Charty registralloA numbw SC016901 (Scotlandl THE FREE NORTH CHURCH INVERNESS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE FREE NORTH CHURCH INVERNESS LEGAL AND ADMINISTRATIVE INFORMATION Trujte Chartty nurtièr IScotl4ndl SC016W1 PrirKipal addre Bank Stre•t lThvern IV1 1QY Denomlnatlonal addr••• Free Church ol Scotland The Mound Edinburgh EH12LS Indepèndent exam* KqacKEr.z.e Keir L.Ini:Ed Charter8dAceountsnts Re¢0d 19Culdthel Road Inv¢mo)$3 IV2 4AA Banker$ Bank of S¢otLgnd 2-6 Easlg8te Invèmèss IV2 3NA Solicitor• Innes & MacKay Kintg11 Hous¢ B•achwood Bu$ines5 Park lTrverne55 IV2 3BW
THE FREE NORTH CHURCH INVERNESS CONTENTS OF THE FINANCIAL STATEMENTS Page Tru$te¢s' report Independent examinerfs report Staton*nl olfinanckql actwf£ies Balance sheèt Notes ¢0 Ihg financial Statements 8-22
THE FREE NORTH CHURCH INVERNESS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustètts present their annual r¢port and financial statements for the y•ar ended 31 0o¢gmber 2024. The financial stateThnts have been prepared in accordance with tho g¢counting policies set out in note 1 to the finoncial statements and comply with the charty's goyeming document. the Charrties and Trustee Investment Iseotlandl Act 2005, the Chanties Accounts ISo)tlandl Regulations 2006 las amended) and "Accounting and Reporting by Charrties Stslemenl ol Recommended Practice applicable to charrtiès preparing theii accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeth. 1 J8nu8ry 20191. Objectives and activttie The Free Church of Scouand currently has congre9ations throughout Scotland. 85 well as one in London and five in North America, and sister Churches founded by mission work in India, Peru and South Africa. The Free Church of Scotland also has a full ts'me degree awarding College in Edinburgh for the training of Ministers and other Christian workers and sustains an extensive Missionary programme relative to thè soe of the church. Dating from 1843, but wth ts root5 in the Reformation. rt owes rts distinctive trtle to rts historical struggle to rèmain Yree. from stsle interferencè in its inteinal affairs. It has dose and active relations with many other Reformed Churches of Jesus Christ throughout the world and stands firmly in the tradttion, which acTrpts the Bible In its entirety as the Word of God and, therefore, derwes its tom)s of teaching, worship, ministry and goveinment trom It The rrdin emphasis of rts worshlp k the preaching of the gospel - the good news of a Ire& and $overeign Saall0n through Jesus Christ alone. Ttt? Free North Church is a congrègation of the Free Church ol S¢otkgnd working towards the comrTk)n aims set out above. It is a Presbyterian Church adhering in its worship and do¢lrine to the positjon of the Church of Scotland Èi the Relomiation. The Flee Church of Scolland has an explanatory document which explains the origins of the Free Church and which gives the historical background to the Free Chureh corning into being in 1843 and lists do¢umonts in which is embodied the constituthon of the Free Church of Scotland. The Free North Chureh 15 aulhorised by tha Free Church of Scotland to havè a minister, and an assistant minister, paid from centr85 fvnds ol the Free Chureh ol Scotland. The Free North Church building, halls and manses a th8 propety ofthe Free North Church. The government of the Free Church of Scotland is Presbyterian and the Free North Church congregation 15 Wrthin the Presbytery of Invemess, Lochaber & Ross. Granl makng p)licy The Free North Chvrch makes grants from its Income to iThdiwduals and organi5ations that are generalty known to the Free North Church tru$lges. The beneficiaries are involvèd in acliwties or ministries compatible wi(h the Free North Church's objectDie5. Achievements and performance &'gniffG8nl 8Gtivilies and aChiev&MlS wwnst obJeGts've8 During the year, the Fret North Church met lor public worship at 11am and 6.00pm. 7.30pm on Wednesday for prayer and bible study and carried out various other actNies In pursuit ol their aims. There rerroins a reliance from $om Npmbers on meeting via Zoom vidèts-coriferencing or via YouTube livestrearring. In this respect the Fre• North continues to be successful in adapting to new means of toohnology and SuppOn9 m*mbgf$. The church hosted a numbèr of soeial events during the year, includin9 prayer breakfasts and meals. The Free North Church congrtgalion continued its commrtment to support the Free Church of Scoland both spirrtually an¢ finanthally.
