Orkney Islands Church of Scotland Congregational accounts for the year ended 31 December 2025 Congregation No: 311920 Scottish Charity No: SC003099
Orkney Islands Church of Scotland Trustees, Report Year ended 31 December 2025 The trustees present iheir annual report and financial slatemenis of the charity for the year ended 31 December 2025. The financial slatements have been prepared under the historical cosl convention in accordance with the accounting policies set out in the accounts and cornply with the General Assembly Regulations for Congregational Finance, the Charities and Trustee Investment (S¢otland} Act 2005. the Charilies Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities.. Statement of Re¢ommcnded Practice applicable to charities preparing their ac¢ount8 in accordance witli the Financial Reporting Standard applicable in the UK and Republic of Ireland effective froml January 2019. Objectives and Activities The Church of Scotland is Trinitarian in doctrine, Refomied in tradition and Presbyterian in polity. It exisls lo glorify God and to work for the advancement of Christ's Kingdom throughoul the world. As a national Church. il acknowledges a distinctive call and duty to bring the ordinances of religion to Ihe people in every parish of Scotland through a territorial ministry. It co-operates with other Churches in various ecumenical bodies in Scotland and beyond. On I September 2025, Firth Church of Scoiland entered into a union with Orkney Islands Church of Scotland. The enlarged parish now comprises 18 congregations serving almost the whole geographical extent of the historic county of Orkney. As al 31 December 2025, it was served by a team of 5 ministers (with a sixth expected to be inducted in January 20261 supplemenlcd by an OLM (non-stipendiary minister), who have been learning to work together as a team throughout the parish. Ai that point the parish was in the process of recruiting a niinisler to serve primarily in St Magnus Cathedral (with Flotla and Rousay), a 0.25FTE ecumenical appointment lo absisl in one Area, and in due course another 10.5 FTE) to serve primarily in Sironsay and Eday. Its Kirk Session has representatives from each of the local worshipping CQTnmunities, and has begun to leani how to operate effectively together. The parish conducts worship for most of its local worshipping communities every Sunday, with some of those in the Outer Isles meeting less frequently and sometimes mid-week as suits local requirements, and from timc to time local congregations hold services jointly with neighbouring local worshipping communities in the parish and with other denominalions. Loeal worshipping comniuiiitie5 host a variety of youth activities, fellowship meetings and social evenls as relcvant to each locality. Achievements and Performance The union on l October 2024 was created iii order to provide support to smaller congregations, in particular to bharc administrative burd¢ns, and also lo facilitate rcsource-sharing across the parish. This was designed lo free up time for local congregations to concentrate on mission and outreach and serving their local community. ID tenns of administration and governance, the unilcd parish made a good starl on consolidating and streamlining the management of buildings, the record-keeping and charity governance tasks of the constituent areas, and the fulfilnient of Church and civil law safeguarding requirements. Thls work continued throughout 2025, with some change of personnel towards the end of the year (including the Session Clerk). Towards the end of the year a Stewardship Prograrnme was designed. for delivery in the first half of 2026. with a view to producing a major improvement in income, but also to engage mcmbers and supporters in understanding thc overall work of the Church of Scotland in Orkney. An online newsletter was bcing designed, for l&un¢h early in 2026. The parish liaised with the General Trnstces of the Church of Scotland in the acquisition by them of a new manse in Burray lo replace the one in St Margaret's Hope, which now provides betteT accommodation for a mlnister and meets the Church of Scoilaiid's minimum standards.
The core missional and pasloral pu0$¢5 of the congregation continued to be fulfilled with the support of these governance slnjctures and resources of per.gonn¢l, buildings and finance. Alongside the parish-based worship, communi(y engagement and outreach, a highlight in 2025 was the provision of chaplaincy to the 20, International 151and Games held in Orkney. Financial Review The rcsulis for the year reflect 12 months, activities for the 17 local worshipping communities within the parish at l January 2025 and 4 months, activities for Finh church which joined on I September 2025. Assets acquired froin the incoming church are disclosed as Transfer of Union balances and totalled £120k. Excluding these amounts, income totalled £576k, including £28k specifically donatcd for the Malawi Partnership. Expenditt]re over the period lotalled £629k including £21 k remitted to the Malawi Partnership, indicating a nel underlying deficit of income over expenditure, offset to a large degree by investment gains of £38k. Investment Policy and Performance The kirk session has approved an invesimenl policy to achieve growth and income, aiming to generate Sustainable returns whilst protecting the capital value of our iiiveslmenls and rnitigaling the effects of inflation. It has agreed lo follow the risk appetite of thc wider Church of Scotland by placing surplus ndS into onc or more of the following tunds managed and administered by the Church of Scotland investors Trust.. Investors Trust Growth fund - equity based and intended for long tem] investnient. aiming to provide capital growth and managcd by Newton Inveslmenl Management Limited Investors Trust Income fund - intended for medium-tenn investment, aiming to provide immediate high income with funds invested predominantly in fixed-inter¢st securities and managed by Royal London Assei Management Investors Trust Dcposit fvnd - intended for short-tenn investment and aiming to provide a high rale of interest and managed by Thomas Miller Inveslment Limited. We liave defined our liquidity needs as 6 months working capital which will be held in curreiit bank account5 and the Invcslors Trust Deposit fund. The remainder will bc split between Growth and Income investments in proportions delemiined by the Finance Comrnittee based on a review of markel expectations. Risk Management The chartty trustecs consider the principal risks facing the charity io be an ageing and declining member.8hip, with comTnunity perceptions thal the church at large is of limited relevance in a secular world. This is expected lo lead to increasing pressuTe on finances and on ability to administer the work of the charity through increasing burden on fewer volunteers. The union creating Orkney Islands Church of Scoiland on l October 2024 (with Firth Church joining on I September 2025) is an aiiernpl lo address these risks, with Ihe Church of Scotland congregations across Orkney now sharing resources and one kirk session replacing 18 separate ones. Reserves Policy The Charity trustees have considered the reserves required and have taken into account their current and fure liabilities. It is the Trustees, policy to hold reserves of approximately 6 month5 expenditure excluding designated funds. At the year end the Church held unrestricted funds of £2.8 million of which £714k was designated for the St Magnus Centre, £564k for King Strcct Halls, £108k for fabric pUoses, £36k for the Cathedral choir and £39k for a variety of other purposes. The remaining balance of £1.4 million represents some 2 years of expenditure and while this is higher than would nonnally be expected, the Trustees are Mware that this is likely to erode over time.
