Alexander Sloan Accouriianis ana Llusiness Adviser ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Charlty Reglstration No. SC050307 Iscotland)
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) LEGAL AND ADMINISTRATIVE INFORMATION Trustses The Trustees li.e. the members ol the Vestry) who served during the year are listed on page 4 Charlty numb•r (Scotlandl SCO50307 Principal address 69 Paik Road Glasgow G49JE IndÈpèndent examiner Alexander SloÈn Accountants and Business Adwsers 180 St Vincent Street Glasgow G2 5SG Bankers Royal Bank of Scotland ple 23 Sauchiehall Street Glasgow G2 3AD Solicitors Mactsrfane & Go 142 St Vincent Street Glasgow G25L
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) CONTENTS Page Trustees, report Indepèndènt examinerfs report Statement of finanual a¢tivities Balance sheet Notes to the financial 51alemènt$ 9-26
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Tru51ees are pleased to present the church's Report and Accounts as a Seottish Charitable Incorporated Organisalion I SCIO") for the year ended 31 March 2022. SCIO slalu5 w8s gianled by the Office of the Scottish Charity Regulator I'OSCR.) on 22 July 2020. The comparative figures for the year ended 31 Maich 2021 iefle¢t the information as contained in the merged Accounts with the unincorporated charity. St Silas Episcopal Churth, Scottish Charity No. SC0088941, foi th8 year ended 31 March 2021. The SCIO has been established with the intention of winding up Ihe unincorporated charity and transferring its assets and liabilities, and the church'5 ongoing activiti"es, to the SCIO. At the signing date of the Accounts, this pio¢ess was tsn90ing. The financial statements have been prepared in accordance with the accounting poliryes set out in note 1 to the financial statements and comply with the charity's Conslitulion. the Chaiilie5 and Tru51ee Investment (Scotland) Act 2005, the Charities Accounts Iscotlandl Regulations 2006 la5 amendedl and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accoun15 in a¢¢oid8n¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Purposes During the financial year 2021122, the governing document of St Silas Episcopal Church, Gl8sgow ISCIOI. Scottish Charity No. SC050307. has been our SCIO Constrtution. which states that ils purpose is 'lhe advancement of the Chii51ian faith in Scotland and elsewhere through the continuance of a body of Chflstian believèrs founded on the Basis of Faith". Throughout 2021122 and after the year*nd. our mission remained to proclaim Jesus as Lord, in the power of the Holy Spirrt. so that people tum lo Him, grow in their love for Htm and for each other, and seek to serve Him wherever they go. Our main activities are the life ot this worshippin9 community in the West End of Glasgow. based in our building on Park Road, and the gifting of money to other organisalions and individvals wrth a compatiblè mission and for compatible purposes. These activities continued in the 2021122 financial year. Member5 of the congregation as volunteers undertake much of this activity in a wide variety of roles, from leading small groups lo leading worship and organising community events. Ouf buildin9s are available for community use. 11 is the policy of the Vestry lo allote a proportion 115VtTrl of the previous year's unreslncted income lo giving fo¥ the work of missionary and other Chris118n chaiilies. Piiority is given to evangelical societies with which we have 5tion9 links, and particularly to fostering long-leim links with pèople who have gone out from our church. We ask applicant5 to demonstrate a commitment. over lime. lo Sl Silas. We rèview ongoing recipients together with new applican15 piior lo the beginning of the finanaal year. We airn to allocate our givin9 to UK-based and overseas work.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achievements and p•rf0MnCg The main performance target for this year was lo hold meetings for worship on Sundays. With the lifting of restrictions associated with the Covid-19 pandemic prior to the start of this year. the church was able to meet in- person on Sundays throughout the year. In addition, this year saw the conlinualion of rnid-weèk Bible-study groups Ibased across the ctrty and at the church) and a monthly central prayer meeting. In 2021r22, our ministry trainees continuèd - providing internships that give training to Ih05e who are looking lo invest in their Christian faith ond lrfe, and especially for people who are exploring whether full lirne Christian ministry is appropriate for them in the ftrture. Three of our ministry trainees completed the training scheme in June 2021. We are thankftjl that iwo of these tiainees have decided to continLJe