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2021-09-30-accounts

REGISTERED COMPANY NUMBER: 02521173 (England and Wales) REGISTERED CHARITY NUMBER: 1017833

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

P B Syddall & Co Chartered Accountants Grafton House

81 Chorley Old Road Bolton Lancashire BL1 3AJ

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 10
Detailed Statement of Financial Activities 11

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2021. 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

Objects of the charity

The objects of the charity are to act as custodian or management trustee on behalf of the North & East Lancashire Unitarian Mission and individual or groups of churches within the mission area.

Each year the trustees review the objectives and activities of the charity to ensure they continue to reflect their aims and provide public benefit. The trustees are more than satisfied that they do.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02521173 (England and Wales)

Registered Charity number

1017833

Registered office

Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

Trustees

G Waywell B R Brown Reverend B Allerton Ms K Diggle Reverend B Catterall

Company Secretary

Reverend B Allerton

Independent Examiner

A J Syddall M.A. A.C.A. P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

Page 1

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Bankers

Caf Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA

Stockbrokers

Charles Stanley & Co Limited 25 Luke Street London EC2A 4AR

REVIEW OF THE YEAR

The financial results for the year ended 30 September 2015 are shown in the attached financial statements.

Approved by order of the board of trustees on 7 March 2022 and signed on its behalf by:

Ms K Diggle - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

Independent examiner's report to the trustees of North & East Lancashire Unitarian Mission Trustee Company (Incorporated) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A J Syddall M.A. A.C.A. P B Syddall & Co Chartered Accountants Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

7 March 2022

Page 3

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

2021
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Investment income
2
50,235
EXPENDITURE ON
Other
3
275,008
Net gains/(losses) on investments
3
224,773
NET INCOME
3
-
RECONCILIATION OF FUNDS
Total funds brought forward
3
-
TOTAL FUNDS CARRIED FORWARD
3
-		 2020
Total
funds
£
47,220
(107,046)
(154,266)
-
-
-

The notes form part of these financial statements

Page 4

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

BALANCE SHEET 30 SEPTEMBER 2021

Notes
FIXED ASSETS
Investments
5
CURRENT ASSETS
Debtors
6
Cash at bank
CREDITORS
Amounts falling due within one year
7
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS/(LIABILITIES)
FUNDS
8
TOTAL FUNDS		 2021
Unrestricted
fund
£
1,404,473
23,003
301,006
324,009
(1,728,482 )
(1,404,473 )
-
-
-		 2020
Total
funds
£
1,187,167
23,003
293,539
316,542
(1,503,709 )
(1,187,167 )
-
-
-

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

BALANCE SHEET - continued 30 SEPTEMBER 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 7 March 2022 and were signed on its behalf by:

K Diggle - Trustee

The notes form part of these financial statements

Page 6

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

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 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.

Taxation

The charity is exempt from corporation tax on its charitable activities.

2.

3.

INVESTMENT INCOME

Income from fixed asset investments
OTHER
Administration expenses
Interest payable and similar charges
Amount due to/from investing charities		 2021
£
50,235
2021
£
24,192
26,043
224,773
275,008		 2020
£
47,220
2020
£
19,269
27,951
(154,266)
(107,046)

continued...

Page 7

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2021 nor for the year ended 30 September 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2021 nor for the year ended 30 September 2020.

