Scottlsh Char5ty Number SC007126 ST GILES, CATHEDRAL RENEWAL APPEAL TRUST REPORT and STATEMENT ofACCOUNTS Forthe ear ended 31 Decembey 2024
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST REPORT and STATEMENT OF ACCOUNTS For the ear ended 31 December 2024 Contents Page TnJsle8s' Report Income and Expenditure Account incorporating Slalement of Financial Activities Balan Sheet Notes on the Accounts 7-11 Independent Examiner's Report 12
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT The Trustees submil their report for the year ended 31 December 2024. The accounls have been prepared iii accoidance with the Statement of Recommended Practice - AGcounling and Reporting by Chartties preparing their accounts in accordance with Ihe Firiancial Reporling Slandaré applicable in Ihe UK and Republic of Ireland IFRS 1021, the Charllles and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). Reference and Administrative Information The TrustÈè% during the period were.. Admlnlstratlon The registered office of the Renewal Appeal Trust is Sl. Giles. Cathedra, High Street. Edinburgh EH1 1RE. The charlly numbèr Is SC007126. Advlsérs The Twsl's advisers are as f(Alows'. Bank.. Bank of Scotland The Mound EDINBURGH EH1 1YZ Independent Examiner.. CT Chartered Accounlanls & Indendent Examiner 61 DU[ Street EDINBURGH EH3 6NL SoliGilors'. Church of Scotland Law Department, 121 George Street, EDINBURGH EH2 4YN Investment Advisors: RBC Brewin Dolphin, Atria One, 144 Morrison Str8et, EDINBURGH EH3 8BR
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES, REPORT l¢onttnuedl Objectives, Activitio$, Achiwoments and Perfomiance The main objective of the Trust is lo raise funds for the resloralion of St. Giles, Cathedral. The principal activities in the past year have included works to replace the lighting system in th8 Thi511e Chapel as part of renewal and maintenance ahead of ihe Installation Ceremonial held by HM King Charles111 in July 2024. The works lo replace in excess 01100 LED light sources located in the historic and delicately carved interior involved careful planning and the provision of a bespoke saf6 access system lo each location. As part of Ihe project delicate cleaning of the woodwork was also undertaken together with the provision of additional cushions and hangings that presents the restored Interior In all Ils magnlflcence. The other significant project was the replacement of the exterior lighting system lo the crown lower and Wesl front of the Cathedral as part of the activities for the 9001h Anniversary. The majority of the existing luminaires were refurbished with additional fillings all lo LED operation. The crown lower can now be coloLtred to celebrate seasonal requirements with the Wesl front now also highlighted. Th8 exlernal lighting development and installation works were fully funded by donations lo the Wood Fund. FlnanGlal Infomiation During the year, income lolalled £114,558 compared with £13,615 in 2023. The direct costs incurred during the year amounted to £203,438 12023.. £361,724). The cost of raising funds and the costs of management, adminislralion and governarTrce amounted lo £6,94712023'. £7,301) which gavo a total expenditure for the year of £210,576 12023.. £369,223). At the end DI the year, total funds carried forward amounted lo £193,78112023.. £288,215). Principal risks and uncertainties The only significant risk lo which the Trust Is exposed is Ihal of the Kirk Session of Sl. Giles undertaking resloralion work for which there are no funds. In practice, the Kirk Session of St. Giles would not undertake resloralion works unle55 It was confident that the necessary funds would be available lo meet the obligations. The Kirk Session of St. Giles, through the General Committee relies on advice from its professional advisers, generally the archilecl, for particular projects and specialist mainlgnance aclivilies, the civivstructural engineer or other professional firms to monitor the progress on the contracts which a let. Ml specialist contracts are