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2025-12-31-accounts

Charity registration number SC008167 (Scotland)

UNITED FREE CHURCH OF SCOTLAND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

TC Group Business Advisors & Accountants 180 St Vincent Street Glasgow G2 5SG

UNITED FREE CHURCH OF SCOTLAND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Rev. A Ritchie - Convener
Rev. J M Whitehead - Vice Convener
Miss A Bryce - Vice Convener
Rev. M C Keane - Senior Prinicpal Clerk &
current Moderator
Rev. G Mackenzie - Junior Principal Clerk
Rev. G Barclay - East Presbytery
Rev. A Deacons - West Presbytery
Mr J Sandanasamy - North Presbytery
Mr J Cross - Nominated
Rev. A Ellison - Nominated
Rev. J O Fulton - Nominated
Miss L Mathieson - Nominated (Appointed 6 June 2025)
Rev. J O'Brien - Nominated
Secretary Mr A Wadkin - General Secretary
Charity number (Scotland) SC008167
Principal address 11 Newton Place
Glasgow
G3 7PR
Auditor TC Group
Business Advisors & Accountants
180 St Vincent Street
Glasgow
G2 5SG
Bankers The Royal Bank of Scotland plc
Glasgow Charing Cross West Branch
9 Clifton Place
Glasgow
G3 7JU
Investment Advisers Evelyn Partners Investment Services Ltd
130 St Vincent Street
Glasgow
G2 5SE
Solicitors Alan Holloway
Diakoneo Legal Services Limited
48 Speirs Wharf
Glasgow
G4 9TH
Email Address office@ufcos.org.uk
Website www.ufcos.org.uk

UNITED FREE CHURCH OF SCOTLAND

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11 - 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 43

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their annual report and financial statements for the year ended 31 December 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the church's Constitution, 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

The principal objective of the United Free Church of Scotland is the promotion of the Christian faith in Scotland and beyond. This is done in co-operation with other Christian denominations.

The 'day to day' work is carried out through 45 local congregations around Scotland with a total membership of 1,523 at the end of 2025. In local congregations, the main activities include regular services with worship and preaching; meetings for prayer and Bible study; opportunities for meetings of groups for children and young people, Women’s Associations etc. Through congregations, pastoral care of members and others is undertaken as well as activities which are intended to be of benefit to the local community. Congregations are encouraged to develop ways of engaging with their local communities by providing activities and opportunities through which such contacts can develop. Church facilities are made available to community-based groups in which church members may be involved as volunteers.

The ministry, activities and mission of congregations are supported, encouraged and overseen by three Presbyteries and by the General Assembly through its Standing Committees. Presbyteries conduct periodic reviews of congregations every five years (‘Quinquennial Visitations’). As part of this process, Kirk Sessions within congregations are asked to review their activities over the previous five years and identify their priorities and plans for the coming five years. Presbytery appoints representatives to meet with the Kirk Session and temporal court to discuss and encourage the work locally with a report then brought to Presbytery. At other times, Presbytery will seek to be aware of what is happening in each congregation with a view to visiting as appropriate and offering suitable advice and support. Presbytery can pass matters to the appropriate Assembly Committee with a view to them offering suitable assistance.

The Standing Committees of the General Assembly seek to offer appropriate guidance, support and resources to strengthen the ministry and mission of congregations so that they are better able to develop the work in their communities as they engage in appropriate mission and evangelism.

All areas of the Church rely on the invaluable contribution made by volunteers. In congregations they give leadership (along with the Minister etc.) through the Kirk Session and temporal court, through participation in the leadership of worship, in the organisations and other activities of the congregation to nurture the people within the church and to engage in outreach activities in the community. It is impossible to quantify the amount of time given in this way, but it is very considerable and the ongoing work of the church would not be possible without this commitment. Many of those who serve in Presbyteries, Assembly Committees and in the General Assembly itself as well as in denominational activities are also volunteers who serve in this way in addition to their involvement locally.

The Church approves the emphasis of the Declaratory Acts on the love of God for all mankind, the free offer of salvation to all, the obligation of the Universal Church to make known the Gospel throughout the world, and the renunciation of coercion, persecution and intolerance in matters of religion.

Grant Making Policy

The Church considers applications from congregations for grant funding and loan advances. The applications are reviewed within the context of the Church’s governing document. Congregations that apply for loan assistance are required to repay the loan over an extended period which is agreed between the General Trustees and the congregation’s Temporal Court and an appropriate rate of interest may be charged.

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Achievements and performance

During the year, the number of Congregations reduced from 46 to 45, although three are seeking dissolution. Work in each of the active congregations has continued and there have been a number of initiatives to give support and encouragement.

During 2025 the pressures within some congregations caused by declining numbers and an ageing membership led several congregations to decide to seek dissolution.

The Committee structure put in place after the 2020 General Assembly has ensured a more flexible administration. The Committees are as follows:

Governance: with responsibility for

Christian Life and Mission: with responsibility for

Ministry: with responsibility for the selection, support, training, recognising and equipping those who minister in the Church.

Some of the achievements of the Committees in the period under review are as follows:-

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Financial review

Results for the year

The financial statements for the year are set out on pages 11 to 43. Per the Statement of Financial Activities on page 11, the Church reported Net Income (i.e. a surplus) for the year of £214,882 (2024 - Surplus £617,747) after realised and unrealised gains on investments of £464,266 (2024 – realised and unrealised gains totalling £201,262) and gain on revaluation of property of £Nil (2024: £96,500). At 31 December 2025, the Church had total reserves of £5,756,086 (2024 - £5,541,204) of which £766,474 (13.32%) related to Restricted Funds (2024 - £747,422 (13.49%).

Going concern

The Church holds a modest cash and bank balance, however significant funds are invested which could be liquidated as required. Also, there are significant available unrestricted funds. The charity has continued to meet its liabilities, as they fall due, since the year end. The Trustees have therefore prepared the financial statements on a going concern basis.

Reserves policy

It is the Church’s policy to maintain unrestricted reserves, i.e. funds not committed or invested in fixed assets, at a level which equates to between three and six months of unrestricted expenditure, currently between £351,000 and £703,000, which provides sufficient funds for ministry, administration and support costs.

The Church’s unrestricted general reserves at 31 December 2025 amounted to £3,504,199 (2024: £3,277,208). This excludes designated property reserves which, although unrestricted, are tied up in fixed assets.

The Trustees recognise that the unrestricted general reserves at 31 December 2025 are significantly higher than that required by the Church’s reserves policy. This is a temporary situation following the dissolution of a number of congregations and the related sale of property. As a result of a Notice of Motion passed by the 2025 General Assembly, the Church is developing a strategy to utilise the excess funds in the advancement of mission and outreach. Consequently, unrestricted general reserves will reduce over time.

The level of reserves are, therefore, considered acceptable to the Trustees.