THE FREE NORTH CHURCH INVERNESS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 In pursufL of rts aims and objectivès during the yèar the Free North Church congr&gation undertook.. - Youth ministries through Sunday School and Youth Fellowship IYF held at the neighbouring CYC building). House groups nt once a month land subsequently online where possible). Evening fellowship$ in person and also online. Conbnuing a Strategy focussing on Worship. Comrnunity, Mission and Disapleship to develop the work and witness ol the congregation in the eity centre This also took the fomi ol a Warm Hub from November. speeifie811y designed to help people in the local conynunily by providing a waim. safe and inviting place for them for 8 hours per week (Mondays Ènd Fiidaysl. Bible studies and book r¢ading groups were organisèd for groups of both women and men. The Church Plant arrangement wrth 20 Schtsmes in the Merkin¢h conbnued and the Launch Team was 5UPPOrted through the year with training and support from the Chu¥ch Session and Deacons, Court. The church supported local charities and members also angaged in chaFitsble and missional work. A Quinquénnial Presbytery Insp&¢tion took place during the yèar and its findings were largely positive. The rècon¥Nendats)ns have bèèn communicated lo the eongiegation and a¢tions have been taken forward by the chLbrch courts The building restofation project and the hall refurbishment pioject have been key objectives in our Church strategy of investing in our a55ets to creat a modem, safa and attractive place of worship in the city centre. Fundlng= The Free North Church trustèès r¢port Donations from the Flee North Church ngregatIOn wèrè mainly made by standing order or through the PayPal button on ourwebsf(e and GiftAid donations continued at a similar level to the previous year. Conts'nued parbcipab.on by Free North Church congregation in the Gift Aid schem&. Special offerings for charrtable purposès, which were channelled through other Christian relief agencS. Flnanclal revlew The financial statement5 for the year are Set out in pag85 6 to 22. The Slalement of Financial Activities on page 6 relleds net outgoing rè$)urces 01 £113.20012023 net ineoming resources- £17,692). ReseOS policy It is the policy of Free North Chureh to maintain gèneral unrestricted funds, i.e. funds not commrtted or invested in fixed asts. at a level which èquates to a minimum of one month's unrestricted expendituro This allows sufficient funds lo enablè the ongoing work of the Free North Church to be maintained. The balance on thè General Fund a131 December 2024 amounted to £63.12312023- £58.1021. One month's actual &xpendrture on the gèneral lund lotalled £11.667 and. therefore, the ¢urrent level of resetv85 is suffiaent. Tol81 reserves, including the net book valu gf fixed assets and bèlances on restricted funds amounted to £578,569 12023- £691,769). The building restoration fund is showing a delicrt of £4,291 al the year erid. Grant funding of £36,000 was received in February 2025. whtch will offset the deficrt recorded. Pnnpa1 fvnth'ng sourcas The Free North Church recaNe5 its funding from Fr¢0 North Church congr¢galrJn by way of weekly offerings and Grft Aid donations. M&itir ri$ks The trustees assess risks to which the Free North Church is exposed on an ongoin9 basis and take appropriate Steps lo minimise such risks. These risks are shaied règularty wrth the Churchs Deacons, Court. Advice is available on request frorTF the Free Church Head Office. The Church's Kirk Se55ion reptsrrs back to Head Office 8nnually on the heaf(h Ifinanelally, spirf(u8lly and numencallyl of the Free North.
THE FREE NORTH CHURCH INVERNESS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plank for future porlods The Flee North has for sevèral years had discussk)ns on a strategic wsion for the future and thn% is focused on providing a heatthy gospèl Church In Ihè ntra of Invemess. In 2024, this focused on the disevssions with the members ofthe Presbytery Overslght Visll who mel wrth offi¢bearers and members to Consider how best the Flee North can prormttr the gospel in its current location. In terms of the church finances, thère has bèen signthcant InvestnI In the stonework restoration project and the hall refurbishment. Some of Ihi5 expendrture is Continuing in 2025 and there arè gngoing proposa16 for future hall improvements which will require detsiled discussions among offi'ce-bearers to ensure fundin9 is achi¢vabla. Although ther• has ban consKlerabl$ &xpendf(ure, there have be&n significant efforts to raise funds for these projects and the ehurch and communty wll benefit from the project Investmpnl for ye8rs to comè. Structure, governancÈ and managemènt The Free North Church is established by Constitution and is a Scottish Charity (No. SC0169011. Tbe trJl Stees who seN up to the date of signature ol th financial statemerts were.. Recrnilm8nt and appthntmonl of tmst&s$ The Kirk Session exercises its disLYÈtion in determining the most appropriate Fnethixl of el$cting new trustees IEhlers and Deacons) Any election process musl involve the comrnunieant membership of the congregation. There is no fixod tem for trusteeship. Prior lo their appointment, new tIU5tees would have served the Free North Churoh for some Ime in various rolès and would be familiar wth the Church s value5, its alt[ and objedives as well as Its day-t(Hlay operation5. As part ot their Inducknon programme, new Free North Church trustees are iequiied to understand their statutory respgnsibll.èS as w611 as their r¢5ponsibilrty as Eld6rs OT Dèacons.
