Charity No. SC052645
ST COLUMBA’S-BY-THE-CASTLE SCOTTISH EPISCOPAL CHURCH EDINBURGH: SCIO
ANNUAL REPORT AND ACCOUNTS For the period ended 30 September 2024
ST COLUMBA’S-BY-THE-CASTLE
CONTENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| Page | |
|---|---|
| Report of the Vestry (Trustees’ Report) | 1 – 7 |
| Independent Examiner’s Report to the Trustees | 8 |
| Statement of Financial Activities incorporating Income and Expenditure Account | 9 |
| Balance Sheet | 10 |
| Notes to the Accounts | 11 – 21 |
ST COLUMBA’S-BY-THE-CASTLE
REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
As the Charity Trustees of St Columba’s-by-the-Castle Scottish Episcopal Church SCIO, the Vestry presents its report and accounts for the period ended 30 September 2024. These have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102.
Overview
St Columba's by the Castle Church is an inclusive congregation of about 80 adults and 4 children, led by the Rector, a team of two non-stipendiary (unpaid) clergy, and a lay-reader. The focus of the people's worship on a Sunday is the Eucharist (Holy Communion), at which there is a sermon or some other exposition of the scripture readings. The congregation is a learning congregation that has a children's programme, and gatherings for the adult’s to study more deeply all aspects of the faith. These are led by members who share the fruits of their scholarship. The practical tasks of fellowship are undertaken by a rota drawn up from three teams of congregation members. Pastoral care is supervised by the clergy team, who engage the assistance of carefully chosen and trained lay people.
Objectives and Activities
The objectives of the Vestry are to advance the mission of the Christian Church, through worship, service, education, and fellowship. The principal activities of the Church are public worship and the spiritual development of its members, and of anyone who enquires. Donations are made regularly to charitable causes that provide benefits to disadvantaged individuals and communities in Scotland, the rest of the United Kingdom and overseas, and members serve the local community in various non-financial ways.
In carrying out its objectives the Vestry depends upon the contribution, both human and material, of many volunteers from the congregation. Activities carried out include contributions preparatory to and during worship, leading study sessions, service on sub-committees, service in a variety of group, social, and pastoral activities. These contributions are all highly valued, and all members of the congregation are encouraged to participate in them, as many do.
Structure, Governance and Management
From 1 October 2023 St Columba’s by the Castle Church is a Scottish Charitable Incorporated Organisation (SCIO) governed by its Memorandum and Articles of Association. The Church incorporated on 27 June 2023 when it converted from being an unincorporated charity, and for accounting and tax purposes this became operational from 1 October 2023. For the purposes of charity law, the members of the Vestry are the Charity Trustees of the Church.
The Church is a member congregation of the Diocese of Edinburgh in the Scottish 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 Rector is appointed by the Vestry and the Bishop of the Diocese. The Rector is responsible for the spiritual affairs of the Church and delegates aspects of the church's operations to lay and ordained members of the congregation.
The Vestry is responsible for the management of the temporal affairs of the congregation. The Vestry comprises two Church wardens (ex officio), a Lay Representative to the Synod (ex officio) and Constituent members, not more than nine nor fewer than three in number. The members of the Vestry are elected at the Annual General Meeting. The People's Warden is elected by the congregation at the Annual General Meeting and holds office for not more than three years. The Rector's Warden is appointed annually by the Rector. The Vestry Secretary and Treasurer are appointed by the Vestry. Of the constituent members at least two retire annually by rotation.
The Vestry has delegated specific responsibilities to a number of sub-committees. The sub-committees, which change from time to time depending on the need, regularly report to and submit recommendations to the Vestry.
St Columba's by the Castle is a medium sized congregation, of about 80 members who meet in a small Victorian Church close to Edinburgh Castle. The Sunday Eucharist at 10.00am is the main weekly service, with a weekday lunchtime said Eucharist. This is a gathered community, with a wide spread of ages and a good mix of people coming from rich and diverse traditions.
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ST COLUMBA’S-BY-THE-CASTLE
REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Structure, Governance and Management (continued)
Children are very important and are valued as part of the church family and are encouraged to participate fully in the services. The Christingle service at Christmas is a special time for both adults and the children; and teenagers are supported to go to the annual Scottish Episcopal Church’s Glenalmond Youth Week.
The Rector, There are also occasionally ordinands on practice placement. 2024.
