soo Ch•rlty r•glstratbon numb•f SC009934 (Ècotlandl MONTROSE TRINITY CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
MONTROSE TRINITY CHURCH LEGAL AND ADMINISTRATIVE INFORMATION Prln¢lp•l Offl¢• B•ar•r• Mlnlsi•r•: knt•rlrn Mod•r•tor'. 3•salon Chrk.. Ai•l•tAnl S••il(*n Cl•rk'. Troa•ur•r'. Ch•rlty numb•r IS¢ollandl SC009934 Congf•g•Von R•l•r•n¢• No. 281T10 Prlnclp•l •ddr••• 39 Markol Str1 onlros• Angu8 DD10 8NB Ind•p•nd•nt •x•min•r 11 L)uOtp IEiid¥V Oundee DD3 6TS 8•nk•r¥ Royal Bank ol Scotland Broihock BfKlge broaih DD11 1NP
MONTROSE TRINITY CHURCH LEGAL AND ADMINISTRATIVE INFORMATION
MONTROSE TRINITY CHURCH CONTENTS Pa90 Tnjstaes, re¢KJrt statamanl of trusi••s' r•5Fon¥lbiliti•s Ind•pendant exami¢3 r•port Stalernènl of finJn¢ial actiVe$ 8818nc• sheat Nol•s lo th• financial 8ts1oment$
MONTROSE TRINITY CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEM8ER 2023 The Irusteg5 their annual rep)rt and finartfdl SleMents for the yèar anded 31 Dècèmber 2023. The financial statem•nts have been prepared in attorare with Ihe aOnD"ng polKleS Sel oul In ote I lo Ihe finanoal slalemen15 and comply wrth the church's goveming éocyJmenl. Ihe Ch8rits8s Twsl Inv8slmenl IScotl8ndl Act 2005, the Ch8nlies A(xounts Iswtlandl Regulubon$ 2(M)6. FRS 102 Finanoal Reporfng S&ndaré applicab In tha UK and RepuNic of Ireland" and the Chant5 SORP 'Accountsng and Rerthing y Charilies Statement r)f Recommended Pvaclieè applicable to th8nlies preparirwJ their Atcounls in aecordance wrfth e Financial R•porbThJ Slandar( applicable In Ihe UK and Rgpublic of Ir81and IFRS 1021.. 08JECThIES AND AcTIVlEs The chufch of Scottand Is Tnnstanan In doctrine. refomied In Iradition and Piosbylenan In Polty 11 exists t4 glonfy God and to ¥¥Ofk lor the advancemonl of Christ's Kingdom througnout Ihe worfd As a national Church. it ack 8d9es a disiinctiv• call and duty lo bring Ihe ordinances of relluion lo the people Irs every parish ol ScolL4rTrd thrig a temtorial minislry It co - operales wlh olhor Churches In vanous ecurn8nical bodi•s in Scotland and beyond. Publlc b•n•fit The '.rustees h8¥ pahy due regard to guidance ¢ssu8d by th8 Office of the S¢oThsh Chanty Reg¢Jlaior in actiwti¥s the ¢urth Should undertako. iry what ACHIEVEMENTS AND PERFORMANCE Tho year under review h85 bèon a y88r of th8ng8. From 3rd August 2023 the congfegations of Monlro Soulh & Forryden, Dun & Hillsth. ano Montrose Cxd & St Andrew's were uniled as trOSe Trinity Parish Church. Translt team. member5 from each ol the 1è9acy corvJreg8lion5, draftod 8 p18n for the new Kirk Session lo eon'dei Much of that plan was adc4)leiJ which allow•d Kbrk $8ssion to concentrale on Issues for esthiShIng a 5ystsrn for the coming togelhÈr ol members Irom the legacy (x)ngr8gations an¢1 considering how to go foNf8rd lwlh k growing congregaDon. i.nion of Ihe congregall3 S BPPOlrnted as Inlgrirn N.lo(:e'i'G'-. elrr•d Octobe. ¢? '. acum Ministars were appo',nie¢ Alter 2 years of being severely rest0 by Covid 19. 2023 has r)e8n a year of skJvAy 98tting bath lo m practsces The Guild hel¢ Ils meetings agam." we h81d of rAJr main fund raisers. namely. the Summer F Christmas Fair. we began coffeeltea after Ihe Cmjrch 5er¥i¢es and Ihe $lrtchtng 9royp started to meel a9ain. Bringing together the accourls ol Ihg lgacy congregalions has created a real problem frjr fv freasurer5 as accouni sysloms had lo be brought together. With the of the Pres0ery Treasurer it was deoded c4)rnputer syslem designed lor Churches . Liberty Accounls. o nornal r and the differenl 8dopl a It has iaken a congderabl• lim• to cary <yJt the work. henc8 tho delay In subrnittifWJ lh8 accc¥Jnts. 11 15 und8 in fvlvre y•ats the prors¥ will be mom strai9httoTrvarf. l¢yA that
MONTROSE TRINITY CHURCH TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW The congregation's prinopal sourcè of Income are w8ekly offering5 and rronthly direct d8bil Income - mainly gfft 81ded. Due to th8 income of thè chanty exceeding £250.000, Ihe au1$ can no longer be prepaied on 8 receipts and paymènts basis fh*y ore ntsv4 praparod on the %cnJals basis 3nd comrly with th8 Slatern8nt ol Recommen¢ed Practice ISORPI for Accounting and Repcxting by Chanties Accordingty the figur85 for 2022. whith arè res¢1 of Montrose Old & Si Andrew'5 cowregatson onty. have been restated on Ihe accruals basis Al ihe year end thé charity holds £460.6S8 12022 £150.959 restated) In reserves. of which £252,122 is unrestricted and of this froe res8rw•5 not Inveslgd In fixe¢J assets or designated amount io £146.026 12022 - £3.638 restated) Amounts desvJnat8d 10ts118d £16.09612022- £4,555). Union olChvrcfi85 The ass81$ and liabilrti05 ol Monlros6 South & Ferrydèn, an¢J Oun & H¢llside