CHARITY REGISTRATION NUMBER: SC013703 Pluscarden Abbey Financial Statements 31 December 2024 RITSONS Chartered Accountants & Ststutory Auditor 103 High st[￿t ELGIN Moray IV30 1 EB Pluscarden Abbey Financial Statements Year ended 31 December 2024 Pages Trustees, annual report 1to5 Trustees, responsibilities statement Independent auditor's report to the members 7t011 Statement of financial activities 12 ststement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15to26 Pluscarden Abbey Trustees. Annual Report Year ended 31 December 2024 The Iruslees present their ￿port and the finanaal slatements of the d)arrty for the year ended 31 December 2024. Reference and administratlve detalls Registèred charity nam¢ Pluscarden Abbey Charity registration nwnber SC013703 Principal office Pluscarden Abbey ELGIN IV30 BUA The trustees Auditor Rrtsons Chartered Accountants & Ststutory AL*Jitor 103 High Street ELGIN Moray IV30 1 E8 Bankers Virgin Money 151 High Str￿t E￿in IV30 1 DS Solicitors Ccckbums 100 High Street Forre5 IV36 1NX Pluscarden Abbey Trustees. Annual Report (conttnuedj Year ended 31 December 2024 Objectives and activities Pluscarden Abbey is a rnedieval monastery. onginally founded in 1230 and then refounded in 1948 11 is the home of a comniunity of eighteen Benedictine monks. Each day be￿leen 4 30 am and 7".30 pm, visitors can participate in any of the eight services In the Abbey church. which Include the Divine Office according lo the Rule of Saint Benedict and the holy Mass. The monks ￿lebrate the services with diligence and devotion. using Gregorian Chant sung in Latin. This is the concrete expression of the charity fegulalors. general descriptive terrnS"advan￿meftt of relig￿n. These lemis also encompass the whole life of the monks. who have vowed lo live pemianently in the monastery. following the Benedictine Rule in Its daily schedule of prayer. reading and manual work and active intercession for the wodd. 11 Is this monastic life as lived in the context of the Abbey which conslilutes the main "activity" of the charity The Rule of Saint Benedict Is a concrete expression of living out the Gospel, both for the benefit of the monks themselves but also lor those who are encouraged. Inspired or even just Intrigued by witnessing it. This. more than anything. Is what donors and supporters are contributing towards with their Invaluable assistance and partieipalion They do it because they believe it IS 3 noble and Charrtable enterprise. deserving of suptM)rt In a culture which is becoming Increasingly forgetful of our divine calling and eternal destiny. Because the buildings which the monastic community inhabits are substanlialty medieval. and upon the monks, arTival in 1948 were in a ruiftous condition the community has always had the objectives of '￿$10ratIOn. maintenance and extension of Pluscarden Abbey" Since 1948. this has achieved the restoration of the church, the main east range and the cloisters.. the building ol the men's guest house and 2 guest houses for women. These are continuing objectives. which necessarily include the growt and nurturing of the monastic life. which wruits young men to join its onks and follow its ancient and well-wom path Pluscarden Abbey ttas a foundation in the Unrted States and has contributed monk5 to another foundation in Ghana. The provision of guest accommodalKm and the assouated hospitslty constitute the "recreational activities" airned at 'improvement of the conditions of life" of Ihe participants as listed by the charity regulators Monastic hospitality is an e5senbal part of the Rule of Saint Benedict and of the life of Pluscarden Abbey As such It Is a charrtable work. which does not seek rnonelary reward. Guests are re￿1Ve0 regardless of their ability lo pay and there is no tariff or "suggested donation" Guests do make donations. which are welcome and Important for the Abbey's subsistence. bul not all gues15 are able to do this. Guests are expected lo take sorne part In the daily life of the monastery 11 is always Ihe hope of the monks that the guests can experience the unique opportunities which the monastery affords silence and peace lo nurture refleth"on. particularly upon G(Id's loving providence for humanktnd and our own response to this. the Chan￿ to participate in communal Christian worship which reflects beauty and transcendence. 11 is important to note that. although the monks ale a Catholic community. guests of all farths and none are wethmed. Numbers are around 400 10 500 each year. The grounds of the Abbey are aws open lo the public. free of charge. and we have counted the visitor numbers electronically al just under 40.000 pef annum Thus. the daily maintenance of the Abbey and ils grounds conslilules a substantial publ￿ servre in providing a uniqLJe recreational facility. enjoyed by many. We have determined that any extension of public facilities should not detract from the particular ￿ligiouS character of the place, which inclLtdes the ambience of silence. There therefore no provision of amusements or restaurant facilities When we built a new car park and picntc a￿a in 2019. we deliberately sited Il some 500 metres from the church surrounded by trees. Pluscarden Abbey TrustO08' Annual Roport (c¢Jnt¥nu#é) Year ended 31 Decembor 2024 Objectives and activities In March 2025, the new women's guest house, Saint Joseph's House, was signed off by Moray Council 8uilding Stsftdards and opened to the publ￿. It h85 been re¢eived Very well Indeed. with guests, visitors and monks all delighted with Ils charming appearance and tie high quality of its facilities. 