KRrkwall St Magnus Cathedral (Church of Scotland) STATEMENT OF FINANCIAL ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2023 Congregation Iyo: 452371 Charity No: SC005322
Kirkwall St Magnus Cathedral (Church of Scotland) SCOO5322 Trustees, Annual Report Year Ended 31 December 2023 The trustees present their annual report and flnancial statem¢nts for lh¢ year ended 31 December 2023. The fillancial statetnents have been prepared in accordance with the accounting policie5 set out below 8nd comply with the G¢nerdl A55embly Regulations for Congr¢gational Finance, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulation5 2006 (as amended) and "Accoutlting and Reporting by Charities- Statement of Recommended PTactice applicable to charities PT¢paring their accounts in aecordartce with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102)" {eff¢¢tive l January 2019). Objectives and Activities The Church of Scotland is Triniiarian in doctrine, li¢formed in trddiiion and Presbyterian in polity. It exists to glorify God and to work for th¢ advancement of Chrisvs Kingdom throughout the world. As a national Church. it acknowledges a distinctive call and duty to bring the ordinances of rcligion to th¢ people in every parish of Scotland through a territorial ministry. It cOperateS with other Churche5 in various ecumenical bodies in Scotland and beyond. St Magnus Cathedral is owned by the people of Orkney for the people of Orkney. and a5 such is at the heart of the community and is (he centre for civi¢ services and cultural Bvellts. Within the church. the spiritual needs of the congregation are met by servi¢¢s of worship, the Guild and Friendship Group. There is also a very active choir which leads th¢ singing èt each Service and at Speci services, including the service of Nine Ixssons and Carols. Achicyements and Perforrnance The Trustees of St Magnus Cathedral continue to provide opportunities for worship every Sunday, and other 2ppropri2te time5 of the year. for the congregation and the wider public. New ways of engaging with the wider public, Orcadian diaspora and previous vj51tors have continued to develop through the ngregatIOn websitc, YouTube and our own congregational Fa¢¢book pagE. This continues to meet with wide acclaim and ha5 included Several new members of the worship i¢am who hav¢ brought particular skills to the output The ordinances of religion Continue to be provided for all who seek them in the parish areF4 and from further afield. We are actively exploring how this may be used to resource smaller congregations by working more collaboratively onlin¢. Trustees have uppcd their game in particular as summer tourists return in increasing numbers. The Cathedrnl Colltillues to host 2 good number of weddings and funern15 as well a5 metnorial 5ervice5. Our fiT5t r¢cipient of th¢ recently inaugurated Orga Scholarship which attracted much attention locally and nationally, has gon¢ on to win a place to read music at thE Scottish Conservatoire in G1&5gow. Through the St Magnus Centre. which is owned and maintained by the congregation. the trustees, in collabordtion with the ¢ongrcgation. offer a variety of ministries OF hospitality and welcotne to a wide range of charitable, statutory and community groups and organisations. The St Magnus Centre is open throughout the year and between April and Septemb¢r it is Staffed by volunteers who provide a wami welcome to visitors. T1ic Trustees coniinue io play an active and cenirdl role in the developmerji of ihe new parish sirullre within Orkney. offering expertise and leadership to smaller congregations, encouraging thrm to be involved and engage with the process. The weekly online Zoom meditation continues to attract people from all over thc globc. an occasional question and answer 5¢55ion with the MitLiSter and other training and SOCI activities. The ordinances of religion continu¢ to be provided for all who seek them in the parish area and from further afjeld. We have been able to. in conjunction iviih thc local authority, continue to look after visitors to the Cathedral who may wish to prdy and lÈght a cand12. The congregation and trustec5 also continue to provide opportunities for enhancsn8 and developing help and relationthip5 Wlth our partners in the church in Malawi, continuing to raise raising funds for the new St Magnlls College Secondary school in Thyolo. Our pastoral minister continues to rdise awareness and money for borehole5 in Malawi to which members of the ¢ongregation and wider community contribute. 2s well as to local charities. The congregation again provided a placement opportunity for a Student minister during 2023 offering ftedback and support i d¢v¢loping his pastoral and preaching 5kilLs. Page I
