139 -20-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 19 Rgstricted funds {Contlnugdl Previous year: At1 September 2023 Incomlng resources ResourG&$ expended Transfers Gains and At 31 August losses 2024 Resloralion Fund Qr Hodgson's bequest Jenny Wren award Phyllis Guild Mu$1¢ Foundation Voices United Sl Paul's Music Foundation step free access Choral scholarship fund Swaziland project Leach Trust Fund Choir room shelving fund SDUP kitchen fund Sound system fund Lady Chapel Chair Fund Youth Worker VeslmentlAltsr Linens Bell Appeal Organ Fund 23.333 14,665 183 964 779 25,076 114,6651 183 2,672 2,672 175 175 1.00 35.423 560 281 6,889 1833} 167 35,452 1,156 363 9.574 29 1,452 262 5,000 1856} 1180) 12,3151 335 320 472 300 944 335 323 472 300 126 18341 11,1721 1,172 12.169 9D8 128 83 12,297 971 1 GIO,454 8,092 {20,8551 1,172 779 89,642 21
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINLIEDI FOR THE YEAR ENDED 31 AUGUST 2025 19 Restricted funds Iconlinuedl Restoration Fund - Fund5 held for a phased resloralion of the Cathedral buildings. All appeal funds and grants given specifically lor resloralion have been credited to the Resloralion Fund which has been used lo finance the works. A11 elements ol the works have beén calegorised as repair5 and have been Irealed as revenue expenditure and ¢harged lo the Resloralion Fund. Dr Hodgson's b•quest - Bequest to the Vestry for an endowment fund. On 22nd March 2023 OSCR approved Ihe reorganisalion ol the Ind, this was lo be used for repair and upgrade of the Cathedral organ. This has now been fully ulili5ed. Jenny Wren award - Funds held for the raslricted purposes of providing an award lo the best chorister. Phyllis Gulld Muslc Foundatlon Funds held for the rBstricled purposes ol pur¢hasing sheèt music for the Choir. st Paul's Muslc Foundatlon - Funds held for the reslri¢l8d purpose of supporting music in the Cathedral. step Free A¢cess- Funds held lor the $tricted purpose of investigalinu and implementing access to the Cathedral for all including differenlly abled people. older people using walking alds and young parenls with pushchairs. Choral Scholarship Fund - Funds held for the reslri¢led purpose of awarding annu81 Choral Scholarships lo school children aged belwe8n fourteen and eighleen years of age or per service Choral Scholarship to peisons who are more than eighteen years ol age bul who ale in lull-lime further education. Swazlland Project - Funds held lor the raslricled purpose of supporting work in the Dio¢ese of Swaziland, in eswalini. Leach Trust Fund - Funds held for the promotion of music. Cholr Room Shelvlny Proje¢t- Funds held for shelving in the Ghoir room. Soup Kitchen Fund - Funds held foi the provision of food for homeless. Sound System Fund Funds held lor the renewal of sound system. Lady Chap81 Chalr Fund - Funds hèld for the renew81 of chairs. Youth Worker- Funds held lor youth worker costs. VestmentlAltar Linens- Fund5 held for purchase of veslmenuallar lin&ns. Bell Appeal - Funds held for the purpose of augrnenling the current ring ol bells. Organ Fund - Fund5 hgld for the repair and maintenance of the organ. Voices Unlted - Funds held lor the reslricled purposes of funding a portion of a Ghoral SchoT,s annual bursary,, for the maintenance and tuning of musical instruments wthin the Cathedral,. and the acquisition of new Choir resources. Durkderdala Grant- Funds reIVed lo be used toward the cost of new signage. Candle Stand Fund - Funds received lo pay for a new ¢8ndle sland. -22-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 20 Unrestricted funds At1 September 2024 Incomlny resources Resources exptsnded Transfers GaSns and At 31 August losses 2025 General funds 438,381 189,528 1243,3811 1397) 11,055 395,206 Prevlous year- At1 Sèptèmber 2023 Incoming resource5 Resources exponded Transfers Galns and At 31 August losses 2024 General hjnds 485,088 185,150 1239,4111 11,1721 8,726 438,381 21 Analysis of net assets betwoen funds Unrestrl¢ted Unrestrlctod funds funds general deslgnated 2025 2025 Restrlctsd funds Total 2025 2025 At 31 August 2025: Tangible assets Inveslrnenls Current asselsllliabilities) 224.943 120,513 49,750 224,943 128,670 147,199 8,157 83,982 13,467 395,206 13.467 92.139 500,812 Unrèstricted Unrestricted funds funds general designated 2024 2024 Restrlcted fiinds Total 2024 2024 At 31 August 2024.. Tangible assets Investments Current asselsllliabililiesl 233,301 109.458 95,622 233,301 1fj3.798 199,121 4,340 85,302 18,197 438,381 18.197 89.642 546,22C> -23-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 22 Financlal commltmenls, guarantees and contlnggnt liabllltles Al 31 August 2025 thè charity was commilled lo making the following payments in the year lo 31 August 2C>28 Agreements which expire". 2025 2024 Within 1 year Within 2 - 5 years 1,717 1.717 1,717 1,717 23 Rolated party transactlons ILfentifiablè donations fiom Trustees amount to £9,90012024 £8,356). R&muneratlon of key management personnèl As well as the Vestry, the key management personnel are the ministry team. The amount pai lo the key management personnel is detailed at note 8. -24-
CATHEDRAL CHURCH OF ST. PAUL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 24 Collectlons for Thlrd Partle5 The following income from Special Collections was received and disbursed during the year". 2025 2024 Starter Pad(s Fareshare Dundee Camrs Cash lor Kids FONSA Faith in the Community Marie Curi8 Sishop's LentAppeal Tayside Degf Hub Friends of Sl Pauls Dundee Guides ECS 89 160 78 55 648 55 75 70 80 157 105 101 140 Eswalini Friends Inc Fairshare Dundee Bairns Guide Oogs Sl Francis Hosp DFFF Hot Chocolate Parish Nurse Project Scrapanlics Pickups for Peace Mid Lin Pastoral musician leaving donations Provost leaving donations Other leaving donations 338 37 10 140 80 75 50 80 72 165 76 1,174 525 100 1.811 J,022 -25-