11 has effectively fftcreased .he Cliente￿ of the Abbey. since the proximity ol the guest house lo the Abbey together with the standard ol comfort ol the rooms Tnakes It very attracbve to older and less actwe pwple We have retained the use of Saint Schdasiica's guesr house for group relreals, as its large comrnunal area and kit¢nen makes Il very 5Urtabie for this Wlth Ihe completion of this latest proieci. our guest faalilEs can now accornm¢xlale up to 32 guests. 11 should be noied thai we do nol xcornmodate groups which are purely secul¥ in thwr aim, SLLh as business conferences or grgups attending extemal evenls. The hope is that all guests are aiming to participate to SO￿ degree in the opportunity for pn¥at• reflection in the peace of the mnastic environment. Egch year shortly after Pentecosl, wè I￿$t the "Penlepnsl public lectures on a theological theme In 2024 we hart Rèligion in the Schod of Divinity al UnNersity of Ed.,n).'i.' J ScO￿sh Cath)lic writers. an invited speaker gwe5 4 l e.clurer In Literature and s ol lalks on her speciality. On a limited number of occasions. perhap5 three or four each year, the Abbey hosts events which are not specifically relvJious Worship. bul which are concordanl wrth the religious character ol ltte pla Choral and Instrumental COr￿ertS of a reflective type afe particularly suitable We WOLtld noi give place to an event which Is purely 5￿ular and which uses the At)bey simply as a convenient venue. In September 012025 we have planned a choral performance of Rossini's Pebfr Me55e Solennelle which will cglebraie the compkiion of the guest house builtjing project Thys 15 ￿ ambit￿u5 pro9ramme foi a large ¢holr of bcal supporters who are donaliry their txne and expertise 9enefously lo ltte Abbey. Structure, gov¢rnance aftd m•nagtment The govèrning documents which regulate the thantable activities of Pluscarden Abbey are. The Code of Canon of thè Roman Cstholic Church. the Rule of Saint Benedict. the Conslilulions and Ordinan¢8s of the Subiaco Cassinese Congregatth, and the Customary of Plus¢arden Abbey. As a Benedi¢line monastery, Pluscarden Abbey Is est*lished pnmanly to be "a school of the Lofd's service In the words ol Saint Benedct's Rule. The chief works whith Il carries oirt are the worship ol God. according lo the riles of Ihe Roman cathol￿ Church and the customs of Beneilictine bite." the reception Df guests and visitors, to otter them the OPF¥)tlunity lor religious retreat or simply resi and accomrnodatyon,. the dispensing of chariiatle aims and goods accorciing to the discrellon of the Trustees. The Trustees of Pluscarden Abbey are constituted eX￿ffiCI0 and are the Mapr Superior IAbbol or Priorl, the Cellarer and the Bursar. The day to day rnanagement of Pl￿8T￿￿n Abbey is vested In the Trustses. Although al present Iirne these are always monks of the ¢ommunrty. it is foreseeable that the role ol Bursar may be taken by a layman Pluscarden Abbey Trustees. Annual Report fwitinu8d) Year ended 31 December 2024 Achievemonts and perfomiance The most daunting target we have been Working towards for the past 8 years is the building of the new women's guest house, Saint Joseph's, as described above. Although we pursued numerous fundraising activities and applied for several different grants. we had lo face the fact that If we were lo achieve the building as envisaged we would need to use OUT InveStff￿nI portfolio and denude ourselves temporarily of the financial protection which this gave us. We had a community meeting lo vole on this. lo which we invited an old fr￿nd and financial advisor who had been helping us since the early 1970s. who warmly recommended that we launch the project usin9 the portfolio. As il turned out, we completed the project successfully and $bll have over £300k in hand, from which we hope lo start a Iresh portlolio. We have opened communulions with our prtvious investors again to make thi$ happen. The availability of the new guest house should enhan￿ Ihe attractiveness of the Abbey's accommodation. so that a broader range of ap￿1¢a￿lS come forward, particularly those who require a higher level of creature comfort lo cope with a spiritual retreat. ￿ hope to be able lo evaluate this, by noting the age range of the retreatanls A further facility we have is Priory Lodge. the Small cottage al the entrance of the Abbey, for the accommodation of families Since 2023 this has been out of a¢lion because of Important repairs lo the fabric of the building. which was In imminent danger of collapse 11 is a Grade 8 listed building We have since been informed that the damage. which was entsrely Caused by the collapse ol an aged drainage soakaway. will be pa+d for by our Insurers Repairs are now well underway. with the entire frontage having been carefully and exactly rebuilt. this Iirne with a concrete foundation We hope lo have the cottage operational by the autumn 012025 A further grant for ils resloralion was kindly given to us by the Columba Trust in late 2024 This will help to off5el rtems not included in the insurance. 11 should be ￿rnernbe￿d in any assessment of achievements and performance that there Is a physical limitation which consists in what is achievable by the resident monks and their helpers and employees. Since the monks have made a lifelong commitment lo live out the Rule ol Saint Benedict at the Abbey, all activities are regulated towards what Is condLtcive to thal life and avoidance ol what might make it overtaxing or Impossible, or what is Inim¢al lo rts spirit Furthermre. the actual requirements ol any fundraising are limited by what Is desitable for maintaining the Ille of the Ab￿V and Its fabric The main work of the Abbey. as indKated atove. 