ACCRUED (SORP COMPLIANT) ACCOUNTS USING MERGER ACCOUNTING TO RECORD A UNION DURING THE YEAR
FOR THE YEAR ENDED 31 DECEMBER 2024
Congregation number: 010134
Scottish Charity Number: SC004695 Edinburgh: North and South Leith Parish Church of Scotland
North and South Leith Parish Church of Scotland
Trustees Report Year ended 31 December 2024
The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland effective from 1 January 2019.
Objectives and Activities
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.
In addition to regular Sunday worship, the congregation supports the local community in various ways: via the (Edinburgh North East) Foodbank and Food Pantry, providing food-bags and Sunday breakfasts for homeless people, the Community Café, use of the halls by various local groups including a Parent & Toddler group, a choir, line and ballroom dancing.
Our own Boys’ Brigade and Girl Guiding groups (Rainbows & Brownies) make good use of the halls. Regular Saturday Stall and Coffee Mornings are held, there is a Women’s group. Other social events are organised from time to time.
Achievements and Performance
2024 was dominated by two major events (a) the Union of North and South Leith on 31[st] March and (b) the demission of our Minister, , on 30[th] June.
The clear opinion within the congregation is that the first 9 months of the Union has been an unqualified success. The members of our two historical congregations in Leith have embraced the changes and are working together exceptionally well. In 2025, we will continue to develop our new partnership, as well as developing initiatives to build on our new foundations.
Inevitably, a small number of members of the old congregations appear to have stepped back, but we do hope our encouragement to them to restart their active support will bear fruit. The roll as at 31[st] December is 280.
Our Nominating Committee has been formed and has begun its work.
During the year, we have been an active participant in Holy Week joint services, Leith Churches Together, Leith Festival Gala Day and accompanying service of worship, 80[th] Annual Seafarers service, Service of Remembrance at the Merchant Navy Memorial, Church open days, plus continuing Community projects carried over from the two old congregations.
010134 / SC004695
North and South Leith Parish Church
Page 1
North and South Leith Parish Church of Scotland
During 2024, pre and post Union, we had 4 Baptisms, including 1 Adult Baptism, 2 Weddings and 12 Funerals.
Financial Review
The principal sources of income have been our regular offerings, the Community Café and rental of our premises to the local community. Our regular offerings have shown a decrease, reasons are the deaths of members plus the inevitable loss of a small number at the time of the Union.
The number of members giving via standing order continues to increase and we encourage gift aid wherever possible.
The Union resulted in some funds from the old congregations being merged by resolution of the Kirk Session, where their purposes were very similar.
The year ended with an overall operational deficit of £25,217. The value of investments however increased by £37,962 which means that the value of total funds at the year-end are up on the total value at the end of 2023 by £12,745.
Whilst we are concerned to have a deficit on running costs, we believe the significant activities we undertake in the local community and beyond must be continued. We do have significant reserves of funds to call upon to fund these activities, where required.
Investment Policy and Performance
The Church of Scotland Investors Trust (COSIT) provides congregations with the facility to invest their funds. It is our policy to use COSIT as our main investment vehicle. COSIT provides a Growth Fund and an Income Fund and we have significant investments in both.
The Growth Fund is very largely equity-based and is intended for long-term investment. The fund is operated on a unitised basis and aims to provide capital growth. The Income Fund is intended for medium-term investment and aims to provide high income with funds invested predominantly in fixedinterest securities and operated on a unitised basis. Both of these Funds have given positive returns in the past year and have performed at reasonable rates in comparison to relevant benchmarks.
COSIT also has a Deposit Fund which is intended for short-term investment and aims to provide a high rate of interest. The church uses this fund for immediate access, when required, to cash savings. (It also has cash savings in the locally based Castle Community Bank.) Further information on performance and management of the COSIT Funds is available on the Church of Scotland website.
Risk Management
The Trustees have considered issues associated with risks to the charity, be they financial, reputational or other such. One of the main areas of risk this year has been in relation to the union and much attention has been given to ensuring the new congregation members integrate and work well together.
The union has meant a reduction in risk in some areas, specifically over reliance on some office-bearers and in some areas of expertise; this, however, is a risk that continues to need monitoring and further work.
010134 / SC004695
North and South Leith Parish Church
Page 2
North and South Leith Parish Church of Scotland
The increasing age of the membership could lead to difficulties in finding well and able people to take on office-bearer and other voluntary roles. More buying in of specific expertise may be required in the future.
