Charity registration number SC022180 (Scotlandl Diocese ofAberdeon and Orknoy Annual report and financial statements forthe year ended 31 October 2025 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 1135
Dlocese of Aberdeen and Orkney Legal and admlnlstratlvo Informatlon Trustees Right Re¢d Anne C Dyer {Ex-officio: Bishop Mrs Margaret Hodder (Elected by Synod.. Honorary Diocesan Treasurer) Dr Lizzie Finlayson (Ex-officio.. Honorary Diocesan Secretary) Very Revd Dr Jennifer Holden {Ex-officio'. Dean) (Appointed 21 July 20251 Dr Julia House (Elected by Synod) Mr David R Crosley (Elected by Synod) Mr Brian Harris (Elected by Synod) Mr lain Fraser (Elected by Synod) (Appointed 1 March 20251 (Appointed 1 March 20251 IAppointed 30 March 2026 (Appointed 6 March 20261 Charity number (Scotland) SC022180 Reglstered offlce Diocese of Aberdeen and Orkney Diocesan Centre 66 Carden Place Aberdeen A610 1UL Audltor Henderson Loggie LLP The Stamp Office Level 5 10 - 14 Waterloo Place Edinburgh EH13EG Bankers Virgin Money 62 Union Street Aberdeen AB10 1WD Solicltors Ledingham Chalmers Johnstone House 52-54 Rose Street Aberdeen AB10 1HA Investment advisors Brewin Dolphin 23 Rubislaw Terrace Aberdeen AB10 1XE Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 2 135
Dlocese of Aberdeen and Orkney Contents Page Trustees, report Statement of Trustees. responsibilities Independent auditorfs report Statement of financial activities Balance sheel 10 Statement of cash flows 11 Notes to the financial statements 12-31 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 3 135
Dlocese of Aberdeen and Orkney Trust99s' roport for tho year ondad 31 Octobar2025 The Trustees present their annual report and financial statements for the year ended 31 Octobèr 2025. The financial statements have been prepared in accordance with Ihe accounling policies sel out in note 1 10 Ihe financial stalements and comply with the Diocesan Constitution, the Lharities an(J Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scotlandl Regulations 2006 las amendedl and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectivès and activities The aim of the Diocese is lo provide leadership, encouragement, guidance, training and counsel to clèrgy and congregations lo enable them lo maximise the effectiveness of their mission lo their local communities through participation in Christian worship and provision of pastoral support. The Diocese's formal objective, as approved by the Office of the Scottish Charity Regulator (OSCRI, is "the advancement of religion.. The main financial activities of the Diocese throughout the year were the SLJPPOrt of Charges (churches and congregalionsl by stipend support and other grants from the Province and the Diocese, the provision of financial agsistancè to clèrgy arbd Isy pargong for thèir training and dèvèlopmènt, and thè pur¥usncè of mission projects in areas of growth potential. Achievements and performance The Rl Revd Anne Dyer returned lo off1ce on 8 October 2024, and continues in post. The Rl Revd lan Paton, Bishop of St Andrews, Dunkeld and Dunblane acted as Commissary for the bishop from 8 October 2024 through to 31 January 2025. The year included the appointment of a Dean, the Very Revd Dr Jennifer Holden, in July 2025. Dr Holden continued as Advisor for Christian Life. leading a programme through 2025 on the Nicene Creed ICREDOI. The Bishop and Dean SUPF)Orted a number of Charges in vacancy as they prepared mission statements and person specifications for the recruitment of priests. The Nel Zero project continued through provincial support lo all Charges, with dedicated resource for projects designated pioneers or pilots in the scheme supported by the Benefact Trust. At a joint meeting of the Diocesan Standing Committee and Ihe Finance and Property Board held on May 2025, it was suggesled that the Diocese consider purchasing a property instead of continuing to lease offices Ihrough th8 University of Aberdeen, as the present situation was hampering the work of the Diocesan Officials. This was passed to F&P for further consideration on Ihe 15 May, when il vvas agreed in principle lo acquire offices subject to cost and other considerab'ons. A suitable property, 66 Carden Place, Aberdeen, was found, and the qUISite negotiations wefft concluded on 3rd October, when the propety purchase was (x)ncluded. The office moved into the property at the beginning of December 2025 and the diocesan Centre was formally opened on 30 January 2026. Going foM8rd the lower ground floor of the property will be used for meeb.ngs and social events. with a small worship space incorporated. The Diocesan Offices are situated on the ground floor, and the first fk)or will be 18t lo a suitable lenanl in order to offset the day lo day running costs of the building. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 4 135
Dlocese of Aberdeen and Orkney Trust99s' roport Icontlnugdl for tho year ondad 31 Octobar2025 Flnanclal revlew The results for the Diocgse before gains and losses on the Diocesan investment portfolio is a deficit of £243.638 12024 surplus of £78.1471, which comprises a deficit of £239,993 12024 deficit of £169,447) on unresirlcied funds and a deflcli of £3,64512024 surplus of £247,594) on restrlcted funds. The Dlocese closlng cash position has fallen in 2025 to £85,29812024 - £152,007> following the current year deficit. Quota income constitutes a significant inflow of cash and the Diocese has experienced a reduction in the amounts received in recent years as certain Charges have not met their payments and are now in arrears. Payment of QLK)la is regulated in accordance wilh the Digest of Resolutions, Resolution 7.5.2. However lo manage cash prior to recovery of these amounts, the decision was made lo liquidate elemenls of the investments held. The prior year's significant surplus arose in the largest part from a grant from Mr William Laurie, and the Diocese is grateful for his generosity. This grant was to SLJPPOrt the the purchase of a rectory in Central Buchan. The Diocese is also fortunate in having the support of the Dr John Anderson Trust, to which application can be made for assistance with a specific project or objective, and without whose help such activities might have lo be curtailed, delayed or abandoned. The fund is administered by a firm of Solicitors in Aberdeen and whose income is derived from agricultural land in the Cruden Bay area. In the year lo 31 October 2025, the Diocese received a grant of £37,75012024 - £37,750) for a variety of inilialives including stipend support and training. The Diocese is also grateful for support from the Benefact Trust, the umbrella chari18ble organis8tion which derives its ineome from the Ecclesiastical Insuranee Group, which gave a grant in the current year of £4,419 12024 - £5,261) to support the Christian Lrfe project for the Diocese in 2026.. While