15 the daity life of the ￿sident rr4)nks. The most conspicuousfy measurable aspect of Ihis is certainly the round of religious services in the Abbey ¢hureh. all of which aTe open lo the public. free ol charge. This is adhered lo conscientiously Ihroughout the year. with slight changes to the tiff￿lable according lo the season The lolal number of daily services is eighl. with a lolal duration of about 4 hours on weekdays. 5 hours on Sundays. The number of f persons attending our services varies according lo the time of ye8r. with more In summer than In winter Those attending the services Include Ihe resident monks. :he resident guests and any visitors who happen to come along. The times of the serwices are advertised on our web srte and on noliceboaTds In the carpark and al the entrance of the church. On a Sunday, the attendance al Mass averages aboul 70 persons". on a weekday il averages al about 30 persons. Since 2022. we have teen livestreaming the Mass each day. with an average viewing of aboul 50 on a weekday and 90 on a Sunday The Iivestrearning So￿are allows us lo see the viewing figures and the location of the viewers In a general way No attempt has been made to monelise this in any way. although it could be Of those who attend Mass In person al the Abbey, the￿ is the opportunty ol (Jonating al the various colfeclion and donation Foinls. Since the beginning of 2024. we have been using a "tap lo donate- card processing Tnachine. which allows any credit or debit card holders lo donate mney fof charrtable purposes These are pro￿SSed ser>aralely from card payments In the Abbey shop. We are given notification of all the card transactions daily This has made a significant improvement in the ease of makin9 and recording Pluscarden Abbey Trustsos, Annual Report (C￿￿￿￿0￿) Year endod 31 Decembor 2024 donations. After the activity and expenditu￿ on the new guest house, we are hoping for a period of consolidation of finanaal reserves as recommended by our advisors. vithoul any major pn)iects for the next 2 years, beyond essentia repairs and maintenance. In the course ot Ime ear we were blessed ￿ttt 2 ordnalions. w th Gr(Jained iyeaeon In April ar,d ordaineo priest n June. 'Ne aisc N¥v- .ooKs In trye novitiate. who hopE IG iiihl lii due cnurse. so the prospects ol iliè IliJlidbLI6 LU.'.'Iliiunily look healthy. Financlal ￿vieW It is the policy of Abbey that unrestrrted fvjnds that are not required for the day lo day running of the Abbey are invested in St￿kS and shares. The Abbey keeps sufficient fijnds lo cover its ants"cipaled expendrture. and invest funds Sur[￿US to these requirements with their investment advisors. The Abbey's investment policy is 10 seek a reasonable relum frorn investmer,ts in stocks and shares wilhoul exposing itsew to significant risk The Abbey has implemented an ethical invest￿ent poI￿y, $0 as not to invest in organisalions which do mt adhere to the pnncipals of Catholic ethical teaching As descTibed atK)ve. Ihe investnEnts were disposeu of during Ihe year. The Abbey intends to begin investing again with a fresh portfolio in 2025. The Abbey's reserves total £5.035,816 at tre year erK4, none of which is r8stricted The reserves are predominantly tsod up in tangiblo fixad assets. The trustees h￿'e assessed the major risks lo which the Abbey is exposed in particuLgr those related lo the operations and the finances of the Abbey. and are satisfied that systems are In place lo mitigate exposure lo the major risks. Relying as we do upon donat'oris and legacies lor our Income. we have to recognise Imal good or bad publicity can affec: tb.e perceptson of our wothiness b be the recipients of charitabÈ furk#irg For this reason, rt seems prudent to try and release regular items of positNie news in order lo create a mcxjest claim to public good will without making us the subj￿1 of controversy. The trustees, annual report was apprcNed on 26 September 2025 and signed on t)ehalf of the board of Irusiees by.. Pluscarden Abbey Trustees. Responsibilities Statement Year ended 31 t)ecembor 2024 The trLSStees are responsible for preparing the trnstees, ￿ptsrt and the financial statements in accordance with appltcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in Scotland requires the charity trustee5 to prepare financial slalements for each year which give a true and fair view of the stale of affairs of Ihe charity and of the incoming resources and application of resources. of the charity for that period. In preparing these financial stslements. the trustees are requir&J to". select suitsble accounting poI￿leS and then apply them Con$￿ten￿Y.' observe the methods and pnnciple5 In the apPI￿able Charf(ies SORP.. make judgments and accounting estimales Ihal are reasonable and pwdent; prepare the financial statements on the going concern basis unless it 1$ Inappropriate to Pfesume that the charity will continue in business. The Iru$tees a￿ responsible for keeping adequate accounting ￿CordS that are sufficient lo show and explain the charity's transactions and disclose with reawnable ac¢uracy al any time the financial position ol the charity and enable them lo ensure that the financial statements Comply with the Charities and Trustees Investments Iscotlandl Aet 2005. the Charity Accounts Iscollandl Regu￿tIOnS 2006, and the provisions of the Trust Deed. They are also reSpOn￿ble for safeguarding the assets ol the charity and hence for taking reasonable steps for the p￿ven1th and delectson of fraud and other irregularities. Pluscarden Abbey Independent Auditorfs Report to the Members of Pluscarden Abbey Year ended 31 DeGember 2024 Opinion We have audited the financ￿1 Staterr￿nts of Pluscarden Abbey (the 'charty'l for the year ended 31 December 2024 which comprise the