St Peter's Church, Lutton Place, Edinburgh Annual Report and Accounts for the year ended 30 June 2024 £cD 11g5 Contents Page Reference and Administrative Information Trustees Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts 9-15
St Peter's Church, Lutton Place, Edinburgh Reference and Administrative Information Charity Name and Address St Peter's Church 16 Lutton Place Edinburgh EH8 9PE Scottlsh Charlty Numbor SC017358 Charity Trustees Hon. Tr•asur•r Hon. Secrètary Lay Ropres•ntatlv88 Min18try Taam Bankers Bank of Scotland 51 South Clerk Street Edinburgh EH8 9PP Indopendant Examln•r
Trustees Annual Report Year ended 30 June 2024 As the Charity Trustees of St Peler's Church, the Vestry presents its report and accounts for the year ended 30 June 2024. These have been prepared in accordance with the requiremenls of the Slatemenl of Recommended Practice.. Accounting and Reporting by Charities IFRS102)- Structure, governance, and management St Peter's is an unincorporated association, governed by Constitution daled 171h November 1862 and subsequently amended by Deeds of Constitution. most rentlY on 10, January 2016. For the purposes of charities law, the members of the Vestry are the Charily Trustees of the Church. Sl Peter's is a member congregation of the DI0Se of Edinburgh in the Scollish Episcopal Church. The Bishop of Edinburgh has pastoral oversight of all congregations within the Diocese, and all congregations are subject to the Canon Law of the Scottish Episcopal Church. The members of the Vestry nomially hold office for three years and are elected at the Annual General Meeting. The Lay Representative. who represents Sl Peter's al Diocesan Synod, and Alternate Lay Represenlalive, are elected annually at the Annual General Meeting. The Vestry Secretary and Treasur&r are appointed by Ihe Veslry. The Rector Is appointed by a special comrnittee consisting of the Vestry and five Constituent Members of the Congregation appointed al a Special Meeling of the Congregation, and by the Bishop of the DI0se. ObjectSves and actlvltles The objective of St Peter's Church is to advance the mission of the Chnstian Church, through worship. service and fellowship. The principal activities of the Church are public worship and the spirilual development of ils members. In carrying out ils objective. the Vestry depends upon the contribution of volunteers frorn the Congregation who participate in worship, serve on sub-committees and in many pastoral and social aclivilies. These contributions are highly valued. ar)d members of the congregation are encouraged lo participate. Funds are collected and passed on to charitable causes that provide benefits lo disadvantagèd individuals and communitl8s in Scotland. lh6 rest of the Uniled Kingdom and overseas. Staffing During the year 2023-2024 St Peter's employed the following staff Hall redevelopment The roof over the main hall was renewed this year.
Financial Review General fund unreslricled income was £210.52712023 £184,166) from voluntary income, granl, renl and investment income. Total unrestricted expenditure was £182.236 {2023 £188.5281. generating an operating surplus of £28.291 {2023 -£4.3621. Restricted income, being grants and donations for a specrfic purtK)se. amounted to £26.125 (2023 £15.698) Mainly grants to help pay for a new roof over the church hall. 2024 has seen the value of our investments continue lo stabilise. Our investment propety in Hope Park Crescent is valued al market value and this value is estimated to have ineased by £15.249 in Ihe year, based on price trends issued by the Edinburgh Soliulors Property Centre. Our General Fund increased during the year to £559,48212023 £504.0581 The building fund reduced lo £61.25412023 £92.3721. In 2025 we aim to continue lo consolidate our financial situation. rebuild reserves for the next big capital project and keep St Peter s assets in good order for Chflstian outreach. Investments and reserves The investments are funds managed by Investrnents are made through investment and unit trusts providing a broad spread of mainly equity ol Ings. The Inveslmenl Property is a flat in Hope Park Crescent, Edinburgh which was fomierfy used lo accommodate Ihe curate. It is the policy to hold cash on deposit lo covér known commitments and to avoid being forced lo make sales when markets are low. Accordingly, Bank balan5 at 30 June 2024 amounted lo £173.209 to allow us to manage cashflow. The bulk of these funds were in an Instant AC55 Deposit Account and Fixed Temi Interest Account. The Finan Committee will decide whether to now move more cash into investments. Rlsk Management The principal risks faced by St Peter's are the receipt of congregational giving and unanticipated costs required to maintain the Church and Hall. Periodic stewardship campaigns are run to encourage ongregalional members lo review their giving. We maintain an active church and hall maintenance programme and undertake a full structural review of all our properties every five years The dry rot in the church roof is limited in area and needs to be addressed with specialist joiners. A number of detailed findings are being addressed by an ongoing rnainlenance programme led by the Buildings & Works Committee. Stipends and salarie5 are reviewed by the Vestry at the beginning of every year and were increased in January 2024. Energy costs for 8 large building continue lo be a risk. Reserves policy Sl Peter's has considered the reserves required and has con51dered Its current and future liabilities. The Trustees aim lo maintain free reserves al a level which equates lo approximalely Iwelve month5 of charitable expenditure together with an appropriate sum to cx)ver any unanticipated building repair. Th6 Trustees therefore consider that reserves should be held at around £200.000 (plus or minus 10°/o) plLJS Ihe value of any property assets owned by the Church. They believe thal such a level will provide sufficient funds lo maintain the mission of the Church. The General Fund al 30 June 2024 amounted to £559.482 12023 £504.048). of which £312,679 12023 £297.6371 is held in the Investmenl Property. leaving £150,204 (2023 £138,085). This is in line with the policy detailed above.
