Charlty r•gistration number 1063214
Company reglstratlon numbor 00205248 (England and Wales)
THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
CONTENTS
Page
Trust Director5. report
statement of trust directors. resp(Thibiliti8S
12
Independent aLMlltorfs report
13-15
Statement of ffinandal activities
8alance sheet
17-18
Statement of cash flows
19
Notes to the financial statements
20-37

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
The trust directors present their annual report and financia ststements for Ihe year ended 31 December 2023.
The financAal statsments have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the trusfs goveming document the Companies Act 2006 and 'Accounting
and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard apklicable in Ihe UK and Republic of Ireland IFRS 102)
(effective 1 January 2019)..

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Objectives and actlvltles
Our Alms
The objects of the charity as set out In the chariws Memorandum ofAssociation are reprOduC￿d below..
To advance the Chrlstian rel￿10n and propagate the Gospel in accordance wilh the docti7nes, prinapl8s and
usages ol the United Refomied Church with pa￿c￿lar respon&"bilrfy for the Wales Province of that Church.
Our Objectives and Public Beneflt sL￿ament
Our obj8Ctives are set to reflect our faith and communmy aims. Our objectives and activities are r8vi8W8d
regularly in conjunction with the United Refomied Church National Synod of Wales to 8nsurè that they continue
to reflect our 8ims. In carrying out this review the directors have considered the Charity Commission's guidance
on public benefit and its supplementary public guidance on the advancement of religion for public benefit.
considering that it stratifies both the requirements for 'benefiV and 'public' aspects.
stratagles
The Trust seeks to devélop strategies that suppcfft the work of the URC National Synod of Wales within thè
parameters of the objects of the charity as OLrtlin8d wlthin the Relationship Paper referred to above.
The TnJ5t acts as a custodial trustee for the assets of the URC Nalional Synod of Wales and its constituent
churches. It holds both propety and mon8tary assets on behalf of the National Synod and Individual churches.
The investment policy of the Trust Company is detai18d in a spe(afic section V￿thin this Annual Report. Currently,
the Trust acts on behalf of 86 churches out of 89 churches wtthin the National Synod area with regards to their
property ass8ts ar)d actively manages 31 church funds undèr the umbrella of COIF funds provided by CC LA. The
Trust further manages 13 National Synod Funds across 23 investment accounts detemined by the Trust
Investrnent Policy.
The Trust provides rest)urces for employing stsff promote ecumenical relations across communitEs',
religious developments within rural communities: training and development officers who help people who come to
churches study religious teachings, practiC8s and scriptures. property management and legal compliance
support, together with adminlstrative support for the National Synod. Resources also support work with Children
and Young People across Wales.
A Church Related Communty Worker SUPFKlrts the Swansea Region.
Trusl resources are used to support 14 URC stipendiary ministers of religion to serve their local comrnunits'es
ihrough the provision of in-service training and housing support. These ministers support chaplaincies in
hospitals, universities. visits to schools and prisons in various place5 in Wales. The ministers are ably supported
by:
3 URC stipendiary ministets in roles not based within the Synod or its Churches
1 URC church related comrnunty worker
4 URC non-stipendiary ministers
22 ministers from other denominations working in L￿al Ecumenical Projects (LEP)
37 URC retired ministers
Together with their local Elders and Congregations (2022 fvJures - 1.228 members, with 552 adherents and 100
connected Young People) in their work. Some 72% (511T2) of our Churches have less than 25 members.
The resources of the Trust effectively underpin the engagement of local ￿MmunitieS by their local congregations
in delivering opportunities for education and welrare support. This seprfice is freely available for all throughout
Wales.

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Achievements and perlomiance
The Trust carries out a wide range of activities in pursuan￿ of its Charits￿e aims thal are open to all. The
Directors consider that these activities detailed below. provide public benefft both to those who worship within
URC churches in Wales and the V•llder comrnunities served by these churches.
In assessing the perfomiance of the charity. the Directors seek to link progress wtih the Synod defined priorities
with the activities they approve within their meetings. The majority of decisions taken by Ihe Directors are made
upon receipt of resolutions from Churches, which reflect work based within local communities. This work
connects with the agendas of Soual Justice, Health & Welkbeing together with Regeneration and Employment.
The release of resources held on behalf of local congregation5 as a custodial trustee is dearly linked to local
community-based work where there is evidence of need not being met currenuy.
Listed Buildings
The Trust acts as custodial trust8e for 29 Listed Churches {1- Grad8 1, 4- Grdde 2.. 24 - Grade 21. together with
a further seven churches in Conservation Areas. The Synod Property Officer diredy supports the work of these
churches.
Qulnquennial Inspections for Listed Bulldings
The Trust has informed those churches who are advised under legislation to organize Quinquennial Inspections
and receives a copy of the report when the inspection is complete. The Trust has placed a centralized 3-year
contract with Caroe & Partners Architects after undergoing a tender exercise.
Affordable Housing Policy
The Synod's Policy on Affordable Housing encourages Churches looking to rfrdevelop their sites to consider the
provision of affordable housing, where there is a demonstrable local housing need. The Trust continues to affirm
this policy, a5 being in line wth their Charitable Objects regarding the disposal of assets and ensures that an
exploration of this is undertaken for every disposal of church building. Currently one redundant Church sile -
Christchurch, Fairwater, Cardiff finally completed in late 2023.
strategic Development Work for the Natlonal Synod of Wales
The Trust providéd training support for the National Synod and its constituent Boards to review their work and
decide underlwng priorities for the year. through the resources that it holds. The Trust is activety supporting the
identified priorities of-. Serving Communilies, Transforming Injustice. Sustaining the Environment, Working with
P8thers for the Common Goc#J and Prodaiming the Gospel for all.
Support to Individual Churches
All churches in the National Synod have been supported in their work by staff employed by the Trust v4ho ar8..
Synod Clerk10.8 FTE). Property Officer (0.6 FfE), Children and Youth Development Officer ICYDOI (1.0 FTE),
Moderators PA & offi￿ Manager (1.0 FTE). Finance Support (0.6 FTE). Meeting Support 10.3 FTEI and a
Safeguarding Officer10.6FTE).
In 2023, the Trust has been able to support the development of Comrnunications and Social Media work via a
Consultant that was appointed following an application and interview process.
The Synod has appointed an Ecumenical and Interfaith Post {0.5 FTE) together with a Training and tÈvek)pment
Post {1.0 FTE). Both these posts will be filled from Stipendiary Ministry Deployment Totals with the Trust
providing housing and expenses support. This is well within the current budget totals.
The Trust furth8r supports the w￿k of the Synod through a Service Level Agreement with a company for Finance
and Governance support, whid) equates to 0.8 FtE. The development of activtties by churches to promote
greater engagement by their local communities are actively led. encouraged and supported by staff and Trust
Officers.
Partnerships with other charrtable organisations are actively sought to further ¢)pportunities for the provision of
amenities for the benefit of all.

