The Scottish Episcopal Church of St Magnus, Lerwick in the United Diocese of Aberdeen and Orkney Regi5tsred Charity SC014584 Trustees, report and accounts for the year from 1 October 2023 to 30 Septernber 2024 Reference and administrative information Principal addre St Magnus Episcopal Church 12 Greenfield Place. Lerwick, ZE1 OAQ Vestry members - charity trustees Vacant Rectorfs Warden Vestry Secretary Bankers Virgin Money 106 Cornmercial Street, Lerwick, ZE1 OJJ Independent examiner Chgnered IA3nageD￿nt Accountant 40 Grosvenor Pla￿. Aberdeen. A825 2RE IntroduGtion The church and charity of St Magnus. Lerwck Is an incumbenry of the Scottish Episcopal Church (SEC), (Registered Charty sc015962), a Province of the Anglican communion. St Magnus Is established for exclusNely charitable purposes. primarily for the advan￿rnent of religion and tc Pfovide puNic benefft. It has a close relationship with the church of St Colman. Burravoe on island of Yell (Registered Charity SC011720), an independent congregation of the SEC overseen by the Rectcf of St m￿n￿$. Governance and management St Magnus Is an unincorporated associatson govemed by a constrtufion last amended in 2010. As a congregation of the Unilee ￿0¢eSe of Aberdeen and Orkney {Registeffjd Chanty SC022180), it is also subject to the Code of Canons of the SEC as delemined by resolutions of its General Synod. Sl Magnus is assisted by the SEC at Di0￿san arKI Provincial ￿velS through the pastoral oversight of the Bishop of Aberdeen and Ofkney, provision of Central support services, and access to grants and loans from central funds. In retum. the church has an obligation to contribute. in proportion to its incomè. to the running costs of the Diocese and Province through payment of an annual quota. During the year. St Magnus was represented on the DK)￿san Synod by ils Rector and an elected Lay Representative, both of whom were also members of the General SynfA as elected rep￿Senta￿ve5 of the DI0￿Se. Responsibilities of trustees The trustees of the charity are the members (h'sted above) of the church's Vestry which is elecleé by the church's congregation and accountable to the Bishop of the Diocese. The Vestry is responsible for rnanaging and safeguarding the assets of the charity and assisting the Rector in matters affectiro the spintual welfare of the church and ils congregation. The Vestry is responsibfe for keeping financial records and ensurin9 that annual a¢¢ounts a￿ prepared in accord￿Ce with the requirements of the Chanties and Trustee Investment (SGOtlandJ Act 2005 and the Charties Accourts (Scollandj Regulations 2006 (as amended). It considers the financial and other risks fa￿ by St Magnus and ensures that apFYopriate rlsk management w0￿dureS are in place to mituate them. seeking to hold a level of unrestncted reserves that would enable the church to maintain its activities for a reasonable penod In the event of a signthcant reductK)n in rts rK)nnal incorne. The General Syrc*Y of Scottish Episcopal ChJrch does Tr)t accept respongbilty forany loss may arise from rel￿nce cfi InfOrnats￿ or expressions of cAntained n this dc¢ument. AGtivities and Achievements , indusive and we￿COmIng of all, St Magnus is a liberal catholic thLTch with an established choral tradition. It occupies a distinctive liturgical and sacxamental niche amongst Shetland's numerous churches of most denominations or none and, as well as numerous visitors lo ShetlarKI. attracts a steady stream of new members The charity's incorne is primarily dependent on donations received from church members and others through intentional (planned) and incidenlal {occasionall giving, together with the related tax redaimed under the Gift Aid schemes. lrtentional and InC￿ental giving accounted for £33,182.21 of total unrestricted income of £42,791.16 in the reporting year. No redaimed tax VMS received during the year under the Gift Aid and Gift Aid Small Donalion3 Schemes, but outstanding sums of£7599.23 and £4334.84 remain to ￿ claimed for the 2023-2024 and (fr￿1 6 Awil-30 SeFtemberl 2024-2025 tax years resFectively. Though the statement of receipls and paymenls fcff 2023-2024 shows a defiot of £4069.89, there remained an er#J-of-year cash balan￿ of £45.774.77. The trustees Continue to be aware, however, in Ire light of archttects, quiryuennial InSpect￿n5 of the church, rectory and church hall, of pressing needs for substsntial expenditure on repairs to the chanty's buildings. On behalf of the trustees: Independent examiner's report to the trustees of the Scottlsh Episcopal Church of St Magnus, Le￿ICk (Rogistered Charity SC014584) I report on the financial statements of the charity for the year frc*n 1 (ktobér 2023 to 30 September 2024 which are set ￿t on the following pages. Reswtbve responsibilitbes of thè trustees and examlner ¢hurth's tTUStees (Vesty merrbers} are responsible for the preparation of the accounts in accordance wrth the terms of the Charities and Truslee Investment {ScoH8nd} Act 2CX)5. and the Charytlg8Accounts (sC(￿and) Regul8tions 2C￿ las amended) {'the 2006 Regulations'}. The trustees consider that the audtt reqU1reff￿nt of ReguLation 1011)(dl of the 2006 Regulations dcts not appty. It is my responsiblity lo examine the accnunts as rewired under Section 4411 Xcl ol the 2005 Act and to state whether particular matters have come to my attention. Basis of ind8penthnt examinerfs Staternent My examination is c3rried out in acccydance with Regulatl(M 11 of Ihe 2006 Regulatims. It indudes a review ol the accounting record5 kept by the d)arity and a comparison of the accounis presented wr(h those records. It also indudes conslderatbn of any unusual liems or disclosures In Ine accounts an(J s*ks explanations from the trustees cOn￿rnIng sucn matters. The procedures un¢JertaKen do ￿t prOv￿e al of the e￿den￿ that would be required in an audit. and consequenty I do rrf)t express an aLKlii opnion on the view given by the accounts. Independert examinerfs ststement In the course of my exarnination no matter has come to my attention whrh gives me reasonable cause io believe that in any materia respect the requirements lo keep accounting records in accordants with Section 44111(al of the 21Xi5 Acl and Regulation 4 of the 2006 Regulations, and to prepare ac£ounts which acc￿ with the accounling records and comply with Regularion 9 of the 2CM)6 Regulati(￿& Imve not been rnet. Slgned and daled.. Chartered Management AccDunlant 40 Grosvenor Pl Aberdeen AB25 2RE V4ffl S88￿88 18¥8X8 S%8￿88. 8888-888- 8888888888 *8%8 6wi*cSrrio 8%8r88" ri 9888￿8 1 8 8 $8 Ln 11 4n 4n 8 88 888888888 00000000 j I j Il{i[¥[l{ PJ 88888 * Itl ¢n ¢ 88888 888888 88888 888888 000000 88888 888888 uuv 000000 ! 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