Christ's College, Aberdeen (Church of Scotland in Alford Place) Report and Flnancl21 Statements for the year ended 31 December 2025 Charity No: SC007788
Christ's College, Aberdeen Trustees, Annual Report Year ended 31 December 2025 Page I Reference and Administrative Information CharÉty Name.. Christ's College, Aberdeen (Church of Scotland in Alford Plac¢) SC007788 Mr Joel Pierce Christ's College, KCS7, Kings College Old Aberdeen. AB24 3UB Charity Registration Number: Contact address Trustees Thefollowing Trustees served durittg ihefinancialyear and up io the date ofsigning.. Chalr: The Master, Rev Professor John Swinton Reverend Amy Bender Professor John Behr Reverend Stella McBurnie Reverend Edmond Gatima Professor Gavin McEwen Professor Paul Nimmo Ms Edna May Pyl¢ Professor Phil Zicgler Secretaryrrreasurer (non-Trustee}.. Mr Joel Pierce Stockbrokers.. Rathbone Investment Management George House 50 George Square Glasgow, G2 1 EH Bankers: Vitgin Money University Branch, 62 Union Street Aberdeen, ABIO I WD Independent Examiner: Sarah Hollis CA Hollis Accounting Ltmited, Chartered 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 2025 The trustees present their annual report and financial statements of the charity for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the General Assembly Regulations for Congregational Finance, the Charities and Trnstee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Slatemeni of Recommended Practice applicable to ¢barities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland published on 16 July 2014. HISTORICAL BACKGROUND "The Uniting Act of the General Assembly of the Church of Scotland of 2nd O¢tober 1929 stated int¢r alia... "In 1843 there occurred the cleavage in the Church of Scotland historically known as the Disnlption where a large section of the Church, severing ecclesiastical connection with the State on grounds set forth in th¢ Claim, Declaration and Protest of the General Assembly, 1842 and the Protest. 1843 fornled th¢ Free Church of Scotland." tn the same year the Fr¢e Church Divinity College was set up in Aberdeen to traÈn Ministers for the Free Church. The training of Ministers, first for the Free Church, thereafter for the United Free Church and latterly, in conjunction with the University of Aberdeen, for the Church of Scotland, ha5 been the main fictIon olthe College ever since. Starting in 1843 fimds were raised and fidS have continued to be raised over the years by gifts, legacies and public subscription. In 1849 the ground at Alford Place upon which the main College building was subsequently erected, was purchased and the title was taken in the name of the General Trnstees of the Free Church of Scotland. On l Oth June 1869, the Financial Board of the College was constituted in ternis of a Resolution of the General Assembly of the Free Church of Scotland which stated inter alia:.'tthat a Local Board be appointed in connection with the College at Aberdeen for the management of their financial affairs. that such Board shall be empowered to receive and disburse the Fun(ts accruing to the College in confornity with the appointments of the General Assembly and with the specific destination of particular endowments- that it shall belong to such Board with the concurrence of the General Trustees of Ihe Church to advise and detern)ine respecttng investments of money for College pury)oses and to see that the same be properly executed. also. with consent of the College Committ¢¢ to make such alt¢rations and r¢pairs as may be required from tim¢ to time on the College Buildings. that the Financial Board shall be subject to the College Committee to which it shall present annually a Statement of Accounts to be laid before the General Assembly." No precise rules were laid down as to the number of Members of the Financial Board or their qualifications. if any. The fllst Members of the Financial Board were Piincipal Lumsden. Doctor Davidson and Doctor Alexander Spence, Ministers" Messrs Francis Edmond, William Henderson of Devanha House, W. Rose. William Hendeison, Architect, J.B. Mccombie, Doctor R.J. Brown and Doctoi G.G. Brown, Elders. It was provided that the Board should have a Secretary and Treasurer and sllouid keep a record of its proceedings - three to be a quonlln - such records to be annually sent up to the Assembly.
Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 3 Trustees'Annual Report (cont.) Year ended 31 December 2025 On 4th September, 1871 the powers of the Financial Board were ¢xt¢nd¢d 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 Trustees for holdkng property and funds belonging to or connected with the College. empowering them to employ a Law Agent for the transaction of their business and instructing them annually to lay before the General Assembly an account of their intro-missions and state of th¢ir property. fimds and investrnents." 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 Professor Salmond to occupy the seat on the Financial Board. Thereafter, the pr2Cti¢¢ has evolved of th¢ Membership of the Financial Board of the College to Comprise (a) the Master of Christ College, (b) Members of the Divinity staff of The Untversity of Aberdeen. as appropriate, (c) concerned lay persons of Christian commitment from the business and general community in and around Aberdeen, with the majority of Members coming from the last category., From the same time, the Fitmncial Board of the College has administered the propety and funds of the College, received gifts, legacies and other iTh¢ome, made payment of the salaries of the Professors and Staff, maintained the Library and made payment of bursaries and prizes to students. In addition, there is a College Council which has always looked 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. Since then the practice has been followed that the Principal (thereafter the Master) and Professors have been the Trustees for title pwposes in conn¢ction with funds and property with the control and management in the hands of the Financial Board. In 1900 the Free Church of Scotland and the United Presbyterian Church forn]ally united to fonn the United Free Church of Scotland. Until that time the College had been called "The Free Church College" and thereafter it was called'The United Free Church College" After the Union of 1900 and a very important House of Lords case, Commissioners were appointed under the Churches (Scotland) Act 1905 and they fonnally allocated both heritable and moveable Property between the Free Church of Scotland and the United Free Church of Scotland and an Order of Allocation of the Aberdeen College Building to the United Free Church of Scotland was made by ihe Commissioners dated 9th December, 1909 and registered 3rd February. 1910. On 2nd October. 1929 by virtue of the Uniting Act, the Church of Scotland and the United Free Church of Scotland united as "the Church of Scotland" In the ¢arly 1930's negotiations took place between the College, the General Assembly of the Church of Scotland and The University of Aberdeen with regard to the future of the teacbing of Divinity in Aberdeen. Agreement was reached in 1936 and in broad temis 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 Colleg¢" l. The prtwt m¢mbershipofthe FtiL2rt¢i•l Board is stdl b85ed on this principle with adjustrnents made from I¢Tne 10 lime irt aCcordan¢e with han*& in th¢ situlwre of th¢ adminisiration of the affairs of the General Assernblie5 of the pr¢- POST-TrI0 Churh¢s. Tht preseni Mernbcrshipof the fiuth¢sal Bo•rd 5$ St¢out b¢Jow vthrMana8tsneotand GovernorKeArtwYts.
Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 4 Trustees, Annual Report (cont.) Year ended 31 December 2025 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 it 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 proceeds of sale were credited to the Academic Aid Fund. On 28th February 1991 the Financial Board unanimously decided to sell the Main Colleg¢ Building at 8 Alford Place, Aberdeen and to obtain the necessary approval frotn the General Assembly, which was given in May 1993. Jn giving such approval, the General Assembly also resolved that the net proceeds of sale shall be held by the Church of Scotland lo be applied in consultation with the Financial Board of Christ's College. Aberdeen for the pury)oses of Theological Education in Aberdeen and the North East of Scotland. It is on th¢ basis of this deliverance of the General Assembly that the tripartite agreement between the Financial Board of the College, the University of Aberdeen and the then Ministrles 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 Builth'ng, it was necessary to find a new home for the College Library. An agreement was made with the University wh¢r¢by certain items were lodged in the main University Library with the bulk of the College's Lkbrary being combined with the Divinity Class Ltbrary and housed in the present accommodation in King's College known as the Divinity Library. The Coll¢g¢ maintains the library as a resource for all Students studying in the present Department of Divintty and provides a budget each year for the purchasing of text books and periodicals. The College today maintains an office within Kings College in close proximity to the stsff of the school of Divinity, History, Philosophy, and Art History. The College employs an administrator who also covers the role of Librarian. THE OBJECTIVES AND ACTIVITIES OF THE COLLEGE The Financial Board of Christ's College seeks to serve the College in the lfIlment of its role tn the fonnation of candidates for the Church of Scotland mini5ty and ministers of the Church of Scotland studying at the University of Aberdeen. To this end it administer& the vaTiOUS bequests, legacies and funds held by the College for this pUoSe '. by providing financial support to the University in its provision of appropriate Courses and library resources, - through the financial support of candidates, especially in emergency situations, through the payment of bursleS and prizes (the latter open to all students studying divinity and theological subjects not just Church of Scotland Candidates). through making provision of seminars, lectures and other activities oiganised by the Master appropriate in the training of candidates for the ministy,
Christ's College, Aberdeen (Cburch of Scotland in Alford Place) Pag¢ 5 Trustees'Annual Report {cont.) Year ended 31 December 2025 THE OBJECTIVES AND ACTIVITIES OF THE COLLEGE (eont.) and by providing the necessary support for the Master in carying out his spiritual, pastoral and supetvisory r¢sponsibilities in relation to candidates and thereby belping to maintain a coll¢giat¢ community centred on worship. MANAGEMENT AND GOVERNANCE The management of the Financial Affairs of the College is the responsibility of the Financial Board (the Trustees). Members (Trustees) The master of the College is appointed by the General Assembly of the Church of Scotland and introduced by the Presbytery at a special service. The present Master is the Rev Professor John Swinton who wa5 appointed by the General Assembly of the Church of Scotland at their annual meeting in May 2012. The Master is Chaimian of the Financial Board. The rest of the board is made up as follows.. E¥ oificio.. People and Training Manager (Church of Scotland) (Mrs Eleanor Mcmahon) Eight members each appointed to serve for four years. A rotattonal system of retirement is in operation whereby members serve for four years being immediately eligible for re-election by the Board. Appointments are reported to the General Assembly. The membcrs as at the year end were (dates of retirements listed): Due to Retire Reverend Amy Bender Professor John B¢1 Reverend Stella McBurnie Reverend Edmond Gatima Profegsor Gavin McEwen Professor Paul Nimmo Ms Edna May Pyle Professor Phil Ziegler 2027 2027 2028 2028 2028 2027 2026 2028 SecretsryTTr¢a$urer (non-Trustee): Mr Joel Pierce The examined accounts are presented annually to the Financial Board for approval.
Christ's College, Aberdeen (Chureh of Scotland in Alford Place) Page 6 Trustees, Annual Report (cont.) Year ended 31 December 2025 DESCRIPTION OF VARIOUS FUNDS Professors, Salarles and College Expenses This account derives its incom¢ from three principal sources with several smaller sources. The main Sources are (a) dividends and interests on investments. (b) the Academic Aid Fund (c) the Church of Scotland from the revenues of the capital sum invested after the sale of the Main College Building in 1993 and in accordan¢¢ with the five-year agreement made in 2005. The principal expenditure on the account is the sum which is paid to the University of Aberdeen together with other salaries and administrative expenses. The General Llbrary Fund This is a large fund which is explained by the fact that its capital comprises not only the original and subsequent endowments and gifts but also the proceeds of the sale of valuable books tn the ¢aTly 1970s. Its income comes from these investment5 and other sources as indicated in the aOunt. Its expenditure is on books and periodicals and salary paid to the Librarian and Contribution towards the general administrative expenses. Bursaries and Prize5 Fund This fund is used for the payment of bursaries and prizes to all students in designated subjects whether Church of Scotland or not. Master's Fund This fund w&s set up on 8th March 1973 to be used for generdl purposes at the exclusive discretion of the Master of the College, for example expenses related to worship, college events for candidates such as seminars and retreats, occasional lunches and social ev¢nts for candidates, emergency financial support of candidates. Aeademic Aid Fund This fund was set up on 4th February 1981, its main purpose being to provide funds for the annual payments made to the University of Aberdeen towards the expenses of the Department of Divinity.
