_Scottish Charity No.SC038144_
## **St Peter’s Free Church of Scotland**
Trustees’ Report and Financial Statements _Year ended 31 December 2024_
## St Peter’s Free Church of Scotland
**Contents of the Financial Statements** _for the year ended 31 December 2024_
||Page|
|---|---|
|Report of the Trustees|1 - 4|
|Report of the Independent Examiner|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 - 13|
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## St Peter’s Free Church of Scotland
## **Report of the Trustees** _for the year ended 31 December 2024_
The Trustees are pleased to present their report together with the financial statements of the church for the year ended 31 December 2024.
## **Status of Charity and Governing Document**
St Peter’s Free Church of Scotland is established by Constitution. The church is a Scottish Charity (No. SC038144).
## **Aims and affiliation**
The Free Church of Scotland currently has over 140 congregations in Scotland, as well as 1 in London and 5 in North America, and sister Churches founded by mission work in India, Peru and South Africa. The Church also has a full time college in the heart of Edinburgh for the training of Ministers and other Christian workers and sustains an extensive Missionary programme relative to the size of the church.
Dating from 1843 but with its roots in the Reformation, it owes its distinctive title to its historical struggle to remain ‘free’ from state interference in its internal affairs. It has close and active relations with many other Reformed churches of Jesus Christ throughout the world and stands firmly in the tradition which accepts the Bible in its entirety as the Word of God and, therefore, derives its forms of teaching, worship, ministry and government from it. The main emphasis of our worship is the preaching of the gospel - the good news of a free and sovereign salvation through Jesus Christ alone.
St Peter’s Free Church of Scotland is a congregation of the national Free Church of Scotland working towards the common aims set out above. It is a Presbyterian church adhering in its worship and doctrine to the position of the Church of Scotland at the Reformation. The Free Church of Scotland has an explanatory document which explains the origins of the Church and which gives the historical background to the Church coming into being in 1843 and lists documents in which is embodied the constitution of the Church.
The congregation is authorised by the Church to have a minister paid from central funds of the Church.
The Church building and the Minister’s manse are the property of the congregation and are held under the Church’s model trust deed.
The government of the Free Church of Scotland is Presbyterian and the congregation is within the Presbytery of Edinburgh & Perth.
## **Trustees and Office Bearers**
The church is Presbyterian in government and its day to day running is undertaken by the Elders (the Kirk Session) and the Deacons (the Deacons’ court). The Deacons’ Court’s specific function relates to the material and financial business of the congregation, whereas Elders are charged with the general and spiritual oversight of the congregations. It is accepted practice for the Minister and Elders to also be in membership of the Deacons’ Court. Under charity law the Deacons’ Court are deemed to be the Trustees of the Congregation; this is distinct from the role of congregational trustees responsible only for holding property in trust.
The Deacons’ Court (the Trustees) who served during the year were as follows:- _Elders_
_Deacons Minister Assistant Minister_
Page 1
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## St Peter’s Free Church of Scotland
## **Report of the Trustees** _for the year ended 31 December 2024_
## **Congregational Trustees**
For holding Property -
## **Appointment of Charity Trustees**
The Kirk Session exercises its discretion in determining the most appropriate method of electing new Trustees (Elders and Deacons). Any election process must involve the communicant membership of the congregation. There is no fixed term for Trusteeship. Prior to their appointment, new Trustees would have served the church for some time in various roles and would be familiar with the church’s values, its aims and objectives as well as its day-to-day operations. As part of their induction programme, new Trustees are required to understand their statutory responsibilities as well as their responsibility as elder or deacon.
## **Achievements and performance**
This year has been one of normal church life. Our weekly services include morning and evening Sunday worship with a meeting for evangelistic prayer prior to the evening service. There is a monthly congregational prayer meeting on the first Wednesday of the month with fellowship groups meeting throughout the city the other weeks. Our streaming of Sunday services continues as we view it as helpful as we seek to engage with all those associated with our congregation. There have been a number of baptisms and people joining both by profession of faith and transference of membership. We remain a training church with one student from ETS in our congregation for the first two years of his training to become a Free Church minister. Our minister was on sabbatical leave for the months of June, July and August.
