Charih. Reference NJ umber SC016174 ST. JAMES, EPISCOPAL CHURCH ANNUAL REPORT AND ACCOUNTS FOR THE YEAR F.NDED 30 SEPTEMBER 2024 ST. JAMES, EPISCOPAL CHURCH ANNUAL REPORT AND ACCOUIYTS FOR THE YEAR ENDED 30 SEPTEMBER 21124 C"ONTENTS Page RLf¢r¢nce and Adminisirative Infom)ation VLslry Report IndL'pL'ndeni b.xaminLr's R¢port %ialemcnt of E.'inancial Activities Ilalance Sh¢el 10- I Nolcs to the ALLounl 12- 16 ST JAMES. F.PISCOPAL CHLRCH Chari Referenee Number SC016174 TRL STEES. RF.PORT 2024 Chari . Trus¢th- Ilembers of the N'est Inde endcnl Examiner Ilanke Ildnk of Scotland. 49 1 J PPLrkirkgate .4bcrdcen. ABIO IBA Nation￿,]de Building> %()ciety Union Sircel Aberdeen Church Address 1- 3 14olburn Strcct, Aberd¢¢n. AB10611S Princi al ()ffic¢ 1 3 11()Iburn %(reLI, AbL'rdL'LII. AIIIOOBS ort of the Ves¢ Year Ended 30th Se tember 2024 The members of the Vestry, present iheir annual report together with the financial siaiL'nienls for thL' yL'ar ended 30, SLptember 2024 Structure and Gov¢rnance In lerni.s of the Charities and Trustee Investmenl (Scotland) Act 2005 and ihe Chariii¢% ALLounls (Scoiland) Regulations 2006. the Veslry r¢ports lo the congrLgdlion as t"ollows: l. Si James Episcopal Church Aberd¢en is a registered Scottish Charily (SCOI 6174). 2.11 is a member ofihe Diocese of Aberdeen and Orkney of the Scottish F.piscopal Church and is in full communion with the Anglican Church. 3. '1'he superior authority is ihe Bishop of Aberdecn (￿d Orkney. 4. All of lis iemporal afyairs are under the managemenl of the Vestry. Appointment of Vestry Members Apart from the Priesi in Charge all veslTI' member8 are elected or appointed by Annual CjLnL'ral Meelin&i e%tabli5hed by constitution undcr Ihe Canon l.a￿. of the Scollish E pi%Lopal Church. l-h¢re is no fornial induction programm¢ but ongoing guidance is given to ensur¢ that Vestry Members are familiar with thL. Church's value5. aims lind r¢swnsibilities as the designated irustees of a charity. Administratii'e Strncture li is IhL duly of the Vestry to managic the temporal affairs ofthc congregalion with responsibility to keL'p th¢ fabric and property of ihL' church and other buildings in good working? order and io look afier Ihe linances of IhL church. .StalemeDt of Risk The Vestry k¢ep5 under review the major risks to which the Church is exwsed and has established procedures lo mitigate any risks idcnii licd. A member of ihe VeslrN' is sp¢'Lifically charged with overseeingy 14ealih and Safely issues. Thi5 member. in collaboration ￿'Ith the Church Wardens. conducts inspeclions of the church property and undertakes fomial risk assessmenls, and these ar¢ held as part of th¢ church records. 'l-he V¢siry has a Health and Safety Policy. This is rcgularly reviewed and is available for public in5PC¢tion. Charitable Objeelive% and Ac¢ivitie5 The church's principal activities include public worship in sacrament and pray¢r. Christian LduL(Iti()n. charil(Ible work and fund raisingj lor local. national and inl¢rnational needs. and )Lial meetingTS. Volunteers l-hL Vestry is grat¢t"ul for ihe time frcely giiven by its volunlLers, Without whom many ol" il% acliviliLs would be unable lo opL'rale. Aehi¢v¢menls *nd perforn)4nce A5 in prci'ious ycars. ￿'e hav¢ conlinucd to diligcntl), direct our rLsourcLs to Ihe InuiiitLiiullLe und LnhdnLemcnt ()I' our b¢autilul Lhur¢h building. 'I'hL cxtcrnal wi%t r(ILad of IhL Lhurch undLfwLnl an cxlcnsivL prog>rammL' ol. rl.