Charlty rggl$tratlon number SC018159 Congregatlon No: 372141 CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sanior management Minister Session Clerk Charity number SC018159
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND LEGAL AND ADMINISTRATIVE INFORMATION Principal address Kinysmills Road Inverness IV2 3JT Independ•nt &xamin•r enzie Chartered Accountant5 Redwoc¥J 19 Culdulhel Road Inverness IV2 4AA Bankers Virgin Money plc 15 Academy Street Inverness IV1 1JN
' CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) CONTENTS OF THE FINANCIAL STATEMENTS Page Trustee report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial slalementS 9-21
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) TRUSTEE REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements for the year ended 31 December 2024. The financial stslemenls have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalements and Comply with the church's governing document, the General Assembly Regulations lor Congregational Finance, the Charities and Trustee Investment Iscollandl Act 2005. the Charities Accounts ISco118ndl Regulations 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Reptt)lic ol Ireland and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Objectlves and actlvitles The Church of Scotland is Trinilarian in doctrine, Refomied in tradition and Presbyterian in Polity. It exists to glorify God and to work for the advancement of Christ's Kingdom throughout the world. As a national Church, il acknowledges a distinctive call and duty lo bring the ordinances of religion lo the people In every parish of Scotland through a territorial ministry. 11 cooperates wlh other Churches In various ecumenical bollies in Scotland and beyond. The principal objective of the Crown Church is lo uphold Christian worship and witness. In worship, regular services are provided every Sunday and on other occasions as appropriate. Ihrwgh Ihe ministy of both Word and Sacrament. In witness aclivily. we have maintained and supported connections overseas tackling poverty and disease, in partnership with North Street United Church in Jamaica and other mission and aid 2gencies as appropriate, as well as supporting local agencies assisting unemployrnenl and social disconnection. We seek lo make our buildings available lo community groups, including a breakfast epub and after school club associated with Crown Primary School, Boys Bfigalle, Girl Guides, the Inverness Singers, Young Crown Toddlers, Young Crown Youth Gioup and others. Children's and yOLrth work are Important and we strongly support the local initiatives of the Young Crown organisalion. as well as chaplaincy al Crown Primary Schwl and Milbum Academy. Achievements and performance Signifan1 activities and achievemenls againsl obJIlve$ Our 9.'30am service is led by a small team of very able volunteers working under the supervision of the minister. 11 is focused on providing worship appropriate foT childn and their families, through inleia¢tive activities and audio- visual resource5. Our 11am Sunday worship service has been broadcast live online from the sanctuary since March 2020, and is more tradition81 in style and presentation. The live broadcast of this servi¢e now continues as a permanent feature of church worship and witness. making services available online for people who are unable lo allend in person for any reason. The number. liming, Content and purpose of our worship services is constsntly under review by a committee of the Kirk Session. Church organisalions, such as the Choir, the Guild, FrienLlship Club, toddler groups and Bible studies. are an integral part of our Christian worship and wlness lo the community. The congregation is collaborative in many respects In particular. in anticipation of a proposed future union between Crown Church and the neighbouring congregation of Old High St Stephens ChUh, we continue to work on several joint ventures Some of our committees work together in planning worship or witness activities in the community.
