Christ's College, Aberdeen (Church of Scotland in Alford Place) Report and Financial Statements for the year ended 31 December 2024 Charity No: SC(M)7788 Christ's College, Aberdeen Trustees, Annual Report Year ended 31 December 2024 Page I Reference and Administrative Information Charity Name.. Christ's College, Aberdeen (Church of Scotland tn Alford Place) SC007788 Charity Registration Numkr.. Contact address Secretarytrreasurer (non-Trustee) Stockbrokers: Rathbone Investment Management Georg¢ Hous¢ 50 George Square Glasgow, G2 IEH Bankers: Virgin Money Univ¢rsity Branch. 62 Union Street Aberdeen, ABI O IWD Ind¢pendeDt Examiner: Flollis Accc)uniing l.iniiied, C'hartered Accountants, 3 Melville Crescent, Edinburgh, EH3 7HW Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 2 Trustees, Annual Report Year ended 31 December 2024 The trustees present their annual report and fmancial statements of the charity for the year ended 31 December 2024. The financial statements hai'e been prepared in accordance with the accounting policies set out in the notes to the accounls and cotnply with the G¢n¢ral Assembly Regulations for Congregattonal Finance. the Charities and Trustee Investment {Scotland) Aci 2005, the Charities A¢¢ounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities.. Statemeni of Recommended Practice applicable to charities preparing thetr aecounrs in accordance with the Financial Reporting Standard appltcable in the UK and Republtc of Ireland published on 16 July 2014. HISTORICAL BACKGROUND 'Th¢ Un&ting Act of the General Assembly of the Church of Scotland of 2nd O¢tob¢r 1929 stated inter alia:_ "In 1843 there occurred the cleavage in the Church of Scoiland historically knowm as the Disruplion where a large S¢¢iion of the Church severing ecclesiastical ¢onne¢tion with the Slate on grounds set forth in the Claim. Declaration and Protest of the General Assembly, 1842 and the Protest, 1843 fomied the Free Church of S¢otland.': In the same year the Frce Church Divinity Collcge was set up in Abcrdecn to train Minislers for thc Frce Church. Tlie training of Minister4 firsi for the Free Church, thereafter for the United Free Church and latterly, in conjunction with the University of Aberdeen, for the Church of Scotland, has been the main function of the College ¢ver since. Starting in 1843 fvnds were raised and fitnds have ¢ontinu¢d to be raised over the years by gifts, l¢gaci¢s and public subscription. In 1849 the ground at Alford Pla¢¢ upon which the main College building was subsequently erected, was purchased and the title was taken in the name of the General Tru5tces of the Fr¢¢ Church of Scotland. On 10th June 1869, the Financial Board Df the College was constituied in terms of a Resolution of the General Assembly of the Free Church of Scot13nd which stated inter alia'.- "that a Local Board be appointed tn connectfton with the College at Aberdeen for the management of their financial affairs; that such Board shall b¢ empowered to receive and disburs¢ the Funds accruing to the College in conforn]ily w'ith the appointments of the Gen¢ral Assembly and with the specific destination of particular ei)dowment5- that it thall belong lo such Board with the concurrence of the Gencral Trustces of th¢ Church to advise and d¢teTmine respecting investrnenls of money for College puryjoses and to see that the same be properly executed. also. with Consent of the College Committee to make such alterations and repairs as ma). be required from lime to time on ihe College Buildings. that the Financial Board shall be subject to the College Committee to which it shall present annually a Stalement ofA￿OUt￿tS to be latd before the General Assembly." No precise rules wcrc laid down as to the number of Mcmbcrs of thc Fin Iialifictilions. if anv. The first Nqembers o,f the Fin2ncial Ro2rd ii'ere It was provid¢d that ihe Board should 'ILP a re¢ord of its proceedings - thr¢c to b¢ a quorum - such records to be annually sent up to the Assembly. r¢a.%iir¢r an Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 3 Trustees, Annual Report (coDt.