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Grant making Pollcy
The Trust has adopted application procedures for those Funds that offer grants lo local churches b) support
different aspects of thelr work. Th8 funds that have specific application procedures are.. Manse Fund, Misslon
Developm8nt Fund, Daphne and Belhan Jones Memorial FU￿1. Lmngstone Trust and the Osbom8 Resource5
Fund.
In addition, the Pembrokeshire Legacy custodial fund which is held on behalf of church8s in Pembrokeshire has
its own application proc8dure.
Volunteers
Trust Directors together wlth Members of Finance and Propety Board (with whom they meet ccFterrnin¢Thtslyl are
all volunteèrs.
Transactlons
During the past year, the DireCt￿S have enacted the following transactions:
Manse Sales
Bumside, 1 Garden Suburb, Uanidloes
Mansè Purchases
None
Church Sales
Christchurch Fairwater
Froehold Transfer
53 Newton Road. Mumbles. Swansea
Assot Transfer
Rosemarket Graveyard, Pembrc&eshire
Deeds of Covenant
122 Charles Street, Milford Haven
High Street, Bagillt, Flintshire
Engagement wlth National Organisations
Officers from the Trust maintain appropriate links with the Welsh Govemment and CADW via CYTUN and their
Propety Officers meeting. together with membership of Welsh Historic Places of Worship Forum. The Trust is a
member of th8 Heritage Nelw(Kk
From a UK perspgctivg, the Company Secretsry is also the Secretary for URC Resour￿ Sharing Task &oup
and the Property Officer is a member of the URC PLATO Group. Membership of these groups allows the Trust to
be kept infomied about issues and developmenl that might affed the work of th8 Trust, logether with an ability to
participate in relevant consultations, forwarding views that ar8 in sympathy with the Trust's objects.
FinancTal review
Incoming unrestricted funds totsled £866.319 (2022.. £998.228). The net incoming unrestricted surplus for Ihe
year ended 31 December 2023 amounted to £633.104 {2022: deficit £28.707). which indudes a gain on
investments of £381,319 12022= £521.117 loss). This surplus In￿eased the cumulative unrestricted funds to
£9,625,232 (2022: £8,992.128). Induded within unrestricted funds arè designated funds of £6,145,601 (2022..
£5.967,790).
The total restricted incoming resources amounted to £17,980 (2022: £22,287). Expenditure from restricted funds
of £37,823 (2022= £48.662) resulted in net restricted deficit of £19.843 (2022: £26,375 deficit), before investrnent
gains of £9,085 {2022'. £16,443 loss).

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The total endowment incoming resources amounted to £4,378 (2022.. £4.713). Expenditure from endowment
funds was £nil (2022: £230). before investment gains of £13,468 (2022.. £20,785 loss).
The Irustees recognise the need to hold reserves to help to continue the principal objects of the charity should
the level of funding fall. The level of free reserves at the balance sheet dale amounted to £3,461,33512022-
£3.055,574) which is equivalent to just over 80 months op8rating costs. The balance on the reslricled funds was
£134,80012022 £145,558) and on endowment funds was £182.286 (2022.. £164,440).
The Trust Executive Council (in conjunction with the Synod Finan￿ and Property Board), continues to implement
a Ihree-year rolling budget strategy that is designed to maintsin a balanced budget position, whilst strengthening
th8 underlying position of the Trust finances and achieving the strategic priorities for the United Reformed Church
National Synod of Wales. Targets for this asped of work continue to be consistently achieved and tt is pleasing to
record that the Trust relumed lo a surplus posilion.
Prlnclpal Rlsks and Uncertainties
The Directors have worked in the medium term to secure the stability and sustainability of the work of the Trust
via a balanced budget supported by resolutions from the United Refomied Church National Synod of Walès
Synod Meeting, which has re-affimed this underlying principle for all work.
The Directors note that a signffjcani percentsge of income is derived from the United Refomied Church Inter
Synod Resource Sharing PrO￿sS (ISRSI, which is a voluntary inter-synod sharing proces5, currendy managed
on a three-year rolling basis. It is r8cognised that this process is entirely voluntsry and relies on the good-will of
all ihe participating Synods, it being highly unlikely that this type of support would cease in the short to
medium tem) as a buffer of £300.000 is retained within the voluntsry scheme. In the event of ISRS ncrt operating
successfully, the United R8fomed Church do8s have an emergency scheme available to support Synods in their
operations.
In the event of neither being available to support tha Trust. the Directors have moved to mitigate the risk of any
perman8nt ending of this process by establishing a clear Reserves Policy to deal with this unlikely eventuality,
which covers three months opèrating costs and redundanw costs.
Lay staff employed by the Trust are now members of an AON defined contribution pension sch8me, w+th the
United Reformed Church Final Salary Scheme operated by the Pensions Trust being closed to new contributions
from February 2023. A note dsewhere in the annual accounts explains the position. The Trust's contrgent
obligation has been quantified as part of a one-off exercise connected with the deficit reduction plan, bul there is
not currently any expectation that a cessation event that would trigger such an obligation will ari*, particularly as
the latest triannual valuation (September 2019) wits the scheme in surplus.
The URC Minist8rs Pension Scheme following a recent triennial review is in discussions with the Pensions
Regulator as to how it is to manage both its small ￿rrent deficit and future contributions. Whilst the employer for
this pension Scheme is the Central URC Trust body, there has a￿ayS b88n an expectation that the family related
Synods and Trust Companies will sUPPOrt calls for additional finance when the pension scheme requires them.
The Pensions Regulator is seeking fimier legal guarantees in this respect and the Trust Company has needed to
be part of the 'family solution, that the Pension Regulator accepted. This might be considering a rg]uest to
provide some form of guarantee against fvture calls on funding on assets owned by the Trust or a straight cash
sum. The Trust Directors have been fully briefed by the Company Secretary on the issues and range ol
responses possible. Consultations continued through 2021 and resulted in a one off contribution to deficit of
£500,000 at the end of 2021. This payment represents th8 contribution of Wales to underlying deficit in line with
the same principles that underpin the ISRS process. It is not anticipated that any furth6r calls wil be madè on
Trust finances in respect of thls scheme.