The church also held £406k of restricted funds and £IOOk of endowment funds which have been provided for the purposes specified in Note 16. Plans for future periods Since 31 D¢c¢mber 2025, the united parish has.. continued recwitment of individuals to train as ministers, Readers and local preachers. welcomed Rev Alison Dickie as minister for East Mainland, Sanday and North Ronaldsay bid farewell lo Rev Kerr and Moira Winlersgill a5 ministers for West Mainland churches continued ils work on consolidaiing and streamlining management and adminislralion liaised with the General Trustees of the Chur¢h of Scotland in marketing (and accepting an offer on) the disused manse in St Margaret's Hope, referred io above liaised with the General Trustees of the Church of Scotland in submitting (and having accepted) an offer to purchase a new mans¢ for Stromness and Orphir churches carried out the stewardship campaign in Spring 2026 launched the n¢wsletteT li continues to meet with the Evie and Rendall Church of Scotland in the hope thal agreemenl can be reached so that they too join the union. In addition to ongoing att¢mp15 to recruit a new minister for Area 4 (St Magnus Cathedral, Flotta, and Rousay), the congregalion has vacancics in two further areas (Area I.. Birsay, Harray and Sandwick, and Firth- and Area 6.. Stromness, Orphir and Stenness) and is anli¢ipating early pern]ission from the PrcSbery of the North East and Northern Isles to call a new minister for Area 8 {Stronsay and Eday), and is continuing refurbishment of the Cathedral and Stronsay manses in preparation for this. In addilion, it is refurbishing the flat within the Kirkwall East ¢hur¢h, which will allow it to recruit a replacement caretaker following the resignation of the fom)er caretaker in early 2025. It has also started the process of liaising with the General Trustees of the Church of Scotland in the acquisition by them of a new manse for Area 6. Structure, Governance and Management The congregation is a registered charity. number SC003099 and is administered in accordance with the tem)s of the Deed of const]tiOn (Unitary Forn)) and is subject to the Acts and Regulations of the General Assembly of the Church of Scotland. Members of the Kirk Session are ihe charity trusle¢s. The Kirk Session members comprisc the Church of Scotland ministers in the parish of Orkney together with up lo two representative elders from each of the local worshipping corninunities within the parish which fonn part of the unioii. The Kirk Sessioii is chaired by one of Ihe ministers and meets al least once every two months as appropriate. Certain responsibililies are delcgaled to the Finance Cominillee, the Property Committee and the Safeguarding Committee as appropriate. The Kirk Session is responsible for spiritual affairs within the parish. It plans to introduce a fornial induction process for trustees in 2026. Reference and Administrative Information Trustees Trnstees who served at any time during ihe year and up to the date of signing the accounts are as follows Jan¢t Alexander Robert Askey Sally Bartkowiak Alislair Bruce Moira Cossar Kenneth Meason Williarn Neish (appointed 0110912025} Roger Neville-smith Yvonne Nicholson Mary Omand
Elizabeth Drever (appointed 1910812025) Catherine Edwards (appointed 0110912025) Sheila Eunson Marlyn Firth (appointed 4112125) June Freeih Sheila Garson Neil Gordon Alison Hawkins Loraine Littlejohn Helen Lunsden Iain MacDonald Mariory MacLean Fiona McNab Alasdair Mcvicar (resigned 1910812025) Julia Meason Mike Partridge Johan Robertson {resigned 1510712025) Alan Sha Nicol Sclater Alan Simpson Isobel Smith Myra Stocknon Margaret Sutherland Olivia Tail Moira Taylor-wintersgill (resigned 3115126) Christopher Wallace (resigned 3110112025) James Wallace (resigned 291112026) Kerr Winlersgill {resigned 311512026) Colin Delday (resigned 4112125) Alison Dickie (appointed 1311126) Principal Office-bearers Moderator= Rev Julia Meason Session Clerk.. Marlyn Firth Depute Clerk.. Margaret Sutherland Treasurcr.- Caruline Butlerfield Principal Office clo Rev J Meason, Easi Church Manse, Thoms Street, Kirkwall KWI 5 1 PF Charity No: SC003099 Auditor A9 Accountancy Elm House Cradl¢hall Business Park Inverness IV2 5GH Principal Bankers Bank of Scotland Royal Bank of Scotland Virgin Money Parent charity Th¢ charity's parent charity is Church of Scotland SCOI1353. Trustees, Responsibilities in Relation to the Financial Statements The Charity trustees are responsible for preparing a trustees. annual report and financial statements in accordance with applicable law and United Kingdom Accounting Stas]dards (United Kingdom Generally Accepted Accounting Practice). The law applicable to ¢harilies in Scotland requires the charity trnslees to prepare financial statements for each year which show a true and fair view of the state of affairs of the charily and of the income and expenditure of the charity for that period. In preparing the financial staiements, the Irustees are required to.. select suitable accounting policies and then apply them consislently.
