Scottish Charlty No. S¢001750 SCOTllsH EPISCOPAL CHURCH DIOCESE OF BRECHIN ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY REPORT OF THE VESTRY & FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2024
ST MARY'S EPISCOPAL CHURCH, BROUGHfY FERRY Index to the Financial Statements Page Legal and Administrative Infofmation Vestry Report 2-5 Independent Examiners ReF#Nt ststement of Finanoal ktNitses 2024 SLitement of Financkal Activrties 2023 Balance Shoot Notes to the accounts 117
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY LEGAL AND ADMINISTRATIVE INFORMATION Charity Addr•$s 164 Queen Stre81 Broughty Fe Dundee D051 Scottlsh ¢harlty number SC001750 Charlty trustees Members of the Vestry.. Indopendent Examlnor Bird Simpson & Co 144 Nethergate Dundee DD14E8 Bankers Bank of Scotland 327 Brook Street Broughty Ferry Dundee DD5 2DS Sollcltors Llndsays Seabraes House 18 Greenmarkel Dundee DD14QB
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY REPORT OF THE VESTRY ITRUSTEES. REPORT) For the year ended 31st August 2024 The Fellowship rs known as the Church of St Mary's. Broughty Ferry arKI it is affiliated lo the Scnttish Episcopal Church. The accounts have t1 prepar&J in aCcCre WTlh the acc(nng Fdicaes set oul in note 1 to the accounts aThJ compty with the Felbjwship's c4)nstitution. the Charitss and Truslee Investrnent Iscotland) Act 21x15. the Chanties AcoJJnts (S(fjdand) Regutabons 2IX)6 las amended) and "Accounting and ReFIng by Charities: Statement of Recommended Practice applicable to d)arities preparing their accounts in accordance with the Financial Reporttng Standard appllcable in the UK and Republic of Ireland IFRS 102) (effeclive 1 January 20191". Objectives and Actlvlt The objecaives of the Vesty are to advan the mission of the Christian Churth. through wc15hip. service and fellowship. These ot¥ectives are carrEd out throu9h mission and pastoral activities. The principal aclivibes of the Church are public worship and the spiritual development of its rnembets. Achlovoments and perfomwn St Mary's is an active Thember of the Broughty Fery Churc, Group. an ecumenical grwp of all the churches in the area. induding Church of Scotland. Roman Catholics. Baptisls, Meth¢dists and ourseTrrfes, who are prepared to th togelher. Our halls are used daity. Mof¥Jay to Friday. ty Bakjillo Nurs6ry too. This is a lOnen commercial and provides vital funds the thurch. Nomially the Motherfs Union hold their meetings the se(x)nd and fourth Tuesdays. but to the dwindling membership and the health restricn$ caused by COVID 19, their meetings have been restricted to telephone calls and rxcasional socaal galherings when pennltted. We use tjoth the Prayer Book and the ScJ)ttish Liturgy 1982 revised (2022) at ditferent seTrices lo accommodate drfferent tastes in rshIp. We also celebrate Evensong on the first Sunitsy of the month. Flnanclal Rovlew Financial Report Qur income amounted to £93.636 indudmg Iyies of £5,1Krf). This much appreciated. but I am afraid that the Treasurer wtll need lo ask all members to review their level of giving. Currentty, l am predicting a shortfall ofjusi over £100 per month. There are a few members who have already rewewed their level of gNinthanks to them for their generosty and foresight. Our expendFture is subject to the pre&sures we feel at horne. We have been fortunale to have secured some g¢xMJ rates for heating and lightiTrJ. Iw may the rates (x)ntinuo. We will so( be reviewitvJ our insurance next year as ow &year Fthage mrs to an SCM. Our investrnertts have Shr a very healthy incxease in values at the erKI of August. How•ver, we cannol rely on Ihe values continuir¥J to rise. especi811y with Wofld economics the way they are. The income pY has twi improved and gives our bank balance a heatthy boost lce a year.