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Future Pension Schemes
At the 2021 URC Generdl Assembly resolutions y￿re passed that allowed the Central URC to explore
replacement schemes and options. During 2022 thes8 conversations continued and new defined contribution
schemes were drafted for both the Lay and Ministers s￿￿MeS.
The change over date for these schemes was the 28 February 2023. There are contingent liabilities for8s88n
with Ihes8 changes.
Risk Managemént
The directors have assessed the risks the charity faces and have drawn up a risk matrix which identifies the
major risks by areas of activty, the nature of these risks. the likelihood of the risks happening and the measures
taken lo manage them. This Risk Matrix underwent a major review during 2018, to whith the Directors and the
Boards of the Synod contributed. The Directors are satisfied that systems are in Flace, or arrangements are in
hand to manage the risks that have been identtfied. In particular. insurance cover is in Pla￿ and the finances of
the Trust Company are reviewed regulady through quarterfy management accounts thal are produced extemally.
Proposals to update the model which have been referred to in previous Reports were actioned towards the end
of 2023 via support from Azets ourAccountants. A draft model is due to be present8d to the Trust in 2024.
Covid 19
Since 2019 year end. the world has been subject to a global pand6mlc caused by Coronavirus.
Following on from the emergency funding prov*Jed by both the grant scheme and re-purposing of some Mission
Development Fund it was agreed that the £100,000 from that Fund by made available to the Regional Pastoral
Comrnittees to bring foNard schemes for providing digital worship. During 2022 further schemes were approved
for support from this fund.
Surprisingly again, contributions from Local ChUrd￿S exceeded sligmly the target set for 2023 for Ministy and
Mission contributions. Both Synod and Trust are extremely p18ased as this is the third consecutive year that our
target ci)ntribution to C8ntral costs has been achieved.
From 8 financial perspective. th8 pandemic still has had litue effect on the income of the Trust. ISRS continu8S to
be received and the figures pledged for 2024 are in line with l)udget requirernents. Investments continue to
confound predictions although the Investment Pdicy of the Tn￿t in moving into Ethical Investments for the
majority of its invested funds has proved a very prudent one, as these funds tend to be less volatile stocks.
Reserves Policy
The Executive Council maintains a strategic reserve sum thal would cover 3 months operating costs, together
with closure costs in the event of the Trust being wound up. This sum is held separately with Eden Trée
Investment Management.
All designated and endowment funds are consKlered restricted by the Trust Directors and are not available for
use as unrestricted income. Unrestricted funds are only held within General Fund.

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Investment Policy and Perfomiance
The Trust undertook a review of its investment policy in 2015. seeking specialist advice from CCLA This
confirmed that the mix of sp8cialised equity. fixed interest and property investment, designed for the charity
sector, met the requirements to generale both income for revenue purposes and capttal growth lo mitigate the
effects of inflation. This r8vised policy was implemented during 2016 with an increase in /0 retums on
investments. During 2018 the Trust took advantage of an offer from CCLA to convert Charities Investment Fund
accounts into Charities Ethical Investment Fund.
In 2019 the Synod {following the resolution of the United Reformed Church), voted to request that the Trust
dislnvesl from Fossil Fuels at the eadiest opportunity. In December 2019 CCLA our principal investnEnt house
indicated that all tts ethical funds had disinvested from Fossil Fuels. Eden Tree and Purpleshoots were already
disinvested.
Given the vc4atility that the Pnjperty Sector has seen which led to the suspenslon of dealing during the
Pandemic, the Trusl will review its investmènt in Property Funds in early 2021. with a view to converting to ethical
non-fossil fL+el investments. The Trusl has made a decision to disinvest from the Propety Fund and wll be
seeking to open an Ethical investment account with Brewin Dolphin who have a local office in Cardiff.
For the year under review there was a nel increase on revaluatr>n of Trust inveslmenls amounting to £403.872
{2022 nel decrease: £558,345).
Social Investment
The investment with Purple Shoots (Charity Number 1155385 Company Number 08603690) is regarded as a
social investment supporting communities in deprivation through Self Reliant GroLJPS in Employment and Micr
business loans in Ihe bottom 25°A of the Welsh Index for Multiple Deprivation. The investment also r&um5
markel rate interest and hence is referred io above.
Funds In deflclt
There are no funds that are in deficit.
Connected Charities
The Trust is connected to member churches. most of whom are ex￿pted charities. Further details can be
obtained from the Synod Office. None of the assets or liabilities of these bodies are incorporated in the accounts
as the Trust is not the beneficial owner and there is neither parent nor subsidiary relationship.
Th8 Trust acts as trustee on behalf of most of the United Refomied Churche5 in Wales (which hav8 similar
objects io the Trust) holding funds and investments (which are kept separat8 from Trust Funds) on their behalf
which have a valu& of around £1.440,128 {2022 £1,331.768). All of these funds are h8ld with professional
inv8Stment managers.
The following churches have custodial accounts with the Trust:
COIF Ch8ri1ies Deposit Fund
Trinity Bargoed
A13- Mold
B05- Barham
B49 - Crane Street Church. Pontypool
F19- Tabemacle URC, Rhayader (outside Trusts)
B16 - Bailèy Street Uniting Church
E17- MDF St John's Tenby
E08- MDF Christchurch
COIF Chariti6s Ethioal Investment FundAccumulated
A26- MDF Rivertown Shotton
A04- MDF St Johns Flint