Kirkwall St Magnu5 Cathedral (Church of Scotland) SC005322 Trustees, Annual Report Year Ended 31 December 2023 FiNaNcial Review Th¢ fJDan¢i&l a¢counts ¢ompri5g th¢ Congregational accounts, thosc of St Magnus Centr¢, the Guild, the Choir. and the St Magnus Toddlers for which the trustees are accountsble. The accounts r¢flect a net expenditure before gains of £5.266 eotnpared with £34.614 1&8t year. Total funds at the balance sheet date have increas¢d to £1.275.316 from £1,262,112 in 2022. Total income has increased from £147,539 to £154,144. Thi5 is largely a re5uIt of a further increase in candle sale5 as the Cath¢dr&l CDntInu to welcome more visitors. Othenvise the most notable mov¢ment is the charitable income froTll St Magnus Centre increasing by £18.368 as a result of the rising numb¢r of groups using the facility. Overall ¢xp¢nditure has fallen by £22.743 lo £159,410. The main reason for this drop this years donations only bcing madc in early 2024. also. the chariti¢5 donations in 2022 were considerably higher r¢fl¢cting the laT8¢ legacy rec¢ived. Other significant movements iT)cluded an incre&5¢ in ¢xpenditur¢ for the St Magnus Centre with additional shop ¢osts and wages being the main cau5¢. Inve5tmcnt Policy and P¢rforman¢¢ It 15 our policy to hold the reserves in liquid bank deposits and in funds administered by the Church of Scotland Investors Trust. with the aim of achieving a higher income and some capital appreciation. In the eurrent year the investmcnts generdted dividend income of £9,859. The market value of our investments returned an unrealised gain of £18.470. compared to the unre21i5ed 1055 of £43,538 in 2022. Page 2
Kirkwall St Magnus Cathedral (Chureh of Scotland) SC005322 Trustees, Annual Report Year Ended 31 December 2023 Risk Management The pritlcipal risks to the congregation are declining membership/ income, sncreasing energy and maintenance costs. Although embership has declined steadily over the past 30 years, income has Ternained sufficient to meet the annual costs for Kirkwall St Magnus Cathedral most years to produce & surplus. A reserve has been built up to help with future building maintenancelreplacement costs. Reserves Policy The trllste¢s have considered the reserves required and have taken into a¢count iheir currenl and future liabilities. It is the trustees, policy to hold reserves of approximately six months expenditLire including designated funds. At the year end the Church held unrestri¢ted funds, ex¢luding tangible fsxed assets. of £705,264 of which £148,156 had been designated for the running and maintenance of the St Magnus Centre. The remaining balance of £557,108 Tepresents more than ihe amount necessary to run the charity for six months. Governing Document The congregation is a registered charity, Dumber SC005322, and is admini5t¢r¢d in CordanCe wilh the terms of the Deed of Constitution Iunitary Form) and is subjtt0 the Acts ond Regulations of the Genernl Assembly of the Church of Scotland. OrganisAtiDnal Structure The charity trustees are elders who, having be¢n ordained to the office of eldership, are admitted io membership of the Kirk Session. The appointment of elders is in aecordance with ¢h¢ law and pra¢tio¢ of the chUh of Scotland. Thc Kirk Session, which meets four or five tiTnes a year, is responsible for spiritual, pastoral aThd t¢Pora1 affairs Wlthin the church. The Kirk Session ha5 delegated authority to an Administration Group to look after temporal issues such as finance, compliance with data and health and safety legislation, repairs aELd maintenanc& Members of the Adrninistrdtion Group cornpri5e the principal office bEarer5 and a nutnber oFelders. Page 3
Kirkwall St Magnvs Cathedral (Church of Scotland) SC005322 Trustees, Annual Report Ycar Ended 31 December 2023 Reference and Administrativ¢ Informxtio Charity Name- Kirkwall St Magnus Cathedral. Church of Scotland Charity Registrdtion Number SCOQ5322 CoDgr¢gation Reference No: 452371 Contact Addre5S: Indc en(lent Ei42miner AJ.B. Scholes Limited 8 Albert Street Kirkwall OrknGy KW15 IHP B9nker5 Bank of Scotland 56 Albert Street Kirkwall Orkney KW15 IHJ Churches Credit Mutual Union Ltd Conway House 31-33 w0tEr Str¢¢t Gloucester GLI 3AJ Other trustees who served in the period H Killeen Page 4
