Charity registration number SC015121 (Scotland)
Company registration number SC470578 (Scotland)
KING'S CHURCH, ABERDEEN
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KING'S CHURCH, ABERDEEN
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Dr I Duthie
T Seal
B McAllister
R West
K Otekalu
G Alder
Rev S A Keir
Secretary
T Seal
Charity number (Scotland)
SC015121
Company number
SC470578
Registered office
King's Way
Bridge of Don
Aberdeen
Scotland
AB23 8BL
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
Bankers
Virgin Money plc
1 Queens Cross
Aberdeen
United Kingdom
AB15 4XU
Solicitors
Ledingham Chalmers LLP
Johnstone House
52-54 Rose Street
Aberdeen
United Kingdom
AB10 1HA
KING'S CHURCH, ABERDEEN
CONTENTS
Page
Trustees report
1 - 7
Statement of trustees responsibilities
8
Independent auditor's report
9 - 11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 32
KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 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) (effective 1 January 2019)".

Objectives and activities

The Church is established for the following objects:

1. To advance for the public benefit the Christian faith in accordance with the doctrines set out by the Church from time to time and the worship of God and the preaching and proclamation of the Christian Gospel and the teaching of the Christian doctrine and principles and the pastoral care of Christian people and the printing and distribution of the Bible and Christian literature, locally in Aberdeen and throughout the world, through:

1.1 the provision of such facilities and services as are appropriate for the Church, to enable it to fulfil its mission to the members of the Church, visitors to the Church and the local community and the wider community;

1.2 the direct support of the work of Christian churches and fellowships;

1.3 providing financial support for Christian ministry and mission;

1.4 employing and supplying personnel to support the work of other Christian organisations; and

1.5 providing technical and practical resources to assist Christian churches and fellowships.

2. To provide and promote the advancement of education for the public benefit, particularly in the understanding of the evangelical Christian faith by:

2.1 making grants to institutions or colleges engaged in training students for work or ministry in support of the evangelical Christian faith;

2.2 awarding bursaries to students undertaking such training;

2.3 providing financial support for Christian ministry and mission;

2.4 making grants to support those engaged in Bible teaching throughout the world and those engaged in training others to undertake Bible teaching;

2.5 making grants to support the translation, publication or distribution of the Scriptures or evangelical Christian literature; and

2.6 publishing and distributing Christian literature itself.

3. To relieve those in need by reason of age, ill health, disability, financial hardship and poverty and suffering or other disadvantage for the public benefit by the support and/or provision of grants:

3.1 to non-governmental organisations working to provide relief either locally in Aberdeen or elsewhere throughout the world;

3.2 to individuals suffering such poverty or financial hardship or suffering.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

4. To carry on or support other charitable work or purposes within the definition of charitable purposes or objectives under Charity Law insofar as such work and purposes are not inconsistent with those set out in Articles 4.1, 4.2 and 4.3.

The trustees have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.

In outworking these objectives our mission remains the same. We are committed to be a relevant 21 st century church that equips and encourages people to reach up to our God, reach out to our community and reach into our destiny.

The objectives and mission are outworked through four pillars – Sundays, prayer, discipleship and mission. Various ministry departments outwork the vision and objectives set by the leadership.

Achievements and performance

In 2024 there continued to be open doors of opportunity for men and women to move on in their journey of faith. The year has seen the church take some great steps forward towards our collective goal of outworking the aims and objectives by reaching out to those in the community around us and across the world. The Sunday Morning Services have been held regularly in-line with Objective 1. and we continue to see growth on both online platform as well as in-person attendance. On average the Sunday service adult attendance in 2024 has been over 900, and the overall building capacity including kids and people serving has been over 1300 on average.

This year, we saw more people than ever come to our Christmas events, particularly the big Christmas Experience with 3600 tickets sold across the three concerts, as well as an exclusive programme for the elderly and the special needs families. We also gave over 750 bags of kindness to people in need across the city with 1,414 people impacted, 10 organisations partnered with, and over 300 hours given by volunteers. We also gave a small gift to all the 1,390 residents of care homes in Aberdeen.