were translerred Into Monlrose Tnnity on 3 August 2023 In ac¢ordanct wilh Chanlies SORP IFRS 1021, thè transfer has been treated as Irwming resources reco9nssed In Ihe Statement of Finanaal Activities 31 lair valtje as at the dale of Ifansfer The nel assets recognised i the unK)n were lonlros8 SOU & Ferrydon - £189,$65 Dun & HI1$18- £69.870 R•$•rves poll¢y The thafity trusi8es h8ve consKY8r8d the re5erv89 required and have 13k8n Into account Ihwr cuttenl and future liabilities It IS the Tru510É8' Oicy to holL1 rèserves of 8pprtsxirnately one nwlh's including design8led lunds. The rem8inin9 monies are held in trusi lor Montrose Tnnty Pansh Church Inv•$tm•ntpoll¢y Investrnents held at the year-end totalled £179,917 12022 £131.345 restaiedl. Tha chantys investrnent policy 15 to Invasl in 8 ralabvety ltyw nsk wrtlL4io of inv8Stments. Th8 in¥estrn8ntS 8fe there18 witr thB Church of ScotlBnd
MONTROSE TRINITY CHURCH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT On 3 August 2023, Montrose Tnnity Cnurch w83 e8tablL8hed through t1 unioft of the coryrega¢i¢)ne of Irosè fjd & St Androw13 Montroge South & Ferryden Chuich, 8nd Dun & HIIIsi¢Ye The unicffj was carried oul under lh8 guklance and authodty ol lh• Presbfftry ol Porth. In 8ccordanc• the Acts ol lh• Gorr81 Assembly of Ghurch tsl Scouand Th• novAy united ngrath( adowJ th• unilary mnslilulion as opproved by the General Assembly The congregation is a rogisterod chanly. numbor SC009934. The trusteès WPIO served during tbe year 8nd up lo the dato of signaiufe ol the finafir.ial SlaltsrnÈnts were R•cruJ(m•nl •nd •ppolntm•ne of trvst••s Mtrmbers of the Kirk Stsssion are the thanty Iru31eos The Kirk SesSn member5 aro Iht eldtsrs ol Ihe churc and ara chosen Ivom Ihose members ol the Ghurth who ar• conshgered lo have Ihe appropriaie 9ifis and 5ills rh minister. ho Is • member ol the Kirk Session. Is elected by the congregatsun and Inducled by Presbylory The Kir s5 Is from wlhin ltto congrEgalion and memberJ of the congr8galK>n Are Invilo<J lo nominate indNéual who are believe¢J lo h•we Ihe 3ki11s 8ntJ commilmenl lo conlnbute to Ihe managernènt affalr5 01 Ihe Church. lo b meKI S89sion memb8r5 The Kirk Session 15 chaired by minis18f and meets Jl 1083t three 111n05 111 B Certain r8sponsibili11o$ Are del8g#ted to the v8riou5 Task Groups ag appropriate. Tho Kirk S8sgon which m8elS ai Isi three limos a ye8r Is respongblg for 5pinlua1 all8irs wilhin th8 church Th& fvn¢tion5 01 tha Kirk Sè55ion, both spi ual and lomwral shall b8 delegated to the Kirk Session Executive vthich shall compnse the Mcxleralor ol the Kir ssion, Session Cl8rk5 wilh Link Eldèrn Iron each task group and sh811 meet oncg a mmth or as dMe1 necessa Certain r•sponsibililK8s aTe dele9ated to the Task Groups as approwale The Kifk Session shall rneet al1•8s1 annually or when ralled to do so In accrydance wth the Deed ol Con$titLJtion
MONTROSE TRINITY CHURCH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR EhlDED 31 DECEMBER 2023 .%,15 approved by Ihe Board ol Trustees. 1 Se01mfir ?02.)
MONTROSE TRINITY CHURCH STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEM8ER 2023 The trustees 8r8 raspongble for prepanng the Twslees, Report and the finanaal 5taternenls In acco applicable ltr and Uniled Kingdorn AccounbThJ Standards IUnit8d KirrfJ¢Jom Generalfy Aepted Pra¢licel. ance %vith urknng The law pICable lo chafiti•$ in SclIand requires the trustees to prapare financi81 statemènts for • year which gwe a ¢nJe and lair view of the slate ol aff8its of the church and of the inC%Hning r applicatvM ol resources ol Ihe church lor that year. rinanc431 rees an In prepanng these financial slaiements. the Iruste85 are required to.. - select suitabl8 accountsng policies and th8n apply them consistently.. - observe the methods and pnnuples In the Chanties SORP. 8k8 iudgem8fts ar esbma(e5 that afe reasonae and prud8nt. stste wh81her appli¢able atcovnting stsnd8rds have been IrAlowgd, subjed Any mBl8nal departures and explained In the financial slat8ments, and prepare the financial siaiemenls on thè gng conc•m basis it is inappropriats to pr•sufro th81 11 conts'nu¢ In operaDon. i5clo¥ed tharity The truslees ar8 responsible for keoping suffiu8nl a¢rAJuftling records that éisdo$8 1h reasonable accur yatany time the financi81 posi0 of the church and enable them to ensure Ihat the financial statements with the Chartties and Trust•è Investment (Scollandl Act 2005. thé Charrties Accounts IS¢ollandl R8gulatson5 2 an(1 ¢h8 provisions of the Irujt d8ed. They are 81s0 respon51ble for safeguardffig the a55els of the chvrch ènd ben I taking re8sonable steps for the Pfevention and detethon offraud and oth&r irwul&nties.
