**ST MARY’S SCOTTISH EPISCOPAL CHURCH** # **St Mary's Episcopal Church Dalkeith Country Park Dalkeith EH22 2NA Charity Number : SC001677** ## **REPORT & ACCOUNTS 2023 - 24** |**Contents : -**
**Charity & Vestry**
**2023- 24 Report**
**Independent Examiners Report**
**2023 - 24 Accounts**
**Accounting Policies**
**Notes to Accounts**|**_Section_**
**Page 1**
**Report**
**Page 2**
**Report**
**Page 3 - 11**
**Statement**
**Page 12**
**Accounts**
**Page 1**
**Notes**
**Page 1**
**Notes**
**Page 2 – 8**| |---|---| Page 1 **ST MARY’S SCOTTISH EPISCOPAL CHURCH** **Reference and Administrative Information : Registered Charity No SC001677** **Principle Address** St Mary’s Church Dalkeith Country Park Dalkeith EH22 2NA _Internet_ : www.stmarysdalkeith.co.uk **Charity Trustees ( Vestry Members )** ## Office Bearers Elected and Voting Members ## **Bankers** Reliance Bank Faith House 23 – 24 Lovat Lane London EC3R 8EB **Independent Examiner** **Annual Report of the Members of the Vestry Prepared - On behalf of the Trustees by:-** Page 2 ST MARY'S SCOTTISH EPISCOPAL CHURCH Introduction The Vesty. as Charity Tn￿teeS of St Mary's Cburcty is pleased to present its annual report and accounts for the year ending 30 September 2024. We are a Sn￿ll, friendly congregation who welcome ix)th fan)ilies and individuals into our church. We enjoy getting together with people &8 2 church community. meeting socially wbenever we call and uot just ou Sundays, and PUTsuing our tnission of developing and enhancing Christian Worsbip. We welcome faniilies in all sbapes and sizes - childre￿ laT8e and small, teena8eTS, Patents, ￿andparentS. Slll8les. divoreees, widows and widowers. The cI￿lenge is fu￿1￿8 ways to cater for them ail. The ￿}sSIon of our chuTch, we feel, can be described within the Iwo Greats of scripture "The Great Coll)nwdJneDts" and "The Great CommissioD" The Great Con][uall(I￿eUt$: lu Matthew Cbapler 22 jes￿ said "Love the Lord your God with all your heart and with ail your soul and with all your mind. This is the fwst and ￿eatest Collllnandment. And the second is like il.. Love your neiBbbour as yourself." The Great Commission: In Mattbew Cbapter 28 Jesw lells his disciples "To 80 Id inake disciples of all Dations, baptisii18 them u) the name of the Fallier and the Son and of the Holy Spiril." (hw vision is our church will always be 8 place of welcome wbere our worship is meanin8fill and relevanl. Ill addition we coDIiDue to searcb for ways in whicb io put God's law of "love your uei8hbour" into practice. We doD't cutrelllly bave a church ball, but this 8cbieved our vision of A cburch buildin8 open throughout the week and en8aging with the couuuuDity, supportiug both ow regulat couuuullity aud ellcourdgillg visitors. Linked Cb8rg¢ Sl Mary's ig a linked charge, linked with St tthnard's of tasswade. with whom we share a Rector and the Rectory St Mary's is therefore respoDsible for 51Y/o of the Rectors salary (called the stipend) and 50% of the costs of the Rectory (maintenance. heat & li8bt. etc.). We al80 have joint activities with St Leonard's, a8 well as the fonnal fillancial links. Clergy We are very blessed as a cbiwcb to have a Clerov Team comprigino of our Rector, an Assistant Priest Non Stipended. . and four Retii"ed ,IsslStallt Priests. . They have a nllx ot. sknlls. talents and approaches to WOrs￿p and have support thc Lhurch and Rector to offer regular Sunday Worslu'p. Pa8e 3 ## **ST MARY’S SCOTTISH EPISCOPAL CHURCH** All the following activities reflect St Mary’s activities for 1[st] October 2023 to 30[th] September 2024. ## **Church Life and Activities** ## **Worship at St Mary’s** A Communion Service each Sunday at 10am. The first, second, third and fourth Sunday we use the Scottish Episcopal Liturgy and hope to offer additional services to children where possible. In months where we have a fifth Sunday (four times each year), we have less formal and more participative service we call Cafe Church. Numerically we are a stable church with a regular Sunday congregation of around 25 to 35 people on a Sunday morning. Each of these services is followed by “coffee at the back of church”. This helps to promote fellowship and friendship, a key element of being part of St Mary’s. In addition to our weekly service at St Mary’s on a Sunday, there is weekly communion service on a Wednesday morning. This service is held at our sister church of St Leonard’s or at the Rectory but is open to and attended by members of both congregations both in person and virtually. In 2016 St Mary’s introduced a “Messy Church” service, once a month during term time i.e. September to June, on the final Saturday of the month, between 4pm and 6pm. This continues to be very successful with regular attendees of 25 and 30 people (additional attendees of parents and children new to St Mary’s). It has been a delight to build up our relationship with those who have been coming along over the last few years and to be part of their families lives as we watch the children grow. It is encouraging to welcome in new families, some of whom have never been to church before and leave feeling well fed and blessed and looking forward to our next meeting. As a direct result of this, marriages and baptisms have taken place. Messy Church now augments our existing alternative Services for Families like Christingle and Easter Fun Services, which continue to be very successful. A weekly order of service is used which is more like a weekly magazine and includes a message from the Rector and notices/news items. This is called Connect, and is sent electronically to members of St Mary’s and St Leonard’s. Paper copies are available at the church service. ## **Fellowship** Our Fellowship Group meets every two weeks during term time in St Mary’s Church from 7.30pm-9pm and is entertained by local speakers from the congregation and the local community. Page 4 ST MARY'S SCOTTISH EPISCOPAL CHURCH There are two Bible study groups. A Home Group that meets every second Monday and another Home Group that n￿lS every second Tuesday, both groups eeting weekly during I£nt. These are an opporttmity to meet ill a snMller group to sthdy the Bible, pray for one another. and get to know one another, in a way that isn't always possible on a Sutmlay ￿OrnIng. Both ￿0uP8 include ￿ell]be[s of St Mary's and our sister church St tEonard's congregations. A Reflections Group ￿eetS weekly on a Wednesday afternooll. They have beell cnntiniiino their reflections on the IK)ok 'Ascent -The Pattern of Faithfulness. by This book covers the Songs of Ascent (Psaltns 120-134) and the groiip are Inding the psaijlls very relevaDt. They are reflecting oll the content of each prayer and the progre&8ive Stn￿lure lo these psahns. They feel like ihey are ou a pilgrituage alld their uuderslaudiug of Psalu]s has illcreased. They are feelin8 a sense of acbieveuient as they clijnb the asceDt with each psalm. "Coffee at Mary's" takes place every ￿O￿th ￿UallY on the first Saturday ￿0]ul￿g of the month. This is an open coffee mornin8 is beld in the social area at the back of church at Sl Mary's. In May the coffee morning was changed io a special Corollatioll Coffee and Cake Afternoon. In Au8USt there was a special Afternoon Tea in celebration of St Mary's Day. The Swap Shop durin8 the coffee morning ¢olllillued to be held with thetlles of Bags, Bric a Btac. Board G#￿es, Gardell thin8s and plants, Winter Warniers, Weddin8s, Glassware, Jewellery alld Winter P>imes. The Coffee al Mary's banner wbich is displayed the week before. colllillues lo briDg ID a llujllber of people fro￿ the Co]ll￿u￿]ty alld Passe￿ by in the County Park. Reco8UiSill8 the ueed to support families with pets, we started our Pet Food Bank in the winter of 2022. We wot* in partnership with Edinburgh Cat and Do8 Hoine wbo provide the food itetDS as well as other pet accessories. We provide the venue, a cuppa and friendship. This reduces the aftendees pet food bill for the month. They are ￿vell enough food for a week and ￿ve them the help to keep their pet in these expensive li￿es. On average 18-20 dogs are helped and 9-10 cats each month. We also had a Pel Blessin8 Service in October around the feast day of St Francis. There are also many Dew member5 from both our con8re8ation and from St Leotwd's who are followi08 the Cursillo Way. This is a ￿ethod of discipleship rooted in ancient Christian practice which helps to keep us alive to Cbrist's mission for the 2151 Century. There is a knitting sroup that meets monthly at Newbyres Care Home where they enjoy ￿e¢ll￿g with so￿¢ of tbe Tesideuts alld caTe staff. All are welcotne to jOiD in to knit or crochet with friendly chatter 8nd a cup of tea or coffee. The Book Club meets bi-monthly, on a Friday evening. We meet in the back of the Church. As well as reviewing books, the higblight of getting together includes offee aDd biscuits. In 2023-24 we eujoyed -on Java Road by , Midnight at Malabar House by ￿, The IA)ckup by Pa8e 5 ST MARY'S SCOTTISH EPISCOPAL CHURCH . Findino Treasure Island by and The Fellowskn"p L) . FrenclTrm2n'8 Creek by PiiLile hlakeis by The Eco-congregation group have been working away taking responsibility for thfferellt aspects of caring for our environ￿ellI aud work￿8 towaTILs reducing OUT carbon output to be Net Zero by 2030 - to matcb The Scottish Episcopal Church conllnitment. Both churches have thuefore moved their electrical supply over to a Green Tariff as a first step in reducing our catbon footyrint. At St Matys we have engaged with the Heathack Program to look at the current use of St Matys church and how some lllllial savings could be made. Pipes have been lagged and a new Hive suwt theTmOStat was iDStailed. This bas given us better control of the beating system. They are currently in the process of appointing a Heatin8 Cousuliaut lo guide the llext stage of replacillg alld i￿p[OVing the heatiug syste￿. We have now invested in aD electric car for the use of the Rector to filrther reduce our carbon outpul. We are le&8ing a vekn'cle &8 a shared ￿$1 with St L£onard's. Solar panels at the Rectory. dollaled by a cburcb ￿e￿be[, is the source for ￿0st of the power ￿￿ed to char8e tbis vebicle. At tbe start of 2023 a social coll]mittee was fonned followin8 a Joint Vesty meeting as part of the visioninB process. They meet re8ularly to plan social and fundraisin8 evellls aud eudeavout to foster positive relatious betweell us and our sister cliiwch of St Leonard's. We bave eDjoyed several eveDts througlioiit the year - Strawbetry Tw Harvesl Supper. ￿1Z Night. Sun)mer and Chn'slllw Fairs. The church bllildin8 is providing Ineetin8 premises durin8 weekdays for three Volunteerlconnecl ￿0up9 from the local COllllDUllity. - Digital CoDllect provides support for aDy digital query oll auy device. The ai of this groiip is to belp preveot ￿'￿tal and social isolation due to lack of skills USi118 techDology. - Volunteer Gardenin8 Goup or8anised by Volunteer Midlothian. The group have won awards, Three Sunllnit Awar(ts going to young people, The Menlor& Award for the Teatll alld the clill￿1e Actioll Team of the Year Award. - MiDdfulDess in Nature or82ised by Thistle TnL%t provides outdoor activity under the ￿e¢￿ ptescription initialive. Church Life St Mary's website continues to attract much attention including wedding enquiries from abroad. Why not have a look at :_ sda]keith.OT Safe8uarthngTrVG is fully integrated into all vesty meetin8s and 8roups in the church. InfotTnatiou posters and help1￿¢$ are displayed oll the church noticeboar(L We have continued with our Pastoral Group. This continues lo keep in touch with church ￿e￿￿[S who are not able to attend our services.and continues to care for our church members and n)aintain contact with those who have been drawll to us tlwough life evellts. PeTiodi¢ uae¢tillgs are held to achieve these altus aud to set up prograulmes of appnwate care. including greeting cards and personal visits. The Pa8e 6 ## **ST MARY’S SCOTTISH EPISCOPAL CHURCH** Pastoral Group has a key role in keeping in touch, by telephone or visits, on a regular basis with each and every member of the congregation and their families, and offering support where required. Church Life continues to include Messy Church, Fellowship meetings, Book Group, Bible Study Groups, Reflections Group, Coffee at Mary’s and Pet Food Bank too. A loyal band of volunteers also continues to clean, polish, decorate the church with flowers and provide refreshments after Sunday services. All these events need organisers and volunteers and the