Financial risks include unrealistic levels of giving compared to ongoing running costs (and this is currently not helped by the need, for now, to continue to look after the three buildings and grounds of the former North Leith congregation). The Trustees also reviewed investments. In light of these and the cautious reserves policy, the Trustees view the financial risks as containable for now. The church does, however, continue to rely heavily on reserves to meet operational costs.
Reserves Policy
It is the Trustees policy to hold reserves to ensure that we can fulfil our objectives to ensure a worshipping and witnessing Christian presence in Leith, to support the wider work of the Church and to maintain our Category A Listed building which is of significant local importance. At the year end the Church held unrestricted funds per Note 16.
The Church holds £120,647 of restricted funds, provided for the purposes specified in Note 16.
The deficit in the year is addressed within the financial review on Page 2, the Trustees view is that the Reserves meet the objectives set up above.
Structure, Governance and Management
The congregation is a registered charity, number SC004695 and is administered in accordance with the terms of the Deed of Constitution (Unitary Form) and is subject to the Acts and Regulations of the General Assembly of the Church of Scotland.
Members of the Kirk Session are the charity trustees. The Kirk Session members are elders of the church and are chosen from those members of the church who are considered to have the appropriate gifts and skills. The minister, who is a member of the Kirk Session, is elected by the congregation and inducted by Presbytery.
In a ministerial vacancy the Presbytery appoints an Interim Moderator. Certain responsibilities of the Kirk Session are delegated as appropriate, and within defined financial limits, to the main committees: the Finance Committee and the Property Committee. In addition the Kirk Session has a Pastoral Care team, a Worship team and a Way Ahead & Mission group, all of which carry out specific activities and make recommendations as appropriate to the Kirk Session.
Union
During the current financial year a restructuring took place via a basis of Union between the following congregations (all unincorporated Scottish charities):
Names of combining charities Scottish Charity Number
Edinburgh Leith North Parish Church of Scotland SC004932 South Leith Parish Church of Scotland, Edinburgh SC004695
010134 / SC004695
North and South Leith Parish Church
Page 3
North and South Leith Parish Church of Scotland
Please note South Leith Parish Church of Scotland is the former name of this charity which since the date of Union has been known as "North and South Leith Parish Church of Scotland". The basis of Union of these congregations was approved by the Office of Scottish Charity Regulator (OSCR) and the Church of Scotland (parent charity - SC011353) with an effective Union (merger) date of 31 March 2024.
As this Union was a merger of the congregations into one continuing congregation the merger method of accounting was deemed appropriate. This means the financial statements show the current and comparative figures as if the entities have been the combined throughout those periods. Notes 17 to 19 of the financial statements provide further details of the pre-merger and post-merger Statement of Financial Activities (SOFA) components, which make up the combined figures detailed in these financial statements.
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
The financial statements 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 (FRS102) effective from 1 January 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities accounts (Scotland) Regulations 2006 (as amended). The charity constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
Merger accounting has been applied to North Leith Parish Church of Scotland which was United into North and South Leith Parish Church of Scotland (formerly called South Leith Parish Church of Scotland). The basis of Union of these two congregations was approved by the Office of Scottish Charity Regulator (OSCR) and the Church of Scotland (parent charity - SC011353) with an effective Union date of 31 March 2024. The merger method of accounting has been applied to these financial statements as if the entities had always been combined. Accounting policies of the churches were previously aligned and consequently there has been no need to modify any existing accounting policies in consolidating the United congregation, other than now using accrued SORP accounts rather than receipts and payments as in previous years.
As a new accounting system had to be set up from scratch, however, no attempt has been made to adjust for what would have been accruals at the beginning of the year and only year-end accruals have been applied.
Fund accounting
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.
010134 / SC004695
North and South Leith Parish Church
Page 4
North and South Leith Parish Church of Scotland
Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income therefrom is used for the purpose defined in accordance with the objects of the charity. North and South Leith Parish Church holds no Endowment funds.
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.
Going concern
The Trustees consider that there are no material uncertainties about the ability of the charitable company to continue for the foreseeable future, and therefore has adopted the going concern basis in preparing these financial statements.
Recognition of income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
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 the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS102) 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.
Interest receivable
Interest on funds held on deposit is included when receivable; this is normally upon notification of the interest paid or payable by the Bank.
Recognition and allocation of expenditure
Expenditure is included in the Statement of Financial Activities on an accruals basis and is recognised when there 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 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.