The congregation continued to support the wider work of the Free Church, both in Scotland and overseas. In addition, the congregation supported work within and outwith Dundee amongst other churches, including the work of Friends International. A number of missionaries were also supported. The work amongst young people through the Sunday School continued as did the older youth group SPY (St Peter’s Youth). Numbers in this older group continue to grow which has necessitated a split to two groups based on school year. Student ministry continued with a number of activities taking place.
The church plant in Charleston is led by egular worship took place but due to growing numbers Sunday morning services now take place in a local community centre. Various outreach activities were undertaken.
The loan from Free Church of Scotland trustees has now been repaid. There are a number of interest free loans associated with the purchase of the manse. Our focus is to repay them within the agreed timescales for each loan.
Looking forward we hope to continue our gospel ministries in all their various forms during 2025.
## **Volunteers**
The charity does not accurately collect data about the number of volunteers or the time that they contribute, but is very appreciative to all involved.
Page 2
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## St Peter’s Free Church of Scotland
## **Report of the Trustees** _for the year ended 31 December 2024_
## **Financial review**
## _**Principal sources of funding**_
The congregation receives its funding by way of weekly offerings and Gift Aid donations.
## _**Results for the year**_
The financial statements for the year are set out in pages 6 to 13. The Statement of Financial Activities on page 6 reflects net incoming resources of £28,639 (2023: £29,785).
## _**Reserves**_
It is the policy of the congregation to maintain unrestricted funds, ie funds not committed or invested in fixed assets, at a level which equates to approximately three months unrestricted expenditure. This allows sufficient funds to enable the ongoing work of the church to be maintained. The General Fund on page 6 at 31 December 2024 amounted to total surplus funds of £6,724 (2023: deficit £352), with the balance totalling £21,871 (2023: £15,147). The balance on the general fund is currently below the required level of reserves of £25,782. The trustees are doing all they can to encourage individuals to increase their giving to the congregation.
The balance of restricted funds as at 31 December 2024 is £262,245 (2023: £212,667)
Total reserves, including the net book value of fixed assets and balances on restricted funds amounted to £946,130 (2023: £917,491).
## **Grant making policy**
The congregation makes grants from its gift income to individuals and organisations whose aims are compatible with the congregation’s objectives.
## **Remuneration**
The Church sets remuneration for key management personnel by reference to external bench marking.
## **Statement on risk**
The Trustees assess the major risks to which the congregation is exposed on an ongoing basis and have established procedures to mitigate those that are identified as a result of these reviews.
## **Plans for Future**
The church will continue to give specific focus to its principal activities in public worship, the spiritual development of its members and the mission to tell others of the good news of Jesus Christ.
The upkeep of the manse and church buildings will also feature prominently.
**Reference and administrative details Address**
## **Website**
**Charity number** SC038144
## **Bankers**
Bank of Scotland 2 West Market Gate Dundee DD1 1QN
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## St Peter’s Free Church of Scotland
## **Report of the Trustees** _for the year ended 31 December 2024_
**Reference and administrative details (continued) Solicitors**
Blackadders Solicitors, 30-34 Reform Street, Dundee DD1 1RJ
## **Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Annual Report 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 requires 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 and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- 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 operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on 16 July 2025 and signed on their behalf by:
**Treasurer**
Page 4
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## St Peter’s Free Church of Scotland
**Report of the Independent Examiner to the Trustees** _for the year ended 31 December 2024_
I report on the accounts of the church for the year ended 31 December 2024 which are set out on pages 6 to 13.
## **Respective responsibilities of trustees and examiner**
The charity’s trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention.
