REGISTERED CHARITY NUMBER: SC013392 Re ort of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 for Tain & Fearn Free Church of Scotland Mackay & Co Chartered Accountants Unit 8 Golspie Business Park Golspie Sutherland KW10 6UB
Tain & Fearn Free Church of Scotland Contents of the Financial Statemenls for the Year Ended 31 December 2024 Page Report of the Trusteès Independent Examiner's Report Statsment of Financial Activities Balance Sheet Notes to the Financial Statements 8 to 14 Detailed Statement of Financial Activities 15
Tain & Feam Free Church of Scotland ort of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accountin9 and Reporting by Charities: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Aims and Afflllation The Free Church of Scotland currently has around 100 congregations in Scotland, as well as two in London and five in North America, and sister Churches founded by mission work in India, Peru and South Africa. The Church also has a full-time degree awarding college in the heart of Edinburgh for the Training of Ministers and other Christian workers and sustains an extensive Missionary programme relative to the size of the Church. Dating from 1843 but with its roots in the Reformation, it owes its distinctive title lo its historical struggle to remain 'free' frorn state interference in its internal affairs. It has close and active relalions wtth many other Reformed Churches of Jesus Christ throughout the world and stsnds firmly in the tradition which accepts the Bible in its entirety as Ihe Word of God and, therefore, derives its forms of teaching. worship. ministry and government from it. The main emphasis of our worship is the preaching of the Gospel - the good news of a free and sovereign salvalion through Jesus Christ alone. The Free Church of Scotland is a Presbyterian Church adhering in its worship and doctrine to the position of the Church of Scotland at the Reformation. There is an explanatory document which explains the origins of Ihe Church and which gives the hislorical background to the Church coming into being in 1843 and lists documents in which is embodied its constitution. Tain & Fearn Free Church of Scotland is a congregation of the national Free Church of Scotland working towards the common aims set out above. The congregation is within the Northern Presbytery and is authorised by the Church to have a minister and assistsnt minister paid from the Central funds of the Church. The Church buildings and manses are the propety of the congregation and are held in trust by locally elected property (or congregational) trustees under the Church's Model Trust Deed. Page 1
Tain & Fearn Free Church of Scotland ort of the Trustees for the Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Actlvities and Achievements During 2024 we began to live-stream our services from Hilton Free Church. These remain on our YouTube channel after broadcast in order to reach a greater audience. We host four services of public worship each Sunday and have two midweek meetings. There is provision for a Sunday School and Creche at our morning services. We have a growing Youth Fellowship which calers for teenagers at a fortnighlly meeting. We provide a free lunch to the community twice a week on a Monday and a Friday. Each Tuesday we host a meal and a support group for those struggling with addiction. We run Crafls and Company twice a month to help with isolation and loneliness. There is a Parent and Toddler Group each Thursday during term time. We help run an oulreach hub in a deprived local housing estste every Friday night. We also have a variety of Bible Study groups each month. We began a forum for discussion and questions once a month. Our ministers regulady lead religious assemblies In slx primary schools and the High School. We spent several days in local primary schools explaining the Christmas and Easter stories. We collaborated with other denominations to hold joint services in Tain and the villages. We continue to support the National Free Church of Scotland both spiritually and financially. We supported the local community market by hosting stalls and helping other stall-holders. One of our minislers provided a monthly update for a local community newspaper. We hold monthly setvices in a local care home and provide pastoral care in the ¢ommunity- We adopted a smaller congregation in Presbytery, providing practical & prayerful support. Several of our elders act as Assessor Elders in smaller congregations within the Presbytery. We adopted a Mission Support Organisation providing prayerful and financial support. Page 2
