Charity registration number 1063214 Company registration number 00205248 (England and Wales) THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Administrative and reference information Trust Directors, report 3-17 Statement of Trust Directors, responsibilities 18 IndependentAuditor's report 19-22 Statement of Financial Activities 23 Balance Sheet 24 Statement of Cash Flows 25 Notes to the Financial Statements 26-40 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 REFERENCE & ADMINisfRATIVE INFORMATION Registered Name The United Reformed Church (Vvales) Trust Company Limited Previous Registered Names URC (Vvales Trust) United Reformed Church (Wales) Trust Registered Office The United Reformed Church Minster Road CARDIFF CF23 SAS Registered Number- Companies House 00205248 (England and Wales} Registered Charity Number 1063214 Bankers CAF Bank Limited lQngs Mill West Malling Kent ME19 4TA Statutory Aud itors Burton Sweet Limited The Clock Tower, 5 Fairleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Management Accountants William5 Ross Limited Chartered Accountants 4 Ynys Bridge Court Gwaelod Y Garth CARDIFF CF15 gss Solicitors Hutchinson Thomas Pendrill Court 119 London Road Neath SA11 ILF THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 REFERENCE & ADMINISTRATIVE INFORMATION Investment Managers CCLA Investment Management Limited 80 Cheapside LONDON EC2V 6DZ Eden Tree Investment Management Ltd Beaufort House Brunswck Road Gloucester GL11JZ RBCIBrewn Dolphin Third Floor Two Central Square Cardiff CF10 1FS Purple Shoots Connect St Catherine's Church Upper Church Street Pontypridd CF37 2UF Members of the TNst Executive Council The members ofthe Trust Executive Council for the year under review were: Directors Mr lan Lloyd-Parry Mrs Diane Moverley Mr Chris Bryne Mr Colin Grimes Ms Sandra Wallace Revd lan Kirby Revd Simon Walking Mrs Donna Jones Chairperson.. Synod Appointed Synod Appointed Synod Appointed TrustAppointed Synod Appointed Synod Appointed Trust Appointed Trust Appointed (resigned 16109124) (deceased 24108124) (appointed 29101125) (appointed 29101125) In Attendance Revd David Salsbury Ms Megan Price Ms Claire Boot Moderator (from 01104124) Synod Clerk Property Officer Company Secretary Mr Christopher Atherton Assistant Company Secretary Ms Claire Boot THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) The Trustees present their annual report and audited financial statements for the year ended 31 December 2024 which are also prepared to meet the requirements of the trust deed and for a directors, report and accounts for Companies Act 2006 purposes. The financial statements comply with the CharitiesAct 2011, the Companies Act 2006, the Memorandum and Articles ofAssociation, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Structure, Governance and Management Goveming Document The United Reformed Church (Wales) Trust Company Limited is a charitable company limited by guarantee incorporated on 11 April 1925 and registered as a charity on 5 July 1997. The company was established under a Memorandum ofAssociation which established its objects and powers and is governed under its Articles ofAssociation as amended by resolution dated 24 March 1992, 13 June 1997, 3 June 1997, 27 January 2000 and 27 July 2010. Organisational Structure The Directors are responsible for the general control and management ofthe charity. The Senior Leadership Group (SLG) comprising of the Moderator, Synod Clerk, Company Secretarylsynod Treasurer give strategic, organisational and management support. The wider Synod Support Team in tum support SLG. The Directors give their time freely and receive no financial benefits other than the payment of expenses. The Directors meet as a body quarterly and are responsible for all decisions taken in relation to running the Trust Company, the facilities and activities provided by the charity. To assist in the smooth running of the charty the directors work in conjunction with the United Reformed Church National Synod of Wales Meeting and their constituent Boards and Councils. The relationship between the United Reformed Church (Wales) Trust Company and the United Refoimed Church National Synod of Wales are defined within a relationship document that details the responsibilibes of each organisation regarding finance, personnel and governance. Policy development promotes continuity of charitable purposes across both organisations. This relationship document was extensively revised and updated during 2024. Boards are set up for Finance & Property, Mission & Discipleship, together with Synod Pastoral Committee, Synod Support Team Meeting and Leadership Group. The work of these boards and councils are reported back to meetings of the Trust Executive Council (which meetsjointly with the Finance and Property Board where there is some co-terminus THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) of members across both bodies). 