in full lime Christian ministry, with one starting a new role with St Silas in August 2021 as a YoLJlh Minister-in-Training. One new ministry trainee started at St Silas in September 2021, joining a ministry trainee who started previously in September 2020. We are thankful that in September 2021, an Assistant Pastor with SpthG focus on women's discipleship and pastoral care joined the staff team. Each year we are reminded how fortunate we are to have staff, lay readers and volunteers who seivè across all aspects of the work of the church. Vestry members wish to record their thanks to them, and all in thtr congrttgalion". for service, encoura9èment, prayei and ctsmmitment. RF5k Management The Vestry ieviews the risks during the year and puls miligaling actions in place. We considered.. Chur¢h building and rectory.. our church roof 15 annu8lly inspèctèd and lully insured. A new rectory was purchased in November 2015. A quinquenni81 review w8s carried out in November 2017. The report was issued in February 2018 and the Vestry is committed to maksng significant progress with the iecommendations, as appropriate. We are committed to mèeting Protection of Vulnerable Groups (Scollandl A¢1 2007 and best practice requirements for the piolection of children and vulnerable adult5. Our PVG co-ordinator ensures references and training are kept up to date. The Trustees have a5se55ed the major risks to whi¢h the charty is exposed, and are satisfied that systems are in place lo mitigate exposure lo the rnajoi risks. For Spiritual risks, we are content to put our twst in God. Flnanclal revlew Principal sources of fvndiA The income of the church comes almost entirely from free giving by members of the congieg8tion. Results forthe year The finanaal statements for the year are set out in pages 6 to 24. The Slalemenl of Fin8ncial Aetiwties on page 6 reflects Net Expenditure l%.e. a Defieitl of £48,116 12021.. Surplus £32,3591 wrth the General Fund reporting a Surplus of £18,610 before tiansfeT512021.. Surplus £51,813). Al 31 March 2022, the church had total fvnds of £1,731.142 of which £1,567,091 192%>, as indicated in Note 21, wa5 lied up in Fixed Assets. We continue lo support fairtrade- our fairtTade stall generated income of £10.03212021". £12,031). Resèrvès Poliey 11 is the poli ol the church lo maintain Unreslri¢ted Funds, i.è. lunds not committed or invested in fixed assets, at a level which equates lo between Iwo and four tnonlhs of commrtted unrestricted expenditure. Per the General Fund within the Statement of Financial Activities on page 6, the chur¢h's Unrestricted Funds at 31 March 2022 amounted to £134,759 which was acceptable to the Vestry.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) TRUSTEES, REPORT (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2022 Grant making policy The church tnakes grants frorn its gifted income lo organisalions and Individuals that a generally known to the Vèstry 8nd the church. The beneficiaries are involved in activit5 or tninislrie5 wmpatible with the church's objedives. Plans for futurè pèrtods OUT plans remain to hold iegtJl8r meetings for worship and to continue the wide range of activities that constitute our life as a woishiping community. Since the change in lègal requirements. we have been able to support this irs the church building again. The aims of the church continue lo centre round three objectives.. Rèaeh, Grow and Send, with the aim to.. * leach as many people as possible with the news of Jesus Christ. By serving others- expressing o¢Jr faith through love- and speaking of Christ, our desire is lo bring people into his family. help each other grow in our relationship with our heavenly Father. knowing Him bètter by His word and growing together as a loving community of His people, in order that we might serve the Loid in thè world. equip every Christian to serne Jesus faithfully for a lifetirne. We are 8 sent people whether we 8re sent into the workplace, our neighbourhood, or out on the global mission field. We will therefore train and resoufce men and women to sèrv9 our city, nation and world. We continue to run 3 nutnbeT of events and ¢ontinue to WO in partnership when serving others. Our links continue with Glasgow Cty Mi55ion. Structure, govemance and management St Silas Episcopal Church, Glasgow ISGIOI llhe chur¢h) is a Scottish Charity (No. SC0503071. registered by OSCR on 22nd July 2020. The church premises are located at 69 Park Road, Glasgow G4 9JE. St Silas is affiliated with the worl¢tside Anglican Communion ol churches thr()ugh thè Anglican Convocation in Europe IACEI (Charity No. 11993811, which was inaugurated on 22nd February 2021. St Silas is a founding merllbei olACE, through