Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 Scottish Charity Number: SC030976 **Free Church of Scotland (Continuing) Annual Report and Financial Statements for the year ended 31 December 2024** Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Contents** ||Page| |---|---| |Report of the Trustees|1| |Report of the Independent Auditor|8| |Statement of Financial Activities|12| |Balance Sheet|13| |Cash Flow Statement|14| |Notes to the Financial Statement|15| |Detailed Statement of Financial Activities|30| Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing) Report of the Trustees for the year ended 31 December 2024** The Trustees present their report together with the financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Objectives and Activities** ## Objectives and aims The overall object of the Church, as a Christian denomination seeking to maintain conformity with the Bible as the Word of God, is to glorify God through maintaining and promoting His worship in accordance with the Bible, through the preaching and teaching of the Gospel of the Lord Jesus Christ and the administration of the sacraments of Baptism and the Lord's Supper. In carrying out its objectives of spreading the Gospel of Christ the Church has a full-time ministry. ## Significant activities The principal activity of the Church is the conduct of public worship and associated activities through local congregations and Presbyteries. Work is also organised, promoted and carried out by Standing Committees appointed by and accountable to the General Assembly. The ministers/pastors of the denomination function on a full-time basis and are paid from a central fund supported by all of the local congregations. Each minister is paid exactly the same amount of stipend (salary) from the central fund, currently £23,500 per annum. Reimbursement to each minister, of locally-incurred expenses is covered by his local Deacons' Court and varies from congregation to congregation. The denomination maintains a Seminary for the theological training of students for the ministry. This is staffed part-time by ministers already in charges and by retired ministers, and involves a combination of distance learning and tutorial work in a building located in Inverness. Besides the work of a full-time ministry the Church is involved in producing publications germane to its principles, publishes a monthly magazine entitled Free Church Witness, operates a web-site www.freechurchcontinuing.org and produces a young people's magazine entitled The Explorer. The Church also supports missionary work in Zambia, Sri Lanka, Spain, France and Portgual. ## **Achievement and Performance** ## Charitable activities The principal activity of the Church is the conduct of public worship and associated activities through local congregations and Presbyteries, and through missionary work both in this country and abroad. ## **Financial Review** ## Financial position During the year in review there was a surplus of income over expenditure for the year of £102,587 compared to a surplus in the previous year (after revaluation of fixed assets) of £246,725. Legacies of £51,421 were received in 2024 (2023 - £10,000). Ordinary remittances from congregations were up by £16,281 (2.4%) on the previous year, with the total of congregational remittances for 2024 at £701,231. Expenditure was £748,787 (2023 - £676,976) with payroll costs up by £2,808 (0.59%) at £481,874 compared to the previous year. The total assets and funds of the denomination at the end of 2024 amounting to £1,560,896 (2023 - £1,458,309), was up by £102,587 (7.03%) compared to the previous year. The total funds of £1,560,896 represents the unrestricted general fund of £731,138, designated funds of £771,341 and restricted funds of £58,417. Full details of the charity's funds are included in the notes to the financial statements. Page 1 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing) Report of the Trustees for the year ended 31 December 2024** ## **Financial Review (continued)** ## Financial position (continued) Four manse properties were purchased in 2014 for the congregations of Edinburgh, Partick, North Uist and Duthil-Dores at a total cost of £1,005,050. Loans were taken out with Stewardship Ltd for a total of £532,000 repayable over 15 years. After receipt of annual mortgage loan repayments from these four congregations and an additional repayment of £100,000 in 2015 by the denomination to reduce the interest costs, a total amount of £nil now remains outstanding on these loans. Aside from North Uist (further details below), all of these loans have been repaid in full and the title deeds of the manse properties have been transferred into the local congregations name in previous years. In 2020, the mortgage on the North Uist manse was repaid in full. Once the congregation has repaid in full the £23,000 loan received in 2014 to help pay the initial deposit (the balance being £6,235 at 31 December 2024) and the £25,000 loan received in 2015 (the balance being £25,000 at 31 December 2024), the title deeds will be transferred to the congregation. A further manse property was purchased in 2016 for the congregation of Bracadale & Duirinish at a cost of £190,000. This was also part funded by a loan with Stewardship Ltd of £70,000. In 2022, the congregation repaid that loan in full and therefore the title deeds are in the process of being transferred. A further manse property was purchased in 2019 for the congregation of Brora at a cost of £190,100. This was also part funded by a loan with Stewardship Ltd of £105,000. In February 2023, the denomination settled the balance of £55,510 on the loan and brought the full balance in-house interest free. The term of the original loan was 15 years, but the repayments to the denomination was over 20 years, as such the interest-free loan balance was £62,682. After receipt of loan repayments from the congregation, a total amount of £46,532 remains outstanding on this loan. In the 2021, a loan was also taken out with Stewardship Ltd of £95,000 in order to assist in the funding of the church building project in Poolewe & Aultbea. In February 2023, the denomination settled the balance of £42,918 on the loan and brought the full balance in-house interest free. After receipt of loan repayments from the congregation, a total amount of £13,002 remains outstanding on this loan. In February 2019 a loan facility of £75,000 was arranged between the denomination and the congregation of Shettleston to assist them in their acquisition of the title to their present church and manse. The amount of £68,400 remains outstanding on this loan. ## Principal funding sources The principal funding resource of the Church is represented by the ordinary remittances of sums received monthly from congregations. These ordinary remittances represented 82.4% of total incoming resources in 2024. They are predominantly used for the payment of stipends (Ministers' salaries) and other payroll costs including amounts for pension provision. The payroll-related costs accounted for £481,874 and represented 68.7% of congregational ordinary remittances to central funds in 2024. ## Reserves policy The General fund and Designated fund represent the unrestricted funds from past operating results. They also represent the free reserves of the charity. The Trustees have resolved, to set unrestricted reserves at £300,000. This takes into account a monthly stipend and salary commitment of approximately £40,300 for seven months. The church maintains Designated buildings fund for fixed assets, comprised of the Net Book Value of the properties, plus congregational loans. The Designated Death in Service fund is held at a balance around the amount of a ministers annual stipend plus corresponding employers NIC costs in any year. The Trustees consider that the level of the unrestricted reserves held in the General fund at 31 December 2024 equating to approximately 12 months operating Page 2 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing) Report of the Trustees for the year ended 31 December 2024** ## **Financial Review (continued)** ## Reserves policy (continued) expenditure, is sufficient to meet the charity's operational requirements taking account of the regular monthly contributions being received from congregations. At the year-end there were total funds of £1,560,896 (2023: £1,458,309), which is made up as follows: ||2024|2023| |---|---|---| ||£|£| |Restricted funds of|58,417|59,827| |Designated funds of|771,341|794,689| |Unrestricted funds of|731,138|603,793| ## **Grant making policy** The church makes grants to organisations whose activities are compatible with the church’s own objectives. Details of grants made during 2024 are outlined in Note 8 on page 24. ## **Plans for the Future** The Finance & Sustentation Committee and the General Treasurer intend to continue to run the Church's financial affairs in such a manner that ensures its financial stability and assists in the carrying out the work to which it is committed. The Finance & Sustentation Committee and the General Treasurer believe that the Church's assets are available and sufficient to fulfil its present obligations . ## **Structure, Governance and Management** ## History The Free Church of Scotland (Continuing) claims continuity with the Free Church of Scotland which historically came into being in 1843 as a result of the "Disruption" within the Church of Scotland as then constituted. In maintaining this continuity, the Free Church of Scotland (Continuing) identifies itself with the Free Church of Scotland that continued in existence in 1900 after the union of the then majority of the Free Church with the United Presbyterian Church. Consequent upon actions and judgements within the Free Church of Scotland as then constituted, between June 1999 and January 2000, a Declaration of Reconstitution was adopted on 20 January 2000 by a minority of ministers and elders. They claimed to be more faithful to the constitutional principles of the Free Church of Scotland than the remainder of the former Free Church and thus legitimately and constitutionally sought to continue as the Free Church of Scotland, henceforth to be known for administrative reasons only as the Free Church of Scotland (Continuing). ## Constitution The constitutional documents of the Free Church of Scotland of 1843 remain the founding documents of the Free Church of Scotland (Continuing). An explanatory document is available detailing the documents within which is embodied the constitution of the Church. The Free Church of Scotland (Continuing) is an unincorporated association and was registered as a charity on 20 January 2000. Act of Assembly XVII, dated 22nd May 2014 asserts:- 1. The General Assembly reaffirm that they are the true _bona fide_ successor of the Free Church of Scotland of 1843. 