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
C14- MDF Canton Uniting
A08- MDF Tabernacle Holywell
B36- Hanover (South Korea Church Grant)
A21- Rhos on Sea
H10- Upper Chapel
C38 - Ab8rtridwr (Investment)
Pembrokeshire Legacy
MDF- Sketty
COIF Chaithès Ethical Investment Fund Incom6 Units
C38 - Ab8rti￿r (Income)
826- Libanus Ebbw Vale r8 Tabernacle
Wallace Family Memorial Fund
A04- St Johns Flint
Trinity Bargoed
F25- Glasbury {H06- Maesyronnen>
Star Street Congregational Chapel (URC name: Trust prO￿rty Held ICW Star Street)
John Humprheys Memorial Fund
Work continues. in conjunction with Church House staff. on developing the common database that holds a range
of infomiation - personnel. property and contacts in a safe secure doud location.
Th8 Leadership Group in conjunction wth the Synod Support Team is still spending time considering what
Church need in the way of direct supporL There is a particular focus on conneding and supporting the local
communities that United Reformed Churches are situaled in. with mernbers of the Synod Team regularly visiting
group of chu￿heS across Wales.
The Trust is keen to examine further ways of developing its charitabl8 objectives and will continu8 to eX￿Ore
innovative ways to achieve better use of resources for beneficiaries.
Structuroi governance and management
Governing Document
The United Refonned Church (Wales) Trust Company Limrted is a charitable company limited by guarantee
incorporated on 11 April 1925 and registered as a tharity on 5 July 1997.
The cornpany was established under a Memorandum of Association which established its objects and powers
and is govemed under its Artides of Association. Following the acquisition of the Assets and Liabilities of the
United Refomied Church Natlonal Synod of Wales by transfèr on the 1 January 2W9. these were reviewed and
revised in June 2009.
Oryanisatlonal Structure
The Directors are responsible for the general cA)ntrol and management of the charity with the Company Secretary
and Assistsnt Company Secretary. The Directors give their time freely and receive no financial benefits other
than the payment of expenses.
The Dir8Ctors meet as a body quart8dy a￿1 are respcm5itAe for all decisions taken in relation to running the TTUSt
Company, the facilities and activities provided by thè charity. To assist in the smooth running of the charity the
directors work in conjunction with the United Reformed Church National Synod of Wales Meeting and th8ir
constituent Boards and CouncAIs.
The relationship be￿een the United Refomed Church (Wales) Trust Company and the United Refomied Church
National Synod of Wales are defined within a relationship document that details Ihe responsibilities of each
organisatlon regarding finance, personnel and governance. Policy dev81opment promotes continuity of charitable
purpose acros5 both organisations.

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Boards are set up for Finance & Propety, MIs￿orn & Discipleship, together with Synod Pastoral Committee,
Synod Support Team meeb.ng and Leadership Group. The work of these boards and councils are reported back
to meetings of the Trust Executive Council (which meets jointly with the Finance and Property Board where ther8
is some ccktemiinus of members across both ￿dIes). There is also a Synod Office Management Group. These
boards and groups have a coordinated pattem of meetings with meeting support provided to ensure continuity
and consistency of decision making. The Leadership Group holds the remit for a Strategic View of the
organisation (the Synod) and its work. The Trust seeks lo provide resources to support that work.
The Company Se¢￿tary is an ex-officio member of the Finan￿ and Property Board, Synod Support Team
Meeting and a memb8r of the Leadership Group. Directors and Officers of the company are represented on all
the Boards. The day-to4ay management of the Trust Company. the facilities and projects are delegated to staff.
who report on a regular basis to the Company Secretary.
Recrultment and appolntment of Dlreclors
The United Reformed Church National Synod of Wales providgs up to two thirds of the Trust Company directors.
The Synod Meeting is responsible for conducting its own process of nominating Directors for Ihe Trust Company
to approve th8ir appointment. The Directors themselves. wruit the remaining third seeking to ensure that
necessary expertise in finance, propety management. employment matters. together with company and
charitsble legislation are present on the Trust Executive Council.
Induction and Irainlng of Dlrectors
New directors ale introduced to their new role, given copies of apprwiate documents and material from the
Charity Commission on their role as a truste8.
All directors have the opportunrty to attend training that is relevant lo their role as directors. Training is provided
on a regular basis to update Directors on both generic and specrfic issues. Training was d81ivered during the year
on Safeguarding. Training was also given on supporting Mission Development Fund applications from Churches
in their d8v8lopment stag8.
Pay policy
Pay levels are determined in accordance with rates agreed for staff at the United Refomed Church - Church
House site in London, where the United Reformed Church Trust sets the levels of remuneration. During 2016 a
pay review was undertaken and a new structure based on the NJC Local Govemment Scales was inlroduced
that placed all paid posts according to their scale, complexity. skills level and ￿SpOnsIbl11ty al specific points on
the NJC Scale. Posts in the current slaffing structure continue to linked to this pay spine.
The TUPE Transfer of the CYDO post was affected from URC Trust {Church House London) to the Trust on the
31 December 2016, there were no additional liabilits'es attached lo this transfer.
The Company Secretary is a voluntary role. However, as approved by the Trust Executive Council, the
postholder provides paid consultancy services to the Synod via his company Atherton Consultancy Services
Limited. See note 8 for details.
Executive Council Declaration
The Executive Council confirms that all ne￿ssary steps have been taken to make themselves aware of matter5
which would be r81evant for audit purposes and have communicated such matters to the auditors. They also
confimi that, so far as they are aware. at th8 date of approval of the financial statements th8re ar8 no matt8rs
relevant to the audit of the financial statements which have rKJt been disdosed to the auditors.

THE UNITED REFORMED CHURCH IWALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Reference and Adminislralive Details
Charlty Namo
The United Refonned Church (Wales) Trust Company
Limited
Charity Number
1063214
Company Number
00205248
Reglstered Offlce
The United Reforrned Church
Minister Road
Cardiff
South Glarnorgan
CF23 SAS
Company Secrétary
Mr ChristopherAthorton
Assistant Company Secretsry
Ms Claire Bc*)t
Trustees
Mr lan Lloyd-Pary Chairperson: Synod Appointed
Mr Colin Grimes- TrustAppointed
Ms Sandra walla￿ - Synod Appointed
Revd lan Kirt)y- Synod Appointed {deceas8d 24108124)
Mrs Diane Moverley - Synod ApFointed
Mr Chris Bryne - s￿0d Appointed (resigned 16109124)
In attendanrA
Revd Simon Walkling- modera￿ (until 30108123)
Ms Magan Pri￿- Synod Clerk
Ms Claire BtY)t- Property Offi￿r
Solicltors
Hutchinson Thomas
Pendrll Court
119 London Road
Neath
SA11 ILF
Bankers
CAF Bank
Kings Mill
West Malling
Kent
ME19 4TA
Investmonl Managers
CCLA Investment Management Limited
80 Cheapside
London EC2V 6DZ
10-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
TRUST DIRECTORS. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Eden Tree Investment Management Ltd Beaufort HOL
Bnjnswick Road
Gloucester
GL1 1JZ
Purple Sh(y)ts Connect
St Catherine's Church Upper Church Street Pontypric
CF37 2UF
Auditors
Azets Audit Services
Ty Depw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Managemont Accountants
Williams Ross Limiled
4 Ynys Bridge C￿rt
Gwaelod Y Garth
CF15 9SS
Funds held as custodian trustee
The Trust acts as a custodial trustee for the assels of the URC National Synod of Wales and its constituent
churches. It holds both property and monetary assets on behalf of the National Syncd and individual churches.
Auditors
Following a tendering exercise Azets were appointed Auditors for a thre&y8ar peric*J beginning with the Audit for
2019. This was renewed for a further three year period at the TrustAGM.
The trust directors, report was approved by the Board of Trust Directcfs.
Mr C Grlmes
Trust Director
Dated..
11