ST MARY'S EPISCOPAL CHURCH. BROUGHTY FERRY REPORT OF THE VESTRY (TRUSTEES. REPORT) (continued) For the year ended 31*1 August 2024 Inveslment Policy Investments are held in the Scottish Episcopal Church Unit Trust Pool {UTPI. The inveltrnent obieth.ve of the UTP. which accords thal of ts Vestry. is to eam a retum on the assets. over the long temi. gJffi¢ient at least to maintain the real value of the distributK)n to unrt holderts. The objective was achieved in the year under rev. structure, governance and managoment The Bishop of Brechin has pastoral oversight of all congregkn.ons wrthin the dK)cese. and all congregations are subj.ect to Canon Law of the Scottish Episcopal Church. The members of the Vestry nomalty hold Off for four years and are elected at the Annual General Meetin9. The Vestry secretary and the Treasurer are appointed by the Vestry. The Recior is appoinled by the Vestry and the Bishop of the diocese. Day to day managemerrt is defegated to the Rector th the Vesty authorising policy relating to tempctsl affairs and apinting staff. The Rector is resFSib1e for the spiritual affair5 of the Church. I new vesty members are rKovided wth a copy of "GuM88nce for Charity Trustees" isSd by the Office of the Scottish Charity Regulator vthen apwnted. Risk Management The Vestry reviews on a regular basis the rnapr risks to whith th8 Churth is exposed, and systems or procedures have been establrJhed to manage those risks. R•fèrenc• and Admlnlstratlv• Detslls Thts infomiation is shtr4m on Page 1 of the F1Th3fKaal.Statements.
Greetings & salut8tionsto the brothers and sisters ofst. Mary's Scottish Episcopal Church! Turning towards a new year together. we will see: 1) an increase in our Worship Provision. both in terms oftempo 8ndv8riety. 21 a continued transparencyfrorn your Vestry: 31 new Vestry Officers: 41 hope in a growing number of Communicant Members: & 5) an up tempo in our Mission. Pastoral & Outreach oumiorkings. Regardlng our Wor8hlp Provi8ion, l am looking to introduce a form of Messy Church in 2025¢e; moreover, we will welcome more volunteers in varying capactlies acros8 our differeni seNices. Our musical tradftion is deepening and though we say goodbye to our p18cement student, we arl de8p8ningallaspects of our worship, for which l am prayingand arn grateful. Regarding your Vegtry. we will see 8 change in Vestry Secretary and Vestry Treasurer. this year: what YOU 8hould note. however. is ourcommitment to transpafency and clear lines of comrnunication between ourvestryand the greater Membership. We expect th81 you'll lel us knowwhen we don't provide this. We shalltake this brief opportunity. and a fullerone in time. to thank with grateful hearts. the many years of service both outgoing officers have given to the life of your Vestry; thank apd bless you both. Graeme and Fional Reg8rdlng our Memljershlp. Canon 41 forms were requested ofthose attending our 2024cewoTship services. and to date 52 have been recorded. plus or minus 2-3 due to attrition. Blank forms will now be kept in the blue leverarch binder bythe North Door tor any potential new members tofill kn. We hope and prayih8t St. Mary'8 contlnuesto be a beacon ot P8ac8. joy. fellowship & welcome tor all who walkwith us on this journey of Faith. Finally, regerding Mlsslon. Pastoral Affalr$ 8nd Outr•ach.18St year. while on her placement with us as an Ordinand, launched 2 n8w initiatives th8t we rlrp. kE5?.n lo sust8in an# 8row'. our Player CiicLes 8nd the PAStoraLVisitots. Each church member is assigned to a PeLCCLe, and is prayed for by the Prayer Lead of said circle; we meet every 6 months. or sooner a8 require(I tor prayer, fellowship and system checks. The PastoGqLYisitors are currentlya small. discreet group of those who feel called to visit. listen and pray with the lonely. the ill, the recovering etc... We will continue to join together for social activities. such as lestrval meals and seasonal gatherings; wewill also have anotherTeddy Bear Parachute Drop, on 14June @ 88lmossie Fire & R8scue Station- 811 proceeds will be split between the Fire & Rescue Service Trust and Aberlour. again. l envisage that our homegrown knrtters will continue to support our Mission work wtth various projects. as in previous years. and we thank them for their continued service. Finally, l am hopetul that in addilion to Baptisms. Funer8ls and perhaps a wedding ortwo, wewill have candidates for 8 Confirmation Service this comin8 yeaf. There will be much morto experience. and far more you and God will bring to our corporate Church life. thi8 comingyear, and l aTn so gratelul to beyour Rectoron thls comlng journey! God bles$ you!