2. The General Assembly hereby declare that legislation enacted by the Free Church of Scotland prior to 20th January 2000 applies to the Free Church of Scotland (Continuing) in the same Page 3 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Trustees for the year ended 31 December 2024** ## **Structure, Governance and Management (continued)** ## Constitution (continued) way as any legislation enacted by the said Free Church of Scotland (Continuing) after 20th January 2000. ## Structure The Church is Presbyterian in Church government and is therefore ruled and governed by ministers and elders acting through Kirk Sessions of local congregations, Presbyteries, Synods, and the General Assembly. It is Reformed and Evangelical in doctrine and practice and conforms to full subscription to the Westminster Confession of Faith. ## Governance and Management The General Assembly annually appoints Standing Committees for the management of the central work of the Church. Consequently, a Finance and Sustentation Committee together with the General Treasurer are presently responsible for the financial management of the Church's resources, for which they are answerable to the General Assembly. Membership of the General Assembly is annually commissioned by each Presbytery in accordance with Assembly legislation and comprises all Ministers who have a seat in Presbytery with an approximately equal number of ruling elders, together with such Ministers as may be appointed by the Missions Committee and a corresponding number of ruling Elders. At present there are four Presbyteries covering the entire geographical area of Scotland. A Nominations Committee of the General Assembly annually puts forward for acceptance by the Assembly the names of ministers and elders for service on the various Standing Committees representing a range of work and interests consistent with the constitution, objectives and activities of the Church. These are selected with reference to representation of the various Synods and Presbyteries throughout the Church as detailed in the Standing Orders of Assembly. Membership of Committees is constantly changing because the replacement of men is on a staggered basis. ## Financial Management , General Treasurer, is accountable to the Finance and Sustentation Committee for the management of the financial affairs of the Church. , Financial Administrator, is responsible for the maintenance of all financial records and book-keeping functions and reports to the General Treasurer. Page 4 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Trustees for the year ended 31 December 2024** ## **Structure, Governance and Management (continued)** ## Recruitment and appointment of new Trustees Under legislation approved by the General Assembly every Presbytery of the Church in Scotland has the right to nominate a person to represent them on the Board of General Trustees. The appointment of Trustees is finally approved by the General Assembly which meets in May each year. On the basis of the original structure of Presbyteries in Scotland, the Board of General Trustees will normally consist of five persons. The Board of the General Trustees elects their Chairman and Vice Chairman from amongst their own number. Each Trustee serves for five years and is eligible for re-appointment. On the basis of current Assembly legislation Trustees are bound to retire and be replaced on their having attained the age of 80 years. ## Induction and training of new trustees The charity will undertake training for newly appointed Trustees to ensure awareness and understanding of:- 1. the duties and responsibilities of Trustees; 2. the organisational structure of the charity; 3. the financial position of the charity; and 4. the future plans and objectives of the charity. ## **Significance of volunteers** The denomination could not deliver the range of activities in furtherance of its aims without the consistent and generous time committed by a large number of volunteers. ## **Risk Management** The Trustees have a duty to identify and review the risks to which the charity may be exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The principal potential risks and uncertainties faced by the charity include:- 1. changes in charitable status. 2. changes in Gift Aid legislation. 3. insufficient incoming financial resources. 4. compliance with laws and regulations including health & safety and employment regulations and PVG legislation. The charity's plans to manage principal risks and uncertainties include: the review of the major risks that the charity faces on an ongoing basis; the establishment of policies, systems and procedures to mitigate those risks that may be identified; and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. ## **Denominational Trustees** The Denominational Trustees who served during the year were . Denominational Trustees are elected as required in order that property belonging to the congregation may be held in the names of these elected trustees. Their duties are to hold properties in trust and sign necessary documents connected with ownership or sale when duly authorised. ## **Key Management Personnel Remuneration** The key management personnel of the charity comprise the trustees. No employee benefits were received by the trustees during the year to 31 December 2024 (2023: £nil). Page 5 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing) Report of the Trustees for the year ended 31 December 2024** _Charity Number:_ SC030976 _Auditors:_ Innes & Partners Limited Chartered Certified Accountants and Statutory Auditors 9 Ardross Street Inverness IV3 5NN _Bankers:_ Bank of Scotland Kingdom Bank 47 Cromwell Street Media House Stornoway Padge Road Isle of Lewis Beeston HS1 2DD Nottingham NG9 2RS Virgin Money Royal Bank of Scotland 15 Academy Street Cartsdyke Avenue Cartsburn East Inverness Greenock IV1 1JN PA15 1EF _Solicitors:_ Lindsays Caledonian Exchange 19a Canning Street Edinburgh EH3 8HE Page 6 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Trustees for the year ended 31 December 2024** ## **Signatories** It is believed that the Accounts and the Report thereon conform to the law regulating Charities in Scotland. The law requires that the Report and Accounts be approved by the "persons in management and control." It is assumed that this refers to the Finance & Sustentation Committee appointed by the General Assembly of the Free Church of Scotland (Continuing) to oversee the financial affairs of the church. By appointment of the Finance and Sustentation Committee the Accounts are signed by the Convener of the Finance & Sustentation Committee and the Chairman of the General Trustees. ## **Trustees’ Responsibilities in relation to the Financial Statements** The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Scotland, the Charities and Trustee Investment (Scotland) Act 2005, Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's constitution require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity, of the incoming resources and application of these resources, including the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the Board of General Trustees on 31 March 2025 and signed on their behalf by: Page 7 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Independent Auditor to the Trustees for the year ended 31 December 2024** ## **Opinion** We have audited the financial statements of Free Church of Scotland (Continuing) (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity’s affairs as at 31 December 2024, and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; an - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and the provisions available to small entities in the circumstances set out in note 22 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Page 8 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Independent Auditor to the Trustees for the year ended 31 December 2024** ## **Other information (continued)** Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or - proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditor responsibilities for the audit of the financial statements** We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 9 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Independent Auditor to the Trustees for the year ended 31 December 2024** ## **Auditor responsibilities for the audit of the financial statements (continued)** Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognize non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the charity through discussion with Trustees and management, and from our wider knowledge and experience of the charity sector; - We focused on specific laws and regulations which we considered may have a direct materials effect on the financial statements or the operations of the charitable company, including the Charities SORP FRS 102, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended); - We assessed the extent of the compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - Making enquiries if management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected or alleged fraud; and - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override controls, we: - Performed analytical procedures to identify any unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 1 were indicative of potential bias; and - Investigated the rationale behind significant or unusual transactions. In response to risks of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation; - Reading the minutes of meetings of those changed by governance; - Enquiring of management as to actual and potential litigation and claims; and - Requesting correspondence with HMRC, OSCR and the legal advisers of the charity. Page 10 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Report of the Independent Auditor to the Trustees for the year ended 31 December 2024** ## **Auditor responsibilities for the audit of the financial statements (continued)** There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditors report. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **Use of our report** This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## **For and behalf of Innes and Partners Limited, Statutory Auditor** Eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 9 Ardross Street Inverness IV3 5NN Date 31 March 2025 Page 11 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Statement of Financial Activities for the year ended 31 December 2024** |**Note**
**Income**
Donations and Legacies
**4**
Charitable Activities
**5**
Investments
**6**
**Total Income**
**Expenditure**
Raising Funds
**7**
Charitable Activities
**7**
Exceptional Items
**21**
**Total Expenditure**
**Net income/(expenditure) before gains/(losses)**
**on investments**
**Transfers between funds**
**16,17**
**Gains/(losses) on revaluation of fixed assets**
**Net Movement in Funds**
**Reconciliation of Funds**
**Total Funds Brought Forward**
**Total Funds Carried Forward**
**16**|**Unrestricted**
**Funds**
**£**
761,369
29,877
16,495|**Designated**
**Funds**
**£**
-
-
285|**Restricted**
**Funds**
**£**
43,108
-
240|**Total**
**Funds**
**2024**
**£**
804,477
29,877
17,020