which episcopal oversight is provided. Through ACE we are thankful to be able tojoin in fellowship and mission with other likeminded chur¢hes. Under the leadership of the Rector, thè clergy, staff team and Vestry have responsibility for the spiritual 8nd temporal affairs of the church. Spiritual oversigl)t is provided by the Bishop of the Anglican Convocation in Europe IACEI. The church ha5 Patron5 whose fole is to support the Vestry in the appointment of a Rector. Vestry members have power lo amend the con51ilulion1subject to the prior agreement of a majority of Patrons in respect of any amendment lo the following.. the purposes of the church, its Basis of Faith, qualifications for membership, the appointment of Patrons and the Process for appointment of 3 Rectoil. Hentable propety is held in the name of the SCIO. Governing Document Throughout 2021122, the church operatèd under the Constitution of St Silas Episcopal Church, Glasgow ISCIOI, as issued in June 2020. Trustees For the purposes of charity law, the fflembers of the Vestry are regarded as the church's Trustees, as shown below. th the exception of the Rector, who is a paid member of staff. all Vestry members are ele¢ted by the church at the Annual Business Meeting. The Clerk and the Finance Director are elected for an indelinile term of office, but have no VL¥te', other members are elected for a three-year term with a maximum of iwo continvous terms possible. New Vestry members are provided with inductTon material as to their role on Vestry and as charity Trustees". thèy are supported by the Chaii and as required. Vestry and staff have an away-day each year to discuss pray for the year ahead.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Referèneè #nd administrative details Vestry The followffng Vestry members We eilherin Offi duFFng the firpanclal year 2021r22 orthrough to when this report wasa roved. Vestry clerk Inon-votingl lappointed 15 June 20201 Financè Director Inon-votingl Financè Dir•etor Inon-volingl from August 2019, resigned February 20221 appointed February 20221 ther Cler (Curalel from Juty 2018 until June 2022 Staff Minis trainees Key management personnel Responsibility for management of St Silas and ils day-lo-day operations is entrusted by the Vestry to the Rector. All other staff are accountable to the Rector. The Vestry, as the governing body of Sl Silas, prowdes oversight and bears ultimate responsibility for the temporal affairs of the church, including legal complianee and fiscal accountability. No iemuneralion was paid lo the Vestry in their roles as Trustees. See also Note 11. The Tiustees, report was approved by the Btsard tsf Trustees.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST SILAS EPISCOPAL CHURCH, GLASGOW {SCIO) I report on the financial slalemenls of the charity for the year ènded 31 March 2022, which are sel on pages 6 10 26. Rtspectlve responsibilitiès of Trust••s and examlner The charity's Trustees are responsible for the Preparation of the financial statements in accordance with the leTrnS of the Charities and Trustee Investment Iscotlandl Act 2(105 and the Charities Accounls (Scollandl Regulations 2006 las amended). The charity Trustees consider that the audit requirement of Regulalion 1011llal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibilrty lo éxamine the financial statements as required under section 44111{cl of the Act and to slate whether particular rllatters have come to my attention. Ba$1$ of Independent examinerfs ststsment My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination indudes a review of the accounting records kept by the charrty and a comparison of the financial statements presented with thtsse rècords. It also includes consideration of any unusual rtems or disclosures in the financial statements, and seeks explanations from the Trustees concerning any such rnotters. The proeedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not expièss an audit opinion on the view given by the financial $18tèments. Independent examinerfs statement In connedion with my examination. no matter has cotHe to my attention.. lal which gives me reasonable eause to believe that in any material respect the requirements.. to keep accounting records in accordance with sedion 44111 (al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations,. and lill to prepare financial statements which accoid VAth the accounting records and compty w(¢h Regulation 8 of the 2006 Accounts Regulation5'. havè not been mel or Ibl to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the financial statemènts to bè reached. Alexander Sloan Accountants and Business Advisers 180 St Vinceot Street Glasgow G2 5SG 17111/2022 Dated..
