2025-10-31-accounts

Charity registration number: SC017654

Diocese of St Andrews, Dunkeld & Dunblane

Annual Report and Financial Statements for the Year Ended 31 October 2025

Morris & Young, Statutory Auditor Chartered Accountants

6 Atholl Crescent PERTH PH1 5JN

Diocese of St Andrews, Dunkeld & Dunblane

Contents

Referenceand Administrative Details	1
Administration Board's Report	2to6
Statement ofAdministration Board's Responsibilities	7
IndependentAuditors’ Report	8 to 12
Statement of Financial Activities	13 to 14
Balance Sheet	15
NotestotheFinancialStatements	16to41

Diocese of St Andrews, Dunkeld & Dunblane

Reference and Administrative Details Trustees Convenor of the Administration Board —— a Charity Registration Number SC017654 Solicitors J &H Mitchell

Trustees

J &H Mitchell 51 Atholl Road PITLOCHRY Perthshire PH16 5BU

Auditors

Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent PERTH PH1i 5JN

Page 1

Diocese of St Andrews, Dunkeld & Dunblane

Administration Board's Report

The Administration Board present their annual report together with the financial statements of the charity for the year ended 31 October 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Diocese’s founding document, applicable law and the Statement of Recommended Practice, “Accounting and Reporting by Charities”, applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Objectives and activities

Objects and aims

Our objectives and aims are focused on the good governance of the Diocese and its charges. This includes financial support of charges where necessary, advice and training. There is a continued focus on the mission activities and priorities of the Diocese. The Diocesan Administration Board works closely with the Diocesan Standing Committee to which it reports.

Grant making policies

Through the processes of the Administration Board, the Diocese provides financial support and advice to Charges, drawing from both Diocesan and Provincial resources.

Achievements and performance

It has been a challenging year. The level of reserves had dropped to a level deemed by the Administration Board to be a safe boundary in line with the Diocesan Reserves Policy, and all income was committed to support mission and ministry. To help bolster support for mission and ministry, charge quota was increased by 0.5%, in consequence we've seen a modest increase in quota received from charges - a marginal increase of 5%.

Excluding exceptional expenditure (such as disbursement of extra grants from Province), we've managed to continue to support the main mission initiatives: Centre of Mission in Central Fife, provided stipend support for the curacy in Stanley, supported stipend in Leven, curacy support in Dunblane, and provided funding support for the Fife Pilgrim Pastor (jointly funded by the Church of Scotland).

Fortunately, we have a small surplus at the end of the year.

Financial review

The financial position of the Diocese is shown in the accompanying financial statements.

The Statement of Financial Activities shows an Unrestricted Fund overall surplus of £30,990 (2024 - £6,542 deficit) after allowing for realised investment gains of £4,462 (2024 - £21,778 gains) and unrealised investment gains of £7,429 (2024 - £39,163 gains).

Page 2

Diocese of St Andrews, Dunkeld & Dunblane

Administration Board's Report

Policy on reserves

The Administration Board considers that in the event of a significant drop in funding of activities not involving the administering of Provincial grants, the reserves represented by unrestricted funds not designated for specific use are adequate to maintain the Diocese's current activities for nine months until replacement funding is obtained. It is the Board's policy to maintain that adequacy.

Unrestricted funds at the year end were £1,131,800 (2024 - £1,100,810) and restricted funds were £184,362 (2024 - £187,026).

Principal funding sources

The principal sources of funding are Quota from Charges, investment income and grant funding from the Province.

Investment policy and objectives

The investment powers of the Diocese are governed by its Constitution. The Diocese engages Evelyn Partners as investment managers. The policy is to adopt a medium risk strategy based on obtaining a balanced return from income and capital over the medium term.

Plans for future periods

Aims and key objectives for future periods

The focus of the Administration Board will remain the good governance of the Diocese, its Charges and continued investment in Mission and Ministry.

The Diocese will continue to provide financial support for Leven, for the curacies in Dunblane and Stanley, and for the Fife Pilgrim Pastor. The Diocese has also budgeted to provide support for the new linked charge of Dollar & Kinross, a mixed-mode student at the Cathedral, and a curacy commencing in June 2026.

The Diocese has received an additional one-off Mission & Ministry Support Grant from the Province after the year end, which we have dedicated to supporting training and development, particularly Lay Training. Also, a generous donor has provided funds to support Episcopal worship in Newburgh for the next five years.

Synod agreed to a further increase of Quota by 0.5%, which will come into effect in 2026, which will help sustain support throughout the Diocese.

Page 3

Diocese of St Andrews, Dunkeld & Dunblane

Administration Board's Report

Structure, governance and management

The Trustees who served during the year were:

Nature ofgoverning document

The Diocese is one of seven Dioceses of the Scottish Episcopal Church and is governed by its Constitution and Canon Law.

Recruitment and appointment of trustees

The Bishop holds office by virtue of election to the See.

The remaining Trustees hold office at the will of the Bishop.

Induction and training of trustees

New Trustees are invited to attend an orientation session with existing Trustees and senior management to familiarise themselves with the Diocese and the context within which it operates. An information pack is available for new Trustees that includes the latest Constitution, copy Minutes of Meetings of the Administration Board and copies of the last three years’ Annual Synod Papers that incorporate annual reports of the Administration Board and accounts.