ST MAR Y'S EPISCOPAL CHURCH, BROUGHTY FERRY REPORT OF THE VESTRY ITRUSTEES. REPORT) (contlnued) For the year ended 31•t August 2024 Statement of Responslblllll•s of IAombors of the Vestry The Trustees are resW)nSite for preparing the Trustees, Re[ and the accounts in 8cconYanc8 with appluble law army Unrted Kiwd(Kn AcAxJntsng StaThJards (Uniled lQngdom General Accepted Accwnting Prdctice). The law applicable to cherities in Scolland requires Trustées to Ppare acnts foi each finanual year whK gwe a true and lair view of Ihe slate of affairs of the Fello%hip and of Ihe inclxning fes(xJrc8s and applicalim of res(re4$ of the Fdbwship for that year. In preparing th&8e a(Unts. Ihe Truslees are required to.. Select surtable accountir#J Fx)li(aes and then apply them corlstenty. Observe the rnethts aThJ prln(?ples in the Charities SORP. Mako judgements arKJ estimates that are reason8ble arNJ pmdenl. State whether appluble accountin9 slarKlard5 have been followed. 3ubJeGI any material departur8s disclosed and explain&J in t accounts.. arKI Prepare the a(J)unls on the 90iThJ conc8m basis unless it Is inapprowiate lo wuMe that the tharity wll continu8 in operdtK)n. The Trustees are reswnslbFe for keeFrfng sufficient accounting rec(*ds that disclose wilh rèasonable accuracy al any time the financial Krtn ol the Fellowship and enable th•m to ensure that tho 8c¢ounts the charl arKI Tryle8 Inv8strnenl (Scouand) Act 2005, the Chanties Acc(yJnts (Scouand) R8gulab'ons 2ixKS las am8nded) and the prowsions of the trust deed. They are also respon&ble for safeguarding the assels of the Fellowship and hen¢e for taking reasonable steps the prevention and detecti of fra and other irregulants'es. Concluslon In concltssion. the Vestry wishes lo thank all member5 of the C¢)ngregation who help in so many different way3 in carying on Ihe Work of thè Church. without whom nothing would be possible. BY ORDER OF THE VESTRY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. EPISCOPAL CHURCH BROUGHTY FERRY I report on the financial statements of the Charity for the year 31¥1 Auglt 2024. ibilities of trustees arKI examiner The Charitys truslees a respN)nstble for the preparation of the finandal ststemerts in accordance vAth the temis of the Charrties and Trustee Investrnent (ScL)tlaTrJ} Act 2)5 the Charities Ac(xwrrts (Six)darKI) Regulatsons 2(. The Chanty trustees oJnsKler that the requirement of Regulalion 10<1)(a) lo {c) ol the Accwnts Regulations does not apply. 11 E my responsitylty to examine the financial statements as required under sectM)n 44{8)Ic) of th¢ Act and to stste wfther partIlar matteT5 have come to my attention. Basis of ind ent examinerfs ststement My examination is c*ried out in acccxdartt tmth Regulaticn 11 of the Charltles AccoJnts {ScoUand) Regulations 2006. An eXaMinan irK4udes a review of the a(tt)untsng records kept by the Chanty and a cx)mparison of the fina101 statements psented wtlh those recorth. 11 also Includes consideration of any unusual item5 of di5d05ures in the financral 5talemenls and seeks explanab.ons from the Trustoos c(xKeming any SLKh matters. The procedures undert•ken do not provide all the evK1ence that woubd b8 required in an audrt and (xmwuently we do not express an audrt cpini(m on the given by the finCial statements. Inde rKlent xaminef5 Statement In the course of my examinalion, no matter has come to my attents"on. ich gives me rea)na uSe to b81ieve that in any matwial rwe(a the requ1ments.. to keep accounting reC[S in accordance with Section 44111 of the 2LYi5 Acl and RegUtion 4 of the 21)6 A(ounts Regulati(s. and to prepare faJaI ststements whith &cJ)rd wrth th8 acc(nts.ng records aThJ comply with Regulation 8 of the 20 AtS Regulations have not been mel, to which, in my opinK)n, attention should be drawn in LYd8r to enable a proper underslandirMJ of the financial ststements to be reached. 11 Dated Bird Simpson & Co. Chartered Acrx)untants 144 Nathere Dundee DD14EB