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Current financlal yèar Unrestricted Unrestricted Restricted funds furhds funds 9•ntral dèslgnated 2022 2022 Total Total 2022 2022 2021 Income from: Donations and legacies Incorne ffom charitable activities Other trading activities Investments 310,701 9,096 10.357 23 5.000 13.500 315,701 22.596 10,357 23 336,419 7.852 12,031 24 Totsl Incom• 330,177 18.500 348,677 356,326 enditure on: Expenditure on raising funds 11,491 11,491 10,500 Cost of charitable actwities 300,076 52,268 32,958 385,302 313,467 Total expendltur• 311,567 52,268 32,958 396,793 323,967 Net incomellexndltuf•I béftsrè transfers 18,610 152,268) 114,458) {48,1161 32,359 Gr(>ss Ir8nsfers between funds 21 1255,3171 255,317 Net movement in funds 1236,7071 203,049 114,4581 {48,1161 32.359 Fund balances at 1 April 2021 371,466 1.384,042 23,750 1,779,258 1,746,899 Fund balances at 31 March 2022 134,759 1,587,091 9,292 1,731.142 1.779.258 The slalemenl of ftnancial activities includes all gains and105ses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 9 to 26 form an inlegTal part of these finan¢ial slatèmÈnl$.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Prior financial year Unr•strlctsd Unrestrlcted Restricted funds funds fund¥ general designated 2021 2021 Total 2021 2021 Notès Income from.. Oonalion5 and legacies Income from charitable activities Other trading activities Investments 315.017 220 12.031 24 2t,402 7,632 336,419 7,852 12,031 24 Total income 327,292 29.034 356,326 nditure on- Expendrture on raising funds 10,500 10.500 Cost of ch81itable activities 284.979 38,704 9,784 313,467 Total expenditure 275,479 38.704 9,784 323,967 Nèt Incomellexpenditurel before tran¥f¢rs 51,813 138,704) 19,250 32.359 Gr05$ Ir8nsfèrs behyeen funds 21 1,301 11,3011 Net movement in funds 53.114 140.0051 19,250 32,359 Fund balances at 1 April 2020 318,352 1,424.047 4,500 1,746,899 Fund balaneè$ at 31 March 2021 371,466 1,384,042 23,750 1.779,258 The 51alemenl of financial actiwt¢es indudes all gains and1055es Tecognised in the year. All income and expenditure derive from continuing activities. The notes on pa9es 9 10 26 form an integral part ot these financial statements.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Notes Fixed assets Tangible assets Currènt assets Slod(s Debtors Cash al bank and in hand 13 1,781,008 1,830.907 14 1S 1.fj49 48,648 118,757 942 42.795 132.270 169,054 176,007 Creditors: amounts falling due within one year 17 132,495) 126,4701 Net current assets 136,559 149,537 Total #$¥ets le$$ current liabilities 1,917,567 1,980.444 Creditors: amounts falling due after more than one year 18 1186,4251 1201,186) Net assets 1,731,142 1,779,258 Income funds Restricted funds Unrestricted funds Designated funds General unreslri¢ted fund5 20 9.292 23,750 21 1,587,091 134.759 1,384,042 371.466 1,721,850 1,755,508 1.731,142 1,779,258 The financial ststèmenls were approved by the Trustees on 16 November 2022
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Aecounting policies harity infomiation St Silas Episcopal Church. Glasgow (SCIOI I'the charity") is a registered Scottish Charty INO. SC0503071. The ¢haiity's office address is 69 Park Road, Glasgow G4 9JE. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Constitution. the Charities and Trustee InvestFnent (Scotlandl Act 2005, the Charits'es Accounts (Scotlandl Regulations 2006 las arnendedl and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2Q191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the proMsions in thè SORP for charities applying FRS 1(12 Updatè Bulletin 1 not to preparè a Stslemènt of Cash Flows. The financial 51alemenls are prepared in sterling, which is the functional currenry of the charity. Monetary arnount5 Ip these financial statements are rounded to the neast £. The financial statements have been prepared under the historical cost convention. The prinapal accounting policies adopted are set out below. 1.2 Golng concern Al the lime of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The Trustees consider the a no material uncertaintiès about the eharity's ability to continue as a going concem. Thus the Trustees continue to adopt the going wn¢ein basis of accounting in piepaiing the finanaal statemènts. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside al the discretion of the Trustees for 5pecffic purpose5. The purposes and uses ol the designated funds are set oul in the notes lo the financial stalemenls. Reslii¢ted funds are subject lo speafic conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. IA Ineom¢ Income is recognised when the charity is legally entitled to it after any perfomance conditions have been met, the amounts can be measured reliably. and il is piobable that income will bé recéived. Donations and Legacles Cash donations arè ieeogni$ed on receipt. Othèr donations are recognised once the charity has been notified of the donation, unle55 performance conditions require defeiial ol the amount. In¢ome tax recoverable in relation to donations received under Grft Aid is recognised at the time of the donation. Lega¢ies are recogni5ed on receipt or otherwise if the charity has been notified ol an impending dislribulion, the arllounl is known, and receipt is expected. If the amoL*nt is not known, the legacy is Irealed as a contingent asset.