awarded Ihrough a competitive procuremenl procedure, wilh some regular mainlenan¢e and 5pecialis1 works negolialed with tried and trusted suppliers given the nature of the works and Ihe understanding and knowledge of the Galhedral fabric. When a ¢onlracl is awardpd, regular meetings are held wilh the contractor to monitor progress and updated costs on the conlracl are provided on a regular basis by the contractor and agreed by the archilecl. Insurance is taken out lor each of the contracts when approwiate and in accordance with the various conditions required by any grant funding body. Reserves Policy The Tru51 has no specific policy on Ihe lev81 of res8rves which it hol(Js, however, the cos15 of potential projects are unlikely lo pul strain on the Trust's resetwe5. The balance held as unreslricled funds al 31 December 2024 was £64,374 all of which is regarded as free reserves. The balance held in restricted and endowment funds al 31 December 2024 was £129,407. A description of these funds is given in note 10 to the acC(nts. Plans for the Future The major project for the start of 2025 is the major refurbishment of Ihe Rieger Organ, for which most of the detailed planning had been completed by the end of 2024 and initial costs were already being incurred. The preparations included the design of access scaffolding and the design for the replacement of the life expired lighting system on and around Ihe organ case. Preparations are also coiilinuing to refurbish and fit out the Lower Aisle, partly lo provide much needèd office accommodation for Cathedral staff, and partly lo provide social space and facilities for the congregation, for staff, and for visiting performers. Additional works lo provlde full accesslble access to the Thistle Chapel and to a fully accessible toilet are being progressed. ND works will be instructed until the Kirk Session is conlidenl Ihal funds sufficient lo cover the relevant costs are available.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT (continued) Constitution By Deed of Trust dated 15 January 1978 and registered in the Books of the Lords of Council and Session on 23 Nov&mber 1978, Tru51ees were appointed to raise, hold and administer funds for the restorallon of Sl. Giles, Cathedral. Under the Trust Deed, the Trustees have the power, inter alla. to reimburse the Kirk Session of St. Giles, Calhedral I'ihe Kirk Session") for the expenditure properly incurred in th8 resloralion of the Cathedral. There have been no changes lo the Trust's policies during the year. Governance and Managemont Under the Trust Deed, the Trustees have the power to reimburse the Kirk Sessi( for the expendlture properly Incurred in the restoration of the Cathedral. It is, however. for the Kirk Session to agree what works require lo be undertaken as part of the restoralion of the Cathedral. Each year the Trustees are presented with the Report and Staternenl of Accounts and are invited lo raise any questions with the Honorary Treasurer after which the Trustees are asked to approve the AcGounls. The Accounts are then signed by two of Ihe Trustees. St. Giles, Caihedral is itself a Charity,. however. the two Charities are separate enlilies. Under the Trust Deed, the existing Trustee5 have the power to appoint new Truslees. There is no specifiG individual training given, however. new Trustees are given a copy of the Trust Deed and the most recent accounts and are invited to discuss both documents with the Minister of St Giles, and the Honorary Treasurer. Copies of OSCR'S Guidance on Trustee Responsibilities are also provided. A charge of £4.000 12023 £4,000) was made to cover the costs of iwo employees of Sl GSles' Cathedral who work on the Appeal on a part-lime basis covering the finance funetion. The administration of the Appeal is handled by Sl Giles,. Income received is passed to the Cathedral Finance Office. The control over income 8nd expenditure is monitored by the Honorary Treasurer on a monthly basis and involves the separation of Ihe duties relating lo receipt of