St. Marfs Episcopal Church. Aberdeen Scottish Charity No: SC014062 Annual Report and Financial Statements for the year ended 30 September 2024 St. Marfs Episcopal Church Annual Report and Financial Statements for the year ended 30 September 2024 Contents Page Reference and Administrative Information Trustees, Report Independent Examinerfs Report 6-7 Receipts and Payments Account Statement of Balances Notes to the Accounts 11>13 St. Marfs Episcopal Church Reference and Administrative Information Prfncipal Address St Marf5 Episcopal churth Carden Place Ai*rdeen ABIO IUN Scottish Charity Nurnber SC014062 Charity Trustees Members of thÈ Vestry: Ordintiry membEr5-. Bankers Virgin Money l Queen's Cros5 Aberdeen AB15 4XU Independent Examiner St. Mary's Episcopal Church Annual Report of the Members of the Vestry The vestry is pleased to present the annual actx)unts for St Marf5 Epi￿0paI Church for the year ended 30 Septèmber 2024. ArtSVitles aThl Achievemer St. Mary s maintains and utilise5 for its wel￿10U5 services and other acti¥ities a Grade Al¢st￿ buildin8 on CaFden Place, Aberdeen. The congregation forms part of the Scottish Episcopal Church and dhere5 to the Canons of that church. Regular servi￿$ are conducted on a weekly basis in addition to the major churth festivals. HO￿ Eucharist is held every Sunday at 8 am and 10 am aThd a further service is held each Wednesday. Sttjdy coursÈs and mèdrtations are held during the yèar. St Marf5 became the Prtxathedral of the Diocese in Septern￿r 2020 due to the temFtJrary closure of St Andre￿S Cathedral. Worship recommenced in St Andre￿& in N￿ember 2021 wth St Marfs remaining the P￿Cathedral. Since the resignarion Bf -,hc rictor in June 2023 services have continued thanks to the efforts of our A55i5tan 5UPPOrted by a team of tlergy member5. The vestry is currentl¥ in di5CUSStons with the Diocesan Bt5hop with Tegard to finding a new rertor. Social and charitable activrties have continued along with online actNities such as competltions for photography and poetry. The buildings committee fLKU5ed on the plannillgfDr a new East Garden Area during much of the year. The projett is intended to recknfy a number of problern5 in the east area ofthe church ground5 throush the repair and repla￿ment of a damaged drninage system. repair and replacement of the pN3th and access steps and the relandscaping and replanting of a derelict garden border area. The project was successfulty put foThMrd for planning permiSs￿n during late 2024. Insurance requirements nece55ttated an asbe5t05 survey which led to remediation works in the choir ve51ry in the early part of 2024. During the yeaT the vestry had to consider the future of the rectory when dry and wet rot Was discovered at the front and rear of the house. P￿servation works were undertaken and the house was prepared for sale, placed on the market in Aueust 2024 and sold in April 2025. The vestry is working lo purchase a Tep1a￿rnent proFxrty. The diocesan library was su￿ssfvElY dispe￿ durin8 the earty part of 2024 as was the orginal diocesan plan. financtal Review Ouring the financial sEarthe church athieved a surplu5 of £25.105. £8.231 of this relates to unrestricted general funds which are derived principal￿ from donat.ons and collections. The surplus of £16,874 on restricted funds relates to the re￿ipl of fabrK giants to ￿ %￿nt on forthcoming projects. At 30" September 2024 the balance on unrestrtcted resèThes was £SO.82812023 £39.9681 and on rostricted reserve% was £18.74512023 £4.5￿). Reserves The vestry is keen to replÈnish church reserves which have been depleted in recent years. The church has been successfLEI in securing grants to fund repair and ￿￿lfbiShMent projetts and continues to apply for funding for ongoing work. Investments The