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policie5 Icontlnuedl Glft Aid In¢ome tax recoverable on Gift Aid donations is recognised when the iespedive donation has been recognised and the recoverable amount of income tax can be measured reliably.. thi5 is normally when the donor has completed the relevant Gift Aid dedaration form. Incorne lax recoverable on Gift Aid donations is allocated to the same fund as the respective donats'on unless specffied by the donor. In¢ome from Charitable Activities Incorlle from charitable activities includes income earned both from the supply of goods or services undei contractual arrangements and from performance-related grants which have condition5 that sPefy the provision of particular goods or sèrvices to be provided by the charrty. Income ITOM charitable activities 1$ recognised as eamed las the Felaled goods or services are prowded}. Other tradlng actlvitlas Income from other trading activitiès indudes income earned from both trading actiwties lo raise funds for the charity and income from fundraising events and is recognised when the charity has enlillemenl lo the funds. il is probable that these will be received 8nd the amoLJnts can be measured reliably. Investment Incomè Interest on funds held on dèposit is included when receivable and the amount can be measured reliably by the charity., this is nom)ally ut)on notffication of the interest paid or payable by the bank. 1.5 Expenditure Liabilitiès are recognised as expenditure as soon as there 15 8 legal or constructivè obligation committing the haiity lo that expenditure, it is probable that settlement will be required 8nd the amount of th8 obligation can be measured or estimated reliably. Liabilities are measured on recognition at historical cost and then subsequently measured 81 the best estimate of the amount required to settle the obligation at the reporting dale. The exception is that certain financial instfuments must be adjusted to their present value,. these include financial liabilities where settlement is deferted for more than 12 months after the reporting date. All expenditure is 8ccounled for on an accruals basis. All expenses induding support costs and govemance costs are allocated or apportioned to the applicable expendrture headings. Ralslng Funds Expenditure on raising funds includes all expendiluie incurred by a charity to raise funds for its charitable purposes. It includes the costs of all fundraising activities and events togethèr wrth those costs incurred in seekin9 donations, grants and legacies and investment m8nagemenl costs. Charltsble activities Expenditure on charitable activities includes all c051s incurred by the ch8rrty undertaking actiwties that further 115 charitable aims for the benefit of its beneficiaries, including those support costs and ¢osts ielating to the governance of the charity apportioned to charitable aclivilies. The costs of charitable activities presented in the Statement of Financial Adiwlie5 InGludes the costs of both diiecl serwce provision and the payments ol grant awards if applicable. Governance costs Governance cos15 (which are included as a component of support costs in accordan with SORPI cornprise all costs involving the public accounlabilily of the charity and its compliance with regulation and good practice. These cos15 indude those related lo constilulional and statutory rèquirements, extemal scrutiny {audit or independent examination), strategic management. and other legal and professional feès. 10-
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl Irrecoverable VAT Irrecoverable VAT is tharged against the expenditure heading lor which it was incurred. Taxation The church is recognised as a charity lor the purposes of applicable taxation legislation and is therefore not subject lo taxation on its charitable actiwties. 1.6 Tangible fixed assets Tangible fixed asse15 are initially measured al c051 and 5VbsequenY measured at ¢osl or valuatitsn, net of depie¢ialion and any impairrnenl losses. Depreciation is iecognised so as lo write off the c05t or valuation of assets less their residual values over their useful lives on the following ba5es'. Rectory Building Fixtures, fittings and equipment 20h straight lino Electronic Equip 25Y., Other Equip 20°A, Furnishings and Fittings 10% straight line 2°/0 Straight line 2°h slr8ighl line Chufch Building Chureh H811 The church building was brought on lo the ¢hureJ)'s Balance Sheet during the year ended 31 March 2011 at £500,000 representing the Ve51ry's e$lim8le of tllaikel valuè. Depreciation was applied to the church building for the first time during the year ended 31 Marth 2012 at the latè of 2¢1ts pèr annum The gain or 1055 arising on the disposal of an asset is deleirnined as the drfference between the sale proceeds and the carrying value of the asset. and 15 recognised in nel incomellexpendilurel for the year. 1.7 Impalm)•nt of fbxed assets Al each reporting end date. the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indicats'on that those assets have suffered an impairment loss. If any such indication exists, the recoveiable arnounl of the asset is estimated in order to determine the exlent of the ImpalmnI loss lif any}. 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less costs lo complete and Sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing th& stocks to their present locats'on and condition. Items held for distributs'on at no or nominal consideration are tneasured the lower of replacement cost and cost. Nel realisable value is the estimated selling price less all eslimaled c051$ of ¢omplÈtion and costs to bè incurrèd in marketin9, selling and distribution. 1.9 Cash and cash Èqulval•nts Cash and cash equivalents indude cash in hand, deposits held at call with banks. other short-lerm liquid investments with original maturities ol three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in eurrenl liabilities.
