The Church of Scotland St Fillall's Church, Aberdour Trustees Report and Accounts 2022 CoDgregation No= 241447 Charity No: SC005851 Receipts and Payments Accounts . St Fillan's Church Aberdour Trustees Report and Accounts For the year ended 31 December 2022 Contents Page No Reference and Administrative Inforniation Trustees, Annual Report Structure Governance and Management 2022 Overview Priorities for 2023 5-10 10 Statement of Trustees, Responsibilities Independent Examiner's Report 12 Receipts and Payments Account 13-14 Notes to the Accounts 15-17 Reference and Administrative Information Charity Name: Charity Registration Number: Con&7regalion Reference No: St Fillan's Church of S¢otland. Akrdour SC 005851 ?41447 Contact Address: Trustees actively. seTh'ints on Kirk Session durin. Appeal. 2022 Advent Appeal - The Cottage Family Centre and Big Hoose Project 7. Property St Fillan's has charge of two listed busldings and a r¢latively mixlern Manse. The Church itself is Grade A listed. is nearly 900 years old and is thL heart of the Parish'"s worship. The buildiYR&F is in generally good condition for its age. The ligThts and the sound system were up?radcd. A smart meter has been instslled. The five y&qrlv Eleetrieal IT)stallalion Condttion Report (EICR) insFtction complcied. A faulty socket was replaced and sealin&J works carried out on the distribution boarLt There is a small Church Vestry, which ts incoTwrated into thc wall of the Aberdour ca￿le Gardens. UpgFrading to the toilet area is reqUIrL￿ and issues need to be resO1￿.td with incoming po￿..er supply. We are currently aM."aiting Scottish Power to cary out this work. The Church HaRI, listed Grade B, is half a mile from the church. Being at the centre of the village il is a focus for many social and communitv gatherings. It is us¢)J daily during most weeks of the year by manN, difterent local groups and organisations and is xn e&sential element in village life. The EICR was completed minor works carried out to electrical circuits. The heater swilching panel w&$ replaced. The Manse is also kept good eonditioL The faulty palio door and master ithoom window were replacel and bedroom Te-decorated at a cost of £4,626. The EICR was also completed and a new distribution board and upgrading to electrics took place. Trustees, Annual Report (continued) Year ended 31 December 2022 8. Financial Revieiv The fu￿claI results for 2022 were again impacted by the Covidl 9 Pandemlc as the return to 'norn]al' was very much a tsradual process. A tull year deficit had been budgeied in the knowledge that there were suflicient Reserves in place to proN"ide adequate cover for loss of income due to these exceptional circutnstances. The most significant item of. ex￿ndI1Ure contknued to be the Ministries and Mi&8ion AIlocation which is effectively not controllable and was based on highei levels of income. All cornmitments were met in full. Total reccipts were £71.404 (2021 £62,221) and Fmyments £80.574 (2021 £69,874) resulting in a deficit of receipts over pa)'mcnts of £9,170 (2021 deficit £7,65J). 2021 Coinpardtive figures have been re-ststed to gross up incoine transferred from the Consolidated Fabric fund and reimbuT5ement of Pulpit Supply paynents. These receipts had been offset against payments and disclosed by mrans of notes to the Accounts. Thc ￿T￿t of this ￿$tal￿￿ent is to incffase IM)th receipts. and payments in 2021 by £1163. The deficit of reccipts over payments and other balances remains unehanged. Congregational ofterings and donations including Gift Aid amounted to £50.574. representing 710/0 of total receipls 12021 £54.799. 