Church is deeply grateful for the amount of time and effort that people give. We again supported several local and international charities during the year. This year we supported the Bishops Lent Appeal, In addition the congregation makes food donations for Dalkeith Storehouse Project. ## **Church and Community Hall** At St Mary's AGM in October 2017 it was agreed to research the possibility of building a Church Hall adjacent to the main church building. This would be for both practical and ecumenical purposes. The current congregation average age is 70 and likely to increase. This is obviously a worry for our long term future. Congregational Giving provides just 35% of our regular income. Therefore without some radical thinking St Mary’s may not be financially sustainable in 10 years time. To exist long term St Mary’s needs to reach out for additional forms of income (like renting out a church hall) and reach out for new people (creating a new Christian based community centre). This in addition to enhancing St Mary’s as a place of Worship. During 2018/19 we employed an Architect to produce Outline Plans and Drawings and are now at the stage of employing a Quantity Surveyor to produce outline costings for the project. It is fully recognized that St Mary’s cannot afford to fund such a project on its own, which may cost over £500k. We will therefore need to seek and secure grants and gifts from appropriate benefactors if the project is to go ahead. At the point of Covid lock-down in March 2020 we had agreed appointing a Quantity Surveyor. Since then matters have gone quiet and no further progress can be reported. Other than receiving and returning a signed agreement with the Quantity Surveyor over three years ago now, we have not progressed at all with this. This project is now on hold. Page 7 **ST MARY’S SCOTTISH EPISCOPAL CHURCH** ## **Income (Receipts) 2023-24** St Mary’s relies on the generosity of its congregation for a large part of its Church Income. Our second major source is Tolbooth Hall rental income from our “MYPAS tenants”. Comparing this years Income, 2023-24, with last year, 2022-23 :- |Income forQuota
Receipts
Income forOther
Receipts
Exceptional Income from Legacy|**2023-24**
58,684.03
5,619.35
0.00
64,303.38|**2022-23**
38,523.55
4,790.02
0.00
43,313.57| |---|---|---| ## **Quota Receipts** Church Giving (standing order, envelope scheme and open plate) at £29,482 (£15,969 in 2022-23) is £13,513 up on last year. The majority of this is down to Gift Aid (£11,143). Excluding Gift Aid the church giving increased by £2,370 which is a 6.7% increase. During the Covid ban on meeting together, many members of the congregation who previously donated via the envelope scheme and open plate switched to making their donations by standing order so the amount of congregational financial support was maintained. Their standing orders have continued although in person meetings/services are now taking place. Annual Rental Receipts from our Tenants in the Tolbooth Hall of £11,000 per year from January 2024 (£10875 received 2023/24 as Sept payment at lower rent amount) is a significant element of St Mary’s Receipts and remains a major element of how St Mary’s “breaks even” each year. Added to this is £6502 income from the Tolbooth Trust and £5,625 interest from Investments, mainly dividends from Scottish Episcopal Unit Trust Fund. ## **Other Receipts** Our Tenants in the Tolbooth Hall resumed payment of 75% of the buildings insurance as per our new lease. Payment of £696 was received. Total collected for other charities £2,501 - the Diocesan Bishops Lent Appeal and a funeral retiral collection which was to be paid out to other charities. Restoration Event Fund Raising raised £2,278 over the year. Most of these events were held jointly with our sister church so the proceeds were split with St Leonard's. No legacy payment/donation was received in either 2023-24 or 2022-23. Page 8 **ST MARY’S SCOTTISH EPISCOPAL CHURCH** ## **Expenditure (Payments) 2023-24** Showing the year-on-year expenditure comparison, similar to income : |Expenditure for
Expenditure for|Quota
Payments
Other
Payments|**2023-24**
67,389.80
5,298.24
72,688.04|**2022-23**
71,905.13
7,192.42| |---|---|---|---| ||||79,097.55| Expenditure for Quota Payments at £67,390 is significantly reduced on the previous year. Although there were increases in the stipend, pension, car and other shared costs, insurance, quota, repairs and maintainance, miscellaneous expenses and particularly fuel costs, there was a reduction in the amount of improvements to the church buildings and church equipment. In the Other Payments the charity giving was slightly reduced.. Also reflected here is the payment of half of fund-raising events we shared jointly with our sister church of St Leonard’s. ## **Reserves** St Mary’s reserves are held in four different accounts. These are : **Vestry** – Unrestricted covering day to day running expenses. **Rectory** – Which is shared with St Leonard’s, and is mainly used for “capital” expenditure on the Rectory. **Restoration** – A restricted fund only available for church renovation / improvement projects. **Tolbooth** – Used for maintaining Tolbooth Hall. In addition there is annual Tolbooth Trust Endowment Income, of which part can be used for “Vestry” activities, after any Tolbooth Hall requirements have been met. The Vestry policy is to maintain a level of Unrestricted reserves such that, in the event of a significant drop in income, the church would be able to maintain its current level of activities for a reasonable period until replacement funding was obtained. (A particular risk would be loss of Annual Tolbooth Rental Income.) Page 9 ## **ST MARY’S SCOTTISH EPISCOPAL CHURCH** ## **Investments** ## SEC Investment Fund Monies which are not needed to fund day to day activities are invested in the Scottish Episcopal Church Unit Trust Pool (SEC UTP), administered by Baillie Gifford. St Mary’s Vestry decided to use an increase in the value to make improvements to the church buildings and church equipment. The Unit Trust Pool value in September 2023 was £149k This has increased significantly to £172k. We need to be aware that the Unit Trust Pool valuation reflects “Stock Market” conditions and the