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.
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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.
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North and South Leith Parish Church
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## 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
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North and South Leith Parish Church
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## 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.
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North and South Leith Parish Church
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## 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.
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North and South Leith Parish Church
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## 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.
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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
N*stlilted Income lunos
Uryrestricted/De*nated incomtfund4
Toi*1
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 ¢¢¥npir*i¥• 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**|
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North and South Leith Parish Church
Page 21