DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 ST PAUL'S EPISCOPAL CHURCH ROTHESAY TRUSTEES ANNUAL REPORT WITH RECEIPTS AND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2023 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 Contents Trustees, Annual Rep(Kt Independent Exawninei's Report Receipt5 and Paywnents A(counts Slatement of Balances Notes to the Accounts 8-13 Registered Office: The Rectory 6 Crawford Lane Hunters Quay Dunoon PA23 8JP Independent Examlnws: Wylie & Bisset LLP 168 Bath Street Glasgow G2 4TP Bankers: Bank of Scotland 36142 Montague Street Rothesav Isle of Bute PA20 OBT Chor Trustees- Members of the Vesi at 30.09.2023 Other trustees in the period: NIA otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Page I TRUSTEES, ANNUAL REPORT The mewnbeis of the Vestry present their annual report and the financial statefflents for the year ende(l3￿h September 2023. Structure and Governance In terms of the Charities and Trustee Investment IScotlarMJI Act 2(X)5 and the Charities Accounts Iscotlandl Regulations 2(MK), the Vesty reports to the Co￿regatiOn as follrrws= st Paul's EIMscopal Church, Rothesay is a registered kottish Charity ISC0231781. It is a member of the Diocese of ArByII and the Isles of t1￿ kottish Episcopal Church and 15 in full communion with the Anglican Church. The superior auth)rity is the B1$￿p of Ar￿11 aThl The Isles. All of it5 affairs are governed by the Vestry. Appointment of Vestry Members Vestry members are elected or ap￿inted by Annual General Meetin8 established by constitution and under Canon Law ol the Scottish Episcopal Church. There is no formal induction prc8r3mme but ongoing gumlance is Biven to ensure that Vestry members are familiaf Wth the Church's Val￿5, aims and responsibilities as the de51Bnated trustees of a charity. Trainin8 days are held approximately every 18 months. Administrative Structure It is the duty of the Vestry to manage the temporal affairs of the congregation with responsibility to keep the fabric and property of the church and other buildings in 8LKKI wot*ing order and to look after the finances of the church. Charitable Purposes St Paul'5 Rothe5ay shares in the mission and objective50f the Scott15h Episcopal Church. with actrvities which include public worship in sacramenl and prayer, Christian educ31ion, charitable work and fundraising for local, national and international needs, SLKial meetin85 of varKJUS groups within the c¢xnmunity. Main Activities st Paul'5 continue5 in the work and mission of the church through worship. teaching. fellowship and outreach to the community. Many membeis of the chuich live out their faith by becomin8 actively involved in the community and k)cal organisalions, and the church as 3 whole supwrts the work of charities such as Christian Aid. Mission to Seafaier5. Fairtrade 1st Paul'5 15 3 Fairtrade Chuichl and Eco Congregation5. again being a re8lStered Eco church. Special appe31s duri[)8 the year are also supported. St Paul's Rothesay has been part of a linked charge arrangemenl with Holy Trinily DuncM)n since 2010, with ix)th charges supporti ini5try cost5 (c￿rgY costs. travel and Rertory expen5es}. otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Page 2 Summary of Main Achievement During the year St Paul's cwtinued to re-eslablish the setvices and pr&tices that meant the most to the members and the wider community. incI￿ling Open Church. thurch Life.. Church Itfe- in church Services have fulfy retU[r￿d. arKI on-line services. which had proved very )pular. have remained. The joint churches of Bute radio services continued. the hall which reopened the year ￿fore, is b(￿ked by a wide ran8e of community 8roups. The con8re8ation held a Christmas lunch and a 50up lunch a5 well a5 fulty reinstating coffees after church services. The hall refurbishment is complete except for painting of the kitchen. Worshlp: The number of lay seNice leaders within the congregation al the end of the peri(Kl is three, although other worship leaders Ilay and ordainedl from Dunoon and the wider di(Kese have been supporting St Paul's if required. Éach week, Se￿ICeS are held in St Paul's at 11.IK>am on 3 Sunday and 12 noon on a Wednesday (which has now moved to 11.