creation wails.. A Christian exploration of Environmental issues. As 8131 October 2025 the total funds of the Diocese amounted to £5,266,445 {2024 £5,183,675), which comprises unrestricted funds of £3,701,646 12024 £3,737,633) and restricted funds of £1,564,799 (2024 £1,446,042). ReseThes policy 11 is the policy of the Diocese to maintain unrestricted reserves al a level sufficient lo meet planned expenditure requirem&nts for the next year. Based on the core budget including Provincial quota, this amounts to £620,000. The Diocese has traditionally monitored the portion of unrestricted fund balance arising from accumulated surpluses and unrealised gains or losses on investments. The Trustees will keep its reserves policy under review going forward bul are comfortable al this lime, sufficient unreslricled reserves are held. Funds The Diocesan Fund {incorporating the Cruickshank and Gordon Funds) The Cruickshank Fund was inaugurated in 1983 on the death of Mr JSR Cruickshank, Advocate in Aberdeen, and a former Chancellor of the Diocese. He bequeathed the bulk of his Estate to the Diocese without any conditions attached. The Gordon Fund came lo the Dioeese in 1990 as a bequest from the late Colonel FW Gordon with no stipulations as lo ils use or purpose. Following approval by Synod, the Gordon Fund was amalgamated with the Diocesan Fund on 1 November 2002 and the Cruickshank Fund amalgamated with the joint fund following the Diocesan Synod on 12 March 2011. Restricted Funds The DI0Se benefits from funding left to the Diocese for spectfic purposes as prescribed by the donor. The main ongoing restricted fiind is thp William Laurie Fiind which consists of Ihree è18m8nts being thp BLiilding & Maintsnance Fund. the Missionary Fund, and Ihe House Gift. Investmentpolicy Following a review of its investment portfolio which concluded in 2022, the Diocese agreed lo gradually reinvest funds into the ScL>llish Episcopal Church Unil Trust ISECUTI pool, in order lo move towards consistency with Ihe ethical investment policy adopted by General Synod in June 2022. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 5 135
Dlocese of Aberdeen and Orkney Trust99s' roport Icontlnugdl for tho year ondad 31 Octobar2025 Major risks The Trustees keep the major slralegic, business and opgrational risks which the Diocese faces under review and can confirm that systems are established lo enable regular reports lo be produces so that the nesSary steps can be taken io lessen these rlsks. The trustees Iniend to strengrhen and formallse these systems. The Diocesan Risk Register has been developed, in draft, to reflect recommendations made by Ihe Province as lo the formal and content of Diocesan Risk Registers. Plans for future perlods The Diocese will continue with its currer)l activities at present. Strategic aims include supportirKJ Charges as they fill clerical vacancies, developing and deepening Chrislian Life through annual programmes12025 Nicene Creed. 2026 Celebrating crealionl and extending involvement in the Provincial Nel Zero programme. Structure* governanco and managamant The Diocese of Aberdeen and Ihe Diocese of Orkney were incorporated by long usage inlo the Scoth'sh Episcopal Church in 1690 and became united in 1865 under the name, style and lille of the United Diocese of Aberdeen and Orkney. Tlie 'p£irent" oryiifiibdtion of Ilie DI0Se of Aberdeeii dnd Orkney is Ttrie Geiieral Syriod of Ilie Swtti&li Episcopal Church. There are seven Diotsses of the Scottish Episcopal Church. The General Synod and the seven Dioceses are separate registered charities. The Diocese of Aberdeen and Ofkney (Yhe Diocese") is constituted under, and governed by, the Canons of the Scottish Episcopal Church. The day-lo-day operation of the Diocese has been conducted under the current Governing Regulations lof the Synod of the United Diocese of Aberdeen and Orkneyl since 16 October 2016, when Ihg Conslilulion of the Synod of the Diocese of 2012 was repealed and the new document proposgd, seconded and passed. The Governing Regulations were approvgd, confirmed and ratified by the Bishop on 18 October 2016. For convenience, they are referred to as "The Diocesan Constitution 2016" The Trustees who served during the year and up to the date of signature of the financial stslements were.. Right RÈv'd Anne C Dyer (Ex-officio.. Bishop) Mrs Margaret Hodder {Elected by Synod-. Honorary Diocesan Treasurer) Dr Lizzie Finlayson (Ex-officio.. Honorary Diocesan Secrelaryl Very Revd Dr Jennifer Holden (Ex-officio.. Dean) (Appointed 21 July 20251 Dr Julia House (Elected by Synod) Rev'd Brenda Dowie (Elected by Synod) (Resigned 20 February 20251 Rev'd Canon Vittoria Hancock (Elected by Synod) (Resigned 8 December 20241 Dr Marlin Auld {Elecled by Synod) (Resigned 16 August 2025} Prof Ferdinand Von Prondzynski (Elected by (Appointed 1 March 2025 and resigned 31 October 20251 Synod) Mr David R Crosley (Elected by Synod) Dr Lorraine Paisey Rev'd Canon Lynsay Braybrooke (Ex-officiol Mr Brian Harris (Elected by Synod) Mr lain Fraser (Elected by Synod) (Appointed 1 March 20251 (Appointed 1 March 20251 IResign&d 1 March 20251 (Appointed 1 March 2025 and resigned 5 June 20261 (Appointed 30 March 20261 (Appointed 6 March 20261 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 6 135
Dlocese of Aberdeen and Orkney Trust99s' roport Icontlnugdl for tho year ondad 31 Octobar2025 Recruitment and appointment oftrustees The Diocese Constitution, last updated in 2016. confirms the Standing Committee are Ihe Diocese's Charity Trustees. The Constitution sets out that the Standing Committee is comprised of the Bishop. the Dean, the Regisirar, the Honorary Treasurer and the Honorary DI0san Secretary all ex-off clos,. Ihe convenors of the pendant boards of the Standing Committee,. and five members elected by Synod. The Stsnding Committee may also co-opt additional members to fill vacancies. Organisational structure The Finance and Propety Board {F&PI has responsibility for the general admir)istration of the Diocesan finances. A representative of the Diocesan Mission Board should sil on F&P, to ensure that Ihe Mo main Boards of the Diocese are involved in financial decisions. The day-lo-day financial records are usually maintsined by the Assistant Treasurer. During a period of illness in 2025 external support has begn ulilised. Induction and training of trustees The Charity Trustees have confidence in the experience and ability of the Trustees to administer the activities of the Diocese. Induction and training will be considered on an ongoing basis, parb'cularly in the event of a new Trustee being elected or appoinl2d. Dixclosurè of information to audltor Each ol the Trustees has confirmed that there is no inlormalion of which they are aware which is levant lo the audit, but of which the 8udilor is unaware. They have further confirmed that they have taken appropriate steps to id8ntrfy such levant inforrnalion and to establish that Ihe auditor aware of such infom81ion. The Trustee$, report was opproved by the Board of Trustees. | Mewgwe+ Httdd dlqdfEI Jakb UO DU 0? UTC I1ui ¥in&ysyft LUlb-U6 lJ8, Mrs Margaret Hoddef IElected by Synod., Honorary Diocsan Treasurer) Tru5toe Dr Lizzie Finlayson (Ex-off cio,. Honornry Diocesan Secretary} Truste• Dale.. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 7 135