Christ's College, Aberdeen (Church of Scotland kn Alford Place) Page 7 Trustees, Annual Report (cont.) Year ended 31 December 2025 ACHIEVEMENTS ILND PERFORMANCE Since 1980 th¢re have been a series of agreements between the Financial Board of Christ's College and the University of Aberdeen and more recently tripartite agreements between th¢ Financial Board, the University of Aberdeen and successive Departments, Boards and Councils of the General Assembly of the Church of Scotland whereby Christ's College and the Church of Scotland have paid over an agreed sum annually to the University of Aberdeen in support of certain teaching positions in Divinity. Agr¢¢ments ar¢ periodically negotiated with the University, the current arrangem¢nt was agreed in May 2023 and will run for five years. There is currently a supported teaching position in Divinity faculty and the total sum each year is met entirely from drawing down from the North East Theological Education Fund (se¢ 'Histori¢al Background, page 3). The investment of this fund 15 held by the Cburch of Scotland and an amount was given to Christ's College each year. The cUent arrangement wi11 gradually reduce the amount we give per year from £45,000 to £30,000 per annum over the ftve period to reflect that we have been spending more than the income generated in the North East Theological Education Fund (see appendix). In 2014 tbe College also began working with the University on the Centre for Ministry Studies. The Centre was funded by a grant from the North East Theologica] Education Fund of £80,000, through direct involvement by the College. The original arrangernent ran until 2017 and the support continues through administrative support. The Board has in the last year also Continued to maintain the Divinity Library, added to its collection of books and paid salary costs for librarian role. Hardship grants of £1.600 (2024 £1,425) were made in 2025. Prizes totslling £1,475 (2024 £1.325) were awarded in 2024 supported by donations of £600 (2024 - £600) from the John Hope Trust. FINANCIAL REVIEWS, INVESTMENT POLICY AND RESERVES The financial year of the College runs to 31 st December in each year and the funds of the College ate administered by Christ's College Aberdeen. KCS7. 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 tli¢ College by Rathbones and with all stocks and shares held in the names of the Stockbrokers, Nominee Company. Regular consultalions are held between r¢presentatives of the Board and the investment managers to review the range of investments and reduce risks by maintaining a diversified portfolio.
Christ's College, Aberdeen (Church of Scot]and in Alford Place) Pag¢ 8 Trustees, Annual Report (eont.) Year ended 31 December 2025 RtSK IWAGEMENT The Trustees review the risks to which the charity is exposed annually and review the systems to mitigate them. One of the main risks faced by the charity is the dependence on the University of Aberdeen for office facilities and to house the library. This is managed by close involvement with the University. There is a150 the risk of putting on the annual meeting. a dependency on a small team of staff and the financial risks of reduced income from investments. The Trustees are also dependent on incom¢ from th¢ North East Theological Education Fund which is drawn from income on a fimd controlled by the Church of Scotland as noted in the appendix at the back of these accounts. The Trustees get regular updates on the balance of the fund. Risks relating to employed staff as well as to alurnni attending the annual reunion held during the General Assembly in Edinburgh are covered by advocating proper procedure and appropriate insurance. The Trustees are aware of the risks of the small team and where possible handover notes are maintained which would allow smooth transition should the Master, librarian or administrator leave their post. Meetings are also held to revtew th¢ risks the College faces and to manage the portfolio of investments as appropriate. Advice ITh these respects is sought regularly from our Fund Managers. Reserves could withstand some sigmificant loss of income in the short terni. A budget for 2026 been prepared and reviewed by the Trust¢¢s to ensure that expenditure is out of regular income and therefore to mitigate ftaan¢ial risk and maintain reserves. FUTURE PLANS The Board intends to maintain the present work it undertakes and in general to pursue the purposes of the College to enhance th¢ f0MtIOn experience of candldates for the ministry studying at Aberdeen University making careful and well applied use of the limited llds available to it. It hopes to be able to continue to assist a limited number of ministers in undertaking post- graduate studtes that are relevant to the practice of ministry in keeping with the Church of Scotland's emphasis on continuing ministerial development. Through patthering with the centre for Ministy studies and Theology Onlin¢, Christ's College is Continuing to support ministries training for lay and ordained people in the Church of Scotland and for other churches in the North East of Scotland. John Swinton continues to direct the progress of the Centre and Joel Pierce uses som¢ of his hours with the assistance of Christ's College to help with administration of the Centre and Theology Online.
