2022-12-31-accounts

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND SCOTTISH CHARITY REGISTERED NUMBER SC003417 CONGREGATION REFERENCE NUMBER 251534

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND
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BANKERS

Royal Bank of Scotland 3 Falkland Gate Glenrothes Fife KY7 5NS

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present the annual report and accounts for the Markinch & Thornton Parish Church for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the General Assembly Regulations for Congregational Finance, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland effective from 1 January 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Markinch & Thornton Parish Church of Scotland is a registered charity, number SC003417 and is administered with the terms of the Deed of Constitution (Unitary Form) approved and is subject to the Acts and Regulations of the General Assembly of the Church of Scotland. On 5" June 2014 a union was formalised between the congregations of Markinch Parish Church and Thornton Parish Church. Thornton Parish Church previously adopted the Church of Scotland Model Deed of Constitution until the date of union, then adopted the Deed of Constitution (Unitary Form). The purpose of the charity is to oversee the affairs of the congregation of Markinch & Thornton Parish Church of Scotland. The management of a congregation lies wholly in the hands of the Kirk Session. The affairs of a congregation fall into one or other of two categories - either spiritual or temporal. Both the spiritual affairs and temporal affairs are the responsibility of the Kirk Session.

MATTERS SPIRITUAL

MEMBERSHIP OF THE KIRK SESSION

The Kirk Session consists of the minister, together with the elders and other members of the congregation. Members of the Kirk Session are the charity trustees.

APPOINTMENT OF ELDERS

The Kirk Session itself decides how many elders there should be, and when it is necessary to appoint new elders. Elders are chosen in one of two ways, but it is important to note that, whichever method is followed, the final decision, both as regards the method to be followed and the persons to be appointed, rests with the Kirk Session. Elders may be chosen (1) by the Kirk Session itself, or (2) by means of signed lists.

Any communicant member of the congregation is eligible for election as an elder if eighteen years of age or over.

Elders are ordained for life. Elders, without giving up status, may become "inactive". Removal from office has the effect of preventing an elder from performing any of the functions of the eldership, even though remaining officially an elder. When the Kirk Session considers that the circumstances merit more severe action, it will deprive the elder concerned of his or her status as an elder. Absence from Kirk Session meetings without sufficient reason for more than a year calls for disciplinary action by the Session.

MEETINGS OF THE KIRK SESSION

Kirk Session meetings are called as they may be required but are generally held quarterly on a date and time previously intimated and agreed. Meetings are chaired by the minister, or in time of vacancy by the interim Moderator.

A meeting can be called for if at least one-third of the elders request it. In these circumstances the Moderator must comply within ten days, unless he or she judges the business proposed to be incompetent.

The Quorum of a meeting is three, of whom the Moderator is one. In the absence of the minister the quorum is three elders.

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TRUSTEES' ANNUAL REPORT

Kirk Session meetings are held in public unless the Session decides otherwise on any specific matter. Meetings are constituted and closed with prayer.

The Moderator may introduce items of business, is bound by the court's decisions but may dissent, or dissent and complain, from them; they cannot make a motion or veto a decision, and have only a casting vote.

SESSION CLERK

A Clerk is appointed by the Kirk Session and holds office at the pleasure of the Session. If the Clerk is absent from any meeting, the Deputy Clerk acts in his absence. The Clerk is responsible for keeping a record of each meeting in permanent form (The Minutes) and for issuing Extracts from the Minutes to the Kirk Session. The Clerk is responsible for attending to all correspondence, and for making whatever arrangements will be in the interests of the congregation.

RESPONSIBILITIES OF THE KIRK SESSION

The responsibilities of the Kirk Session are as follows;

Concern for the spiritual welfare notjust of the congregation but also of the parish as a whole;
(a) The provision of Evangelism and Services;
(b) Oversee Christian Fellowship and Education;
(c) Concern for the organizational life of the congregation;
(d) Maintain good order;
(e) Administer discipline;
(f) Judge and determine cases;
(g) See thatAssembly legislation is observed;
(h) Judge the fitness ofthosewho desire to receive the Sacraments;
(i) Maintain both a Baptismal Roll and a Communion Roll;
U)AppointtheOrganist,theChurchOfficer,andoneofitsnumbertorepresentitinPresbytery.