Dlocese of Aberdeen and Orkney Statement of Trustoos. responsibilitles for tho year ondad 31 Octobar2025 The Trustees are responsible for preparing the Trustees. ReFK)rt and the financial statemènts in a(Ordan with applicable law and United Kingdom Accounting Standards IUr)iled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in Scotland requires the Trustees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2019 IFRS 1021. make judgements and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed,. and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the ch8rity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statnentS comply with the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scollandl Regulations 20061as amended) and the provisions of the Charity's constilulion. They are also responsible for safeguarding the assels of th8 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 8 135
Dlocese of Aberdeen and Orkney Independont audltorfs report to the Trustoas of Diocesa of Abardeon and Orknoy Opinlon We have audited the financial statements of Diocese of Aberdeen and Orkney Ilhe 'Charily ) for the year ended 31 October 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financi81 statements, including significant accounting policies. The financial reporhng fr8mework th81 has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Fin8ncial Reporting Standard applicable in the UK and R&public of Iland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stsle of the Charity's affairs as at 31 October 2025, and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities and Trustee Investment Iscollandl Act 2005 and regulation 8 of the Charities Accounts (Scotlandl Regulations 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs spOnSIbl111{es for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical reqLJiremenls that are relevant to OLJr 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 believ2 that the audit eviden we have obtained is sufficient and appropriate lo 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 concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work w2 have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast signrficant doubt on the Charity's ability to continue as a going GonGern for a period of at least twelve tnonlhs frotn when Ihe finanGial statetnents are aUthorid for issue. Our responsibilities and the responsibilities of the Trustees with respect to goir)g (x)ncern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other Ihan the financial stslemenls and our auditor's report Ihereon. The Trustees are responsible for Ihe other information contained within the annual report. Our opinion on the financial statements does not cover the other informalDn and we do not express any form of assurance conclusion thereon. Our sponsibility is to ad the other information and, in doing so, consider whether the other information is materially inconsistent with Ihe financial statements or our knowledge oblained in the course of the audil. or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this givés risè to a material misstatement in the financial statement> thèmselves. Ir. based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required to report that fact. We have nothing to report in this regard. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 9 135
Dlocese of Aberdeen and Orkney Independont audltorfs report Icontlnuod} to the Trustoas of Diocesa of Abardeon and Orknoy Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following matters in relation lo which the Charities Accounts (Scotlandl Regulations 2006 requires us to report to you if, in our opinion= the Information given in the financial siaiements is inconsistent In any maieriai respect with the Trustees, report., or proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records., or we have nol reiVed all the informab'on and explanations we require for our audit. Responsibilities of Trusteas As explained more fully in the Trustees, Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial ststemenls that are fr&e from material misstalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability lo continue as a going COnrn, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease cperalions, or have no realistic alt&malive bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 4411 Ilcl of the Charities and Trustee Investment Iscollandl Acl 2005 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtsin asOnable assurance about whether the financial statements as a whole are free from materi81 misstslement, whether due lo 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 IUKI will always detect a material misstatement when it exists_ Misstatements C3n ari from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influer)ce the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulalions. We design procedures in line with our responsibilities. outlined above, lo detecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.. As part of our planning process.. We enquired of management the systems and controls the Charity has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management informed us th81 there were no instances ol known, suspected or alleged fraud-, We obtained an understanding of the leg818nd gUlatOry frameworks applicable to the Charity. We determined th81 the following were most relevant-. compliance with the Code of Canons,. Healthy and safety, OSCR requirements, Dats Protection Act 2018, employment law (including payroll and pension regulakn'onsl, and compliance with the Diocesan Constitution, the Charities and Trustee Investments Iscollandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006. We considered Ihe incentives and opportunities that exist in Ihe Charity, including the extent ol management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly., and Using our knowledge of the Charity, together with the discussions held with management al the planning stage, we formed a conclusion on the risk of misstalemenl due to irregularities including fraud and tailored our procedLJres according to Ihis risk assessment. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 10 135