Christ's College, Aberdeen (Church of Scotland in Alford Place) Page 9 Trustees, Annual Report (cont.) Year ended 31 December 2025 Statement of Trustees, Responsfibilities Charity law requires the tnJst¢¢s to pr¢pare financial statements for each financial y¢ar which show a true and fair vi¢w of the stat¢ of affairs of the charity and its financial activities for that period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and pNdent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The Trnstees are responsible for keeping proper accounting records. which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the accounts comply with the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsibl¢ 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 their behalf. Rev Professor John Swintotk 3010712026 Date .
Christ's College, Aberdeen (Church of Scodand in Alford Place) Page 10 SC007788 Independent Examiner's Report to the Trustees of Christ's College, Aberdeen l report on the accounts of th¢ charity for the year ended 31 December 2025 which are set out onpages 11 to 16. Respective responsibilities of trnstees and examlner The charity's trustees are responsible for the preparation of the accounts in accordance with the tenns of the Charities and Trnstee Investment (Scotland) Act 2005 and the Chariti¢s Accounts (Scotland) Regulations 2(K)6. The charity trustees consider that the audit requirement of Regulation 10(1) (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 state whether particular matters bave come to my attention. Basis of Independent examlner's statement My examination is carried out in accordance with Regulation I l of the Charities Accounts (Scotland) Regulations 2(K)6. An examination includes a review of the accounting records kept by the 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 tNstees 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. Independenl examiner's Statement In the course of my examination. no matter has come to my attention which gives m¢ reasonable cause to believe that in any material r¢5pect tbe requirements.. lo keep accounting records in accordance with Section 44{1) (a) of the 2(K)5 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting r¢cords and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Sarah Hollis Chartered Accountant Hollis Accounting Limiied, 3 Melville Crescent Edinburgh, EH3 7HW Date: | q |
Christ's College. Aberdeen Statement of Financial Activfitles Year ended 31 December 2025 Pagell Note UDre5trl¢ied Re$trleted Funds 2025 Unrestrltted R¢strA¢t¢d Fund5 Funds 2024 2024 Totol 21125 Total 2024 21125 Donations and legacies Other tradIg activilie5 lrtvesttt5eiits 45,61K> 45,61XJ 1261 48,971 45.600 45.6 1,396 48,616 1,261 19,910 1.396 l9.492 29,061 29,124 ttdlture o#- Rassing Funits Charitable actlVLttcs Otber 5,223 4,504 6,164 69,441 11,387 73,945 5,383 5.317 6,022 74,615 11.405 79.932 Total 75 605 85 332 Triet loeomel{expendlture) before ins and 1o5se5 on iRvestments 11,444 {944) 10.54M> 10.188 {5.913) 4,275 Net gain (lo&w) on investments 82,973 121.111 204.084 27.271 40,745 68,016 Ntt Intomel(expendlture) 94.417 120.167 214,584 37,459 34,832 72,291 Trgjnsfera betweeD funds Net movement ID funds 120,167 214,584 37,459 R¢£•tt¢lllatlon of funds: TotAI funds brougbt forward 613,270 89S.157 1,508,427 575.810 860.326 1,436,136 Total r ¢arrA nvard The note5 on pages 13 to 16 f¢)mi part of these financial statements