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 to provide resources to support that work. The Company Secretary is an ex-officio member ofthe Finance and Propety Board, Synod Support Team Meeting and a member of the Leadership Group. Directors and Officers of the Company are represented on all the Boards. The day-to-day management of the Trust Company, the facilities and projects are delegated to staff, who report on a regular basis to the Company Secretary and the SLG. The Synod Support Team draws all the staff - lay and ordained together on a quarterly basis and there is an Annual Strategic Away Day for the SupportTeam. Recruitment and appointment of Directors The United Reformed Church National Synod of Wales provides up to I￿0 thirds of the Trust Company directors. The Synod Meeting is responsible for conducting its own process of nominating Directors for the Trust Company to approve their appointment. The Directors themselves, recruit the remaining third seeking to ensure that necessary expertise in finance, property management, employment matters, together with company and charitable legislation are present on the Trust Executive Council. There are no specific constitutional provisions for the appointment of the 113 of the Directors under the direct control of the Directors. The Trust makes use of the safe recruiting procedures that the Synod uses to appoint people to its committees and groups. Induction and training of Directors New directors are introduced to their new role, given copies of appropriate documents and material from the Charity Commission about their role as a trustee. This 'onboarding' is undertaken by the Assistant Company Secretary. All directors have the opportunity to attend training that is relevant to their role as directors. Training is provided on a regular basis to update Directors on both generic and specifi¢ issues. Further training was delivered during the year on Safeguarding. Pay policy Pay levels are determined in accordance with rates agreed for staff at the United Reformed 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 Government Scales was introduced that placed all paid posts according to their scale, complexity, sknlls level and responsibility at specific points on the NJC Scale. Posts in the current staffing structure continue to linked to this pay spine. Annual cost of living pay rises mirror the uplift awarded to Church House staff, which is enacted through an enabling resolution passed by Trust Directors. THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) The TUPE Transfer of the CYDO post was affected from URC Trust (Church House London) to the Trust on the 31st December 2016, there were no additional liabilities attached to this transfer. The Trust has adopted the NJC Pay Scale as the strudure that all appointments are placed upon, whether directly employed by the Trust or engaged in a consultancy role by the Trust. There are no benchmarks, parameters or criteria used in setting the remuneration ofthe Key Management Personnel other than NJC Scale. The Company Secretary is a voluntary role. However, as approved by the Trust ExecLrtive Council, the postholder provides paid consultancy services to the Synod via his company Atherton Consultancy Services Limited. This payment is line with the post's position on the NJC scale. See note 23 for details. Risk Management The directors have assessed the risks the charity faces and have drawn up a risk matrix which identifies the major risks by areas of activity, the nature of these risks, the likelihood of the risks happening and the measures taken to manage them. This Risk Matrix has undergone a major review, which has resulted in a new updated policy and assessment of risk matrix being produced for the Trust. This reflects the best in current practice. The Directors are satisfied that systems are in place, or arrangements are in hand to manage the risks that have been identified. Appropriate insurance cover is in place and the finances of the Trust Company are reviewed regularly through quarterly management accounts that are produced externally. Objectives and Activities OurAims The objects of the charity as set out in the charity's Memorandum ofAssociation are reproduced below: To advance the Christian religion and propagate the Gospel in accordance the doctrines, principles and usages ofthe United Reformed Church with particular responsibilty for the Wales Province ofthat Church. Our Objectives and Public Benefit Statement Our objectives are set to rellect our faith and community aims. Our objectives and activities are reviewed regularly in conjunction with the United Reformed Church National Synod of Wales to ensure that they continue to reflect our aims. In carrying out this review the directors have considered the Charity Commission's guidance under Charities Act 2011 on public benefit and its supplementary public guidance on the advancement of religion for public benefit, considering that it stratifies both the requirements for 'benefit' and 'public' aspects. THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) Strategies The Trust seeks to develop strategies that support the work ofthe URC National Synod of Wales within the parameters of the objects of the charity as outlined within the Relationship Paper referred to above. The Trust acts as a custodial trustee for the assets of the URC National Synod of Wales and its constituent chur¢hes. It holds both property and monetary assets on behalf of the National Synod and individual chur¢hes. The investment policy ofthe Trust Company is detailed in a specific section wthin this Annual Report. Currently, the Trust acts on behalf of 73 churches out of 76 churches within the National Synod area with regards to their property assets and actively manages 25 church funds under the umbrella of COIF funds provided by CCLA. The Trust further manages 13 National Synod Funds across 20 investment accounts determined by the Trust Investment Policy. The Trust provides resources for employing staff who promote ecumenical relations across communities- religious developments within rural communities,. training and development officers help people who come to churches study religious teachings, practices and scriptures., property management and legal compliance support, together with administrative support for the National Synod. Resources also support work with Children and Young People across Wales. A Church Related Community Worker supports the