ST PAUL'S AND ST GEORGE'S CHURCH
Scottish Charity Number: - SC005025
ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
ST PAUL'S AND ST GEORGE'S CHURCH
| Contents | Pages |
|---|---|
| Annual Report of the Vestry and Statement of the Vestry's responsibilities | 1 - 10 |
| Auditors report | 11 - 13 |
| Statement of Financial Activities (“SOFA”) | 14 |
| Balance Sheet | 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 - 27 |
The following pages do not form part of the financial statements
General Fund
Property Fund
Fabric Fund
Micah Fund
Social Needs Fund
Refugee Fund
Baby Bank Fund
Church Planting Network Fund
ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY
For the year ended 30 September 2024
The Vestry has pleasure in presenting their report and the financial statements for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP (FRS102) (January 2019).
OBJECTIVES AND ACTIVITIES
The Church is established for exclusively charitable purposes, primarily for the advancement of religion and to provide public benefit.
Our Vision remains that “We are called to be a church making whole-life disciples, sharing the whole of
the gospel, with the whole of society, through churches of grace.”
Within this overall vision, we have been focussing on three strands - Changing lives, Transforming Society and Deepening Influence. Our progress in these three areas is noted in the achievements section below.
Changing Lives: We continued to encourage people to become ‘whole-life disciples’ of Jesus Christ. We have 35 Connect groups across the city and beyond, meeting regularly in homes and online. Our Children’s and Youth work ran several groups weekly. We continued to offer teaching online and were able to provide a weekly service on YouTube. We also ran various courses physically and online - Alpha, Marriage and Pre-Marriage Courses, Bible Lab events, Ministry Development Programme, The Bible Course, Whole Life Discipleship and other courses.
Transforming Society: We continued to explore how we might serve those marginalised and isolated in our city. Saturday Meal served hot meals every week to those on the margins of society, those feeling lonely and sleeping rough. Our Counselling service operated until June 2024.
Deepening Influence: We continued to explore opportunities for church planting in Scotland. We continued our support and participation in Core Leaders, Public Leaders and transforming Work courses. We participated in the life of the wider Diocese and Province through membership of various committees and Boards.
Staffing:
Role and contribution of volunteers:
The Vestry and congregation are indebted to the large number of volunteers who are involved in the running of the church and its ministry. There are over 20 areas of service co-ordinated by volunteer-led teams, and over 50 individual teams serving in a broad array of functions. The pandemic has forced many volunteers to review their commitment; some have stopped, some have changed roles and new people have joined the various teams. The church that emerged from the pandemic is not the same one that entered it.
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
Future plans
We continued to follow our three priorities that we had agreed in 2022. We do not believe now is the time to make long-term plans. Our society and context remain in a time of flux and transition. Therefore, we want to be adaptive and flexible, and over the next two years, lean into three areas of priority:
Firstly, we want to grow and deepen
We are aware that, for over two and a half years, we could not meet together normally as a church - lockdowns and restrictions meant friendships were hampered and normal relationships impossible. We are also aware of at least 300 people having joined Ps & Gs over the last three years, so we want to continue to invest in rebuilding the church community. We will therefore invest in our relationships through Sunday gatherings, social events like ceilidhs and lunches, Connect groups, teaching, hospitality and serving together.
We want to help one another to grow as confident and resilient disciples . Our identity needs to be deeply rooted in our relationship with Jesus - His love, grace, mercy and compassion. It is only as we know who we are in Christ, and deepen our relationships with Him, that we have anything to offer the world around us.
Secondly, we will explore and plan
We want to play our part in the renewal of the church in Scotland - and by establishing new, healthy and resilient church plants across Scotland. So, we will aim to build a healthy and responsive church planting strategy with the Scottish Episcopal Church and other denominations and networks.
We will continue to explore and develop our online ministry and, conscious of increasing demands upon our Saturday Meal, Baby Bank and Counselling services, we will aim to appoint a staff position to lead our long-term response to local and national need and develop our plans for Social Outreach, as we respond to increasing pressures and need all around us.
Thirdly we want to love and serve with impact
We remain committed to helping and supporting refugees locally by offering hospitality, friendship and assistance with integration into Scottish society through initiatives such as our English language café. We will also actively look for other short-term and high impact opportunities to partner with others to respond to immediate needs, specifically in Edinburgh.
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
GRANT MAKING POLICIES
Micah Fund:
The purpose of the Micah fund is to raise funds for selected projects in the UK, where we can make a real difference. The projects extend our commitment to the four 'arrows' of our 2014-20 strategy (Discipleship; Theological Education; Church Planting and Social Transformation) beyond the boundaries of the Church's ministry.
In 2023/24 the Fund had an opening balance of £17,056. A Gift month to the Micah Fund was held in March 2024 and brought in income including Gift Aid of £49,609. Distributions were made of £50,976 in the year.
FINANCIAL REVIEW
The Past Year
The financial performance and position of the church as at 30 September 2024 are set out in the accompanying financial statements.
Income
In the last financial year, the overall income increased to £1,301,914 (2023: £1,044,911)
-
£1,090,122 to the general fund to meet all our costs, support our mission partners and helping to fund our quota to the Diocese
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£49,609 to the Micah Fund.
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£3,049 to the Baby Bank Fund
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£750 to the Babies Matter Fund
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£30,414 to the Scottish Church Planting Network Fund
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£2,500 from EVOC for a Saturday meal Fund
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£5,507 for Saturday Meal costs from the Advent Appeal
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£119,963 for the Fabric Fund
Income from events for external organisations has brought in £88,985 and the Counselling Service received donations of £16,185. This year we have included additional income from our ministry activities (e.g. B's & T's) in Charitable activities totaling a further £14,905. We received a grant from the Diocese of £21,855 towards the Curate’s remuneration and £1,200 stipend support.
Net Income across all funds was £240,945 (2023: Net expenditure £119,616) as shown in the Statement of Financial Activities.
Expenditure
In the last financial year, the overall expenditure across all Funds fell by 9% (2023: +20%) to £1,060,969 (2023: £1,164,527). The main area of change was fabric expenditure, specifically the church side hall roof repairs and with energy bills.
We were able to give away £192,364 (2023: £193,878) 14.9% of General Fund income:
-
£50,976 through The Micah Fund to individuals and organisations working in the UK in the fields of Discipleship, Theological Education, Church Planting or Social Transformation.
-
£62,975 to Mission Partners and Partner Organisations through the General Fund.
-
£78,413 to the work of the Diocese of Edinburgh and the Province of the Scottish Episcopal Church to support the Ministry and Growth of the Episcopal Church in Scotland.
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
General Fund
The General Fund income was £1,090,122 (2023: £950,203). Of this £920,364 (2023: £853,569) is donations from Church Members including Gift Aid. Vestry is very grateful to the generosity of church members who continue to give faithfully towards the ministry of the church.