The spiritual oversight of the congregation is largely exercised by the congregation being divided into districts and each district being allocated to an elder. Some elders who have other particular duties or disabilities may not have responsibility for a district. Elders who have districts allocated to them are expected to take a personal interest in each family in their district. They encourage active participation in and support for the life of the congregation, and take a special interest in the young and the housebound. When their district is within the parish, they should enquire about neighbours who have no church connection, and they should encourage members to befriend such people and invite them into the fellowship of the congregation. Elders are required to show particular concern for those whose commitment appears to be lessening, and they should seek to ensure that members who are about to move to another address receive their certificates of transference before they leave and leave behind their new address so that notice of removal may be sent where possible to the appropriate parish.

COMMUNION ROLL

The Communion Roll contains the names of all who have been accepted as communicant members of the congregation by Profession of Faith, by Transference of membership from another congregation in the Church of Scotland, or by Special Resolution of the Kirk Session.

The acceptance of new members of a congregation is a matter for the Kirk Session. The minister has responsibility for giving instruction to intending first communicants, and it is for the Kirk Session "to judge of the fitness of those who desire to receive the sacraments" and to resolve to add names to the Communion Roll. Persons who are communicant members of another denomination, or who are submitting a Certificate of Transference which is more than one year old and is therefore invalid, may have their names added to the Communion Roll only by Special Resolution of the Session.

The Kirk Session revises and attests the Communion Roll annually as at 31st. December. Intimation to this effect is given to the congregation on the two preceding Sundays.

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)

Congregations are obliged to keep a Supplementary Roll. Persons whose names are on the Supplementary Roll may not participate or vote in congregational meetings. Nor can they be elected as office-bearers. However, they may still take Communion and, if they wish to take part in the election of a minister, they may apply to the Kirk Session to have their name placed on the Electoral Register. There are no names on the supplementary roll at Markinch and Thornton.

Certificates of Transference are issued to members if possible before they leave for their new place of residence, unless they specifically ask to be allowed to retain their membership of the congregation and, equally important, "the minister and Kirk Session are prepared to accept pastoral responsibility for them".

DISCIPLINE

Discipline forms part of the responsibilities of a Kirk Session for the spiritual welfare of its congregation and parish. Present practice is for such matters to be dealt with if possible “out of court" in the sense that it is usually left to the minister, sometimes accompanied by an elder, to meet with the person or persons concerned with a view to achieving some kind of remedy rather than to administer some form of punishment.

OBJECTIVES AND ACTIVITIES

CALLING OF THE MINISTER

On the 22"° September the previously-appointed Nominating Committee —e | who had applied to become Minister of Markinch and Thornton Parish Church. After this interview, the Committee unanimously voted in favour of his being recommended to the congregation as sole nominee.

Accordingly, on the 7" November 202 preached in Markinch Church as sole nominee. A ballot was then held, with members of the congregation voting either on the day or, since the service was streamed, by post, with all votes to be received by the 11" of November. On the 13" of November, in the presence of Session, and under the supervision of the Interim Moderator, two members of the congregation of St. Kenneth’s Parish Church counted the votes. The congregationresult was: Forand Srito Presbytery.pl Against: 2, with 1 paper blank. This result was conveyed to the «acc arrangements for the ordination and induction of |_| | laa took place in the presence of the Presbytery of Fife, on the 20" January 2022.

PROVISION OF SERVICES

The responsibility for the conduct of public worship rests with the minister of the charge, though always subject to the control and direction of the Presbytery, it rests with the Kirk Session to determine the hours of public worship and the times of dispensing the Lord's Supper.

Normal services throughout the year include:

09:45 Sunday Service (Thornton) and 11:15 Sunday Service (Markinch) 19:00 Maundy Thursday Communion 13:00 Harvest Lunch 18:00 Christmas Family Service

23:30 Christmas Eve Watchnight Service 10:00 Christmas Day Service

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

TRUSTEES' ANNUAL REPORT FORT A

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With the lifting of all Covid restrictions, all of the services in Markinch and Thornton Parish Church are held as they previously had been, although spaces are still kept for anyone wishing to socially-distance. The Markinch services continue to be broadcast over Zoom, and recorded onto our YouTube channel.

