**The OpenSpace Trust (A company limited by guarantee)**
**Trustees’ report and unaudited financial statements for the year to 31 October 2025**
**Company Number SC292077 Charity Number SC036920**
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**The OpenSpace Trust**
(A company limited by guarantee)
## **Contents**
||Page|
|---|---|
|Company information|1|
|Trustees’ report|2 - 5|
|Statement of Trustees’ responsibilities|6|
|Report of the independent examiner to the Trustees|7|
|Statement of financial activities (incorporating income and expenditure account)|8|
|Balance sheet|9|
|Statement of cashflows|10|
|Notes to the financial statements|11-19|
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**The OpenSpace Trust** (A company limited by guarantee)
## **Company Information**
|**Trustees**|F McCallum (Chair)|
|---|---|
||F Dalgarno (resigned 14 November 2025)|
||L Glen|
||A McRobb|
||W T Ross|
||S D Stuart|
||Dr A J Winfield (resigned 30 April 2025)|
||W G Diack|
||Dr M I White (appointed 30 April 2025)|
|**Secretary**|Raeburn Christie Clark & Wallace LLP|
|**Independent examiner**|Fiona Morgan CA|
||Henderson Loggie LLP|
||Chartered Accountants|
||1 Marischal Square|
||Broad Street|
||Aberdeen|
||AB10 1BL|
|**Bankers**|Royal Bank of Scotland|
||40 Albyn Place|
||Aberdeen|
||AB10 1YN|
|**Registered office**|12 - 16 Albyn Place|
||Aberdeen|
||AB10 1PS|
|**Company number**|SC292077|
|**Scottish charity number**|SC036920|
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**The OpenSpace Trust** (A company limited by guarantee)
**Trustees’ Report**
The Trustees of the charitable company (the Trust) are its Directors for the purpose of company law and throughout this report are collectively referred to as the Trustees. The Board of Trustees presents its report and annual financial statements for the year ended 31 October 2025.
The company information set out on page 1 forms part of this report. The financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association of the company and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Objectives and activities**
The Trust will develop and operate part of the Kirk of St Nicholas as OpenSpace – a new community resource at the heart of the City of Aberdeen.
During the year under review, the Objectives of the charitable company were as follows:
- a) To promote social inclusion through use of the Mither Kirk in Aberdeen as an open space for the benefit of the communities of Aberdeen and Aberdeenshire;
- b) To advance education for the benefit of the local communities in the area and the public generally, by recognising, interpreting and promoting the history, culture, arts and heritage of the areas;
- c) To protect, conserve and preserve the historic buildings of the Mither Kirk in Aberdeen as an historically significant place of worship;
- d) To advance community development by (i) developing projects which will benefit the local community in the area and the public generally and (ii) associating with local statutory authorities and agencies, voluntary organisations and local inhabitants in a common effort to foster, plan, manage and encourage educational, cultural, recreational, health and well-being and/or social facilities or activities, or assist in the provision of such facilities or activities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended.
## **Progress during Year**
As last year, the focus of the work of the Trust was on the restoration of St. Mary’s Chapel which had been delayed in the previous year. Phase 2 construction work was behind schedule. However most work (with the exception of final painting and removal of protection, and restoration of the parquet flooring) was finished by the end of the first Quarter of 2025. The main issue was that the plaster on the vaulted ceilings was not drying out quickly enough. An oak bead to the southern-most historic panels was added to close the existing gap. The electric cable for the lighting was replaced with more aesthetically pleasing copper coloured “pyro” cables which hugs the corners of the stone pillars more effectively.
A smart meter and a sub-meter were installed during April 2025, enabling the Trust to charge SCOTART for their electricity consumption.
Free standing Infrared Heaters were procured and these can be controlled remotely thanks to the Broadband/WIFI facility which was installed during October.
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**The OpenSpace Trust** (A company limited by guarantee)
**Trustees’ Report (continued)**
## **Progress during Year (continued)**
The fore-mentioned delays continued to restrict the public facing activities of the Trust. However, two open days were able to be held – one on Doors Open Day and another on the weekend of the Tall Ships event in Aberdeen when a significant number of visitors were welcomed from around the world. Over the Tall Ships Weekend, we welcomed between 150 and 200 visitors and we raised over £200 through donations. On the September Doors Open Day we had around 600 visitors and we raised a further £278 through donations.
