Scoth'sh Charity No.. SC(M)3796 St Matthews and St George Church, Oldmeldrum Annual Report and Accounts for the year ended 30 September 2024
ST mAHEw AND sr GEORGE scorrisH EPISCOPAL CHURCH OLDMELDRUM CHARITY REFERENCE NUMBER SC003796 Trustees Report 202312024 Charity Trustees/Vestry Members Independent Examiner Chartered Certified Accountant 16 Nellfred Terrace Inverurie Aberdeenshire AB514TJ
Bankers Virgin Money 26 West High Street Inverurie Aberdeenshire AB513SL Church Address St Matthew and St George Scottish Episcopal Church Banff Road Oldmeldrum Inverurie Aberdeenshire AB51 OAD Contact Address
Re rt of the Vest Year ended Se tember 2024 The Charity Trustees, being the members of the Vestry, are responsible for the general administration of the finances of the church and for assisting the Priest in Charge in realising the objectives of the Charity. A new Constitution was adopted by the Charity in 2016. It was adopted by Resolution passed at a Special General Meeting of the congregation known by th the name of St Matthew and St George Episcopal Church on 9 October 2016 th and approved by the Bishop of Aberdeen and Orkney on 24 October 2016.; The new Constitution was approved by OSCR on 31° May 2017. The membership of the Vestry is governed by said Constitution. The members o the Vestry also comply with the Code of Canons of the Scottish Episcopal Church. The formal objective of the Charity is "the advancement of religion and to provide public benefit.- The aim of the Charity is to maximise the effectiveness of the mission of the church to the local community in Oldmeldrum and the surrounding area by providing Christian worship and pastoral support. The Charity has completed an upgrading of the fabric of the church building to preserve a remarkable building of ecclesiastical distinction and to enhance the facilities to meet the needs of the community in the 21" century. This now provides a safe, inclusive and welcoming atmosphere for present and future members of the congregation. Funds placed in 2016 in the hands of an Investment Manager for long term investment are providing a reasonable level of income and some capital appreciation. The remaining funds in Virgin Money should be sufficient to cover all future outgoings and recurring maintenance costs of the church buildings. Total of all income for the year to 30 September 2024 increased by £4,484. There was an increase in expenditure of £10.314 which consisted almost entirely of a one-off payment to cover an organ refurbishment. The Charity has its own website.
The Vestry is continuing to develop a five-year Mission and Ministry plan. including stewardship, health and safety compliance and consideration of Net Zero requirements. As part of the plan, the Vestry continues to look to increase the church's practical involvement in the local community. ably supported b continues to conduct services throughout the year to a grateful and support've congregats'on. On behalf of the Vestry.
Ind•p•ndent Examlmrfs Report to th• Vestry of St Ilatthews and St George Church Oldm•ldrum Charity number SC 003796 I report on the of chanty fof year erKled 30 Se@ember 2024 whith a set on pages 4 to7. Ro8pocllve responsibiliti8s of ttse8 and gxamlner The charity's trustees are responsible for the weparaticffl of the accounts in accordance wrth the temis of the Charities and Trustee Investmenl (Scotlandl Act 2CQ5 arnj t Charits Accounts {Scolland) Regulations 2C las amended). The chanty truslees Wlshler th the drt quireMent of Regulation 10{1) (a) to Ic) of the 2iJ)6 Accounts Regulatsons does not apply It is my SPOnSIbl1 lo examine the accounts as required under seCtn 4411) (c) of the Act and to state ther particular matters have come to my attention. Basis of ind•pondont examlnorfs slalement My examination is carned out In aCcOrdar 1th Regulation 11 01 2fYJ6 Accourts Reg31103. An examinatK)n Ind a re¥W of the accountir@ records keFI by the chanty and a comparIS of the accounts presented with those records. It also irKludes conSKIerK of any unusual rtems or disclosures in the accounts, and seeks explanations fr(xn the truslees conceming any suth matters. The procedures undertaken do not wovide all the evKlence that would be required in an art, consequertly I do nol express an audtt opinion on the view given xcounts. Independent examln•rfs ststnent In the coursè of my examinat, no matter has come to my attention which gives me reasonable cause to believe that in any materi4 resFd tre requirements: to keep ac¢JJunting records in accordan Seclion 44{1) la) of the 2005 Acl and RegulatK)n 4 of the 2C#)6 Accounts Regulations. and •> to prepa accourts which accord wrth the xccwntry rE¢S and ccmFty Rwlalkn 8 of tr 2( Accounts Regulons have not been met. (x to which. in my opinion. attention shoukl drawn in order to enat4e a woper under5tatrfJing of the
ST MAHEws AND ST GEORGE CHURCH OLDMELDRUM STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Fund lolal 2024 Fun INCOMING RESOURCES Volunlary income Congregational giving {ifTrdLhJiThJ gift aid redaimedl Donations and legacies 8.313 9.456 Activities for generaling funds Rent receivable - rectory 11,400 11,400 Investment income Investment income - UTP distributions Investment income - share dividend5 Investmenl income - Smith & williarrOn fund Total incoming resources 957 299 10.458 36.927 886 264 10.437 32,443 RESOURCES EXPENDED Charitablo actlvities Clergy and ministy sts Worship costs Charitable donatM)ns Rectory upkeep costs Church deaning and upkeep Organ refurbishment and church repair5 Heat and light InSurar8 Legal fees Miscellaneous costs Accountancy fees 2.633 2,196 938 450 1,427 3.702 1.671 2.894 10.958 7.688 3.407 2,588 276 378 7.462 3.338 1.868 611 378 Note Quota Total resources expended 6.229 39,020 6,336 28,706 Nel -OUtgoinrfincoming resources -2.093 3,737 Unrealised gain on investrnent 37.740 6,033 Net movement in funds Fund b21ance at start of year Fund balance at end of year 35.647 882.612 918.259 9,770 872,842 882.612 The notes on pages 6 and 7 forn part of these accounts.
