Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
REPORT AND FINANCIAL STATEMENTS .
FOR THE YEAR ENDED 31 MARCH 2025
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
CHARITY NUMBER: SC007816 COMPANY NUMBER: SC092692 14 Chanonry Aberdeen AB24 1RP
Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
Report of the Trustees for the year ended 31 March 2025
The Trustees submit their annual report and the financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set ut in n t 1 t th cc unts nd c ply with th Ch rity’s Trust D d, Th Ch riti s nd Trust Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to charities preparing their accounts in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.
OBJECTIVES AND ACTIVITIES
Th End w nt Trust’s bj ctiv s r t pr vid funds f r th dv nc nt f duc ti n, r li i n and other purposes beneficial to the community and for the relief of poverty. For these purposes the Trust may hold, manage and deal with property; hold, acquire, purchase and sell shares, stock, debentures, debenture stock and investments and securities of all kinds.
ACHIEVEMENTS AND PERFORMANCE
Returns from investments increased compared to the previous year whilst investment values also ended the year showing a significant increase compared to the previous year. This will enable the Trust to distribute funds at a similar rate to last year. The Trustees continue to monitor the overall performance of the fund in conjunction with the Fund Managers. The policy on income and capital objectives is also continually reviewed by the Trustees to ensure that disbursement levels remain in line with the agreed targets.
FINANCIAL REVIEW
Th Trust’s w rk is l st ntir ly r li nt n inc nd r turns fr its inv st nts. Inc durin the year decreased by 11.1% (2024: 20.9% increase) to £513,366 (2024: £577,501). After allowing for disbursements of £758,404 (2024: £534,452) and other governance and support costs the Trust shows a surplus of £nil (2024: £nil).
Th princip l s urc f inc h s in b n th Trust’s inv st nt p rtf li . Annu l inc fr investments is available for disbursement for charitable purposes and during the year the Trust paid out 100% (2024: 100%) of income after related costs. Funds held by the Trust are all restricted funds, being ultimately owned by the individual fund holders and as such are classified as long term creditors. Capital income and expenditure is shown as a capital growth adjustment in the SOFA.
Cash balances at the year-end of £1.6m (2024: £1.6m) include £0.22m (2024: £0.15m) of funds h ld with th Trust’s br k rs f r inv st nt purp s s.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
Report of the Trustees for the year ended 31 March 2025 (Cont’d)
RISK MANAGEMENT
The principal risk faced by the Trust lies in the performance of its investments. The Trust has a diversified portfolio, managed by an expert independent fund management company that is authorised and regulated by the Financial Conduct Authority. The fund managers are given discretion, within the strategy laid down by the Trustees, to invest in a wide range of equity, bond and other securities subject to all investments being made on an ethical basis. The fund is managed with a view to maximising income alongside a level of capital appreciation. The Trustees continue to work with the investment managers to ensure that funds are suitably invested with regard to both risk nd thic l c nsid r ti ns, thus iti tin th Trust’s j r fin nci l risk. Th Trust s are aware that financial investment is not risk free. They monitor the performance and composition of th inv st nt p rtf li n r ul r b sis, r c ivin nthly r p rts fr th fund’s inv st nt managers and meeting regularly with them to discuss the results and aims. The Trustees will c ntinu t w rk with th ir inv st nt n rs t nsur th t th Trust’s funds r suit bly invested with regard to both risk levels and ethical considerations.
RESERVES POLICY
The Trust is a charitable non-profit making organisation and as such the Trustees have adopted a NIL reserves policy. They believe that investment income in any year will be more than sufficient to cover any ongoing costs.
PLANS FOR FUTURE PERIODS
The Trustees continue to review the results of the investment policy and are happy that the main aim of maximising income with a secondary aim of increasing investment values is still appropriate. The policy will continue to be reviewed on a regular basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Endowment Trust of the R.C. Diocese of Aberdeen is a company limited by guarantee and governed by its Memorandum and Articles of Association. It is a registered charity number SC007816.