88/}. There was a decrease in regular offerings by Standing Order and WFO, untortunately not unexpected with an ageing eongregation. Open Plate donation5 ￿'ere £4,208 (?021: £2.699} an improvement refleL'tinL¥ incre&sAng attendance numbers bul nol yct back at pre Covid19 levels of £8,659 in 2019. Pleasingly Ihere were optx)rtunities for Fundraising In 2022 with one coffee morning and thL return of the annual Sale of Work raising £J,066 (2021 £nil). Other income. including Flall Rental Income and income from Weddings and Funerals more than compensated for the reduction In re&Fular donations increasing from £3,148 in 2021 to £10,291 in 2022. Ordinary General ex￿ndit￿re increased froTn £64:048 in 2021 to £70.834 in 2022. £3,567 of this increase was in the net Ministries and Mission ContrÉbution as 2021 had included a one off reduction in response to the Covid19 Pandemic. Salaries and fees Increased by £?,419, due to a combination of return to nonnal hours and rate incr&2ses. Other movements in expenditure largelj reflect the relurn lo 'restriction frec, services and aclivities. Pulpit Supply costs for sunday Services incurred during the Minister s ab￿nce were recovered from the Church of" Scotland Pastoral Support teanL Services taken by our ovm Woiship Group every rnonth reduced the amount we had to claim back. DI￿retIOnary expenditure continued to ￿ carefully managed to offset loss of Income and to minimise the General Fund deficit. £4,818 Property Repairs and Mainienance EXp￿nseS were charged to the Designated Fabric Fund and £2,334 recover¢d from the Consolidated Fabric Fund held by the General TrU￿ees. Overall. total funds carried forward were £219.962 (2021 £229,484) excluding the Consolidated FabTiC Fund. The Reserves Policy was reviewed by Kirk Session al the end of 202? Financial resilience more than ampl), demonstrated in 2022 dcspile the longer terr¥) impact of the Covidl 9 Pandemic and the risks &gsociated with the protx)sed closure of the Si Fillan's Church Building. The main strengths continue to be = the wide support of the rnembers and community, the continuing high PTQPOrtion of income from regular doTbors throu&yh Gift AiiL Combined Mith &Jood control of expenditure. the generally good condition of the fabric of all the buildings. the availability of excess Reserves in the Gcneral Fund to otT5et the impact of unforeseen and exceptional incoffte losses the availability of reserves in the Fabric Fund and Building Repair Funds which reduces the need for general funds to be spLnt on routine or essential Fabric Maintenance, our continued ability to pay the full Ministri, and Mission alloration. Trustees, Annu21 Report (continued) Year ended 31 December 2022 8. Financial Review (continued) In Contrast the major financial risks are-. The ongoing longer tenn impact of the Covidl 9 Pandemic in ternls of revenue and community engagement, The threat of closure of the Church Building, and uncertainty around the implementation of the F ife Presbjtrry Plan. The risk of a loss of regular offerings through slowly decltning MeM￿rship and the potential need foT extra fundraising in these circumstances, The risk of unexpected e￿ndIture on the listed building& Investments No new investments were made or existing investments ￿ld in 20?2. The market v￿ue of investments at 31 December 2022 was £49,715 (2021 £58.518) rotnpared to Fx)ok value of £49.516. 9. Reserves Policy The Reserves Policy was last utmjated in 2020 in th¢ liglit of the universa] concerns aEx)ui ihe impact of the a&7ein congregation, the impact of the Covidl 9 PandemiL and the receipt in 2020 of a significant Unrestricied LeLJacy but is stÈll considered to be appropriate. 