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 mA￿HEw 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 t￿￿tse8 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￿ Charit*s 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 seCt￿n 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 Reg￿3110￿3. 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 conSKIer*K￿ 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 a￿rt, consequertly I do nol
express an audtt opinion on the view given xcounts.
Independent examln•rfs stst*nent
In the coursè of my examinat￿￿, no matter has come to my attention
which gives me reasonable cause to believe that in any materi4 resF*d 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 Regul*ons
have not been met. (x
to which. in my opinion. attention shoukl ￿ drawn in order to enat4e a woper under5tatrfJing of the

ST MA￿HEws 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 & williarr￿On 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
InSurar￿8
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 prOPe￿e$ a￿ shown at cost and eX￿￿lItu￿ 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 infonY￿ti0n 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 re￿iVed 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 vari￿S 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 Di￿eSe of Aberdeen and Orkney to ¥upport the
work of the Dioc£se and of the scotts.sh Episcopal Church as a whole.