Lord's Supper - The Sacrament of Holy Communion was celebrated in both churches on the 27". of February, the 19". of June, and the 27”. of November.

The celebration of the Sacrament of Baptism is at the discretion of the minister to decide.

CONGREGATIONAL ORGANISATIONS

The Kirk Session has ultimate responsibility for the establishment and the control of every branch of a congregation's activity. All organisations within a congregation are under the supervision of the Kirk Session, even those that have their own central or national organisational framework like the Boys’ Brigade and the Guild. The Kirk Session has a particular responsibility for the Sunday School because of its concern for the care of the young. The minister, however, is head of the Sunday School even where, as is generally the case, someone else acts as Superintendent. The appointment of Sunday School teachers is with the concurrence of the Kirk Session as well as of the minister. No organisation can be sanctioned as congregational without first receiving the approval of the Kirk Session.

Organisations include:

Sunday School

Choir - Continually looking to recruit new members Youth Club

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND TRUSTEES' ANNUAL REPORT FOR THE YEAR in

MATTERS TEMPORAL

BANK ACCOUNTS

It is duty of the Treasurer to keep one or more separate Bank Accounts in the name of the congregation and, except as after provided, all cheques drawn thereon shall be signed by the Treasurer and by one member to be authorised by the Session from time to time for that purpose; two or more members may be so authorised, but it shall only be necessary for one of them to sign along with the Treasurer. Bank Accounts held by The Royal Bank of Scotland on behalf of Markinch & Thornton Parish Church are as follows: Business Current account and Treasurers account.

PROVISION OF INCOME

It is the duty of the Session to create and maintain among the members of the congregation a commitment to the provision, by regular giving, of sufficient income to meet the cost of the whole financial and other temporal affairs of the congregation and to take all necessary and appropriate measures to that end.

ACCOUNTING RECORDS

The Treasurer shall keep such detailed accounting records of the income and expenditure and of the assets and liabilities of the congregation as shall be necessary for the preparation and independent examination of the Annual Accounts of the congregation.

MAINTENANCE OF PROPERTIES

It is the duty of the Session to maintain the fabric of all heritable properties vested in the Church of Scotland General Trustees and/or belonging to or held for the congregation in proper order and repair and fully insured against loss or damage by fire and also against loss or damage by such other risks or perils as is appropriate, such insurances to be effected in the name of the General Trustees insofar as the subjects insured are vested in them. No extraordinary repairs or improvements on the heritable property shall be undertaken, and no material additions shall be made thereto or to the furnishings of the Church or Church Halls, until sufficient funds shall have been raised or assured for the purpose without encroaching upon the Ordinary Income of the Congregation.

APPLICATION OF FUNDS AND ASSETS

The Session shall apply the whole funds and assets of any description and under its control in any way exclusively for the purpose of the Congregation and/or the Church of Scotland, unless such funds or assets are otherwise appropriated in law to a specific purpose, and in accordance with all the relevant Acts, Regulations and Deliverances approved by the General Assembly.

POWER TO BORROW MONEY

The Session shall have power to borrow money for the purpose of implementing its duties and obligations but that subject to the Session being satisfied that sufficient funds are available or are assured for the purpose of repaying the money borrowed.

The Accounts of the Congregation and all matters connected therewith, including, without prejudice to that generality, their audit and submission to Congregation and Presbytery shall, in all respects, conform to the Regulations anent Congregational Finance as approved by the General Assembly from time to time. The Session shall also satisfy themselves that the Accounts kept by the several other organisations of or connected with the congregation have been duly audited and are in order.

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)

APPOINTMENT OF CHURCH OFFICIALS

The Kirk Session shall appoint the Church Officer, the Cleaner, the Choirmaster and the Organist(s) or Precentor and any other like officials and shall define their duties. Such officials shall each and all be subject to the direction of the Minister as regards the execution of their duties. The Session enters into contracts of employment, which shall incorporate inter alia the foregoing conditions, with all such officials and shall determine their salaries. The Kirk Session has the power to suspend or terminate the appointments of all or any of the said officials, all in accordance with the terms of the relevant contracts.

