ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN CONGREGATION NUMBER: 311906 SCOTTISH CHARITY NUMBER: SC008157 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 MHA CHARTERED ACCOUNTANTS 12 CARDEN PLACE ABERDEEN AB10 1UR
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN CONTENTS Page Trustees, report (including reference and administrative infomiation) Independent examiner's report Slalement of financial a¢livits'es incorporating income and expenditure account Balance sheet ststement of ¢ash flows Notes and accounting policies 12.23
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial $lalemenls lor the year ended 31 DecÈmbei 2024. The financial statements have been prepared in accordance with the 3ccounling policies sel out in note 1 to the financial stalements and comply with the charity's Article5 and Memorandum of Association, the Gharities and Trustee Investment (Scollandl Act 2005. the Charities Accounts (Scollandl Regulations 2006 las amended) and 'Accounting and Reportir*g by Charitieg.. Slalement of Recommentled Practice applicable to eharities preparing their accounts in accordance with the Financial Reporting Standard applieable in Ihe UK and Republic of Iland IFRS 1021. las amended for accounting period5 commencing from 1 January 20191. ObJ¢ctiYes and activitios The Church of Scotland 1$ Trinitsrian in doctrine. Reformed in tradition and PSbYteriart in polity. It exists to glorify God and lo work for the advancement of Chrisys Kingdom throughout the world. As a national Church, it acknowledges a distinctive call and duty lo bring the ordinances of religion to the people in every parish of Scotland through a territorial ministry. It CO• operates with other Churches in various e¢urnenl¢al bodies in Scouand and beyond. A¢hlevements and Pèrformance The church's main purpose is to lead worshlp. Weekly services are held every Sunday. wllh the morning service al 11 am conllnuing lo attract COng98t10nS in excess of one hundred. Communion is served on the last Sunday of each month, and on Easter Sunday, Pentecost and Christmas Day. Evenlng seNices are held at 6pm. It attracts a smaller eongregation and is more contemplatwe service, where Communion is Usually served. All servi¢es are normally Conducted by our Minister, been fortunate lo have the w¢lling support of several gi of thls place. During her annual leave or other absences, we have d preachers who are either members ol the congregats'on or friends In addition to the weekly services, worship is held lo mark spectfic dales in the Chrlsllan calendar. or lo mark public events. Throughout Holy Week daily services are held, while al Chrislrnas. the Chrislingle Service. held early in the evenlng of Christmas Eve, and the Service of Lessons and Carols at 1 Ipm are established featttres of our worship. In add¢tion, speal services are held regularly to maik public events. During 2024 there were three weddings, iwo baptisms and nine funerals held in St Machals. e continued during 2024 to respond to the needs of our expanded parish, followng the union in 2022 with St George's, Tillydrone. The Kirk Session established a Congregational Lrfo Committee to take fowrd such issues as pastoral care, and Christian Educaiion. Dunng the year classes for new communicants were held and a Bible Study Group now meets monthly. The negotiations on the lease of the former St George's Church building continued throughout most of the year. Towards the end of the year, however, these negotiations were brought to an abiupl hall by the pioduction of an updated survey whi¢h Indicated that the condition ol the roDf had deteriorated lo such an exlenl that il was no longer safe to be used. And thal the estimated $1 of repairs made the whole project unfeasible. To the considerable disappointment of all concemed, but particularly the community group who had planned to lake on the lease, vacant possession is now being obtained, and the Church of Scouand General Trustees will offer the building for sale in 2025. The Old Aberdeen Pwish GroL¢ping, set up under the Presbytery Mission Plan. and of which St Machar's is a part, ha$ not established il$elf, as pftority has had to be given to questions of closure or union. At the end of the year, the Kirt( Session$ of St Mary's King Street and Sl Machar's have been in discussion on the possibility of union. Thege discussions prcsved fruifful and were given a note of urgency by a survey finding which indi¢aled that the St Mary's buildings were now unsafe to use. As a result, a Basis of Union has been agreed between the Kirk Sessions and at the lime ol wrff(ing, the two congregations are due to vote on the Union. If it goes ahead, it is likely that il 11 be completed this year.