obs¢rve the method and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards and statements of recommended prxctice have been followed, subject to any departures disclosed and explained ID the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in opational existence. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain tbe charity's transactions and disclose with reasonable accuracy al any time the financial p(Trsition of the charity and to enable them lo cnsure that the ftnancial slatement8 comply with the Charities and Trnslee Investmcnl (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended}. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable slep5 for the preveiilion and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial infonnalion on the congregation's website. Legislation in ihe United Kingdom governing the preparation and dissemiT]ation of tinancial statements may differ frorn legislation in other jurisdictions. Approved by the Trustees and signed on Ihetr behalf Rev Julia Meason, Moderator Date: 30 June 2026
Independtnt Auditor's Report to the Trustees of Orkney Islands Church of Scotland Oplnion We have audited the financial statements of Orkney islands Church of Scotland for the year ended 31 Dember 2025 which comprise the stslemenl of financial activities, the balance sheet, the statement of cash ftows and notes lo the financial slalements. including significant accounting policies. The financial reporting framework that has been applied in their presentation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable irR the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practi1. In our opinion Ihe financial slatemenls.. give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, including ils income and expenditure for the year ended., have been properly prepared in accordance with United Kingdom Generally Acceple Accounting Practice., and have been prepared in accordance with the requirements of the Charities and Trustee Investment IScolland} Act 2005 and regulation 8 of the Charities Accounts {Scolland) Regulations 2Crf)6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the auditor responsibilrties for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial stslemenls in the UK, including the FRC'S Ethical Standard, 8nd we have fulfilled our other ethical responsibilities in accordance wit those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to 9olng Concern In auditing the financial statements, we have concluded that the Iruslees, use ofthe going concern basis of accounting in the preparation of the financial statements is appropriate. Based orn the work we have performed, we have not identified any material tjncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual report olher than the financial 5talemenls and our auditor's report Ihereon The trustees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other inforfflalion and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the olheT information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misstatement in the financial ststemenls themselves. If, based on the work we have performed. we conclude that there is a material misslalement of this other information, we are required lo report that fact. We have nothing to Teport in this regard. Matters on which we are requSred to report by oX¢ePtion We have nothing to Teport in respect of the following matters in relation lo which the Charities {Accounts and Reports) Regulations 2008 requires us lo report to you rf, in our opinion-.
Ihe information given in the financial statements is inconsislenl in any material respect with the trustees. report.. or sufficient accounting records have not been kept,. or the financial 51atemenls are not in agreement with the accounting records,. or we have not received all the information and explanations we require for our audit. Responsibilities of trustggs As explained more fully in the statement of trustee, responsibilities, the Iru51ees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees eilher intend to cease operations, or have no realistic alternative bul lo do so. Auditor's responsibilltles for the audit of the flnancial statemonts We have been appointed as auditor under section 44{1)Icl of the Charities and Trustee Investment (Scolland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not 2 guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalement when il exists. Misslatemenls can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected lo influence the economic decision of ¢Jsers taken on the basis of these financial.. stalemenls. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibi1ilies, outlined above. to delecl material misslalements in respect of irregularities, including fraud. The specif1c procedures for this engagerrient and the extent to which these are capable of delecling irregularities, including fraud is detailed below. We obtained an understanding of the legal and regulatory frameworks that are applicable lo the charity. focusing on provisions of those laws and regulations that had a direct effect on the determination of aterial amounts and disclosures in the financial slalemenls. The most relevant frameworks we identrfied include.. United Kingdom Generally Accepted Accounting Practice Charities and Tru51ee Investment {Scollandl Act 2005 Charities Accounts Iscollandl Regulations 2006 We gained an understanding of how the charity is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence and board meeting minutes. We assessed the suSpIlb1llty of the charity's financial slalemenls to material misstatement, indudin9 how fraud might occur, by meeting with management and those charged with governance lo understand where it was considered there was susceptibility lo fraud. This evaluation also considered how management were