church's sole investment is in the Scottish Episcopal Church Unit Trust Pool I-UTP'I, adMiniste￿d by Baillie Gifford. The investment w)licy of the itrp is to earn a return on the assets. over the Ions term, suFficient at leasi to maintain the reo1 value of the distribLrtion to unFt holders. The UTP ha5 developed an ethical investment polry. No investments will be made in companies who derive more than 15% of their revenue from tobacco, gambling or amamènts. The majority of tt5 funds are invested in UK equities. StnKturÈ, Governante and Management St Marfs is an unincorporated association and a member congregation of the Di¢xese of Aberdeen and Orkney in the Scottish Episcopal Church. It is therefo￿ governed by Canon law of the Scottish Epistopal Church. For the purposes of charities law. the members of the vestry are the charity trustees of the church. Apart from the Rector, ordinary vestry members are elected by the congiegation at the annual geneial meeting. Where insyfFicient nominations are feceived to Feplace those ordinary members retiring by rotation, the vestry may. following discussK)n. co-opt addttional members as required. Vestry members usually serve for a term of three year5 and may Serve for a maximum of two consecLrtive terms. The ftectoffs Warden is appointed by the Rector and the PeDple'5 Warden by the congrègation. The Secretary and Trèasurer are appointed by the vestry annually. The Rector 15 chosen by thè vestry and appointed by the Bishop of the diocese. Vestry Responsibilities The vestry 15 re5F)onsible for managing arhd Safeguarding the assets of the church and assists the Rector Én matters affecting the SPifTtual welfare of the congregation. It is also responsible for keeping proper accounting records and ensuring that the accounts are prepared in accordance wtth the terms of the Charities and Trustee Investment Iscotlandl Act 2(K)5 and the Charitles Accounts (Scotlandl Regulations 21X)6. The vestry iegulady considers the risks faced by St Marfs and ensures that appropriate risk mana8ement procedures are in place to mitigate those risks. These include protectiorb of vulnerable groups. safe use of buildings. elettTical inspections and relevant insurances. Rel•ti•)nship ￿7th Diocese and pr￿lIn¢e St Marfs supports the d￿ese and prownce through the PaVTnent of an annual quots which is assessed for each church according to its financial means. In return, the Province and dlocese providè the pastoral oversight of the 8ishop, central support funrtions at diocesan level and grants are available for specific needs from central fund& The church is rèpresènted at the Diocesan Synod by the Rertor and the lay representative who re￿rtS back to the congregation. oJrrent￿ one mernber of the congregation has been elected by the Diocesan Synod to the General Synod of the Scottish Ep￿co￿l church and can ser¥e for up to two term5 of four years. The lay representative also 5er¥es on Dbxesan and Provincial commrttee Conclusian St. Marfs is an actwe participant in both its parent t*)dy. the Scottish Episcopal church. and its community which extends beyond the lo¢al concept of a par￿h, including adherents from the surrounding residen￿5 and businesses and all parts of Aberdeen City and Aberdeen5hire. The member5 of the vestry would like to thank all those who contribute their time, energy ènd money so generously to enable the Church to contTrnue to floLtrish in our community. On behall of the vestry. RF.P()RT BY THE INDF.PF.NDF.Nr EXAMINER TO TFtE TRusfEES OF ST. MARYIS EPISCOPAL CHURCH, ABERDEEN I report on the accounts olthc charity for thc year ended 30 Septcmber 2024. Rospec¢ive responsibiltt*s of trwstees aBd C￿￿￿￿er The charity's lTr￿t￿$ aT¢ r¢sponsible for the pr¢Erdration of thc a￿O￿Thts in acwrdance