Principal funding sources

The principal source of the Church’s funding is through contributions from individual congregations. Church Funds mainly represent donations, bequests, and legacies given to maintain the general and specific purposes of the Church in both home and overseas mission, to train Ministers and Ministry Assistants and to support congregations, as required, to maintain their witness, ministry and property. In accordance with the terms of such gifts, funds are unrestricted, designated, restricted, or permanent endowment (as defined in this Report) and are applied with income therefrom to further the general and specific purposes and objectives of the Denomination.

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Investment policy

The Trustees have engaged Evelyn Partners as investment managers with discretionary authority based on a “medium” relative risk profile with an income orientation from gilts and equities and applying an ethical investment policy avoiding investments where there is a significant involvement in armaments, alcohol and gambling. The investment managers have undertaken an ethical review of the portfolio which was accepted by the Trustees. Portfolio performance is measured using a range of FTSE and APCIMS Indices.

Reviews are carried out from time to time of our relationship with the investment managers, the performance and content of the investment portfolio, on the basis of the policy set out above. The present arrangements are considered to be satisfactory and no material change is proposed.

Pooled investment funds

At the request of individual congregations, the Trustees have agreed investment pooling arrangements in place to invest and manage specific funds on their behalf and to report annually on transactions which have taken place at their request, and on investment/interest income earned and investment performance. These funds are accounted for in accordance with Section 22 of the Charities SORP FRS102 and are detailed in Note 16 of the financial statements.

The shared balances attributable to Congregations are included in the respective congregation’s Report and Accounts.

Social Investments

United Free Church of Scotland has a number of social investments which are held to further our charitable purposes. Details of which are found in note 30 of the financial statements.

Statement on Risk

The Governance Committee, as Trustees of the denomination, have implemented a formal risk assessment process. This involves identifying the major types of risks which the Church faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating them. The Trustees are aware that risk assessment is not a one-off exercise and a review is carried out on an annual basis. This year’s review identified the main risks as:-

The Trustees seek to address these issues in consultation with the other committees of the General Assembly and with the General Trustees. The Committees of the General Assembly are continuing to consult with congregations and Presbyteries in order to develop new arrangements in the most helpful way and to review arrangements set up in recent years to ensure their effectiveness. It is recognized that such initiatives may require significant financial support from the denomination at least for a number of years, but the Trustees consider this to be a worthwhile use of the resources of the denomination, albeit that not all may prove successful. The appointment of part-time Ministers and Ministry Assistants in smaller congregations continues to be of considerable benefit in a number of congregations.

Presbyteries seek to offer advice and support to congregations to ensure good governance locally. As a denomination we are members of the Scottish Churches Committee and the Churches Legislation Advisory Service which assists us in becoming familiar with new legislation as it is introduced. Help from suitably qualified people is sought when this is felt necessary.

Investments are managed by engaging a firm of investment advisers who regularly report to the Trustees.

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Plans for future periods

Structure, governance and management

Governing Document

The governing document of the United Free Church of Scotland is the Manual of Practice and Procedures incorporating the decisions and acts of the Church’s General Assembly.

The General Assembly, the Supreme Court of the Church, is a representative body consisting of Ministers and Elders nominated by congregations and elected by Presbyteries. The Manual of Practice and Procedures sets out the respective authorities, responsibilities and duties of the Presbyteries and of the individual congregational Courts. Each congregation of the United Free Church has its own Constitution but is subject to the oversight and review of the Presbytery in which it resides and General Assembly. The United Free Church of Scotland is an unincorporated association.

The United Free Church of Scotland, with all the Churches of the Reformation, acknowledges as its Supreme Standard the Word of God contained in the Scriptures of the Old and New Testaments.

The Church holds as its Subordinate Standard the Westminster Confession of Faith by its Declaratory Acts (United Presbyterian Synod 1879, Free Church Assembly 1892), it recognises the liberty of judgement on points of doctrine which do not enter into the substance of the faith; and it claims the right, as duty may require, to interpret, add to, modify or change her Subordinate Standards, under the promised guidance of the Holy Spirit, and with a sense of direct responsibility to her Lord.

The trustees who served during the year and up to the date of signature of the financial statements were: Rev. A Ritchie - Convener

Rev. J M Whitehead - Vice Convener Miss A Bryce - Vice Convener Rev. C C Brown - Previous Moderator (Resigned 6 June 2025) Rev. M C Keane - Senior Prinicpal Clerk & current Moderator Rev. G Mackenzie - Junior Principal Clerk Rev. G Barclay - East Presbytery Rev. A Deacons - West Presbytery Mr J Sandanasamy - North Presbytery Mr J Cross - Nominated Rev. A Ellison - Nominated Rev. J O Fulton - Nominated Mr F Hartlay - Nominated (Resigned 6 June 2025) Miss L Mathieson - Nominated (Appointed 6 June 2025) Rev. J O'Brien - Nominated

Appointment, Induction and Training of Trustees

The Trustees are appointed annually by the General Assembly. New Trustees are instructed and guided on their responsibilities and duties at the first meeting which they attend and as new matters arise during their term of office.

UNITED FREE CHURCH OF SCOTLAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

The General Trustees

The General Assembly appoints from time to time Ministers, Elders and/or Members of the Church to be 'ex officio' members of the Assembly and in such capacity to be 'The General Trustees of the United Free Church of Scotland'. At the present time, those so appointed are the Moderator of General Assembly, the Principal Clerks and the Convener and Vice Convener of the Governance Committee. The General Trustees are 'ex officio' members of all the Standing Committees of the General Assembly.

The General Trustees hold all property, heritable and movable, on behalf of the Church and of its Standing Committees and, when requested to do so, Funds belonging to individual Congregations of the Church ('Trust Funds') in the name of "The General Trustees of the United Free Church of Scotland". Such Congregational funds are not available to the United Free Church of Scotland and, in accordance with Recommended Practice, have been excluded from the Balance Sheet amounts for Investments and Creditors (see Note 16 and 19 of the financial statements).

The General Trustees report each year to the General Assembly on matters under their specific oversight and administration. The management, accounting and reporting of all the central funds of the Church including property, heritable and movable, and all matters pertaining to finance and compliance with relevant legislation, is the responsibility of the Governance Committee and is set out by that Committee as the 'Trustees' in these financial statements.

Organisational structure

The membership of Presbyteries and Standing Committees, and also the General Assembly, are Elders of the congregations who are nominated or appointed to the various offices and functions and who report back, as required, to their congregations and thus seek to be ‘at one’ in declaring the ‘good news of Jesus Christ the Son of the living God’ to their communities.

The ongoing direction and management of the Church is led by the Standing Committees as appointed by the General Assembly, namely:

The General Assembly annually appoints Standing Committees to implement its decisions and oversee and plan various aspects of the denomination’s ongoing work and witness and to report thereon to the next General Assembly. These reports, written and verbal, are presented to Assembly for discussion together with paragraphs of deliverance for Assembly decision on their work and their proposals for future activities and plans.

