ST PAUL'S scorrisH EPISCOPAL CHURCH ROTHESAY TRUSTEES, ANNUAL REPORT WITH RECEIPTSAND PAYMENTS ACCOUNTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025 OSCR Registered Charity SC023178 Scottish Charity Regulator www.oscr.org.uk Contents Trustees, Annual Report Rectorfs Report Independent Examiner's Report (to follow} Receipts and Payments Accounts Statement of Ba5ances Notes to the Accounts io li 12 13-19 Registered Office: The Rectory 6 Crawford Lane Hunterfs Quay Dunoon PA23 8JP Independent Examiners: Ross & Co. Unit 4, 9 Virtoria Street Rothesay Isle of Bute PA20 OAJ Bankers: Bank of Scotland 36142 Montague Street Rothesay Isle of Bute PA20 OBT Chari Trustees- Members ofthev at 30.09.2025 Ex-offlcio Membefs: Rev David Rushton Judith Robinson Alison Clark Rector (from 914120251 People's Warden Rertorf5 Warden Constltuent Members: Fiona Grom Janet O'sullivan Elizabeth Doig Sheila Murrav MargaretLamb Vestry Secretary (also Lay Representatlvel VestryTreasurer Other trustees In the period: Violet Axworthy Iresigned as trustee durtng the financial yeafl ScottFsh Charity No: SC023178 St P8uI's Scottish Episcop81 Church Rothesay Page I TRUSTEES. ANNUAL REPORT The members of the Vestry present their annual report and the financial statements for the year ended September 2025. Structure and Govemance In tems of the Charities and Trust￿ Investrnent (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006, the Vestry reports to the congregation as follows: St Paul's Episcopal Church, Rothesay Is a registered Scottish Charity (SC023178) St Paul's is a church wtthin The Diocese of Argyll and the Isles. of the Scottish Episcopal Church, a province of the Anglican Communion. The superior authortty is the Bishop of Argyll and The Isles. All rts affairs are govemed by the Vesty. St Paul's Rothesay is a financially 'linked charge. (with a Memoraridum of Agreement dated June 2010) with Holy Trinty Church Dunoon. This is reviewed and the amounts amended annually. Appointsnent of Vestry Members The Vestry members are elected or appointed by Annual General Meeting established by constitution and by the Code of Canons of the Scottish Episcopal Church as follow: The Rector or Priest in Charge- ex offKio The Lay Representat5ve - ex officio, elected each year from the Church Membership in accordance with the Code of Canons. The Rector's Warden, appointed annually by the Rector. The People's Warden. elected annually by the congregation. Not more than six nor fewer than three constituent members. elected at the annual meeting. Members may be co-opted between annual meetings The Vestry appoints a Secretsry and a Treasurer who need not be members of the Vestry. No changes are made to the Vesty membeiship during a vacancy. There is no formal inductton programme. but ongoir¥J guidan￿ is given to ensure that Vestry members are familiar with the Church's values, aims and responsibilities as the designated trustees of a charity. Training 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 responsibilty to keep the fabnc and propety of the church and other buildings in good working order and to look after the finances of the church. The Vestry shall co-operate with and generally assist the Rector in all matters relating to the spiritual welfare of the congregation and the mission of the whole Church, subject always to the canonical rights and duties of the dergy. Scottish Charity No SC023178 St Paul's Scottish Episcopal Church Rothesay Charitable Purposes st Paul's Rothesay shares in the mission and objectives of the Scottish Episcopal Church. with activrties which include public worship in sacrament and Pfayef. Christian education. charrtable worf( and fundraising for local, national and intemational needs, social meetings of vartous groups wsthin the communty. P88e 2 Main Activities St Paul's continues in the Wofk and mission of the church through worship. teaching. fellowship and outreach to the community. Many members of the church live out their faith by becoming actively involved in the cornrnunity and lo￿1 organisations, and the church supports the work of charrties such as Christian Aid. Mission to Seafarers, Fairtrade (St Paul's is a Fairtrade Church) and Eco Congregations, again being a registered Eco church. Special appeals durtng the year are also