with the t¢rnJs of Charilies ar￿ Tn￿1¢¢ Investsneni (Scoiland) Aci 2005 aNI the Charities Accounts IS¢odand) R¢gulatsons ?IM16 {as a¥tt¢ThJ¢d). Th¢ tn151ccs mid¢r thai th¢ audii r¢quir¢m¢nl of Rcgu]alion 10(1) (d) ofthc 21K)6 Regulations dtts not apply. It is my r¢swtLsibility to cxamine th¢ accounts as required ￿￿ler section 44(1) (¢) of the 2￿5 Aci aNI to stst¢ wlth particular m£illrrs havc to my aiientio Bxsi8 of iAdepe#dtnt txamitter's sl*temeot My exaMI￿tion is ¢artied ow in a(￿rdance with Regul￿10￿ I l of 2[K￿ Ac¢ounts Regul￿10￿$. An Cxamination I￿ludeS a rcvicw of thc accounting rccords kcpi by thc clwity ond a compaFYSOn of th¢ accounts pres￿Il￿ with ihosc rccords. Ii a150 includes ¢onsid¢r&ion of any unusual it¢ms or di8LIos1￿S in th¢ accoun￿ a[￿ s¢¢ks ¢xplanations from th¢ trust¢¢s conccrning any such mall¢rs. The procedures undcrtakcn do noi provid¢ all ¢vid¢n¢¢ that would bt Tcquircd in an a￿11¢ and consequ¢ntly I do not ¢xpr¢ss an audit opinion on thc view giv¢n by the a￿Ounts. Independent exarniner's stateme•t In th¢ ¢ourse of my ¢xaminatio￿ ￿ matlu has com¢ to my ailcntion: l. which 8ives me rea￿nable cause tt) klieve in any material r¢S￿l the requirements: lo k¢¢p a¢¢ountillg re£oTds in accorda￿¢ with Se¢tioD 44(1) (a) of th¢ 2005 A¢t aKI Rcgulation 4 of the Accounts Regulation% aNI to prepare accounts wbicb accord with the accounting records arrfl comply with Regulation 9 olthe 2006 Accounts R¢gulations' have not tneL or to Whic￿ ill my opinio￿ aiiclltion Sh(A￿d ￿ drdwll in order to enable a pro￿ undustanding of the accounts to be reacheard of tru￿£C5 and for no other pun>ose. To th¢ full¢81 ¢xtent ￿t￿l￿ed by law: I da not arccpl or assumc rC5￿15]bilI￿. to MftyorK other tlk the clwity and the charitv's oftrust¢¢s as a bcxl). for my 01 lor this Teport. FPEF•JLX2 ST MARYS EPISCOPAL CHURCH SC014062 SCR Recei arhd nts accounts rh.4rfft.. ot 2023 3D 5eptembor Section A Statement of receipts and payments Unrestricted Resthctrd EAPEndable Pein￿￿ent Totsl fund5 Totsl lunds last A1 1,526 and S bJbJi 1355 Al Sub iotal 74107 111,574 pr￿￿É￿dSfrorn s*&of fiXE￿a￿￿EtS PTts*ds lffjthgaèorFn¥ÈSln￿Ls 19a6T 7<107 111.574 ExpÈrtsÈs Gros8 trath[￿ paym8rt5 407 48255 122 10 123A21 Pu￿h￿sE ol Irt4esfftnts 124421 1&874 Trnnslers toilfrrffllftMM su￿/{￿8r￿￿ forJ*4r ST MARYS EPISCOPAL CHURCH Scction B Statomenl of balances SC014062 EV￿￿1b e Petmartcnt TLtsI laEt puna 81 C&•hlunda 45fy1 50.315 1&874 105 111,un 1174S 0￿5)) Sr￿E Td 8vJ 83 Totsl Ils Tollll B5 Ikibi1kn5 Pnnt Nan gl APPENDIX2 ST MARYS EPISCOPAL CHURCH SC014062 Section C Notes to the Accounts C1 Naturo and purpgse of funds (may be staled on analysis offunds ¥￿￿%h&etsJ Type of activity or projÈtt %upportp C2 Totsl C3a Tntst¢* r•muner4tion Authority under which paid C3b Tntsteg rornun8rntion- dÈtails C4a Trust•è •x￿n$•$ lotherwse fxjmplele secim 4bl C4b Trusteè w)gnsgs. details atuie of rÈlÈtlOnshlp N3ture of tians3Ction C5 Transactions with trustees and ¢onne¢ted persons C6 Othor inlormation 201W.2 11111￿5 10. ST MARYS EPISCOPAL CHURCH SC014062 Additiona5 analysis111 Tf•J1lKt￿r￿Vj 3S.354 7.134 T.134 Tol¥ 44503 2 ￿an10 Fab 1.615 1.615 23,397 East end garden Stw sup 11652 12.6S2 6,445 130 13Q 19.397 56.523 Pay￿#￿)Sts 562 28082 Repairs and Fet 1sin7 1781 17,410 3.781 930 262 D￿￿e¥?na￿ Tekphone ut11k￿S Council lax 3rvJ InsurarKe General chu5th 8￿￿￿￿e$ 1.732 &75J 750 129 2,129 87t Tol•l 122.910 Il PPENDLX2 SCO14062 Additional analysis121 Tthal )3 es IJ JSS 5S051 twrnassot&Bi¥Ès1*￿rttsa1 Prot*edsfr(ms* ass8L% 5W* 143 Pu￿ase501r￿￿a5$￿S 8231 tollfrLwnl 397 Natur• and fuTr IDI￿￿. ENOL%2 ST MARYS EPISCOPAL CHURCH SC014062 Additional analysis131 FteEelp 1gAST 19167 $6 Rocei 19261 19261 s6￿3 76T OvÈrnÈrtts 1393 1V74 12.244 TTrnsf•r5tol (tromlluThJ5 1W4 12244 Ilaiur• and 1507