St Michael & All Angels' Scottish Episcopal Church
Report of the Trustees & Financial Statements for the year ended 31 August 2025
Scottish Charity Number $C006468
St Michael & All Angels' Scottish Episcopal Church Contents of the Financial Statements Year ended 31 August 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| NotestotheFinancialStatements | 10to15 |
St Michael & All Angels' Scottish Episcopal Church Trustees' Annual Report Year ended 31 August 2025
Reference and Administration Details
Charity Name
St. Michael and all Angels’ Church, Helensburgh
Scottish Charity Registration Number Charity's Principal Address
S$C006468 William Street, Helensburgh, Argyll and Bute G84 8BD
Names of the Charity Trustees who manage the charity:
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|---|---|---|---|---|---|---|---|---|---|
|Dates|acted|if not|for||Person|or body|entitled|to|
|Trustee Name|Role|whole|year|appoint|trustee|
|Rev'd Dominic|Ind|Rector|CSC|Bishop|
|Honorary|Secretary|and|temporary|
|Mr|Nicholas|Davies|Property|Manager|Vestry|
|Mrs Jean Mackay|Honorary Treasurer|||Vestry,|
|Mr Reay Mackay|Elected Vestry member|[Congregation|
|Elected|Vestry|member|Lay|
|Mr|David|Sheen|Representative|Congregation|
|Mr|Richard|Horrel|Alt Lay Representative|PTeongregation|
|Elected|Vestry|member &|2nd|Alt|
|Mr|Richard|Smith|Lay|Representative|Congregation|
|Mrs|Samantha|Harris|Elected|Vestry|member|Until|8th|Dec|2024|
|Mr Roddy Mackenzie|Elected Vestry member|P|[fCongregation]|
|Mrs Beth Macleod|Elected|Vestry member|||[Congregation]|
|Mrs Gerry Quickfall|Elected|Vestry member|||[Congregation]|
|Mr Trevor Quickfall|Elected|Vestry member|[Congregation|
|Mr|Gareth|Hooper|Elected|Vestry|member|From|8th|Dec|2024|
|Elected|Vestry|member and PVG|Co|Congregation,|Vestry &|
|Mrs|Janina|Duncan|ordinator|approval|of the|Bishop|
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Trustees for the charity in whom the Heritable Property of the charity is vested:
Dates acted if not for whole year
The Bishop of[the][Diocese][of][ Glasgow][and][Galloway] The Dean ofthe Diocese of Glasgow and Galloway The Chancellor of the Diocese of Glasgow and Galloway The Registrar of the Diocese of Glasgow and Galloway
Names and addresses of Advisers:
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|Royal|Bank of Scotland|36|St Andrew|Square Eclinbs|yh|EH2|216|
|Investment|Managers|SEC|Unit|Trust|Pool|General|Synod|Office,|21|Grosvenor|Crescent,|
|Edinburgh|E12|SEE|
|Independent|Examiner|Caroline|Kerr CA|4A|Stanely|Drive,|Paisley,|PA2|6HE|
|ARPL|Architects|11|Wellington|Square,|Ayr KA7|1EN|
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Page 1
St Michael & All Angels' Scottish Episcopal Church Trustees’ Annual Report Year ended 31 August 2025
Structure, governance and management
St. Michael & All Angels’ Church is constituted as an unincorporated association and is governed by a constitution that was last amended in June 2010, adopted by the congregation, approved by the Bishop of the United Diocese of Glasgow and Galloway of the Scottish Episcopal Church, with the consent of Office of the Scottish Charity Regulator being confirmed on 12th October 2010.
The Vestry reviewed the Constitution on 6 May 2025 and agreed it fit for purpose. The temporal affairs of the Church are under the management of the charity trustees listed on page | and meeting as the Vestry.
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The Vestry is made up of:
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. six to nine elected members. Elections for at least three places are held every year. Elected members standing down after three or more years are not immediately eligible forre-election:
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° the Lay Representative and alternative Lay Reps who are elected annually and are eligible for re-election;
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° the Rector who is ex-officio and is appointed by the Bishop: e the Secretary, Treasurer and Property Manager who are appointed by the elected members of the Vestry for three years and are eligible for re-appointment; and the Vulnerable Persons Protection Coordinator who is appointed by the Vestry with the approval of the Bishop.
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Vestry members are inducted each year in front of the congregation.
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As part of the Scottish Episcopal Church the clergy, all officials, the Vestry and the congregation are subject to the Canons of the church and the rules of the General Synod. The Rector is also a member of the North West Regional Council of the Diocese of Glasgow and Galloway.
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The Vestry generally meets on seven occasions each year and reviews the financial position of St. Michael] and All Angels’ Church and the needs of the property in accordance with an agreed schedule.