MONTROSE TRINITY CHURCH INDEPEP4DENT EXAMINER'S REPORT TO THE TRUSTEES OF MONTROSE TRINITY CHURCH I port on lh8 financial Statements of th• church lor the ygar endod 31 O¢cembef 2023. whh ar8 Set out on pages 71028. Fl••pectlv• r•sponslbllltl•• of truts¢J and •xamln•r The thwch's Iw5t8es are resnsIble for ltre Pfeparation of the financial statemnts In ac¢ord8nce wth the leryns ol the Charities and Tfuslea Inv8$lment ISoJtlanLII Act 2005 and Ihe Ch3n15 Accwnls Iscoljandl Regulations 2006 The church tnjsiees r£v)sider that Ihe audn r•quirerrnt of Reoulatw)n 1011llaHel ol Ihe Chanties Ac¢oun15 Iscouzndl RwJlalions 2006 does not aoy It Is my rosponsi¥Ity io eiamine Ihe finanu81 $ternat$ as requirod undèr so¢trJn 4411 Mc) ol Ihe Ch&ritias and Trusiee Inv8simeni (Sts)Ilandl Act 2(X)5 and to state whethèr Partular matter5 have com8 lo my attenl¥Jn. B•sls of Indop•nd•nt •xmlnerf• •l•t•m•nt My examinalion Is carned out In accordance wrth Regulain 11 ol the Ctranlie5 A¢nIS Iscollandl Re9ulatK)ns 2006. An ex8rnirnatyOn Includgs a fevlew of th8 accouniing re(y)rds kepl by the chanty and a cornpan5 of tho finantral statements presented Ihose rewfds. 11 also Includ8$ consideratKJn ol any unusual ilem$ (K disck)Su$ in Ihe fip8nual statements. 8nd seekirng explanations Irun Ihe truslpes concefnirvj any such matlets. The proc•durs undèrtak&n do not provide all tho g¥iderKe Ih8t %vould be required in an audrt and consoquenlly I do not •xpr8ss an a311 wnion the wi•vi gwen by the financial stat8Thn15 Ind•p•nd•nl •xarnln•r's statqm•nt In th• course ol my eyxnialm?n. no matter h85 come to my attenlK)n l. which givès rne rea5#ble rause to believe thal in any malenal Tesp8cI th requir•mènts lo keep acc¢xnting record5 In aCCrdae wlh Secbon 4411llal of e Charities and Trt5slee In¥estrnenl Iseoliandl Act 2005 and Regulation 4 of the Chanbes A¢c¥Junls Iscouandl R8gulations 2006. and lo prepare finncial statements whch accorf with the &counts'ng rtrcords and comgly wrth RegUlatn 8 01 the Chantses Accovnts IScod8ndl ReguI8bons 2006 have not mot, or 2. to whith. my orrfnion. attontson Shou be drawn In order to enable a pr¢)per und8r51anding of the finanaal 5taièmanls to ba reathèd. Findlay¥ A4idil L rniied 11 Dudhope Torrace Dund80 DD3 6TS 1 Septèmbgr 2025
MONTROSE TRINITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Currnnt Ibn•n¢l•l y••r Unr••trl¢t•d R•¥trict•d Endom•nt fund• lunds lurtds 2023 2023 2023 To¢•1 Total I r••tt•d 2022 2023 Not•s In¢om• and •ndowm•nts from.. Donations And1893cies Chantable activitres Othèr Iradiro auNIlioS Investmnts Otiier Income 94.047 14.085 4.724 7.614 160.430 57.316 151.363 14.085 4.724 8,723 260.582 61.872 14.374 5.736 5.338 2.518 992 87.018 117 13.134 Total Incom• •nd •ndowm•nl• 145.326 13.251 439.477 89,838 Exp•ndltur• on.. Chantable actNithes 130.327 9.042 139.369 108.532 Totsl •xp•ndltur• 130.327 9.042 139.369 108.532 Net gain11$•¥1 c Invesbn•nl8 12 8.156 1.725 310 8.191 123.8791 N•t In¢om•ll•xp•ndllur•l •nd moY•rn•nl In lund¥ 156,729 138.¢X 13.561 308.299 142.5731 R•c¢ncill•tlon of lunds.. Fund bal8nco3 at 1 January 2023 93.993 150.959 193.532 Fund balanc•• at 31 O•umb•r 2023 250.722 194.975 13.561 459,258 150,9S9 Th• staterrn¢ of finanoal 8dMti•s rtLJe5 all 9oins kJss•s r•co3nis•d in th• y•aT. All Irume and ¢Jerive frorn conbnuing aclivrtias. pen¢Jrtur• The hoi•s on pa99s 10 fo 28 fr*rn gart ol these finanool stalw11$
MONTROSE TRINITY CHURCH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor fin•n¢hl y•it Unr••tricl•d R•strl¢ted fvnd• 2022 Tot•1 2022 2022 1401•• Incom• •nd •ndowm•nls from.. Oonations and legauos Chantablo activibes Other Irading activib•s Investrn•nls Olher Incom• s8.13 14.374 5,736 5,313 2.518 3.766 61.872 14.374 5,736 5,338 2.518 25 Tot•1 Ineom• •nd •nd0Th•nty 86.047 3.791 89.838 Exp•Trdllurn on.. Chantabkn 8Clivitses 105.393 3.139 108,532 Toll •xp•ndllur• 105.393 3.139 108.532 galnsllkj$3j on In¥slwMnts 12 115.5981 18.2811 123.8791 N•t Incom• •nd fflov•rn•nl ID fvnd• 134.9441 17,6291 142.5731 R•conclll•tl•n ol lund•'. Fund balarKes at 1 January 2022 128.937 64.595 193.532 Fund b•l•ne•• •t 31 O•c•mb•r 2022 93.993 150.959
MONTROSE TRINITY CHURCH BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2021 tate Not•• Flx•d •8s•ts TArGIe InY•9trnents 14 16 179.917 131.345 269.917 131.345 Curr•nt ••••l• Deblo¢s Cash at bank and In ttan 77 191.189 20.898 199.189 20.898 Cr•dltorg'. •mwnts l•lllng du• wlthln on• y•i 18 19 8481 11.2841 N•1 curr•nt u••t• 189.341 19.614 Tol•l •¥•ts ts•• Cuvrnnt Il•blllll•• 459.258 150.959 Th• fund• ol th• chureh Endowrnont tundg Restnctod incorn? fvnd$ Unr•$tncied lund$ 19 13.561 194.975 2x1.722 21 93.993 459.258 150.959 Th• notes on pag•s 10 to fomi part ol th• finw•l SInIS Tho fingnejal s1mentS *r• ar0¥• by I I'u.
MONTROSE TRINITY CHURCH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEPABER 2023
Accountlng poll¢l
Ch•rlty Infonn•tlon
Monlrose Tnnity Church Is a register•d chanty m Stollar#J Th• pnn)pal •ddre$5 11 giv•n In Wl ar
aoministralwe inlomwivjn ol th•s• finawat statmeNs.
1.1 A¢¢ountlng conv•nlion
The financial 51at•ments ha b•en w•par•d in a¢crd•nc• wrtlh the church's gov•nung dorwm•nt. Iha
Chanti•$ and Trustee InstMent Iscoyandl Act 2C4)5. Ihe Chanbes Actsts Iscotsandl Regulatn9 2006.
FRS 102 "Th• Financial Reporting Stsndard iCae In the UK and ol Irdand" and the Chan118S
SORP "Accountrng and R•porting by chan15 siatemwt ol A•cornrnended Practi¢• aswicablo lo chariti•g
prepanng their aecounis In a¢ttKdarte wrtn Ihe Financial Reporbng Standard appIlble In the UK and
RepU1C of Ireland IFRS 1021" The church Is a Public Benefit Enbty as defined tty FRS 102.
Th• church has i•k•fi •dvanlago of Ihe prowxvJ In the SORP lor ch•riti•S noi to pr•par• • ¥lAt¥men¢ ol
cash fl¢)ws.