valuation can go down as well as up. Within this £172k, £45k has been “ring fenced” for the Church Hall Project. The annual total dividends from the SEC UTP totalled £4,918 in 2023/24, is a slight increase on dividends from previous years. The balance in the Reliance Bank Accounts stands at £38,761 at 30 September 2024. ## **Church Management and Constitution** St Mary’s is an unincorporated association, with a constitution which originated in 1958, when the church building was gifted to the congregation by the Duke of Buccleuch. The constitution has been amended since 1958, the latest amendment, to the Secretary and Treasurer being appointed by the Vestry rather than elected at the AGM, being agreed November 2022. As a member congregation of the SEC Diocese of Edinburgh, St Mary’s is also governed by Canon Law of the Scottish Episcopal Church. The Management Team of the Church is known as the Vestry. For the purposes of charities law, the members of the Vestry are the Charity Trustees of the Church. Details of the current Vestry members are given on page 1. ## **Vestry Responsibilities** The Vestry is responsible for managing and safeguarding the assets of the church and assisting the Rector in matters affecting the spiritual welfare of the congregation. They are also responsible for keeping proper accounting records and ensuring the accounts are prepared in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. Annual Accounts have to be submitted to the “Office of the Scottish Charity Regulator” (OSCR) who regulate all Charity Financial Reporting in Scotland. A copy must also be sent to the Edinburgh Diocese Office of the Scottish Episcopal Church. Page 10 ## **ST MARY’S SCOTTISH EPISCOPAL CHURCH** The Vestry holds regular meetings (usually 9 or 10 each year) to review all church activities, Spiritual, Financial, Operational, Property, Charity Support, and Risk Management within a structured and agreed Agenda. The Vestry can also appoint sub committees, including members of the congregation, if required. ## **Relationship with Diocese and Province** St Mary’s is supported by the Diocese and the Province through the pastoral oversight of the Bishop of Edinburgh, including the Diocesan Office support functions. St Mary’s is part of the Diocese of Edinburgh, which is one of the seven Dioceses which make up the Province of Scotland. The church is represented at Diocesan level by the Rector and church’s Lay Representative. Additionally the Rector and the Lay Representative represent St Mary’s on the Diocesan Mid and East Lothian Area Council. (Area Councils are one hierarchical level below the central diocesan level. Edinburgh Diocese has six Area Councils. ) As a member of the Scottish Episcopal Church (SEC) St Mary’s has an obligation to contribute to the costs of the Diocese and the Province through payment of an annual “quota”. This amount is based on the relative level of income of St Mary’s compared with that of other churches in the Diocese and Province. In 2023-24 St Mary’s payment quota was £3954.76. ## **Conclusion** The members of the Vestry would like to thank all those who contribute their time, energy and money so generously to ensure the continuation and development of St Mary’s as a centre of worship and a focus for the local community. Authors Signature St Mary’s Treasurer Date __31 December 2024___________ Page 11 ## **ST MARY’S SCOTTISH EPISCOPAL CHURCH** ## **Independent Examiners Report to the Vestry Members of St Mary’s Episcopal Church - Charity Number SC001677** I report on the accounts of the charity for the period ended 30 September 2024 which are set out on the following pages as follows :- 1. Receipts and Payments Accounts - 2-3. Balance Sheet - 4 - 12. Accounting Policies and Notes to the Accounts. ## **Respective responsibilities of trustees and examiner** The charities trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. ## **Basis of independent examiner’s statement** My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts with these records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent examiner’s statement** In the course of my examination, no matter has come to my attention : 1. which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and - to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations, have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Page 12 ## **ST MARY'S ACCOUNTS - 2023/24 1st Oct 2023 to 30th Sep 2024** |**ST MARY'S ACCOUNTS- 2023/24**
**1st Oct 2023 to 30th Sep 2024**||||||| |---|---|---|---|---|---|---| |
**RECEIPTS**
**Notes**
Church Giving & Collections
Note 2
Weddings & Funerals
Note 3
Other Fund Raising & Donations
Note 4
Funding from Tolbooth Account
Note 5
Receipts from Investments
Note 6
**Total Receipts For CHURCH Activities**
Insurance Receipts & Other Refunds
Note 7
Restoration Fund Raising Events
Note 8
Donations to Restricted Reserves
Note 9
Grants & Appeals
Note 7
Registered Charity & Mission Receipts
Note 10
**TOTAL RECEIPTS**
**PAYMENTS**
**Notes**
Payments for Church Activities
Stipend & NIC - Shared *
Note 11
Pension Fund - Shared *
- " -
Rectory Daily Costs - Shared *
- " -
Car & Other Expenses - Shared *
- " -
Insurance (incl tolbooth)
Note 12
Church Heat & Light
Note 13
Quota
Note 14
Altar Costs
Note 15
Repairs and Maintenance
Note 16
Miscellaneous Expenses
Note 17
**Total Payment For CHURCH Activities**
Restoration & Renewals
Note 18
Registered Charity & Mission Payments
Note 19
**TOTAL PAYMENTS**
**SURPLUS / ( DEFICIT ) for YEAR**
**Notes**
**CASH AT BANK**
Reliance Current Account
Note 22
Reliance Savings Account
Note 21|**Category Breakdown for 2023-2024**
**Vestry**
**Account**
**Rectory**
**Account**
**Restora-**
**tion**
**Account**
**Tolbooth**
**Account**
29,482.22
0.00
0.00
0.00
770.00
0.00
0.00
0.00
4,734.38
0.00
0.00
0.00
0.00
0.00
0.00
17,377.31
1,184.82
11.51
2,778.98
1,649.29||**Total**
**2023-2024**
29,482.22
770.00
4,734.38
17,377.31
5,624.60||**Total Variance**
**Yr-on-Yr**
13,513.49
(430.00)
(981.00)
6,877.31
485.16
19,464.96
695.52
363.58
0.00
0.00
465.75
20,989.81
**Total Variance**
**Yr-on-Yr**
(2,375.50)
(954.96)
1,436.40
(125.40)
(430.13)
(2,323.07)
(159.01)
506.26
(4,437.84)
(3,115.26)
(11,978.51)
17,792.71
279.46
6,093.66
**27,083.47**|**Last Year**
**2022-23**
15,968.73