THE FREE NORTH CHURCH INVERNESS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 All offic b88rers as listed above nel as the Deacons. Court. All Eklers act as Dea¢ons. The Floe North Church is Prgsbyterlan In government and its day to day running TS undertaken by thè Elders Ilhe Kirk Session) and the Deacons (the Oegcons, Courtl. The Dèacons, Courvs splfi¢ function relates to thè matèrial and financial businèss of Ihe Free North Church, whereas Elders are Charged wrth the general and spiritual oversight of thè wngregation. Under charrty law the Offi¢e Bearers ¢ting as the Dè8cons' Court. are deerned to be the Free Ngrth Church Congregatson Trnstees and arè distinct from the role of con9regabonal trustees raspOnsib only for holding property in trust. Congregational frustee8 For holding Property The trustees. report was approved by the Bo#rd ol Trustèes. ru Dale. 2.b.:C ffl.K<.L..2J.-. J
THE FREE NORTH CHURCH INVERNESS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FREE NORTH CHURCH INVERNESS I report on th¢ financh81 statem¢nts ol the charity lor the year 8ndd 31 December 2024. whi¢h are sel out on pages 6tts22. Respective r•spJn$ibilities of trustees and ¢xaminer The charity's trustèes are responsiblè for the preparabon of the finaneial statements in a¢coidance vrflth the terms or the Charities and Trustee Investment (Scollandl Act 2005 and th8 Charities Accounts (Scotlandl Regulations 20QI6. The charrty trustses consider that the audit iequirernent ol Regulation 1011118)-Icl of the Charities Accounts Iscotlanél Règulations 2006 doe$ not apply. It is my responsibility t¢ examine the finanual statement$ as required under section 4411 Ilcl ol the Charities and Tnjstee Invastmtrnt Iscotlandl Act 2005 and to stste whether parb'cular matters hav8 con to my attention. 8asls of Independent examlnerf$ aternent My examination 15 carried out In accordance wrth Regulation 11 of thè Charities Accounts (Scollandl Regulations 2006. An examination include$ 8 review of the accounting records kgpl by the ¢harity and a comparison of the financial statèrnénts presontèd wrth lfvose records. 11 also includes con$iderats'on of any unusual items or di5c105ures In the finanoal stat&m2nts, and seeking explanatyong from the trustees eoncorning any such mattels. The prgc8dure5 undertaken do not provkle all the evldence that would be iequiretj In an audit and consequently I do not express an audit OPifti¢n on the view givn by the financittl ststerrEnts. Independent examlDer's statement In the course of my examination, no matt8f has come to ry attention 1. which gives mè feasonable cause to belltrve 1hal in any material respect the requirements" to kegp accounting records in accordancè with Section 4411 Ila) of the Chaiities and TIu5tee Investment (Scotlandl Ad 2005 and Regulation 4 of the Charities Accounts18cotl8ndl Règulations 2006, and to prepare financial slalemènts which ac¢ord wrth the accounting records and comply with Regulation 8 of the Chsrits'es Accounts IS¢ollandl Regtjlations 2006 have not been met, or 2. to v4hich, in my opinion, attentson should be diawn In older lo enable a proper understanding tsf the financièl 5tatenpnls to be reached. MacKenzie Kerr Limited Chartered Acc¥)untants Re(Iwood 19 Culduthal Road Inverness IV24AA
THE FREE NORTH CHURCH INVERNESS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restrict fund5 funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Income from: Oonations an(J legacies Charitable acliwts'es Othèr trading adivi118S Investmonts 215,546 21,2C 11.850 236,752 11.855 17.194 4,357 207,202 735 9.510 7,035 42,150 10,000 5.100 18 249,352 10,735 14,610 7.053 17.194 4.357 Total Income 237.102 33,058 270.158 224,482 57,268 281,750 Expendlture on: Raising funds Charrtable activities 289 249.048 289 263,769 295,228 88,130 383,358 14,721 Total èxp•ndlture 295.228 88.130 383,358 249,337 14,721 264.058 Net incomell•xpèndlturel 158,1261 155,0741 1113,2001 124,8551 42,547 17,692 Transfers beNvéen funds 3,722 13,7221 110,0001 10,000 Net movement In fundg 154,4041 158.7961 1113,2001 134.8551 52.547 17,692 Reconclllatk>n of fvnds: Fund balances al 1 J8nuary 2024 631,857 59,912 691,769 666,712 7,365 674,077 Fund bal4n¢es at 31 Deeembtr 2024 577,453 1,118 578,569 831.857 59,912 691,769 The staterrent of financial activib"e5 includes all gains and losses recognised in the year. Al incorne and exptsnditure derive from continuin9 aetNrties.