The Trustees are, ex officio, the Bishop, Vicar General and Procurator of the Diocese of Aberdeen. The Trust may from time to time, by ordinary resolution, increase or reduce the number of trustees. Each year one third of the Trustees retire by rotation. There should be, at any one time, at least two but no more than four Trustees. The Chair of the Trustees is appointed by the Trustees who elect one of their number. The Chair is not subject to rotation.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
Report of the Trustees for the year ended 31 March 2025 (Cont’d)
M b rs h v c nfid nc in th xp ri nc nd bility f th Trust s t d inist r th Trust’s activities and to safeguard the financial interests of all Parish and Diocesan organisations whose funds are administered by the Trust. Induction and training will be considered on an ongoing basis, particularly in the event of a new Trustee being adopted.
Th B rd f Trust s t r ul rly t d inist r th Trust’s ctiviti s. Th M n nt Committee of the RC Diocese of Aberdeen, which is appointed to oversee the financial affairs of the Diocese, makes recommendations to the Trust. Maintenance of the day-to-day records is outsourced to the Finance Team of the Diocese. Investments are managed by Valu-Trac Investment Management Limited.
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees
Right Reverend Hugh E Gilbert OSB – Bishop Very Reverend Domenico A Zanre – Vicar General Anthony Layden CMG – Procurator
Principal Office
St M ry’s H us , 14 Ch n nry, Old Ab rd n, Ab rd n, AB24 1RP
Charity Number: SC007816 Company Number: SC092692
Auditors
Hall Morrice LLP, 6 & 7 Queens Terrace, Aberdeen, AB10 1XL
Bankers
Bank of Scotland, 48 Upperkirkgate, Aberdeen, AB10 1BA
Investment Managers
Valu-Trac Investment Management Limited, Orton, Moray, IV32 7QE
Secretary, Solicitors and Registered Office
Raeburn Christie Clark & Wallace LLP, 12 – 16 Albyn Place, Aberdeen, AB10 1PS
Connected Charities
The following charities are connected to the Endowment Trust of the R.C. Diocese of Aberdeen on the basis of control and supervision: -
R.C. Diocese of Aberdeen Charitable Trust
Blairs College Chapel Trust
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
Report of the Trustees for the year ended 31 March 2025 (Cont’d)
Bishop Gilbert, as principal Trustee of the R.C. Diocese of Aberdeen, was also Trustee of the following bodies which are associated with or are supported by the Diocese. All are outside the scope of these accounts as they are separate entities which are not controlled by the Trustees of the R.C. Diocese of Aberdeen: -
Bish ps’ C nf r nc f Sc tl nd John Menzies Trust for Scotus College and Catholic Education Robert C Grant of Balgowan Trust Robert C Grant of Balgowan No. 2 Trust R v Ch rl s G rd n’s Trust Fettternear Trust Eskadale Trust John Menzies of Pitfodels Trust (Charleston Estate) Bish p G r H y’s Trust Supplementary Aid Society of RC Diocese of Aberdeen Stella Maris Garioch Charitable Trust Blairs Museum Trust Msr Meany Trust
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Charity Trustees (who are also Directors of The Endowment Trust of the R.C. Diocese of Ab rd n f r th purp s s f c p ny l w) r r sp nsibl f r pr p rin th Trust s’ Annu l Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Charity Trustees to prepare Financial Statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these Financial Statements, the Trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
Report of the Trustees for the year ended 31 March 2025 (Cont’d)
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable organisation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial inf r ti n includ d in th ch rity’s w bsit , wh r w bsit h s b n s t up. isl ti n in th United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
STATEMENT AS TO DISCLOSURE TO OUR AUDITORS
In s f r s th Trust s r w r t th ti f ppr vin ur Trust s’ Annu l R p rt:
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There is no relevant information, being information needed by the Auditor in connection with pr p rin th ir r p rt, f which th c p ny’s Audit r is un w r ; nd
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The Trustees have each taken all steps that they are obliged to take as a Director in order to make themselves aware of any relevant audit information and to establish that the Auditor is aware of that information.