ACHIEVEMENTS AND PERFORMANCE

The Church of Scotland is Trinitarian in doctrine, Reformed in tradition and Presbyterian in polity. It exists to glorify God and to work for the advancement of Christ's Kingdom throughout the world. As a national Church, it acknowledges a distinctive call and duty to bring 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.

The trustees have overseen the affairs of the congregations of Markinch & Thornton Parish Church of Scotland in the year as outlined in the preceding sections and can be summarised as follows:

Evangelism and Service - Regular Sunday services, Sunday School, Communion Services, Weddings, Funerals, Baptisms, Elder visits to parish, Sharing of Faith, welcoming of visitors.

Spiritual Care - Visits to congregation by Minister and Elders, special visits to care homes and hospitals by the Pastoral Committee.

Christian Education - Regular Sunday services, Sunday School, Youth Group.

Christian Fellowship - Youth Club, Monday and Thursday Teas and Coffee, Tea and Coffee after Sunday services, "Souper" Sundays (irregularly held throughout the year), Fellowship Meals, other Social Events (with the help of the Projects Group).

Maintenance — Executive Committee, Property Committee, Safeguarding Group, Finance Committee, Publicity & Communications Group, Projects Committee, Worship Group, Pastoral Care Group, Education & Mission Group.

Wider Links - Communication with the Church of Scotland and the Fife Presbytery. Glenrothes / Boblingen Ecumenical Group - Markinch & Thornton Parish Church has links with the Glenrothes/Boblingen Ecumenical group which seeks to promote fellowship and understanding between the Christian churches here and in Boblingen (our German twin town) through exchange visits. Churches Together - Markinch & Thornton Parish Church is also represented at Churches Together, our local Ecumenical group which meets monthly to strengthen links between the Christian churches and the community. Markinch & Thornton Church supports St. Ninian's, Glenrothes in the provision of food for distribution to the needy in Glenrothes and Gilvenbank and YMCA housing projects, including Foodbank. Members of the Church are also involved in various other groups such as the Markinch Heritage Group, Community Council and Markinch Operatic Society. Markinch & Thornton Parish Church now has strong links with The Rotary Club of Glenrothes. The church also participates in the Rotary Shoebox Scheme and organises events to support the work of Christian Aid. We also support the work of Christian Hope International with knitting projects and the work of Women's Aid. There is also a strong link with Markinch Heritage Group and other local organisations, who are heavily involved in a project relating to The Pilgrim's Way.

We have continued our links with Markinch Primary School. Our congregation continues to donate to support Surafel, the sponsored child in Ethiopia. This is driven by our Sunday School and they are to be thanked for their efforts over the years we have been sponsoring Surafel in his life and education. The Youth Club meets weekly on Thursdays.

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)

The congregation is represented on the Covenanted Partnership Steering Group, along with the other Church of Scotland parishes in the Glenrothes area. The Presbytery of Fife Mission Plan issued during 2022, recommended the closure of Thornton Church and Markinch Church Hall. The Kirk Session challenged these recommendations, but this challenge was unsuccessful. They have reluctantly agreed to the disposal of Thornton Church, while assuring that section of the congregation that they will seek an alternative venue for worship in Thornton. Given its importance to the activities of the Church — including outreach and mission - and to the wider Markinch community, the Session will continue to make a case for the retention of Markinch Church Hall.

In light of spiralling energy bills for vulnerable members of the community, along with our partner churches in the Covenanted Partnership, Markinch and Thornton Parish Church agreed to participate in an initiative to provide a “warm hub”, called The Haven. Each church offers this on a different day — in Markinch Church Hall it takes place on a Tuesday.

FINANCIAL REVIEW

General Fund:

Income from Offerings excluding tax recovered from Gift Aid was £46,986 which was a decrease of £1,285 on the 2021 figures. Gift Aid tax recovered of £11,361 brought the total offerings to £58,347. The number of members who have active Gift Aid declarations was 74. Expenditure for the year totalled £118,417 with the main expenditure being Parish Ministries and Mission & Renewal Fund to the Church of Scotland at £56,128, renamed Giving to Grow from 2023.