, is supported by two non-stipendiary priests, and a Lay Reader. retired on 6 October
Intellectual growth and curiosity are valued. There is a weekly book group, a bible discussion group, and regular monthly presentations either by members of the church or by outside speakers on a wide range of topics, both theological and of general interest. Movement, the church’s quarterly magazine, gives members an opportunity to share many aspects of church life and is a platform for interesting articles and news. We recently completed a reflective Immrama (‘travellers’ tales’) exhibition of panels mounted on the church walls, celebrating the 1,500th anniversary of the birth of St. Columba, illustrated by contemporary Scottish artists, to stimulate reflection on modern life in light of the impact Columba had in his time; and have now complemented this with a website.
Congregational life is organized around three Columban groups which meet regularly, usually over a meal, providing an opportunity to build friendships in a relaxed social setting. The groups discuss shared concerns and organize rotas for elements of the services (readers, intercessors etc) and for the after service refreshments. In addition, there are folk who look after the terrace garden, organize events such as cycle rides, parties and meals.
Congregational communication is maintained at various levels; a weekly notice sheet, publication of minutes from the Vestry and some working groups, and the church website which has a public area and a congregational SharePoint site. The SharePoint site has been upgraded to become a hub, and is the ‘go to’ place for paperless document storage, information, group and Vestry reports etc. The Covid lockdowns prompted the use of Zoom from virtually the first Sunday, and the formation of a ‘tech’ team who maintain this facility. This enables continued access now to services for; e.g. the housebound, easy attendance at group business meetings, and wide access to e.g. webinars, beyond the church membership.
The church has had a long tradition of being outward looking, having been founded to minister to the poor of the area and to provide schooling. In 2002 we covenanted with Greyfriars Kirk (Church of Scotland) and Augustine United (United Reformed Church) to form a local partnership which supports such projects as the Grassmarket Community Project, carol singing for charity, and youth group activity. A key criterion in deciding on hall lets is the support of local community groups. 5% of church giving is allocated for outreach grants to projects in the UK and abroad, with occasional events to raise awareness of the nature of these projects. The church supports Amnesty International, taking part in the annual Greetings Card Campaign in December. We have also supported Christian Aid since its inception, by volunteering at the Central Edinburgh Book Sale in May. The terrace garden is usually open for visitors as a quiet refuge, as is the church and the Immrama exhibition which now has its own website, and we host bi-weekly foodbanks.
There is a strong ethos of eco-responsibility and diversity. The church has a policy of buying sustainable products where possible, serving Fair Trade tea/coffee, having a regular FairTrade stall, and has achieved Silver standard in the Eco-congregation Scotland scheme. There is an Eco group which advises on the sustainability of the church’s buildings, practices and investments. The Vestry is keen to invest ethically and is pursuing such options. The ethos is also one of accessibility and diversity; there is positive support for the LBGTQ+ community; practical support such as ramped access at the door, an induction loop, a lift for access to lower floors and other adaptations for disabilities are available. The church complies with the law, follows Government regulations and the Scottish Episcopal Church’s policy on the protection of children and vulnerable adults, has a Protecting Vulnerable Groups (PVG) co-ordinator, and has safeguarding as a permanent item on the Vestry agenda.
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ST COLUMBA’S-BY-THE-CASTLE
REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Structure, Governance and Management (continued)
The Vestry is responsible for the management of temporal affairs and also assists the Rector in the spiritual welfare of the congregation. It comprises the Rector, the Churchwardens, the Lay Representative and three to nine other elected members who contribute a wide range of experience and expertise, together with any ordinands on placement being in attendance. The Vestry is currently assisted by two committees (Building and Finance & Staffing), and a number of small working groups, covering Adult Education, Communications, Eco Group, Immrama project, Liturgy and Music, Quiet Garden, Safeguarding, Social Responsibility, and Young People, with regular reporting from the Safeguarding (PVG) Co-ordinator, the Lay Representative (on Episcopal church matters) and The Local Church liaison person (on our convenanted partnership).
The church employs a part-time centre manager, to manage hall letting etc. and professional cleaners who look after most of the building except the church itself.
There is an Annual General Meeting in November at which the Rector, Vestry, Finance Committee, Buildings Committee and working groups report to the congregation and the draft annual accounts are approved.
The strategic oversight and policy development of the Vestry is focused on 3-year objectives, which form the main driver for Vestry discussion and action. These objectives are formulated through congregation wide discussion, generally at a congregational awayday, refined and agreed at the congregational AGM, with input from specialist groups as appropriate. Progress is reported back to the congregation at least on an annual basis, though the publication of vestry minutes on the SharePoint Hub keep people informed on ongoing developments.