ST MATTHEWS AND ST GEORGE CHURCH OLDMELDRUM STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2024 2024 2023 Fixed assets (note 41 Heritable properties at bLM)k value Investments al markel value [0k cost unknown) 432,809 442.180 432,809 404,476 874,989 837,285 Current assets Bank current account Cash in hand 43,588 45.645 43,648 45,705 Current liabilities Accrued charges 378 378 Net current assets 43.270 45,327 Total assets less currenl liabilities 918.259 882,612 Represented by.. Unrestricted general funds 918.259 882,612
ST MAThHEWS AND ST GEORGE CHURCH. OLDMELDRUM NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 1 ACCOUNTING POLICIES Basis of preparatlon of accounts The accounts have been prepared under the historical st convention as modffied by the revaluation of investment assets and are in accordance with applicable accounts.ng standards, the Chariti&B Accounts (Scollandl Regulations 20 and Ac(xJunting and Rep(xting by Charities.. Statement of Rewimended Practice ISORPI issued in 2005. Note 2 explains the general purposes ol St Matthews and St George Church funds. Tangible fixed assets and depreciation Heritable prOPee$ a shown at cost and eXlItu improvements is captlalised. Dewedalion is nol provided on heritable properties. The hentable properts.es have useful INes in excess of fifty years. No depreciation has been provided against the book value of heritable properties as, in the oplnion of the Vestry, due lo the long useful economic lives of the properties and their high residual values, any depreciation charge and resultant accumulated depreciation are immaterial. In the opinion of th• Vestry, no impairment of the carrying values has oc(wrred during the year. ExpefTrditure on other tangible ffixed assets is charged to revenue as incuffed. Fixed asset investments Investments are shown at market value and unrealised gains and losses are induded in the gatemenl of Financial Activities. Congregational giving, donations. legacies and similar Fncome Congregational giving is accounted for when received. DonatK)ns. legacies and similar bcome are accounted for when entitlement arises and a reliable estimate of the amount to be received can be made. Disposals of investments Realised profits and losses on investrnents are recognised on the date of disposal and are inthded in the ststefflent of Financial Activities. Governance Costs Govemance Costs relate to those costs necessary lo provNYe the governan infrastructure which allows the church to operate and lo generate the infonYti0n required for public accountability. 2 FUNDS Unrestricted funds are available for use al the Vestry's discretion in ftJrtheranc£ of the Church's objectives: restricted funds are those given for specffic purwses. Designated fvnds are unrestricted ftJn(ts that have been allocated for a specific purpose by the Vestry. St Matthew5 and St George Church has unrestn.cted funds only. 3 TRUSTEE REMUNERATION. BENEFITS AND EXPENSES No member of the Vestry reiVed remunerats.on or reimbur5ernent of expenses, other than reimbursement of purthase5 made on behalf of the Church.
ST MArrHEWS AND ST GEORGE CHURCH, OLDMELDRUM NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEIABER 2024 Iconlinued) 4 FIXED ASSETS Investments Heritable (at valuation> Property Total At 1 October 2023 Addl1)n$ dunng year Nel -sS on incomelwithdrawal Net gain on revalvalion 404.476 432.809 837.285 -36 37.740 37.740 Balance at 30 September 2024 442.180 432.809 874.989 The church building and the rectory are owned by St Matthews and St George Churth. The origknal cost of these assets and the cost of improvements prior to the restoration works in 2011 are not known and have not been included because, in the opinion of the Vesty. the cost of professionally valuing them to indude a value in the accounis outweighs the benefits lo users of the accounts. St Matthews and St George's Church inveslrnents are hekl in the S(xJttish Episcopal Church Unil Trust Pool, Royal Dutch Shell shares and a managed investment PK>rttolio wth Evelyn Partners. The Unil Tmst Pool was established by the Investsnent Committee of the General Syn¢Jl lo bring together the disparate investments of the variS funds of the General Syn. the Di(Keses and the individual congregations of the Church to enable these to be managed professionally. The Unit Trust Pool is therefore purely an investment vehide of the Scottish Episcopal Church. The majonty of investments in the Unit Trust Pool relate to UK investments. 5 RECONCIUATION OF MOVEMENT IN FUNDS There is one single unrestricted fund. 6 QUOTA Quota is paid by St Matthews and Sl George Church lo the DieSe of Aberdeen and Orkney to ¥upport the work of the Dioc£se and of the scotts.sh Episcopal Church as a whole.