KIRK SESSION OF INVERNESS FINANCIAL STATEMENTS FOR THE PERIOD FROM 14 AUGUST 2022 TO 13 AUGbST 2023 CEIARII'Y NUMBLR: SCO17499
KIRK Sb.SSI()N OF INVERNESS LEGAL AIND ADMINISTRATIVE INFORMATION Charlty nAine Jiumber Kirk Session of Invern¢.ss'. R¢gis1¢i"ed chai.ity nuittber SC017499 Ti'u5tees 'riie Trll%tees are Ihe ieMberS of Ilie Kii'k Sessiotts of Old High and St Slcplicns, Dalncigli & Bona and Inshe5 Congregations. The Insliei congyregaiioii enleitd a union on 1210312023 and fi.om Iliai date Wds knowji ds Invaness Inslies East. The liustees nomitktes wlio seiyed dui"illB the year are ds stated belew'.- Old High Sl Slephen8- Interim Moderator, St Stcphen's Churdi. South5ide Road. Inverness IV2 4XA Iishesl lttshes Easi- Rev David Seoit, 48 Redwood Crcscenl, Milton of Leys, Inveriiess IV2 6HB Dalncigh & Bona- Interim Moderator, Dalneigh Church, St Mary's Avenue, Invemess IV3 SAD Priijcipal OffL<e FTame Kennedy CA, MeliY)politan Hoiise, 31-33 HEgh Stirel, Inveine&s. IVI IHT Indep¢nd¢nt Ex&nilner Stuart Mcmartin FCA. Frame Kennedy CA, Metropolitan House, 31_33 Higli Strcet, Invemes8, IV I IHT Bankei. Bank of Scotland, 2-0 Eastgate, Mverness IV2 3NA
REPORT BYTHE KIRK SESSION OF INVERNESS The Iruslees preseni their report and Ilie financial slalements fol. the pei'iod to13 August 2023, under s¢Ltion 8 of the Cliai&lies Accoutils (Scoilaiid) Regulations 2006. Hl8toryy objeetive5 and activities ofthe Ti'u5t The Kirk Session (If Inveiness w25 COns1iluled lo manage and adiiiinisler religious and charitable piirw8es wiiliiii the City of lrtvcnitss. In tile cryIng out of t]iepury)oses of theTrust tlie trustees liave the widcslJx)wers and diseirtion wtstli tlie exception of tlie resli'itttd funds oiliti. Ihan Duncan's Moiyification. They iiiay manage rhe inveslillenl of thc ITl15t fund as if Ilicy were the beneficial owncrs Ilicirof. Wiihoiil pirjudice tlier¢lo tliey rnay invest ITS bank Artd huTlding.qtstiety sav&iigs accountsy governtn¢nt 5eLuI-Ilies and compatiy sliares. Furihet., tliey shall haire Ihe widest disciEtion ill rlie use and applic(1011 of tlie lj'usi lund. In paitticulai Iljey may Jnake oiiti'ight gilS of finaiice. loalls or ijiveslinents in tlie fiirtlieixnte af tlic puiyoscs of Ilie Tn]sl. I'liey iiiay delegate lo sucli peiEon5 as they think are 511itably qualified any maitcj. Irlatitig to the routine woi"k of tlic T7$t 2nd they may appoiiit one of their nujnbei. suithbly qualifi¢d to act as bvIiLltor oi. accourttant 10 the Tist and ot] the basis of payment of appropriate professional reinunerdtiott. Mgn¥g¢ment gnd gov¢rn8n¢e ayrangements Th¢'frust¢es ar¢ the member.s of the Kirk Sessions of Old Hi] St. Stephcn8, Inshcs and Dalneigh at)d Bona Churches. represented by tlie Ininisters of the cliui'ches. In tlie event of tli¢ cariying out of the PUTP05¢S of the Tiust bccoming iinpos%ible or Impraciicable ill the opinion of a majority of tlie tru%tec8, they may tlien wind-liy tlje Tnist atid pay and Inake over the trust fund to another charitable trnst oi. instituiion Imving siniilar oi. appToximat¢ly similar pury)oses but always only if sucli ¢hai"itable trust or institution would be accepted as chajitable wiihirt die Ineaning of Ihe Income l-ax Acts. The Boat'd of Tiustccs have conducted a review of the majoi Eisks to which th¢ ¢h&rity is exposed. Wh¢iT appropj'iatq syst¢ins or procedures have been established to initi¥ate the risks t]ie cl)arity faces. ProteduYe.1 pollcy