income and payment of expenditure which are carried out by different members of staff. All invoices for paymènt are required to be authorised before payment. Key Management The Trustees consider the Board of Twslees as comprising the key management of the charity in charge of directing and controlling Ihe charity. The day lo day running and operalins of the charity is carried out by the Kirk Session of St Giles,. All Trustees give of their lime freely and no trustee remuneration or expenses was paid in the year. Details of relaled party transactions are disclosed in Notes 2 and 13 respe¢tively lo the accounts.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES, REPORT l¢onlinuedl Statement of Trusteès, RÈsponslbllltles The Trustees are responsible for preparing the Trusl8es' R8POrt and Slatemenl of Accounts in accordance with applicable law 8nd Unlled Klngdom AccounlSng Standards Iunlted Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in Scotland requiras th& Trustees lo prepare accounts for each flnanclal year which give a true and fair view of the slate of affairs of Ihe Charity an(J ol Ihe incomSng resources and application of iesources of the Charlty for Ihat period. In preparing these acGounls. the Trustees are required lo- select suitable accounting policies and apply them consisl8ntly', observe the methofls and prinGiples in the Charities Slatemeil of Recommended Pracllce (Updated 20191.. make judgements and estimates that are reasonable aTKI prudent., slate whether applicable accounting standards have been follow'ed, subj¥cl lo any departures disdosed and explained in the accounts., and prepare the accounts on the going conGern basis unless il is inappropriate lo presume that the Charity will continue in operation. The Tru81888 are responslble for keeping proper accounllng recor(Js Ih81 disdos8 wth reasonable accuracy al any time the financial posiliDn of the Charity and enable Ih2m to ensurc that Ihc accounts comply with the Charities and Trustee Inv8strnent (Scollandl Act 2005, the Charities Accounts (Scollandl Regulations 2D06 (as am8ndedl and the provisions of the Charity's conslitulion. The Trustees are 8180 responsible for safeguarding the assets of th8 Charity and hence for taking reasonable steps for the prevenllon and detectlon of fraud and other IrrBgularilies. Taxatlon The Renewal Appeal Trust is a charity ISC No OD71261 and is recognised as such by the offi of the Scottish Charity Regulator and HMRC lor laxalion purposes. As a result, there is no liability to laxalion on any of its income. Approved by the Trustees and signed on Iheii behalf by: Date JG 24)X>- Date
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST INCOME and EXPENDITURE ACCOUNT (incovporatlng STATEMENT of FINANCIAL ACTIVITIES) Forthe ear ended 3 ecember 2024 Unrestricted Restricted Endowment Funds Funds Funds 2024 Total 2023 Total Income and endowments from.. Donatlons and legacles Covenanted donations Annual donations Income lax recoverable 800 690 200 42,100 50,000 10,525 42,900 50,690 10,725 2.700 290 675 Total donatlon and legacifrs Investments 1,690 9,474 102,625 769 104.315 10,243 3,665 9,950 Total income 11,164 103,394 114,558 13,615 Expenditure on: Ralslng funds 191 191 198 Charitable activities Direct costs (Note 31 Support costs (Note 4) 203,438 203,438 6,947 361,724 7,301 6.947 Total Charltable actlvltles 6.947 203,438 210,385 369,025 Total expenditure 6,947 203,629 210,576 369,223 Net incomel(oxpenditurel before movement on investment assets 4,217 (100,235) (96,0181 1355,6081 GalnsllLosses) on investment assets 1,584 1,584 1,775 Net movement in funds 4,217 {100,235) 1,584 (94.434) (353.8331 Reconclllatlon of funds Total funds brought foN4ard 60,157 200.931 27.127 288,215 642,048 Total funds carrlad fornard 64,374 100,696 28.711 193,781 288.215 A slalement of recognlsed gains and losses is not shown as all gains and losses are recognised above. All of the above results are derived (rom continuing aclivilies. The Notes on pages 7 to 11 form part of these accounts.