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND) TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 VlIe people are our primary resource. the money we raise and spend through voluntary giving and events is 51gnific8nl. Thi5 covers local ministry costs and contributions to the work of the national Church of Scolland., mainlenanee costs relating lo the buildings we own and use.. as well as fundraising lor charities with whom we ally ourselves," and there is the funding of one-off projects and speual events in the life of the congregation. A monthly newsletter is produ¢ed. 11 is posted on our website, and il is also printed and hand delivered lo members of the congregation who are less able to attend church personally. Crown Church continues to uphold the value of each and every person and the gifts which they can bring lo our common life. Living in response lo the Gospel of Jesus Christ is our fundamental reference point and we attemplefj throughout the year to identify new and innovative ways of doing so following on from the Covid cris1S. Inveslmenl performance The Church has a 'lowlmedium risk. policy towards investment of funds. At 31 December 2024, the irNeslmenls with The Church of Scotland Investors Trust had a market value of £140,14812023 £132,285), comprising funds held on 'GTOWth Fund, of £85,479 and funds held on 'lncome Fund. of £54,669. There was an unrealised gain in value during the year of £7,863 12023 gain of £7,738). The Church of Scotland Investors Trust follows a policy of ethical and socially responsible investment. Dividend income for the year lolalled £4,77512023 £4,079>. Financial review For the year ended 31 December 2024, total income from all funds was £164,985 12023 - £148,518) and lolal expenditure was £171,383 12023 - £124,749). This resulted in a nel expenditure before gains and losses on Investments of £6,39812023 - nel income of £23,769) which when adjusted for gain on investments of £7,86312023 £7,738) produced Net Income for the year of £1,46512023- £31.5071. In order lo understand how the church perfomed in its ordinary day lo day operations during the year, il is necessary to examine the Income and Expenditure relating lo unrestrictedlgeneral funds. Total unrestricted income for general funds for the year was £155,34212023 - £144,174). The congregation's prinapal source of Unrestricted General Income iemains weekly offerings, regular giving by standing order and recovery of tax on gift aid. This year, the total from these sources was £82.46512023 - £83,910) which represents 8 decrease ol 0.8QA compared to 2023. The other income from unrestricted sources was rental income of £55,075 12023 £46.2871 which is a signrficanl increase, due lo rental reviews and further use by org8nisalions of the Church's facilities The unrestricted general fund expendrture for the year was £161.02012023 £113,380). The largest single item of expenditure was Giving lo Grow £48.900 12023 - £48.8481 Other significant items of expenditur& included. fabric repairs and maintenance £3Ql,781 12023 £6.6771 and energy costs £18,761 12023 £10,0891. The increase in fabric repairs was due lo sizeable work on Church and Manse roDfs tO9elher with the inslallalion of a replacement boiler in the Manse. Long lemi contracts for the supply of gas and electricity, negolialed Centrally by the Church of Scotland, had to be renewed and resvlled in much higher charges. The resullanl Nel income on unrestricted general funds before Gains and Losses on Investments was £2,41812023 - £34.5511 which, when adjusted lor an increase in the value of the church's Investments of £7,863 12023 £7,738) gives an overall surplus on unrestricted fund5 01 £10,281 12023 £42,289). th regard to the Designated Funds and Restricted funds there is little lo report other than a reduction in Fixed Asset values due lo the planned depreciation policy. Going concem In keeping with m8ny other congregations. the principal 'exislenlial' risk facing Crown Church is that of long term decline in numbers which may also undermine financial stability. The Church of Scotland recognising this ha5, through ils 'Presbyteries for Church Amalgamalions., embarked on a review which had culminated in an agreement that Crown Church and Old High St Stephens should seek a union during 2024. Whilst that is still the Intention, the tsvo congregations have agreed lo jointly service a new Midmills Parish during 2025 whilst continuing discussions for an effective union from l January 2026. Crown Church will continue its commitment lo the wider work of the Church and above all trust in the grace of God that lakes the Iruslees forward into the future that is planned.
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Pollcy As hitherto, the trustees aim to maintain a prudent level of reserves to cover the need5 01 the charity, lo assist other charities and provide for potential future contingencies. The financial results for 2024 have allowed the Trustees lo transfer £10,000 from the General Fund lo the unrestrided Fabric Fund, and to transfer from the fabric Fund £20,000 to a new Designated 2020 Project Fund. The Fabric fund now stands al £50,000. The General Fund now stands al £84,44012023- £83,6591 remains al around the same level as last year this represents approximately 6.5 months of 2025 budgeted expenditure. The Trustees recognise that this is below the largel of 9 months bul with the General Fund and Fabric Fund Combined equating lo 10 5 months the Church is still following a prudent poli¢y. In addition lo the Fabric Fund, Fixed Asset Fund. Designated 2020 Proje¢i Fund and Funds held by Church organisations the Church holds further unrestricted Funds 01 £3,75212023- £4,563). The amounts and purposes of the various 'Designated' and 'Restricted' funds held are shown al note 18 to the accounts. Structure. governance and management The Church is administered in accordance wrth the terms of the Deed of Constitution Iunitsry Fomil.
