Charity registration number SC014849 (Scotland)
Company registration number SC070903 (Scotland)
Aberdeen Cyrenians
Annual report and financial statements
for the year ended 31 March 2024
Aberdeen Cyrenians
Legal and administrative information
Trustees
Mr Bruce Bricknell
Mr Alastair Bisset
Mr Lachlan Bursle
Ms Julie Thomson
(Appointed 5 July 2023)
Mrs Caroline Hood
(Appointed 3 August 2023)
Mrs Fiona Lindsay
(Appointed 9 October 2023)
Mr Dean McGlynn
(Appointed 26 June 2024)
Leadership Team
Donna Hutchison
Chief Executive Officer (Appointed May 2024)
Sandy Anderson
Finance Manager
Andrea Buchan
Head of People & Culture (Appointed July 2024)
Jennifer McAughtrie
(Left 13 September 2024)
Chris Bennett-Taylor
(Left 23 April 2023)
Charity number (Scotland)
SC014849
Company number
SC070903
Registered office
Unit 4, First Floor
32 Scotstown Road
Bridge of Don
Aberdeen
AB23 8HG
Auditor
Henderson Loggie LLP
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Bankers
Royal Bank of Scotland
40 Albyn Place
Aberdeen
AB10 1YN
Solicitors
Burness Paull LLP
2 Marischal Square
Broad Street
Aberdeen
AB10 1DQ
Aberdeen Cyrenians
Contents
Page
Trustees' report
1 - 10
Statement of trustees' responsibilities
11
Independent auditor's report
12 - 15
Statement of financial activities
16
Balance sheet
17
Statement of cash flows
18
Notes to the financial statements
19 - 41
Aberdeen Cyrenians
Trustees' report (including directors' report)
for the year ended 31 March 2024
- 1 -

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charitable company for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, 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 UK and Republic of Ireland (FRS 102)".

Objectives and activities

Aberdeen Cyrenians is a charitable health and social care organisation based in Aberdeen, Scotland.

 

Founded in 1968 by Aberdeen University students as a soup kitchen, Aberdeen Cyrenians has grown into a cornerstone of the community; providing care and support to those facing crisis, trauma, addiction, and isolation. For more than 55 years Aberdeen Cyrenians has empowered and supported the most vulnerable people in Aberdeen’s communities though a collaborative, integrated approach to social inclusion.

 

Aberdeen Cyrenians is a “pioneer of firsts” throughout its history including:

 

The objectives of Aberdeen Cyrenians as outlined in our Articles of Association are to deliver public and community benefits in the North East of Scotland by providing a range of support services for those with multiple complex needs, those who are homeless, at risk of homelessness or affected by homelessness in any way, and to:

 

Our approach is person-centred, flexible, and compassionate, aiming to empower individuals by building skills and resilience. It promotes choice, empowers rights and supports people to be included – our support is a hand up not a hand out.

Strategies for achieving aims and objectives

In conjunction with corporate partners, Aberdeen Cyrenians reviewed its strategic plan in FY23/24 which included a SWOT Analysis of potential future scenarios for the organisation.

Societal, technological, environmental, economic, and political changes determine the future with Aberdeen Cyrenians playing a distinct role in each scenario based on the decisions it takes.

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 2 -

Organisational innovation continues through engagement with key stakeholders such as Aberdeen City Council and Aberdeen Health & Social Care Partnership as well as the other members of the GCC to ensure:

The organisation aims to prevent homelessness and hospital admissions through a community-based, public health approach.

By focussing on prevention and community support, we can potentially reduce the strain on emergency and statutory services and improve overall wellbeing in the city.

From this, the 2023-2026 Strategic Plan has been developed and is used as a tool to define Aberdeen Cyrenians goals and what actions it will take to achieve its ambition.

The strategic plan defines the purpose of the organisation:

Achievements and performance

In FY23/24:

 

Care at Home Services – (“Care Choices” and Resilience, Inclusion, Sympathy & Empathy “RISE”)
Our care at home provides choice to empower adults with long-term support needs to remain within their home and local community.

We provide personalised care and support, to build independence, maintain safety and wellbeing, and reduce vulnerabilities.

Working towards achieving individualised goals which includes a range of flexible supports such as: medication assistance, meal preparation, and community engagement – all of which promotes independence, reduces isolation and loneliness, and enhances health and wellbeing.

We make the difference through:

We delivered 45,859 support sessions (37.5% increase from FY22/23 – 33,332) for 138 people (17% increase from FY22/23 - 118) with an average length of support of 547 days.

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 3 -

Community Services – Violence and Abuse Support Services (Ending Violence and Abuse Aberdeen “EVAA” and Strength for Tomorrow “SfT”)
Empowering survivors to take back control of their lives and recover a positive future in which they can flourish, free from discrimination.

We provide person-centred practical and emotional support through trauma-informed practice and strength-based goals. Working towards their journey of recovery, we empower people to increase safety, independence, and self-esteem.

Working in collaboration with local partnerships, we support those affected by gender-based violence and exploitation, childhood abuse, and LGBTQ+ discrimination, abuse and prejudice.

We make the difference through:

We delivered 3,233 support sessions (32% decrease from FY22/23 – 4,779) for 128 people (18.5% increase from FY22/23 - 108) with an average length of support of 181 days.

Community Services – Justice Supporting Services “JSS” and Settled Housing Support “S HS”)
Offering support for improved health and wellbeing, recovery, integration, and employability across justice and housing support needs.