Dlocese of Aberdeen and Orkney Independont audltorfs report Icontlnuod} to the Trustoas of Diocesa of Abardeon and Orknoy The key procedures we undertook lo delecl irregularities including fraud during the course of the audit included: Inquiry of management about ar)y known or suspected instances of non-compliance with laws and regulations and fraud", Reviewing minutes of those charged with governance., Reviewing the Charity's policies and procedures in relalion to health and safety, employmenl law and data proleclion., Reviewing legal and professional expenditure incurred in the year., Reviewing news articles and press releases., Challenging assumptions and judgements madè by Trustees in their application of the Charity's accounting estimates, in particular in relatior) to the carrying value of tangible fixed assets and investmenls, provisions in relation to bad debts, and the application of accruals,. and Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Owing lo the inherent limitstions of an audil, there is an unavoidable risk that some material misstalements in the financial statements may not be detected. even though the audit is properly planned and performed in accordan with Ihe ISAS IUKI. For instance. the further removed non-(x)mpliance is from the evenls and transactions reflected in the financial stalements, the less likely the auditor is lo become aware of it or to recognise the non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The primary responsibility for the prevention ar)d detection of irregularities and fraud rests with the Trustees. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This description forms part of our audilorfs report. Use of our report This report is made solely lo the Charity's Trustees, as a body, in accordance with regulation 10 of the Charities Accounts Iscollandl Regulations 2006. Our audit work has been undertaken so that we might slate lo Ihe Charity's Trustees those matters we are required lo stale lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume ffsponsibility lo anyone other than the Charity and the Charity's Trustees as a body, for our audit work. for this report, or for Ihe opinions we have formed. L LLP Macphet50n 2026-06- 51.34 UTC Henderson Loggie LLP (Senior Statutory Auditor) For and on behalf of Henderson Loggie LLP, Statutory Audltor Chartered Accounl8nts The Stamp Office Level 5 10 - 14 Waterloo Place Edinburgh EH1 3EG Dale.. Henderson Loggie LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for apwinlment as auditor of a company under section 1212 of the Companies Act 2006. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 11135
Dlocese of Aberdeen and Orkney Statement of financial activtias Including income and expenditure for the year ended 31 October2025 Unrastrictod Rostrictad funds funds 2025 2025 Total Unrestricted Restricled funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 79,967 100.789 73,711 83,354 163,321 100,789 109,650 130,267 162,445 84,197 348,250 478,517 162,445 115,261 35,939 31,064 Total incom• 254.467 119,293 373,760 376,909 379,314 756,223 Expendlture on: Raising funds Charitable activities 14,057 480,403 14,057 603,341 13,890 532,466 13,890 664,186 122,938 131,720 Total expenditurè 494.460 122,938 617,398 546,356 131,720 678,076 Nel gainslllossesl on investments 12 231,173 95,235 326,408 376,389 161.702 538,091 Net in¢omellexpenditurel 18,8201 91,590 82,770 206,942 409,296 616,238 Transfers between funds 127,1671 27,167 (53,5231 53,523 Net movement in funds (35.9871 118,757 82,770 153,419 462,819 616,238 Reconciliation of funds- Fund balances at 1 November 2024 3,737.633 1.446,042 5,183,675 3,584,214 983,223 4.567,437 Fund balances at 31 October 2025 3,701,646 1,564,799 5,266,445 3,737,633 1,446,042 5,183,675 The ststemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing 8Ctivities. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 12 135
Dlocese of Aberdeen and Orkney Balance Sheot as at 31 October 2025 2025 2024 Notes Flxed assets Tangible assets Investments 14 15 1,531,956 3,589.912 1,177,587 3,778,788 5,121,868 4,956,375 Current assets Debtors falling due after one year Debtors falling due within one year Cash at bank and in hand 16 16 29,159 75,517 85,298 91,337 11,172 152,OD7 189,974 254,516 Creditors.. amounts falling due withi one year {45,397} {27,216 Net current assets 144,57T 227,300 Total assets less current Ilabllltles 5,266.445 5,183,675 The funds of the Charlty Reslricled income funds Unreslricled funds 19 20 1,564,799 3,701.646 1,446,042 3,737,633 5,266,445 5,183,675 The financial ststemenls were approved by the Trustees on dYtsI Ilodd¥r 2026-06-09. 00 46 07 UTC ine Fivlay50 EOEb-06-08, 007 16UTC Mrs Margaret Hc%lder {Electgd by Synod.. Honorary Diocesan Treasurer) Trustee Dr Lizzie Finlayson IEx-officio= Honorary Diocesan Secretary) Trustee 10 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 13 135
Dlocese of Aberdeen and Orkney Statement of cash flows for tho year ondad 25 Octobar 2025 2025 2024 Notes Cash flows from operating activities Cash labsorbed byygenerated from operations 27 {336.969) 150,398 Investing activities Purchase of tangible fixed assets Purchase of investments Proceeds from disposal of investments Investment income received 1354,674} 1525,027} 1,039,280 109,650 1351,5091 1731,0351 734,786 115,261 Net cash generated fromllused inl investin9 activities 269.229 1232,4971 Net Gash used In flnanGln9 aGtlvStles Net decrease in cash and cash equivalents 167.740) 182,099) Cash and cash equivalents al beginning of year 165.615 247,714 Cash and cash èquivalènts at ènd of yèar 97,875 165,615 Relatlng to: Cash at bank and in hand Cash held in investments 85,298 12.577 152,007 13,608 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 14 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements for tho year ondad 31 Octobar2025 Accountlng pollcles Charlty Infomiallon Diocese of Aberdeen and Orkney is a is a Charity registered in Scotland. The registered office is Diocese ofAberdeen and Orkney Diocesan Centre, 66 Carden Place, Aberdeen, AB10 1 UL. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charity's governing document, the Charities and Trustee Inveslment IScolland} Act 2005, the Charities Accounts Iscotlandl Regulations 2006 las amended), FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" {"FRS 102") and the Charities SORP Accounting and Reporting by Charities.. Slalemenl of Recommended Prath'ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. leff8Ctive 1 January 20191. The Charity is a Public Benefit Entity as d8fined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The financial slatements have been prepared on a going concern basis. The Truslees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subs8quenl events in making their assessment. The Trustees have also taken into consideration the current economic climate in the UK, including the impact of inflation and higher interest rates. Forecast future cash flows have been prepared taking into account the future funding in place and the returns on a&8els held. Based on these assessments and having gard lo the resources available to the Charity, the Trustees have concluded that there is no material uncertainly and that they can continue lo adopt the going COIILerri bdbib iii yrEF)driiiy the (Iiiriual report iiritj fiiiaiiLidl btdleirienlb. 