Unless otherwise stated, items of capital expenditure are written off in the year of purchase through the SOFA with the exception of land and buildings which are stated at a relatively recent market value.
010134 / SC004695
North and South Leith Parish Church
Page 5
North and South Leith Parish Church of Scotland
Land and buildings consist of two flats in Leith which the church rents out at social rent levels. Rental income is used first to maintain the flats and secondarily to assist in maintaining the main church buildings.
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.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, in current and savings bank accounts and in deposits held with the Church of Scotland Investors Trust and with Castle Community Bank.
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.
Creditors
Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
010134 / SC004695
North and South Leith Parish Church
Page 6
North and South Leith Parish Church of Scotland
Reference and Administrative Information
Trustees
The full Kirk Session of the new Congregation post-Union approved a significant reduction in the size of the Kirk Session. The members of the new Kirk Session are followed by those from the Kirk Sessions of North Leith and South Leith who were, but not currently, Trustees who stepped down after the Union.
North Leith Parish Church Kirk Session
South Leith Parish Church Kirk Session
Principal Office-Bearers
Minister ____ Interim Moderator _ Locum Minister __ Session Clerks __ Finance Convener/Treasurer____
Principal Office
North and South Leith Parish Church Halls _ 6 Henderson Street, Leith, Edinburgh, EH6 6BS Charity Number ____ SC004695
010134 / SC004695
North and South Leith Parish Church
Page 7
North and South Leith Parish Church of Scotland
Independent Examiner
Bankers
Bank of Scotland
New Kirkgate, Leith, Edinburgh, EH6 6AD
Royal Bank of Scotland
We are transitioning from the Royal Bank of Scotland to the Bank of Scotland, both accounts are active as at 31[st] December 2024.
010134 / SC004695
North and South Leith Parish Church
Page 8
North and South Leith Parish Church of Scotland Trustees, Responsibilities in Relation to the Financial Statements The charity trustees are responsible for preparing a trustee5' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunlted Kln8dom Generally Accepted Accounting Practice). The law applicable to chaf Ities in Scotland requires the charity trustees to prepare financial statements for Èach year whlch show a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the financial statoments, the trustees are requireé to: select suitable accounting policies and then apply them consistently: observe the method and principles in the applicable Charities SORP: make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statement5 of recommended practice have been followed, subject to any departures disclosec and explained in the financial statements,. prepare the financial statements on the goin8 concern basis unle55 It is inappropriate to presume that the charity will continue in operational existen. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explaln the charity's transaction5 and disclose with reasonable accuracy at any time the finonci41 pDsition of the charity and to enable them to ensure that the linoncial statements comply with the Charities and Trustee Investment {Scotlandl Act 2005 and the Charities Accounts Iscotlandl Regulations 2006 las amended). Thev are also responslble for safeguardln8 the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The trustees are responsSble for the maintenance and integrity of the charity and financial inlormatlon on the congregation's website. Legislation in the United Kingdom 8overnSn8 the preparation and di55emination of f inancial statements may differ from legislation in other iur15dictions. Approved by the Trustees and signed on their behalf, North and South Lerth Parish church 01013415COI)4695 Page 9