This year, approx. 500 welcome cards were completed. With many new people coming to the church over the year we have been working on ways to help people make King’s their home and make connections into the family, building community. Our pastoral team members were able to come alongside various families and individuals offering emotional, spiritual and practical support during the times of sickness, emotional trauma, bereavement etc. Families struggling because of the cost-of-living crisis were helped through our hardship fund, foodbank supplies and shop vouchers, in addition to the friendship and lift support that comes via wider church relationships. Pastoral care prayer team served in every service, signposting where necessary, praying and standing with those in tough situations.

We continue to serve every generation. In 2024 we had an average of 360 children engaged in the kids programme on Sundays as well as a growing kids team of approx. 150 adults serving across various teams from toddlers age group to pre-School and primary kids.

- Mainly Music ministry for mums and toddlers runs groups on both Tuesday and Wednesday. We are seeing 50 children come with their parents on a weekly basis.

- In MVMNT Youth we have seen an average of 120 young people join us on Friday nights.

- Our Champions Club ministry (for special needs kids) continues to be a voice for the voiceless and is impacting the lives of both children and adults on a weekly basis. On average we have over 10 champions on Sundays.

- We have also been able to impact the Torry community through the kids club VicTorry where the team started to provide a safe space for the local children and create a friendly environment to help build a community by offering various fun programmes as well as serving hot meal every week. This year we have also launched a similar kids club in the west at Countesswells, which is well attended by kids from the local community.

The Coffee Bar has continued to be a great blessing to our church and the community around. We continue to see many people who are not church attendees come in and enjoy the space, the warmth of our team and some good coffee and a fine piece.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

We have continued to support those in the UK and abroad who are seeking to communicate the good news of the Christian Gospel, including missionaries around the world. The Church has is still engaged with Book Aid Charitable Trust to cater to the Christian literature need in underdeveloped countries.

We continue to engage in smaller meetings of church members, known as Connect and Grow Groups that meet regularly online and in-person, keeping in-line with Objective 2. A range of material was made available for groups to study and grow in their understanding of the Christian faith.

A significant proportion of the financial giving documented in our report is directed towards aid activities which are focused on literacy and bible teaching in areas of the world where this is currently limited.

The Equip book shop that opened on our premises played an integral role in catering to the literary needs of the Christian community within the city.

We continue to be a church whose focus is on those who are in practical need, and this is demonstrated through the provision or hosting of several programmes, as described below, supporting Objective 3:

- Toastie Club: drop in for the homeless or at-risk community within Aberdeen, providing hot food and access to key support services.

- Food bank: management of the Aberdeen North Food bank and hosting and manning of the food bank distribution centre 2 days per week.

- Substance misuse: we support a local drug and alcohol rehabilitation facility financially and with pastoral visits and input. We also host their regular drop-in clinic for those looking for rehabilitation support.

- Pastoral Care: we employ a Pastoral Care worker whose role is the leading of a volunteer team who provide practical and emotional support to those struggling with life issues.

We continue to meet our Objective 4 wherever suitable opportunities are identified. During 2024 we have continued our partnerships with organisations such as:

- Water for the World: providing drinking water in rural Kenya

- Bethany Christian Trust: providing services to homeless and vulnerable in Scotland

- Friends of Anchor: providing care to patients undergoing cancer treatment in NE Scotland

- The Torry Bridge Centre holds regular social events and weekly food bank engagement etc.

2024 was our third year of running Love Aberdeen, a week of mission on our doorstep. Showing the love of Jesus in tangible ways. Over 450 people served during the week and we touched thousands of lives through kids club, place improvement projects in care homes and schools, elderly outreach, street work, and prayer walking and flyering. Part of the vision for 2024 was to extend our touch of compassion to the elderly in our city. Through our missions department we continued to have a great impact locally and globally through missions partners.

On the facilities side, the year 2024 has been a significant year on rolling out energy efficiency projects. Whilst also upgrading the building to introduce energy savings through funding available, our focus has been on engaging with various initiatives to help improve the environment and reduce our carbon footprint.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Financial review

The Trustees of the church oversee all financial decision making and control is through the regular Trustee’s meetings and in engagement with the Senior Management Team.