Arrangements for setting key management personnel remuneration

We have had three funded part-time posts: Office Administrator, Bishop & Dean’s PA and Administrative Assistant. Ian Boa continues as Office Administrator, and Eleanor McGourty as Administrative Assistant. Recognising the close coordination of duties of Bishop and Dean, the Administration Board approved changing the role of Bishop’s Secretary to Bishop and Dean’s PA. This role is carried out by Siobhan Naughton.

Together with Brendan Grimley, Convenor of the Administration Board, the team oversees Diocesan Administration in accordance with instrustions from Standing Committee and the Administration Board.

The remuneration for the three funded posts is reviewed annually. The Convenor is not remunerated.

Page 4

Diocese of St Andrews, Dunkeld & Dunblane

Administration Board's Report

Organisational structure

The present Constitution was adopted in 2004 and contains detailed provisions regarding the Diocesan Synod that meets at least once a year (including an Agenda for the meeting and Rules of Order that are to be followed when it meets). The Constitution also details the various Committees, Boards and Area Councils that form the operational organisation of the Diocese, and it outlines the powers and immunities conferred by the Digest of Resolutions of the General Synod on the Diocesan Trustees.

In terms of its Constitution, the Diocese has four Trustees, namely the Bishop, the Dean, the Chancellor and the Registrar.

The Standing Committee acts as the Executive Committee of the Diocese between meetings of the Synod. It implements Synod decisions, supervises and receives reports from the various subsidiary Boards and Committees, and prepares for Synod meetings.

The Administration Board meets monthly, manages the administration and day-to-day finances of the Diocese with the assistance of the Office Administrator, prepares budgets and cash-flows, sets Quota levels from Charges, and prepares and presents the annual accounts for approval by the Standing Committee.

The Diocesan Buildings Committee is a sub-group of the Administration Board, with specific responsibilities to consider all proposed alterations to church buildings both internally and externally within the Diocese as prescribed under Canon 35 of the Code of Canons of the Scottish Episcopal Church. The functions of the previous Board for Mission and Ministry are now embedded in the separate Mission Board, and Ministry Board, both reporting to Standing Committee. Area Councils of Dunkeld, Dunblane, St Andrews East and St Andrews West assist with communication between Charges and the Diocese, considering mission issues of the Diocese.

The Trustees have assessed the major risks to which the Diocese is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Financial instruments

Objectives andpolicies

The Charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk.

Cash flow risk

The Administration Board has retained sufficient cash resources to meet the immediate requirements of the Diocese.

Page 5

Diocese of St Andrews, Dunkeld & Dunblane

Administration Board's Report

Credit risk

The Charity’s principal financial assets are bank balances and cash, Quota income, and investments.

The Charity’s credit risk is primarily attributable to its Quota income from Charges. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The Charity has no significant concentration of credit risk, with exposure spread over a large number of Charges.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Diocese's liquid funds are kept in a combination of non-interest-bearing bank accounts for servicing the Diocese's everyday financial needs and also an interest-bearing bank account in order to balance the need to have ready access to these funds against the desire to maximise the return on those funds.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

The Administration Board's Report was approved by the Administration Board on 9 February 2026 and signed on its behalf by:

Page 6

Diocese of St Andrews, Dunkeld & Dunblane

Statement of Administration Board's Responsibilities

The Administration Board is responsible for preparing the Administration Board's Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the Administration Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements,the Administration Board is required to:

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• ¢ make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Administration Board is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Trust Deed. The Administration Board is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 7

Diocese of St Andrews, Dunkeld & Dunblane

Independent Auditor's Report to the Members of Diocese of St Andrews, Dunkeld & Dunblane

Opinion

We have audited the financial statements of Diocese of St Andrews, Dunkeld & Dunblane (the charity’) for the year ended 31 October 2025, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, comprising Charities SORP (FRS 102) and 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 October 2025 and of its results for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 8

Diocese of St Andrews, Dunkeld & Dunblane

Independent Auditor's Report to the Members of Diocese of St Andrews, Dunkeld & Dunblane

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Administration Board's Report. We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Page 9

Diocese of St Andrews, Dunkeld & Dunblane

Independent Auditor's Report to the Members of Diocese of St Andrews, Dunkeld & Dunblane

Responsibilities of trustees

As explained more fully in the Statement of Administration Board's Responsibilities (set out on page 7), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• e the nature of the regulated sector, control environment and understanding of the entity including, but not restricted to, the prevalence of fraud in the sector especially in the current uncertain economic environment;

• • results of our enquiries of trustees about their own identification and assessment of the risks of irregularities;
• • any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:

• e identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• e detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

• e the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

Page 10

Diocese of St Andrews, Dunkeld & Dunblane

Independent Auditor's Report to the Members of Diocese of St Andrews, Dunkeld & Dunblane

• the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the charity's own Trust Deed, and various charity-specific legislation, including The Charities and Trustee Investment (Scotland) Act 2005.