Kirkwall St Magnu8 Cathedral {Church of Scotland) SC5322 Trustces, Annual Report Yoar F.nded 31 Decernher 2023 Investrn¢t Ilanktr5 chuhS vfsiutland ItLVLStvr5 TTU5t 121 fJeorgL S(reL Edinburgh EF12 4YN Stht¢ment of Trllstees, ReS11b11ltIC% The charity Iruslees are responsible foT preparillg a trustees, annual report and financial slatemcnls in accordance with applicable law and Unii¢d Kingdom ALLounting Stsndards (United Kingdom (ienerally Accepted AccouTriiTr8 Praclicc). The Jaw applicable to charities tn Scotland require5 (he charity trustees to prepare finan¢ial si8lements for each )'ear whieh show a true and fair view of the state of affairs of Ihe Lh&ity of the inLX)minbY resources and application of resourw of ihe ehariiy for that period. In preparing the financial sttttcmcnts, the trustCCS re rcquired Lts: 5clcct suitablc ac¥ouiiiiii8 policiLs atid tliLIi dpply iliini i011si>lLnily. Lib5¢1've ilie Jii¢ihod aiid priniiplLS in ilie 4ipp1iLdb]e ClidfiiiLS SORP. makc judgcmcnis and c5titnaics that arc rca50nablc and prudcTrt', State whcihcr applicablc accounting ftandards and %iatemenLs L)f iccommend¢d practicc have been followed. subjL*t to any depanures disclosed and explained in the financial siaiemenis: and prepare the financial statements on the going Concern basis unless it is inappropriatc to pre5umc that the charity. will continuc in operational existence. Th¢ tru&¢¢& ar¢ responsiblc for k¢cping propcr accountlllg records which disclose wi(h reasvnablL accuracy a¢ any lim¢ the finala1 position ofthc chariiy and io en2ble them 10 ensure that the financial staiemcnts campls ¥Vlth ihe Chdrilics dnd Tru$iee Invcstmont (Scotland) Aci 2005 and the Ch2ritits A¢eounts Iseotlandl Regulations 2006 las amendedl.'fhey are also responsiijle for saf¢8uarding the assets of the charity and honco for tsking reasonable steps for the prevontion and detection of fraud and othtrr irr¢gulariti¢5. -l-he truslec9 arc res)nIth1¢ for the maintenance and integrity of the charit). and fmancial information on the congregation, wcbsitc. Lcgislaiion in Ihe Uniied Kingdom govcrning the prcparation and diss¢minalioTh ol IiTLancial ststemLmts may differ from legislalinn in Dthcr jurisdictions. Approved by the Trustees and Sied on their behalf, %cssinn ('Itrk. t)ate' li¥itL I It'L Page 5
Kirkwall St Magnu8 Cathedral (Church of Scotland) SC005322 Independent Examiner's Report To the Trustees of Kirkwall St Magnus Cathedral (Church of Scotland) I report on the accounts of the charity for the year endcd 31 Deccmber 2023. as sct out hcrcin. Respective responsibilities of trustees and examiner T]ie charity's tnjstees are respoi)sible for the pr¢paralion of Ilie accounts in accordance witli the terms of the Charilies and Tnjgtee Invcstment (Scotland) Act 2005 and the Cliarilies Accounls (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10( I} (a) to (c) of the Accounts Regulation5 di)cs not apply. It is my T&sponsibility to examine the accounts as required under section 44(1) {c) of the Act and to State Ivhether particular matters have come to my attention. Basis of independent examiner'5 Statement My examination is caThied out in accordance with Regulation I l of the Chlrities Aecounts (Scotland) Regulations 2006 (as amended). An examin&tion includes a review of the accounting re¢ords kept by the charily and a compari50n of the accounts prescnlcd with those records. It also includes onsideralion of any unusual item5 or disc105ure5 in the accounts. and s¢cks explanalions from the trustees concerning any such matters. The procedures undertaken 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 accounts. Independent examiner's stalement In the course of my examination, no matter has come lo my altenlion whicli gives me reasonable cause to believe that in any material respect the requirements: to keep accounting rccords in accordance with Section 44(1) (a) of thc 2005 Act and Regulation 4 of the 20 Account5 Regulations (as amended). and to prepare accounls which accord with the accounting records and comply with Rcgulation 8 of the 2006 Accounts Rcgulations (a5 amcnd¢d) hav¢ not b¢en met. or to which, in my opinion. attention sliould be drawn in order to enable a proper undcr5tanding of the accounts to bc rcaGhed. A.J.B. Scholes Limited 8 Albert SIT¢et Kirkwall Orkney KW15 IHP Dal¢: ii[u4ioL4
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Kirkwall St Magnus Cathedral (Church of Scotland) SCOU5322 Balancc Sheet As a¢.11 l)cccmbcr 2023 'rotal 2023 Total 2022 ote TrIXTr:U ASSLT5 l angiblc fixed assets Investments 565.773 317.498 561,916 299.028 883.271 860.944 CURRENT ASSETS Dcbiors Cash at bank and in hand 10 10.680 431 163 387.920 44? 843 408.232 CURRF.NT LIABILITIF.S Creditors falling due within one year 50,798 6,899 NET CURRENT ASSETS 392.045 401.333 Creditors falling due in more than I year 165 r4F.T ASSF.TS 1,275,316 ,262,112 Th¢ Funds of th¢ Charity Eiidoi%'iiicnt funds R¢51riLlI'd funds Unresirided funds 14 4,279 4.279 7,800 1,230,OJ3 1.271,037 TOTAL CHARITY FUNDS 14 1,275J16 .262.112 The accounts were approved by the Trustee5 on and sign¢d on ih¢ir behalf by..