We provide one-to-one personal wellbeing and housing support for people who are, or have been, involved with mental health services or the justice system or affected by cyclical homelessness. Our support aims to build recovery, re-integration and help people flourish in their community.

By developing trust and positive professional relationships, individuals are able to share their support needs and work towards achieving their goals. We support service users to develop independent living skills, budgeting, and sustain secure tenancies while promoting social inclusion.

We make the difference through:

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 4 -

 

We delivered 4,530 support sessions (34.7% decrease from FY22/23 – 6,937) for 94 people (25% decrease from FY22/23 - 126) with an average length of support of 449 days.

 

Direct Access Services (“DAS”) including Digital & Financial Inclusion (“DFI”)
Providing a welcoming space to support people in Aberdeen who are experiencing poverty, abuse, discrimination, or exclusion, ensuring they are supported to access the services they need as quickly and safely as possible through appropriate pathways.

Cost-of-living pressures are increasing demand for essentials. We meet immediate needs and support people to make long-term positive change.

DAS includes our food provision and since July 2023 our Digital & Financial Inclusion service (DFI).

We make the difference through:

 

We delivered 10,055 support sessions (54% increase from FY22/23 – 6,532) for 1,344 people, couples, and families (7% increase from FY22/23 – 1,344) with an average length of support of 571 hours.


Residential Services

Residential services for adults affected by alcohol, substance use, and mental health challenges, with support needs to reduce isolation and harm, and build independence.

Wernham House offers an intensive support services for adults with24/7 multiple and complex care needs. The service focuses on harm reduction and development of independent living skills.

Our care planning support stabilisation, reduction and abstinence from alcohol or other substances, enabling residents to recover.

We make the difference through:

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 5 -

 

We delivered 18,153 support sessions (14% increase from FY22/23 – 15,942) for 19 residents (27% decrease from FY22/23 – 26) with an average length of support of 4.42 years.

Volunteering
Volunteers continue to be crucial to us and are a big part of our team. Every volunteer makes a real difference in someone’s life, whether it is a friendly chat or helping staff behind the scenes, it all adds up to big changes for the better. Volunteering is also good for the volunteers, with the opportunity to learn new skills, meet new people and feel good about helping others.

A core group of 60 volunteers undertake activities across:

3,299 hours of volunteering have been delivered in FY23/24 (32.6% increase from FY22/23 of 2,487 hours).

Financial review

The main sources of our income are:

We remain extremely grateful to the many individuals, community and corporate donors who make both financial and gift-in-kind donations to us, supporting our various projects.

 

Review of 2023/24 Finances

In line with the challenging economic climate, income generation remains vital for the ongoing work of Aberdeen Cyrenians and continues to be difficult, leading to losses in core operations.

This, combined with the gain from the closure of the defined benefit pension scheme, resulted in net income of £601,768 (against a reported expenditure of (£435,335) in 2023).

The approach to income generation remains of vital importance to the organisation and to that end there continues to be a significant focus from the Board and Leadership Team on the income generation strategy and aligning this with the cost forecasting and strategic plan for the organisation.

The organisation recognises the need to balance the opportunity to maximise and diversify the income streams available whilst still retaining value and impact with the aspiration to achieve cost neutrality.

Linked to this, the Finance & Investments (F&I) Sub-Committee have met with increased frequency over the financial year to regularly review P&L, cash flow and income , and cost forecasting, utilising different scenarios to aid planning and ensure a better understanding of risk and associated controls on overall spend.

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 6 -
Reserves policy

As of 31 March 2024, total reserves are positive £2,182,074 (2023: reserves of £1,580,306). The total reserves are made up of unrestricted funds of £2,154,675 (2023 - £1,561,401) and restricted funds of £27,399 (2023 - £18,905).

The level of free-reserves, being the unrestricted reserves not tied up in tangible fixed assets amounts to £2,080,145 (2023 - £532,711). This equates to 72% of annual expenditure.

The levels of the various restricted funds and their purposes and unrestricted funds are set out in Notes 24 and 25 to the accounts.

The Board continues to regularly review the adequacy of reserves and believes it is appropriate that the total reserves held should be between 3 and 6 months of annual resources expended. This ensures the organisation can continue its current activities in the event of a significant drop in funding.

Monies placed in charitable investment funds during this period have been done so with the intent of making the best use of available resources whilst remaining prudent with the charity’s finances.

The investment meets the criteria of the organisation’s investment policy, was selected as a suitably low-risk investment that would provide future contingency funding for the organisation if required and aligns with relevant OSCR guidance. This was completed following due diligence and scrutiny by the F&I Sub-Committee and subsequent Board review and approval.

The Board continues to regularly review the adequacy of reserves and believes it is appropriate that the total reserves held should be between 3 and 6 months of annual resources expended. This ensures the organisation can continue its current activities in the event of a significant drop in funding.

 

Monies placed in charitable investment funds during this period have been done so with the intent of making the best use of available resources whilst remaining prudent with the charity’s finances.

 

The investment meets the criteria of the organisation’s investment policy, was selected as a suitably low-risk investment that would provide future contingency funding for the organisation if required and aligns with relevant OSCR guidance. This was completed following due diligence and scrutiny by the F&I Sub-Committee and subsequent Board review and approval.

 

Significant events

During the year Aberdeen Cyrenians exited the North-East Scotland Pension Fund (previously Aberdeen City Council Pension Fund), which is part of the Local Government Pension Scheme (Scotland). This allowed the charity to crystallise the asset provided in prior financial periods and record a further surplus in the current accounting period.