Expenditure incurred throughout 2024 has been as anticipated due to the significant financial commitment associated with the relocation to the new premises, associated fit out and a full year of occupation of this facility, as shown below;

Facilities & O perations 43%

Staff 34%

Ministry 12%

Missions Giving 11%

The planned budgets for 2024 helped in foreseeing facilities related expenses like maintenance and utilities and contributed to stabilising unplanned spend. The spend information was regularly reviewed by the board during quarterly reviews.

Despite the inflation in UK and the global geopolitical situation etc., the Trustees are pleased to report that there has been a steady increase in donations throughout 2024.

The organisation has strong cash reserves and fixed property assets.

The Statement of Financial Activities shows a net increase in funds of £33,833 (2023: £160,654).

Restricted funds totalled £113,223 (2023: £10,007) and unrestricted (including designated) funds £3,788,353 (2023: £3,857,736).

Incoming resources during the period totalled £2,183,816 (2023: £2,012,892) which has been at a level sufficient to adequately achieve our commitments and undertakings. The café contributed to 10% of the total income.

Reserves Policy

Since 2023, the Trustees have decided to hold at least 3-months’ (Estimated at £450,000 for the year 2025) general expenditure as cash reserves. This is in addition to any fixed assets held and used for the church's aims and purposes. This level of reserves should ensure that at any time of the year the Church is not required to borrow funds on overdraft from its bankers. The cash reserves in bank are to be maintained at £500,000.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

Risk management

The main risks to the organisation have been identified by the directors of the charity and are listed below with the main current mitigations against them.

• Reputational damage due to behaviour of senior leadership or staff members.

The Board of Trustees has oversight of the staff and responsibility for ensuring that codes of conduct are complied with and where necessary interventions are made.

• Future of the organisation jeopardised due to lack of succession planning of key senior roles.

The C hurch’s leadership pipeline is a continuous programme of development at all levels to ensure that in every leadership role there is someone preparing to take over.

• Harm comes to visitors or staff due to a lack of appropriate and compliant Health & Safety procedures.

Responsibility for the operation of a safe place of work is assigned to a fulltime member of staff who ensures that appropriate procedures and assessments are in place.

• Information or communications technology compromised or critical data lost through cyber attack.

The Church has network support from a local specialist who advises on appropriate security and protection measures.

• A shortfall on income and/​or inadequate cash flow results in an inability to meet salary and creditor payments.

Monthly expenditure and income reports are generated and financial position is shared with trustees at each meeting. These are compared to the budgets and forecasts to ensure accurate cash flow projections have been made.

Future p lans

We continue to see a steady increase in the church attendance and are investing in additional ministry and operational requirements to continue delivery of our vision in line with our aims and objectives in using our facilities and all available resources to impact both the local and global communities.

The implications of the relocation are still being outworked along with the upgrades and changes needed to the building. We plan to continue our engagement on various energy efficiency projects to reduce costs and help improve the environment.

The larger building has given us opportunities to support the wider community by offering our premises to other churches and local charities within the city. In addition, there has been a steady growth in the demand for the coffee bar.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Structure, governance and management

The Charity is constituted as a private company limited by guarantee with Companies House under Company No. SC470578 and governed by a Memorandum and Articles of Association dated 20th February 2014 subsequently amended on 17th July 2017 and again post year end on 30th May 2024. Full copies of the constitutional documents are publicly available on the Companies House Website. The Charity is also registered with the Office of Scottish Charities Regulator (OSCR) under Charity No. SC015121.

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:

Dr I Duthie
T Seal
B McAllister
R West
K Otekalu
G Alder
Rev S A Keir

Recruitment and appointment of new trustees

New office bearer appointments are presented to the Directors for approval.

Organisational structure

We plan to continue with the organisational structure rolled out last year for office staff.