(Kl to allow the possibility of socialising aftei the service). The services vary between Sun8 Eucharist. Morning Prayer and a SeNKe of the Word. depending on the people available to lead. A retired minister recently mcived to island 3nd now has permission to officiate from the Bishop and will take oCCas￿nal Sunay and Wednesday services. The changes have been shown in improved external notice trN)ards- covered by monies left in the Recovery aThJ Renewal Grant. It also covered reprinting of ser¥ice bwklets and materia15 ab(yJt the church which have proved popular with viytors to the church Idaily we have an open church). During the Covid restrictions, services moved on-line arKI Morning Prayer, Compline and a Sunday servKe have been retained as well a5 special other servKes. Those WIK) can. and wish to. access the services. ar)d they continue to be useful particularly to those who are una￿e to attend church in person. St. Paul's shares these services with the Joint Charge church, Fk)ty Trinity Dunoon, which added a cknseness for the two con8re83tions. Bulldln8 works: The decoratin8 of the hall Is completed extept for painting the kntrhen. A grant has been received fr(bm The Piovince of the kottish Episcopal Church for the replatement of the main doors for both -8reer)in8- the church aThJ meeti[18 the requirements outlined in the Quinquennial Inspertion Report. appliCat￿n has also I￿en submitted to Benefacl and N3tion31 Churches Trust for the balance. A drawdown from investments of £I0.c￿ was made to help fund the work as the Brant is a refund of payments made. Work to the tower is due to commence ur8ently due to crumblin8 Stonework. 38ain detailed in the Quinquennial Rewrt. Also a grant has been applied for from the Province of the Scottish E￿5(opal Church and othei grants have Ixen appdied for frown Benefacl. a5 part of the grant mentioned in11. On-going repai15 and iequiied buikling awKI equipment testing have been caiiied out on ￿th hall and church. New utilttie5 contracts started in April. Flnance: The bud8et agreed for 2022-23 showed a shortfall between exF*rted incoff* and expenditure but it was felt that the expe(ted income plu5 reserves would See the year finish in a balarKed PK)51tion. with reserves being drawn down from the investments as required for cash flow. This will be our approach for the next year. The anonynKJUS donation given in 2021*21 of £l,(KX)1+ £250 reslrided gift aTrdl foi inteinal decorating of the church is still to be spent. There have L*en small irKlividu31 (k)nations across the year. otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Page 3 Flnance (contlnued)- The Quota paid tothe Dioceseof ArgVI and The IS￿ durirgfinancial year2022-23 was £3.412 and is expected to be in the region of £3,￿K) in fin3n(ial year 2023- 24. Tot21 ministry costs in terms of StI￿nd will be increased in coming year by the rate of 7.8% in line with the agreement reached at General SynLKJ in 2020. and tl is eX￿ted that theTe will be an increase to the payment to the Joint Account, raising it to £1.403 from January 2024. Overall. the expenditure figures were very close to budBet. but income exceeded expertatK)ns with the h311 income risin8 and generous con8re8ational givin& the yearond sawa surplusof £6,224of unrestrirted funds but this includes £20.216 of drawthjwn frown the investment5. The investment income held up well and also Gift and GASDS. we are also still awaiting payment of £758 from the SEC Recovery & Renewal Grant fur)dir)g at the year end to reimburse us for outlays paid in this financial year. The Rectory is being replaced in a >sta8e plan. drawdowns from our investments have been bud8eted to fund this projert. At each stage the Vestry and wider congregatK)n agreed with the steps being taken, all vneetings were minuted. To allow for receipt of loans from the Province and the Diocese to