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST BALANCE SHEET As at 31 Docember2024 2024 2023 Fixed assèts Investments {Nole 71 29,393 27,144 Current ass8t$ Debtors (Note 8) Cash al bank and in hand 390 190.375 6,508 266,404 190,765 272,912 Uabllltles: CTedilors: amovnls falling due within one year (Note 91 Net currant ass•tS 164,388 261,071 Total net assets 193,781 288,215 The funds oftho charity.. Unrestricted Funds (Note 101 Permanent Endowment Fiinds (Note 101 Reslricled Funds {Note 101 64.374 28.711 100,696 f,157 27,127 2(X),931 Total charity funds 193.781 288,215 Thp accounts were approved by the Trustees and signed on their behalf by: rrustee ruslee 2025 The notes on pages 7 10 11 fomi part of these accounts.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS Forthe ear ended 31 December 2024 1. Accountlng Poll¢les Ba515 of preparation The accounts have been prepared on an accruals basis. The accounis have been prepared in accordance wllh the Statement of Recommended Practice Accounting and Reporting by Charities preparing thelr accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. the Charilies and Trustee Inveslmenl Iscollandl Act 2005 and the Charities Accounts Iscollandl Regulations 2006 las amended). The accounts have been prepared under Ihe historical cost Gonvenlion with items reGognised at cost or transaction value unless otherwige slated in the relevant Nolelsl to these accounts. The accounts have been prepared in pounds sterling rounded lo the nearest pound. The charity is a public benefit entity. Golng Concern These accounts have been prepared on a going concern basts. Expendilure by the Trust is generally a function of the funds available: the Trustees do not expeGI lo be requested lo disburse funds for which a successful appeal has not been made in advance of 8 capital project. Therefore, they continue lo adopt the going concern bBgls for accounling in preparing the annual accounts. Flxed Assets and Depreclatlon Only fixed assets which individually cost In excess of £IO,00012023- £10.0001 are capilalised. Income Recognltlon Donations, legacie5 and similar income is included in the year in which il is receivable, which is when the Charity becomes enlilled to the income, it is probable that it will be received and the amount can be measured reliably. Expenditure Recognition Liabilities are recognised as expenditure as s(x)n as there is a legal or constructive obligation commilling the Charity to that expenditure. il is probable that settlement will be required and the amount of the obligation can be measured reliably. Allocat•on of Expendlture Costs of raising fun¢Js are those associated wlth generating incoming reSoUeS and charitable activities costs are those expended on meeting the Charity's objectives. Costs directly allribulable lo raising funds and chaTilable activities are allocated lo the appropriate activily. Support and Govemance Costs Support costs have been differentiated betrmeen govemance costs and other support costs. Governance costs are those of a conslilulional, straleglc, or slalulory natLJre with Tespecl to Ihe general running of the Charity, rather than day lo day management. oiher support costs consist of salaries and national insurance costs and are allocated 1 OOQ/o lo charitable activities of the Charity. The allocation of support and governance costs is analysed in Note 4. Funds Unreslricled Funds may be used by the Trustees al their discretion to moet future capital OT revenue expenses. Reslricled Funds are Funds where the donor has imposed a reslriclion on the use of the Fund. Endowment Funds are permanent Funds of the Trust with only Ihe income received on the Fund being used for a restricted purpose. The nature and purpose of each Fund is explained in Note 10. Irrecoverable VAT Irrecoverable VAT is charged against the expenditure heading for whh il w8s incurred.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS Icontlnuedl Forthe ear ended 31 December 2024 2. Trustees, Remuneratlon The Trustees are not remunerated and do not receive reimbursement of expenses. 3. Chayitable Activities- Direct Costs Unrestricted Restricted Funds Funds 2024 Total 2023 Total Restoration.. Monlrose Sword Repalr External Lighting Costs Organ Refurblshmenl Cosls Woo(l Fund Costs Thistle Chapel Repairs Irrecoverable VAT 1.404 110,211 110,211 12,934 12,934 67.252 67,252 336,167 709 23,445 13,041 13,041 203,438 203,438 361,724 Direct Expenditure on Charitable Activities in 2024 was £203,438 of which £nil related lo Unre51ricled Funds and £203,438 related lo Restricted Funds. 