**851,374**
1,046
747,741
-
**748,787**
102,587
-
102,587
-
102,587
1,458,309
**1,560,896**||**Total**
**Funds**
**2023**
**£**
759,926
30,160
7,982| |---|---|---|---|---|---|---| ||**807,741**|
**285**|
**43,348**|||**798,068**| ||1,046
688,314
-|-
11,287
-|-
48,140
-|||1,038
668,121
7,817| ||**689,360**|**11,287**|**48,140**|||**676,976**| ||118,381

8,964|(11,002)
(12,346)|(4,792)
3,382|||121,092
-| ||127,345
-|(23,348)
-|(1,410)
-|||121,092
125,633| ||127,345
603,793|(23,348)
794,689|(1,410)
59,827|||246,725
1,211,584| ||**731,138**|**771,341**|**58,417**|||**1,458,309**| Page 12 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing) Balance Sheet as at 31 December 2024** |||||||**Total**|**Total**| |---|---|---|---|---|---|---|---| |||**Note**|**Unrestricted**|**Designated**|**Restricted**|**Funds**|**Funds**| ||||**Funds**|**Funds**|**Funds**|**2024**|**2023**| ||||**£**|**£**|**£**|**£**|**£**| |**F**|
**ixed Assets**||||||| ||Tangible assets|**11**|-|577,212|12,634|589,846|610,223| |**Total Fixed Assets**|||**-**|**577,212**|**12,634**|**589,846**|**610,223**| |**Current Assets**|||||||| ||Stock|**12**|1,865|-|-|1,865|1,869| ||Debtors falling due within one year|**13**|89,187|26,707|-|115,894|107,125| ||Debtors falling due after more than one year|**13**|3,956|141,825|-|145,781|163,206| ||Cash at Bank and in Hand||279,573|25,597|45,783|350,953|597,509| ||Cash held on Deposit||380,434|-|-|380,434|-| |**Total Current Assets**|||**755,015**|**194,129**|**45,783**|**994,927**|**869,709**| |**Liabilities**|||||||| ||Creditors falling due within one year|**14**|23,877|-|-|23,877|21,623| |**Net Assets**|||**731,138**|**771,341**|**58,417**|**1,560,896**|**1,458,309**| |**The Funds of the Charity**|||||||| ||Restricted Income Funds||-|-|58,417|58,417|59,827| ||Unrestricted Funds||731,138|-|-|731,138|603,793| ||Designated Funds||-|771,341|-|771,341|794,689| |**Total Charity Funds**||**17**|**731,138**|**771,341**|**58,417**|**1,560,896**|**1,458,309**| The notes at pages 15 to 29 form part of these accounts The financial statements were approved by the Board of Trustees and authorised for issue on 31 March 2025 and signed on their behalf by: Page 13 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Statement of Cash Flows as at 31 December 2024** |**Note**
**Cash flows from by operating activities**
**18**
Interest paid
**Net cash provided by operating activities**
**Cash flows from investing activities:**
Purchase of tangible fixed assets
Interest received
**Net cash used by investing activities**
**Cash flows from financing activities:**
Loan repayments
**19**
**Net cash used by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and equivalents brought forward**
**Cash and cash equivalents carried forward**|**Total**
**Funds**
**2024**
**£**
**117,457**
-
**117,457**
(599)
17,020
**16,421**
-
**-**
133,878
597,509
**731,387**|**Total**
**Funds**
**2023**
**£**
**97,125**
(1,114)| |---|---|---| |||**96,011**| |||-
7,982| |||**7,982**| |||(138,854)| |||**(138,854)**| |||(34,861)
632,370| |||**597,509**| The notes at pages 15 to 29 form part of these accounts Page 14 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **1. Accounting Policies** ## _Basis of Preparation_ Free Church of Scotland (Continuing) is an unincorporated association registered in Scotland. The address of the principal office is given in the charity information on page 6 of these financial statements. The nature of the charity’s operations and principal activities are included in the trustees report on pages 1 – 7. The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ’Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance 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 Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## _Going Concern_ The management team have prepared projections for the periods to 31 December 2025 and 31 December 2026. The Trustees have reviewed the projections, based on this review, have a reasonable expectation that the charity has adequate resources to continue in operation for a period of at least 12 months from the approval of the financial statements. The charity therefore continues to adopt the going concern basis in preparing its financial statements. ## _Critical accounting judgements and key sources of estimation uncertainty_ In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods. Page 15 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **1. Accounting Policies (continued)** _Critical accounting judgements and key sources of estimation uncertainty (continued)_ The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: ## Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See note 11 for details of the values of tangible fixed assets. ## Valuation of properties The valuation of residential properties is carried out by professionals every 5 years and reliance is placed on their opinion as experts in their field. The valuation of church buildings is carried out by The Trustee’s who seek professional advice from experts in the field every 5 years. ## _Income Recognition_ All income is recognised in the Statement of Financial Activities once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income received in advance is deferred until the criteria for income recognition are met. Grants generated to support the objects of the charity and without further specified purpose are taken to the Statement of Financial Activities in that period. Grants received which are related to capital expenditure or are for a specified purpose are transferred to Restricted Funds and are utilised to fund the future depreciation of the related capital expenditure or fund the costs relating to the specified purpose. ## _Donated goods & Services_ Donated services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. On receipt, donated services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Donated goods are measured at their value unless it is impractical to measure the fair value reliability. Fair values are estimated based on the cost of the item to the donor. Page 16 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **1. Accounting Policies (continued)** ## _Expenditure Recognition_ Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to 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 activities on a basis consistent with the use of resources. The charity is not registered for VAT, irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## _Raising funds_ Costs of generating funds comprise the costs associated with attracting voluntary income. ## _Charitable activities_ Charitable expenditure comprises those costs incurred by the charity in the delivery of its objects and activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. The allocation of direct and support costs are analysed in the notes to the financial statements. ## _Governance costs_ Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity. ## _Allocation and apportionment of costs_ All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. estimated usage. ## _Tangible fixed assets_ Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
mated useful life.|| |---|---| |Freehold property|in accordance with the property| |Fixtures and fittings|25% on reducing balance| |Motor vehicles|10% on cost| |Computer equipment|25% on reducing balance and 25% on cost| Properties not funded by loans are depreciated at 2% per annum on a straight line basis. Tangible fixed assets are stated at cost/revaluation less accumulated depreciation. The costs of minor additions or those costing below £100 are not capitalised. Page 17 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **1. Accounting Policies (continued)** _Revaluation policy_ Properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Revalued properties are then depreciated in line with the policies above. ## _Stocks_ Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## _Cash at bank and in hand_ Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. ## _Cash held on Deposit_ Cash held on deposit includes deposits held at call with banks with maturities of three months or more. ## _Taxation_ The charity is exempt from tax on its charitable activities. ## _Funds Structure_ _Unrestricted funds_ – can be used in accordance with the charitable objectives at the discretion of the trustees. _Designated funds_ - unrestricted funds earmarked by the trustees for particular purposes. _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. ## _Pensions_ The charity operates a defined contribution pension scheme. Contributions payable to the charity’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## _Financial instruments_ The charity's financial assets and financial liabilities qualify as basic financial instruments which are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank and other loans which are subsequently measured at amortised cost. ## _Concessionary loans_ Loans receivable include concessionary loans made to congregations and individuals which are interest free or below market rates and are measured at cost less repayments or any impairment. Page 18 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** **2. Related Party Transactions and Trustees’ Expenses and Remuneration** - There were no trustees' remuneration or other benefits for the year ended 31 December 2024 (2023: £nil). There were no trustees' expenses paid for the year ended 31 December 2024 (2023: £nil). The following related party transactions took place in the year ended 31 December 2024: During the year, Poolewe & Aultbea Free Church of Scotland (Continuing), a charity where , Trustee, is also a trustee of, made loan repayments of £16,370 (2023: £11,285). At 31 December 2024 the balance owing to the charity was £13,002 (2023: £29,371). The charity also received donations from Poolewe & Aultbea Free Church of Scotland (Continuing) totalling £9,800 (2023: £11,700). During the year, the charity also received donations from Partick Free Church of Scotland (Continuing) a charity where , Trustee, is also a trustee of, totalling £54,000 (2023: £42,000). Page 19 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **3. Statement of Financial Activites for the year ended 31 December 2023** |**Income**
Donations and Legacies
Charitable Activities
Investments
**Total Income**
**Expenditure**
Raising Funds
Charitable Activities
Exceptional Items
**Total Expenditure**
**Net income/(expenditure) before gains/(losses) on**
**investments**
**Transfers between funds**
**Gains/(losses) on revaluation of fixed assets**
**Net Movement in Funds**
**Reconciliation of Funds**
**Total Funds Brought Forward**
**Total Funds Carried Forward**
**4.**
**Donations and Legacies - Comparatives**
Congregations
Donations
Legacies
Grants
Seminary books and fees
Other income
**Donations and Legacies**
Congregations
Donations
Legacies
Grants
Seminary books and fees
Other income||**Unrestricted**
**Funds**
**£**
701,231
9,682
50,421
-
35
-||**Unrestricted**
**Funds**
**£**
706,770
30,160
7,569
**744,499**|**Designated**
**Funds**
**£**
-
-
182

