Scottish Episcopal Church St Mark's Episcopal Church Portobello Accounts for the year ended 31st August 2024 Reglstered Scottlsh Charlty No SC017137
Reference and Administrative Information Registered Scottish Charity No SC017137 Principal Address: Webslte: 287 Portobello High Street, Edinburgh, EH15 2AR www.stmarksportobello.org Vestry Members: 8ankers: Reliance Bank Limited Faith House 23-24 Lovat Lane London EC3R 8EB Independent Examlner:
Annual Report of the Members of the Vestry Introduction This annual report and accounts present5 3 summary of our financial activities during the year September 2023- August 2024 and gives an overview of the general activities which have taken place in the life of our church. Activities and Achievements As a congregation, we continue to: meet for worship twice a week and celebrate Christian festivals offer baptisms, marriages and funerals to the congregation and community offer activities for children, young people and the elderly, for social support and spirltual sustenance seek to see the people of Portobello, through support of local artivitiesi prayer and provision of meeting space for a wide range of community and charity activities maintain and preserve Portobello's heritage through our care of an historic building and churchyard. The vestry ha5 met regularly throughout the year to review and plan activities. This has been especially important during the fundraising and planning Stages for the renovation. Key achievements this year: This year has been a year of transition and laying the foundations for the new life of the congregation in its mission and ministry for the future. The year has been undergirded by the two sides of the vision articulated 5 years ago-the renovation of the building and the renewed commitment and spirituality of the congregation. Progress towards the fundraising for a major renovation of the 200 year old building which will not only preserve the building, but also greatly improve its facilities to provide meeting space for the people of Portobello. Hosting a three day Art Exhibition for the community 10 community lunches and other social events, including a ceilldh and concert. Appointed a Pastoral worker dedlcated to the support of the elderly of the community Greater discussions Supported three nominated charities- Edinburgh School Uniform Bank, Portobello Beach Wheelchairs, Social Bite. An equal share of 2% of unrestricted income is given to each.
Structure, Governance and Management St Mark's is governed by a constitution which was adopted In 2013. As a member congregation of the Diocese of Edinburgh in the Scottish Episcopal Church it is also 80verned by Canon Law of the Scottish Episcopal Church. For the purposes of charities law the members of the Vestry are the CharityTrustees of the church. Details of the Vestry members are Eiven earlier in this document. Vestry Responslbllltles The Vestry is responsible for managing and safeguarding the assets of the church and assisting the Rertor in matters affecting the spiritual welfare of the congregation. They are also responsible for keeping proper accounting record5 and ensuring that the accounts are prepared in accordance with the tem)s of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amended). Relationship with Diocese and Provlnce St Mark's is supported by the Diocese and the Province through the pastoral oversight of the Bishop, central support functions provided at Diocesan level. and Brants from central funds. The church is represented at Diocesan level by the Rector and the Lay Representative. As a member of the SEC, St Mark's has an obligation to contribute tothe costs of the Diocese and the Provincethrough payment of an annual 'quota'. This amount is based on the relative level of income of the church in comparison with that of other churches in the Diocese and Province. Conclusion Conclusion The members of the Vestry would like to thank all those who contribute theirtime, energy and tnoney 50 generously to ensure the continuation and development of St Mark's as a centre of worship and a focus for the community, Sisned on behalf of the Vestry & Charity Trustees
Independent Examinerfs Report to the Vestry Members of St Mark's Episcopal Church Respecllve responsibilities of Truslees and Examlner The Church's Trustees are responsible for the preparation of the accounts in accordance with the terrns of the Charities and Trustee Investment1Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended) I'the 2006 Regulations.). The Church'5 Trustee5 CQT15ider that the audit requirement of Regulation 10{l} Idl of the 2006 Regulations does no¢ apply. It is my responsibilty to examine the accounts as required under section 4411} Ic) of the 2005 Act and to state whether particular matters have come to my attention. Basis of independent examlner's statement My examination is carried out in accordance with Regulation 11 of the 2006 Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts pre*nted with those records. It also includes consideration of any unusual items or disclosure5 in the accounts, and seek5 explanations froTll the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examination, no matter has come to my attention:. which gives me reasonable cause to believe that in any material respect the requlrements.. 1.1. to keep accounting records in accordance with Section 44111 {a) of the 2005 Act and Regulation 4 of the 2006 Regulations, and 1.2. to prepare accounts which accord with the accounting records and comply with Regulation 9 of the 2006Accovnt5 Regulation have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding ofthe accounts to be reached.