THE FREE NORTH CHURCH INVERNESS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 N¢)tes Fixed assets Tangible assets 13 346.006 357.305 Current a$set8 Debtors Cash al bank and in hand 14 8,348 301,e90 4,548 333,278 310,238 337,826 Crodltors.. amoun1$ falllng du• wtthln one year 15 77,675 3,362 Nat current assets 232,563 334.464 Total as¥ets les¥ current liabilities 578.569 691.769 The funds of the charlty Restricted funds Unrestricted funds 18 19 1,116 577.453 59.912 631.857 578.569 691,769 The financial slalements were approwed by tye tiustees on 2£,i ffl,.1 ?9- rus rus
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollclès Charity infr>rmation The Free North Chur¢h Invernes5 15 an unincorporated chArity registered at the Office of the Scottish Charity Regulator 1.1 Accounting conv•ntlon The financial statements have been prepared in aeeordance wrth the charty's ¢onstilution, the Charitiès and Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Scollandl Rtgulalions 2006 las amendèdl, FRS 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland" l°FRS 102.1 and the Charities SORP"Accounting and Reporting by Charrtie$." Ststement of Recommended Practice applicable to charities preparing their aeeounls in accordanee wrth tho Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe 1 Janu8ry 20191. The charity ts a Publie Benefit Entity as defined by FRS 102. The charity has taken advanlage Of the provisions in Ihtr SORP for charities not lo prepare 8 Statement of Cash Flows. The financial ststements are p¥ep8red in sleding, which is th fijnctional currency of the chanty. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststennts have been prepared und•r the historical cost convsntion. The principal accounting policias adopttrd are set out below. 1.2 Golng concern At the tt.me ol approving the financial statements, the trustees havè a reasonable expectation that the charity has adtrquattr resources to continue in operational existence for the foSeeable futurè. Thus the trustees continue to adopt the going Concern basi5 of accounting in prèparing the financial stalgment5. 1.3 charitabkn fvnds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charrtable objèctwes Restricted funds ar¥ subject lo specific conditions by donors or gi8ntors as to how they may be used The purposés ènd uses of the restricted funds ale Set out In the notes lo the tinancial statements. Endowment funds are subjed lo specific conditions by donors that the c8pital must be maintained by the ehanty 1.4 Income Incorre is recognised when thè charity is legally entilkd to rt after any perfom)ance condth'ons have been met, the 8mounts ¢an be eaSured reliably, and it Is probable that Income wll be reeeived. Cash donations are recognised on receipt. other donabons arg recognised oncè the ¢harity has been notified of the donation, unless perlormance condrtions require deferral of the amount. Income tax recov8rable in relation lo donations received under GiftAid is reeognised al tha lime of the receipt. Legaci85 are recognised on receipt or otherwise if the charrty has been notified of an impending distribLrtion, the arrK)unt Is known, and receipt is expected. If the a[1Unt is not known, the legacy is treated as a contingent asset.