} Year ended 31 December 2023 On 4th September, l 871 the powers of the Finatictal Board were extended in accordance with a decision of the General Assembly as follows.. "The General Assembly extend the powers and functions of the local College Board in Aberdeen and appoint the Board Trnstses for holding property and funds belonging to or connected with the Coll¢ge- empowering them to employ a Law Agent for the tran￿liOn of their business and instructing them annually to lay before the General Assembly an account of their intro-missions and stale of their property, funds and investments., On 30th September, 1896 the Financial Board noted that the General Assembly had ordained "that one Professor besides the Principal shall hold a seat on the Financial Board of each College" and appointed Profe550r Salmond to occupy the seat oti the Financial Board. Thereafter. the practice has evolved of the Membership of the Financial Board of the College to comprise (a) the Master of Christ College, (b) Members of the Divinity Staff of The University of Aberdeen, as appropriate: (e) concerned lay persons of Christian eommitment from the business and general community in Mnd around Aberdeen. wftih the majority of Members coming from the last category., From the Same lime, the Financial Board of the Colleg¢ has administered the property and funds of the College, received gifts, legacies and other income, made pa>qnent of the salarftes of the Professors and Staff, maintatned the Library and made payment of bursaries and prizes to students. In addition, there is a College Council which has always look¢d after matters Spiritual and Academia. In 1872 the premises at Number 2 Alford Place were purchased and the title was taken in the name of the Principal and Professors as Trustees for the College. Stnce then the prA¢tice has been followed that the Principal (Ihereafter the Master) and Professors have been the Trustees for title purposes in connection with funds and property with Ehe control and management in the hands of the Financial Board. In 1900 th¢ Free Church of Scotland and the United Presb)terian Church formally uniled io form the United Free Church of Scotland. Until that t&me the College had been called "The Free ch￿￿h College, and thereafter it was called "lkn¢ United Free Church Colleg¢" After the Union of 1900 and a very important House of Lords case, Commissioners were appointed under the Churches {Scotland) Act 1905 and they formally allocated both herilable and moveable property belween the Free Church of Scotland and the United Free Church of Scotland and an Order of Allocation of the Aberdeen College Building to the Uniled Free Church of Scolland was made by the Commissioners dated 9th December. 1909 and registered 3rd February, 1910. On 2nd Oclober, 1929 by virtue of the Uniting Act, the Church of Scotland and the United Free Church of Scotland united as'tth¢ chU￿h of Scotland" In the early 1930's negotiations t(x)k place b¢tween the College. the General Assembly of the Church of Scotland and The University of Aberdeen wfftth regard to the future of the leaching of Divinity in Aberdeen. Agreement was reached in 1936 and in broad ternis the basis of agreement was that all academic subjects would be taught at King's College, Aberdeen and 'such further teaching as is required by the Church of Scotland alone for the training of her students for the Ministry shall be given at Alford Place College" l The presem memiwship ot itse Fin8ncial Board ts ￿111 OD ih15 principk with adjusthients made frorn lo ijpnv In accordarK¢ ¢h*nge5 In th¢ StrWNEeofthe ￿mMIStr￿$l0n 4f olth¢G¢n¢rdlA55embI￿S0f the pre-jnd wst-Lmiort ChuFth¢5. The praeni Membershipofthe finaneièl Is *t wl iKlow under Management and &vernanceArr&rtgenMts Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 4 Trustees, Annual Report (cont.) Year ended 31 December 2024 At some date between 29th October, 1936 and 18th February. 