MEMBERS
The number of members at the period end was as follows: -
31 March 2025 31 March 2024 Number of members 12 12
AUDITORS
The Auditors, Hall Morrice LLP, will be deemed re-appointed under S487 of the Companies Act 2006 relating to small companies.
By order of the Board
Right Reverend Hugh Gilbert OSB Trustee 31 March 2026
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES AND MEMBERS OF THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN FOR THE YEAR ENDED 31 MARCH 2025
OPINION
We have audited the Financial Statements of The Endowment Trust of the R.C. Diocese of Ab rd n (th ‘ch rit bl c p ny’) f r th y r nd d 31 M rch 2025 which comprise the Statement of Financial Activities, the Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the Financial Statements:
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Give a true nd f ir vi w f th st t f th ch rit bl c p ny’s ff irs s t 31 M rch 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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Have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
BASIS OF OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards r furth r d scrib d in th Audit r’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of th fin nci l st t nts in th UK, includin th FRC’s Ethic l St ndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that th Trust s’ us f th in c nc rn basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable c p ny’s bility t c ntinu s in c nc rn f r period of at least twelve months from when the financial statements are authorised for issue.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES AND MEMBERS OF THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN FOR THE YEAR ENDED 31 MARCH 2025
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
Th th r inf r ti n c pris s th inf r ti n includ d in th Trust s’ nnu l r p rt, th r th n th fin nci l st t nts nd ur Audit r’s r p rt th r n. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the auditor otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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Th inf r ti n iv n in th Trust s’ R p rt (inc rp r tin th Dir ct rs’ R p rt) f r th financial year for which the financial statements are prepared is consistent with the financial statements; and
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Th Dir ct rs’ R p rt h s b n pr p r d in cc rd nc with pplic bl l l r quir nts.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the charitable company and its environment bt in d in th c urs f th udit, w h v n t id ntifi d t ri l isst t nts in th Trust s’ Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES AND MEMBERS OF THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN FOR THE YEAR ENDED 31 MARCH 2025
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Adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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The financial statements are not in agreement with the accounting records and returns; or
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C rt in discl sur s f dir ct rs’ r un r ti n sp cifi d by l w r n t d ; r
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We have not received all the information and explorations we require for our audit.
RESPONSIBILITIES OF TRUSTEES
As xpl in d r fully in th Trust s’ r sp nsibiliti s st t nt s t ut in th dir ct rs’ r p rt, th Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the Trustees determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable c p ny’s bility t c ntinu s in c nc rn, discl sin , s pplic bl , tt rs r l t d t in concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been appointed as Auditor under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with regulations made under those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a wh l r fr fr t ri l isst t nt, wh th r du t fr ud r rr r, nd t issu n udit r’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
REPORT OF THE INDEDENDENT AUDITOR TO THE TRUSTEES AND MEMBERS OF THE ENDOWMENT TRUST OF THE R.C. DIOSESE OF ABERDEEN FOR THE YEAR ENDED 31 MARCH 2025
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:
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Ensured that the engagement team had the appropriate competence, capability and skills to identify or recognise non-compliance with laws and regulations;
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Identified the laws and regulations applicable to the charity through discussions with Trustees and management and through our own specialist knowledge of the sector;
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Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Charities SORP, Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended);
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Focused on the specific laws and regulations we consider may have an indirect effect on the fin nci l st t nts th t r c ntr l t th ntity’s bility t tr d includin th s r l tin t GDPR;
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Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
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Made enquiries of management and inspected correspondence with the Charities Regulator, OSCR and legal correspondence;
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Reviewed minutes of meeting of those charged with governance; and
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Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:
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Obt in d n und rst ndin f th ntity’s operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
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Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
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Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
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Carried out detailed testing to verify the completeness, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
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Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
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Tested journal entries to identify any usual transactions;
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
REPORT OF THE INDEPENDENT AUDITOR TO THE TRUSTEES AND MEMBERS OF THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDDEN FOR THE YEAR ENDED 31 MARCH 2025
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Performed analytical procedures to identify any significant or unusual transactions; and
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Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.