remunerated and whelher this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implemenlalion and operation of controls. In areas of the financial statements whefe the risks were considered to be higher, we performed procedures lo address each identified risk. The following procedures were performed lo provide reasonable assurance that the financial statements were free of material fraud or error.. Reviewing minLJles of meetings of those charged with governance Performing audit work procedures over the risk of management override of controls including lesling of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business Procedures lo confirm the existence and completeness of income ensuring il was recognised in line with the charity's accounting policies. Enquiries with management iegarding the compliance with laws and regulations. Our audit procedures were designed to respond lo the risk of malerial misstatements in the financial stalemenls, recognising that the risk of not detecting a material misslatemenl due lo fraud is higher than the risk of not detecting one resulting from error. as fraLsd may involve intentional concealment,
forgery, collusion, omission or misrepresenlalion. There are inherent limitations in the audit procedures performed and the further removed noncomplian with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely we are lo become aware of it. A further description of our responsibilities is available on the Financial Reporting Council's website at.. hll s'.Ilwww frc.or uklauditorsres onsibililies. This description forms part of our auditor's report. Use of our report This report is made solety lo the charity's trustees, as a body, in accordance with Part 4 of the Charit1es (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body for our audit work, for this report, or the opinions we have formed. HLL&o NaLk Hollie Mackay-Bungaroo Bsc CA (Senior Statutory Auditor) For and on behalf of A9 AccountanGy Limited. Statutory Auditor Elm House Cradlehall Business Park Inverness IV2 5GH United Kingdom Date. i.Iq..{ts I
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Orkney Islands Church of Scotland Balance Sheet At 31 December 2025 Total FuDds 2025 2024 Note Fixed Assets: Tangible assets Investments 1.353.033 632,908 1,985,941 1.327,884 595.097 Total Fixed Assets 1,922.981 Current Assets Stock (ill goods for resale) Debtors Cash ai bank and in hand 9.362 62,289 1.391.546 1,463,197 7,818 45,511 1,297.854 1,351,183 io 12 Total Current A$5ets Liabllities Creditor5 falling due within one year Net Cvrrent As5etS CreditOTS falling due aficr more than one year 13 86,339 1,376,858 53.186 1,297,997 37.274 Ntt Asset5 3.325.525 3,220,978 The funds of the charity: End0rynent funds 16 100,169 406,449 2.818,907 3.325,525 95.238 358,528 2,767,212 3.220,978 Restricled iTJrome funds Unrestriclcd income fvnds TotAI tharity futtd$ 16 The financial statements were approved by the trustees on 30 June 2026.. Moderator Ja Treasurer
Orkney Islands Church of Scotland Statement of cash flows For the year ended 31 December 2025 2025 2024 Note Cgsh Ilows from operating activities Cash getteraied from operations Inve$t5ng •ttlvltle$ Purchase of tangible fjxed assets Investment income received et Cash (used in}Igeneraied from Invt$tlng attiiities 18 131,325 1.323.975 183.3921 45,759 157.503} 16,143 137.633) (41,3601 Iyet eash generated from finon¢ing g¢tivitie$ Ntt incr¢ast ijb cash And tasb equivalents Cash and cash equivalents at b¢ginning of year Cash and ta5b equiY*leRts at end of y¢&r 93.692 1.297,8S4 1.282,615 15.239 1,391,546 1,297,854 12
Orknev Islands Church of Scotland Year ended 31 December 2025 Accounting Policies The principal accountlDg policies, which have been applied consistently in the CUent and preceding year in dealing with items which are considered material to the accounts, are set out below. The charity is a publi benefit cntily as defined by FRS102. In the application of the charity's accounting policies, the ttustees are required to make judgements, estimales and assumptions over the carrying amounts of assets and liabilities that are not readily apparent from other sources. 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. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fijture periods. Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charilles.. Statement of Recommended Practice applicabl¢ to charities Preparing their accounts in accordance wilh Ihe Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS102) effective from l January 2019 and the Financial Reporting Standard appli¢abl¢ in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Aci 2005 and the Charities accounls (Scotland) Regulations 2006 (as amended). The financial accounts are prepared in sterling, which is ihe functional currency of the charity and monetsry 3mouiils in the financial statements are rounded to the nearest £. Fund accounting Funds are classified as either restricted funds or unrestricted funds. defined as follows. Restricted funds are funds subject to specific requireTnenls as to their use which may be declared by the donor or with their authority or created through legal processes. but still within th¢ wider objects of Ihe charity. Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income ther¢ from is used for the purpose defined in accordance with the objects of the harity. Unrestricted ndS are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked al the discrelion of the Irustees for a particular purpose, they arc designated as a separate nd. This dcsignalion has an adn]inisirative purpose only and does not legally restrict the Iruslees, discretion lo apply the fund. Going concern The Trustees consider that Ihere are no material uncertainties about the ability ot the charity to ¢ontinue for the foreseeable future, and therefore have adopted the going concern basis in preparing these financial statements. Recognition of income Inconie is recognised when the charity has entitlement to the funds, any perforn]ance conditions attached lo Ihe item(s) of income have been met, il is probable that the incorne will be received and the amount can be measured reliably. Donated services and facilities Donated professional services and donated facilities are re¢ognised as income when the charity has control over the item, any Conditions associated witli the doJ)ated item have been met, tlie receipt of economic benefit from the use by the charity of Ihe item is probable and that economic benefit can be mcasured reliably. In 13