North and South Leith Parish Church of Scotland Independent Examiner's Report to the Trustees of North and South Leith Parish Church. Year Ended 31" Decenther 2024 I report on the actounts of the charity for the year *nded 31 December 2024 which are set out on Pa8es 11- 20. Respective responsibilitie5 of trustees and examiner The charitys trustees 31e responsible for the preparation of the accounts in accordance wrth the term5 of the Charities and Trustee Investment (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 21]06 las amended). The charity trustees consider that the audit requirement ol Regulatlon 10111 lal to Icl of the Accounts Re8ulations does not apply. It is my re5ponslbility to e¥amine the accounts a5 required under seclion 44111 Icl of the Act and to State whether particular rnatters have come to my altention. Basis of Independent examinerfs statement My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotlandl Re8ulations 2C(16 las amended). An examlnation includes a review of the accounting record5 kept by the harity and a comparison of the accounts presented with those record5. It also includes consideration of èny unusual items or disclosures in the accounts, and seeks eKplanatlons from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlrpd an avdit, and consequently I do not express an audit opinion on tFE view 8lven by the accounts. Independent examinees statement In the course of my examination. no matter has come ta my attentlon which gives me reasonable cause to believe that In any material respect the requirements: to keep accounting records in accordance with Sertlon 44111 (al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended) and to prepare account5 whlch accord with the accounting records and comply wlth Regulation 8 of the 26 Accounts Regulations (as amended) have not been met, or 2. to whlch, In my opinion, attentlon should be drawn in order to enable a Proper understanding of the accounts to be reached. Addres5= Ctswan and Partr)ers, 60 Constitrtion Street, Leittr. Ed.nbur8h. EHS 6RR North and South LElth Parish Church 0101341 scrM695 Pa8e 10
North and South Leith Parish Church of Scotland Statement of Financial Activities (incorporating an income and expenditure account) Year Ended 31 December 2024
| Note Income from: Donations and legacies 1 Charitable activities 2 Other trading activities 3 Investments 4 Other 5 Total income Expenditure on: 6 Raising funds Charitable activities Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers between Funds 16 Net movement in funds Reconciliation of funds: 16 Total funds brought forward Total funds carried forward Net income/(expenditure) before gains and losses on investments |
Unrestricted / Designated Restricted Combined Funds Funds Total 2024 2024 2024 £ £ £ 98,785 - 98,785 33,713 - 33,713 48,556 - 48,556 37,409 5,981 43,390 34,201 - 34,201 252,664 5,981 258,645 138 - 138 278,756 4,968 283,724 278,894 4,968 283,862 (26,230) 1,013 (25,217) 37,015 947 37,962 10,785 1,960 12,745 - - - 10,785 1,960 12,745 1,340,525 118,687 1,459,212 1,351,310 120,647 1,471,957 |
Unrestricted / Designated Restricted Combined Funds Funds Total 2023 2023 2023 £ £ £ 166,797 - 166,797 24,568 - 24,568 49,795 - 49,795 29,178 4,012 33,190 21,219 - 21,219 |
|---|---|---|
| 291,557 4,012 295,569 |
||
| 661 242 903 258,261 236 258,497 |
||
| 258,922 478 259,400 |
||
| 32,635 3,534 36,169 |
||
| 2,853 (9,685) (6,832) |
||
| 35,488 (6,151) 29,337 |
||
| - - - |
||
| 35,488 (6,151) 29,337 |
||
| 1,305,037 124,838 1,429,875 |
||
| 1,340,525 118,687 1,459,212 |
The above are combined figures, for both the current and comparative period, which show the aggregated results of the united congregations (further details of the basis of Union during the year can be found in the Trustees Report).
010134 / SC004695
North and South Leith Parish Church
Page 11