We did not identify any matters relating to non-compliance with laws and regulations or relating to fraud.
Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would be aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Fin nci l R p rtin C uncil’s w bsit t http://www.frc.org.uk/auditorsresponsibilities. This d scripti n f r s p rt f ur udit r’s r p rt.
USE OF OUR REPORT
This r p rt is d s l ly t th ch rit bl c p ny’s b rs, as a body, in accordance with Ch pt r 3 f P rt 16 f th C p ni s Act 2006, nd t th ch rit bl c p ny’s Trust s, s body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been und rt k n s th t w i ht st t t th ch rit bl c p ny’s b rs nd Trust s th s tt rs w r r quir d t st t t th in n Audit r’s R p rt nd for no other purpose. To the fullest extent permitted by law, we do not accept or assume r sp nsibility t ny n th r th n th ch rit bl c p ny, th ch rit bl c p ny’s b rs s b dy nd th ch rit bl c p ny’s Trust s s b dy, f r ur udit w rk, for this report, or for the opinions we have formed.
Shonagh L Fraser MA CA Senior Statutory Auditor
For and on behalf of Hall Morrice LLP Statutory Auditor Aberdeen, 31 March 2026
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT for the year ended 31 MARCH 2025
| Income Interest Received: Corporate Bonds Bank Interest Dividends Received Rent Received Legacy Received Exceptional Item - Release of Withholding Expenditure Revenue Disbursements Audit and accountancy Sundry Expenses Depreciation Capital Investment (gains)/losses on realisation or revaluation Investment management fees Commissions (Gains)/losses on foreign exchange Insurance Property Repairs Depreciation Capital growth/(reduction) allocations Surplus for the year |
2025 £ £ 172,993 5,864 178,857 307,593 25,450 1,466 Tax - 513,366 758,404 23,160 210 (268,408) 513,366 - (554,581) 79,201 2,519 7,379 1,333 38,024 - (426,125) 426,125 - - |
2024 £ £ 215,468 4,762 220,230 281,800 9,600 - 65,871 577,501 534,452 36,700 60 6,289 577,501 - (485,136) 81,075 - 2,042 1,279 7,539 - (393,201) 393,201 - - |
|---|---|---|
The notes at pages 15 to 23 form part of these financial statements.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES for the year ending 31 March 2025
| Note Income and endowments from: Investments 4 Total Income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net income/(expenditure) and net movement in funds before other recognised gains/losses Net gains/(losses) on investments Net movement in funds for the year Reconciliation of funds Total funds brought forward 15 Total funds carried forward |
2025 Total Funds Restricted £ 513,366 513,366 128,456 939,491 1,067,947 (554,581) 554,581 - - - |
2024 Total Funds Restricted £ 577,501 577,501 91,935 970,702 1,062,637 (485,136) 485,136 - - - |
|---|---|---|
All incoming resources and resources expended derive from continuing activities. The statement of financial activities includes all gains and looses recognised in the year.
