ALL SAINTS TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
SCOTTISH CHARITY NUMBER: SC022297
ALL SAINTS TRUST
CONTENTS FOR THE YEAR ENDING 30 SEPTEMBER 2025
| Page | |
|---|---|
| Trustees’ Annual Report | 1 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Statement of Cash Flows | 7 |
| Notes to the Accounts | 8 - 10 |
ALL SAINTS TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
The trustees present their annual report and financial statements of the charity for the year ended 30 September 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s constitution, the Charities Accounts (Scotland) Regulations 2006 (as amended) and 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 United Kingdom and Republic of Ireland (FRS 102) (effective from 1 January 2019).
Objectives, activities for the public benefit and future plans
The charitable purposes are the support of All Saints’ Episcopal Church, St Andrews, including the permitted occupancy of the various heritable properties owned by the charity, and the distribution to the Church Treasurer of surplus income where there is a surplus.
During the year ended 30 September 2025 the trustees’ objectives remained unchanged. This practice is expected to continue for the foreseeable future.
Review of achievements and performance: How the charity programme delivered public benefit
The trustees work to maintain the heritable properties in a good and tenantable condition and to ensure they are let under appropriate leases.
Certain properties are let on the open market by the Church Vestry with the consent of the trustees. The rents from these properties are paid direct to the All Saints’ Church Vestry.
The Vestry meets all of the expenses of maintaining the properties owned by the Church such as repairs and insurance. The income and expenses of the properties and net donations to the Church are detailed at notes 1(l) and 2 on page 9.
Monitoring achievement
The trustees monitor the progress of their activities by receiving an annual report from the Church Vestry together with other ad hoc reports as appropriate.
Financial review
Details of the charity’s income and expenditure are disclosed in the Statement of Financial Activities. Total income in the year was £87,096 (2024 - £81,155) all of which was unrestricted. After expenditure of £87,126 (2024 - £78,155) there was net expenditure of £30 (2024 – net income of £3,000) before gains on the investment portfolio of £4,718 (2024 - £6,477). In 2024 there was a gain of £257,000 on the revaluation of the investment properties. Total reserves carried forward amounted to £2,187,339 (2024 - £2,182,651).
Investment policy and performance
The trustees are empowered to invest sums to earn interest or to purchase securities under the general investment regulations governing charitable trustees.
The trustees hold investments in the Scottish Episcopal Church Unit Trust Pool (UTP). The investment objective of the UTP, which accords with that of the trustees, is to earn a return on the assets over the long-term, sufficient at least to maintain the real value of the distribution to unit holders. The objective was satisfied in terms of the distributions received and the growth in value of the holding during the year.
Risk management
In order to meet the charity’s objectives and activities for the public benefit, the trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity, and are satisfied that systems are in place to mitigate the charity’s exposure to the major risks.
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ALL SAINTS TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Reserves policy
The trustees aim to maintain reserves that include realisable investments sufficient to meet any immediately foreseeable expenditure and to support the ongoing work of the charity.
Structure, Governance and Management
The charity is an unincorporated association, formed as a result of the amalgamation of five individual charitable trusts, all established by the late Mrs Annie Younger of Mount Melville. The amalgamation was registered on 15 December 1993.
The charity is supervised by its trustees. The day to day administration is delegated to a Secretary and the management of the properties is performed by the Church Vestry under a letter of agreement.
The charity has procedures for the induction of trustees which include a meeting with a continuing trustee and the issue of an induction pack. Key matters such as obligations of trustees, financial issues and future plans and objectives are discussed. The induction pack contains key documents including a copy of the constitution of the charity, most recent minutes and the latest annual financial statements. In addition all new trustees are provided with a copy of the Office of the Scottish Regulator (OSCR) publication – “Guidance for Charity Trustees”.
Reference and administrative information
Charity Trustees
The following persons have served as trustees during the year ended 30 September 2025 and since the year end:
The Right Reverend Ian Paton, Bishop of St Andrews, Dunkeld & Dunblane The Very Reverend Graham Taylor The Reverend Dr Alasdair Coles Mr Donald Duval
Secretary
Mr Alexander Palfrey
Address of Administrative Office
All Saints’ Rectory, 39 North Street, St Andrews, Fife, KY16 9AQ
Scottish Charity number
Scottish Charity Number: SC022297
Independent Examiner
Joanne Paul CA, Henderson Black & Co, Chartered Accountants, Chestney House, 149 Market Street, St Andrews, Fife, KY16 9PF
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ALL SAINTS TRUST
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Trustees’ Responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then comply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the trustees on 11 March 2026 and signed on their behalf by;
Graham S Taylor
The Very Reverend Graham Taylor, (Trustee)
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ALL SAINTS TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ALL SAINTS TRUST
I report on the accounts of the charity for the year ended 30 September 2025 which are set out on pages 5 to 10.