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
STATEMENT OF TRUST DIRECTORS. RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023
The trust directors, who are also the directors of The United Refomed Church (Wales) Trust Company Llmiled for
the purpose of company law, are responsible for preparing the Trust Directors. Report and the financial statements
in accordance wSth ap￿ICable law and United Kingdom Accounting Standards (United lQngdom Generally Accepted
Accounting Practice).
Company Law requires the trust directors to prepar8 financial statements for each financial year which give a true
and fair view of the state of affairs of th8 trust and of the incA)ming resources and application of resources, including
th8 incom8 and expenditure, of the charitable ￿rnpanY for thal year.
In preparing th8s8 financial statements, the trust directors are required to:
- seled suitable accounting pdicies and then aptAy them consistenlly;
- observe the methods and principles in the Charities SORP..
- make judgements and estimates that are reasonable and prudent.
state whether applicable UK Accounting Standards have been fdlowed, subject to any material departures
disdosed and explained in the financial statements: and
prepare the financial ststements on the golng concem basis unless it is inappropriate to presume that the trust will
continue in operation.
The trust directors are responsible for keeping adequate ac(r)unting records that disdose with reasonable accuracy
at any time the financial position of Ihe Iwst and enable them to ensur8 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.
12-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE TRUST DIRECTORS OF THE UNITED REFORMED CHURCH IWALES) TRUST
COMPANY LIMITED
Oplnlon
We have audited the financial slatements of The United Reformed Church (Wales) Trust Company Limited Ilhe
'trust') for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet.
the stat8m8nt of cash flows and notes to th8 financial statements. induding significant accounting policies. Th8
financial reporting framework that has been applied in their preparation is applicable law and Unit& Kingdom
Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicabl8 in
the UK and R6public of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slatements:
give a true and fair view of the state of the charitable compan￿$ affairs as at 31 December 2023 and of its
incoming resources and application of resources, for the year then ended.
have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practica"
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable
law. Our responsibilities under those standards are further de￿ribed in the Auditorfs responsibilities for the audit ol
the financial statem8nts section of our repc*t We are independent of the trust in accordance wilh the ethical
requirements that are relevant to our audit of the financial ststements in the UK, induding th8 FRC'S Ethical
Standard, and we have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe
that the audit evidence wè have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements. we have conduded thal Ihe trust directors. use of the going concern basis of
accounting in the preparation of the financial ststements is appropriate.
Based on the work wa havè perfomed, we have not identified any material uncèrtainties relating lo events or
eondilions that, individually or collectively. may cast significant doubt on the trust's ability to continue as a going
concem for a period of at least twelve months from when the finanaal statements are authorised for issue.
Our responsibilities and the responsibilities of the trust directors with respect to going concern are deS￿bed in the
relevant section5 of this report.
Other Inforniatlon
The other information comprises the information induded in the annual report other than the finar￿la1 statements
and our auditor's report thereon. The trust direct(Ys are responsible for the other infomiation contained within thé
annual report. Our opinion on the financial ststements does not cover the other infomiation and we do not express
any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, n doing so.
consider whether the other infomiation is materially inconsistent with the financial statements or cxjr know18dge
obtained in th8 course of the audit, or othepNise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are reqUI￿d to detemin8 whether this gives rise to a
rnaterial misslalement in the financial statements themselves. If. based on the work we have perform8d. we
condude that there is a material misstatem8nt of this other inf0M￿tion. we are required to report that facL
We have nothing to report in this regard.
Matters on which wo are roqulred to rèport by exception
We have nothing to report in respect of the following matters in relation to which the Chariiies (Accounts and
Reports) Regulalions 21)08 require us to report to you if, in our opinicn:
the information given in the financial ststements is inconsistent in any material respect with the trust directors,
report.. or
sufficient accounting records have not been kept,. or
the financial Statements are not in agreement with the accounting records" or
we have not rèceived all the information and explanations we require for our audit.
13-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUST DIRECTORS OF THE UNITED REFORMED CHURCH (WALES) TRUST
COMPANY LIMITED
Responslbllltles of trust dire¢tors
As explained more fully in the 5tstement of trust difectors, responsibilities. th8 trust d1￿ctorS, who are also the
directors of the trust for the purpose of company law, are responsib18 for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and for such intemal control as the trust directors
determine is nec8ssary to enable the preparation of financial statements that are free from material misstat8ment.
whether due to fraud or error. In preparing the finanoal statements. the trust directors arè responsible for assessing
the trust's ability to continu8 as a going concem, disdosing. as applicable, matters related to going concern and
using the going concem basis of accounting unless th8 trust d1￿ClorS either intend to liquidate the charitable
company or to cease Operati￿$, or have no realislic altemative but to do so.
Audltor's responslbilllies for the audit of the flnanclal statsments
We have been appointed as auditor under section 144 of the Charities Art 2011 and report in accordance with the
Act and relevant regulations made or having effect thereunder.
Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or e￿Or, and to issue an audilorfs report that indudes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) wlll always detect a material misststement when it 8XiSts. Misstalernents can arise from fraud or
arror and are considered material if, individually or in the aggregate, they could reasonably be expecled to influence
the economic decisions of users tsken on the basis of these financial statements.
A further d85CriPtlon of our responsibilities is available on the Financial Reporting Council's website at: httPS.'II
www.frc.org.ukJauditorsresponsibilities. This description forms part of our auditovs reporL
Extent to which the audit was consldered capable of detecting irregularitles, Including fraud
Irregularit18s. including fraud, are instances of non-compliance with laws and regulation5. We design procedures in
line with our responsibilities. outlined above and on the Financial Reporting Council's website, to detect material
misstatements in resped of irregularities, including fraud.
We obtain and update our understsnding of the entity, its activities. its control environment, and likely future
developments. induding in relation to the legal and regulatory framework applicable and how the entity is Cornplying
with that framework. Based on this understsnding, we identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or e￿Or. design and perform audit procedures responsive to those risks,
and obtain audit evidence that is suffiaent and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which induded:
Enquiry of management and those charged with govemance around actual and potential Itkngation and
daims as well as actual, suspected and alleged fraud.,
Reviewing minutes of rneetings of those charged with govemancy.
Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the entity through enquiry and inspection-
Reviewing financial statement disdosures and testing to supporting documentstion to assess compliance
with applicable laws and regulations-
Performing audit work over the risk of management bias and override of controls. including testing of
journal entries and olher adjustments for appropriateness. evaluating the business rationale of significant
transactions outside the r￿￿al course of business and remewing accounting estimates for indicators of
potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not deteci all irregularities, induding those
leading to a material misststsment in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed ffom the event5 and transactions reflected
in the financial statements, as we will be less likely io become abvare of instances of nOTrcomplian￿. The risk of
not detecting a material misslatement resulting from fraud is higher than for one resulting from error. as fraud may
involve collusion. forgery, intentional omissions, misrepresenlations. or the override of intèrnal control.
14-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUST DIRECTORS OF THE UNITED REFORMED CHURCH ￿ALES) TRUST
COMPANY LIMITED
Use of our report
This report is made solely lo the charitys trustees. as a body. in accordance with part 4 of the Charib'es {Accounls
and Reports) Regulations 2008. Our audtt work has been undertaken so that we might State to the charity's trustees
those matters we are required to state to them in an auditorfs report and for no other purpose. To Ihe fvllesl extent
pemiilled by law, we do not accept or assurne responsibiltty to anyone oiher than the charity and the charity's
trustees as a body, for our audit work, for this report. or for the opinions we have fomed.
A(2Y h&F
Azets Audit Services
18 September 2024
Chartered Accountants
ststutory Auditor
Ty Depw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
United Kingdom
CF23 8AB
Azets Audit Services is eligible for appointment as auditor of Ihe trnst by virbje of its eligibility for appointment as
audltor of a company under section 1212 of the Companies Act 2(XJ6.
15-