## **Basis of independent examiner’s statement**
My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeks explanations from the trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner’s statement**
In the course of my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and
- to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## _Managing Director_
Innes and Partners Limited Chartered Certified Accountants
9 Ardross Street Inverness IV3 5NN
Date: 17 July 2025
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## St Peter's Free Church of Scotland
## **Statement of financial activities** _for the year ended 31 December 2024_
|**Notes**
**Income**
Donations and legacies
**2**
Charitable activities
**3**
**Total income**
**Expenditure**
Charitable activities
**4**
Other expenditure
**8**
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
**17**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted funds**|**Unrestricted funds**|**Restricted**
**funds**
**£**
240,151
12,784|**Total**
**2024**
**£**
**372,082**
**12,814**|**Total**
**2023**
**£**
318,805
14,531|
|---|---|---|---|---|---|
||**General**
**fund**
**£**
131,931
30|**Designated**
**fund**
**£**
-
-||||
||**131,961**|**-**|**252,935**|**384,896**|333,336|
||121,398
-|-
35,921|198,938
-|**320,336**
**35,921**|268,011
35,540|
||**121,398**|**35,921**|**198,938**|**356,257**|303,551|
||**10,563**
(3,839)|**(35,921)**
8,258|**53,997**
(4,419)|**28,639**
**-**|29,785
-|
||**6,724**
15,147|**(27,663)**
689,677|**49,578**
212,667|**28,639**
**917,491**|**29,785**
887,706|
||**21,871**|**662,014**|**262,245**|**946,130**|**917,491**|
||_(Note 15)_|_(Note 15)_|_(Note 16)_|||
The notes on pages 8 to 13 form part of these financial statements.
Page 6
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## St Peter's Free Church of Scotland
**Balance Sheet** _as at 31 December 2024_
|**Notes**
**Fixed assets**
Tangible assets
**8**
**Current assets**
Debtors
**9**
Cash at bank and in hand
**Creditors: falling due within**
**one year**
**10**
**Net current assets**
**Creditors: falling due**
**after one year**
**11**
**Total net assets**
**Funds of the charity:**
General fund
**15**
Designated funds
**15**
Restricted funds
**16**
**Total charity funds**|**General**
**fund**
**£**
**-**|**Designated**
**fund**
**£**
**817,014**|**Restricted**
**funds**
**£**
**-**|**Total**
**2024**
**£**
**817,014**|**Total**
**2023**
**£**
849,095|
|---|---|---|---|---|---|
||7,694
18,175|-
-|6,576
255,906|**14,270**
**274,081**|12,677
230,119|
||**25,869**
(3,998)|**-**
(24,000)|**262,482**
(237)|**288,351**
**(28,235)**|242,796
(19,400)|
||**21,871**
-|**(24,000)**
**(131,000)**|**262,245**
-|**260,116**
**(131,000)**|223,396
(155,000)|
||**21,871**|**662,014**|**262,245**|**946,130**|917,491|
||21,871
-
-|-
662,014
-|-
-
262,245|**21,871**
**662,014**
**262,245**|15,147
689,677
212,667|
||**21,871**|**662,014**|**262,245**|**946,130**|917,491|
The financial statements on pages 6 to 13 were approved by the Trustees on 16 July 2025 and signed on their behalf by the undernoted:
_Trustee/Treasurer_
The notes on pages 8 to 13 form part of these financial statements.
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## St Peter’s Free Church of Scotland
## **Notes to the Financial Statements** _for the year ended 31 December 2024_
## **1. Accounting policies**
## _**Accounting convention**_
St Peter’s Free Church of Scotland is a registered charity in Scotland. The address of the registered office is given in the charity information on page 3 of these financial statements. The nature of the charity’s operations and principal activities are set out on pages 1-2. The financial statements are presented in sterling which is the functional currency of the charity.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended)and UK Generally Accepted Accounting Practice.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note to these accounts. The accounts are prepared on a going concern basis as the Trustees consider that there are no material uncertainties about the Church’s ability to continue as a going concern.
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.
## _**Basis of financial statements**_
The financial statements have been prepared on an accruals basis.
## _**Church income and debtors**_
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Debtors are valued at cost at the year-end and adjusted for any amounts considered to be irrecoverable.