North and South Leith Parish Church of Scotland Balance sheet Year Ended 31 December 2024 Fund5 T•1 FUNIS FLwK1s Tot•1 Tan8ibleassets vesimenis Total 347.1 811,885 1,164WS )4?.W) 912, 1.269. 347.( 780.870 1,127,8 347.ODJ 884.638 1.231.639 lQ4,715 104,715 103,768 103.768 Aw• COS De¢/ca5t Com aank Qobtor5 Ciih •Ink ind In Mnd Total Cufflm A5Mts 118.63? iom) 12ll.637 IL3.736 123.736 68.891 19QLVJ6 5JJl 15.532 74.133 99.711 213.448 4.919 14.919 104.631 128.367 U•bllMles CredilDrsfallkn{ due within om ytar 13ffi711 l Jffi711 (7931 14•tCurr•nt As••l• CrÈdltorslallh8 due after one IJ5L310 110,647 1.471.957 1,340.515 114687 1.459.111 NetAsse lJ51,310 110.647 L471.957 L340.515 IlJ,687 1,459.IlZ Nstlilted Income lunos Uryrestricted/Denated incomtfund4 Toi1 120.647 120,647 I687 118.687 2.340.525 1.459.112 I.3SI.3to 1.35l.31Q 1.140.525 1.440.525 120.647 .471.957 118.687 Ihe corfibin•df¥r•s,fty tyoth tr•c¥rrnnt ¢¢¥npiri¥• show tn• •Mr•iii•d wvJrtsol rh• nI[ coDirw•ibTrs. Th¢ notes Qn paivs 13 to 22 form oartof thts•flnaDci41 sraiements. Th• ac(ountsw•rn•pprtythl bythi Tiuliqlvb 19 M•rth 2025 and qnthqir b•h•lfby.' North and Scuth Leith Parish Church 01013415(rw5 Py12
North and South Leith Parish Church of Scotland
Notes to the financial statements Year Ended 31 December 2024
| Unrestricted / Designated Restricted Combined Funds Funds Total 2024 2024 2024 £ £ £ 1. Donations and Legacies Offerings 75,655 - 75,655 Tax recovered on Gift Aid 20,045 - 20,045 Legacies 1,000 - 1,000 Donations 2,085 - 2,085 Other - - - 98,785 - 98,785 2. Income from charitable activities Weddings and Funerals 550 - 550 Organisations 950 - 950 Community Café 25,897 - 25,897 Concerts & events 6,316 - 6,316 33,713 - 33,713 3. Income from other trading activities Rent Received from Property: 35,823 - 35,823 12,733 - 12,733 48,556 - 48,556 4. Investment Income Dividends received 31,063 5,681 36,744 Bank and Deposit interest 6,346 300 6,646 37,409 5,981 43,390 5. Other Income 30,000 - 30,000 Other 4,201 - 4,201 34,201 - 34,201 TOTAL INCOME 252,664 5,981 258,645 Hall Lets Flat Lets Receipts from General Trustees |
Unrestricted / Designated Restricted Combined Funds Funds Total 2024 2024 2024 £ £ £ 1. Donations and Legacies Offerings 75,655 - 75,655 Tax recovered on Gift Aid 20,045 - 20,045 Legacies 1,000 - 1,000 Donations 2,085 - 2,085 Other - - - 98,785 - 98,785 2. Income from charitable activities Weddings and Funerals 550 - 550 Organisations 950 - 950 Community Café 25,897 - 25,897 Concerts & events 6,316 - 6,316 33,713 - 33,713 3. Income from other trading activities Rent Received from Property: 35,823 - 35,823 12,733 - 12,733 48,556 - 48,556 4. Investment Income Dividends received 31,063 5,681 36,744 Bank and Deposit interest 6,346 300 6,646 37,409 5,981 43,390 5. Other Income 30,000 - 30,000 Other 4,201 - 4,201 34,201 - 34,201 TOTAL INCOME 252,664 5,981 258,645 Hall Lets Flat Lets Receipts from General Trustees |
Unrestricted / Designated Restricted Combined Funds Funds Total 2024 2024 2024 £ £ £ 1. Donations and Legacies Offerings 75,655 - 75,655 Tax recovered on Gift Aid 20,045 - 20,045 Legacies 1,000 - 1,000 Donations 2,085 - 2,085 Other - - - 98,785 - 98,785 2. Income from charitable activities Weddings and Funerals 550 - 550 Organisations 950 - 950 Community Café 25,897 - 25,897 Concerts & events 6,316 - 6,316 33,713 - 33,713 3. Income from other trading activities Rent Received from Property: 35,823 - 35,823 12,733 - 12,733 48,556 - 48,556 4. Investment Income Dividends received 31,063 5,681 36,744 Bank and Deposit interest 6,346 300 6,646 37,409 5,981 43,390 5. Other Income 30,000 - 30,000 Other 4,201 - 4,201 34,201 - 34,201 TOTAL INCOME 252,664 5,981 258,645 Hall Lets Flat Lets Receipts from General Trustees |
Unrestricted / Designated Restricted Combined Funds Funds Total 2023 2023 2023 £ £ £ 89,317 - 89,317 18,392 - 18,392 54,321 - 54,321 4,501 - 4,501 266 - 266 |
|---|---|---|---|
| 166,797 - 166,797 |
|||
| 1,039 - 1,039 1,150 - 1,150 16,070 - 16,070 6,309 - 6,309 |
|||
| 24,568 - 24,568 |
|||
| 37,375 - 37,375 12,420 - 12,420 |
|||
| 49,795 - 49,795 |
|||
| 24,901 4,012 28,913 4,277 - 4,277 |
|||
| 29,178 4,012 33,190 |
|||
| 18,219 - 18,219 3,000 - 3,000 |
|||
| 21,219 - 21,219 |
|||
| TOTAL INCOME | 252,664 5,981 258,645 |
291,557 4,012 295,569 |
010134 / SC004695
North and South Leith Parish Church
Page 13
North and South Leith Parish Church of Scotland
Notes to the financial statements (continued) Year Ended 31 December 2024