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THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023
2022
Flxed asset5
Tangible assets
Inveslments
Mixed motive investrnents
13
14
15
3,628,098
4,614,909
134,000
3,628.565
4,211,038
134.000
8,377,007
7,973.603
Current a88Ots
Debtors
Cash at bank and in hand
16
58.136
1.556.959
26.065
1.321,304
1,615,095
1,347,369
Creditors: amounts falllng duo wlthln
one year
17
{49,784)
118,8461
Net current assets
1.565.311
1,328.523
Total as8ots1è8s current liabilltles
9.942,318
9,302.126
Capilal fund$
Endowrnent funds - general
Income funds
Restricted funds
nreslrict d fund
Designated funds
General unrestricted funds
18
182.286
164.440
134,800
145.558
19
6,145.601
3.479.631
5,967,790
3,024,338
9.625,232
8,992.128
9.942.318
9,302.126
17-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The company is entiled to the exemption from the audit requirernent contained in sectK)n 477 of the Companies Act
2006, for the year ended 31 December 2023. although an audit has been carried out under section 144 of the
Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006
with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements under the requirem8nts
of the Companies Act 2006, for the y8ar in question in accordance with section 476.
These finanaal statements have been prepared in accordance with the provisions applicable to companies subject
to the small companies regime.
The financial statemerrts were approved by the Trust Direciors on ...............
Mr C Grimes
Trust Dlroctor
Company Reglstratlon No. 00205248
18-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Cash flows from operating activities
Cash generated from operatK￿s
25
113,607
243,673
Investing activities
Purchase of tangible r￿ed assets
Proceeds from disposal of tangibfe fixed
assets
Purchase of investments
Proceeds from diswsal of investments
Investment income received
(1.P33)
1328.998)
639.348
(109,628)
109.628
123.841
18.308
126.418
Not cash generated from investing
activities
122.048
455,076
Net cash used in financing activities
Net increase in cash and cash equlvalents
235.655
698,749
Cash and cash oquivalents at beginning of year
1.321.304
622.555
Cash and cash equivalonts at ond of year
1.556,959
1,321.304
19-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng pollcles
Charity information
The United Reformed Church (Wales) Trust Company Limited is a prlvate company limited by guarantee
incorporated in England and Wales. The registered office is The United Ref<)rnied Church, Minister Road,
Cardiff, South Glamorgan, CF23 SAS.
1.1 Accountlng convention
The financlal statements have been prepared in accordance with the trusvs gov8ming docum8nt, the
Companies Act 2006, FRS 102 'The Finan￿al Reporting Stsndard applicable in the UK and Republic of
Ireland. ("FRS 102.) and the Charities SORP "Accounling and ReportiThJ by Charities: Statement of
R6commended Practice applicable to charities preparing their accounts in accordance wth the Financial
Reporting Standard applicable in the UK and R8public of Ireland (FRS 102)" (effective 1 January 2019). The
trust is a Public Benefit Entity as defined by FRS 102.
The financial statements arè prepared in sterling, which is the functional cuffency of the trust. Monètary
amounts In these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and to indud8 C8rtain
ffinanclal instruments at fair V￿Ue. The principal accounting policies adopted are set out below.
1.2 Going coneem
Al th8 tim8 of approving the finanrAal statements. the trust directors have a reasonable expectallon that the
trust has adequate resOur￿S to continue in operational existen￿ for the foreseeable future. Thus the trust
directors continue to adopt the going concem basis of aco)unting in preparing the financial statements.
1.3 Charitablè funds
Unrestricted funds are availaLle for use at the discretion of thè trust directors in furtherance of their charitable
objectives.
Designated funds comprise funds which have been set aside at the discretion of the trust directors for specific
purposes. The purposes and uses of the designated funds are set out in the notes to the financial statemenls.
Restricted funds are subject to spectfic coThJitions by donors as to how they may te used. The purposes and
uses of the restricted fijnds are set out in the notes to the financial statsments.
Endowment funds are subject to Specif￿ conditions by donors that the capital must be maintained by the trusL
1.4 Income
Incom8 is recognised when the trust is legally enttued to it after any pèrfom)ance conditions have been met,
the amounts can be measured reliably. and it is probable that income will be re￿ived.
Cash donations are recognised on receipt. Other donations are recognised once Ihe trust has been mtified of
the donation, unless performance conditions require deferral of the amount. Income tsx recoverable Yi relation
to donations received under Gtft or deed5 of covenant is rerxgnised at the time of the donation.
Grants ar8 recognised in full in the year they are receivable.
Investment income is induded when receNable.
Legacies are recognised on receipt or othenvise rf the trust has been notified of an impending distribution, the
amount 15 kni)wn, and receipt is expected. If the amount not known, the legacy is treated as a contingent
asset.
-20-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accountlng policies
(Continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefi't to a
third party. it is probable that a transfer of economic beneffts will be required in settlement. and the amount of
the obligation can be measured reliably.
Expenditu￿ is dassrfied by activity. The costs of each activity are made up of the total of dir￿1 costs and
shared costs, induding support costs involved in undertaking each activity. Direct costs attribulab4e to a single
activity are allocated directly to that actiwty. Shared costs which contribute to more than one aclivity and
support costs which are not attributable lo a single activity are apportioned between those activi￿S on a basis
consistent with the use of reSoUr￿s. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cosl or valuation, net of
depreciation and any impaimient losses.
Churches have not been valued in the the accounts as there is no m8aningful basis on which to put a
monelary value on them and no accurate information on their original cost.
Manses purchased prior to the Introducti(￿ of the s￿0d Manse pdicy {now adopt8d by the Trust) were
excluded from the accounts due to a number of legal and other issues relating to their original purchase and
eventual disposal. From 1 January 2014 they have been brought into the accounts at deemed cost of nil
given the uncertainties detailed.
Manses that have been purchased since the Manse policy was introduced by the Synod in 1999 have been
included in th6 accounts at their original cost. These manses are depreciated as detailed below.
Manses are no longer depreciated as tnjstees felt there was litue operational benefit of a material nature to be
gained from continuing the exercise of depreciation. given the propertie5 are maintained to a level that is in
exeess of the initial cost.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases=
Freehold land and buildings
Nil (2% of original cost until 2009)
Leasehold land and buildings (Syrn)d Offices) 5% of original cosl
Fixtures and fittings
1Ck25Yo of original cost
The gain or loss arising on the disposal of an asset is determined as the difference beiween the sale proceeds
and the carrying value of the assel. and is reL))3nised in the statement of financial activtlies.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price exduding transaction costs. and are
subsequently measured at fair value al each reporting date. Changes in fair value are recogni5ed in net
incomel(expenditure) for the year. Transacb'on costs are expensed as inGurred.
Mixed motive investments are %)cial investrnents supporting wmmunities in deprivation. Mixed motive
investments are initially measured at cost and subsequently measured at cost net of any impaim)ent losses.
The investments return a market rate of interest.
1.8 Impairnient of fixed assets
At each reporting end date, the trust reviews the carying amounts of its langible assets to determine whether
there is any indication that those assets hav8 suffered an impairment loss. If any such indication exists, the
recoveratde amount of the asset is estimated in order to detemine the extent of the impairment loss {if any).
21