Th• fInaral 3toMon ar• pr•par8d In stth1ing. whsch 1$ Ihg luncih>uI uJrr•ncy ol Ihtr churth Mgnglary
rnounls in Ih•s• finano•l $tat•Thnls w• r¢Jundod 10 rwT•St £.
The finanual st3monts ha¥e b•en wep•d und8r lh• hat01 cosl conwentK)n The pnnupal ¥¢txunMg
polio•s adool¢
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEhlBER 2023 Accoundng pollcl•• ondnu•dl Legacies art r•eognis•d r•ceipl or othemse rf lh8 has b1 notifie(l 01 on ImpendiryJ Iho amount Is krv4n. and r•c•W Is expected 11 th• 8nK>unt * noi krthfn. Iha legacy is i conliwenl asset istnbution, ated a5 a 1.6 Exp•ndltur• Ex¢eThJire 19 rend once Ihor• B a legal w crffi5tnJctN• ¢)blJats lo Iransfef ecryKfftc thir# party. It Is probable thal a Iran5f•r ol •conL¥TK b•)•fit• wim be requlred in soth•mont. OWNI th• the obligats)n can be m8asuTod roliatyy fftioa amtyjnt of Exp•rwJituie is dasstfi•J by actsty. c•$ ol •ach actNity ar• mad• up of the low of dir1 shared ujsts. Including supwl ¢xsts in¥olved in undet1a#iNJ each actswty tj.fect Costs attnbuiarie actiwty aro alkxated diredty 10 that actwty sha costs thch t¢tbUt0 to rn0 thon rne support cosls which ale not attntwJt8Ne tr) a singl• are appJrtKJn•d between those •ctMt•s eon818lent with the ustr ol fesourw C•nlral staff costs are olkxated on Ihè baws ol Dme depi•ci8iion charges pn albcBtqd on the Frfwticm of the as.3 u5•. sts and o a sin9le ty8nd n a baSIS n¢. and 1.7 T4nglbl• flx•d M••ts Tangible fixed as1$ ale Inilwmy m••Jr•d at t>)St aryl subs•4Utty m•88ured al cosl crf v•luat' depr•U&ll¢ and any IMlr1 n•t ol o•prK1atfi Is MJCO9nised 80 as 10 WYrt• off lh• c1 or v•luatsoA ol ass•ts l•s¥ Ih•ir r9dual vahJ•i us•lul11¥gs on thtr lollorrtj bajes v•r Iheir Fr••hok1 l•nd and buildings Nol d•W•¢tell Church proparb•s ha¥9 not b••n d•ywat•d •$ rt K coftsthrnd thal thè us•hJl Irt• A so kng an valu• $0 great that no depr•wbon o n•c055ary r•sidu•l The gain or arising on lh• dtsptssol ol an assel Is d•rminffA1 as th• drfl•renc• betso•n Ihe sale and th• tarying Value ol lh• 8ss•I. and Ys r•¢Crfjnid in Iho sthtwn•nt ol fi¢1 11¥$ The thanty has Ihe rght to occupy for ts thantabkn otyeclis c•rt#in tsngibl• fix•d assots. the Church and halls. vested in th• ChUh of SeoYan¢ Gengral Trustees No COnser89n 15 paya us• ol Ihese assets. Exo•ndilufe Is incurred on Ihe repair and rrsainten8nce of Ihese assets ts cb resourc•s exDen(W in 5talvrn8ni of financ41 acbwijes In th• periThJ ln [ch Ihe anaés. for th• edas 1.0 H•rlt•g• •M¢S H•ntage are toTra1b ass•ts rth hist1C4. archrtedural, or cuttural 5wrfK4nce Ihal a maintsined pnnopalty lor their c0ntntsvli to Ihe arnj hemage of the ChUh. rather op•raI&1 or financial gain el¢ 8nd h8n for Vlhere heritag8 assets are acquired befrye 1 January 2015 and cosi OT Valua$ Infom)ation is avlable. and the cost ol otrtainbn9 wch fftlornat Is deemed lo be dispr0p0rtte. ihose asso capitsltsed In Ihe finala1 staternts. acdanCe ¥fflh ttte Chantres SORP IFRS 1021 assels are th3clod In notes to the finanugl Te mRtenal. induth'ng thiail hislory. use. and any legal resln¢b'ons aftethng Ih*r trAThiwship or diSFQSal. readity are not
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUEO) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accounting pollcl•• ICon¢fjnu•dl 1.9 Flx•d ••Mt In1)n•nI% Investmènts in the Church ol Swltand Unrt TNsts I rne•sur•d at ihe bvJloif•r pnce determined by the Church ol Scolland al Ihe year er#J Inveslrnents ho+d in inwJstm•nt #r• valued al th•ir mark•t vahJ• as provkjed by InvEslment m8ngg8rs al the y•ar end 1.10 Imp•lrni•nl of fix•d ty• Al each reporting end date. the ¢urch reviews the carryin9 arTh>Jnts ol its larsiN• assets to determine whelh8r Ibe 13 •ny Indt that IPw)se assets have suffer•d an Impainnenl kjss If any Such Indr8bon exists. the reco¥ab amount ol the 85301 Is osbmai•d In order to tleielmine the #trI1 of the Impasrment lo lif Bnyl. 1.11 C••h •nd ¢AAh •quh•l•nts Cash and cash •qui¥alenls Include cash in hand. d•posits hdd al ull wth ba$, other ¥hM-l•nn IiquKI InsiMont$ wrth {gIn&l m8tuftls ol thr•• months or l0$5. and bank ¢)¥erdrafts Bank 0draftS aro Jh¢)wn lfv'n borrffinqs In curr•nl Ilwknes 1.12 Fin•n¢l•l In•trumnts rh• church Ptas èlocted to apFy lh• p$)n3 of S•¢J'on 11 '8•wc FInancl Instsum•nts' and SeGlion 12 '01 Financial knstrurnenis Issues. ol FRS 102 81101 its finand•l Instrumwts Financi•l Instrurnents ¥• rec4r¥s•d In lh• thur¢h's balarce she•1 en th• church bec¥ paty lo the contr•clu•l ol lh• mlwment. Financial asJ•is and Iwbilrties ar• offset. 1h lh• net annIS pr0100 in th• finaral stst¢m•nis. when Iher• is a legally •nforceabl• nght to 1 off the r•cognra•J anYnts Ih•r• t5 an Inl•nlI¢ to 3•ttle OD • n•1 ba515 Qf to r•ali the ass•t s•lU• Ihg lbilIty 9imultanowy. 