Conclusion This fomal financial report is to be read alongsKJe additional reports on the Church Year from the Rector and groups associated with Sl Peler's. which will also be presenled to the AGM. BY ORDER OF THE VESTRY
Independent Examiner's Report to the Vestry of St Peter's Episcopal Church, Lutton Place, Edinburgh I report on the accounts of the charity for the year ended 30 June 2024, which are sel out on pages 7 10 15. Respective responsibilities of Trustees and Examlner The charity's Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charitie5 and Trustee Investment {Scollandl Acl 2005 2nd the Charities Accounts (Scollandl Regulations 2006, as amended. The charity Trustees consider that the audit requirement of Regulation 10111 lal to Icl of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44{1) Icl of the Act and to slate whelher particular matters have wme lo my attention. Basis of Independent ExamSner's statement My examination is carried oul in accordance with Regulation 11 of Ihe Charities AcLounts (Scotlandl Regulations 2006. as amended. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 113lso includes consideration of any unusual ilems or disclosures in the accounts and seeks explanations from the Trustees cOnrning any such matters. The ProdureS undertaken do not provide 811 the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the acunts. Independent Examiner's statement In the course ol my examination. no matter has come to my attention, which gives me reasonable cause to believe that in any material respecl the requirements.. To keep accounting records in accordance with Sections 4411) {a} of the 2005 Act and Regulation 4 of the 2006 Accounls Regulalions. as amended, and To prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accoljnts Regulations, as arnended. have not been mel, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be rèached.
ST PETER'S EPISCOPAL CHURCH, LUTTON PLACE, EDINBURGH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Not•s Unrestricted General Fund All Funds Total D081gnatod BuildinLFund Restrlctod Funds Funds Total Income from donations and I Con re alional ivin Donations Le acies Income from tradlng activltles Rent from hall, church & lower Invostment Income Renla!Lpert ro Dividends and interest income Income from charltable actlvltles - Grants Grants Other income Total Income Expendlturo on: Fundraising Charitable actlvltles Salaries, ensions and national insurance Worshi and minist Quota Governance, Admin & sund Fabric cosls Rental prrno ty costs Total Ex enditure Net Income l {Deficitl before ains on Investments Net ain loss on investment assets Net movemenl in funds FLtnd balances al 1 sl Jul 2023 Fund balances al 30th June 2024 acies 117.142 117,142 625 107,012 2,664 625 62.382 62,382 48,564 24,297 4.190 24,297 22.671 2,352 164 210,527 25,500 27,852 164 236.652 16,033 7,023 199,864 26.125 92,343 7,696 15.941 5.017 52,702 8,537 182,236 625 92,968 7,696 15,941 5,261 109,320 8,537 239,723 -3,071 27,143 24,072 596,664 620.736 100 923 8,354 14 15 244 25,500 4163 197 371 19,826 345, 726 -145,862 31.118 10 31.118 -31,118 26,369 -244 27,143 55.434 504,048 559.482 -31,118 92,372 61,254 -244 244 -123,030 719,694 596,664 The notes on pages 8 10 15 fom part of these accounts.