Liturgical matters are the responsibility of the Rector as prescribed by the canons.
Objectives and Activities
The objects of the Church are incorporated into the constitution.
The primary object of the Church and its congregation is to share our experience of God’s love with all whom we come into contact through our worship, our fellowship, our welcoming and non-judgmental attitude and our involvement with the local community as individuals and as a church congregation.
- The second object of the congregation is to grow spiritually.
Summary of the Main Activities in Relation to these Objects:
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It is not easy to categorise Church activities but for the purpose of this report five main areas of charitable activity have been identified, the first four of which directly support the agreed objects. They are:
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. The provision of public worship. This is the most obvious activity of the Church.
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e Pastoral care. This is a low profile but important activity by the Rector and members of the Congregation. ° Local outreach and education. This includes work with young people and support to local institutions and voluntary organisations.
. Wider outreach and concern. This means the world beyond Loch Long and Loch Lomond. . Maintenance of the church buildings, which are Grade A listed, and keeping the church accessible to all.
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St Michael & All Angels' Scottish Episcopal Church Trustees’ Annual Report Year ended 31 August 2025
Objectives and Activities - continued
Grants to Others:
The Vestry operates a policy of allocating a proportion of our Unrestricted Income to other charities. Priority is given to local charities, those with particular connections with the Scottish Episcopal Church, and those that have a small fund-raising base. Volunteers make an enormous contribution in many different ways to Activities 1 to 3 and in the management of the conservation and upkeep of the buildings. These contributions, often unseen, are vital to Church life. A few aspects of this voluntary work are mentioned in the next section but there are too many others to mention them all.
Achievements and Performance
Summary of the Main Achievements of the charity for the year -
St Michael and All Angels has continued to offer a ‘mainstream Episcopalian’ style of worship through a full programme of services. We have around 200 names on the Congregational Roll and Church attendance remains strong, particularly at the 1030 Sunday Sung Eucharist which usually attracts between 60 — 80. There is a ‘said Eucharist at 1030 (1982 rite) every Tuesday. There is a further ‘said Eucharist’ (1970 rite) at 0830 every Sunday and a schedule of Evensong or Compline on Sunday evenings between the autumn and spring months. More recently we have introduced Tuesday 1730 Holy Hour, Thursday 2000 Evening Prayer and Meditation. The Rector is supported by 3 worship leaders and 2 pastoral assistants, It has been encouraging to welcome several new faces in the church to replace those who have left us, especially younger people and children.
Our musical tradition remains a key part of our worship. We are fortunate to have a team of 3 very talented organists who make good use of our historically significant pipe organ and services are greatly enhanced by our very competent and loyal volunteer choir.
We are custodians of a listed building and considerable effort continues towards the maintaining of our church infrastructure. Thanks to a team of volunteers, we continue to open St Michaels to visitors every day and it is quite surprising how many people respond to this important manifestation of outreach by coming in to pray, to sit in quiet contemplation or to admire the building itself.
Alongside traditional worship, St Michaels offers a wide range of Church related activities, including a thriving Mothers Union group, Keep Fit classes, the Ramblers walking group, now expanded to include the Golden Ramblers, Lent and Bible Study groups. Regular social events have taken place, including concerts in the Church, Quiz Nights and a Summer BBQ.
In recognition that not everyone in the St Michaels community is able — or willing - to venture out of their homes, efforts have been made to stay in touch either by visits or telephone contact. The weekly 1030 Sunday Eucharist is videoed once a month and made available on the St Michaels website. Our free bimonthly magazine ‘The Messenger’ continued to be published throughout the year.
In recognition of[the][adverse][effects][of][ climate][change,][we][are][doing][what][we][can][to][pragmatically][reduce][the][carbon][footprint] of St Michaels. In addition to physical measures within the church infrastructure, we are promoting “eco awareness’ with a weekly ‘eco thought’
Page 3
St Michael & All Angels' Scottish Episcopal Church Trustees’ Annual Report Year ended 31 August 2025
Achievements and Performance - continued
Wider Outreach and Concern:
This has been expressed by means of the quota (currently approximately 15% of our income) paid to the Diocese & Province and collections and fund raising for appropriate charities at home and abroad. The notes to the Annual Accounts discloses the quota and includes a list of the special collections and fund-raising activities.
The quota is used at Diocesan and Provincial level to fund various mission and outreach activities and to provide financial assistance to smaller congregations throughout Scotland.
St Michaels once again contributed significantly to the local ecumenical efforts during Christian Aid Week. Collections are regularly taken for specific causes in addition to a number of local charities supported through contributions from church funds. We are resolved to continue our outreach abroad through our contact and support to a school in Ethiopia.
