Scottlsh Charity Number SC007126 ST GILES. CATHEDRAL RENEWAL APPEAL TRUST REPORT and STATEMENTof ACCOUNTS For the ear ended 31 December 2025
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST REPORT and STATEMENT OF ACCOUNTS For the ear ended 31 December 2025 Contents Page Trustèes, Rewrt Income and Expenditure Account incorporating Slalemenl of Financial Activities Balance She&t Notes on the Accounts 7-11 Independent Examiner's Report 12
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT The Trustees submit their report for the year ended 31 December 2025. The accounts have been prepared in accordance with the Slalement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in tho United Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment Iscollandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). Referencè andAdmlnlstr8tlve Informatlon The Trustees during the period were-. The Right Honourable The Lord Provost of EdInrgh Tho Right Honourable The Lord Steel of Aikwood KT KBE The Right Honourable The Lord Cullen of llekIrk KT Dr Rosalind K Marshall Eli2abelh Mcclelland Carol Main MBE FRC Admlnlstratlon The registered office of the Renewal Apal Trust is Sl. Giles, Cathedral, Hh Street, Edinburgh EH1 1 RE. The charity number is SCCtJ7126. Advlsers The Trust's advisers are as follows.. Bank.. Bank of Scotland 300 Lawnmarket EDINBURGH EH12PH Independent Examiner.. Jeremy Chitlleburgh CT Chartered Accountants & Slalulory Auditor 61 Dublin Slieet EDINBURGH EH36NL Solicitors.. Churth of Scotland Law D8partmenl, 121 George Street, EDINBURGH EH2 4YN Investment Advisors.. RBC Brewin Dolphin, Atria One, 144 Morrison Street, EDINBURGH EH3 8BR
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT Icontinuedl Objectives. Activities. Achievemenls and Perfomianco The main objectivg of the Trust is to raise funds for the r6sloralion of St. Giles, Cathedral. The principal activity of the Trust during the year was the complete refurbishment of the Rieger Organ. Built in 1992. thanks lo Ihe generosity of the Salvesen family, the organ was last cleaned in 2010. In February 2025, a team of specialists from Rieger Orgelbau in Austria Iravelled lo Edinburgh lo undertake tho work. All the pipes were lrfted out and thoroughly cleaned.. the console cleaned, ils manual and pedal mechanisms readjusted, and the èleelric contacts and circuit boards checked and replaced where necessary. The entire wind system was checked, with damaged or brillle leather being replaced, and the entire bellows system was re-lealhered. Once these and all the other elements of the work were completed, the organ was re-tuned. The Rieger team worked intensively, and the refurbishment was Completed by the end of March, on lime and within budget. The work was Or again funded by a very generous donation from the Salvesen family, lo whom our immense gratitude is extended. There is a small balance remaining from the funds donated, which will be used lo Improve the vid80 and audio links to the organ console, as well a8 making further investment in firg protection within the housing, Financial Infrirmation During the year, Income lolalled £244,813 compared with £114,558 in 2024. The direct costs incurred during the yoar amounted lo £181,671 12024.. £203,438). The cost of raising funds of £204 12024 £1971 and the costs of management. adminislralion and governance of £7,30612024". £6,9471 added lo direct costs which gave a lolal expenditure for the year of £189,181 12024.. £210,576). Al the end of the year, lolal funds carried forward amounted to £251,99312024.' £193,781). Principal risks and uncertainties The only significant risk to which the Trust is exposed is that of the Kirk Session of Sl Giles undertaking restoration work for which there are no funds. In practice, the Kirk Session of Sl. Giles would not undertake resloralion works unless il was confident that the necessary funds would be available lo meet the obligations. The Kitk Session of Sl. Giles. through the General Committee relies on advice from ils professional advisers, generally the architect, for particular projects and specialist maintenance aclivilies, the civillslruclural engineer or other professional fims lo monitor the progress on the contracts which are l. All specialist contracts are awarded through a competitive procurement procedure, with some regular Maintenan and specialist works negolialed with tried and trusted suppliers given the