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Music continues lo be Central lo our the life of Sl Ma¢har'$. And 2024 saw a"changing of the Guard. In April. ector of Music, elireé, with Easter Sunday being his la51 service. He was replaced as already a 'Weel kent face" among musicians and singers around Aberdeen, as a result of his connection with the University Chapel Choir, and has led the choir and played organ through another busy and impressive year. The choir continues to be augmented by the presence of eight Choral Scholars. They receive their funding support thanks to a gcnerous legacy from a pr8vious Dire¢tor of Music. The result is that we have an outstanding choir, who perform at least one anthem every morning service, and who $ing al special services and other occasions. nd St Machar's Continues lo be committed Its its Oulrea¢h programme. Ourtng the year we supported our two nominated charities, Medecins Sans Fronlières and Big Noise Torry. the highlight belng a well attended Coffee Moming and Concert al whi¢h the young people ol Big Noise Torry Showed their dev¢loping talents. We also Continued to collect food and cash for our Foodbank partners, Instant Neighbour and the St Vincent de Paul Society, with collections al Harvest, Christmas and Lenl. And, as always, we place great emphasi5 on chrisb.an Aid, marking Christian Aid Week in May with a mix of House Collections, Bread and Cheese Lunches and the ever popular Plant Sale At St Machar's we are always aware that while we are first and foremost a worshipping Church, we are many other Ihings as well - a major tourist allraclion, a performance venue and a place of unique peace and beauty, We are proud of the fact that we have been able to open every day of the year, and provide a welcome lo a variety of visitors from all over the world. Some come looking to leam more ofthe history of the area, some to altend concerts 2nd some simply to enjoy the peace and beauty of the building. They are all welcome and we seek lo provide tours and activities lo meet thelr needs. In the context of visits, il is worth rnentioning the arrival in Aberdeen of Cruise ship5. Made p03sible by the development ol the new hart)tsur, these ships have brought thousands of visitors to the North East and psernted lourisl operators and visitor attraction5 with a nurnber of opportunities. The Education Officer, having led the A¢Vity Programrne dLtring the period of re¢onslru¢tion, 1$ continuing to host visits from school parties, both primary and secondary. During 2024, 1524 pupils visited the Cathedral. In addition, the Education Officer continues to work with project groups such as the Gardening Group, wtsrking in partnership with the City Council to promote Bitsdiversity in the graveyard. All of these aclivittes would not be possible without the enlhusiasb'c and loyal support of a large number of volunteer5 who are on hand to help vvelcome visitors, to prepare malenals and to make the Cathedral able lo operate as a very popular place for vi&lors, whatever they arts seeking. We are much in their debt. Flnancial review Net expenditure for the year before gains and losses on investments was £43.56412023 - £601,599 nel incornel. General income amounted to £282,000 (2023 £954.660} and expenditure to £325,551 12023 - £317.6661, money given or promised to the developmont progffmme amounied lo £113112023- £122,60811 while money expendèd upon It amounted to £nil12023 £12.7871. Invostment pollcy and perfom)ance The majoiily of the charity's investments are held in Chur¢h of Scotland Investors TrL+sI funds. The Church of Scotland Investors Trust provides three funds for investors which offer a simple and economical medium for the Investment of mr)nies. The charity has decided lo invest in two of the funds.. the Growth Fund and the Income Fund. The Growth Fund 15 largely equity based and is intended for long-term inveslrnent. The fund 15 operated o>n a unitised ba$1$ and aims to provide capital growLh. The Income Fund Is intended for rnedium-lerrn investment and aims to provide Immediate high income wth fvnds invested predorninanlly In fjxed-lntefest securitses and operated on a unilised basls. Units in both fiJn¢s ¢an be purchased or sold monthly.
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsk management The Kirk Session is aware of ils responsibilities for the safeguardlng of the church's assets and re¢eives regular rep)rts, in the form of management accounts. in order to identify any trends which might. if undetected, threaten the Stability of our financial position. In particular, the following aa$ of risk have been Identified as priortlies lor action and these are sel out here with the proposed miti9alion measures.. la) Structure of Building The Cathedral is, as already slated, thè oldest occupied building in Aberdeen. Its maintenance and repair can on occasions be very expensive and no contributions are received from Central or local govemmenl or any other exlemal source. The KI Session addresses this risk Ihrou9h the Fabrics Commlttee, which oversees an annual programme of repair and renewal. The major risks attaching lo the building fabric were Contained wlhin the contract for the refurbi$hmenl ofthe roof, stained glass windows and Ceiling. Although the contract termination dale was some time ago. most trf the year was covered by the Defects Liability period, during which the major contractors bore much of the risk for the integrity of the roof etc. But no major problems were encoLsntered and the retention has now been released, wth the happy result that all expenditure came within budget. In addition, a sum of £19.133 was spent on routine repairs. Ib) Former St George's Church Tillydrone During the year, much effort was spent Sn trying to complete the lease of the fomier church building lo the Community Group who wshed to run it for the benefit of the local community. Sadly, however, as is mentioned earlier in this report. a survey revealed the need for very expensive repairs. Thi$ led lo the decision that the lease negotiations would have to be abandoned, and the property sold on the open market. Al the lime of reporting, vacant posse$sion is being sought from the prospective tenants, who had entry under a short tem let. Once that 1$ achieved, the General Trustees will market the building and takeover responsibility for its interim maintenance and insurance. Icl Voluntary Giving Weekly giving by worshippers at Ihe Cathedral makes up over half of its annual income. 11 is important therefore that giving levels a maintsined and keep pace with inflation. To that end, the budget for 2024 and subsequent years wll continue to be set at increased but achievable levels ond the Session will, Ihfough its Finance and Personnel Committee, monitor very closely performance against budget and be Prepared to lake inib'alives lo increase levels of giving if necessary. Such measures wtll include maximisation of drawdown of Gift Aid. Idl Health and Safety The Session receives and reviews updates on Health and Safety matters through its appointed Health and Safety Co- ordinator. {el General Data Prolecli()n Regulations The Kirk Session continues lo consider and review duties In terms of the General Data Protection Regulations and in Jaftuary 2023 reviewed and readopted ils Data Protection Poliey and Priva¢y Statement. Ro$erve5 policy At the end of the year the Church held Ltnreslri¢ted reserves of £933,136 {2023- £943,322). The Church held restricted reserves of £810,10412023 - £765,195) which have been provided for the purpo8es specified in Note 17 to the financial $lalemenls.