Key Management Personnel

During the year, the Trustees considered themselves, along with the newly appointed General Secretary, Mr. Andrew Wadkin, as comprising the Church’s key management personnel in charge of directing and controlling the charity.

Auditor

The Trustees recommend that TC Group remain in office until further notice.

The trustees' report was approved by the Board of Trustees.

.............................. Rev. A Ritchie - Convener Trustee

.............................. Miss A Bryce - Vice Convener Trustee

6/5/2026 Date: .............................................

UNITED FREE CHURCH OF SCOTLAND

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources of the church for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNITED FREE CHURCH OF SCOTLAND

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF UNITED FREE CHURCH OF SCOTLAND

Opinion

We have audited the financial statements of United Free Church of Scotland (the ‘church’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the church in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the church’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

UNITED FREE CHURCH OF SCOTLAND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF UNITED FREE CHURCH OF SCOTLAND

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the church’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

UNITED FREE CHURCH OF SCOTLAND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF UNITED FREE CHURCH OF SCOTLAND

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

TC Group Statutory Auditor Business Advisors & Accountants

180 St Vincent Street Glasgow G2 5SG Date: .........................

TC Group is eligible for appointment as auditor of the church by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

UNITED FREE CHURCH OF SCOTLAND

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2025
2025
2025
Notes
£
£
£
Income from:
Donations and legacies
3
312,638
-
10,643
Charitable activities
4
13,420
-
21,216
Investments
5
58,964
-
34,289
Other income
6
956,683
-
-
Total income
1,341,705
-
66,148
Expenditure on:
Investment managment costs
7
13,800
-
8,020
Charitable activities
8
445,245
31,161
51,839
Other - congregational
stipends
9
948,509
-
-
Total expenditure
1,407,554
31,161
59,859
Net gains/(losses) on
investments
13
293,063
-
171,203
Net income/(expenditure)
227,214
(31,161)
177,492
Transfers between funds
(223)
-
223
Other recognised gains and
losses:
Revaluation of tangible fixed
assets
-
-
-
Change in resources
attributable to pooled funds
16
-
-
(158,663)
Net movement in funds
10
226,991
(31,161)
19,052
Reconciliation of funds:
Fund balances at 1 January 2025
3,277,208
1,516,574
747,422
Fund balances at 31 December
2025
3,504,199
1,485,413
766,474		 Total
2025
£
323,281
34,636
93,253
956,683
1,407,853
21,820
528,245
948,509
1,498,574
464,266
373,545
-
-
(158,663)
214,882
5,541,204
5,756,086		 Total
2024
£
778,061
33,674
87,643
1,008,854
1,908,232
19,765
551,649
930,516
1,501,930
201,262
607,564
-
96,500
(86,317)
617,747
4,923,457
5,541,204

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 43 form an integral part of these financial statements.

UNITED FREE CHURCH OF SCOTLAND

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Prior financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
767,288
-
10,773
Charitable activities
4
16,780
-
16,894
Investments
5
54,037
-
33,606
Other income
6
981,938
-
26,916
Total income
1,820,043
-
88,189
Expenditure on:
Investment managment costs
7
12,181
-
7,584
Charitable activities
8
483,944
25,161
42,544
Other - congregational stipends
9
930,516
-
-
Total expenditure
1,426,641
25,161
50,128
Net gains/(losses) on investments
13
123,736
-
77,526
Net income/(expenditure)
517,138
(25,161)
115,587
Transfers between funds
39,186
(49,284)
10,098
Other recognised gains and losses:
Revaluation of tangible fixed assets
-
96,500
-
Change in resources attributable to pooled
funds
16
-
-
(86,317)
Net movement in funds
10
556,324
22,055
39,368
Reconciliation of funds:
Fund balances at 1 January 2024
2,720,884
1,494,519
708,054
Fund balances at 31 December 2024
3,277,208
1,516,574
747,422		 Total
2024
£
778,061
33,674
87,643
1,008,854
1,908,232
19,765
551,649
930,516
1,501,930
201,262
607,564
-
96,500
(86,317)
617,747
4,923,457
5,541,204

The notes on pages 15 to 43 form an integral part of these financial statements.

UNITED FREE CHURCH OF SCOTLAND

BALANCE SHEET

AS AT 31 DECEMBER 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 15 1,862,353 1,901,534
Investments 16 4,398,321 3,862,622
Social investments 30 475,067 249,067
6,735,741 6,013,223
Current assets
Properties held for sale 17 430,000 400,000
Debtors 18 13,751 161,177
Cash at bank and in hand 179,104 504,930
622,855 1,066,107
Creditors: amounts falling due within 19
one year (1,602,510) (1,538,126)
Net current liabilities (979,655) (472,019)
Total assets less current liabilities 5,756,086 5,541,204
The funds of the church
Restricted income funds 23 766,474 747,422
Unrestricted funds - general 24 3,504,199 3,277,208
Unrestricted funds - designated 22 1,485,413 1,516,574
5,756,086 5,541,204

6/5/2026

The financial statements were approved by the trustees on .........................

.............................. .............................. Rev. A Ritchie - Convener Miss A Bryce - Vice Convener Trustee Trustee

UNITED FREE CHURCH OF SCOTLAND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
28
Investing activities
Proceeds from disposal of tangible fixed
assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
2024
£
£
£
£
(432,646)
529,364
85,000
184,901
(625,795)
(1,128,836)
554,362
360,958
93,253
87,643
106,820
(495,334)
-
-
(325,826)
34,030
504,930
470,900
179,104
504,930

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

Charity information

United Free Church of Scotland is a registered Scottish Charity (No. SC008167). The charity’s principal address is 11 Newton Place, Glasgow, G3 7PR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the church's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The church is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant Notes to these financial statements. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern and the financial statements have been prepared on a going concern basis. There are net current liabilities but this is due to the funds held on behalf of third parties totalling £1,587,010 included within creditors falling due within one year. These balances are invested and therefore form part of the overall investments balance.

1.3 Charitable funds

Funds are classified as either Restricted Funds or Unrestricted Funds, defined as follows.

Unrestricted funds comprise income received for the objects of the charity without further specified purpose and are available as general funds.

Designated Funds represent unrestricted funds which have been earmarked by the Trustees for particular purposes.

Restricted funds comprise income which has been received for the objects of the charity and specified for a restricted purpose, within these objects, by the donor.

1.4 Income

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Donations and legacies

Donations are recognised when the charity has evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Entitlement usually arises immediately upon receipt, however, in the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Properties which are donated (gifted) to the charity are measured at their fair value unless it is impractical to

measure their fair value reliably.