Care of Listed Buildings
St Michael and All Angels is well maintained overall and is attractively presented, both inside and externally. However this has only been achieved through constant vigilance and rectification activity when problems occur. An outbreak of dry rot in the basement was treated before it could spread. The occasional leak in the Church roof, a leaking skylight in the Upper Hall anda persistent leak problem in the Flower Vestry roof have all required attention. The Church has got away lightly from extreme weather events although the weather vane, toppled during the January storm ‘Eowyn,’ will be re-instated in due course. Improvements to the independent access route via the external passageway to the East of the church have allowed more flexible use of the Lower Hall.
Safety has been carefully considered, Fire safety, electrical, lightening conductor checks and heating boiler servicing are all in date.
Church heating is still powered by 2 efficient gas fired condensing boilers which will need replacing by 2035, at which time appropriate zero carbon options will be considered. To minimize our carbon footprint, we continue to run church heating at a minimum level using a modern thermostat. The aim is to strike the right balance between a comfortable temperature during services and an ambient temperature to preserve the fabric of the building and the organ while keeping gas bills as low as possible. We have switched to a ‘green energy’ supplier. The rectory is in good shape and a rolling programme of redecoration room by room should keep it so. The rectory garden is notably well presented.
We have been fortunate to receive some very generous legacies. After careful deliberation, the Vestry decided to invest these funds towards 2 projects: ° A rolling programme of pipe organ refurbishment, phase | of which is underway, phase 2 scheduled for next year. e External stonework, much of which is porous, particularly on the exposed West side. A solution needs to be found before the internal plaster can be renewed.
Page 4
St Michael & All Angels' Scottish Episcopal Church Trustees’ Annual Report Year ended 31 August 2025
Achievements and Performance - continued
Protection of Vulnerable Groups (PVG):
The PVG coordinator is appointed to take responsibility on behalf of the Vestry for ensuring that the work of the Church is carried out in accordance with the Law and the Church’s policies on the protection of Children and Vulnerable Adults. These policies focus on prevention and safeguarding by ensuring that anybody appointed or volunteering to do “regulated work” with children or vulnerable adults have their details submitted to Disclosure Scotland who check for any relevant criminal convictions. Vulnerable adults include those people who, because they are affected by disability, mental disorder, illness, infirmity or ageing, are unable to protect themselves from abuse, or are more vulnerable to being abused than persons who are not so affected. Regulated work could include teaching or supervising Sunday Club or providing some kind of regular welfare service to people with particular needs. We occasionally have children at our Sunday Services at present and it has been the responsibility of Vestry to ensure the correct procedures are followed. At the beginning of cach year a Protection Record is submitted to the Diocese confirming thal, amongs' other things, we have all the correct signs and posters in the Church and Hall and that Vestry members have seen the most up to date safeguarding advice. Confirmation is required that anybody involved in regulated work has the correct level of PVG clearance and has received relevant The SEC PVG Scheme membership has always been treated as mandatory but from 1st July 2025 it became a legal requirement. 10 applicationsfor PVG have been sent for approval. This is an important safeguardfor the vestry and the volunteers themselves. Al the moment the scheme seems to be a once in a lifetime approval however, in 2026 there will be a change in the law to move to a 5 year PVG membership. PVG issues are discussed at every Vestry meeting. There have been no incidents to report.
As the SEC website reminds us “it is important to remember that it is everyone's responsibility to protect the vulnerable and everyone working in and attending services in the SEC has an important part to play in developing a safe and supportive culture within the Church that protects everyone, regardless of the nature of their vulnerability”. lf any member of the congregation has concems about possible incidents involving children or vulnerable adults they need to notify the PVG Coordinator (Janina Duncan). if not available and there is somebody at immediate risk, the police or loca! social work department should be contacted. Further guidance about SEC polictes and procedures can be found at ; ’
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St Michael & All Angels' Scottish Episcopal Church Trustees' Annual Report Yeur ended 31 August 2025
Financial Review
Statement of the Charity's policy on Reserves
The Vestry has determined that the reserves in the General Fund should be at least £40,000 in cash plus the value of the e investments. This figure is intended to provide some protection against the nsk of major repairs to the buildings becoming It also provides a margin to cover fluctuatioris in income as members come and go More than one third of our regular gift income comes from a smal] number of families. Therefore, our main source of vulnerable to the departure of[certain][key][individuals]
No funds were in deficit on 31st August 2025
Further financial information:
Prior to gains on investments, a surplus of £11,054 arose( 2024 - £277,349). The large surplus in prior year was as the result o! legacies received, detailed in note 4 to the accounts At the year end we had £11,137 in our current account, £332,076 in our savings account, £340 in cash, giving £343,553 in cas bank in total The market value of our unit trusts was £281,341, signifying an unrealised gain on investments of£25,663[in][the] year The total income this year was £134,]]8 compared to £387,435 last year Restricted Funds received, Grants and specific gifts specia! purposes amounted to £3,094 (2024 £2.440)
The income in the Unrestricted Funds, (excluding legacies in the year) which must meet almost all of our routine expenditure » £107,505 (2024 £107,236) Our Congregational giving was down to £61,954 compared with £63,671 last year. Hall Let income was down to £5,765 cony with last year at £6,955 The total expenditure was £123,064 (2024 £110,086). All comparisons of income and costs with the previous year are shown to } 1.