During the year, the Trust was gifted by the United Reformed Church in Aberdeen a modern painting by the artist Elizabeth Gray-King, entitled “Witness”, for display in St. Mary’s Chapel. Following a donation from the Verden Sykes Trust, equipment for St. Mary’s Chapel including audio-visual equipment and display panels was purchased.
Some new volunteers were recruited and a Social Media Group was convened. We used our website to publicise when St Mary’s was open over Summer 2025 and have a page on the website indicating rates for the hire of St Mary’s. The Trust has posted regular articles/blogs on Facebook.
On Instagram 49 Posts have been uploaded and we have 25 followers.
On TIK TOK 33 Posts have been uploaded and we now have 16 Followers and 204 Likes. A post around Halloween had 834 views.
The ongoing aim is to have at least 1 Social Media post on any of our platforms per week going forward.
The lease of The Lodge was terminated in August 2025 to reduce the Trust’s administrative costs. Meetings were held with SCOT-ART, the new proprietors of the West Kirk of St. Nicholas and a good working relationship has been established with our new neighbours.
## **Future Developments**
In preparation for the future use of St. Mary’s Chapel on completion of the current works, an application was successfully made for a public entertainment licence, a table of charges was agreed for use of the chapel to be implemented for a trial period and public liability and contents insurance policies were put in place.
Arrangements are in hand for the use of a cashless payment system for donations and sales when the chapel is open for use. A new booklet on the history of St. Mary’s Chapel was produced for sale to future visitors.
The Board began consideration of reviewing plans for the main sanctuary of the East Kirk and how these might be financed.
## **Going Concern**
The Trustees have a reasonable expectation that the Trust can continue in operational existence for the foreseeable future.
The legacy from the estate of the late Revd. James Stewart has provided a level of financial security. If the situation changes, the Board is agreed that all options will be considered, including closure if needed.
The charity’s buildings are currently not insured. This is due to the Trustees, despite considerable effort, being unable to secure insurance for the buildings at an affordable premium. However, during the year public liability and contents insurance has been secured.
3
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**The OpenSpace Trust** (A company limited by guarantee)
**Trustees’ Report (continued)**
## **Financial overview**
The deficit for the year amounted to £132,199 (2024 – surplus of £249,691). This deficit includes an accrued legacy of £nil (2024 - £280,000).
## **Reserves**
It is the Trustees’ policy to ensure there are sufficient reserves to meet planned expenditure. At 31 October 2025, the Trust held unrestricted funds of £1,160,336 (2024 - £1,207,643). The Trustees are aware that this figure involves a surplus of £39,764 (2024 surplus of - £31,043) if the property valued at £1,120,572 (2024 - £1,176,600) is excluded. There is additional £291,003 (2024 – £375,895) of restricted funds at the year end.
The Trustees are content that, at present, they are able to meet the day to day expenditure of the OpenSpace Trust. They are also aware that the deficit is made up of loans which are not immediately repayable. The Trustees have a very clear policy that they will not enter into any major financial commitment until they have the funds available to meet the expenditure. They are equally clear that, in the event of unexpected financial demands arising which they are unable to meet from available resources, all options will be considered and, if necessary, this could involve the closure of the building.
## **Structure, governance and management**
The Trust is limited by guarantee and therefore governed by its Memorandum and Articles of Association. It is a registered charity. In the event of the Trust being wound up, the liability in respect of the guarantee is limited to £1 per member.
The Trustees, who are also the directors for the purpose of company law, and who served during the year from 1 November 2024 to the date the financial statements were approved were as follows:
F McCallum F Dalgarno (resigned 14 November 2025) L Glen A McRobb W T Ross S D Stuart Dr A J Winfield (resigned 30 April 2025) W G Diack Dr M I White (appointed 30 April 2025)
Dr Arthur Winfield retired as Project Leader following 20 years in the role. His role was taken over by the Chairman and Vice-chairman with each being allocated responsibilities for particular areas of the work of the Trust. The Trustees thank Dr Winfield for all the work that he has done and wish him well in his retirement.
Under the requirement of the Memorandum and Articles of Association the number of Trustees shall be not less than three and not more than twelve comprising up to nine individual persons and up to three individual person co-opted Trustees.
The Trust’s operations are overseen by a Board of Trustees who meet regularly to define, authorise and seek to implement activities to deliver the objective of the Trust as set out in the Memorandum and Articles of Association.