Legacy gifts must be recognised when it is probable that it will be received. This is normally following the granting confirmation, when the administrator/executor of the estate has communicated in writing both the amount and settlement date and any conditions attached to the legacy are either within the control of the charity or have been met. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Income from Charitable Activities

Income from charitable activities includes income earned both from the supply of goods or services. Such income is recognised or earned as the related goods or services are provided.

Investment income

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

Dividends are recognised when the shareholder’s right to receive payment is established, measured at the fair value receivable. Generally, this is upon notification by the investment advisor once the dividend has been declared.

Other income

Other income represents income that cannot be reported under the other analysis headings provided within the Statement of Financial Activities and is recognised when the charity is entitled to the income, it is probable that it will be received and the amount can be measured reliably by the charity.

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Raising funds

Expenditure on raising funds represents all expenditure incurred by a charity to raise funds for its charitable purposes and includes investment management costs.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Expenditure on Charitable activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.

Grant expenditure

Grants payable are made to third parties in the furtherance of the charitable objects. The award of a grant is recognised as a liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably and there are no conditions attaching to its payment that limit recognition.

In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.

Other expenditure

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities and is recognised when it is probable that settlement will be required and the amount of the obligation can be measured reliably. Congregational stipends represents the salary costs of Ministers which are administered by the United Free Church of Scotland. Income received from congregations to contribute to these salary costs is shown in Note 6 to the financial statements.

Governance costs

Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.

Activity based reporting

To comply fully with the Statement of Recommended Practice would require income and expenditure to be reported by activity. The Trustees are of the opinion that the Church has a single activity, namely the advancement of Christ’s Kingdom throughout the world, such that there would be no merit or additional benefit to the users of the financial statements in providing further analysis of income and expenditure within the financial statements.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Fixed assets (excluding the charity’s office building) are stated at cost less accumulated depreciation. The Trustees have adopted a revaluation policy for the office building, which is stated at revaluation less accumulated depreciation.

Depreciation is provided on fixed assets at rates calculated to write off the cost (or valuation), less estimated residual value evenly over its expected life.

During the year ended 31 December 2012, the Trustees reviewed their property portfolio and considered that the properties had a remaining useful life of at least 50 years at 31 December 2012. Since the estimated useful lives are significant, impairment reviews will be undertaken annually.

Depreciation is calculated as follows:

Office building 100 years straight line Equipment 25% straight line Retirement Homes 50 years straight line from 2012 (previously no depreciation) Churches 50 years straight line from 2012 (previously over 100 years from 2008) Manses 50 years straight line from 2012 (previously no depreciation)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market value. The Statement of Financial Activities includes the net gains and losses (realised and unrealised) arising on revaluation and disposals throughout the year. Fair value is deemed to be market value.

1.8 Impairment of fixed assets

At each reporting end date, the church reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the church’s contractual obligations expire or are discharged or cancelled.

1.10 Taxation

The Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. The charity is not registered for VAT and expenditure therefore includes irrecoverable input VAT.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received where material.

Termination benefits are recognised immediately as an expense when the church is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

The charity operates a group personal pension plan (defined contribution). The contributions to the scheme are charged to the Statement of Financial Activities in the year they become payable.

1.13 Social Investments

Social investments include concessionary loans repayable in more than one year which are initially measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect the repayments and any accrued interest and adjusted if necessary for any impairment.

Social investments which see the charity invest in property are valued at amortised cost, although the Trustees have assessed that the residual value of the asset is greater than the cost, hence a depreciation charge of Nil has arisen to date.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key estimates applied in the period are as follows:

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

(Continued)

Estimated value for the receipt of donated assets

Donated assets are measured at their fair value unless it is impractical to measure the fair value reliably. Fair values of properties acquired on dissolution of congregations (connected charities) are estimated based on advice which is taken by the Trustees from professional surveyors and legal advisors at the date of transfer.

Two properties were acquired during the 2025 financial year as a result of dissolutions Valuation options for these properties were as follows:

Dounby - Expected sale price (no valuation carried out) - £5,000

Candlish Wynd - Special Assumption of the Market Value subject to a potential purchaser having sufficient time to a change of planning use - £100,000

Property sales

Where properties are sold at auction, the disposal date is taken to be the date of the auction at which the properties are sold, this being where a binding sales contract exists rather than the date of entry.

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
312,638
10,643
Donations and gifts
Target Contributions
185,545
4,271
Congregations
608
1,660
Offerings
-
3,045
Missions
4,456
1,295
Dissolutions
111,915
-
Other
10,114
372
312,638
10,643		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
323,281
767,288
10,773
189,816
191,729
3,913
2,268
1,100
1,680
3,045
-
3,063
5,751
6,105
-
111,915
553,285
-
10,486
15,069
2,117
323,281
767,288
10,773		 Total
2024
£
778,061
195,642
2,780
3,063
6,105
553,285
17,186
778,061

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Charitable activites
income
13,420
21,216
Charitable activities income analysis
Camps and conferences
4,938
4,300
Property income
1,833
14,500
Publications
6,549
2,316
Other income
100
100
13,420
21,216
Income from investments
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Dividends
58,964
34,289
Other income
Unrestricted
Restricted
funds
funds
2025
2025
£
£
Gain on sale of property
10,000
-
Stipends from
congregations
946,683
-
956,683
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
34,636
16,780
16,894
9,238
5,602
-
16,333
2,050
13,833
8,865
6,970
3,061
200
2,158
-
34,636
16,780
16,894
Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
93,253
54,037
33,606
Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
10,000
59,417
26,916
946,683
922,521
-
956,683
981,938
26,916		 Total
2024
£
33,674
5,602
15,883
10,031
2,158
33,674
Total
2024
£
87,643
Total
2024
£
86,333
922,521
1,008,854

5 Income from investments

6 Other income

The United Free Church of Scotland employs and administers the payroll of Ministers on behalf of congregations. Congregational stipends represent payments by congregations to the Church towards the salary costs of their respective Ministers.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

7 Expenditure on investment management

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Investment management 13,800 8,020 21,820 12,181 7,584 19,765

8 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Property costs
Office costs
Legal and professional fees
Governance costs
Subscriptions and recurring donations
Publication costs
Training & education
Denominational costs
Donations
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds		 2025
£
191,149
39,181
64,670
12,382
16,930
14,112
5,543
24,221
33,620
117,572
8,865
528,245
445,245
31,161
51,839
528,245		 2024
£
160,613
33,181
77,781
14,531
38,542
17,892
6,488
16,141
24,584
141,990
19,906
551,649
483,944
25,161
42,544
551,649
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Congregational stipends 948,509 930,516

Congregational stipends represents the salary costs of Ministers which are administered by the United Free Church of Scotland. Income received from congregations to contribute to these salary costs is shown in Note 6 to the financial statements.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets
11
Trustees
Honoraria paid in 2025
Paid to two trustees (2024: two trustees)
Reimbursed expenses paid in 2025
Paid to two trustees (2024: four trustees)
Transfers to congregations		 2025
£
14,112
39,181
(10,000)
2025
£
4,683
121
10,600		 2024
£
17,892
33,181
(86,333)
2024
£
3,824
207
7,644

The transfers to congregations were paid to the churches of the Principal Clerks in recognition of their release to undertake services on behalf of the charity.