## _**Church expenditure and creditors**_
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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
Creditors are valued at cost at the year-end and split between amounts due in less than one year and amounts due in more than one year.
## _**Tangible fixed assets**_
Heritable property is stated at cost. Depreciation is provided at the following annual rates in order to write off each assert over its estimated useful life:
Land and buildings 2% straight line Fixtures and equipment 20% straight line
## _**Statement of Financial Activities**_
For the purpose of the Statement of Financial Activities as shown on page 8, funds are defined as follows:
- **Unrestricted** funds comprise grants and other income received for the objects of the church without further specified purpose and are available as general funds.
- **Designated** funds represent unrestricted funds which have been earmarked by the Trustees for particular purposes.
- **Restricted** funds comprise income which has been received for the objects of the church and specified for a restricted purpose within these objects by the donor.
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## St Peter's Free Church of Scotland
## **Notes to the financial statements** _for the year ended 31 December 2024_
|**2. Donations and legacies**
Offerings
Donations
Gift aid tax reclaim|**Unrestricted funds**|**Unrestricted funds**|**Restricted**
**funds**
**£**
132,463
76,998
30,690|**Total**
**Total**
**2024**
**2023**
**£**
**£**
**245,117**
235,261
**78,254**
39,693
**48,711**
43,851
**372,082**
318,805|
|---|---|---|---|---|
||**General**
**fund**
**£**
112,654
1,256
18,021|**Designated**
**fund**
**£**
-
-
-|||
||**131,931**|**-**|**240,151**||
In 2023, £130,193 was attributable to unrestricted income and £188,612 was attributable to restricted income.
|||**Unrestricted funds**|**Unrestricted funds**||||
|---|---|---|---|---|---|---|
|**3.**|**Charitable activities - income**|**General**|**Designated**|**Restricted**|**Total**|**Total**|
|||**fund**|**fund**|**funds**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||Hall lets|18|-|12,784|**12,802**|14,531|
||Bookshop|12|-|-|**12**|-|
|||**30**|**-**|**12,784**|**12,814**|14,531|
In 2023, £1,350 was attributable to unrestricted income and £13,181 was attributable to restricted income.
|**4. Charitable activities - expenditure**
Relating to unrestricted general fund
Relating to restricted funds
**5. Staff costs and numbers**
Gross salaries and employer's NI
Employers pension
Minister's expenses|**Staff**
**costs**
**£**
6,896
56,233|**Direct**
**costs**
**£**
67,738
107,916|**Support**
**costs**
**£**
46,764
34,789|**Total**
**2024**
**£**
121,398
198,938|**Total**
**2023**
**£**
124,369
148,345|
|---|---|---|---|---|---|
||**63,129**|**175,654**|**81,553**|**320,336**|**272,714**|
||||_(Note 7)_
**Restricted**
**funds**
**£**
54,924
1,203
106|**Total**
**2024**
**£**
**54,924**
**1,203**
**7,002**|**Total**
**2023**
**£**
31,873
597
8,829|
||**General**
**fund**
**£**
-
-
6,896|**Designated**
**fund**
**£**
-
-
-||||
||**6,896**|**-**|**56,233**|**63,129**|41,299|
The average number of employees during the year was 5 (2023: 4). No employee received remuneration of more than £60,000 during the year.
In 2023, £7,240 was attributable to unrestricted expenditure and £34,059 was attributable to restricted expenditure.
