COMPANY NO.: 75432 REGISTERED CHARITY NO.: 1022551 URC THAMES NORTH TRUST (A c(npany limtied by guarantee and having no share capital) ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 December 2023 CONTENTS Page Report of the Directors and Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10 Assets Held as Trustee 12 Annual Reportand Accwnts 2023 Page 1 cf 12
URC Thames North Trust REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors have pleasure in presenting their report and the financial slatements of URC Thames North Twst Ilhe Trust") for the year ended 31 December 2023. The report incorporates infomiation complying with the Charities SORP. and complies generally with statutory requirements and the Trusys Articles of Association. Structure. governance and management The Trust is a company limited by guarantee and has no share capital. It is registered in England under number 75432. It is registered as a charity under Charity cnmISSIon number 1022551. 11 is approved by the Lord Chancellor as a trust corporation. The Trust was originally incorporated in 1902 under the name of London Congregational Union Incorporated. Its present name was adopted in 1984. The Articles of Association were completely rewritten in June 2013, to m(xJernize the Trust's ¢onstitub"on and procedures and take ac(x)unt of changes in company and charity law. The management of the Trust is the responsibilty of the Board of Directors. The Directors are appointed by Trtames North Synod of the United Refornied Church. pursuant to the Articles of Association. The Directors are the charity trustees for the purposes of the Charities Act 2011. The Articles of Association provide for the appointment of a Secretary. Treasurer and Trust Offir. These officers undertake the day to day work of the Trust induding the keeping of the financial records and preparation of the annual accounts. They reFM)rt to the regular meetings of Directors and consult Directors between meetings as necessary. Directors are kept informed of developments in charity and general law relevant to the operation of the Trust. As (Kcasion arises consideration is given to the induction of and training for new directors. Reference and administralive infomiation Directors Mr l M Ander50n Mr I Critchley Mr S Faimington {resigned 6 January 2023) Mr M J Gould Ichairmanl Mr B M Hosier Mr B W Moere Mrs J Wyber Mrs K Yales ol¢0rS Secrelary.. Legal and Trust Offir. MrKRBerry Mrs M Levan-Harris Bankers Nalional Westminsler Bank Plc, Fleet Street Branch PO Box 281. 156 Fleet Street. London, EC4A 2DX. Solicitors Anlhony Collins Solicitors LLP. 134 Edmund Street. Birmingham. B3 2ES. Cripps Pemberton Greenish LLP, 22 Mount Ephraim Road, Tunbridge Wells, Kent. TN4 8AS Independent Examiners Siobhan Holmes {ACA DChA) Haysmacintyre LLP 10 Queen Street Place. London, EC4R 1 AG. Annual Reportand Acccunts 2023 Page 2of 12
URC Thames North Trust Objectives and activities The Trust's main objective is to assist the churches of the Thames North Synod of the United Refomied Church, and the Synod itself. by holding properties and investsments on behalf of those bodies and by ensuring that all transactions affecting those properties and investments are carried out in ways that satisfy all the legal requirements. In pursuance of this objective, the Trust acts- lal as trustee owner of properties Imosdy Church buildings and manses held on the s18ndard trusts for United Reformed Church properties) on behalf of 95 local churches within the area of Thames North Synod of the United Refomied Church", as custodian trustee owner of properties held for Thames North Synod Imosly closed churches, housing for ministers and housing for retired ministers)- as trustee and custodian trustee of investments and deposits held on behalf of. or for the benefit of. Thames North Synod or individual United Refomied churches 169 churches) within the area of the Thames North Synod or persons assoualed wth the SyTh)d or those churches. Ibl Icl The Trust also acts as trustee of a sm811 grant-making charity not associated exclusively with Thames North Synod or individual churches. Public Benefit The Directors, Meeling is aware of the Charity Commission guidance on public benefit in the 'Advancement of Religion for the Public Benefit" and has regard lo it in pursuing Ihe objectives of and in the activities of the Trust. Achievements and perfomian¢e During the year the Trust dealt with.. lal the sale and lease of properties vested in the Trust on behalf of local churches and Thames North Synod., Ibl the acquisition of properties on behalf of Thames North SyncKI and local churches., Icl a wide variety of other propety related issues. induding land disputes and development schemes- Idl investment transactions on instructions from churches and Thames North Synod.. lel banking transactions in respect of funds held on behaff of local churches, Thames North Synod and the granl-making charity- Plans for future periods The process of digitalizing all deeds and docuwnentation has been completed, however there is work lo do on the scanned documents lo making them easily accessible electronically including labelling individual documents and sorting them within the various folders. Work will continue in wpulating the property database with the relevant information. Annual Reportand Acccunts 2023 Page 3of 12