General Fund expenditure after interest payments was £958,837, compared with £927,708 in 2023.
-
Staff costs rose by 5% with some vacancies filled for part of the year
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Church building running costs fell by £7,685
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Clergy Accommodation costs increased by £32,328, with £22,306 being repairs
-
Administration costs increased this year by £6,078
-
Transforming Society costs were steady with Counselling running until June and Saturday meal continuing to cater for larger numbers
-
Running increased external events cost £8,990 more this year
-
£60,000 was transferred to a designated Fabric fund, set aside for work on our various properties
The General Fund Reserves at 30 September 2024 are £31,874 (2023: £34,622).
Property Fund
This designated fund is a sub-fund of the General Fund, showing financial resources held by the Church that have been used to acquire property. Transfers are made from the General Fund to Property Fund to cover the repayment of mortgage loans during each year. With Pittville Street being sold and the mortgages all repaid during the year, this fund represents the cost of the properties owned at the year end.
Fabric Funds
There are now two Fabric Funds. One is designated by the Vestry and is a sub-fund of the General Fund, showing the financial resources set aside for the planned fabric repairs, improvements and to respond to any significant issues with relation to the Church buildings.
The other is a Restricted Fund created by the “Enable Appeal (Fabric) Fund” in Autumn 2023. This appeal raised £98,625 including Gift Aid. We also received a grant of £10,000 from the SEC Building fund towards the work carried out last year on the side hall roof and a VAT refund from the Listed Places of Worship Scheme of £11,337.
During the year £18,764 was spent on;
-
Church flooring and Turret inspection
-
Hillview roof and wall repairs
-
East Fettes roof repairs
£50,000 was used to repay mortgages
The balance of the Enable Appeal (Fabric) Fund at 30 September 2024 was £51,199
There is still a need for setting aside funds for future larger property work such as roofing work on Broughton Street, stonework, window renovation, lighting overhaul and maintenance of Clergy properties. Vestry therefore have designated a further £60,000 to a second Fabric Fund.
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
Micah Fund
The Micah Fund is a restricted fund which can be used solely for giving outwith the Church. It is managed by a Vestry subgroup chaired by Alison Irving. At the start of the financial year the Fund had a balance of £17,056. The first Micah Fund Gift Day was held in March 2017. A Micah Gift appeal was launched in March 2024 and received income including Gift Aid of £49,609. Each year following an application process, a number of projects are identified in line with the key areas of the Church's strategy. A total of £50,976 was given from the Micah Fund in 2023/24 to these projects alongside support of church members going on short-term mission and support for people training for ordained ministry as opportunities arise. The balance of the fund was £15,689 at 30 September 2024.
Stretch 25 Fund
This Designated Fund was created to receive income from church members donating towards the 2020 – 2025 Strategic Plan. The fund has served its purpose and has now been closed.
Social Needs Fund
The accounts show expenditure in the year of £104 (2023: £109) and a balance at 30 September 2024 of £689.
Refugee Fund
This fund was created to fund activities and resources supporting refugees in the city. No further grants were received during the year and £2,106 was spent on events leaving a balance of £nil at the year end.
Overall
The Vestry appreciates that many people give very generously and wish to express their thanks for your support. Adding in the external events, and other income, excluding the gain on disposal of property the total incoming funds were £1,301,914 (2023: £1,044,911).
Reserves
Funds held by the Church are split between unrestricted and restricted income funds. The unrestricted funds can be used in accordance with the charitable objectives of the Church at the discretion of the Vestry. The restricted funds arose as a result of direct fundraising or transfers from an unrestricted fund.
Reserves are reviewed on a regular basis with the aim of holding reserves at such a level to ensure the ongoing financial stability and operation of the charity. At 30 September 2024, the Church had a total balance of £1,552,070 (2023: £1,311,125) consisting of unrestricted funds of £1,470,494 (2023: £1,289,209) and restricted funds of £81,576 (2023: £21,916).
PLANS FOR FUTURE PERIODS
We have tried to make provision for adaptive planning for the future. We recognise that the full effects of the current economic and geopolitical climate continue to have an impact. We are also cognizant of the effects of conflicts overseas and the ongoing rise in the cost of living. We will be continue to be prudent and cautious in our financial expenditure while remaining grateful for the committed giving of so many that enables us to carry out our ministry and charitable objectives. The church has responded very generously to financial appeals during the year for general funds and fabric funds. We have a full and stable staff team and will seek to build from that as we start the process this year of preparing a five-year strategy.
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
St Paul's and St George's Church is an unincorporated association and is administered under a Constitution which was revised in 2000, and is a church in the Diocese of Edinburgh in the Scottish Episcopal Church. The funds are vested in the Vestry. St Paul's and St George's is recognised by HM Revenue & Customs under Scottish Charity Number SC005025 (and reference CR22836). In 2019 Vestry reviewed the Church’s Constitution and changes to update the constitution in line with Scottish Charity Regulator (OSCR) recommendations were notified at the Church AGM in December 2019. These were approved by a further special meeting in February 2020.
Vestry and Staff Team
Vestry oversees the financial, staffing and fabric aspects of the church, and supports the Rectors in their spiritual leadership. Its role may be summarised as "being responsible for setting and monitoring our long-term strategic vision and ensuring the efficient stewardship of resources". Responsibility for strategy implementation, operations and day to day running rests with the Rector and staff, supported by volunteers. Key Management Personnel are the Rector and the Associate Rectors.
Vestry meets at least twice a month, once to pray and once for business. Some of its business is conducted through the subgroups of Global Focus and Micah Funds, Finance, Staffing and Property. An annual report is also prepared for the AGM by the Chair of Vestry.
Risk Management
The Vestry considers major risks on an ongoing basis. Risk and control activities include safeguarding policy, health and safety assessments, a planned maintenance programme, financial control procedures and monthly financial reporting. The Health & Safety risk assessments for all relevant activities reveal no major risks identified for urgent corrective action.
Appointment of Vestry
Vestry members are elected at the AGM and normally hold office for up to six years. The Lay Representative is elected each year at the AGM to represent the church at Diocesan Synod and Area Council meetings. The constitution provides that the Rector shall be the Chair, unless he chooses to request Vestry to elect one of its members. The Secretary and Treasurer are elected by the Vestry.
Vestry Members are appointed from the Constituent Members at the Annual General Meeting. Any Constituent Member shall be able to nominate any other Constituent Member to stand for election to the Vestry as long as the nomination is received seven days before the Annual Meeting of the Congregation, it is seconded by another Constituent Member and the nominee is willing to stand.
Vestry Induction and Training
Vestry Training is carried out annually at the first Full Vestry meeting after the AGM. Topics covered include the role of the Vestry, responsibilities of Trustees, and the role of the Scottish Charities Regulator. From time-to-time external training is arranged for Trustees.