Major Risks

A significant exercise was undertaken in FY23/24 to review and revise the organisation’s risk management approach. Aberdeen Cyrenians Organisational Risk Definitions & Guidelines provides further detail with risks captured, managed, and monitored through the Aberdeen Cyrenians Organisational Risk Register.

The Risk & Compliance Sub-Committee review the organisational risk register, in detail, regularly with a full review by the Board forming part of the annual programme of business. Measures taken to mitigate risks correlate with key initiatives undertaken by the Leadership Team as well as the themes and objectives defined in the 2023-2026 Strategic Plan.

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 7 -
Plans for future periods

As we look towards the future it is important for the organisation to recognise our success in meeting the enormous societal challenges that we continue to face, as evidenced by the increase in number of people supported and support sessions delivered across the majority of our services.

The continued economic downturn aggravates the cost-of-living crisis, and the risk of new government policies brings a level of uncertainty for society.

 

We believe there will continue to be an unbalanced accessibility to public sector services and the sector will need to integrate and collaborate with each other to address the current and future societal needs.

It is this future scenario that drives us to enhance and optimise delivery and act as a specialist partner for our current services as well as those currently being offered by the public sector.

Structure, governance and management

Aberdeen Cyrenians is a charity registered in Scotland (No. SC014849) and also a charitable company limited by guarantee (SC070903).

 

Aberdeen Cyrenians is a membership organisation. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the organisation in the event of its being wound up whilst the individual is a member or within one year after the individual ceases to be a member, for:

 

The total number of such guarantees on 31 March 2024 was 26 (2023 – 26).

 

No person is appointed as a Director unless the individual is a member of the organisation. No ex-employee of the organisation is eligible for appointment to the Board until that person has ceased to be an employee of the organisation for not less than 12 months.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Ms Rebecca Clare Walker
(Resigned 21 February 2024)
Mr Bruce Bricknell
Mr Alastair Bisset
Mr Lachlan Bursle
Ms Julie Thomson
(Appointed 5 July 2023)
Mrs Caroline Hood
(Appointed 3 August 2023)
Mrs Fiona Lindsay
(Appointed 9 October 2023)
Mr Dean McGlynn
(Appointed 26 June 2024)
Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 8 -
Recruitment and appointment of trustees

Aberdeen Cyrenians Articles of Association state the minimum number of Directors is three and the maximum number is eighteen. In practice, the organisation aims to have 6-8 Directors, with a broad range of skills sets allowing for effective Board and Sub-Committee meetings.

Board recruitment is an ongoing process rather than specifically targeted campaigns. Below is an outline of the process:

If the application is not considered appropriate, or there are conflicts of interest, the application will be declined, and feedback provided.

Organisational structure


Financial and decision-making authority
Whilst the running of the organisation is based on a high level of delegation from the Board of Directors to the Chief Executive Officer (CEO) there are some areas where, due to the need for co-ordination between functions or the effect on the organisation as a whole, that Board of Directors approval, is required.

This necessitates clear and workable arrangements regarding financial and decision-making authorities. Simply put, this means identifying who is authorised to spend or make decisions that impact Aberdeen Cyrenians.

As a registered charity, Aberdeen Cyrenians must ensure good stewardship of funds as well as demonstrable evidence of:

This is detailed within the Financial & Decision-Making Authority Policy and is based on two key principles:

  1. Compliance – This is crucial in relation to financial and decision-making authority as it protects the organisation from exposure to unnecessary risk.

  2. Personal Responsibility – Anyone who makes commitments on behalf of the organisation (financial or otherwise) must be responsible for those decisions.

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 9 -

Responsibilities are set out as follows:

 

Board of Directors

  • Accountable for ensuring that the organisation has a robust financial and decision-making framework in place.

  • Will formally assess (or will delegate) the need for any further financial and authority-making categories/limits as required by material changes in the organisation or the external environment that we operate in.

Finance & Investment Sub-Committee

(F&I SC)

  • Representatives of the Board of Directors and the Leadership Team meet regularly to review finance and investment-related items in detail and provide recommendations to the Board of Directors.

  • Accountable for ensuring all financial procedures and controls are documented and that documents are periodically reviewed and updated accordingly.

  • Accountable to ensure there is adequate segregation of duties between requestors, approvers, and the payment/receipt process.

Risk & Compliance Sub-Committee (R&C SC)

  • Representatives of the Board of Directors and the Leadership Team meet regularly to review organisational risk and compliance with relevant regulatory body requirements.

  • Responsible for ensuring the risk register is reviewed in detail on a regular basis including effectiveness of control measures and actions identified to further mitigate risks to the organisation.

  • Provide guidance to the overall Board of Directors on considerations specific to Services (e.g., Duty of Candour, Safeguarding)

People & Culture Sub-Committee (P&C SC)

  • Responsible to the Board for the oversight of the development and delivery of Aberdeen Cyrenians “People Plan” ensuring that leadership styles and supporting employment practices are in place to embed the values and behaviours of the organisation.

  • Considers matters relating to people and organisational development with the goal of sustaining a culture supporting a great experience for all staff.

Chief Executive Officer (CEO)

  • Accountable for ensuring the implementation of and subsequent compliance with the internal financial and decision-making control framework.

  • That compliance with the framework is demonstrable within the organisation.

Leadership Team

  • Responsible for ensuring, within their relevant functional areas, the implementation of and subsequent compliance with the internal financial and decision-making control framework.

Finance Manager

  • Responsible for ensuring all financial procedures and controls are documented and that documents are periodically reviewed and updated accordingly.

  • Responsible for ensuring there is adequate segregation of duties between requestors, approvers, and the payment/receipt process.