Sunday School Account:

Income £747 and expenditure £659.

Youth Club: Income £1,992 and expenditure £1,560.

INVESTMENT POLICY AND PERFORMANCE

Benevolent funds held on our behalf by the central church.

There are funds which are administered by the Kirk Session.

Annie Jamieson Trust - we can utilise interest for the poor of the parish. Archie Mitchell Trust - we can utilise interest for Sunday School and Church Music. George Selkirk Trust — we can utilise interest mainly to cover the costs of pulpit supply and youth workers Consolidated Fabric Fund - we can utilise interest without application to The Church of Scotland and can apply to Church of Scotland for capital sums toward fabric projects, insurance and church heat and light. John Kay Bequest - we can utilise interest for repairs

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ARKINCH & THORNTON PARISH CHURCH

OF SCOTLAND

TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)

Risk Management

The number of members is falling as the congregation is older and the number of deaths exceed the new members joining the church. We are trying to encourage young people to join the church by introducing them to the church by way of a youth club. Both our income and expenditure increased during the year — we have recorded a surplus in 2022 of £15,765, before losses on the revaluation of investments.

Reserves Policy

It is the Trustees' policy to carry over any excess income in the fund it has accrued to the following year unless it is deemed necessary to transfer between funds for a specific purpose.

At the year end the Church held unrestricted funds of £8,683. These funds represent about 4 month's expenditure according to the budgeted figures for 2022. The Church also held £283,420 of restricted funds and £70,182 of endowment funds which have been provided for the purposes specified in note 16.

Trustee's 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 Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which showa true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

• e Select suitable accounting policies and then apply them consistently;

• e Observe the method and principles in the applicable Charities SORP;

• e Make judgements and estimates that are reasonable and prudent;

• e State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;

• e 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 the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (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 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 on the congregation's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees and signed on their behalf

Session Clerk Date 4 )/03/ 2023

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

| report on the accounts of the charity for the year ended 31 December 2022 which are set out on pages 12 to 22.

RESPECTIVE RESPONSIBILITIES OF THE TRUSTEES AND EXAMINER

The charity's trustees are responsible for preparing the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The Charity trustees consider that the audit requirement of regulation 10(1)(a) to (c) of the Charities Accounts regulations does not apply. It is my responsibility to examine whether the accounts as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

BASIS OF INDEPENDENT EXAMINER'S STATEMENT

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently | do not express an audit opinion on the view given by the accounts.

INDEPENDENT EXAMINER'S STATEMENT

In the course of my examination, no matter has come to my attention

1. which gives me reasonable cause to believe that in any material respect the requirements:

2. (a.) to keep accounting records in accordance with section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended), and

3. (b.) to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended) have not been met, or

4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

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|||||| |---|---|---|---|---| |BALANCE|SHEET| |AS|AT|31|DECEMBER|2022|

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Total|Prior| |Funds|Year| |2022|2021| |Notes|£|£| |FIXED|ASSETS| |Tangible|assets|[10]|217|325| |Investments|[11]|328,972|367,314| |329,189|367,639| |CURRENT ASSETS| |Debtors|[12]|2,665|3,055| |Bank|and|cash|31,870|19,155| |TOTAL|CURRENT ASSETS|34,535|22,210| |CURRENT|LIABILITIES| |Creditors|falling|due|within|one|year|[13]|1,439|1,307| |NET|CURRENT|ASSETS|33,096|20,903| |362,285|388,542| |THE|FUNDS|OF|THE|CHARITY:| |Endowment|funds|[16]|70,182|78,661| |Restricted|income|funds|[16]|283,420|312,256| |Unrestricted|income|funds|[16]|8,683|(2,375)| |TOTAL|CHARITY|FUNDS|362,285|388,542| |——|as| |The|accounts were approved were approved approved|by|the|Kirk|Session|on|af $7|1 ay|Fy A|ROR 3|

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The accounts were approved were approved approved by the Kirk Session on For and on behalfof the Kirk Session

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Session Clerk
Treasurer
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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

[1] ACCOUNTING POLICIES

The principal accounting policies, which have been applied consistently in the current and preceding year in dealing with items which are considered material to the accounts, are set out below.