statement of financial ac14vilies. slalement of financial position. statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framewofk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. Including FRS 102 The Finanual Reporting Standard applicable In the UK and Republ￿ of Ireland (United Kingdom Generally Accepted Accounting Practs'cel. In our opinion the financial state￿*￿ts.. give a true and fair view of the slate of the chanty's affairs as al 31 December 2024 and of ils incoming resources and application of resources, including rts Income and expenditure. for the year then ended". have been pro￿rty prepared in accordan￿ with Unrted Kingdom Generally Accepted Accounting Practice.. have been prepared in ac￿dance wrth the requirements of the Charities and Trustee Investment Iscollandl Act 2005 and regulation 8 of the charit￿5 Accounts (Scollandl Regulations 2006 las amended). Basls for opinion We conducted our audit In accordance with Internat￿nal Standards on Auditing IUKI IISAS IUKII and applicable law Our responsibilities under those standards are further descnbed in the auditor's responsibilities for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and the provisions available for small enlilies, in the circumstances sel out below. and we have fvlfilled our other ethical responsibilities in accordance with these requirefflen15. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. In common with many other businesses of our stte and nature we use our audrtors lo assist with the preparation of the financial ststemenls. Conclusions relating to going concern In auditing the financial stslements, we have conclLsded that Ihe Iruslees, use of the going eoncem basis of accounting in the preparation of the finanaal statements is appropnate. Based on the work we have performed, we have not identified any rnalerial uncerta1nties relating lo events or condits.ons that, individually rK collectivety. may cast significant doubl on the charity's ability to continue as a going concern for a period of al least ￿e1ve months frorn when the financial stalernenls are authorised for issue. Our responsibilities and the reswnsibil¢ties of the trustees with respect lo going concem afe described in the relevant sections of this reFQ Pluscarden Abbey Independent Auditor's Report to the Members of Pluscarden Abbey (contlntsed) Year ended 31 December 2024 Oth•r information The other Information compnses the information Included in the annual report. other than the financial slalemenls and our auditor's feport Ihereon The Iruslees are responsible for the other information. Our opinion on the financial statefnents does not cover the other Information and, except lo the extent otherwise explicitly stated In our report. we do not express any fom) of assurance conclusion thereon. In conneelion with our audit of the financial Stateff￿nts. our responsibility is to read the other information and. in doing so, consKler whether the other Infomation Is rnaterially Inconsistent with the financial statements or our knowledge obtained In the audit or olhewise appears lo be malerrally misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required to determine whether there Is a rnatenal misslalemenl in the financial s18temenls or a material misslalemenl of the other Information If. based on the work we have performed, we ¢onclude that there is a material misstatement of this other infoTmation. we are required lo report that fact. We have nothing lo ￿port in this regard. Mattèr8 on which w• arn requlred to rnport by exc•ptlon In the light ol the knowledge and understanding of the chanty and its environment obtained in the ¢04Jrse of the audit. we have not Identified material m1sstslen￿nts in the trustees, rewrt We have nothing to report In respect of the following matters in relation lo which the Charities Accounts (Scollandl Regulations 20C6 {as ary*ndedl requires Lts to report lo you if. In our opinion.. the information given in the Iruslees. report is in¢on$i$tent in any material respect with the rinancial siateft*nls.' or adequate accounting records have not been kept, or the financial statements are not in agreement wlh the accountsng re¢ords and returns,. or we have not receNed all the infomial￿n and explanations we require lor our audit. ResponsSbllltle¥ of trustees As explained more lully In the Iruslees. resFonsibililies stalemenl, the Iruslees ale responsTble for the preparation of the finaneial statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees determine Is necessary lo enable the preparation of financial statements that are free frorn material misstalemenl. whether due to fraLbd or erior. In preparlng the financial stalemenls. the truslees are responsible for assessing the charity's ability lo continue as a going concern. disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the Iruslees erther Intend to liquidate the charity or lo cease operations, or have no realistsc altefnalive bul to do so. Pluscarden Abbey Independent Auditor's Report to the Members of Pluscarden Abbey leorttinuedj Year ended 31 December 2024 Auditorfs respon8ibilities for the audlt ol the financial statemonts Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl. whether due to fraud or effor, and lo issue an auditor's report that includes our opinion Reasonable assufance is a high level of assurance. but Is not a 9uaranlee that an audit conducted In accordance with ISAS IUKI will always detect a malefial misstslement when it exists Misstatements can arise Irom fraud or error and are considered material If, IndivK1ually or In the aggregate, they could reasonably be expected lo influence the economK decIs￿n5 of users taken on