1.3 Charitsble funds Unrestricted funds a available for use 8t the discretion of the Trustees in furtherance of their charitable objectives. Reslricled funds are subjèct lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reslricled funds are sel out in the notes lo the financial slalements. 1.4 Income Income is recognised when the Charity is entitled lo it after any perfomance conditions have been met, the amounts can be measured reliably, and il is il is more likely than not that the economic benefits associated with the income will flow to the Charity. Cash donations are recognised on receipt. Other donations and grants are recognised once the Charity has been notified of th8 donation or grant, unless performance conditions require deferral of the 8mount. Inwme tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised al Ihe time of the donation. Legacies are recognised on ceipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and ceipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 12 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 15 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Accounting policies {continuadl Quota income from Charges is recognised in line with the opening Income paragraph and is consistent with section 5.8 of the Charities SORP IFRS 1021, taking into account the enlillement established under the Code of Canons. Income from interest and dividends is recognised when its receipt is probable and the amount receivable can be measured reliably. Dividends are accrued when the Diocese's right to receive payment is established. 1.5 Expenditure Expenditure is accounted for on 8n accruals b8SIS and indudes Irrecoverable VAT where applicable. Expenditure is recognised where there Is a legal or constructive obligation lo make payments to third parties, it is probable that the setUemer)I will be required, and the amount of the obligation can measured lIablY. Raising funds include amounts paid lo the Investment Fund Managers for the management of the investment portfolio. Charitsble expenditure comprises those costs incurred by the Diocese in the delivery of its activities and services for Ils beneficiaries. Grants payable are grants 8W8rded from the various funds lo churches and individuals as appropriate. Grants offered subject to conditions which have not been mel al the year-end date are noled as a commilmenl but not accrued as expenditure. Governance costs include those costs associated with meeting the conslitulional and statutory requirements of the Diocese, including independenl examiner fees. 1.6 Tanglblg flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impaiment losses. Depffjciation is recognised so as to write off the cost or ValUatn of assets less their residual values over their useful lives on Ihe following bases.. Freehold land and buildings Fixtures and fittings No depreciation is applied as detailed below 200/0 Straight line No depreciats'on has been provided against the book value of properties as in the opinion of the Trustees, due lo the long useful economic lives of the properties and their high residual values, any depreoalion charge and resultant accumulated depreciation would be immaterial. In the opinion of ltr Trustees, no impairment of the carrying values has occurred during the year. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the Ggrrying valLJe of the asset, and is recognised in the ststemenl of financial activities. 1.7 Flxed asset Investments Fixed asset investments a Initially measured at transition price excluding transaction costs and are subsequently measured 81 fair value at each reporting date. Fair value is the market value 81 the reporting date. Gains and losses on disposal of investments and movement in market value of investments are charged or credited lo the Statement of Financial Activities ISOFA). Investments not listed on the Stock Exchange. SEC Units, are Included al the year-end value provided by SEC. 13 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 16 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Accounting policies {continuadl 1.8 Impairment of fixed assets Al each reporting end dale, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets havè suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo detemine the extent of the impairment loss lif any). 1.9 Cash and cash equivalants Cash and cash equivalents include cash in hand, deposits held al call with banks, cash held in investment portfolios, and bank overdrafts. 1.10 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 '01her Finanaal Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the (x)nlraclual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right lo set off the recognised amounts and there is an intention to setue on a nel basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction. where the transaction is measured al Ihe present value of the future receipls discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initi81 recognition of the financial asset, the eslimaled future cash flows have been affected. Basic financial liabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement conslitules a financing tr8ns8Ction, where the debt Instrument is measured at the present value of the future payments discounted at a market rale of interest. Financial liabililies classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabilities rf payment is duè within onè year or lèss. If not. thèy are presentèd as non-currènt liabilitigs. Trade créditors are recognised initially al transaction pri and subsequently measured al amortised cost using the effective interest method. Derecognilion of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 14 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 17 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Accounting policies {continuadl 1.11 Employee bener The cost of any unused holiday entitlement is recognised in the period in which the employee's services a Ceived. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed lo lerminale the employment of an employee or lo provide termination benefits. 