1937 the name of the College was changed to "Christ's College, Aberdeen" The Main College Building at Alford Place continued to be used for teaching until May, 1986 when il was decided that all classes would be held at King's College." On 3rd F¢bruary, 1988 Number 2 Alford Place comprising the Chapel, Library and Sacrist's Flat was sold and the net prwe¢ds of sale w'ere credlied to th¢ Academic Aid Fund. On 28th February 1991 the Financial Board unanimously decided to sell the Main College BuildÉng at 8 Alford Place, Aberdeen and to obthin the necessary approval from the General Assembly, which was given in May 1993. In giving such approval, thc General Assembly also resolved thal the nel proceeds of sale shall be held by the Church of Scotland to be applied in consultation with th¢ Financial Board of Christ's College, Aberdcen for the purposes of Theological Educaiion in Aberdeen and ihe North East of ScotlatEd. It 15 on the basis of this deliveranee of the General Assembly that the tripartite agreement between the Financial Board of the College, the University of Aberdeen and the then Ministrie5 Council to provide funds in support of one of lectureships in Practical Theology has continued since 2005. {See page 7) With the sale of the Main College Building, it was necessary lo find a new home for the College Library. An agreement was made wilh the University whereby certain ilems were lodged in the main University Library with the bulk of the College's Library be&ng combined wilh the Divinity Class Library and housed in the present accommodation in King's College known a5 the Divinity Library. The College maintsins the library as a resource for all students studying in the pre5enl Department of Divinity and provides a budget each year for the purchasing of text books and periodi¢als. The Financlal Board of the College also employs the Librarian. The College today maintains an office within Kings Coll¢ge in close proximity to the staff of the school of D&vinity. History and Philosophy. The College employs an administrator and a librarian both on a part time basis. THE ORIECTIVES AND ACTtVlTIES OF THE COLLEGE The Financial Board of Christ's College seeks to serve the College in the fviffftlment of its rol¢ in the forniation of candidates for the Church of Scotland ministry and ministers of ihe Church of S¢otland studying at the University of Aberdeen. To this end it adrnintster5 the various bequests. legacics and funds h¢ld by the College for this purpose . by providing financial support to the University in its provision of appropriate courses and library resources, - through the financial support of candidate5, especially in emergency situation5, through the pa￿nent of bursaries and prizes (the latter open to 411 students studying divinity and theological subjects not just Church of Scoiland Candidates), through making provision of seminars, lectures and other a¢tivilies organised by the Master appropriate in the training of candidates for the ministry, Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 5 Trustees, Annual Report (cont.) Year ended 31 December 2024 THE OBJECTIVES AND AcTIv￿£s OF THE COLLEGE (eont.) nd by PToviding the necessary support for the Master in carrying out his spiritual, pastoral and supervisory responsibilities in relation to candidates and thereby helping to maintain a collegiate community centred on worship. LKANAGEMENT Af4D GOVERNANCE 'the managernent of the Financial Affairs of the College is the responsibility of the Financial Board (the Trust¢¢s). Members {Trustees) The master of th¢ Coll¢g¢ is appointed by the General Assembly of ihe Church of .%eoiland and Intr{￿lieed the Presb￿ery al a special service. The present Master is th who was appointed by the General Assembly of th¢ Chur¢h o cot al t eir annua meeting in May 2012. The Master is Chaim)an of the Financial Board. The rest of th¢ board is made up as follows: Er Officio.. People and Training Manager {chu￿h of Scotland} Eigkn membeys each appointed to serve for four years. A rotational system Df retirement 18 in operation whereby members serve for four years being immediately eligible for re. of Aberdeen together with other salaries and adminislrative expenses. The G¢neral Library Fund This is a large fvnd which