The Directors are chosen by the Senior Pastor in consultation with the wider church and existing Directors. The Core Mission Team are responsible, together with the Misson Team for setting the vision of the church and working with the wider staff, ministry leaders and volunteers to ensure the vision is delivered to the benefit of the Church and wider community. The Directors are responsible for ensuring the agreed vision is delivered by the Senior Management Team and the Staff Team through review of appropriate ministry reports, key performance indicators and other agreed metrics. The Directors meet quarterly to review matters of strategy, finance, staffing and governance.

Induction and training of new trustees

New trustees undergo an orientation day to brief them on the current status of the charity, its objectives and vision as well as current issues/trends on finance, staffing and governance.

Key management remuneration

The directors consider the board of directors, who are the trustees, the Senior Management Team and the Staff Team to be the key management personnel of the charity in charge of directing and controlling, running and operating the Church on a day to day basis.

Details of directors' compensation or expenses are disclosed in note 9 to the accounts.

Compensation for all staff is reviewed annually and normally increased in accordance with average earnings inflation or in line with any promotion or increased responsibilities attached to each staff member. King’s Church operates an informal scale system with bandings for experience and/​​or length of service and these salaries are set benchmarked to the Teaching and Educational Support roles in Scotland adjusted for inflation. In 2023 the benchmarking exercise was carried out in-line with the EIS report for teaching staff in Scotland. Due to the growth in the number of staff and the complexity of the new organisation as mentioned under the organisational structure, King’s staff salary model was reviewed in Q1 2023 and the new salary structure has been rolled out to staff in Q2 2023; all salaries have been adjusted accordingly. We continued to use this salary model in 2024.

Related parties

A number of the Directors are also trustees of The King's Community Foundation which is a charitable company set up by the church to provide social action support in the local community and further afield.

KING'S CHURCH, ABERDEEN
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The trustees r eport was approved by the Board of Trustees.

B McAllister
Trustee
Dated: 29 August 2025
KING'S CHURCH, ABERDEEN
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -

The trustees, who are also the directors of King's Church, Aberdeen 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 which 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 year.

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; 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.

KING'S CHURCH, ABERDEEN
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF KING'S CHURCH, ABERDEEN
- 9 -

Opinion

We have audited the financial statements of King's Church, Aberdeen (the ‘charitable company’) for the year ended 31 December 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 December 2024 and of its incoming resources and application of resources, for the year then ended;

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

have been prepared in accordance with the requirements of the 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 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.

KING'S CHURCH, ABERDEEN
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF KING'S CHURCH, ABERDEEN
- 10 -
Matters on which we are required to report by exception

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

-

the information given in the financial statements is inconsistent in any material respect with the trustees r eport; or

-

proper accounting records have not been kept; or

-

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

-

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

Responsibilities of trustees

As explained more fully in the s tatement of trustees r esponsibilities, 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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act 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.

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.

KING'S CHURCH, ABERDEEN
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF KING'S CHURCH, ABERDEEN
- 11 -

Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely 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 charity's 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Matthew Allan (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
29 August 2025
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB

Azets Audit Services is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

KING'S CHURCH, ABERDEEN
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Unrestricted
Unrestricted
Restricted
Total
Total
funds
funds
funds
general

d esignated

2024
2024
2024
2024
2023
Notes
£
£
£
£
£
Income from:
Donations and legacies
3
1,565,696
130,978
121,324
1,817,998
1,626,255
Other trading activities
4
227,523
-
-
227,523
241,882
Investments
5
138,295
-
-
138,295
144,755
Total income
1,931,514
130,978
121,324
2,183,816
2,012,892
Expenditure on:
Charitable activities

Operational costs

6
397,239
73,260
2,060
472,559
352,757

Direct charitable activities

6
1,301,828
3,183
126,304
1,431,315
1,241,801
Total charitable expenditure
1,699,067
76,443
128,364
1,903,874
1,594,558
Other expenditure (including from trading activities)
11
246,109
-
-
246,109
257,680
Total resources expended
1,945,176
76,443
128,364
2,149,983
1,852,238
Net (outgoing)/incoming resources before transfers
(13,662)
54,535
(7,040)
33,833
160,654
Gross transfers between funds
(110,256)
-
110,256
-
-
Net (expenditure)/income for the year/
Net movement in funds
(123,918)
54,535
103,216
33,833
160,654
Fund balances at 1 January 2024
1,460,164
2,397,572
10,007
3,867,743
3,707,089
Fund balances at 31 December 2024
1,336,246
2,452,107
113,223
3,901,576
3,867,743