Swansea Region. Trust resources are used to support 14 URC stipendiary ministers of religion to serve their local communities through the provision of in-service training and housing support. These ministers support chaplaincies in hospitals, universities, visits to schools and prisons in various places in Wales. The ministers are ably supported by- 3 URC stipendiary ministers in roles not based wthin the Synod or its Churches 1 URC church related community worker 4 URC non-stipendiary ministers 22 ministers from other denominations working in Local Ecumenical Projects (LEP) 37 URC retired ministers Together with their local Elders and Congregations (January 2025 figures - 1908 members, with 521 adherents and 150 connected Young People) in their work. 600/0 of our churches have less than 20 members. The resources of the Trust effectively underpin the engagement of local communities by their local congregations in delivering opportunities for education and welfare support. This service is freely available for all throughout Wales. THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS, REPORT) Strategic Report Achievements and Perfomiance The Trust carries out a wide range of activities in pursuance of its charitable aims that are open to all. The Directors consider that these activities detailed below, provide public benefit both to those who worship within URC churches in Vvales and the wder communities served by these churches. In assessing the performance of the charity, the Directors seek to link progress wth the Synod defined priorities with the activities they approve within their meetings. The majority of decisions taken by the Directors are made upon receipt of resolutions from Churches, which reflect work based within local communities. This work connects with the agendas of Social Justice, Health & Well-being together with Regeneration and Employment. The release of resources held on behalf of local congregations as a oustodial trustee is clearly linked to local communty-based work where there is evidence of need not being met currently. Listed Buildings The Trust acts as custodial trustee for 25 Listed Churches (1 Grade 1, 4 - Grade 2" 20- Grade 2), together with a further seven churches in Conservation Areas. The Synod Property Officer directly supports the work ofthese churches. Quinquennial Inspections for Listed Buildings The Trust has informed those churches who are advised under legislation to organize Quinquennial Inspections and receives a copy ofthe report when the inspection is complete. The Trust has placed a centralized 3-year contract with Caroe & Partners Architects after undergoing a tender exercise. which is in the last year of its delivery. Affordable Housing Policy The Synod's Policy on Affordable Housing encourages Churches looking to re-develop their sites to consider the provision of affordable housing, where there is a demonstrable local housing need. The Trust continues to affirm this policy, as being in line with their Charitable Objects regarding the disposal of assets and ensures that an exploration ofthis is undertaken for every disposal of church building. Strategic Development Work for the National Synod of Wales The Trust provided training support for the National Synod and its constituent Boards to review their work and decide underlying priorities for the year, through the resources that it holds. The Trust is actively supporting the identified priorities of.. Serving Communities, Transforming Injustice, Sustaining the Environment, Working with Partners for the Common Good and Proclaiming Ihe 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 who are.. Synod Clerk (0.8 FTE), Property Officer (0.8 FTE), Children and Youth THE UNITED REFORMED CHURCH {WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) Development Officer ICYDO] (1.0 FTE), Moderators PA& Office Manager (1.0 FTE), Finance Support (1.0), Meeting Support (0.3 FTE) and a Safeguarding Officer (0.8FTE). The Trust continues to supportthe development of Communications and So¢ial Media work via a consultant. The Synod has appointed an Ecumenical and Interfaith Post (0.5 FTE) together wth Training and Development 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 further supports the work of the Synod through a Service Level Agreement with a company for Finance and Governance support, which equates to 0.8 FTE. The development of activities by churches to promote greater engagement by their local communities are actively led, encouraged and supported by staff and Trust Officers. Partnerships with other charitable organisations afe actively sought to further opportunities for the provision of amenities for the benefit of all. Grant making Policy The Trust has adopted application procedures for those Funds that offer grants to local churches to support different aspects of their work. The fvnds that have specific application procedures are: Manse Fund, Mission Development Fund, Daphne and Bethan Jones Memorial Fund, Livingstone Trust and the Osbome Resources Fund. In addition, the Pembrokeshire Legacy custodial fund which is held on behalf of churches in Pembrokeshire has its application procedure. Volunteers Trust Directors together wtth Members of Finance and Property Board (with whom they meet co-terminously) are all volunteers. Transactions During the past year, the Directors have enacted the followng transactions: Manse Sales Woodville Road, Newport Parc Gewlfor, Dyserth Manse Purchases None Church Sales Aberedw, Mid Wales THE UNITED REFORMED CHURCH (WALES} TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) Freehold Transfer None Asset Transfer None Deeds of Covenant Flat 8, 22 Windsor, Barry Engagementwith National