ST SILAS EPISCOPAL CHURCH, GLASGOW {SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 1.10 Financial instruments The chaiily has elected to apply the provisions of Section 11 'B8sic Fin8nci81 Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of 115 financial inslrumenls. Financial instruments are recognised in the charity's balance sheet when the charity be(x)ffles party lo the contractual provisions ol the instrument. Financial assets and liabilities are offset, wth the net amounts presented in the financial slalernents. when there is a legally enforceable light to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc IlftanciTalassets Basic financial assets. which include debtors an(S cash and bank balances, are initially measured al transaction price including transaction costs and are sbseqUeNtIY cafried at amortised cost using the effeetive interest method unless the airangemenl conslilutes a finaneing transaction, where the transaction is mèasured at the present value of the fLrture receipts discounted al a rnaikel ratè of interest. Financial assets d8$sified 8s receivable within one year ale not amortised. Basic financial liabilities Basic financi81 liabilities, induding creditors and bank loans are initially iecognisèd at transaction price unless the atrangemenl constitutes a finanang transaction. where the debt instrument is rneasurèd at the present value of the future payments discounted al a market rale of interest. Financi81 liabilities dassified as payable wlhin one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliér5. Amounts payable are dassified as current liabilities rf payment is due within one year or less. 11 not. they ale piesented as non-cuirent liabilities. Trade creditors are recognised initially at transaction pri¢e and subsequently tneasuied at amtsttssed cost using the eflects've interest method. DerecogniT¢ion of financial liabilities Financial liabilities are deTegnised when the chaiity's contractual obligations expire or are discharged or Cancelled. 1.11 Employee benefits The cost of any unused holiday enlitlernenl is reco9nised in the pèriod in which the employee's services are re¢eived. Termination benefits are recognised immediately as an expense when the charity is demonstrably eommittèd to terminate the employment ol an employee or to provide termination benefits. 1.12 Retirement bènéfits The charity participates in a defined contribL*tion scheme. The pension cost induded in staff costs represents the contributions payable by the charity during thè yèar. See also Note 11 and 23. 12
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are ctsnsidered lo be ielevant. Actual result5 may differ from these estimates. The estimates and underlying a55umplions are reviewed on an ongoing basis. Revisions to 8e¢ounting estimates are recognised in the period in which the eslirrale 15 ievi5ed where the revision affeds only that period. 01 in the peiiod of the revision and luture peiiods where the revision affects both ourrenl and future pèriods. Donations and legacl•s Unrestricted Restricted funds funds general 2022 Totsl Unrèstricted funds general 2021 Restricted funds Total 2022 2022 2021 2021 Donations and gifts Legacies receivable 310.701 5,000 315,701 310,017 5,000 21,402 331,419 5,000 310,701 5,000 315,701 315,017 21.402 336,419 Donatlons and gifts Ordinary freewill offerings Don81ion5 {including Gift idl Giwng through Agencie5 Tols income 6,248 6,248 4,529 4,529 280,162 24.291 5,000 285,162 24,291 258,539 46.827 122 21,402 279.941 46,827 122 310,701 5,000 315,701 310.017 21.402 331.419 13-