The notes at pages 15 to 23 form part of these financial statements.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
BALANCE SHEET as at 31 March 2025
| Notes Fixed assets Tangible fixed assets 8 Investments 9 Investment properties 10 |
£ - 10,894,407 1,385,000 |
2025 £ |
£ | 2024 £ 101,764 10,820,192 783,000 |
|---|---|---|---|---|
| Current assets Debtors 11 Cash at bank and in hand |
110,419 1,646,550 |
12,279,407 | 40,522 1,614,858 |
11,704,956 |
| Creditors: Amounts falling due within one year 12 |
1,756,969 (807,047) |
1,655,380 (568,132) |
||
| Net current assets | 949,922 | 1,087,248 | ||
| Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 |
13,229,329 (13,229,329) |
12,792,204 (12,792,204) |
||
| Net assets | - | - | ||
| Funds Restricted funds 15 |
- | - | ||
| Total shareholders' funds | - | - |
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
The notes at pages 15 to 23 form part of these financial statements.
Approved by the Board on 31 March 2026
Right Reverend Hugh Gilbert O.S.B. Trustee
Anthony Layden CMG Trustee
Company Registration Number: SC092692
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS for the year ending 31 March 2025
| Notes Cash generated from operating activities 16 Cash flows from investing activities Cash flows from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2025 2024 £ £ (216,846) 21,500 248,538 - - - 31,692 21,500 1,614,858 1,593,358 1,646,550 1,614,858 |
|---|---|
The notes at pages 15 to 23 form part of these financial statements.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Trustees, having considered the requirements of Section 396 (1) – (3) of the Companies Act 2006, have decided to depart from the requirement of the provision made by the Secretary of State by regulations as the company is a charitable, non-profit making organisation. In accordance with the provisions of Section 396 of the Companies Act 2006, income and expenditure accounts have been prepared as the Trustees consider that this presentation is nec ss ry t iv tru nd f ir vi w f th c p ny’s ctivities.
The Charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Th Trust s c nsid r th t th r r n t ri l unc rt inti s b ut th Trust’s bility t continue as going concern. With respect to the next reporting period, the most significant areas of uncertainty affecting the carrying value of assets are the level of investment return and the performance of investment markets.
(b) Income recognition
Income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Interest on corporate bonds is included upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the Investment Manager of the dividend yield of the investment portfolio.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont’d)
(c) Expenditure recognition
Expenditure is recognised as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings: -
-
Costs of generating funds comprise amounts paid for the management of the investment portfolio and commissions paid on the buying and selling of shares and bonds.
-
Expenditure on charitable activities include all costs relating to activities where the primary aim is part of the objectives of the company – i.e. disbursements to the parishes and other bodies – as well as associated support costs such as governance costs nd th d pr ci ti n n th c p ny’s pr p rti s.
All expenditure is accounted for on an accruals basis, inclusive of any VAT which cannot be recovered.
(d) Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transactions. Monetary assets and liabilities are retranslated at the exchange rate ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.
(e) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
Investment properties are stated at estimated market value as determined by the Trustees based on market information available. If there is a material movement, the property is revalued at that time.
(f) Tangible fixed assets
All assets costing £250 or more are capitalised and valued at historical cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: -
Heritable Property -
4% straight line
(g) Deferred taxation
D f rr d t x ti n is n t pr vid d. Th c p ny’s ch rit bl st tus h s b n r c nis d by HM Revenue & Customs.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont’d)
(h) Fund accounting
The restricted fund transactions relate to the RC Diocese of Aberdeen and other similar organisations who have lodged them as investments. Disbursements are paid out each year resulting in no surplus or deficit.
(i) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired in the current financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
(j) Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount of the services receivable estimated to relate to future periods, measured on pro rata basis.
(k) Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount. Funds are held as long-term creditors due to their nature. The money is invested in a long-term capacity with expected long term growth.
(l) Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of there months or less, and bank overdrafts. Bank overdrafts, if they exist, are shown within borrowings in current liabilities.
(m) Financial Instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
2. Legal status of the Trust
The Trust is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £10.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF THE R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont’d)
3. Related party transactions and Trustees’ expenses and remuneration
The Trustees all give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2024: £nil).