Those with financial or decision-making authority

  • Responsible for ensuring they understand and comply with the contents of this policy and their associated authorities (relevant to their roles), as detailed in the matrix.

  • Responsible for ensuring their respective teams/direct reports understand the associated processes that support these control mechanisms

 

Aberdeen Cyrenians
Trustees' report (including directors' report) (continued)
for the year ended 31 March 2024
- 10 -
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr Alastair Bisset
Mr Lachlan Bursle
Chairperson
Treasurer
27 October 2024
Aberdeen Cyrenians
Statement of trustees' responsibilities  
for the year ended 31 March 2024
- 11 -

The trustees, who are also the directors of Aberdeen Cyrenians for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 UK 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 charitable company will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Aberdeen Cyrenians
Independent auditor's report
to the members and trustees of Aberdeen Cyrenians
- 12 -

Opinion

We have audited the financial statements of Aberdeen Cyrenians (the ‘charitable company’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Aberdeen Cyrenians
Independent auditor's report (continued)
to the members and trustees of Aberdeen Cyrenians
- 13 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-

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

-

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

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

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

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

The extent to which our procedures are capable of detecting irregularities, including fraud

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

Aberdeen Cyrenians
Independent auditor's report (continued)
to the members and trustees of Aberdeen Cyrenians
- 14 -

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to 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 and 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://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Aberdeen Cyrenians
Independent auditor's report (continued)
to the members and trustees of Aberdeen Cyrenians
- 15 -

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body,and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Keith Macpherson (Senior Statutory Auditor)
for and on behalf of Henderson Loggie LLP
28 October 2024
Chartered Accountants
Statutory Auditor
11 - 15 Thistle Street
Edinburgh
EH2 1DF
Aberdeen Cyrenians
Statement of financial activties
including income and expenditure
for the year ended 31 March 2024
- 16 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
173,430
50,370
223,800
300,687
59,177
359,864
Charitable activities
4
27,955
2,204,334
2,232,289
261,036
2,477,828
2,738,864
Other trading activities
5
49,578
174,809
224,387
77,705
16,898
94,603
Investments
6
8,981
-
8,981
1,715
-
1,715
Gain on settlement of defined benefit pension scheme
718,000
-
718,000
-
-
-
Total income
977,944
2,429,513
3,407,457
641,143
2,553,903
3,195,046
Expenditure on:
Raising funds
7
96,039
-
96,039
225,942
-
225,942
Charitable activities
8
65,422
2,736,718
2,802,140
460,254
2,932,120
3,392,374
Gain on disposal of tangible fixed assets
13
(19,600)
-
(19,600)
-
-
-
Total expenditure
141,861
2,736,718
2,878,579
686,196
2,932,120
3,618,316
Net gains/(losses) on investments
14
72,890
-
72,890
(11,955)
-
(11,955)
Net income/(expenditure)
908,973
(307,205)
601,768
(57,008)
(378,217)
(435,225)
Transfers between funds
(315,699)
315,699
-
(239,841)
239,841
-
Other recognised gains and losses:
Actuarial gains on defined benefit pension schemes
-
-
-
1,365,000
-
1,365,000
Net movement in funds
10
593,274
8,494
601,768
1,068,151
(138,376)
929,775
Reconciliation of funds:
Fund balances at 1 April 2023
1,561,401
18,905
1,580,306
493,250
157,281
650,531
Fund balances at 31 March 2024
2,154,675
27,399
2,182,074
1,561,401
18,905
1,580,306

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Aberdeen Cyrenians
Balance sheet
as at 31 March 2024
- 17 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
16
101,526
30,556
Investments
17
622,064
549,174
723,590
579,730
Current assets
Debtors
18
142,852
209,826
Cash at bank and in hand
1,800,673
336,715
1,943,525
546,541
Creditors: amounts falling due within one year
19
(432,132)
(512,835)
Net current assets
1,511,393
33,706
Total assets less current liabilities
2,234,983
613,436
Creditors: amounts falling due after more than one year
20
(52,909)
(33,130)
Net assets excluding pension (liability)/surplus
2,182,074
580,306
Defined benefit pension (liability)/surplus
23
-
1,000,000
Net assets
2,182,074
1,580,306
The funds of the charity
Restricted income funds
24
27,399
18,905
Unrestricted funds
2,154,675
561,401
Pension reserve
-
1,000,000
2,182,074
1,580,306

The notes on pages 19 to 41 form part of these financial statements.

The financial statements were approved by the trustees on 27 October 2024
Mr Lachlan Bursle
Trustee
Company registration number SC070903 (Scotland)
Aberdeen Cyrenians
Statement of cash flows
for the year ended 24 March 2024
- 18 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
1,501,733
(230,048)
Investing activities
Purchase of tangible fixed assets
(73,614)
(14,287)
Investment income received
8,981
1,715
Net cash used in investing activities
(64,633)
(12,572)
Financing activities
Proceeds from borrowings
29,300
-
Repayment of borrowings
(2,442)
-
Net cash generated from/(used in) financing activities
26,858
-
Net increase/(decrease) in cash and cash equivalents
1,463,958
(242,620)
Cash and cash equivalents at beginning of year
336,715
579,335
Cash and cash equivalents at end of year
1,800,673
336,715
Aberdeen Cyrenians
Notes to the financial statements
for the year ended 31 March 2024
- 19 -
1
Accounting policies
Charity information

The charitable company is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is Unit 4, First Floor, 32 Scotstown Road, Bridge of Don, Aberdeen, AB23 8HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice Accounting and Reporting by Charities, preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and comply with the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2005 (as amended).