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## St Peter's Free Church of Scotland
**Notes to the financial statements** _for the year ended 31 December 2024_
|**6. Other direct costs**
**General Designated **
**fund**
**fund**
_Local ministries_
**£**
**£**
Central fund remittances
61,810
-
Central fund levies
1,065
-
Central fund other
-
-
Youth work
2,928
-
Pulpit supply
1,173
-
Presbytery dues
426
-
Communion
336
-
**67,738**
**-**
_National and Overseas Ministries - Institutions_
Mission International
-
-
Adam Support group
-
-
European Missionary Fellowship
-
-
Friends International Dundee branch
-
-
Others < £1,000
-
-
**-**
**-**
_National and Overseas Ministries - Individuals_
Callum King
-
-
Others < £1,000
-
-
**-**
**-**
Total other direct costs
**67,738**
**-**
**Unrestricted funds**|**Unrestricted funds**|**Unrestricted funds**|**Restricted**
**funds**
**£**
73,565
-
19,055
4,346
-
100
-|**Total**
**Total**
**2024**
**2023**
**£**
**£**
**135,375**
121,271
**1,065**
524
**19,055**
17,490
**7,274**
14,236
**1,173**
1,911
**526**
738
**336**
133
**164,804**
156,303
**1,670**
1,560
**1,200**
1,200
**1,600**
-
**1,900**
1,200
**2,160**
500
**8,530**
4,460
**1,200**
1,200
**1,120**
1,300
**2,320**
2,500
**175,654**
163,263|
|---|---|---|---|---|
||**67,738**|**-**|**97,066**||
|||-
-
-
-
-|1,670
1,200
1,600
1,900
2,160||
||**-**|**-**|**8,530**||
|||-
-|1,200
1,120||
||**-**|**-**|**2,320**||
||**67,738**|**-**|**107,916**||
In 2023, £85,076 was attributable to unrestricted expenditure and £77,987 was attributable to restricted expenditure.
|**7.**|**Support costs**|**Unrestricted funds**|**Unrestricted funds**||||
|---|---|---|---|---|---|---|
|||**General Designated **||**Restricted**|**Total**|**Total**|
|||**fund**|**fund**|**funds**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||Loan interest|-|-|-|**-**|2,368|
||Repairs and equipment|13,629|-|7,125|**20,754**|16,914|
||Heat and light|16,800|-|3,438|**20,238**|15,133|
||Office expenses|3,910|-|764|**4,674**|3,612|
||Hall rental|-|-|18,127|**18,127**|10,416|
||Insurance|3,765|-|93|**3,858**|3,669|
||Manse expenses|3,821|-|2,005|**5,826**|6,015|
||Bookshop expenses|343|-|482|**825**|832|
||Professional fees|444|-|-|**444**|486|
||Independent examination|2,076|-|-|**2,076**|1,980|
||Advertising|95|-|256|**351**|95|
||Bank charges|423|-|-|**423**|365|
||Miscellaneous|1,458|-|2,499|**3,957**|1,564|
|||**46,764**|**-**|**34,789**|**81,553**|63,449|
In 2023, £38,965 was attributable to unrestricted expenditure and £24,484 was attributable to restricted expenditure.
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## St Peter's Free Church of Scotland
**Notes to the financial statements** _for the year ended 31 December 2024_
|**8.**|**Tangible fixed assets**|**Heritable**|**Fixtures &**||
|---|---|---|---|---|
|||**property**|**equipment**|**Total**|
|||**£**|**£**|**£**|
||**_Cost_**||||
||At 1 January 2024|1,566,082|53,014|**1,619,096**|
||Additions|-|3,840|**3,840**|
||At 31 December 2024|1,566,082|56,854|**1,622,936**|
||**_Depreciation_**||||
||At 1 January 2024|728,873|41,128|**770,001**|
||Charge for year|31,321|4,600|**35,921**|
||At 31 December 2024|760,194|45,728|**805,922**|
||**_Net Book Value_**||||
||At 31 December 2024|**805,888**|**11,126**|**817,014**|
||At 31 December 2023|837,209|11,886|849,095|
||The historic cost equivalent of land and buildings included at valuation are as follows:||||
||||**Total**|**Total**|
||||**2024**|**2023**|
||||**£**|**£**|
||||Heritable|Heritable|
||||Property|Property|
||Cost||1,566,082|1,566,082|
||Accumulated impairment losses||(371,223)|(371,223)|
||Revalued cost||1,194,859|1,194,859|
||Accumulated depreciation||(388,971)|(357,650)|
||**Net book value**||**805,888**|**837,209**|
Freehold land and buildings were subject to independent, professional valuation at 6 September 2022. The valuation was undertaken by J E Shepherd, Chartered Surveyors.