1.12 Retirement benefits The Diocese conlribules to a defined benefit pensions scheme, the SEC Pension Fund, which is independently managed by the Pension Fund Trustees. The scheme is subject to formal actuarial valuation on a triennial basis Ljsing the projected Ljnil method. This scheme covers all seven Dioceses of the Scottish Episcopal Church and The Geneml Synod Office. The assets and liabilities of any one participant in thè scheme cannot be identified sepamtely. The provisions of FRS 102 allow employers participating in such schemes to treat their pension disclosures as if the scheme were a defined conlribulion scheme. This is the treatment which has been adopted by the Diocesan Trustees in these statement5, Wlth contributions Gharged to the Statement of Financial Activitie5 of the Diocesan General Fund bul no asset or liability appearing on the Balance Sheet. Critical a¢counting estimates and judgements In the 8ppIic8tion of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other SOLJrces. The estimates and associated assumptions are based on historical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to ac(x)unting estimates are recognised in the period in which the estimale is revised where Ihe revision affects only that period, or in the period of the revision and future periods where the revision affects both current and futuré peri1$. Useful life of tangible fixed assets Tangible fixed assets are depreciated over a period lo reflect their estimated useful lives, incorporating an estimate of their r8sidual value. The applicability of the assumed lives is reviewed annually, tsking into account factors such as physical condition, maintenance and obsolescence. Fixed assets are also assessed as to whether there are indicators of impairment and any changes lo Ihe residual value. Investments Fixed asset investments are initially measured at tmnsition price excluding transaction costs and are subsequently measured 81 fair value at each reFx)rting date. Fair value is the market value al the reporting dale and is obtsined from the Charity's experienced investment managers for listed investments based on quoted prices on the respective Stock Exch8nge. Investments not listed on the Stock Exchange, SEC Units, are included 81 the year-end value provided by SEC. Trade debtor recovery Credit control is an important function which requires assessment, on an ongoing basis, of the recoverability of amounls due from debtors. whe recovery is in doubt, Ihe Trustees will adequately provide against Ihis specific debt and will arrive al such conclusions based on the knowledge of the debtor and their ability lo pay" The Trustees adopt a prudent approach to credit conlrol. 15- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 18 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Critical accounting ostimates and judgements Icontinuod} Accruals Trustees estimate the requirements for accruals using post year end information and information available from detsiled budgets. This identifies costs that are expected lo be incurred for services provided by other parties. Accruals are only released when there is a reasonable expectation that these costs will not be invoiced in the future. Incomè from donations and lègaciès Unrestricted Restrict8d funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Donations and gifts Grants 443 79,S24 443 162,878 1,889 128,378 5,570 342,680 7,459 471,058 83,354 79,967 83,354 163,321 130,267 348,250 478,517 Grants General Synod Dr Anderson's Trust INilliam Laurie Benefacl Trust Other grants 79,524 43,185 35,750 122,709 35,750 128,378 41,357 35.750 259,452 5,261 860 169,735 35,750 259,452 5,261 860 4,419 4,419 79,524 83,354 162,878 128,378 342,680 471,058 Income from charltable actlvltles Unrestricted Unreslricled 2025 2024 Income from Charges - Quota 100,789 162,445 Analysis by fund Unreslricled funds 100,789 162,445 16 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 19 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Income from Investments Unrestrlcted Restrlcted funds funds 2025 2025 Total Unreslricled Restricted funds funds 2024 2024 Total 2025 2024 Rental income Income from listed investrnents Interest reIvable 1.858 1,448 3,306 3,162 3,162 70,602 1,251 33,751 740 104,353 1,991 74,419 6,616 27.412 3,652 101,831 10,268 73,711 35,939 109,650 84,197 31,064 115,261 Expenditure on raising funds Unrestricted funds 2025 Unreslricled funds 2024 Investment management 14.057 13,890 17 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 20 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Expendllure on charltable actlvltles Charltable activities 2025 Charitsble activities 2024 Direct costs Staff costs Depreciation and impairment Quota Travel and subsistence Accomodation Postage, telephone and stationery Rent, rates council lax and insurance Repairs and renewals Cathedr81, Dean, Primus and Synod expenses Training and educalion expenses Miscellaneous Advertising Confefftnces ICT Legal and professional expenses 188,370 305 73,124 16,732 6,096 2,401 22,710 19,929 2,119 246,300 480 73,574 17,132 4,612 3,332 26,651 15,203 2,436 - ji 720 10,875 11.362 273 10,999 121.199 1,676 16,858 904 13,277 116,075 487,214 538,510 Grant funding of activities (see note 81 100,767 111,924 Governance costs Audit fees 15.360 13,752 603,341 664,186 Analysis by fund Unrestricted funds Restricted funds 480,403 122,938 532,466 131,720 603,341 664,186 18 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 21135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 Grants payable Charitable activities Charitable activities 2025 2024 Grants to inslitulions- All Saint's Buckle Sl Andrew's Alford Si Clement's Maslrick Sl John's Abèrdèen Sl John's Portsoy St Magnus Lerwick Sl Mary's Aberdeen Other 3,000 4,000 15,000 53,697 9,462 3,332 20 10,011 5,420 7,282 9,500 54,902 9,462 4,533 4,359 14,018 98,522 109,476 Grants to individuals 2,245 2,448 100,767 111,924 Grants are made to charges, 3rd parties and individuals within the Scoth"sh Episcopal Church for a variety of purposes and to non-church bodies. Where grants are made from restricted funds, these are made in compliance with the restrictions placed upon the use of such funds. The main grants awarded by the Finance and Property Committee relate to Maintenan of church buildings. Of the total amount of grants paid £24,483 12024 - £22,866) related lo the maintenance of church buildings, £25,587 12024 - £28,888) related lo general mission purposes, £48,697 12024 £54,357) related lo curacy, £2,00012024 - £2,143) related to training and education, and £Nil12024 - £3,670) related to travel. Net movement in funds 2025 2024 The nel movement in funds is staled after chargingllcredilingl.. Fees payable for the audit of the Charity's financial statements Depreciation of owned tangible fixed assets 15,360 305 13,752 480 19- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 22 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 10 Trustees Trustees, remuneration and benefits During the current year, The Bishop Right Rev'd Anne C Dyer, ceiVed remuneration during the period in which she was a Trustee of £51,132 12024 - £4,124) and pension contributions of £8,060 12024 £8851 for their services as Bishop, as permitted under the Diocesan Constilub'on. During the current year, The Dean Very Revd Dr Jennifer Holden, received remuneration during the period in whieh she was a Trustee of £8,577 and pension contributions of £1,887 for their services as Dean, as pemitted under the Diocesan Conslitulion. Trustees. expenses During the year six Trustees, the Bishop Right Rev'd Anne C Dyer, Lynsay Braybrooke, Lizzie Finlayson, Ferdinand Von Prondzynski, Very Revd Dr Jennifer Holden, and Brenda Dowie received reimbursement of expenses amounting to £15,45612024- five Trustees- £14,871). 