8•slc Iln•n¢l•l •ss•ts 88sic fin8naal assets. whKh Indude debtors aThJ cash aThJ bank balanc45. afè Inltialty rneasur•d 81 tran$acith Indudiryj transxtw Q)5ts are gJbsequgnll4 earned al #mortid cost ng lh• effecliv• Inler•sl melhcé unknss the arrangew•nl ¢onslrtutes a finonong transac1, whefe Ihe Iran50thion is me85ur•d ai lh• pres•ni ol the r•cels d1scounled at a rnark•l rale of Interest Fmianoal assols dassffied as re(Nots ThIn rfft year are not •rThJwbSOd. Bsk fin•n¢l•l li•tsliti•S 8asic finanoal li8tslthes. indudin9 credilors and bafik h)an$ are iThbally recognis•d al Ifansaction pnce unlèss Ihe aTrang•ment Cons1rfut a finanrjng transacivjn. th8r• the dabl Inslrurpi8fi1 Is moawreil al th• pr•sent value of the future payments ¢13wuni•d * a mark•t rate of iniere51 FTriano81 hatxlilm dassrfd as payab thin one year are not alr)rt Debt insirumen15 are subsequentty cam•d ai am0Se cost. urvJ Ihe 8ffociNe m¢ergs1 rate moth1 Trade rxedrtors are obligations lo pay for p)dS Iv serwc05 Ihat have bw acquir5 In th• ordinwy cJJurs• ol operalKfis frcffi supplrs Amounts payable are dasgfied as current l%abilibes rf payrnent Is due wilhin one y•ar or lèss W not. Ihy are pre5•nied as non-currenl Iiatrilitws. Trade crgdrtors ar• recognised Inibally at transactn pn¢t and Subsewty measured at amorbsed cosl usiryJ the effoctNe Inlerest mothod O•rncognillon ol Iln•n¢l•l Il•blllb•s Financial lbiltses ar• derecogTh$ed when the churth's umtrxlual oblig8tbMs exre or are discharge(l or car•10 12
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Accountlng poll¢l•s i(S)ntinuedl 1.13 Employ b•n•fil• The cost of any unused holid8y enbd8mènt Is recognised In the period in which Ihe ernoYee'S s ceive Ices 8rt Temiinalion benefits are rtcognised immedi8tely as an expense when the Church ts demonstrabty to 18rrninalè omployment of an oyee or to prowde l•rminatson b8nefits. mmitteil Crltlcal ae¢ountln9 •Stlmat•s and ludg•m•nts In th8 applicalion of thurch'5 accounbng poIiciE5. the trustees are required to make iu¢Jgemerts. slim8les and assumptions aboul Ihe caryng amount of assets and 118biliti8s that are not re8dily app8r8nt tsom other sources. The e$tim8les and assooaied assumpon5 are ty8$8d on hisloncal expeneAc and Olher f th8t are ¢on5idered lo be revanl Actual rèsulls may differ from Ihese eslirnales The 8stim8ttrs and undertying assumptions are reviYd on an ong¢yro basis. RIslon$ to •stimates are reco9nised in the period In which the 8Stirnale Is rewsed where the revision affects pencKI. or in the p8nod of the revision an¢J hjture period5 Whe the r8wsK)n affects both ¢uThenl periods. nting cnly that d fuiur8 K•y #Our¢ of •sllmatlon unc•rtalnty Prop•rty valuatlon As part ol th8 union of the 3 congregations dunng the year. the ch811ty assumed responsitslity lor a n mber ol properties Iinduéing a thurch and church halls) lCh had not previously been reeogn15ed on anylbalance Sheèi. Allhough the Church ol SeoUand retains ownership ol church lId1n95. these additional ploperbes were confirrned as beitwj Iwally vested and have thw8lore been re¢cgnisefl In Ihts financial statemen lor the first timè. In the absence of fomal valuations. th8 trustees have applied iudgernent in estimabng the fair vaue properti85 for Indusion In the fixed asset register Those estsmales were based on a range of factors. i property size. location. iecenl market actrvity. fA)ndition. Indicathve sale pnces lor comparable b Thtr Irusle8s conssdered this approach to be reasonatAe ané proportiCffj8t?. 9•n the natu and u as5els and the c<Jst of oblaining professional valuabons f these cluding sldings. ol the The valuation of these properties r8pre5ents a 51gnthtani are8 of gstrmation and iut1gerneni within the stalemenls nanoal Income from don4tlon• •nd 9cl•S Unr•$trt¢t•d R•sirfjet•d fvnds funds 2023 2023 Tolal Unr••trf¢t•d R•strlct•d funds funds 2022 2022 Tot•1 2023 2022 Donalions aTrJ gifts Legacies 82.047 12,000 86.891 64.472 57.106 1.0 3.766 0.872 1,O¢YJ 52.472 94,047 57.316 151.363 58.106 3.766 1.872 13
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and l•gaci• IContlnu•dl Unre•lrict•d Rtricted luntJ• lundi 2023 2023 Total Unr•8trl¢t•d R•slri¢t•d fttrnds funds 2022 2022 Total 2023 2022 Don•tlons and glfts WFO Off8rings Open plate and otrer Tam rtrc0¥6r8d on Grft Ai 11,849 52,900 17.298 11.849 57.744 17.298 40.085 5.784 11.237 40.085 9.550 11.237 3.766 82.047 86,891 57.106 3,766 60.872 L•g•¢I•• S Harringlon l Gove D 8ruc8 S Barclay Other 1.000 1.000 10.000 1.000 10.000 52,472 52,472 12,000 52.472 64.472 1.000 1.000 In¢orne from ¢harttablo a¢tl¥btl•s Unr•strl¢t•d funds 2023 Vnr•$tri¢tttd funds 2022 Op•rallon ol church •nd church h•lls Weddings and Funèrals Use ol Prem1565 1,552 12.533 600 13.774 14.085 14.374 Incom• from oth•r tradlng •¢1lvttles Unr••tild¢d VnrestrlGt• lunds fund) 2023 2022 Fetes. Bazaar. and other fundraising 4.724 5,736
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Incorn• from Inv•stm•nt• Unr••trict•d R•itrlct•d Endowm•nt funds fund• luntjs 2023 2023 2023 Total Unr••trl¢t•d R•strlct•d Endowm•nt funds funds lunds 2022 2022 2022 Tot•1 2023 2022 IncLTh Ircm unlisted Invostmonts Inl8rest rec8tvabl• 6.219 1.395 6,219 2.504 5.287 26 5,287 51 992 117 25 7.614 992 117 8.723 5.313 25 5.338 Oth•r Incorne Unrestrtctod R•itrl¢lgd Endowm•nl lunds Ivnds funds 2023 2023 2023 Totsl Unr•strlet•d R••trtct•d endowm•nt funds lunds 2022 2022 Total 2023 2022 2022 Released from endowment funds Transler of nn balance Insurance daim 2.518 2.S18 159.283 1.147 87,018 13,134 259,435 1.147 160.430 87.018 13,134 260,582 15