Notes to the Accounts Basis of Preparatlon The accounts have been prepared on a receipts and payments basis. They Consist of a summary of all monies received and paid via the bank and in cash by the church during the financial year, along with a statement of balances. No adjustments have been made for any ncome due btjt not recelved, or any cheques written within the financial year but not yet cashed. Except for investments and the historic asset of the rectory, fixed assets are not capitalised. Figures are represented in standard accounting format. Figures are rounded to the nearest pound. and negative numbers are shown in bracket5, for example a deficit of £1,000 would be shown as11,000). Due to rounding from pence, some figures may not add across rows. Income to St Mark's is categorised as unrestricted. restritted or for projects. Money, which is not needed to fund day to day expenditure, is invested in the Scottish Episcopal Church Unit Trust Pool, which is administered by Baillie Gifford. Wlthin our main account, we have unrestricted money, which is used to cover the running Costs and day-to-day expense5, as well as the buildin8 project. The bi88est source of income, regular giving, amounted to £35,311. We were extremely fortunate to receive £12,418 in donations and record thanks to everyone who made these extremely welcome donations1£12,168 was for general funds and £250 for the building project). Fundraising activities raised £6.9111£4,694 for general funds including the refurbishment of the Muirhead Rom and £2.217 for the project. Rental income raised £7.577. bank interest provided £2,580 and Gift Aid, the tax we claimed back on regular giving, raised £7,957. We were delighted to receive a legacythis year of £10,000. Miscellaneous income brought in £43,402, split between unrestricted income (including insurance payment for replacing the boiler, Diocese stipend supplement. repayment for payroll overpayment and council tax refund for the Rectory) and the building project (grants from the Scottish Episcopal Church and the Baird Trust and VAT reclaim on projert costs. In total. our unrestricted income was £126,156. Expendlture in our main account includes the Rertorfs Stipend and pension, and payroll C05t5 for the Administrator, Or8ani5t and Cleaner totalin8 £50,622 as well as £132 for expense5 and Sunday cover. Our contribution to the Diocese. or quota, was £8,301. Running costs for the church building Imaintenance, heating and lightin& insurance. cleaning and churchyard) totaled £14,841, worship costs (worship supplies and music) were £1,845, faith development. including office costs, were £2.367 and other costs totalled £1,718 Ihospitality, bank charges and miscellaneous costs). Our three nominated charities received a Share of £1.398. Miscellaneous costs amounted to £23,352 and included the cost of a new boiler and emergency plumber loffset by insurance claim), redecoration of the Muirhead Room and rectory council tax refund (transferred to rectory restricted account.
Costs associated with the building project totaled £79,958 in professional fees for the ramp and the main building project (Campbell and Smith £38,930, Narro Engineers £952, architects £24,535. QS £7,080. FCC grant contribution £4,300: Turner blacksmith £3,161). Total expenditure in our main account was £183.048. Our unrestricted funds, therefore, reflect a deficit of £56,892, comprising £7,683 on general running and £59,209 on project costs before adding the legacy of £10,000. Restricted Our restricted account contains moneyfor the maintenance and improvement of the Rectory. Although ihe house Is currently not let. our capitalised interest and council tax refund realised £6,898 while professional fees, council tax payment and energy standing charges were £5,201, providing 3 net income of£l,697. Re5erve5 Our reserves are invested in the SEC'S Unit Trust Pool. At the start of the financial year, these had a value of£80.781 and Eained £9,699. so are now worth £90.480. Balances Atthe end of the financial year, our balances are Main account 002147(KJ Balance at 01.09.23 lus/ (deficit in 8alance at 31.08.24 79,702 156,892 22,810 ear Restiicled account 22502738 Balance at 01.09.23 Surplus/ Ideficit) in year Balance at 31.08.24 74,410 1,697 76,107 Unit Trusts Balance at 01.09.23 Surplus/ (deficlt) In year Balan at 31.08.24 80,781 9,699 90.480 These accounts are presented on behalf of the Vestry & Charity Trustees and were approved at the Annual General Meeting on 24 November 2024.
Main atcount- 00214700 Recei Note Unrestricted Le acies Projects Total 2024 Total 2023 Re vlar Re8ular Tax reclaimed Collections & Donations Donations Fyndraisin General Church rent Interest Bishop's Lent appeal Legacle5 Memorial laque5 Misc. rving 35,311 7,957 35,311 7,957 31,393 7,501 12.168 250 12.418 11.374 4.694 7,577 2,580 2,217 6,911 7,577 2,580 8.226 8,335 1,157 130 io,c io,(KJo 70 84.971 25.120 18,282 43,402 fleceipts 95,407 io,ThJo 20,794 126,156 153.057 Payments 103,090 79,958 183,048 152.772 Surplus/ deficit 17,683 10,0 159,1641 156,8921
Main account- 00214700 Payments Unrestricted Total 2024 Total 2023 Notes Rector and associated costs Stipend 29,100 See payrnll below Pension Expenses Cover 10,430 124 10,430 124 9,607 29 54 530 7,994 Training Quot Running costs Church maintenance Heat/ light Insurance 3C 8,301 300 8.301 2.853 2,853 2,659 4,588 5,013 316 4.588 5,013 316 7,584 1,932 2,166 Cleaning Seepayroll bEIow See payroll be%* Offite 1.930 1,930 4,600 Churchyard Wor5hbp Woyship supplies Music 141 141 1,323 454 1.391 454 1.391 929 3,277 See payroll beki%Y Falth development Glenalmond Faith development Hospitality Kitchen supplies Fvndraising expenses Bank charges Charity donations Building projert Memorial plaques Misc. Payroll Payments 437 144 437 144 540 186 524 1.052 524 1.052 633 1,630 142 1,398 142 1,398 79,958 194 1,524 79.958 23.352 40,192 103,0 23,352 40.192 183,048 79.958 152,772