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY STATEMENT OF FINANCIAL AcnvrriES (INCLUDING INCOME AND EXPENDwfuRE ACCOUNT) For the year ended 31¥t August 2024 UnMtrlct Funds Fabn"c Reclory Fund FuTrJ R•strlcted Funds Totsl Funds Total Funds Ordv)ary Fund 2024 2024 2024 2024 2024 2023 Donations and L8g8CIèS Charitable activit Investments 28,936 36,936 41.601 76,768 35,115 41,601 T1 Income 125,854 Exp•ndltur• on.. charrtab 8CtNites 88.878 8.069 455 97.402 121,991 TO1 Exp6nditurn 455 121 991 Nel Inwmgllexpgndtture) (5.2951 (69) 1.598 13.7661 3.863 Transfers between funds (691 69 Othw re(tsJnised g8inslllossesl'. Galnslllossos on revaluation of investrn1 assets 37.144 5,846 42,990 7,393 Nel Movement in funds Reconal¢ation of Funds.. 31.780 39.224 11,256 Total Funds at 1# Sept&mbor 2023 773.339 837.022 825,766 Total Funds at 311¢ Augusl 2024 805,119 71.127 876.246 837,022
ST MARY'S EPISCOPAL CHURCH. BROUGHTY FERRY STATEMENT OF FINANCIAL ACTivmES (INCLUDING INCOIAE AND EXPENDITURE ACCOUNT) For the year ended 3101 August 2023 Unr•strl¢l•d FuThd$ Total Funds FufHIs Total Funds Fund FuThJ Fu1 2023 2023 2023 2023 2023 2022 lTrcom• from: Donations and Legacies Chanlable actilIeS Investments 68,768 76,768 39,364 35.115 35.115 34,066 Total Income 115.955 1.899 125,854 85,326 Exp•ndltur• on: charilab ¢[¥11*$ 78.519 40,034 121,991 72,565 Total Expenditure 78.519 40.034 121,991 Nel Incornellexdrture> 37.436 (32.0341 11.5391 12.761 Transfer5 beeen funds 118.724) 18,724 Other reCOgned gaIn{k)sseS>. Gainsllk)sses on revaluation of invostment assets) 11.779} 1.005 7.393 '187.1701 Nel Movement in fiJnts Reconciliatron of Funds.. 25.1(M) 113.3101 15341 11.256 <76,1881 Totsl FU1$ at 1 September 2022 748.239 13,310 64,217 825.766 901.954 Totsl Funds at 31" August 2023 773.339 63,683 837.022 825,766
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY BALANCE SHEET As at 3111 August 2024 2023 2022 Notes Flxed Assets Tangible Assets Investments 320,000 515.664 320,000 472.674 12 Curront As60ts Debtors Cash at bank and in harmj 14 1.859 43.226 45,085 1.840 67,498 69.338 Llabllltles Creditors." amounts fallirwJ due wrthin one year 15 14.503) 124.9W) Net Current Assets 40.582 44.348 Total Not Assets 876.246 83 .022 The Funds of the CPwitr. Unre51rided Funds: Ordinary FurKI Fabric Fund Rectory FurKI 16 805.119 773,339 63,683 837,022 837.022 876,246 The notes on pages 10 to 17 fonn of these accounts. and signed on behalf of the Vesty
ST MARY'S EPISCOPAL CHURCH. BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMEKrs For the year ended 311t August 2024 Accounling Policies Accounting Basls The acuKJnts have been ppared in ac(x)rdance with applicable ac(xKJnling standarfs. the Statement of Recommended Practi. "Accntsg and Reporting by Charities". praring their accounts in ac()Ydae ryth the Finanoal Repx)rting Standarts aFplieable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Finanual Reporting Standard applicable in the United Kirbgdom and the Rewblic of Iretand