COMPANY NO.: 75432 REGISTERED CHARITY NO.: 1022551 URC THAMES NORTH TRUST (A c(*npany limtted by guarantee and having no share capital) ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 December 2024 CONTENTS Page Report of the Directors and Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements Assets Held as Trustee Annual Reportand Accwnts 2024 Page 1 of 12
URC Thames North Trust REPORT OF THE DIRECTORS AND TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Directors have pleasure in presenting their report and the financial statements of URC Thames North Twst Ilhe Trust") for the year ended 31 December 2024. The report incorporates InfonatIon complying with the Charits'es 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. Whilst a Secretary and Trust Officer have been appointed, there is no treasurer in post. These officers undertake the day to day work of the Trust including the keeping of the financial records and preparation of the annual accounts. They report lo the regular rneetings of Directors and consult Directors between meetings as necessary. Directors are kept informed of deVelOents 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 M J Gould Ichaimianl (10 23 March 2025) Mr B M Hosier Mr B W Moere Mrs J Wyber Mrs K Yates 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. Binningham, B3 2ES. Cripps Pemberton Greenish LLP, 22 Mount Ephraim Road, Tunbtidge Wells, Kent. TN4 8AS Independent Examiners Lee Stokes FCA Haysmac LLP 10 Queen Street Place. London, EC4R 1 AG. Annual Reportand Acccunts 2024 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 Refomed 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 93 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 165 churches) within the area of the Thames North Synod or persons assoryated with the Synod 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 guidan on public benefit in Ihe "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 8nd 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 211 the deeds and retained documentation has now been completed. however there is still work lo be done to ensure that all documents are individually labelled and in the COeCt sedions on the propety database. Work will continue in wpulating the database with the relevant infom)ation. Annual Reportand Acccunts 2024 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 surplus for the year of £5,29812023.' Defi1 £13,149). The Trust applies a range of charges for spectfic services provided to the charities of which it is trustee. However, it is impracticable lo set these al 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 accounts. 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 liabilits'es of charities for which the Tnjst acts as charity trustee or custodian trustee. The Balance Sheet on page 8 and the stement of Financial Activities on page 7 deal wilh the Ttust'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- 12. Infomiation about investments held for charities of which the Trust is trustee is provided to these charities annualty and as transaction5 are carried out. Statements about transactions on current and dep051t accounts are also supplied annually and when income is remitted and on request from churches. Resepies Policy The Trust had reserves of £55,644 at the end of 2024 12023= £50,346). This represents approximately 9 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. rf 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 tts own. The tx)sts of providing its SeiceS are analysed in the Statement of Financial Activities on page 7. These costs are met from interest on bank balances and charges lo 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 genefal legal advice are borne 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 applicable. Investments are recorded wlh individual designats'ons 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 2024 Page4of 12
URC Thames North Trust Funds held on behalf of olhers Investments are registered in the name of the Trust wtth a designation identifying the particular charity with the beneficial interest. Information about the Trust's holdings as trustee for others is given on pages 10-12. statement of Directors. Responsibilities The Directors are responsible for preparing the Annual Report and the finanaal statements in accordance with applicable law and regulations. Company law requires the Directors lo prepare finanual statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordan with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable lawl. The financi81 statements are required by law to accord with the acwunting records 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 consistently observe methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent stale whether applicable a(xounting standards have been followed. subject to any material departures disclosed and explained in the financial statemenls prepare the financial slalements on the going concem basis unless tt is inappropriate lo 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 detection of fraud and other irregularities. In so far as the directors are aware.. there is no relevant information 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 infomiation needed for the Trust's independent examiners examination of the accounts, and they have ensured that the independent examiners are aware of all such infom)atson. Independent Examlners The reappointmenl of Haysmac LLP. who have indicaled their willingness lo act as Independent Examiners, will be the subject of resolutions at the next meeting of the Directors. Speclal Exemptlon and Approval This report has been prepared in accordan with the special provisions for smaller companies under Part 15 of the Companies Act 2006. The Annual Report and Accounts were circulated to the Directors, by email and approved by them in September 2025 and a director was authorised to sign the retxirt. It is signed on behalf of the Directors by B M Hosier Director 24 September 2025 Annual Reportand Acccunts 2024 Page Sof 12