Christ's College, Aberdeen Balance Sheet At 31 December 2025 Page 12 2025 2f124 ote Flxed Assets Tangible FExed assets Investments 1,613,935 1.613.935 1,419,096 1,419,096 Current Assets Stwk Debtors 1,665 7,103 104,873 113,641 2,665 6,643 83,728 93,036 Bank and eash Creditors Falling due within one year {4,565) (3,705) Ntt Current kn$ets 109,076 89,331 Net Assets 1723011 1508 427 Uttrestrlrted Funds li Masters F%md 707,687 613.270 I)¢signated funds 707,687 613.270 RestrActed Funds li 1,015,324 895,157 Total Funds 1.723,011 1508 427 3010712026 Approved by the Twstres on............................ . and sigt*d on their behalf by.. Rev Professor John SwiDtOD (Tnjstee) The notes on pa8es 13 to 16 forn] part of these financial statements
Chri$t's Colleg< Aberdeen Accounting Policies The principal accounting policies, which have b¢¢n applied wnsistently in the currenl 8nd preceding year in dealing with items which are considered material to the accounts, are set out below. Ba8is of preparatlon Th¢ accounts {finaucial statements) have b¢¢n prepared under the historical cost convention with items recognised at cost or transaction value unless othenvise stated in ihe relevant not¢ls) to th¢s¢ aceounts. The financial statem¢nts have been prepared in accordance with the Ststement of Recommended Practice: Accounting and Reporting by Charities preparing their a¢c(Junts in accordan¢e with the Financial Reporting Standard applicable in th¢ UK and R¢publi¢ of Ir¢land (FRS 102) aDd the Financial Reporting Stsndard applicable in th¢ United Kingdom and Rcpublic of Ir¢land (FRS 102), th¢ Charities and Trustee Investment (Scotland) Act 2(X)5 and the Charities Accounts {Scotland} Regulations 2006 (as amended). The ¢harity meets the definition of a public b¢n¢fit entity under FRS 102. Colng ¢oneern The Trustees consideT that there are no material uncertaintl¢S about the eharitys ability to continue as a going concern. Page 13 Funds Funds are classified as either restricted funds or utwestticted fimds, defined as follows. Restricted fimds are fijttds subject to specifjc requiTeDKnts as to their use which may b¢ d¢clared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity. Unrestricted fLmd5 are expendable at the dis¢r¢tion of the trnstees in fther&n¢e of the objects of the charity. If palls of the unrestrict¢d funds are earnwked at the discretion of the trustee5 for a particulat putpos¢, th¢y are designated as a separate fund. This desigDation h#$ thtt administrative putpose only and does not legally restrict the trustees. discretion to apply the fund. Ineome All donAtions and gifts are included within income under either unrestricted or restricted funds according to th¢ tern)s under which the donation is made and when th¢ alnount ¢2n b¢ qu&ntified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their market value to the charity. Expendlthre Expenditure is recognised on an accruals basis as th¢ liability is in¢t17r¢d. Investmell¢s Fixed asset investments are stated al mark¢t value at the balan¢e sh¢et date. Unrealised gains and losses rePr¢t th¢ diff¢r¢nc¢ bettve¢n th¢ market value at the beginning and end of the financial year or. if purchas¢d in th¢ year, the difference between cost and Ma¢1 value al the end of the year. R¢alis¢d gains and losses represent the difference between the proceeds on disposal and the market value at the start of the y¢ar or cost if purchased in the y¢ar. Taxatio Christ's Coll¢g¢, Ab¢rd¢en is r¢¢ognised as a charity for the putposes of applicable tsAatt"on legislation and is therefore not subject to taxation on its charitable aclivities. The Cilarity is not regist¢red for VAT and resources ¢xp¢nd¢d therefor¢ in¢lud¢ Irr¢V¢rabIe input VAT.