| **6. ** | Analysis of Expenditure Raising Funds Investment Manager’s Fees Offering Envelopes Charitable Activities Giving to Grow Contribution Presbytery Dues Minister’s Expenses Pulpit Supply / Locum Minister Vacancy Costs Other salary costs Fabric Repairs & Maintenance Council Tax Other Building Costs Church Office Expenses Independent Examination Fees Organ & Music (Including Organist) Community Café (Incl Café Manager Salary) Donations to other charities Flowers Community Outreach Supplies Union North & South Leith (One-off) Congregation Activities Other Expenses |
Unrestricted / Designated Restricted Combined Funds Funds Total 2024 2024 2024 £ £ £ - - - 138 - 138 138 - 138 92,926 - 92,926 2,174 - 2,174 1,789 - 1,789 11,264 - 11,264 200 - 200 36,587 4,550 41,137 17,267 - 17,267 2,158 - 2,158 46,682 - 46,682 5,944 - 5,944 2,720 - 2,720 9,571 - 9,571 29,595 - 29,595 5,639 153 5,792 1,070 - 1,070 3,614 - 3,614 3,707 - 3,707 2,354 - 2,354 3,495 265 3,760 278,756 4,968 283,724 278,894 4,968 283,862 |
Unrestricted / Designated Restricted Combined Funds Funds Total 2023 2023 2023 £ £ £ 492 242 734 169 - 169 |
|---|---|---|---|
| 661 242 903 |
|||
| 84,809 - 84,809 1,689 - 1,689 2,533 - 2,533 11,408 - 11,408 - - - 38,608 - 38,608 19,630 - 19,630 3,612 - 3,612 36,242 - 36,242 6,202 - 6,202 1,220 - 1,220 10,852 - 10,852 25,032 - 25,032 7,020 236 7,256 760 - 760 2,371 - 2,371 - - - 1,307 - 1,307 4,966 - 4,966 |
|||
| 258,261 236 258,497 |
|||
| TOTAL EXPENDITURE | 278,894 4,968 283,862 |
258,922 478 259,400 |
Support costs have not been separately identified as the trustees consider there is only one charitable activity. Therefore support costs relate wholly to that activity and have not been separately identified.
010134 / SC004695
North and South Leith Parish Church
Page 14
North and South Leith Parish Church of Scotland
Notes to the financial statements (continued) Year Ended 31 December 2024
| 2024 | 2023 | ||
|---|---|---|---|
| **7. ** | Staff costs and numbers | £ | £ |
| Salaries and wages | 53,517 | 49,809 | |
| Social security costs | - | - | |
| Pension scheme costs | 730 | 664 | |
| Total | 54,247 | 50,473 | |
| The average number of employees during the year was as follows: | |||
| 2024 | 2023 | ||
| Number | Number | ||
| Premises maintenance | 3 | 4 | |
| Ministerial support | 1 | 1 | |
| Community Café | 1 | 1 | |
| Administration | 2 | 3 | |
| Music staff | 0 | 1 | |
| 7 | 10 |
No employee had employee benefits in excess of £50,000 (2024 nil)
Three North Leith employees were made redundant at the Union; the Organist, Cleaner and Hallkeeper. One North Leith employee (Handyman/Gardener) came across to the united congregation.
All Church of Scotland congregations contribute to the National Stipend Fund which bears the costs of all ministers' stipends and employer's contributions for national insurance, pension and housing and 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 £31,642 and the maximum stipend (in the tenth and subsequent years) £38,884
8. Trustee Remuneration and Related Party Transactions
received £3,758 for travel, telephone and Council Tax.
, Interim Moderator at North Leith Pre-Union, received £189 for travel.
No trustee or a 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 £21,256 was donated to the congregation by trustees, through regular offerings.
010134 / SC004695
North and South Leith Parish Church
Page 15
North and South Leith Parish Church of Scotland
Notes to the financial statements (Continued) Year Ended 31 December 2024
9. Tangible Fixed Assets
| Buildings Total Cost At 1 January 347,000 347,000 Additions - - Disposals - - At 31 December 347,000 347,000 Net Book Value at 31 December 2024 347,000 347,000 10. Investments 2024 £ Market value at 1 January 884,638 Additions at cost - Disposals - Unrealised gain / (loss) on investments 37,962 Market value at 31 December 922,600 Investments at cost (Church of Scotland) 724,198 Investments at cost (BP Shares) 5,014 729,212 The investments are carried at their fair value. The following investments are held: No. 63,260 46,228 Church of Scotland Investors Trust Growth Units Church of Scotland Investors Trust Income Units <--------- 2024 ---------> |
Buildings Total 347,000 347,000 - - - - <--------- 2023 ---------> |
|---|---|
| 347,000 347,000 |
|
| 347,000 347,000 |
|
| 2023 £ 891,470 - - (6,832) 884,638 No. 63,260 46,228 |
We also hold 1,968 BP shares left to the former North Leith Church in a legacy, included above.