**182 **|**Restricted**
**Funds**
**£**
53,156
-
231

**53,387**
-
55,346
-
**55,346**
(1,959)
-
(1,959)
-
(1,959)
61,786
**59,827**
**Total**
**Funds**
**2023**
**£**
684,950
50,559
10,000
2,000
268
12,149
**759,926**
**Total**
**Funds**
**2024**
**£**
701,231
51,790
51,421
-
35
-
**804,477**||**Total**
**Funds**
**2023**
**£**
759,926
30,160
7,982| |---|---|---|---|---|---|---|---|---| |||||||||**798,068**| |||||1,038
611,830
7,817|-
945
-|||1,038
668,121
7,817| |||||**620,685**|**945**|||**676,976**| |||||123,814
(33,391)|(763)
33,391|||121,092
-| |||||90,423
-|32,628
125,633|||121,092
125,633| |||||90,423
513,370|158,261
636,428|||246,725
1,211,584| |||||**603,793**|**794,689**|||**1,458,309**| |||||**Designated**
**Funds**
**£**
-
-
-
-
-
-|**Restricted**
**Funds**
**£**
-
42,108
1,000
-
-
-|||**Total**
**Funds**
**2023**
**£**
684,950
50,559
10,000
2,000
268
12,149| |||**761,369**||**-**|**43,108**|||**759,926**| |||**Unrestricted**
**Funds**
**£**
684,950
7,403
-
2,000
268
12,149||**Designated**
**Funds**
**£**
-
-
-
-
-
-|**Restricted**
**Funds**
**£**
-
43,156
10,000
-
-
-|||| |||**706,770**||**-**|**53,156**|||| Page 20 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**5. **
**6. **
**Charitable Activities**
Magazine subscriptions
Publications and CDs
Stock movement
Camp income
Conference income
**Charitable Activities - Comparatives**
Magazine subscriptions
Publications and CDs
Stock movement
Camp income
Conference income
**Investments**
Deposit interest
Car loan interest
**Investments - Comparatives**
Deposit interest
Car loan interest|**Unrestricted**
**Designated**
**Restricted**
**Total**
**Funds**
**Funds**
**£**
15,494
**Funds**
**£**
-
**Funds**
**£**
-
**2024**
**£**
15,494
2,006
-
-
2,006
(4)
-
-
(4)
8,535
-
-
8,535
3,846
-
-
3,846
**29,877**
**-**
**-**
**29,877**
**Unrestricted**
**Designated**
**Restricted**
**Total**
**Funds**
**Funds**
**£**
15,493
**Funds**
**£**
-
**Funds**
**£**
-
**2023**
**£**
15,493
2,251
-
-
2,251
628
-
-
628
9,501
-
-
9,501
2,287
-
-
2,287
**30,160**
**-**
**-**
**30,160**
**Total**
**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**£**
16,269
**Funds**
**£**
285
**Funds**
**£**
240
**2024**
**£**
16,794
226
-
-
226
**16,495**
**285**
**240**
**17,020**
**Unrestricted**
**Designated**
**Restricted**
**Total**
**Funds**
**Funds**
**£**
7,415
**Funds**
**£**
182
**Funds**
**£**
231
**2023**
**£**
7,828
154
-
-
154
**7,569**
**182**
**231**
**7,982**||**Total**
**Funds**
**2023**
**£**
15,493
2,251
628
9,501
2,287| |---|---|---|---| ||||**30,160**| ||||**Total**
**Funds**
**2023**
**£**
7,828
154| ||||**7,982**| ||||| Page 21 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**7.**|**Analysis of Expenditure**
**Note**
**Raising Funds**
Freewill offering envelopes
**Charitable Expenditure**
Direct costs
Staff costs
**9**
Home and foreign missions
Presbytery of N&A
Camp expenses
Conference expenses
General assembly (net cost)
Magazine
Donations and grants
**8**
Sabbath School prizes
Depreciation
Loss/(gain) on sale of assets
Interest payable
Total direct costs
Management and support costs
Staff costs
**9**
Rent
Insurance
Stationery
Postage
Printing and publications
Travel
Fees and subscriptions
Repairs
Presentations
Bank fees
General charges
Total management and support costs
Governance
Auditors' remuneration
Total governance expenditure
**Total charitable expenditure**
**Exceptional costs**
**Total expenditure**|**Unrestricted**
**Designated**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**£**
**£**
**£**
**£**
1,046
-
-
1,046
**1,046**
**-**
**-**
**1,046**
449,947
-
-
449,947
15,248
-
28,035
43,283
-
-
10,136
10,136
16,120
-
-
16,120
6,907
-
-
6,907
18,220
-
-
18,220
23,534
-
-
23,534
98,636
-
-
98,636
214
-
280
494
-
10,981
9,689
20,670
-
306
-
306
-
-
-
-
**628,826**
**11,287**
**48,140**
**688,253**
31,927
-
-
31,927
600
-
-
600
1,604
-
-
1,604
525
-
-
525
150
-
-
150
1,876
-
-
1,876
7,164
-
-
7,164
4,229
-
-
4,229
-
-
-
-
500
-
-
500
233
-
-
233
840
-
-
840
**49,648**
**-**
**-**
**49,648**
9,840
-
-
9,840
**9,840**
**-**
**-**
**9,840**
**688,314**
**11,287**
**48,140**
**747,741**
-
**-**
**-**
**-**
**689,360**
**11,287**
**48,140**
**748,787**|**Total**
**Funds**
**2023**
**£**
1,038| |---|---|---|---| ||||**1,038**| ||||450,707
31,009
15,566
12,774
2,891
16,450
20,578
29,110
398
12,109
-
1,114| ||||**592,706**| ||||28,359
600
1,514
1,804
581
6,937
7,881
4,547
11,896
-
269