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) TRUSTEE REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Triiotee.s who sprved diirints the ve.•r and 11 to the date of si nature of the financial slalements were.. Recruili?ienl aiid appoiiitm&nt ol trustees Membe15 of the Kirk Ses510n are the ¢harily trustees. The Kirk Session members are the minister and the elders of the church. who are chosen from amongst the membership, wth ctue consideration for their w5sdom in 1he farth and having the appropriate gifts and ski115
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) TRUSTEE REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of trustee responslbSlltles The TrLJStees 8re responsible for preparing the Trustee Report and the financial statements in accordanee with applicable law an¢J United Kingdr)m Accounting Standar(Ss (United Kingdom Generally A¢ple Acc(MJnling Practice). The law applicable to eharilies in Scollané requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the 51ale of affairs of the church and of the incoming reSOurS and applic8lion of resources of thè church for that year. In preparing these financial stalements, Ihe Trustees are r4uired lo.. selecl suitablè accounting policies and then apply them consistently., observe the methods and prin¢iples in the Charities SORP., make judgement5 and estimates that are reasonable and prudent,. slate whether applicable accounting standards have been followed, 8ubject lo any material departu$ disdosed and explained in the financial statements.. and prepare ihe financial statements on the going concern basis unless rt is inappropriate lo presu that the charity will continue in oper2tion. The Tnjslees are responsible for keeping sufficient accounting records that disclose wth reasonable accuracy at any tsme the financial position of the Church and enable Ihem to ensure that the financial slalernents comply with the Charities and Trustee Investment (Scotland) Act 2005. the Charitie5 Accounts IScoll3ndl Regulations 2006 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregulanties. The trlislee "eporl vJ3s aporoved bl the Board of Trustees 26 %larch 2025
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) I report on the financial statements of the church for the year ended 31 December 2024. wttlch are set out on pages 71021. RespKtive responsibllitles of Trustees and examiner The chui¢h's Trustees 8re responsible for the prepafation of the finanaal slalemen15 in accordance with the term$ ol the Charities and Trustee Investment IS¢otlandl Act 2005 and the Charities Ac£ounls (Scollandl Regulations 2008. The church Trustees consider that the audit requirement of Regulation 1011 Ilal-lcl of the Charities Accounts Iscotlandl Regulations 2006 does not apply. It is my resrK)nsibility to examine the finBncial stalements as requiied under section 4411 Ilcl ol the Charities and Trustee Investment (Scollandl Act 2005 and to state whether particular matters have come lo my allenlion. B•¥ls of Independent examiner's statement y examination Is carried out in accordance with Regulation 11 of the Charities Ac¢tsunls (Scolland) Regulations 2008. An examination includes a feview of the accounting records kept by the ¢haTily and a comp2riscn of the financial slalemenls presented with those record5 It also inGludes considerat'on ol any unusual items or disclosures in the fin8nci81 statements, and seeking explanations from the Irusleos concerning any sueh matters. The procedures undertaken do not provide all the evidence that would be reqLJif8d in an audit, and consequently I do nc>l expre$$ an audit twinion on the vlew glven by the financial ststements. Independent examIne5 Statement In Ihe course of my examination, no matter has come lo my attention which gives me reasonab cause lo beSieve that in any material fespecl the requirements.. lo keep 8ccounling records in accordance with Section 4411 Ila) of the Ch8rilies and Trustee InvestrMÈnl ISco118ndl Ad 2005 and Regulation 4 of the Chanlies Accounts (Scollandl Regulations 2006, and lo ppare financial statements which accord with the accounting rowrds and comply with Regulation 8 01 the Charities Account5 (Scotlandl Regulations 2006 have not been met, or 2 to which. in my opinion, attention should be drawn in order to enable a proper understanding Of the financial statements lo be reachèd MacKenzio KeN Limited Chartered Accountants Redwood 19 Culduthel Road Inverness IV2 4AA 27 March 2025
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and1egacies Charitable activities Investments 88.940 35,673 30,729 9,319 98,259 35,673 31,053 86,634 27,829 29,711 4,159 90,793 27,829 29.896 324 185 Total Income 155,342 9,643 164,985 144,174 4.344 148,518 Expenditure on: Charitable activities 161,020 10.363 171,383 113.360 11.389 124,749 Total expenditure 161,020 10,363 171,383 113,360 11,389 124,749 Nel g8inslllossesl on investments 10 7,863 7,863 7.738 7,738 Net IncomelleXndIture> and movèment In fund$ 2,185 17201 1,465 38.552 17.0451 31,507 Reconclllatlon of funds: Fund balances at 1 January 2024 1,002,341 185,386 1,187,727 963,789 192,431 1,156,220 Fund balances at 31 December 2024 1,004,526 184,666 1,189,192 1,002,341 185,386 1,187,727 The statement of financial activities includes all gains and losses recognisèd in the year. All income and expentliture derive from continuing activities.