the basi5 of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our fesponsibililies. ouuined above. lo delecl malefial misslalemenls in re5pe¢l of irregularities, Including fraud. The extent to which our procedures are Capable of delecling iffegularities, including traud Is detaI￿d bebw.. As part of the audit planning process. the engagemenl Pfineipal and the engagement team discussed the legal and regulatory frameworks that are applicable lo the charity. The laws and fegulat￿n5 wl)ich have a direct Impact on ihe financial statements are those that relate lo regulations governing the preparation of the financial stalemenls, being the Charities and Trustees Investments Iscollandl Ael 2005, the Chaiity Accounts Iscollandl ReguLalions 2006 and FRS 102 ICharilEs SORP IFRS 10211 Other laws and regulations which would have an indirect impact. bul potentially significant effect on the operations of the charity are employment and health and safety laws, as well as UK lax laws. The engagement Pfincipal and the engagement team discussed nonJy. in accordance with Regulatson 10 of the Charitie3 Acc(xJnlS IS¢olL4ndl Regulat￿n3 2006 Our audit work has been un¢Jertaken so that we mwJht state to the charty's members those matters we are wuifed to state to them In an auditor's report and fly rK) olh8r purpose. To the fullast extant ￿rrnItted by law. we éo nol accept or assume responsibility to anyone other than the tharity and the chanty's members as a bcdy. for our audit work for this ret)ort tr for the opinbons V￿ have formed For and on behalf of Rilsons Chartered Accountants & Stslutory Audrtor 103 High Streel ELGIN Moray IV30 1EB 26 September 2025 11 Pluscarden Abbey Statement of Financial Activities Year ended 31 December 2024 2024 Restricted funds Total funds 2023 Unreslricled funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income Other income 370.196 47.694 67,597 146,012 516.208 47.694 67.597 453,471 32,139 62,352 29.008 87,216 58.175 12,000 70.175 Total incorne 543,662 158.012 701,674 664,186 Expenditure Expenditure on raising funds. Costs of raising donations ano legacies Costs of other trading activities Investment management costs Expenditure on charitable actrvities Total expenditure 13591 125,2141 12.5951 1548.1271 1576,2951 10 11 12.13 147.3721 147,3721 1493.1981 1540.570) 112.9441 1506, 1421 {12.9441 1553.5141 Net gains on Investments 14 17,559 Net income 3.092 145,068 148.160 105,450 Transfers be￿een fvnds 145.C68 1145.0681 Net mov•rngnt in funds 148,160 148,160 105.450 Reconciliation of funds Total funds brought forward Totsl funds carried foThvard 4.887,656 4.887.656 4,782,206 5.035.816 5.035.816 4.887 656 The statement of financial activities Include5 all gains and losses recognised in the year All income and expenditure derive from continuing activitie5. The notes on pa9es 15 to 26 fom) part of these financial statemen13. 12 Pluscarden Abbey ststemant of Financial Position 31 December 2024 2024 2023 Fixed assets Tangible fixed assets 19 4.844.001 2,743,064 Current assets Stock5 Debtors Cash at bank and In hand 20 21 33.244 31.747 239.133 43.486 151,477 2.142.169 304. 124 2,337.132 Creditors.. amounts falling due within one year Net current assets 22 1112.3091 1192.540) 2.144.592 191.815 Total assets less currènt Ilabillti•s 5.035.816 4.887.656 Net assets 5,035,816 4,887,656 Funds of the chartty Unrestr￿ted fu￿$ 5.035,816 4,887,656 4,887,656 Total charity funds 24 5.035,816 These finanaal statemen15 were approied by ihe board Df trustees and authori*d for issue on 26 Sepiembe" 2J25. 2nd are signed on behalf of the bowd by. Thg ngt•¥ on p•9M 1S tè 26 fom) part of fin•n¢ial statement¥. 13 Pluscarden Abbey Statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operating activities Net Income 148 160 105.450 Adjustments for." Depreciation of tangible fixed assets Nel gains on investments Dividend5. 1nterest and rents frorn investments Interest payable and similar charges Gains on disposal of tangible fixed assets Accrued expensesllincome} 43.616 94.488 117,5591 129.0081 {5,4171 14,4711 17,123 Changes in.- Stock5 Trade and other debtors Trade and other creditors 10 242 119,730 197.3541 241.522 15.8741 154,8441 137.325 Cash generated from operabons 220.090 Interest paid Nel cash from 0￿ratIng act1vrt￿S 151 241.517 220.090 Cash flows from investing activities Dividends. interest and rents from Investments Purchase of tangible as5els Proceeds from sale of tangible assets Proceeds from sale of other investments 29,008 1670,8451 34.500 1,923,081 12. 144.5531 Nel cash (used inllfrom investing ath"vits"es 12. 144.5531 1.315,744 Net {decreaseVincrease in cash and cash equivalents Cash and cash equivalents ot beginning of year Cash and cash equivalents at end of year 11.903.036) 1,535.834 2.142,169 606.335 239, 133 2.142.169 notes on pages 1S to 26 fomi part of these financial 6tatements. 