IFRS1021. the Charities and Trustee Investment (ScollaTrJ) Act 2005 ar the Charilies Ac¢ounls Iscouand) Regulati$ 2006 {as arne). The accounts have been prepared utx1ef the hist(%ical cost convention wilh items recognised at cost or trdnsadh)n value unless othépwise stated in the relevant not•ls} to these ac£ounts. Al the b'me of approving the accounts. the Tru5tee5 have a reasona expectation that the Fellowship has adeqvate resources to conb.nue in operational exislence for the foreseeable ft51ure. Thus the Trustees continue to adopt ts going (x)ncem basis of accounltng in preparing the acccxjnts. Charltable funds Funds generated or drawn on via the Inc and Expendiiure Accwnt are dassffied as either unreslricled funds or desunated fiJTrJs or reStrted funds. defined as follows.. Unrestricted fvnds are expendable at the dIsCtion of the Trustees in furtheraftce of the ot4'e(ts of the chanty. OeswJnated funds are also un5Cted but have been ringfen by the trustees to maet a part1(aJr purpose. Restricted fvnds are subj'ect to Sp conditnS which may be declared IV the donor. In¢omlng Rèsour¢os Income is recoJnis&J ¥¥hen the Fellowship is legalty entitled to il after any perfwronce condtbons have been mel, the amounts can be measured lIablY, and it is probabl• that income V•ryll be received. Cash donats.ons are re(nised on re(xpt. Other donations are recognised onc¢ the Fellowship has been notified ofthe donalion, un8 perfomance conditions require deferral of the alrunt. Income tax recoverable in relati( to donations received under Gift Aid or deeds of covenant is recognised at the time of the donatson. Legacies are reCOgned on receipt or otherv4758 rf th8 Fellowship has been notsfied of an impending distribution, the am(nI is known. and rlpt is expecled. If the arnount its not known. the legacy is treated as a u)ntiThJent asseL 10
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMEKfs (continued) For the year onded 311 August 2024 Accounllng Polkies c(Mrtlnued Resources Expendod Resources expended are induded on an ac(yua15 basis and alkK2ted to the appropriale fund as a liabilty is incued. Expenditure includes any VAT iannot be fulty recoveréd. and rèported as part of the expeTrYiture to hich it rdates.. Charitable eXperlture Compri sts inrred ty the charrty in the delivery of Tts athvtties and serS f its bene[WS. It includes tth costs that can bo alkKated diredy to such activrligs and ttw costs an indired nature rbecesw to supwt them. 1.6 Tanglblo fixod assets and deweclation Tangible fixed assets are ststed at cost less depKeoation. Depreciation is provided al rales calculated to write off the cost less estimated restdual value of each asset over its expect¢d useful lrfe. as follovbE." Land and buddings - No depre(xati The gain or loss arising on the disimxal of an asset is detem)ined as the dIffen betsyeen the sale proceeds and the (8rying value of the asset and is recognised in net incomel (expenditure) for the y8ar. 1.7 1mpalrnnt of fixed assets Recoverable amount is the hher (rf fair value less costs to self a1 value in us8. In assessing value in use, the ests'mated future cash Ilows are disrJ)unted to their present value usin9 8 pre- tax discount rale that reflects current market assessments of the time value of money and the risks specffic to the assei for which the estIrrleS of future $h Ilows have nol been adj(Eted. If the recoverab amount of an asset ts estrnated to be18ss than ts caffytng amount. th8 Q8rrying