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
KING'S CHURCH, ABERDEEN
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,522,944
2,450,219
Investment properties
14
675,000
675,000
3,197,944
3,125,219
Current assets
Debtors
15
92,369
104,392
Cash at bank and in hand
792,089
755,592
884,458
859,984
Creditors: amounts falling due within one year
16
(180,826)
(117,460)
Net current assets
703,632
742,524
Total assets less current liabilities
3,901,576
3,867,743
Income funds
Restricted funds
17
113,223
10,007
Unrestricted funds
Designated funds
18
2,452,107
2,397,572
General unrestricted funds
18
1,336,246
1,460,164
3,788,353
3,857,736
3,901,576
3,867,743

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 Trustees on 29 August 2025
B McAllister
Trustee
Company Registration No. SC470578
KING'S CHURCH, ABERDEEN
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
105,132
41,561
Investing activities
Purchase of tangible fixed assets
(206,930)
(92,108)
Investment income received
138,295
144,755
Net cash (used in)/generated from investing activities
(68,635)
52,647
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
36,497
94,208
Cash and cash equivalents at beginning of year
755,592
661,384
Cash and cash equivalents at end of year
792,089
755,592
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Charity information

King's Church, Aberdeen is a private company limited by guarantee incorporated in Scotland. The registered office is King's Way, Bridge of Don, Aberdeen, AB23 8BL, Scotland.

1.1
Accounting convention

The financial statements have been prepared in accordance 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) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

1.2
Going concern

The Trustees have prepared projected cash flow information for the twelve months from the date of approval of these financial statements, including reasonabl e possible downside scenarios, which principally reflect the risk of lower than forecast income. The Trustees consider that the net funds currently available will provide sufficient liquidity to finance the charity for at least the next twelve months under both their base and downside scenarios.

The charity has considerable net funds, holding a cash balance of £792,089 at the year-end and has no external debt. As a consequence, the Trustees believe that the c harity will have sufficient funds to continue to meets its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. Accordingly, the Trustees continue to adopt the going concern basis in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Income

Income is recognised when the charitable company 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.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company 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.

1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have ben allocated to activities on a basis consistent with the use of resources.

Support costs

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity.

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:

Freehold property
2% - 10% on cost
Fixtures and fittings
20% on cost
IT equipment
20% on cost

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.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets and investment properties 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).

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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 and expenditure, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in income and expenditure, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 p aymen ts 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.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

Amounts due from lessees under operating leases, including any lease incentives granted, are recognised as income on a straight line basis over the term of the relevant lease.

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.

Key sources of estimation uncertainty
Property valuation

At each reporting end date, the company reviews the carrying value of its freehold property 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). The fair value of the investment property is reviewed on an annual basis taking into consideration any recent third party valuations and the knowledge of the trustees. Any movement on the fair value of the investment property would be recognised through the Statement of Financial Activities.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Donations and legacies
Unrestricted
Unrestricted
Restricted
Total
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
funds
funds
funds
general

d esignated

general

d esignated

2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Donations and gifts
1,565,696
130,978
121,324
1,817,998
1,495,970
99,902
30,383
1,626,255
Donations and gifts
Donations
1,326,620
130,978
121,324
1,578,922
1,283,943
99,902
30,383
1,414,228
Gift aid
234,266
-
-
234,266
208,144
-
-
208,144
Miscellaneous income
4,810
-
-
4,810
3,883
-
-
3,883
1,565,696
130,978
121,324
1,817,998
1,495,970
99,902
30,383
1,626,255

Donations and gifts includes amounts donated by trustees of the charity totalling £68,105 (2023: £61,124), and amounts donated by connected persons totalling £17,119 (2023: £6,714).