Achievements and performance
This year the Vestry has continued to meet both on Zoom and face to face.
There have been two major practical projects during the period. There have been issues with damp in the North wall of the nave for some time and this period we found out that the cause was not just leaking guttering but also that the structure supporting the guttering was rotten. The work to put this right took from January to the end of April, and we had to use some of our reserves to pay for it. The second project was the improvement of our audio visual capabilities. Although the threat posed by Covid-19 has receded a number of our members wanted to continue viewing our Sunday Eucharist online, and the Vestry considered that it was worth investing in a more permanent arrangement for broadcasting the service, with two fixed cameras and a control desk. This project was carried out in June. The transition to being a SCIO has also continued to be a concern for the Diocese, with advice from legal experts and negotiation with the Diocesan Trustees.
The Buildings Committee, meets three times a year, and the Finance and Staffing Committee, meets quarterly. Both report directly to the Vestry, who have ultimate responsibility for decisions. On the Building Committee, it was agreed that in the case of major work, such matters would be brought to the Vestry for strategic decisions and associated finance under annual budget allocations, whilst routine maintenance would be handled by the sub-committee in full consultation with the Treasurer, and where necessary, the Finance Committee. The other small groups, such as craft and children, would continue as they are, and issues such as worship and social responsibility would be seen to by the vestry on a determined schedule, with appropriate people being invited to attend vestry meetings as needed.
With the Rector, David Paton-Williams announcing his intention to retire in October the Vestry has spent time considering future direction and encapsulating the thoughts in the Parish Profile, required as part of the recruitment of a new Rector.
As in recent years 5% of congregational donations was allocated to a range of charities chosen by members of the congregation. On external matters, the Vestry agreed in October to make a second investment of £5,000 for the solar power project at St. Francis’ Hospital, Katete, Zambia.
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ST COLUMBA’S-BY-THE-CASTLE REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Financial Review
Results
The total reserves at the end of the period were £488,164. This is made up as follows:
Unrestricted Fund £113,318 Restricted Fund £106,855 Designated Fund £267,991
Reserves Policy
The Vestry has a policy of building up reserves by setting aside each year for future capital development 7.5% of direct congregational giving (not including the gift aid tax reclaim). This is a designated fund (the Development and Maintenance Fund), which is not restricted to any particular development. Due to the unusual circumstances of Covid restrictions leading to greatly reduced income from lettings, in 2020-21 this investment was paused. This pause continued through to 2022 - 2023 but has now ceased.
The church’s overall finances are in good health. Donations have been maintained at the level of the previous year. The two large projects mentioned above cost a total of £51,000, which has been funded from reserves. The Vestry notes its thanks to the wider financial team, especially .
Investments
Thanks to prior prudence, the church has significant investments, currently in two Unit Trust Pools (UTP) managed by on behalf of the Scottish Episcopal Church. We hold over £200,000 which have yielded about £10,422 this financial year. Historically these have been reinvested automatically in the UTPs until 2021, when the vestry agreed to use the yield to support running expenses during and post Covid. This has been the case since then including 2023-24.
The Vestry has been considering investment policy on behalf of the Church. Broadly, it is content to continue with the bulk of investment with the UTPs, with one additional one of £25,000 with an ethical fund, to be funded by transfer from existing UTP funds. The proposed investment with Foundation Scotland did not happen because of concerns about the fund management company.
Investment policy
St Columba’s financial reserves are invested in the SEC's Unit Trust Pool (UTP) funds. Finance, and ethical investment in particular, has been the focus of much thought. The Vestry and the Finance and Staffing Committee are in constant and constructive dialogue, the Vestry making the strategic policy decisions and the Committee informing these and providing specialist advice and insight. The new, more securely ethical, SEC investment strategy, signed off at the last General Synod, has made financial policy easier for us, in that we can now concentrate on our impact investment. The focus of the Vestry has thus been on deciding on the amount/percentage we might use in impact investment, what our purpose in investment is, and what the areas of focus may be – e.g., national/international issues or small companies/local communities etc. Our overall aim is to contribute actively to a carbon negative state, both in how we manage our buildings and activities, and in wider activities. In this latter aspect, the Vestry is using the expertise of the Finance and Staffing Committee, asking them to do research on portfolio investments and bring general recommendations back to the Vestry, and also by asking them to vet any small projects the Vestry might identify. As one such, we have undertaken an impact investment in a hospital project working towards energy self-sufficiency in Zambia, with Columban links
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ST COLUMBA’S-BY-THE-CASTLE
REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Plans for Future Periods
On becoming a Scottish Charitable Incorporated Organisation (SCIO)
The Church has had Scottish Charitable Incorporated Organisation (SCIO) status since June 2023. The name is self-explanatory- incorporation which limits liability of the church charity meaning the Resources Company is no longer needed and which greatly simplifies the financial structure and lightens the load on people.