Christ's College, Aberdeen Notes forming part of the financial statements Year ended 31 December 2025 Page 14 Ullreltrleted RertrActed Fund5 Funds 21125 Unrestricted Restrlcted FyBds Fund$ 2024 2024 Tot#1 2025 Total 2024 2025 l D(trnatlolls and IAgAeles Donation5 Legacies Notth East Theological Fund Cont. 600 600 45,000 45.600 45,1)00 45,61X> 45.(KX) 45,61)0 45,000 45,600 2 lttvestm¢ttt iti¢om¢ Deposit interes¢ DivideÈJds received 10 16 19,910 29,061 48,971 19.486 29,114 48,600 19,910 29,061 48,971 19.492 29,124 48.616 3 Allllysls tsf Resottrees Expended Ctysts of RAl$lng Fund8 Costs of Scarves Costs of Book 1.158 194 ,158 194 10,053 11,405 1,000 4,223 5223 Investment Management Fees 6,164 6.164 10,387 11.387 4,031 5.383 6,022 6.022 ChrAtsble Attivltles Stsff Salary Costs Professors Fe¢5 and ttavel Offic¢ Expenses Grants, Bursaries and Prizes Books 23.394 35,418 23,394 3S,418 21,937 43,333 21,937 43,333 3,075 3,377 499 3.075 3.377 704 2.750 3.1 2.750 3.100 613 Meeting, Service5, Lunches Alutllni Newsl¢tt¢r 205 613 1.135 1.135 2.750 1.230 1,230 2.750 Honorarium 2,750 2,750 Training and conferences lrtsurance 585 585 207 70.645 576 576 Other 207 823 4.186 823 3,162 67.483 72.926 77,112 AllfjcAted Gfjverry8DC¢ Cojts Independellt Exam Fee and Acc fee 1,342 1.342 1,958 ,958 3,31MI 3.31MJ 1,131 1.131 .689 1.689 2.820 2.820 TDtl Chrit•ble Actlvities 4,504 69,441 73,945 5.317 74.615 79,932 Tot1 Support costs have not been sepatztely identified as the trustees consider th¢tt is only one eharitable aetivity. Th¢r¢fore sUPPQrt costs relat¢ wholly to that activity and have not been separately identified.
Christ's College, Aberdeen Notes forming part of the financial statements Year ended 31 December 2025 Page 15 21125 21124 4 St4ff costs 4d Thumb¢r3 Salaries and wages in¢luding social security Pension eosts 20,169 3.364 2,611 26,144 22,356 2,331 Recharged costs for admin 24.687 The average llumber of employees during the year, calculated on the basis of ¥ head ¢oun¢ was as follows.. 2025 2024 Charitsble Activities Administration No employee earned more than £60,000 (2024 none) 5 Trnstee R¢mun¢ratffion Reltsd PArty Trfinsaetlott8 Rev Prof John Smrynton received an honorarium of £2.750 in the yeai12024 - £2,750). No other Tntee received any rernuneratton. Ther¢ were no TSteeS Eetmbursed any expenses in the year. 6 Investments 2025 2024 Market Value at l January Add.. Additioos to investments al cost ttss.. Disposals at carying valu¢ Addldeduet net gain Ilo$s) oll revaluation Market Value at 31 December 1.419,096 338.094 (340,204) 196,949 1,613,935 1,361.016 236.780 1255,576) 76,876 1,419,096 lllvestments at cost 1,087,604 1.033.001 7 Debtor 2025 2024 Divid¢lld tneome due 7,103 7,103 6,643 6.643 8 Bank a#d Cah 2025 21124 Fund Manager- capital account Virgin Money 3.674 01,199 104,873 4,816 78,912 83,728 9 Creditors 2025 2024 A¢¢nlS 3,760 805 3.580 125 PAYEWIC 4,565 3,705