4
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**The OpenSpace Trust** (A company limited by guarantee)
## **Trustees’ Report (continued)**
## **Key management**
The Board of Trustees is considered to be the key management personnel of the charitable company in charge of directing and controlling, running and operating the charitable company on a day to day.
## **Risk management**
During the year the Board was assisted by an external Treasurer and an external firm of chartered accountants, in ensuring that its financial controls and reporting are always correct and up to date.
Each regular Board Meeting agenda included finance as a standing item and considered a report from the Treasurer.
During the year, a sub-committee of the Board worked on the development of a Risk Register.
## **Induction and training of new Trustees**
New Trustees undergo orientation to brief them on their legal obligations under charity and company law, the content of the Articles of Association, the structure and decision making process of Board meetings and the financial performance of the charity.
## **Related parties**
All related parties are shown in note 12 of the financial statements.
## **Small company**
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Forbes McCallum - 2026-05-06, 20:49:59 UTC
## **F McCallum Trustee**
29 April 2026
5
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**The OpenSpace Trust** (A company limited by guarantee)
## **Statement of Trustees’ responsibilities**
The Trustees are responsible for preparing the Report of the Trustees and the 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- 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 Trust will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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**The OpenSpace Trust** (A company limited by guarantee)
## **Report of the Independent Examiner to the Trustees of The OpenSpace Trust**
I report on the financial statements of the charitable company for the year ended 31 October 2025 which are set out on pages 8 to 19.
This report is made to the charitable company’s Board of Trustees, as a body, in accordance with the terms of engagement. My work has been undertaken to enable me to undertake an independent examination of the charitable company's accounts on behalf of the charitable company's Board of Trustees and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s Board of Trustees as a body, for my work or for this report.
## **Respective responsibilities of trustees and examiner**
The charitable company’s Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charitable company’s Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements 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 report**
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charitable company and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, 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 financial statements.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention (other than disclosed below)
1. which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations
- to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Fiona Morgan - 2026-05-07, 07:40:36 UTC
## **Fiona Morgan CA**
Henderson Loggie LLP Chartered Accountants 1 Marischal Square Broad Street Aberdeen AB10 1BL
29 April 2026
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## **The OpenSpace Trust**
(A company limited by guarantee)
## **Statement of Financial Activities (incorporating the income and expenditure account) for the year to 31 October 2025**
|**2025**
Note
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
**Income**
Donations and legacies
**18,412**
**-**
**18,412**
Other income
**7,371**
**-**
**7,371**
**_________**
**_________**
**_________**
**Total income**
2
**25,783**
**-**
**25,783**
**_________**
**_________**
**_________**
**Expenditure**
Charitable activities
3
**73,090**
**84,892**
**157,982**
**_________**
**_________**
**_________**
**Total expenditure**
**73,090**
**84,892**
**157,982**
**_________**
**_________**
**_________**
**Net (expenditure)/income**
**(47,307)**
**(84,892)**
**(132,199)**
**_________**
**_________**
**_________**
**Net movement in funds**
**(47,307)**
**(84,892)**
**(132,199)**
**Reconciliation of funds**
Total funds brought forward
9
**1,207,643**
**375,895**
**1,583,538**
**Total funds carried forward**
9
**1,160,336**
**291,003**
**1,451,339**|Unrestricted
£
113,709
6,265
_________
119,974
_________
76,153
_________
76,153
_________
43,821
_________
43,821
1,163,822
1,207,643||2024
Restricted
Total
£
£
459,000
572,709
-
6,265
_________
_________
459,000
578,974
_________
_________
253,130
329,283
_________
_________
253,130
329,283
_________
_________
205,870
249,691
_________
_________
205,870
249,691
170,025
1,333,847
375,895
1,583,538|
|---|---|---|---|
|||||
The financial statements have been prepared on the basis that all activities are continuing.
8
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
## **Balance Sheet at 31 October 2025**
|Note
**£**
**Fixed assets**
Tangible assets
5
**Current assets**
Debtors
6
**2,644**
Cash at bank and in hand
**355,964**
**_______**
**358,608**
**Creditors**
Amounts falling due within one year
7
**(36,198)**
**_______**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
Unrestricted funds
9
Restricted funds
9|**2025**
**£**
£
**1,128,929**
297,996
178,536
_______
476,532
(69,594)
_______
**322,410**
**_________**
**1,451,339**
**_________**
**1,451,339**
**1,160,336**
**291,003**
**_________**
**1,451,339**|2024
£
1,176,600
406,938
_________
1,583,538
_________
1,583,538|
|---|---|---|
|||1,207,643
375,895
_________
1,583,538|
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved by the Directors and authorised for issue on 29 April 2026 and signed on their behalf by:
**……………………..** Forbes McCallum - 2026-05-06, 20:49:59 UTC **F McCallum, Trustee**
The notes on pages 11 to 19 form part of these financial statements.