URC Thames North Trust Financial Review The sUlts for the year are set out on page 7 in the form of a Statement of Financial A¢tiwties complying with the accounting requirements for charities. There was a deficit for the year of £13,14912022= £5,692). The Trust applies a range of charges for specific ServIS provided to the charities of which it is trustee. However, it is impracticable to set these at a level which would meet the full costs of the Trust. Thames North Synod has therefore been meeting some of the staffing costs. The directors decided in 2011 to exercise the right within company law to dispense with an audit of the accounts and instead to opt for an independent examination of the acc4)unls. Charities. accounts and reports Having regard to the Charities SORP and the Charities (Aixounts and Reports) Regulations 2008, the Trust's report and accounts distinguish beeen assets and liabilities of the Trust as provider of trustee services, and assets and liabilikn'es of charities for which the Tnjst acts as charity trustee or custodian trustee. The Balance Sheet on page 8 and the Slement of Financial Activities on page 7 deal wilh the Trust's own activities in providing trustee services. Information about assets held by the Trust as trustee for other tharities is given in a separate statement on pages 10- 13. Infomalion about investments held for charities of which the Trust is trustee is provided lo these charities annualty and as transactions are carried out. Stalernents about transactions on current and deposit accounts are also supplied annualty and when income is remitted and on request from churthes. Resepies Policy The Twst had reserves of £50,346 at the end of 2023 (2022.. £63,495). This represents approximately 8 months of nomial expenditure and is considered adequate for the Trust to maintain a positive cash flow throughout the year. A general assurance has been given on behalf of Synod that if the Trust's resources be(x)me insufficient to meet its costs, any shortrall will be mel from Synod's funds. Transactions The Trust has few assets of its own. The costs of providing its services are analysed in the Statement of Financial Activities on page 7. These costs are met from interest on bank balanS and charges to the charities for which services are provided. I banking transadions on behalf of individual charities are on through the bank account of the Trust, with appropriate identification in the accounting reo)rds. Professional fees incurred in property and other transactions are met out of the capital reiVed or paid direct by the local church or Thames North Synod as the case may be. The costs of general legal advice are bome by the Trust. Investments are made and realised for individual charities in resFX)nse to instnjctions from the local church or Thames North Synod where appIlble. Investments are recorded with individual designations for ease of idenb'fication. Investment income received for individual charities is mostly remitted to those entiued to it or responsible for its subsequent distribution according lo the relevant trusts. Retained income is held for the relevant charities and remitted to them when required. Uninvested balances for individual charities are mosly placed in interest bearing deposit accounts open to charities. Annual Reportand Acccunts 2023 Page4of 12
URC Thames North Trust Funds held on behalf of olhers Investments are registered in the name of the Trust with a designation identifying the particular charity wtth the beneficial interest. Information about the Trust's holdings as trustee for other5 is given on pages 10-12. Statement of Directors. Responsibilities The Directors are responsible for preparing the Annual Report and the finanual statements in accordance with applicable law and regulations. Company law requires the Directors to prepare finaniial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Pr8Ctice {United Kingdom Accounting Standards and applicable lawl. The financial statements are required by law to accord with the accounting re(x)rds of the Trust and to show the surplus or deficit for the period concemed. In preparing these financial statements the Directors are required to" select suitable accounting policies and apply them consislenuy obseNe methods and principles in the Charities SORP make judgements and estimates that are reasonable and pnjdent slate whether applicable accounting slandards have been followed. subject to any material departures disclosed and explained in the financial statements prepare the financial slalemenls on the going concem basis unless il is inappropriate to assume that the Trust will continue in operation. The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detecb'on of fraud and other iegular1ties. In so far as the directors are aware.. there is no relevant infomation needed for the accounts examination of which the charitable company s independent examiner is unaware., and the Directors are responsible for taking all steps necessary to ensure that they are aware of all relevant information needed for the Trust's independent examiners examination of the accounts, and they have ensured that the independent examiners are aware of all suth infonnation. Independent Examiners The reappointment of HaYSMalltyre, who have indicated their willingness to act as Independent Examiners, will be the subject of resolutions at the next meeting of the Directors. Special Exemption and Approval This report has been prepared in ac(x)rdance wilh the special provisions for smaller companies under Part 15 of the Companies Act 2006. The Annual Report and Accounts were arculated lo the Directors, by email and approved by them in September 2024 and the Chaimian was authorised lo sign the report. It is signed on behalf of the Directors by M J Gould Director Date.. 26th September2024 Annual Reportand Acccunts 2023 Page Sof 12