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting policies
Icontinued)
1.9 Cash and cash equivahnts
Cash and cash equivalents indude cash in hand. deposiis held at call with banks. other short-t8mi liquld
inveslm8nts with original maturities of three mcfflths or less. and bank overdrafts. Bank ov8rdrafts are shown
within borrowings in current liabilities.
1.10 Flnanclal Instruments
The trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0th8r
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the
contractual provisions of the instrumenL
Financial assets and liabil￿eS are offsel, with the net amount5 presenled in the financial statements, when
Ihere is a legally enfor￿able right to set off the recognised arrth)unts and there is an intention to settie on a net
basis or to realise the asset and setue the liability simultsneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances. are initially measured at
transaction price including transaction costs and are subsequently carried at amortised ￿$t using the effective
Interest method unless the arrangement constitutes a financing transadion. where the transaction is
measured at the present value of the future receipts disc¥)unted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Derecognluon of financial assets
Financial assèts are derecognised only when the contractual rights to the cash Ilows from the asset expire or
are settled. or when the trust transfers the financial asset and substantially all Ihe risks and rewards of
ownership to another entity, or if some signtficant risks and rewards of ownership are retsined but control of
the assel has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Bask Ilnanclal Ilabllltles
Basic financial liabilits'es, induding creditors and bank loans are initially recognised at transaction price unless
the 8rr8ngement constitutes a financing transaction. where the debt instrument is measured at the present
value of the futur8 payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequenlly carried at amortisèd cosL using the effedive inlerest rate method.
Trade creditors are obligations to pay for goods or servrces that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are dasstfied as current liabilities if payment is due within one
year or less. If not, they are presented as noTrcurrent liatmlities. Trade Greditors are recognised initially at
transaction price and subsequently measured at amortised cosl usin9 the effective interest method.
Dorecognition of financial lialH"lities
Financial liabilities are derecognised when the trust's contractual obligations expir8 or are discharged or
cancell8d.
-22-

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Accounting pollcles
(Contlnued)
1.11 Employee benefits
The costs of short-term employee benefits are rec()gnised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused hdiday entidement is recognised in the period in which the employee's services are
received.
Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to
terminate the employment of an employee or to provide temiination benefits.
The charity's employees were members of a separately administered multi-employer defined benefit scheme.
On Ihe 28 February 2023 this scheme was dosed to new contributions.
For the remaining 10 months of the year. contributions were made to AON Master Trust Scheme for lay staff
within the Unit8d Reformed Church as a linked employer to the United Reformed Church Trust.
1.12 Leases
Rentals payable under operating leases, including any lease incentives received, ar8 charged as an expense
on a straight line basis over the t8Th of the relevant lease.
1.13 Taxatlon
A5 a registered charity. The United Refomied Church (Wales) Trust Company Limited is 8ntit18d to Ihe
exemption from taxation in respect of income and capital gains received with sections 478489 of the
Corporation Tax Act 2020 and section 256 of Taxation of Chargeable Gains Act 1992 to the extent that these
are applied to its charitable objècts purFrf)se onty.
Crltlcal accountlng estimates and Judgements
In the application of the trust's accounting policies. the trust directors are required to make judgements,
estimates and assumpticins about the carrying amount of assets and liabiltknes that are not readily apparent
from other sources. The estimates and associated assurnptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and undeflying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estirnate is revised where the revision affects ￿lY that
period, or in the period of the revision and future periC￿S where the revisTron affects both cu￿ent and future
periods.
-23-

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THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6 Charltable actlvlties
2023
2022
Staff costs
Depreciation and impainnent
Grants payable
Children and youth development
Trust costs
145.921
2.261
167,509
60,376
11.314
158,555
9,478
86.537
58.720
14.804
r li
Training
Propety costs
Pr8mis&s costs
Offic8 costs
Staff expenses
Mom pilot projed
Safeguarding
Prowsion for bad debts
25,769
98,300
14.836
11,956
7,718
7,070
41.259
28,424
23,227
6.182
9.377
7.695
9,427
39,504
50,000
594.289
501,930
Share of govemance costs (see note 7)
58.068
52.550
652.357
554.480
Analysis by fund
Unrestricted funds
Restricted funds
614,534
37,823
505,818
48.662
652,357
554,480
Support costs
Support Govèrnance
costs
2023
2022
Audit fees
Legal and professional
Accountancy costs
8.090
48,538
8,090
48,538
1,440
7,430
43,680
1,440
58.068
58.068
52.550
Analysed belween
Charitable activities
58.068
58.068
52,550
Govemance costs indudes payments to the auditors of £8.090 (2022: £7,430) for audit fees.
The management accountants were paid £1.440 for accountancy serV￿8s(2022. £1.440).