14 Pluscarden Abbey Notes to the Financial Statements Year ended 31 December 2024 General information The charity is a public benefit enlrty and a re9islered charity In Scotland and is unin¢orporaled. The address of the pnncipal office is Pluscarden Abbey. ELGIN. IV30 8UA. Statemonl of ¢omplianco These financ￿1 statements have been prepared in ¢ompliance with FRS 102, 'The Financial Reporting Sl8nd8rd applicable in the UK and the Republic of Ireland.. the Slalemenl of Recommended Practi￿ applicable to charrt￿$ preparing their accounts in aCC￿rdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities and Trustee Investment (Scotlandl Act 2005 and the Charity Accounts Iseollandl Regulations 20L% las arr£ndedl. Accountlng pollcles 8•8is of prepar•tlon The financial Stalen￿nts have been prepared on the histor￿al cost basis. as modified by the revaluation of certain financ￿1 assets and Iiabilil*s and Investment properties measured al fair value through Income or expendrture. The financial Stslements a￿ prepared In sterting, which is the funthonal currency of the entsly. Golng concorn Al the time of approving the accounts. the Trustees have a reasonable expectation that the ¢harity has adequate resources lo continue in operational existence for al least the next ￿e1ve months. Thus the Trustees continue lo adopl the going conorn basis ol accounting in PT8paring the accounts. Judgements and key 8our¢o8 of ••tlm4tbon une•rt*lnty The preparation of the financial statements requires the trustees lo make iudgemenls, eslimales and assumptions about the carrying 8munl ol assets and liabilities that are not readily apparent from other sources. These estimates and judgements are continually reviewed and are based on hi$loncal experience and other factors. Including expectstions of fvture events that ale believed lo be ￿asOnable under the circufftstances. that are COns￿ere￿ to be relevant. Actu81 results may differ from these estimates. Key sources of eslimalhm uncertainty Accounting eslimales and assumptions are made con¢efnillg the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of eslimalion uncertainty that have a Signifi￿￿1 nsk of causing a material adiustmenl lo the carrying amounts of assels and Iiabililies within the next financial year are as follows.. Useful life of tangible fixed assets The assessment of the eslimaled usefvl INes and residual values of tangible fixed assets involves judgements and esbrnales regarding the anticipated purpose and use of the asset and the period ol time in which the asset can adequately perfom rts anlicipaled role before Il becomes ineffective or obsolete. These judgements and estimates can have a direct impacl on the depreciation charge and the Ca￿lThg value of lan9ible fixed assets. The trustees review these judgements and estimates as required at least on an annual basis. 15 Pluscarden Abbey Notes to the Financial Statements (eOllIinL￿￿1 Year ended 31 December 2024 Accounting policies l¢onliniwdl Fund accounting Unreslricled funds are available for use at the discretion of the Iruslees lo further any of the charity's purposes. Designated fvnds are unrestricted fvnds earmarked by the trustees for particular futufe project or commitment. Restn'cted funds are subjected to restnth'ons on their expenditure declared by the donor or through the terms of an appeal, and fall into one of tsvo sutKlasses." resthcted income funds Of endowment funds In¢oming resources All income Is Included in the ststemenl ol financial activities when entitleFTienl has passed lo the charity. it Is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliabty measured. The following specific policies are applied lo particular categories of income. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless ttrformance conditions require cleferral of the amount Income lax recoverable in relat50n to donations retsived under Gift Aid or deeds of covenant is recognised al the lime of the donation. Donations. legacies and similar incoming resources are included in the year in which they are receivable. which is when the charity becomes enlEtled to the resour Legacies are classified as receivable when rt is probable that the charty rs enb.tled to them and that the amount receivable can be quantified. Income from Interest and dividends is recognised when its re￿ipl is probable and the amount reeeivable can be measured reliably Resourees expended All expenditure is Included on an aecruals basis and rs recc#Jnised when there is a legal or corsslruclive obligation lo pay for expenditure. All costs have been directly attributed to one of the functional categories of resources expended in the State￿Ent of Financial Activities. Household expenditure relates to the costs of maintaining the Abbey and the living costs of the brethren. Other expenditure relates to the costs of performing the work of the monastery. Administration expenses are costs Incurred lo assist in the completion of the actsvities of the brethren and the Abbey. Govemance cosls are the costs associated wrth the fiJ￿IMent of conslilutional and slalulory requirements Tangible assets Tangible as5e15 are initialty recorded al cosl. and subsequently slated at cost less any accumulated deprecialion and impairment losses. Any tangible assets carried at revalued amounts are re¢orde(l at the fair value at the date of revaluats.on less any subsequent accumulated depreciation and subsequent accumulated Impairment losses. 16 Pluscarden Abbey Notes to the Financial Statements (contynu¢dJ Year ended 31 December 2024 Accounting policles (continu•dJ Tangible assets {¢onlln¢MdJ An increase in the carrying atT￿nt of an asset as a fesull of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial aclivilies. A decrease in the carrying amount of an asset as a result of revaluation, is recognised In other recogn15ed 9ains and losses, except lo which il offsets any PreV￿￿S revaluation gain, in whKh case the loss Is shown wilhin other recognised gains and losses on the statement of financial activities. D•preciatlon Depreciation is caleul8ted $0 as lo wrrte off the cost or valuats.on of an asset, less its residual value. over the useful economic life of that asset as follows.. Freehold Pfoperty Heritage asset Fixtures and littings Motor vehicles 2% slraffjht line & 10-15% reducing balance 4% reducing balance 10-15% reducing balance 25% reducing balance Impalmient ol fixed assets A review for indicators ol impairment Is camed out at each reporting dale. with the