accordance with the Charities SORP (FRS102) the general volunteer tÉme of congregation members is nol recognised. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is th¢ anjounl the charity would have been willing lo pay to obtain services or facililics of equii'alent economic benefit on the open rnarkel- a corresponding amount is then recognised as expenditure in the period of receipt. Interest receivable Interest OD funds held on deposit is included when receivable and the amount can be measured reliably by the charity. Ihis is nomially upon notification of the interest paid or payable by the Bank. Recognition and allocation of expenditure Expendityre Is included in the Statement of Financial Activities on an accruals basis and is recognised when Ihere is a legal or constructive obligation to pay for expenditure. Fixed Assets The charity has the right to occupy and use for its charitable objects certain Idngible fixed assets, including the Church, halls and manse, vested in the Church of S¢oiland General Truslees. No consideration is payable for the use of these assets. Expenditure incurred on the repair and maintenance of these assets is charged as resources expended in ihe Statement of Financial Activities in the period in which the liability arises. All tan(Fible fixed assels costing in excess of £ 1,000 having a value to the charity greater than one year, other than those acquired for specific purposes, are capitalised. Depreciation is provided on a straighi-line basis to write off the cost or initial value, less residual value, of tangible fixed a55ets over their estimated useful lives.. Buildings 50 years Plant and machinery 4 to 10 years Computer equipment 2 to 4 years Fixtures and Fittings 2 to 5 years Church and office equipment 2 to l O years Investments Fixed asset investments are staled at market value at the balance sheet date. Unrealised gains and losses represenl the difference between the markel value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and market value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the market value at the start of the year or Cost if purchased in the year. Taxation Orkncy Islands Church of Scotland is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subjecl to taxation on its Charitable activities. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT. Cash and ¢a$h equivalents Cash and cash equivalents include cash in hand and deposits held al various High Street banks and with the Church of Scotland Snvestors Trust. Debtor$ Trade and other debtors are recognised al the settlement arnounl due after any discount offered. Prepayments are valued at Ihe amount prepaid net of any discounls due. Stock Stock is measured at ihe lower of cost and net realisable value. Creditors Creditors are nornially recognised at iheir settlement amount after allowing for any trade discounts due. 14
Employee benefits and retirement benefits Unused holiday entitlcments arc recognised in (he period ihe employee servi¢es are received. Terniination benefits are recognised imniediately as an expense when the charity is demonstrably committed lo tenninate the employment of an employee or to provide lemination benefits. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Financial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial inslruments. Financial instrumenls are r¢cognis¢d in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presenled in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a nel basis or to realise the assel and setile the liability simultaneously. Basic financial assets Basic financial assets, which in¢lude debtors and cash and bank balances, are initially measured at transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective tnlerest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the fijturc rcccipts discounted at a market rate of interest. Financial assets classified as receivable wiihin one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement consiilutes a financing Iransaction, where the debt instrument is measured at the prcscnt valuc of the future payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using thc effective interest rate method. Trade creditors are obligalions to pay for goods or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if payment is due wiihin one year or less. If not, they are prcscnied as non4urrent liabilities. Trade creditors arc recognised initially at trdnsaction price and subsequently Tne&sured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's ¢ontra¢tual obligations expire or are discharged or cancelled. 15
