Chartty R•gbtratlon No. SCI)00293 Iscouand SHETLAND CHURCH OF SCOTLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
SHETLAND CHURCH OF SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION Charlty numb•r Iscotlandl SC000293 R•glsterod offl¢• Indep8ndgnt oxamlftèr Iiene Hamblèton 8A(t CA A.J.8. Scholos Ltd Chartered Actnunt8nt8 St Olafs Hall Lerwi¢k Shellantj Id8$ ZE1 OFD
SHETLAND CHURCH OF SCOTLAND TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees present tr"r rèport and acc(xmls year ended 31 Dtcember 2022. The trustees present thth"r annual rep(Kt aThJ finala1 lements of the chth for year ended 31 December 2022 The finanaal slalèments have been prepar&J in accordance th the ac¢ounbng wliaes sel out in note 1 lo the a¢Unts and compty th the General Assembty Regulthons for Congregational Finance, Ihe Chanties and Trustee Investment ISeolarKII Ad 2C5. the Chants'es Acownts IScotlarKII Regulaty"on$ 200618$ amended) and AuntIng and Reporti'ng by Charities.. Statement of Rec£mmended Practice aprAicable lo charitses preparing their accounts In accordan wth the Finalat Re"n9 Stsndard applicable in the UK ard Republic of Irdand IFRS 1021 las nended for tnts'ng commencAThJ from January 20191. Oblgrtlves and actlvlll The Church of SlIand is Trinitarn in thcIn". Re10md in tradit and Presbylerian in pdity. 11 exists to glonfy God and lo for ts advancement of Chnst's "j0M througPKMrt the vK%ld. As a national Church. il knedgeS a distsnctwe call and duty to bn.ng the CdinareS of rely¢)n lo ts peOe in every parish of Scotland IhrovJh a lemtorial ministry. 11 cwerales other Churches in various ecumenKal bodies in slIand and beyond. The Elders of Shetland Church of Scodand wts) make up the Kirk Se$sn are together trustees ol Shetland Foodbank which operates undw the aS of the Shetland Churth of Scotland. Individual Local ConwgatK)ns in shauj Church ol SeL)la)d of rel1W and events. LcKal CongregatTh)s hold weekty or fOrtnht1Y worship 5erytis on Sundays. every coming together lor united services two or three bmes a year in various locats(%LS The Lcta Cmjregakns at &Jrra Isle. Ath. W)alsay. Sandvnck, and Brae wn small Sunday Schcds for thal thildren. The Youth and Children's rker assists youth group al the Arnlersu) High SchocA in LerwK. A Chureh of Scouand GLJild meets al Unsl. Yell, 81$ay. 8urra. Scalloway. and SaThtsck, while an attemabve 'Fnends' group meets at Lerwick Sl Columba's. Each church h8s a regular wogramme of social events. such as qUze3, kndraIng events. exhibrtions, ffee momings, and concèrt5. A¢hlev•nnts and p•rfornMnc• Loc81 c0ryregat5 were able to xhieve g)od attendare al events swwees and had planT for a tYJ5y and ath've year. Plans induded Easter events throughrxrt the paiish. Lent SW groups lonline Trpèrson}, Harvest services through the pansh. Harvest aucns. t&75. a walk of in LerwKk. nv•V51ettws kwng overyone up-t>date on knat was happening in the parish, SdaY SeceS. online Sunday service wth a regular attendance of about 1(k15. in-person Sunday s¢jKoreSI Churth, Christrna$ services. Naliwty services, representatth at local agnrtUral $rKy. and unrte(I pansh seThryces. Flnncl•l rnvlew The pnndpal 80urce of irbccne is weekly offemgs. in 20L, amwnted lo almost 78% 12021." 86%> of donations and grfls exdu(th'ng legacy income The TnJstees a heartened that wr ir)rne from ¥klY offerings has begun to ststs.lise follw.ng a swificant drop In prevK)U5 years. ho¥•eT we still need to draw on income from Investment5 to meet all experKlrture. It IS sts"Il Ihe Intenbon of ttle Tntee3 to Tun a stewardship campaign and lo encourage more fundraing acti¥rties through¢Jth the wsh. Prlor perk)d adjustmeni A prior year adjuslmenl was madè lo the 2021 comparakn.ves in line Vlith actounting reqU1Ments. ehafty was found lo have been notsfied of their entiuement lo a generws legacy In the year ended 31 Deeember 2021, althwh the amount was 0Y reved in in the year ended 31 Decmbef 2022 A prv)¥ year adiustsnent has Ihwele been made lo Indude the a¢y of £235.016 Jn iThxxne. d8bt¢ys arnj unrestrKaed fiJrKls in the year ended 31 D8c8mber 2021 See note 23 for more ¢Jetail. Inv•strn8nt Pollcy and P•rlonnance All the pansh's investments S held in the Church ol SctharHJ Investor's Trust Gr¢Trth and Irme Funds. The Trustees have no ctrOl over the mvestments are manw. In 2022, the market value of our investments rose by appr0matelY 6.6% overdll. wth the Ineome FurKI performing less a bss of 18% WI¥ our assets in the Growth Fund rose by 11.1%