ST PIIACHAR'S CATHEDRAL PARISH CHURCH OF SGOTLAND ABERDEEN TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and managomenl The congregation is a registered charity, number SC008157 and is administered in aceordance with the terms of the Model Deed of Constitution Iunitary Foml. It is subject to the Acts an¢J Regulations of the General Assembly of the Church of Scotland. Members ol the Kirk Session are the charity Iruslees. The Kirk Session members are the elders ol the church and are chosen from those members of the church who are considered lo have the appropriate gifts and skills. The minister, who is a mernber ol the Kirk Session. is elected by the congregation and inducted by the Presbytery. Within the unitary framework, the Kirk Session is responsible forthe management of the church's as5els and for spiritual matters within the church. The Kirk Session meets al least eight times a year. R$for¢nco and admlnlstrativa Information Charity name". Sl Machar's Cathedral Parish Church of ScotlaTrJ Aberdeen Congregalion number.. 311906 Charity registration number. SC008157 Operattonal adL1ress'. Cathedral Office The Chanonry Aberdeen AB24 1RQ Trustaos Tru$lees. which include the principal offie8 bearers, who Served sincè 1 January 2024 were.. Kirk Session
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR EMDED 31 DECEMBER 2024 Independent Examingr Bankgrs Bank of Scouand plc, 48 Upperkirkgate, Aberdeen, ABIO 18A Trustg0$' ro$poMibllities in relation to the financial statsments The charity trustees are responsible for preparing a Trustees, 8nnual report and financial slalemenls in a¢¢ordance wth applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Aeeepled AccDunling Practice). The law applicable to charities in Scotland requires the chaiity Iru5tees lo prepare financial 5talemenls for each year which show a true and fair view of the state ¢f affairs of the charity and tsf the income and expenditure of the charity for that period. In preparing the linaneial slalements, the Trustees are required lo.. select suitable acuting policies and then apply them consistenly., obseNe the method and principles the applicable Charities SORP., make judgements and estimates that are reasonable and prudent.. slate whether applicable accounting standards and ststements of recommended practsce have been followed. subje¢l lo any departures di5¢105ed ir7 the financial slatemenls., prepare the financial statements on the going concern basis unless rt is in8ppropriale lo presurne that the charity wll continue in operational existence. The Twstees are Tesponsible lor keepSng proper accounting records which disclose wth reasonable accuracy at any lime the financial position of the ¢harity and enable them to ensure that the financial slalements comply with the Charities and Trusiee Investment (Scollandl Act 2005 and the Charities Accounts Iscotlandl Regulation$ 2006 las amended). They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps foi the prevention and detection of fraud and other irregularllies. The Trustees are responsible for the mainlenance anLf integrity of the charity and financial Infomiallon on the congregation's website. Legislation in the United Kingdom govefnin9 the preparation and dissemination of financial slaternents may differ from legislation in otherjurisdictions. Approved by the Trustees and signed on their behalf, Session Cltrk 2025
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST IAACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN mha FOR THE YEAR ENDED 31 DECEMBER 2024 I report on the accounts of the ¢harf(y lor the year ended 31 December 2024 set out on pages 9 to 23. Re$pe¢tlvè r8sponslbllltlès of trust8es and indepèndent examlnor The charity's Trustees arè responsible for the preparation of the accounts in 8ccord8nce with the leims of the Charities and Trustee Investment (Scollandl Act 2005 and Ihe Charities Ac¢ounls (Scollandl Regulations 20061a$ amended). The Trustees Consider that the audit requirement of Regulalon 10111 lal to Icl of the Accounts Regulations does not apply. It is rny responsibility to examlne the accounts a5 required under sg¢tion 44111 Ic) of the Act and lo stale whether particular rnallers have come to my allenlion. Basss of indapgndont ex¥mIr.6 statamont Mu examination is carried out in accordance with RegulaliDn 11 of the Charities Accounts {SGotlandl regulations 2006 las amended). An examination inGludes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records 11 also indudes consideration of any unusual items OT disclosures in the accounts, and seeks explanations trom the Trustees ¢oncgming any such rnallers. The procedures undertaken do not provide all the evidence Ihal would be required in an audit. and consequently I do not express and audit Dpinion on the view given by the accounts. Indepèndent 9xamlngr'5 