Our procedures to respond to risks identified included the following:

• e reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• ¢ enquiring of Trustees and legal advisors concerning actual and potential litigation and claims;

• ¢ performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance,

• • tested a sample of income for understatement and other relevant audit procedures while consideration was given to revenue recognition;

• tested a sample of expenditure for overstatement and other relevant procedures;

• • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Page 11

Diocese of St Andrews, Dunkeld & Dunblane

Independent Auditor's Report to the Members of Diocese of St Andrews, Dunkeld & Dunblane

Use of our report

This report is made solely to the charity trustees, as a body, in accordance with section 44 (1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

_

Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Chartered Accountants

6 Atholl Crescent PERTH PH1 5JN

20 February 2026

Page 12

Diocese of St Andrews, Dunkeld & Dunblane

Statement of Financial Activities for the Year Ended 31 October 2025

==> picture [457 x 342] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2025|2024| |Note|£|£|£|£| |Income|and|Endowments|from:| |Quota,|donations &|legacies|2|272,833|500|273,333|300,531| |Charitable|activities|3|158,962|17,127|176,089|159,810| |Investment|income|4|7,669|2,250|9,919|19,616| |Total|Income|439,464|19,877|459,341|479,957| |Expenditure|on:| |Raising|funds|5|(611)|(424)|(1,035)|(2,842)| |Charitable|activities|6,7|(419,754)|(28,339)|(448,093)|(534,995)| |Total|Expenditure|(420,365)|(28,763)|(449,128)|(537,837)| |Net|movement|in|funds| |before|gains/(losses)|on| |investment|assets|19,099|(8,886)|10,213|(57,880)| |Gains/(losses)|on|investment| |assets|11,891|6,222|18,113|92,381| |Net movement|in|funds|30,990|(2,664)|28,326|34,501| |Reconciliation|of funds| |Total|funds|brought forward|1,100,810|187,026|1,287,836|1|253,530| |Total funds carried|forward|20|1,131,800|__184,362_|__1,316,162|__1,287,836_|

----- End of picture text -----

Page 13

Diocese of St Andrews, Dunkeld & Dunblane

Statement of Financial Activities for the Year Ended 31 October 2025

==> picture [457 x 306] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |funds|funds|2024| |Note|£|£|£| |Income|and|Endowments|from:| |Quota,|donations &|legacies|261,250|39,281|300,531| |Charitable|activities|125,845|33,965|159,810| |Investment income|4|15,261|4,355|19,616| |Total|income|402,356|77,601|479,957| |Expenditure|on:| |Raising|funds|(1,885)|(957)|(2,842)| |Charitable|activities|(467,954)|(67,041)|(534,995)| |Total|expenditure|(469,839)|(67,998)|(537,837)| |Gains/(losses)|on|investment|assets|60,941|31,440|92,381| |Net (expenditure)/income|(6,542)|41,043|34,501| |Net movement|in|funds|(6,542)|41,043|34,501| |Reconciliation|of funds| |Total|funds|brought forward|1,107,352|145,983|1,253,335| |Total|funds carried forward|20|__1,100,810_|__187,026_|__1,287,836_|

----- End of picture text -----

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 20.

Page 14

Diocese of St Andrews, Dunkeld & Dunblane

(Registration number: SC017654) Balance Sheet as at 31 October 2025

==> picture [421 x 312] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2025|2024| |Note|£|£| |Fixed|assets| |Tangible|assets|13|525,431|527,636| |Investments|14|743,999|776,097| |1,269,430|1,303,733| |Current|assets| |Debtors|15|38,160|34,063| |Cash|at bank and|in|hand|16|86,895|111,323| |125,055|145,386| |Creditors:|Amounts|falling due within one year|17|(78,323)|(161,283)| |Net current assets/ (liabilities)|46,732|(15,897)| |Net assets|1,316,162,|__1,287,836_| |Funds|of the|charity:| |Restricted|income|funds| |Restricted|funds|184,362|187,026| |Unrestricted|income funds| |Unrestricted|funds|1,131,800|1,100,810| |Total funds|20|1,316,162,|__1,287,836|

----- End of picture text -----

The financial statements on pages 13 to 41 were approved on behalf of the Administration Board by the Standing Committee, and authorised for issue on 9 February 2026 and signed on its behalf by:

Bishop

Page 15

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Diocese meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are presented in sterling (£).

The Administration Board consider that there are no material uncertainties about the Diocese's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations include, where applicable, Gift Aid Tax recovered thereon and are recognised in the year of receipt. Legacies are recognised at the earlier of when they are received or when they can be accurately quantified. Quota from Charges is credited to the Statement of Financial Activities (SOFA) in the year for which they are receivable.

Investment income

Income from investments and rental income is included in the SOFA in the year of receipt.

Page 16

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Raising funds

Costs of raising funds are investment management fees and costs of managing investment properties.

Charitable activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Charitable activities include Provincial Quota that is charged to the SOFA in the year for which it is payable.

Grant expenditure

Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the Diocese gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specific service or output.

Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the Diocese.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. staff time or usage.

Page 17

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Governance costs

These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustee’s meetings and reimbursed expenses.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation The Diocese is a registered and recognised Charity for the purposes of applicable taxation legislation and is not therefore subject to taxation on its charitable activities. See Note 13 below.

Tangible fixed assets Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation.