Tain & Fearn Free Church of Scotland ort of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Reserves policy Resulls for the Year The vacant site previously occupied by the Tain Health ntre was identified and purchased in 2016 for building a replacement Church as the existing building {directly across the road) is reslricled in size for a growing congregation. Fundraising less expenditure for this year is showing a net surplus of £26,970, with net assels held at year end of £699.588 lof which cash £608,193). The trustees transferred £11,268 from the general fund to the new build fund to cover the cost of the loan payments. The nel position on the fabric fund has seen an increase to £25,121 from £21,459. The surplus in the year for the accounl for day to day costs is £1,195 resulting in a closing cash balance of £39,373. There is a closing cash balance in the audio-visual equipment fund of £5,600. The Trustees are satisfied with the level of reserves retained by the charity. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Free Church of Scotland is established by Constitution. It is a registered Scottish Charity (no SC013392) Appointment of Charity Trustees The Kirk Session exercises its discretion in determining the most appropriate melhod of electing new Trustees {Elders and Deacons). Any election process must involve the communicant membership of the congregation. There is no fixed term of Trusteeship. Prior to their appointment, new Trustees would have served the Church for some time in various roles and would be familiar with the Church's values. its aims and objectives as well its day lo day operations. As part of their induction process, new Trustees are required to understand their stalulory responsibilities as well as the responsibilities of their office within the congregation as elder or deacon. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number SC013392 Prlnclpal address 10 Duthac Wynd Tain Ross-shire IV19 1LP Page 3
Taln & Fearn Free Ch rch of Scotland ort of the Trustees for the Ye r Ended 31 December 2024 Inde endent Examiner Mackay & Co Chartered Accountants Unil 8 Golspie Business Park Golspie Suthertand KW10 6UB ASSETS HELD FOR CHARITABLE PURPOSES Churches and Manses - £370.000 Approved by order of the board of trustees on behalf by.. and signed on its Pa9e 4
Inde endent Exami Re rt lo the Trustees of Tain & Fearn Free Church of Scotland I report on Ihe 8¢counts for the year ended 31 Decèmb8r 2024 set out on pages Six to fourteen. Re$pectlve responstbllities of tru8tees and examlnèr Tne charity'6 trustees are responsible for the preparation of th8 accounts in accordance with Ihe t8rms of the Charities and Truslee Investmenl (Swtlandj Act 2005 an¢ the Charities A¢¢ounls (Scotland) Regulations 2006 las amended). The charity's ITUStees ¢onslder that the audit requiremenl of Regulation 1011Xa} to {c) of th8 Accounts Regulatkons does not apply. It is my responsibility to examine the accounts as required under Sedi'on 4411 IIG) of the Act and to slate whether pam'cular matters have come to my attention. Basis of the Independent •xamlner's report My examination was carried out In accordance with Regulation 11 of thg Charities Accvunls (Scotland) Regul8tlons 2006. An examination includes a review of the accounting record5 kept by the charity and a cornparison of the accounts presented with those rewrds. It also includes t£sn5ideraon of any unusual Items or disclosures in accounts. and seeking explanatlons from you as tnjstees concerning any such matter5. The prOdU8 undertsken do not provlde all Ihe evidence that would be required Sn an audlt. and CDnsequenlly I do nct express an audit opinTron or ttFe view given by the ac¢ounls. Independent examlner's statement In connection with my ex8minetion, no matt8r has come to my attention . (1 } which glves me reasonable c8U$& to belleve that in any mat8rt81 r6SPO¢t, the requirements to keep accounting records in a¢cordan¢e with Section 44{1)18) of the 2005 Act and Regulatlon 4 of the 2006 Accounts Regulations-, and lo prepare ac¢ounts which accord with the accounting records and lo comply wth Regulation 8 of tha 2006 Accounts Regulations h8V6 not been mel-, or 12) to which, in my opinion, attention should be drawn in order lo enable 8 proper understanding of the accounts to be reached. MRckay & Co Charted Accountsnts Unit 8 Golspie Business Park Golspie Sutherland KW10 6UB Date.. Page 5
