St. Marfs Episcopal Church. Aberdeen Scottish Charity No: SC014062 Annual Report and Financial Statements for the year ended 30 September 2025
St. Marfs Episcopal Church Annual Report and Flnancial Statements for the year ended 30 September 2025 Contents Page Referen and Administrative Information Trustees, Report Independent Examinerfs Report Statement of Financlal Artivities Balan Sheet Notes to the Accounts 9-12
St. Marfs Episcopal Church Reference and Administrative InforntiOn Princlpal PAldress St Marfs Episcopal Church Carden Place Aberdeen ABIO IUN Scottlsh Charlty Number SC014062 Charlty Trustees Members of the Vesty: Post vacant John Cooke David Rose lain Stewart Rector Rectorfs Warden SecreLIry People's Warden and Altemate Lav Representative Treasurer Lay RePsentative Lydia Ross Nicola Mills Ordinary members: Erikka Askeland Allison Brown Julia House Athol Jermieson Louisa Donaldson {from 17.03.25) (from 02.02.25) {from 02.02.25) (to 02.02.25) Bankers Vlrgin Money l Queen's Cross Aberdeen AB15 4XU Independent Examiner Sam Walker 38 Castle street Aberdeen ABII 5YU
St. Marfs Episcopal Church Annual Report of the Members of the Vestry The vestry is pleased to present the annual accounts for St Marrfs Episcopal Church for the year ended 30 September 2025. Actlvitles, Achievements and Future Plan5 St. Maryls maintains and utilises for Its rellglous ServIS and other activities a Grade A listed building on Carden Place, Aberdeen. The cOnggation fonns part of the Scottish Episcopal Church and adheres to the Canon5 of that church, Regular service5 are conducted on a weekly basis in addition to the major church festivals. Holy Eucharist is held every Sunday at 8 am and 10 am and a further service is held each Wednesday. Study courses and meditations are held during the year. St Marfs became the Prtrcathedral of the Diocese in September 2020 due to the temporary dosure of St Andrev/s Cathedral. Worship recommenced in St AndreS in November 2021 wlth St Marfs remaining the Pro-cathedral. Since the resignation of the rector in June 2023 services have continued thanks to the efforts of our Assistant Priests Revd Ro8er Dyer and Revd Jason Hobbs, supported by a team of dergy and lay members. The vestry is currently In dlscussions with the Diocesan Bishop with re8ard to findin8 a new rector. Over a dozen social and fundraislng events were held during the year. Charitsble donations were made to Barnardo's, Community Food Snitiatives North East and Aberdeen Cyrenians. The buildings committee has continued to focus on the planning for a new East Garden Area. The project is intended to rectify a number of problems in the east area of the church grounds through the repair and replacement of a damaged draina8e system, repair and rePlarnent of the path and access steps and the relandscaping and replanting of a derelirt 8arden border area. Planning pennission was obtained during late 2024 and, followin8 successful fundraisin8 efforts, work is due to start in the summer of 2026. The vestry is confident that the project will be completed by the end of the year. augmenting funds already raised through 8rants and donations Wlth some thurch reser¥es. Following the sale of the existing rectcry in early 2025 the vestry purchased a rn0 modern replacement property. Safety. insurance and compliance activities have been carried out and the vestry is managing inspections while recruibnent efforts continue. Yinancial Review During the financial year the Church achieved an overall surplus on all aciivities of £48,250. £44.788 related to unrestricted general funds of which £21,61J) represented the net surplus from the sale of the fonner rectory and purchase of a new property. The surplus on restricted funds is lar8ely due to transfers in the year from the general fund in orderto keep timln8 of receipts and payments in balance. At 30th September 2025 the balance on unrestricted reserves was £166.322 {2024 £121,534) and on restricted reserves was £22,207 (2024 £18,745). Reserves The vestry is keen to replenish church reserves which have been depleted in rent years. The church has been successful In securlng grants to fund repalr and refurblshment projects and continues to apply for funding for ongoing work.