No Trustee made any direct donations to the charity during the year.

Where Trustees are serving Ministers in congregations, then the value of stipends paid by the congregations for such duties have been excluded from this Note.

12 Employees

The average monthly number of employees during the year was:

Ministers/Pastors
Management & other
Total
Employment costs
Wages and stipends
Social security costs
Other pension costs		 2025
Number
35
3
38
2025
£
975,590
100,192
63,876
1,139,658		 2024
Number
36
3
39
2024
£
950,690
76,921
63,518
1,091,129

Pastors are appointed by the Ministry Committee who report to the General Assembly. For completeness, the statistics above include Ministers although they are "office holders" and not employees.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

12 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2025 2024
£ £
Aggregate compensation 45,654 41,700

The Key Management personnel are indicated on page 6.

Two members of key personnel are also serving minsters and their remuneration as individual serving is not included in the key management remuneration balance above.

13 Gains and losses on investments

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments 293,063 171,203 464,266 123,736 77,526 201,262
Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Tangible fixed assets
Office building Equipment Retirement
Churches		 Manses Total
Homes
£ £ £ £ £ £
Cost / valuation
At 1 January 2025 600,000 6,887 742,621 456,345 460,106 2,265,959
At 31 December 2025 600,000 6,887 742,621 456,345 460,106 2,265,959
Depreciation and
impairment
At 1 January 2025 - 6,887 88,062 201,938 67,538 364,425
Depreciation charged in the
year 6,000 - 14,852 9,127 9,202 39,181
At 31 December 2025 6,000 6,887 102,914 211,065 76,740 403,606
Carrying amount
At 31 December 2025 594,000 - 639,707 245,280 383,366 1,862,353
At 31 December 2024 600,000 - 654,559 254,407 392,568 1,901,534

14 Taxation

15 Tangible fixed assets

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

15
Tangible fixed assets
Office building
£
Cost/Valuations comprise the following:
Office Premises
11 Newton Place (Historic
Cost £18,962)
600,000
Churches
-
Northfield Church
-
Darnley Church
-
Dalreoch Church
-
Darnley Church Hall
-
Manses
Darnley
-
Carnoustie
-
St Andrews
-
Retirement Homes
Springfield Gardens, Tain
-
Ayr Road, Prestwick
-
Old Dalmuir Path,
Auchendinny
-
Wester Inches Park
-
Arran View, Mauchline
-
600,000
Restricted
401,000
Unrestricted
1,858,072
2,259,072		 Retirement
Homes
£
-
-
-
-
-
-
-
-
-
61,662
152,038
127,921
210,000
191,000
742,621		 Churches
£
-
7,620
76,120
220,605
152,000
-
-
-
-
-
-
-
-
456,345		 (Continued)
Manses
£
- Unrestricted
- Unrestricted
- Unrestricted
- Unrestricted
- Unrestricted
50,721 Unrestricted
261,385 Unrestricted
148,000 Unrestricted
- Unrestricted
- Unrestricted
- Unrestricted
-
Restricted
-
Restricted
460,106

Retirement homes and manses are included at historic cost, or if donated (gifted), fair value unless it is impractical to measure their fair value reliably. The Trustees are of the opinion that, whilst the residual value of these properties is likely to still exceed cost, it is prudent to provide against impairment at a rate of 2% per annum.

Churches are included at cost and depreciation has been provided at 2% per annum.

The Church Offices were independently valued as at 31 December 2024 on an open market basis by David Allison FRICS on 25 February 2025. Depreciation is being provided over the expected remaining life of 100 years. The Trustees do not believe that there has been a material change in the valuation at the balance sheet date. This will be subject to regular reviews to ensure there is no impairment of the carrying value.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 January 2025
3,862,622
Additions
625,795
Valuation changes
462,435
Cash movements
16,274
Disposals
(568,805)
At 31 December 2025
4,398,321
Carrying amount
At 31 December 2025
4,398,321
At 31 December 2024
3,862,622
2025
Market value
£
Industrial Shares and Debentures (UK)
3,453,822
Government Securities (UK)
654,831
Cash Deposits (UK)
31,873
Bank and Insurance Company Shares (UK)
257,795
4,398,321
Relating to United Free Church of Scotland
2,811,311
Relating to Third Parties (connected charities, detailed below)
1,587,010
4,398,321		 Total
£
3,862,622
625,795
462,435
16,274
(568,805)
4,398,321
4,398,321
3,862,622
2024
£
3,072,078
571,925
15,599
203,020
3,862,622
2,351,793
1,510,829
3,862,622

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

16 Fixed asset investments

(Continued)

Pooled investment funds - Share due to third parties (connected charities)

Funds pooled for third parties comprise funds advanced by congregations, Presbyteries and other bodies within the United Free Church of Scotland which the General Trustees have agreed to invest and manage on their behalf. These are detailed below.

Realised and Realised and Net Assets Net Assets
Fund Type Net Assets Investment
Unrealised		 carried
brought fwd Additions to Investment Management Investment forward
1.1.2025 Asset Pool Income Expenses
Gains		 Distributions31.12.2025
Brown Memorial Restricted 1,692 - 31 (7) 156 (25) 1,847
Wallace & Isabella Ower Restricted 747 - 14 (3) 69 (11) 816
Carnoustie Church Restricted 2,214 - 41 (10) 207 - 2,452
Largs Manse Restricted 24,534 - 458 (107) 2,296 - 27,181
Dounby Fund Restricted 51,894 - 969 (227) 4,856 - 57,492
Presbytery of Glasgow & West Restricted 1,006 - 19 (4) 94 - 1,115
Presbytery of the North (Shetland) Restricted 1,849 - 35 (8) 173 - 2,049
Prayer Union Restricted 206 405 8 (2) 50 - 667
Leith Ebenezer Investment Account Restricted 55,033 - 861 (198) 3,791 (30,727) 28,760
E S Martin Annuity Fund - Balbeggie Restricted 544 - 10 (2) 50 (8) 594
Murray Trust - Balbeggie Restricted 1,166 - 22 (5) 108 (17) 1,274
Presbytery of the North (Westray) Restricted 66,766 - 1,247 (292) 6,248 - 73,969
Bannockburn investment account Restricted 163,397 15,000 3,271 (764) 16,595 - 197,499
Bo'ness investment account (Craigmailen) Restricted 38,403 - 593 (138) 2,781 (10,000) 31,639
Torry investment account Restricted 60,582 - 928 (217) 4,411 (25,000) 40,704
Dundee investment account Restricted 36,278 - 343 (77) 1,280 (30,000) 7,824
Balintore investment account Restricted 69,926 100,000 2,045 (494) 12,438 - 183,915
Broxburn investment account Restricted 165,071 - 2,995 (699) 14,713 (10,000) 172,080
Northfield investment account Restricted 88,367 - 1,416 (331) 6,789 (35,000) 61,241
Menstrie investment account Restricted 150,287 - 2,711 (634) 13,423 (12,000) 153,787
Millerston investment account Restricted 101,065 - 1,887 (442) 9,458 - 111,968
Shieldhall investment account Restricted 4,265 - 80 (19) 399 - 4,725
Darnley investment account Restricted 2,712 - 51 (12) 254 - 3,005
Candlish Wynd investment account Restricted 3,008 - 56 (13) 281 - 3,332