4. Charitabl8 Act]vltles- Support and Governance Costy 2024 Totsl 2023 Total Salaries and national insurance Accounts preparation feellndependenl Examination Fee Audit fee {govemance costs) Bank charges Irrecoverable VAT 4,000 4.000 2,600 1,049 1,925 158 169 191 156 6,947 7,301 Support anLI Governance Expenditure in 2024 and 2023 was wholly altn'bulable lo Unrestricted Funds. Unrestrlcted Restricted Endowment Funds Funds Funds 2023 Total S. Income allocation in prior yèar Income and endowments from: Donations and legacies Covenanted donations Annual donations Income lax recoverable 2,700 290 675 2,700 290 675 Total donatlon and legacies Investments 3,665 9,204 3,665 9.950 746 Total income 12,869 746 13,615
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS (continued) For the ear ended 310ecember 2024 6. Employees The Trust has no direct employees but relies on assistance from adminislralive staff employed by the Kirk Session of Sl Giles, Cathedral. The cost of this assistance was recharged by the Kirk Session lo the Trust as disclosed on page 3. Neither of the employees who assist in the adminislralion Df the Appeal received emoluments above £60,000. The lolal number of staff directly assisting the Appeal was 2, both of whom are part-lime12023 - two part-lime). The lolal staff cost recharged from the Kirk Sesslon to the Appeal was as follows- 2024 2023 Gross wages and salaries 4.000 4.000 Total 4,000 4.000 No pension provision is made for any of the staff. The above costs are wholly attributable to Unrestricted Funds. The Trustees consider the Board of Trustees as comprising the key management of the charity in charge of dlrecllng and conlrolllng the charity. See note 2 for details of Tnjstee remuneration. 7. Investments 2024 2023 Market value al 1 January AddiliDns during the year Disposals during the year Unrealised gainslllossesl in investments 27,144 6,989 16,066) 1,328 25,016 5,590 15,1301 1,668 Market value at 31 December 29,393 27,144 The cost of Investrnenls is £29,07412023 - £27,898) 8. Debtor$ 2024 2023 Sundry debtors Payments in advance to SLtppliers 390 448 6,060 390 6,508 The debtor balances in 2024 consisted of £390 in unrestricted funds and £nil in restricted funds (2023.. £6,508 unreslrlcted and £nil reslricted)- 9. Creditors: Amounts Falling due within one Year 2024 2023 Trade Creditors Due to St Glles, Cathedral Sundry creditors 2,896 20,156 3,325 4,000 7,841 26,377 11,841 Creditor balances of £10,600 and £15.777 related lo unrestricted and reslricled funds respeclively in 202412023.. £6.239 £5,602 respecllvely)-
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS Icontlnued) For the ear ended 31 December 2024 Tran5fers1 Balance at Outgolng 1 January Incoming Resource 2024 Resources s Revaluation Balance at 31 December 2024 10. Funds Permanent Endowment Fund Thistle Chapel Endowment 27,127 1,584 28,711 Restrl¢ted Funds Thistle Chapel Income Fund Thistle Chapel Fund Music Fund Lighting Works The Wood Fund The Memorlal Fund Organ Refurbishment 99D 2,885 1,899 769 11911 1,568 2,885 1,899 115,257) 122,096 440 112,9341 102,625 (117.8821 {72,6211 194.717 440 (12,934) 200,931 103.394 {203,628) 100,696 UnrestrScted Funds General Fund 60,157 11.164 16,9471 64,374 The majority of th8 regular donations reiVed are recelved on an unrestricted basis. Where restricted funds are received, they are segregated and only expended in accordance with the donor's wishes. Income from the Thistle Chapel Endowment Fund may only be used for the upkeep of the Thistle Chapel. The income from this Fund, if any, is credited to the Thistle Chapel Income FLsnd. The Thistle Chapel Fund may only be used for repairs lo the Thislle Chapel. The St. Eloi's Aisle Fund and Monlrose Sword Fund m2y only be used for those 2nd were fully expended in 2023. The MvsiG Fund may only be usBd to purchase an electronic keyboard. The Lighting Works lund is for the purposes of lighting upgrades. The Wood Fund is generally lo be used for specific projects within the interior of the Cathedral. The Organ Refurbishment fund is for the Organ. The Memorial Fund may only be used lo commission and install approved Memorials within the Cathedral. The negative balances on the Lighting Works fund and the Organ Refurbishment fund were resolved by the receipt of donations in the first quarter 012025. Prlor year fund movements Balance at 31 December 2023 Balance at 1 January Incomlng 2023 Resources Transfersl Outgolng Resources Revaluation Endowment Fund Thistle Chapel Endowment Fund 25,352 1,775 27,127 Restricted Funds Thistle Chapel Income Fund Thistle Chapel Fund St Eloi's Aisle Fund Monlrose Sword Fund Music Fund The Wood Fund The Memorial Fund 423 2,885 709 1,404 1.899 554,328 440 746 {179} 990 2.885 {7091 11,4041 1,899 194,717 440 1359,6111 562,088 746 1361,9031 200,931 Unrestrlcted Funds General Fund 54,608 12,869 (7,3201 60.157 10