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ST PAUL'S AND ST GEORGE'S CHURCH ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
Reference and Administrative Information
Scottish Charity Number: SC005025
Principal Office
Auditors Thomson Cooper 22 Stafford Street Edinburgh EH3 7BD
Bankers Bank of Scotland
Vestry Membership
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ST PAUL'S AND ST GEORGE'S CHURCH
ANNUAL REPORT OF THE VESTRY (continued)
For the year ended 30 September 2024
Remuneration of the Key Management Personnel
Vestry and the Vestry subgroup, Staffing Group are responsible for setting staff salaries in line with market rates. These are reviewed annually. Stipends for ordained clergy are set by Vestry based on the standard stipend set annually by the Scottish Episcopal Church.
Auditor
A resolution proposing that Thomson Cooper be reappointed as Auditor will be put at a general meeting.
Disclosure of information to Auditor
Each of the members of Vestry have confirmed that there is no information of which they are aware which is relevant to the audit, but of which the Auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the Auditor is aware of such information.
Statement of the Vestry's (Trustees) Responsibilities
The Vestry are responsible for preparing the Vestry's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Vestry to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Vestry are required to:
select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Vestry are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Vestry are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The report was approved by the order of the Vestry on 9 December 2024 and signed on their behalf by:
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
ST PAUL’S AND ST GEORGE’S CHURCH
Opinion
We have audited the financial statements of St Paul’s and St George’s Church (the ‘charity’) for the year ended 30 September 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 30 September 2024, and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
ST PAUL’S AND ST GEORGE’S CHURCH (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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proper accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the trust and the industry in which it operates and considered the risk of acts by the trust which were contrary to applicable laws and regulations, including fraud.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to:
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We undertook procedures to identify any irregularities or fraud perpetrated through the posting of manual adjustments.
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We undertook analytical procedures to identify any unexpected movements which may indicate irregularities and substantiated the explanations given for these movements.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF
ST PAUL’S AND ST GEORGE’S CHURCH (continued)
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We reviewed the accounting policies and the application of these policies to ensure compliance with the standards and consistency of application.
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We reviewed and tested the systems surrounding income recognition to determine the strength of controls and to gain assurance over the completeness of income.
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We agreed the financial statements disclosures to underlying supporting documentation.
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We reviewed minutes of Vestry meetings throughout the period.
There are inherent limitations in an audit of financial statements and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Thomson Cooper Chartered Accountants & Statutory Auditor 22 Stafford Street Edinburgh EH3 7BD
10 December 2024
Thomson Cooper is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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ST PAUL’S AND ST GEORGE’S CHURCH
STATEMENT of FINANCIAL ACTIVITIES
For the year ended 30 September 2024
| Un- | Un- | ||||||
|---|---|---|---|---|---|---|---|
| restricted | Restricted | Total | restricted | Restricted | Total | ||
| Notes | Fund | Fund | Funds | Funds | Funds | Funds | |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | £ | £ | ||
| Income | |||||||
| Donations, grants & legacies | 791,849 | 173,466 | 965,315 | 754,899 | 49,615 | 804,514 | |
| Income tax recovered | 151,570 | 21,324 | 172,894 | 142,048 | 8,228 | 150,276 | |
| ----------- | --------- | ----------- | ----------- | --------- | ----------- | ||
| 3 | 943,419 | 194,790 | 1,138,209 | 896,947 | 57,843 | 954,790 | |
| Charitable activities | 3 | 34,981 | 5,664 | 40,645 | 39,444 | - | 39,444 |
| Other trading activities | |||||||
| Fundraising events and | |||||||
| activities | 88,985 | - | 88,985 | 48,568 | - | 48,568 | |
| Investments | |||||||
| Interest received | 2,028 | - | 2,028 | 2,109 | - | 2,109 | |
| Other Income | |||||||
| Gain on Disposal of Fixed Asset | 20,709 | - | 20,709 | - | - | - | |
| VAT Reclaimed | - | 11,338 | 11,338 | - | - | - | |
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Total income | 1,090,122 | 211,792 | 1,301,914 | 987,068 | 57,843 | 1,044,911 | |
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Expenditure | |||||||
| Charitable activities | 4 | 958,837 | 102,132 | 1,060,969 | 1,112,755 | 51,772 | 1,164,527 |
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Total expenditure | 958,837 | 102,132 | 1,060,969 | 1,112,755 | 51,772 | 1,164,527 | |
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Net (expenditure)/income | 131,285 | 109,660 | 240,945 | (125,687) | 6,071 |
(119,616) | |
| Transfers between funds | 50,000 | (50,000) | - | - | - | ||
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Net movements in funds | 181,285 | 59,660 | 240,945 | (125,687) | 6,071 |
(119,616) | |
| Reconciliation of funds | |||||||
| Total funds brought forward | 16 | 1,289,209 | 21,916 | 1,311,125 | 1,414,896 | 15,845 | 1,430,741 |
| ------------ | ------------- | ------------ | ------------- | ------------ | ------------- | ||
| Total funds carried forward | 16 | 1,470,494 | 81,576 | 1,552,070 | 1,289,209 | 21,916 | 1,311,125 |
| ======= | ======= | ======= | ======= | ======= | ======= |
All income and expenditure is derived from continuing activities.
The notes on pages 15 to 25 form part of these financial statements.
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ST PAUL’S AND ST GEORGE’S CHURCH
BALANCE SHEET
For the year ended 30 September 2024
| Note | 2024 | 2023 | |||
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 10 | 1,378,621 | 2,055,004 | ||
| Current assets | |||||
| Debtors | 11 | 26,990 | 19,848 | ||
| Cash at bank and in hand | 193,619 | 88,130 | |||
| ------------ | ----------- | ||||
| 220,609 | 107,978 | ||||
| Creditors: amounts falling due within one | |||||
| year | 12 | 47,160 | 153,991 | ||
| ------------ | ----------- | ||||
| Net current assets | 173,449 | (46,013) | |||
| ------------ | ----------- | ||||
| Total assets less current liabilities | 1,552,070 | 2,008,991 | |||
| Creditors: amounts falling due after more | |||||
| than one year | 13 | - | 697,866 | ||
| -------------- | -------------- | -------------- | -------------- | ||
| Net assets | 1,552,070 | 1,311,125 | |||
| ======== | ======== | ======== | ======== | ||
| Funds of the charity | |||||
| Unrestricted funds | |||||
| General Fund | 16,17 | 31,874 | 34,622 | ||
| Property Fund | 16,17 | 1,378,620 | 1,254,587 | ||
| Fabric Fund | 16,17 | 60,000 | - | ||
| Restricted funds | |||||
| Social Needs Fund | 16,17 | 689 | 793 | ||
| Refugee Fund | 16,17 | - | 2,106 | ||
| Micah Fund | 16,17 | 15,689 | 17,056 | ||
| Baby Bank Fund | 16,17 | 2,108 | 425 | ||
| Fabric Fund | 16,17 | 51,199 | - | ||
| EVOC Saturday Meal Fund | 16,17 | 2,263 | - | ||
| Church Planting Network | 16,17 | 9,628 | 1,536 | ||
| -------------- | -------------- | -------------- | -------------- | ||
| Total funds | 1,552,070 | 1,311,125 | |||
| ======== | ======== | ======== | ======== |
Approved by the Vestry on 9 December 2024 and signed on its behalf by:
Chair of Vestry
The notes on pages 15 to 25 form part of these financial statements.
15
ST PAUL’S AND ST GEORGE’S CHURCH
STATEMENT OF CASHFLOWS
For the year ended 30 September 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | £ | |||
| Cash flows from operating activities | ||||
| Net movement in funds for the reporting period | 240,945 | (119,616) | ||
| Adjustments for: | ||||
| Gain on disposal of fixed asset | (20,709) | - |
||
| Depreciation | 3,654 | 6,720 | ||
| Decrease/(increase) in debtors | (7,141) | 540 |
||
| (Decrease)/increase in creditors | (7,934) | 7,471 |
||
| Interest receivable | (2,028) | (2,109) |
||
| ------------ | ------------ | |||
| Net cash provided by operating activities | 206,787 | (106,994) | ||
| ------------ | ------------ | |||
| Cash flows from investing activities | ||||
| Net proceeds from sale of fixed asset | 693,437 | - | ||
| Purchase of property, plant and equipment | - | - | ||
| Interest received | 2,028 | 2,109 | ||
| ------------ | ------------ | |||
| Net cash used by investing activities | 695,465 | 2,109 | ||
| ------------ | ------------ | |||
| Cash flows from financing activities | ||||
| Repayments of borrowing | (796,763) | (41,302) |
||
| Cash inflows from new borrowing | - | - | ||
| ------------ | ------------ | |||
| Net cash used by financing activities | (796,763) | (41,302) |
||
| ------------ | ------------ | |||
| Change in cash and cash equivalents in the reporting period | 105,489 | (146,187) | ||
| ======= | ======= | |||
| Cash and cash equivalents at the beginning of the reporting period | 88,130 | 234,317 | ||
| ======= | ======= | |||
| Cash and cash equivalents at the end of the reporting period | 193,619 | 88,130 | ||
| ======= | ======= | |||
| Analysis of changes in net debt | ||||
| Other non- | At 30 | |||
| At 1 October | Cash | cash | September | |
| 2023 | flow | changes | 2024 | |
| £ | £ | £ | £ | |
| Cash | 88,130 | 105,489 | - | 193,619 |
| Loans falling due within one year | (98,897) | 98,897 | - | - |
| Loans falling due after more than one year | (697,866) | 697,866 | - | - |
| -------------- | -------------- | -------------- | -------------- | |
| Total | (708,633) | 902,252 | - | 193,619 |
| ======== | ======== | ======== | ======== |
The notes on pages 15 to 25 form part of these financial statements.
16
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS
For the year ended 30 September 2024
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with Statement of Recommended Practice - Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (January 2019), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these statements are rounded to the nearest £.
St Paul's and St George's Church meet the definition of a public benefit entity under Financial Reporting Standard 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Going concern
The financial statements have been prepared on a going concern basis. The Vestry have assessed the charity's ability to continue as a going concern and based on the level of expected income and expenditure, have reasonable expectation that the charity has adequate resources to continue in operational existence for at least the next 12 months. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
Income
All income is included in the Statement of Financial Activities when the Church is entitled to the income, it is probable that the income will be received, and the amount can be measured reliably.
Charitable Activities
Where donations are made in response to a specific appeal, the income is included in the Statement of Financial Activities of the appropriate restricted fund, when receivable.
Donations, Grants and Legacies
Donations, grants and legacies are recognised once the Church has entitlement, it is certain that the funds will be received, and the monetary value can be measured with sufficient reliability.
Tax reclaims on donations
Income from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
Deferred Income
When donors specify that donations and grants are to be used in future accounting periods, the income is deferred until those periods.
Donated services and facilities
Income from donated services and facilities is included in incoming resources at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable.
Investment Income
Investment income, including all associated income tax recoveries, is recognised when receivable and the amount can be measured reliably by the Church.
17
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
1. Accounting policies (continued)
Expenditure
All expenditure is included in the Statement of Financial Activities on an accruals basis inclusive of VAT and is recognised where there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Charitable Activities
Expenditure on charitable activities comprise grants payable by the charity, governance and support costs and cost of other activities undertaken to further the purposes of the charity and their associated support costs.
Other Expenditure
Oher expenditure represents those items not falling into any other heading.
Governance and Support costs
These are costs associated with meeting the constitutional and statutory requirements of the charity and include costs related to statutory audit and legal fees and costs linked to the strategic management of the charity.
Grants
Grants payable are payments made to third parties in furtherance of the charitable objects of the Church and reflect amounts paid and payable in the period. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Church.
Pension costs
Contributions are paid into the Scottish Episcopal Church Pension Fund in respect of the clergy. The scheme is a defined benefit scheme administered by the Scottish Episcopal Church. The contribution rate for the year under review was 32.2%. The current rate is based on the Actuarial Valuation of the fund as at 31 December 2020 when the scheme was fully funded (110%). As this scheme is operated by the Scottish Episcopal Church, St Paul's and St George's is unable to identify its share of the liabilities of the scheme on a consistent and reasonable basis and therefore it has been accounted for as if it were a defined contribution scheme, recognising the contributions payable during the year.
Employees of the charity are entitled to join a defined contribution "money purchase" scheme. The charity makes a contribution of 7% of salary to this pension scheme and act as an agent in collecting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense.
Tangible fixed assets and depreciation
Tangible fixed assets are recorded at cost less accumulated depreciation. Depreciation is calculated to write off the cost of an asset, less estimated residual value, over the useful economic life of that asset. In addition to the fixed assets included in the balance sheet, the Church owns and continues to have the use of a number of other fixed assets.
Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:
Annual rate Fixtures and Fittings 20% ICT Equipment 33%
Heritable property is not depreciated because it is considered to have a remaining useful life of more than 50 years and because it is considered that the residual value will be at least equal to carrying value.
18
ST PAUL’S AND ST GEORGE’S CHURCH NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
1. Accounting policies (continued)
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Fund accounting
Funds held by the church are either:
Unrestricted funds - these are funds that can be used for any purpose within the objects of the charity. Vestry may set aside some of these unrestricted general funds for specific purposes. These Designated Funds , currently the Property, Fabric Funds and Stretch 25, may be undesignated by Vestry.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions also arise when funds are raised for particular restricted purposes.
2. Legal status of the church
The church is an unincorporated association.
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2024|2023|
|Unrestricted Restricted|Total|Total|
|3. Analysis of Donations and Legacies and|Funds|Funds|Funds|Funds|
|Charitable Activities Income|£|£|£|£|
|Donations and legacies|
|Donations|768,794|132,417|901,211|767,119|
|Legacies|-|-|-|-|
|Income tax recoverable|151,570|21,324|172,894|150,276|
|-------------- -------------- -------------- --------------|
|920,364|153,741|1,074,105|917,395|
|Grants received|
|Curate Grant|21,855|-|21,855|19,901|
|Stipend Support Grant|1,200|-|1,200|3,600|
|Refugee Grant|-|-|-|600|
|Fabric Fund Grant – SEC|-|10,000|10,000|2,500|
|Baby Bank Grant|-|3,049|3,049|3,081|
|Babies Matter Grant|-|750|750|-|
|Church Planting Network Grant|-|24,750|24,750|4,800|
|EVOC Saturday meal Grant|-|2,500|2,500|-|
|Saturday Meal Advent Grant|-|-|-|2,913|
|--------------|-------------|----------- --------------|
|23,055|41,049|64,104|37,395|
|-------------- -------------- -------------- --------------|
|Total donations, grants and legacies|943,419|194,790|1,138,209|954,790|
|======== ======== ======== ========|
|Charitable activities|
|Charitable Activities|34,981|5,664|40,645|39,444|
|-------------- -------------- -------------- --------------|
|Total charitable activities|34,981|5,664|40,645|39,444|
|======== ======== ======== ========|
----- End of picture text -----
19
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Direct | Grants | Support | Total | Total | |
| 4. Analysis of Charitable Activities | Costs | Payable | Costs | Funds | Funds |
| Expenditure | £ | £ | £ | £ | £ |
| Restricted Funds | |||||
| Micah Fund (see note 9) | - | 50,976 | - | 50,976 | 43,988 |
| Refugee Fund | 2,106 | - | - | 2,106 | 1,755 |
| Social Needs Fund | - | 104 | - | 104 | 109 |
| Baby Bank Fund | 1,366 | - | - | 1,366 | 2,656 |
| Babies Matter Fund | 750 | - | - | 750 | - |
| Church Planting Network Fund | 22,322 | - | - | 22,322 | 3,264 |
| Enable Appeal (Fabric) Fund | 18,764 | - | - | 18,764 | - |
| Advent Appeal Fund | 5,507 | - | - | 5,507 | - |
| EVOC Saturday Meal Fund | 237 | - | - | 237 | - |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| 51,052 | 51,080 | - | 102,132 | 51,772 | |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Unrestricted Funds | |||||
| General Fund (see note 9) | 146,397 | 62,975 | 749,465 | 958,837 | 927,708 |
| Property Fund | - | - | - | - | - |
| Fabric Fund | - | - | - | - | 123,995 |
| Stretch 25 Fund | - | - | - | - | 61,052 |
| -------------- | ------------- | -------------- | -------------- | -------------- | |
| 146,397 | 62,975 | 749,465 | 958,837 | 1,112,755 | |
| -------------- | ------------- | -------------- | -------------- | -------------- | |
| Total charitable activities | 197,449 | 114,055 | 749,465 | 1,060,969 | 1,164,527 |
| ======== | ======== | ======== | ======== | ======== | |
| 2024 | 2023 | ||||
| Unrestricted | Restricted | Total | Total | ||
| 5. Support Costs | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | ||
| Salaries | 461,881 | - | 461,881 | 480,698 | |
| Staff costs | 9,457 | - | 9,457 | 9,876 | |
| Premises | 218,448 | - | 218,448 | 327,079 | |
| Office and IT | 50,818 | - | 50,818 | 49,249 | |
| Governance (see note 6) | 8,861 | - | 8,861 | 5,810 | |
| -------------- | -------------- | -------------- | -------------- | ||
| 749,465 | - | 749,465 | 872,712 | ||
| ======== | ======== | ======== | ======== | ||
| 2024 | 2023 | ||||
| Unrestricted | Restricted | Total | Total | ||
| 6. Analysis of Governance Costs | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | ||
| Auditors’ remuneration - audit fees | 6,150 | - | 6,150 | 5,700 | |
| Accounting support | 144 | - | 144 | 110 | |
| Legal Fees | 2,567 | - | 2,567 | - | |
| -------------- | -------------- | -------------- | -------------- | ||
| Total governance costs | 8,861 | - | 8,861 | 5,810 | |
| ======== | ======== | ======== | ======== |
20
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
| 7. Net (expenditure)/income | 2024 | 2023 | |
|---|---|---|---|
| £ | £ | ||
| This is stated after charging: | |||
| Independent Auditor’s fee | 6,150 | 5,700 | |
| Rentals payable in respect of operating leases | - land and buildings | - | - |
| - other | 1,229 | 1,229 | |
| ======= | ======= | ||
| 8. Staff costs and vestry remuneration | 2024 | 2023 | |
| £ | £ | ||
| Wages and salaries | 392,778 | 395,422 | |
| Social security costs | 18,472 | 25,781 | |
| Pension costs | 50,630 | 59,495 | |
| ------------ | ----------- | ||
| 461,880 | 480,698 | ||
| ======= | ======= |
The average number of paid staff during the year was 26 (2023: 23).
No employee earned more than £60,000 per annum (the level above which more detailed information is required) - all emoluments are considerably less than this level.
The Vestry remuneration included in the above figure is £52,703 (2023: £64,742) and relates only to the Key Management Personnel, which for this purpose only comprise the Rector and Associate Rector. In addition, the church paid social security costs and pension contributions to members of Key Management Personnel of £20,689 (2023: £25,102). In addition, the clergy are provided with rent free accommodation.
Travel and other necessary expenses totalling £4,253 (2023: £2,675) were reimbursed to two members of Vestry (2023: 3 members) for their work in carrying out the Church's ministry.
| 9. Grants Payable | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| From the General Fund | ||
| World Vision | 5,000 | 5,000 |
| Tearfund | 5,000 | 5,000 |
| International Justice Mission | 5,000 | 5,000 |
| Open Doors | 3,000 | 3,000 |
| World Mission expenses | - | 41 |
| Other individual grants – 6 to Mission Partners (2023: 8) | 44,975 | 52,375 |
| ------------ | ------------ | |
| 62,975 | 70,416 | |
| ======= | ======= |
21
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
----- Start of picture text -----
||||||
|---|---|---|---|---|
|9. Grant Funding (continued)|2024|2023|
|£|£|
|From the Micah Fund|
|Stepping Stones|6,600|-|
|Streams Studio|8,000|-|
|Just Love|6,570|-|
|Junction 42|5,400|-|
|Friday Friends|4,980|-|
|St Mary’s Church Waltham|5,000|-|
|Crossreach|6,926|7,000|
|Fischy Music – 25|[th]|Anniversary Concerts|-|6,120|
|Pregnancy Counselling & Care (Scotland)|-|6,008|
|Ferrywell Youth Project|-|6,000|
|SU Scotland – Magnitude Youth Festival|7,500|5,000|
|Holy Trinity Wester Hailes CAP Jobs Club|-|5,000|
|Ditty Bag Project – Mission to Seafarers Scotland|-|2,560|
|inspire (Inverness Cathedral)|-|2,500|
|DEC Syria Turkey Earthquake|-|2,500|
|Ordinand Support (0 (2023:1) individuals)|-|1,000|
|Short term mission (0 (2023:1) individuals)|-|300|
|------------|------------|
|50,976|43,988|
|------------|-----------|
|From the Social Needs Fund|
|Individual grants|104|109|
|-------------|-------------|
|Total Distributions|114,055|114,513|
|======= ========|
----- End of picture text -----
All grants made are for the purposes of religious education or social welfare in the UK and overseas. Grants from the General Fund and Micah Fund are administered by the Micah and Vestry subgroups. Grants from the Social Needs Fund are assessed on an individual basis by the clergy and Operations Director.
22
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|Fixtures|
|Heritable|and|
|10. Tangible fixed assets|property|fittings|Total|
|£|£|£|
|Cost or valuation|
|At 1 October 2023|2,051,350|159,009|2,210,359|
|Additions|-|-|-|
|Disposals|(672,729)|(94,609)|(767,338)|
|-------------- -------------- --------------|
|At 30 September 2024|1,378,621|64,400|1,443,021|
|-------------- -------------- --------------|
|Depreciation|
|At 1 October 2023|-|155,355|155,355|
|Charge for period|-|3,654|3,654|
|Disposals|-|(94,609)|(94,609)|
|-------------- -------------- --------------|
|At 30 September 2024|-|64,400|64,400|
|-------------- -------------- --------------|
|Net book value|
|At 30 September 2024|1,378,621|-|1,378,621|
|======== ======== =========|
|At 30 September 2023|2,051,350|3,654|2,055,004|
|======== ======== =========|
----- End of picture text -----
10 Broughton Street, 12/1 Broughton Street, 40 York Place,11 East Fettes Avenue, and 1 Pittville Street are no longer subject to a standard security in favour of the Bank of Scotland. 1 Pittville Street was sold during the year.
----- Start of picture text -----
|||||
|---|---|---|---|
|11. Debtors|2024|2023|
|£|£|
|Income tax recoverable|13,231|11,713|
|Other debtors & prepayments|13,759|8,135|
|-------------- --------------|
|26,990|19,848|
|========|=======|
|12. Creditors|: amounts falling due within one-year|2024|2023|
|£|£|
|Loan|-|98,897|
|Accounts payable|11,294|17,481|
|Accruals and deferred income|35,866|37,613|
|-------------- --------------|
|47,160|153,991|
|========|=======|
----- End of picture text -----
23
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|13. Creditors|: amounts falling due after more than one-year|2024|2023|
|£|£|
|Mortgage loans|-|697,866|
|========|=======|
|14. Mortgage loans|2024|2023|
|£|£|
|A|-|19,641|
|B|-|44,356|
|C|-|104,792|
|D|-|147,925|
|E|-|380,567|
|F|-|99,482|
|--------------|-------------|
|-|796,763|
|=======|=======|
|Due within 1 year|-|98,897|
|======= ========|
|Due after 1 year|-|697,866|
|======= ========|
----- End of picture text -----
The mortgage loans have together part funded the purchase of the following properties; 12 Broughton Street, 40 York Place and the rectories and 11 East Fettes Avenue, 3 Hillview and 1 Pittville Street. All loans were fully repaid during this year.
15. Related party transactions
St Paul's and St George's Church is a member of the Scottish Episcopal Church, in full communion with the Anglican Church. The superior authority is the Bishop of Edinburgh.
The Micah Fund paid a grant in line with its support of Ordinands in training for £nil in 2024 (2023 £1,000). Apart from that and a moral obligation to pay Quota to the Diocese of Edinburgh, there are no material transactions with any connected or individual.
The aggregate amount of donations made to the charity by key management personnel, including members of the Vestry as Trustees, during the year was £82,864 (2023: £45,943).
24
ST PAUL’S AND ST GEORGE’S CHURCH NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
| 16. Funds and reserves | Balance | Balance | |||
|---|---|---|---|---|---|
| At 1 | at 30 | ||||
| October | Expend- | September | |||
| 2023 | Income | iture | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Social Needs Fund | 793 | - | (104) | - | 689 |
| Refugee Fund | 2,106 | - | (2,106) | - | - |
| Micah Fund | 17,056 | 49,609 | (50,976) | - | 15,688 |
| Baby Bank Fund | 425 | 3,049 | (1,366) | - | 2,108 |
| Babies Matter Fund | - | 750 | (750) | - | - |
| Church Planting Network Fund | 1,536 | 30,414 | (22,322) | - | 9,628 |
| Advent Appeal Fund | - | 5,507 | (5,507) | - | - |
| EVOC Saturday Meal Fund | - | 2,500 | (237) | - | 2,263 |
| Enable Appeal (Fabric) Fund | - | 119,963 | (18,764) | (50,000) | 51,199 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total restricted funds | 21,916 | 211,792 | (102,132) | (50,000) | 81,576 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Unrestricted funds | |||||
| General Fund | 34,622 | 1,090,122 | (958,837) | (134,033) | 31,874 |
| Property Fund | 1,254,587 | - | - | 124,033 | 1,378,620 |
| Fabric Fund | - | - | - | 60,000 | 60,000 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total unrestricted funds | 1,289,209 | 1,090,122 | (958,837) | 50,000 | 1,470,494 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total funds | 1,311,125 | 1,301,914 | (1,060,969) | - | 1,552,070 |
| ======== | ======== | ======== | ======== | ======== | |
| Balance | Balance | ||||
| Prior Year | At 1 | at 30 | |||
| October | Expend- | September | |||
| 2022 | Income | iture | Transfers | 2023 | |
| £ | £ | £ | £ | £ | |
| Restricted funds | |||||
| Social Needs Fund | 902 | - | (109) | - | 793 |
| Refugee Fund | 3,261 | 600 | (1,755) | - | 2,106 |
| Micah Fund | 11,682 | 49,362 | (43,988) | - | 17,056 |
| Baby Bank Fund | - | 3,081 | (2,656) | - | 425 |
| Church Planting Network Fund | - | 4,800 | (3,264) | - | 1,536 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total restricted funds | 15,845 | 57,843 | (51,772) | - | 21,916 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Unrestricted funds | |||||
| General Fund | 19,125 | 950,203 | (927,708) | (6,998) | 34,622 |
| Property Fund | 1,213,285 | - | - | 41,302 | 1,254,587 |
| Fabric Fund | 158,134 | 2,500 | (123,995) | (36,639) | - |
| Stretch 25 Fund | 24,352 | 34,365 | (61,052) | 2,335 | - |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total unrestricted funds | 1,414,896 | 987,068 | (1,112,755) | - | 1,289,209 |
| -------------- | -------------- | -------------- | -------------- | -------------- | |
| Total funds | 1,430,741 | 1,044,911 | (1,164,527) | - | 1,311,125 |
| ======== | ======== | ======== | ======== | ======== |
25
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
16. Funds and reserves (continued)
Property Fund
This designated fund is a sub-fund of the General Fund, showing financial resources held by the Church that have been used to acquire property. Transfers are made from the General Fund to Property Fund to cover the repayment of mortgage loans during each year.
