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 re￿ntlY 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 DI0￿Se 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 DI0￿se.
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 in￿eased 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 balan￿5 at 30 June 2024 amounted lo £173.209 to allow us to
manage cashflow. The bulk of these funds were in an Instant AC￿55 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 cOn￿rning any
such matters. The Pro￿dureS 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 ac￿unts.
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 Un￿rtaIntieS 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
Invol￿d. Interest on funds held on deposit is included when re￿1vable 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 wa￿an1&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 proPert￿dePOSit5
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
Des￿1 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}