 

The charitable company meets the definition of a public benefit entity under the FRS 102.

 

The financial statements are prepared in sterling, the functional currency of the Charitable company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The trustees have prepared forecasts and have made due and careful enquiry and are of the opinion that the charitable company has adequate working capital to execute its operations over the next 12 months post signing of the financial statements. The trustees, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. As a result, the trustees have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 

The continued development of the Finance & Investment (F&I) sub-committee indicates the focus that the trustees are placing on striving to ensure the charitable company’s finances are given increased attention and care, both with regard to making best use of our existing funds and also looking to align the future delivery and growth of the organisation with realistic and achievable forecasting. The approach of utilising different scenarios in the forecasting allows consideration of the best/worst case scenarios and should enable these to be planned for, or mitigated, respectively. Given the current economic climate and the high interest rates and inflation levels, this will continue to be a key focus for the organisation, and something which the trustees will look to continue to carefully manage.

1.3
Charitable funds

Unrestricted funds consist of the general fund and designated funds. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charitable company.

Designated funds are unrestricted funds earmarked by the trustees for specific purposes. They are not in any way restricted and any surplus or deficit will be transferred to/from the general fund when the designated fund is closed.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 20 -
1.4
Income

All income is included in the statement of financial activities when entitlement has passed to the charitable company, it is probable that the economic benefits associated with the transaction will flow to the charitable company and the amount can be reliably measured.

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

Legacy income is recognised when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

1.5
Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.

Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

Expenditure on charitable activities includes all costs incurred by a charitable company in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charitable company apportioned to charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the length of the lease
Fixtures and fittings
between 3-5 years
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 21 -
1.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charitable company 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).

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and cash held on deposit for investments.

1.10
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company 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 goods 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.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies (continued)
- 22 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Aberdeen Cyrenians participated in the North East Scotland Pension Fund (“NESPF”) (formerly the Aberdeen City Council Pension Fund) which is part of the Local Government Pension Scheme (Scotland) (“LGPS”), until 31 December 2023 at which time the charitable company exited the fund.

 

A cessation asset of £1,718,000 arose at 31 December 2023 and was paid in full on 10 January 2024.

 

The costs of providing this pension were charged to the Statement of Financial Activities on a consistent basis over the working life-time of the members. These costs were determined by a qualified actuary and any variations from the regular costs are spread over the remaining working life-time of the current members.

 

Defined benefit pension scheme assets were included at market value and this was compared to the present value for the scheme liabilities using a projected unit method and discounted at the current rate of return. Changes in the net defined benefit liability arising from employee service rendered during the period, net interest on net defined liability, benefit changes and settlements during the period were recognised in expenditure.

 

Remeasurement of the net defined benefit position was recognised in other recognised gains and losses in the period in which it occurs. Any asset resulting is limited to the present value of available refunds or reductions in future contributions to the plan.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 23 -
2
Critical accounting estimates and judgements

In the application of the charitable company’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.

Critical judgements
Carrying value of investments

The listed investments held by the charitable company are administered by the charitable company’s investment advisors CCLA. Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. The transaction price, transaction costs and fair value of the investments are based upon the regular investment portfolio reports obtained from the investment advisors.

Trade debtor recovery

Credit control is an important function which requires assessment, on an ongoing basis, of the recoverability of amounts due from debtors. Where recovery is in doubt, the trustees will adequately provide against this specific debt and will arrive at such conclusions based on the knowledge of the debtor and their “ability to pay”. The trustees adopt a prudent approach to credit control.

Accruals

Trustees estimate the requirements for accruals using post year end information and information available from detailed budgets. 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.

 

Dilapidations provision

The charitable company has obligations to return leased premises to the condition they were originally in when the lease commenced. A provision has been estimated by the leadership team of the costs required to do so.

Valuation of benefits in kind

Gifts in kind are measured at fair value on recognition, which is the expected cost of the service or goods received if the service or goods were to be paid for.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 24 -
3
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
172,430
2,000
174,430
264,273
-
264,273
Legacies receivable
1,000
-
1,000
36,414
-
36,414
Gifts in kind
-
48,370
48,370
-
59,177
59,177
173,430
50,370
223,800
300,687
59,177
359,864
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

Contract Income

24,355
1,781,643
1,805,998
229,808
1,881,420
2,111,228

Trust & Foundation Grants

3,600
157,736
161,336
10,328
76,645
86,973

Public Sector Grants

-
258,347
258,347
20,900
442,988
463,888

Service Charge Income

-
6,608
6,608
-
76,775
76,775
27,955
2,204,334
2,232,289
261,036
2,477,828
2,738,864
5
Income from other trading activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£

GCC contract charge

36,000
171,015
207,015
36,000
-
36,000
Fundraising events
8,290
-
8,290
1,794
-
1,794

Other

5,288
3,794
9,082
39,911
16,898
56,809
49,578
174,809
224,387
77,705
16,898
94,603
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 25 -
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Bank interest receivable

8,981
1,715
7
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Other staff costs

9,392
27,973
Staff costs
86,647
78,053
Support costs
-
119,916
Total costs
96,039
225,942
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 26 -
8
Expenditure on charitable activities
Charitable expenditure
Charitable expenditure
2024
2023
£
£
Direct costs
Staff costs
1,616,219
2,032,630
Depreciation and impairment
11,139
7,699