Fundraiving
Fundraising activities, from events and sales, generated £1,610 (2024 £1,622)
in addition to the above, cuffee mornings continued and £1,242 (2024 - £1,319) collected from this was donated to Franciscan (shown under note 12 together with other Special Collections)
Future Plans We intend to use the recent significantly generous legacies to undertake 2 major infrastructure improvements, The first 1s to re the historically impostant pipe organ to as good a condition as we can afford Phase one of this project commenced after the yt review. A deposit was paid in the year snd has been allocated against the relevant designated fund The second infrastructure improvement i> ‘9 arrest the deterioration in the church stone walls and the interior plaster, both of[w] suffering from damp
: sved by order of the hoard of trustees on xx November 2025 and signed on its behalfby 4
St~ Michael* & All Angels' tecScottish. EpiscopalA . Church Trustees'S ' Annual Report Year ended 31 August 2025
Independent Examiner’s Report to the Trustees of St Michael & All Angels’ Scottish Episcopal Church
I report on the financial statements of the charity for the year ended 31 August 2025 which are set out on pages 8 to 15
Respective responsibilities of Trustees and Examiner The Church's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.(as amended) (“the 2006 Regulations”) The Church's Trustees consider that the audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention Basis of independent examiner's statement My examination is carned out in accordance with Regulation |) of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those recoids. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, | do not express an audit opinion on the view given by the accounts independent examiner's statement In the course of my ¢eXamunation, no maticr has c mec fo my afttention:w hic h @ ves me reasonable cause to be eve that In any material respect the requirements - to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and - to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006 Accounts Regulations have not been met, o 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding
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of the accounts to be reached
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4A Stanely Drive Paisley PA2 6HE
Date 4th November 2025
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St Michael & All Angels' Scottish Episcopal Church
Statement of Financial Activities
Yeur ended 31 August 2025
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|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|Permanent|Total|Total|
|Funds|Funds|Endowment|Funds|Funds|
|2025|2025|2025|2025|2024|
|Notes|£|£|£|£|£|
|Income|and|endowments|
|Donations|3|80,504|1,000|-|81,504|83,780|
|Legacies|4|23,519|-|-|23,519|277,759|
|Grants|5|2,000|0|-|2,000|2,600|
|Other trading activities|6|9.497|-|-|9,497|9,365|
|Income|from|investments|7|15,504|2,094|-|17,598|13,931|
|Income|from|charitable|activities|8|-|-|-|-|-|
|Total|Income|131,024|3,094|-|134,118|387,435|
|Expenditure|
|Cost|of|[raising]|[funds]|10|155|-|-|155|6]|
|Charitable|activities|9|114,535|3,094|-|117,629|104,813|
|Other|-|Grants|{1|5,280|:|-|5,280|4,900|
|Total Expenditure|119,970|3,094|-|123,064|109,774|
|Net Income/({expenditure)|before gains/(losses) on|11,054|-|-|11,054|277,661|
|investments|
|Gains/(Losses)|on|revaluation|of investments|14|10.212|-|15,451|25,663|21316|
|Transfer|to/(from)|funds|-|Fs|=|s|
|ne|
|Net movement|in|funds|21,266|-|15,451|36,717|298,977|
|Reconciliation|of|funds|
|Total funds|brought|forward|17|456,818|126|153,944|610,888|311,91)|
|Transfers|126|-126|
|aa|er|
|Total|funds|carned|forward|17|478,210|0|169,395|647,605|610,888|
|All|income|and|expenditure derive|from|continuing|operations.|:|
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All income, gains, expenditure, and losses recognised in the period are included above. Comparative information for all fund values presented above is given in the relevant note The notes on pages 10 to 15 form an integral part of these accounts
Page 8
St Michael & All Angels' Scottish Episcopal Church Balance Sheet
As at 31 August 2025
| Permanent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Notes | Unrestricted | Restricted | Endowment | |||||
| Fund | Funds | Funds | Total | Total | ||||
| Fixed Assets: | 2025 | 2025 | 2025 | 2025 | 2024 | |||
| Investments | 14 | 111,946 | - | 169,395 | 281,341 | 255,678 | ||
| Total fixed assets | 111,946 | - | 169,395 | 281,341 | 255,678 | |||
| Current Assets: | ||||||||
| Debtors and prepayments | 15 | 27,932 | - | - | 27,932 | 22,046 | ||
| Cash at hand and in bank | 341,977 | 1,576 | - | 343,553 | 337,471 | |||