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Aecountlng poll¢k$ {Contlnued} 1.5 Expendlture Expendrture is Tecognised once there is a legal or construetivè obliga110n lo transfer e¢onomic benefrt to a third party, it is piobable that a transler of economic benefits will be required in settlement, and the amount ol the obligation Can be measured reliably. Expènditure Is classifie(J by activty. The costs ol each activity are made up of the total ol direct costs and Shared costs, including support costs inVoed in undertaking each £ctivity Direct costs attributable to a single actwty are a15ocated directty lo that actrlty. Shar•d costs which wntribule to more than one 8Ctivity 2nd support costs which are not attributable to a single activity are apportioned between those actIveS on a basis consistent with the use of resources. 1.6 Tanglble fixed assets Tangible fixed a55els are inNally measured at cost and subsequently measured at cost or valuation, net ol depreciation and any impa1nt losses. oeprèciafj.on is iecognised so as to write off the cost or valuation of assets less their residual values over their U5efvl lives on the following bases.. Propety and improvemènts Fixturès and fittings Computers an¢y eltsctronics 2% on cost 20% on Cost 25%- 33% on cost The gain or loss arising on the disposal of an asset is determined as the difference betweell the sale proceeds and the Carrying value of Iht asset, and is recognised in the statement ol financial 8Ctivities. 1.7 Impairment of Ilxod a83•ts Al each reporting end dat•, the charrty 18V18WS the carrying amounts of rts tangible asset5 to determine whethef there is any Indation that those assets have suffered an Impairment loss. If any such Indication exists. the r&coverable amount ol the assot 1$ ¢$tsmaled in order to determine the extent of the impairment loss Irf any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with bonks, other short4errn liquid investments with original MatrrtS of three months or less. and bank overdrafts. Bank overdrafts ale shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charrty has elected to apply the provisions ol Section 11 '8asic Financial Instruments, an¢J Section 12 'Other Financial Instrumènts Issu*s' c)1 FRS 102 to 91101 ts financial inslrurnents. Financial instruments are recognised in the charitvs balance sheet when the ¢harty becomes party to the contractual provisions of tha in5tFumenL Financial assets and liabilrtiè$ ar¢ tsffs¥L wth th¢ n?t amounts presenle¢J in the financial statements, when there is a legally enforceable right to set off the recognised amounts and therts Is an intention to settle on a net basis or to rèalise th8 assèt and settle the liability sirllultaneously. Bask finan¢lal a8$ets Basic financial assets. which indude debtors and cash and bank balances, ale inib.ally measured at tr8nsa¢tion pn¢e including transartion ¢osl$ aro subsgquanuy Carrièd at amortised cost using the effective interèst mèthtsd unlèss tha arrangèmont constitutes a financing transaction, where the transaction is measured al the present value of the fure receipts discounted at a m8wk?t rate ol interest. Finaneial assets classified as recewable within one year are not amortised.
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcle$ Icontinuedl Basic finanel•l liabilili•s Basic financial li8bilrties, including credf(ors an¢J bank 108ns are initially recognised al transaction price unless tha atrangemenl constitLrtè$ a financing transaction, where the debt instrument is measured at the present value of the fvlure paymènts di5¢0unted at a m8rkel rate of interest. Financial liabilities classified as payable wrthin one year ala not amortised. Debt instruments ar$ $ubs?quenly cairi¢d al amortised cost using the effective Interest rate method. Trade credrtors ara obligations to pay for good5 or services that have been acquired in the ordinary course of operats'ons from suppliers. Amounts payable are classified os current liabilrties if payment is due wi£hin one year or less. If not. they are presented as non-current liabilities. Trade credrtors are recognised inrtially 8t transaction price and subsequently m¢asu¥ed at amortised cost using the effectwe Interest mèthod. D•rBcognition of Ilnanclal Ilaljllities Financial liabilits'es are derecognised when the charty's contraetual obligations expiie or are discharged or cancelltrd. 1.10 Employee benefits The cost of any unused holiday enterrnt is recognssed in the p&riod in whieh the employee'5 servicas are rece¥ved. Terryinalion beneliis are rewgni5ed immediately as an expense whan thè charrty Is demonstrably committed to temiinate Ihtr employment of an trry)loyee or lo providè teimination benefits. 1.11 Retirement benefits Payments lo defined cOntributn rtrtiiement benefrt s¢home$ are charged as an expense a5 they fall due. Income from donatlons and legaci Unrestricted Restrlctéd nds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donats'ons and gifts 215.546 21.206 238,752 207,202 42,150 249.352 io