￿)intingi L'arliLr in thL yL'(Ir. l)L5piIL prolongicd periods of heavy rain since the compleiion of ihis work. Ihe regular ing>rL5S of water each timL Il rained app¢4ir% li) h(Ivc bcL'n hiili¢d. our porch has dried ()ut (Ind ive can linally bL'gJill li) pl4in li)r ihL fL.dLL()ralion of our L'nlriinccwa J,. l. ir81 imprc5.sions mL lo IhL' Lily lo %tudy bul als1) lamili¢'%. briiiginu LhildrLn io our %und' ul. IhL mLmber5 01" Sl JaniLs s Church lo inJinliiill li% WL'IL()mingF Ir(Idilii)n lo I'i.Slli)r% Ii? IhL' Lity ol. Aberd¢en in giL'nL'ral and memb¢rs of the IL)L&il commuiiily in particular. Reservey ResLrve8 comprisL a %niall iiiv¥%lmL'nt p()rtfi)lio wilh the Scottish Lpis¢opol Church 'l-Nsl Unit Pool and Hall1￿ Sharc dLaling. Statemtnt of the v￿try Member%, Rcsponryibilities. 'I'hc mLmbev¥ ol'the Vetslry musl prLpare financik)I slalement% whiL.h give %ulTILi¥nt deidil to cnablc an 4ippfLcidliun ()r the Irlln%uclions ol'ihc Lhurch during the tinancial yLar. 'I'hc nieiiibLr% of th¢ VL'%lry arc respunsiblL' lur kL'L'ping proper accounting r¢cords wliich. on reqiiL41. musl rellect Ihc ciirrcnl linanLial po%ilion ul. IhL L hurch dl Ihat time. 'I'hi% musi be d(?nL Iii LnsurL' Ihal the findnLiul sl(Ilemcnis complv with thc ChariiiLS and 'l'ruslCC IIivc5tmcni (Scoiland) Act 2005 thc Ch￿]11¥￿ ALcounls (Scotland) Regiulalions 2006. -I'hL'>' drL' also rcswnsiblc for suf¢guarding thc asscts ofthL (;hurLh lind MUNI tak¢ ridM)llilt>lL è>l¢ps li)r the preveniion andlor deieciion of fraud and oLhLr irr¢gu]￿ll1l.S. Un behall'ofihe Vestry Independent Examinerfs Report to the Trustees of St James Episcopal Church I report on the accounts of the charlty for the year ended 30 SepteM￿r 2024 which are sei Out on pages 9 10 15 Respeclive responsibilits'es ol trustee8 and examiner The charity s Irusiees are respons￿01e for Ihe preparation of Ihe at¢oun15 In accordance with thè lerms of the Charify ana Trustee Inveslmerl Isccllandl Act 2005 aiitj Ihe Char,'Iies Accoun15 Iscollana) Regulation$ 2006 las amended) The charily Iruslees consider tnai the aJdil requirement ol Regulatioi l 0111 Id; ol tle Account$ Regulaiions does noi apply 11 Is my responsibility lo eyaffline the accounts as requirèa unaer section 44111 Icl of Ine Act and to 51aie whether partlCJlar matters have comè to my attention Basis of Independ•nt •xamin•rfs slalemenl My examination 15 cairied out In accordar)ce Regulation 11 ol Ine 20C6 Accou'ils Regulation5 An examination Includes a review of ine aC¢Ouniir.g records kept by the charily and a compaiison of the accou?Is presenled wiltt these records It 4150 'ncludes consioeraiion of any unusual Ilems or aisclosures in Ihe accounis and seeks eipianaiion from Ihe Iruslees concerning any such matters Ttte proeedLJres undertaken do not )Tovide 11 the evideiice that would be fequirea In an audit and ¢onsequeniiy I do not empress an audit OPi*ion on Ihc wiow givs>n by iPie'accoJnis Indopendent E¥amlnerf$ statemgnt In Ihe course of my examination no matter has come to my allenlion I wbicm gives me reasonable cause lo ￿lIeVe that In any material respect the requirements. lo keep a¢counliig records In accordance with section 44111 lai ol the 2005 Acl and Regtjlalion 4 ol Ine 2006 AccoLJnts Regulaiions and lo prepaie accO￿nIS which accord with ltte accounting records ana comply with Regulaiion g ol Ire 2006 Accounts Regulat50ns ave not been mèi or 2 10 whic.h In my ooinion attpiil.on S￿￿,¥1￿ In o'eer l? enaJ'e a Jroper L IpKwlChirtb rl Ihdiw C'ollechrm !4•11 6WI• le0le4Ury￿ Gifr th) (knLdrCwJy 624 427 <•5ts (qu¢¥t Tinib 2Ql•J JJ61 R￿f￿￿F*btK i.ijo 2.222 ioriL MEI IIPT5 Tiknellff¥ 5.637 R•t¢s 5.1 %￿Y￿¢t J.7fj6 l.lJ6 thwi41 Ind AIUT knd 1.17 fi.i.T6 4lJ6 149 146 13J 72J 1.103 TOIAI. P.4YNE%TS 1441) 1&7J41 IQ76 Mr￿￿1￿11t11i tr?e•r 12 25 Si. J4mt5'4 F.pivopal Ch¥rr .