statement In the course of my examination no matter has come lo my attention which gives me reasonable cause to believe that any material respect of the requirements.. to keep accounbng re¢ord$ in accordance with Section 44111 lal of the 2005 Act and Regulation 4 of the 20C6 Accounts Regulations {as amended), and to prepare accounts which accord wlh the accountin9 records and comply wlh Regulation 8 ofthe 2006 Accounts Regulalions13s amended} have nol been mel. or 2. towhich, in my opinion, attention should Ix drawn in orderto enable a properundèrst3nding of the accounts to be reached. Chartered Accountan For and on behalf of MHA Aberdeen 2025 MHA is the trading name of MHA Advisory Ltd, 8 limited company registered in England aThJ Wales (company registralK)n number 162337461.
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN STA TEAqENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrictèd Restricted funds funds 2024 2024 Unrestrictgd Restricted fund$ funds 2023 2023 Total 2024 Total 2023 Note Income and endowments from: Donations and legacAes Charitable a¢livities Investments Other 123,027 82.817 26,786 20.415 143,442 772,582 82,817 89,160 48,325 9,243 3 48059 17,2411 765,341 89,760 29,492 21.539 20,249 Total Income Expenditurg on: Raising ftjnds Charitable activities 70,220 208 760 70,220 255 46 571 1 59,580 59,580 270 873 Total expenditure Net (exp&ndlture)lincom8 before gains and losses on Investments 138.9471 {4,6171 {43.564} 635,318 {33,7191 601,559 Net gains on investments 40 328 Net (exponditurolllncom 12.018) 36.741 34,723 649,840 6,609 656,449 Transfers beeen funds Net movemènt in funds {10.186) 44.909 34,723 614,445 42,004 656,449 Funds brought forward 17 943 1 708 517 328 877 Funds carrlgd forbvdrd 17
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN BALANCE SHEET AS AT 31 DECEMBER 2024 Total 2024 Totsl 2023 Note Flxed assets: Tangible assets Inveslmenls 1 589 923 321 Total fixèd assets L89 923 321 Curfent assets: Debtors Cash at bank and in hand 13 33,216 634,596 172 308 Total current assets 314,978 806,904 Liabilities: Creditors falling due wthin one year 14 Net currènt assets 281651 785 196 Nèt a8s9ts 16 Thg funds of thè charity.. Reslri¢ted Unrestricted 17 17 810,104 933 136 765,195 943 322 Total charity funds The accounts were approved by the Trustees on 2025 and signed on thèir beh81f by.. 10
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Total 2024 Total 2023 Note Net cash used in operatlng a¢tlvltie$ 20 Ca$h flows from investing a¢tlvFties Interest and dividends Purchase of fixed assets Proceeds from Sale of investments 48.325 {459,9811 29,492 Not cash provided by invg$llng activitiey 411656 29 492 Cash flows from financing actlvlties Advanced Repayment of borrow7ngs Nèt ¢ash provided by financlng a¢tivitie5 Change In cash and cash equlvalents in the year 109,454 23.475 Cash and cash equivalents brought forward 172 308 148 833 Cash and cash equivalents carri•d forward
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollc1è8 The principal accounting policies, which have been applied consistently In the current and preceding year in dealing wlh items which are considered material to the accounts, are set out below. lal Accounting convention The financial statement5 have been ppared in accordance wlh the charity's conslilulion, the Charities and Trustee Investment (Scollandl Act 2005, the Charities Accounts Iscotlandl Regulations 2008 las amended} and °Accounling and Reporting by Charities: Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable irs the UK and Republic of Ireland IFRS 1021" (8$ amended for accoLtnling period5 commencing from 1 January 20191. The charity is a Public Benefi't Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional CurnCY of the foundation. Monetsry amounts in these financial sialemenls are rounded to the nearest £. The financial slalemenls have been prepared under the historical cost convention. The principal accounting policies adopted are sel out beltsw. Ib} Golng concern Al the lime of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resource5 to continue in operational existence for the fL)reseeable future. Thus the Board of Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. Icl Fund accounting Funds are classified as either restricted funds or UnStrICted funds, defined as follows.. Reslricled funds are fund5 subject lo specific qu1ments as to their use which may be declared by the dorior or wth their authority or created through legal processe$, but sb'll within the wider objects of the charity. Unrestri¢ted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are eam18rked al the discretion of the Trustees for a particular purpose, they are designated as a separate fund. The designation has an administrative purpose only and does not legally restrict the Trustees, discretion lo apply