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Coffee shop income
227,523
241,882
5
Investments
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
£
£
Rental income
127,686
137,542
Interest receivable
10,609
7,213
138,295
144,755
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Charitable activities

Operational costs

Direct charitable activities

Total
Total
2024
2024
2024
2023
£
£
£
£
Staff costs
138,309
497,306
635,615
566,829
Depreciation and impairment
134,205
-
134,205
117,032

Rates and water

-
37,839
37,839
30,588

Insurance

-
47,625
47,625
44,527

Light and heat

-
335,847
335,847
224,377

Telephone

-
17,064
17,064
17,803

Postage and stationery

-
3,118
3,118
7,321

Sundries

-
29,376
29,376
93,988

Gifts

-
4,763
4,763
39,040

Mission distributions

-
129,507
129,507
100,412

Conference/activity costs

-
218,182
218,182
144,377

Small equipment costs

-
43,903
43,903
28,675

Property maintenance

-
60,299
60,299
66,452

Travelling

-
6,486
6,486
5,360
VAT recoverable
(13,169)
-
(13,169)
259,345
1,431,315
1,690,660
1,486,781
Share of governance costs (see note 7)
213,214
-
213,214
107,777
472,559
1,431,315
1,903,874
1,594,558
Analysis by fund
Unrestricted funds - general
397,239
1,301,828
1,699,067
1,506,299
Unrestricted funds - designated
73,260
3,183
76,443
67,883
Restricted funds
2,060
126,304
128,364
20,376
472,559
1,431,315
1,903,874
1,594,558
For the year ended 31 December 2023
Unrestricted funds - general
284,874
1,221,425
1,506,299
Unrestricted funds - designated
67,883
-
67,883
Restricted funds
-
20,376
20,376
352,757
1,241,801
1,594,558
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
7
Governance costs
2024
2023
£
£
Audit fees
17,000
15,650
Accountancy
5,100
4,700
Legal and professional
169,514
65,827

Annual dues for the Assemblies

21,600
21,600
213,214
107,777
Analysed between
Charitable activities
213,214
107,777

Governance costs includes payments to the auditors of £17,000 (2023: £15,650) for audit fees.

8
Auditor's remuneration

The analysis of auditor's remuneration is as follows:

2024
2023
£
£
Audit of the annual accounts
17,000
15,650
Other services to the charity
Other non-audit services
11,506
13,735
Total auditors remuneration
28,506
29,385
9
Trustees

During the year reimbursements of expenses were paid to the following trustees: Mr T Seal £997 (2023: £254), Mr I Duthie £532 (2023: £97), Mrs R West £153 (2023: £Nil) and Stuart Keir £1,121 (2023: £Nil).

During the period, Mr T Seal was employed by the charity and received remuneration, including employer's NIC, of £55,447 (2023: £53,392) and pension contributions of £1,308 (2023: £1,253).

During the period, Dr I Duthie was employed by the charity and received remuneration, including employer's NIC, of £79,522 (2023: £75,792).

During the period, no trustees have received any consultancy fees or any other forms of remuneration outside of their employment.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
44
40
Employment costs
2024
2023
£
£
Wages and salaries
704,658
631,218
Social security costs
56,486
52,335
Other pension costs
12,229
10,457
773,373
694,010
The number of employees whose annual remuneration was £60,000 or more were:
2024
2023
Number
Number
£60,001 - £70,000
1
1
11
Other expenditure (including from trading activities)
Unrestricted
Unrestricted
funds
funds
general
general
2024
2023
Net loss on disposal of tangible fixed assets
-
746
Coffee shop expenditure
108,351
129,753
Coffee shop wages and salaries
130,916
122,392
Coffee shop social security costs
5,158
3,564
Coffee shop pension costs
1,684
1,225
246,109
257,680
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Taxation
The tax charge for the year was as follows:-
2024
2023
£
£
Corporation tax
-
-
Factors affecting tax charge for the year:
Net loss on trading activities before taxation
(59,623)
(50,859)
Net loss mutiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
(14,816)
(11,962)
Effects of:
Expenses not deductible for tax purposes
71,689
68,629
Non-taxable income
(56,873)
(56,667)
Total tax charge for the year
-
-
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
13
Tangible fixed assets
Freehold property
Fixtures and fittings
IT equipment
Total
£
£
£
£
Cost or valuation
At 1 January 2024
2,525,625
242,903
124,466
2,892,994
Additions
125,210
45,638
36,082
206,930
At 31 December 2024
2,650,835
288,541
160,548
3,099,924
Depreciation and impairment
At 1 January 2024
180,429
163,397
98,949
442,775
Depreciation charged in the year
75,320
41,901
16,984
134,205
At 31 December 2024
255,749
205,298
115,933
576,980
Carrying amount
At 31 December 2024
2,395,086
83,243
44,615
2,522,944
At 31 December 2023
2,345,196
79,506
25,517
2,450,219