Tain & Feam Free Church of Scotland Statement of Financial Activilies for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Tolal funds Unrestricted Restried funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 250,808 250,808 244,929 Charitable activities New Build 46,000 46,000 Total 296,808 296,808 244,929 EXPENDITURE ON Charitable actlvitles Church Property upkeep New Build 147,644 21,258 102,544 147,644 21,258 102,544 141,348 5,958 24,151 Total 271,446 271,446 171,457 Net gains on investments 1,608 1,608 9,566 NET INCOME 26,970 26,970 83,038 RECONCILIATION OF FUNDS Total funds brought forward 667,018 5,600 672,618 589.580 TOTAL FUNDS CARRIED FORWARD 693,988 5,600 699,588 672,618 The notes fomi part of Ihese financial stat6m8nts Page 6
Tain & Fearn Free Church f Scotland Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricled Restricte(i funds funds Notes FIXED ASSETS Tangible assets Investments 134,465 13,524 134,465 13,524 134,465 11,916 147,989 147,989 146,381 CURRENT ASSETS Cash at bank 602,593 5,600 608,193 591,115 CREDITORS Amounts falling dué within one year (7,390} (7,390) (7,391) NET CURRENT ASSETS 5g5,203 5.600 600,803 583,724 TOTAL ASSETS LESS CURRENT LIABILITIES 743,192 5,600 748,792 730.105 CREDITORS Amounts falling due after more than one year (49,204) (49,204> 157,487) NET ASSETS 693,988 5.600 699,588 672,618 FUNDS Unrestricted funds: General fund Property upkeep New Build 52,898 25,121 615.969 50,094 21,459 595,465 693,988 667,018 Restricted funds: Audio-visual equipment 5,600 5,600 TOTAL FUNDS 69g,588 672,618 The fi anci I sta nts were approved by the Board of Trustees and authorised for issue on and werè sign8d on its behalf by.. The notes form part of these financial statements Page 7
Tain & Fearn Free Church of Scotland Notes to the Financial Statements for Ihe Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP IFRS 102) 'Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities and Truslee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at markel value, as modified by Ihe revaluation of certain assets. Income All income is recognised in the Statement of Financial Activilies once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabililies are recognised as expenditure as soon as there is a legal or conslructive obligation committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activilies on a basis consistent with the use of resources. Tangible fixed assets Deprecialion is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Irustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 8 conlinued...
Tain & Fearn Free Church of Scotland Notes to the Financial Statements continued for the Year Ended 31 December 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 Dember 2024 nor for the year ended 31 December 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Totsl funds INCOME AND ENDOWMENTS FROM Donations and legacies 244,929 244,929 EXPENDITURE ON Charitable activities Church Propety upkeep New Build 141,348 5,958 24.151 141,348 5,958 24,151 Total 171,457 171.457 Net gains on investments 9,566 9,566 NET INCOME Transfers between funds 83,038 16,650 83,038 116,650) Net movement in funds 99,688 116,650) 83,038 RECONCILIATION OF FUNDS Tolal funds brought fotward 567,330 22.250 589,580 TOTAL FUNDS CARRIED FORWARD 667,018 5,600 672,618 Page 9 continued...
Tain & Fearn Free Church of Scotland Notes to the Financial Statements - continued for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS Freehold property COST At 1 January 2024 and 31 December 2024 134,465 NET BOOK VALUE At 31 December 2024 134,465 At 31 December 2023 134,465 FIXED ASSET INVESTMENTS Listed inveslments MARKET VALUE At 1 January 2024 Revalualions 11,916 1,608 Al 31 December 2024 13,524 NET BOOK VALUE At 31 December 2024 13,524 At 31 December 2023 11,916 There were no investment assels outside the UK. CREDITORS". AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other creditors 7,390 7,391 Page 10 continued...
