REGISTERED CHARITh NUMBER: SC038145 Re ort of Ihe Trustees and Unaudited Financial Statements for the Year Ended 31 December 2024 for Thurso and North Coast Free ChurGh Mackay & Co CA Unit 8 Golspie Business Park Golspie Sutherland KW10 6UB
Thurso and North Coast Free Church Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activilies BalanGe Sheet Notes to the Financial Statemenls 8 to 12 Detailed Statement of Financial Activities 13 to 14
Thurso and North Coast Free Church Re ort of the Trustees for the Year Ended 31 December 2024 The Irustees present their report 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 charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. OBJECTIVES AND ACTIVITIES Aims and Affiliation The Free Church of Scotland currently has around 140 congragations in Scolland, as well as three in London and five in North America, and sister Churches founded by mission work in India, Peru and South Africa. The Church also has a full-time degree awarding 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 tille to its historical struggle to remain 'free' from slate interference in its inlernal affairs. It has close and active relations with many other Reformed Churches of Jesus Christ throughout the world and stands firmly in Ihe tradition which accepts the Bible in its entirety as the Word of God and. therefore, defives 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. Thurso and North Coast Free Church of Scotland is a congregation of the national Free Church of Scotland working towards the common aims set out above. 11 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 SGotland has an explanatory document which explains the origins of the Church and which gives the historical background to thè Church. The Church buildings and the Ministevs 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 Northern Presbyiery. Grantmaklng The church makes grants from its tithed gift income to individuals and organisations that are generally know to the Trustees and the church. The beneficiaries are involved in activilies or ministries compatible with the church's objectivies. ACHIEVEMENT AND PERFORMANCE Charitable activities The Church met regularly for worship in the church building and on-line. The congregation continued its commilment to support the national Free Church of Scotland both spiritually and financially. Congregational activities included.. community based organisations making use of Ihe church hall. Congregational funding and expendilure included.. donations from church members and attendees via weekly offerings and bank direct debit. improvements and repairs to church building and manse., Page 1
Thurso and North Coasl Free Church Re ort of the Trustees for the Year Ended 31 December 2024 FINANCIAL REVIEW Princlpal funding sources The Ghurch receiv6S Its funding from Ghurch members by way of weekly offerings and Gift Aid donations. Results for the year: The Statement of Financial Activities reflects a deficit of £30,419 (2023 - Surplus of £3,127). This was mainly due to the roof repair costing £31,152 which was financed by transferring from funds held cenlrally. Invèstments Share Pool UnTts, Free Church of Scotland Units Value 31.12.24 Value 31.12.23 Congregational Endowments Sustentation Endowments Ministers Supplements 2,197.00 7,771.00 149.45 12.641 44.715 860 11,139 39.399 757 Funds held as cash, Free Church of Scotland - balance at 31.12.24 - £154,618.64 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitute an unincorporated charily. Thurso and North Coast Free Church of Scotland (formerfy know as Thurso and Reay Free Church) is established by Constitution. The Church is a Scottish Charily (No. SC0381451. The Church's parent charity is the Free Church of Scotland (Charity No. SC0129251. Recruitment and appointment of new trustees The Kirk Session exercises its discretion in determining the most appropriate method of electing new Trustees. Any electiors process must involve the communicant membership of the congregalion. There is no fixad term of Trusteeship. Prior to their appointmenl, new Trustees would have served 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 operalions. Page 2
Thurso and North Coast Free Church Re ort of Ihe Trustees for the Year Ended 31 December 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure 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 Finance committee. The Finance Committee's specific function relates ot the material and financial business of the congregalion, whereas Elders are charged with Ihe general and spiritual oversight of the Congregalions. The finance Comrnittee was disbanded and has been replaced by a D6acons' Court. The Deacon5' Court comprises.. Risk management The trustees have a duty to idenlify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number SC038145 Independent Examiner Mackay & Co CA Unit 8 Golspie Business Park Golspie Sutherland KW10 6UB Page 3