arUnt of the asset is reduced to its recoverable aThh)unt. An impaim)enl loss is recognised immediately in in(x)mel (expetNJiture) for the year. unless the relevant asset is carried at a revalued amount. in Vtith se the impaiment loss is tr6ated as a revaluation decrease. Rec()3nised ImpainY bsses are reversed rf. arKI only rf, the reascffts for the Impalm Foss have ceased to apply. Where an impairment loss subsequently reverses. the carrying amount of the asset is increased to Ihe VIsed estimate of ts rec£)verable amount. but so Ihat the intteased carrying amount does not exe the carying amcmjnt that would have been detemiined had no impaim7ent loss been reccKJnised for the asset in prior years. A reversal of an impairment loss is recognised immediately. unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impaim)ent bss ts treated as a revaluab'on increase.
ST MARY'S EPISCOPAL CHURCH. BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31•t August 2024 Ac¢ounling Policies continued Flnanclal instruments The chanty has 8le(tt8d to appty the provisions of S6¢tiM 11 'Basic Finan(#al Instrwbents, and S8clion 12 '0thw Financial Instruments Issues. of FRS 102 to all its fihancial instruments. Financial instruments are recognised when the Charity b8comes party to the contraGtual provistons of the instrument. Financial assets are offset. with the net amounts presented in the accounts when there is a legally enforceable righl to set off the re(nised amwnts and there is an intentn t9 settle on a net basis or to realise the asset and setue the1bilIty simultaneously. Basic financial assets Basic finanaal ass8ts. whth indude debtcms and sh and bank b858nces, are hitially measured at transaction price induding transath.on costs and 8fe subsequenuy caryied at amortised cost using the effedive interest metlmxl unless Ihe arrangement constttutes a financing transa('on. vthere the tranSacn is measured at the yesenl valLJe of the future receipts discounted at a market rate of interest Financial assets dassifi8d a5 recoivable wilhin one year are nol amOrtd. Basic financial liabilibes Basic financial lialylilies, induding 1Thlrf1(Ks ar#Y bank klans are initially recogniged at Iransadion pric8 unless tho arrafvjement constitutes a financing transaclion, where thè debt instrument is measured at the present value ol the future payments discounted al a market rale of interes1. Finanual 1rdbilitS claSSrf as payable wthin one year are not amortised. Debt instruments are subsequenlly carried at 8mortwd cost, using the eff8CtiV8 lrterest rate method. Trade ueditors are obltIOnS to pay for g(XKJs (x Servic that have bwi acquired In Ihe ordinary (r$e of operatM)ns from Supers. Amounts p8y8ble are classified as current li8bilils rf payment is due within one year LY less. If not, they are presented as non4¥rrent liabilities. Trade creditors are recognised inittally al Iransadion pri and subseqvenlly measured at amortised (x)st uswu the effective interest rneth{. Employoe beneffts The cost of any unuwl holiday entitlement is reQnised in the period in which the employee's servws are received. Termination b8nofits are recognised Nnm6diately as an expense when the Charfty is demonstrably committed to temiinate the empbyment of an empkjyee or to prDvid8 t8mination ben8fi1s. 12