|**9.**|**Debtors: falling due within one year**|**Unrestricted funds**|**Unrestricted funds**||||
|---|---|---|---|---|---|---|
|||**General **|**Designated**|**Restricted**|**Total**|**Total**|
|||**fund**|**fund**|**funds**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||Other debtors|4,130|-|-|**4,130**|789|
||Gift aid due|3,564|-|6,576|**10,140**|11,888|
|||**7,694**|**-**|**6,576**|**14,270**|12,677|
|**10.**|**Creditors: falling due within one year**|**Unrestricted funds**|||||
|||**General **|**Designated**|**Restricted**|**Total**|**Total**|
|||**fund**|**fund**|**funds**|**2024**|**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||Loan|-|24,000|-|**24,000**|4,418|
||Accrued expenses|3,998|-|237|**4,235**|14,982|
|||**3,998**|**24,000**|**237**|**28,235**|19,400|
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## St Peter's Free Church of Scotland
**Notes to the financial statements** _for the year ended 31 December 2024_
|**Creditors: falling due after one year**|**Unrestricted funds**|**Unrestricted funds**||||
|---|---|---|---|---|---|
||**General **|**Designated**|**Restricted**|**Total**|**Total**|
||**fund**|**fund**|**funds**|**2024**|**2023**|
||**£**|**£**|**£**|**£**|**£**|
|Loan|-|131,000|-|**131,000**|155,000|
||**-**|**131,000**|**-**|**131,000**|155,000|
## **11. Creditors: falling due after one year**
As at 31 December 2016, the congregation renegotiated the two loans from the general trustees of the Free Church of Scotland so that both loans were consolidated and refinanced over 15 years at a rate of 2% over base.
## **Analysis of Financial Instruments**
|Loans payable within 1 year
Loans payable within 2-5 years
Loans payable after 5 years
**As at 31 December 2023**|**Total**
**Total**
**2024**
**2023**
**£**
**£**
**24,000**
4,418
**77,680**
101,680
**53,320**
53,320
**155,000**
159,418|
|---|---|
## **12. Transactions with Trustees**
The Trustees did not receive any remuneration in the year (2024: nil) in connection with their roles as Trustees. The Minister, who is also a Trustee, is paid centrally by the Free Church of Scotland and received expenses of £4,144 (2023: £5,066) in the course of his duties as the Minister. Trustee received £172 (2023: £nil) for his work as Minister in Training. Will Lind received expenses of £2,687 (2023: £2,045) for his work as Assistant Minister. Preaching fees of £nil (2023: £86) were paid Trustee, was paid for work carried out on the website £385 (2023: £337). Total Trustee donations to the C amounted to £76,797 (2023: £76,272).
## **13. Related party transactions**
No related parties made or received any payments with the charity during the year (2023: nil), other than those noted below: Salaries were paid to:
trustee, received a gross salary of £8,485 (2023: £7,346) and pension contributions of £255
(2023: £278), for her work as Finance Administrator.
Trustee, received a gross salary of £4,950 (2023: £nil) and pension contributions of £nil (2023: £nil),
for her work as as Administration Assistant.
rustee and wife of eceived a gross salary of £14,143 (2023: £8,307) and pension
contributions of £425 (2023: £99) in her work as Administrator.