The church at Kingsway, Aberdeen is carried at historic cost less accumulated depreciation at a net book value of £2,395,086 as at 31 December 2024. The trustees believe that the carrying value of the freehold property is appropriate as there have been no significant changes to the property since it's recent purchase in August 2020 and a third party valuation carried out in July 2023 by Shepherds.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
675,000

Investment property comprises the property at 312 King Street, Aberdeen.

The investment properties were valued in July 2023 by Shepherds using fair value. The trustees are of the opinion that the value remains the same at the year end.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
488,228
488,228
Accumulated depreciation
(95,207)
(85,442)
Carrying amount
393,021
402,786

The carrying amount of 312 King Street, Aberdeen, had the revalued property been carried at historic cost less accumulated depreciation and accumulated impairment losses, would have been approximately £393,021 (20 23: £402,786).

15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,781
13,453
Other debtors
46,570
24,913
Prepayments and accrued income
43,018
66,026
92,369
104,392
16
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
14,233
13,820
Trade creditors
58,061
36,925
Accruals and deferred income
108,532
66,715
180,826
117,460
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
17
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
Movement in funds
Movement in funds
Incoming resources
Resources expended
Balance at
1 January 2024
Incoming resources
Resources expended
Transfers
Balance at
31 December 2024
£
£
£
£
£
£
£
Mission Fund
17,561
(17,561)
-
25,908
(121,857)
95,949
-
VicTorry Fund
3,133
(2,080)
1,053
1,375
(67)
-
2,361
Lord Provost (Afghan Families) Fund
9,689
(735)
8,954
-
(4,380)
-
4,574
Energy Project Fund
-
-
-
89,041
(2,060)
14,307
101,288
Building Fund
-
-
-
5,000
-
-
5,000
30,383
(20,376)
10,007
121,324
(128,364)
110,256
113,223

Mission Fund

This fund was set up to capture donations received specifically stated by the donor for mission distribution gifts.

VicTorry Fund

This fund was set up to capture donations received specifically stated by the donor to aid the Church in providing a safe community space for the kids in Torry, Aberdeen.

Lord Provost (Afghan Families) Fund

This fund was set up to capture donations received specifically stated by the donor to aid the Church in providing help and support to displaced Afghan families in the local community.

Energy Project Fund

This fund was set up to capture income and expenditure in relation to increasing energy efficiency.

Building Fund

This fund was set up to capture any donations received to improve the facilities and help cater to the needs of local community.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Unrestricted funds
Movement in funds
Balance at
1 January 2024
Incoming resources
Resources expended
Transfers
Balance at
31 December 2024
£
£
£
£
£
General Fund
1,460,164
1,931,514
(1,945,176)
(110,256)
1,336,246
Vision (New Building) Fund
2,254,377
-
(61,921)
-
2,192,456
Vision Offering Fund
143,194
130,978
(14,522)
-
259,651
3,857,736
2,062,492
(2,021,619)
(110,256)
3,788,353

The General Fund exists for the general purposes of the Church.

The Vision (New Building) Fund has been created from surplus funds held in relation to the tangible fixed asset carrying value.