Kirkwall St Magnus Cathedral (Church of Scotland) SC005322 Notes to the financial statements Year Ended 31 December 2023 The principal accounting policies. which havc been applied consistently in the current and preceding year in dealing with iterns which are considered material to the accounls. are set out below. Basis of preparation The financial statements have been prepared in aordance with the Charities and Trustee Investment (Scotland) Act 2005. the Charities accounts (S¢otland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of R¢rommendcd Practice applicable to charities preparing their accounts in accordance with the financi Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)" Th¢ accounts are pr¢pared in sterling, which is the functional currency of the charity. Mor]elary amounts in these financial statements are rounded to the nearest £. Ai ihe lime of approving the accounts. the trustees have a ronable expectation that the charity has adequate resources ro Continue in operational existence for the foreseeable future. Thus the trustees continue lo adopt the going ¢onc¢rn basis of CoUntIng in preparing the accounts. Fund accounting Funds are classified as either restricted funds or unrestricted funds, defined as follows. Restricted funds are funds subject to specific requiremenls a5 to their use which may be declared by the donor or with their authority or created through legal processes. but still within the wider objects of the ¢harity. Endowment funds are fund5 which have been given on the condition that the original capital sum is noi reduced, but the income there from is used for the purpose defined in accordan¢¢ with the objccts of the charity. Unrcstricted funds arc cxpcndablc 4t the dis¢wtion of thc trustc¢s in furtherancc of the objccts of th¢ ¢h&rity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrdtive purpose only and does not legally restrict the trustees, discretion to apply the fund. Incoming rcsources Income is recognised when the charity has entitlement to the funds. any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the atnount ran b¢ measured reli&bly.
Kirkwall St Magnus Cathedr21 (Church of Scotland) SC005322 Notes to the financRal statements Year Ended 31 December 2023 Donated Services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions asso¢iated with the donated iteTn have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be mcasurcd reliably. In cordance with the Charities SORP (FRS102) the gcneral volunteer time of ¢ongregation members is not recognised. On receipt, donated professional services and donated facililie5 are recognised on the basi5 of the value of the gift to the charily which is the amount the charity would have been willing to pay to obtain service5 or fa¢ilitie5 of equivalent economic benefit on the open market,. a corresponding amount is then recognised as expenditure in the period of receipt. Interest receivable Interest on fuijds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the Bank. Fixed assets The charity has the right to occupy and use for its charitable objects certain tangible fixed assets vested in the ChuTch of Scotland General Trustees. No consideration is payable for the use of these assets. Expenditure incurred on the repair and maintenance of these assets is charged as r¢sour¢es expended in the staiement of financial activities in the period in which the liability arises. All tangible fixed ass¢ls Gosting in ¢x¢¢5s of £l.000 having a value to the charity greater than one year. oth¢r than thos¢ acquId for specific purposes, are capitalised. Depreciation is provided on a straight-line basis to write off the cost or initiAI valu4 less residual valuq of tangible fixed assets over their estimated useful lives: Fixtures, fittings Office Equipment 5 ycar5 2 years Investments Fixed asset investments are stated at market value at the balance sheet date. Unr¢ali5ed gains and losses represent the difference between the market value at the beginning and end of the financial year or. if purchased in tlie year, the difference between cost and market valuc at the ¢nd of the year. Realised gains and losses represent the difference between the proceeds on disposal and the market value at ihe start of the year or cost if purchased in the year. Taxation St Magnus Cathedral is recognised as a charily for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The ¢harily is not registered for VAT and resources expended therefore include irrecoverable input VAT.