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Trust Dlrectors
During the year under review travel and other out of pocket expenses of £2,435 (2022.. £9601 were
reimbursed to members of the Executive Committee and tnembers of the Finance and Property Board
covering all of the various duties they perform on behalf of the Trusl.
During the year under review consultancy costs of £43,680 12022: £43,680} were paid to Alherton
Consultancy Services Limited (owned by the Company Secretary) in relation to the provision of necessary
financial and other supp(xt services to the Synod. This was agreed by the Trust Executive.
No other transactions took place with the ExecutNe Committee or Finan￿ and Property Board, as related
parties, during the year under review.
Employee5
The average monthly number of employees during the year was:
2023
Number
2022
Number
Employment cosls
2023
2022
Wages and salaries
Social security costs
Other pension costs
193,288
12.212
43.634
176.365
11.018
54.362
249.134
241.745
Employees earning > £60k
No employee eamed more than £60.000 during the current or prior period.
Key Management Personnel
The remuneration paid lo Key Management Personnel linduding salary. employers national insurance and
employers pension contributions) in the year was £48,549 (2022: £67,932).
10 Other
Total
Total
2023
2022
Grants payable
230
230
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THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12 Taxatlon
The charity is exempt from tax on income and gains falling within seclion 505 of the Taxes Act 1988 or section
252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Tanglble fixed assets
FI￿h￿Id land
and buildings
Leasehold Fixture5 and
land and
ffttings
buildings
(Synod
Offie•sl
Total
Cost
At 1 January 2023
Additions
3.693.464
134.633
40.094
1,793
3,868.191
1,793
At 31 December 2023
3.693.464
134,633
41.887
3,869,984
Depreciation and Impalrnient
At 1 January 2023
Depreciation charged in ihe year
83,663
122.952
6,730
33.010
(4.469)
239,625
2,261
At 31 December 2023
129.682
28.541
241,886
Carrylng amount
At 31 Decernber 2023
3.609.801
4.951
13,346
3.828.098
At 31 December 2022
3.609,801
7,083
3.628,565
14 Flxed asset Invèslments
Listed
Investments
Cost or valuallon
At 1 January 2023
Additions
Valuation changes
4,211,038
109.628
403,871
At 31 December 2023
4,724.537
Impairnient
At 1 January 2023
Disposals
109,628
Al 310ecgrnber 2023
109,628
Carrylng amount
Al 31 December 2023
4.614,909
At 31 December 2022
4,211.038

THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15 Mixed motlve Invastmonts
At 1 January 2023 and 31 December 2023
134.000
16 0•btor8
2023
2022
Amounts falllng dua wlthln one year.
Other debtors
Prepayments
48.040
10.096
17.673
8,392
58.138
26,065
17 Credltors: amounts falling duè wlthln ono year
2023
2022
Other creditors
Amals and deferred income
29.486
20.298
8,867
9,979
49.784
18,846

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THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22 The United Refonned Church Final Salary Scheme for Lay Staff
The URC (Wales) Trust Company contributed a total of £43.634 (2022 - £54.362) to pension schemes during
Ihe year.
For the first two months contributions were made to The United Refomed Churth Final Salary Scheme. a
pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (fomerly The
Pensions Trust). On the 28 February 2023 Ihis scheme was dosed to new contributions.
For the remaining 10 months of the year, contributions were made to AON Master Trust Scheme for lay staff
within the United Refom)6d Church as a linked employer to the United Reforn*d Church Trust. Contributions
by members remained at 7.5% of pensionable salary.
The most recent formal actuarial review of the closed TPT Retir8ment Solutions Trust scheme was at 30
September 2019, when the scheme had a surplus of £2,689.000.
The assumptions underlying that valuation indudé..
Discount rate: 1.4%
Pensionable eamings growth: 2.5% for three years. 2.7% thereafter
Price inflation and pension increases- 2.55%
Retirement age {active members).. 65 with rnaximum commutation
Due to a onevoff exwcise funded as part of the plan to reduce the deficit, liablities as of September 2016
valuation were defined as follows for Wales - Solvency Lk3bility £652.129 TP Liability £370.398 (1.3Vo) of the
total deficit. September 2019 actuarial review put the scherne in balance and no cessation events are
envisaged.
There are no potential future liabilities anticipated for ￿ Trust in connection with the final salary scheme.
URC Mlnlst•rs Ponslon Scheme
In addition to the pension costs disdosed above. grants were made to the URC Ministers Pension Scheme of
£nil (2022.. £10.161).
23 Operatlng lèase commllments
At the reporting end date the trust had outstanding commiknents for future minimum lease payments under
norrtancellable operating leases, which fall due as follows:
2023
2022
Within one year
Between two and five years
In over five years
4.943
15,400
13.491
5,865
16.493
17.341
33.834
39.699
24 Related party transacti(￿$
No related party transactions took place in the current or previous year other than those disclos￿ elsewhere
in the financial staiements.

THE UNITED REFORMED CHURCH IWALES) TRUST COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25 Cash genorated from operations
2023
2022
Surplusl(deficit) for the year
640,192
(87,827)
Adjustments for.
Investment income recognised in ststement of finanaal aclivltles
Gain on disposal of tsngible fixed assets
Fair valu8 gains and losses on investrnents
Depreaation and impaiment of tangible fixed assets
(123,841)
(126,418)
1157,651)
558,345
9,478
(403,872)
2,261
Movements in working capitsl:
(InC￿888Ydecr8a$e in debtors
Increasel(decreasel in creditors
(32.071)
30,938
48,283
(537)
Cash goneratad from operatlons
113,607
243,673
26 Analysis of changes In not funds
The trust had no debt during the year.
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