Respective Responsibilities of Trustees and Examiner
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
Basis of Independent Examiner’s Statement
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees for my work or for this report.
Independent Examiner’s Statement
In the course of my examination no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44 (1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Joanne Paul
Joanne Paul CA Partner Henderson Black & Co Chartered Accountants
149 Market Street St Andrews Fife KY16 9PF
Date: 18 March 2026
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ALL SAINTS TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 30 SEPTEMBER 2025
| Note Income from: Investments Rents Investment income Total income Expenditure on: Charitable activities 2 Total expenditure Net (expenditure)/income before gains on investments Gain on revaluation of investment properties 4 Net gain on investments 5 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total funds 2025 £ 85,433 1,663 87,096 87,126 87,126 (30) - 4,718 4,688 2,182,651 2,187,339 |
Prior year Total funds 2024 £ 79,740 1,415 |
|---|---|---|
| 81,155 | ||
| 78,155 | ||
| 78,155 | ||
| 3,000 257,000 6,477 |
||
| 266,477 1,916,174 |
||
| 2,182,651 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. All funds are unrestricted.
The notes on pages 8 to 10 form an integral part of these accounts.
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ALL SAINTS TRUST
BALANCE SHEET AS AT 30 SEPTEMBER 2025
| Note Fixed assets: Tangible assets 3 Investment properties 4 Investment portfolio 5 Total fixed assets Liabilities: Creditors falling due within one year 6 Net current liabilities Total assets less current liabilities/ Net assets The funds of the charity: Unrestricted income funds Total charity funds All funds are unrestricted. |
Total funds 2025 £ 1 2,132,000 55,968 2,187,969 (630) (630) 2,187,339 2,187,339 2,187,339 |
Prior Year Total funds 2024 £ 1 2,132,000 51,250 |
|---|---|---|
| 2,183,251 | ||
| (600) | ||
| (600) | ||
| 2,182,651 | ||
| 2,182,651 | ||
| 2,182,651 | ||
The notes on pages 8 to 10 form an integral part of these accounts.
Approved by the trustees on 11 March 2026 and signed on their behalf by:
Graham S Taylor
The Very Reverend Graham Taylor, (Trustee)
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ALL SAINTS TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 30 SEPTEMBER 2025
| Total | Prior year | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Net cash used in operating activities (see below) | (87,096) | (78,155) |
| Cash flows from investing activities: | ||
| Investment income | 87,096 | 81,155 |
| Purchase of investments | - | (3,000) |
| Net cash provided by investing activities | 87,096 | 78,155 |
| Change in cash and cash equivalents in the year | - | - |
| Cash and cash equivalents at the beginning of the year | - | - |
| Cash and cash equivalents at the end of the year | - | - |
| Analysis of changes in net debt | 2025 | 2024 |
| £ | £ | |
| Cash at 1 October | - | - |
| Cash flows in year | - | - |
| Cash at 30 September | - | - |
| Reconciliation of net movement in funds to net cash flow | from operating activities | |
| 2025 | 2024 | |
| £ | £ | |
| Net movement in funds for the year (as per | ||
| the statement of financial activities) | 4,688 | 266,477 |
| Adjustments for: | ||
| Investment income shown in investing activities | (87,096) | (81,155) |
| Deduct gains on investments | (4,718) | (263,477) |
| Increase in creditors | 30 | - |
| Net cash used in operating activities | (87,096) | (78,155) |
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ALL SAINTS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 30 SEPTEMBER 2025
1. Accounting Policies
a) Basis of preparation
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), effective from 1 January 2019, and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The charity constitutes a public benefit entity as defined by FRS 102.
These financial statements are presented in pounds sterling, the functional currency of the charity. Monetary amounts are rounded to the nearest pound.
The trustees consider that there were no material uncertainties at the year end, nor arising subsequently which would lead them to question the charity's ability to continue as a going concern.
b) Funds structure
The charity has only one general fund which is unrestricted. Movement on the fund is shown in the Statement of Financial Activities. The trustees are free to use unrestricted funds for any purpose in furtherance of the charitable objectives.
c) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Investment income is recognised once it has been declared and notification has been received. This is normally upon notification by the charity investment adviser.
d) Expenditure recognition
All expenditure is included on an accruals basis and is recognised when there is a legal and constructive obligation to pay for expenditure. Irrecoverable VAT is included in the related expenditure.