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Notes forming part of the financial statements for the year ended 31 Deeember 2025 2025 2024 7. St4ff ¢ost$ and numb¢r$ Salaries and wages Social security eosls Pensions Total 85,920 26,059 1.168 331 26.390 The 2verag¢ number of employees during the year was as follow5-. 2025 2024 Number Number Mini51erial support Si Magnus Cenire Music staff Pr¢mises maintenance No employee had employee benefits in excess of £60,000 (2024 nJl}. The charity operares a defined contributions pension s¢heme for all qualifying employees. Th¢ assets of the scheme are held separately from thosc of the charity in an Independently administered fund. All ChuFLh of S¢otl2nd congregations Corttribuie io the National Stipend Fund which bears Ihe ¢osis of all tninisters, stipends and employer's contribution5 for national insurance, pension dnd housing and loan fund. Ministers, stipends are paid in accordance with tl)¢ national stjpend scale. which 15 related to years of service. For the year under review ihe minimum stipend iva5 £32,433 and th¢ maximum 51ipend lin the ienih and subsequent years1 £39.856. 8. Trustee Remuneration and Related P#rty Transactions No trustee received any rcniuneratiot) for services provided {2024.. 2 trust¢es paid a toial of £678 for ¢rggni$tlpulpii supply dutl¢5}. 5 trustees received reimbursement of expenses incurred (mileage, manse expenses, garage door repairs, worship materials, postage. and sundry expenses) totalling £7,142 12024.. 1 I trustees reinibursed a iotal of £1.2631. No irnstee or a person Telated io a irnstee had any personal interesi in any contract or tran&qciion entered into by Ihe ehariry during the year12024". none). Durin¥ ¢he y¢ar a total of £17,517 wa5 donated to ihe congregalion by trusiees12024.. £10,919). 19
Notes forming part of the financial statements for the vear ended 31 December 2025 Tangible Ftxed Assets Church and 01¢¢ equipment fittings Fixturts Assets under constructTron Plant and Computer Bulldlngs rnachinery Equipment Total Co$t At l January 2025 Additions Disposils Transfe 1,211.700 44.029 69,169 5.795 44,696 1,676 4.579 27.426 4,415 1.340,354 10.261 83,392 4.415 14,4151 At 31 Dec¢mber 2025 1,260,144 69,169 5.795 46.372 32,005 10,261 1.423.746 Aceumulated DepreciatioD At l Janllary 2025 Charge for year EIiTnJniited on Disposals Ai 31 D¢cember 2025 8,208 37,495 2,147 10.350 449 1,801 255 2.238 12,470 58.243 6,359 45.703 12,497 2,250 7.770 2,493 70,713 Net Book Valut At 31 Decctnber 2024 1.203,492 67,022 5,346 43,285 4,324 4.415 1.327,884 At 31 Dectbe[ 2025 1.214.441 56,672 3,545 29,512 10.261 1,353,033 Kirkwall East Manse has not be¢n reeognized in the finan¢ial slatcments as it$ ortginal c05t cannoi be reliably measured. 10. Debtors 2025 2024 Gift Aid Tax Refund Du¢ 39,381 3,593 5,360 13,955 24.884 3.197 10.544 6,886 45,511 Invoiccd Ictling in¢ome Prepayments A¢rrucd it)come 62,289 11. Investments 2025 2024 Market value at 31 De<ember 202412023 Investnient5 transferred in on union Unre2li5ed gaiD / {lossl on investment5 Markct walue al 31 December 202512024 595,097 22,480 560.325 12.292 595,097 37,811 632,908 Investments at cost 402,744 402,744 20
Notes forming part of the financial s¢atemeDts for the year ended 31 December 202S 11 Cont'd The following investments are held.. 04,931 units in Church of Sctsiland 5nvestOTS Tn]51 Gr0h Fund 16,199 unit$ sn Church of Scotlartd Investors Trnsi Income Fund £1,676 in Naiional Savings and Inve4im¢nts 12. Cash at bank 2nd in haDd 2025 2024 Bank balances 902.095 487,859 1,592 1.391.546 826,885 469.053 1.916 1.297,854 Short ierni deposit5 Wlth Church of Scoiland Inve5tor5 TTU.%t Cash In hand 13. Cr¢ditor$ 21125 2024 Duc within one year.. Trade creditors 37,781 27,526 16.124 4,908 24,003 17,031 9.090 Accrua15 Deferred income OtheT Due after olle year.. Deferred income 37,274 Deferred income all ar05e during ihe year and coFnpT15es wedding deposits receivtd and prepaid rent for the Si Magnus Centre. 14. Analysis of Net A$$tt$ Among Fund5 General Designated Re5tricttd End0'm¢t Tot#1 Fix¢d Assets 742,645 719,219 167.017} 37,274 1.150,944 329.706 {19,3161 24,502 381.953 16} 61.850 32.319 1,985,941 1,463.197 186,3391 37.274 cu¢ll1 Assets Cutrenl Liabiliries Non Lutrent Liabilitics Net a55ets #t 3J D¢¢ 2025 1,357,573 ,461 J34 406,449 JOO,169 3.325.525 General Designated Re5tritttd Endowmtot Total Fixed Assets 647,489 641.001 1.188,731 343.177 23.841 62,920 32.318 1,922,981 .351,183 Current A5se15 334,687 Current Liabilities 46,984 1241 506 6,202 1,52S,7116 53.186 3,220,978 Net #ssets at 31 Dec 2024 358,528 95,238 21
Notes forming pArt of the financial statements for the year endcd 31 December 2025 IS. Volunt¢¢rs In ¢ommon with all ConggatiOnS of the Churrh of Scotland the congregation benefjts from the contribution made by volunl¢ers who give Ih¢ir lim¢ and talenis williHgly for the benefit of Ihe Church. The aaS of congregational life which rely on the conthbution of volunleers are many and varied and much of ihc activity would be unabl¢ io continue were it not for tbc comtnitmenl Showm. 16. MOVeentS In Funds AtlJan At 31 Dee 2025 Income Expenditure Transfers 2025 Endowment funds East Mainland BrechiD 5.500 22.240 4,279 300 243 (2431 {9831 5.500 22,240 4,279 300 East Mainland Gorn Cathedral Meil bequest Eday Cpi J Swan memorial Stron5ay- Coopei,C.halmers Sironsay-moncur, Sp¢nc¢, Shearer 983 23,089 3CJ,830 95,238 2,298 3.965 (4891 843 24,898 42.952 7.489 2,558 100.169 Restricted fund5 Cathedral Guild East Mainland fabric fund East MainlJnd Ciuild East Mainland OTgan nd Easi Mainland Parishion¢T5 Fund Eday Stewart bequest Kjrkwall East maintenance Malawi Partn¢rship Mile51one Guild Milestone messy kirk Milestone Scarth memorial North Ronaldsay Siewall b¢qu¢st Oikney Guilds Together Papa Westray Stewart bcque5t Rousay Stewart bequesi Sanday Guild Sanday niu5iC Sanday Stewart bequest Shapinsay Flower Shapinsay Reflective Roules Shapinsay reflective Space rnaintenance Shapilly St¢wart bequest South Ronaldsay & Burray guild South Ronald5ay & Burray bible South Ronaldsay & Burray youth Siromncss guild Sironsay niusic Stronsay Property maint¢nan¢e Strortsay Stewart bequesl Westray guild Westray Paterson bequest Westray Si¢wart beqtsegi 1,084 30,294 1.092 2,024 1,236 28,362 81,300 5,213 2.184 406 171 28,008 1,756 2,223 1,156 90 55 17181 13,7371 {7691 (iooi 2,022 28,780 729 1.925 1,291 28,362 81.294 12.310 2,529 406 {750} 11891 3,910 28.165 2,365 (3.9161 348 (1.0001 {21,416} 11,020} 11,7251 14231 26.283 894 28,461 28,347 326 1.542 21,862 1,317 28.461 28.461 387 ,542 21.862 61 1641 3,149 23.076 363 109 679 321 2,293 5,850 28,462 3,506 3,149 23,076 430 1.429 {862} (5001 679 465 2.293 871 28,462 2,861 47,948 28.572 ,265 16711 (4501 15.822) 843 419 47,948 185 17161 (3481 28,572 358,528 185 92.286 37.943 6.422 22