Fabric Fund
This designated fund is a sub-fund of the General Fund, showing the financial resources set aside for the planned fabric repairs, improvements and to respond to any significant issues in relation to the Church buildings. The Fabric Fund is managed by the Property Manager and Operations Director.
Enable Appeal (Fabric) Fund
This restricted fund was created with the Enable appeal in Autumn 2023. £50,000 was to be allocated to repay loans and the remainder was to be used for work on church owned properties
Micah Fund
The Micah Fund is a restricted fund which can be used solely for giving out with the Church. It is managed by a Vestry subgroup and has been funded by gift days in March. Each year following an application process, a number of projects are identified in line with the four key areas of the Church's strategy. Amounts are awarded to projects alongside support of church members going on short-term mission and support for people training for ordained ministry.
Social Needs Fund
The Social Needs Fund has held a small balance which will be used to support individual cases of need as agreed by the Clergy and the Operations Director until the balance reaches zero and then the fund will be closed.
Refugee Fund
This fund supports events and resources for individuals who find themselves as refugees, usually in Edinburgh.
Baby Bank Fund
This fund supports families in need who have new babies by supplying care packages and equipment.
Babies Matter Fund
This grant was received to help fund the Babies Matter project
Church Planting Network
This fund enables church leaders around Scotland from different denominations to gather to share news, encouragements and best practice in the area of church planting.
EVOC Saturday Meal Fund
This grant was received to help with the running costs of the Saturday Meal.
Advent Appeal Fund
This is for donations received to fund chosen charities during Advent. This year the funds were split between Bethany Christian Trust’s ‘Buy a Bed’ appeal and our Saturday Meal costs
26
ST PAUL’S AND ST GEORGE’S CHURCH
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 30 September 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|Un-|
|Restricted Restricted|
|17. Analysis of net assets between funds|Funds|Funds|2024|
|£|£|£|
|Fixed assets|1,378,621|-|1,378,621|
|Current assets|139,033|81,576|220,609|
|Current liabilities|(47,160)|-|(47,160)|
|Liabilities due after more than one year|-|-|-|
|-------------- -------------- --------------|
|1,470,494|81,576|1,552,070|
|======== ======== ========|
|Un-|
|Restricted Restricted|
|Prior Year|Funds|Funds|2023|
|£|£|£|
|Fixed assets|2,055,004|-|2,055,004|
|Current assets|86,062|21,916|107,978|
|Current liabilities|(153,991)|-|(153,991)|
|-|
|Liabilities due after more than one year|(697,866)|(697,866)|
|-------------- -------------- --------------|
|1,289,209|21,916|1,311,125|
|======== ======== ========|
|18. Total future minimum lease payments|2024|2023|
|£|£|
|Under non-cancellable operating lease|
|Within 1 year|1,085|1,229|
|Within 2 to 5 years|3,797|1,434|
|-------------- --------------|
|4,882|2,663|
|======== ========|
----- End of picture text -----
19. Capital commitments
At the year end, there was no contract in place for capital works due to be completed after the year end.
27
THE FOLLOWING PAGES DO NOT FORM PART OF THE FINANCIAL STATEMENTS
ST PAUL’S AND ST GEORGE’S CHURCH
For the year ended 30 September 2024
| GENERAL FUND | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Income | ||
| Stewardship and donations (net) | 768,794 | 714,115 |
| Legacies | - | - |
| Income tax recovered and recoverable | 151,570 | 139,454 |
| Grants | 23,055 | 6,513 |
| Charitable activities | 34,981 | 39,444 |
| Raising funds | 88,985 | 48,568 |
| Gain on Disposal of Fixed Asset | 20,709 | - |
| ------------ | ------------ | |
| Income for the year ended 30 September | 1,088,094 | 948,094 |
| ------------ | ------------ | |
| Expenditure | ||
| Staff costs | 461,881 | 440,803 |
| Staff training and development | 9,457 | 9,876 |
| Administrative expenses | 34,501 | 28,423 |
| Advertising Expenses | 10,604 | 2,595 |
| Church running costs | 107,077 | 114,763 |
| Clergy accommodation costs | 65,673 | 33,345 |
| Office running costs | 14,575 | 24,041 |
| Social Transformation | 25,598 | 26,118 |
| Diocesan quota | 78,413 | 79,474 |
| Global focus | 62,975 | 70,416 |
| Whole Life Disciples | 34,460 | 27,799 |
| Deepening Influence | 7,925 | 12,075 |
| Hire of Premises | 12,176 | 3,186 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 925,315 | 872,914 |
| ------------ | ----------- | |
| Surplus for the year before interest | 162,779 | 75,180 |
| Interest received | 2,028 | 2,109 |
| Interest paid | (33,522) | (54,794) |
| ------------ | ----------- | |
| Surplus for the year after interest | 131,285 | 22,495 |
| Transfer to cover mortgage capital repayments | (53,324) | (41,302) |
| ------------ | ----------- | |
| Surplus / (Deficit) for the year after property fund transfers | 77,961 | (18,807) |
| General fund as at 1 October | 34,622 | 19,125 |
| ------------ | ----------- | |
| 112,583 | 318 | |
| Transfer to Designated Funds | ||
| Transfer to Property Fund | (20,709) | - |
| Transfer to Fabric Fund | (60,000) | 36,639 |
| Transfer to Stretch 25 Fund | - | (2,335) |
| ------------ | ------------ | |
| General funds as at 30 September | 31,874 | 34,622 |
| ======= | ======= |
ST PAUL’S AND ST GEORGE’S CHURCH
For the year ended 30 September 2024
| PROPERTY FUND | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Income | ||
| Income for the year ended 30 September | - | - |
| Expenditure | ||
| Expenditure for the year ended 30 September | - | - |
| ------------ | ----------- | |
| Surplus for the year before capital repayments | - | - |
| Transfers from General Fund | 53,324 | 41,302 |
| Transfer from Fabric Fund (Enable) | 50,000 | - |
| Loan Repayment | 693,438 | - |
| Disposal of Property at cost | (672,729) | - |
| ------------ | ----------- | |
| Surplus for the year | 124,033 | 41,302 |
| Property fund as at 1 October | 1,254,587 | 1,213,285 |
| ------------ | ----------- | |
| Property funds as at 30 September | 1,378,620 | 1,254,587 |
| ======= | ======= | |
| FABRIC FUND (DESIGNATED) | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Income from grant | - | 2,500 |