the fund. Id) Income Income is recognised when the Charity has enliuemenl lo the funds, any performan¢e ¢onditions attached lo the ilemlsl of income have been mel, it 15 probable that the income will be received and the amount can be measuresy reliably. Receipt of a legacy is recognised when it is probable that il wll be received. Receipt is normally probable when there has been grant of confirmation, the executors have established that there are Sufficient assets in the eslale, after sellling any liabililies. to pay the legacy and any conditions attached lo the legacy are eKther wlhin the control of the charity or have been mel. Donated professional services and donated facilities are recognised as income when the ¢harity has control over the item. any conditions associated with the donated item have been met. the receipt of economic benefit from the use by the charity Df the item 15 probable and that economic benefit can be measured lIablY. In accordance with the Chanlies SORP IFRS1021 the general volunteer time of congregation members is not recognised. On receipt, donated professional services and donated facilib'es are recognised on the basis of the value of the gift lo the charity which is the amount the chaty woijld have been willing to pay lo obtain seNices or facilities of equivalent econtsmic benefit on the open market", a corresponding amount is then recognised as expenditure in the period of receipt. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is noimally upon nolificalion of the interest paid or payable by the bank. 12
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies (continued) le) Expendltu Expenditure Is Tecognised once there is a legal or constructtve obligation lo make a payment to a third party, il 18 probable that settlement will be required and the amount of the obligation Can be measured reliably. Expenditure can be classified under the follow¢ng activity headings.. Costs of raising funds Comprise the costs of weekly offering envelope$ and the direct costs as90cialed wth fvndraising events. Expenditure on charitable activities includes all other costs associated wth the running of the charity to further its purposes and the as$o¢ialed support costs If) Tangible fixod assgts The charity has the rightto occupy and use for ils charitable objects certain tangible fixed assets, including the Church, halls, gatehouses and m8nse, vested in the Church of S¢olland General Trustees. No consideration is payable lor the use of these assets. Expenditure in¢urred on the repair and maintenance ofthe5e assets is Charged as resources expended in the Slalemenl of Financial A¢VItieS in the period in which the liability arises. Igl Operating leases The Charity classifies the lease of printing equipment as an operalirig lease.. the title lo the equipment iemains with the lessor and equipment is replaced every 5 yeats whilst the economic life of such equipment is nomially 10 years. Rental charges a cha¥ged on a straight line basis over the period of the lease. (h) Invostmgnts Fixed asset investments are slated al market value at the balance sheet dale. Unrealised gains and losses represent the difference befften the market value at the beginning and end of the financial year or, if purchased in the year, the difference beeen c051 and market value at the end of the year. Realised gains and losses represent the difference beeen the proceeds on disposal and the market value al the start of the year or cost if purchased in the year. {1} Taxafjon Sl Machar's Cathedral Parish Church of S¢olland Aberdeen, is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject lo taxation on its charitable actniitres. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT. til C?$h and c•sh equivalents Cash and cash equivalents include Cash in hand, deposits held at call with banks. olhei short-lerm liquid investments w*lh original maturities of three months or le55, and bank overdrafts. Bank overdrafts a shown within borrowings in current liabilities. 13
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES FOR THE YEAR ENOED 31 DECEMBER 2024 Accountlng policies {contIndI Ikl Financlal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issue5, of FRS 102 to all of its financial instruments. Financial Instruments are recognised in the charity's balance sheet when the foundation becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the nel amounts presented in the financial ststemenls, when there is a legally enfor¢eable right to set off the recognised amounts and there is an intention lo settle on a net basis or lo realise the asset and setue the liability simultaneously. Basic flnanclalassets Basic finan¢ial assets, which in¢lude debtors and cash and bank balances. are initially measured at transaction price including transaction costs and a subsequently carried at amortised cost Using the effe¢live interest method unless the arrangement conslilules a linancing transaction, where the transaction Is measured at the present value of the future receipts discounted al a market rate of interest. Financial asset5 classlfied as receivable within one year are not amortised. 