2,117| ||||**66,505**| ||||8,910| ||||**8,910**| ||||| ||||**668,121**| ||||7,817| ||||**676,976**| Support cost have not been separately identified as the trustees consider that there is only one charitable activity. Therefore support cost relate wholly to that activity and have not been separately identified. Page 22 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **7. Analysis of Expenditure (continued)** |**Note**
**Raising Funds**
Freewill offering envelopes
**Charitable Expenditure**
Direct Costs
Staff costs
**9**
Home and foreign missions
Presbytery of N&A
Camp expenses
Conference expenses
General assembly (net cost)
Magazine
Donations and grants
**8**
Sabbath School prizes
Depreciation
Interest payable
Total direct costs
Management and support costs
Staff costs
**9**
Rent
Insurance
Stationery
Postage
Printing and publications
Travel
Fees and subscriptions
Repairs
Bank fees
General charges
Total management and support costs
Governance
Auditors' remuneration
Total governance expenditure
**Total charitable expenditure**
**Exceptional costs**
**Total expenditure**|**Unrestricted**
**Designated**
**Restricted**
**Funds**
**Funds**
**£**
**Funds**
**£**
**Funds**
**£**
**2023**
**£**
1,038
-
-
1,038| |---|---| ||**1,038**
**-**
**-**
**1,038**| ||450,707
-
-
450,707
14,202
-
16,807
31,009
-
-
15,566
15,566
12,774
-
-
12,774
2,891
-
-
2,891
15,449
-
1,001
16,450
20,578
-
-
20,578
29,110
-
-
29,110
298
-
100
398
-
945
11,164
12,109
499
-
615
1,114| ||**546,508**
**945**
**45,253**
**592,706**| ||28,359
-
-
28,359
600
-
-
600
1,514
-
-
1,514
1,353
-
451
1,804
278
-
303
581
371
-
6,566
6,937
6,243
-
1,638
7,881
4,547
-
-
4,547
11,896
-
-
11,896
269
-
-
269
982
-
1,135
2,117| ||**56,412**
**-**
**10,093**
**66,505**| ||8,910
-
-
8,910| ||**8,910**
**-**
**-**
**8,910**| ||| ||**611,830**
**945**
**55,346**
**668,121**| ||**7,817**
**-**
**-**
**7,817**| ||**620,685**
**945**
**55,346**
**676,976**| Page 23 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**8.**
**9.**|

**Analysis of Grants and Donations**
**Institutions**
Donations
Christian Concern
Christian Institute
Hudson Taylor Ministries
International Mission to Jewish People
Inverness Free Church Continuing
Grants
Edinburgh Free Church of Scotland (Continuing)
School in Theology
Knightswood Free Church of Scotland (Continuing)
Lewis Christian Education Association
Melville Knox Aberdeen
Melville Knox Glasgow
Melville Knox Highland
Inverness - Greyfriars Free Church of Scotland (Continuing)
**Total Donations & Grants to Institutions**
**Individuals**
Grants
Funeral grants
Student grants
**Total Donations & Grants to Individuals**
**Total Donations & Grants**
**Analysis of Staff Costs**
Salaries and wages
Social security costs
Pension costs
Ministers
Home Mission
Management and Administration
No employee had employee benefits in excess of £60,000 (2023: nil).|**Total**
**Funds**
**2024**
**£**
500
1,000
200
1,000
-
2,700
50,421
1,500
5,865
250
250
250
250
10,000
68,786
**71,486**
-
200
200
-
-
8,350
9,600
9,000
26,950
**27,150**
**98,636**
**Total**
**2024**
**£**
405,619
27,581
48,674
**481,874**
**Total**
**2024**
**Number**
16
-
2
**18**|**Total**
**Funds**
**2023**
**£**
500
1,200
-
1,000
150| |---|---|---|---| ||||2,850
-
800
-
300
1,000
-
-
-| ||||2,100| ||||**4,950**| ||||200
-| ||||200
1,150| ||||1,150
7,750
6,600
8,460| ||||22,810| ||||**24,160**| ||||| ||||**29,110**| ||||**Total**
**2023**
**£**
404,165
26,401
48,500| ||||**479,066**| ||||**Total**
**2023**
**Number**
16
1
2| ||||**19**| ||||| ## **10. Auditor's Remuneration** The auditor’s remuneration paid to Innes and Partners Limited amounts to accountancy services of £1,440 (2023: £1,320) and audit fees of £8,400 (2023: £7,590). Page 24 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**11. Tangible Fixed Assets**
**Cost or valuation**
As at 1 January 2024
Additions
Disposals
**As at 31 December 2024**
**Depreciation**
As at 1 January 2024
Charge for the year
Eliminated on Disposal
**As at 31 December 2024**
**Net Book Value**
As at 31 December 2023
**As at 31 December 2024**|**Freehold**
**property**
**£**
815,100
-
-
**815,100**|**Fixtures &**
**fittings**
**£**
3,381
-
-

**3,381**|**Motor vehicles**
**£**
23,689
-
-

**23,689**|**Computer**
**equipment**
**£**
6,011
599
(700)

**5,910**
4,650
679
(394)

**4,935**
1,361

**975**|**Total**
**£**
848,181
599
(700)| |---|---|---|---|---|---| ||||||**848,080**
237,958
20,670
(394)| ||
221,248
17,620
-|