'I"he longer tcmi eftccis of the Pandemic are still being seen today and the external environmeni has changed in other wav& not least ￿l￿g the Cost of Living Crisis in the UK This a£Tects us directly, in terms of rising cost& and indirectly, through the impact on our Congregation and wider Con]munity. Although there will continue to k fIn2n¢ial demands in maintaining Iwo Its1￿ buildings. it is considered that there are adequate fi￿dS to matntain all the buildings in the comin£ y.ears. Some would benefit from investment to improve or modernise facilities and it is hoped that the current restriclions imposed by fife Pres'bytcry, perniitting essential works only (wind and w'ater tight OT required for Health and Safety). are lifted soon so that these works can be gJiven appropriate consideration. Funds raised for the upcoming 900th Anniversary Celebrations are held in the Church Fund. More generally this Fund is for improvements to the ChurclL Church Ilall and for worship. and for the improvement or replacement of the ChurLh Organ. The key features of the Reserves Policy focus on Unrestrtcted and De51&Fnated funds and are-. Fabrie Reserves to k put aside for addre￿Ing the major fabric risK partÉculaTly those of the ChurclL Church Hall and the Manse. These funds are a combination of monies held in the Consolidated Fabric Fund and the Fabric Fund and should be maintained at £60k (2021 £60k). Th¢ monies held in the Buildings Repair Funds are sufficient to cover toreseeable maintenance costs of the Church and other buildings for the next few years. The General Reserve is to provide adequate cover for lo￿ of income due to unforeseen circumstances, such as the Covidl 9 Pandemic and the Cost of Living Lrisis. and gradual loss of allnuai income reflecting concerns about the demogJraphics of the congregation. Unrestricted donalions or legacies foi &JLneral pUrpo￿S will also be accountcd for in this category.. These are gJenerally instructed to be used ai the discrelion of the Minister and Elders. surpluses above levels required by FK)licy may be transferred to FabriL Rcscrves on an annua] basis to maintain these at their agreed level. The aim is to hold Funds of at least £45k (2021 £45k) within this General Reserve to provide cover for loss of income . Working Capitsl of £IOk is al￿ needed to n￿]n￿ 0F￿ratiOr￿1 liquidity day to day - for Ministy and Mission paytnents, ulility bills, salaries atld for routine fabric maintenance. etc. Trustees, Annual Report (continued) Year ended 31 December 2022 9. Reseryes Policy (eontinued) In total the assessed level of reserves in utwestricted or desi natrd funds logether as defined above should be maintained at a minimum value of £120L At the end of 2022 the total balancc in reserves complied with this Poltcy with targets set in previou5 years achieved or exceeded. The values below are shown after year end transfers. 2022 2021 General Fund Fabric Reserves General Reserve The sum held in General Fund at end year Sum of Fabric Fund and Consolidated Ftsic Fund at EK)ok value Sum hcld in Reserve F'und at bwk value Total of Uttrestricted Reserves £IOk £60k £79k £149k £IOk £60k £91k £167k Priorities for 2023 2023 promises to be a chaIlenging year although it will ￿ a joyful one &8 well whilst we celebrate our 900th anniversary. Further details can be found on our Website regarding events for the anniversary. We are in a cluster with Dalgety Bay, Inverkelthing, North Queensfery and Rosyth. Meetings will continue to be held to discuss the way forward for the 5 Churches. This will include Team Ministt), which is still to bc worked on. Our priority is to continu¢ to fight the decision to close St Fillan's and we have already had discussions with the Historic Churches Coxntnittee set up by Fife Presbytery and further meetings will take place. In the meantime we wilF continue to ensure that services aTe held in the Church every Sunday. The T￿￿teeS have a pastoral responsibility to the ￿pIe COEnmitted to their &qre, the Members and Adherents of the Congregatt0￿ to ensure Worship and P&8toral care will provided afier any restructuring. The TTUSttes also have a fiduciary duty to ensure that the &ssets hcld by the Charity are used prO￿rIY and legally, and transferred to other charities should that ￿ the outcome of discussio￿ always with the interest of the Charity in mtnd. The TrustLCS, therefore, will have to spend a considerable amount of time and effort to ensure these m8ttcT8, spiritual and temporal, are dealt with in such a way that the knteresLs of the Charity are meL This will bc a very difficult process filled with iniernal and external pressures. 