Defined benefit pension costs

-
62,000

Other expenses

11,998
24,180

Subscriptions

21,227
21,171

Heat and light

74,279
97,847

Insurance

-
2,097

Rates and water

11,554
9,592

Rent

135,915
158,836

IT software and support costs

24,751
33,742

Bank charges

-
97

Legal and professional fees

9,395
54,292

Gifts in kind

48,370
59,177

Other staff costs

32,565
66,641

Equipment lease and maintenance costs

12,146
39,289

Groceries

26,802
19,818

Cleaning and other office costs

44,372
27,412
2,080,732
2,716,520
Share of support and governance costs
Support
708,178
663,254
Governance
13,230
12,600
2,802,140
3,392,374
Analysis by fund
Unrestricted funds
65,422
460,254
Restricted funds
2,736,718
2,932,120
2,802,140
3,392,374
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 27 -
9
Support costs allocated to activities
2024
2023
£
£
Staff costs
475,520
568,218
Depreciation
11,105
11,797
Other Staff Costs
21,125
31,175
Rent
11,293
2,868
Rates and water
8,167
1,963
Equipment lease and maintenance costs
5,136
10,586
Insurance
16,710
13,903
Cleaning and other office costs
28,242
7,120
Other expenses
29,087
41,522
IT software and support costs
60,209
65,581
Legal and professional fees
25,982
15,941
Subscriptions
15,602
12,496
Governance costs
13,230
12,600
721,408
795,770
Analysed between:
Fundraising
-
119,916
Charitable expenditure
721,408
675,854
721,408
795,770
2024
2023
Governance costs comprise:
£
£
Audit fees
13,230
12,600
13,230
12,600
10
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
13,230
12,600
Depreciation of owned tangible fixed assets
22,244
19,496
Profit on disposal of tangible fixed assets
(19,600)
-
11
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 28 -
12
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Residential project staff
13
14
Community project staff
36
43
Support staff
13
20
Contract staff
16
19
Total
78
96
Employment costs
2024
2023
£
£
Wages and salaries
1,924,080
2,347,787
Social security costs
173,687
203,694
Other pension costs
80,619
127,420
2,178,386
2,678,901
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,000 to £70,000
2
-
£140,000 to £150,000
-
1
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
220,453
344,494
13
Gain on disposal of tangible fixed assets
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Net gain on disposal of tangible fixed assets
(19,600)
-
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 29 -
14
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Revaluation of investments
72,890
(11,955)
15
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

16
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
120,273
141,848
29,625
291,746
Additions
-
16,215
76,999
93,214
Disposals
-
(30,736)
(7,600)
(38,336)
At 31 March 2024
120,273
127,327
99,024
346,624
Depreciation and impairment
At 1 April 2023
120,273
113,234
27,683
261,190
Depreciation charged in the year
-
13,938
8,306
22,244
Eliminated in respect of disposals
-
(30,736)
(7,600)
(38,336)
At 31 March 2024
120,273
96,436
28,389
245,098
Carrying amount
At 31 March 2024
-
30,891
70,635
101,526
At 31 March 2023
-
28,613
1,943
30,556
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 30 -
17
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 April 2023
549,174
Valuation changes
72,890
At 31 March 2024
622,064
Carrying amount
At 31 March 2024
622,064
At 31 March 2023
549,174

Investment Risks

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

 

Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.

 

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 are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

 

The charitable company has exposure to these risks because of the investments it makes to implement its investment strategy. The trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the charitable company’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the charitable company’s investment managers and monitored by the trustees by regular reviews of the investment portfolios.

 

Further information on the charitable company’s approach to risk management and the charitable company’s exposure to credit and market risks are set out below.

Credit risk

The charitable company invests in pooled investment vehicles and is therefore indirectly exposed to credit risks arising on pooled investment vehicles.

 

Currency risk

The charitable company is subject to currency risk because some of the charitable company’s pooled investments may be held in overseas markets.

 

Interest rate risk

The charitable company is subject to interest rate risk through their pooled investments.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
17
Fixed asset investments (continued)
- 31 -

Other price risk

Other price risk arises principally in relation to equities held. The charitable company manages this exposure to other price risk by constructing a diverse portfolio of investments across various markets.

18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
69,950
129,352
Other debtors
26,815
34,850
Prepayments and accrued income
46,087
45,624
142,852
209,826
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Borrowings
22
7,079
-
Other taxation and social security
44,103
49,426
Deferred income
21
220,961
182,404
Trade creditors
12,570
28,339
Other creditors
11,622
15,369
Accruals
135,797
237,297
432,132
512,835
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Borrowings
22
19,779
-
Other creditors
33,130
33,130
52,909
33,130
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 32 -
21
Deferred income
2024
2023
£
£
Deferred income
220,961
182,404

Deferred income is included in the financial statements as follows:

2024
2023
£
£
Deferred income is included within:
Current liabilities
220,961
182,404
Movements in the year:
Deferred income at 1 April 2023
182,404
109,852
Released from previous periods
(182,404)
(109,852)
Resources deferred in the year
220,961
182,404
Deferred income at 31 March 2024
220,961
182,404

Deferred income relates to amounts received in the year but relating to projects and contractual obligations specified to take place post year end or that have specified performance conditions not yet met.

22
Loans and overdrafts
2024
2023
£
£
Other loans
26,858
-
Payable within one year
7,079
-
Payable after one year
19,779
-

In November 2023, a loan of £29,300 was received from Social Investment Scotland in relation to the purchase of electric vehicles. The loan has an interest rate of 3% and is repayable over 48 months from the date of drawdown.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
74,359
73,543

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.

 

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
23
Retirement benefit schemes (continued)
- 33 -
Defined benefit schemes

The charitable company participated in the North East Scotland Pension Fund (previously Aberdeen City Council Pension Fund) until 31 December 2023 at which time the charitable company exited the scheme.