for grant making The tswsi¢es noi11][Y Ineet bi-dttnllally 10 considei wljal giinls Iliey will niake and to irvieiv any feedback they liave IEceived. Nominations for gi'ants aiE elicited by foi'rnal and infoi'mal nieans. Tlie tTUStce8 have 0 policy, whicli is communicatcd to all bcneficialies. thatthey m2kt only one-off grani% with no guardntee% of filture fi]nding. Due to the intention to wind up Uie ehariiy ineetiiigs look place witliiji Ilie ye2r and no funds were disbiii'sed. Tlie trust has no employees and no unpaid volunteers. The fjnancial atTairs of the charity are nianaged by Frame Kennedy who Att as secretaries and tsEasui'ers. FrllNie Keiiiiedy
R Tr:POR'I' IIY THD. TRUSI'EF.S OTr THLP KIRII ,SE4 SSION OF INVERNEI SS Achlevements and performanee of the Tyust Ii'ing the yeai. tlie Triisl lias been unable to conliiiue ils 5UPPOIt of the nominaled rnembers tsf Ili¢ comnii1ty by the issue of gT#nlS tn irtdividu21 meinbei¥ of the t()mrt)unity and to the two loclll churclie8 by way of funding an element of Iljeir repairs. FIrtAnclil revlew. Investment poll£y and reserves The liuslees have sel a policy Ilial the expendable endowtnent should b¢ iDvested so as 1¢) nl#Xlln15e Ilie total TetUTII Icapilal gi'owih plus income) witli a low level ot'risk. Tlie Jncome from invesbiients for die pei-idd was njl. Total ictw'ji fiom tlic cxpcndable endow]neLIt is Split betweeii funds retained a5 capstal alld fut]ds used as incom¢, aliliougli the IriLStees liave the power to Spend the expendable endowtnenl, Ilie irtveslineni capiial Js Ihe only source of otjgoiiig iiicoiiit and so the fund is ittvcslcd with tlic 06jcctivc of cn8uriiig that Ihc expcndable ctidowtneiit rclaiiis approxtmalcly ils Tcal valiic in mcdiurn Icrn]. TIITS appiDacli mcans Ilie moncy availablc to spcnd as incomc can fluctuate and, ¢0 ensuie the atnouni #vail#ble for grdnls remains rela¢ively stable from year10 year, tlie Iwsiees plaii 10 hold between 3 10 6 months grant expenditure as free irserve8. riuture Plans As previously advised, the Tnjsl fi]nds werc amalganjated as at 13 TrebDJary 2009. Due to chaii¥ed ciirumstartees wiiliin tlie Cliurclj of Scotland cotigiEgalions the tiustees intend to apply to OSCR for a reslLiCted funds reorganisalion ol the Ive85 (Church of Scotlandl Chaii18ble Fund and the Duncan's Mortification Fi'ttiiie KeièiiedN
REPORT IIY I'HF,'I'RUS'I'.lfts or'rHF. KIKK SES.S1()N c>r INVERNE.SS Siattiiielli of ti'u$t¢es' I'¢spon$lblll¢l¢s The Trusiees are irspotisible for preparing the Trusle¢s' Annual Report and tlie finaiicial stat¢inents in accoTdanc¢ with appliublc law #nd United Kingdom Actountk)ncy Standai'ds {United Kingdom Generally Accepted Accollnlirtg Piacticel Cliarity law reqiiiies the IrLislees to i)IEpair finaiicial Etateinuts foi. eH¢h financial yeaT wliith show fj true and fair view of th¢ Stale of affairs r)f the cliaiity aiid IL% fittÈnci&l aClivitie% for iliat period. In piEparing those financial StateMert Ilie trusiees are iEquired to.. select suitable accoujiling policies and then apply them consistently) Obsei've the metliods and principles in tlic Cliarities SORP., lake judgeniellt5 aud estimates Ihat are i'easonable aod piu<kni' state wljeihei applicable aecounttng UKslandards have been followed, subject to any departUiEsdisclosed and explained in the financial statcmenL%' and prepare the fillaiicial statements on Ihegoingconcern basis Unless itis in2pproprtaie topre8unie