| Total current assets | 369,909 | 1,576 | - | 371,485 | 359,517 | |||
| Liabilities: | ||||||||
| Creditors falling due within | year | 16 | 3,957 | 1,576 | - | 5,533 | ||
| Net Current Assets | 365,952 | 0 | - | 365,952 | 354,898 | |||
| Total Assets less current liabilites | 477,898 | 0 | 169,395 | 647,293 | 610,576 | |||
| Provisions | . | = | = | : | ||||
| Total net assets | 477,898 | 0 | 169,395 | 647,293 | 610,576 | |||
| —__———_———<—¥—<—X—¥K§K—[—[—->[[]"]™{*=[[=“==[{={==[{=[=[{»=]">>={={={===> | ||||||||
| The funds of the charity: | 17 | |||||||
| Permanent Endowments | - | - | 169,395 | 169,395 | 153,944 | |||
| Restricted income funds | - | 0 | - | 0 | 126 | |||
| Unrestricted funds | ||||||||
| Expendable Endowments | 111,946 | - | - | 111,946 | 101,734 | |||
| Designated funds | 236,232 | 236,232 | 25,000 | |||||
| General fund | 129,720 | - | - | 129,720 | 329,772 | |||
| Total unrestricted funds | 477,898 | - | - | 477,898 | 456.506 | |||
| Totalcharityfunds | 17 | 477,898 | 0 | 169,395 | 647,293 | 610,576 |
Vestry Secretary
Date xxth November 2025
Page 9
St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2025
1 Accounting Policies
(a) Basis of Preparation
These accounts have been prepared under the historical cost convention with items being recognised at cost or transaction value unless otherwise stated in the relevant note to the accounts, and are in accordance with the Statement of Recommended Practice (SORP) 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) (second edition — October 2019), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Church constitutes a public benefit entity as defined by FRS102.
(b) Going Concern
The accounts have been prepared on a going concern basis. The members of the vestry have assessed the church’s ability to continue as a going concern and have reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future, and for at least 12 months. Ongoing uncertainties post pandemic and other economic factors are considered by Trustees. They thus continue to adopt the going concern basis of accounting in preparing these accounts
(c) Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The endowment funds consist of both expendable and permanent endowment funds. The income from the permanent endowment funds can be used for both unrestricted and restricted activities, but the capital must be maintained. To the extent that such income is restricted, 11 is shown in the restricted column, not the permanent endowment column (in accordance with OSCR guidance). Further detail is shown in notes 13 & 16 to the accounts.
(d) Recognition of income Income is recognised in the statement of financial activities when the church becomes entitled to the income, there is probability of receipt, and its monetary value, including any associated costs, can be measured reliably. Income is deferred where it relates to activities or services delivered in a later accounting period. Income from donations and legacies includes giving by members of the Congregation, other donations of a general nature, and legacies. In the case of legacy income where there is uncertainty as to amount, the fair value of[the][income][receivable][may][be][estimated][on][the][basis][of][ available] information. Gifts in kind and donated services and facilities (including the services of volunteers) are not recognised in the Statement of Financial Activities. Income from other trading activities includes receipts from fundraising and from letting of surplus space, which is recognised as it falls due for payment. Income from investments, derived from securities and deposits, is recognised as it falls due for payment. Grants may be receivable under the Listed Places of Worship Grant Scheme for recovery of Value Added Tax incurred on the repair and maintenance or alteration of listed ecclesiastical buildings.
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St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2024 1 Accounting Policies
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(e) Recognition of expenditure
Expenditure is accounted for on an accruals basis, being recognised when there is a legal or constructive obligation to pay, probability that settlement will be required, and the amount can be measured or estimated reliably. Expenditure on charitable activities includes all costs incurred in undertaking church activities. These include both costs directly incurred by the church and grant funding of third parties in furtherance of programmes that contribute to the church’s objectives. Liability for grants payable is recognised at the time of the grant being awarded. Costs may be netted with income where the church seeks to recover from participants in congregational activities only the costs incurred.