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMEKfs (contlnued) For the year ended 31 It August 2024 1.10 Retiremont bon•fft• Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 2. Crltlcal accountlng estlmato• and Judgomonts In tho application of th8 Charity's accounting policies, the Trustees 8re required lo mak8 judgements, esb'mates and assumptlons about the carrying amount of assets and Ilabilities that 8re nol readily apparent from other sources. The estimates and associatèd assumptions are based on historical experience and other factors that are considered lo be re18V8nt. Actual results may differ from these estimates. The estimates and underfw'ng assumptM)ns are revi8wed on an ongoing basi8. Revisbns to accounting estimates are recognised in the peritxl in which the estimate is revised where thè rèvision affects only that peri¢xl, or in the period of the revlsion and future periods where the revision affects both current and future periods. Unrestricted Funds Fabric Rectory Fund Fund Restricted Funds Totsl 2024 Totsl 2023 General Fund 3. Donatlons and Legacles Congregational givlng Oonations and grfts Legacies receivable Grant r1Vable 21.236 1,652 21,236 9.652 5,000 1.048 24.137 10,207 41.000 1.424 76.768 8.000 28,936 4. Income from Charttablo Actlvltles Rent and Hall lets Sal8 of Church Magazines Concerts Fundraising Special Collections Other Income 37,3 37,390 34,248 65 300 509 1.414 300 509 1.414 802 5.115 41,601 41,601 5. Investment Incoffte Unil Trust Pool diStribUtnS Bank Interest 13,046 2,053 15.099 1b.970 13.046 15.099 13.971 13
ST MARY'S EPISCOPAL CHURCH. BROUGkrrY FERRY NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31st August 2024 6. R•sources expendgd on Charitable Activilies General Fabric FuThJ Fund Redory Restricted FUTr FurKI Totsl 2024 Totsl 2023 Gross Sts'pends arvj salaries Employer Nl (£MrtributK)n5 Pension contriixrtw)ns Sundries Worship cx)sts Fabric costs Quots Mission Support Governartè Costs 33,618 33.618 28.370 10,366 3,877 1.092 26,715 10,438 1.932 10,366 9.525 3,877 3.555 1.092 1,416 35.239 67.681 10,438 10.524 1.932 8.9 455 720 97,402 121991 88.878 8,(k59 455 7. Related Paty Trdnsactk>ns A Quota 15 paNJ by St Mary's to Ihe Diocese of Brethin to suptmyt the woth of the Dse arKI ofthe S¢x)ttish Episoyl Church as a whde a1 amounted to £10,438 (2023- £10,524). 8. Trustees. Remuneraikn and Benefits The Reclor receNes remuneration. benefits and reimbursement of expenses in res of serVIS tKovided as Stindiary defi in line wrth s(£16s detennined by the Generydl Sync#J of the Scottish Episcw Churth. DurirYJ the year the in his capacity as Rector. re¢eived renumer&'M of £32.19212023- £27.2851, Pension ntribUtiorS £10.366 {2023- £9.525} and was paid expenses of £1.426 {2023 - 1.085) fu statsonery. administration costs, telephone and heat and Iw3ht (£&s etc. DunrvJ the year no trustees received expenses other than the rector. (2023 - £0}. 14
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMEKfs (contlnued) For the yoar ended 31 St August 2024 9. Staff Costs 2024 2023 Wages and Sataries Social Securtty Costs Pension Conth'butions 33,618 ,370 10.366 43,984 9,525 ,895 The average number ofemployees during the year was as follow5: Total No empwe received K)lurnents in excess of £60,IY)O. Employees are elNJible to join the Scottish Episcopal Church Pension Fund which is a non- contributory defir)ed benefft scheme with benefits bas8d on final pensionable salary. During Ihe year to 31¥t August 2024 the Redor was a member of the fund. Sl Mary's is unBble to identify its share of the urbjetying assets and liabilities of the Fund on a consisknt and reasOrb1e