9
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
## **Statement of cash flows for the year ended at 31 October 2025**
|||||2024|
|---|---|---|---|---|
|||**2025**|||
||**£**|**£**|£|£|
|**Cash flows from operating activities**|||||
|Net income||**(132,199)**||249,691|
|**_Adjust for:_**|||||
|Depreciation||**58,814**||56,028|
|Decrease/(increase) in debtors||**295,352**||(297,007)|
|Decrease in creditors||**(33,396)**||(9,231)|
|Interest received||**(7,173)**||(5,945)|
|||**_______**||_______|
|**Net cash inflow/(outflow) from operating**|||||
|**activities**||**181,398**||(6,464)|
|**Cash flows from investing activities**|||||
|Interest received|**7,173**||5,945||
|Purchase of assets|**(11,143)**||-||
||**_______**||**_______**||
|**Net cash inflow from investing activities**||**(3,970)**||5,945|
|||**_______**||**_______**|
|**Net increase/(decrease) in cash**|||||
|**and cash equivalents**||**177,428**||(519)|
|Cash & cash equivalents at 1 November 2024||**178,536**||179,055|
|||**_________**||_________|
|**Cash & cash equivalents at 31 October 2025**||**355,964**||178,536|
10
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
**Notes to the financial statements**
## **1 Accounting policies**
## **Charity information**
The OpenSpace Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 12-16 Albyn Place, Aberdeen, AB10 1PS.
## **Status of the charitable company and liability of members**
The OpenSpace Trust is a charitable company limited by guarantee and does not have a share capital. Each member has undertaken to contribute an amount not exceeding £1 towards any liability arising in the event of the charitable company being wound up.
## **Basis of accounting**
The financial statements are prepared under the historical cost convention and include the results of the operations of the charitable company as indicated in the Trustees’ Report. The financial statements incorporate the requirements of the Statement of Recommended Practice – “Accounting and Reporting by Charities” (FRS 102), applicable accounting standards, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
The charitable company constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The following is a summary of the significant accounting policies adopted by the charitable company in the preparation of the financial statements.
## **Going concern**
The Trustees have a reasonable expectation that the Trust can continue in operational existence for the foreseeable future. There are, however, uncertainties regarding the final overall development of the East Kirk.
The accounts have therefore been prepared on the going concern basis.
## **Income**
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
## **Grants**
Government and other grants in respect of capital expenditure are credited to the income and expenditure account over the estimated useful life of the relevant fixed assets. Any grants shown in the balance sheet represent the total grants receivable to date less the amount so far credited to the income and expenditure account.
Government and other grants, whether capital grants or revenue grants, are recognised when the charitable company has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
11
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
## **1 Accounting policies (continued)**
## **Donations**
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **Legacies**
Legacies are accounted for as incoming resources either upon receipt or where the receipt of the legacy is virtually certain. This will be once confirmation has been received from the representatives of the estate(s) that payment of the legacy will be made or property transferred and once all conditions attached to the legacy have been fulfilled.
## **Expenditure**
Expenditure is included in the financial statements once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the obligation can be reliably measured.
- Costs of generating funds are those incurred in attracting voluntary income.
- Charitable activities include expenditure associated with the charitable objects of the charitable company and include both the direct costs and support costs relating to these activities.
Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories on the basis of an estimate of the proportion of hours spent on these activities.
## **Taxation**
The company has been registered by the Office of the Scottish Charity Regulator (OSCR) as a charity, and therefore no taxation charge has been applied.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less.
## **Tangible fixed assets and depreciation**
Individual items costing £250 or more are capitalised at cost.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:
Land & buildings - 3.3% per annum straight line method Fixtures and fittings - 25% per annum
12
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
## **1 Accounting policies (continued)**
## **Impairment of fixed assets**
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
## **Financial instruments**
The Trust has elected to apply the provision of Section 11: ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS102 to all its financial instruments.