1,200.00
5,715.38
10,500.00
5,139.44| ||36,171.42|11.51
2,778.98
19,026.60|**57,988.51**|||**38,523.55**| ||0.00
0.00
840.00
0.00
2,501.18|0.00
0.00
695.52
0.00
2,278.17
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11.51
5,057.15
19,722.12
**Rectory**
**Account**
**Restora-**
**tion**
**Account**
**Tolbooth**
**Account**
0.00
0.00
0.00
0.00
0.00
0.00
3,123.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
923.63
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,066.00
0.00
0.00
0.00|695.52
2,278.17
840.00
0.00
2,501.18|||0.00
1,914.59
840.00
0.00
2,035.43| ||39,512.60||**64,303.38**|||**43,313.57**| ||**Vestry**
**Account**
16,195.50
5,214.96
0.00
4,205.40
3,984.24
12,702.92
3,954.76
151.00
5,011.46
5,470.13||**Total**
**2023-2024**
16,195.50
5,214.96
3,123.60
4,205.40
4,907.87
12,702.92
3,954.76
151.00
8,077.46
5,470.13|||**Total**
**2022-2023**
13,820.00
4,260.00
4,560.00
4,080.00
4,477.74
10,379.85
3,795.75
657.26
3,639.62
2,354.87| ||56,890.37|3,123.60
0.00
3,989.63|**64,003.60**|||**52,025.09**| ||3,386.20
3,073.15|2,225.09
0.00
0.00
0.00
0.00
0.00
5,348.69
0.00
3,989.63
-5,337.18
5,057.15
15,732.49
**STATEMENT of BALANCES**|5,611.29
3,073.15|||23,404.00
3,352.61| ||63,349.72||**72,688.04**|||**78,781.70**| |||||||| ||-23,837.12||**(8,384.66)**|||**(35,468.13)**| ||**Vestry**
**Account**
7,248.99
4,269.96|||||| |||||||| |||**Position at Sept (Month End)**
**Rectory**
**Account**
**Restora-**
**tion**
**Account**
**Tolbooth**
**Account**
0.00
0.00
0.00
1,682.50
21,300.66
1,919.58
1,682.50
21,300.66
1,919.58||||| ||||**Total**
**Sept 2024**
7,248.99
29,172.70||**Total Variance**
**Yr-on-Yr**
1,050.95
(9,435.61)
**(8,384.66)**|**Last Year**
**Sept 2023**
6,198.04
38,608.31| ||11,518.95||**36,421.69**|||**44,806.35**| |||||||| **ST MARY'S ACCOUNTS - 2023/24 BALANCE SHEET - 30 Sept 2024** |**BALANCE SHEET- 30 Sept 2024**|||| |---|---|---|---| |Unit Trust at 1/10/23|£149,647.35||| |Vestry savings 1/10/23|£5,174.38||| |Restoration savings 1/10/23|£23,739.80||| |Tolbooth Savings 1/10/23|£8,563.14||| |Rectory savings 1/10/23|£1,130.99||| |General day to day account 1/10/23|£6,198.04||| |Total|**£194,453.70**||| |Receipts||Payments|| |Quota receipts|£58,684.03|Quota payments|£67,389.80| |Restricted receipts|£5,619.35|Restricted payments|£5,298.24| |Total receipts|**£64,303.38**|Total payments|**£72,688.04**| |||UT and bank accounts at 30 Sep 2024|| |Unit Trust increase in value|£22,801.37|Unit Trust|£172,448.72| |||Vestry savings|£4,269.96| |||Restoration savings|£21,300.66| |||Tolbooth Savings|£1,919.58| |||Rectory savings|£1,682.50| |||General day to day account|£9,588.45| |||Total|**£211,209.87**| |Joint expenditure adjustment for 2023/24|£2,339.46||| £283,897.91 £283,897.91 Difference £0.00 |**STATEMENT OF BALANCES**
**Notes**
**PROPERTY - BUILDINGS**
Rectory (15% owned by St Mary's)
Note 20
Tolbooth Hall (100% St Mary's)
- " -
**Total**
**FINANCIAL INVESTMENTS**
SEC Unit Trust Fund Investment
Note 21
**Total**
**CASH AT BANK**
Reliance Bank Account
Note 22
Reliance Savings Account
Note 21
**TOTAL VALUE OF ASSETS**|**Vestry Account**
**Rectory Account**
**Restoration**
**Account**
**Tolbooth**
**Account**
0.00
76,350.00
0.00
0.00
0.00
0.00
0.00
135,000.00
0.00
76,350.00
0.00
135,000.00
38,193.14
0.00
80,718.08
53,537.50
38,193.14
0.00
80,718.08
53,537.50
7,248.99
0.00
0.00
0.00
4,269.96
1,682.50
21,300.66
1,919.58
11,518.95
1,682.50
21,300.66
1,919.58
49,712.09
78,032.50
102,018.74
190,457.08||**Total**
**Sept 2024**
76,350.00
135,000.00||**Total Variance**
**Yr-on-Yr**
1,350.00
0.00
1,350.00
22,801.37
22,801.37
1,050.95
(9,435.61)
(8,384.66)
15,766.71||**Total**
**Sept 2023**
75,000.00
135,000.00| |---|---|---|---|---|---|---|---| ||||**211,350.00**||||**210,000.00**| ||||172,448.72||||149,647.35| ||||**172,448.72**||||**149,647.35**| ||||7,248.99
29,172.70||||6,198.04
38,608.31| ||||**36,421.69**||||**44,806.35**| ||||||||| ||||**420,220.41**||||**404,453.70**| ||||||||| ## **FINANCED BY RESERVES :** ## **PROPERTY RESERVES** Property Reserves - b/f Value of Property - Movement ## **Total** ## **FINANCIAL RESERVES** Financial Reserves - b/f SEC Investment Market Value Movement Surplus / ( Deficit ) from Annual Accounts **Total** ## **TOTAL VALUE OF RESERVES** ||**Total**
**Sept 2024**
198,450.00
1,350.00||0.00
1,350.00
1,350.00
(27,739.91)
15,073.15
27,083.47
14,416.71
15,766.71||**Total**
**Sept 2023**
198,450.00
0.00| |---|---|---|---|---|---| ||**199,800.00**||||**198,450.00**| ||202,314.92
22,801.37
-8,384.66||||230,054.83
7,728.22
-35,468.13| ||**216,731.63**||||**202,314.92**| ||||||| ||**416,531.63**||||**400,764.92**| ||||||| _Approved by the Vestry and signed on their behalf._ **ST MARY'S SCOTTISH EPISCOPAL CHURCH Notes to the Accounts :- 2023-24** ## **Note 1. ACCOUNTING POLICIES** ## **1.1 Basis of Preparation** The accounts have been prepared on a receipts and payments basis. They consist of a summary of all monies received and paid by the church during the financial year, along with a statement of reconciled balances. No Adjustments have been made for any income due but not received, nor any expenses incurred but not yet paid, at the year end. Except for financial investments and the property investments of the rectory and the Tolbooth Hall, fixed assets are not capitalised. Following the OSCR convention separate accounts are kept for "Restricted" and "Unrestricted" items of both income and expenditure. Restricted Income is determined by the "Giver" of that income. For example Individuals or Trustees giving "conditionally" to St Mary's, stating their gift can only to be used for specific projects. Common examples are conditional giving towards "Church Building Restoration", "Tolbooth Hall Preservation" and the "Rectory Maintenance Fund". ## **1.2 Restricted Church Restoration Fund** The church restoration fund is a restricted fund. This fund is mainly used to renovate and improve the church building, along with improving its physical security. St Mary's is a Grade A listed building. In the past over £450,000 has been spent on the church, in different phases, restoring and replacing the exterior stonework along with restoring the roof . Funded by grants/donations from large organisations like Historic Scotland and