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Not•8 Flxed assets Tangible assets Investment propety Investments 12 13 14 717,146 300.000 140,148 731,817 300,000 132.285 1.157,294 1,164,102 Current assets Debtors Cash at bank and in hand 15 6.410 53,948 48,485 56,051 60.358 Credltorn: amounts fa115ng due wlthln one year 16 124,1531 {36,733 Net crrent assets 31,898 23,625 Total asset5 less current liabilitie5 1.189,192 1.187.727 The funds of the church Reslricled income funds Unrestricted funds 17 184.666 1.004,526 185.386 1.002.341 1.189,192 1,187.727 The financial statements were approved b the Trustee5 on 28 March 2025
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policigs Charlty Infom)ation Crown Church Inverness is a charity registered in Scotland The registered office is Kingsmills Road, Inverness IV2 3JT. 1.1 A¢counllng convfyntlon The financial statements have been prepared in accordanee with the church's goveming document. the Charities and Trustee Investment Iscotlandl Act 2005, the Charities Accounts (Scollandl Regulations 2006. FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 'Aceounling and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The church is a Public Benefit Entity as defined by FRS 102. The church has taken advantage of the provisions in the SORP for charities not lo prepare a slalemenl ol cash flows. The financial statements a prepared in sterling, which is the functional currency of the Church. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial slalemenls have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern At the time ol approving the fin8nci81 slalemenls, the Trustees have a reasonable expectation that the church has adequate resources lo continue in operational existence tor the foreseeable future. Thus the TrLk%lees continue lo adopt the going concern basis of accounting in preparing the financial slalemenls 1.3 Charitable funds Unreslricled funds a available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific Conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricted funds are sel out in the notes lo the financial slalements. Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the church. 1.4 Income Income is recognised when the church is legally entitled to it after any perfomance condition5 have been met, the amounts can be measured reliably, and il Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the church has been notified ol the donation, unless performance conditions require deferral of the amount. Income lax recoverable In relation to donations received under GiftAid or deeils of covenant 15 recognised at the lime of the donation. Legacies are recogn15ed on receipt or otherwse if the church has been notified of 8n impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as contingent asset
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollclgs Iconlinuedl 1.5 Expendlture Expenditure is recognised once there 15 a legal or constructive obligation lo Iransler economic benefit lo a third party, it is probable that a transfer of econornic benefits wll k)e required in settlement, and the amount ol the obligats'on can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of dIrt costs and shared eosls, ineludino support costs involved in undertaking each aclivily. Direct costs attributable to a single activity ale allocated directly lo that activity Shared costs which ¢ontribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a bas5S consistent with the use of resources Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglblg flxod assgts Tangible fixed assets are initially measured al cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is iecognised so as lo write off the cost or valuation of assets less their residua1 values over Iheif useful lives on the following bases.. Land and buildings Property Improvements Plant and equipment Fixtures and fittings Not depreciated Over 40 years Over 5 years Over 10 years The gain 01 loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is regnised in the statement ol financial activities. Following revaluation in 2020, the manse will no longer be depreciated, as Il is considered that the life of the asset is so long and the residual value so great that no depreciation is necessary. 1.7 Investment property Investment property. which is property held lo earn rentals andlor for capital appreciation, is initially recognised al cosl. which includes the purchase cost and any directly attributable expenditure. Subsequently il 1$ measLJred at fair value al the reporting end date. The surplus or defiat on revaluation Is recognised in profit or loss. 1.8 Fixed asset investments Fixed asset investments are initially measured al transaction pri excluding transaction costs, and are subsequently measured at lair value al each reporting dale. Changes in fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed a5 Incurred. 