CHARITY NUMBER SC008095/CR32071 ## SCOTTISH EPISCOPAL CHURCH DIOCESE OF BRECHIN HOLY TRINITY EPISCOPAL CHURCH, MONIFIETH REPORT OF THE VESTRY & ACCOUNTS YEAR ENDED 31 AUGUST 2024 MINISTRY TEAM ## BANKERS Virgin Money HSBC Bank 7/8 High Street 95/99 Union Street Dundee Aberdeen DD11SS AB11 6BD ## SOLICITORS Lindsays Seabrae House 18 Greenmarket Dundee DD1 4QB ## CHURCH Holy Trinity Churct 99 High Street Monifieth DD5 4AB ## PRINCIPAL CONTACT 1 CHARITY NUMBER SC008095/CR32071 ## Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin Accounts Year Ended 31 August 2024 In terms of The Charities Accounts ( Scotland) Regulations 1992 the Vestry reports to the congregation as follows Holy Trinity Episcopal Church, Monifieth, is a church of the Scottish Episcopal Church, in full communion with the Anglican Church The superior authority is the Bishop of Brechin The 'Trustees' are officials of the Diocese but the funds are administered by the Vestry whose constitutionally appointed officers are. The Secretary and the Treasurer The present Vestry consists of Priest in Charge from 10th July 2021 Secretary and elected members of the congregation Apart from the obligation to pay Quota to the Diocese, there are no material transactions with any other connected or associated body ## Vestry Members BY ORDER OF THE VESTRY ## Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin |Statement of Financial Activities|||||||| |---|---|---|---|---|---|---|---| |Yearending 31 August 2024|||||||| |||||||Total|Total| ||||Unrestricted|Restncted|Endowment|Funds|Funds| ||Note||Funds|Funds|Funds|2024|2023| ||||3|£|£|E|£| |INCOME|||||||| |Grant Received|||0|||0|1,530| |Congregational & voluntary
Investment
Rent||2
3|22,740
6,273
7,130|0
0
0)|0}
0
)|22,740
6,273
7,130|24,279
5,206
7,800| |Total Income|||36,143|0|ie)|36.143|38,815| |EXPENDITURE|||||||| |Provincial & Diocesan quota|||4,368|0|0|4368|3,897| |Clergy Expenditure||4|21,147|0|0|21,147|21,031| |Rectory Expenses|||0|[e)|0|0|ie)| |Property Expenses||5|13,720|0|0|13,720|13,672| |Church Expenses||6|163|0|0|163|0| |Administration & Miscellaneous Expenses
Quingennial Report||7|5,952
(e}|0
0|0)
fe)|5.952
0|5.659
i}| |Total Expenditure|||45,350|0|)|45.350|44,259| |Net Income/ (expenditure) before transfers|||-9.207|0|0|-9 207|-5 444| |Transfers between funds|||0|0|0|0|0| |Netmovement in funds|||-9,207|e}|0|-9,207|-5444| |Total funds brought forward|||117,860|0|10,000|127,860|133,304| |Totalfundscarriedforward|||108.653|)|10.000|118.653|127,860| Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin ## Balance Sheet As at 31 August 2024 |As at
31 August 2024||||||||||| |---|---|---|---|---|---|---|---|---|---|---| ||||||||Total|||Tota| |Fixed Rate Bond|10||75,000||||75,00(|||90,000| |Debtors|11||5,280||||5,280|||3,900| |Cash in Hand|||0||||||ie)|0| |Current Liabilities||||||||||| |Net Current Assets||108.653||3)|10|001|118|653||127 861| |Net Assets||108|653||N00||14R||AE|‘
861| |Thr funds of the Charity||||||||||| |Restricted Income Funds||||||||||| |Unrestricted Funds||108|653||||108|65||117,860| |TotalCharityFunds||108,653||0||10,00¢|118.653|||127,860| Vestry Secretary ## Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin ## 1 Accounting Policies a Basis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the 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) issued on 16July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities and Trustess Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended) The charity constitutes a public benefit entity as defined by FRS 102 The trustess consider that there are no material uncertainties about the ability to continue as a going concern b Reconciliation with previously Generally Accepted Accounting Practice ||In preparing the Accounts, the trustess have considered whether in applying the accounting policies| |---|---| ||required by FRS 102 and the Charities SORP FRS 102 a restatement ofcomparative itemswas| ||needed. No restatements were required| |c|Funds Structure| ||Unrestricted income funds comprise those funds which the trustees are free to use