Financial instruments are recognised in the Trust’s balance sheet when the Trust becomes party to the contractual 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 to set off the recognised amounts and there is an intention to settle on a net 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 at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for good or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
13
Registered number SC292077
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**The OpenSpace Trust** (A company limited by guarantee)
**Notes to the financial statements (continued)**
## **1 Accounting policies (continued)**
## **Funds**
In the Statement of Financial Activities funds are classified as either restricted funds or unrestricted funds, defined as follows:
**Unrestricted funds** are donations and other incoming resources receivable or generated for the objects of the charitable company without further specified purpose and are available as general funds.
**Restricted funds** are to be used for specific purposes as laid down by the donor. Expenditure, which meets these criteria, is charged to the fund together with a fair allocation of management and support costs.
A transfer is made from unrestricted funds to restricted funds to compensate fully all restricted funds which would otherwise be in deficit at the accounting date.
## **Critical accounting estimates**
In the application of the Trust’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 sources. The estimates and associated assumptions are based on historical experience and other factors that 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 accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing the financial statement, the Trustees have made the following judgements:
## **Valuation of assets under construction**
The Trustees have reviewed the values of the asset under construction to ensure that there is no material difference between the cost of it and the amount it is carried at in the accounts.
## **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.
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
|**2**
**Income**
**Unrestricted**
**Restricted**
**£**
**£**
**Donations and legacies**
Donations
**17,497**
**-**
Gift aid
**915**
**-**
Legacies
**-**
**-**
Grants
**-**
**-**
**________**
**________**
**18,412**
**-**
**Other income**
Sundry
**198**
**-**
Interest received
**7,173**
**-**
**________**
**________**
**25,783**
**-**|**2025**
Unrestricted
**£**
£
**17,497**
42,950
**915**
759
**-**
70,000
**-**
-
**________**
________
**18,412**
113,709
**198**
316
**7,173**
5,949
**________**
________
**25,783**
119,974|Restricted
£
-
-
280,000
179,000
________
459,000
-
-
________
459,000|2024
£
42,950
759
350,000
179,000
________
572,709
316
5,949
________
578,974|
|---|---|---|---|
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
|**3**|**Resources expended**||||||||
|---|---|---|---|---|---|---|---|---|
|||**Basis of**|||**2025**|||2024|
|||**apportionment**|**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
||||**£**|**£**|**£**|£|£|£|
||**Charitable activities including**|**support costs**|||||||
||Rent|Direct|**2,771**|**-**|**2,771**|4,200|-|4,200|
||Utilities|Direct|**1,650**|**-**|**1,650**|836|-|836|
||Insurance|Direct|**1,108**|**-**|**1,108**|4,888|-|4,888|
||Property maintenance|Direct|**-**|**-**|**-**|441|-|441|
||Sundry expenses|Direct|**497**|**-**|**497**|500|-|500|
||Development costs|Direct|**-**|**84,892**|**84,892**|-|253,130|253,130|
||Depreciation|Direct|**58,814**|**-**|**58,814**|56,028|-|56,028|
||||______|______|______|______|______|______|
||||**64,840**|**84,892**|**149,732**|66,893|253,130|320,023|
||**Governance costs**||||||||
||Accountancy|Direct|**8,250**|**-**|**8,250**|4,260|-|4,260|
||Audit|Direct|**-**|**-**|**-**|5,000|-|5,000|
||||______|_______|_______|_______|_______|_______|
||**Total resources expended**||**73,090**|**84,892**|**157,982**|76,153|253,130|329,283|
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
## **4 Trustees**
There were no Trustees’ remuneration or other benefits for the year ended 31 October 2025 nor for the year ended 31 October 2024.
|**5**
**Tangible fixed assets**
**Cost or valuation**
At 31 October 2024
Additions in year
**Depreciation**
At 31 October 2024
Charge for year
**Net book value at**
**At 31 October 2025**
At 31 October 2024
**6**
**Debtors**
Accrued legacy income
Prepayments
VAT recoverable
Trade debtors
**7**
**Creditors: Amounts due within one year**
Trade creditors
Other loans (Note 8)
Accruals|**Land &**
**buildings**
**£**
1,680,852
-
**_________**
**1,680,852**
**_________**
504,252
56,028
**_________**
**560,280**
**_________**
**1,120,572**
1,176,600|**Fixtures &**
**fittings**
**£**
350
11,143
**_________**
**11,493**
**_________**
350
2,786
**_________**
**3,136**
**_________**
**8,357**
-
**2025**
**£**
**-**
**1,214**
**1,026**
**404**
**________**
**2,644**
**£**
**34**
**25,000**
**11,164**
**________**
**36,198**||**Total**
**£**
1,681,202
11,143
**_________**
**1,692,345**
**_________**
504,602
58,814
**_________**
**563,416**
**_________**
**1,128,929**
1,176,600
2024
£
280,000
-
17,996
-
**________**
297,996
£
25,468
25,000
19,126
**_______**
69,594|
|---|---|---|---|---|
||||||
||||||
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**The OpenSpace Trust** (A company limited by guarantee)
## **Notes to the financial statements (continued)**
## **8 Securities**
Standard securities and Banking Agreements are in place according to the terms and conditions of the loans and grants being awarded for phases 1 and 2. These take the form of standard securities for all sums due and that may become due, over East Kirk of The Kirk of St Nicholas and are ranked in the following order:
## The Architectural Heritage Fund Heritage Lottery Fund Historic Scotland
Other loans have no fixed repayment terms and are interest free.