The Vision Offering Fund has been set up to capture donations specifically stated by the donor for allocation toward the purpose of contributing to the Church's vision.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
19
Analysis of net assets between funds

Unrestricted funds

Designated funds

Restricted funds

Total
Unrestricted funds

Designated funds

Restricted funds

Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Fund balances at 31 December 2024 are represented by:
Tangible assets
127,857
2,293,799
101,288
2,522,944
105,023
2,345,196
-
2,450,219
Investment properties
675,000
-
-
675,000
675,000
-
-
675,000
Current assets/(liabilities)
533,389
158,308
11,935
703,632
680,141
52,376
10,007
742,524
1,336,246
2,452,107
113,223
3,901,576
1,460,164
2,397,572
10,007
3,867,743
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
20
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
10,632
690
Between two and five years
19,512
-
30,144
690

Equipment lease payments recognised as expenditure in the year amount to £965 (2023 - £965). There has been no change to the lease payments recognised.

Lessor

At the reporting end date the charitable company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
71,199
68,229
Between two and five years
137,147
134,372
In over five years
7
7
208,353
202,608
KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
21
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
206,831
193,459
Connected persons

During the year, the wife of a trustee was reimbursed a total of £4,224 (2023: £1,263) for the following expenses;

- Sundries: £88 (2023: £643)

- Conference / Activity costs: £4,136 (2023: £570)

- Other Trading Activities: £Nil (2023: £49)

During the year, the daughter of a trustee was employed with a salary of £17,374 (2023: £14,448) and a pension contribution of £304 (2023: 227). The daughter was also reimbursed a total of £10,556 (2023: £517) for the following expenses;

- Small Equipment: £8,358 (2023: £10)

- Sundries: £269 (2023: £494)

- Travel £1,285 (2023: £13)

- Conference / Activity costs: £644 (2023: £Nil)

During the year, the son in law of a trustee was employed with a salary of £37,202 (2023: £34,640) and a pension contribution of £827 (2023: £785). The son in law was also reimbursed a total of £3,951 (2023: £575) for the following expenses;

- Postage and Stationery: £432 (2023: £427)

- Small Equipment: £3,458 (2023: £43)

- Sundries: £61 (2023: £58)

- Travelling: £Nil (2023: £47)

During the year, the wife of a trustee was employed with a salary of £22,706 (2023: £17,152) and a pension contribution of £444 (2023: £251). The wife was also reimbursed a total of £27 (2023: £399) for the following expenses;

- Sundries: £6 (2023: £230)

- Conference / Activity costs: £21 (2023: £159)

- Training: £Nil (2023: £10)

During the year, the wife of a trustee was employed with a salary of £24,371 (2023: £21,345) and a pension contribution of £488 (2023: £409). The wife was also reimbursed a total of £935 (2023: £454) for the following expenses;

- Sundries: £91 (2023: £164)

- Conference / Activity Costs: £751 (2023: £291)

- Postage and Stationery: £93 (2023: £Nil)

During the period funds of £19,800 (2023: £24,203) were donated to The King's Community Foundation, a charity with trustees in common. Transactions amounting to £983 (2023: £Nil) was paid to The King's Community Foundation. King's Church, Aberdeen received a total amount of £4,729 (2023: £17,651) from The King's Community Foundation in the year.

KING'S CHURCH, ABERDEEN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
22
Cash generated from operations
2024
2023
£
£
Surplus for the year
33,833
160,654
Adjustments for:
Investment income recognised in statement of financial activities
(138,295)
(144,755)
(Gain)/loss on disposal of tangible fixed assets
-
746
Depreciation and impairment of tangible fixed assets
134,205
117,032
Movements in working capital:
Decrease/(increase) in debtors
12,023
(23,815)
Increase/(decrease) in creditors
63,366
(68,301)
Cash generated from operations
105,132
41,561
23
Analysis of changes in net funds

The charitable company had no debt during the year.

24
Management threat/self-review threat in relation to non-audit services

In common with many other entities of our size and nature, we use our auditor to assist with the preparation of the financial statements, accounting software training, payroll services, corporate tax compliance and VAT assistance as required.

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