Individual fixed assets costing £50 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Depreciation method and rate Freehold interest in land and buildings nil Fixtures, fittings & equipment 2 to 10 years

The cost of land included in the balance sheet but not depreciated is £513,672.

No depreciation is charged on land and buildings because they are maintained in a state of repair such that the estimated residual value of land and buildings at the date of the balance sheet is not less than their net book value. The annual charge for depreciation would therefore be immaterial.

Investment properties

Investment properties were previously included in the balance sheet at their market value. Under FRS 102 the cost model has been adopted.

Page 18

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Fixed asset investments Fixed asset investments are included at market value at the balance sheet date.

The policy of recognising financial investments at their market value gives rise to unrealised gains or losses that are disclosed in the SOFA.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the SOFA in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Trade debtors

Trade debtors represent Quota due from Charges. Quota is payable one month in arrears.

Trade creditors

Trade/other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at their settlement amount after allowing for any trade discounts due.

Fund structure

Unrestricted income funds are general funds that are available for use at the Administration Board's discretion in furtherance of the objectives of the Charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the Administration Board. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Further details of each fund are disclosed in Note 21.

Hire purchase and finance leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the SOFA on a straight line basis over the lease term.

Pensions and other post retirement obligations

The Diocese is required to offer its employees participation in the defined benefit pension scheme of the Scottish Episcopal Church, which is further detailed in Note 19 below. Pension costs charged in the SOFA represent the contributions payable by the Diocese in the year.

Page 19

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2 Income from Quota, donations and legacies

	Unrestricted funds	Unrestricted funds
	Designated £	General £	Restricted funds £	Total 2025 £	Total 2024 £
Quota, donations
and legacies;
Donations and
gifts	5,226	:	500	5,726	46,699
Quota from Charges	-	267,607	-	267,607	253,832
	5,226	267,607	500	273,333	300,531
3 Incomefrom	charitable activities
		Unrestricted
		funds General £	Restricted funds £	Total 2025 £	Total 2024 £
Grants and donations payable		158,962	2,833	161,795	147,520
Retreataccommodation		-	14,294	14,294	12,290
		158,962	17,127	176,089	159,810

Page 20

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Grants and donations payable

		Unrestricted Finke	Unrestricted Finke		Total	Total
			General	Restricted funds	2025	2024
Provincial grants - Operations	Diocesan		£	é	é	é
Dean'sAllowance Othergrants			4,000 1,836 5,836	- : -	4,000 1,836 5,836	3,523 : 3,523
Provincial grants -	Charges
Operations
Mission& Ministry Support			61,713	-	61,713	61,036
Dunderdale - Endowment Charges		of	12,200	7	12,200	10,967
Recovery& Renewal Fund			-	-	-	=
Curacy - St Mary's, Dunblane			30,039	-	30,039	29,680
Curacy - StColumba's, Stanley			29,111	-	29,111	2,519
Transitional Stipend Assistance			-	2,833	2,833	21,675
Global Partnerships - Companionship			-	-	-	800
: Relations
		733,063		—~—~CS~~BWB.=S”~~~«iSBGSCt«‘“‘«‘«éi‘
Bishopric grants - Dunderdale Fund			18,033	-	18,033	15,877
Bishopric grants -	Bishop's		.	.	'	.
Emergency Fund
Contextual Student	Housing		417		417	.
Allowance
Carsaig Cottage Fund			1,613 30,068	- 1,613 ~—SO”~C*«~C«SZOEHs		1,443 S~S~=«w,320
Total Grants and payable	donations		=— 158 962	2,833	161,795	147,520
Retreataccommodation
			Unrestricted funds		Total	Total
			General	Restricted fons	2025	2024
			£	£	£	£
Croftcarnochrentalincome			-	14,294	14,294	12,290

Page 21

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

==> picture [452 x 247] intentionally omitted <==

----- Start of picture text -----
4 Investment income
Unrestricted funds
Restricted Total Total
Designated General funds 2025 2024
£ £ £ £ £
Income from
dividends;
Dividends
receivable from
listed
investments 370 5,102 1,619 7,091 16,654
Interest receivable
and similar
income;
Interest
receivable on
bank deposits 169 2,028 631 2,828 2,962
539 7,130 2,250 9,919 19,616
----- End of picture text -----

Page 22

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

5 Expenditure on raising funds

a) Investment management costs

==> picture [450 x 156] intentionally omitted <==

----- Start of picture text -----
Unrestricted
Total Total
Designated General Restricted 2025 2024
£ £ £ £ £
Other investment
management
costs;
Amounts
payable to
investment
managers 76 535 424 1,035 2,842
76 535 424 1,035 2,842
----- End of picture text -----

Page 23

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

6 Expenditure on charitable activities

==> picture [455 x 273] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted funds|Restricted|Total|Total| |Designated|General|funds|2025|2024| |£|£|£|£|£| |Grants|and| |donations| |payable|7,063|105,657|-|112,720|126,180| |Ministry| |expenditure|880|167,155|-|168,035|208,836| |Provincial| |support|-|99,295|-|99,295|93,678| |Retreat| |accommodation|-|-|24,075|24,075|26,733| |Recovery &| |Renewal|Fund|-|-|930|930|18,183| |St|Fillan's,|Killin| |Fund|-|-|500|500|450| |Transitional| |Stipend| |Assistance|Fund|__—2,|834|2,834|21,675| |7,943|372,107|28,339|408,389|495,735|