the cljarity will eonlinue in opei'ational existence. The ttustees ai¢ Tesponsible for keeping pix)per accounting record8 whicli disclosc witli irasonablc accuracy at any lime ilie fjnaneial position of the cliariry and to enable tliem to ensiire the fjnancial statements coiiiply witli the Charities and Truslees liiveslin¢nt (Scotlandl Act 25 and th¢ Cliariti¢5 Accounts {Scoilandl Regulalioiis 200C?. They ar¢ also F¢spon51ble foi. safeguarding tlic asse1% of the charity alld hence tor taking reasonable steps for the prevenliort and detection of fraud and othei iri'cgiTrlai'ilies. Independent Ex8nJiKei' The tiusiees intend 10 ask Ilie existijjg independent examinei. to Ilndcrlake Ilie independent exaillination of tlie trust in the following yeai.. This iEpori wzg appiVed by the board on I l May 2026 and signed on ils belialf by the Iruslee. Rev David Scott Fi'aiiie KÈiiiiedy
i(tRK SESSION OV INVERNESS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTCI ES OF Kllilc SESSIOE4 OF ll¥VERNESS I report on the financial statements of the charity for th¢ period to 13 August 2023 which are set out on pages 5 to Respecfive respoknsibilitie5 of trustees ¥lld examier The charity's truste¢5 responsible for the prepai'atEoii of the finan¢ial ststements Ill accordance with th¢ tenns of the Charitie5 and Trustee Investm¢nt (Scotlalld) Acl 2005 and the Charities A¢¢ounts (Scotland) Regulations 2006. The ch8rity trnstees consider that the audit requsrement of Regulation 10(11 la) to (c) of the Accounts Regulations does not &pply. Jt is my responsibility to examine the financial statements as rcquired under section 44(1) (c} of the A¢t and to State whether particular mattel's havc comc to my attcntion. BAsis of indepeudent exaler,5 StAtem¢llt My examination is GaiTied out in e0rdance with Regulation I l of the Charities Accounts (Scotlan(t) Regulations 2006. An examination includes a review of the accounting re¢ords kept by the charity and a Gomparison of the financial statements presented with those records. 11 also includes consideration of any unusual items or disclosures in the financial 5tatemcnts and seeks explanations from the trustees Concerning any such matters. The procedures u[ertakell do not provide all the evidence that would be required in an audit. and consequently I do not ¢xpre5S all audit opinion on the view given by the financial statements. tndependeut ex#iller'S StaterneDt Jn the course of my examination, no matter has roffie to my attention which give5 me reasonable cause to believE that in any material respect the requirements.. to keep ac¢ounting TeGords it] accord8nce with Sedion 44(1) (o) of the 2005 A¢t and Regulation 4 of the 2006 Accounts Regulations, and to prepare the fInancial statements which arcoi.d with the accounting records attd comply with Regulation 8 of the 2006 Ac¢ounts RegulatÈons have not been met, or 2. to which, in my opinion. attention should be drawn in ordw to enable a proper understsnding of the financial Statements to be reached. StU8rt McMartiTL Fraane Kennedy CA Metropolitan House High Street IJJv¢rne$s Date: 11 May 2026 Frllme J(enite(ly