3,374
2
-|

8,686
2,369
-||| ||**238,868**|
**3,376**|
**11,055**||**258,234**
610,223| ||
593,852|

7|

15,003||| ||**576,232**|
**5 **|
**12,634**||**589,846**| The original cost was £691,529 (2023: £691,529) and had the properties not been revalued the accumulated depreciation would have been £309,427 (2023: £294,278) and the net book value £382,103 (2023: £397,251). The following properties held by the charity were revalued as noted below: |85 Old Edinburgh Road
7 Lindsay Street
2-4 Thornwood Terrace||Valuation
250,000
15,000
250,000|Date of Valuation
Valuer
24/10/2023 Peter Murphy & Co Estate Agents
24/10/2023 Trustees (note 1 below)
24/10/2023 Trustees (note 1 below)| |---|---|---|---| |||**515,000**|| **Note 1 -** 7 Lindsay Street and 2-4 Thornwood Terrace were valued by the Trustees, who sought professional advice from an expert in the field, Giles Arnold MRICS of Growth Church Trust. The valuation at 24/10/2023 is deemed to be the value at the reporting date of 31/12/2023. ## **12. Stocks** |**Stocks**
Stocks|**Total**
**2024**
**£**
1,865
**1,865**|**Total**
**2023**
**£**
1,869| |---|---|---| |||**1,869**| ## **13. Analysis of Debtors** |**Analysis of Debtors**
**Due within 1 year**
Other debtors
Gift aid receivable
Loans
**Debtors due after 1 year**
Loans|**Unrestricted**
**Funds**
**£**
6,526
74,845
7,816
**89,187**|**Designated**
**Funds**
**£**
-
-
26,707

**26,707**|**Restricted**
**Funds**
**£**
-
-
-

**- **
**Restricted**
**Funds**
**£**
-|**Total**
**Funds**
**2024**
**£**
6,526
74,845
34,523
**115,894**
**Total**
**Funds**
**2024**
**£**
145,781
**145,781**|**Total**
**Funds**
**2023**
**£**
6,365
71,233
29,527| |---|---|---|---|---|---| ||||||**107,125**| ||**Unrestricted**
**Funds**
**£**
3,956|**Designated**
**Funds**
**£**
141,825|||**Total**
**Funds**
**2023**
**£**
163,206| ||**3,956**|**141,825**|**-**||**163,206**| Page 25 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**14. Analysis of current labilities and long term creditors**
**Due within 1 year**
Taxation and Social Security
Other Creditors
Accruals and deferred income
**Deferred Income**
Subscriptions received in advance
Total
**15. Analysis of Net Assets Among Funds**
Fixed Assets
Current Assets
Current Liabilities
**Net Assets as at 31 December 2024**
Fixed Assets
Current Assets
Current Liabilities
**Net Assets as at 31 December 2023**|
**Unrestricted**
**Funds**
**£**
7,499
4,087
12,291
**23,877**|**Designated**
**Funds**
**£**
-
-
-