Thur50 and North Coast Free Church Re ort of Ihe Trustees for the Year Ended 31 December 2024 TANGIBLE FIXED ASSETS North Coast Church Thurso Free Church Thurso Manse £515,000 £312,000 £138 000 £965 000 Approved by order of Ihe board of trustees on 26 March 2025 and signed on its behalf by- Trustee Page 4
Inde endent Examiner's Re ort to the Trustees of Thurso and North Coast Free Church I report on Ihe accounts for the year ended 31 December 2024 set out on pages six to twelve. Respective responsibilities of trustees and examiner The charity's Irustees are responsible for the preparalion of the accounts in accordance with the terms of the Charities and Trustee Investment {Scotland) Act 2005 and the Charities AcGounts (Scotlandl Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1}{al to Ic) of the Accounts Regulation5 does not apply. 11 is my responsibility to examine the accounts as required under Section 44111{c) of the Act and to state whether particular matters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance with Regulation 11 of the Charities Accounts {SGotlandl Regulalions 2006. 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 ilems or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do nol provide all the evidence that would be required in an audit, and consequenlly I do not expr8ss an audit opinion on the view given by the accounts. Independent examiner's statement In connection with my examination, no matter has come to my 8ttenlion -. (1 } which gives me reasonable cause to believe that, in any material respect, the requirements lo keep accounting records in accordance with Section 4411lla) of the 2005 AGt and Regulation 4 of the 2006 AcGounts Regulations. and to prepare accounts which acwrd with the accounting records and to comply with Regulation 8 of the 2006 Accounls 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. Mackay & Co CA Unit 8 Golspie Business Park Golspie Sutherland KW106UB 26 March 2025 Page 5
Thurso and North Coast Frae Church Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Totsl funds Unreslricted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 65,055 65,055 81,709 Inveslment incom8 779 6,104 6.883 5.906 Total 65,834 6,104 71,938 87,615 EXPENDITURE ON Charitable activities Church Fabric 101,447 101,447 910 79,285 5,203 910 Total 101,447 910 102,357 84,488 NET INCOMEI{EXPENDITUREI Transfers between funds 135,613) 47,814 5,194 (47,814} (30,4191 3,127 Net movernent in funds 12.201 (42,620) (30,419) 3,127 RECONCILIATION OF FUNDS Total funds brought forward 36,240 199,853 236,093 232,966 TOTAL FUNDS CARRIED FORWARD 48,441 157,233 205,674 236,093 The notes form part of these financial stalements Page 6
Thurso and North Coast Free Church Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted Restricted fund funds Notes CURRENT ASSETS Debtors Cash at bank 893 47,848 893 205,081 157,233 236,093 48,741 157,233 205,974 236,093 CREDITORS Amounts falling due within one year (3001 (300) NET CURRENT ASSETS 48,441 157,233 205,674 236,093 TOTAL ASSETS LESS CURRENT LIABILITIES 48,441 157.233 205,674 236,093 NET ASSETS 48,441 157,233 205,674 236,093 FUNDS Unrestricted funds Restricted funds 48,441 157,233 36,240 199,853 TOTAL FUNDS 205,674 236,093 The financial statemenls were approved by the Board of Trustees and authorised for issue on 26 March 2025 and were signed on its behalf by: Trustee The notes fomi part of these financial statements Page 7
Thurso and North Coast Free Church Notes to the Financial Statements for the Year Ended 31 December 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalements of the charily, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'AGcounting 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. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committin9 the charity to thal 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 aggregale all cost related to the category. Where costs cannot be directly attributed lo pariicular headings they have been alloGated to activities on a basis consistent wilh the use of resources. Taxation The Gharity is exempt from tax on its charitable activities. Fund accounting Unrestricled funds can be used in accordance with the charilable objectives at the discretion of the trustees. 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. Page 8 continued..
Thurso and North Coast Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2024 INVESTMENT INCOME 31.12.24 31.12.23 Deposit Interest 6,883 5.906 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other benefits for th8 year 31 December 2024 nor for the year ended 31 December 2023. ended Trustees. expenses There were no trustees, expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 80,799 910 81,709 Investment income 5,906 5,906 Total 86,705 910 87,615 EXPENDITURE ON Charitable activities Church Fabric 79,285 5.203 79,285 5,203 Total 84,488 84,488 NET INCOME Transfers between funds 2,217 19,216 910 (19,216) 3,127 Net movement in funds 21,433 (18.3061 3,127 RECONCILIATION OF FUNDS Total funds brought forward 14,807 218,159 232,966 TOTAL FUNDS CARRIED FORWARD 36,240 199,853 236,093 Page 9 continued...