Duke of Buccleuch Estates, along with many individual donations. This work is determined as part of St Mary's compulsory 5 year report on the structure of the building. The next phase of required work is restoring the South side stonework. However this will need to be defered for a few years until further funds can be accumulated. ## **1.3 The Tolbooth Hall** The church was gifted the property "Tolbooth Hall", Main Street, Dalkeith in 1965. In 2012 it was valued as business premises at £130k. Its insurance valuation is £1,005,225. It’s a Grade "A" listed building. Today, St Mary's, rents out the Tolbooth as a business property. Annual rental income of £10,500 is received, along with Trust Dividend Income of approximately a further £2,000. Separate "Tolbooth Accounts" are kept and in recent years the Tolbooth surpluses have been needed to offset the Church losses. A commercial assessment and rent review in 2023-24 was carried out - the outcome of this was a modest rent increase to £10,875 and the agreement that the renter would pay 75% of the buildings insurance cost. In 2012-13 the exterior of the Tolbooth was restored to its original condition (costing some £195k, of which £190k was grant aided.) enabling many more years of secure external building fabric. In 2018-19 the Tolbooth Quinquennial Report was completed by Architects Gray Macpherson. Some work was required on the Roof and Guttering, but no major work was required. ## **1.4 Joint Costs - Rector and Rectory** St Mary's Church Dalkeith shares a rector with St Leonard's Church Lasswade. By agreement each charge is responsible for meeting 50% of the costs of clergy, including associated expenses such as travel and accommodation. For administration reasons St Leonard's pays all the shared "clergy costs" each month, and recovers from St Mary's 50% of these monthly costs on a monthly basis. Each Church also donates £70 each month into the "Restricted" Rectory "Repair/Restoration Fund." (Which over the year adds £1680 to the Rectory Repair Fund, administered by St Mary's.) St Mary's then uses this fund for Rectory repairs and maintenance. Page 4 In September 2016 the "Old Recory at Ancrum Bank" was sold for £400,000 and a "New Rectory at Peacock Parkway" purchased for £395,000. The £5,000 surplus was divided 1/13 for St Mary's and 12/13 St Leonards as per the original ownership agreement of the "Old Rectory". In October 2016 - St Mary's "Gifted £13,065" to St Leonard's to increase its stake in the new Rectory to 11% (compared to previous stake of 7.69%, ie, 1/13, in the old Rectory). In April 2022 - St Mary's Gifted £20,000 to St Leonard's to increase its stake in the new Rectory to 15% . ## **1.5 St Mary's Church Building** St Mary's Church building was gifted to St Mary's Congregation in 1958 by the Duke of Buccleuch. It can only be used as an ongoing church and would need to be given back to the Duke of Buccleuch if its status was to ever change. The building has no asset value to St Mary's, and is therefore not shown in the accounts, but for insurance purposes it is valued at £12.9m. It’s a Grade "A" listed building. ## **1.6 St Mary's Church and Community Hall** At St Mary's AGM in October 2017 it was agreed to research the possibility of building a CHURCH HALL adjacent to the main church building. This would be for both practical and ecumenical purposes. The current congregation of St Mary's is aging and we need to consider new ways of engaging with our local and district community. In 2017/18 a task group was set up to produce a feasibily study and report. During 2018/19 we have employed an Architect to produce Outline Plans and Drawings and are now at the stage of employing a Quantity Surveyor to produce outline costings for the project. This project is currently on hold. ## **1.7 Special Charity Collections** During the year, the church made several special collections for different charities. These are shown in our accounts, as the amounts collected are reviewed in line with the annual charity giving programme, and "top ups" may be added before payment is made. ## **Note 2. CHURCH GIVING** |Congregational Giving (Gift Aid) St' Order
Congregational Giving (Gift Aid) Envelope
Open Plate Giving
Gift Aid Reclaimed|**2023-24**
15,437.08
1,010.00
1,892.00
11,143.14
**29,482.22**|**2022-23**
13,369.08
820.00
1,779.65
0.00|**2022-23**| |---|---|---|---| |||**15,968.73**|| Congregational Giving includes collections from both the Standing Order and Envelope Schemes. Where a member of the congregation has completed a gift aid form, the taxable allowance on their gift can be reclaimed by the church, " in arrears " ( which means years may not match). ## **Note 3. WEDDINGS & FUNERALS** |Weddings & Funerals
**Note 4. OTHER FUND RAISING AND DONATIONS**
Sunday Coffee
Church Coffee Mornings
Donation Box, including Messy Church
Special Donations||**2023-24**
**770.00**
**2022-23**
689.65
318.70
1,120.95
2,605.08
**4,734.38**||**2022-23**| |---|---|---|---|---| |||||**1,200.00**
**2022-23**| |||||602.28
268.78
471.75
4,372.57| |||||**5,715.38**| Page 5 |**Note 5. FUNDING FROM TOLBOOTH ACCOUNT**
Tolbooth Rental Income
Tolbooth Trust - Donation to Stipend (33%)
Tolbooth Trust - Donation to Maintenance (67%)
**Note 6. RECEIPTS FROM INVESTMENTS**
SEC Unit Trust Fund Dividends (5653 Units)
Vestry Account (1252 Units)
Tolbooth Account (1755 Units)
Restoration Account (2646 Units)
Reliance Savings Account Interest
Vestry Account
Tolbooth Account
Restoration Account
Rectory Account
**TOTAL RECEIPTS FROM INVESTMENTS**|Tolbooth Trust
6,502.31
**2023-24**
10,875.00
2,145.76
4,356.55
**17,377.31**
2 half Yr Receipts
4,918.11
**2023-24**
1,089.24
1,526.85
2,302.02
4,918.11
**2023-24**
95.58
122.44
476.96
11.51
706.49
**5,624.60**|**2022-23**
10,500.00
0.00
0.00|**2022-23**|**2022-23**| |---|---|---|---|---| |||**10,500.00**||| ||2 half|2 half|Yr Receipts
4,550.67
**2022-23**|| ||||1,007.86
1,412.78
2,130.03|| ||||4,550.67
**2022-23**|| |||||47.38
132.11
300.07
109.21| |||||588.77| ||||**5,139.44**|| St Mary's currently holds 5653 Unit Trust Investments. Vestry a/c = 1252 units, Tolbooth a/c = 1755 units, Restoration a/c = 2646 units. (The Restoration Account includes 2089 units from the original Capital Fund, along with 557 additional Reserve Units purchased in 2005-06.) SEC Unit Trust Dividends paid direct into Reliance Bank day to day Account at £4918.11 are a slight increase on last year. |**Note 7. REFUNDS & INSURANCE RECEIPTS**