----- End of picture text -----

Page 24

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

7 Analysis of governance and support costs

Governance costs

	Unrestricted
	funds General £	Total 2025 £	Total 2024 £
Staff costs
Wagesand salaries	19,909	19,909	18,083
Social security costs	730	730	566
Pension costs	3,874	3,874	4,753
Audit fees
Audit ofthe financial statements	3,569	3,569	3,399
Otherfees paid to auditors	4,363	4,363	4,155
Legal fees	2,278	2,278	3,000
Depreciation, amortisation and other similar costs Othergovernance costs	238 4,743	238 4,743	361 4,943
	__39,704	_39,704	__39,260.

Page 25

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

==> picture [451 x 181] intentionally omitted <==

----- Start of picture text -----
8 Grant-making
Grants to Grants to
institutions individuals Total Grants Total Grants
2025 2025 2025 2024
£ £ £ £
Grants and donations payable 105,827 833 106,660 156,671
Number of
grants Total 2025 Total 2024
£ £
Provincial grants 4 39,006 73,063
Diocesan grants 10 67,654 83,608
----- End of picture text -----

Page 26

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Disbursement of Provincial grants:
	yen	Total2025	2025	Total2024
Recovery&Renewal Fund
StColumba's, Stanley	-		-	7,875
StColumba's, Aberdour	-		-	2,634
StJohn's, Perth	-		-	1,686
Holy Trinity, Stirling	-		-	1,686
HolyTrinity, Dunfermline	-		-	1,686
St Paul's, Kinross	-		-	1,686
	SS	Oe
Curacygrant -St Mary's, Dunblane	—————T	3087		31,615
Curacy grant - StColumbas, Stanley	1 rT	5,297 —36173		2,520 —~«S=AS
	TTT
Transitional Stipend Assistance Fund
StColumba's, Aberdour	-		-	560
St Mary's, Aberfoyle	-		.	1,203
St Michael&All Angels, Ballintuim	-		-	463
St Mary's, Burnam&Dunkeld	-		.	1,400
St Serf's, Burntisland	-		-	560
StAndrew's, Callander	-		-	648
StJamestheGreat, Dollar	-		-	1,388
St Mary's, Dunblane	-		-	1,850
HolyTrinity, Dunfermline	-		-	1,850
St Luke's, Glenrothes	-		-	1,665
St Peter's, Inverkeithing	-		-	560
St Paul's, Kinross	-		-	1,850
StJohn's, Perth	-		-	1,850
Diocese ofStAndrews, Dunkeld & Dunblane	1		1,836	-
Holy Trinity, Stirling	-		-	1,462
StCatherine's, Blaigworie	-		-	700
StJames the Great, Cupar	-		-	1,400
StJohn's, Forfar	-		-	463
StAndrew's, StAndrews Total Provincial Grants	1 2 ar	:	997 2833 ~~ 39,006
	_—

Page 27

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Disbursement of Diocesan grants:

==> picture [453 x 423] intentionally omitted <==

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |pil|Total 2025|Total 2024| |Charges re Dean|1|4,500|4,500| |°|°|500| |Robing|grants| |Endowment|of Charges grant|t|12,200|10,967| |”|”|3,982| |Mixed-mode|grant| |2|8,568|24,420| |Curacy|grants| |Stirling|University|Chaplaincy|grant|1|2,917|2,083| |.|239|:| |Sundry|grants| |7|:|240| |Pastoral|supervision|grant| |Contextual|student housing|allowance|1|833|°| |Fife|pilgrim|pastor grant|1|1,875|:| |Stipend support|2|36,522|36,916| |-|-|.| |Charges|support| |10|67,654|83,608| |9|Net incoming/outgoing|resources| |Net|incoming/incoming/(outgoing)|resources|for the|year|include:| |2025|2024| |£|£| |Operating|leases|-|plant and|machinery|4,344|4,344| |Operating|leases|-|other assets|8,368|8,368| |Audit|fees|3,569|3,399| |Other|non-audit|services|57,728|54,783| |Gain|on|disposal|of fixed|assets|held|for the|charity's|own|use|-|286| |Depreciation|of fixed|assets|3,501|4,109|

----- End of picture text -----

Page 28

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

10 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

a 1,982) ESTAof expenses were BishopreimbursedreceivedtoremunerationZS of £51,132Bishop(2024:during£48,885)the year. and £3,181 (2024:

Travel costs £2,172 (2024: £1,480) Telephone, broadband, postage & stationery £964 (2024: £293) Repairs £45 (2024: £40) Entertaining £nil (2024: £169)

Pension contributions of £8,060 were paid by the Diocese in respect of the Bishop during the year (2024: £10,494)

At the balance sheet date the amount dueto Bishop was £232 (2024: £207).

HE Registrar GEE Registrar is a partner of J & H Mitchell who are legal agents for the Diocese. charged the Diocese Registrar's Fees of £2,278 (2024: £3,000) and legal fees of £246 (2024: £1,262) in respect of services provided during the year.

At the balance sheet date the amount due tof Registrar was £3,000 (2024: £3,000).