During the year the company paid disbursements of £441,721 (2024: £490,703) and £12,000 (2024: £12,000) of accountancy fees to the RC Diocese of Aberdeen Charitable Trust. The company received from the Trust rental income of £7,350 (2023: £9,000). Accruals include £644,722 in respect of disbursements (2024: £441,824) due to the RC Diocese of Aberdeen Charitable Trust at the year end. The company also paid disbursements of £23 (2024: nil) to Blairs College Chapel Trust, which is connected to the company on the basis of control and supervision.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
| 4. Income from Investments Dividends received from equities Interest on corporate bonds Bank interest Rent received Legacy Received Release of Withholding Tax 5. Cost of raising funds Investment management costs Commissions (Gains)/losses on foreign exchange Insurance Property Repairs 6. Analysis of expenditure on charitable activities Disbursements - Revenue Payments to R C Diocese of Aberdeen Charitable Trust Payments to Other Charitable Trusts Payments to Supplementary Aid Society Capital growth/(reduction) allocations Support costs Governance costs Total |
Total Total 2025 2024 £ £ 307,593 281,800 172,993 215,468 5,864 4,762 25,450 9,600 1,466 - - 65,871 513,366 577,501 Total Total 2025 2024 £ £ 79,201 81,075 2,519 - 7,379 2,042 1,333 1,279 38,024 7,539 128,456 91,935 Total Total 2025 2024 £ £ 644,722 454,124 23,247 16,388 90,435 63,940 758,404 534,452 426,125 393,201 1,184,529 927,653 (268,198) 6,349 23,160 36,700 939,491 970,702 Restricted Funds Restricted Funds Restricted Funds |
|---|---|
Support costs include depreciation, property running costs and bank charges. Governance costs include audit fees, accounting fees and fees to Companies House.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
----- Start of picture text -----
7. Net income/(expenditure) for the year 2025 2024
£ £
Net income/(expenditure) for the year is stated
after charging:
Depreciation (268,408) 6,289
Auditor's remuneration (Inc. Irrecoverable VAT) 10,000 8,500
8. Tangible fixed assets Heritable
Property
£
Cost:
As at 1 April 2024 370,172
Transferred to Investment Properties (319,416)
Disposal (50,756)
At 31 March 2025 -
Depreciation:
At 1 April 2024 268,408
-
Charge for Year
Depreciation Reversal on Disposal (30,754)
Depreciation Reversal on Transfer (237,654)
At 31 March 2025 -
Net book value:
At 31 March 2025 -
At 31 March 2024 101,764
----- End of picture text -----
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
| 9. Fixed assets - Investments Market value at 31 March 2024 Additions - Purchases Disposals Gain/(loss) on revaluation |
Corporate Listed Bonds Equities £ £ 3,002,031 7,814,161 - 30,726 - (301,916) (87,578) 432,983 |
Unlisted Investments Total £ £ 4,000 10,820,192 - 30,726 - (301,916) - 345,405 |
|---|---|---|
| Market Value at 31 March 2025 | 2,914,453 7,975,954 |
4,000 10,894,407 |
| Cost at 31 March 2025 | 3,241,889 6,790,548 |
4,000 10,036,437 |
| 10. Fixed assets - Investment properties Market Value at 1 April 2024 Transfer from Tangible Fixed Assets Additions Revaluation Gain |
2025 2024 £ £ 783,000 783,000 319,416 - 100,000 - 182,584 - |
|
| 1,385,000 783,000 |
||
| These properties are included at market value, according to valuations carried out by Harvey, Donaldson & Gibson Chartered Surveyors, in August 2025. The Trustees are not aware of any material changes since this valuation. The historical cost of the properties is £558,646. 11. Debtors 2025 2024 £ £ Sundry debtors and accrued income 110,419 40,522 |
||
| 12. Creditors: amounts falling due within Accruals |
one year | 2025 2024 £ £ 807,047 568,132 |