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Fixed asset investments
Candlish Wynd Manse Fund
Restricted
Burntisland investment account
Restricted
Presbytery of the East
Restricted		 383,729
32,772
3,317
1,510,830		 -
-
-
115,405		 6,928
480
60
27,559		 (1,620)
(109)
(14)
(6,448)		 34,363
1,966
303
137,552		 (Continued)
(19,000)
404,400
(25,000)
10,109
(1,100)
2,566
(197,888)
1,587,010		 (Continued)
(19,000)
404,400
(25,000)
10,109
(1,100)
2,566
(197,888)
1,587,010
1,587,010

16 Fixed asset investments

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

17 Properties held for sale

Properties held for sale
Properties held for sale
Properties held for sale
Churches transferred from Fixed Assets to Current Assets
Stonehouse
Kilmaurs
Candlish Wynd
Dounby		 2025
£
430,000
2025
£
-
325,000
100,000
5,000
430,000		 2024
£
400,000
2024
£
75,000
325,000
-
-
400,000

No cash was paid for these properties, rather they were inherited through the dissolution of local churches. External valuations were completed to arrive at the values to be incorporated within the accounts, with further details on the basis for estimated values provided in note 2. They are treated as current rather than fixed assets as it is the Trustees intention to market for sale.

18 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2025
£
8,207
5,544
13,751		 2024
£
156,278
4,899
161,177

19 Creditors: amounts falling due within one year

Notes
Deferred income
20
Funds held for third parties
Accruals		 2025
£
1,000
1,587,010
14,500
1,602,510		 2024
£
10,000
1,510,830
17,296
1,538,126

As detailed in note 16 United Free Church of Scotland has pooled investments with connected charities.

The amounts 'Funds held for Third Parties' above represents the share of pooled assets due to connected charities at the year end date.

These show in current liabilities in the Balance Sheet as they may be accessed by the connected charity upon written request.

Investments (fixed assets) may be realised to distribute these funds, hence the large current liability does not pose a concern to the solvency of the charity.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

20
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities		 2025
£
1,000
2025
£
1,000		 2024
£
10,000
2024
£
10,000

Deferred Income brought forward relatesd to a donation received from an 'anonymous' donor towards the stipend of a current ministry assistant once he becomes a minister. This happened at the end of 2024, and as such it has been deferred at 31 December 2024 and then released in 2025. Deferred income carried forwarded relates to an additional donation for which the purpose is yet to be determined.

21 Retirement benefit schemes

Retirement benefit schemes
2025 2024
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 63,876 63,518

The church operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the church in an independently administered fund.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

22 Unrestricted funds - designated

These are the designated funds which have been set aside out of unrestricted funds by the Trustees for specific purposes:

At
By General purposes
By Ministry
By General Trustees
Previous year:
At
By General purposes
By Ministry
By General Trustees		 1 January
2025
Resources
expended
£
£
600,000
(6,000)
672,944
(10,141)
243,630
(15,020)
1,516,574
(31,161)
1 January
2024
Resources
expended
£
£
503,500
-
683,085
(10,141)
307,934
(15,020)
1,494,519
(25,161)		 Transfers
Gains and
losses
At 31
December
2025
£
£
£
-
-
594,000
-
-
662,803
-
-
228,610
-
-
1,485,413
Transfers
Gains and
losses
At 31
December
2024
£
£
£
-
96,500
600,000
-
-
672,944
(49,284)
-
243,630
(49,284)
96,500
1,516,574

Designated Property Fund : Represents the net book value of the Church's properties held within Unrestricted Funds.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

23 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1
Special Aid
Student Book
Student Grant - Bursary
Werdmuller Trust
Scots Church History
Presbytery of North congregations
Dalreoch Manse Fund
Overseas
General Trustees - Other Funds
Women's Home & Overseas Committee
Special Aid - Property
Pooled Funds - Investments		 January
2025
Incoming
resources
Resources
expended
Change in
resources re
pooled funds
Transfers
Gains and
losses
At 31
December
2025
£
£
£
£
£
£
£
140,884
17,147
(14,334)
-
-
13,274
156,971
2,158
40
(9)
-
-
202
2,391
66,574
1,244
(290)
-
-
6,231
73,759
15,116
282
(66)
-
-
1,415
16,747
17,073
303
(3,600)
-
-
1,492
15,268
13,418
251
(59)
-
-
1,255
14,865
35,473
663
(155)
-
-
3,320
39,301
14,336
12,964
(22,962)
-
1,257
1,039
6,634
49,702
928
(217)
-
-
4,651
55,064
7,728
4,767
(3,699)
-
(1,034)
772
8,534
384,960
-
(8,020)
-
-
-
376,940
-
27,559
(6,448)
(158,663)
-
137,552
-
747,422
66,148
(59,859)
158,663
223
171,203
766,474

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

23
Restricted funds
Previous year:
At 1
Special Aid
Student Book
Student Grant - Bursary
Werdmuller Trust
Scots Church History
Presbytery of North congregations
Dalreoch Manse Fund
Overseas
General Trustees - Other Funds
Women's Home & Overseas Committee
Special Aid - Property
Pooled Funds - Investments		 (Continued)
January
2024
Incoming
resources
Resources
expended
Change in
resources re
pooled funds
Transfers
Gains and
losses
At 31
December
2024
£
£
£
£
£
£
60,242
42,311
(14,394)
-
49,284
3,441
140,884
2,033
41
(9)
-
-
93
2,158
62,817
1,262
(384)
-
-
2,879
66,574
14,241
286
(64)
-
-
653
15,116
19,500
375
(3,664)
-
-
862
17,073
13,621
258
(1,058)
-
-
597
13,418
33,421
671
(151)
-
-
1,532
35,473
4,739
7,246
(8,102)
-
10,198
255
14,336
46,821
944
(211)
-
-
2,148
49,702
8,355
6,864
(7,768)
-
(100)
377
7,728
442,264
-
(8,020)
-
(49,284)
-
384,960
-
27,931
(6,303)
(86,317)
-
64,689
-
708,054
88,189
(50,128)
86,317
10,098
77,526
747,422

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

23 Restricted funds

(Continued)

Admin & Finance:

Special Aid

To give support to retired Ministers and widows.