SHETLAND CHURCH OF SCOTLAND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Rlsk IAanag•m•n¢ To minimis6 these nsks, Shettw¥J Cthh of SCcrfaj YJrked hwd 2022 to keep in icmjth its congregants. Cards and wletter$ were serrt. induded in1om1at aboLrt hcw don8tths coukl b8 made onlino or by cwue. Shevand Church of ScottaTrJ was planning a Stwardship Campawi In earty 2022. %there pwple would be erQuraged lo ygn up lo Grfl Ajd and dwte by Stsnding Order In the end rt wa5 not practical to do this irtrper so congregants were thi'sed on hcw to (knale de(JJonicalty in the parish rthAlèttern. R•serves Polky The charity trustees have conTAdered the reserves rwmred ar have tak•n into acc<Junt thwr rrent and thJtur• 1rabi1"es. 11 is the Trustees. Fdicy to hc4d reserves of apPr0ma1ety ttwee months exFeThYrture indud dgnated fimds Al the year end th• Churth W UrestrWX fvnds of £87T,75012021- £973,984) ¢$ting of". £21,71012021- £25,975) drted for a variety of Iccal and nll12021- £4.2651 d8sKJnaled for the running of the Gurfds a ncmf mIed for independently. G•neral unstrICted Funds of £370.52212021 - £222.020} wh)ich represents abcyjt twetve months eypendrtwe while trms is shghty huhef than would nomalty be exrAded the Twslees aTr aware of th• need to update many of the trNjIingS being retained to woduc knll equipped spac$ in the right es". . ufft5ln ftmd for fixed assets IJe irtemalty of £485,51812021 . £49),9731 Tho church also h•ld £121,671 (2021 . £108.332} of rnstrbxed trJvJ$ ¥thi(* have been for the pUrFSeS speofied in Note 18 belc¥w.
SHETLAND CHURCH OF SCOTLAND TRUSTEES REPORT (coKnNUED) FOR THE YEAR ENDED 31 DECEAIBER 2022
SHETLAND CHURCH OF SCOTLAND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structurop giw•rnan¢o and manag•nwnt The COngreOn Is a regislered charrty. number SC000293 and is admiThsie(ed in aCrd wth the terms of the Deed of Conslrtution (Unilary Forml and Is S4"t to the AQS and Regulations of the Gener81 Assembty of the Church of Scotland. Membors of Ihe Kirk Ses5Kn are lh8 Cty trustses. The I. Session memtr8 the ebjers of the church and a chosen from Ihose membèrs of Ihe church are {dered to have the appropriale grfis and skibls. There are three ministers in the Parish of Shettand. Mmister 1. a member of the rk Sés&on, is T¥ansilion Kthnister who was appoinled lo the Presbytery in 2018." Minister 2. vtho 15 a member of the Kirk Session. is dected by the congregabon and indLthd by Presbytery., Minister 3. vtho is a mèmber of the Kitk Session. was appointed by Presbytery as an Interim Minister. Certarn resps1.1itieS are delegated to the Finance Committee 8nd the Propoty Committee as aFvcyiate. The Kwk Ses•, meets lour tsmes a year, is responsible fty Stila1 atrthrs Ihe chLfCh. Tlie li Lislèes wfio served dunng the year were"
SHETLAND CHURCH OF SCOTLAND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The tnjslees are responsible for Pf8Pariry the Trusle¢5 Report and the ftnanual st8temenls In accordance w applicable and United Kingdom Accounting Standards (United Kingdom Generally Accepted ACc¢nI1 Prathcel. The law appll¢able lo charities In Seolland r8qulr8s the Iruslees lo prepare financlal stsl8menls for each finanty year give * tTUé and fail vlew of the ¥tsle of 8ff8if8 of the charity and of the incoming resources application of resources of the charity for Ihal year In preparing these ftnancial ¥ts1omgnts, the Iru$l•es are requlred lo. - fd•ct suilgblg accounling poliu?¥ an(1 Ihgn apply them conltantlY,. - observe the methods and prfnciplos In the Charitie8 SORP.. - make judgamanl$ and o8tlmales that are r8a8onatAe and prudonl., - slate whèlhor 4ppli¢8• 4¢¢ounting standards have been foll0d. sulloct lo any mated81 depare8 dl8do nd exaind In the fln8no•l statwnent¥,' and - prepare the financial stsl•mgnls on the golng ¢on¢•m ba8ls unle85 rt 18 inappropd818 lo presum• Ihat ts chari wlll continuo in opgratson. The Iru$lee8 are re8pon8ible for keeping Sufficignl Bccounling record8 that disclose with re88on8ble aecuracy any Ilme th8 flnanclal p0811ion of the charity and enable them lo onsure Ihal the financial gt81omonls comply the Chantie8 and Trust88 Investment (Scollandl Ad 2005, the CharilJ88 Accounts (Scollandl RegulalKJns 20061 amended) and the provisions of the Irugl deed. They are a180 rèsponsib for saleguafdlng the 8ssel3 ol the cha nd hence for taking reasonable steps lor the prevention and deleth¢Jn of fraud and olhw Irregularities. The truslees arg responsits for th8 m8inlen8nce and Integrity of the charty and financial infomalion on congregation'8 website Legislation in the Unllèd Kingdom govemlng the prépar8tlon and dlsBomin8lon of Iln8nd Statements moy differ Irom1¢glatItsn In other juriBdidions.
SHETLAND CHURCH OF SCOTLAND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Prlnclpal Oftlce-bearors Minister5 Session C ei* Church Trtra•uivi Priiicipal OtrIGe Charily No.. SCCK)0293 Indeppnden. Examln•r Id St Olaf s Hdl, Church Road LeIck ZE1 OFD B•nk•r• Roygl Bank of Seolland 81 Commeraal Slr8ét LERWCK Shetland ZEI OAD The Iruslees report was approved by the Board ol Tw$lea$.
SHETLAND CHURCH OF SCOTLAND BALANCE SHEET AS AT31 DECEMBER 2022 2022 2021 rnststod Flx•d •e¢S Tangible assèts Inve5tTnents 12 13 494.318 259.363 501.9 91.7 753.681 593.7 Curr•nt w•ts Debtors Cash at bank and in hand 14 63.477 252.628 284.734 258,367 316.105 523,101 Cr•dltor¥: amounts falllng du• *lthln one y••r 15 (69.6101 133.75S Net current assets 246.495 Total l•ss cuffent Ilablllll•8 1,ODJ.176 1,083,0 The fund• of th• ch•rlty: Endowment fiJnd8 Restncted funds Unrestricled designated fiJrKIs Unrestn'ded incL)me IwKI$ Unro8tnd&d ¢apllal lund 17 18 19 755 121.671 108.3 21,710 370.522 485.518 25,975 457,036 49).973 877.750 973, 1.OCQ,176 1.083.0 The &couM8 were appfovod ty the Tntstees on ... ivustvv
SHETLAND CHURCH OF SCOTLAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 rnst•t•d Totsl 2021 Unrnstrlctod Rostrlcted Endowmont nds Total 2022 t)onations and aCleS Charitable arVrtieS Other tradirKJ actNrties Investments Other income 231.723 2.465 232,413 2,465 58.108 11.636 6,130 427,008 58.108 26,898 1.475 4,165 11,621 244 Total Inc¢)m• •nd •ndowm•nts 246.053 64,699 310,752 461,908 Rai&ng lunds 227 227 Charrtable ath"viti"es 304.549 51,360 355,909 302.817 Other 5,122 5.122 Total f•sourc•8 •xp•nd•d 309.898 51.360 361.258 303.161 Net g8insllk)6sesl on investments 11 132.3891 132,389} 6,C67 N•t fnovem•nt In funds 196.2341 13.339 (82,8951 164.814 Fund balances at 1 January 2022 973.984 108.332 755 1,083,071 918,257 Fund balanus •t 31 Dec¢mb•r 2022 877.750 121.671 755 I,().176 1.083.071 The statem( of finaal 8clivitres indudès all pns arKI bosses rects3nised in th& year. All income expandrture derive wth"nuir¥J ac*"vities.
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2022 Accountlng pollcl•• Icontlnu ErKIryMn lurKls alè lunds have been &iven Ccrt that the original Ca1 8um 18 n charity 1.6 Incomlng resource• Income. Induding govemment and other grn)ts, 'cawfal' wants or 'rev•nue' grants 1$ fteognl vthen the eharity has enlrtlemenl to the fvAnds. Y condthons altachèd to the Ilemlsl of Ir• have b••n m•t. it li Mob4bl th•1 th• incm be recer¥ed. and the amount ean bo moasured rel14Y a is not dderred. Don•tlon• and l•gcl•• tlonation #nd legacy Inccffiè is reCoW¥"8 7Ahgn the charity bocomes 8ntitl8d to the incAyne, il is pthabl that il 11 be ¢th¥e and the amount can bo measured felkAy Entivement lo a legacy exists th charity has wJffit4ènl evklence Ihal a 9ffj1 has been left to the chanty and th8 execut is satisfied that th property In queStn will not be requifed lo saknsfy claims In estate. A rec0iPt is nomalty prc4)aIe wh Ihore ha$ bggn a grant ol wobale, exeeutors have eslablished that there are wffiuènt Ml a88els in I estate, and any conditw$ ar• vthhln the cts)trol of the charty h•vè been mel. Don•t•d Mr¥k•• •nd l•clllll•• Donated pleCrfI seryic•s and donated are roctynwd as Incrme vthen the tharlty has con over item. any ltI10n3 8¥soc t•rth th6 donated rtam have bèen m•1, the rècélpt of oconom benefil from the by the thanty ol the rtem is probable Ihal economic benefft can be measured reliobl In a¢ance ChWtt SORP IFRS1021 tm gewal ¥olunleer bme of C(ryI99•t mombors is reccqnlsed On rwt. donated yofeS8KaI s•rvK•s arnl d(xwtsd kn"Ilbe8 w• rwnlsod on the b•.$ of value the lo the cwty vthich Is the wnounl ts chm WKMJd have wllY¥J to pay to obl•in services faulrties of equiv8nI econ benefil ¢)FW mafket, a c(MrespryKling amount 1$ rwni8ed expeThJrture In tho ol rec•pt Int•r••t r•c•lv•bl• Interest on funds held do511 is IrK4 recepiable 8nd amourf ean be measurod r•ll#bty the chartty. this is rKAlficth crf th• interest pwd ty p8y8tAe ty the Barth. 1.6 RoUrC •xp•nd•d Incctho 8nd exponse8 are IncILo Ihe financial statoments as Ily rocel¥oble ¢y dw. Expens include VAT vthere appluble as Iho clwty cwnot redm rt. All exp•nditure is i)n an •euual basm is rgccgnised when thwg 18 81 or Cstr1¥ obllgati to pay for expenditure ChanlalJ8 ath"vrties exF'tUre compnses Ihose costs incurred by the th8Y in delivery of its acts'vrties and yervices foi rts teficjari¢$. It Ire5 bolh stS that can be alocaled dlreclly Such activitses, arKI those costs of IrKJ"fe¢l n81ure necessary lo support them. Fabr1¢ •xp•ng Nomal repairs and mairrtenanc arn char9gd to the Genefl Fund and extr8ordinary repair8 impfovements are met Irc¥n tha Fabric F, an(ff by spetsal hm(tr•wng efft>rts Extraordinary req513 r8fiJrbthmenl mney must be approved by Kirk sessth. Prestsery and then the Church ol Scovand Gg Truste•B. These aro mel from fvrKls henVested on our by the Gon•r* Tru8t8e8. 10-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2022 Accountlng polkl•s Charfty lftform•tlon Shetland Church cd Scotland Is an unlOrpOraled ¢haniable or anisatson Ttyistered 88 a tharty n Scotsnd. Th• prml aecombrwJ pol10S. vtsch have t4en w)p11 cmsotènly m thè rrent yoar In dealing ith rtem8 wtrmch c(midored maten to the accInIs. are set bolow. 1.1 Accountlng convgnllon The finanaal statemènts hav• be•n prèparéd In aCcce tre charttys Deed ol ¢sIrtU11o, the General ASsemY Regulations for congregat81 Fir, Accounb"ng an(J Reporti'ThJ by Charili83. Statement of Recommera0 Placlice applicable to oariti&s prepwlng accounts in acciydance with t Financial Rep)thr4J Standard applicable m the UK aTrJ Repubuc of ITeland (FRS 1021 8m8Thl•d loi aceounliw peno(Is ending 1 January 2019 Ilhe SORPI. Ihe Chanbe5 and Trustee Inv•slment IScotlarKII A 200S 4nd the charits AcLt4Jnls (Scollandl RegallonS 2006 las am•ndgdl. Tho shaTh1 Chtsrch of slIand is a Public Benefft Enbty as defined by FRS 102. tharty has lakon thantage of the provlslcm In It SORP charltteg applykng FRS 102 Upjaled Bulletin l rni lo prepare a Statefftht of Cash FM. Tho ac¢wnt8 84e pr•parod In storfw. the fiJrth)nJl of the ¢h•ity. Monetary omOts In Imse fin81 statemonts arn ffjLmded lo the nearest £. Tho have been yepwed M on wuols bam arAI tr merg•r method ol accwitirvJ was 8pplied in 2020 as Il the c.118$ unity 8rKI fflorging ag iritY clega.{ had aWays been comts'n•J T total e0mw6hen¥8 inc(yne. assets and liart$ of Ihe entibes V4e w)•nded. whère neeessary, lo align accounkn.ng pc4icies. The calng values ol errtilies assets and Iwknhties W18 not &Jiu8tod lo lalr valu•. 1.2 Prlor p•rlod •rror A wor year adiu5tmenl was mle lo Ihe 2021 comparats¥e$ In hne r•qln••. Th? thanty w88 found to have been nofied ot Ihe¥ io a 9trwcwb l•gw In lh• y••i •r•J•d 31 DK•rt 2021, attrwh the am¢Junl wa8 onty r8ceNed in yeaf ernled 31 Decembor 2022. A prv year adiu6tmenl ha$ ther8forn boan made 10 the legxy of £235.016 In Ircomè. dèbtorn and unre•trtct•d funds kn the year erKlgd 31 D8ctynber 2021. See Th)te 23 lor mofe detwi. 1.3 Golng con¢•rn The ¢arrty is deperwJenl ¢)n JUFrAyI of Chwth ol Scollar Genoral TruJle•B afyj olhor lunLling agent)es lo fund 11$ ftxtwe a'¥rtS At the ol atprovty It finanaal statements, the Tru8tee8 have a rea80n8blè expectatKffl trt the charty has adequate resources lo corrtinue In operth(Th181islenc8 for the fore50eatAe luturo. On this ba818. the Tru$lo0$ conllnu& lo adcpt the gory concem bS of aCcnt1g prepanng the financial statemerts. 1.4 Charhabb• funds Funds are classfied as orthw 8ndcph reslricted ldS or TestrIed frKJs. dgffin•d 89 frAlowa. Unrestricted lund5 are experthble 81 Ihe tJiscselKffj of Ihe trusiees In fvrtherance ol U)e objects ol the charfty. If part¥ ol tho unrestricted hjnds are eamwrtthfj 81 ts disueliffi of the truJlee8 for a particular pUrse, they are de8ignated as * separate lund. Ths deygnthi has an adminL8tratrve tlY arKI doés ncrt legally reStn' the Irustee8' th"screlion to Ihe lund. Reslricr81l are funds subj1 to $fiC ruementS a$ to use may be ded8r8d by thè ¢J¢yKy or th•lr •uthortty or u••t•d Ihr¢wh kngal proct8•M. 81111 *th'n tr• widor thects of thwty.
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Don•tloM and l•ycl•• •• rn•la Totsl 2022 fund¥ fvnd• 21 Donatlon8 and gffts 231.723 232,413 427, For th• y••r •nd•d 311)•c•mb•r 2021 426,120 427, Oonatlon• •nd glft• Offerin98 Rewpts from Genwal Twstee T•x recovered Grft AKI Crthèr Legacy incom 182.070 28.353 21.300 182,780 28,353 21,300 189. 15.1 235, 231.723 890 2J2,413 427, Ch•rM•bl• actlvltS 2032 Incomo from wllhin Ch0 activib" 2.465 Oth•r tr*dlng •ctl¥ltl•• 2022 20 Foodbank 58.108 26,8 12-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 A¢¢ountln9 polkl•• {Contlnu•d) 1.7 Tanglbl• flx•d a8•ts Tangible fixed assets inrflalty mèasured at cost and wbsequenty measLwed 41 c¢st crf valuation. net ol deprea•l and any iMpalmnt lossos. Depreciation is reecgnwd so as to ¥bYrte off the cosl ( ¥ual of assets less tr'r resKlual values over th1 usèful INes on tho Ik"r@ bases.. Lh0j iM¥•MentS Plant arKt equipment Fixturo$ •nd fittirys 25rn 5-10yearn Syea Th• ¢h•nty has the nghl lo occupy and use for rt$ charrtable obpcts cwtain langibjo fixod as8•t8, including the Churches, h8118 and monso9. vèsted In Ihe Church of Scouand General Twslees No cwKl¢ralion 18 payabkn for the use of these assets. Exp•ThJrture tn¢urTod the repair and mainténance of th•8e assets is charggd 98 rea¢•8 exFwd•d In th• Siatemenl of FM8181 A¢'tiO# In ttK• penod In the Ilats'lity anses. The gn or Ioss Bring on the di¥ of an asset Is d8tem)ined as the belww th8 $018 proc6ed8 and the carrying value of Ihe a88el. 15 reeo3ni88d in net incompjlexpenditurol for tho yèar All tang• fixed 38sels cost)g exc•88 of £5.000 havlng a Va lo lh• chanty gre8l•r than on• year. othor than Ihoae acquirgd for SP wrpos. are ¢JWised 1.8 Flxed ••¥•1 In¥Mtm•nts Fixed a5$01 Inveslmenls gre stated at martel value al the I)ar¢ sh8el dale. Uniealised gains a1 Josso• rwe8•nl the difference be8 the markel value 4t tlie beginning and 8n¢J of the financi81 year or, if purcha88d In the y8ar. the drfl8rene6 between cosl and market value al the end of the yèar. R•alised gains and 1098es rèpresent the drflerenc8 behwen woc•eds dis$41 and mArket value at tho stwl ol thg year or cost if purchased in the year. 1.9 Fln•n¢lal Instrnm•nts The charity has elected lo apply Iho prowslons of Secb'(m 11 '888K Fin•no81 InstrLKnents' of FRS 102 to all of rts financi81 instruments. Flnandal Instruments are rend In the charity's bd4rKe SIet th•n tho dwnty bgcLwno¥ party lo th• contractual Prowon8 of the inslnwnent. 1.10 T•x4tlon Shètland Church of Scouand is recc*3nised as a charity for the purposes of appIlble laxalion legslalion 8nd 18 Iherèlorè rbot s1"8¢1 lo taxatjon on rts chantable xtrvrtTr8$ The charity B not r8gist8f8d lor VAT and resources Oxpended therefore indude iffecoverable Inwt VAT. 11
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charttabl• •etl¥ltl•• 2022 Mlnistrtes & Missth Alktth"on Pr8sbytery Oues Ministgr's Expen3 Pulyt Supply Other saL4ry costs Fabric Repairs & Council Tax Other 8uilth.ng Co¥ts Depreci81 Church Offlce Expen Organ & mUC Accountsncy Fees Independent Examinakn Fob Other charrt8bl• exp90 85,723 2.915 7,965 3.422 9.683 33.198 3.636 87.392 7.656 7.316 1.678 31.461 5.355 88,509 114, 47, 70. 14, 17 13, 31 355.909 JO2, 17 Anatysls by lund Unrestricled fvnds Re$tn'cled 304,549 51,360 355.909 For th• y••r •nd•d 31 D•c•rnb•r 2021 Unreslnded hjnds Re8tn'ded funds 20 97 302, 17 Supwrt o)gt> hove not been SeP8fthty thnbfied 98 th• twstees eonsthr th•fe IJ onty one cth•nta activty. Therelor•, suppoil ¢o$18 relole to th9t actrvty arKI have not be•n S818t Idenlffied. 14-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 InvMtm•nts Unr•strlcted RMtrlet•d Endowm•nt fundy fund* funds g•n•r•l Totsl 2022 Total 2021 DIVIdJ$ reeefved Deposrt Interest 2,986 8.635 1.372 103 15 8.850 11.821 15 11,6 1.475 For th• y••r •nd•d 31 D•c•mb•r 2021 1,425 1.475 Oth•r In¢¢)m• Totsl 2022 Total 2021 fund• fund• Other Irthne 244 5,886 6,130 4,165 For th• y••r •nd•d 31 D•c•mb•r 2021 4.165 4,185 R•l#lng lund• 2022 2021 Offtsnng Enveb¥ 227 227 13-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEAI8ER 2022 11 N•t g•ln•lllo••rtl on InvMlm•nts 2022 20 {LoJsyGain on Valuab. of inNYstr 132.3891 12 T•nqlbl• fix•d Co•t Al 1 January 2022 465.396 23.600 20.981 Al 31 December 2022 465,396 23.600 20,981 D•pr•cl*tlon and IM1rm•Q Al 1 January 2022 D6preclatlon chary8d In Ihe year 3.220 3.460 4,783 4,1 Al 31 t)ecomb•r 2022 8.979 15. C•rrylng amount At 31 December 2022 465,396 16,920 12.002 Al 31 Dec•mb•r 2021 465.3 20.380 16,198 501. 16-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2022 the ye8r 7 tnBtees Teceived rwmburn8meth ol expens08 irm2j totsling £4.78912021' 4,1821. Mlnister 1 ved ÉNil (2021 . £7201 for travolhry •xl sundry •xporws. Ministw 2 , reui¥ed £18712021- £2,1141 for tr8v•lllng Sundry èxpenaes. Mlnislex 3 received £40612Q21 - £4.0721 for travellKwJ and sunthy •xpéns¢s. In addition o is a Iwstee rgth¥ed £1.339121Y21 . £8) Offts and wndry exp8n8es. a trust £28412021- £3041 surmlry expanms. . is a mwnbw ef the Kirk S•ssw, r•c•wed £187 {2021 . £NIII for PAKK1ry •xp•n•es and . £2471 for wlwl fjuwy mil 1¥ o m¢mfAf ol the Sosslon. ith¥od £4(KI 12021 - £1.097} for supply loes aT)d wtho 15 8 membef of th• Kirk Se$5KJn, received £89312021 - £7421 lor WPF4y 1•08 tr•vellirYJ ',ii% 111 addth'on to salary as Church Offi[ at Sl Cc4umba's Chwch. l wha is a memb•r of t K¥k Sa88Th1. rKth¥ed £NIl12021- £1,41XJi lor h18 8•ry6c•8 08 oro8nl8t. IJ 8 member of Its Se88wJn. rewved £94412021- £Nill fty supply fee8 and Iravelll No Iru8t0e or 8 pornon related to a twu8t•e had •ny p•r8Mal inl•rMI in any ctr1 ( tranJ•thon •ntered Into by the Chanty thnng the year 10 Employ••• 2022 Nurnb•r 2021 Numb•t 9.683 9.883 9.2 Numl)•r of gv•rage monthly number empksyee8 dunry th8 year was. 2022 Numb•r 2021 Numb•r No trustee has been pahj any 1wNn•rc or received any olh•r Lweffts frryn employinerrt Vlith Iheir charity or a rdaled ents"ty. NO •M0Y¥•S loc*¥ am0Yea (exaudlng emyoyer pen5hwi eosts? or rn0 t1 £eo,orKI. 15-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 17 End¢)Mn•nt fund¥ End0%ent lund8 fewe8enl 88881s whlch must be held permanently by the eharity. Income aiislng on th endowment funds c2n be in accordallee wth the objects of the chaty 8rKI 18 induded a8 unreslrict8d income. Any prtaI gains or10s58s ansing on thè assets form part of tho fijnd. Mov•m•nt In fvnds Balanc• •t 1 Incomlng R•sourrM B•l•nc• at J•nu•ry rn¥our¢ •xp•ndod D•c•mbor 20 2022 P•rrn•n•nt gndowm•nts Macinlosh Bequest MTS Comphll'8 8gqUè81 244 511 755 of Endcr•vmenl Fund8 Income from the Macinlosh Bequèst is lo bo u8ed lo provide Sund8y school leaching Mateal8. Income from Mrs C4mpbell's Bequest Is lo be u8ed lo wovlde the mln181er wrth an annual holida Thfj 8¢Mu)9¢•d Income is held in a re8tTicted fijnd for th18 purpose. 18
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 13 FIX •s••t In¥•stm•nts Unllstèd Cost or v•luatlon Al l January 2022 Additions valUan changes 91.752 200,000 132.3891 Al 31 December 2022 259,3 Carrylng amount Al 31 D8cemb&r 2022 259,363 Al 31 Drfember 2021 91.752 14 D•btor# a• r•¥t•t•d 2021 2022 Amounts falllng du• ¥h1 on• y•ar: 011 debtor$ Prepayments and 8¢xrued Inme 03,477 29,718 235,018 63,477 264,734 16 Cf•dltorn'. amounts fallln9 due wlthln on• y•aT 2022 2021 Accruals and delerred incom8 69,810 33,758 16 Volunt•ern In cOnOn ¥th 811 wl•gaOn$ of the Church of Scowand Ihg congregation bgnefils from thè ntribUtIOn made by volunleers who give their tsme talents wllingly lor the benefit of the Church. The areas ol congregational lrfe which rely on Ihe contribution of volunteers are many and v8rSed and much ol the 8th.vty would be unable lo continue were Tt not lor the commilm8nl shown. 17
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 19 Unmtrfcl•d lund• The inc¢ funds of the carity indLMJe the followwig dw"gnated fvrKl$ h8ve b8on set aside out unrgstnthd funds ty t truJte88 lof FWK)80S. lknvem•nt In lund¥ D1g•t•d Gulkl Funds Burra Sanolwck Scalltr4Ay Unsl al8ay Yell Other D•8lgn•t•d Fund• Lefwick Legacy Churth Fabnc Ilnv Trust) M8nse Fabric Ilnv Trusti BH MaeDonakJ Bequesi G•n•ral Fund• Aith Brae Burra Dunr¢)w Ler¢ Ollat san'c Scalltr•vay Unsl Walls al Ydi Shetland Church ol Scolland Flxèd a•uts fund•d Internalty 20 112SI 11611 1440} 12.318 19641 13S31 440 2.318 353 20,000 610 20. 100 1.927 4.W7 11.715 2.116 8.342 16.133 36.222 46.195 225 13401 521 12,438) 16. 33 27 2,122 182) 13,380) 37 837 37 {1.0711 37.781 281.875 242,255 {291.114) 132.3891 490.973 15.455} 37, 200, 485. 61 12841 973,984 246.053 1309.8981 132,3891 877. 50 Purp0808 01 0gnated Funds . Fabnc Funds. The Trust have set asth fvr#Js mantenance ol thJch wopety. Guikl Funds" Funds rawd by the Guild5 to cover their wr81 runniThJ $1$. . Lerk Legacy FurKI". The Tntstees shed the Inccrfne Irom leggws lo bo shcmffl separalety bLrt fu Can be tr8nsfeffed lo covar defic4f in LeThMdK gewal lur•J. Church Fabn'c INorthma¥ine Investofs Trust Deposrt Fund) Funds hekl in ts Churth of slIafid Investor's Trust DeFOSrt Fund. Interest is into the general lund. Manse Fabn"c (Northmavine Investorfs Trust Oep)srt Fund)" Funds hd n the Church of Scouand Inveslorfs Tnjsl Dew)sit F. Interest is paKI into the genw bJnd. BH MacDon8ld Bequesl (Yell Investors Trust Dep)gt Fund) Funds in the Church of Scotland Invest&s Tru8t Oewsrt FuThJ. Interest ffj pid into the gtr*r81 fund.
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 18 Restrlct•d lunds The incr)me frjnds of the charty Iaude reslr¢cted c.l¥a fklr0 xpefided balarKS ol donations and grants held on trust for specTfic purFK)ses" IAovèmtrnt In lund• B•l•n¢• •11 Ineomlng R•sourcM Balanc• al 31 January r••oU •xp•nd•d D•c•Ml 2022 2022 AF chMe(S Fund Children's Fund Dunro$vsS Boy8 Bn98d• Shetland Foodtlank Fund Andrina Huntef Legacy Lunna Fabric Fund Moar Ttust Fund Walls- Coffee Tea and Company COMMlty coun1 grant Capital tr))nd AV equipynenl - General Trustees ol Church ol slnd 277 1,908 6.477 72.643 9.442 5.877 277 1.gje 6.492 .918 15 58.107 133,8321 19,4421 891 6,568 708 (5,0001 886) 11.000 2,200} 108,332 64,699 151.3801 121,871 Purpws ol Restricted Funds AF Chalmers Reliel Fund.. This lund 1$ maint•'n•d to a191 fam19$ in cages ol hardship. Childi•n's Fund.. This fund Is maintsinèd to assist families In cases of hard8hip . Ounrossn•8s Boys Brig&Je.' This acLouni represents the balance ol lunds transfefred from the Boy Bnga(le Company to be held In trust pending ftrture reincarnat. Shetland Foodbank Fund". The Trustees are actir¥J as an umbrella charlty for the Shetland Foodbank. Andnna Hunter Legacy Fund. In Jary 2019. the Sewon lomally acceptèd 8 very generous legacy Irom the estate of the late Miss Andnna Hunter In lavour of Lewck and Br938ay Partsh Churth. MiJ8 Hunlerfs wll mède rt dear thal the bequest, which amounteil lo £50.000 was lo used solely fof the upkeep 8nd Oev81¢)pment ol the St Columba's building, which she had all•nded thrch0l lr lrte 11 1$ Iherelorg deamed to be a r8stndfyJ fvrKI aThJ can tlY be used for the purposes whch she spe0f xs Icw as St Columba's remain8 a plKe of w$hip of th& Church of Scolland This fvnd has ThY4V bwn spent and cknsed. Lunna Fabric Fund.. Fund compnses legacy ar donabons given 8pec4fKally for thé up keep of St Margaret's Church. Lunna. . Moar Trust Fun(J" 8VOlnI FuTrJ 8( of the Kirk s8¥¥K ward w•nl$ to students In Ihe fomief parish of haISaY The Capiial lund AV equiprnent is to lurKI AV equlpmenl in thè thurches al th and Walls. Th18 money is from Ihe General Trustees of Ihe Churth of Scouand . The . Collee Tea C¢ynpany fvnds are used lo extend semces already ythided N¥thich bnr@ tc4Jelh8r memberJ of the c(xnmuW lo prevgnt tsolalh)n 8nd loneliness Community counul grant - 88 part of the Imnlor l•k)ndedand in 8urra the communty led volunleer group d<e¥ the gard•n lor t)ecember and has been a red hit. Funding is requirwj for electric81 cabLgs. protecbve F4'F4ng aTrJ mats. *erprcMJf sockets, aThJ rOacemrt ouldoor Iyht sets. 19-