1.9 Impairment of fixed assets Al each reporting end date, the church reviews the carrying amounts of its tangible assets lo determine whether there is any indication Ihal those assets have suffered an impairment loss. If any sueh I&t10n exists. the recoverable amount of the asset Is e511mated In order lo determine the extent of the impairment loss lif any). 1.10 Cash and cash equivalents Cash and cash equivalenls include cash in hand, deposits held al call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 10-
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontlnuedl 1.11 Financial instruments The church has elected lo apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the church's balance sheet when the church becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial slalements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price ineluding Ir8n5aclion costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion. where the Iransa¢tion is measured al the present value of the lulure receipts discounted al a market rale of interest Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, inclLJding creditors and bank loans are initially recognised at transaction pri unless the arrangement constitutes a financing transactlon, where the debt instrument is measured al the present value of the future payments discounted at a market rale of interest. Financial liabilitie5 classified as payable wilhin one year are not amortised. Debt instrument5 ale subsequently carried al amortised cost, using the effective interest rate method. Trade credilofs are obligations lo pay lor goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are ¢lassified as Current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost USln9 the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised when the church'5 contractual obligations expire or are discharged or canlled. 1.12 Employee beneflts The cost of any unused holid&y enlillement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the church is demonstrably committed to lerminale the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacl&s Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Offerings Legacies Donations Gift Aid Fixed asset donations 66,345 3,393 3.082 16,120 66,345 3,393 11,339 17,182 67,613 1,000 1.724 16,297 67.613 1.000 1,724 16.297 4.159 8,257 1,062 4,159 88,940 9,319 98,259 86,634 4,159 90,793 Income from charitable activities Unrestrlcted funds 2024 Unrestricted funds 2023 Charitable actlvltle$ Weddings and funerals Coffee mornings Church organisations- subscriptions Church organisalions- aetivities Hall rents received 1,259 1.541 770 2.028 30,075 690 770 3,418 21,287 35,673 27,829 Income from investments Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Re5trlcted funds fund$ 2023 2023 Total 2024 2023 Dividends reiVed Rentsl income- Highland Council Interest receivable 4,518 257 4,775 3,894 18S 4,079 25.000 1,211 25,000 1,278 25,000 817 25,000 817 67 30,729 324 31,053 29,711 185 29,896 12
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activitles 2024 2023 Direct costs Ministrie5 Mission ConlribLrtion Ministerial assistance other salary costs Presbytery dues Organists Outreach and training Music and organ Mission fund Benevolent expendrture Guild expenditure Crown Church Band expenditure Offering envelopes 48,898 15,807 8,516 978 5,250 48,848 9,209 5,881 983 4,800 333 1,780 1,050 225 3,527 100 203 3,101 279 2,598 171 85.598 76,939 Share ofsupport and governance costs (see note 61 Support Govemance 82,535 3,250 43,377 4,433 171,383 124,749 Analysis by fund Unrestricted funds Reslricied funds 161,020 10,363 113,360 11,389 171,383 124,749 Support costs allo¢atgd to activities 2024 2023 Dèpreciatiot) Fabric repairs and maintenance Council lax Other building costs Telephone, PPS and photocopying Publicity and advertising Other expenses Governance costs 14,671 30,781 3,688 23,679 3,185 1,048 5,483 3,250 14.099 6.677 3,594 14.780 3.029 515 683 4,433 85,785 47,810 Analysed bglween: Charitable activiles 85,785 47,810 13-