Ministry:

Student Book

To give recognised students grants to assist with the purchase of books.

Student Grant - Bursary

To give support to those who are training for the ministry with United Free Church of Scotland.

Werdmuller Trust :

To provide grants to those who have performed well as students, given at the end of their course.

Scots Church History :

To encourage interest in Scots Church history among students and others.

Presbytery of North congregations :

To support ministry in the congregations within this Presbytery.

Dalreoch Manse Fund :

Receives rental income and reimburses the congregation for expenses. This reflects the denomination's contribution to the manse refurbishment in the past.

Overseas

To develop links and encourage support for missionaries and mission work worldwide.

General Trustees - other Funds:

The Prof. Allan Barr Fund provides support for congregations in the East Presbytery.

Women's Home and Overseas Committee :

To support work identified by the Women's Committee in Scotland and overseas.

Pooled Funds - Investments

These represent investment funds managed by the general trustees on behalf of third parties.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

24 Unrestricted funds

These are the unrestricted funds to the charity

At
General
Purpose
Church and
Manse building
Ministry
Remuneration
Reshaping
Mission
National Church
Events
Youth
Church and
Society
Ecumenical
Relations
General
Trustees
Previous year:
At
General
Purpose
Church and
Manse building
Ministry
Remuneration
Reshaping
Mission
National Church
Events
Youth
Church and
Society
Ecumenical
Relations
General funds		 1 January
2025
Incoming
resources
Resources
expended
£
£
£
37,917
81,817
(199,286)
94,387
1,763
(38,913)
1,485
8,364
(8,627)
6,017
1,035,666
(1,041,163)
189,131
17,555
(42,978)
779
8,430
(8,379)
4,319
7,899
(8,857)
7,162
4,897
(2,681)
10,797
200
(389)
2,925,214
175,114
(56,281)
3,277,208
1,341,705
(1,407,554)
1 January
2024
Incoming
resources
Resources
expended
£
£
£
23,836
88,955
(175,466)
37,108
746
(5,168)
3,925
6,817
(9,189)
2,131
1,018,101
(1,014,252)
111,169
22,209
(20,118)
934
5,545
(10,716)
9,750
7,379
(13,188)
4,484
5,982
(3,510)
10,173
204
(46)
2,517,374
664,105
(174,988)
2,720,884
1,820,043
(1,426,641)		 Transfers
Gains and
losses
At 31
December
2025
£
£
£
149,966
372
70,786
-
8,833
66,070
(189)
128
1,161
-
36
556
-
16,387
180,095
-
41
871
-
371
3,732
-
808
10,186
-
996
11,604
(150,000)
265,091
3,159,138
(223)
293,063
3,504,199
Transfers
Gains and
losses
At 31
December
2024
£
£
£
100,100
492
37,917
60,000
1,701
94,387
(198)
130
1,485
-
37
6,017
70,000
5,871
189,131
5,000
16
779
-
378
4,319
-
206
7,162
-
466
10,797
(195,716)
114,439
2,925,214
39,186
123,736
3,277,208

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

24 Unrestricted funds

(Continued)

Admin & Finance:

General Purpose : To cover the Church's administration costs including arrangements for the General Assembly and the overseeing of finance.

Church and Manse building : To provide support for congregations undertaking repairs to buildings.

Ministry : For the support of Ministers and Pastors.

Remuneration: For the support of ministry salaries, pension and insurance costs and other employment grants.

Reshaping Mission : For the support and encouragement of mission initiatives and activities throughout the denomination.

National Church Events : To cover the costs associated with organising and running events at a denominational level (excluding the General Assembly).

Youth : To cover the costs of camps and other events for young people, in addition to the employment costs of a youth worker.

Christian Education & Evangelism : To encourage congregational development and provide suitable training, and to support and promote evangelism in congregations.

Church and Society : To fund costs related to commenting on developments in society and provide support for agencies involved in work in this field.

Ecumenical Relations : To enable the development of links with other Churches and ecumenical agencies and encourage local co-operation.

General Trustees : To take responsibility for property belonging to the denomination and oversee as required.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

25 Fund Transfers

Fund transfers during the year ended 31 December 2025

Ref Unrestricted Unrestricted
Unrestricted Designated Restricted
Funds Funds Funds Total
£ £ £ £
Narrative
From General Trustees Fund to undernoted (1)
Funds (150,000)
From General Trustees to General Purpose (1) 150,000
From WHO to General Purposes (2) (16) 16 -
From ministry to Overseas (3) (189) 189 -
From General to Overseas (3) (18) 18
Transfer from Women's Home and Overseas (3)
Fund (1,050) (1,050)
Transfer to Overseas Fund (3) 1,050 1,050
(223) - 223 -
Fund Transfers during the year ended 31 December 2024
From General Trustees Fund to undernoted (1)
Funds (245,000) - - (245,000)
From General Trustees to Overseas (1) 10,000 10,000
From General Trustees to Reshaping Mission (1) 70,000 70,000
From General Trustees to General Purpose (1) 100,000 100,000
From General Trustees to Church & Manse (1)
Building Fund 60,000 60,000
From General Trustees to National Church (1)
Events 5,000 5,000
From WHO to General Purposes (2) 100 (100) -
From ministry to Overseas (3) (198) 198 -
Arising on disposal of property (4) (49,284) (49,284)
Arising on disposal of property (4) 49,284 49,284
Arising on disposal of property (4) 49,284 49,284
Arising on disposal of property (4) (49,284) (49,284)
39,186 (49,284) 10,098 -

(1) Transfer to various Funds to meet shortfalls (2) Transfer to move funds allocated

(3) Transfer re calendars gifted

(3) Transfer re addition of properties

(4) Transfer re disposal of properties

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

26 Analysis of net assets between funds

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2025
2025
2025
£
£
£
At 31 December 2025:
Tangible assets
-
1,485,413
376,940
Investments
2,811,311
-
1,587,010
Programme related assets
475,067
-
-
Current assets/(liabilities)
217,821
-
(1,197,476)
3,504,199
1,485,413
766,474
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
-
1,516,574
384,960
Investments
2,351,792
-
1,510,830
Programme related assets
249,067
-
-
Current assets/(liabilities)
676,349
-
(1,148,368)
3,277,208
1,516,574
747,422		 Total
2025
£
1,862,353
4,398,321
475,067
(979,655)
5,756,086
Total
2024
£
1,901,534
3,862,622
249,067
(472,019)
5,541,204

27 Related party transactions

There were no disclosable related party transactions during the year (2024 - none).