supported. Summary of Main Achievement During the year St Paul's has conlinued with rts regular pattern of worship arKI has continued rts commitment to Maintaining an 'Open Church, throughout the year. We have a dedicated team of volunteers who ensure that the church is available to the communrty as a Pla￿ of prayer. reflection. and pea￿. We have regular visitors with an increase in fooffall during the spring and summer holiday seasons. Our visrtors book records regular thanks for the Open Church. Church Life." Church life - church services are held regularfy on Wednesdays and Sundays. Online services, at other times. are also available regularly in conjunction with our Linked church of Holy Trinty Dunoon. Despite many changes in the wider church communty on the island the joint churches of Bute radio services continued. The hall has a busy, weekly schedule of bookings from a wide range of community groups. This has been enhanced by the installation of a stair lrft (the hall is on the first floor). The congregation use the hall for fellowship after Sunday services and on special service days. There was a welkattended buffet lunch following the Collation service for the new Rector, and a Harvest Festival lunch as part of the ￿lebratiOn of Creation in September. Coffee and cake after church services are very popular. Worship.. A new Rector Revd David Rushton, was appointed in January 2025, Collated to the Linked Charge in April 2025. The number of lay sepiice leaders within the congregation at the end of the period is Iwo. although other worship leaders (lay and ordained) from Dunoon and the wider di0￿Se have been supporting St Paul's when required. Regular weekly servi￿S are Sunday at 11.00am, and Wednesday at 11.00am. Most Sunday services are a Sung Eucharist, with some Sundays offering a seNice of Communion from The Reseprfed Sacrament. led by our trNo licensed worship leaders. Most Wednesday services are a said Eucharist with homily. interspersed throughout the year with either a Service of the Word, or Communion from the Reserved Sacrament. Scottish Charity NoSC023178 St Paul's Scottish Episcopal Church Rothesay Page 3 We are fortunate to enjoy the ministry of a retired Priest on the island along with self-supporting Priest who came to live on the island during the year. Building works: The new church doors and associated repairs have been completed. The work was largely financed by grants from the Province, the Benefact Trust and individual donations. with the VAT reclaimed through LPOW scheme. The repairs on the spire were completed. The Province awarded a grant. with the VAT reclaimed through the LPOW scherne The chancel arch in the church need5 repair. The Vestry has agreed to seek the advi￿ of a Conservatlon Architect to enable a range of quotes to be sought before seeking support from grant making bodies. This will be an ongoing process during the year ahead. The church hall- intemal repairs and rna1ntenan￿ are up to date wÉth a review of the kvtchen under discussion by the Vestry. This will continue into the new Vestry year. The ground floor of the hall is a shop. with some repairs Iinvesbgative work started on the front upperwindow section during OctlNov 2025. Thetimberwork on the end gable is in needs of further invests'gation following an initial report from the building contractors and associated structural engineers. The Vestry has appointed an architect to provbde archrtectural seNices and Principal Designer services to advise on how to proceed. The architectural suniey will commence in December 2025. Iv. vi. On-going repaits and required building and equipment tests.ng have b*n carried out within both the hall and church. Smart meters have been installed in the hall for both gas and electticty. Finance: St Paul's stsrted the financial year with a large cash balan￿ over what was required for reserves. As a number of large building projects were due for completion it was felt best to hold the monies as cash. However, the budget for 2024r25 forecast a £10.000 deficit,. to balan￿ at year end Ft was hoped that monies would remain, and a drawdown of investments would not be needed. The shortfall was £5000. The predicted gap for 2025126 is £3000 The Quots paid to the Diocese of Argyll and The Isles for 2025 was £3,713 and is anticipated to be similar for 2026. Ministry costs in terms of stipend increased by 3.3%. sn line with the agreement reached at General Synod in 2020.. there will be a further increase in 2026 of 6Yo. This will be the last of the changes needed to reach real 2006 level. Further annual increases in Stipends will be in line with the cost of living as agreed on an annual basis at Pfovincial Level. Scottish Ch8rrtyNo SC023178 St Paul's Scottish Episcopal Church Rothesay Overall, the expenditure figures were above budget, mainly because of increased fabric maintenance costs and utilty bills. However, income also exceeded expectatsons wtth the hall income rising and generous congregational giving. The investment income was higher than expected as the rates held up well. Gift Aid and GASDS income increased this year in line with the rise in congregational giving and donations. Page 4 The interest on the loans for purchase of the interim Rectory will reduce by £102 per monthly payment as the interest rate on these loans has b￿n reduced. Each church in the Linked Charge will be allowed a Iwo morrth "holiday- from contributions - October and November 2025. The Rectory Provision: The loan interest repayment schedule regarding the Diocesan and Provincial SEC loans for the purchase of the interim Rectory tn FY 2022-23 started in November 2023 and total interest repayments of £1,228 have been made tn this financial year. Wrth the new Rector in post all plans regarding a firture Rectory provision are being reviewed with the support of congregational members from each of the two charges. This review will Continue into 2025126. Restricted Funds All restricted funds for Building works were sFEnt. There is a restricted fund at 30 September 2025 of £57 relating to donations for communty events and wami spa￿s. There is a Provincial Building Grant awarded for work on the shop front. invol￿$ must be patd by St Paul's then datmed back against this grant. Independent Examiner During the year the Vestry decided to change Independent Examir7er due to the increase in fees. Mr J R B Ross BA CA has been appointed to examine the 2024-25 Accounts. Policy on Reserves The trustees intend that the reseNes which are held as investments should be retained in order that the work of the church may be continued. The reserves are broadly split into investmentslbonds and the bank balance. The Vestry decKles on the best location for the reserves based on interest and investment risks. Good practice is to ensure that cash in the charrty's accounts is sufficient to keep the accounts solvent during the yearfs activities. The unrestricted available cash balance {bank account) held at 30 September 2025 was £26.792. This is higher than in previous financial years but given the amount of building work and repair5 currently planned and in progress li is an appropriate level. Scottish ChaTityNo SC023178 St Paul's Scottish Episcopal Church Rothesay The unrestricted investrnents valued at £114.766 are held in unit trusts primartly to maximise revenue income. These will also be drawn down as more local reserves are required in the future. Page S Risk PAanagement The Church has two comprehensive insurance policies with the Ecclesiastical Insuran￿ Group (EIG)who specialise in Church Insurance and put all profits into church development charities. The policy values are updated each year by the company in line with their experien￿. The values. as reported in this report, are based on the previous cover level and index increased by EIG. The Vestry is confident that the Insuran￿ cover is adequate Policies The Vestry in February reviewed and approved the Reserve Policy, Health and Safety Policy and Vulnerable People policy. and aLso the Fire risk assessments (separate risk assessments for the church and hall for fire safety have been camed out and are on file.) Training The Iwo church Vestries and a Joint subcommittee have been heavily involved in the plans for the new Rectory. selection of a Bishop, and the preparation and search for a new Rector. These demands have required additional support and training to enable individuals to fijlfil these responsibilities. Clergy, worship leaders. and some Vesty member5 attended a day traintng workshop provided by the Provincial safeguardIr￿ Team. This training has been provided across the Di0￿seS of the Scottish Episcopal Church with future training updates offered via online portals. Ecological Report st Paul's members have continued with their efforts to be "green" , recycling where possible and using eco cleaning prcrfjucts. The church and hall electricty are on green tariffs, induding the new contracts commencing in April 2026. The Scottish Episcopal Church ts committed to supportlng all congregations to take part in assessments of their buildings "green footprint., starting With monitoring fuel usage and costs. The figures for 2024 have been submitted. St Paul's is a member of Ecowcongregation. Scottish Charity No SC023178 St Paul's Scottish Episcopal Church Rothesay Page 6 Plans for the Future The previously expressed aims of continuing to work to grow and develop the congregation and community of St Paul's are still those of the Trustees. Wth the new Rector now in post Sin￿ April 2025. the year ahead will enable the Vestry, with congregational input, to focus on developing our vision and associated plan for the years ahead. This will include a commrtment to redu￿ our Carbon Footpfint. in association with the Net Zero Policy agreed at the General Synod of the Scottish Episcopal Church. Approved by the V stry and s￿ned on their behalf by. The Reverend David Rushton Fiona Grom Chair of Trustees Vestry Secretary Date.. Date.. Scottrsh Charity No SC0231?8 St Paul's Scothsh Episcop81 Church Rothesay ANNUAL MEETING 2025- RECTOR'S REPORT P8ge 7 There is no doubt that this year has been, for St Paul's, one of transition, arrivals, and new opportunities. There is much to celebrate and give thanks for wrthin our communty here at the "church on the harbour fronr. Wrthin just 12 months you have appointed a new Rector, welcomed him (and his wee dog!) into your lrfe here on the Isle of Bute. Working with our sister church of Holy Trinity Dunoon. I have been able to get to know so much of the lrfe of this wonderful area of the west coast. Death and Resurrection are the heart of our faith, and my arrival, just as we entered the Holy Week joumey was a poignant beginning of my ministry amongst you" l am most gratefijl to have been able to begin my life here with you in that way. There continues to be a heafthy mix of regular attendees at St Paul's refiecting several Christian traditions and den￿lInab.0ns, all offering a welcome range of perspectives to our lrfe together. Average attendan￿ at Sunday serVI￿S and our regular weekday Eucharists have shown some increase throughout the past 12 months with a strong commitment throughout the period of the vacancy. On behalf of you all. I would like to record my thanks to The Reverend Tracy Dowling for all she has done to minister to you on the island during the vacancy and for her contin￿1 ministry amongst us. l am also thrilled that The Reverend Mark Batchelor is Tninistering amongst us,. his ministry is, know already a much-valued part of life at St Paul's. Thanks too for the support of Canon Paddy Allen. who has ministered here. especially during the vacancy. We are very blessed to have so many clergy able to support us on our island! A special thanks must also go to Alison Clark and Margaret Lamb who, who have given so much in leading worship. l am part]'¢ularly pleased that this ministry will continue through the time ahead: it adds to tte richness of the worshipping lrfe of our small church. It could be said that we punch above our weightl Online worship, which began during the dark days of the Covid crisis has continued to offer opportunities for regular prayer. cmiplernenting our"in-person° worship, which the team at our sister church of Hoty Trinrty have enthusiastically led and are committed to continuing with. Whilst I recognise that this style of worship is not to everybody's taste. and indeed is not technologically ac￿Ssible to all, it has enabled us to keep in touch through prayer across the water. There are many roles that are carried out with farthfulness throughout the year, many of which are often unseen. We would not be able to offer our worship or support our community without your hard work and commitsnent. On behalf of all of us at St Paul's. a huge thank you to all you who ensure our church is open throughout the year, our readers. vrfelcomers. Inter￿SSOrS, attar linen laUnde￿rS, polishers. flower arrangers. bakers, coffee makers.. not an exhaustive list... a huge thank you to you ScottÈshCh8rity NoSC023178 St Paul's Scottish Episcopal Church Rothesay Page 8 To Isobel and Sarah, who offer an important ministry through music. thank you so much for everything that you do, it Makes such a difference to our worshipping life. Your church would not be able to function without some structure and oversight, which, within our Episcopal model comes from the Vestry members working closely with me to ensure that we look after our buildings and financial assets, but most importantly that we keep you and all our visltors. safe. Our charitable status offers an oversight which ensures that we are not only accountable to you. and the Diocese, but also offers transparency to the wider communrty. as is our statutory duty as a Scottish Charity. I would like to offer an enomous thank you to all members ofthe Vestry, especially for all the extra work that has been required of them dunng the vacancy and the appointment process of your new Rector. Once again. much of this work continues behind the scenes to ensure the smooth running of our church. To your Warden, Jude, a special thank you on behalf of you all. To the Rector's Warden, Alison. a personal thank you for your wisdom arml kindness...it means a great deal. Your treasurer, Janet O'sullivan has Carr￿ a great deal of responsibilty well beyond that of the treasurer, and again. very much under the radar. I would like to record, on your behalf a huge thanks to Janet for all that she has done and indeed continues to give. The Vestry appoint both the treasurer and secretary and Fiona Grom brings her calm and knowledge to every m￿ting and indeed well beyond that in helping to steer the Vestry. Thank you. Fiona for everything that you do alongside us all. It is always difficutt in naming some people with the danger of rnissing people out,. but I would like to say a huge thank you to all the other constituent members of the Vestry who gtve so much of their time and energy. Sheila. Liz, and Margaret, thank you for everything that you do which is very often not seen but without your time and commitment we would be far worse off here at St Paul's. We offer our warmest thanks to Violet Axworthy for her service on the Vestry over many years,. Violet stepped dovm from these duties during this year. Working behind the s￿neS as our bookkeeper is Mary Swrft. known to many members of Sl Paul's. Mary is immense value to the Vestry and in working closely with our Treasurer, Janet they ensure that our finan￿S are not only well managed but are made understandable to those of us wrthout their in-depth knowledge. A huge thank you to Mary for all that she gives to us so freety. it is appreciated so very much. Care of our buildings is a prime ￿SponsIbl1ty of the Vestry. and much has been done in the past few months to consider our priorjbes for the year ahead. We have commissioned a specialist survey of the church hall to enable us to consider our next steps in managing any repairs that are identrfted. We will continue to update you all as this progresses. Some of these costs will be supported by an existing grant from the Provin￿. Scottish Ch8rity NoSC023178 St Paul's Scottish Episcopal Church Rothe5ay Page 9 There is so much more that l ought to mention, but with the fear that l end up missing somebody out, I woufd like to offer my sin￿re thanks to each one of you for all you bring to our special community at St Paul's. Your care for each other is not something that we should take for granted: it is something very precious. Thank you for making me so welcome here. helping me lo feel that I have lived here much longer than just 8 months! I feel very much part of Bute and Dunoon and hope that will continue to develop as the years go by. As we journey together through this Advent season, we look ahead wÉth hope and longing to Christmas; God Incamate as a vulnerable baby and, though we can rejoice in growth. we can also embrace fragilty in our life as a communty as we fa￿ all the challenges in our world. Your generosity. both financial and with your kn"me. and your prayers will keep us faithful to our mission. Christ is among us, at work through us.. let his light shine in us. God bkss you all. David The Revd David Rushton Rector, St Paul's Rothesay and Hoty Trinrty Dunoon Scottish CharityNoSC023178 St Paul's Scottish Episcopal Church Rothesay Pag¥10 Independent Examinerfs Report to the Vestry of St Paul's Episcopal Church For the Year Ended 30th September 2025 I report on the accounts of Ihe chanty for the year ended September 2025 which are set out on pages 1-18 of this document. Respective Responsibilities of Trustees and Examiner The charity's Trustees are reswnsible for the preparation of the accounts in accordan with the temis of the Charities and Trustee Investment (Scotlandl 2005 Act and the Charities Accounts (Scotland) Regulations 2006. The charity Trustees consider Ihal Ihe audit requirement of Regulation 1011) (dl of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44{1) (c) of the Act and to state whether particular matters have come to my attention. Basis of Independent Examinerfs Statement My examination is carried out in accordan￿ with Regulation 11 of the Chanties Accounts IScotland} Regulations 2006 An examinalion indudes a review of the accounting records kept by the chanty and a comparison of the accounts presented with those records. It also includes consideration of any unusual ilems or disclosures in the accounts and seeks explanalions from the Trustees Con￿rnIng 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 audrt opinion on the view given by the accounts. Independent Examinerfs Statement In the course of my examination. no matter has come to my attention 1. which give reasonable cause to believe that in any matenal respect the requirements.. to keep accounting records in accordan￿ with Section 44{11 {a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations and to prepare accounts which accord with the accounting records and comply with Regulation 9 of Ihe 2006 Accounts Regulations have not been met. or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. James R B Ross B.A., C.A. Chartered Accountant 80 Argyll Street Dunoon PA23 7NE Date.. 12 June 2026 Scouistt Charity NoSC023178 St Paul's Scottish Episcopal Church Rothesay Page11 St Paul, I Ch rch Rothe5a 2025 2025 Restiicled UnreslnGted 2025 Total 2024 Total A1 Receipts Oonations Receive Regular Donations (Giving) Tax Redaimed IGtft & GASDSI One-off DonthrFS Msssing Grants Investmth Inwme SEC Unit Trusts Rec*￿t$ Irom Fundraising Other In(x)me IrK4Me related to laThJ and BL*&n9S Grants for FabY¥c Repair 12.337 240 574 102 12.337 2.195 936 2,081 574 3.410 3.410 3,151 13,39) 13,350 11,845 10.845 8277 Al Sub Tcrtal Re£apts 8.407 33.581 41,988 31.933 A2 Recelpts from Asstt and Invesljnwrt &gles Pfoceeds Irom Sale of Fixed Assets Proceeds from Sale of Inveslments 23,8C 10.IJ A2 Sub Tolal Rece 33.8CQ Totsl Receipts 8.047 33,581 41.988 6S.733 A3 Payments Charitabk ALth Ministry Costs DiocesanPffovTrntsal QwAa Interirl ReLtory Loan Interest Administralion Costs Property Expenses Building Repaif Proiects Other Generd Worsh Mission ExFendilure Govemon¢e Costs". Legal Fee$ 8rhd OLtsys Indewdent Examiners Fee 14.776 3.713 14.776 3713 1228 215 12234 20112 16.581 to 11 12 13 14 15 16 1.059 195 12.143 215 12.234 7,415 12.697 250 385 910 910 1EA) 17 377 1.194 828 828 A3 Srt* Totsi 12.697 41123 54,820 44,150 A4 Paymen1¥ Relatsng to Asset & Invests￿ Movements Purchase of Fixè(l Assets Purchase of Investments A4 Sub T¢Aal Tt)1al paYll￿n￿ 11697 41123 54,820 44.150 Nèt R&èiptsllP￿ments} 14.290) 18,5421 112.8321 21.S83 A5 Transfèr¥ to I (from) Funds Surplu8 I Id•ficit} far Y•ar {4.2901 18,S421 112.8321 21,583 Scottisb Cttarity No SC023178 St Paul's Scottish Episcopal Church Rothesay Page 12 St Paul's E seo I Chuf¢h R Statement of Balances at 30thSè 25 2025 2024 Total Total 2025 2025 UnrestrKted Bank and Cash in Hand Opening Balances (Bank and BorKlsl Cèsh SurpSu$ l Dèfic4"t for Year 4.347 (4.2￿) 39,681 {12.832) 18.098 21.583 18,542) Clossng Balances 57 26.849 39,681 Inv•stmènts SEC unit Twst.. Market vaue at year slart wrthdiaw81 Unle￿15ed g*nl{Jtss$1 in year 105,OY2 105.092 IfK).036 110.(KK)} 15.054 9.674 9.674 MarfJklets 1,081 102 1172 SvtAotsl MissiC￿ Grants 102 102 2.081 Toials 13.253 13.343 14.972 In¢orn¢ from Invesljnents 2025 2024 Inve Scottish Episcopal CMvth Unrt Tnst Stherne 3.410 3.410 3,151 3,410 3,410 3,151 Incomè Frorn Fundraising The following fiJndraigTrJ adMI*s place year. 2025 Reslrtted 2025 2025 2024 Totsl Sp￿s0￿d w*k~ for d￿rch bjildffj repa Totals 665 Scottish Charity No SC023178 St Paul's Scottish Episcopal Church Rothesay Page14 2025 Restrithed 2025 Uniestricled 2025 Total 2024 Toial I￿ry￿e fr(xn Land arnl Builthngs Sho The ch(trth ¢)wrts a stw ￿[t in Dead H￿d Pl And receives ￿ulaT rent 4.920 4.920 H IIR ntandR The church rents the h811 to l¢xal groups and users for a range of events and a￿"¥the$ 8.430 5.925 Tola 13.150 13,3￿> 10.845 Income for Restrithd Bullding Pmiects Church R ITP Work was been begun in FY 202&24 to repair the d¢￿ and inlemal stcfflework oftt* r*ur(*. The wor* to the iepairsl replar￿ent of churth dcx)rs aThl repairs lo Ihe spffe T4vere (x¥nplel•l in FY 202*25. (N.8. As ttjè VA the b￿1th9$ YdSPaKI St Pavfs ur1￿￿triCted funds and ttje luTrls relrospecfvely laimed from the knsted Place of Worslmp Scheme. the giants forthe VA Tredatm are feceived as ￿n￿SInC1ed grnrtl incom&.J 2025 2025 Un￿strICt 2025 Total 2024 Total Benefact TFUSt Grant- re thjrth w.rel d(v proieds SEC General Sync¥J Offi￿- re Chufth Door repair5 SEC Gener31 SynTrY Offtt- ￿ Churth spi￿ repaws LPW VAT Redawn Schemg- re Churth 0￿1 LPW VAT Redaim &kn- ￿ Churc*t Spire 2.3(KJ 4,277 4.277 1.970 1.598 1,970 1.598 3.568 11.845 2,300 In FY 2022-23 St Paul's TnL8tee'$ entered into an agreemerrt V•ith the Tw*ee5 of Holy TriiNty Dunoon to Iwrthase an interim Rectory in Dunoon ts the shared Priest. It was agreed that St Pauls 4bDuld provide a 38% share of the tunds required for the purchase. The Pur¢hase pri￿ was £182.000 and £70,000 ol Ihss was fijnded by loans to Ihe joint ch8rges of £35,000 from the Dtc¢ese of Argyll & The IS￿ and £35.000 from The General Synod Office of the Scottish Epiwl Church. St Paul's wyjld be resrKJnstbJe repayment ot a 38% share of these joint loans Itotalling £26.6001 and a 38% share of the 5% loan interest on same. This ag￿ent is formalised via Suwementsry Memorandum of Agreen7ent 2023 ￿ The Provision of Rectory Acccrfnmodab"on. IN.B. Thas& loans We￿ pa￿{*.￿cl lo Twin DeerLaw wljo L*rried oul lh8 convera￿ forlhe pmperty purchase) at 30109r202 2025 2025 2025 Tolal 2024 Totsi Loan from Diocese ofAW & The Isles Loan from Gentrral SyrtlKI Offre of SEC 13.31x1 13.3 13,3CI) 13.3LKI 13,330 13,3C 26.61Y) 26.600 Scottish Charity NoSC023178 St Paul's Scottish Episcopal Church Rothesay Page 15 Income from Sale of Fixed Assets In Fy 202>2024 the fomier Rectory at 55 ￿.Ibnde Road. Dunoon Arg￿1 PA23 7LN wa5 sold for £340,000. Legal fees and ouilays for the sale totaled £5.391. The net sale wweeds of £334.609 wefft spfil Holy Trinity. Dunoon 193%) and Sl Paul's, RothvJayl7%1 per the &JFvlemenlary Memorandum of Agreement 2023 re the Provision of Rectory Accommotstron. St Paul'5 7% share of the sale proceeds and costs tr*retre". 7% share of £340.000 sale pri¢e= £23.800 7% shaye of £5.391 legal fees & ouuays deducted from sale pioceeds= £377.37 7% share of net sale proceeds received by St Paul's on IFA0812024 = £23.422.63 EXPENDITURE NOTES Expgndttyre on Mlntslry Costs St Paul's Rothesay is in a'h"nked charge. aryangement with Hoty Trinty tkfftwn. This arrangement is govem¢d by a 'Mernorandum ofAgreement' dated June 2010. The expenses of paying dergy costs are Sha￿ be￿een these charges. In the pen"(NJ reported £14.776 (2024.. £16,581) was paid lo Ihe Holy Trinity Dunoon who cover all the deTgy eM￿0Yrnent cosls and eX[￿Se5 on behallol both chLfth. (N.8. T1￿1& bvas a denJy vacarKy fiom Auwt 2024 to 2025) Expendlture on DiOce￿nIPr0Vinclal Quots This payment is levied by the parent charity. the S(x)ttish Episcopal Diocese ofArgyll and The Isles. 5t is based on an average of the previous (plus ￿e) three year5, ir￿OMe. and is used to fufKI Ihe acf¢vitEs of the diLKe5e, the knshop also to make a small grant lo the provin￿. the Scotbsh Episcopal CP￿1￿. In 2024-25 the totsl quots p•d was £3.71312024.' £3.064) 10 Payments re Interim Rectory Loan Inlernsi 2026 2024 Loan interest paid to the Diccese ofAryyH & The Isles Loan inte￿st paid to Ge￿al SyrK*J Office of SEC 665 563 443 616 1.228 B The PrnYllKAg1 Admintslral#)n 8oanl Trv**EdtheirLoan rnles in ma￿ 2025 and 8grned to Trduce the inteTrst rate on the Cowal & Bule Loan to 3% effeclNe l&h ma￿ 2025 We￿ nOti[￿d 0fth￿ on &th AugL*st 2025 by which lin￿ St Pauls had alre8typa￿I August Loan Inte￿$t payll￿t of£332.501perthe 5% interest rale calculation) a ￿Kund01£101. 75 was received by St Pauls in Sepfemb8r 2025 8nd net f￿￿Te of£230. 75 has been used in Ihe above table of inte￿Ipa￿. The DKxTse olAry￿1 & The Isles has also ag￿edt0 reduce their Inte￿31 Trte to 3% in line with the Prov1￿{￿Admin￿{rar￿ Boa￿LleC￿￿on. 11 Expendlture on Admlnlstration 2025 2024 Donation to &shop's Lenl Appe* fvrAn chuTth fLmds re effor Communicab"on- Notice Board updates & bamers Administration- P￿Copying l statwry I postage elc 72 143 122 73 215 195 Scottish Charity NoSC023178 St Paul's Scottish Episcopal Church Rothesay Page16 12 Eynditurn <)n ProF 2025 2024 Church & Hall Cleaning 2,379 1.677 2.379 1,677 Church Costs Recurrrng Costs 1.213 1.345 1.818 3,225 1,382 1.856 Insurar Subtotal 4.376 6.465 RecurrirwJ Cosfs ub"irti8s {Gas & ESectiKItyl Repatrl seryiryng st*ifrftLxvth** & hxktff(KYrepaiQ Insu(ance 2.082 2.19¢ 1,203 1,661 994 1,108 5,479 3,763 R8rAJrFing Costs Total Re in Cos 12.234 12.143 13 Building Pfoiect Expendituit h [th0￿rR irs Pro 2025 2025 Unrestncaed 2025 2024 George Hanson's- Payment to Acctsjnt George Harson's1Tr40ice 8.592 10.523 Tota15 8.592 1.931 10,523 Church S 2025 202S 2025 2024 George Hanson's- Payment lo AceLm￿ Geor9e Hanson's Invoicè 4.105 6,889 2.71KI 2.7 Totats 4,105 TolaS 8uik 12.697 7.415 20.112 14 Exp•ndituTr on Other Gener41 Are 2025 2024 Cleaning & Calenng SupplEs Petty C88h re cJearyrMJ & (ztering etc 139 155 Cost of Catering lor 1￿Ch at Rectors InstalkliL 415 260 Scottish CharityNo SC023178 St Paul's Scottish Episcopal Church Rothesay Page 17 15 ExpendSture t)n Worshlp 2025 2024 Organist lees Altar & other cortsthrwbtes MusicJCopyiigM Licenc6 Must¢ EquikNnent I Swnd Sysiem 65 25 141 25 910 16 Mlsslon Expenditure Projects H IIStarLfftR 2025 Restncted Unrestricts 2025 2024 For Bute Grant re Stsidfft replacement in Hall 88lance of Acom Stairfift Invorce 1.000 6.190 7,1 Communi Christmas & Harvest Lunches Harvest Lunch cards Catering ￿ H8rvesl Lunth 18 180 198 Baptism a Confirmation Resources Try Pfawng booklets 58 102 102 160 SEC Recovery & Renewal Grant ExFwth 2025 2025 2026 2024 Nob"cetoards & Banners 220 220 Total Mission Propth ExpevKliture 7.608 18 Expenditure on Independent Examlnerfs F•e The examination fee of £828 Paid to Ross & Co. shovm for the 2023-24 acwirts in FY 2024-25. An accrual1￿￿.Ity of.-":'" f(* Ross & Co's examinabM fEes has been declared ts FY 202&26 forexaminatson of the 202*25 accounts. 19 Speclal Coll•cllon$ Th*re made and pasud diftcty to charltles concerned 202S 2024 They do not appear in the accounts Bishop's Lent Appeal Congregabonal ¥Jonatiffi5 to Recto¢s House warmiThJ fi￿rs COngregat￿nal donations lo Rectrrfs l&wing g Mission to Seafarers SEI Training FurKJ 20 498 74 128 202 $18 Scottish Charity No SC023178 St Paul's Scottish Episcopal ChuFch Rothesay 20 Valu¢ of F5xed Assets Page18 2025 2025 2025 2024 Value of St Pwjl's 38% share of Interim Rectory at 6 Crawford L*)e. Hurrtets Quay, Ounoon PN23 8JP 31 Auw 2023 69.160 89,160 69.160 The Chu￿1 and han are nol shtr￿ in Ihe ststemtnt of balarK*s a5 these are vested In the ￿0￿$an Truslees. The inwed valL* of these propest.es a$ 8t 30 Sep was: 2025 2024 Church & C¢)ntents 7.320,LK 772.￿1 H*1 Contents 44,733 6,650.OC#) 745.808 44.733 Totsl 8.137.394 7,440.541 203S 2024 No Expen￿ were pad to aThl ofthe tsustees oll than Teimtmjrsement for wrchase of gcKMJ cn behalfofthèthality. Payment fDr deaning We￿ made to clai￿ 14LKray. daugmer of Sheila Muw. Vestry Member. She rs tl*refote a.0)nn￿d pers(m' Cle44nry PatrTrnls 2025 2024 2.379 Hoty Trinty Ewscw Churi* t)un0(￿ is a relat&J paty ty way of t¥ik&J TrusiÈes. rft Aid On £4.451 of GA elig'ble d￿laIM there is a debt of £1.135.25 (al urffje$t￿ funds). On £5.279.07 of GASDS elglble dcmattons tr*re is a debl of£1.319.77 (all unrestrh*d funds). Creditors & Llabililfes Creditorn due after 1 Year £13.300 38% shale 01 £35.IXQ l(pn frcrfn the DKK*5e ofArgyH & Isks ￿ RÈdory purchase- pef Mte 6 £13.3C#) beirg 38% share of £35.tm l¢xn from Ihe Ger￿[31 Synryj offi￿ OF Ihe Scotli5h Episwpal Church ￿ Ret*iMy PLKchase- pef not8 6 Lkabllltres 23 Restrlet•d funds h¢ld at 30 Septrmber 2025 Reslncted donats"L￿$ re cIJmr￿nrty everts I wam sp 57 Total of Restriet•d hxMIB held at YR e￿1 Scottish Charity No SC023178