Key assumptions
2024
2023
%
%
Discount rate
-
4.8
Expected rate of increase of pensions in payment
-
2.8
Expected rate of salary increases
-
4.2
Inflation assumption
-
2.7
Mortality assumptions

The assumed life expectations on retirement at age 65 are:

2024
2023
Years
Years
Retiring today
- Males
-
21.0
- Females
-
23.4
Retiring in 20 years
- Males
-
22.4
- Females
-
25.4
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Current service cost
-
110,000
Net interest on defined benefit liability/(asset)
-
7,000
Other costs and income
-
1,000
Total costs
-
118,000
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
23
Retirement benefit schemes (continued)
- 34 -
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
-
576,000
Less: calculated interest element
-
365,000
Return on scheme assets excluding interest income
-
941,000
Actuarial changes related to obligations
-
(3,842,000)
Effect of changes in the amount of surplus that is not recoverable
-
1,536,000
Total costs/(income)
-
(1,365,000)

The amounts included in the balance sheet arising from the charitable company's obligations in respect of defined benefit plans are as follows:

2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
-
9,755,000
Fair value of plan assets
-
(12,291,000)
Deficit/(surplus) in scheme
-
(2,536,000)
Restriction on scheme assets
-
1,536,000
Total liability/(asset) recognised
-
(1,000,000)
2023
Movements in the present value of defined benefit obligations
£
Liabilities at 31 April 2022
13,479,000
Current service cost
110,000
Benefits paid
(385,000)
Contributions from scheme members
21,000
Actuarial gains and losses
(3,842,000)
Interest cost
372,000
At 31 March 2023
9,755,000
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
23
Retirement benefit schemes (continued)
- 35 -
2023
Movements in the fair value of plan assets
£
Fair value of assets ar 31 April 2022
13,176,000
Interest income
365,000
Return on plan assets (excluding amounts included in net interest)
(941,000)
Benefits paid
(385,000)
Contributions by the employer
56,000
Contributions by scheme members
21,000
Other
(1,000)
At 31 March 2023
12,291,000
2024
2023
Fair value of plan assets
£
£
Equity instruments
-
6,932,000
Property
-
860,000
Government bonds
-
787,000
Cash/liquidity
-
590,000
Other
-
3,122,000
-
12,291,000
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 36 -
24
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Current year:
At 1 April 2023
Incoming resources
Resources expended
Transfers
At 31 March 2024
£
£
£
£
£
Wernham House (Residential Projects)
-
928,921
(971,243)
42,322
-
Direct Access and Associated
1,925
204,407
(259,692)
53,360
-
Justice Support (JSS)
-
96,128
(112,053)
15,925
-
Settled Housing Support (SHS)
-
-
(32,740)
32,740
-
Care Choices
-
649,146
(788,112)
138,966
-
Ending Violence and Abuse Aberdeen (EVVA)
16,980
153,002
(169,579)
-
403
Rise
-
92,594
(116,653)
24,059
-
Peer Support
-
5,000
(21,493)
16,493
-
Strength for Tomorrow
-
100,000
(91,834)
(8,166)
-
GCC recharges
-
171,015
(171,015)
-
-
Social Investment Scotland (SIS)
-
29,300
(2,304)
-
26,996
18,905
2,429,513
(2,736,718)
315,699
27,399
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
At 31 March 2023
£
£
£
£
£
Wernham House (Residential Projects)
-
894,664
(909,365)
14,701
-
Street Alternatives
11,550
-
-
(11,550)
-
Direct Access and Associated
-
233,384
(289,739)
58,280
1,925
Justice Support (JSS)
14,973
94,784
(115,198)
5,441
-
Care Choices
-
511,949
(634,344)
122,395
-
Ending Violence and Abuse Aberdeen (EVVA)
12,233
192,893
(188,146)
-
16,980
Rise
11,474
117,400
(128,847)
(27)
-
Settled Home for All
71,929
81,260
(142,976)
(10,213)
-
Strength for Tomorrow
-
100,000
(128,760)
28,760
-
VAW
34,148
-
-
(34,148)
-
Get Digital
974
-
-
(974)
-
AHSS
-
327,569
(394,745)
67,176
-
157,281
2,553,903
(2,932,120)
239,841
18,905
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
24
Restricted funds (continued)
- 37 -

Purpose of restricted funds:

The restricted funds provide residential and community services in the following ways:

 

Wernham House - Offers an intensive support services for adults with24/7 multiple and complex care needs. The service focuses on harm reduction and development of independent living skills.

 

Direct Access - Providing a welcoming space to support people in Aberdeen who are experiencing poverty, abuse, discrimination, or exclusion, ensuring they are supported to access the services they need as quickly and safely as possible through appropriate pathways.

 

Justice Support - Offering support for improved health and wellbeing, recovery, integration, and employability across justice and housing support needs.

Settled Housing Support - Offering support for improved health and wellbeing, recovery, integration, and employability across justice and housing support needs.

 

Care Choices - Our care at home provides choice to empower adults with long-term support needs to remain within their home and local community.

 

Ending Violence and Abuse Aberdeen (EVAA) - Empowering survivors to take back control of their lives and recover a positive future in which they can flourish, free from discrimination.

 

Rise - Our care at home provides choice to empower adults with long-term support needs to remain within their home and local community.

 

Peer Support - The service provided support and integration for vulnerable individuals helping them to integrate into their Communities, by establishing networks of peer groups to provide practical and emotional support and advice.