Thurso and North Coast Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2024 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 Other debtors 893 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.24 31.12.23 other creditors 300 MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.12.24 At1.1.24 Unrestricted funds General fund 36,240 {35,613) 47,814 48,441 Restricted funds Central funds Fabri 196,328 3,525 6,304 (910} 147,814) 154,618 2.615 199,853 5,194 (47,814) 157,233 TOTAL FUNDS 236,093 {30,419} 205,674 Net movement in funds, included in the abova are as follows: Incorning Resources Movement resources expended in funds Unreslricted funds General fund 65,834 {101,4471 (35,613) Restricted funds Central funds Fabric 6,104 6,104 (910) 19101 6,104 {910) 5,194 TOTAL FUNDS 71,938 (102,3571 (30,419) Page 10 ontinued.
Thurso and North Coast Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - continued Comparatives for movement in funds Net movement in funds Transfers belween funds At 31.12.23 At 1.1.23 Unrestricted funds General fund 14,807 2,217 19,216 36.240 Restricted funds Central funds Fabric 215,544 2,615 (19,216) 196,328 3,525 910 218,159 910 (19,216) 199,853 TOTAL FUNDS 232,966 3,127 236,093 Comparative net movement in funds, included in the above are as follows= Incoming Resources Movem8nt resources expended in funds Unrestricted funds General fund 86,705 (84,488) 2,217 Restricted funds Fabric 910 910 TOTAL FUNDS 87,615 (84,488) 3,127 A current year 12 months and prior year 12 months combined position is as follows= Net Transfers movement between in funds funds At 31.12.24 At1.1.23 Unrestricted funds General fund 14,807 (33,3961 67,030 48,441 Restricted funds Central funds Fabric 215,544 2,615 6,104 {67,030) 154,618 2,615 218,159 6,104 {67,030} 157.233 TOTAL FUNDS 232,966 (27,292) 205,674 Pag811 continued.
Thurso and North Coast Free Church Notes to the Financial Statements - continued for the Year Ended 31 December 2024 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows.. Incorning Resources Movement resources expended in funds Unrestricted funds General fund 152.539 (185,9351 (33,3961 Restricted funds Central funds Fabric 6,104 910 6.104 {910} 7.014 {910) 6,104 TOTAL FUNDS 159,553 (186,845) (27,292) RELATED PARTY DISCLOSURES No trustee, other than received any renumeration or reimbursement of expenses during the year o trustee or a person related lo a trustee had any personal interest in any contract or transaction entered into by the charity during the year. Page 12
Thurso and North Coast Free Church Detsiled Slatement of Financial Artivities for the Year Ended 31 December 2024 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donations and legacies Offerings Tax recd Gift Aid Donations Donations Building Fund donations Magazines Other receipts Investment Incom8 54,319 4,481 1,775 44,034 5,136 25.406 1,176 72 4,570 1.315 87 4,085 308 65,055 81,709 Investment income Deposit Interest 6,883 5,906 Total incoming resources 71,938 87,615 EXPENDITURE Charitable activities Ministry and admin levies Presbytery dues Minister's expenses Supply & communion exps Fire precautions Fabric repairs & maintenance Zoom licences Digital piano Audio & video equipment Magazines & Bible study books CCLI 32,597 1,126 3,054 461 1,515 48,374 187 33,920 523 960 463 720 9,986 88 874 23,744 98 259 150 740 271 248 Honorarium Donations Website 722 1,240 89,795 72,523 Support costs Management Water rates North Coast Church Insurance Light and heat Carried foNard 82 1,821 6,158 8,061 25 2,178 5,931 8,134 This page does not form part of the statulory financial statements Page 13
Thurso and North Coast Free Church Detailed Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Management Brought forward Internet charges Manse council tax Sundries 8,061 229 3,433 389 8,134 270 3,334 227 12,112 11,965 Governance costs Prior year accounts Accountancy and legal fees 150 300 450 Total resources expended 102,357 84,488 Net lexpenditure)lincome (30,419) 3,127 This page does not fomi part of the statutory financial statements Page 14