is explained by the fact that ils capital comprises not only. th¢ original and subsequent endowments and gifts but also the proceeds of the sale of valuable books in the early 1970s. Its income comes from these investments and other sources as indicated in the account. Its expenditure is on books and periodicals and salary paid lo the Librarian and a contribution towards the general administrative expenses. Bursaries and Priz¢s Fund This fund is used for the payment of bursaries and prizes to all students in designated subjects whether Church of Scotland or not. M#5ter's Fund This fund was set up on 8th Mareh 1973 to be used for general purwses at the exclusive discretion of the Master of the College, for example expens¢s relaled lo worship, college events for candidates such as seminars and retreats, occasional lunches and social events for andidates, emergency fmarncial support of candidales. Academic Aid Fund This fund was set up on 4th February 1981, its main purpose being lo provide funds for the annual payments made to the University of Aberdeen towards th¢ expenses of the Department of Divinity. Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 7 TrHslees' Annual Report (cont.) Year ended 31 December 2024 ACHIEVEMENTS AND PERFORMANCE Since 1980 there have been a series of agreements between the Financial Board of Christ's College and ihe Universit>. of Abcrdeen and more recently tripartite a8reements between the Financial Board, the University of Aberdeen and successive Departments. Boards and Louncils ot" the (ieneral Asscmbly of the Church of Scotland whereby Christ's College and thc Church of Scotland have paid oNer an agreed sum annually to the University of Aberdeen in support of certain Ea¢hing positions in Divinity,. Agreements are periodically negotiated with the University, the current arrangement was agreed in May 2023 and will ruTh for fivc years. Thcr¢ is a Christ College Teaching Fellowship and the total sum each year is m¢1 cnlirely from drawing down from the North East Theological Education Fund (see 'Historical Background. page 3). The investment of thi5 fvnd is held by the Church of Scotland and an amounl was given lo Christ's College each year. The current arrangement will 8r&dually reduce the amount we give per year from £45,000 to £30,000 per annum over the five period to reflect thai we have been spending rnore than ihe income generated in the North East Theological Educ&tion ]*und (s¢¢ appcndix). In 2014 the College also began working with the University on the Centre lor Ministry Studies. The Centre was funded by a grant from the North East Theological Education Fund of £80,000, throtsgh direct involvement b>. the College. The original arrangement ran until 2017 and the support continues thTough administrdtive support. The Board has in ihe last year also coniinu¢d io mainlain the Divinity Library. added to its collection of book5 and paid the salary of thc part-lim¢ Librarian. Hardship grants of £1,425 {2023 £2,000) were made in 2024. Prizes totslling £1,325 (2023 £1,527) were awarded in 2024 offset by donations of £600 {2023 £600). FINANCIAL REVIEWS, INVESTMENT POLICY AIYD RESERVES The financial year of the College runs to 3151 December in each year and th¢ fijnds of the College are administered by Chrisl's College Aberdeenlll￿7, Kings College. Old Aberdeen. The College's income is derived almost entirely from investments with occasional donations, bequests and legacies. The Trustees regularly review the whole range of the College's investments. The Funds of the College are managed on behalf of Éh¢ Collegc by Rathbonos and with all stocks and shares held in the names of the Stockbrokcrs, Nomin¢e Coinpany. Regular Lonsultaiions are held between reprthentaiives of th¢ Board and the invesiment managers to review the range of investments and reduce risks by maintaining a diversified portfolio. Chrxst's College, Aberdeen (Church of Scotland in Alford Place) Page 8 Trustees, Annual Report (cont.) Year ended 31 December 2024 RISK MANAGF.MFNT The Trustees review the risks to whi¢h th¢ charity is exposed