The Very Rev Canon G Taylor, Dean £1,270 (2024: £1,459) of expenses were reimbursed to The Very Deen curing the year.

Travel costs £529 (2024: £945) Telephone, postage, stationery & miscellaneous £36 (2024: Enil) Entertaining £705 (2024: £514)

During the year £311 was paid for Trustee Indemnity Insurance cover (2024: £311).

Page 29

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

11 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
	2025	2024
	£	£
Staffcosts during the yearwere:
Wages and salaries	99,546	97,877
Social security costs	3,895	2,829
Pension costs	19,371	26,166
	122,812	126,872

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

	2025	2024
	No	No
Clergy	1		1
Operational	“		2
Administration	3		2
	aS	—e

4 (2024 - 5) of the above employees participated in the Defined Benefit Pension Schemes. Contributions to the employee pension schemes for the year totalled £19,371 (2024 - £26,166).

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £28,299 (2024 - £26,984).

Page 30

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

12 Taxation

The charity is a registered charity and is therefore exempt from taxation. Relief from tax is therefore due under Section 505 of the Income and Corporation Taxes Act 1988 under Scottish Charity Number SC017654, Tax Reference CR37942.

13 Tangible fixed assets

13 TangibleTangible fixed assets
		Furniture
	Land and	and
	buildings	equipment	Total
	£	£	£
Cost
At 1 November 2024	513,672	57,022	570,694
Additions	-	1,296	1,296
At 31 October 2025	513,672	58,318	571,990
Depreciation
At 1 November 2024	-	43,058	43,058
Charge fortheyear	:	3,501	3,501
At 31 October 2025	-	46,559	46,559
Net book value
At 31 October2025	513,672	11,759	525,431
At 31 October 2024	513,672	13,964	527,636
Landand buildings
	£
Sunnybank, 9Verena Terrace, Perth - atcost	492,400
Croftcarnoch Cottage, Killiecrankie, Perthshire - at cost	21,272
	513,672

The properties listed above excludes any property in the name of the Diocese having a "nil" cost for accounts purposes.

The above assets are used for direct charitable purposes.

Page 31

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

14Fixed asset investments	14Fixed asset investments
		2025	2024
		£	£
Investment properties Other investments		227,446 516,553	227,446 548,651
		743,999	776,097
Investment properties
			Investment
			properties
			£
Cost orValuation
At 1 November 2024			227,446
Provision
At 31 October 2025			-
Net book value
At31 October2025			227,446
At 31 October 2024			227,446
Investment properties
			£
Jointownership
4 Bracken Lane,	Douglas Walk,		se
Stirling - at cost
Soleownership
9 Percy Strteet, Stanley - atcost			201,387
			227,446

The financial statements previously carried the property of 4 Bracken Lane, Douglas Walk, Stirling at market value. The cost model has now been adopted in accordance with FRS 102. Under the previous valuation method, market value was considered to be the same as cost value by the Trustees, therefore no transitional adjustment was required under FRS 102.

During the year ended 31 October 2024, sole ownership was acquired of 9 Percy Street, Stanley as accommodation for the new Curate at St Columba's, Stanley at a cost of £201,387.

Page 32

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

Other investments

	Stock
	Exchange investments £	S.E.C. Unit Trust £	Cash deposits £	Total £
Market Value
As at 1 November 2024	447,191	78,160	23,301	548,652
Revaluation	(453)	7,702	-	7,249
Additions Disposals	6,506 (453,244)	- -	407,391 -	413,897 (453,244)
As at 31 October 2025	:	85,862	430,692	516,554
Net book value
As at31 October2025	-	85,862	430,692	516,554
Asat31October2024	447,191	78,160	233,301	548,651

Details of undertakings

Details of the investments in which the charity holds 5% or more of their portfolio are as follows: Country of Undertaking incorporation Holding % Significant holdings : St Andrews Income SEC Unit Trust UK Augmentation Fund 16.62%

15 Debtors

		2025	2024
		£	£
Trade	debtors	22,934	21,415
Other	debtors	15,226	12,648
		38,160	34,063

Page 33

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

	2025	2024
	£	E
Other debtors Centralised StipendScheme Debtorsand prepayments	6,521 8,705 15,226	5,927 6,721 12,648
Centralised Stipend Schemedebtor
The Centralised Stipend Scheme debtor of£6,353 (2024 : £5,927) arises	2025	2024
from Scheme transactions for the year as follows:
	£	£
Funds held at31 October 2024 to meetScheme obligations Received from Charges Bank interest received	19,580 1,046,737 614	16,281 1,008,442 853
Received from HM Revenue &Customs re Employment Allowance
Refunded	-	°
Received from Provincial grants and Diocesan support	= 1,066,931	: 1,025,576
Paymentsto clergy PAYE& National Insurance Contribution remittances Payments toCharges reEmploymentAllowance Pensionscheme remittances and otherdeductions	714,297 165,766 = 166,261 1,046,324	654,396 146,024 2,014 203,395 1,005,829
Funds held at31 October 2025 to meetScheme obligations ProportionthereofaccountabletoCharges Proportion thereofaccountable to Diocese	20,607 14,086 6521	19,747 13,820 __5,927
16Cash atbank and inhand
	2025	2024
	£	£
General Centralised Stipend Scheme Appeals Bishop'sEmergency Fund MacLagan Burial Fund	44,913 20,607 166 14,477 6,732 86,895	58,913 19,747 12,137 13,794 6,732 111,323