nature of the works and the underslanding and knowledge of the Cathedral fabric. When a contract is awarded. regular meetings are held with the contractor to monitor progress and updated costs on the contract are provided on a regular basis by the conlracloi and agreed by the archilecl. Insurance is taken out for each of the conlracls when appropriale and in accordan with the various conditions required by any grant funding body. Reserves Policy The Trust has no specific policy on the Eevel of reserves which il holds. howevw, the costs of potential projects are unlikely lo pul strain on the Trust's reserves. The balance held as unreslricled funds al 31 Decembei 2025 was £65,566 all of which is regarded as free reserves. The balanTr hekj in reslricled and endowm&nl funds al 31 December 2025 was £186,427. A description of these funds is given in note 10 to the accounts. Plans forthe Future In 2026 it is planned that Sl Giles, finally completes the task of securing the infraslruclure, staffing and necessary permissions lo commence charging visitors. Associated with this work are the initial actions lo improve the acSsIbl111Y of Sl Gilos, for all who wish lo enjoy ils unique beauty, and this work will fall under the remit of the Renewal Appeal Trust. In the past year, the archileclural team have been consulting with the Kirk Session on the best way lo achieve full accessibility lo the Thistle Chapel for those with mobility and other disabilities,. a stone ramp is now in an advanced design slago. which will approach the Thistle anlechapel from the west. An accessibl8 toilet is also essential, and ils location is being agroed upon. For both projects. external funding will be sought in support of the necessary investment.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT (continued) Constitutlon By Deed of Trust dated 15 January 1978 and registed in the Books of the Lords of Council and Session on 23 November 1978, Trustees were appointed to raise, hold and administer funds for th8 resloralion of Sl. Giles, Cathedral. Under th8 Trust Deed, the Trustees have the power, inter alia, to reimburse the Kirk Session of Sl. Gitgs, Cathedral I'the Kirk Session") for the expendrture property incurred in the restoration of the Cathedral. Th8re have been no changes lo the Trust's policies during the year. Governancè and Management Under the Trusl Deed, the Trustees have the power to reimburs9 th8 Kirk Session for the expenditure properly incurred in the resloralB)n of the Cathedral. 11 is, however, for the Kirk Session to agree what works require lo be undertaken as part of the fesloralion of the Cathedral. Eath year the Trustees are presented with the Report and Slal8m8nt of Accounts and are invited lo raise any questions wilh the Honorary Trgasurer after which the Trustees are ask8d lo approve the Accounts. The Accounts are then signed by Iwo of the Trustees. Sl. Giles, Cathedral is itself a Charity.. however, the two Charilps are separate enlilies. Under the Trust Deed, the existing Trustees have the power lo appoint new Truslges. Ther8 15 no speofic ndividual training given, however, new Trustees are given a copy of the TTUSt Deed and the most recent accounts and are invited to discuss both documents with the Minislor of Sl Giles, and the Honorary Treasurer. Copie$ of OSCR'S Guidance on Trustee Rgsponsibililies are also provided. A charge of £4,(X)0 12024 - £4,000) was made to cover the costs of two employees of Sl Giles, Cathedral who Work on the Appeal on a part-lime basis covering the fnance funclion. The administratIn of Ihe Appeal is handled by Sl Gila$'. Income received is passed lo the Cathedral Finance Office. The control over income and expenditure is monitored by the Honorary Treasurer on a monthly basis ar)d involves the separation of the duties relating lo receipl of income payment of expenditu which are carried out by dffferenl membors of $laff. All invoices for payment are required lo be aulhorised before payment. Key Management The Trustees consider the Board of Trustees as Ggmprising the key management of the charity in charge of directing and controlling the charity. The day lo day running and operating of the charity is Carried out by the Kirk Session of Sl Giles,. All Truslges give of their lime freely and no trustee remuneration or expenses wa8 paid in the year. Details of related party IransaGlions are disclosed in Notes 2 and 13 respectively lo the accounts.