|**9**
**Reserves**
**2025**
**Restricted funds**
Mither Kirk Project
Legacy income
**Total restricted funds**
**Unrestricted funds**
**Funds total**
**2024**
**Restricted funds**
Mither Kirk Project
Legacy income
**Total restricted funds**
**Unrestricted funds**
**Funds total**|**Opening**
**Balance**
**£**
**95,895**
**280,000**
**_________**
**375,895**
**_________**
**1,207,643**
**_________**
**1,583,538**
**Opening**
**Balance**
**£**
170,025
-
_________
170,025
_________
1,163,822
_________
1,333,847
|**Income**
**in year**
**Expenditure**
**in year**
**£**
**£**
**-**
**(84,892)**
**-**
**-**
**_________**
**_________**
**-**
**(84,892)**
**_________**
**_________**
**25,783**
**(73,090)**
**_________**
**_________**
**25,783**
**(157,982)**
**Income**
**in year**
**Expenditure**
**in year**
**£**
**£**
179,000
(253,130)
280,000
-
_________
_________
459,000
(253,130)
_________
_________
119,974
(76,153)
_________
_________
578,974
(329,283)
|**Transfers**
**in year**
**£**
**-**
**-**
**_________**
**-**
**_________**
**-**
**_________**
**-**
**Transfers**
**in year**
**£**
-
-
_________
-
_________
-
_________
-
|**Closing**
**balance**
**£**
**11,003**
**280,000**
**_________**
**291,003**
**_________**
**1,160,336**
**_________**
**1,451,339**|
|---|---|---|---|---|
|||||**Closing**
**balance**
**£**
95,895
280,000
_________
375,895
_________
1,207,643
_________
1,583,538
|
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**The OpenSpace Trust** (A company limited by guarantee)
**Notes to the financial statements (continued)**
## **9 Reserves (continued)**
## **Purposes of restricted funds**
Mither Kirk Project Fund
Grant received from Aberdeen City Council to fund the capital costs on the redevelopment of St Mary’s Chapel.
Legacy income
Legacy income received from a former Trustee which is to be used for St Mary’s Chapel or such other purposes as may be agreed by the executors.
## **10 Analysis of net assets between funds**
|**Unrestricted**
**2025**
**£**
Fixed assets
**1,128,929**
Cash at bank
**57,696**
Net current assets/(liabilities)
**(26,289)**
**__________**
**1,160,336**
**2024**
£
Fixed assets
1,176,000
Cash at bank
82,641
Net current assets/(liabilities)
(51,598)
__________
1,207,643
|**Restricted**
**£**
**-**
**298,268**
**(7,265)**
**__________**
**291,003**
£
-
95,895
280,000
__________
375,895
|**Total**
**£**
**1,128,929**
**355,964**
**(33,554)**
**__________**
**1,451,339**
£
1,176,600
178,536
228,402
__________
1,583,538
|
|---|---|---|
## **11 Financial commitments, guarantees and contingent liabilities**
In 2008, the Trust paid £300,000 towards post-excavation costs of the development site. Further post-excavation work is still to be carried out, but in the current economic climate of increasing costs, the Trustees are unable to quantify how much this will amount to. The intention is to initiate the work when the Trust is financially able to meet the costs therefore there will be no financial obligations arising until this work is started.
## **12 Related parties**
Loans repayable include £25,000 (2024 - £25,000) from one trustee (2024 – one).
During the year, donations of £1,850 (2024 - £1,765) were received from six trustees or persons relating to trustees (2024 – five).
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