annually and review the systems to mitigate them. One of the main risks faced by Ihc charily 15 th¢ dependence on the University of Aberdeen ror o￿lLe laL'iliti¢5 and to house the librarv. This is managed by close involvement with the University. There is also the risk of putting on the annual meetittg, a dependency on a small team of slatT and the financial risks of reduced incorn¢ from investments. The Trustees are also dependent on income from the North East Theologtcal Education Fund which is drawn from income on a fund controlled by the Church of Scotland as noted in thc appendix at the back of these a¢Gounts. The Trustees get regular updat¢s on thc balance of the fund. Risks relating to employed staff as well as to alumni attending the annual reunion held during the General Assembl). in Edinburgh are covered by advo¢ating proper procedurc and appropriate insurance. Th¢ Trustees are aware of the risks of the small team and where possible handover notes are mainlained which would allow smooth transition should ihe Master, librarian or administrator leave their post. Meetings are also held lo review the risks th¢ College faces and to manage the portfolio of investments as appropriate. Advice in thesc rc5PCCts is sought regularly from our Fund Managers. Reserves could withstand some significanl loss ol itkLome in the short terni. A budget for 2025 has been pr¢paTed and reviewed by the Trusiees lo ensure that expenditure is out of regulxr income and therefore to miligate fmaneial risk and maintain reserves. FtrruRE PLANS The Bi)ard intends to maintain the pre5cnt work it undertakes and tn gcn¢ral to pursue the purposes of the College to erthance the fomlation experience of candidates for ihe mtnistry, studying at AbeTdeen University making careful and well applied use of the limited funds availabk to it. Ir hopes to be able to continu¢ to assist a limited number of ministers in undertaking posl- graduate studies that are relevant to the practice of ministry in keeping with the Church of Scotland's emphasis on continuing minist¢rial d¢v¢lopmcnl. Through partnering with the centre for Ministry Studies and Theology Online, Christ's College is continuing lo support minislries training for lay and ordained people in the Church of Scotland and for oiher churches in the North East of Scotland. ¢ontinues to direct the progress of the Centre and ses some of his hours with the assistance of Christ's College to help wlth adminis e Centre and Theology Onlin¢. iono Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 9 Trustees, Annual Report (cont.} Year ended 31 December 2024 Statement of Trustees, Responsibilities c.harity law require.s the trustees to prepare financial stalements for each financial year which show a true and fair view of the state of affairs of the charity and its f￿ancIal activitieg for that period. In preparing those financial ststem¢nts, the trustees are required to.. select Suitable accounting policies and then apply them con5iStently' make judgements and estimates thal are reasonable and prudent,. state whether applicable accounting standards and statements of recommended practice have been followed. subject to any departures di￿105ed and explatned in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriats to presume that the charity will continue in operational existence. The Trust¢¢s are responsible for keeping proper accounting records, which disclosc with reasonable accuracy al any time the financial position of the Trust and lo enable them to ensurc that the accounts comply with the Chariti¢5 and Trustees Investment (Scoiland) Act 2005 and the Charitics Accounts (Scotland) Regulalions 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on thcir behalf, Date . 