ST. GILES. CATHEDRAL RENEWAL APPEAL TRUST TRUSTEES. REPORT Icontinuedl Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trusle8s' Report and Statement of Accounts in accordance with applicable law and United Kingdom Aceounling Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in Scotland requires the Trustees lo prepare accounts for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resour$ and application of resourS of the Charity for that period. In preparing these accounts, the Trustees are required lo.. select suitable accounting policies and apply them consislenlly., observe the methods and principles in the Charities Statement of Recommended Practice (Updated 20191., make judgements and estimates that are feasonable and prudent., 51ale whether applicablo accounling standards have been followed, subject lo any departur85 disclosed and explained in the accounts., and prepare th8 accounts on the going concern basis unless it is inappropriate tts presume that the Charity will continue in operation. Th8 Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the Charity and enable them lo ensure that the accounts comply with the Charities and Trustee Investment {Scollandl Act 2005, the Charities Accoun15 (Scollandl Regulations 2006 las amended) and the provisions of the Charity's conslilulion. The Trustees arg also responsible for safeguarding th9 assets of the Charity and hen for taking reasonable steps the prevention and detection of fraud and other irregularities. Taxation The Renewal Appeal Trust is a charity ISC No tK)7126} and is recognised as such by the Office of the Scollish Charity Regulator and HMRC for laxalion purposes. As a result, there is no liability lo laxalion on any of ils incrxn&. Approved by th8 Truste9s and signed on their behalf by.. Trustee The Right Honourablg The Lord Cullen of )thilekirk KT Trustee Elizabeth Mcclelland Date 202 Date
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST INCOME and EXPENDITURE ACCOUNT lincorporatlng STATEMENT of FINANCIAL ACTIVITIES) or the ear ended 310ecember 2025 Unrestricted Restricted Endowment Funds Funds Funds 2025 Total 2024 Total In¢ome and endowments from.. Donations and legacles Covenanted donations Annual donations Charitable trusts Income lax recoverable 550 445 12,000 12,550 445 220,000 3,138 42.900 50.690 220,000 3,000 138 70.725 Total donation and legacies Investments 1,133 7,666 235,000 1,014 236,133 8,680 104.315 10,243 Total in¢ome 8,799 236,014 244,813 114,558 Expenditure on.. Ralsing funds 204 204 191 Charitable activitles Direct costs (Note 31 Support costs (Note 41 181,671 181,671 7,308 203,438 6,947 7,306 Total Charltable activlties 7,306 181,671 188,977 210,385 Total expendlture 7,306 181.875 189,181 210,576 Net Incomel(expendlture) before movement on Investment assets 1,493 54.139 55,632 196.0181 Galnsl{Lossesl on Investment assets 2,580 2,580 1,584 Net Incomellexpendlture) 1,493 54,139 2,580 58,212 194,4341 Transfers between funds (Note 101 1301} 301 Net movement In funds 1,192 54,440 2,580 58,212 {94,4341 Reconciliation of funds Total funds brought forward 64,374 100,696 28,711 193,781 288.215 Total funds carried forward 65,566 155,136 31,291 251,993 193,781 A slalemenl of recognised gains and kjsses is not shown as all gains and losses e recognised above. All of the above results a derived from continuing aclivilies. The Notes on paJes 7 10 11 fom) part of these accounts.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST BALANCE SHEET As at 31 December 2025 2025 2024 Fixed assets Investments (Note 7) 32,820 29,393 Currenl assets Debtors (Note 81 Cash at bank and in hand 409 229,699 390 190,375 230,108 1,765 Liablllties: Creditors.. amoLtnls falling due within ce year INole 91 10935 Net current assets 219,173 164,388 Total net assets 257,993 193,781 The funds of the charity: Unreslricled Funds INote 101 Permanent Endowment Funds (Note 101 Restricted Funds (Nole 101 65,566 31,291 155,136 64,374 28,711 1(YJ,6 Total charity funds 251,993 193,781 The accounts were approved by the Truslees and signed on their behalf by.. rustee The Right Honourabl8 Th8 Lord Cullen of IM)ilekiTk KT Elizabeth Mcclelland 2026 The notes on pages 7 10 11 form part of these accounts.