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Income from charitable activities 2022 2021 Youth activities Events income Perfoirnance related grants Hire of church halls 760 7.181 13,500 1.155 220 7,632 22,596 7,852 Analysis by fund Unre51ricted funds- general Re$lri¢led funds 9.096 13,500 220 7,632 22,596 7,852 Pèrfomiance related grants Coronavirus Job Retention S¢heme The John Paton Foundation 1,632 6,000 13.500 13.500 7,632 Other trading activities Unre$tricted Unrestricted funds funds general general 2022 2021 Bookstall income One off fundraising events Trading aCtI11Y income.. (Fairtrade stall) 240 85 10,032 12,031 Other trading activities 10.357 12,031 One off fundraising event income for the year endsd 31 March 2022 indudes £85 frorn the Nearly New Kid's sale. 14-
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Investments UntrICttd Unrèstricted funds funds general general 2022 2021 Interest receivable and dividends 23 24 Expendlture on ralsing fund$ Unrestricted Unreslri¢led fund5 funds general general 2022 2021 Bookstall expenses Traid Craft expendituie 249 11,242 45 10.455 Total 11,491 10,500 11,491 10,500 15
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Cost of charitsble activities 2022 2021 Staff costs Depreciation and impairment Piemises costs Running costs Motor and travel costs Payroll costs Inte$1 and finan charges Governance costs 139.886 52,268 78,033 39.170 873 896 1.805 29,218 123,334 55,005 45,285 35.602 443 1,164 1.329 12,523 341,949 274.685 Grant payable (see note 9) 43,353 38,782 385.302 313,467 Analysis by fund Unrestricted funds- gene[81 Unrestricted funds- designated Restflcted lunds 300.076 52,288 32,958 264,979 38,704 9,784 385,302 313,467 16-
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Grants payabl• 2022 2021 Grants to institutions,. Navigatofs Scripture Union Tajikistan SeNing in Mission (SIM} The Vvheel Trust Glas9ow City Mission New Destiny. Biazil Friends Int&mational OM Hillhèad Primary School St Columba's Free Church of Scotland Scripture Union Scotland Crosslinks OMF UCCF Other 4.000 4.000 5.333 4.000 4.000 4,000 4.000 1.217 342 2,667 530 3,932 3,900 6.175 3,900 6,044 3.900 3,190 3,900 2.904 I,ooo 3,804 2,800 1.152 13 41.921 38,782 Grants to individuals12 grants) 1,432 43,353 38,782 Analysis of Othèr Hardship Grant Safe in Swtland Tearfund Yemen CPAS 1.432 1,562 15491 11,000} 1,432 13 10 Tru$tsès None of the Trustees receThied any remuneration or reimbursed expenses in their role as Tiuslees. Details of remuneration paid lo the church's Rector offi¢io, are provi(*ed in Note 11. Trustee and Chair of the Vestry 8x 17
ST SILAS EPISCOPAL CHURCH, GLASGOW {SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Employees The averagè monthly number of employees during thè year was.. 2022 Number 2021 Number Stsff Employment costs 2022 2021 Wages and salaries Social security costs other pension costs 116,326 4,460 19.100 99,832 7,167 16,335 139,886 123,334 During the year ended 31 March 2(122, the gross remuneration of the Rector amounted to £33,803 compiising stipend 01 £27,594 {2021 £26,999) and employer pension conlributions of £6.209 12021 £6,0751. As part of his employment conditions. the Reelor lives in thè Rectory. During the year ended 31 March 2022, th8 churd) paid council lax of £2,38212021 - £2.3691. There were no employees whose annual rernuneration was £60,000 01 more. 12 Net Incom1&Xpediture for tht yoar 2022 2021 Nel incomel{expenditurel for the year is stsled after charging: Independent Examination Dtrprè¢ialion of owned tangible fixed 8ssels 8.971 52,266 4,523 55,005 18
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2022 13 Tangible fix•d asstts Rectory 8ulldln9 FlxtLire5. ffttlng$ and 8qulpm8nt Church Church Hall Bulldlng Total Cost At 1 April 2021 Additions 420,718 198,001 2.369 500,000 1,297,745 2.416,464 2,369 At 31 Mai¢h 2022 420,718 200,370 500,000 1.297.745 2.418,833 Dèprèelation and impaim)ent Al 1 April 2021 Depreciation charged in the year 44,876 8,414 181,091 7,899 100,000 10,000 259,590 25.955 585,557 52,268 Al 31 March 2022 53,290 188,990 110,000 285,545 637,825 Carying amount Al 31 March 2022 367,428 11.380 390.(X)0 1,012,200 1,781,008 At 31 March 2021 375,842 16,910 400.000 1,038.155 1.830.907 14 Stocks 2022 2021 Finished goods and goods for resale 1,649 942 15 Debtors 2022 2021 Amounts falling due within one year.. Other debtors Prepayments and accrued income 39,939 8.709 35,007 7.788 48,648 42,795