tNJth Holy Trinity and St Paul's and to agree the financial contributions for the project from both charges a Supplement3ry Memorandum of ￿reement 2023 re The Provision of Rectory Accommodation was signed in August 2023. An interim Rectory was purchasedon 31"Au8USt 2023 under the terms of this Supplementary Memorandum of Agreement with st Paul's resp)nsible for 3 38% share of the purchase costs. being loan funds of £26,600 1£13.3(xJ each from Province and the Diocesel and £42.5￿ funded via a withdrawal of funds from St Paul's SEC Unit Trusts. St Paul's will be [eswn￿b1e for payinB the 5% interest on the £26,6[￿ of loans with interest payments of £1,￿ due in financial year 2023-24 rising lo £1,330 per annum in fulure financial years. On 30, September 2023 the Rectory at 55 Ki1￿lde Road. Dun(x)n was being marketed for sale. Plans are being drawn up for the building of a new Rectory on the Kilbride Road. Dunoon site. It is intended that funds from the sale of the property at 55 Kilbride Road, will used to finance this projert. RestrSct•d Funds The receipt of £13,3(KJ of restricted k)an funds from the Diocese of Ar8WI and The Isles and of £13,31J) of restricted loan funds from The Gener31 Syn(Kl Office ofthe Scottish Episcopal Church hel￿d St Paul's finance 38% of the purchase price of the new interim Re(tory at 6 Crawford Lane. Hunters Quay. Dunoon PA23 8JP. The restricted loan funds are now shown 35 bein8 held in the asset of ihe property. 11 is intended these103ns will be repaid when the pro￿rty IS y)Id on the completion of the building of the planned new Rertory on the Kilbride Road. Dur)wn site. Restricted furbds held at the financial year end total £1.250 beinB the iestricted donation for the intem31 redecOrat￿n of the church ￿lIding. Pollcy on Reserves The tru5tee5 Irrtend that the re5erve5 which ale held as inve5tment5 Should ￿ ietained in order that the work of the church may be continued. The reserves are br03dty split into investmentslbond5 and the bank balance. The vestry decides on the ￿st local￿n for the reserves based on interest and inveslment risks. Good practice 15 to ensure that cash in the charivs aicount5 15 sufficient to keepthe accounts 501vent during the year's activities. The unrestricted available cash balance (bank aca)untl held at 30 September 2023 was £16,848. This amcmjnt, approximately 69% of unrestrKled annual turnover, is an appropriate level given Ihe planned buikling work. where grant funding will have to be drawn after the contrartors, invoices have been paid. The unrestrirted reservesvalued at£1￿.038 are held ir) unittrusts primarilyto maximise revenue income. These will also drawn (knwn if more local reserves are required in the future. otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Page 4 Risk Managemert The Chuich has two tomprehen5we insuiance polic*s wilh the Ecclesiast￿31 Insuiance Group IEIGI who specialise in Church Insurance and put all proftts into church development charities. The w)IKy values are UFMlated each year by the company in line with their experience. The values, as rewrted in this report, are based on the previous cover level and index increased by EIG. The vestry is confidenl Ihat the insurance cover is adequ3te. Unfortunately. neither w>licYs cover for Business Interruptii)n could ￿ used during the L(￿kdown. Pollcles The Vestry in February reviewed and approved the Rese￿￿ PolKy. Heatth and Safety Policya￿l Vulnerable People policy, and also the Fire risk assessments Iseparate risk assessments for the church hall for fire Safety have been carried and are on file). Covid compliant assessments have been carried out arnl are constantfy uwlated in line with iegulatory chanBes. Tralnlng The Treasurer has atten(kd online meetings with £(￿COngregat￿n5 re Climate Change in relation lo church building5 and heatin& with Tran5forwn Trade re Fairtrade. and with the Diocese and the Home Office ie -Martyn's La￿ and Health and Safety- risk assessment. The two church vestrie5 met to look at ￿sk arKI assessments and how to use the new