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS For the ear ended 31 December 2025 1. Accounting Policies Basis of preparation The accounts have been prepared on an accruals basis. The accounts have been prepared in accordance with the Statement of Recommended Practice Accounting and Reporting by Charities preparing their accounts in accordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the uned Kingdom and Republic of Ireland IFRS 1021, the Charities and Trustee Investment (Scolland) Act 2005 and the Charities Accounts (Scollandl Regulations 20(K {as amended). The accounts have been prepared under the historical cost convention with ilems recognised al cost or transaction value unless otherwise slated in the relevant Notelsl to Ih9se accounts. The accounts have bogn prepared in pounds sterling rounded to the nearest pound. The charity is a public benefit entity. Golng Concem These accounts have b9en prepared on a going concem basis. Expenditure by the Trust is generally a function of the funds available,. the Trustees do not expect lo be requested lo disburse funds for which a successful appeal has not been made in advance of a capital project. Therefore, they continue lo adopt the going concem basis for 8ccounling in preparing tho annual accounts. Fixed Assets and Depreciatlon Only fixed assets which individually cost in excess of £10,00012024- £10,000) are capitalisod. Income Recognition Donations, legacies and similar income is included in the year in which il is receivable, which is when the Charity becomes entitled to the income, il is probable that il will be received and the amount can be measured reliably. Expenditure Recognltlon Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation commilling the Charity lo that expenditure, il is probable that selttement will be required and the amount of the oblualion can be measured reliably. Allocation of Expenditure Costs of raising funds are those associated with generating incoming resources and charitable activities costs are those expended on meeting the Charity's objectives. Costs directly allributable lo raising funds and charitable activities are allocated lo the appropriate aelivily. Support and Govemance Costs Support costs have been drfferenliated be88n govemance costs and other support costs. Governan costs are those of a conslilutional, slralegic, or slalulory nature with respect lo the general running of the Charity, rather than day to day management. Other support costs consist of salaries and national insuranee costs and are allocated 1000k lo charitable activities of the Charity. The allocation of $upport and governance o)sls is analysed in Note 4. Funds Unreslricled Funds may be used ty the Trustees al their discretion lo meet future capital or 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 the income reIVed on the Fund being used for a reslricled purFX)se. The nature and purpose of each Fund is explained in Note 10. Irrecoverable VAT Irrecoverable VAT 15 charged against the expenditure heading for which il was incurred.
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS (continued) Forthe ear ended 31 December 2025 2. Trustees, Remuneration The Trustees are not remuneral8d and do not re1ve r8imbursemenl of expenses. 3. Charitable Activities- Direct Costs Unrestricted Restricted Funds Funds 2025 Total 2024 Total Resloralion.. External Lighting Costs Organ Refurbishment Costs Vlkjod Fund Costs Irrecoverable VAT 110,211 12,934 67,252 13,041 170.752 170,752 10,919 10,919 181,671 181,671 203,438 Direct Exp8ndilure on Charitable Activities in 2025 was £181,67112024 - £203.4381 of which £nil12024 - £nill relaled lo Unreslricled Funds and £181,67112024- £203.4381 related to Restricted Funds. 4. Charitable Activities- Support and Governance Costs 2025 Total 2024 Total Salaries and national insurance Accounts preparation feellndependenl Examination Fee Bank charges Irrecoverable VAT 4,000 4,000 3,000 124 182 2,600 191 156 7,306 6,947 Support and Governance Expenditure in 2025 and 2024 was wholly allribulable lo Unreslricled Funds. Unrestricted Restricted EtKlont Funds Funds Funds 2024 Total 5. Incorne allocation in prior year Income and endowments from.. Donatlons and legacies Covenanted donations Annual donations Income lax recoverab18 800 690 200 42,1 (X) 50,mO 10,525 42,900 50,690 10,725 Total donation and legacies Investments 1,690 9,474 102,625 769 104,315 10,243 Total Income 11.164 103,394 114,558