tsas and so acc(KJrrts for its u)ntributions as rf the scheme was a defined contribution scheme. The contribution rale for the year un(Jer rewew was 32.2Q/o, the rate is based on the recommendations of the FurKJs Acauary following the periodic valuation of the fund as at 31 December 2020 whith eiMated the fund to have a suwus al that date. There were no contributions outstsTrJirvJ at 31 August 2024 in relatFon to St Mary's eMoYees. The actuarial valuatK)n undertaken at 31 C)ecemter 2020 and its results N*re reported to the General SyrK)d in June 2021. A modest surtAus was rep)rted tether vAh the recommendation fr(Th the Standing Committee and the Pension Fund Trustees d1 some of the surplus should be used to enable the c<>ntributK)n rats to continue at 32.2%. Ttis was approved by General Synod 10. Grants £1,048 Grant SUPFth was provthd duriNJ the year {2023- 1,424). 11. Tanglblo Flxed Assets Herltable Property At I September 2023 and 31 August 2024 320 000 Net Book value At 31 August 2024 320 000 At 31 August 2023 32 Heritable Property hekj by the charity is the Rectory at 3 Vlyvis Place. Broughty Fery Durndee DD5 3SX. The hentable propety (Recw) (ywned by St Mary's was valued on 20 July 2012, by Shepherd Chartered Surveyor5. at an op8n market value. 15
ST MARY'S EPISCOPAL CHURCH, BROUGHTY FERRY NOTES TO THE FINANCIAL STATEMENTS {conllnued) For the year ended 31 August 2024 12. Flxod A8801 Invo8lmonts Unllsted Investrnents Market value Al 1 September 2023 Purchased during the year RevaluatK)ns 4T2.674 42.990 Al 31 August 2024 515,664 Book valu• At 31 August 2024 231.470 At 31 August 2023 231,470 Sl Mary's investrnents are held in tt)e Scottish Ep¢scJ)pal Churd) unit trust PKY. The untt tr po was establish&J by the Investrnent C3)mmittee of the General syn to tKing togetFw the disparate investments of the varK)us tur$ of the General Syn(Ml, the Oioceses aThJ the inthvKlual congregatsons of the Church to enab these to be managed profeSsna}rY. The unit trust Pccfyl is therefore wrety an investrnwrt vehKle of the Scottish EP0paI Church. 13. Flnandal Instruments 2024 2023 Carrylng amount ol flnanclal ass•ts Debt instruments measured at arnortiS ¢05t 45.085 69.338 Carylng amount of flrbanclal liabllities Measured at amorti1 cx>st 4.503 24.990 14. Debtors: Amounts falling wlthin one yoar 2024 2023 Grfi aid recoverable Other Debtors 1.514 1.514 345 326 1.859 1,840 15. Crodltors: Amounts fallSng due withln ono y 2024 2023 Taxation and so(ial seajrity Other IxedrlLYS 4.503 24.990 4.503 24 990 16
ST MARY'S EPISCOPAL CHURCH. BROUGFrrY FERRY NOTES TO THE FINANCIAL STATEMEKfs {continued) For the year ended 31*1 August 2024 16. D•signatod Funds The ino)me funds of the ctharity indude the folkming designated futKJs which have been set aside oul of unrestrided furKls ty the Tnjstees spth rAJrrM)S8S". Movement in funds Transfers & gains Funds Balance at 1 September InrnIng Reswrces 2023 Roswrces Expended BalBnce at 31 August 2024 Fabric Fund Rectory Fund (8.069) 455 8,524 69 5,846 2.053 10.053 71.127 71.127 63.683 17. Analysis of Not Assots b•lweon Funds Dwnated Unrestncted Unrestricted Restricted Funds Funds Funds 2024 2024 2024 Totsl Funds 2024 Total Funds 2023 Fixed Assets Investments Currenl Assets Cuffent Liabilities 320,000 445,542 44.080 4.503 320,000 320,000 515.664 471674 45.085 69,338 24,990 876 246 837 022 70.122 1.005 71.127 18. Romuneration of key management personnel 2024 2023 Aggregate C(Mnpensation 43.984 37 895 17