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable aetlvÉties General actlvities 2024 General actlvities 2023 Grants Other inco 11,850 10.000 735 11.855 10.735 Analys by fund Unrestricted fund$- general ReStrted funds 735 10,000 11,850 11.8S5 10.735 Income from other tr8dlt)g aGtlviti Unrestricted Restrlcted fvnds funds 2024 2024 Total Unrestricted Restricted fund5 funds 2023 2023 Total 2024 2023 Non-charitable trading activitr.es Other In¢ow 1,394 15,800 1.394 15,800 1.770 7,740 1.770 12.840 5,100 other trading athib.es 17,194 17,194 9,510 5,100 14,610 Income from Investments Unrestrlcted Restrlcttd funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Interest receivabl• 4,357 4,357 7,035 18 7,053 11
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on ralslng funds Unrestrl¢ted Unrèstrictefj funds funds 2024 2023 Fundraising Seeking donations, grants and l•ga¢itrs 289 Expendlturts on ¢haTitable activlt1è5 Goneral activities 2024 General activitie$ 2023 Direct costs staff costs Deprtrciation and irrpairmant Ministerial and employee exp&ns8s Training Mission outreach Travel and subsistence Presbytery due$ Supply and communion ¢xpenses Womèn's meetings Presentations and donations Youth aetivrties Sundry expenses Remittance to c8ntral fund5 62,226 19,603 5,349 5,891 19,452 2,489 1,719 1,181 91 7,605 2.358 3.370 95,525 65.490 18.236 2,078 1,700 16,161 4,796 1.680 656 149 207 3,105 4,959 90,781 226,859 209,998 Share ot $upport and govemaneè ¢o$t8 {8ee note 81 Support &)veinance 154.579 1.920 52,331 1.440 383,368 263.769 AnalysSs by fund Unrestricted fund5- general Restricted funds 295,228 88,130 249,048 14,721 383,358 263,769 12-
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support f08ts allocated to actlvitie8 2024 2023 Rent and iales Insuran¢s Light and heal Telaphone Repairs and maintenanee stationery, advertising and printing Publi¢alkins Profession81 fees Bank charges Govemance costs 27,113 12,497 19,450 S86 84,862 2.035 3,005 4,885 146 1,920 9,773 11.250 16,570 692 4.273 3,451 2,703 3,591 28 1,440 156,499 53.771 Analy8od between: Genoral actwthes 156,499 53,771 2024 2023 Governance co8ts comprls•: Indèpend¢nl examination Accountsn¢y 840 600 1.060 1.920 1.440 Net movement in fundg 2024 2023 The nel mov8m•nt in fvnds stated aftor ¢hargingllcredthn91'. Fees payable for tha ind&pendent exarrination ol the charity's financial statements Depreciation of owngd tangible lixed assets 840 19,603 840 18.236 10 Trusts¥¥ None of the trustees lor any persons connected wrth them) recewed any rèmuneration or benefits from th charty during th& yar except for Chris Davidson who recewed £7.80012023- £7,800) housing allowance in his capacty of Assistant Minister of th6 Church. During th y8ar. expenses of £3,15512023 £1,949) were incuried on behaLf ol Rev Angus MacRae In his capacty of Mirsi5ter ol the Chufeh and 8xpensÈs of £642 12023 - £2,373) were incurred on behalf gf Rev Chris Davidson in his capacrty ofAssistsnl Ministei of the Church. 13
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employ•es The average monthly number ol employ&e5 during the year wa5". 2024 Number 2023 Number Women'5 Pastoral worker InlemshiplGosp&l worker A55iStant minist¢r Totol Employment ¢o¥ts 2024 2023 Wage5 and salaries Social security costs Other pension costs 52,921 4,793 4,512 56.911 4,372 4.207 62.228 65,490 Therè were no employees whose annual remunerats.on wa5 more than £60.000. R•mun¢r•tlon of key managoment personnel No remuneTg1ion is paid by Frèè North Church to key management personnel. 12 Taxatlon The charity is exempt from taxation on its actwrties because all its incomè 1$ applied for charitable purposes. 14