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS {continuedl For the earen ce er 2025 6. Employees The Trust hag no direct employees bul relies on assistan from adminislralive staff employgd 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 administration of the Appeal received emoluments above £60,000. The lolal number of staff directly assisting th8 Appoal was 2, both of whom are part-time {2024 - two part-limel. The total staff cost recharged from th8 Kirk SessDn lo the Appeal was as follows.. 2025 2024 Gross wages and salaries 4,000 4,000 Total 4,000 4,000 No pension provision is madg for any of th& staff. The above costs are wholly atlribulable lo Unreslricled Funds. The Trustees consider the Board of Trustees as comprising the key management of the charity in chargg of directing and conlrolling the ¢harity. See note 2 for details of Truslee remuneration. 7. Investments 2025 2024 Market Value al 1 January Additions during the year Disposals during Ihe year Unrealised gainslllossesl in investments 29.393 5,487 {4,030) 1,970 27,144 6,989 {6.0661 1,328 Market value al 31 Decemb 32,820 29.393 The cost of investments is £29,74312024 - £29,074} 8. Debtors 2025 2024 Sundry debtor$ 409 39J 409 390 Tha debtor balane8s in 2025 Consisted of £409 in unreslricled funds and £nil in restr¢cted funds12024'. £390 unrestricted and £nil restricledl. 9. Credltors: Amounts Falling due withln one Year 2025 2024 Trade Creditor$ Due lo Sl Giles, Cathedral Sundry creditors 2,896 20,156 3,325 4,863 6,072 10,935 26,377 Creditor balances of £10,935 and £nil related to unreslricled and restricted funds respectively in 2025 12024.. £10,600 and £15,777 respectively).
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS {continuedl For the ear ended 31 December 2025 Transfersl Balance at Outgolng 1 January Incoming Rosource Revaluatlon 2025 Resources rrransfer Balance at 31 December 2025 10. Funds Permanent Endowment Fund Thistle Chapel Endowment 28,71 f 2,580 31,291 Restricted Funds Thislle Chapel Income Fund Thistle Chapel Fund Music Fund Lighting Works The Wood Fund The Memorial Fund Organ Refurbishment 1,568 2,884 1,899 115,2571 122,096 440 112,9341 1,014 12041 2,378 2,884 1,899 15000 1441 11251 301 121,971 440 25,564 220,000 1181,5021 100,6 236,014 1181,8751 301 155,135 Unrestricted Funds General Fund 64,374 8,799 17.3C61 13011 65,566 The majority of the regular donations received are received on an unreslricled basis. Mthere reslrided funds are received, they are segregated and only expended in accordancg wilh th8 donor's wishes. Income from the Thistle Chapel Endowment Fund may only be used for th8 upkeep of the Thistlè Chapel. The income from this Fund, rf any, is credited lo the Thistle Chapel Income Fund. The Thistle Chapel Fund may only be used for repairs to the Thistle Chapel. The Music Fund may only be used to purchase an eloclronic keyboard. The Lighting Works fund is for the purposes of lighting upgrades. The Wood Fund is generally lo be used for specific projecls within the interior of the Cathedral. The Organ Refurt)ishmenl fund is for the Organ. The Memorial Fund may only bg used to commission and install approved Memorials With the Cathedral. A transfer of £301 was made from UnStriCted funds lo Ihe lighting works fund lo dear a small overspend. Prior year fund movements Balance at 31 December 2024 Balance at 1 January Incoming 2024 Resources Transfersl Outgoing Resources Revalualion Endowment Fund Thistle Chapel Endowment 27,127 1,584 28,711 Restricted Funds Thistle Chapel Income Fund Thistle Chapel Fund Music Fund Lighting Works The Wood Fund The Memorial Fund Organ Refurbishment 990 2,885 1,899 769 11911 1,568 2,885 1,899 (15,2571 122,0 440 112,9341 102,625 {117,8821 172,6211 194,717 440 112,9341 200,931 103,394 1203,6281 100,6 Unrestrlcted Funds General Fund 60,157 11,164 16,947) 64.374 10
