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← Society Of The Friends Of St Magnus Cathedral

2024-12-31-accounts

THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

Charity Number SC007980

REPORT OF COUNCIL OF MEMBERS AND FINANCIAL STATEMENTS

for the year to 31 March 2024 

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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

Contents of the Financial Statements for the year to 31 March 2024

CONTENTS PAGES
Report of the Council of Members 3 & 4
Report of the Independent Examiner 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 & 9 
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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

Council of Members Annual Report for the year to 31 March 2024

Scottish Charity Number SC007980 Inland Revenue Reference Number CR390970

TRUSTEES

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Governing document

The Society is a charitable unincorporated association and the purposes and administration arrangements are set out in our constitution.

Structure, governance and management

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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

Trustees’ Annual Report for the year to 31 March 2024

Charitable purposes

Our purposes are to educate the public about St Magnus Cathedral and to help maintain its fabric.

Objectives

The Society of the Friends of St Magnus Cathedral was formed in 1958. St Magnus Cathedral is owned by the people of Orkney through Orkney Islands Council. The Friends main role is to raise sufficient funds to ensure the preservation of this historic building. The percentage of total expenditure to total income can vary each year depending on the capital programme drawn up by Orkney Islands Council.

Financial review

Incoming resources showed a small increase of £5,881. Although investment income increased by £5,183 (£109,597 v 104,414), there was a decrease of contributions in The Friends boxes of £2,240 (£11,287 v £13,527). This may be attributable to the introduction of a suggested donation on entry scheme of £5.00 by Orkney Islands Council and/ or visitors making a contribution by means of electronic debit. The Charity received sizeable donations of £4,000 in memory of , St Ola; Kirkwall Flower Arrangement Club gave a very generous donation of £5,200 with a further £1,000 received from the Archer Foundation.

The total resources expended amounted to £65,702, similar to the previous year. Costs associated with the Visitors Service Assistant increased by £10,709 (£27,273 v £16,564). These costs included arrears during the previous period together with salary increase and overtime payments. Portfolio management fees increased slightly by £1,590 (£25,716 v £24,126). The Friends paid £1,786 in respect of the organ report and £3,941 in legal fees associated with the review of the constitution. These in turn contributed to an increase in the management and admin costs by £5,614 to £6,073 up from £459 the previous year.

The Friends remain liable for the costs associated with the Curator from 1 March 2024 and consequently payment has been allowed in accounts of £5,000 for March 2024.

The surplus for the year amounted to £66,236 before taking into account the gain on realisation on some 22 of our investment assets amounting to £380 compared with £18,621 the previous year. The overall surplus amounted to £66,616 which is very satisfactory.

Trustee remuneration and expenses

The trustees did not receive any remuneration or expenses during the year.

Reserves

It is the policy of the Society to maintain sufficient funds to enable contributions to be made to Orkney Islands Council to meet their capital programme and future maintenance of the Cathedral. The balance sheet shows total funds of £2,706,684 (compared to £2,640,068 at 31 March 2023) of which investments comprised of £2,654,979 (£2,596,327 at 31 March 2023).

It has been another successful year for The Friends and there are ample funds to enable us to pursue our aims under the constitution in the future.

Approved by the trustees and signed on their behalf

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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL Independent examiner's report to the Trustees of The Friends of St Magnus Cathedral I report on the accounts of the charlty for the year ended 31 March 2024 which are set out on pages 1 to7. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance wth the tenns of the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). The charity trustees consider that the audrt requirement of Regulation 10111 {al to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44{11 {cl of the Act and to stste whether particular matters have come to my attention. Basis of independent examiner's statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Regulations 2006 las amended). 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 disclosure5 in the accounts and seeks explanations from the trustee5 COn￿rning 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 aeeounts. Independent examiner's statement In the eourse of my examination, no matter has come to my attention which gives me reasonable Cause to believe that in any material respeel the requirements.. to keep accounting records in accordance with Section 4411 } lal ofthe 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounts which accord with the accounting records and comply wlh Regulation 8 of the 2006 Accounts Regulations have not been met Chartered Accountant 4 Broad Street Kirkwall KW15 1NX 5 November 2024

THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

STATEMENT OF FINANCIAL ACTIVITIES for the year to 31 March 2024

Incoming Resources
Investment Income
Membership
Donations and gift aid
Collections, sale of guides etc
Kirkwall Flower Arrangement Club
Resources Expended
Contributions to Orkney Islands Council
Visitors Services Assistant
Curator (Estimated)
St Magnus Centre Film
St Magnus Way Guide Book
“Story of Cathedral” (cost)
Other expenditure
Portfolio Management Fees
Storage costs
Management and administration costs
Total Resources expended
Net incoming (outgoing) resources for year
Gain/ (Losses) on investment assets:-
Realised
Net movement in fund
Fund balances brought forward
at 01 April 2023
Fund balances carried forward
at 31 March 2024
Note all of the Society’s funds are unrestricted		 31 March 2024
31 March 2023
109,597
104,414
664
492
5,190
2,999
11,287
13,527
5,200
4,625		 31 March 2024
31 March 2023
109,597
104,414
664
492
5,190
2,999
11,287
13,527
5,200
4,625		 31 March 2024
31 March 2023
109,597
104,414
664
492
5,190
2,999
11,287
13,527
5,200
4,625
131,938 126,057
27,273
5,000
-
-		 16,564
-
19,716
3,085
32,273
1,640		 39,365
994
33,913 40,385
25,716
-
6,073		 24,126
714
459
31,789 25,299
65,702 65,658
66,236
380		 60,399
18,621
66,616
2,640,068		 79,020
2,561,048
2,706,684 2,640,068 
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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL

BALANCE SHEET as at 31 March 2024

Notes
FIXED ASSETS
Investments
2
CURRENT ASSETS
Stocks of publications
Debtors
3
Cash at banks on deposit
Cash held by Fund Managers
CREDITORS
AMOUNTS FALLING DUE
4
WITHIN ONE YEAR
NET CURRENT ASSETS
NET ASSETS
Financed by
Total funds		 4,927
100
42,685
42,995		 31 March 2024
2,654,979
51,705		 31 March 2024
2,654,979
51,705		 6,567
202
33,880
17,357		 31 March 2023
2,596,327
43,741.00		 31 March 2023
2,596,327
43,741.00
90,707 58,006
39,002 14,265.00
2,706,684 2,640,068.00
2,706,684 2,640,068.00

NOTE: All of the Society’s funds are unrestricted.

Approved by the Trustees and signed on their behalf:

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05 November 2024 

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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL NOTES TO THE ACCOUNTS for the year to 31 March 2024

1. ACCOUNTING POLICIES Basis of Accounting

The accounts have been prepared under the historical cost basis of accounting. The accounts are set out so as to comply with the Statement of Recommended Practice for Charity Accounts. To fully comply with the Statement of Recommended Practice would require investments to be accounted for at valuation. The Council of Members are of the opinion that since the investments are held for the long term it would be inappropriate to account for unrealised gains and losses year by year. The market value of the investments is disclosed in note 2.

Interest received

Interest received on investments is credited to the Income and Expenditure Account on the basis of actual amounts received during the year.

Funds

All income and expenditure is dealt with through the Income and Expenditure Account. Funds are classified as either restricted funds or unrestricted funds, defined as follows: Restricted funds are funds subject to specific terms declared by the donors.

Unrestricted funds are expendable at the discretion of the Council of Members in furtherance of the objects of the Society of The Friends of St Magnus Cathedral.

Movements in restricted and unrestricted funds are dealt with in the Statement of Financial Activities at note 5.

Stocks

Stocks of publications are stated at the lower of cost and net realisable value. 

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THE SOCIETY OF THE FRIENDS OF ST MAGNUS CATHEDRAL NOTES TO THE ACCOUNTS for the year to 31 March 2024

2. INVESTMENTS 31 March
2024		 31 March
2024		 31 March
2023		 31 March
2023
Listed investments
Cost
At 01 April 2023 2,596,327 2,510,085
Added 668,750 296,150
Sold (610,478) (228,529)
Gain/ loss on sale 380 18,621
At 31 March 2024 2,654,979 2,596,327
The market value of the listed investments at 31 March 2024 was £3,776,268
(31 March 2023 £3,450,431)
3. DEBTORS 31 March
2024		 31 March
2023
Tax recoverable 100 202
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Contribution to Orkney Islands Council 32,273 8,096
Other creditors–Management fees 6,729 6,169 
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