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Kirkwall St Magnus Cathedral (Church of Scotland) SC005322 Notes to the financial statements YeAr Ended 31 December 2023 2023 2022 6 Staff costs and numbers Salaries and wages 17,523 14.940 TtstAI 17J23 14.940 Thc averagc number ofLrnployees durin8 the year. caltulaied on ihe basis of a htad cotsnl. Ivas as follows: 2023 2022 Music sta(T MillierIal support No cmploycc had ¢mployc¢ bcncfits in oxccss of £50.0[ {2022-Nill All Church of Scotland congregotions contribut¢ ¢0 the National Stipcnd fund ivhich bears the costs of all mlnistets, 51iponds and employcls eoThtribution5 for national insurancc. pcnsion and hotssing and loAn fund. Ministers. stiponds ar¢ paid in a¢¢ordanc¢ ivith Ihc national stipend scalc. iyhich is related to years of SCTVIC 7 Trustee R¢mun¢ration and Related Party Transactions During the year. two trust¢25, received rcimbur5emcnt ofexpcnsC5 tallIng £77612022: £4821. No trustce or person relaied to a trustee had dny personal intcrest in any contract or Irdnsaction ¢niered Irb by the charity during the year. In thc y¢ar to 31 D¢mber 2023. ¢wstecs donaicd £Thil lo the eDngrcgation.
Kirkwall St Magnu5 Cathedral (Cburch of Scotland) SC005322 Note5 to the finanei&l stAtoments Y¢ar Ended 31 D¢cctnber 2023 8 Tangible Fixed Assets Oth*r Bulldings 2023 Assets Total 2023 2023 Cost l January 2023 Additions 550.000 126.416 7.800 676,416 Disposals 31 Deccmbcr 2023 9,787 124.429 550,000 674,429 Accumulated Dcpreciation l January 2023 Chargc forycar Climinaied on Diswsals 31 December 2023 114.500 3.943 9.787 108,656 114,50D 3.943 9.787 108.656 Net Book V#Jut 31 DcceTnb¢r 2023 550.000 IS.773 565,773 31 Dccember 2022 550.000 561.916 Other Building5 ZOZ2 A55cts Totsl 2022 2022 Cost l Jonuary 2022 Additions Disposals 31 Docombor20?2 550.000 114.500 664.500 550.000 126.416 676.416 Accumulatcd D¢pTcciatio l January 2022 ChArgc for ycar EIiTninated on Disposals 31 DcccnJbcr 2022 114.500 14.500 14,500 14.500 Iyet Book Value 31 Deeembcr 2022 sso.000 550,000 561.916 550,000 31 Dc¢emb¢r 2021
Kirkwall St Magnus Cathcdral (Church ofscotland) SC005322 Note5 to the fin#neial statements Ycar Endcd 31 Decembcr 2023 9 Investments Invt5tment5 held by Church of Scotland Investors Trust Value plus Investcd UnTcaliscd Value 2022 Gain1105S 2023 Groivth l."und Income Fund Totsl 13.625 4.845 18.470 184.729 132.769 317.498 127.924 299.028 Value plu5 InYc5ted Unreali5cd Value 20Z2 2021 Gainllos5 Growth Fund 191.383 -20.279 -23,259 J,538 171.104 127,924 299,028 Income I".und Total 342,566 C05Lof wve5tmenls at 315L December 2023 was £279.847 (2022 f279,847). 10 Debtors 2023 2022 HMRC- GA tax repaymcnl GA donation Funeral aitcndances The Socicty of The friends of St Magnu5 Cathcdrdl 6.720 3,386 250 960 3.960 15,716 20.312 10.680 11 Credi¢ors 2023 2022 Closing Crcditors Dcferred income Prcpaid Wcdding rc for2023 Prepaid Wedding Fees for2024 41.861 5.712 1794 4.ID5 3,225 50.798 6,899 Prepaid Wedding Pe for2025 165 165