ST. GILES, CATHEDRAL RENEWAL APPEAL TRUST NOTES on the ACCOUNTS Icontinuedl For Ihe ear ended 31 Dgcernber 2025 11. Analysis of Net Assets between Funds las at 31 December 2025) 2025 Net Assets Current Current Assets Liabilities Investments Unrestricted funds Restricted funds Endowment fund 76,501 1,529 153,607 31.291 110,935) 65,566 155,136 31,291 32,820 230,108 (10,9351 251,993 Analysis of Net Assets belween Funds (as at 31 December 20241 2024 Net Assets Current Assets Current Liabilitie$ Investments Unrestricted funds Reslricled funds Endowment fund 74,974 115,791 {10.6001 {15,7771 64.374 100.696 28.711 682 28,711 29,393 190,765 126,3771 193.781 12. Capital Commitments The lolal amount of capital commitments outstanding as at 31 December 2025 was £nil. 12024.. £212,802 for the refurbishment of the Cathedral Organ) 13. Related Party Transactions The accounts of the St Giles, Calhedral Renewal Appeal Trust are consolidated into the consolidated accounts of si Giles, Cathedral as the Charity's major purpose is lo raise funds for the resloralion of St. Giles. Calhgdral. During th@ year staff costs of £4,0(X)12024.. £4,CMJOI were recharged by St Giles, Cathedral to Sl Giles, Cathedral Renewal Appeal TrusL The balances due to Sl Gilès, Cathedral are shown in note 9 of the accounts.
INDEPENDENT EXAMINER'S REORT TO THE TRUSTEES CT: ON THE FINANCIAL STATEMENTS OF ST. GILES CATHEDRAL RENEWAL APPEAL TRUST I rep)rt on the accounts ol Sl. Giles Cathedral Renewal Appeal Trust for the year ended 31 December 2025. This report is made lo the Trustee as a body, in accordan with the terms of my engagement. My work has been undertaken lo enable me lo prepare the accounts on behaw of the Trustees and lo report my opinion as sel out below and for no other purpose. To the fullest exlenl permilled by law, I do not accept or assume responsibilily to anyone other than the Charity and the Trustees, as a body, f my work or for this report. Respective responsibilities of trustees and examiner The Charity's Trustees are responsible for the preparation of the accounts in accordance wifft the terms of the Charities and Trustee Investment (Scollandl Act 2005 and Ihg Charities Accounts (Scollandl Regulations 2006. Tho charily Irusl8&s consider that th8 audit requirement of Regulation 10111{al lo {c) of the 2006 Accounts Regulations does not apply. 11 is my responsibility lo examin& the accounts as required under section 4411 Xc} of the Acl and to slalg whether particular matters have com8 lo my attention. Basis of independent examinerfs report My examination is Ca led out in accordanc8 with Regulation 11 of the 2CK)6 Accounts Regulations. An examination includes a review of tho accounting records kept by the charity and a comparison of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the Iruslees conMIng any such mallers. The procedures undertaken do not provKle all the evidence that would be required in an audit arKJ consequently I do not express an audit opinion on the view gThien by ItrE accounts. Independent examinerfs statement In connection with my examination, no matter has come to my allenlion.. which gives me reasonable caus8 lo believe that in any malerkgl respect the requirements.. lo keep accounting iec(Yds in accordance with section 4411 Ila) of Ihg 2005 Act and Regulation 4 of the 2[ Accounts Regulations, and lo prepare accounts wh¢ch accord with lh8 accounting records and comply with Regulation 8 of the 2006 Acwunls Regulations have not been met, or 2. to which, in my opinion. allenlhjn should be drawn in order lo enable a proper understanding of the accounts to be reached. Jeremy Chlttleburgh CA CT Chartered Accountants and Independent Examlners 61 Dublin Street Edinburgh EH3 6NL 12