%l*lement of BilaDee5 ..15 ¥t Wember 2024 11¢ri14hlt Prvptrtit5 3fv1 )￿.16 192411 369.920 369.920 J79.168 IIrwiL￿ kni 91.914 914 .Q6• C*ih at 15 J5fv) 1314$1 {IIJL41 I'l￿T￿8ha1a 17 I9￿2 lJi.444 (>ulilA•diop ('ilallllilm¢#ts TotAI .Iwts 181.899 19.002 dl 301h ki*ltiiil>tr 2024 l*¥qd SM7.iTrJ7 21.3511 112.xlsl 46 I7￿J1 6J61 XYA 1934111 I￿.2￿ AI LYMI IBIJ99 19m2 IMI Pdgp 11. ST JAhlES' S EPISCOPAL CHL'RCH Yot to the FiDanei2 Statements Year Ended 301h Se tember 2024 l. Accounting policies Basis of preparation of a¢counts The accounts are Prepared under ihe receipis and paymenis convention modified by the revalualion of invesimenls in accordance with the Charilie5 Account5 (Scotland) Regulations 2006 (as amended) and Trusiee Investment (Scotland) Aci 2005. Ineoming resources All incoming resources are included in the Receipts and Payments Sialemenl ii,h¢n ihe Church is entitled lo the income and thc amount can bc quaniified with reasonable accuracy. Voluntary, income is received by way of donations and gifts and is included in full in the Receipls and Payments. Statement when received. Dividends and other inveslmenl income are recognized when received. Other incom¢ is accounted for as it tecomes receivable. R¢$ources expended Expendilure is accounted for on payment of invoices and includes irrecoverable VA T ii.here applicable. Costs of generdiing funds include amounts paid to the Investment Fund Managers for the managemenl of the invesimenl w)rtfolio. Charithble expenditure comprises those cosls incurred by the Church in the delivery of lis aciivilies and services for ils beneficiaries. Govern4n¢e Costs Governance cosls include ihose cosls associated iviih meeting the consiitulional and slatutory requirements of the Church. including auditor fees. Tangible fixed assels and depreciation TangJible fixed assels are me&sured al cosl and are subsequently measured al cost. nei of depreciaiion.Heritabl¢ property - 50 year straight line. 12 2. Property The Lhurch building and atlached hall al the corner of Holburn Junction and the rectory in (iray Street are owned by Si. James. The church and hall is shom'n at nil book value. The origiinal Losls of these asset$ 15 unknoi¥n. although the sale of the old rectory provided lunds lor a new reLtory which was purchased in March 2015 for £462,400. The church and chiirLli liall are not shown in the 51at¢mL'nt of balances as the Vesiry Lonsiders it inappropriate to inLlude a market valuc on Ihe gyrounds that the cost of obtaining such a valuation would outM'¢ig,h ihe bcnetit io users of ihv accounts. Likewise. Ihe reciorv will be shown at cost and dLprecialed on a slrllight-line basis over 50 years. The Lhurch and hall are insured lor £13.300,000 (la51 year £13,300,001)) and (brass Laglc leLIL'rn £25.036) under the Eccle5iaslicul Church Insurance Parish Guard polic), {3 ycdr agJreL'nienl expires Sep 2027) and the ReLlory for £ 1.000,000 Ilasl year £ 1,000,000) buildings insurance. n()1 conlenis. with Ro}'al & Sun AllianLc {Brok¢rs: Mi arsh CommLrLial). .3. Funds Unreslrici¢d lund$ are available for use al Ihc Vestry'% discretion in fiirtheranLc of IhL Church's objeclives. Resiricled funds ar¢ fund5 given f()r specilic purposes. In gyivinb> such fiinds their dc)nors havc ylipulalLd how Ih¢y mu.st bL U%L.d. "I'he charily is unablL I(} USL. thl'm for any x)thLr purpose. All other funLls ure unre8lricicd. DcsignatL.d lunds are unre51riclLd lunds Ihat have been allocated for a sp¢cilic purposL by ihL