10 Trustees. Annual Report (continued) Year ended 31 December 2022 Statement of Trnstees, Responsibilities 'I'he Kirk Se&sion is res￿nSible for ensuring the preparation of financial statements which give sufficient detail to enable an appreciation of the transactions of the Church during the financial year. The members of the Kirk Session are responsible for kceping proper accounting records which, on requcs¢ must relleLt the fIn￿CIal positton of the Church at that time. This must k done to enS[￿e ihat the tiEJancial statements complv with the Charities and Tn￿teeS Investment (Scotland) Act 200). the Charities Accounts (Scotland) TeLJulations 2006 and the Regulations Anent Con&Jregational Finance approved by the General Assembly of thc Church of Scotland 2007. They are also responsible for safeguarding the assets of the Church and must take reasonable steps for the pr¢vention andlor detection of fraud and other itregulariti¢& Approved by the Trustees and signed on their behalf St Fillan's Church, Aberdour SC005851 Independent Examiner's Rew•rt to the Trustees of St Fillan's Church, Aberdour I report on Ihe fll]ancial Statements of the charity for the year ended J l December 2022 which are set out on pages li to 17. Respective responsibilities of Érustees and examiner The charity tr[￿eeS are responsÉble for the preparation of the accounts in accordance with the tern]s of the Charities and Trustee Investments (Scoiland) Act ?005 ("ihe 2005 Acty and the Charities Accounts (Scotland) Regulations ?006 (as amended) ("the 2006 Regulations"). The charity trustee% consider that the audit requirement of Regulation 10(IXd) of the 21x16 Regulations does not apply. It is my responsibility to examine the ac(x)unts as required under section 44(1 Mc) of the 21X)5 Act 2nd to State whether particular matters have come to my attention. Basis of Indepcndent Examiller's statement My examination is carried out in accordance Regulation I l of the 2(K)6 ReLFulations. An examination includes a review of the aLcoiinting records kept bv the charity and a Lt)mparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts" and seeks ¢xplanations from the trustees concerning any s￿h matters. The procedures undertaken do not provide all the Lvidence that would be required in an audi¢ and conwuently I do not express an audit opinion on the view given by the accounts. Independent Examiner's statement In the course of my examInatio￿ no matÈer has come to my attention: which gives me reasonable cause to ￿lieve that in any materiaI reS[￿t the requirements: - to keep accounting records in accordance wlth Section 44(IXa) ol. the 2005 Act and Regulation 4 of the 2006 Account Re()ulations and - lo prepare accounts which accord wtth the accounting records and comply with Regulation 9 of ihe 2006 Account8 Regulations have noi been meL or 2. to which in my opinion, attention should k drawn in order to enable a proper understanding ot" the accounts to be Teached. Date.. 12 St Fillan's Church Aberdour Receipts and Pa*m¢nts Account Year ended 31 December 2022 Unrrstricted Rostrirted Etydowment Funds Fullds Fknlld5 2022 21122 2022 Total Total 2022 2021 Rest*ed* Note Receipts Donations Gcnerdl Fundrdising Activities Bank and Ikwsit Intuest Incom¢ from C of S Unit Funds Investment Inci)rne 50,076 3,066 21 2.091 246 55.500 398 50,474 3.066 400 2,091 246 56,277 54,799 379 276 1,675 160 56,910 777 Hall Rental Income Associated Or￿aniSatIonS Weddings and FuneTrls Transfer from Genernl Trustees Re1mbU￿eme￿t of Pulpit Supply Miscellaneous 6.273 6.273 1,883 30 700 1,769 394 535 5,311 1650 2,334 2,502 1.368 15.127 2,650 2.334 2,50? 