Tolbooth Insurance Payment Received (MYPAS)
Diocese Travel Grant||**2023-24**
695.52
0.00
695.52||**2022-23**| |---|---|---|---|---| |||||0.00
0.00| |||||0.00| For 2018-19, 2019-20, 2020-21, 2021-22 and 2022-23 MYPAS were given a Gap Year on the Buildings Insurance Payment. Agreed by Vestry in March 2019. (MYPAS grants were reduced by Midlothian Council.) In 2023-24 MYPAS rent reviewed and increased and they agreed as part of new rental agreement to pay 75% of total insurance cost of Tolbooth ## **DONATIONS TO RESTRICTED RESERVES** **These are Specicific Fund Raising Events; Special Gifts and Donations that are specifically designated for Restricted Projects and thus NOT available for any other project or for general (unrestricted) use. They are also excluded from "unrestricted" Quota calculations.** ## **Note 8. RESTORATION EVENTS - FOR CHURCH RESTORATION FUND** |Church Fairs and Quiz night||**2023-24**
2,278.17
**2,278.17**||**2022-23**| |---|---|---|---|---| |||||1,914.59| |||||**1,914.59**| Page 6 ## **Note 9. DONATIONS AND GRANTS TO RESTRICTED RESERVES AND SPECIAL PROJECTS** |9.1**Shared Rectory**- Account funded 50% by St Mary's and 50% by
St Leonards Fundingof RectoryAccount
9.1
**Total to Accounts for St Len'plus St Mary**
9.1
**Note 10. SPECIAL COLLECTIONS - RECEIPTS**
Bishops Lent Appeal
Ukrainian Refugee Family
Church Christmas Meal
Refund from St L of overpaid share of Fair proceeds
Diocesan Stipend support
R Donald funeral collection|9.1**Shared Rectory**- Account funded 50% by St Mary's and 50% by
St Leonards Fundingof RectoryAccount
9.1
**Total to Accounts for St Len'plus St Mary**
9.1
**Note 10. SPECIAL COLLECTIONS - RECEIPTS**
Bishops Lent Appeal
Ukrainian Refugee Family
Church Christmas Meal
Refund from St L of overpaid share of Fair proceeds
Diocesan Stipend support
R Donald funeral collection|**2023-24**
St Leonard's
840.00
840.00
**2023-24**
371.18
0.00
0.00
0.00
0.00
2,130.00
**2,501.18**||**2022-23**| |---|---|---|---|---| |||||840.00| |||||840.00| |||||**2022-23**| |||||381.36
340.00
30.00
964.07
320.00
0.00| |||||**2,035.43**| ## **Note 11. COSTS ASSOCIATED WITH RECTOR and RECTORY ( * 50% St Mary's)** ||**2023-24**|**2022-23**| |---|---|---| |Stipend & NIC *|16,195.50|13,820.00| |Pension Fund *|5,214.96|4,260.00| |Rectory (Daily Running Costs)*|3,123.60|4,560.00| |Car & Other Shared Expenses *|4,205.40|4,080.00| ||**28,739.46**|**26,720.00**| |**Note 12. INSURANCE PREMIUM (Property & Liability - Ecclesiastical)**||| ||**2023-24**|**2022-23**| |"Church Property & Liability|3,984.24|3,595.50| |Changed Policy Holder from Congregational to Ecclesiastical|to reduce Premiums from November 2017.|| |Agreed 5 Year deal to October 2022.||| |Tolbooth Insurance now separated - see note 16b below|923.63|882.24| ||**4,907.87**|**4,477.74**| |**Note 13. CHURCH HEAT & LIGHT**||| ||**2023-24**|**2022-23**| |Gas ( mainly church heating )|9,408.94|7,195.46| |Electricity ( mainly church lighting )|3,293.98|3,184.39| ||**12,702.92**|**10,379.85**| Changed supplier from British Gas to Opus Energy in January 2016 to obtain better deal. ( Rates increased on renewal with 4 year deal in January 2019 ) Due to lockdown church services and in church activities suspended 2020-21 so usage is down on previous years Changed supplier for Gas from Opus to EDF and for Electricity from to EON Next. Spring 2023 ## **Note 14. QUOTA to DIOCESE** |**2023-24**
**3,954.76**|**2022-23**| |---|---| ||**3,795.75**| Quota based on a "diocese formula" related to previous 3 years income levels. Page 7 ## **Note 15. ALTAR COSTS** |Messy Church Supplies
Linen for Altar
Altar Wafers
Pastoral Group funding
Worship costs Includes Messy Church and Pastoral Group funding
**Note 16. ANNUAL REPAIRS & MAINTENANCE**
**16a VESTRY ACCOUNT**
Church Organ Tuning/Repair
Electrical Work to church
Worktop maintainance - church
Keysafe
Window cleaning of church
Smartwater - purchase and application
Boiler Service and Gas Check
Church Roof Maintenance/gutters
Misc items for church
Rodent treatment/solutions
**16b TOLBOOTH ACCOUNT**
Boiler Service and Gas Check
Boiler repair
Tolbooth Hall redecoration/maintanance of outside building
Tolbooth roof/gutter repairs
Tolbooth Hall revaluation/rent review legal costs|Messy Church Supplies
Linen for Altar
Altar Wafers
Pastoral Group funding
Worship costs Includes Messy Church and Pastoral Group funding
**Note 16. ANNUAL REPAIRS & MAINTENANCE**
**16a VESTRY ACCOUNT**
Church Organ Tuning/Repair
Electrical Work to church
Worktop maintainance - church
Keysafe
Window cleaning of church
Smartwater - purchase and application
Boiler Service and Gas Check
Church Roof Maintenance/gutters
Misc items for church
Rodent treatment/solutions
**16b TOLBOOTH ACCOUNT**
Boiler Service and Gas Check
Boiler repair
Tolbooth Hall redecoration/maintanance of outside building
Tolbooth roof/gutter repairs
Tolbooth Hall revaluation/rent review legal costs|**2023-24**
130.00
0.00
0.00
21.00
**151.00**
**2023-24**
360.00
1,964.36
437.50
61.20
400.00
801.00
200.00
600.00
43.40
144.00
5,011.46
70.00
0.00
0.00
300.00
2,696.00
3,066.00||**2022-23**| |---|---|---|---|---| |||||345.00
241.17
21.09
50.00
**657.26**
**2022-23**| |||||720.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00| |||||720.00| |||||130.00
180.00
2,409.62
200.00
0.00| |||||2,919.62| ## **Note 17. MISCELLANEOUS EXPENSES** |Postage and Stationery
Subscriptions & Permits (eg CCLI)
Internet Site Fees including WiFi fees
Gifts and Flowers
Bank & Examiner/Audit Fees
Baptism cake/candles
Banners for Events, Batteries for AV equipment
Fellowship lunch
Supplies for church - paper towels, cups, plates tea etc
Administrative support honorarium
Dalkeith Churches barbeque
Synod website fee
Clergy conference||**2023-24**
2.50
1,052.86
498.62
420.00
382.80
30.00
233.65
270.00
507.38
1,400.00
220.60
141.72
310.00
**5,470.13**||**2022-23**| |---|---|---|---|---| |||||49.94
242.00
528.33
900.00
319.40
0.00
82.02
0.00
233.18
0.00
0.00
0.00