URC Thames North Trust INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF URC THAMES NORTH TRUST report to the trustees on my examination of the aixounts of URC Thames North Trust for the year ended 31 December 2024 which are sel out on pages 7 to 12. Respective responsibilities of trustees and examiner The trustees (who are also the directors of the company for the purposes of company lawl are resFK)nsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {"Ihe 2006 Act'l.The trustees are satisfied that an audit 15 not required for this year under section 144{2} 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 charitae 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 the charitable company's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent examiner's statement sin the charity has prepared its accounts on an accruals basis your examiner must be a member of a body listed in the 2011 Act. I can confimi that l am qualified to undertake the examinalion because l am a registered member of the Institute of Chartered Account2nts in England 2nd Wales which is one of the listed bodies. I have completed my examination. I confiTh that no matters have come to my attention giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Company as required by section 386 of the 2CH)6 Act: or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of sectK)n 396 of the 2006 Act other than any requirement that the accounls give a 'true and fair view which is not a maller considered as part of an independent examin8tion', or the accounts have not been prepared in accordance with the meth(xls and principles of the Ststement of Recommended Practice for accounting and reportiTrJ by charities. 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 understandiTrJ of the accounts to be reached. Lee Stokes FCA Haysmac LLP Chartered Accountants 10 Queen Street Place London EC4R 1AG Date.. 25 September 2025 Annual Reportand Acccunts 2024 Page 6of 12
URC Thames North Trust STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Income Property and in-house legal fees 27,019 38,636 Administration charges - Finance 20.562 11,368 47,581 50,004 Totsl Charitable activilies Investrnent Invoice CCLA Investment rebate 42,507 39,714 Bank and other deposit income 2.719 2,150 45,226 41.864 Total Income 92,807 91,868 Expenditure on= Charitable activities Contribution to ofFi¢e costslsalary costs Officers, Fees and Expenses Professional fees relaling to casewo Insurance Computer and Software SUPF TelephonelPostagelStationery Independent Examination fees Professional Subscriptions and Training Companies Housellco Bank charges Scanning of Dccuments Sundries 41.000 33.503 587 1.636 1,959 1.269 4.080 2,182 69 850 31,000 30,937 331 1,184 2,647 1,394 3,780 2,038 48 635 30,594 429 374 Total Expendilure 87,509 105,017 Deficitlsurplus for the year 5,298 113,1491 Reserves brought forward at 1 January 2024 50,346 63,495 Reserves carried forward 31 December 2024 55.644 50,346 The Trust had no realised or unrealised gains or k)sses other than the surplus or deficit shown above for the two years ended 31 December 2024. There were no discontinued activities or acquisitions in the year. Annual Reportand Acccunts 2024 Page 7of 12
URC Thames North Trust BALANCE SHEET AS AT 31 DECEMBER 2024 Note 2024 2023 Fixed assets Current Assets Debtors Prepayments Cash on short lerm deposit 22,036 1.657 36,031 13,937 1,636 42,093 59,724 57.666 Creditors: Amounts falling due within one year Accru81s 14,0801 {7,320) Net current assets 55,644 50.346 Net assets 55,644 50,346 Reserves General funds 55.644 50.346 The directors consider that the company is entttled to exemption from the requirement to have an audit under the provisions of sects.on 477 of the Companies Act 20061.the Acl") and rnembers have nol required the company to obtain an audit for the period in question in accordance with section 476 of the Act. The directors acknowledge their responsibilibes 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 2024 and of its profit or loss for the period then ended in accordance with the requirements of sedions 394 and 395 of the Act and which otherwise comply wth 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 2025. The Chaimian was authorised to sign and issue the accounts. They are signed on behalf of the directors by B M Hosier Director 24 September 2025 Company No 75432 Annual Reportand Accwnts 2024 Page 8 of 12