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Exg•ndllur• on ¢harltsbl• aetlvltles r•6tat•d Op•ratlon of Operatlon ol ¢hurch and ehur¢h and ehurch halls churth halls 2023 2022 DSr•ct costs Staff costs Travel Giwng lo grow contribvtions pSbe1ery dues Rates & Insurant• He31 & Iighl Guild expenses Cleaning R&pairs & rnaintWl8nce Donaiions Pnniing. Fosl8g• & statson8ry Youth Work Other cost5 10.480 2,177 55.900 1,142 10,920 21.219 1.842 6.249 9.650 1.021 2.031 2,692 5.316 12.520 1.232 51.452 1.308 8.807 11.023 1,747 3.513 1Z.019 643 1.392 81 130,639 106.462 Shar• ol •upport •nd gov•m•n¢• costs lu• not• 91 Governance 8.730 2,070 139.369 108.532 Analy•l$ by fund Unrestncled fijnds Reslncted fvnds 130,327 9.042 105.393 3.139 139.369 108.532 Support cosis 4llo¢•i•d to acti¥lti•s r•stated 2022 2023 Governance costs .730 2.070 Analys•d b•lw*Èn'. Operation of church and church halls 8.73D 2,070 16
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 support ¢o•t¥ allOt•d lo 4ctfvitl•• lQ)ntlnu•dl 2023 2022 Go¥•rn•nc• ¢c•sts cornprl*•'. Independent exarningrn, 1••$ 8.730 2,070 8.730 2,070 Support C06t8 have nol btsn a•p8ratY Idenlifiod as Ihe Iruslees con51der thère i¥ only one tharrta Therèlufa 8UPPOrt costs relate 4¥tY 10 that activity 8nd hav• not separately Identified activity 10 Tru•t••$ Dunng th• year. 1 Injstet rec•N•d f•muneration 01 £4,074 12022 . £3.8841 for seFvi¢•s 0$ T B8a<Jle Dunrvj th8 y•8f. no Ifustee rtt4ived ony r•imbursernenl of •xp•ns•s. No Irustee or 8ny person rat•d ¢0 a trustee any por30nal Inl?r881 In any controet or IransaclKry Into by th• charfty Chur¢h ontero¢J Ernploy••• Th• over8ge monthly numb•r ol •m0Ye81 duflng the year was. 2023 Nurnb•r 2022 Iiumb•r AdminL8lrp1n employm•nt co•t• 2023 2022 Wages and 8al8ne8 10,480 12.520 Indud•d within wa9os And Saaa$ ar• locum rnini¥t•f costs Social securtty costs incufrèd In lh• ye8r weig £NIL12022 - £1.2921 I Church ol Scollano cor¥Jregalions contrttxjte lo th8 Natn81 Stipend hjnd which bears coqt ol all rn 5tIPBnd$ and employ8rf$ conlnbutions for n8tsonal Insurance, pension and )using loan Iund Slipends ar8 paid In 8c¢ord8nce nalwal stlP8nd sc4le. b¥hi¢h Is relaled lo years of servi. lor the year undef r8Vlgw the minirnvm 81Ip8nd was £30.135 12022 - £28.7001 and Ihe rn8ximum stipend In e5 and sUbsUtn1 years of serwce- £37.032 135.2691. Islers Thvre were no emrloy8e5 whose anThJal remun•rats'on was more Ihan £60,C4JO.
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Galns and losM• on Inv••tsMnt¥ r•sl•t•d Total Unr••tsi¢t•d R•¥tri¢t•d Endovm•ni ndj fvnds fvnd• 2023 2023 2023 Totsl Unr•strbct•d R••trict•d Erbdowm•nl lund• lund# nds 2022 2022 2022 2023 2022 Gain(Sses1 arisry on Rev8luai¥J) of investrn•nts 6.156 1.725 310 8.191 115,5981 18.2811 123,8791 18-
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 13 Taxatlon The chanty is exempl from ¢axatron on Ils actmties because all Ils income 1$ 8pplie(I for chari1ae p poses. 14 T•nglbl• flx•d 8••ts FM•hold land .1 bulklln91 Cost Addiknons At 31 Decemb8f 2023 ).O(J) Carrylng amount At 31 December 2023 15 H•rltsg• aoS•ts Heritage as5elS linduded at Enil value) nSISt of the chkjrch halls known hi5tonc2lly as Th8 St88 which was wuir8d for £1.500 In 1895. The halls have been used continuously for church anLI purposes arJ conknnue to supwrt the mission and outreach actNitstrs of Montrose Tnnity Church The property is 5ubJ8cI to a dep)sition which stales that the church halls rnusl be usd In (x>)nectionwth the Church of and the proporty may r1 be sold or olhewsè disposed of. Thesa r851riclK)ns inyt the congregation's uxtrol over the a$sel and its abilty to r8alis& any econ0rn1c benèfrt Atrding. no 8lue 15 Included for the church halls in balance shoet. lo Halls rnunity 16 Flx•d as•t Inv••tm•nts Il•t•d Inv•4m•nts Cost or ¥alu*llon At 1 January 2023 a¥ restated Transfer from ijnion Unr881ised gain I Ikjssl 1,345 0.381 8,191 Al 31 December 2023 9,917 Carrylng amount Al 31 De¢8mbw 2023 9.917 At 31 December 2022 as restated 1.345 2023 2022 Investrnenls at fair value ujmpnse". Chuictr of Scolland Inv851ors Trust Growth Flind Church ol Srolland In¥è51ors Trust InCrre Fund 43.597 136,320 .345 179,917 13 .345