VL51ry. F.ndowmLni funds arc lunds whcre Ihc incomc from IliL' I'uiid% may bL U%L'd io furthL'r IhL LhurLh'5 objcLiives but Ihe Vestry cannol sell (Ir oihL'fwisL' di%p05c of ihe cupilal. Si. James's has tw() funds- Unrestricted Funds Cjcneral Fund Funds held for Ihc general work of the chiirch. Desl%nAted Funds l)roperty l. und Specilic fund5 donaied or oiherwisL' gcneraled for property relurbishment and improvements. Restricted Funds Prop¢rty l.uiid Specific funds donated or oiherwise generated for charitable purpose5. A lund was Lsiablished in 2009 to assist in providing for the cosl ofessential repairs lo the roof and labric of the Church. A further designated fund wa5 SLI up f()r Ihe salc. purchase ot" Ihc rectory in 2014 and subsequent related repair5 and r¢liirbishm¢ni. 13 4. Trustee remuDer8tion, benefit$ and expenses No Iruslee receii'ed remuneration in their capacity as trustee. The Prie.5t-in-C.hargFL is ex officio a member of the Veslry and a trustee. The Priesl.in-Char&?e recLiiJes no rernuneration and occupies the rectory on a rent-free basis with ihe council lax being paid by the Church. Expenses paid io members of Ihe VL'Slry were as t'ollows: 2U24 5. In¢ludes Special collection% for outside CYdUS¢S 2024 21123 Doctors without Bordcrs Sai'L Ihe Children Y¢men l.'krainian l. lood AppLuI Farni Alrica Cyr¢nian% C hri%tiun Aid %c)InL.body Lares Red Q r(Trs i Lrc), %hips 125 73 65 .331 240 274 152 246 70 60 105 647 44 Breasi C.'(Incer Zimbabwe 14elpiiig I lands Bishops. LLni Appcul .370 1.203 6. Quota Quota is paid by all charge5 in ihe Diocese 10 support the work of the Diocese and of the Scottish Episcopal Church as a whole. 14 7. Fixed A55ets Herit•bk Propert) C"0sl As at l Ociober 2014 Additioiis 462,4110 As ai 30 September 2023 462.400 DLprecialion As al I" October 2014 Charge - l O years 92.480 30 Sepiember 2024 -169,92 30 September 2023 379.168 R. Repgin #nd Maintenance 2024 21123 Church and hall: ChurLh Renovaiions F'umishings Sound s!'slcnLlprojector Office I.'ILLirical oiher (yla2in8 BoilLr 5L'rvice Fire salc'tv Ke%'s Lu1/n¢￿, locks General .Mainienance Archilectural and l-ngyineering fees 46.414 65 539 150 205 124 141 736 60 105 356 4.836 RvLIory". GL'neral mainlenance Shoii'er Fire Alarni system Garden Wall repair Extrdclor Fans 122 540 52,216 2,177 15 9. Fixed Asset Investments: 2024 Movemenl in fixed asset lisied ini'estmenis MarkLxi Value brought foThard at l Ociober L'nre(Iliz¢d ga1￿{lOssI on invesimenis 90.069 .845 83.208 6.861 98.914 90,069 Of- Ihe inveslmenis shown. 1.01 O uniis 2024 £30.810.76 (2023.. 1.010 £26.737) ar¢ held in Ihe Scottish Episcopal Church L'nii Trust Pool. The Unii Trusi Pool was e5tsblishL'd bi, Ilie Invcsimenl Committee of Ihe Generdl Synod ￿ bring togeiher the disparale inveslmcnis oe Ihe various funds of the General Synod. Ihe Dioceses and ihe indi%'idual con8regaiions ol-Ih¢ Church io enable Ihcse to Ix" managed prolessionally. The Unli 'l-rus1 Pool 15 Ihcreforc piirLII' an investmeni vehicle ot. Ihc Scoiiish Episcopal Church. The remainin8 575 unils £67,41)9 (202.3 575 units £63.332) are managed by Halifax Share Dealing. 10. Tr-uture commitments: Ai Ihe b(tlanc¢ sheet dal¢ Ihere are conirdclual commitmenis of £17.952 relaling lo Ihe ChurLh Buildinb¥ tor thL upgrading of Ihc iOWLr room. ThL're are no outstanding contraclual commilmenls io major expenditure in conn¢ction wilh the rectory. Re¢torv tip%r4ding A sum ofmone), (£SO.000) has been ring-fenced io ensure ihai Ihc reclory remains in a good 51aie of rcpair. 'I'o dale. £18.035 has been skx'ni on rectory, upgrading. 16