**- **|**Restricted**
**Funds**
**£**
-
-
-

**- **|**Total**
**Funds**
**2024**
**£**
7,499
4,087
12,291

**23,877**
**Balance at**
**31.12.24**
**£**
344
**344**
**Restricted**
**Funds**
**£**
12,634
45,783
-
**58,417**
**Restricted**
**Funds**
**£**
15,003
44,824
-
**59,827**|**Total**
**Funds**
**2023**
**£**
7,392
4,012
10,219| |---|---|---|---|---|---| ||||||**21,623**| ||**Balance at**
**01.01.24**
**£**
390|**Received**
**in year**
**£**
329|**Released**
**in year**
**£**
(375)||**For release:**
**within 1 Year**
**£**
**344**| ||**390**|**329**|**(375)**||**344**| |||**Unrestricted**
**Funds**
**£**
-
755,015
(23,877)|**Designated**
**Funds**
**£**
577,212
194,129
-||**Total**
**Funds**
**2024**
**£**
589,846
994,927
(23,877)| |||**731,138**|**771,341**||**1,560,896**| |||**Unrestricted**
**Funds**
**£**
-
625,416
(21,623)|**Designated**
**Funds**
**£**
595,220
199,469
-||**Total**
**Funds**
**2023**
**£**
610,223
869,709
(21,623)| |||**603,793**|**794,689**||**1,458,309**| Page 26 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** |**16.**|**Movement in Funds**
**As at**
**01/01/2024**
**Incoming**
**Resources**
**Outgoing**
**Resources**
**Transfers**
**Revaluations,**
**gains & losses**
**Restricted Funds**
**£**
**£**
**£**
**£**
**£**
Central Building Fund
20,084
9,274
(7,320)
-
-
Sabbath School Prize Fund
847
9
(280)
-
-
Zambia Missions Fund
3,119
-
(996)
-
-
Gospel Fund
14,023
1,936
-
-
-
Sri Lanka Mission
352
12,203
(15,187)
2,632
-
Sri Lanka Car Fund
15,003
-
(2,369)
-
-
Sri Lanka Children's work (Karis Care)
1,070
892
(2,712)
750
-
Sri Lanka, Hatton Outreach
-
1,800
(1,800)
-
-
Sri Lanka, Solar Panels
-
1,000
-
-
-
Sri Lanka, Pre-school Building, Vavuni
-
1,000
(1,000)
-
-
Margaret Macleod Memorial Prize
4,039
48
-
-
-
Spanish Work
335
230
(565)
-
-
French Work
-
5,775
(5,775)
-
-
Presbytery of Navarre & Aragon
955
9,181
(10,136)
-
-
**59,827**
**43,348**
**(48,140)**
**3,382**
**-**
**Unrestricted Funds**
General
603,793
807,741
(689,360)
8,964
-
Designated Funds
Building
771,198
-
(10,300)
(16,135)
-
Death in Service Fund
22,122
285
-
3,190
-
Other Assets
1,369
-
(987)
599
-
Total Designated Funds
794,689
285
(11,287)
(12,346)
-
**1,398,482**
**808,026**
**(700,647)**
**(3,382)**
**-**
**Total Funds**
**1,458,309**
**851,374**
**(748,787)**
**-**
**-**
**As at**
**01/01/2023**
**Incoming**
**Resources**
**Outgoing**
**Resources**
**Transfers**
**Revaluations,**
**gains & losses**
**Restricted Funds**
**£**
**£**
**£**
**£**
**£**
Central Building Fund
16,179
13,315
(9,410)
-
-
Sabbath School Prize Fund
939
8
(100)
-
-
Zambia Missions Fund
4,115
-
(996)
-
-
Gospel Fund
16,777
7,339
(10,093)
-
-
Sri Lanka Mission
-
14,814
(14,462)
-
-
Sri Lanka Car Fund
17,372
-
(2,369)
-
-
Sri Lanka Children's work (Karis Care)
-
1,820
(750)
-
-
Sri Lanka, Hatton Outreach
-
600
(600)
-
-
Margaret Macleod Memorial Prize
4,004
35
-
-
-
Spanish Work
-
335
-
-
-
French Work
-
1,000
(1,000)
-
-
Presbytery of Navarre & Aragon
2,400
14,121
(15,566)
-
-
**61,786**
**53,387**
**(55,346)**
**-**
**-**
**Unrestricted Funds**
General
513,370
744,499
(620,685)
(33,391)
-
Designated Funds
Building
620,361
-
-
25,204
125,633
Death in Service Fund
16,067
182
-
5,873
-
Other Assets
-
-
(945)
2,314
-
Total Designated Funds
**636,428**
**182**
**(945)**
**33,391**
**125,633**
**1,149,798**
**744,681**
**(621,630)**
**-**
**125,633**
**Total Funds**
**1,211,584**
**798,068**
**(676,976)**
**-**
**125,633**|**As at**
**31/12/2024**
**£**
22,038
576
2,123
15,959
-
12,634
-
-
1,000
-
4,087
-
-
-| |---|---|---| |||**58,417**| |||731,138
744,763
25,597
981| |||771,341| |||| |||**1,502,479**| |||| |||**1,560,896**| |||**As at**
**31/12/2023**
**£**
20,084
847
3,119
14,023
352
15,003
1,070
-
4,039
335
-
955| |||**59,827**| |||603,793
771,198
22,122
1,369| |||**794,689**| |||| |||**1,398,482**| |||| |||**1,458,309**| Page 27 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** ## **16. Movement in Funds (continued)** ## **Fund Purposes:** ## **Restricted Funds:** Central Building Fund - represents funds collected from congregations. These funds can only be used for the purchase of buildings (although more favourably towards the purchase of manses). Sabbath School Prize Fund - represents the balance of two donations of £1,000 for the Maurine Murchison Memorial Fund. Margaret Macleod Memorial Prize Fund - was previously included within the Seminary Fund, this has now been set up as a distinct fund which relates to a legacy of £4,000 which awards the interest each year to the best student. Zambia Missions Fund - has been collected from congregations for the work in Zambia. These funds can only be used in projects associated with Zambia. Gospel Fund - was set up in 2015 and is restricted to the expenditure associated with 'Home Missions' work. Sri Lanka Mission - was set up historically by an £18,000 legacy left for missions work. The General Assembly used these funds to fund the work in Sri Lanka for three years. The legacy has now been exhausted. The fund is now made up by ongoing contributions made specifically for the work in Sri Lanka and the costs associated with the ongoing work in that land. Sri Lanka Car Fund - (set up in 2017) was for the purpose of purchasing a motor vehicle in Sri Lanka. A vehicle was purchased in 2020 with the balance of the funds being used to help with the ongoing running costs of the vehicle. These funds have now been used and the closing balance now represents the written down net book value of the vehicle. Sri Lanka children's work (Karis Care) - these funds can only be used in support of the work amongst the disabled children in Sri Lanka. Sri Lanka, Hatton Outreach - these funds can only be used in support of the Hatton outreach work. Sri Lanka, Solar Panels - these funds can only be used towards the installation of solar panels for the Manse. Sri Lanka, Pre-school Building, Vavuniya - these funds are for assisting in the purchase of a second building for the pre-school work near Vavuniya. Spanish Work - these funds can only be used in support of the work in Spain. French Work - these funds can only be used in support of the work in France. Presbytery of Navarre and Aragon - these funds can only be used in support of the work in the Presbytery of Navarre & Aragon. **Unrestricted Funds: Designated Funds:** General Fund - represents unrestricted funds which the trustees are free to use in accordance with the charitable objects. Building fund - represents funding designated by the trustees for building purposes. Death In Service Fund - The General Assembly agreed that a fund should be built up over three years to contain an amount that is at least the Equal Dividend plus corresponding employers NIC costs. Other Assets Fund - represents the Net Book Value of other assets held by the church. ## **17. Fund Transfers** Funds of £2,632 have been transferred from the General Fund to the Sri Lanka Mission Fund in order to finance the expenditure for the year. Funds of £750 have been transferred from the General Fund to the Sri Lanka Children's Work (Karis Care) in order to finance the expenditure for the year. Funds of £16,135 have been transferred from the Buildings Fund to the General Fund which represents the movement in the congregational loan balances/NBV of buildings. Funds of £599 have been transferred from the General Fund to the Other Assets Fund to account for fixed asset additions. Funds of £3,190 have been transferred from the general fund to the Death in Service Fund to make this fund balance around the level of the Equal Dividend plus corresponding employers NIC costs. ## **18. Reconciliation of net movement in funds to net cash flow from operating activities** |**Net movement in funds for the reporting period**
(as per the statement of financial activities)
**Adjustments for:**
Depreciation charges
Loss/(profit) on sale of assets
Interest received
Interest paid
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Net cash provided by operating activities**||**Total**
**2024**
**£**
**102,587**
20,670
306
(17,020)
-
4
8,656
2,254
**117,457**||**Total**
**2023**
**£**
**121,092**
12,109
-
(7,982)
1,114
(628)
(28,288)
(292)| |---|---|---|---|---| |||||**97,125**| Page 28 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Notes to the Financial Statements for the year ended 31 December 2024** **19. Analysis of changes in net debt** |**nalysis of changes in net debt**|||| |---|---|---|---| |Cash and cash equivalents
Total net debt|**Total**
**2023**
**£**
597,509|**Cash flows**
**£**
(246,556)