Page 34

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

17 Creditors: amounts falling due within one year

	2025	2024
	£	£
Other taxation and social security	1,223	1,657
Other creditors	77,100	159,626
	78,323	161,283
	2025	2024
	£	£
Other creditors
Other creditors	35,074	106,905
Appeals	166	12,137
Centralised stipend scheme	20,607	19,747
Bishop'semergencyfund	14,477	13,794
MacLagan burial fund	6,732	6,732
Credit card	44	311
Provincial loan	=	=
	77,100	159,626

18 Obligations under leases and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Land and buildings Within oneyear	697	697
Other
Within one year	4,344	4,344
Between one and five years	2,506	6,850
	6,850	11,194

Page 35

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

19 Pension and other schemes

The Diocese is required to offer its employees participation in the non-contributory defined benefit pension scheme of the Scottish Episcopal Church (SEC). The assets of the scheme are held separately from those of the Diocese in a fund administered by the SEC. The Diocese is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and so accounts for its contributions as if the scheme was a defined contribution scheme, in accordance with FRS 102.

The pension cost charge represents contributions payable by the Diocese to the scheme and amounted to £19,371 (2024 - £26,166) with £nil remaining payable at the year-end (2024 - Enil). A full actuarial valuation of the scheme was carried out as at 31 December 2008 which estimated a deficit for the scheme of £8.8 million. As a result of this deficit, the contribution rate was increased from 25.3% to 34.9% with effect from 1 January 2010.

A further actuarial valuation of the scheme was carried out as at 31 December 2014 which estimated a surplus for the scheme of £1.3 million. As a result of this improvement, the contribution rate was reduced from 34.9% to 32.2% with effect from 1 January 2016.

A further actuarial valuation of the scheme was carried out as at 31 December 2020 as a consequence of which the contribution rate remained unchanged at 32.2%.

The latest actuarial valuation of the scheme was carried out as at 31 December 2023 as a consequence of which the contribution rate reduced to 22% with effect from 1 January 2025.

Page 36

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

==> picture [455 x 461] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |20 Funds| |Balance|at|1|Other| |November|Incoming|Resources|recognised|Balance at 31| |2024|resources|expended|gains/(losses)|October|2025| |£|£|£|£|£| |Unrestricted|funds| |General| |Unrestricted|income| |fund|960,448|433,699|(412,345)|11,367|993,169| |Designated| |Library|Fund|36,648|359|(53)|360|37,314| |Maude|Pilkington|Fund|28,879|180|(24)|164|29,199| |Pilgrimage|Fund|12,208|-|(880)|a|11,328| |St|Columba's,|Stanley| |Curacy|Fund|62,627|5,226|(7,063)|-|60,790| |140,362|5,765|(8,020)|524|138,631| |Total|unrestricted| |funds|1,100,810|439,464|(420,365)|11,891|1,131,800| |Restricted|funds| |Robert Sutherland|Fund|44,629|-|-|567|45,196| |Croftcarnoch|Fund|101,323|16,492|(24,500)|5,655|98,970| |Recovery &|Renewal| |Fund|2,243|-|(930)|-|1,313| |St|Fillan's,|Killin|Fund|-|500|(500)|-| |Transitional|Stipend| |Assistance|Fund|°|2,833|(2,833)| |St|Katherine's| |Newburgh|Fund|38,831|52|-|-|38,883| |Total|restricted|funds|187,026|19,877|(28,763)|6,222|184,362| |Total funds|1,287,836|459,341|(449,128)|18,113|1,316,162|

----- End of picture text -----

Page 37

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

==> picture [462 x 443] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |1|Other| |November|Incoming|Resources|recognised| |2023|resources|expended|Transfers gains/(losses)| |£|£|£|£|£| |Unrestricted|funds| |Unrestricted|general funds| |Unrestricted|income|fund|1,028,063|351,656|(440,740)|(33,480)|54,949| |Unrestricted designated| |funds| |Library|Fund|31,788|903|(162)|:|4,119| |Maude|Pilkington|Fund|26,670|410|(74)|-|1,873| |Pilgrimage|Fund|20,831|*|(8,623)|:|-| |St|Columba's,|Stanley| |Curacy|Fund|-|49,387|(20,240)|33,480|:| |79,289|50,700|(29,099)|33,480|5,992| |Total|unrestricted|funds|1,107,352|402,356|(469,839)|-|60,941| |Restricted|funds| |Robert|Sutherland|Fund|39,547|:|_|°|5,082| |Croftcarnoch|Fund|86,010|16,645|(27,691)|-|26,359| |Recovery &|Renewal|Fund|20,426|-|(18,183)|z|%| |St|Fillan's,|Killin|Fund|-|450|(450)|-|-| |Transitional|Stipend| |Assistance|Fund|-|21,675|(21,675)|:|:| |St|Katherine's|Newburgh| |Fund|-|38,831|-|-|a| |Total|restricted|funds|145,983|77,601|(67,999)|-|31,441| |Total funds|1,253,335|479,957|(537,838)|-|92,382|