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS (continued) For the ear ended 31 December 2024 l l. Analysls of Ngt Asset5 betwgon Funds las at 31 December 20241 2024 Net Assets Current Current Assets Uab51itles Investments Unrestricted fun(Js Reslricled funds Endowment fund 74,974 682 115,791 28.711 (10,600) (15,7771 64,374 100,696 28,711 29,393 190,765 126.377) 193,781 Analysis of Nét Assets betsyeen Funds las at 31 December 2023) 2023 Not Assots Current Assets Current Llabllltles Investments Unrestricted funds Restricted funds Endowment fund 17 66.379 206.533 16.239) 15,6021 60,157 200,931 27,127 27.127 27.144 272,912 111,8411 288,215 12. Capital Commilments The lolal amount of Capital commitments outstandlng as al 31 December 2024 was £212,802 for the refurbishment of the calhedral organ.12023'. £nill 13. Related Party Transaction5 The accounts of the St Giles, Cathedral Renewal Appeal Trust are Gonsolldaled into the consolidated accounts of St Giles, Cathedral as the Charity's major purpose is lo raise funds the restoration of Sl. Giles, Cathedral. During the year staff costs of £4,00012023'. £4,000) were recharged by St Glles. Cathedral lo St Giles. Cathedral Renewal Appeal Trust. St Giles, Cathedral also donated £50,000 to St Giles, Cathedral Renewal Appeal Trust which is shown in restricted donations and was reiVed for the lighting works. The balances due to St Giles, Cathedral is shown in note 9 of the accounts.
INDEPENDENT EXAAIINER'S REOR T TO THE TRUSTEES CT: ON THE FINANCIAL STA TEMENTS OF ST. GILES CA THEDRAL RENEWAL APPEAL TRUST I report on Ihe accounts of Sl. Giles Calhedral Renewal Appeal Trust for th8 year ended 31 December 2024. This repofl is made lo the Trustee as a body. in accordance with the leims of my engagement. My work has been undertaken lo enable me to prepare the accounts on behalf ol the Trustees and lo report my opinion as sel out below and for no other purpose. To Ihe fullest exlenl permilled by law, I do nol accepl oi assume resFX)nsibilily lo anyone other than the Charity and the Trustees. as a body, for my work or for this report. Respective responsibilities of trustees and examiner The Charity's Trustees are responsible lor Ihe preparalion of the accounls in accordan with th terms of the Chaiities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts IScoUand} Regulalioiis 2006. The charily Iruslees consid8r Ihal Ihe audit iequiremenl ol Regu5alion 10{11{a) lo Icl ol the 2006 Accounls Regulallons does not apply. 11 Is ryy iesponslblllly lo examlne the accounts as required undei section 44111{¢} of the Act and lo stale vihether particular mallers have come lo my allenlion. Basis of independent oxamiTrer's report My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examlnalion includes a revlew of th8 accounting records kapl by th8 ¢harlty and a cornparison of the accounts pre5enled with Ih05e records. 11 also includes consideration of any Ljnusual items Dr disclosures in the accounts, and sèeks explanallons trom 1h& Iruslees concernlng any such mallers. The procedures undertaken do not provide all the evldence that WOLld be required in an audit and consequently I do not express an audil oplnion on the view given by the accounts. Independent examiner's statement In connection with my gxaminalion. no mallgr has come to my altenlion.. which givos me reasonable causo lo believg that in any rnatOTial r8>P8Ct the requirements.. lo keep accounting records in accordance with section 4411llal ol the 2005 Act and Regulation 4 of Ihe 2006 Accounts Regulations. and lo propare accounts which accord wlth the ac¢ounling records and comply with Regulation 8 of the 2006 Accounts Regulations have not bgen mel, or 2. to which. In my opinion, allenllon should be drawn In order to enable a p¥oper understandlng of thp. 8r.r.ni Inls lo bè rgar.hg.d. Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL