The Church of Scotland Portsoy Church ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Congregation No: 342015 Charity No: SC 000522 Portsoy Church, Church of Scotland Trustees, Report Year ended 31 December 2024 Reference and Admlnlstrative Information Congregation No= 342015 Charity No: SC000522 Trustees Members of Kirk Sesslon: Principal Office- Bearers Moderator: Session Clerk: Treasurer: Principal Office The Manse Seafield Terrace Portsoy AB45 2QB Independent Examiner Bank Virgin Money 26 West High Street Inverurie A8513SL Portsoy Church, Church of Scotland Trustees. Report (continued) Year ended 31 December 2024 The trustees present their reports and accounts fof the year ended 31 December 2024. The le831 and administrative information set out on page 3 forms part of this report. The accounts comply with current statutory requirements. Governing document The Church 15 administered in accordance with the terms of the Unitary Constitution. Recruitment and appointment of trustees Members of the Kirk Session are the charity trustees. The Kirk Session members are the élders of the church and are chosen from those members ofthe church who are considered tq have the appropriate 8ifts and skills. Organlsatlon Structure The Kirk Session, which is responsible for spiritual affairs within the church, as well as all matters relating to the upkeep and smooth running of the church, is moderated by the Minister, Rev John Gow. A Property and Finance Group reports to Session as do other Office Bearers covering areas of responsibility such as Safegvardin8. Church Roll and Presbytery matters. Objectives and Activities The Church of Scotland is Trinitarian in doctrine, Reformed in tradition and Presbyterlan in polity. It exists to glorify God and to work for the advancement of Christ'5 Kin8dom throulhout the world. As a national Church. it acknowledge5 a distinctive call and duty to brin8 the ordinances of religion to the people in every parish of Scotland through a territorial ministry. It co-operates with other Churches in various ecumenical bodies in Scotland and beyond. At the end of 2024 the Church roll stood at 220. Worship services were held at 10.30am each Sunday with services also streamed live via the Church website and YouTube channel. In person attendances 3vera8ed 35-40, while online viewership averaged a similar number. Services were also made available on DVD and CD for those unable to attend re8ular worship. Church Family News newsletters were delivered on a weekly basis to those church members who expressed a desire to receive them, while the bi-monthly Focus ma8azine was also made widely available. Prayer gatherings were held each Monday and a conh"dentral prayer ministry continued throughout the year on email. The church flower ministry a150 continued, Portsoy Church, Church of Scotland Trustees, Report (continued) Year ended 31 December 2024 continued, delivering to the ill. the bereaved and those celebratin8 special occasions. 19 funerals were held during 2024, there were no weddings or baptisms. Achlevements and Performance In addition to the re8ular weekly diet of worship additional services were held at Easter - on the evenin8 of Good Friday and a'sunrise. service at St Comb's well on Easter Sunday. Harvest was celebrated in October and Remembrance Day in November (with Services in Portsoy and Fordyce War Memorials). During the period of Advent and Christmas additional Services included a 'Rememberin8' service for those missing loved one5, a well-attended Watchni8ht service on Christmas Eve and an informal but warmly received Christmas morning service. World Day of Prayer was marked by a special service in March, presented in partnership with members ofthe Banff Churches ecumenical group. Holy Communion was celebrated in church and at Macrae Court sheltered housing in May and November and the minister also carried out several Home Communion services for those unable to come to church. Monthly services were held for residents of Durnhythe Nursing Home in Portsoy. The Minister was also invited to speak to P617 in Portsoy Primary School durin8 Advent. On two occasions in 2024 morning worship on Sundaytookthe form ofa'café Church, service, which was well-received by an enhanced congregation. Also, contr"nuing in preparatr'on towards the upcomin8 unih'cation with Cullen & Deskford and Cornhill & Ordiquhill parishes, monthly joint services were held in Portsoy, Cullen and Cornhill churches. Regular soclal gatherings continued throughout the year. The regular Tuesday Coffee and Company continued to be successful with donations from its aver38e attendance of IO0+ providin8 an essential boost to church finances. as well as to SUPPOrted charities. While the Friday Well Cafe (predominantly for parents and pre-school children but open to all) provided a valuable space for friendship and fun. 'Movie Monday, which had been introduced in 2023, was well-5UPPOrted through the winter months of 2024, and 'Link Ladies. continued to be a source of fellowship and learning for both church members and non-members. Financial Revlew The church's two main sources of income are: general income generated by the congregation and income from various bequests and trusts. General income 8enerated by the congregation comprises weekly offerin85. Gift Aid donation. personal donation, contributions from Church or8ani5ations, tax recovered from the Inland Revenue, rental of the Church Centre and payments from the renewable heat initiative. Portsoy Church, Church of Scotland Trustees, Report (continued) Year ended 31 December 2024 A £8,881 surplus is recorded for 2024 in terms of receipts against payments. This year we are please to report a slight increase in donations. In the light of experted significant increases in the Giving to Grow contributions in 2026 the surplus does provide some flexibility with managing the budget moving forward. Reserve Policy The broad principle that we followed was to maintain the c3Pltal value5 of our investthents and other capital held in variou5 Bequests and trusts and to use the accrued income to enable community charitable givin& fund development projects and support the work of the Church as appropriate. Investment Policy and Performance Investments are mostly managed by Fund Managers. Structure. Governance and Management The congre8ation is a re815tered charity number SC000522 and is administered in accordance with the Model Deed of Constitution lor Deed of Constitution (Unitary Forml and is a subject to the Acts and Re8ulations of the General Assembly of the Church of Scotland. Members of the Kirk Session are the charity trustees. The Kirk Session are the elders of the church and are chosen from those members of the church who are considered to have appropriate gifts and skills. The minister, who is a member of the Kirk Session, is elected by the congregation and indurted by Presbytery. Certain responsibilities are dele8ated to the Finance and Property Committee as appropriate. The Kirk Session which meets at least four times a year is responsible for the spiritual affairs within the church. Portsoy Church, Church of Scotland Trustees, Report (continued) Year ended 31 December 2024 Trustees. Responsibilities in Relation to the Financial Statements The charity trustees are responsible for preparin8 a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generally Accepted Accountin8 Practice). The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which show a true and fair view of the State of affairs of the charity and of the incoming resources and application of resources, of the charfty for that period. In preparing the financial statements, the trustee5 are required to.. select suitable accounting policies and then apply them consistently: make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed. subjett to any departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time rhe financial position of the charity and to enable them to ensure that the financial statements comply with the Charitie5 and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts15cotlandl Regulations 2CK)6 las amended). 