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

28 Cash generated from operations 2025 2024
£ £
Surplus for the year 214,882 617,747
Adjustments for:
Investment income recognised in statement of financial activities (93,253) (87,643)
Gain on disposal of tangible fixed assets (10,000) (86,333)
Properties acquired through dissolution - gifts in kind (105,000) (400,000)
Fair value gains and losses on investments (464,266) (200,992)
Depreciation and impairment of tangible fixed assets 39,181 33,181
Movements in working capital:
Increase in social investments (226,000) 13,750
Decrease in debtors 147,426 573,399
Increase in creditors 73,384 66,255
(Decrease) in deferred income (9,000) -
Cash (absorbed by)/generated from operations (432,646) 529,364

29 Analysis of changes in net funds

The church had no material debt during the year.

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

30 Social investments

Social investments
Social Investments Social Investments Other Total
In Church Buildings of in other properties Concessionary Loans Social
Connected Charties Investments
£ £ £ £
At 1 January 2025 146,093 83,724 19,250 249,067
Additions 240,000 240,000
Repayments - - (14,000) (14,000)
At 31 December 2025 146,093 323,724 5,250 475,067

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

30 Social investments

(Continued)

- (a) Social Investment in Church Buildings Other Congregations (Connected Charities)

The Trustees of United Free Church of Scotland advanced funds to connected registered Scottish Charities by way of social investment in Church Manses and buildings detailed below.

These are recognised and measured at the amount advanced [adjusted only where there is any any addition or reduction in the percentage share via a further advance by the General Trustees or repayment by the Congregation.

In accordance with the Minute of Agreement between the parties, United Free Church of Scotland is entitled to repayment of the investment based on % held x the 'Final Market Value' of the Property.

This becomes due at particular trigger points, with the primary of those being sale of the Manse/property by the Congregation.

These are not investment properties, they are social investments, and are held in the Financial Statements at amortised cost and not at valuation.

A standard security is registered over each property.

The Trustees are satisfied that there are no indicators of impairment at the year end date.

Charity Number Property details Cost at 31.12.25 and % investment
31.12.24 in property at
31.12.2025
and
31.12.2024
£ %
Congregation of Northfield United Free Church of Scotland SC014484 Church Manse, 8 Laurel Park,
Aberdeen, AB22 8XW 38,000 42.00%
Congregation of Ardeer United Free Church of Scotland SC002592 Church Premises, Ardoch
Crescent, Ardeer, Stevenston,
KA20 3PT 23,093 23.00%
The Dundee Congregation of the United Free Church of Scotland SC011683 35 Mains Drive, Dundee, DD4
9BN 85,000 50.00%
146,093

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

30 Social investments

(Continued)

- (b) Social Investment in Other Buildings Individuals (Connected Persons)

The Trustees of United Free Church of Scotland advanced funds to retired Ministers by way of mixed motive social investment. These are recognised and measured at the amount advanced.

In accordance with the Minute of Agreement between the parties, United Free Church of Scotland is entitled to repayment of these concessionary loans based on % of the Market Value of the Property when it is sold.

A fixed annual amount is paid in lieu of any interest payments.

These are not investment properties, they are social investments, and are held in the Financial Statements at amortised cost and not at valuation.

A standard security is registered over each property.

The Trustees are satisfied that there are no indicators of impairment at the year end date.

Property Details
Advances at 31.12.24
Advances during the
16 Lady Street, Hilton, Tain
60,000
52 Glendevon Place,
Clydebank, Glasgow, G81 4SG
22,500
Capitalised legal costs
1,224
North Back Road, Biggar
83,724		 year
Advances at 31.12.25
Entitlement to
share of
proceeds
from sale
£
60,000
70.58% of
market value
22,500
50% of market
value
1,224
240,000
240,000
87.27% of
market value
240,000
323,724

UNITED FREE CHURCH OF SCOTLAND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

30 Social investments

(Continued)

(c) Other Concessionary Loans

Cornerstone, St Andrews (registered charity number SC045194)

Repayable over Balance at 31.12.25 Security Held
£
120 months Standard
5,250 Security
5,250

The following pages do not form part of the statutory accounts

UNITED FREE CHURCH OF SCOTLAND

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Income
UF Donations and gifts
RF Donations and gifts
Income from charitable activities
UF Charitable income 1 - performance related grants
RF Charitable income 1 - performance related grants
Investment income
UF Dividends from listed FVTPL trading investments
RF Dividends from listed FVTPL trading investments
Other income
UF Gain on disposal of tangible fixed assets
RF Gain on disposal of tangible fixed assets
UF Stipends from congregations
Total income
Total expenditure
Net gains on investments
Net surplus for the year		 2025
£
£
312,638
10,643
323,281
13,420
21,216
34,636
58,964
34,289
93,253
10,000
-
946,683
956,683
1,407,853
(1,498,574)
(464,266)
373,545		 2024
£
£
767,288
10,773
778,061
16,780
16,894
33,674
54,037
33,606
87,643
59,417
26,916
922,521
1,008,854
1,908,232
(1,501,930)
(201,262)
607,564

UNITED FREE CHURCH OF SCOTLAND

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Raising funds
UF Investment management costs
RF Investment management costs
Total raising funds expenditure
Charitable activities
Staff costs
UF Congregational stipends
Wages and salaries (use database for trustees)
Social security costs
Staff pension costs defined contribution
Depreciation
Depreciation
Premises costs
Heat and light
Insurance
Property costs
Running costs
Printing, postage and stationery
Telephone
Computer, website and IT costs
Bank charges
Office cleaning
Reprographic costs
Disclosure costs
Other professional fees
Legal and professional
Spare code 1 (legal and professional)
Governance costs
Audit fees
Expenditure 10		 £
13,800
8,020
948,509
27,081
100,192
63,876
39,181
8,062
3,503
53,105
2,046
1,170
6,091
1,534
1,419
122
-
-
16,930
14,112		 2025
£
21,820
1,139,658
39,181
64,670
12,382
16,930
14,112
5,543		 £
12,181
7,584
930,516
20,174
76,921
63,518
33,181
5,866
3,274
68,641
1,468
1,239
6,013
1,505
2,530
199
77
1,500
38,542
17,892		 2024
£
19,765
1,091,129
33,181
77,781
14,531
38,542
17,892
6,488

UNITED FREE CHURCH OF SCOTLAND

DETAILED TRADING AND PROFIT AND LOSS ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025

Expenditure 11
Publication costs
Expenditure 12
Training & education
Expenditure 13
Denominational costs
Expenditure 14
Donations
Total charitable activities expenditure
Total expenditure		 £
24,221
33,620
117,572
8,865		 2025
£
24,221
33,620
117,572
8,865
528,245
1,498,574		 £
16,141
24,584
141,990
19,906		 2024
£
16,141
24,584
141,990
19,906
551,649
1,501,930