8asi¢ financial liabilities Basi¢ financial liabilities. including creditors and bank loans are initially recognised at transacts'on price unless the arrangement constilules a financing transaction, where the debt instrument is measured al the present value of the fLJture receipts discounled at a market rale of interest. Financial liabilities classified as payablè within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. AmoLJnts payable are classified as Current liabilities if payment is due within one year or less. If not, they are presented a5 non-current Iiabililie5. Trade ¢reditor$ are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabiliTties Financial liabilities are derecognised when the foundation's contractual obligations expire or are discharged or cancelled. 111 Rètir•ment benofits The charity operates a def4ned contributions pension stheme. Contributions are charged in the accounts as they become payable in accordance wilh the rules of the scheme. 2. Critical accounting estimate$ and judgements In the applicats'on of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of a5se15 and liabilities that are not readily apparent from other sources. The estimales and as50cialed assumptions are based ot) historical experiencè and other factors that are considered lo be relevant. Actual results may differ Irom these estimates. The estimate5 and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are cognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. 14
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2024 3. Donations and legacles Unrgstrlcted Rèstricted funds funds 2024 2024 Unrestrlcted Restricted funds funds 2023 2023 Totsl 2024 Totsl 2023 Offerings National Giving Day income Tax recovered on gift aid Legacies Grants Endowment income Poor funds Special Project income 90.088 3,552 23,812 90,088 3,552 23,812 96,037 6.277 25.417 641,622 645 2,584 96,037 6,277 25,417 8,443 650,065 123,274) 122,629) 2,584 6,500 6,500 0 1090 3,018 2,557 7.415 10.433 2,557 13,000 13,000 Incomo from charltable activities Unrèstrlctsd Restricted funds funds 2024 2024 Unrèstrlcted Restrict8d funds funds 2023 2023 Totsl 2024 Total 2023 Weddings Use of premises Outreach surplus Tourist collection box 2,350 44,141 8.694 2.350 44,141 8,694 3,900 51,517 9,721 3.900 51.517 9,721 24 022 S. Investment Income Unr•stri¢tsd Restricted Funds funds 2024 2024 Unrestricted Restricted funds funds 2023 2023 Total 2024 Totsl 2023 Investment dividends Deposit interest 25,014 20,346 45.360 9,041 202 20,039 210 29,080 412 6. Other incomo Unrestricted Rgstrlcted Funds funds 2024 2024 Unrèstri¢ted Re$tricted funds funds 2023 2023 Total 2024 Total 2023 Receipts from General Trustees 15
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 7. Analysls of èxpenditure Unrestricted Restrictsd funds tunds 2024 2024 Unrestrieted Restrlcted funds funds 2023 2023 Totsl 2024 Totsl 2023 Raising funds Offering envelopes and stewardship Tourist brochures and translations Salaries- beadles k Heat, light and waler rates Hall running Costs Weddings." locum ministers and organist Donation boxes and siands Perfom)ing Rights charges Adminislralive expenditure 254 2.841 26.315 15,046 13,936 240 254 2,841 26.315 15,046 13,936 240 128 128 22,882 10,297 15,950 750 20,882 10,297 15.950 750 1.085 150 1,085 150 8338 745 745 Charltable a¢tlvltles Ministries and Mission allocation Presbytery dues 82,353 82.353 77,747 77,747 86,222 4,982 10,526 86,222 4,982 10,526 22,814 19,133 3,075 20,915 15,449 10.653 16,264 1.245 2,653 358 74 2,573 5,605 3,660 8,040 20,328 762 80,272 4,649 9,153 80,272 4,649 9,153 21,207 56,396 2.782 18.770 13,873 1,885 12,507 1,142 2,562 1,787 89 2,259 8,384 2,100 3,900 16,220 Minister's expenses and pulpit supply Salaries- beadles Salaries- music Fabric repair5 and mainlenan¢e Council tax Heal, light and water rates Insurance Security systems Adminislrats've expenditure Adve.$Ing Organ expenditure Musi¢ Svnday school expenses Communion and other expense5 Poor fund payment Atjdilor's lee Independent examiner's fee Outreach & education expenses lona Youth Festival trip Development costs 22,814 21,207 19,133 3,075 20,915 15,449 10,653 16,264 1,245 56,396 2.782 18,770 13,873 1,885 12.507 1.142 2,653 358 2,562 1.787 74 2,573 89 2,259 5,605 8,384 3,660 8,040 5,187 762 2,100 3,900 14,369 15,141 1,851 Totsl Support Costs have not been separately identified as the Trustees consider there is only one charltable activity. Therefore support COSt5 relate wholly lo that activity and have not been separately been identified. 16