Investments The Church's sole Investment is in the Scottish Episcopal Church Unit Trust Pool ("UTV). administered bv Baillie Gifford. The investment policy of the UTP is to eam a return on the assets. over the long tem, sufficient at least to maintain the al value of the distribution to unit holders. The UTP has developed an ethical investment policy. No investments wlll be made in companies who derive more than 15% of their revenue from tobacco, gambling or armaments. The majority of its funds are invested in UK equities. Structure. Governance and Management St Marfs is an unincorporated association and a member congregation of the Diocese of Aberdeen and Orkney in the Scottish Episcopal Church. It is therefore governed by Canon law of the Scottish Episcopal Church. For the purposes of charities law. the members of the vesty are the charity trustees of the Church. Ordinary vestry members are elected by the congregation at the annual general meeti. Where insufficient nominations are received to replace those ordinary members retiring by rotation the vesty may, following discussion. c(Fopt additional members as required. Vestry members usually serve for a term of three years and may serve for a maximum of two consecutive temis. The Rectorfs Warden is appointed by the Rector and the People's Warden by the congregation. The Secretary and Treasurer are appointed by the vestry annually. The Rertor is chosen by the vestry and appointed by the Bishop of the diocese. Rlsk Management The vestry regularly considers the rlsks faced by St Marfs and ensures that approprlate risk management procedures are in place to mitigate those risks. These include protection of vulnerable groups, safe use of bu15dings, electrical inspections and relevant Insuran5. Vestry Respon51bllitle5 The vestry is responsible for managiwd and safeguarding the assets of the Church and assists the Rector in matters affecting the spiritual welfare of the congregation. It Is also responsible for keeping proper accountlng records and ensurln8 that the accounts are prepared In accordance with the term5 of the Charltles and Trustee Investment {Scotland) Act 2005 and the Charities Accounts {Scotland) Regulations 2(K16 (as amended>. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. As charity trustees the vestry is responsible for preparFng a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standard5. The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which show a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the financial statements the trustees are required to: Select suitable accounting policies and then apply them consistently; Observe the method and principles in the applicable Charities SORP; Make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operational existence.
Relationship with Diocese and Provlnce St Marfs supports the diocese and province through the payment of an annual quots which is assessed for each church acc(xding to its finanaal means. In tUrn, the province and di0Se provide the pastoral oversight of the Bishop. central support functions at Ifiocesan level and ants are available for specific needs from ntral funds. The Church Is represented at the Diocesan Synod by the Rector and the lay representative who reports back to the congregation. Currentty one member of the congregation has been elected by the Diocesan Synod to the General Synod of the Scottish Episcopal Churth and can serve for up to two ternis of four years. The lay representsVe also serves on Diocesan and Provlncial c(xnmittee& Concluslon St. Marrfs is an active participant in both its parent body, the Scottish Episcopal Church. and its community whlch extends beyond the local concept of a parish, Including adherents the surroundlng resldences and businesses and all parts of Aberdeen aty and Aberdeenshire. The members of the vestry would like to thank all those who contribute their time, energy and money so generousty to enable the Church to continue to flourish in our community. On behalf of the vesty. Vestry Secretary 9 July 2026
St. Marfs Episcopal Church Independent Examinerfs report to the Trustees of SL Marfs Episcopal Church I report on the finanaal statements of the charity for the year ended 30 September 2025 which are set out on pages 7 to 12. Respertive Responsibilities of Trustees arKI Examh)er The charitys trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2(X)5 and the Charities Accounts (Scotland) Regulations 2006 {as amended). The charity trustees consider that the audit requirement of Regulation 1011) (a) to {c) of the Accounts Regulation5 does not apply. It is my responsibility to examine the financial statements as required under section 44(1) {c) of the Act and state whether particular matters have come to my attention. Basls of Independent Examlnerfs Statsment My examination is carried out In accordance wlth Regulatim 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination indudes a review of the accounting record5 kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures In the financial ststements and seeks explanations from the trustees concerning any such matter& The predureS undertaken do not provide all the evidence that would be required in an audiL and consequently I do not express an audit oplnlon on the vlew given by the financial statements. Independent Examlnerfs Statement In the course of my examination, no matter has come to my attention: l. Whlch gives me reasonable cause to believe that In any material respect the requlrements: to keep accounting records in accordance with Section 44(1) (a) of the 2(X)5 Act and Regulation 4 of the 2006 Accounts Regulations (as amended). and to prepare flnanaal statements whlch accord wlth the accounting records and comply th Regulatlon 8 of the 2(X)6 Accounts Regulations (as amended) have not been meL To whlch, In my oplnlon, attentlon should be drawn In order to enable a proper understandlng of the flnancial statements to be reached. Slgned 9 July 2026 Sam Walker FCMA For and on behalf of ACVO 38 Castle Street ABERDEEN A8115YU
St. Marys Eplscopal Churth Statement of Financial Activities Year Ended 30 September 2025 Note Unrestrirted Restrirted Funds Funds Unrestrkted Restrlrted Funds Funds 2024 Total Total 2024 Income and endowments fronL' Donations and legacies Development grants Other trading activities Income from investments Other income Total Inmme 46,518 46,518 9,814 6.625 3,133 313.126 379,216 43.008 130 8.556 3.773 43,008 19,397 8.556 3.773 9.814 19,267 G.G2S 3,133 313.126 369,402 9,814 55,467 19,267 74,734 Expendtture on: Raising funds Charltable actlvltles Other expendlture Total Expenditure (998) 1998 (31,971) {12,5071 144,478) 1291.526) 0 (291,526) (324,495) 112.S07) {337,(M)2) {487) (49,4171 {487) (51,8101 (2,3931 149,904) {2,393) {52,2971 Net Inu>me (expense) Transfers between funds Gains on ValUatIOn of Investments Net Movement In Funds 44,907 (6.155) 6,036 44,788 (2,6931 6,ISS 42,214 5,563 2,629 8,667 16,859 16,874 (2,629) 22,437 17 12 6,036 48,250 8,667 31,104 3,462 14,245 Reconclllatlon of Funds: Total Funds Brought Forward Total Funds Carrled Forward 121.534 166,322 18.745 22,207 140,279 188,529 104,675 121,534 4,500 18,745 109,175 140,279 The notes on pages 9 to 12 fomi part of these flnanclal ststements.