Governance costs represent the costs associated with general running of the church as an organisation as opposed to costs associated with fundraising and charitable activity. These include external scrutiny, legal advice, trustee and member meetings, and other costs associated with constitutional and statutory requirements. They include costs associated with strategic as opposed to day to day management of activities.
(f) Taxation
The church is a registered Scottish charity exempt from tax on income and gains applied to charitable purposes. Income tax is recoverable in respect of gift aided donations. The church is not registered for Value Added Tax and accordingly expenditure is shown gross of irrecoverable VAT
(g) Financial Instruments
The church carries only basic financial assets and liabilities. These may comprise investments in securities, amounts receivable and payable, and cash deposited with banks and building societies.
Financial assets and liabilities are initially recorded at cost; subsequently, investment assets are valued at market valuation (excluding any costs of realisation or disposal) and other assets and liabilities are valued at the best estimate of settlement amount
(h) Retirement benefits
The Scottish Episcopal Church operates a defined benefit pension scheme for clergy. The Congregation pays contributions to this multi-employer scheme in respect of[its][stipendiary][clergy.]
Contributions to the scheme are set at rates designed to spread the cost of pensions over the working lives of the clergy and are charged in the accounts on a due and payable basis. The rate of contributions is determined by a qualified actuary. The amount of charges for the year is disclosed in note 13.
(i) Tangible fixed assets
Neither the original cost of nor improvements to the church, and the rectory are capitalised.
These properties are considered to form part of the permanent endowment ofthe church, since it is unlikely that they would ever be sold to realise cash. Values for original cost and improvements are not available. The vestry considers that the cost of carrying out a professional valuation to include these properties in the accounts would be disproportionate to any additional benefit derived by users of these accounts.
2 Related party tansactions
FRS102 requires disclosure of material related party transactions and year-end balances with related parties.
Apart from the disclosures made in note 13, there were no other related party transactions which require to be disclosed.
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St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2025
| Unrestricted | Restricted | Permanent | ||||
|---|---|---|---|---|---|---|
| General | Funds | Endowment | Restated | |||
| Fund | Funds | Total | Total | |||
| 2025 | 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | £ | ||
| 3 | Donations | |||||
| Congregational giving | 61,954 | : | - | 61,954 | 63,671 | |
| Gift Aid Recoverable | 14,951 | 14,951 | 13,185 | |||
| Forweddings and funerals | 800 | . | 800 | 1,010 | ||
| Other donations | 2,799 | 1,000 | . | 3,799 | 5,914 | |
| SN EEE © SR PL |
||||||
| 4 | Legacies | |||||
| Katherine Black | - | - | - | - | 1,000 | |
| J Spens | - | - | - | - | 25,000 | |
| Graham Kinder | - | - | - | - | $0,000 | |
| Mary Bannister | - | - | - | - | 76,759 | |
| Ronald Wilson | 21,519 | - | - | 21.519 | 125,000 | |
| Eleen Semens | 2,000 | - | 2,000 | - | ||
| —_— eee 23,519 - - 23,519 277,759 |
||||||
| oo |
During the year and prior year the church received the above bequests. There were no restrictions on these bequests and they were therefore applied to general funds. However it has been agreed that in addition to the initial £25,000 of Graham Kinder's bequest allocated to a designated organ refurbishment fund last year, a further £75,000 will be allocated to that fund and a further £140,000 to a Restoration and Renewal Fund. for church stonework and interior plaster (Refer to note 17)
| 5 | Grants | 2025 | 2025 | 2025 | 2025 | 2024 |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| MEB Charitable Trust | 2,000 | - | - | 2,000 | 2,000 | |
| SEC Transitional Stipend Assistance Grant | - | - | - | . | 600 | |
| ooo, 2,000 - - 2,000 2,600 |
||||||
| 6 | Other trading activities | 2025 | 2025 | 2025 | 2025 | 2024 |
| £ | £ | £ | £ | |||
| Various events | 1,385 | - | - | 1,385 | 985 | |
| Sales | 225 | - | . | 225 | 637 | |
| VAT recoverable | 25122 | - | - | 2,122 | 788 | |
| For use ofhall | 5,765 | 5,765 | 6,955 | |||
| eee 9,497 - - 9,497 9,365 |
7 Receipts from investments other than land & buildings These amounts represent bank interest on deposit accounts, £9,079 and investment income from the SEC units, £8,519. The SEC units are held over various Endowment funds, both restricted and unrestricted (refer note 14). Restricted income from SEC units amounts to £2,094.
- 8 Gross receipts from other charitable activities There were no receipts in the year.