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net galnslllosses) on investments Unrestricted Restricted funds funds 2024 2024 Unrestricted R8strl¢tgd funds fund5 2023 2023 Totsl 2024 Total 2023 Reallsed gainllloss) on investments Unrealised gainlllossl on investments 41 358 287 9. Stsff ¢o$ts and numbors 2024 2023 Salaries- secretary and beadles Salaiies- music Salaries- education and outreach workers 57,882 22,814 47,980 21,207 The average number of employees dtsring the year was as follows: NuMr Numbèr Administration Beadles Music Education and Outreach No employee had employee benefits in excess of £60,00012023- £60.000). All Church of Stolland congregations contribute to the National Stipend Fund whi¢h bears the costs of all ministers. stipends and employerfs contributions for national insuran¢e, pension and housing and loan fund. Ministers, stipends are paid in accordance ¥Mth the national stipend scale. which is related to years of service. For the year under review the minimum sts'pend was £31.642 and the maximum stipend (in the fifth and subsequent years) was £38.884. 10. Tru$tse remuneration and rolated party transactions During the year seven Trustees recelved ieimbursement of expenses incurred totalling £7,039 and one Trustee received payments for pulpit supply setvices lolalling £500. Durin9 the year a lolal of £27,622. excluding Gift Aid, was donated lo the Congregation by Trust¢es. 17
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POUCIES (CONTINUED) FOR THE YEAR ENOED 31 DECEMBER 2024 11. Tanglble fix&d assets Following investigation the Trustees have now been able to establish that the property known as Dunbar Street Hall is held by the Tnjslees on behalf of the Congregation. The land on which this property was built over 100 years ago was granted lo the Congregation in order to build the hall, subject to many onerous conditions which have now expired as a result of recent legislation. Accordingly, the Trustees are of the opinion that thi5 land will not revert back to the superior and as a result the land and hall erected Ihereon now belongs to the Trustees. The financial st*ements do not record any value for this land and property as the historic cost is unknown and is not deemed to be a material amount given the length of lime since the use of the land wa$ granted and the hall ere¢led thereon. The Trustees have obtsined a current valuation of this property from Shepherd, Chartered Surveyors. of £170.000 who have valued the property on 17 April 2018 on the basis of market value with the benefit of vacant Possession. The Trustees have no plans lo dispose of thi5 property. 12. Invtrstm¢nts 2024 2023 Cost Maikel valu¢ al 1 January 2024 Additions Disposal$ Realised gainllloss) on investmen19 Unrealised gainlllossl on investments 923.321 459,981 868,471 Market value at 31 December 2024 Investments al ¢osl The following investments are held.. Church of Scotland Investors Trust Growth Fund Church of sCoand Investors Trust Income Fund 867.457 567,702 355619 13. Debtors 2024 2023 Grant Income Gift aid laxlinveslment tax recoverable Other debtors 1,431 7,002 23,811 25,417 7 974 &Q2JL7 18
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENOED 31 DECEMBER 2024 14. Creditors: amounts falling due within one year 2024 2023 Accruals and prepaid income IS. Conllng¥nt asset As at 31 December 2024 the charity had been notified ofa Tesiduary legacy the value ofwhich is uncertain as the executor has not received confirmation of all charges lo be deducted from the Estsle. Al the date of approval of these financial statements no lurther Information had been received and so the legacy has not been recognised. 16. Analys1$ of net assots among funds Unrostrfctsd Designatgd Rgstrf¢tsd Total Investmonts Current assetsllliabililiesl 105.605 105 630,326 725,658 302 810 446 1,461,589 281651 Net assets at 31 December 2024 19
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABEROEEN NOTES AND ACCOUNTING POUCIES (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 17. Movements In funds Galnl 1 January Incomlng Resources {lossl on 2024 ro$ourc&$ Expended Investments fransfgrs 31 December 2024 Restrlcted funds Music fvnd Adam fund Poor fund Tomb fvnd Fabric fund John Calder Trust ftjnd Special projec15 fvnd 700.394 1,626 55,736 1,677 5,762 20,157 45 14,569 47 163 7,000 27 125,8251 41,358 736,084 1,671 64,700 1,724 5.925 15.6051 115,1411 8.141 27 Unrestricted funds Congregational fund Designatsd funds Pastoral oulreaGh fund Dunbar Sl hall fund Fabric fund Reserve fund Special pr¢je¢ls fund 8enevolenl fund 163,412 {193.7081 30,2 36,327 22,253 28,023 (52,2031 {13,9361 {19,1331 15,876 1,683 156,0231 940,096 2,572 511 143 36,276 929,239 2,572 1,178 147 14 653 Total funds 20