010134 / SC004695
North and South Leith Parish Church
Page 16
North and South Leith Parish Church of Scotland Notes to the financial statements (Continued) Year Ended 31 December 2024
| 11. Debtors Gift Aid Tax Refund Due Prepayments Other (detail where material) 12. Other 13. Collections and fundraising for Third Parties Christian Aid Thistle Foundation CA Turky/Syria Earthquake Appeal DEC Earthequake Appeal Sailors Society MacMillan Cancer Supprt Christmas Appeal 2023 Leith Sea Cadets NE Dementia Care Christmas Appeal 2024 Rev Iain May - retiral gifts Creditors Accruals |
2024 £ 2,568 - - 2,568 2024 £ (3,671) - (3,671) 2024 £ 492 - - - - 550 485 490 432 242 655 3,346 |
2023 £ - - - |
|---|---|---|
| - | ||
| 2023 £ - - |
||
| - | ||
| 2023 £ 967 706 259 564 500 477 - - - - - |
||
| 3,473 |
14. 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.
| 15. Analysis of Net Assets Among Funds Current financial year Fixed Assets Investments Current Assets Current Liabilities Net assets at 31 Dec 2024 Comparative financial year Fixed Assets Investments Current Assets Current Liabilities Net assets at 31 Dec 2023 |
General / Designated Restricted £ £ 347,000 - 817,885 104,715 190,096 15,932 (3,671) - 1,351,310 120,647 General / Designated Restricted £ £ 347,000 - 780,870 103,768 213,448 14,919 (793) - 1,340,525 118,687 |
Total £ 347,000 922,600 206,028 (3,671) |
|---|---|---|
| 1,471,957 | ||
| Total £ 347,000 884,638 228,367 (793) |
||
| 1,459,212 |
010134 / SC004695
North and South Leith Parish Church
Page 17
North and South LeithParish Church of Scotland
Notes to the financial statements (Continued) Year Ended 31 December 2024
| 16. Movements in Funds 2024 - current year Restricted funds Lyon Legacy W K Hogg Fund Unrestricted/Designated funds General Fund Fabric Fund JB Husband Bequest Reserves Fund 10th Leith Boys' Brigade (Designated) Benevolent Fund (Designated) Children & Youth Fund (Designated) Community Outreach (Designated) Overseas Benevolent (Designated) Total funds 2024 |
Investment At 1 Jan. Income Expenditure Transfers gain/(loss) At 31 Dec. £ £ £ £ £ £ 12,792 683 - - 114 13,589 105,895 5,298 (4,968) - 833 107,058 |
|---|---|
| 118,687 5,981 (4,968) - 947 120,647 |
|
| 399,464 198,475 (251,096) - 22,547 369,390 494,997 33,573 (17,266) - 9,665 520,969 111,368 5,825 (1,029) - 971 117,135 57,048 2,207 - - 368 59,623 67,863 3,704 (3,900) - 617 68,284 22,201 578 (357) - 1100 23,522 23,638 936 - - 388 24,962 76,393 3,339 (4,246) - 744 76,230 87,553 4,027 (1,000) - 615 91,195 |
|
| 1,340,525 252,664 (278,894) - 37,015 1,351,310 |
|
| 1,459,212 258,645 (283,862) - 37,962 1,471,957 |
Restricted funds
Lyon Legacy
For the Thursday Afternoon Group. This group has disbanded, Kirk Session approved merger with Husband Bequest, to be implemented in 2025
W K Hogg Fund For assistance with the provision of Ministerial support. 5% of income disbursed to Borders Country Churches
Unrestricted & designated funds
General Fund For all the general Income and Expenditure Fabric Fund For the maintenance of the Congregation's Property assets JB Husband Bequest For the benefit of People and Projects Reserves Fund The Reserves held by the Congregation 10th Leith Boys' Brigade For the exclusive use of the BB Company Benevolent Fund For all Benevolent purposes in the congregation and local Community Children & Youth For the benefit of Children and young people within the congregation and Parish Community Outreach For provision of services to the local community e.g. Sunday Breakfasts, food parcels etc Overseas Benevolent For support of projects and Charities outwith UK
Other Funds
Organ Fund For the South Leith Organ Refurbishment, closed down in 2024 Pre-Union. Fund deficit taken into the General Fund. (2023 figures for Organ Fund incorporated in General Fund in table below.) Mission Fund A previous North Leith Fund for local Mission purposes, merged with Community Outreach Fund at the time of the Union.