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Tanglble fixad 4$$et• Ptop•rty and Fixtures and improvements fttliwJs CoJnputer8 and glectronics Totsi Cost At 1 January 2024 Additions 333,082 207 8,304 24.018 357,305 8,304 At 31 D?cernber 2024 333,082 8,511 24,016 365,609 Depreclatlon and Impairment Dèpreciation charged in the ygar 7.520 1.766 10.317 19,603 At 310*¢trmbgr 2024 7,520 1,766 10,317 19,603 Carrytng amount At 31 Decernber 2024 325,562 6,745 13,699 346,006 At 310ecember 2023 333.082 207 24.016 357,305 The Free North Church building is not included in the balance sheet In the opinion of the trustees, this building is a herrtage asset, the cost or valuation of which is not available and cannot be obtained at a cost commensurate with tho benefrt to the users gf Ihg accounts. 14 Debtr>rs 2024 2023 Amounts lalllng due within one year: Other debtows Prepayments 3,300 5,048 4,543 8.348 4,548 1S ¢rèdltors.' amounts fallin9 due wlthln one year 2024 2023 Borrowings T¥ade crèditors Aal3 and deferred incom8 70,000 3,203 4,472 3,362 77,675 3.362 15
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Loans and overdrafts 2024 2023 Other loans 70,000 Payabl& wrthin one year 70,000 Loans were received to hèlp wrth the building restoration work. These loan ar& unsecured, interest tre&. and wrth no fixed temx of r•paymènl. 17 Retiremgnt benerrt $cheme8 2024 2023 Defin contributlon schemes Charge lo prolrt or loss in rospèct of defined contribution schemes 4,512 4.207 The charty operates a dèfined contribution pension scheme lor all qualifying èmployees. The Èssets ol the Scherne are held separately from those of the charity in an indepèndently administered fund. 18 Restricted funds The restricted funds of the charity comprise the unexpended balances ol donations and grants hel¢J tsn trust Subjèct to specffjc condrtlons by donors as to hgw they may be used. At 1 January 2024 Incoming resourees Resources expended Translers At31 December 2024 Collegeltraining of the ministry Intemational missh)ns MacLean memorial pre lund Road tc¢ recovery Oonats'ons and presentatsons Camps Sound system Building restoration Woman's pastoral worker Warm Hub Hall ¢hair5 Hall ¥estorakn"on 2,018 530 101 1,992 2,018 30 101 1,992 15001 2,239 233 12,2391 14501 1501 168,7871 17,0001 11,6001 1,179 984 53,108 962 934 14,9211 10,738 7,000 1,600 2,409 8,837 12,4091 11,3131 17.5241 59,912 33,056 188, 1301 13.7221 1,116 16-
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Re8trICt fvnd$ Icontlnuedl Prevlou¥ year: At 1 January 2023 Incoming re8ouret$ Resourcès expend•d Transfers At31 December 2023 Collegeftraining of th¥ mlnisty International missions MacLean menx)ri81 prrze fund Road to recovery Donatons and presentations Camps Sound system Building iestoratson Woman's pa$loral worker drm Hub 2,000 1,430 102 1,851 358 1,624 17 100 2,017 530 102 1,992 11,OODI 141 1,602 495 1.805 43,108 9,000 1,000 11.9601 19401 18211 1,179 984 53.108 10,000 19,0001 11,0001 7,365 S7,8 114,7211 10.000 59,912 17-
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 R•strlctsd ndS IC¢ntinuedl Fund purpos.. Collogeftraning of mlni81ry- The Free North Coll&ge fund is used to give financial support to those attending courses in training for the ministry at ETS. Inlemational mis&ons Th? Free North Intemational Missions fund is use¢J lo give financial support to any Intemational MissK)n apptèls. 8cL&an mgmorial pn'ze fund- The Freg North MacLean Memorial Proe fund is usèd to support the activities of thè Sunday School actwf(ies. Road lo recov8ry- The Freè North Road to Recovery fund is usod lo fund and run the Road to Re¢overy. Donahclns and pr8senlelions Th6 Free North Donations and Presentstions fund is Income raised for a specific need or presenlath'on identified by the eongrÈgatDn. Camps - The Frè& North Camps lund is usèd to gwe financial support to people in tmè congregation who attend Fr?e Church Camps. Sound Sy&M- The Free Ni)rth Sound System fvnd is used to fvnd the purchase of new sound equipment loi the church. &JilLling r8sloralion The Free North building restorath'on fund Is tts b¢ used lo help fund the ur9ent rep81rs neèdèd to the stonework in the spire and th? fr¢nl elevation of the church. as well a5 work to prevent any further damage, water ingress or risk of any part of the building becoming unstable. Wom8n's pastoral workar- Funds contributed towalds the salary of the woman's pastor81 worker. Wem? Hub- Funds eontributed lo the provision of a wam space for the community. H*1 thwrs- Funds contributed to th¢ purchase of chairs for the hall. Fl41 Te8lora&on- Funds contributod tts the cost of restoring Ihe church hall.