11 Employees The average monthly number of employees during Ihe year was-. 2025 Number 2024 Number Bishop Administration Total Employment costs 2025 2024 Wages and salaries Social securily cosls Other pension costs 149,160 7,177 32,033 190,226 14,368 41,706 188,370 246,300 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 121.497 98,306 -20- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 23 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 12 Galns and losses on Investments Unrestrlcted Restrlcted funds funds 2025 2025 Total unstrICted funds 2024 Restricted funds 2024 Total 2025 2024 Revaluation of investrnents Sale of investments 195,576 35,597 95,235 290,811 35,597 316,661 59,728 161,702 478,363 59,728 231,173 95,235 326,408 376,389 161,702 538,091 13 Taxation The Charity is exempt from taxation on ils activities because all ils income is applied for charitable purposes. 14 Tangible fixed assets Freehold Fixtures land and and flttlngs bulldlngs Total Cost At 1 November 2024 Additions 1,177,023 354,674 20,793 1,197.816 354,674 Al 31 October 2025 1.531,697 20,793 1.552.490 DoproclatSon and Impalrmont Al 1 November 2024 Depreciation charged in the year 20,229 305 20,229 305 At 31 October 2025 20,534 20,534 Carrying amounl At 31 October 2025 1.531,697 259 1.531.956 At 31 October 2024 1.177,023 564 1,177,587 21 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 24 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 15 Flxed asset Investments Llsted Investments Cash In portfollo Total Cosl or valuatlon At 1 November 2024 Additions Valualion Changes Cash movements Disposals 3,765,180 525,027 290,811 13,608 3,778,788 525.027 290,811 {1,031} 11.003.683} 11,0311 11,003.6831 At 31 October 2025 3,577,335 12,577 3,589,912 Carrying amount At 31 October 2025 3,577.335 12,577 3,589.912 At 31 October 2024 3,765,180 13,608 3,778,788 Investment Risks FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 1 D2 as follows.. Credit risk.. this is the risk that one paty to a financial instrument will cause a financial loss for the other party by failing lo discharge an obligation. Market risk.. this comprises currency risk, interest rate risk and other price risk. Currency risk.. this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes In fO1Qn exchange rates. Interest ral& risk.. this is the nsk that the fair value or future c8sh flows of 8 financial asset will fluctuate because of changes in market interest rates. Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices {other than those arising from interest rate risk or currency risk), whether those changes a caused by factors specific to the individual financial instrument or its issuer, or factors affecb'ng all similar finanryal instruments traded in the market. The Charity has exposure lo these risks because of the investments il makes to implement its investment strategy. The Trustees manage investment risks, including credit risk arbd market risk, within agreed risk limits which are set taking into account the Charity's strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Charity's investment managers and monitored by the Trustees by regular reviews of the investment portfolios, or in the case of SECUTS through the investment committee of the General Synod. Furthèr information on the Charity's approach to rigk managèment and thè exposurè to eredit and market risks are sel out below. Crodit Risk The Charity invests directly in lisled inveslmenls, as well as in pooled investment vehicles and is therefore directly exposed lo credit risk in latiOn lo thesg listed inslruments and is indirectly exposed lo credit risks arising on pooled investment vehicles. Pooled investment arrangements used by the Charity comprise aulhorised unil trusts. -22- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 25 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 15 Fixed asset investments {continuod) Currency risk The Charity is subject to CUrncY risk because some of the Charity's investments are held in overseas markets. Interest rate risk The Ch8nty is subject to interest rate risk through investments comprising bonds. Other price risk Other price risk arises principally in relation lo equities held. The Charity manages this exFX)sure to other pri risk by conslrucling a diverse portfolio of investments across various markets. 16 D8btors 2025 2024 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 63,499 3,775 8,243 7,801 1,403 1,968 75,517 11,172 2025 2024 Amounts falling due after more than one year- Trade debtors 29,159 91,337 Total dobtors 11M,fj7fj 102,509 Trade debtors falling due after more than one year in the prior year represented amounts where the Diocese anlicipaled that it was more probable Ihal receipt of the outstanding balances would be grealer than one year. 17 Creditors- amounts falling due within one year 2025 2024 Other taxation and social security Trade creditors Accruals and deferred income 2,019 12,173 31,205 27,216 45,397 27,216 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 26 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 18 Retlrement benefit schemes Deflned beneflt schemes 2025 2024 Charge to profit or loss in respect of defined benefit schemes 31,404 41,706 The Diocese contributes to a defined benefit pensions scheme, the SEC Pension Fund, which is independently managed by the Pension Fund Trustees. The scheme is subject to formal actuarial valuation on a triennial basis using the projected unil method. This scheme covers all seven Dioceses of the Scottish Episcopal Church and The General Synod Office. The assets and liabilities of any one participant in the scheme cannot be identified separately. The provisions of FRS 102 allow employers participating in such schemes to treat their pension disclosures as if the scheme were a defined contribution scheme. This is the treatment which has been adopted by the Diocesan Trustees in these statements, wlh contributions charged lo the Statement of Financial Activities of the Diocesan General Fund bul no asset or liability appearing on the Balance Sheet. The most recent actuarial valuation was at 31 December 2023. The results of the valuation indicated that the position had deteriorated since 2020.. the previous surplus of £5.6 million decreased to a surplus of £4.6 million. This Trustees of the SEC Pension Fund and the Provincial Stsnding Committee recommend the conlriL)ution rale be reduced to 22¥.. -24. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 27 135