Transfers: all transfers were agreed by the Kirk Session and are in line with the relevant fund criteria.
010134 / SC004695
North and South Leith Parish Church
Page 18
North and South LeithParish Church of Scotland
Notes to the financial statements (Continued) Year Ended 31 December 2024
| 16. Movements in Funds (continued) 2023 - comparative year Restricted funds Lyon Legacy W K Hogg Fund Unrestricted & designated funds General Fund Fabric Fund JB Husband Bequest Reserves Fund 10th Leith Boys' Brigade (Designated) Benevolent Fund (Designated) Children & Youth Fund (Designated) Community Outreach (Designated)() Overseas Benevolent(Designated) () Includes North Leith Mission fund Total funds 2023 |
Investment At 1 Jan. Income Expenditure Transfers gain/(loss) At 31 Dec. £ £ £ £ £ £ 13,684 447 (126) - (1,213) 12,792 111,154 3,566 (352) - (8,473) 105,895 |
|---|---|
| 124,838 4,013 (478) - (9,686) 118,687 |
|
| 352,491 250,690 (226,896) 2,915 20,264 399,464 487,696 22,636 (20,426) (2,915) 8,006 494,997 104,966 4,854 (2,336) - 3,884 111,368 66,104 1,442 (380) - (10,118) 57,048 77,841 5,428 (5,232) - (10,174) 67,863 21,105 547 (288) - 837 22,201 25,223 626 (137) - (2,074) 23,638 77,731 2,546 (2,525) - (1,359) 76,393 91,880 2,787 (702) - (6,412) 87,553 |
|
| 1,305,037 291,556 (258,922) - 2,854 1,340,525 |
|
| 1,429,875 295,569 (259,400) - (6,832) 1,459,212 |
010134 / SC004695
North and South Leith Parish Church
Page 19
Notes to the financial statements (Continued) Year Ended 31 December 2024
17. Merger accounting - analysis of principal SOFA components for the current reporting period
| Total income Total expenditure Net income/(expenditure) Net gains/(losses) on investments Net movement in funds |
Post-Merger 2024 Combined Total £ £ £ £ 15,289 47,176 196,180 258,645 (23,881) (54,857) (205,124) (283,862) <------ Pre-Merger ------> North Leith Parish Church South Leith Parish Church North & South Leith Parish Church |
Post-Merger 2024 Combined Total £ £ £ £ 15,289 47,176 196,180 258,645 (23,881) (54,857) (205,124) (283,862) <------ Pre-Merger ------> North Leith Parish Church South Leith Parish Church North & South Leith Parish Church |
|---|---|---|
| (8,592) (7,681) (8,944) (25,217) 37,962 12,745 |
||
| 12,745 |
18. Merger accounting - analysis of principal SOFA components for the previous reporting period
| <------ Pre-Merger ------> | <------ Pre-Merger ------> | ||
|---|---|---|---|
| North Leith | South Leith | 2023 | |
| Parish | Parish | Combined | |
| Church | Church | Total | |
| £ | £ | £ | |
| Total income | 80,461 | 215,108 | 295,569 |
| Total expenditure | (91,491) | (167,909) | (259,400) |
| Net income/(expenditure) | (11,030) | 47,199 | 36,169 |
| Net gains/(losses) on investments | (6,832) | ||
| Net movement in funds | 29,337 |
19. Merger accounting
The accounting policies of both North Leith Parish Church of Scotland and South Leith Parish Church of Scotland were previously aligned and consequently there has been no need to modify any existing accounting policies in consolidating the United congregation, other than changing from Receipts and Payments basis to SORP.
On uniting (the merger) there was no requirement to restate any of the unrestricted funds of any of the combining congregations.
010134 / SC004695
North and South Leith Parish Church
Page 20
APPENDIX
FUNDS ELD OH N EHB ALF OF THE CONGREGATION BY TH E C HURCH O F SCO T LA N D GENER A L T RUST EE S
| AP T L AC N C I A COU T re i a a es h t 31 em er a o t C d t B l nc eld a Dec b t c s a et Va ue f a an es a Dec b M rk l o B l c t 31 em er E U ACC NT R VEN E OU re i a a e t 31 e e C d t B l nc a Dec mb r |
2024 £ 798,681 |
|---|---|
| 786,295 | |
| 31,470 |
010134 / SC004695
North and South Leith Parish Church
Page 21