KIRK SESSION OF INVERNESS STATTr",MENT OF FINANCIAL ACTIVITIES Foi. the year ¢ndtd 1.1 Augu$t 2023 Restricted Incorne Re51ri¢ted Total Capital Funds Total iinds 13108123 13108122 Notes {i'e-sluled) INcomithg re8oui.ees Bank iiiterest received Otlier incoiii¢ received 150.346 Total irteoming rt%tsllr£es 150,346 Resoui'¢es Expended Govalljance cost5 {480} (4801 (480) Total i'esour¢¢$ ¢xptndtd {480) (4801 (480) Net resources expended before transfers {4801 14801 149,866 Net moVeertt irt funds {4801 (4801 149,866 Total funds bi'ougihl fonvard at 14 August 2022 149,866 149.866 Realloeaiion of funds 480 (4801 Totgl funds carried foj'ivard at 13 August 2023 149,386 149,386 149,866 Fiupiie Keiiiiedy
KIRK SESSION OF INVCRNEI SS BALANC.E SHEEIT As At 13 August 2023 Notes 13108123 13108122 (re-s1¢71ed) CURRENT ASSETS Bartk 152,206 152,206 152,206 152,206 CURRENT LIABILITIES LrtditoiE 2,820 2,340 NET CURRENT ASSETS 148,386 149,866 TOTAL ASSETS LESS LIABILITILS 149,386 149,866 FUNDS Re511'icted Capila Re%tricted- Incomc 149,386 149.866 149,386 149,866 Tlie firtaneial siateinents on pages 5 10 10 were approved by Ilie Iiustcs OD I l May 2026 aiid signed on their bchalf by.. Rev David Scott Fi'tt1£ Keiiiiedy
KIRK SESSION or iNITERNF.SS NOTLS'I'O'fiiTr, ACCOUNTS ACCOUNI'ENC POLICILI S IntomlThg resollrces: Incoine is accounted fnr on aii a¢cTua15 basis a5 far as it is prudent to do.qo. Resoui'ces expended: Graiits payable GiJrtts payable are charged to the income and cxpcndituir account ot) tlie basis of tlie dat¢ of appi"oval. Basis ofpreparatits Thc accoullts air prepared Ullder the histori¢ cosi ci)nveniion, with the exception of investtnenls which are slated at valuation, and in accordance witlj the slateineiiis of ReLominended Pracliee 'Accoiiiiiing and Reiioitiiig by charjlies. issucd itt Mai'ch 2015 {SOIIP 20151 aiid tlie Charitte5 and Truste¢ Inve5tnient {Scotl8ndl Act 2015. T#xtlon As a rcgislcred cli]tY the Tst is geneT#lly ex¢mpt from income tax alld capital gaiiis l&x but not from VAT. I¢COverable VAT is irtcluded in the Lost of Iliose itetiis lo ivliich it ielales. Investment8 Realised gaiiis and losses are takeji to tlie capital account. Inv¢sliiient incoiiie has been 18keJi into accotsttt on the basis of tlie due date for payinenl It)v¢stment$ $iated ai In'ket value in the balance sheet any iimralised gaills are tyken to tbe capital aecouni. Re-statement of 2022 Figures Following the advice of OSCR and the Chureh of Scotlattd law departinenl, Ille ItsleeS have elected to re- orgalll.se Ilie fvTi(L8 held by tht chai'ity. The 2022 figure8 have bcen iE-stalcd to sliow ilie ti'ansf¢i' of all bAlances back to the Kii'k Session Tat]iei' tknen belonging to tlie Inv¢rn¢ss IChui¢h of S¢otlandl Cliaritsble nd George DiincaD's Morlifi¢ation Furtd.
KIRK SESSION OF INVERiYESS NO'I'F,S'I'O'I'HE ACC.'OUNTS (C.ONTD) GOVERNANCE COSTS The admiiiistiative expert8&q ineuired dllring the year were &s follows.'- 13A)8123 13108122 Independent ¢xamin¢T'S f¢¢s Manageinenl Service Fee 200 280 200 280 480 480 OTHER INCOME 13108123 13108122 (re-sloled) Transferred from individi1 furtd$ 149.866 149,866 CREDITI)RS 13108123 13108122 (i'e-sittied) Fratne Ker)nedy Invemess ICliui"ch of Scorlandl Cliai'itable Fund George Diincan's Mortification Flind 2,820 2,34to Closin8 2,820 2,340
KIRK SESSION OF INV£1 RNESS NOTES TO THE ACCOUIYTS ICONI'DI CAPITAL 13108123 13108122 (pe-sluÉed) Opening 149,866 Other Income Manageinent expenses 150.346 (4801 (480} Closing 149.380 149,866 CAPITAL ICON'fD) Ltsss on investiiicnt disposal At 14108122 Triinds Incoming Outgoin8 Lo85 on reajlocated r¢sour¢es L'esouiies revaluation At 13108123 Ire-slulgd) Cai)ital hjnd Incoine fund 149,866 {4801 149.386 480 1480) 149 866 480 480 149 386