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17. Movements in funds l¢ontlnued) Gainl {lossl on investments Transfers l January Incomlng 2023 resources Resources expended 31 Decembol 2023 Restricted funds Music fund Adam fund Poor fund Tomb fund Fabric fund Special projects fund 658,322 1,581 56.052 1,631 5,605 27,300 45 8.068 46 157 (25,5561 40,328 700,394 1.626 55,736 1,677 5,762 18.384) Unrestricted funds Ctsngfegalional fund Designated funds Pagloral outreach fLFnd Dunbar Sl hall fund Fabric fund Reserve fund Special projects fund 8enevolent fund 775.331 1169,8631 15.4681 33,742 10,762 699,205 {41,5171 {15,9501 156,3961 7,775 5,188 142,890} 326.186 2,572 14,011 940,096 2.572 511 14 511 Total funds Restricted funds The purpose of the Music fund is lo support and enhance music for liturgical purposes and the musical a¢livilies of the Congregation. The purpose of the Adam Augmentation fund is to provlde a modest addition to the Minister's salary. The purpose of the Poor fund is to support approprtale charitable causes outwilh the Cathedral and also pa51oral worf( with infirm or housebound mernbers of the congre9alion. The purpose of the Tomb fund is to support the upkeep oftombs and memorials within the care of the Cathedral. The purpose ol the Fabric fund is lo provide support for repairs. maintenance, renovation and capital expenditure on Cathedral buildings. The purpose of the income from the John Calder Twsl is to support the cost of the Salary for an Educatson officer. The puipose of the Special Projec15 fL¢nd is lo support the Cathedr81'5 development plan., phase one, the refurbishment of the interior, was completed in 2018. During 2019, 2020, 2021 and 2022 there was expenditure incurred on phase work on the roof, windows and celling. 21
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTIMG POLICIES ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 17. Movomgnts In funds (continued) Designat¢d funds The purpose of the Pastoral outreach fvnd is to provide support for the opening of the Cathedral to the public on every day of the year. and community outreach generally. The purpose of the Dunbar St hall fvnd is an incomelexpenditure fund for the Dunbar St Hall. The purpose of the Fabric fund is to provlde support for repaiTS, rnainlenance, renovation and capitsl expenditure on Cathedral buildings. The purpose of the Reserve fund is lo maintain a financial reserve which can be applied to any Cathedfal Fund. The purpose of the Special Projects fund is to support the Cathedral's development plan.. phase one. the refvrbishment of the interior, was completed in 2018. Dring 2019, 2020, 2021 and 2022 there was expenditure incurred on phase two, work on the roof. windows and ceiling. The purpose of the Benevolent fund is lo help the needy of the parish al the discretion of the minister. 18. Volunteers In common wlh all congregations of the Church of Scotland the Congregation benefits from the ¢onlrSbulion made by volunteers who give their time and talents wllingly for the benefit of the Church. The areas of congregational life which rely on the contribution of volunteers S many and varied and mLtch of the activity would be unable to continue were Il not lor the ¢ommitmenl shown. 19. Controlling party The charity is under the ¢onlrol of the Trustees, as detailed on page 6. 20. Reconciliation of net movemant In funds to net eash flow from operating activities 2024 2023 Nel movement in funds Deduct interest income Oeduct gain5 on inveslmentsladd back losses Decrea5ellin¢rea5el in debtors Increasel{decreasel in creditors 34,723 {48,3251 178.287) 601,380 11 619 656,449 129,4921 154,8501 1540.5731 Net cash usod in operatlng activities 22
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN NOTES AND ACCOUNTING POLICIES {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21. Collections for third partios During the year the following collections were made for third parties.. 2024 2023 Cultivate AbeTdeen Water Aid Medecins Sans Fronliere$ Big Noise Torry The Salvation Amiy Disaster Emergency Commtssion Tilly Flat Instant Neighbour Judith Norton 1.224 1.229 648 648 228 1,199 1.214 514 713 298 23
ST MACHAR'S CATHEDRAL PARISH CHURCH OF SCOTLAND ABERDEEN APPENDIX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FUNDS HELD ON BEHALF OF THE CONGREGATION BY THE CHURCH OF SCOTLAND GENERAL TRUSTEES 2024 2023 Capital account Credit balance at 31 December 2023 at cost 179,523 227,582 Property costs Credit balance al 31 December 2024 at cost Market value of balances al 31 December 2024 R&venue account Credit balance al 31 December 2023 9,338 1,305 Investment income 10,342 8.372 Transfer from temporary funds account 1118} Adminislralion costs 19601 (2211 Propertylenergy costs 403 Credit balance al 31 December 2024 Temporary funds Debil balance al 31 December 2023 1118) Property costs 12,4001 Transfer lo revenue account Debit balance at 31 December 2024 24