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Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 20 Unrestrlcted funds The unreslricled funds of the Charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. Incoming Rosources rasources expended Transfers Gains and losses At31 October 2025 November 2024 General funds 3,737,633 254,467 1494,460) 127,167) 231,173 3,701,646 Previous year: A11 November 2023 Incoming resources Resources expended Transfers Gains and losses At31 October 2024 General funds 3,584,214 376,909 1546,356) 153,5231 376,389 3,737,633 Transfers between funds Transfers are made each year when projects come to an end and there is a closing net incomel lexpendilure), or to align expenditure lo the correct fund. 21 Analysls of nel assets between funds Unrestricted Restricted funds funds 2025 2025 Total 2025 At 31 October 2025: Tangible assets Investments Current assetsllliabilitiesl 1,180.856 2,525,887 {5.0971 351,100 1,064,025 149,674 1.531.956 3,589,912 144.577 3,701,646 1,564,799 5,266.445 Unrestricted funds 2024 Reslricled funds 2024 Total 2024 At 31 October 2024: Tangitple assets Investments Current assetsllliabilitiesl 826,487 2.809,998 101,148 351,100 968,790 126,152 1,177,587 3,778,788 227,300 3.737,633 1,446,042 5,183,675 -28- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 31135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 22 Contlngent Ilabllltles The Diocese is the guarantor for any loans made by the Provincial Office of the S(x)ttish Episcopal Church to charges within the Diocese. At 31 October 2025 there were no loans to charges from the province. 23 Contingent 8ssets The Diocese has entered into a grant undertaking, up to the value of £30,000, with St Mary's EpiscA)pal Church, Auchindoir. Certain conditions exist whereupon this grant may be repayable to the Diocese.. if Sl Mary's sells or otherwise transfers ownership of Ihe Rectory it shall repay the grant lo the DI0Se with a premium calculated al a rale of 50/0 of the grant being made, compounded annually. If St Mary's rents out the Rectory as a private dwelling house after 1 January 2013, il shall pay 15Q/o of such rert to the Diocese. These conditions are subject to future events out with the control of the Diocese and as such a debtor has not been recognised in the financial stslements. 24 Operating loase commitmonts Lessee At the porting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between and five years 1,175 1,175 7,175 20,350 2,350 27,525 25 Ultimale controlling party Th8 Diocese of Aberdeen and Orf(ney is a constituent part of the Scottish Episcopal Church and, as such, operates within the framework or regulation Ilhe Canons of the Scottish Episcopal Churchl passed by the General Synod. Within this framework the Diocese has a completely independent deasion-making process. -29- Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 32 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 26 Related party transactlons Grants and SUPF)Ort of £122,709 12024 - £169,735) were received by the Diocese from The General Synod of the Scottish Episcopal Church during the year. and quota of £73,124 12024 £73,574) was paid to The General Synod of the Scotbsh Episcopal Church. A balance of £10,653 12024 - £nill was due lo the Diocese at the year end. The following Charges under the Diocese We deemed to be related through common Trustees andlor their close family members.. Sl Andrews Church, Aberdeen were charged quota of £17,775 to the Diocese, and received grants from the Diocese of £nil. A balance of £40,761 was due to the Diocese al the year end. Sl Thomas Church, Aboyne were charged quota of £3,67812024 - £3,346) lo the Diocese, and received grants from the Diocese of £nil12024- £2,020). There were no outstanding balances al the year end relating lo these transactions. All Saints Episcopal Church Buckle were charged quota of £2,330 12024 - £2,270) to the Diocese, and received grants from the Diocese of £3,000 12024 - £5,420). There werè no oulslanding balances at the year end relating to these Iransaclions. Church or si John Baptist Portsoy were charged quota of £39712024 - £1891 to the Diocese. and received grants from the Diocese of £9,462 12024 - £9,462). There were no outstanding balances at the year end relating lo these transactions. Sl Ternan, Banchory were charged quota of £7,96512024 £6,391) to Ihe Diocese. and received grants from the Dioces8 of £nil 12024 - £2,020I. There were no outstanding balances at the year end lating to these transactions. Sl hAary's, Aberdeen were charged quota of £6,85812024 £6,930) lo the Diocese, and received grants from the Diocese of £nil 12024- £4,359). There were no outstanding balances at the year end lating to these transactions. St Mary's, Stromness were charged quota of £2,431 12D24 - £2,599) to the Diocese. and received grants from the Diocese of £nil12024 - £nill. There were no outstanding balances at the year end relating lo these transactions. Sl Olafs, Kirkwall were charged quota of £2,535 (2024 - £2,860) to the Diocese, and received grants from the Diocese of £30612024 - £4921. There were no outstanding balances at the year end relatin9 to thèse transactions. Sl Mary's, Inverurie were charged quota of £24,946 12024 - £15,100) lo the Diocese, and received grants from the Diocese of £nil12C)24 £nill. Sl Kenligern's, Ballaler were charged quota of £3,572 12024 £2.9701 lo the Diocese. and received grants from the Diocese of £nil 12024 - £nill. There were no outstsnding balances al the year end relating lo these transactions. Sl Ninians, Aberdeen were charged quota of £4,167 to the Diocese, and received grants from the Diocese of £nil. There were no OLJlslanding balances at the year end relating to these transactions. St hAary-On-The-Rock, Ellon were charged quota of £12,977 to the Diocese, and received grants from the Diocese of £1,000. There were no outstanding balances at the year end relating to these transactions. Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 33 135
Dlocese of Aberdeen and Orkney NotOS to the flnanclal statements (contlnuod) for tho year ondad 31 Octobar2025 27 Cash (absorbed byllgenerated from operatlons 2025 2024 Surplus for the year 82,770 616,238 Adjustments for: Investment income recognised in statement of financial activities Gain on disposal of investments Fair value gains and losses on investments Depmciation and impairment of tsngible fixed assets 1109,650) (115,2611 {35,5971 159,728) 1290,8111 1478,3631 305 480 Movements in working capital- Ilncreaselldecrease in debtors Increaselldeereasel in creditors 12,1671 18,181 193,240 (6,2081 Cash labsorbod byllgonerated from oparations 1336,9691 150,398 28 Anatysis of changes in netfunds The Charity had no material debt during the year. 31 Accounts- Fin81.pdf17d7b6c4gcb2b49eb-88ed-98c2c296f1d91 Page.. 34 135