| ------------ | ------------ | |
| Income for the year ended 30 September | - | 2,500 |
| ------------ | ------------ | |
| Expenditure | ||
| Repair and maintenance | - | 123,995 |
| ------------ | ------------ | |
| Expenditure for the year ended 30 September | - | 123,995 |
| ------------ | ------------ | |
| (Deficit) for the year | - | (121,495) |
| Fabric fund as at 1 October | - | 158,134 |
| Transfer from / (to) General Fund | 60,000 | (36,639) |
| ------------ | ------------ | |
| Fabric Fund as at 30 September | 60,000 | - |
| ======= | ======= | |
| STRETCH 25 FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Donations | - | 14,464 |
| Grants Received | - | 19,901 |
| ------------ | ----------- | |
| Income for the year ended 30 September | - | 34,365 |
| Expenditure | ||
| Expenditure for the year ended 30 September | - | 61,052 |
| ------------ | ----------- | |
| (Deficit)/surplus for the year | - | (26,687) |
| Transfer from General Fund | - | 2,335 |
| Stretch 25 Fund as at 1 October | - | 24,352 |
| ------------ | ----------- | |
| Stretch 25 Fund as at 30 September | - | - |
| ======= | ======= |
ST PAUL’S AND ST GEORGE’S CHURCH
For the year ended 30 September 2024
RESTRICTED FUNDS
| MICAH FUND | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Income | ||
| Donations and Legacies | 42,210 | 41,134 |
| Income tax recovered and recoverable | 7,399 | 8,228 |
| ------------ | ----------- | |
| Income for the year ended 30 September | 49,609 | 49,362 |
| ------------ | ----------- | |
| Expenditure | ||
| Mission distribution | 50,976 | 43,988 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 50,976 | 43,988 |
| ------------ | ----------- | |
| Surplus/(deficit) for the year | (1,367) | 5,374 |
| Micah Fund as at 1 October | 17,056 | 11,682 |
| ------------ | ----------- | |
| Micah Fund as at 30 September | 15,689 | 17,056 |
| ======= | ======= | |
| SOCIAL NEEDS FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Donations (net) | - | - |
| ------------ | ----------- | |
| Income for the year ended 30 September | - | - |
| ------------ | ----------- | |
| Expenditure | ||
| Social Needs Fund grants and loans | 104 | 109 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 104 | 109 |
| ------------ | ----------- | |
| Deficit for the year | (104) | (109) |
| Social Needs Fund as at 1 October | 793 | 902 |
| ------------ | ----------- | |
| Social Needs Fund as at 30 September | 689 | 793 |
| ======= | ======= | |
| REFUGEE FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Grants received | - | 600 |
| ------------ | ----------- | |
| Income for the year ended 30 September | - | 600 |
| ------------ | ----------- | |
| Expenditure | ||
| Welcome Events | 2,106 | 1,755 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 2,106 | 1,755 |
| ------------ | ----------- | |
| Surplus for the year | (2,106) | (1,155) |
| Refugee Fund as at 1 October | 2,106 | 3,261 |
| ------------ | ----------- | |
| Refugee Fund as at 30 September | - | 2,106 |
| ======= | ======= |
ST PAUL’S AND ST GEORGE’S CHURCH
For the year ended 30 September 2024
| BABY BANK FUND | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Income | ||
| Grants received | 3,019 | 3,081 |
| Donations Received | 30 | - |
| ------------ | ----------- | |
| Income for the year ended 30 September | 3,049 | 3,081 |
| ------------ | ----------- | |
| Expenditure | ||
| Charitable gifts made | 1,366 | 2,656 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 1,366 | 2,656 |
| ------------ | ----------- | |
| Surplus for the year | 1,683 | 425 |
| Fund as at 1 October | 425 | - |
| ------------ | ----------- | |
| Baby Bank Fund as at 30 September | 2,108 | 425 |
| ======= | ======= | |
| BABIES MATTER FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Grants received | 750 | - |
| ------------ | ----------- | |
| Income for the year ended 30 September | 750 | - |
| ------------ | ----------- | |
| Expenditure | ||
| Charitable Activities | 750 | - |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 750 | - |
| ------------ | ----------- | |
| Surplus for the year | - | - |
| Fund as at 1 October | - | - |
| ------------ | ----------- | |
| Baby Bank Fund as at 30 September | - | - |
| ======= | ======= | |
| EVOC SATURDAY MEAL FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Grants received | 2,500 | - |
| ------------ | ----------- | |
| Income for the year ended 30 September | 2,500 | - |
| ------------ | ----------- | |
| Expenditure | ||
| Charitable Activities | 237 | - |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 237 | - |
| ------------ | ----------- | |
| Surplus for the year | 2,263 | - |
| Fund as at 1 October | - | - |
| ------------ | ----------- | |
| Church Planting Network Fund as at 30 September | 2,263 | - |
| ======= | ======= |
ST PAUL’S AND ST GEORGE’S CHURCH
For the year ended 30 September 2024
| CHURCH PLANTING NETWORK FUND | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Income | ||
| Grants received | 24,750 | 4,800 |
| Charitable Activities | 5,664 | - |
| ------------ | ----------- | |
| Income for the year ended 30 September | 30,414 | 4,800 |
| ------------ | ----------- | |
| Expenditure | ||
| Charitable Activities | 22,322 | 3,264 |
| ------------ | ----------- | |
| Expenditure for the year ended 30 September | 22,322 | 3,264 |
| ------------ | ----------- | |
| Surplus for the year | 8,092 | 1,536 |
| Fund as at 1 October | 1,536 | - |
| ------------ | ----------- | |
| Church Planting Network Fund as at 30 September | 9,628 | 1,536 |
| ======= | ======= | |
| ENABEL APPEAL (FABRIC) FUND | 2024 | 2023 |
| £ | £ | |
| Income | ||
| Income from grant | 10,000 | - |
| Income from Donations | 84,700 | - |
| Income Tax Recovered | 13,925 | - |
| Income from VAT Reclaimed | 11,338 | |
| ------------ | ------------ | |
| Income for the year ended 30 September | 119,963 | - |
| ------------ | ------------ | |
| Expenditure | ||
| Repair and maintenance | 18,764 | - |
| ------------ | ------------ | |
| Expenditure for the year ended 30 September | 18,764 | - |
| ------------ | ------------ | |
| (Deficit) for the year | 101,199 | - |
| Fabric fund as at 1 October | - | - |
| Transfer to General Fund | (50,000) | - |
| ------------ | ------------ | |
| Fabric Fund as at 30 September | 51,199 | - |
| ======= | ======= |