Basis of preparation of accounts

The financial statements as at 31 December 2022 have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) , the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The charity is a Public Benefit Entity as defined by FRS 102.

Funds

Funds are classified as either restricted funds or unrestricted funds, defined as follows.

Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity. Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income there from is used for the purpose defined in accordance with the objects of the charity.

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can measured reliably.

Revenue grants are credited to the Statement of Financial Activities in the period to which they relate.

Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from use by the charity of the item is probable and that the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102) the general volunteer time of congregation members is not 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 the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised as expenditure in the period of receipt.

14

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

[1] ACCOUNTING POLICIES [continued]

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Tangible fixed assets

The charity has the right to occupy and use for its charitable objects certain tangible fixed assets, including the Church, halls and manse, vested in the Church of Scotland General Trustees. 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 the statement of financial activities in the period in which the liability arises.

Tangible fixed assets comprises items of property, plant and equipment, which are stated at cost, less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset.

Depreciation is provided to write off the cost of each item of property, plant and equipment, less its estimated residual value, on a straight line basis over its estimated useful life. The categories of property, plant and equipment are depreciated as follows:

Fixtures, fittings and office equipment - 5 years straight line

Investments

Fixed asset investments are stated at market value at the balance sheet date. Unrealised gains and losses represent the difference between the market 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

Markinch and Thornton Parish Church of Scotland is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The charity is not registered for VAT and resources expended therefore include irrecoverable input VAT.

Critical Accounting estimates and Judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about 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.

Going Concem

The Trustees consider that there are no material uncertainties about the ability of the charity to continue for the foreseeable future, and therefore has adopted the going concern basis in preparing these financial statements.

15

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MARK! THORNTON PARISH CHURCH OF SCOTLAN

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

		2022	2021
[8]	STAFF COSTS	£	£
	Salaries and wages	14,297	13,713
	Social Security costs	-	-
		14,297	13,713
		—_=	SSS=sss—
	The average number of employees during the year was as follows:
	Music staff	1	2
	Premises maintenance	2	3
		3	5
		—————————	nT
	Noemployeehadbenefitsinexcessof£60,000(2021-ENil).

All Church of Scotland congregations contribute to the National Stipend Fund which bears the cost of all ministers’ stipends and employer's contributions for national insurance, pension and housing loan fund. Ministers’ stipends are paid in accordance with the national stipend scale, which is related to years of service. For the year under review the minimum stipend was £28,700 and the maximum stipend (in the 5th and subsequent years) £35,269.

Details of the cost of the locum is given in note [7].

[9] TRUSTEE REMUNERATION AND RELATED PARTY TRANSACTIONS ae;ho is a ofmember £5,499of werethe paidKirk onSession, behalfreceived of the minister£5,069fn(2021 - £4,829) for services as organist. No trustee or person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year.

During the year a total of £10,569 (2021 -£8,799) was donated to the congregation by trustees.

18

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS	NOTES TO THE FINANCIAL STATEMENTS
FOR THE	YEAR ENDED 31 DECEMBER 2022
[10] TANGIBLE FIXED ASSETS		2022	2021
		Equipment	Equipment
Cost		fo	fo
At 31	December 2021	2,784	2,784
	Additions	=	-
At 31	December 2022	2,784	2,784
Depreciation
At 31	December 2021	2,459	2,351
	Charge for the year	108	108
At 31	December 2022	2,567	2,459
Net	k Val
At 31	December 2022	217	325
		—	SS
At 31	December 2021	325	433
		SSS	S—————_——
(11] INVESTMENTS		£	£
Market value
As at	31 December 2021	367,314	346,817
	Additions	3,680	.
	Withdrawals	-	(1,325)
	Unrealised (losses)/gains on investments	(42,022)	21,822
As at	31 December 2022	328,972	367,314
		SS	FF
Investments at cost		310,728	307,048
		aT	=a