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 23 Prlor p•vlod adlu8tm•nl 2021 Unrnstrlct•d Fundi To Fun Donat+ons andlegac5 Prlor period adjustmenl 191,104 235.018 191,9 235,0 Donallon8 and leg8clg9 Iroslalod) 428,120 427.0 Total irKomg and endowments Prior p•riod 4'u8tmenl 199,058 235.016 226,8 235,0 Total income and endovmients Im8tat•dl 434,074 Net mov•ment In lolal funds Prior P0d adiustmént 141,2391 235,018 170, 235. 21 Net movement in lotsl lund• Imtaled) 193,777 D•btor• POr p8nod adju8tmenl 29,718 235,016 235, 16 Debtors Ir•slal•dl 264,734 N?1 current 88got8 Prtor period adjustment 254,329 235.018 254, 235. 29 16 Debtors lrnstaledl 489,345 489. Fund balonceg 8131 December 2021.. Unreslrictad gener81 fijnd - Shell8nd Chur¢h of Scotland Prlor perbJ adlustmenl 46.859 235,016 Unrèstrkled general fvnd - Shetland Church of Scotland Irestalodl 281.875 Toi#l Ltnr6stncted Income funds Prtor Per adiustmgnt 222,020 235.016 Total unreslricted irumo funds Ireslaled 457,036 Total unrestricted fijnds Prior per adiuslment 738,988 235,016 Total unrtistricted funds Ireststedl 973.984
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 20 Analy•h of net a•••ts Ixtw•on funds Unrvstri¢t•d R••trkt•d EndoMn•nt Total Fund t6lan¢e¥ a131 Do¢8mbw 2022 ar• represented by., Tangiblo assots Invtslmentg Cuffenl 8sseW(Ikgts"lrtlesl 485.518 259,363 132,869 8,800 494.318 259.363 248.495 112.871 755 877,750 121,071 756 1.000.176 21 R•lat•d rtY tran••ctlon• There were no d8ckJsable rèlated party tranct)n$ during Ihg ye8r12021- nc@}. 22 Thlrd p•rty coll&ctlon• 2022 2021 Buffa l Dvepment Chr18tian Aid Gordon Dur Fund Scottish Poppy Ap41 Shetland Bus Group Tingwall S¢hod Fund 780 1,303 550 40 83 425 105 IAdAl* P7f•rdAn FiirKI ('.Hre Home 573 879 Uklairiit AFveal World day ol Praygr Shotland C¢Mimunty Ch)ir Relay fix life Outre8ch Foodbank Scalloway fefijrbishment fuThJ 180 100 1,485 792 097 5.067 5.767 21
SHETLAND CHURCH OF SCOTLAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHETLAND CHURCH OF SCOTLAND I report on the financial Statem of the CP• lor the ye8r ended 31 December 2022, wlich are set (Mrt on pages 7 10 23 R•8p•th• r••w>n•lbllltl•g of trust••• Ind •x•mlner The charty's tru¥lee> are reSpone the preparation ol thg accounts h) accordance wlth the lem)s of the CcAnpanie8 Ad 20c, the Charitie¥ ¥n¢J Trustee Investment (Scoand) Acl 2005 (the 2005 Act) Ihe Charille8 A¢¢ounts {Scotl8ndl Regul8tk)n$ 2006 Ithe 20Ce Accounts Regjlationsl. The c8nty's trusl88s ca)nder that ihe audit requlremenl of Regulation 1011}lal lo IGI of th8 20C6 Accounts R•3ulalions d(s not appqy. It 1$ my rewgb'lity to 0xami the actnts as rwulrgj und8r 68Ction 44111{c} of tho 2005 Act aThl to stale wt parlcular mattpAS have come lo my attention. B••h ol Ind•ynd•nt •x•mln•V• gt•t•m•nl ex8mination Is carrtad ¢Jrt In acccKdance wtth Regulation 11 of the 2006 ALxounls Regulations. An examin8b.on lTrSude8 a rgwew of tho accountlng rec4xd8 kept by the thadty and 8 comparlson of the unIS prtts8nled thoso rKords. It also indudes consK1wation of any unuBu81 Mem8 or disclosures in the acCnIs, geeks ewanations trom thg tru$t•és ecfieemlNJ any 8uch matters. The wc@dure8 undertaken do not FYovide all tho 8¥HJen th8t ¥wld roquired in an audtt aThJ con$•quenlly I do nol 8xwes8 an Audt opnion c th• givén by the aeeounts. Ind•pend•nt •xamln•rfs stst•m•nt In ¢onnects'on wilh my examination, no rnatter has come to my attents'C whth give8 m8 ma8onobl8 csuse lo b6llovè that in any mgterial the r6qukemént8.' {•) (l) lo koop accounting records In 9rd8n( 8econ 44111 {al of the 2005 AL and Rogulation 4 th& 20C6 ACcnts RegulabcwbS, I) to pr•ptyr• •wwnls thch accord WTth tho •ccounting r•cord• and cemply ryth A•0•140 8 01 lh• 2(Th Accnts Regulatlons have not been met, or Ib) to whlch, in my Onion. attentkjn thould be drawn in order to enable a Proper understanding ol t fina81 stalemerrts lo be reached. A.i.Q. L: ' St Olafs Hall Church Road Lerwck Sheuand I86 ZE1 OFD -24.
SHETLAND CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 23 Prlor p•rlod adlustm•nt {Contlnu•dl Total knd$ Prlor p•rlod adjustment 848,055 235,016 Total fiffjd$ Ire*atedl 1,083,071 23-