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 trustees are responsible for the maintenance and integrity of the charity and financial information of the con8re8atiori's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from le8islation in other jurisdictions. Approved by the Trustees and signed on their behalf. Independent Examiner's Report to the Tru51¢es ofport$oy Church I rcpon on th¢ a¢¢ount$ of the chariry for the year ended 3 1st tk¢ember ?024 which are sei out on page5 8 10 13. Respeetivt respo43ibilitit5 of trustees •Trd examiDer The charity's trustees are responsible for the preparation of the a¢counts in accorda￿¢ with the iemis of the Charfties and Trustee Investmeni (Seotl2nd) Aet ?(N)5 and the Charities Aecounis (Seotland) Regulation$ ?006. The chariry trustees consider Thai the audit r¢quir¢meni of RegU￿10n 10(1 } Id) ofthe Accounts Regulations does not Ipply. It is my rcsponsibiliry io ¢xamine the a¢Gounts a5 r¢qvired und¢r s¢¢iion 44(1 } l¢} of ihe Act and io Stsfe whether particular mtters have come to tnv attention. Bas15 of Independent examiner's $tst¢menl An cxatninaiion is catTied out in accordance wilh Fiegulaiion I l of the Chariiies Accounts (Scoiland) Regulations ?006. An QXAmindtion in¢ludes a reyiew of the accounting records kept by the chariry and a comparison of the accounts presented with those records. It 4lso in¢ludes Considerniion of any unusual items OT disclosures in the accounts. and Seeks explanations from thc trustees concernin8 any such mattets. The proc¢dur¢s und¢rtak¢n do not provide all rhe evid¢nce thai would b¢ r¢quir¢d in an audiL and consequenily I do noi express an xudit opinion on the view given by the accounts. Independeni examiner's st*tement In ihe cour5¢ of my exarninaiiotL no mauer has come io my attention.. whi¢h gives me roasonable cause io believ¢ that in any m*eriAI respe¢t the r¢quirements'. ro keep accouftiing record5 in accordance with Section 44 (I Xa) of the 2005 Act and Regulation 4 of the 7006 Account5 R¢gulations. and io prepare accounTS whlch a¢cord with the accouniing records and comply wilh Regulaiion 9 of the *006 Accounts Regulations have not b¢¢n met, or to which. in my opinion. attention should be drawi in order to enable a proF¢r uJthr5tandinB of the accounts to be reached. Portso Church Recei ts and Pa ments Aecount Year ended 31 December 2024 UTrrestrieted R￿trICted Fund5 Endowrn¢nt Fuftds Funds Total Totsi 2024 2024 2024 2024 2023 Recei Donation5 Aaiviiies for generating funds Bank & deposit int¢resi Investn)ent income Note 36375 18414 35 36375 34692 18414 10 96 45 370 2600 56873 2349 378 378 2823 57173 106 57657 Rental of pretnises Renewable heat incentive ineom¢ Fairtrad¢ sale5 .O.S.- Manse Separntion Contribution C.O.S.- Grani received 4288 4288 3810 2864 368 1992 368 1145 11974 9751 9751 ??10 V A T refunds ??10 Sale of investments Orher receipts 14960 221 14960 15492 176 Total Recei ts 91835 378 106 92319 91472 ments Costs of generatlllg funds Charitable activities GoverDaDce costs Loan repayments Purcbase of assets Purchase of investments 1573 1573 1609 49836 64905 500 65405 450 450 450 16010 16010 16687 Total PY ments 82938 83438 68582 Excess of Reeeipts over Payments for the year before transfers 8897 378 -394 8881 22890 Transfers Excess of Receipts over Payments for tbe year 8897 378 -394 8881 22890 Portso Church tatemenl of Balances At 31 December 2024 U#re51ri¢ted Restricted Funds Fund$ Endowrnt•i Funds 2024 Total Tot•1 2024 2024 2024 2023 osit ljank" &. deNs11 balances hr()ughi forward 57165 $852 106021 83132 Movement in ye#r: l."