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movemgnt in funds 2024 2023 The nel movement in funds 1$ slated after chargingllcredilingl.. Fees payable for the independent examination of the charity's financial slalemenls Depreciation of owned tangible fixed assets Lossllprofitl on disposal of tangible f5xed assets 3,250 14,671 2,600 14.799 17001 Trustees No trustees received any remuneration or reimbursement of expenses during the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Numbèr All Church of Scotland congregations contribute lo the National Stipend Fund which bears the costs of all ministers stipends and employer's contributions for national insurance. pension and housing and loan fund. Ministers stipends are paid in accordance with the national stipend scale. which is related lo years of service, For the year under review the minimum stipend was £31,642 and the maximum stipend, In the 5th and subsequent years of service £38,884. There were no employee$ whose annual remuneration was more than £60,000. 10 Gains and losses on Invgstments Unrestricted Unrestricted fund5 funds 2024 2023 Gain51llos5esl arising on.. Revaluation of investments 7,863 7,738 11 Taxation The charity is exempl from taxation on ils activities because all ils income is applied for charf(able purposes. 14-
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tanglble fixed assets Land and Property bulldlngs Improvements Plant and Fixlurts and equipment fftt4ng$ Total Cost Al 1 January 2024 452,000 239,293 44,512 66,645 802,450 Al 31 December 2024 452,000 239.293 44,572 66,645 802,450 Dgpreclatlon and impairment Al 1 January 2024 Depreciation charged in the year 15.469 5,998 39,515 2,008 15,649 6,665 70,633 14,671 Al 31 December 2024 21.467 41,523 22,314 85.304 Carrying amount Al 31 December 2024 452,000 217,826 2,989 44,331 717,146 At 31 December 2023 452,000 223,823 4,997 50,997 731,817 rhe building included above is the church manse and was revalued by the Iruslees al 31 December 21r20 by reference lo local property selling prices. The trustees consider th81 the above figure of £452.000 also represents a reasonable market value al 31 Dember 2024. 13 Investment property 2024 Falr value Al 1 January 2024 and 31 December 2024 300,000 The Crown Church owns the church halls. During the year ended 31 December 2021 the church entered 1nto a 50 year lease of the Lower Halls with Highland Council (who themselves carried out a substantial renovation of the hallsl. As this fell within the definition of an 'lnveslmenl Property,. the trustees were required to value the Lower Halls at 'fair value,. The professional valuation, carried out by Shepherds, Chartered Surveyors, gave a fair value of £300,000 8131 Dember 2021 and the trustees consider thi5 to be a fair value al 31 Decernber 2024 a150. With regard lo the remainder of the church halls, the trustees consider that no reasonable eslim8le of value can be made for these assets at the balance sheet dale and therefore no value fof them has been included in the accounts. 15
CROWN CHURCH INVERNESS ICHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Flxed asset Investments Unlisted investments Cost or valuatlon Al 1 January 2024 Gain on investments 132,285 7,863 Al 31 December 2024 140,148 Carrylng amount Al 31 December 2024 140,148 Al 310ecember 2023 132,285 15 Debtors 2024 2023 Amounts falllng due wlthin one year- Trade debtors GiftAid tax refund due Other debtors Prepayments and accrued income 1,853 4,288 50 1,375 989 3,855 226 1,340 7,566 6,410 16 CrÈdltors'. amounts falllng due within one year 2024 2023 Trade creditors Other eredilors Accruals and deferred income 15,205 5,698 3,250 15.205 17.716 3,812 24,153 36,733 16-
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific eondrtions by donors as to how they may be used. At 1 January 2024 Incomlng resources Resources expended Transfers At31 December 2024 Mission Fund Manse wood-bumer Fltnd Fixed Asset Fund 20120 development Fund 4,063 885 180.438 129 33 4,192 918 170,075 9.481 110,3631 9.481 185,386 9,643 110,363} 184,666 Prevlous year: At 1 January 2023 Incomlng resourc9$ Resources expended Transfers At31 Oecember 2023 Mission Fund Manse wood-burnerfvn Fixed Asset fund Upper Hall Sanctuary A & T Sanctuary PBIP 4,957 856 156 29 4.159 11,0501 4,063 885 180,438 110,3391 186.618 185,7661 130.6621 170,1901 85.766 30,662 70,190 192,431 4,344 111,3891 185,386 17-