Investments comprise-

Church of Scotland investors Trust - Income Fund Church of Scotland investors Trust - Growth Fund Church of Scotland Investors Trust - Deposit Fund National Savings Income Bond

19

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

==> picture [462 x 333] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |2022|2021| |{12]|DEBTORS|£|£| |Gift|Aid|tax|refund|due|2,665|3,055| |OOOO| |[13]|CREDITORS|-|amounts|due|within|one|year| |Accruals|1,439|1,307| |General|Designated|Restricted|Endowment|Total| |[14]|ANALYSIS|OF|NET ASSETS|£|£|£|£|£| |Tangible|assets|217|-|-|-|217| |Investments|8,000|-|250,933|70,039|328,972| |Current|assets|(7,379)|9,284|32,487|143|34,535| |Current|liabilities|(1,439)|-|-|-|(1,439)| |As|at|31|December|2022|(601)|9,284|283,420|70,182|362,285| |leq— — —|——|oo ae|ea|—— — —0—0—I0u>asasasasasSr=S_ —C| |Tangible|assets|325|-|-|-|325| |Investments|8,000|-|280,796|78,518|367,314| |Current|assets|(19,007)|9,614|31,460|143|22,210| |Current|liabilities|(1,307)|.|-|-|(1,307)| |As|at|31|December|2021|(11,989)|9,614|312,256|78,661|388,542| |eee|——————essssoeeooeeeoesos®«a—msSsesesouoaoro|= =O|

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[15] VOLUNTEERS

In common with all congregations of the Church of Scotland the congregation benefits from the contribution made by volunteers who give their time and talents willingly for the benefit of the Church. The areas of congregational life which rely on the contribution of volunteers are many and varied and much of the activity would be unable to continue were it not for the commitment shown.

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MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS E AR M

[16] MOVEMENT IN FUNDS [continued]

Purposes of Endowment Funds

Income from the A Mitchell Bequest is used to provide Sunday School Teaching materials. Income from the Annie Jamieson Trust is distributed annually to help the poor of the parish. Income from the Pryde Bequest is used to provide prizes for the Sunday School.

Purposes of restricted funds

Income from the A Mitchell Bequest is used to provide Sunday School and music resources. Income from the Annie Jamieson Trust is to be used for the poor of the parish. Income from 2020 donations and legacies to be used for church repairs Income from the Selkirk Trust is to be used for pulpit supply and youth workers.

Purposes of Designated Funds

Fabric Fund - The Trustees set aside funds for the maintenance of the church property. The fabric fund account was closed during the year. Sunday School Fund - The Trustees set aside funds for the use of the Sunday school. Youth Club Fund is for use by the Youth Club.

Flower Fund- This is to provide flowers for display during services of worship.

Additional information about the Annie Jamieson Trust

The Kirk Session administers the Trust which grants assistance to elderly people who have lived in the Markinch Parish continuously for at least fifteen years. Its purpose is to help individuals to meet the cost of food and winter heating. In the early days, coal was delivered direct to applicants doors and they visited a grocer’s shop selected by the Session and received a parcel of food. Nowadays applicants are paid by cheque.

The number of applicants has dropped in recent years. The trust refers to ‘aged persons’ and the Kirk Session has defined this to mean anyone of an age to receive the Government Retirement Pension. Applicants should also be ‘poor’. This is treated to mean those on a basic pension and perhaps qualifying for Income Support. A means test is not applied. Any money not claimed has to remain in the Trust — it cannot be used by the Church for the benefit of the local congregation.

22

F

MARKINCH & THORNTON PARISH CHURCH OF SCOTLAND

APPENDIX

FUNDS HELD ON BEHALF OF THE CONGREGATION BY THE CHURCH OF SCOTLAND GENERAL TRUSTEES

	2022	2021
CAPITAL	—_———	a
Credit balance held at 31 December 2022	63,639	63,639
	—eEEE—_EEE=	——<————_—
Market value of balances at 31 December 2022	98,004	105,641
	————_—_____—J	;———__——___——_+4
REVENUE
Credit balance at 31 December 2022	5,205	22,566
	———————	——————

23