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 310ECEMBER 2023 16 Fix•d a•t Inve¥tm•nts Icontlnuodl In¥••tm•nt rl#k• FRS 102 requires the disdosure ol informaiion in relaOn lo certain Investmenl risks. These risks ore sel out by FRS 102 as follows. Cr8dil nsk" this is the nsk that one party to a financigl inslwrnenl wll cause 8 finanual loss for the other party by failing to discharge an obligation. Market risk. t*is ¢ompnses cUncY nsk. int•r•st rate risk and other pric• risk. Currency nsk.. this Is the risk that the fair value (K hjture cashflows ol a financial asset will fluctuate bttause ol th8 changès In m•rket Interest rates. Inlète$l rate nsk Ihis Is the risk thai the fair value of lulure cashflow5 of a firFanrJal asset will flutluate bec2use of changes in rn8rkot Interest rates The Church h8s •xposur8 lo Ihese risks boc•use of the In¥8strnonts il makes to Implernent its Investment siralggy Th& Irust8e5 mana99 investment d5k5. Induding crodit risk an4J market nsk. within agrged nsk limits which a sel taking into accounts tre ffusf$ straiegi¢ investment objectves. These Investrneni obpctives and risk limits are Implemented through Ihe investrr¢8nl manager agreern8nts In place with the Church'5 InvBslm&nl managers and Fronitored by the Trustees by regular review5 of the Inveslment porlfolios Curr•ncy rl8k The Church $5 subj.ect to cuffency beGqU5e some ol the Crch'S Investments aT• hekj in ovorseas marke15 via the pooled tnv8Stment vehic185 Int•r••t rnte ri• Thè chanty 15 subject lo inttsrest rale nsk lttrough Investm8nts comprising bond5. Olhor prle• rl•k Other pnce nsk aris8s pnn¢ipally In Telation lo equities held In yed vehicles. The Chuvch manages Ihis 8xposure to other pnce nsk by conslruc11ng a diverse POrtfolK) of investments across ¥anous markets 17 D•btors 2023 2022 Amounts lalllng du• wlthln ong y•ar'. other iJeblor5 8.000 18 Cr•dltors'. •rnount$ falllng du• wlthln on• y•ar r•stat•d 2022 2023 Trade cr8dilors Accmals and d8feryed Incom 1,446 8.402 1.284 9.848 1.284 -20-
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR ThIE YEAR ENDED 31 DECEAIBER 2023 19 Endowm• fund• EndowTrent fijnds r•pr•sent asseis tthKh must bo held pem)anenfy by Ihe church Incorne arisng •ndowmenl hjnds can be u58d In 8cc(tlanc8 wrth the objects OF the church and is wKluded 88 un Incorne Any capital gains (K losses ansing on the assets fomi part of the kntl tncted At 1 January 2023 In¢omlng r•sourc•s G•lns •nd Ioss•5 At31 c•mb•r 2023 P•rnianont •ndowm•nts rhe Chantae Bequest Fund M15s Sievevmght Bequest Car anche Lyaii 8equesl Old Bunal FurKJ Blanche Lyall Bequest 5.655 505 3.893 824 2.374 5.655 505 4.203 824 2.374 310 13.251 310 13.561 Purpos• ol Endowm•nl Fund• The ChafialJe Bequest Fund . The TnJste•s set a5•Je lunds for tha ol Ihox in dire ne adrnini5tered al mintsterfs d15trebCI Miss S¥tveWI Beq4St Capial. IncA)me LS to be generdl pJrFrt)ses 818nche L11 80que51- is transferred fly Re¥e accojnt use Bunal Fund- nm• to be used to rna1•n the old i¥JnaJ 9fid 8lanthe Lyal Bequest. irKome 10 be used to PTovJe suptyt lo paiish mbS 21
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 20 R•S¢£t•d funds The Stn¢ted frJnOs ol the chanty comww the Unexpe balanc4s ol donal$ and grants held on trust subjacl to speofic condrtw)ns by as to h¢Mt they may ua•J. RMtsled At 1 J•nuary 2033 Incorning r•sour¢•s R•sourc•s •xp•nd•d G*ln• and Ioss•$ At31 D•c•mb•r 2023 Organ fund Youth fund Sunday Schod Guild Summer M15sion Fabflc hjnd Mission Cup thJn¢ Sunday Club 10.. 10 Club Church Craft'n Cafe Church F811<Yrthio Philos Cafe Holiday Club Flowers lun Children's EdUb0 Fur Project Fun Misc Pansh Fund Dun Hall Fund Dun Church Intenor re1urb1shffnt n{j Chait fund Napier Beq81 fund Youlb Club hJ Fabric WoFkir4J fund J Adarn Bequest The late Sophie 8arday 466 4.147 4.962 1.732 115 45.545 17 151 1.580 1.673 483 4,298 3.850 1.599 115 47.270 36.601 159 235 20 136 2,936 65 25 1,652 11,967 1.482 2.528 12,6921 11.8061 1.725 36.601 159 1.114 1.041 18791 11.0211 3,924 6S 19881 1751 1.652 11.967 1.482 2.528 ln 23 378 1.159 12.122 14.805 S2.472 177 23 378 1,159 12.122 13.224 52.472 11,5811 145.326 19.0421 1.725 194.975 22-
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 R•$irfj¢t•d lunds l¢ontlnu•dl R•8tst•d At31 •mb•r Pr•¥lou$ y•ar'. Al 1 J•nu•ry Incomlng 2022 rnsourc•s R•sour¢•• •xp•nd•d G•lns •nd 1088e* 2022 Organ luno Youth lund Sundoy Scho Gui Summer Missi Fabn¢ funcl 463 4.124 5.012 1.055 115 53.826 466 4.147 23 1.342 2.423 11.3921 11.7471 1.731 115 45.545 18.2811 64,595 3.791 13.1391 18.281} -23-
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 R•trSct•d fvTrls IContlnu•dl Purpose of r•strl¢t•d fund Oigan fund- This fvnd Is provK1ed for Ihe n%Tirtenawi of the or9an Youth fund - Th Is b) provKYe eAtra f(Y the chiklren of the pBrish Sunday Sthod hJnd- Th lurnl Is to Sup$ the runniTrJ ol Ihe Sunday Schc Guild bjnd - This IS uséd io th• C11 ryoJ• Surnm•r Mtssion luTrJ- Tlws Fund s used tho IIissK) Fabric FLmd- Th• fvThJ is use(1 Io Upkeep the rA Ihe Ixtiljirgs MisSn fund. This lurY • to be used Ir# ar aKI as a reservè fot lo"¢ repairs Sunday Club . This j is 10 b• used th? nJMiry of lh8 s 10..10 Cltsb . This Is to be used lor Ihe runrwTrJ of the 10 10 Club Church Craft n. Calé . pro¥Kles a semce cc41eds lur¥Js frjr dtsintyuts)n lo variws ¢h8rit8tAe orw¢8trfffls Church Felowshp . Ths is to be used ts the nJnnirq ol thtr Fe1k1h1 Philos Calé- Ttr•s fLtThJ is lo ba used fry