paperwork. Plans for the Future The previously expressed aims of tontinuing to work lo glow and develop the conBfegalion and community of St Paul's are still those of the Trustees. Unfortunately. the Rectory has proved to be unfit for purpose by modern standards and the two vestries fomied a sub group to work on the purchase of an interim rectory, sale of old rectory and building of a new e(o-iettory on land belonBinB to Holy Trinity Church. The coming year will see not just a focus on completin8 refurbishment of the h311. and on developinB a plan and vision for the next five to ten years in the life ol St Paul's with a special emphasis on looking after the environment but also completin8 the Rectory development plan. (see finance) Approved by the Vestry and signed on their behalf by.. Date.. 20 May 2024 Date.. 20 May 2024 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Page S Independent Examinees Report to the Vestry of St Pauvs Episcopal thurch For the Year Ended 30 September 2023 I report on the accounts of the charity for the year enthd 3￿ September 2023 which are set out on pa8es 6 - 13 of this document. Resixrttv8 Responslbllltt•s of Tntstees and Examlrb8f The charity's Trustees are responsible for the weparation of the accounts in accordance with the terms of the Charilies and Trustee Investment Ikotlandl 21X)S Art and the Charities Accounts Ikotlandl Regulations 2LK16. The charity Trustees consider that the audit requirement of Regulation 10111 Idl of the Accounts Regulations d(*s not apply- It is my reswnsibility to examine the atcounts as required under section 44111 Icl of the Act to state whether particular matters have come to my attention. Basls af Indèp•ndent Examlnèrfs SLltomènt My examination is cairied out in accordance wlh Regulalion 11 of Ihe Chaiities Accounts Ikollandl Regulations 21K)6. An examination includes a review of the accounting records kept by the charity and 3 comparison of the accounts presented wrth those records. It also includesconsKleration of any unusual items or disclosures in the a(c￿ntS and geeks explanations from the Tiustees conceining such matters. The proce(lures undertaken do not provide all the evidence that would be required in an audit. and consequentlv, I do not express an audit opinion on the view 8iven by the accounts. Ind•p•nd•nt Examln•rfs Statement In the course of my examination, ￿ matter has come to my attent￿n l. which gives me ieasonable cause to believe that in any material respect the requirements.. lo keep accounting records in accordance with 5ertion 44111131 of Ihe 2005 Art and Regulation 4 of the 2(X)6 Accounts Regulations and to prepare accounts which accord with the accountin8 iecords and comply with Regulation 9 01 the 2CI)6 kcounts Regulations have not been mel. or 2. to which, ir) my opinion. attentK)n should be drawn in order to enab￿ a proper Understar￿1￿8 of the accounts to be reached. Wylle & 8lss¢t LLP 168 Bath Street Glas8OW G2 4TP Date.. 20 May 2024 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesav St Paul's E isco al Church Rothe Page 6 ments to 30th Se Recei &Pa 2023 2023 Restricted Unrestricted 2023 Totsl 2022 Totsl Receipts Donations racèiv Regular Donth"ons (Giving) Tax redainEd (Grft Aid & GASDSI Ona-off Donations Mission Gants Investn￿nI incoff SEC Unit Trnsts R•c•ipts from Fundraising Other Incon kn¢0￿ rol•t￿ to land builynditixe Gov•mance Costs.. Legal Fees & OLrtla hd•wndont Eyanyrnrfs F 15.853 3,412 128 6,458 15.853 3.412 128 6,458 15,796 3.786 83 9,966 23.672 10 11 12 13 14 115 279 758 279 7S8 516 908 15 15 875 612 875 612 S￿• Total 28,490 28,490 55.351 Payments Relatlng to Asset & Investment Movements Purchase of FLxed fvssots 17 26,6C 42,560 69.160 SLI) T¢l•l 2fj,600 42,560 69,160 Totsl Payments 71,050 97,650 55,351 Net Receiptsl{Payments) 6,224 5,718 A5 Transfers to l {Froml Funds Surplus l (Deficltl for Year 6,224 5,718 ottish Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesav St Paul's E isco al Church Rothesa Page 7 Statement of Balances at 30th Se t 2023 2023 Restrcted Unrestricted 2023 2022 Bank and cash in hand Opening balances {bank and bonds) Cash sU￿lUs I (Deficit) for year 1,250 10,624 6.224 11,874 6.224 17,592 {5.7181 Closing balances 1,250 16,848 Investments SEC Untt Trust.. rrorket value at year stsrt Wrthdrawal Ganl{lossl n year 143.752 (52.8001 9.086 143,752 152.8001 9.086 176,511 132,7591 Market value at year end 100,038 100,038 143,752 Fixed Assets - see note 18 26,600 Total funds as of 30 September 27.850 159.446 187296 155626 Debtors- See Note 19 392 Creditors Creditors due in over 1 Year 26.6(K) 26,600 Liabilities crual - Wylie & Bisset IndeperKlent Examiners Fee 1.020 1.020 612 612 pproved by Ihe Vesty and svjned C￿ their behaff by: Date.. 20 May 2024 Date.. 20 May 2024 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesav St Paul's E 18CO I Church Roth•3a Page 8 Not•s to Account8- Y•arto 30.092023 2023 2023 To181 2022 Tot81 Income from Don*tlon8 & L•gaclo• Iv ¥,027 Tax rad81￿d Gitt Ad 629 873 1,571 873 1,571 Jbtolal Gifl P*J 1,512 Cw9t￿S Genetd I￿n-regUlarl FEe5 fLK occaswj￿l office5 Subtotal Ik)n8tK)n5". 400 Mwn Gr8n15 SEC Rec(y48ry 8 Renewal Gr8Tr1 IR85trKtsJI Subto¢al GtanLs." 669 Tot￿5.. 10,998 10.998 Ineom• from Inv••kn•nts 2023 2022 knve51rTWt IncL Scottish E￿5¢<￿81 Cl¥Jrch Unrt Tw5t SCI￿ 4.483 3,922 T(*4s". 3.922 In¢om• from Fundr•hlng 2023 2022 The follcxthng fiJnd1￿1Thj l(K* r4e￿ thts year. $￿p Lunch Open days 21 & 22 43 227 31 74 Tcrtds". 233 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Incom• from Land and Building8 Page 9 2022 2023 Unrestricted thldi Grant kKxyr LPOW VAT Gr8nt Sch8￿￿. VAT r8cl81n1￿ ￿k1￿ ￿¥5. 307 Tho chuith 8 slw ￿ in D88n H￿)d Fl. ￿ recA¥os at rent 4,g20 Hall rents & fe8S Th& chuich rents h811 to knc81 8nd usas for Utslity Rèfvmd 231 7,016 8,939 In¢¢yn• for R••trl¢t•d BUI￿r￿j ProJ•d• Chuf¢h Hall Extemal R¢ St￿1￿￿ in FY 20￿￿21. ItLvn valic￿5 sowc85 85 d8kn.bj bekxf Ca￿l8d n FY 3)21.22. 2023 R8slncled UNeSlrKt￿j 2023 2022 THI GrBnl r8stited. Churrjb H811 E>lemBI Ryw5 SEC Provn¢ial BUIkJr￿ G[P￿t. C￿r¢h Holl 19,754 T￿¥J5 27.764 L￿￿ Incom• for Purcha8• of Iniorlm Rec FY 2022.23 St Pa￿S TnJste6's entered ￿ an wth th8 Truslees ol Tmty to pwchas Intenm In L)urKK*) sharod Pr￿l I was 8gro&J that st P8uls wcrtJkJ pro¥th a 38% share of tho frJrwJs fequitad fc¥ iha pL*ch￿. Thè F*J(*asè prtè Was £182.(￿￿ And £70.[￿) of Ihs was ft￿dId by k)bns lo thè charg8s of£35.C(l) fromth8 of Wl & Tlw arml £35.(NXI f￿¥￿ Th8 G￿1 S￿j Office oftha Scottish F￿5¢￿81 C￿lIch St ￿Ul% te resrAX￿￿I8 lor rep8yfrwl 018 38% Sha￿ of J(Mnl kjans Itot8llirNJ £26.6(M)18Th18 38% sh&re ol Ihe 5% Inlwgst This ag￿e[l￿nI is (W￿liseLl &JWen*nlary ol Pwenwt 2023 fe The Prov6￿ of Re(aw INB Tlwe loans were paid diFect to Twln LJeerLaw WIKJ C8med(Krt c¢￿eY8￿yTr) forlhe kVLwtypurclw6) 2023 2023 2022 Lo￿ frLTh D￿e5CCI*￿5￿￿ 13.￿) 13.3C 13.3 13.3CKI 2q600 otti5h Charity No SC023178 DOCUSI￿ Envek)pe ID.. AF85213D-A331J84F_BDThEOC3ACD83DE5 St Paul's Episcopal Church Rothesay Expendi￿r0 on Ministry Costs St Paufs Rotlw Is in 8 link￿1 charge. altwri￿t ￿ H(ty Tnnty tMThm￿. Th's arvJ8rYwnt LS ￿)V￿n￿l ty a Th18fTM￿a[HJ￿￿ol ￿e8￿r{lated June 2010. Tho e>pens&s of payi[￿ costs 8re shared bel￿ hvo dhW. th8 re￿rt￿ £15.85312022". £15.7961 was rwl to H(ty Tnnity Dur￿1 rxw 1 Ihe erYpk)ynwnt costs and &xyses on beh8M of thwCt￿s. Page 10 Exwndltur• on DI0￿￿￿r1)vInd￿l I￿Ots Th15 PaytrEwit 15 kwied by IIE parenl charity. the S¢(ltsh EtKs¢W DW)￿ ofthl KI ￿es. tt is based on an avetage ol Ihe wev¥Ju5 (phjs (YE) Ilwee yea￿. it￿£¥1￿. d is U5￿j to fur¥J o￿lhe d￿Se. bi51w &¥J also to Nwke a grn11 to the t￿0Vi￿￿e. Scottish Clxjrth. 2022-23 the total wta paid w85 £3.41212022" £3.7￿) Exp•ndltur• on ApwKJthJr8 has t*8n mad8 m (karb8r20231811 ￿s1￿ct￿ fun(Jsl Cr•dltor8 & Ll•bllltt•*: Creditor8 du• •ft•r 1 Year £13,300 b81ng 38% share of£35.IXKJ lo&n frcTh Ih8 D*)tss8 ofhgWI & Th8 IS￿ re R￿trry rAYthase. note 6 £13,3(10 baing 38% shwe of £3S.(KK)108n trun The G8ner81 S￿1 of th& Scrttssh ￿se[￿l81 Chwch r8 U•blllW•• Thè acL¥uwJ thd8pond￿t EXamn￿9 l*. 15. otti5h Charity No SC023178