Structure
There are three bank accounts, a main business account, a subsidiary giving account holding a small reserve and a savings account which will have the double role of holding more substantial funds in reserve whilst earning interest, and which links with the UTPs. All three will have a live feed to the single SCIO Xero account. All other accounts have been closed and funds reallocated to the new accounts.
The Treasurer is supported by three key individualswho manages the payroll; who manages Gift Aid; who will manage the day to day bookkeeping and letting. They are supported by the Finance and Staffing Committee which provides both a constructive challenge and a review function. The Treasurer’s role will become increasingly strategic
Progress
On the 21 February 2025 the Diocesan Trustees approved the formation of the SCIO and the transfer of the church and the rectory to the vestry (as trustees) to the SCIO.
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ST COLUMBA’S-BY-THE-CASTLE
REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Charity Registration Number:
SC052645
Company Registration Number: CS006392
Principal Office:
Scottish Episcopal Church 14 Johnston Terrace Edinburgh EH1 2PW
Charity Directors and Trustees:
The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the period and since the year end were as follows:
Chartered Accountants and Independent Examiners:
Chiene + Tait LLP (trading as CT) 61 Dublin Street Edinburgh EH3 6NL
Solicitors:
Morton Fraser LLP 9 Haymarket Square Edinburgh EH3 8RY
Bankers:
The Royal Bank of Scotland 36 St Andrew Square Edinburgh EH2 2AD
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ST COLUMBA’S-BY-THE-CASTLE REPORT OF THE VESTRY (TRUSTEES’ REPORT)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
Responsibilities of the Members of the Vestry
The members of the Vestry are responsible for preparing the Annual Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the members to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the members of the Vestry are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The members of the Vestry are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.
Conclusion
In conclusion, the Vestry wishes to thank all members of the congregation who help, on a voluntary basis, in so many different ways in carrying on the work of the Church. Their contribution is invaluable.
By the order of the Vestry
Treasurer
……………………………
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
ST COLUMBA’S-BY-THE-CASTLE SCOTTISH EPISCOPAL CHURCH
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
I report on the accounts of St Columba’s-by-the-Castle Scottish Episcopal for the period ended 30 September 2024 which are set out on pages 9 to 21.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to prepare the accounts on behalf of the trustees and to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the trustees, as a body, for my work or for this report.
Respective responsibilities of the trustees and examiner
The Trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the Act) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (the Regulations). The Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the 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 examiner’s statement
My examination is carried out in accordance with Regulation 11 of the Regulations. An examination includes a review of the accounting records kept by St Columba’s-by-the-Castle and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the Trustees concerning any 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 audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1)(a) of the Act and Regulation 4 of the Regulations, and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the Regulations have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
CT Chartered Accountants and Independent Examiner 61 Dublin Street Edinburgh EH3 6NL
…………………………………
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ST COLUMBA’S-BY-THE-CASTLE
STATEMENT of FINANCIAL ACTIVITIES (incorporating Income and Expenditure Account)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| Notes Income and endowments from: Donations and legacies 2 Charitable activities 3 Trading activities 4 Investments 5 Expenditure on: Charitable activities 6 Net gain on investments 15 Net income/(expenditure) Transfers between funds 18 Net movement in funds Reconciliation of funds: Total funds brought forward 18 Total funds carried forward 18 |
Restricted Funds Unrestricted Funds Designated Funds Total 2024 Total 2023 £ £ £ £ £ 1,285 84,982 - 86,267 84,714 - 1,082 - 1,082 799 - 61,811 - 61,811 - - 2,779 7,643 10,422 10,405 |
|---|---|
| 1,285 150,829 7,643 159,582 95,918 |
|
| 6,231 179,127 - 185,358 131,392 |
|
| 6,231 179,127 - 185,358 131,392 |
|
| - 12,861 35,435 48,296 18,043 |
|
| (4,946) (15,612) 43,078 22,520 (17,431) 276 39,705 (39,981) - - |
|
| (4,670) 24,093 3,096 22,520 (17,431) 111,525 89,225 264,894 465,644 483,075 |
|
| 106,855 113,318 267,991 488,164 465,644 |
All income and expenditure derives from continuing activities.
The notes on pages 11 to 21 form part of these accounts
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ST COLUMBA’S-BY-THE-CASTLE
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Notes Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 16 Cash at bank and in hand Liabilities Creditors: falling due within one year 17 Net current assets Total assets less current liabilities Represented by: Restricted funds 18 Unrestricted funds 18 Designated funds 18 Total funds |
£ 32,713 65,964 |
2024 £ 123,192 290,201 |
£ 18,712 20,630 |
2023 £ 111,834 326,904 |
|---|---|---|---|---|
| 413,393 74,771 |
438,738 26,906 |
|||
| 98,677 (23,906) |
39,342 (12,436) |
|||
| 488,164 | 465,644 | |||
| 106,855 113,318 267,991 |
111,525 89,225 264,894 |
|||
| 488,164 | 465,644 |
These accounts were approved and authorised for issue by the Vestry on ……………………..
Signed on behalf of the Vestry by:
Treasurer
The notes on pages 11 to 21 form part of these accounts
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ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1. General information and accounting policies
General information
The charity is a registered charity in Scotland and is unincorporated. The address of the principal office is 14 Johnston Terrace, Edinburgh, EH1 2PW.
Statement of compliance
The accounts are prepared under the historical cost convention as modified by revaluation of investments and in accordance with applicable accounting standards. The Charity is a Public Benefit Entity. The accounts are compliant with the Charity’s constitution, Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Statement of Recommended Practice (SORP) FRS 102 “Accounting and Reporting by Charities” (October 2019) and FRS 102.
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured and fair value through income or expenditure.
The accounts are prepared in Pounds Sterling as this is the functional and presentational currency of the charity.
Going concern
The accounts have been prepared on a going concern basis. The Trustees have assessed the charity’s ability to continue as a going concern and have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these accounts.
Investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the period.
Realised and unrealised gains and losses
All gains and losses are taken to the statement of financial activities as the arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Tangible fixed assets and depreciation
Fixed assets are included at cost less accumulated depreciation. The costs of minor additions or those costing below £1,000 are not capitalised. The Church building itself and the attached hall are not capitalised.
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures & Fittings – 4% - 20% straight line
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ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1. General information and accounting policies (cont.)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument.
The Charity holds basic financial instruments which comprise cash and cash equivalents, other debtors, and trade and other creditors.
Financial assets classified as basic financial instruments
(i) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with maturities of three months or less.
(ii) Other debtors
Other debtors are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount expected to be receivable net of any impairment. Where a financial asset constitutes a financing transaction, it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.
At each reporting date, the charity assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in net income and expenditure.
Financial liabilities classified as basic financial instruments
(iii) Trade and other creditors
Trade and other creditors are initially measured at transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction, it is initially and subsequently measured at the present value of the future payments discounted at a market rate of interest.
Income
All income is recognised once the Church has entitlement to the income, there is sufficient certainty or receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations and legacies
Congregational giving is accounted for when received. Donation, legacies and similar income are accounted for when St Columba’s becomes entitled to the income and a reliable estimate of the amount to be received can be made. Gift Aid tax recoverable is accounted for in the period in which the related Gift Aid donation is recognised.
Charitable activities
Income from charitable activities includes fundraising, income received from the letting of the rectory and other sundry income.
Other trading activities
Income from other trading activities includes income received from the letting of the church building.
Investments
Interest on funds held on deposit and distributions on investments held on the SEC Unit Trust Fund is included upon notification of the income paid or payable.
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ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1. General information and accounting policies (cont.)
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Church to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accruals basis when a liability is incurred. Expenditure includes any VAT which cannot be recovered and is reported as part of the expenditure to which it relates.
Raising funds
Costs of raising funds include the investment management costs on the investments held on the SEC Unit Trust Fund.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Pension costs
Contributions payable to employees personal pension plans are charged to the Statement of Financial Activities in the period to which they relate.
Taxation
St Columba’s-by-the-Castle is recognised as having charitable status by The Office of the Scottish Charity Regulator and H M Revenue & Customs for taxation purposes. As a result, no liability to taxation is anticipated on any of its income.
Funds
The nature and purpose of the funds is set out in the notes to the accounts.
Significant judgements and estimation uncertainty
When applying the accounting policies, the Vestry are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. As the estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant, actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.
(i) Useful economic life of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates. See note 14 for carrying values of tangible assets.
2. Donations and legacies
| Donations Gift Aid reclaimed |
2024 2023 £ £ 70,212 68,935 16,055 15,779 |
|---|---|
| 86,267 84,714 |
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ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| 3. Income from Charitable activities Fundraising Sundry income 4. Income from Other Trading Activities Rental incomes 5. Investments Bank interest Other investment income 6. Expenditure on Charitable activities Clergy and ministry costs (Note 7) Congregational and other expenses (Note 8) 7. Clergy and ministry costs Rector’s stipend and national insurance Pension contribution Rectory council tax and insurance Rectory maintenance Rectory heat, light and telephone Travel and other expenses 8. Congregational and other expenses Worship expenses Home and overseas donations (Note 9) Quota to Diocese Heat, light and telephone Contribution to Resources Company for heat & light Other grants and donations Church administrator fee Church maintenance costs Insurance Other Computer service and website (St Hilda’s fund) Children (Underchurch) Parish meals Flower fund Depreciation Resources loan balance Governance costs: Independent Examiner’s fees |
2024 2023 £ £ 882 419 200 380 |
|---|---|
| 1,082 799 |
|
| 2024 2023 £ £ 61,811 - |
|
| 61,811 - |
|
| 2024 2023 £ £ 159 43 10,263 10,362 |
|
| 10,422 10,405 |
|
| 2024 2023 £ £ 58,483 63,929 126,875 67,463 |
|
| 185,358 131,392 |
|
| 2024 2023 £ £ 32,413 27,960 11,033 9,607 4,223 4,095 9,316 20,818 375 421 1,123 1,028 |
|
| 58,483 63,929 |
|
| 2024 2023 £ £ 1,852 7,882 - 7,591 11,045 4,445 9,810 - - 4,000 885 95 7,973 5,678 47,854 15,771 4,459 - 8,205 6,170 1,508 4,233 134 - - 800 85 438 10,018 5,529 19,267 - 3,780 4,831 |
|
| 126,875 67,463 |
14
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
9. Home and overseas donations
| Donations Little Hearts Matter Brackett Refugee Education Fund Bees for Development Project Trust Zambia Good Law Project Masambiro Secondary School Edinburgh Children's Hospital Charity Compass (Therapy Support Community) Bridgend Farmhouse Mayanko Organisation, Malawi Mission to Seafarers Scotland Just Giving International Red Cross Afghanistan Appeal Freedom for Girls Friends of St Francis Katete Charitable Trust |
Total 2024 Total 2023 £ £ - 150 - 150 - 150 - (500) - 150 - 400 - 300 - 300 - 500 - 400 - 500 - 426 - (300) - (35) - 5,000 |
|---|---|
| - 7,591 |
10. Trustee and key management personnel remuneration, benefits and expenses
The Vestry is considered to be the key management personnel of the Church. Except for the Rector, no member of the Vestry received remuneration or reimbursement of expenses, other than reimbursement of purchases made on behalf of the Church. The Rector is ex officio a member of the Vestry and a trustee, and receives remuneration, benefits, and reimbursement of expenses in respect of services as a stipendiary cleric in line with scales determined by the General Synod of the Scottish Episcopal Church.
| Total remuneration of key management personnel | 2024 2023 £ £ 43,446 37,567 |
|---|---|
15
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
11. Staff costs
| 11. Staff costs | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Gross stipends and Employer’s National Insurance | 32,413 | 27,960 |
| Pension contributions | 11,033 | 9,607 |
| Church administrator fee | 7,973 | 5,678 |
| 51,419 | 43,245 | |
| 2024 | 2023 | |
| No. | No. | |
| Average number of employees during the period | 2 | 1 |
| Information regarding stipendiary clergy, who are not technically employees but office holders, is included | ||
| above. No employee received emoluments in excess of £60,000. |
12. Special collections
| 12. Special collections During the period there were two (2023: one) special collection Christian Aid Collection City Mission |
2024 2023 £ £ 95 386 790 - |
|---|---|
13. Quota to Diocese
Quota is paid by St Columba’s to the Diocese of Edinburgh to support the work of the Diocese and of the Scottish Episcopal Church as a whole.
| 14. Tangible fixed assets Cost At 1 October 2023 Additions Transfer At 30 September 2024 Depreciation At 1 October 2023 Charge for the period Transfer At 30 September 2024 Net Book Value At 30 September 2024 At 30 September 2023 |
Fixtures & Fittings Total £ £ 193,892 193,892 20,918 20,918 3,055 3,055 |
|---|---|
| 217,865 217,865 |
|
| 82,058 82,058 10,018 10,018 2,597 2,597 |
|
| 94,673 94,673 |
|
| 123,192 123,192 |
|
| 111,834 111,834 |
16
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| Development | |||
|---|---|---|---|
| & | |||
| 15. Investments | General | Maintenance | 2024 |
| £ | £ | £ |
|
| Market value at 1 October 2023 | 94,347 | 232,557 | 326,904 |
| Disposals | (85,000) | - | (85,000) |
| Realised gain/(loss) | 38,073 | - | 38,073 |
| Unrealised gain/(loss) | (25,211) | 35,435 | 10,224 |
| Market value at 30 September 2024 | 22,209 | 267,991 | 290,201 |
| Book cost | 12,046 | 133,150 | 145,196 |
| All investments represent units purchased in the Scottish Episcopal Church Unit Trust Pool. The pool | |||
| invests in a diversified portfolio, which mitigates major financial | risk. | ||
| 16. Debtors | 2024 | 2023 | |
| £ | £ | ||
| Trade debtors | 3,052 | - | |
| Gift aid tax due | 12,311 | 3,712 | |
| Other debtors | 17,350 | 15,000 | |
| 32,713 | 18,712 | ||
| 17. Creditors: amounts falling due within one year | 2024 | 2023 | |
| £ | £ | ||
| Trade creditors | 12,597 | 1,670 | |
| Accruals and deferred income | 9,258 | 8,664 | |
| Other creditors | 1,600 | 1,600 | |
| PAYE/NIC | 449 | 502 | |
| 23,904 | 12,436 | ||
| The movement in deferred income in the period is as follows: | |||
| £ | |||
| Brought forward | 924 | ||
| Utilised in the period | (924) | ||
| Deferred in the period | - | ||
| Carried forward | - |
17
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| 18. Funds Restricted Fund The Mushroom Trust Heating project Organ Fund Rector’s Discretionary Fund Christian Aid City Mission Designated Fund Development & Maintenance Unrestricted Fund General Restricted Fund The Mushroom Trust Heating project Organ Fund City Mission Designated Fund Development & Maintenance Unrestricted Fund General |
1 October 2023 Incoming Resources Outgoing Resources Transfers Gains/ (Losses) 30 September 2024 £ £ £ £ £ 281 - - - - 281 111,224 - (4,670) - - 106,554 - - (276) 276 - - - 400 (400) - - - - 95 (95) - - - 20 790 790 - - 20 |
|---|---|
| 111,525 1,285 (6,231) 276 - 106,855 264,894 7,643 - (39,981) 35,435 267,991 |
|
| 264,894 7,643 - (39,981) 35,435 267,991 89,225 150,829 (179,127) (39,705) 12,861 113,318 |
|
| 465,644 159,582 (185,358) - 48,296 488,164 |
|
| 1 October 2022 Incoming Resources Outgoing Resources Transfers Gains/ (Losses) 30 September 2023 £ £ £ £ £ 1,765 10 (194) (1,300) - 281 115,894 - (4,670) - - 111,224 - - (870) 870 - - 20 876 (876) - - 20 |
|
| 117,679 886 (6,610) (430) - 111,525 248,327 - - 4,557 12,010 264,894 |
|
| 248,327 - - 4,557 12,010 264,894 117,069 95,032 (124,782) (4,127) 6,033 89,225 |
|
| 483,075 95,918 (131,392) - 18,043 465,644 |
18
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
18. Funds (continued)
Restricted funds
The Mushroom Trust – This fund relates to the church garden maintenance and the upgrade to become a ‘quiet’ space for visitors and passers-by.
Heating project - This fund relates to the underfloor heating maintenance work and the redecoration of the Church.
Organ Fund – This fund relates to ongoing fundraising for a large repair to the church organ currently in progress. The deficit on the fund will be met by continued fundraising, and the deficit has been funded by general funds.
City Mission – This fund relates to donations received specifically for Edinburgh City Mission’s appeal for Christmas hampers for refugees.