St. Marys Eplscopal Church Balance Sheet As at 30 September 2025 14ote 2025 2024 Flxed Assets Investments Total flxed assets 12 71.592 65,556 71,592 65,556 Current ASSets Debtors Bank and cash Total current assets 13 14 6.133 112.675 118WJ8 6,394 69,573 75,967 Llabllities Credttors falllng due wlthln one year 15 (1,871) {1,244) Net Current Assets 116.937 188,529 74,723 140,279 Net assets Unrestrlcted Funds General Funds 17 166,322 121.534 Restrlcted Funds Total Charlty Funds 17 22,207 188,529 18,745 140,279 The ftnancial statements were approved by the trustees on 9 July 2026. (Signed) Lydia Ross Treasurer The notes on pages 9 to 12 form part of these financial statements.
St Marfs Episcopal Church Notes fomiing part of the finanaal statsments for the year ended 30 September 2025 l Accounting Pollcles The principal accounting policles. whlch have been applied consistently in the current and preceding year in dealing with item5 which are considered material to the financial statements. are set out below. Basls of Preparation The financial ststements have been prepared In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the F5nancial Reporting Standard5 applicable in the UK and Republic of Ireland {FRS 102) issued on 16 July 2014 and the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment(Scotland) Act2005 and the Charities accounts (Scotland) Regulations 2(X)6 (as amended). The Church is a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Church's ability to continue as a going concern as reserves are currently available to fund General Fund defiats. Fund accounting Funds are classified as either StrICted funds or unrestricted funds. defined as follows. Restricted funds are funds subjert to speofic requirements as to their use which may be declared by the donor or with their authority or created through legal processes. but still within the wider objects of the charity. Endowmentfunds arefunds which have been given on the condition thatthe original capltal sum Is notreduced, butthe income therefrom is used for the purpose defined in accordance with the objects of the charity. Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charlty. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the tru5tees' discretion to apply the fund, Income Income is COgnised when the charity has entitlement to the funds, any performance conditions attached to the Item{s) of Income have been met. it is probable that the income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation commlttlng the charity to that expenditure, It is probable that settlement will be required and the amount of the obligation can be measured relsably. All expenditure is accounted for on an accruals basis. Donated servlces and faclllties Any material donated professional servlces and donated facilities are recognised as income when the chadty has control over the item, any conditions associated wlth the donated item have been met, the recelpt of economic benefft from the use by the charlty of the item is probable and that economic benefit can be measured reliably. In accordance wlth the Charitles SORP {FRS 102) the general volunteer time of congregation members is not recognised. On receipt. any material donated professional servlces and donated faalities are cOgnised on the basis of the value of the gift to the charity which is the amount the charity would have been willin8 to pay to obtain services or facilitles of equib?lent economic benefit on the open market; a corresponding amount Is then recognised as expenditure in the period of receipt. Interest recelvable Interest on funds held on deposit Is included when re1vable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank or other deposit holder. Fixed Assets and Investments The charity has the right to occupy and use for its charitable objects certain tangible fixed assets, including the Church and rectory, vested with the Trustees for the Diocese of Aberdeen and Orkney in the Episcopal Church of Scotland. No consideration 15 payable for the use of these assets. Expenditure incurred on the repair and maintenance of these assets is charged as resources expended in the Ststernent of Financial Activitie5 in the period in which the liability arises. Fixed asset investments are stated at market Value at the balance sheet date. UnaliSed gains and losses represent the difference between the market value at the beginning and end of the financial year or. if purchased in the year, the difference between cost and market value at the end of the year. Realised gains and losses repsent the difference between the proceeds on disposal and the market walue at the stsrt of the year or cost if purchased in the year. Taxation The Church is recognised as a charity ft)r the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The Church is not registered for VAT and resources expended therefore include irrecoverable input VAT.