1.368 15.127 Total Receipts 70.627 777 71,404 62221 Payments Cost of genernting funds 86 86 77 Charitable Aetivities Ordinary General Expenditure Church and Building Repairs Fabri¢ Funds Propetl! Maintenance Total Payments 73.336 73.336 fvF.442 3.586 7,152 1.769 80574 69.874 7,152 80574 (Defieity Surplus ofReceipts over Paymettts for the vear before transfers (9,947) 777 (9,170) (7,653) Tra￿Sfer5 Gencrdl Fund Fabric Fund Year End Reserv¢ Fund (Defieit)I Surylus of Receipts over Payments for the year after tran¥fers 7,5(H) 5,752 13.252 7,500 5,752 6.674 497 (9,947) 777 (9,170) (7,653) *2021 comparative figurcs have been re-stated to gross up income transferred from the Consolidaied Fabric Fund and Reimbutsement of Pulpit Supply paymonts. Tl)es¢ receipts had been offset against the relevant payments and discloscd by means of notes in the Accounts. The dTect of this re-ststement is to increase both receipts and payments in 2021 by £2.163. The d¢ficit of rcceipts over pa)Th¢nts and other balances remains unchanged. 13 St FillaA's .4btrd••r StatemeBt of Bala•ces At 31 Dettmber Rtstsicted Endoiymeut Futtd5 Funds 2022 2022 Totsl Total FuDds 2022 2022 2021 ole Bank and l)ep05Vt B￿Dtts Brought FoTr RBS Curreni A¢count C of S tkFK)Sit ALTount Virgin Monei" Charities Account Movement in l'ear Excess of Receipts o%'er PaTrin¢nts Undistributed SFttial Colledions Carried Forwanl 219 55,079 14,129 7.211 134.584 148.928 31,255 31,130 79.505 (9,947) 352 83.116 777 {9.170) (7.653) 352 170,446 179.968 87,330 RBS Curr¢nt Account C of S Deposit Account Virgin Money Charities AccotEnt 13,201 69,915 617 55.376 31.337 87J30 6.454 93,784 13,818 14.129 125.291 134,584 31.337 11.255 170,446 179,968 49,516 49.516 219,962 229,484 83,116 43,062 12A178 InVes￿ents at Book Value Total Balances Investments V4t Market Value C of S Investors Trust Units Total 2022 Tolal 2021 M8rket v￿￿e Value Income Fund Fabric Fund Reserve Fund Sands Tn]st Duncan Trust Growth Fund Sands & Duncan Tnist Total 1,894 19.549 2,061 22 514 351 2.945 49 20,001 21.764 20,001 23,637 21,764 25,721 3,707 4.380 517 612 3,707 517 690 3,097 49,516 3,726 3,726 4.168 49.715 58.518 41.765 larket Pritts at31 DErembtr 2112? C 01"% Inv￿10r5 TTusl Int4)n￿ L'nit C ors 1nvest(YsTr￿st Glowth Iljtits £IOi61£12.48 31 ik¢trrkn20211 £i.404£6.1)4 th 31 DEcen*£r2021) Other Assets 2022 2021 Charitsble GTft Aid tax refunds Outslanding Hall Rental Income at t)ecemlKr Business Strcam pavmeTkt recov¢rnble Dectmber Pulpit Supply payments recovernble 1,215 .304 1.490 438 55 232 2,751 1,983 Liabilities Special Collections - Donation5 outstanding 379 Thcse Accounts Th'ere approi'ed by the Kirk Sesston on IL April 20?3. For and on behalf of the Kirk Se%sion and the Finance Committee. Actin% S¢siivn Clerk St Fillan's Church Aberdour l"i-e￿UrLt- 14 Notes to th¢ Accounts Year ended 31 December 21122 l. Trustees Remuneration and Related Party Transactions Thc Interirn M￿eratOr and ttvo Trustees reccived reiMbU￿enI of expenses as follows. No other Trustee received any remunerdlion or reimbursement of expe1￿ during the year. 2022 2021 Miui5ter Council Tax Telephone and IT Expenses Travel E.¥￿iseS Travel Expenses Trdvel and OtTice Ex￿￿se5 Total 3,370 3,272 797 960 Interim Moderator Acting Se5sioll Clerk 960 228 73 631 5,029 2. Movement in Funds Atl January 2022 Ineowing Owtgoing Resources Resources Transfers At31 Derember 2022 21122 21122 2022 Unrostiicted Funds Generdl Fund Designated Fabric Fund Designated Reserve Fund 10,000 35,293 90.832 136,125 66.202 3202 1.223 70.627 73,422 7,152 7,500 5,752 {13,252) 10,280 37,095 Restricted FuDds BetEevolent Fund Church Fund Church Buildings Repair Fund (EB+) Sands & D￿ncan Tnjsts Capital 80574 126,178 ,877 1,877 38,752 46.701 6.454 93,784 501 276 46.425 6.454 93,1)117 777 229,132 352 229,484 71.404 Special Collections rÈot distributed To¢al Funds 80574 352 80,926 219.962 71.404 219,962 l otal funds at book value of £219.962 reflccts a decTrJse of £9522 over the year. T