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t
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St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2025
|
| Unrestricted | Restricted | Permanent | Permanent | ||||
|---|---|---|---|---|---|---|---|
| General | Funds | Endowment | Restated | ||||
| Fund | Fund | Total | Total | ||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||
| £ | £ | £ | £ | £ | |||
| 9 | Payments relating to charitable activities | ||||||
| Rector’s emoluments | 42,440 | 1,576 | - | 44,016 | 43,944 | ||
| Quota | 14,584 | - | - | 14,584 | 13,724 | ||
| Travel & other reimbursed expenses | 1,885 | - | - | 1,885 | 2,576 | ||
| Organist & director ofmusic - | |||||||
| honoraria and other payments | 5,210 | 440 | : | 5,650 | 6,053 | ||
| Organ maintenance | 912 | 1,000 | - | 1,912 | 1,181 | ||
| Rectory - repairs& maintenance | 2,592 | 78 | - | 2,670 | 759 | ||
| Rectory - running costs | 6,477 | - | - | 6,477 | 5,412 | ||
| Church Insurance - (all insurances) | 12,289 | - | - | 12,289 | 11,780 | ||
Church& hall - repairs& running costs |
16,037 | - | - | 16,037 | 10,032 | ||
| Purchase of fixed assets | - | - | - | ||||
| Heat & light | 7,551 | - | - | 7,551 | 6,133 | ||
| Worship-related costs | 470 | - | - | 470 | 581 | ||
| Sanctuary expenses | 534 | - | - | 534 | 572 | ||
| IT software& consumables | 1,231 | - | 1,231 | 217 | |||
| Otherexpenses | 443 | - | 443 | 149 | |||
| Bank charges | 480 | 480 | - | ||||
| Governance costs | |||||||
| Accounts and Independent Examination | 1,400 | 1,400 | 1,700 | ||||
| 114,535 | 3,094 | - | 117,629 | 104,813 | |||
| 10 | Expenses for fundraising activities | ||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||
| £ | £ | £ | £ | ||||
| Fundraising costs | 155 | 15S | 61 | ||||
| Hall maintenance ete | - | - | - | - | . | ||
| 155 | - | - | 155 | 6) | |||
All hall maintenance ete is shown in note 9 above. An amount |
relating directly to fundraising | activities would be | |||||
| immaterial and is therefore not calculated. | |||||||
| 11 | Grants and donations | ||||||
| 2025 | 2025 | 2025 | 2025 | 2024 | |||
| £ | £ | £ | £ | ||||
| Robin House | 700 | - | - | 700 | 700 | ||
| Contraflow | 1,900 | . | - | 1,900 | 1,900 | ||
| Beacon Trust | 1,200 | - | - | 1,200 | 1,200 | ||
| Helensburgh Food Bank | 1,000 | - | - | 1,000 | 1,000 | ||
| Rhu Church | - | - | - | . | 100 | ||
| Northwood African Education | 480 | 480 | . | ||||
| 5,280 | - | - | 5,280 | 4,900 |
10 Expenses for fundraising activities
11 Grants and donations
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St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2025
| 12 | Special Collections Duringtheyear, thechurchmadeseveral special collections (and held events) which werepaid directly tothe charity |
Special Collections Duringtheyear, thechurchmadeseveral special collections (and held events) which werepaid directly tothe charity |
or | |
|---|---|---|---|---|
| individual and are not shown in these accounts. | ||||
| For information purposes, the amounts collected/raised were as follows | : | |||
| 2025 | 2024 | |||
| £ | £ | |||
Lomond Carers (from Stal] in Hall) |
- | 180 | ||
| Alzheimer Scotland (from Stall in Hall) GarelochheadStation(fromTelemanconcert) |
100 - |
- 1,000 |
||
| Malawi Helensburgh Foodbank (from Teleman concert) Mission to Seafarers |
- 650 330 |
237 - 340 |
||
| Franciscan Aid (Coffee mornings) Bishop's Lent Appeal |
1,242 398 |
1,319 380 |
||
| 2,720 | 3,456 | |||
| Theaboveamountsareinadditiontofundraisingincomeshown | innote6. |
- Remuneration and Expenses paid to Vestry Members
| None ofthe vestry members received anyremunerationorexpenses relating to theirposition as vestry members. However, the Rector received stipends (and pension contributions) in accordance with theSEC approvedstipendiaryamounts forthepost as Rector. The full stipend forthe yearwas£33,868(2024 £32,192), withpensioncontributionsof22%. (previously 32.2%) The full stipendwas supplemented by an amount of £1,576 (2024 -£1,385 from the Stipend Enhancement Endowment Fund. |