ST PETER'S EPISCOPAL CHURCH, LUTTON PLACE, EDINBURGH BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Fixed Assets Tangible assets (note 81 Investment property (note 9) Investments (note 9) Total Fixed Assets 312,679 150 204 462,887 297,637 138 085 435,726 Current Assets Debtors (note 11) Cash at Bank Total Current Ass•ts 7,434 173 209 180,643 31,052 155 804 186,856 Liabilities: Creditors.. amounts falling due within one year IrK)te 121 (22.794) (25.918} Net Current Assets 157.849 160,938 NET ASSETS 620,736 596,664 Represented by: Unrestricted Funds". General Fund Building Fund Restricted Funds: 559.482 61,254 504,048 92.372 244 TOTAL FUNDS 620,736 596,664 Approved by the Vestry 9th October 2024 aThJ signed on Iheir behalf by: . The notes on pages 9 to 15 fomi part of these accounts
ST PETER'S EPISCOPAL CHURCH, LUTTON PLACE, EDINBURGH NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policies a) Basis of preparation of accounts The accounts (financial slalemenlsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note{sl lo these accounts. The financial 51alemenls have been prepared in accordance with the Charities and Trustee Investment (Scolland) Act 2005. the Charities Accoun15 (Scollandl Regulations 2006 las amended), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. The Church constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material UnrtaIntieS about the Church's ability to continue as a going concem. b) Fund accounting There are two main classes ol charitable funds.. unreslricled funds, which can be spent or applied al the discretion of the trustees lo further any of the charity s purposes.. and restricted funds, which can only be used for specific charitable purposes. Reslriclions arise when specified by the donor or when funds are raised for particular reslricled purposes. Trustees may choose lo set aside a part of the unreslricled funds to be used for a particular project or commilmenl. By earmarking funds in this way, the Iruslees sel up a designated fund Ihat remains part of the unreslricled funds of the charity. Sl Peter's has one Designated Fund lo support funding of various Building Projects. Further explanalion of this fund can be found al note 3 to these financial slatemenls. During the year, two grants and one donation were received with restrictions on their use. This reslricled income was expended in full within the financial year, as was a partially expended grant brought forward from 2023. cl Income recognition All income is recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations are recognised when the Church has been notified in writing of both the amount and settlement date. Legacy gifts are recognised on a case-by-case basis following the granting of probate when Ihe adminislratorlexecutor for the estate has communicated in writing both the amount and settlement date. Hall rent81 income is recognised when Invold. 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. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. The Church receives substantial benefit from the time given lo support ils activities by ils members. This benefit is not included as income in the accounts bul includes.. acting as Trustees through membership of the Vestry participation in worship and mission assisting with catering, property maintenance, garden maintenance, administration and other tasks required lo support the Church.
dl Expenditure recognition Liabilities are recognised as expendilure as soon as there is a leg81 or conslruclive obligation committing the charity lo that expenditure, il is probable that settlement will be required. and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses Including support costs and governance cosls are allocated or apportioned lo the applicable expenditure headings. VAT, not being recoveTable. is charged against the expendilure heading for which il was incurred. e) Investment management costs The costs of 9eneraling funds consist of maintenance and other costs associated wilh the Church's investment property. Q Tangible fixed assets and depreciation Heritable propert16s are shown at cost and expenditure on properties is not capilalised. Depreciation is not provided on heritable properties. The heritable properties have useful lives in excess of fifty years. No depreciation has been provided againsl the book value of heritable properties as. in the opinion of the Vestry. due lo the long useful economic lives of Ihe properties and their high residual values, any depreciation charge and resullanl accumulated depreciation are immaterial. In th6 opinion of the Veslry. no impairment of the carrying values has occurred during the year. Exp8ndilure on other tangible fixed assèts Is chargéd to revenue as incurred. gl Investment property Thè investment properly Is shown at eslimaled fair value. Fair value is eslimaled based on the price of similar properties sold on the open market and price changes published by the Edinburgh Solicitors Property Centre. An independenl valuation has not been obtained and the Trustees do not consider that the cost of obtaining such a valuation is waan1&d. h) Fixed asset investments Inveslm6nts are initially CognISed al Ihair transaction value and subsequently measured 81 their fair valu8 as al the balance sheet dale using the closing quoted market price. The slalemenl of financial acliviliès includes the nel gains and losses arising on revaluation and disposals throughout the year. The Church does not acquire pul options. derivatives, or other complex financial inslrumenls. i) Cash at bank Cash at bank comprises funds held with The Bank of Scotland including instanl acc955 savings and. during the year. a six month fixed term savings account. j) Galns and losses All gains and losses are taken to ihe Slatemenl of Financial Activitie5 as they arise. Realised gains and losses on inveslmenls are calculated as the difference between sales proceeds and their opening carrying value or their purchase vslue If acquired after Ihe firsl day of the financial yèar. Unrealised gains and losses are calculated as the difference betsveen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Stalemenl of Financial Aclivilies. 2. Related party transactions and Trustses, expenses and remuneratlon Except for the Reclor, Ihe Truslees all gave freely their lime and expertise wilhoul any form of remuneration or other benefit in cash or kind Expenses paid to Trustees {not incl Reclorl in the year amounted lo £1,206 (2023 £951 Rector's expenses came to £1,66312023 £1,989) comprising the reimbursement of computer and inlernel costs. £88812023 £6381. ministry costs, £636 {2023 £1.001 l. other costs £13912023 £351 }. The Rector, is ex officio a member of the Vestry and a Truslee and receives stipend calculat6d wilh i ésiereiits6 lo sldiidard stipend set by the Gen8ral Synod of the Scollish Episcopal Church. In addition. the Rector is provided with living accommodation al the Church's expense in the Rectory located at Brights Crescent, Edinburgh.