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
----- Start of picture text -----
13. Creditors: amounts falling due outwith one year
2025 2024
£ £
R C Diocese of Aberdeen 11,406,627 10,990,829
Supplementary Aid Society 1,449,969 1,433,867
Other Funds 372,733 367,508
13,229,329 12,792,204
----- End of picture text -----
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
----- Start of picture text -----
14. Pooling Scheme Analysis and Fund Movements Robert C
Northcote Balgowan Grant of
RC Diocese Supplementary St Joseph's Lodge Blairs Thornton Second Balgowan
of Aberdeen Aid Society College Trust College Bursary Missio Trust Trust Totals
£ £ £ £ £ £ £ £ £ £
Net Assets Brought Forward 10,990,829 1,433,867 2,881 3,818 518 24,639 67,069 85,290 183,293 12,792,204
Additions to Investment Pool 60,107 - - - - 1,099 - - - 61,206
Deductions from Investment Pool (48,862) (1,069) (2) (3) 0 (18) (50) (64) (137) (50,205)
Investment Income 442,517 56,361 123 163 22 1,097 2,863 3,641 7,825 514,612
Investment Management Expenses (109,152) (15,366) (31) (41) (6) (275) (716) (911) (1,958) (128,456)
Realised Investment Gains/(Losses) (62,377) (8,781) (18) (23) (3) (157) (409) (521) (1,119) (73,408)
Unrealised Investment Gains 576,082 41,318 82 109 17 709 1,932 2,457 5,282 627,988
Distributions (For Charitable Expenditure) (442,517) (56,361) (123) (163) (22) (1,097) (2,863) (3,641) (7,825) (514,612)
Net Assets Carried Forward 11,406,627 1,449,969 2,912 3,860 526 25,997 67,826 86,251 185,361 13,229,329
----- End of picture text -----
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
| 15. All funds are classified as restricted funds. The Allocation Between funds is as follows: - As At Incoming Resources Investment As At 01.04.24 Resources Expended Gains/(Losses) 31.03.25 £ £ £ £ £ Restricted Funds - 513,366 (1,067,947) 554,581 - |
15. All funds are classified as restricted funds. The Allocation Between funds is as follows: - As At Incoming Resources Investment As At 01.04.24 Resources Expended Gains/(Losses) 31.03.25 £ £ £ £ £ Restricted Funds - 513,366 (1,067,947) 554,581 - |
|---|---|
| Total Funds - 513,366 (1,067,947) |
554,581 - |
| 16. Cash generated from operating activities Net movement in funds for the year Adjustments for: Depreciation (Gain)/Loss on revaluation of investments |
2025 2024 £ £ - - (268,408) 6,289 (554,581) (485,136) |
| Movements in working capital: (Increase)/Decrease in debtors Increase/(Decrease) in creditors |
(822,989) (478,847) (69,897) (12,008) 676,040 512,355 |
| 606,143 500,347 |
|
| Cash generated from operating activities | (216,846) 21,500 |
| 17. Analysis of changes in net funds 1 April 2024 £ Cash at bank and in hand 1,614,858 |
Cash Flows 31 March 2025 £ £ 31,692 1,646,550 |
| 18. Capital Commitments |
As at 31 March 2025 (2024: £nil) the Charity has no capital commitments.
19. Contingent Liabilities
The Charity has guaranteed bank loans of the R. C. Diocese of Aberdeen Charitable Trust amounting to £0.65m (2024:£0.68m) at the year end.
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Docusign Envelope ID: 06548F8F-01BF-4AB8-B7A0-309C2354BC52
THE ENDOWMENT TRUST OF R.C. DIOCESE OF ABERDEEN
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 (Cont'd)
20. Controlling Party
The Trust was under the control of its' Trustees during the current and previous year.
21. Post Balance Sheet Events
In June 2025 the Directors approved a transfer of £600,000 from cash resources to be added to the investment funds under management with Valu-Trac Investment Management Limited or utilisied to enhance the investment property portfolio.
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