Charitable activities include all expenditure associated with the making of donations.
e) Tangible fixed assets and depreciation Heritable properties
Heritable property which is primarily for the charity's own use is shown in the balance sheet at its original cost to the charity which is £1. No depreciation is charged on these properties.
Investment properties
The properties at 39 North Street (Rectory Lodge), 35 North Street, 28 North Castle Street (Castle Wynd House), 28b North Castle Street (Tower Flat), and two garages in North Castle Street have been rented out for a number of years and are therefore classified as investment properties. These properties were revalued by the trustees to their fair value on 30 September 2024.
No depreciation is charged on properties.
f) Taxation
The charity is exempt from tax on income and gains under applicable legislation to the extent that these are applied to its charitable purposes.
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ALL SAINTS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 30 SEPTEMBER 2025 (continued)
1. Accounting Policies (continued)
g) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing published value. The statement of financial activities includes the net gains and losses arising on revaluations and disposals during the year.
h) Realised and unrealised investment gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between the sales proceeds and the opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
i) Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.
j) Creditors and accruals
Creditors and accruals are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
k) Remuneration of trustees
No remuneration or reimbursement of expenses was paid in respect of the services of trustees. The trustees made no donations to the charity during the year (2024 - none).
l) Related parties
The charity is connected to other diocesan charitable trusts by virtue of having common trustees. There were no transactions between the trusts during the year. Connections with All Saints' Episcopal Church, St Andrews are described in the Trustees' Annual Report in relation to the purpose of the charity and its properties.
During the year All Saints' Church, St Andrews collected rental income of £85,433 (2024 - £79,740) and met property expenses of £18,215 (2024 - £31,955) on the charity's behalf. A donation of £68,401 (2024 - £45,720) was paid to the Church.
m) Judgements in applying accounting policies and key sources of estimation
In the application 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 available from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relavant. Actual results may differ from these estimates. In preparing these financial statements, the trustees have made the following judgements:
Accruals
Trustees estimate the requirements for accruals using post year end information. This identifies costs that are expected to 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.
| 2. Expenditure on charitable activities Donation to All Saints' Church, St Andrews Rental property expenses Insurance of rental properties Independent Examiner's fee |
2025 £ 68,401 11,908 6,307 510 87,126 |
2024 £ 45,720 25,776 6,179 480 |
|---|---|---|
| 78,155 |
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ALL SAINTS TRUST
NOTES TO THE ACCOUNTS FOR THE YEAR ENDING 30 SEPTEMBER 2025 (continued)
| 3. Tangible fixed assets At cost: All Saints' Rectory 4. Fixed asset investment properties At valuation: At 1 October 2024 Revaluation in year At 30 September 2025 |
2025 £ 1 2025 £ 2,132,000 - 2,132,000 |
2024 £ 1 |
|---|---|---|
| 2024 £ 1,875,000 257,000 |
||
| 2,132,000 |
Investment properties are in North Castle Street and North Street in proximity to All Saints' Church. The historical cost of these assets is nil. Based upon previous advice from a professional surveyor and local property agent, the properties were valued by the trustees on the same basis as before, assuming vacant possession, at 30 September 2024 and in their view this value remains appropriate.
| 5. | Fixed asset investment portfolio | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Investments at fair value comprised: | |||
| 1,680 units in Scottish Episcopal Church Unit Trust Pool | |||
| (2024 - 1,680 units) | 55,968 | 51,250 | |
| The historical cost of investments at 30 September 2025 was £30,100 (2024 - £30,100). | |||
| Movement in fixed asset investments | |||
| Market value brought forward at 1 October 2024 | 51,250 | 41,773 | |
| Additions to investments at cost | - | 3,000 | |
| Net gain on revaluation | 4,718 | 6,477 | |
| Market value as at 30 September 2025 | 55,968 | 51,250 | |
| 6. | Creditors and accruals | 2025 | 2024 |
| £ | £ | ||
| Independent Examiner's fee | 630 | 600 | |
| 630 | 600 |
7. Material commitments
There were no material commitments at the year end other than those provided in the accounts.
8. Guarantees and Contingent liabilities
There were no guarantees or contingent liabilities at the year end.
9. Secured loans
There were no loans or other liabilities secured on the charity's assets at the year end.
10. Employees
The charity had no employees at any time during the year (2024 - none).
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