(246,556)|**Total**
**2024**
**£**
350,953
350,953| ||597,509||| ## **20. Contingent Assets** As at the 31 December 2024, the charity has been notified of a residuary legacy, of which the value is uncertain as the executor is awaiting confirmation. As the value of the legacy is unknown at the year end the legacy has not been accrued. ## **21. Exceptional items** Included within exceptional items is £nil (2023: £7,817) relating to the write off of a student loan. ## **22. FRC Ethical Standard - Provisions available for small entities** In common with many other organisations of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Page 29 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Detailed Statement of Financial Activities for the year ended 31 December 2024** |**INCOME**
**Donations and Legacies**
Congregations
Donations
Legacies
Grants
Seminary books and fees
Other income
**Charitable Activities**
Magazine subscriptions
Publications and CDs
Stock movement
Camp income
Conference income
**Investments**
Deposit interest
Car loan interest
**Total Incoming resources**
**EXPENDITURE**
**Raising Funds**
Freewill offering envelopes|**Unrestricted**
**Funds**
**£**
701,231
9,682
50,421
-
35
-|**Designated**
**Funds**
**£**
-
-
-
-
-
-|**Restricted**
**Funds**
**£**
-
42,108
1,000
-
-
-|**Total**
**Funds**
**2024**
**£**
701,231
51,790
51,421
-
35
-
**804,477**
15,494
2,006
(4)
8,535
3,846
**29,877**
16,794
226
**17,020**
**851,374**
**Total**
**Funds**
**2024**
**£**
1,046
**1,046**|**Total**
**Funds**
**2023**
**£**
684,950
50,559
10,000
2,000
268
12,149| |---|---|---|---|---|---| ||**761,369**|**-**|**43,108**||**759,926**| ||15,494
2,006
(4)
8,535
3,846|-
-
-
-
-|-
-
-
-
-||15,493
2,251
628
9,501
2,287| ||**29,877**|**-**|**-**||**30,160**| ||16,269
226|285
-|240
-||7,828
154| ||**16,495**|**285**|**240**||**7,982**| ||||||| ||**807,741**|**285**|**43,348**||**798,068**| ||**Unrestricted**
**Funds**
**£**
1,046|**Designated**
**Funds**
**£**
-|**Restricted**
**Funds**
**£**
-||**Total**
**Funds**
**2023**
**£**
1,038| ||**1,046**|**-**|**-**||**1,038**| This page does not form part of the statutory financial statements Page 30 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Detailed Statement of Financial Activities for the year ended 31 December 2024** |**Unrestricted**
**Funds**
**£**
**Charitable Expenditure**
Direct costs
Staff costs
449,947
Home and foreign missions
15,248
Presbytery of N&A
-
Camp expenses
16,120
Conference expenses
6,907
General assembly (net cost)
18,220
Magazine
23,534
Donations and grants
98,636
Sabbath School prizes
214
Depreciation
-
Loss/(gain) on sale of assets
-
Interest payable
-
Total direct costs
**628,826**
**Exceptional items**
Exceptional items
-
**-**
Management and support costs
Staff costs
31,927
Rent
600
Insurance
1,604
Stationery
525
Postage
150
Printing and publications
1,876
Travel
7,164
Fees and subscriptions
4,229
Repairs
-
Presentations
500
Bank fees
233
General charges
840
Total management and support costs
**49,648**
Governance
Auditors' remuneration
9,840
Total governance expenditure
**9,840**
**Total expenditure**
**689,360**
**Net income/(expenditure) before any**
**Gain/(Losses)**
**118,381 **
**Gains/(Losses) on revaluation of fixed assets**
-
**Net income/(expenditure)**
**118,381**|**Unrestricted**
**Funds**
**£**
449,947
15,248
-
16,120
6,907
18,220
23,534
98,636
214
-
-
-|**Designated**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
10,981
306
-|**Restricted**
**Funds**
**£**
-
28,035
10,136
-
-
-
-
-
280
9,689
-
-|**Total**
**Funds**
**2024**
**£**
449,947
43,283
10,136
16,120
6,907
18,220
23,534
98,636
494
20,670
306
-
**688,253**
-
**-**
31,927
600
1,604
525
150
1,876
7,164
4,229
-
500
233
840
**49,648**
9,840
**9,840**
**748,787**
**102,587**
-
**102,587**|**Total**
**Funds**
**2023**
**£**
450,707
31,009
15,566
12,774
2,891
16,450
20,578
29,110
398
12,109
-
1,114| |---|---|---|---|---|---| ||**628,826**|**11,287**|**48,140**||**592,706**| ||-|-|-||7,817| ||**-**||**-**||**7,817**| ||31,927
600
1,604
525
150
1,876
7,164
4,229
-
500
233
840|-
-
-
-
-
-
-
-
-
-
-
-|-
-
-
-
-
-
-
-
-
-
-
-||28,359
600
1,514
1,804
581
6,937
7,881
4,547
11,896
-
269
2,117| ||**49,648**|**-**|**-**||**66,505**| ||9,840|-|-||8,910| ||**9,840**|**-**|**-**||**8,910**| ||||||| ||**689,360**|**11,287**|**48,140**||**676,976**| ||||||| ||**118,381 **|**(11,002)**|**(4,792)**||**121,092 **| |||-|-||125,633| ||**118,381**|**(11,002)**|**(4,792)**||**246,725**| This page does not form part of the statutory financial statements Page 31 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Detailed Statement of Financial Activities for the year ended 31 December 2023** |**INCOME**
**Donations and Legacies**
Congregations
Donations
Legacies
Grants
Seminary books and fees
Other income
**Charitable Activities**
Magazine subscriptions
Publications and CDs
Stock movement
Camp income
Conference income
**Investments**
Deposit interest
Car loan interest
**Total Incoming resources**
**EXPENDITURE**
**Raising Funds**
Freewill offering envelopes|**Unrestricted**
**Funds**
**£**
684,950
7,403
-
2,000
268
12,149|**Designated**
**Funds**
**£**
-
-
-
-
-
-|**Restricted**
**Funds**
**£**
-
43,156
10,000
-
-
-|**Total**
**Funds**
**2023**
**£**
684,950
50,559
10,000
2,000
268
12,149| |---|---|---|---|---| ||**706,770**|**-**|**53,156**|**759,926**| ||15,493
2,251
628
9,501
2,287|-
-
-
-
-|-
-
-
-
-|15,493
2,251
628
9,501
2,287| ||**30,160**|**-**|**-**|**30,160**| ||7,415
154|182
-|231
-|7,828
154| ||**7,569**|**182**|**231**|**7,982**| |||||| ||**744,499**|**182**|**53,387**|**798,068**| ||**Unrestricted**
**Funds**
**£**
1,038|**Designated**
**Funds**
**£**
-|**Restricted**
**Funds**
**£**
-|**Total**
**Funds**
**2023**
**£**
1,038| ||**1,038**|**-**|**-**|**1,038**| This page does not form part of the statutory financial statements Page 32 Docusign Envelope ID: 3DDCC22D-D78B-42F8-A84C-17C05A197F03 ## **Free Church of Scotland (Continuing)** ## **Detailed Statement of Financial Activities for the year ended 31 December 2023** |**Unrestricted**
**Funds**
**£**
**Charitable Expenditure**
Direct costs
Staff costs
450,707
Home and foreign missions
14,202
Presbytery of N&A
-
Camp expenses
12,774
Conference expenses
2,891
General assembly (net cost)
15,449
Magazine
20,578
Donations and grants
29,110
Sabbath School prizes
298
Depreciation
-
Interest payable
499
Total direct costs
**546,508**
**Exceptional items**
Exceptional items
7,817
**7,817**
Management and support costs
Staff costs
28,359
Rent
600
Insurance
1,514
Stationery
1,353
Postage
278
Printing and publications
371
Travel
6,243
Fees and subscriptions
4,547
Repairs
11,896
Bank fees
269
General charges
982
Total management and support costs
**56,412**
Governance
Auditors' remuneration
8,910
Total governance expenditure
**8,910**
**Total expenditure**
**620,685**
**Net income/(expenditure) before any**
**Gain/(Losses)**
**123,814**
**Gains/(Losses) on revaluation of fixed assets**
-
**Net income/(expenditure)**
**123,814**|**Unrestricted**
**Funds**
**£**
450,707
14,202
-
12,774
2,891
15,449
20,578
29,110
298
-
499|**Designated**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
945
-|**Restricted**
**Funds**
**£**
-
16,807
15,566
-
-
1,001
-
-
100
11,164
615|**Total**
**Funds**
**2023**
**£**
450,707
31,009
15,566
12,774
2,891
16,450
20,578
29,110
398
12,109
1,114| |---|---|---|---|---| ||**546,508**|**945**|**45,253**|**592,706**| ||7,817|-|-|7,817| ||**7,817**||**-**|**7,817**| ||28,359
600
1,514
1,353
278
371
6,243
4,547
11,896
269
982|-
-
-
-
-
-
-
-
-
-
-|-
-
-
451
303
6,566
1,638
-
-
-
1,135|28,359
600
1,514
1,804
581
6,937
7,881
4,547
11,896
269
2,117| ||**56,412**|**-**|**10,093**|**66,505**| ||8,910|-|-|8,910| ||**8,910**|**-**|**-**|**8,910**| |||||| ||**620,685**|**945**|**55,346**|**676,976**| |||||| ||**123,814**|**(763)**|**(1,959)**|**121,092 **| |||125,633|-|125,633| ||**123,814**|**124,870**|**(1,959)**|**246,725**| This page does not form part of the statutory financial statements Page 33