St. Marys Episcopal Churth Notes forming part of the financial ststemerts For the year ended 30 September 2025 Unrestrirted Restricted Funds Funds 2025 2025 Unre#ricted Restricted Funds Funds 2024 2024 Totsl 2025 Total 2024 2 Donatlons and le8acies Donatlons Collections and donations Glft Aid Legacies 38.537 7.981 38.537 7.981 35,354 7,654 35,354 7,654 46,518 46,518 43.008 43,008 3 Development grnnts Fabrlc Peace garden project East end garden projert Other 1,513 1,513 1,615 5,000 12,652 1,615 5.000 12,652 130 19,397 8,301 8.301 130 130 9,814 9.814 19,267 4 Other tradln8 actlvltles Fund ralsing actlvities Rents from land and bulldlngs 1,625 1.625 2,866 5,690 8,556 2,866 5,690 8,556 6,625 6.625 5 Other In¢om& Income from sale of rectory 313,126 313,126 Proceeds from sale of prevlous rectory on behalf of the Trustees for the Dlocese of Aberdeen and Orkney In the Eplscopal Church of Scotland. 6 Charltable actlvltles Locum fees Repalrs and malntenan Muslc expenses Dlocesan quota Telephone and offlce Utllltles Council tax and insurance General church expense5 Independent examlnatk)n costs (1,938) (4,886) 14,lJ)2} (6,858) (3,549) 14,787) (4,7861 (895) (270) 131.971) {12,507 {1.938) (17,393) (4,(X)2) {6,858) (3,549) 14,78n (4,786) (895) (270) {44,478) (2,562) 118.2221 (3.836) (6,930) {1,9961 (8,2471 15.925) 11.439 {260) (49,417) 12,562) 120,615) (3,836) {6,9301 (1,996) {9.247) 15,925) 11.439) 12601 (51.810 (12.S071 (2.393) 12,393) 7 Other expenditure Cost of purchase of rectory {291526) 0 (291,526) Cost of purchase of new rectory on behalf of the Trustees for the Diocese of Aberdeen and Orkney in the Episcopal Church of Scotland. 10.
SL Marys Eplscopal Church Notes forming part of the financial statements For the year ended 30 September 2025 8 Staff Costs and numbers 2025 2024 Total staff costs Average number of employees 9 Trustee remuneration and expenses None of the trustees received any remuneration during the current year or the previous year. There were no claims for travel expenses and similar costs. 10 Volunteers The congregation benefts from the contribution made by volunteers who give of their time and talents willin8]y for the beneflt of the Church. There are many areas of congregatlonal Ilfe that rety on thls commltment. 11 Related party transartlons There have been no related party transactions duri the current year orthe previous year. 12 Investments 2025 2024 Market value at beginning of year Unrealised gain on revaluatlon Market value at end of year 65,556 6,036 71,592 56,889 8,667 65.556 Investments represents 2,149 unlts held In the Scottlsh EP15copal Trust Unlt Trust Pool. 13 Debtors Gift Aid tax recoverable Prepayments and sundry debtors 4,099 2,034 6,133 4,278 2,116 6,394 14 Bank and cash Unrestrirtad Restricted Funds Funds 2025 Unrestrlcted Restricted Funds Funds 2024 2024 Total Total 2024 2025 ZOZ5 Cash and bank balance5 22.207 112,67S 50.828 18,745 69,573 15 Credltors fallln8 due wlthln one year 2025 2024 Sundry creditor5 (1,871) (1,2441 16 Analysls of net assets by fvnd General Restrfcted Total Investments Net current assets Net assets at 30 September 2025 71.592 94.730 166.322 71,592 116.937 188,529 22,207 22.207 11
St. Marys Episcopal Church Notes forming part of the financial statsments For the year ended 30 September 2025 17 Analysis of Funds AtIOcL 2024 Income ExPendIre Trdnsfe Gain on revaluation At 30 Sept. 2025 Restricted funds Fabric East end 8arden projett Other 5.687 8.558 4.500 18.745 1.513 8,301 {4,290) {8.217) 2.910 14,797 4,500 22,207 6,155 9,814 (12,507} 6,155 Unrestrirted funds General fund Total Funds 121,534 140.279 369,402 379,216 (324,495) (337,002) (6,155) 6,036 6,036 166,322 188,529 Purpose of restricted funds The fabric fund is an amount set aside for the renovation of the Church. The East End Garden project is a development of part of the church grounds forthe benefit of both Church members and Ioc31 residents. It is also expected to rectÉfy certain drainage issues.