Kirkwall St MagDU5 Cathedral (Church of Scotland) SC005322 Notes to the financial statements Year Ended 31 Dcc¢mber2023 12 Analysis of Nel Assets AJTJong Funds G¢n¢rdl 2023 D¢siEllatcd 2023 Restri¢tEd 20Z3 dowment ZOZ3 Totsl Z023 Pixed As5ols Inve51mcnts 565,773 565,773 317.498 442.843 {50,7981 317,498 253.118 144.043) Current Assets Currcnt Liabilities 185,446 (6.755) 4.279 LongTenn Liabilities Net B55ets at 31 Dcc£rnber 2023 526.573 744.464 4.279 1,275.316 Genernl DeslgnAted 2022 Restrlcted Endowm¢nt TotAI 2022 2022 2022 2022 FiKcd As5cts Investments CurrcnlAssets CuTrcni Liabilillcs Long TeTtR Liabiliiies NEt Rssets at 31 Decemb¢r20ZZ 561,916 561.916 299.028 408,232 16.899} 11651 1.262.112 299,028 200,929 16.6581 195.224 1241) 7,800 4.279 493,134 756.899 7,800 4,279 13 Volunteers In corntnon with all congr¢gaLions of the Church ofs¢otland the congregation bcncfils from ihc contriblliion madc by volunleer5 iyho give their timc and ialcnts ivillingly for the bencfii ofih¢ Chllrch. Thc area5 of congregational lif¢ ivhi¢h rcSy on the contribulion of voluntcers arc many and varied and much of ihe aclivity ivould bc unablc to continue were li noi for the commilmcnl shown.
Kirkwall St Magnus Cathedral (Church of Scotland) SC005322 Notes to the financial ststements Year Ended 31 December 2023 14 Movements in Fullds At I JAnuAry 2023 Incomlng Resources Outgoing R¢50urecs At3J D¢e 2023 Transfe Endowmcnt funds Meil Bequest 4,279 4.279 4.279 4,279 Restricted fund5 Si Magnus CcThtrc 7.800 7.800 17,800} {7,80O1 Vnrestrlet¢d funds Si Magnus Ouild St Magnus C¢nir¢ St Magnus Caihedral Choir St MagThu5'foddlcrs Gcncraj fund 492 597 293 796 726.145 30262 62,292 660 82.3Q8 3.459 355 7.800 713.929 27.463 2.276 526.573 1,271,037 842 1.789 11,7891 7,800 493.134 1.25Q,033 108,223 172.614 72.995 1S9.410 Totaj funds .262,112 172,614 159,410 1,275.316 AtlJa Ineoming Outgoing At31 Dec zozz RE50urces Re5tsurce5 Transfers 2022 Endowm¢nt funds M¢il B¢quest 4,279 4.279 4,279 4,279 R¢$trict¢d fut)ds St Magnus Centre 19.716 7,800 19,716 (11.9161 7,800 Unre$tri¢ted fitnds St Magnus Guild MagDUS Centre St Magnvs Cathedt21 Choir General Fund 4.309 678.529 10.593 471 42.956 845 4.288 57.015 1.176 163.212 225,691 492 726.145 30.262 493,134 ,250,033 61.675 20.000 (69.759} 11.916 642,554 1.335,985 83.551 127.823 Tot41 fund5 1.340.264 147,$39 225,691 ,262,112
Kirkwall St Magnus Cathedral (Church of Scotland) SC005322 Notes to thc financial statemcnts Year Ended 31 December 2023 14 Movement in Funds cont'd Changcs in the vaiue of investrncnts arc included in Incoming Iicsources or Ouigoing Rcsourcc5 dcpending on whcilicr Ihere has Pen & gain or loss. Pu oses ofRe51ricted l.'unds V¢nturc fund- thi5 fund is for youih dcvclopmcni and rcligious ¢du¢ation. St MauS Ccnirc- Ihis fund is now for th¢ upgrading of thc film and projector cquipment. Pu es of Dcsi nated I.. Si Magnus Guild- thi5 fund 15 for ihe Guild Si Magnus Ccntre- this futld includes the value of the Ccntrc and op¢rnLional reserves. Si Magnus CaLhcdra] Choir- this fund is for us¢ of ihc Choir. Si Magnus Toddl¢rs- this fund is for the moiheT5 and toddlcr5 group wrnent Funds Only inierest fJDm this fund may bc spcnt for general uses and iniercst 1$ shoivn combincd wilh the Gcnetxl T.'und. 15 Collettion$ for Third Parties £NIL