The aggregate amoLtnt of donations received from Trustees during the year was £12.570 (2023 £13,302). Funds The Building Fund is a Designated Fund which has been established to fund the refurbishment of the Hall and extended to include refurbishment projects in the Reclory and Investment Propety. Restricted funds received in the year comprise grants totalling £25,500 to support Ihe new hall roof (2023 £15,073 to support rectory refurbishment) and £625 to support an Organ Scholarship (2023 £6251. Clergy and Staff costs and emoluments 2024 2023 Gross Stipends and Salaries Employer's National Insurance Contnbutions All Pension Contributions {staff and employee) 81.025 89,113 1,510 10,300 100.923 11,318 92,343 2024 2023 Average number of employees during the year Average number of employees during the year (full lime equivalent) No employee CeiVed emoluments over £60.000. Infomiation regarding stipendiary members of the clergy. who are technically nol employees but office holders, is included above. The Rector is a member of the Scottish Episcopal Church Pension Fund which is a non-contributory defined benefit scheme with benefits based on final pensionable salary. St Peter's Episcopal Church is unable to identify ils share of the underlying assets and liabilities of the fund on a consistent and reasonable basis and so accounts for its contributions as if the scheme was a defined contribution scheme. The contribution rate for the year under review was 32.2%. These rates were based on the recommendations of the fund's Actuary following the periodic valuation of the fund as at 31 December 2020 which indicated a surplus of £5.6 million. There were no contributions outstanding al 30 June 2024 in relation to the Sl Peter's Episcopal Church's member of the Fund. Three employees12023 two employees) are members of a workplace pension scheme which St Peter's has established with NEST Corporation. Pension costs paid by St Peter's were as follows: 2024 2023 SEC Pension Fund NEST Corporation 10,238 1.080 11.318 9,360 940 10.300
Grants 2024 2023 Grant income was as follows.. Unrestricted Diocesan Stipend Support Grant Interfaith Edinburgh craft group Others Restricted Diocese of Edinburgh Valencia Communities Fund Benefact Trust 960 392 1.000 960 15,073 22,500 3,000 Support costs Support costs which include the salary of the Administrator and Development Officer, office costs, etc. have not been separately identified as the Trustees consider there lo be only one charitable activily, the worship of God and furtherance of God's mission. Support costs relate wholly lo that activity. Collections paid over to charities During the year special collections were made for a number of charities. Two amounts collected bul not remitted in in previous years were carried forward to 2023124. These collections are not reflected as income or expenditure in the accounts. The details of amounts received. remitted and carried forward are as shown in the table below. Collections cf previous years Received 2023-24 205 1,154 107 674 1,557 Remitted 2023-24 Cf & remitted 2024- 25 356 40 Christian Aid Edinburgh City Mission Poppy Scotland Mercy Ships Newington Foodbank Bishop's Lent Appeal Sunflower Scotland 151 800 45 1914 152 674 1.557 174 245 276 1,691 174 245 276 2,761 3.697 2,627 Collections clf from 2021-22 Received 2022-23 800 45 174 742 787 671 56 211 3,486 Remitted 2022-23 clf to be remitted in 2023-24 800 45 174 Edinburgh City Mission Poppy Scotland Newington Foodbank Hadeel Fund Sunflower Scotland Mercy Ships Christian Aid Bishop's Lent Appeal {7421 {5111 {6711 1661 276 161 34 195 151 245 1,691 (1,990)
