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 fi￿ctIon olthe College ever since. Starting in 1843 fimds were
raised and fi￿dS 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 GovernorKeArtwY￿ts.

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 pU￿oSe '.
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 burs￿leS 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
a￿Ount. 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 cU￿ent 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¢ f0M￿tIOn 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 tradI￿g 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$t's Colleg< Aberdeen
Accounting Policies
The principal accounting policies, which have b¢¢n applied wnsistently in the currenl 8nd preceding year in
dealing with items which are considered material to the accounts, are set out below.
Ba8is of preparatlon
Th¢ accounts {finaucial statements) have b¢¢n prepared under the historical cost convention with items recognised
at cost or transaction value unless othenvise stated in ihe relevant not¢ls) to th¢s¢ aceounts. The financial
statem¢nts have been prepared in accordance with the Ststement of Recommended Practice: Accounting and
Reporting by Charities preparing their a¢c(Junts in accordan¢e with the Financial Reporting Standard applicable in
th¢ UK and R¢publi¢ of Ir¢land (FRS 102) aDd the Financial Reporting Stsndard applicable in th¢ United Kingdom
and Rcpublic of Ir¢land (FRS 102), th¢ Charities and Trustee Investment (Scotland) Act 2(X)5 and the Charities
Accounts {Scotland} Regulations 2006 (as amended).
The ¢harity meets the definition of a public b¢n¢fit entity under FRS 102.
Colng ¢oneern
The Trustees consideT that there are no material uncertaintl¢S about the eharitys ability to continue as a going
concern.
Page 13
Funds
Funds are classified as either restricted funds or utwestticted fimds, defined as follows.
Restricted fimds are fijttds subject to specifjc requiTeDKnts as to their use which may b¢ d¢clared by the donor or
with their authority or created through legal processes, but still within the wider objects of the charity.
Unrestricted fLmd5 are expendable at the dis¢r¢tion of the trnstees in ft￿her&n¢e of the objects of the charity. If
palls of the unrestrict¢d funds are earnwked at the discretion of the trustee5 for a particulat putpos¢, th¢y are
designated as a separate fund. This desigDation h#$ 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
Ch*rAtsble 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
TDt*l Ch*rit•ble Actlvities
4,504
69,441
73,945
5.317
74.615
79,932
Tot*1
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 4￿d 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 Rel*tsd PArty Trfinsaetlott8
Rev Prof John Smrynton received an honorarium of £2.750 in the yeai12024 - £2,750). No other Tn￿tee received
any rernuneratton. Ther¢ were no T￿SteeS 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 Ca*h
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¢¢n￿lS
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
CerLer*l
Ikdgnated
Rtttrltted EndowmEnt
10 An*lysls 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
Glin1￿1$ 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
Mast￿8 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 expet￿S
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