URC Thames North Trust INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS OF URC THAMES NORTH TRUST I report on the accounts of the company for the year ended 31 December 2023 which are sel out on pages 7 10 12. Respective responsibilities of trustees and exarniner The Trustees {who are also the Directors of the Charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements in ac(x)rdance with the requirements of the Companies Act 20061"the 2006 Acl"l. The Trustees are satisfied that an audit is not required for this year under section 144121 of the Charities Act 2011 {the 2011 Act) and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the Charitable Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company s financial statements as carried out under section 145 of the 2011 Act. In carying out my examination I have followed the applicable directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since the Charity's income is in excess of £250,000. your examiner must be a member of a body listed in the 2011 Act. I can confirrn that l am qualtfied to undertake the examination because l am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies. I have completed my exarnination. I wnfirrn that no matters have come to my attention giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act., or the financial statements do not accord with those records- or the financi81 statements do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examinatson", or the financial statements have not been prepared in accordanee wtth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable lo Charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems 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 financial slalements to be reached. Siobhan Holmes ACA DChA Haysmacintyre LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG Date.. 26 September 2024 Annual Reportand Acccunts 2023 Page 6of 12
URC Thames North Trust STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Income Propety and in-house legal fees Administration charges - Finance 38,636 11.368 17,154 10,153 50,004 Total Charitable activities 27,307 Investment Invoice CCLA Investrnent rebate 39.714 41,608 Bank and other deposit income 2,150 708 41,864 42,316 Total Income 91.868 69,623 Expenditure on= Charitable activities Contribution to office costslsalary costs Officers, Fees and Expenses Professional fees relating to (asework Insuran Computer and Software support TelephonelPostagelSlationery Independent Examination fees Professional Subscriptions and Training Companies Housellco Bank charges Scanning of Documents Sundries 31.IM)O 30.937 331 1.184 2,647 1,394 3.780 2.038 48 635 30.594 429 36,000 28,440 156 1,081 1,996 1,220 3,600 1,805 48 652 317 Total Expenditure 105,017 75,315 Deficttlsurplus for the year 113,149} 15,692) ReseeS brought fOard al 1 January 2023 63,495 69,187 ReseeS carried fOard 31 December 2023 50.346 63,495 The Trust had no realised or unrealised gains or losses other than the surplus or deficit shown above for the two years ended 31 Decernber 2023. There were no discontinued actiwties or acquisitions in the year. Annual Reportand Acccunts 2023 Page 7of 12
URC Thames North Trust BALANCE SHEET AS AT 31 DECEMBER 2023 Note 2023 2022 Fixed assets Current Assets Debtors Prepayments Cash on short term deposit 13,937 1.636 42,093 10.733 1,115 55,187 57,666 67.035 Creditors: Amounts falling due within one year Accru81s 17,3201 {3,540} Net current assets 50,346 63.495 Net assets 50,346 63,495 Reserves General funds 50.346 63.495 The directors consider that the company is entiled to exemption from the requirement to have an audit under the provisions of sects.on 477 of the Companies Act 2006 (-Ihe Acr) and members have not required Ihe company lo obtain an audit for the period in question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Acl and for preparing financial stalemenls which accord with the accounting records of the company as at 31 December 2023 and of its profit or105s for the period then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company. The financial slalements are prepared in accordance with the special provisions relating to small entities within Part 15 of the Companies Act 2006 and with FRS 102 Seclion 1A - small entities. The accounts were approved by the Directors, by email in September 2024. The Chaimian was authorised to sign and issue the accounts. They are signed on behalf of the directors by M J Gould Director Date.. 26th Septetnber2024 Company No 75432 Annual Reportand Accwnts 2023 Page 8 of 12
URC Thames North Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Convention The financial statements have been prepared in accordan with the Charities {Accounls and Reports) Regulations, the Statement of Recommended Practice for Charities {SORP 2019), Companies Act 2006 and Financial Reporbng Standards applicable in the UK and RepLJblic of Ireland. The accounts have also been prepared in accordance with the FRS102 Section 1A - small entities. They are prepared on the historical cost basis. Figures are presented in steding and rounded to the nearest pound. URC Thames North Trust meets the definition of a public benefit entity under FRS102. The particular accounting pole$ adopted in the preparation of Ihe financial stalements are as follows.'- General inforniation The Trust is a company limited by guarantee. incorporaled in England and Wales {company number.. 