recoverable amount being eslimaled where such Indicators exist. Where the carrying value exceeds the recovefable amount. the asset is impaired accofdingty Pnor impaimients are also reviewed for possible reveisal al each reporting date. For the purposes of impairment testing, when it 1$ not possible to e$limale the recoverable amount ol an individual asset. an estimate is made of the recoverable amount of the cash-generaling unil to which the asset bebong$. Stocks Stocks are measured al the lower of cost and eslirnated selling price less costs lo complete and sell Cost includes all costs of purchase. costs of conversK)n and other costs Incurred in bringing the stock to its present lo¢alion and ¢ondilion. Fln•n¢l•l In$tTuments A financial asset or a financial liability is recognised only when the entity becomes a paty lo the conlraclual provisions of the instrument. Basic financial inslrumenls, wh￿h include debtors, credrtors and cash and bank balances. are Initially recognised al the arr￿Unt receivable or payable Including any relaied transaction costs, unless the arrangement conslitules a financing transaction, where rt is fecognised al the present value of the future payments discounted al a market rate of Interest for a similar debt Inslrumenl. Current assets and current liabilrt*s are subsequentty measured al the cash or other cOnS￿eTa￿On expected to be pa￿ or received and not discounted. Defined contribution plans Conlribulions to defined contribution pkqns are r￿nISed as an expense in the period in which the related service 1$ provided. 17 Pluscarden Abbey Notes to the Financial Statements {COntinu￿) Year ended 31 December 2024 Donations and legacies Unrestftcted Funds Restncted Total Funds Funds 2024 Donations Donations and gifts 150.934 146.012 296.946 Legacies Legacies receNable 175,024 175.024 Gifts Other 44.238 44.238 370.196 146,012 516.208 Unrestricted Funds Restricted Totsl Funds Funds 2023 Donations Donations and gifts 132,442 131,224 263,666 Legacies Legacies receivable 151.371 151.371 Glfts Other 38.434 38,434 322,247 131.224 453,471 Charltable acllvltles un￿strICted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Stipends Covenants P.K.E.R. Other reslricled activities 19.704 25.565 2.425 19.704 25.565 2.425 14,582 10,178 2,103 5.276 14,582 10,178 2.103 5.276 47,694 47.694 32.739 32.139 Other trading activilies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Trading income 67.597 67,597 62.352 62.352 18 Pluscarden Abbey Notes to the Financial Statements (conlinuedj Year ended 31 December 2024 Investment income Unrestncted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investment5 29,008 29,008 Other income Unrestricted Funds Restricted Total Funds Funds 2024 Gain on disposal of tangible fixed assets held for charity's own use Other income 58.175 12.000 70,175 58.175 12,000 70,175 Unrestricied Funds Reslricled Totsl Funds Funds 2023 Gain on disposal of tsngible fixed assets held for charity's own use Other incorne 5.417 81.799 5,417 81.799 87,216 87.216 All other in￿rne in the Cul￿nt and Pfior yeaf ts unrestricled in nature. Included in other income is boiler income of £32,352 {2023 - £35,120> and pension income of £13, 151 12023 - £10.8171 Costs of raising donations and legacies Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Costs of fundraising and publicty 359 359 10. Costs of other trading activities Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Costs of other trading activities - Shop costs 47.372 47.372 25,214 2S,214 11. Investment management costs Unrestricted Total Funds unrestn.cted Total Funds Funds 2024 Funds 2023 Investment manageff￿1 2,595 2.595 19 Pluscarden Abbey Notes to the Financial Statements (continu￿) Year ended 31 December 2024 12. Expenditure on ¢harltsble activrtles by fund type Unrestricted Funds Restncted Total Funds Funds 2024 Worship Household and reception Support costs 127.776 347.622 17,800 127.776 360.566 17.800 12.944 493,198 12.944 506,142 Unrestricted Funds Restricted Total Funds Funds 2023 Worship Household and Teceplion Support costs 214,834 298,176 21,560 214,834 311,733 21,560 13,557 534.570 13,557 548,127 13. Expendlture on charltable actlvltles by actlvlty ty ActivIt￿S undertaken direclty Support Tolal fund8 costs 2024 Total frJnd 2023 Worship Household and reCept￿n Governance costs 127.776 127.776 360.566 17.800 214.834 311733 21.560 17.800 488.342 17,800 506,142 548,127 14, Net galns on Investments Unrestricled Total Fund8 Unreslricled Total Funds Funds 2024 Funds 2023 Gainslllossesl on listed Investrnenls 17,559 17.559 15. Net Income Nel income is ststed after ¢hargingllcreditingl'. 2024 2023 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 43,616 94,488 15,4171 16. Audltor8 remuneration 2024 2023 Fees payable for the audrt of the financial state￿ents 17.8(M) 21.560 Pluscarden Abbey Notes to the Financial Statements (COftlinutdJ Year ended 31 December 2024 17. Staff costs The lolal staff costs and employee benefits for the reportin9 per￿ are analysed as follows.. 2024 2023 Wages and salaries Employer conlfibutsons lo PenS￿n plans 34,011 807 47.882 1.041 34,818 48,923 The average head count of employees during the year was 2 {2023' 2). No employee received employee benefits ol nKtrre than £60,(KJO during the year12023.' Nill. 18. Truste• romuneration and oxponsos None of the trustees {or any persons connected with them) received any remuneration from the charity durin9 the year The trnstees of the chanty are also members of the Community and as such have taken vows of poverty under whi¢h they have renounced all personal nghls to Income and capital. The Charity provides for the essential needs ol all membefs ol the Community. The living costs of the Iruslees are therefo￿ bome by the Chanty. 