for any purpose| ||in furtherance of the charitable objects. Unrestricted funds include designated funds where the| ||trustees, at their discretion, have created a fund for a specific purpose| ||theexpendableendowmentfund| Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed d Income recognition All income is recognised once the charity has entitlement to the income. It is probable that the income will be received and the amount of income receivable can be measured reliably Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cashor a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of of reasonable accuracy and the title to the asset having been transferred to the charity Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio e ## Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constuctive obligation commiting the charity to that expenditure. It is probable that settlement will be required and the amount of the obligation can be measured reliably All expenditure is accounted for on an accruals basis Ali expenses are allocated to the applicable expenditure headings 5 ## Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin NotestotheAccounts - 31 August 2024 (continued) |(continued)||||| |---|---|---|---|---| ||||2024|2023| ||||£|£| |2|Congregational & Voluntary Income|||| ||General collections||505|495| ||Free will offerings and weekly payments||3,611|3,473| ||Donations - general||3,224|3.762| ||Annual & monthly payments||9,340|10.498| ||Tax recovered||3,220|3,577| ||Functions||0|0| ||Weddings, Funerals & Baptisms||364|100| ||Hall income||2,150|2,168| ||Charity Donations||326|206| ||||22.740|24.279| |3|investment Income|||| ||Unit Trust Pool||2,753|2,546| ||Bank and other interest||3,520|2,660| ||||6,273|5,206| |4|ClergyExpenditure|||| ||Clergy Expenditure|Stipend|18,008|18,008| |||Pension|1,992|1,992| |||Council Tax|1,147|1,031| |||Other|[e}
21.147|0
21,031| |5|Property Expenses|||| ||Quinquennial Fees||0|0| ||Insurance||2,251|2,513| ||Property Improvements & Additions||3.189|1,238| ||Repairs & renewals||3,790|5.114| ||Gardening
Heat& light
Cleaning||817
2,302
1,370|565
2,567
1.675| ||||13.720|13,672| ||||2024|2023| ||||£|z| |6|Church Expenses|||| ||Organ maintenance||150|0| ||Altar expenses||13|(¢)| ||||163|0| |7|Administration & Miscellaneous Expenses|||| ||Stationery & Website Costs||783|715| ||Sundries, Conference costs and Travel Expenses||1,362|467| ||Bank interest and charges
Charitable donations||389.
1,696|336
2,409| ||Pew sheets and publications||190|282| ||Accountancy Fees||330|330| ||Professional Fees||300|420| ||Flowers||247|165| ||Gift Aid allocation to Swaziland||200|0| ||Travel||455|§35| ||||5.952|5,659| |||6||| : 10 12 ## Holy Trinity Episcopal Church, Monifieth - Diocese of Brechin Notes to the Accounts - 31 August 2024 (continued) 8 ## Investments At 31 August 2024, the capital in the Property Capital Fund comprised 1.225 units The capital is not reflected in the balance sheet since the Church is only entitled to income from the fund, not capital. 9 ## Statement of Funds ||||||Boyack|| |---|---|---|---|---|---|---| |||||Mima Fox|1dowment|| ||||General|bric Fund|Fund|Total| ||||£|£|£E|| |Balance|at|1 Sept 2023|-46 935|0|10.000|-36.935| |Transfer|of|Funds||0||| |Surplus|for|period|-9,.207|0|0|-9,207| |Balance|31|August2024|-56,142|0|10.000|-46,.142| ## dim Bremner Legacy Fund During the Year2009/2010 a Legacy was received for £66,651 The fund has been set aside as a reserve for meeting exceptional items of expenditure as they arise Tthe balance on the reserve is as follows £ At 1 September 2023 65,252 As at 31 August 2024 65.252 The fund has been applied by placing £45,000 in a Fixed Rate Bond and £15,000 in the SEC unit trust pool. The value of 1939 units held at 31st August 2024 was £55,231 (August 2023 £52,957) 11 ## Debtors |Debtors|||| |---|---|---|---| |||2024|2023| |||£|£| |Taxation recoverable||3,200|3,300| |Landlord's Protection Scheme||600|600| |Diocesan Quota||0|0| |Heat & Light refund due||1,480|(e)| |||5.280|3.900| |Creditors|||| |Insurance
Quota||209
ie)|655
(e}| |||209|655| ||7|||