Tain & Fearn Free Church of Scolland Notes to the Financial Statements - continued for the Year Ended 31 December 2024 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.12.24 31.12.23 Other creditors 49,204 57,487 LOANS An analysis of the maturity of loans is given below- 31.12.24 31.12.23 Amounts falling due within one year on demand: Other loans 7.392 7,392 Amounts falling between one and years: Other loans- 1-2 years 7,392 7,392 Amounts falling due between and five years.. Other loans- 2-5 years 22,176 22,176 Amounts falling due in more than five years- Repayable by instalments= Other loans more 5yrs instal 19,636 27,919 MOVEMENT IN FUNDS Net movement in funds Transfers beeen funds At 31.12.24 At 1.1.24 Unrestricted funds General fund Property upkeep New Build 50,094 21,459 595,465 15,538 3,427 8,005 112,7341 235 12,499 52,898 25,121 615,969 667,018 26,970 693,988 Restricted funds Audio-visual equipment 5,600 5,600 TOTAL FUNDS 672.618 26.970 699,588 Page11 continued...
Tain & Fearn Free Church of Scotland Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestrlcted funds General fund Propety upkeep New Build 161,574 24,685 110,549 (147,644) {21,258) (102,544) 1,608 15,538 3,427 8,005 296,808 1271,446) 1,608 26,970 TOTAL FUNDS 296.808 1271,446) 1,608 26,970 Comparatives for movement in funds Net movement in funds Transfers between funds At 31.12.23 At 1.1.23 Unrestricted funds General fund Propety upkeep New Build 30,216 13,253 523,861 25,098 2,638 55.302 (5,220) 5,568 16,302 50,094 21,459 595,465 567,330 83.038 16.650 667,018 Restricted funds Thomas Bogg Audio-visual equipment 22,250 {22,250) 5,600 5,600 22,250 (16,650) 5.600 TOTAL FUNDS 589,580 83,038 672,618 Comparative nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund Propety upkeep New Build 156,880 8,596 79,453 {141,3481 15,9581 (24,151) 9.566 25,098 2,638 55,302 244,929 {171,457) 9.566 83.038 TOTAL FUNDS 244,929 {171,457) 9,566 83,038 Page 12 continued...
Tain & Fearn Free Church of Scotland Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - contlnued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds Transfers between funds At 31.12.24 At 1.1.23 Unrestricted funds General fund Property upkeep New Build 30,216 13,253 523.861 40,636 6,065 63.307 {17,9541 5,803 28,801 52,898 25,121 615,969 567,330 110,008 16,650 693,988 Restricted funds Thomas Bogg Audio-visual equipment 22,250 122,250) 5.600 5,600 22,250 116,650) 5.600 TOTAL FUNDS 589,580 110,008 699,588 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incoming Resources resources expended Gains and Movement losses in funds Unrestricted funds General fund Propety upkeep New Build 318,454 33,281 190,002 1288,992) (27.216) {126.695) 11,174 40,636 6,065 63,307 541.737 {442.903) 11.174 110,008 TOTAL FUNDS 541,737 (442,903) 11,174 110,008 Page 13 continued...
Tain & Feam Free Church of Scotland Noles lo the Financial Statements - continued for the Year Ended 31 December 2024 10. RELATED PARTY DISCLOSURES There were no relaled party transactions for the year ended 31 December 2024. Page 14
Tain & Feam Free Church of Scotland D8tailed Statem8nt of Financial Activities for the Year Ended 31 D8cember 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donations and lègacles Legacies Ordinary income Missions Magazines Gift Aid Property upkeep New Bulld 5,000 126,219 6,973 297 26,665 24,685 60,969 125,522 7,989 460 26.869 8,597 75,492 250,808 244,929 Charltable actlvltles GntS 46,000 Total incoming resources 296.808 244,929 EXPENDITURE Charitable activities Central funds Pulpit supply Minister P$bytery dues Loan inlerest Property upkeep New Build 92,801 2,730 12.731 1,930 2,985 21,258 98,328 87,346 2,009 11,901 1,282 3,342 5.958 18,121 232,763 129,959 Support costs Management Council tax Insurance Utilitiès Sundries 6,236 3,691 8.881 19,875 6,096 5,987 7,530 21,885 38,683 41,498 Total resources expended 271,446 171,457 Nèt Income 25,362 73,472 This page does not fomi part of the statutory financial statements Page 15