0610512025 Christ's College, Aberdeen (Church of SeotlaDd in Alford Place) Page 10 SC007788 Independent Examiner's Report to the Trustees of Christ's College, Aberdeen I report on the accounts of the charity for the year ended 31 tkc¢mber 2024 which are set iTrut onpages 11 to 16. Respe¢tiv¢ responsibilities of trustees aDd examiller The Charity's trustees are responsible for the prepardtion of the accounts in accordanc¢ with the lenY]s of the Charities and TTUStee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulation$ 2006. The charity trustees consider that the audit rquirement of Regulation 101 I ) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) {c) of the Act and to slal¢ whether particular matters have come io my attention. B8sRS ofindependent examiller's statem¢Dt My examination is carried out in acLordance with Regulation l E of the Charities Accounts (Scoilandl Regulations 2006. An examination includes a review of the accounting records kept b>. Ihe charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trust¢es concerning any such matters. The procedures undertaken do not provid¢ all ihe evidence that would be requircd in an audit, and consequently I do not express an audit opinion on the vi¢w given by the accounts. Independent e￿mIller's statsment In the course of my examittalion, no matter has come lo my attentton which gives me reasonable eause to believe that tn any material ￿5P¢¢¢ thc requirements.. to keep accounting re£ords in accordanc¢ with Se¢tion 44(1) (a) of the 2005 Aci and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which a¢¢ord with the accounting records and Comply with Regulation 8 of the 2006 Accounts Regulations have not been me( or 2. to wbich, in my opinion, attention should be drawil in order to enabl¢ a proper Iiiider%laiidin of the account5 to bc r¢achcd. Lhartered A¢coun(ant Flollis Accounting Limited, 3 Melville Crescent Edinburgh, EH3 7HW Date: Christ's College, Aberdeen Statement of Financial Activities Year ended 31 December 2024 Pogell Ntstt Lnre5tricled Re51rict¢d Funds F¥nd5 2024 Ilnre$trtcled Re5tri¢ted Funds 21Y23 Total 2024 Total 2024 2023 Income frorn: Dongt10ns and l¢ga¢i¢8 herirading a¢iiviiies Invesiments 45,600 45,600 1.396 48,616 45,696 45,696 754 45,022 1,396 19.492 754 17,794 29,124 27,228 74724 95612 72.924 ditrjre on-. Raisfftg Fknn(L* Charitable aclivilies Other 5,383 5,317 6,022 74.615 11,405 79,932 4,630 5,476 5.747 75,048 10,377 8OJ24 80 637 91337 90.901 Ytl intomellexptrjditurel before •ins And loss¢% ￿ i•ve$tmethts 10,188 15.9131 4,275 &442 (7.8711 571 Nrt 8ainsI liossesl on itkvesttrtents 27,271 40,745 68,010 21,222 32,474 53,696 1ntomellexpe￿I1tllre) 37,459 34,832 72.291 29,664 24,603 54,267 Trgn$feTS b¢lw¢tn fuMIts Yel movemetht in I￿nd$ 34,832 72,291 29.664 24,603 Re¢oM¢iliAtioh of futtd5: Tot*1 f¥ttd$ bro￿￿1 foTw%rd 575,810 860,326 1,436,136 546,146 835.723 1,381,869 Totsl fun The wle5 on pages 13 to 16 fi)nn pth of th¢s¢ financtal stalontnts Christ's College, Aberdeen Balance Sbeet At 31 December 2024 Pag¢ 12 2024 2023 FIA¢d Assets Tangible Fixed assets Invesknents 1.41Y,096 1,419,096 ,361,016 1,361,V16 Current Assets Siock 2,005 6.643 83.728 93,036 2,856 8.556 67,226 78,638 Debts)rs Barth and c c.reditors Failing du¢ within oney¢ 13,7051 (3,5181 Net CurreTrt Assets 89.331 75.120 N¢tAssets 1.508 427 1436 136 Unrestr1tt￿ FuNd$ Masl¢r5 fund De5ignaied funds 613,269 575,810 613,269 575,810 Rtstritted Funds li 89S,1 $8 860,326 Total Funds 1508 427 436 136 ApproN'Ld bi Ihi TrllitLLS QII. oÈlorlLr Th¢ notes on pagts 13 to 16 fomi pan of financiaj Statements Christ's College, Aberdeen Aeeounting Policies The principal ac¢oynting poli¢ies. Mhi¢h have beeii applied consistently in the Current arjd preceding year in dealing with items wh2ch are considered material to the aecouThts, sei out below. Basis of pr¢p#r*tio The arcounts {financial statements) have been prepared under the historical c05t convention with items re¢ognssed at cost or transa¢iton value unless otherwlse staled in the relevant notelsl to these accounts. The ftnancial statements have been prepared in accord8nee with the Siatement of Recommended Practice.. Accounting antf Reporting by Charities preparing their a¢count5 in ￿COrd&ACe with th¢ Financial Reporting Standard applicable in the Ell( and Republic of Ireland {FRS 10218nd th¢ Finan¢i&l Reporting Standard appli¢able in the United Kin8dom and Republi¢ of Ireland IFRS 102). the Charities wid