|**14.**
**General Designated **
**fund**
**fund**
**£**
**£**
Fixed assets
-
817,014
Current assets
25,869
-
Current liabiities
(3,998)
(24,000)
Long term liabilities
-
(131,000)
21,871
662,014
**15. Unrestricted funds**
General fund
**_Designated funds:_**
Assets fund
Total designated funds
Total unrestricted funds
**_Explanation of funds_**
**Analysis of Net Assets**
**Among Funds**
**Unrestricted funds**|**Unrestricted funds**|**Unrestricted funds**|**Restricted**
**funds**
**£**
-
262,482
(237)
-|**Total**
**2024**
**£**
817,014
288,351
(28,235)
(131,000)|**Unrestricted funds**|**Unrestricted funds**|**Restricted**
**funds**
**£**
-
212,818
(151)
-|**Total**
**2023**
**£**
849,095
242,796
(19,400)
(155,000)|
|---|---|---|---|---|---|---|---|---|
||||||**General**
**fund**
**£**
-
29,978
(14,831)
-|**Designated **
**fund**
**£**
849,095
-
(4,418)
(155,000)|||
||21,871|662,014|262,245|946,130|15,147|689,677|212,667|917,491|
||||||**Income**
**£**
131,961|**Expenditure**
**£**
(121,398)|**Transfers**
**£**
(3,839)|**Balance at**
**31.12.24**
**£**
**21,871**|
|||||689,677|-|(35,921)|8,258|**662,014**|
|||||689,677|**-**|**(35,921)**|**8,258**|**662,014**|
|||||704,824|**131,961**|**(157,319)**|**4,419**|**683,885**|
||||||||||
_The General fund_ encompasses all income and expenditure relating to the primary focus activities of the charity, other than those for which funding is restricted.
_The Designated Assets fund_ represents the value of unrestricted funds held in fixed assets net of building loans outstanding.
Page 12
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## St Peter's Free Church of Scotland
## **Notes to the financial statements** _for the year ended 31 December 2024_
|**16. Restricted funds**|**Balance at**||||**Balance at**|
|---|---|---|---|---|---|
||**01.01.24**|**Income**|**Expenditure**|**Transfers**|**31.12.24**|
||**£**|**£**|**£**|**£**|**£**|
|Charleston Church Plant|132,887|93,382|(107,373)|3,000|**121,896**|
|International Missions|2,311|17,463|(9,480)|(3,000)|**7,294**|
|Youth|19|54|-|-|**73**|
|Manse|363|250|(202)|-|**411**|
|Local Ministry|16,086|77,616|(80,183)|-|**13,519**|
|McCheyne|53,041|56,607|-|(4,419)|**105,229**|
|Benevolent|7,760|7,563|(1,700)|-|**13,623**|
|Mercy Ministry|200|-|-|-|**200**|
|Total restricted funds|**212,667**|**252,935**|**(198,938)**|**(4,419)**|**262,245**|
## _**Explanation of funds**_
_Charleston Church Plant fund_ represents money set aside for a new church plant in Charleston.
_International Missions fund_ represents monies raised by the congregation for International Work.
_Youth fund_ represents gifts received specifically for the support of youth work in the church.
_Manse fund_ represents money received for the purchase of a new manse.
_Lectern fund_ represents money received to enable the purchase of a lectern.
_Local Ministry fund_ represents money received to enable various projects approved by the Kirk session.
_The McCheyne fund_ is money generated for projects of the congregation and to be used for the redevelopment of St Peter's.
_The Community Childrens Work fund_ is to enable childrens work in the locality of St Peter's and Charleston.
_Benevolent fund_ represents money held for helping those in need in the congregation and community.
_The Mercy Ministry fund_ represents monies received to support the provision of Mercy Ministries.
|**17. Fund Transfers**||**Unrestricted funds**|**Unrestricted funds**|||
|---|---|---|---|---|---|
|||**General**|**Designated**|**Restricted**|**Total**|
|||**fund**|**fund**|**funds**|**transfers**|
||**Note**|**£**|**£**|**£**|**£**|
|General Fund to Asset Fund|**1**|(3,839)|3,839|-|**-**|
|McCheyne Fund to Asset Fund|**2**|-|4,419|(4,419)|**-**|
|International Missions Fund||||||
|Charleston Church Plant Fund|**3**|-|-|(3,000)|**(3,000)**|
|International Missions Fund||||||
|Charleston Church Plant Fund|**3**|-|-|3,000|**3,000**|
|||**(3,839)**|**8,258**|**(4,419)**|**-**|
**1.** This transfer relates to fixed asset movements.
**2.** This transfer relates to the loan repayments relating to the building **.**
**3.** This transfer is for support to the Charleston Church plant.
Page 13