URC Thames North Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Convention The financial statements have been prepared in a)rdance with the Charities {Accounts and Reports) Regulations, the Siatemenl of Recommended Praclice for Charities ISORP 20191, Companies Act 2006 and Financial Reporting Standards applicable in the UK and Republic of Ireland. The accounts have also been prepared in aixordance with the FRS102 Section 1A - small entities. They are prepared on the historical cost basis. Figures are presented in slerfing and rounded lo Ihe nearest pound. URC Thames North Trust meets the definition of a public benefit entity under FRS102. The particular accounting polioes adopted in the preparation of the finanryal statements are as follows'.- General infomiation The Trust is a company limited by guarantee. incorporated in England and Wales (company number.. 754321 and a charity registered in England and Wales (charity number.. 1022551). The registered office is Sl Paul's URC. Newton Road. London. W2 5LS. Preparation of the accounts on a going concem basis. 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 Accountlng General funds are unrestricted funds which are available for use at the discretion of the directors in furtheran of the general objectives of the Trust and which have not been designated for olher purposes. The Trust has no restricted or designated funds. Income All income is included in the Statement of Financial AclNlties when the Trust is legally entiued to the income and the amount can be quantified with reasonable accuracy. Expendlture l expenditure is aithunted for on an StrualS basis and has been classified under headings that aggregate all costs related to the category. Where wsls cannot be directly attribuled lo particular headings they have been allocated lo activities on a basis consistent with use of the resources. Properties and investments held on behalf of others The Trust has no property or inveslments in which il is has the beneficial interest. The properties and investments which 8tsnd in its n2me are held for the benefft of other charities of which it is trustee or custodian trustee. Such properties and investrnents are nol assets of the Trusl and are not included in these accounls. Cash in hand All banking Iransactions on beham of charities of whith the Trust is trustee or custodian trustee pass through the Trust's bank account. The balan in hand held on behalf of othets is shown on page 11. Creditors Short term creditors are measured at the transaction PTtee. Other ffinancial 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 method. Annual Reportand Accwnts 2024 Page 9 of 12
URC Thames North Trust NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Directors. emoluments The Tmst does not have power to remunerate its directors. No expenses were paid to directors in 2024. {2023- £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 charitable body and not to its members. ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE AS AT 31 DECEMBER 2024 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 Untted 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 Trust 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 47 churches. Thame5 North Synod and other trusts associated with the United Refomied Church in Thames North Syn(Kl. They are shown al market value in the Stalemenl of Assets Held as Tnjslee on page 11. The analysis in Note B on page 12 shows these investments at cost or, in the case of some investments transferred to the Trust where the original cost is not known. at 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 with 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 mostly remitted to those entitled to it or responsible for ils subsequent distribuon 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 current and deposit accounts annually and when income is remitted. Annual Rewrt and Puounts 2024 Page 10 of12
URC Thames North Trust STATEMENT OF ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE AS AT 31 DECEMBER 2024 Nole 2024 2023 Fixed assets Inveslmenls at market value 35.868,530 31,126,940 Current assets Cash on short tem deposit Cash at bank 21.034,659 3,782,130 18,923,667 2.944,255 24.816,789 21,867,922 Total assets 60.685,319 52,994,862 NOTES TO THE STATEMENT OF ASSETS HELD AS TRUSTEE OR CUSTODIAN TRUSTEE CASH ON SHORT TERM DEPOSIT OR AT BANK 2024 2023 Short temi deposits held on behalf of:_ Thames North Synod Others 2,436,982 18.597,677 5,556,220 13,367,447 21.034,659 18,923,667 Cash at bank held on behalf of..- Thames North Synod Others 19.1881 3,791.318 116,2491 2,960,504 3,782,130 2.944,255 Annual Rewrt and Puounts 2024 Page11 of12
URC Thames North Trust INVESTMENTS Summary by Beneficiary Thames North Synod Churches Others Total At cost At 31 December 2023 Transfer 10,308,917 8,569,108 455,299 19,333,324 Additions- New funds 4.717,227 4,717,227 Reinvestrnent Disposals. 593.156 20,687 613,843 At 31 December 2024 15.026,144 7.975.952 434,612 23,436,708 At market value At 31 December 2023 16.570,861 13,810.186 745,893 31,126,940 At 31 December 2024 21.753,359 13,369.803 745,368 35,868,530 Summary by Type Unit TTust5, Common Investment Funds Government Stocks Listed Investments Total At cost At 31 December 2023 19.329.840 3.484 19,333.324 Additions: New funds Reinvestment 4.717.227 4.717.227 Disposals 1613,843) 1613,8431 At 31 December 2024 23,433,224 3,484 23,436,708 At market value Al 31 December 2023 31.067.188 59,752 31,126.940 At 31 December 2024 35.809.700 58,830 35,868.530 Annual Rewrt and Puounts 2024 Page 12 of12