¥¢cJ) of R¢ieip15 over Paymenis for the year 378 -394 8881 228 Bank. & deposii balances Carri￿ forward 4J3&1 5458 106022 Inve.ItmentY *1 m*rket value (Cosl £94,R091 9887J 51172 J904 107849 103065 Ayyets Rcnewjhlc lIc￿ InE¢n(i¥e income Genernl c￿ditI)IS 687 1422 The accoun￿ were approved at ihe Annual Stated Meeting on .. Fnr And nn hehalf t)f Portsoi Church Port50 l. Trustee Remullera¢iou and RelAttd P*rty Tr*tts*¢tionx Th¢ amuN of expens¢s in r¢sp¢¢i of L¥*TDJ5te.' )￿Tr￿1 ￿ £900 (2023- £9601 No truswe tr a rffi(MJ ￿11￿1 w a trusEe¢ •Di Pe￿ In￿￿5[ ￿￿tract or I￿r￿&110ft ¢nL¢r¢d inio b) Ihe choril) durin8 th¢ Jelr. 2. Mov¢mtTrtS ID Funds At JI D*t 1024 2024 Rtteipts P*yA**ts Tt*••ltrx I'ttrtJtrlri¢d Fabric FLll￿j Youn8 Fund ch￿￿h Guild Futhj CollK Qo Fwid Fiirtrth l und R¢serve F¥nd 50 43?8 61 5623 43JO 61 7J48 6737 1560 629 4480 10567 368 368? 19147 .iJJJ 4930 .3250 533 16037 .3586 4250 E%4inB B¢qu¢si SAJ¥%¢r FurAI l￿traI Tr￿nd 13612 .131KJI 6793 97 38309 97 59076 -58959 425 415 G¢Mr*l F¥•th.. 41114 1938 H¢*iri¢thd ¢ffd)c¢ IA'ar lA¢ny)rI￿ Furtd Wm Miwris Ikque5t Fund Rc¥ Wm Simrn¢r5 MeTh)rial Tn￿1 631 3JlS 3W)59 10$ 273 736 3588 39UJ 371 kodowmtAI fuDds Tru51 Fut¥J liol Fund lrnsi FuThd No2 Fund F.fyknwmEni FurKI 2207 3330 2238 ?895 325 65 -5C4] io 106 $458 Tol•l 1116022 91J19 4J4JB 114903 10 Port .%oies io ib At¢oun 2. Movements In Funds l¢ondnyed) FAbric Fund. Accum￿￿10Tr of hthds forrwit *)d buiith'rt8 k¥ojeths frtyn Eime ts) time. )"oun8 Womeni Group Fund. be used b) this Church OryniwbLXt. Church Guild Fu#d- F￿￿$ 10 bt tss¢d by this Chur¢h Oryw'ytith). Lolf•• ind Co Tr"uJd- Fu¥¥Js 10 ￿ us•J gs pth oftht (￿tr￿ch campi￿. Fllrtrddt Fulld- FutyJ5 to be fLY the s•1¢ of f•irtr* in SUPF •thl of & MeMC*h￿. Il'm Ilorr￿ B¢q¥ttt Tr"uDd. Tris is • fithd to bt uxd wxl trninirg purws. Ilm Slmmtn IltmoriAI I'ThJi Fu#d- Antyul be divid•J u fo]lo%%s." ?5% 10 Mini 2$% ro Fthi¢ F¥nd !349 to B￿5￿ Ftsnd 259• f￿ bo*fi( of the cO￿U￿11) •rds th¢ tK•J> ofthc Ptrish. Sr•i4ffleni of BAlaDo l Dmirici¢d Ruirict¢d uudj Tothl Total 201J 2024 2024 2024 2024 J. ADalyJis of Donations WF"V s¢h¢m¢ Inon pft ajdl Gift TIA r¢¢i?i¢rtd lin sill Did donal1￿ Ordinary olT¢rinBS IQF¢n plate) Other orrttiD8s. dMa11￿$ d< L¥Sa¢) 2392 176J6 7454 J J!4 2392 17656 7454 3524 3808 18699 4442 3793 1930 2500 36375 36375 J4692 4, Ai•ly$is of A¢tlvltle8 for ¢tDeritlDZ fuDd* C hurth Oujld ￿elP Cofftt and Co rettipts Binso ni8h¢ WeddS¢w Furm]s 4052 10567 420 3375 4032 10567 420 3375 18414 9138 693 5320 19211 5. ADAlysh of Paymenis Colty of iener•tl#i fund¥ Invcitsncnl mana¥cr3' fecs Vll¢nn8 #n¥'*lows 1484 19 1484 19 14J3 156 Mini3triiJ &. niiJJion thlloulion sb%1ery duL% Ministels cxpcns¢J Pulpit supply Other siamn8 CO r4bri¢ r¢pairJ & m4intrTwK¢ loun¢il (hhEr buildin8 Costs Chur¢h offs¢¢ ¢xp¢n5¢S Or8￿ & Quir¢￿h Con8r¢yls￿8l organi￿11(￿ expenses Fairtr&4c purchaws ?4994 1194 24994 1894 960 714 22J31 714 3JOI 15922 1870 7543 379 341 653 3343 6129 3501 15922 1870 7543 379 341 1827 587 364 648J 6483 5353 302 •74 Ind¢p¥nd¢nt c.x4m)n¢r's tti5 440 450 450 450 450 Oih•r piym•#ts Loan rtpa)llKnL) PUrch￿t of in¥eSur￿ 16010 16010 10010 16010 16687 16687 Port 6. Minister's Stipend All Chvr¢h ol"S¢ot1a￿j £on6regaLi¢)m contribjtr Nwi£w] Siipts*l FutMI *thich b¢us ￿ cos¢s of mir¢WS' siir•Mts and LYnplo%erfs Con￿bull0ns for nailon￿ IJLsurancc. a￿1 h(MsJn8 and loan fimd. Mini5t¢T5' 5titM&s arr pwd in ¢¢ordan¢¢ Mith the national siip¢nd scalt. whieh 15 relaLed w )ur5 of 5er4ice. For th )e*T Utth revits¥ tl* minimum 5fiwnd ¥%a$ £31.fd? and the maiirnum siip¢nd lin fifth tttsj subsequ￿1 >tars 1 £38.884. 2024 2023 7. Colltttioms for Third P•rties Child Care Interr￿lon•1 Mora). Reach Out World olPr4!er ChallGn Lif¢ ond Work Bl)thsi%wJ Calr Shelter Seotland 1273 ?51 1167 85 129 41 378 30 ?43 1650 1947 APPENDIX FUNDS HELD OY BEHALF OF THE CONGREGATION BY THE CHURCH OF SCOTLAND GENERAL TRUSTEES 2024 2023 CAPITAL ACCOUNT Consolidated Fabri¢ FuJJd Individuall Invested in the Growth Fund Income Fund aod De it Fund Credii Balances held at 31 December ai co 33903 43654 Market Value of Balances at 31 December 35911 45362 REVENUE ACCOUNT Credii Balance ai 31 December 2853 818 TEMPOIi4RY ACCOUNT Credii Balance ai 31 December