iP runnirg of Phlos Calé Holiday Club. This fvnd LS to b• used Ihe runrry d Ihe HcAkaay Cb Fhmer lund . This fvtyj o to te used to pioYKJe 11cr for display dvnry 59TrICW L31 worship Chil¢Jr•n's Ed1K•t1 frAI. Thls is a fmj lo ryovth extra for thè thklren ofthe panyh Propct luTr#- This Is a hJTrJ lo assist wlh Ihe 0)st of lyththro l uFo]rading our cwr8nt bthkn.ngs Mis¢ Pansh fund . ThLS 15 a lund lor Ihose in ne Dun Hall fund- This Is a lund lo asg51 th upJrdthng Ihe Wr1 Dun Churth irnefior Refurtshmenl - Th15 ts a tund io assist wnth updatyng iniencrf al Oun Church Napi•r 8equ8St lund . Thts L8 a lund thgs• by lh¢ TThnislor I veasur8r IconfKlontiall Youth fund - This JTrJ ts lo be usery for nthning the YrxAh Chjb FaDric Woiking tund . This furid Is to Iho fat¢ of tr* buildings The late Monlros6 . to be u98d to assot the maintenanc• of the Wls n Cosle street. .24-
MONTROSE TRINITY CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Unr••trlct•d lund•
The tsnrestncte
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Unr••tdct•J fund• IContlny•dl Purpo8• ol d•olw•t•d lund• 8equesl fun¢ Tho Trustees have sel a3id¢ funds for the m•inlen•n¢e of the Church properties known as The Sleeple 5taeple GrtyJp - Thg Trustees have 581 ashye ftjnds lor use by Iho St8$pIo Group Fabri¢ - The Tru¥t88s have set asid• funds for Ihtr rnainten•ne• of the Church propeme8 known as Th Sioeplo F8Dric Local - Th• TnJstees hav• s81 aside lutMl8 for th• maintenan¢8 tsl the Church prowrt185 kn¢)wr as Th Sleepbe Fabnc hjnd Thg Trustees have set •sKle lund8 for Ihe mainien8nce of tho Church prOpertS located In Ferryd•n Fabnc lun¢J - T Trusl••s havg 5•1 asid• fvndi for Iho mainl•n8nc8 ol tho Chufch prop•rts k)caled In Guikl lund - The Tru5tee5 have sel aside fun(ts lor use by lh8 Guil 22 Anly•l• ol n•t •s••t• b•tw••n fund Unr••trlct•d lund* 2023 R•strld•d Endowm•nt fundJ lunds 2023 2023 Tol•1 2023 At JI O•c•mbw 2023.. Tangible 8sselS Investmen15 Curyent 8880ts4li#knl4t3I 90.000 119,086 41,636 90.OCrf) 1 T9.917 189.341 47.270 147.705 13.561 250.722 194.975 13.561 459,258 Unr••trl¢¢•d lund¥ 2022 R••trlct•d Endowffl¢nt fund¥ funds 2022 2022 Tot•1 AS r•¥tat•d 2022 At 310•c•mb•r 2022.. Inveslrnenls Current 858etsllliabilrtiesl 85.800 8,193 45.545 11.421 131.345 19,614 93.993 56,966 150.959 23 Volunt••fS In common all congregations ol the Church ol S¢olland. the congregation benefits frorn the eornribution made by voluvteers who give Ihèir time and talents willingly lor Ihe benefit of Monlrose Trinity Th8 areas ol congrÈgaliono1 life which rety on the conlribvlions of volunteers are rnany and varied and rnuch tsf the activily would be unable to ntInUe wtrro rt not lor Ihe cornmilmèni shown. -26-
MONTROSE TRINifY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 R•l•t•d party transactlons Ounng the year. Trustees cdlecbvely donated a sum totalling £15.182. During the year, Minister5 received roimbursed travel expen$89 tol8lling £2.175 12022 - [1,2311. t2,71312022- £3.2201 was paid in fespect ol Counal Tax for the manse addition 25 Collecll•n* for Thlfd Partl•s 2023 2021 Collections HIV Programme Syria Apptsal T8ar Fund Montrosa Town Band 283 177 345 176 698 283 26 olr funds These are separalely regisiered chanbes and trusts under the control of the trustees N•m• George and Annie Keir Fund Old Church 8eneTrnlent Fund Numb•r SC021333 SC026963 27
MONTROSE TRINITY CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 Prbor p•rlod •dluslm•n¢ Changes to th• b•l•nc• •h••t At 31 D•¢•mb•r 2022 As pr•viouly Adlutm•nt T•port•d R•st•t•d Flx•d a•8•ts Inve5trTients Cr•dltOTS du• wlthln on• y••r Other cre¢JitOfS 131.345 131.345 11.2B41 11,2841 N8t 8sselS 20,898 130.(1 150.959 Capital lunds Income fuThJs R8Stncted lunds Unr•stncled funds 45.545 84.516 56.966 93.993 9.477 Tot•1 •qulty 20.698 130.IJ81 150.959 Chang•• to th• profil ind los• •ccount P•riod •nd•d JI D•c•mb•r 2022 As pr•vlously Adlts8trn•nt R•stai• r•port•d Charttable actieS 107.248 1.284 108.532 Net gaifts on inv8Stmenls 123,8791 123.8791 Net movement in knnds 117.4101 12S.1631 142.5731 Ovnng Ihe y•ar. the congregation underwonl a un*w ol three l(ymoty Independent churchts. The Comparative fgures rglaie to Monlfose Old & St An4re%¢s. which prepared Ifs financial Slalemenl$ on Receipts and Payment5 basis In the pnoF year A5 the ¢urTrnl yearfs accounts are prepared on an ac¢rual basis. In line wilh chanb.es SORP IFRS1021, Ihe prior year figures have been restated acCrding b provide CMparabl1lty 28-
MONTROSE TRINITY CHURCH APPENDIX FUNDS HELO ON BEHALF OF THE CONGREGATION BY THE CHURCH OF SCOTLAND GENERAL TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 CAPITAL ACCOUNT Balance al 1 January Union tran51er 68.805 20,226 ,805 Balance at 31 Decernber 89.031 .805 Market Value ol 8alanc•s at 31 0mber 94,852 REVEhlUE ACCOUNT Balance at 1 January Union translor Interest 8nd divHYends rgceived Adminislr8tion costs .020 7.553 1.957 1771 902 .2351 Cfedit balance at 31 Ccernr 10,121 688