Unrestricted funds
General funds comprise of income received for the objects of the church without further specified purpose and are available as general funds.
Designated funds
Development & Maintenance Fund (previously known as the Capital Development Fund) - This represents unrestricted funds which have been earmarked by the Vestry for particular purposes. The fund is a reserve for future major building requirements. It is the Church’s policy for approximately 7.5% of givings, excluding gift aid recovered to be transferred from the General Fund to the Development & Maintenance Fund. As per the reserves policy, this has been paused since covid. The transfer of £39,981 for 2023/24 (2022/23: £4,557) is to realign the Fund with the policy.
| 19. Analysis of Net Assets by Funds Fixed Assets Tangible assets Investments Current Assets Debtors and prepayments Cash at bank and in hand Current Liabilities Creditors and accruals Net Assets |
Restricted Funds General Funds Designated Funds Total 2024 £ £ £ £ 106,554 16,638 - 123,192 - 22,210 267,991 290,201 - 32,713 - 32,713 301 65,663 - 65,964 - (23,906) - (23,906) |
|---|---|
| 106,855 113,318 267,991 488,164 |
19
ST COLUMBA’S-BY-THE-CASTLE
NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
| 19. Analysis of Net Assets by Funds (Contd) Fixed Assets Tangible assets Investments Current Assets Debtors and prepayments Cash at bank and in hand Current Liabilities Creditors and accruals Net Assets |
Restricted Funds General Funds Designated Funds Total 2023 £ £ £ £ 92,935 18,899 - 111,834 - 94,346 232,558 326,904 - 18,712 - 18,712 18,590 (30,296) 32,336 20,630 - (12,436) - (12,436) |
|---|---|
| 111,525 89,225 264,894 465,644 |
20. Related Party Transactions
There were no related party transactions in the period other than those detailed in note 22 .
21. Statement of financial activities for the period ended 30 September 2023
| Income and endowments from: Donations and legacies Charitable activities Investments Expenditure on: Charitable activities Net gains on investments Net income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Restricted Funds Unrestricted Funds Designated Funds Total 2023 Total 2022 £ £ £ £ £ 886 83,828 - 84,714 84,165 - 799 - 799 957 - 10,405 - 10,405 9,253 |
|---|---|
| 886 95,032 - 95,918 94,375 |
|
| 6,610 124,782 - 131,392 115,094 |
|
| 6,610 124,782 - 131,392 115,094 |
|
| - 6,033 12,010 18,043 (77,236) |
|
| (5,724) (23,717) 12,010 (17,431) (97,955) (430) (4,127) 4,557 - - |
|
| (6,154) (27,844) 16,567 (17,431) (97,955) 117,679 117,069 248,327 483,075 581,030 |
|
| 111,525 89,225 264,894 465,644 483,075 |
20
ST COLUMBA’S-BY-THE-CASTLE NOTES to the ACCOUNTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
22. Change to registered legal form
St Columba’s-by-the-Castle Scottish Episcopal Church changed its legal form on the 1 October 2023 to a Scottish Charitable Incorporated Organisation (SCIO). The charity was previously an unincorporated charity. The charity has used ‘merger’ accounting as prescribed in the Charities SORP and therefore the financial statements combine the transactions for both the unincorporated charity and the SCIO.
Analysis of net assets at the date of the merger
| Net assets Represented by: Restricted funds Unrestricted funds Designated funds Total funds |
St Columba’s- by-the-Castle (unincorporated) £ 465,644 111,525 89,225 264,894 465,644 |
St Columba’s- by-the-Castle (SCIO) £ - - - - - |
Combined Total £ 465,644 |
|---|---|---|---|
| 111,525 89,225 264,894 |
|||
| 465,644 |
As noted in the report of the Vestry, upon incorporating as a SCIO it was recognised that the facilities management company St Columba’s by the Castle Resources Limited was no longer required as a separate entity. Therefore, on 1 May 2024 the trading assets and liabilities were transferred to St Columba’s-by-the-Castle Scottish Episcopal Church SCIO at cost, being offset against the outstanding loan balance between the two entities.
| Assets Fixtures & Fittings Debtors Cash at bank and in hand Liabilities Trade creditors Other creditors PAYE/NIC Loan |
£ 458 3,260 11,049 |
|---|---|
| 14,767 | |
| 1,194 17,677 163 15,000 |
|
| 22,497 |
Subsequent to this transaction, the remaining loan balance of £19,267 has been waived and this is represented within Other expenditure.
21