Tangible Fixed Assets All properties are owned by St Peter's Episcopal Church. Heritable properties consist of. The Church, Church Hall and Lodge al Lutton Place, Edinburgh The Rectory 81 Brights Crescent. Edinburgh These properties are each valued al a nominal £1 each. Expenditure for these properlies is classed as maintenance and as such has not been capilalised. On 1 July 2024, the Rectory was insured for a lolal of £1.2 million and the Church, Church Hall. and Lodge for a lolal of £19.g million, which are estimates of the replacement cost of the buildings and all conlenls owned by the Church. Replacement building cost does not represent market value of the properties and does not include valuation of the land on which the properties are sitU8ted. Investments Investments Investment Propety Total AI 30 June 2023 Net gain {lossl on revaluation al 30 June 2024 Balance at 30 June 2024 138,085 12,119 150,204 297.637 435.722 15,042 27,143 312,679 462.883 The nei gain Ilossl on investment assets is made up as follows.. 2024 2023 Unrealised gain {lossl on investments Realised 9ain on investments Unrealised gain (lossl on investment property 12.119 3,988 3,595 15,249 22,832 15.042 27.143 St Peter's Episcopal Church's Investments are managed and held by Baillie Gifford & Co. The market value, distribution and movement in holdings of the investments during the year lo 30 June 2024 were as follows.. Investment holding 1 Jul 2023 Gainl{loss) 30 Jun 2024 Baillie Gifford Managed Fund Nel B Income BG UK & Balanced Funds ICVC Global Equity Income Fund BG Investment Funds 11 ICVC Sustainable Growth Fund 58,226 40,102 4,452 4,023 62.678 44,126 39,756 138,085 3,644 12.119 43.400 150.204
10 Rontal PTOPOrty The investment propety is a flat at Hope Park Crescent. Edinburgh, formedy used as curate's accommodation and now tenanted. The original purchase price was £65.000 bul this has been revalued to open market value eslimaled at £312.67912023 £297,637). Gross rent Mana Insurance airs and maintenan Refurbishment Total costs Net 24,297 1,758 640 4.102 2,037 8.537 15,760 ent commission 11 Debtors 2024 2023 Gift Aid Trading activities Rental prope BuildinLGranl Other debtors and 1,251 23,050 2,267 2,720 2,500 2.720 re ments 7.434 12 Cr•dltors falling due wlthln one year 2023 Tradin9 activilies - deferred income Rental proPertdePOSit5 Council lax & water char Fabric 9.949 2.720 312 6.708 275 5.763 2.720 es 6,108 243 7,621 2.838 625 25,918 Quota WorshiL& ministry Donations & le acies 2,830 22,794 14
13 Reconciliation of movement in funds 2023124 Balance at 30 June 2023 Balance at 30 June 2024 Incoming Resources Resources ended Investment Gainlloss Unreslri¢ted Funds General Fund Des1 naled Buildin Restricted Funds Total Funds 504,048 210.527 182,236 31,118 26,369 239,723 559,482 61,254 Fund 244 596,664 26.125 236,652 27,143 620,736 2022123 Balance at 30 June 2022 Balance at 30 June 2023 Incoming Resources Resources ended Investmenl Gainlloss Unrestricted Funds General Fund Desi naled Buildin Restricted Funds Total Funds 485,578 233,626 490 719,694 184,166 188.528 141,254 15,944 22,832 504.048 92,372 244 596,664 Fund 15,698 22,832 14 Net Assets analysed by Fund 2024 Unrestricted Funds General Desi Restricted Funds naled Total Fixed Assets Investments Current Assets Current Liabilities 462,883 119,389 22.794 559.482 462,883 180,643 22,794 620,736 61254 61.254 2023 Unrestricted Funds General Desi Restricted Funds naled Total Fixed Assets Investments Current Assets Current Liabilities 435,722 94,240 25.918 504.048 435,722 186,856 25.918 596,664 92,372 244 92.372 244 15 Quota Quota is paid by St Peter's Episcopal Church to the Diocese of Edinburgh lo support the work of the Diocese and of the Scottish Episcopal Church as a whole. 16 Governance costs Independent Examiner's fee (2023. Nil}