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 16 Loans and ovèrdrafts 2022 2021 Bank loans Other loans 193,917 6.000 203,374 9,000 199,917 212.374 Payable within one yeaf Payable after one year 13,492 186,425 11,188 201.186 Congregatlonal Loan Al 31 March 2022, an interest Iree loan of £6,000 12021 £9.(X)01 remained repayable lo a friend of the church over 2 years. Rectory Loan A new rectory was bought in November 2015 using a £250,000 bank loan repayable over 20 years. On the rectory being Iransferied to the SCIO, a new loan of £196,500 was advanced in December 2021. 17 cdItO. amounts falling due withrn onè yèar 2022 2021 Not•s Bank loans Other borrowings Othei taxation and social security Trade creditors Other creditors Accruals and deferred income 16 10,492 3,000 2,393 1,562 336 14,712 8,188 3,000 1,399 2,652 11,231 32,495 26.470 18 Creditors: amounts falllng dve aftèr more than one year 2022 2021 Notes Bank loan5 Olhei boirowings 16 183,425 3,000 195.186 6,000 186,425 201.186 -20-
ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 19 Retirement bènèfit scheme$ Dèfined eontribution schemes The charity operates a defined ¢onliibulion pension Scheme ft>r all qu8lrfying employees. The assets tsf the scheme are held sep8r8lely from those of the chaiity in an independently adminisleied fund. Thè charge lo the Statement of Financial Activities in respect of defined contribution schemes NEST and Halifax (Scottish Widows) was £19,1(KJ12021 £16,335}. An accrual of £231 was included in the total pension cost as al 31 March 2022. 21
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ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 21 Designated funds The income ftjnds of the charity include the followng designated funds which have been sel 8side oirt of unre5tiicted fund5 by the Trustees foi speafie purposès.. Balance at Expendrturg 1 Aprll 2020 Tran$ferts alan¢t at Expondlturo l April 2021 Trnn5fers Balance at 31 March Chufch Building Fund Church Hall Fund Rectory Fund Fixtures, Fittings and Equipment 410,000 110,000) 400,000 {10,0001 390,000 852.306 161.741 120.2901 18,414) 11,301) 830,715 153,327 {25,9551 18.4141 207,440 28,598 1.012,200 173,511 17.8991 19,279 11,380 1.424,047 138,704) {1,301) 1,384,042 {52,2681 255.317 1.587.091 Purposès of Designated Funds Each of the above Funds collectively rePsent thè net book value of the charity's fixed as5e15 less boirowin9S and excluding the fixed assets as held by the General Fund. See also Note 21. During the year ended 31 March 2022, the General Fund transferred Fixed Assets of £245,860 comprising111 £207,440 to the Church Hall Fund 121 £19,141 to the Rectory Fund and131 £19,279 to the Fixtures, Fittings and Equipment Fund in order to align the Net Book Value ot the fixed assets represented by these Funds. The General Fund also transferred £9,457 to the Rectory Fund fepTesenlin9 the capital component of loans repaid during the year relating to the Rectory. -24-
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ST SILAS EPISCOPAL CHURCH, GLASGOW (SCIO) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 23 Rèlated party transactions Robin Silson was a member of the Vestry from June 2020 until June 2021 and is employed by St Columba's Free Church of Scotland. From August 2021 to March 2022, the rhurch donated £2,667 12021 £nill to St Columba's Flee Chur¢h of Scotland. Vestry members who receive funding from the church or are connected lo charities that receive funding withdraw ffom Tneelings when funding decisions take place. 26-