T￿Slee Inv¢sttn¢nl Iscotlandl Act 2005 and the Charities Accounts {kotlandl Ke8ulations 20061as amended). The charity ]neets the definition of a publi¢ b¢n¢fJt entiry Ut)der FRS 102. Going coneern The TnJste¢s ¢onsider ihat there are no material uncertaititl¢5 about the charity's ability to contin￿e as a goiDg concern. Page 13 Funds Funds are ¢lassifJed as either restricted funds or unr¢sth¢¢ed fund4 defined as follows. Restri¢ted fiJnd5 art funds subject to spectfic reqllirements as to their us¢ which may be d¢clar¢d by the donor or with their authority or ¢reai¢d through legal processe5, but ￿111 with*n the wider obj¢¢ts of the charity. Unrestricted funds are expendable at the discretion of ihe trustees in fitrtheTan¢e of the objects of the ¢ha¥ity. If parts of the unrestri¢ted funds are eamiarked at the discretion of the twstees for a part5cular purp05¢, they are designated as a separate fund. This designation has an administrative purpose only and does not le8411y r¢styi¢t the tru5tees' discretion to apply the fund. Income All donaiions and gifts are itLclud¢d within income under eiiher unrestricted or ttstricted funds according 10 the temis under which the donation is made and when the Amount can be quantified with r¢asonable certainty. Donations and gifts in kittd bTought into th¢ accounts at their market valu¢ io th¢ charity- Expettdithre ExpEnditure ts recognised ott an a¢¢n￿lS basis as the liability is incurred. Invtstmenis Fixed a5%t inv¢5tinents are stated at market value al ihe balance sheet date. U[￿ealised gains and losses represent the diffeTeTrce between th¢ market value at the beginTLing and end of the financial y¢ar or. if Purchased in the year. Ihe difference Ixtween cost and market value at the end of the year. Reali5ed 8ains at)d losses T¢PTesent the difference between the pro¢e¢d$ on disposal and the marktl value at the stat1 of the year or cost tf purchased in the year. Tlxatio Christ's College. Aberd¢en is reeognised os a ¢hority for the purposes of applicabl¢ taxation legislation and is therefore not subje¢1 to tsxaiion on its charitable activiti¢s. The ¢harity is not rcgsster¢d for VAT and re$oyrc¢s expended therefore include trre¢overable inpur VAT. Christ's College, Aberdeen Notes forming part of the financial statements Year ended 31 December 2024 Page 14 Unrestricted Restrkted FuDd5 Funds Unrestricted Re5tri¢ted Fund5 Funds 2023 Total 2024 Total 2024 2024 2023 2023 l Donations and ttg8tl¢s Donaiions Lega¢ies North E&qi Th¢ologiral Fund Cont. 600 600 600 45,IXK> 45,600 45,0 45,6(XJ 45,096 45,696 45,096 45.696 2 Invts¢wetht kneome Deposit inltre5t Dsvidends received 10 16 19,486 29,114 48,61XI 17,794 27.228 45,022 19,492 29,124 48.616 17,794 27,228 45,022 3 Att•ty$is of Resources Expended Costs of Raising Funds Costs of Scarves 1,158 194 4,031 5,383 1.158 194 875 875 C051s of Book Invesllneni Mana8emeni Fees 6,022 6,022 10,053 11.405 3,755 4.630 5,747 5,747 9502 10,377 Charitable AetiTritit5 Staff Salary Costs Professors Fees and travel Office Expenses Grdnt4 Bursaries and Pri Books 21,937 43,333 21.937 43.333 21,009 45,000 21,009 45,000 2.750 3,100 2,750 3,IIM) 613 1.230 2.750 500 3,027 2,380 3.527 2,380 Me¢iing, SeTvi¢es Lwiches Alumni Newsletter 613 1,230 1,459 1,459 2,687 Honorarium TrainiRg and conferences Insuranee Other 2,750 2.687 576 576 576 S76 823 823 77,112 237 4,433 237 4,186 72,926 73.451 77,884 Allotated Covernance Costs Independet)t Exam F¢e and A¢¢ fee 1.689 1.689 2.820 2,820 1,043 1,043 1,597 .597 2,640 2.()40 Tolal ChAritable Activili 5,317 74,615 79.932 5,476 75,048 80,524 Total Support cosis have not been sepaTrlely identified &$ the tyusie¢s con5ideT there is only one charitable aelivity. Therefor¢ 5uprA)rt costs ￿lat¢ wholly ¢0 that aGtivity atKi have not been separ&tely ideniifi¢d. Christ's College, Aberd¢eD Notes forming p¥rt ofthe financial st*¢emellts Year ended 31 December 2024 Page 15 2024 202J 4 Staff ¢o$ts 4Dd ￿UMberS Saiari¢s and wag¢s its¢luding social security Pension costs 22J56 2,331 24,687 21.343 2,353 23,696 The average number of ¢mplo)res during the y¢ar, calculated on th¢ basi$ of a head courtL was as ftslEows.' 