Chrlst's College, Aberdeen Notes formlng part of the financial statements Year euded 31 December 2025 Page 16 CerLerl Ikdgnated Rtttrltted EndowmEnt 10 Anlysls of Net Assets Among Funds 21125 Fixed Assets Investments 598,611 113.641 14,565) 707 687 1,015.324 0 1.613,935 113,641 (4,565) 0 1723011 Current Assets Current Liabiliti¢s Net Assets At 31 December 2025 1.015 324 21124 eomparadve Fixed Assets Investments 523,939 93,036 (3,705) 613,270 895,157 0 1,419,096 93,036 (3,705) 0 1.508,427 Current Assets CutTent Liabilities Net Assets at 31 December 2024 895,157 11 Movements Funds Atlja Expendltsre Glin11$ On Tr#N¥fen At31 D¢¢ Salt or Rev1•110 202S Restrleted fund8 Professor Salary and expenses Librdry Fund Bursary and Prizes Academic Aid Fund 45.888 177.460 194,440 477,369 895,157 46,490 {59.228) 5.761 (4,987) 6,913 (4.839) 15,497 (6,551) 74,661 {75,605) 6,208 24,010 26,307 64,586 39,358 202,244 0 222,821 0 550,901 0 1.015.324 Total 2025 restrleted funds Unrestricted funds Mast8 fund Tot412025 MnTestrl¢ted fvnds 613.270 613,270 21,171 (9.727) 21,171 (9.727) 82,973 82,973 707,687 707.687 2025 funds 1.508.427 95,832 185,332) 204.084 0 1,723.011 2024 compAratlve Restrlcted funds Professor Salary and expetS Library Fund Bursary and Prizes Academic Aid Fund T•tsl 2024 restrlcted funds Unrestrleted futtd$ Masters fvnd Total 2024 unrestrficted funds 55.739 174.355 183.344 446,888 860,326 46,887 {59,378) 5,902 {11.055) 6,806 (4,393) 15,128 (5,812) 74,723 180,638) 2,640 8,258 8.683 21.165 40,746 45.888 177.460 194,440 477,369 895,157 575,810 575,810 20,888 110,699) 20,888 (10,699 27.271 27,271 613,270 613,270 2024 Total funds 1.436.136 95,611 (91,337) 68.017 0 1.508.427 ose The al)ove restsiclcd funds are held for the purposes described on page 6 of the Trustees report.
Christ's College, Aberdeen APPENDIX 3111212025 North East Theological Education Fund Background The money in the NE Theological fund is tbe income from the sale of the College building in Alford Place in 1995 which was vested in the Church of Scotland Tnjst. The deliverance of the General Assembly in 1993 states that the net proceeds of the sale shall be transmitted to the Committe¢ on Education for the Ministy (now Ministries Council} to be applied by that committ¢e in consultation wiLh the Financial Board of Christ's College, Aberdeen for the purposes of theological education in Aberdeen and the North-East of Scotland., Ministries Council is now referred to as simply Church of Scotland throughout these accounts. Applications are made to the fund to draw down for purposes as requested by Christ's College and tbis comes into the accounts of Christ's College as income. The funds held in the fund are not held as assets within the accounts of Christ's College. Capital Fund 2025 2024 Units in income fund 31820 31820 Market Value 8$ at 31 December 2025 £ 362,430 £ 351,929 Revenue Fund 2025 2024 Opening balance as at l January 2025 44,495 23,967 Dividend income on investments Mar-25 Sep-25 9,546 9.546 10,769 19,092 10,769 21,538 Less pawients to Christ College {45,(K)O) (45.000) Investments sold (capital lld to revenue fut 45,010 Admin Charge {2025) (360) (1.020) Balance as at 31 December 2025 18,227 44,495