----- End of picture text -----

Page 38

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

==> picture [458 x 383] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Balance|at| |31|October| |2024| |£| |Unrestricted|funds| |Unrestricted|general funds| |Unrestricted|income|fund|960,448| |Unrestricted designated funds| |Library|Fund|36,648| |Maude|Pilkington|Fund|28,879| |Pilgrimage|Fund|12,208| |St Columba's,|Stanley Curacy|Fund|62,627| |140,362| |Total|unrestricted funds|1,100,810| |Restricted|funds| |Robert|Sutherland|Fund|44,629| |Croftcarnoch|Fund|101,323| |Recovery &|Renewal|Fund|2,243| |St|Fillan's,|Killin|Fund|-| |Transitional|Stipend|Assistance|Fund|-| |St|Katherine's|Newburgh|Fund|38,831| |Total|restricted|funds|187,026| |Total funds|__1,287,836_|

----- End of picture text -----

Page 39

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

The specific purposes for which the funds are to be applied are as follows:

The funds of the Diocese include the following designated funds which have been set aside out of unrestricted funds by the Administration Board for specific purposes:

Income from the Library Fund is earmarked for disbursement at the Bishop's discretion to clergy buying approved theological works for personal or group study.

The Maude Pilkington Fund is capital earmarked for the purchase of bishopric housing.

The Pilgrimage Fund was earmarked during the year ended 31 October 2023 to support Diocesan activities for the Scottish Episcopal Church's Year of Pilgrimage.2021.

The St Columba's, Stanley Curacy Fund was a new Designated Fund last year set up to help meet the costs of the curacy, which could be church maintenance projects or rectory maintenance. Operational costs such as heating & lighting, altar supplies etc will be met by the Charge. Stipend costs and related allowances will be met by the Diocese.

The funds of the Diocese also include the following restricted funds:

The Robert Sutherland Restricted Fund is capital invested to produce income for the support of the sacramental and liturgical service of St. Mary's Episcopal Church, Aberfoyle, including the supply of clergy, the maintenance of the buildings and the provision of music in accord with the tradition of that Church all so far as serving that primary sacramental and liturgical purpose.

The Croftcarnoch Restricted Fund was transferred to the Diocese during the year ended 31 October 2016 following the winding up of The Croftcarnoch Trust. The Trust was the result of an amalgamation of a charitable bequest from the estate of the late Bridget Mellor and the former Diocese of St Andrews, Dunkeld and Dunblane Retirement House Fund. The purpose of Croftcarnoch Fund is to provide accommodation for retreats for Clergy and others, and similar uses.

The Recovery & Renewal Fund was a new Restricted Fund in 2021, being grant funding from the Province to provide assistance to the Diocese and its Charges following the COVID-19 pandemic and its aftermath. There are four categories of funding, namely Online presence post pandemic, Recovery & renewal of 'pre-pandemic' ministry, Social action and community development in post pandemic and Care for clergy and other church leaders.

The St Fillan's, Killin Fund was a new Restricted Fund in 2022. Assets belonging to Killin were transferred to the Diocese during the year and the Diocese has expended funds on the insurance and upkeep of the church building.

The Transitional Stipend Assistance Fund was a new Restricted Fund in 2023. It is grant funded by the Province to provide assistance to Charges in meeting increased costs of stipend to meet the rate agreed at General Synod 2022.

The St Katherine's, Newburgh Fund was a new Restricted Fund last year. Assets belonging to Newburgh were transferred to the Diocese during that year and the Diocese is to use the funds to support ministry in Newburgh.

Page 40

Diocese of St Andrews, Dunkeld & Dunblane

Notes to the Financial Statements for the Year Ended 31 October 2025

21 Analysis of net assets between funds

==> picture [455 x 482] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted funds|Restricted|Total|funds| |General|Designated|funds|2025| |£|£|£|£| |Tangible|fixed|assets|498,249|-|27,182|525,431| |Fixed|asset|investments|538,271|66,426|139,302|743,999| |Current|assets|33,466|72,205|19,384|125,055| |Current|liabilities|(76,817)|-|(1,506)|(78,323)| |Total|net assets|993,169|138,631|184,362|1,316,162| |Unrestricted|funds|Restricted|Total|funds| |General|Designated|funds|2024| |£|£|£|£| |Tangible|fixed|assets|498,142|.|29,494|527,636| |Fixed|asset|investments|523,067|31,094|221,936|776,097| |Current|assets|100,522|109,268|(64,404)|145,386| |Current|liabilities|(161,283)|-|-|(161,283)| |Total|net assets|960,448|140,362|187,026|1,287,836| |22 Analysis|of|net funds| |Ati|At|31| |November|Financing|October| |2024|cash|flows|2025| |£|£|£| |Cash|at bank|and|in|hand|111,323|(24,428)|86,895| |Net|funds|111,323|(24,428)|86,895| |Ati|At|31| |November|Financing|October| |2023|cash|flows|2024| |£|£|£| |Cash|at|bank|and|in|hand|119,986|(8,663)|111,323| |Net funds|119,986|(8,663)|111,323|

----- End of picture text -----

Page 41