 

Strength for Tomorrow - Empowering survivors to take back control of their lives and recover a positive future in which they can flourish, free from discrimination.

 

GCC recharges - This relates to the costs recharged to the Granite Care Consortium.

 

Street Alternatives - This was a volunteer led project, under the supervision of our two Volunteer Coordinators, and was supported by over 90 regular volunteers.

 

Settled Home for All - An initiative to tackle the homeless crisis and provide affordable safe housing to those in need.

 

Violence Against Women (VAW) - Provision of support to vulnerable women who have experienced or are currently experiencing abuse, whether this be in the form of physical, emotional, financial, sexual abuse and/or sexual exploitation or coercive control.

 

Get Digital - Provided a Get Digital programme to service users who experienced digital exclusion and had no access to technology or limited experience using it.  Funding was also secured to provide digital devices and connectivity to a small group of service users.

 

AHSS - Service provision aiming to prevent homelessness in Aberdeen. The service was commissioned by Aberdeen City Council and worked in partnership with Penumbra, Barnardo’s and Aberdeen Citizens Advice Bureau.

 

Social Investment Scotland (SIS) - Funding provided for the purpose of purchasing two electric vehicles.

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 38 -
25
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Current year:
At 1 April 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 March 2024
£
£
£
£
£
£
Property reserve
224,088
-
-
-
-
224,088
General funds
337,313
259,944
(141,861)
1,402,301
72,890
1,930,587
561,401
259,944
(141,861)
1,402,301
72,890
2,154,675
Pension fund
1,000,000
718,000
-
(1,718,000)
-
-
1,561,401
977,944
(141,861)
(315,699)
72,890
2,154,675
Previous year:
At 1 April 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 31 March 2023
£
£
£
£
£
£
Property reserve
224,088
-
-
-
-
224,088
General funds
572,162
641,143
(624,196)
(239,841)
(11,955)
337,313
796,250
641,143
(624,196)
(239,841)
(11,955)
561,401
Pension fund
(303,000)
-
(62,000)
-
1,365,000
1,000,000
493,250
641,143
(686,196)
(239,841)
1,353,045
1,561,401
26
Transfers between funds

A net transfer of £315,699 (2023 - £239,841) was made during the year between the unrestricted and restricted funds to cover project overspends and underspends (in which the conditions of the award have been satisfied and no funds are due to be returned to the grant provider).

Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 39 -
27
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 March 2024:
Tangible assets
74,530
26,996
101,526
Investments
622,064
-
622,064
Current assets/(liabilities)
1,510,990
403
1,511,393
Long term liabilities
(52,909)
-
(52,909)
2,154,675
27,399
2,182,074
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 March 2023:
Tangible assets
28,630
1,926
30,556
Investments
549,174
-
549,174
Current assets/(liabilities)
16,727
16,979
33,706
Long term liabilities
(33,130)
-
(33,130)
Provisions and pensions
1,000,000
-
1,000,000
1,561,401
18,905
1,580,306
28
Operating lease commitments
Lessee

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
143,163
127,716
Between two and five years
157,650
149,354
In over five years
237,900
275,110
538,713
552,180
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 40 -
29
Related party transactions
Transactions with related parties

As part of the organisation’s membership of Granite Care Consortium Limited, which was incorporated on 7 October 2020, there is a requirement to appoint someone on the board of that organisation. During the year under review, a member of the Leadership team and by association the key management team of the charitable company, was a director of GCC. The following transactions took place with GCC:

Income for services provided
Recharged costs
2024
2023
2024
2023
£
£
£
£
Other related parties
946,410
822,711
171,015
155,503
946,410
822,711
171,015
155,503
30
Cash generated from operations
2024
2023
£
£
Surplus for the year
601,768
(435,225)
Adjustments for:
Investment income recognised in statement of financial activities
(8,981)
(1,715)
Gain on disposal of tangible fixed assets
(19,600)
-
Fair value gains and losses on investments
(72,890)
11,955
Depreciation and impairment of tangible fixed assets
22,244
19,496
Settlement of prior year defined benefit pension surplus
1,000,000
-
Difference between pension charge and cash contributions
-
62,000
Movements in working capital:
Decrease in debtors
66,974
47,991
(Decrease) in creditors
(126,339)
(7,102)
Increase in deferred income
38,557
72,552
Cash generated from/(absorbed by) operations
1,501,733
(230,048)
Aberdeen Cyrenians
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 41 -
31
Analysis of changes in net funds
At 1 April 2023
Cash flows
Acquisitions and disposals
At 31 March 2024
£
£
£
£
Cash at bank and in hand
336,715
1,463,958
-
1,800,673
Loans falling due within one year
-
22,221
(29,300)
(7,079)
Loans falling due after more than one year
-
(19,779)
-
(19,779)
336,715
1,466,400
(29,300)
1,773,815
2024-03-312023-04-01falseCCH SoftwareiXBRL Review & Tag 2022.2SC0709032023-04-012024-03-31SC070903bus:Director22023-04-012024-03-31SC070903bus:Director32023-04-012024-03-31SC070903bus:Director42023-04-012024-03-31SC070903bus:Director52023-04-012024-03-31SC070903bus:Director62023-04-012024-03-31SC070903bus:Director72023-04-012024-03-31SC070903bus:Director82023-04-012024-03-31SC070903bus:Director12023-04-012024-03-31SC0709032024-03-31SC0709032023-03-31SC0709032022-04-012023-03-31SC070903bus:FRS1022023-04-012024-03-31SC070903bus:Audited2023-04-012024-03-31SC070903bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP