2025-08-31-accounts

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SCOTTISH EPISCOPAL CHURCH - DIOCESE OF BRECHIN STeT ILAURENCEaivl~a les / ST— PALLADIUS1, ric JOINT7 int; STIPENDoT EAM CliniFUND SCOTTISHVealtawmal-) CHARITY“nel Ari’ NUMBER:at aorcn. S$C029355ta telei ha

ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDED 31 AUGUST 2025

PRINCIPAL OFFICE:

CHARITY TRUSTEES

Treasurer

INDEPENDENT EXAMINER:

BANKERS:

Royal Bank of Scotland 19 High Street, Lauréncekirk Kincardineshire, AB30 1HD

REPORT OF FUND MANAGERS

The Fund Managers (Trustees) present their annual report together with the financial statements for the year ended 31 August 20245

STRUCTURE, GOVERNANCE and MANAGEMENT: in terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 the Vestry reports to the congregation as follows: +. St Laurence / St Palladius Joint Stipend Fund is a registered Scottish Charity ($C029355) 3. St Laurence / St Palladius Joint Stipend Fund was created in 1981 by agreement of the Vestry of St Laurence's Episcopal Church, Laurencekirk, which is also a registered Scottish Charity (SCO15285) 3. St Laurence / St Palladius Joint Stipend Fund was recognised by the Inland Revenue (Financial Intermediaries and Claims Office) by letter dated 13 September 1999 as a charity for the purposes of Section 505, Income & Corporation Taxes Act 1988 4. The superior authority is the Bishop of Brechin 5. All of its affairs are conducted on behalf of the Vestries of the four linked and constituent congregations of St Laurence Laurencekirk, St John the Baptist Drumlithie, St Palladius Drumtochty and St Andrew Fasque. all of which are churches within the Diocese of Brechin and part of the Scottish Episcopal Church and the managers are answerable to these congregational bodies

APPOINTMENT OF MANAGERS: The Treasurer of the St Laurence / St Palladius Joint Stipend Fund is appointed annually by the Vestries of the four linked and constituent congregations which are established by the constitution and under Canon Law of the Scottish Episcopal Church. The Rector is a manager ex officio.

ADMINISTRATIVE STRUCTURE: The Managers exercise contro! of the finances of the Joint Fund on behalf of the four linked and constituent congregations and are answerable to them

OBJECTIVES AND ACTIVITIES: The Fund's principal purpose is to ensure adequate resources for the payment of the Rector’s stipend and associated financial costs. To that end the Managers administer financial resources whose purpose is restricted to the payment of stipend and also obtain contributions from the four linked and constituent congregations to make up any foreseen shortfall. The Fund's secondary purpose is to pay for any expenditure on items which are for the needs ofthe four linked and constituent congregations jointly and not separately.

ACHIEVEMENTS AND PERFORMANCE:

All the objectives listed above have been carried out during the past twelve months

FINANCIAL REVIEW: Although this year's accounts show a deficit of £775.25 this is 2 satisfactory situation, given that the current bank balance is £4.137.30 which is sufficient to meet Know immediate liabilities. Since largely the Fund derives its income from constituent congregations requests from this source are only made to meet the daily financial obligations. The short-term stipend support from the Diocese cam to an end. The main purpose of the Fund is to pay the Rector's stipena; with the Rector's retirement taking piace in the near future, it might be thought that there will be a suspension of the need for this Fund, but there will be the continuing responsibility to cover all the expenditure connected with the supply of ministers to maintain church services, until such time as 2 permanent arrangement comes into force.

RESERVES: The Managers have adopted a policy of endeavouring to maintain intact the Fund's unrestricted reserves and nas to date been

successful in carrying this out

On behalf of the Managers and constituent Vestries

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Rector

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INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS rO THE MANAGERS OF ST LAURENCE / ST PALLADIUS JOINT STIPEND FUND FOR THE YEAR ENDED 31 AUGUST 2025

Respective responsibilities of Managers and examiner

7The Managers are responsible forc the oreparation of the accounts in accordance with the terms of4 the rfCharitiests T-~t~ and TrieTrustee

The Managers consider that the audit requirement of Regulation 19(1)(d) 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 state whether particular matters nave

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 171 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the cnarity and a comparison of the accounts presented with those records. {ft also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the irusises concerning such matiers. The procedures undertaken do not provide all the evidence that would be required In an

independent examiner's statemen

A-wihich gives Mé reasonable cause to delieve thatin any material respect the requirements

to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounis

nave not been met, or

¥ to which, in my opinion, attention should be drawn tn orderto enable a proper understanding of the accounts io be reached

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ST LAURENCE / ST PALLADIUS JOINT STIPEND FUND

SCOTTISH CHARITY NUMBER: SC029355

NOTES ON ACCOUNTS - 31 AUGUST 2025

ACCOUNTING POLICIES (a) Investments held beneficially are stated at cost. Endowment investments granting rights to income only are excluded from the balance sheet.

(bp) The accounts are prepared on a Receipts and Payments basis, therefore not including provision of income and expenditure due but not received or paid at the year end.

(c) Unrestricted funds are divided into general and designated funds, use of the latter being governed by decision of the congregational officials, Restricted funds are funds subject to specific conditions imposed by the donor or related trust. Unrestricted funds are: Current Bank Account and 519 units SEC UTP 48L002. Restricted funds are: Moir Bequest, Steel Legacy, Johnston Estate Stipend Endowment and Diocese of Brechin Transitional Stipend Assistance Grant.

				2023/2024			2023/2024
				£			x
2.	CONGREGATIONALANDVOLUNTARY INCOME
		Donations under Gift Aid		200.00	-		0.00
		Donations Fundraising {ncome Tax recovered under GiftAid		0.00 0.00 564.417			875.00 0.00 0.00
				76441	~	:	875.00
					ca
3.	GRANTS
		Diocese of Brechin Transitional StipendAssistance Grant		191.25"			1,048.45
				191.25”	”		1,048.45
4,	SPECIAL	COLLECTIONS
		LentAppeal		182.80			249.50
		Aberlour Child Trust		0.00			126.36
		Barnabas Fund		0.00			220.00
		Donations from weddings for Eswartini		240.76			230.00
				423.56	+		825.86
5.	INVESTMENT
		519 units SEC UTP 48L002		513.81			451.53
		407 units SEC UTP, MoirBequest48L005		402.93			354.09
		2861 units UTP, David Siee! legacy47L004		2,832.39			2,489.07
				3,749.13	”		3,294.69
§.	ENDOWMENT
		315 units SEC UTP Johnston Estate Stinend	Endowment	311.85			274.05
		Glebe Rent		2,360.73			1,185.20
				2,672.58	*		1,459.25
					-
7.	TRANSFERS FROM CONGREGATIONAL ACCOUNTS
		St John the Baptist, Drumlithie		5,520.00	~		2,520.00
		St Palladius, Drurntochty		20,000.00	-		18,000.00
		StAndrew, Fasque		1,200.00	>		2,200.00
		St Laurence, Laurencekirk		3,000.00	~		4,200.00
				29,720.00	*		26,920.00
8,	CLERGY	COST
		Stinend		33,811.34	-		32,394.38
		National Insurance (Employer's Coniribution)		0.00			0.00
		Scottish Episcopal Church Pension Func		0.00			0.00
		Travel		960.00 34,771.34	- #		960.00 33,354.38
9,	PROPERTY EXPENSES (BEATTIE LODGE)
		Insurance Council Tax		542.10 1,680.17			509.39 1,599.92
		Bailer Service		0.00			286.00
				2,222.27			2,395.37
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STa LAURENCEVe 4 / cST PALLADIUS! iad JOINTtall STIPENDc t FUND SCOTTISHAe TIC CHARITYcou a NUMBER:ik SS. SC029355eens .ee RECEIPTS. AND PAYMENTS= ACCOUNT-72. SEPTEMBERer | 2024a - a31 AUGUST 2025

									2024/2025	2023/2024	2023/2024
				Note	Unrestricted		Restricted	Endowment	Tota
RECEIPTS
Congregational & Voluniary				2		764.41	0,00	0.00	764,41	«	875.00
Spécial Collections				4		9.00	423.56	0.00	423.56	+	825.86
Grants				3		0.00	191.25	0.00	191.25=		1,048.45
Investment				5		513.81	3,235.32	0.00	3,749.13	¢	3,294.69
Endowment				6		0.00	0.00	2,672.58	2,672.58		1,459.25
Transfers frorm Congreaationa! Accounts				7		29,720.00	0.00	0.00	29,720.00 -		26,920.00
						30,998.22	3,850.13	2,672.58	37,520.93 »		34,423.25
PAYMENTS
Clergy Cost				é		22,872.19	3,426 57	2,672.58	34.771.342%		33,354.38
Property expenses				9		2,222.27	0,00	0.00	2,222.27"		2,395.37
Church expenses				10		180.38	0.00	0.00	180.38	“4	7108.67
Administrative expenses				11		700.63	0.00	0.00	700.63	+	580.14
Charitable Expenditure				12		0.00	421.56	0.00	421 56+		825.86
SURPLUS FOR YEAR (DEFICIT)						-777 25	2.00	0.00	-775.25	»	-2,847.05
STATEMENT OF BALANCES		-	31st	AUGUST	2025
									2024/2025	2023/2024
				Note	Unrestricted		Restricted	Endowment	Tota
CASH
Bank Balance at 31st August 2024				13		1,912.55	0.00	0.00	1,912.55°		4,753.60
Surplus / Deficit for year						-777.25	2.00	0.00	775.25		-2,.841.05
Transfers between funds						0.00	0.00	0.00	0.00		0.00
Totel cash funds at 31st August 2025					————	135.30 SS	2.00	0.00	1,137.30	4	1,912 55
INVESTMENTS
Market value at 3ist August	2024			4		15,619.98	$8,354.70	9,480.33	123,455.01 «		102,923.29
Additions						0.00	0.00	0.00	0.00		0.00
Disposals						0.00	0.00	0.00	0.00		0.00
Unrealised gain / loss in year						827.49	5,210.50	502.24	6,540.23°		20,531.72
Market value at 31st August	2025				___ 16,447.47 SS		103,565.20	9982.57	129.995.24 = =		123455.07
FUND BALANCES
As at 31st August2024	Gasn					,912.55	0.00	0,00	1,912.55-		4,753.60
	investments					5,619.98	$8,354.70	9,480.33	123,455.01-		702,923.29
Cash Surplus! Deficit for year Investment adaitions / disposals						-777.25 0.00	2.00 0.00	0.00 0.00	-775.25~ 9.00		-2.841.05 0.00
Investments’ unrealised gain	/ loss					827.49	5,210.50	502.24	6,540.23	~	20,537.72
Transfers between funds						0.00	0.00	0.00	0.00		0.00
As at 31st August 2025						17,582.77	103,567.20	9,982.57	131,132.54		125,367.56
									a
(Sianed					Treasurerof		JointFund

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(Signed)
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Rector Rr Mm na ae
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10. CHURCH	EXPENSES
	Altar Expenses					180.38					108.61
						180.38$					108.61
11. ADMINISTRATIVE EXPENSES
	Telephone					664.63					580.74
	Bank charge					36.00					0.00
						700.63 «+					580.14
412. CHARITABLE EXPENDITURE
	Wedding donations for Eswartini					240.76					230.00
	LentAppea!					180.80					249.50
	Aberlour Child Trust					0.00					126.36
	Barnabas Fund					0.00					220.00
						421.56 »					825.86
13. BANK BALANCE
						2024				2024
	CurrentAccount					1,137.30					1,912.55
						1,137.30 +					1,912.55
14. INVESTMENTS
,		Book Value			MarketValue	Value	Unrealised Gain /Loss on year
a) Beneficial ownership		2025	2024		2025	2024		2025		2024
519 unitsSEC UTP (1964& 1973)		647.65		647.65	16,447.47	15,619.98		827.49-		2,597.75
407 unitsSEC UTP (Moir Bequest)		370.00		370.00	42,898.11	12,249.19		648.92"		2,037.15
2861 units SEC UTP (Stee! legacy)		33,846.00	33,845.00		90,667.09	86,105.51		4,561.58"		14,320.16
315 units SEC UTP (2005)
Johnston Stipend Endowment		3,680.00	3,680.00		9,982.57	9,480.33		502.24°			1,576.66
Totals		38,542.65 38,542.65 a			129,995.24 RIT) ?	123,455.01 6,540.23 ORI RR ERGnT "=			20,531.72 oem seen
b) Endowment (no rights to capital)
	Glebe Land: 3.904 acres, leased toAberdeenshire			Council	until 2043
¢) Statement ofinvestment gains							Unrealised
						Market Value	Book Value				Gain
	519 unitsSEC UTP					16,447.47 -		647.65		15,799.82
	407 unitsSEC UTP Moir	Bequest				12,898.11 -		370.00		12,528.11
	2861 unitsSEC UTP Steel legacy					90,667.09 -		33,845.00		56,822.09
	315 units SEC UTP Johnston Estate Stipend		Endowment			9,982.57 ~		3,680.00			6,302.57
						129,995.24		38,542.65		91,452.59 «
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