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Restricted funds Icontlnuedl Purposes of Restrictsd funds Mission fund: This fund comprises donations provided specifically to support outreach projects. locally, nationally and inlernalionally. Manse wood-burner: This fund comprises a donation provided specifically to purchase a wood-burner for the manse. Crown chUh 20120 Development fund (Restricted) Upper Hall.. This fund comprises grants and donations received for the purposes ol investing In 'a major upgrade, of the Crown Church buildings, commencing with a refurbishment of the Upper Hall, which commenced in 2020 and was cornpleled in 2022. As the project was completed in 2022, the balance of the fund was transferred lo the reslricled Fixed Assets fund. Crown Church 20120 Developm8nt fund IRestrictedl- Sanctuary IA&TI'. This fund comprises a grant from Adapt and Thrive, for the purpose of removing pews from the Sanctuary, levelling the floor and purchasing new ehairs. As the project was completed in 2022. the balance of the fund was transferred to the restricted Fixed Assets fund. Crown Church 20120 Development fund IRe$trictedl- Sanctuary IPBIPI: This fund comprises a grant from 'Place Based Investment programme, (administered by Highland Counall for the purposes ol installing an AV system. lighting and ¢8rrying out other building works in the Sanctuary. As the project was completed In 2022. the balance of the fund was transferred lo the reslricled Fixed Assets fund. Flxed Assets fund- This fund represents the written down value of all the Church's fixed assets funded by reslricled grants and donations and Includes transfers of fund balances from the three original Crown Church 20120 reslrided Fixod A5sel Development funds as described above. 18
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These Include designated funds which have been set aside out of unreslricteé funds by the trustee5 foi specific purposes At 1 January 2024 Incomlng resources Resources expended Transfgrs Galns and losses At31 December 2024 Fixed asset funds Fabric funds Music and organ funds Benevolent funds Band funds Guild funds 20120 Oevelopmenl Fund General funds 851,379 60,000 14,3081 847,071 50,000 110.0001 3,708 120 11,1041 2,724 855 1,814 926 451 370 2,961 12781 1,028 1,884 1,039 13001 12501 12,5981 13,6601 1149,0721 20,000 19,4501 16,340 84.440 83.659 151.440 7,863 1,002,341 155,342 1161,0201 7,863 1,004.526 Previous year.. At 1 January 2023 Incoming resources Resources expendfrd Transfers Gains and loss&s At31 Oecember 2023 Fixed asset tunds Fabric funds Music and organ funds Benevolent funds Band funds Guild funds General funds 847,153 29.962 14,4601 8,686 30,038 851,379 60.000 3.579 129 3,708 1.046 1,674 731 79,644 34 490 3,922 139,599 12251 11001 13,5271 1105.0481 855 1,814 926 83,659 12501 12001 138.2741 7,738 963,789 144,174 {113,3601 7,738 1,002,341 19-
CROWN CHURCH INVERNESS (CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 18 Unrestricted funds Icontlnuedl Flxgd Assets fund: This fund represents the written down value of all the Chuich's fixed assets. excluding those covered by the restricted Fixed Asset fund. Fabric fund: The Trustees have sel aside this fund for the maintenance of the church property. Music & organ fund: The Trustees have set aside this fund for the purchase of music resourees for use in worship and for maintenance. refurbishment or replacement of the church organ. Benevolent fund: The Trustees have set aside thi5 fund lo be used by the minister for acts of benevolence. Crown Church 20120 Development fund IDesignatedl'. The trustees created this fund lo meet the cosls of 'major upgrades, of the church buildings. Plans are being drawn up for a new entrance and reception area 19 Analy$ls of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 De¢èmbfyr 2024.. Tangible assets Investment properties Investments Current asselsllliabililiesl 546,153 300,000 140,148 18,225 170.993 717,148 300,000 140,148 31.898 13.673 1,004.528 184,666 1,189.192 Unrestrlcted funds 2023 Restricted funds 2023 Total 2023 At 31 Decernber 2023: Tangible assets Investment properties Investments Current assetsllliabililiesl 551,379 300,000 127,097 23,865 180,438 731,817 300.000 132,285 23,825 5,188 12401 1,002,341 185.386 1,187,727 20-
CROWN CHURCH INVERNESS {CHURCH OF SCOTLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 20 Rfrlated party transactions There were no disclosable related paty transactions during the year (2023- nonè). During the year . a total of £26,28612023 £32,536) was donated to the congregation by ITUStees Iprtor to gift aid recovery). This comprised unrestricted donations of £26.28612023 £32,5361. 21 Collection for Thlrd Partles 2024 2023 Al Shaurook Blind School North Street Church, Kingston, Jamaica Crown Youth 8,125 500 8,625 22 Volunteers In common with all congregations ol the Church ol Scotland. the congregation benefits frorn the contribLttions made by volunteers who give their time and talents willingly for the benefit of the Church. The areas of congregational life which rely on the contribution of volunteers are many and varied and much of the activity would be unable lo continue were it not for the Commitment shown. 21