754321 and a charity registered in England and Wales (charity number: 1022551). The registered office is St Paul's URC, Newton Road. London. W2 5LS. Preparatlon of the accounts on a golng concem basls. The directors consider that there are no material uncertainties which would cast doubt on the Trust's ability to continue as a going concem. Fund Accounting General funds are unrestricted funds which are available for use al the discretion of the directors in furtherance of the general objectives of the Trust and which have not been designated for other purposes. The Trust has no restricted or designated funds. Income All income is included in the Statement of Financial Activities when the Trust is legally entitled to the income and the amount can te quantified with reasonable accuracy. Expenditure All expenditure is alOunted for on an a[rualS basis and has been dassified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been alloroted to activities on a basis Consistent with use of the sourCes. Properties and investsnents held on behalf of others The Trust has no property or investments in which it is has the benefiaal interest. The properties and investments which stsnd in its name are held for the benefit of other charities of which it is trustee or custodian truslee. Such properties and investments are nol assets of the Trust and are not included in these accounts. Cash in hand I banking transactions on beh8W of charities of which the Trust is trustee or cust(Klian trustee pass through the Trust's bank aount. The balance in hand held on behalf of others is shown on page 12. Creditors Short term Creditors are measured at the transaction pri. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequenuy at amortised cost using the effective interest meth(MJ. Annual Reportand Accwnts 2023 Page 9 of 12
URC Thames North Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Directors. emoluments The Tmst does not have power to remunerate its directors. No expenses were paid to directors in 2023. {2022- £0) Limitation of guarantee In the event of the Trust being wound up. each member has undertaken to contribute lo the assets of the Trust such amounts as required not exceeding £1. The Trust has no power to pay dividends etr to its members, and in the event of its dissolution its property is lo be paid to another appropriate tharilable bc#ly and not to ils members. ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE AS AT 31 DECEMBER 2023 The information given on this and the two following pages is reviewed by the Trust's independent examiner and covered by the report on page 7. Propertles Freehold and leasehold properties are vested in the Tnjst as trustee on behalf of United Refornied Churches or on behalf of Thames North Synod of the United Reformed Church. The cost or value of most of these properties al the date of original purchase or transfer to the Trusl is not known. They are not therefore included in the Statement of Assets Held as Trustee on page 11. Investments Investments are held on behalf of 50 churches. Thames North Synod and other trusts assoaaled with the United Refomied Church in Thames North Syn(Kl. They are shown al market value in the Slalemenl of Assets Held as Tnjslee on page 11. The analysis in Note B on page 12 shows these investments at cost or, in the r2se of some investments transferred to the Trust where the original cost is not known, al market value on the dale of transfer. Cash on short temi deposit and at bank Some moneys held on behalf of churches, trusts and Thames North Synod are held in interest bearing deposit accounts maintained by the Trust wilh individual designations. The Trust's bank balance includes amounts held on behalf of churches, trusts and Thames North Synod, in both current and interest bearing ac(x)unts. These holdings are summarised in Note A on page 11. Income from investments and sh deposits Investment income received for individual charities is mosly remitted to those entitled to it or responsible for ils subsequent distribulion according lo Ihe relevant trusts. Retained income is held for the relevant charity and remitted to them when required. Information for charity trustees The Trust provides annual financial infomation about investments held for the charities of which it is trustee or custodian trustee. Interim information is provided as required. The Trust also provides slalemenls aboul transaclions on currenl and deposit accounts annually and when income is remitted. Annual Rewrt and Puounts 2023 Page 10 of 12
URC Thames North Trust STATEMENT OF ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE AS AT 31 DECEMBER 2023 Nole 2023 2022 Fixed assets Investments at market value 31.126,940 28,517.992 Current assets Cash on short tem deposit Cash at bank 18.923,667 2,944,255 14,921,124 635,622 21,867,922 15,556,746 Total assels 52.994,862 44,074,738 NOTES TO THE STATEMENT OF ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE CASH ON SHORT TERM DEPOSIT OR AT BANK 2023 2022 Short term deposits held on behalf of:. Thames North Synod Others 5,556,220 13.367,447 4,564,279 10,356,845 18.923,667 14,921,124 Cash at bank held on beha of..- Thames North Synod Others {16,2491 2,960.504 3,826 631,796 2,944,255 635,622 Annual Rewrt and Puounts 2023 Page11 of12
URC Thames North Trust INVESTMENTS Summary by Beneficiary Thames North Synod Churches Others Total At cost At 31 December 2022 Transfer 10,308,917 8,611,497 456,528 19,376,942 Additions- New funds 828 828 Reinvestrnent 528.141 10,000 538,141 Disposals. (571,358) (11,2291 {582,5871 At 31 December 2023 10.308,917 8.569.108 455,299 19,333,324 At market value At 31 December 2022 15.066,289 12,770.452 681,251 28,517,992 At 31 December 2023 16.570,861 13,810.186 745,893 31,126,940 Summary by Type Unit TTust5, Common Investment Funds Government Stocks Listed Investments Total At cost At 31 December 2022 19.373.459 3.482 19,376.941 Additions: New funds Reinvestment 828 538.141 828 538.141 Disposals 1582,588) 1582,5881 At 31 December 2023 19,329,840 3,482 19,333,322 At market value Al 31 December 2022 28.479.888 38,104 28,517.992 At 31 December 2023 31.067.188 59,752 31,126.940 Annual Rewrt and Puounts 2023 Page 12 of12