5. FIXED ASSET INVESTMENTS

Listed
investments
£
1,187,167
-
-
(7,467)
224,773
-
1,404,473
1,187,167		 Listed
investments
£
1,187,167
-
-
(7,467)
224,773
-
1,404,473
1,187,167		 Listed
investments
£
1,187,167
-
-
(7,467)
224,773
-
1,404,473
1,187,167		 Listed
investments
£
1,187,167
-
-
(7,467)
224,773
-
1,404,473
1,187,167		 Listed
investments
£
1,187,167
-
-
(7,467)
224,773
-
1,404,473
1,187,167
MARKET VALUE
As at 1 October 2020
Additions
Disposals
Reclassification/transfer
Unrealised gains/(losses) on fixed asset investments
Realised gains/(losses) on fixed asset investments
At 30 September 2021
At 30 September 2020
The historical cost of the above investments at 30 September 2021 was £1,012,288 (2020 - £1,012,288).
Book/market
Unrealised
value 30.09.20
gains/losses
or cost of
adjustments
Market value
Book cost
additions
and transfers
30.09.21
£ £ £ £
Fixed Interest Fund
M&G Securities 39116 units Charibond 45,668 48,977 (1,212) 47,765
Old Mutual Fund Managers
47,824.8315 Units 49,982 55,668 856 56,524
95,650 104,645 (356
)		 104,289
Equity Fund
M&G Securities 8808 units Charifund 21,256 84,261 23,363 107,624
Charles Stanley Shares Portfolio 895,382 998,261 194,299 1,192,560
916,638 1,082,522 217,662 1,300,184
Total invested 30 September 2021 1,012,288 1,187,167 217,306 1,404,473
Book/market Unrealised
value 30.09.20 gains/losses
or cost of adjustments Market value
Book cost additions and transfers 30.09.21
£ £ £ £
Fixed Interest Fund
M&G Securities 39116 units Charibond 45,668 48,977 (1,212) 47,765
Old Mutual Fund Managers
47,824.8315 Units 49,982 55,668 856 56,524
95,650 104,645 (356
)		 104,289
Equity Fund
M&G Securities 8808 units Charifund 21,256 84,261 23,363 107,624
Charles Stanley Shares Portfolio 895,382 998,261 194,299 1,192,560
916,638 1,082,522 217,662 1,300,184
Total invested 30 September 2021 1,012,288 1,187,167 217,306 1,404,473

continued...

Page 8

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

6.
7.
8.		 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
North & East Lancashire Unitarian Mission
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Income due to investing charities
Amount due to investing charities
Other creditors		 2021
£
23,003
2021
£
2,576
1,724,614
1,292
1,728,482		 2020
£
23,003
2020
£
2,576
1,499,841
1,292
1,503,709
2021 2020
£ £
Amount due to investing charities

North & East Lancashire Unitarian Mission		 313,131 278,460
Colne Fund 45,073 38,773
Blackpool North Shore Trust Fund 172,693 152,113
Horwich Church Congregation & Trustees 111,551 99,170
Newchurch 293,340 252,597
Lancaster 694,383 611,969
Preston 94,443 66,758
1,724,614 1,499,841
MOVEMENT IN FUNDS
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
50,235
TOTAL FUNDS
50,235		 At
1.10.20
£
-
Resources
expended
£
(275,008)
(275,008)		 Net
movement
At
in funds
30.9.21
£
£
-
-
Gains and
Movement
losses
in funds
£
£
224,773
-
224,773
-		 Net
movement
At
in funds
30.9.21
£
£
-
-
Gains and
Movement
losses
in funds
£
£
224,773
-
224,773
-
-

continued...

Page 9

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2021

9. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2021.

10. LIABILITY OF MEMBERS

Every member of the company undertakes to contribute to the assets of the company, in the event of the same being wound up while he is a member, or within one year after he ceased to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves such amount as may be required not exceeding one pound.

11. CONNECTED CHARITIES

The company is connected to the North & East Lancashire Unitarian Mission. It acts as custodian or managing trustee in respect of the investments of the Mission and individual or groups of churches within the Mission area. All the net income of the company is distributed to the investing charities.

12. CHARITABLE COMPANY STATUS

The company is incorporated as a company limited by guarantee and not having a share capital. It is registered as a charity and is exempt from taxation.

Page 10

NORTH & EAST LANCASHIRE UNITARIAN MISSION TRUSTEE COMPANY (INCORPORATED)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021

INCOME AND ENDOWMENTS
Investment income
Income from fixed asset investments
Total incoming resources
EXPENDITURE
Other
Administration expenses
Income due to investing charities
Amount due to/from investing charities
Total resources expended
Net (expenditure)/income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Unrealised gains/losses on fixed asset investments
Net income		 2021
£
50,235
50,235
24,192
26,043
224,773
275,008
275,008
(224,773)
-
224,773
-		 2020
£
47,220
47,220
19,269
27,951
(154,266)
(107,046)
(107,046)
154,266
(4,774)
(149,492)
-

This page does not form part of the statutory financial statements

Page 11