19. Tanglble flxod assots Freehold propety Church Fixtures and Organ fittings Motor vehicles Total Cost Al 1 January 2024 Additions 3,379.974 2. 128.052 53,024 503.268 16.501 74,839 4.011,105 2,144,553 At 310•cember 2024 5.508.026 53,024 519.769 74.839 6,155,658 Depreclatlon Al 1 January 2024 Charge for the year At 310ecember 2024 843.471 16.165 34.681 734 354.153 16.940 35.736 1.268.041 9.777 43,616 859,636 35.415 371.093 45.513 1,311,657 Carrylng amount At 31 December 2024 4,648,390 17,609 148.676 29.326 4.844.001 At 31 Decemb8r 2023 2,536,503 18,343 149,115 39.103 2,743.064 As deseribed in the Trustees, Report, the Abbey has origins dating back hundreds of years. The structure from which the Abtey Is built. together wilh several Surrounding structures. have their origins dating back lo these tsmes and have g￿at significance and prominence in the Moray area, as such no reasonable esbmate of value can te made and therefore no cost ha5 been recognised within freehol¢J land and buildings. 21 Pluscarden Abbey Notes to the Financial Statements fttitht￿d) Year ended 31 December 2024 20. Stocks 2024 2023 Finished g¢)ods and goods for resale 33.244 43,486 21. Debtors 2024 2023 Trade debtors Prepayments and accrued Incorre Other debtors 61 18,171 13,515 61 14,882 136.534 31.747 151,477 22. Creditors: amounts lalling due within one year 2024 2023 Trade creditors Accruals and deferred income Other credilors 18,743 36,321 57,245 159.933 19,198 13409 112,309 192 540 23. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense In relation lo defined contnbution plans was £80712023. £1.0411 22 Pluscarden Abbey Notes to tho Financial Statements (eontinu Year ended 31 December 2024 24. Analysis of charitable funds Unrestricted funds At 1 Jan 2024 Gains and losses At31 Dec 2024 Ir￿ Expenditure Transfers General funds Revaluation reserve 4,887,656 543,e62 1540,5701 I45.(￿8 5,035,816 4,887.656 543,662 1540,570) 145,Ch88 5.03S,816 Gains and losse$ A131 Dec 2023 1 Jan 2023 InconE Expenditure Transfers General funds Revalualion reserve 4,550.545 532,962 1562,3791 276,530 89.998 4.887,656 72.439 (72.4391 17.559 4.887.656 4,622,984 532,962 1562,3791 276,530 23 Pluscarden Abbey Notes to the Financial Statements (conbntl Year ended 31 December 2024 24. Analysis of charitable funds i¢tintiftued) Restricted funds At 1 Jan 2024 Gains and At31 losses Dec 2024 Income Ex￿ndit￿re Transfers Restoration Fund Abbot Visitors Fund South Range Project Foundation Masses Priory lodge 146.012 19441 1145.068 12,000 112.0001 112,9441 1145.0681 158.012 At 1 Jan 2023 Gains and losses A131 Dec 2023 Income Ex[￿dItU Transfers Restoration Fund Abbot Visitors Fund South Range Project Foundatson Masses Priory lodge 73.750 173,7501 1.751 500 {2.2871 36.959 130.724 111.6291 1156.054 46.762 146.7621 159.222 131.224 113.9161 1276.5301 24 Pluscarden Abbey Notes to the Financial Ststements (continued) Year ended 31 December 2024 24. Analysis of charitable funds (conuftued) The Restoration Fund represents lunds given lo the Abbey to be used during renovation projects for the upkeep and maintenance of the Abky The fund was used towards the South Range Project during the prevh)us yeaf, therefore the balance was Iransfeffed lo unrestncted. The Abbot Visitor is the superior of the English Province of wh￿h the Abbey ts a part. For the eight year period of his office. the Abbey received money from other monasteries on his behalf and paid for his expenses incurred Whi￿ carrying out the dutEs of his office. However. the former Abbot Visitor resigned in Ihe previous year. and the new Abbot Visitor is part of another community. Incurring expenses for his travel will continue, however rr*)ney will no longer be received. The balance was spent in the previous year. The South Range is a project stsrted by the Abbey in order lo extend and improve the women's aceommodation al the Abbey and also create an Information ¢enlre lo enable visitors lo understand and beller Interpret the life and history of the Abbey Various donations have been received and fundraising activities undertaken lo raise funds lor the furtherance of this proie¢t. The costs of the South Range Projeel Included in fixed as$et$ In the year have exceeded the restricted fvnd, therefore the bala[￿e has t)een transferred lo Un￿sIr￿led. The Foundation Masses fepresenl funds given lo the Abbey by individuals who wish masses to be saitj for them over a peric¥J of up lo 25 years. There is no restriction on the use of the income, therefore the balance was Èeen transferred lo unreslricled In the previous year. A grant was received from the Columba Trust to assist with repairs lo the Pr¢ory Lodge. The expenses in the year exceeded the Incon￿ received. ther8fore the restrKtson has been satisfth. 25. Analysls ol not 488•ts belwoen funds Unrestricted Total Fund• Funds 2024 Tangible lixed assets Current assets 4.844.001 191.815 4,844,001 191,815 Not assets 5,035,816 S,035,816 un￿StrIcted Total Funds Funds 2023 Tangible fixed assets Current assets 2.743,064 2.144,592 2.743.064 2.144,592 Net assèts 4.887,656 4.887,6S6 26. Analy818 of changes In net debl At At 1 Jan 2024 Cash Ilows 31 Dec 2024 Cash at bank and in hand 2,142,169 {1.903.036 239.133 2S Pluscarden Abbey Notes to the Financial Statements (contlnuedj Year ended 31 December 2024 27. Capital commitrnents Capital expenditure contracted for but not prOV￿ed for in the financial statements is as follows". 2024 2023 Tangible fixed assets 2,047,116 28. Relatgd parties The charity did not have any rel*ed paty transacttons thal require disclosure during the reporting penod. 26