None ofthe vestry members received anyremunerationorexpenses relating to theirposition as vestry members. However, the Rector received stipends (and pension contributions) in accordance with theSEC approvedstipendiaryamounts forthepost as Rector. The full stipend forthe yearwas£33,868(2024 £32,192), withpensioncontributionsof22%. (previously 32.2%) The full stipendwas supplemented by an amount of £1,576 (2024 -£1,385 from the Stipend Enhancement Endowment Fund. |
||
|---|---|---|---|
| 14 | Endowment Funds | Total | |
| MARKETVALUE At 1 September2024 Revaluations At 3] August 2025 |
£ 255678 25663 281341 |
||
| Market | Market | ||
| Represented by investments | Value 31/08/2025 |
Value 31/08/2024 |
|
| Permanent Endowments | £ | £ | |
| Stipend Enhancement Fund SirWilliam Raeburn'sEndowment Toenhance Rector's Stipend Elderton MemorialFund Toenhance Rector's Stipend |
R 1,800 R 50,247 |
1,636 45,664 |
|
| Other Permanent Endowments Dean Beard Memorial Fund To beexpended on maintenance/ Dean Beard Trust Fund /advancement ofmusic in church Kenneth MacKenzie Memorial Fund Tobe used for upgrading of rectory ThankOffering Endowment Fund Toprovide regular income Total Permanent Endowments |
R 12,970 R 1,576 R 2,561 U 100,241 169,395 |
11,787 1,432 2,327 91,098 153,944 |
|
| Expendable Endowments- allpartof general unrestricted funds Mrs Hepper's Legacy Miss Sandisons's Legacy Genera]EndowmentFund |
£ U 55,452 U 31,229 U 25,265 |
£ 50,394 28,380 22,960 |
|
| 111,946 | 101,734 | ||
| Total | 281,341 255,678 —— ea |
||
| R__ Restricted |
|||
| U Unrestricted |
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St Michael & All Angels' Scottish Episcopal Church Notes to the Financial Statements for the year ended 31 August 2025
| 15 | Debtors | 2025 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Gift Aid | 14,160 | 13,185 | ||||||
| Prepayments and accrued income | 11,650 | 8.073 | ||||||
| Other debtors | 2,122 | 788 | ||||||
| 27,932 | 22,046 | |||||||
| 16 | Creditors - Amounts falling due within | one year | ||||||
| Taxation and social security | 982 | 920 | ||||||
| Accruals and deferred income | 4,551 | 3,699 | ||||||
| 5,533 | 4,619 | |||||||
| SeeEe—eE—E—EaE—aSS—— | ————— | |||||||
| 17 | Summary offund movements | |||||||
| Brought | Investment | Carried | ||||||
| forward | Income | Expenditure | Gain/Loss | Transfers | forward | |||
| £ | £ | £ | £ | £ | £ | |||
| Endowment funds | ||||||||
| Permanent endowments | 153,944 | 3,035 | -3,035 | 15,451 | 0 | 169,395 | ||
| 153,944 | 3,035 | -3,035 | 15,451 | 0 | 169,395 | |||
| Restricted Funds | ||||||||
| Flower fund | 126 | 0 | 0 | 0 | -126 | 0 | ||
| Organ Fund | 0 | 1,000 | -1,000 | 0 | 0 | 0 | ||
| SEC - TSAG | 0 | 0 | 0 | 0 | 0 | |||
| Permanent endowment restricted income funds - | ||||||||
| Stipend Enhancement | 0 | 1,576 | -1,576 | 0 | 0 | 0 | ||
| Rectory repairs | 0 | 78 | -78 | 0 | 0 | 0 | ||
| Music | 0 | 440 | -440 | 0 | 0 | 0 | ||
| Total restricted funds | 126 | 3,094 | -3,094 | 0 | -126 | 0 | ||
| Unrestricted funds | ||||||||
| Expendable endowments | 101,734 | 3,390 | -3,390 | 10,212 | 0 | 111,946 | ||
| Designated funds | ||||||||
| Organ Fund | 25,000 | 0 | -3,768 | 0 | 75,000 | 96,232 | ||
| Restoration & Renewal Fund | 0 | 0 | 0 | 0 | 140,000 | 140,000 | ||
| 25,000 | 0 | -3,768 | 0 | 215,000 | 236,232 | |||
| General fund | 329,772 | 124,599 | -109,777 | 0 | -214,874 | 129,720 | ||
| Total unrestricted funds | 456,506 | 131,024 | -119,970 | 10,212 | 126 | 477,898 | ||
| Total charity funds | 610,576 134,118 -123,064 25,663 0 647,293 ol lllllllllEEEEEeeeeeEeeeee=s@@Q@@@Q@vllT®“EECEC“@=EOEOEEDEOEDEDE2OD™EYDDDEDERL™E“QE“™E™E™E™~™EMM™_E=E=—"=E====S |
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