2024 Z023 Charithble A¢tiviti¢s Admlnssitaii No ¢mploy¢e ¢arD¢d moT¢ than £60,000 (2023 none) 5 Trustee Remuneration and RtJ8ied Pary Tr8nsa£tloD$ 'ceived 2n honordrium of £2,75(I tn the ye2r12023 . £2,687). No other Twstee received ere were nu TNsiees reimbursed any expenses in the ye&r. an¥ rLmunLraiiiiii. 6 Investt￿¢llts 2024 2013 Market Value at l January Add.. Additions to inv¢slm¢nls ai Less.. Disposals ai carrying value AddldeduLt nel (loss) on rev81uation Market Valu¢ al 31 December ,361,016 236,780 1255,576} 76,876 1.314,053 232,SOJ {252,2651 66.725 1,419,096 1,361.016 Investri¢nts at ¢ost 1.033.001 1,045.655 7 Debtoys 2024 2023 Dividend Incomedue 6,643 6.643 ,556 8,556 8 Bgnk and C95h Zlll4 2023 Fund ManageT- capÉlal account Virgin Money 4.816 78,912 83.728 4,631 62.595 67,226 9 Creditors 2024 Accrnals PAYFINIC 3,580 125 3.4(K> -1,705 3,518 Christ's College, Aberdeen Notes forming part ofthe fin*n¢i*l 8tstemtllts Year ended 31 De¢ember 2024 Page 16 10 ADAtysJs of Ntt Ass¢ts Among Fund$ 2024 GethtrAI R¢81T1rf￿ Total Fixed Assets Investments Cuttent Assets Current Liabilities 523,939 93,036 3,7051 613 270 895.157 0 1,419,096 93,036 (3.705 0 1508427 Net assets At 31 Drf¢wb¢T 2024 895 157 2(123 eomp#rative FIX￿ A5Stts Investments Current Assets CuTrent Liabilities 500.690 78.638 13,5181 575,810 860J26 0 1.361.010 78.638 fvet assets at 31 Dectmber2023 860,326 0 1,430,136 11 Mov¢meMts kn Funds AIIJJD Gal￿95 Tr*JL*ftTS S•leor At31 Ik¢ 2024 Restritttd futtds Professor &￿ary And expen5e5 Library Fund Bur5ar)' and Prizes Academic Aid Fund Total 2024 restrAtted futtds Vnrestritted 55.739 174.355 183,344 446,888 860,326 46,887 (59,378) 5,902 (11.0551 A806 (4.393} 15,128 15,8121 74,723 180,6381 45,888 177,460 194,440 477,J69 0 895,157 8,258 8.683 21,165 40,746 Masters funil Tot•1 2024 Mttrestrithd fuDd5 575.810 575,810 20.888 110,6991 20,888 110,6991 27,271 27,271 613,270 613,270 2024 Total funds 1.436,136 95,61 I 191,3371 68,017 0 1,508,427 2023 tompgr•tfvt Restritt¢d fwDd$ Prolessor Salan and expens Library Fund BuT5ary and Prizes Academic Aid Fund Total 21123 reStr￿cl¢d fmuds Unrestrteted funds M&st¢rs fund 66,297 172,151 174,818 422,457 835,723 47.256 160,390} 5,609 110,0941 6,296 14,5631 13.763 {5,7481 72,924 180.795} 2.576 6.689 6,793 16,416 32,474 55,739 174,355 183,344 0 446,888 0 860,326 546,146 546,146 18,548 110.1061 18,548 110,1061 21,222 21.222 575,810 575,810 Tot412023 unTe5tritted fllllds 2023 Tot*1 fNThd5 1.381,869 91,472 19(1,901) 53.696 0 1,436,136 s of R¢strÉcted Fund5 The above Testricied funds ar¢ held IOT the purposes described on page 6 of th¢ Trusi¢es rewTrrt. Christ's College, Aberdeen APPENDIX 3111212024 North East Theological Education Fund Baf kground The money in the NE Theological fund is the income from the sale of the College building in Alford Place in 1995 which was vested in the Church of Scotland Trust. The deliverance of the General Assembly in 1993 states ihal; 'the net proceeds of the sale shall be transmitted to the Committee on Education for the Ministry (now Ministries CounciE) to be applied bv that committee in consultation with the Financial Board of Christ's College, Aberdeen for the purposes of theological education in Aberdeen and the North-East of Scotland.. Mtnistries Council Is now referred to as simply Church of Scotland throughout these a¢¢ounts. Applications are made to the fund to draw down for puryioses as requested by Chtisvs College and this comes into the accounts of Chrisvs College as income. The funds held in the fund ar¢ not held as assets within the accounts of Christ's College. Capital Fund 2024 2023 Units in tTh¢ome fund 31820 35897 Market Value as at 31 December 2024 £351,929 £ 393,431 Revenue Fund 2024 2023 Opening balance as at l January 2024 23,967 11,080 Dividend income on investments Mar-24 Sep-24 10.769 10.769 9,895 9,895 21,538 19,790 l£ss paynents to Christ College (45.000) (45,096) Investments sold (capital fund to revenue fur 45,010 38,193 Admtn Charge (2023 and 2024) (1,020) Balance as at 31 December 2024 44,495 23,967