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONnNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Unr•stricted fund8 Thè unrestricted hjnds of th& chaiity compiise the unexpended balances of donations and grant5 which are not subject to specthc conditions by donor5 and granlofs as to how they m8y be used. These include designated funds which have been Set aside out of uniestricted funds by the trustees for specifie purposes. At 1 January 2024 Incomln9 resources Resourcts expended Transfers At31 December 2024 Fe4 855et fund Fabric fund Free North Sunday school Benèvolent fund Youth fellowship Wom8n's pastoral worker Development fund Merkinch Free Church Grant Street General funds 357.305 11,038 2,712 2,344 79 1,028 35.297 183,952 119.6031 15241 13051 12451 17681 121.3951 11,9501 188,0941 122.3411 1140,0031 8,304 2,998 5,957 53 346,006 19,469 2.460 2,099 60 516 45,123 108,800 340 76,253 629 19,851 170.2101 156,6211 30,OLK) 88,771 8,260 128,037 7,999 63,123 58.102 631.857 237. 102 1295.2281 3,722 577,453 Previous year: At 1 January 2023 Incamlng resources Resour¢es expended Transf¢TS At31 December 2023 Fixed asset fund Fabric fund Frèe North Sunday school B•nevol&nt fund Youth l•llowship Womgn's pastoral worker Development ftjnd Merkinch Free Church Ggntrral funds 375.541 15,728 3,085 2,344 79 118.2361 16,3631 13961 357,305 11.038 2.712 2,344 79 1,028 35,297 163.952 58,102 1,673 23 15 45,968 109.441 67,362 14.4871 113.6171 175.4931 1130,7451 5,500 158.0001 115,5001 58,000 60,946 145.504 83.4$5 666,712 224.482 1249.3371 110,0001 631,857 19-
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Unrestrl¢t¢d fund$ (Continued) Fund Purpots¥." Fixod ass8t fund The Fixed Asset nd repr&sonls th¢ value of unrestThctad lund$ tied up in h'xed assets. which would not bts readily ¢onvertible into eash. F&bric fvnd- The Free North Fabric Fund is us•d to fund repairs and m8intenance work for the upkeep ol the church building. FTr8 North Sunday School - The Frèè North Sunday School 15 used to fund and run the activities of the Sunday School. Ben8vol8nt fvnd - The Freè North Benevolent fund is usèd to give support to those in neèd within thè Free North. Youth Fguowsthp - The Free North Youth Fellowship is used to fund and run th& adwities ol the Youth Fellowship. l>m8n s Pasltsral iW(er- The Free North fund is used to fvnd and run the activities ol the women's pastor81 worker. Devèlopment fvnd- The Frtre North Development lund was established to ensure a ring fenced budget is available for SeiC caprtal investment works and proiects separat& to the routine minor repairs which are designed lo maktr a signffi'cant difference lo th• Free North. M&rkJnGh Church - The Merkinch Freè Church fund is used to support all a¢ts'vitie$ related to Merkinch Frèe Church. Gr8nl Str88t- The Grant Str&trt fund is used to facilialate th6 L whthouse Counselling. Unrestrl¢ted genèral fund General fund - The Freè North General fund enctsmpasses all income and expéndrture relating to the primary focus activf(ies of the Charity. tslhe¥ than those for which funding Is designated or $triCted. -20-
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 19 Unrestrl¢ted fund$ {Continuodl Transfers A transfer of £7.580 was made from the developnwnl fund to the fabnc fund in order to fund the purchase of ngw chairs. Thi5 transfer was madè before donations were received for this purpose. A transfr of £629 was de from the dèvebpment lund to th¢ youth fellowship fund to clear the shortfall on this fund, A Ir8nsfer wa$ made from the development fund and the Mefkinch Flee Church lund to clear each church's share of the £19,851 deficit on the women'5 pastoral worker fund. A transfer of £68,771 was made from the development fund to the general fund to fund ongoing costs in the year. Atransler of £20,000 was made from the Merk¢n¢h Free Church to the developTnenl fund as their contribution to ongoing expenses. A transfèr ol £30,000 was madè from th& Merkinch Fretr Church to the Grant Street fvn¢J to cover luture lèase costs. A transfr of £2,409 was mad& from the hall chairs fund, £1,313 from the hall rèstoration fund. and £4.582 from thè fabric fund to the frxod asset fund following the purchase ol the assets for which the funds were Sel up. 2023 A transfei was madè from the Mèrkinch Fret Church to the women's pastoral worker fund and to the building restoration fund during th8 year. Atransl¢r was mado from the d¢velopment fund to the geneial fund to cov&r general wsts during the year. 20 Analys1$ of net assèts l)etween fvnd Unrestrocted funds 2024 Restricted fvnds 2024 Totsl 2024 At 31 Decemb•r 2024: Tangible assets CurTent a$setsllliabilitièsl 346.006 231,447 346,006 232,563 1,116 577,453 1,116 578,569 Unrestricted tund$ 2023 Restricted funds 2023 Total 2023 At 31 December 2023.. Tangible assets Current assètslllh8biif(ies) 357,305 274,552 357.305 334,464 59.912 631.857 59.912 691,769 21
THE FREE NORTH CHURCH INVERNESS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Related party tran$actlons During th6 year, donatitsTrs of£24,20512023 - £20,71SI werè recoived from the trustees. -22-