0.00| |||||**2,354.87**| WIFI was installed in the church to allow internet accessability - Feb 2023. Administrative support provided to Vestry Secretary, Treasurer and Property covenor Page 8 ## **Note 18. RESTORATION, RENEWALS & MAJOR PROJECTS** |**18.1 NEW RECTORY RENEWALS & REFUBISHMENT**
Boiler Service and Gas Check
Rectory Factor Costs (Landscape, Maintenance,Fees)
Plumbing Work at Rectory
Rectory Maintenance - General and Roof
Redecoration costs - inc carpet, paint, labour
EV charger installation
Rectory Quinquennial Report
Misc items for rectory||**2023-24**
0.00
315.09
0.00
470.00
0.00
1,100.00
300.00
40.00
**2,225.09**||**2022-23**| |---|---|---|---|---| |||||130.00
272.63
56.50
135.00
3,245.68
0.00
0.00
0.00| |||||**3,839.81**| |**18.2 Church**
Tables/chairs
Dukes Entrance storage conversion
Church safe repair
Vestibule doors
SWARCO electric charger maintainance fee
Fire extinguishers
Altar rail kneelers
Heating review report
Church Roof Maintenance/gutters
Misc items for church
Repair to Vestry door
Hive system inc thermostat
**18.3 Tolbooth**||**2023-24**
**2022-23**
0.00
5,939.17
0.00
960.00
0.00
80.00
0.00
10,272.14
470.20
410.40
0.00
182.09
0.00
655.20
2,916.00
0.00
0.00
400.00
0.00
180.51
0.00
124.68
0.00
360.00|**2022-23**| |---|---|---|---| |||**3,386.20**
**19,564.19**|| |||**0.00**
**0.00**|| Page 9 ## **Note 19. SPECIAL COLLECTIONS - PAYMENTS** |**Note 19. SPECIAL COLLECTIONS - PAYMENTS**||||| |---|---|---|---|---| |Bishops Lent Appeal
SECMA Charity
Scripture Union - Scotland
Mercy Ships
Mission to Seafarers
Ukrainian Refugee Family
Half fair proceeds to St Leonard's Church
Church Christmas Meal
Charitable payment due to theft
R Donald funeral - MYPAS donation
R Donald funeral - Cousland Association||**2023-24**
371.18
0.00
0.00
0.00
0.00
0.00
1,021.97
0.00
0.00
840.00
840.00
**3,073.15**||**2022-23**| |||||381.36
63.50
500.00
500.00
53.00
558.25
846.50
200.00
250.00
0.00
0.00| |||||**3,352.61**| ## **Note 20. PROPERTY - BUILDINGS** |**PROPERTY - BUILDINGS**|||| |---|---|---|---| |**Rectory (St Mary's 15% Portion)**
**Tolbooth Hall (100% St Mary's)**|**2023-24**
76,350.00
135,000.00
**211,350.00**|**2022-23**
75,000.00
135,000.00|**2022-23**| |||**210,000.00**|| ## **Rectory position :-** Rectory at Ancrum Bank, Eskbank, Dalkeith was purchased in 1988. Original Funding provided by St Mary's = £5k (1/13), Funding provided by St Leonard's = £60k (12/13). **New Rectory purchased at Peacock Parkway in September 2016 for £395,000, sale Ancrum Bank was £400,000 St Mary's increased "financial share to 11%" (previous was 1/13 = 7.69%), ie , to £43,450. Rectory value Sept 2021 increased to £500,000. so St Marys share (11%) now £55,000 April 2022 St Mary's increased financial share to 15% so now £75,000** September 2025 value of property increased to £509,000 so St Mary's 15% now £76,350 ## **Tolbooth Hall - Valuation as Commercial Property ( 100% = St Mary's)** Professional, Independent Valuation confirmed Tolbooth business valuation at £130k in March 2006. Market conditions in 2011, like Zoopla, (post 2008 crash) show this fell back to £120,000 However improving position in 2016 (again Zoopla) show improvement to £135,000 Tolbooth Hall revaluation and commercial rent evaluation delayed due to Covid. This was completed and the revised documents were drawn up. Page 10 ## **Note 21. INVESTMENTS** |**2023-24**
**2022-23**
**SEC Unit Trust Market Value per Unit**
£30.5057
£26.4722
( increase of 15.2% from Sept 23 to Sept 24 )
**2023-24**
**2022-23**
**VESTRY FUND (at SEC Unit Trust Market Value)**
SEC Unit Trust Investment(1252 SEC Units)
38,193.14
33,143.19
Reliance Savings Account
4,269.96
5,174.38
**42,463.10**
**38,317.57**
(v) Additional 1822 SEC units purchased in May 2006 to increase holding to 2976 units.
( Additional Units purchased using funds from Barclays Savings Account.)
April 2022 1724 units sold = £50000 for improvements to church and equipment
so units reduce from 2976 units to 1252 units
**2023-24**
**2022-23**
**RECTORY FUND**
Reliance Savings Account(at Sep24)**
**1,682.50**
**1,130.99**
Fund Managed by St Mary's, although monthly replenishment
funding shared 50% with St Leonard's.
**RESTORATION FUND (at SEC Unit Trust Market Value)**
**2023-24**
**2022-23**
Buccleuch Fabric Fund(2089 SEC Units)
63,726.41
55,300.43
Additional 2006 Purchase(557 SEC Units)
16,991.67
14,745.02
Reliance Savings Account(at Sep24)**
21,300.66
23,739.80
**102,018.74**
**93,785.24**|**2022-23**
£26.4722
**2022-23**
33,143.19
5,174.38|**2022-23**| |---|---|---| ||**38,317.57**|| |||**2022-23**| |||| |||**1,130.99**| ||**2022-23**
55,300.43
14,745.02
23,739.80|**2022-23**| ||**93,785.24**|| (r) Additional 557 SEC units purchased in May 2006 to increase holding to 2646 units. |**TOLBOOTH HALL FUND (at SEC Unit Trust Market Value)**
SEC Unit Trust Investment(1755 SEC Units)
Reliance Savings Account(at Sep24)**
(t) New - 1755 SEC units purchased in May 2006.
(a) Total SEC Unit Trust(5653 units)
(b) Total Reliance Savings(at Sep24)
**TOTAL INVESTMENTS**|**2023-24**
53,537.50
1,919.58
**55,457.08**
**2023-24**
172,448.72
29,172.70
**201,621.42**|**2022-23**
46,458.71
8,563.14|**2022-23**| |---|---|---|---| |||**55,021.85**|| |||**2022--23**
149,647.35
38,608.31
**188,255.66**|**2022--23**| Page 11 ## **Note 22. CASH AT BANK after allocated payments** |**Note 22. CASH AT BANK after allocated payments**|||| |---|---|---|---| |Reliance Bank Account
Cash From Bank Statement
Cheque Payments yet to be processed
Deposits to Bank yet to be processed
Rectory Receipts yet to be processed
Total "Cash Book Value" Reliance
**BANK GRAND TOTAL**|**2023-24**
9,588.45
-2,339.46
0.00
0.00
7,248.99
**7,248.99**|6,|**2022-23**| ||||6,198.04
0.00
0.00
0.00
198.04| ||||**6,198.04**| ## **Note 23 SIGNIFICANT LIABILITIES at END of CURRENT YEAR** |(a) Church Roof Maintenance
(b) Audit Fees & Other
(c) Expected increase in fuel costs
(d) Reviewing/action on heating for church
(a) Church Roof Maintenance
(b) Audit Fees & Other
(c) Expected increase in fuel costs
(d) Reviewing/action on heating for church
(e) Repairs to flooring tiles|**Next Year**
**2024-25**
£5,000.00
£350.00
£5,000.00
£12,000.00
£60,000.00
**£82,350.00**|**This Year**
**2023-24**
£5,000.00
£150.00
£5,000.00
£12,000.00|**This Year**|**This Year**| |---|---|---|---|---| |||||**2023-24**| |||**£22,150.00**||| |||||| **31-Dec-2024** Page 12