Notes forming part of the finaneial statements for the year ended 31 December 2025 16. Cont'd AtlJan At 31 Det 2025 Intorne Exp¢ndltur¢ Transfers 2025 Uknre$trlettd funds Cathedral candle 996 16,0(K>l 11.3251 {579} 1110,682) ,107 36,311 2,674 713.823 14,538 563,588 3,080 6.077 Cathedral Choir 37,307 1,838 752,917 14.538 567,242 4,904 6,046 329 Cathedral ToddleTS 1.415 71,488 Si Magnu5 Centre Eday designated fabric King Streel Halls Klrkwall East designated fabric Kirkivall East designated ouirea¢h Kirkwall East designated social commiitee Milosione designèted tnanagetnent commillee loo 28.114 218 148,0351 12.0421 160} 16,267 91 3.526 1,375 {356) 4,545 8,156 126 18,156) Milestone designated mission Milestone d¢signal¢d Traidcrdft Ory)hir designated fabTI¢ Orphir designated reserve Papay designaled fabric Papay designdied turbine Shapinsay de5ign3ied fabri¢ Stronsay designated fabric Westray designated fabric General Fund 126 215 454 (420} 249 50 50 16,714 2.200 7,977 3,534 40.827 56,643 1,241,506 2,767.212 384 17,098 {2,2001 15881 11.3921 11,3081 {11,718} 404,072 1590,7771 7.389 2.172 41,850 46,657 1,357,573 2.818,907 30 2,331 1.732 519,371 633,493 768 8,979 Total funds 3,220,978 733,267 628,720 3,325.525 23
Notes forming part of the financial st4tements for the year ended 31 December 2025 16. CoDt'd At)Ja At31 Dee 21124 In¢tsme Expenditure TraDsftr$ 2024 EndoThment funds Easi Mainland Brechin 5.500 22,240 4,279 3(M) 5,500 22.240 4.279 300 East Mainland Gorn Cathedral Meil beque51 Eday Cpi J Swan memoTial Sironsay- Coopcr.ChalnieTS StTonsay-Mon¢ur, Spcnce, SheareT 23,234 40,080 95.633 11451 250 23,089 39.830 1395) 95,238 Restricted fund$ Cath¢dral Guild East Mainland catting fvnd Easi Mainland disabled access East Mainland fabric fu] East Mainland Guild Easi Mainland organ fund Easi Mainland Parishion¢FS Fund Eday Siewan bequest Kirkwall East maintenance Malawi Partnership Mileslone Guild Milestone messy kirk Milestone S¢arth mcmorial North isles North Ronaldsay Stewart bequest Papa Westray Stewart bcquesi Rousay Stewart b¢que51 Sanday Guild Sanday music Sanday Stewart beqUt Shapillsay Flower Shapinsay Refl¢ctiv¢ Routes Shapinsay reflective Space maintenance Shapirtsay Stewart beque$t S(iulh Ronaldsay & BUaY guild South Ronalds2y & Butray bjble Souih Ronaldsay & BUaY youth Stromness guild Smit)say Tnusic Stronsay PTopeTty maintenance SITonsay Stewart bequesi Wesiray guild Westray Stewart beque¥t (3601 1.084 17 51 30.226 1,804 2,024 1,236 28,302 84.430 21,853 2,290 406 {17} 68 {500} 30,294 1,092 2.024 1,236 28,362 81,300 5.213 2,184 406 12121 13,130) 50 116.6901 1106} 313 28,462 28.461 28,461 397 1,542 23,462 61 (4541 28,008 28.461 28.461 387 1,542 21.862 61 (1.6(X>l {1661 11.149) 2.000 23,076 405 109 679 1,301 2,293 5,600 28,462 3.536 28,572 382.821 1.149 3,149 23,076 363 109 679 321 2,293 5,850 28.462 3.506 142) 280 17101 {5501 250 1301 280 18,780 5.793 358,528 24
Notes forming part of the financial st¥tements for the year ended 31 December 2025 16. Cont'd AtlJan At31 D¢c 2024 In¢ome Expenditure Transfers 2024 Unre$tri¢ted funds Cath¢dral candle 996 996 Cathedral Choir 37,484 2,280 779,570 14,538 139 11771 14421 126.653} 37,307 1.838 752,917 14,538 Cathedral Toddleis Si Magnus Centre Eday designatcd fabric Hoy & Thlalls designated fabric King Street Hdlls Kirkwall East d¢signai¢d fabric Kirkwall East designated outreach Kjrkwall East designated 50cial committee Mi1¢5tone designated management committte 1139) 4.929 577.020 4,904 6,046 {14.707} 567,242 4,904 6,046 3,526 3.526 8.806 126 {6501 8,156 126 Milestone designated mission Milestone designated Traid¢raft Orphir designated fabri¢ Orphir designai¢d memorial Orphir designated organ 0hir designated reserve Papay desigtkated fabric Papay designated turbine Rousay designated fabTiC Rousay designated fabTiC Guild Sanday designated fabric Shapin5ay d¢5ignaied ftbrie Stronsay d¢5ignated fabric Wcstray designated fabric 911 16961 215 1,747 4.424 1,438 16,714 2,200 10,000 4,487 11,7471 {4,424} 11,438) 16,714 2,200 7.977 (2,023) 14.4871 (3,7321 {131.400) 3,732 131,400 3,534 40,827 56.643 3,534 40,S27 56,643 General fund Strornness Gert¢r21 Fund 39,628 25,304 .177.124 2,915.920 127,644) 121.532 194,524 (37.2881 185,914 6.188 1,241.506 2,767.212 39.628 Total funds 39,908 3,394.374 213.304 3,220.978 25
Notes forming part of the financial statements for the year ended 31 December 2025 16. CoDt'd Transfers from Ihc Endow¥n¢Di funds represent inieresi received used for Stronsay buildings upkeep and general Congregational purposes which was spent by the General Fund. Transfers from the Restricted filnds repre5¢nl Guild donation5 {£1.0501 io the General fund together with reimbursemen¢ of the General fund for fabric Tnaintenance {Kirkwall East mainrenance} and g¢n¢ral congregational putPOses within Sanday church (Sanday Stewart bcque511. Pur oses of Endowment Funds Income from the East Mainland Brechin Bequest Is to be used for gen¢Tal rnnning costs. Jncome from the East Mainland Gorn bequest is to be used for generdl running costs. IncoTne from the Captain John Swan Memorial bequest is to be used for the benefit of the parish in Ed8y. Income from the Meil bequest may be used for gcneral puTrose$. Jncomc from ihe Cooper. Chalmers, Groat. Smith, Spenee, Peac¢ and Twati Beqllesis is to be used for geneTal Stron5ay ¢ortgregaiional poseS. Incomc from tlic Moncur, Spertee and Shearer Bequesi is io bc used for the upkeep of the Stron8ay ehurch. hall, manse and grounds. Pur ost5 of R¢$trl¢ted Fllnd5 Thc Guild fund5 are ¢0 be llscd for the purpvses of the relevant guild. The Stewart Bequests ale lu be used for th¢ fvrtherancc of the gospel. pastoral care. Christian education and missionary outrezch within the Tespective parishes of Eday, Westra),. Papa W¢5tray. Rousay, Sanday, StTonsay, Shapinsay and North Ronald$8y. The East Mainland fabric fund 15 for upkeep of the kirk and mart%e. Th¢ Ea51 Mainland organ fund 15 for purchase and mainrenance of èll aspect5 of music relaied to worship. The East Mainland Parishioners fvnd is foT distribution to parishioners ai Chn'stma5. Thc Kirkw211 East FaiT Tiade fund is for PTOrt)olion of fair trad¢ pracli¢e$. The Kirkwall East ma2ntenanee fijnd is a fund administered to a"LifE Cycle Works" scheme tor King Stieei Halls The Malawi PartneT5hip fund is for supporting Thyolo Presbytery in Malawi with variou5 charitable projects under a pannership agreement The Milestone m¢ssy kirk fund is for Messy kirk use. The Scarth Memorial fund is for provision of flowers in Milestone church. The tjorth i51e% fund is for supportsng the mission M'ork of Wesiray, Stronsay and other Ollter North Isles churches. The Sanday musi¢ fid is for upkcep of the organ and purchase ofmusic. The Shapinsay Flowcr Furtd is to provide flowers for display during worship. The Shapinsay Refle¢iive Routes fund is for a wellbeing project producing a booklet of walks, which has been completed. The Shapinsay Reflective Space maintetJan¢e fund is for maintenance of the space. Sovih Ronaldsay & Burray bible fund is loi the purchasc of new bibles. South Ronaldsay & Burray youih fund is for youth proJe¢is. The Stiontsay music fund is foT providing music re50ur¢es and io eontribulc itswards the c05t of a replacement tsrgan. The Sironsay property maintenance fund is for the maintenance of the Siron5ay Chyrch and Thanse. 26
Notes forming part of the financial $tatements for the year ended 31 Deeember 2025 16. Cont'd Pur oses of Desi
led Funds
Fabric.. The TnLStee5 have sei aside funds for the maintenance of the resp¢¢iivc ehurch properti¢s. Caihedral Candle fund is for distribution io good causes. Cathedral choir fund is for the use of the Cathedral choir. Cathedral Toddlers is for the mothers and toddlers group. St Magnus Centre ss for the operation of the Cetttre as outreach into the community. Kirkwall East so¢ial eornmittee fund 15 for involving the wider coll8T¢8ation in social and chaTitsble 8¢tivitleS. Kirkwall East designaied outreach is for outr¢a¢h a¢tiviiies. King Street Halls 15 for the operation of the Kin8 Street Ha115 as ouireach into the community. Milesrone mission fund is for TnL$S10n. Milesione Traidcraft fund is foT TraidcTaft W¢si. Milestotle managemeni committce fund is for the Committee's use in rclation to the Church building. Orphir memorial fiuld is for memorials. Orphir organ fund is for mainienance oforphir's organ. Orphir reserve fund is sel aside for unforeseen requirement5. Papay turbine fund is for maintenance of the turbine for Papa We5tray's ¢hur¢h. 17. Collections for Thlrd Parties 2025 2024 Christian Aid 3.186 1.532 1.789 65 Orkney Foodbank FaTFll Afric 2,018 50 RSAIB 232 Blythswood Poppy Scotland Royal British Lcgion Scoiland GOGO Oliv¢ ,223 30 57 504 429 955 80 Soma'% Light Westray Inter-kirk Eeumenical Fund Christian Blind Mission 410 464 130 Waicr Aid 65 201 Wcsiray & P8pay pastoral fimd Kirkm'all East hall manager Malawi Music Fund 65 70 655 65 WoTld Day of Prayer RNLI 380 128 Firth Bible Fesiival 155 Womens Aid orkney Salvation Amiy Shclter 112 159 137 UNICEF 315 5.489 27
Notes forming part of the financial st*tements for the year ended 31 December 2025 18. Cash generated from oper#tions 2025 21124 Surplus1(deficitl for the year AdjustmeRt5 for: Depre¢iation Non cash balan¢e$ transferred on union Invcstmcnt income r¢cogniyed in statcment of financial a¢rivities Increase in market value of investments 104.547 3.181.070 58.243 12,470 (1,837,827) {16.143} 112.2921 145.759} (38,7111 Movemenis in working capital-. Ilncrea5e}/de¢rease in stocks {Increa5¢) in d¢btOTS (Decrease) in creditOT5 (1.544) 116.778) 70,427 1694} 139,418) 36,809 Cash EtDcrat¢d from operations 131,325 1,323.975 19. Analysis of net #s$et$ #¢quired on union Asset5 a¢quired at 119125 A5set$ cquired •t 1110124 Fixcd a55ets Currcnt a55et5 CUent liabilities Total net asscls acquired OD union 1.282.851 1.852,445 119,858 119858 3 135,296 20. Capitol and other commitmtnls As at 31 Deeembcr 2025, the charity had entered into capital Commitmcnts as follows." £8,640 to purchase a storage shed for Hoy and Walls church, £56.181 for roofjng repaiT5 and paint works on Westray church, £5.414 for purchase and iDsiallaiion of a new 51ove fi?r Kirkwall East manse and £4,500 for the Caihedral manse kitchen instsllation 12024: solar PV pane15 foT B1Y Harray and SandwiLk church totallitjg £44,029). 21. John T#lt Trust SC013706 The trustees of the John Tait Trust have t)oiifJed Ihc charity thai OSCR has given permission ro ihe John Tait Trust to wind up it5 affiiirs and accordingly approx £44.000 will be transfetred to the charity in due course 10 be applied iTJ the advancement of religion an¢Yor reliet-ot'the poor. The truliees deem thi5 to be 3 non-adjll%tin8 event o¢¢urring after the r¢porting date. therefore no amount has been recognised these financial s¢otements. 28
APPENDIX FUNDS HELD ON BEHALF OF THE CONGREGATION BY THE CHURCH OF SCOTLAND GEINEIL4L TRUSTEES 2025 2024 CAPITAL ACCOUNT Credil Balan¢¢s held at 31 December at cost ,323,153 1,078,302 Markei Value of Balances at 31 Dec¢mber 1351,101 1.096.974 REVENUE Accouf4T Credit Balance at 31 Decemb¢r 339,056 233,505 TEPWIPORARY ACCOUNT Credit Balance at 31 Decembcr 11,003 341.172 29