Organisations Officers from the Trust maintain appropriate links the Welsh Government and CADW via CYTUN and their Property officers meeting, together wth membership of Welsh Historic Places of Worship Forum. The Trust is a member of the Heritage Network. From a UK perspective, the Company Secretary is also the Secretsry for URC Resource Sharing Task Group as well part ofthe Finance Working Group for the Church Life Review. The Property Officer is a member of the URC PLATO Group. Membership of these groups allows the Trust to be kept informed about issues and development that might affect the work of the Trust, together with an ability to participate in relevant consultations. forwarding views that are in sympathy with the Trust's objects. Financial Review Income from unrestricted funds totalled £953,475 (2023: £857,919). The net unrestricted surplus for the year ended 31 December 2024 amounted to £291,589 (2023.. £633,104), which includes a gain on investments of £160,410 (2023.. £381,319). This surplus increased the cumulative unrestricted fvnds to £9.695.360 (2023= restated £9,431,013). Included within unrestricted ftjnds are designated ￿ndS of £6,438.517 (2023.. £6,145,601). Total restricted income amounted to £1,560 (2023: £17,980). Expenditure from restricted fvnds of £37,413 (2023.. £37,823) resulted in a net deficit of £32,622 (2023: £10,758), including investment gains of £3,231 (2023: £9,085). Total endowment income amounted to £815 (2023.. £4,378). Expenditure from endowment nds was £nil (2023.. £nil), before investment gains of£4,162 (2023- £13,468). The trustees 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 date amounted to a £3,282,260 including investments (2023.. £3,267,115) which is equivalent to 48 months operating costs. The balance on the restricted fijnds was £129,420 (2023.. £134,800) and on endowment funds was £187,263 (2023: £182,286). The Trust Executive Council (in conjunction with the Synod Finance and Property Board), continues to implement a year on year rolling budget strategy that is designed to maintain a THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS. REPORT) balanced budget position, whilst strengthening the underlying position of the Trust finances and achieving the strategic priorities for the United Reformed Church National Synod of Wales. Targets for this aspect ofwork are consistently met. Plans for Future Periods Work continues, in conjunction with Church House staff, on developing the common database that holds a range of information - personnel, property and contscts in a safe secure cloud location. This will led to Service Level Agreements the national URC Trust. The Leadership Group in conjunction with the Synod SupportTeam is still spending time considering what Church need in the way of direct support. There is a particular focus on connecting and supporting the local communities that United Reformed Churches are situated in, with members of the Synod Team regularly visiting group of churches across Wales. The Trust is keen to examine fvrther ways of developing its charitable objectives and wll continue to explore innovative ways to achieve better use of resources for beneficiaries. Principal Risks and Uncertainties The Directors have worked in the medium tem) to secure the stabilty and sustainability of the work of the Trust via a balanced budget supported by resolutions from the United Reformed Church National Synod ofwales Synod Meeting, which has re-affirmed this underlying principle for all work. The Directors note that a significant percentage of income is derived from the United Reformed Church Inter Synod Resource Sharing Process (ISRS), which is a voluntary inter- synod sharing process, currently managed on a three-year rolling basis. It is recognised that this process is entirely voluntary and relies on the good-will of all the participating Synods, with it being highly unlikely that this type of support would cease in the short to medium term as a buffer of £300,000 is retained within the voluntary scheme. In the event of ISRS not operating successfijlly, the United Reformed Church does have an emergency scheme available to support Synods in their operations. In the event of neither being available to support the Trust, the Directors have moved to mttigate the risk of any permanent ending of this process by establishing a clear Reserves Policy to deal with this unlikely eventuality, which covers three months operating costs and redundancy costs. Lay staff employed by the Trust are now members of an AON Final Salary Scheme, with the United Reformed Church Final Salary Scheme operated by the Pensions Trust being closed to new contributions from February 2023. A note elsewhere in the annual accounts explains the position. The Trust's contingent obligation has been quantified as part of a one-off exercise connected with the deficit reduction plan, but there is not currently any expectation THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) that a cessation event that would trigger such an obligation will arise, particularly as the latest triannual valuation (September 2019) puts the s¢heme in surplus. The URC Ministers Pension Scheme has transitioned to a new defined contribution scheme as opposed to a defined benefit scheme. The closed scheme is in the process of being 'bought into,. In managing previous deficits on the closed scheme, whilst the Central URC Trust is the 'employer' for Ministers (Ministers are Office Holders not employees), there has always been an expectation that the family-related Synods and Trust Companies wll support calls for additional finance when the pension scheme requires them. In 2021 a one-off contribution was made to an underlying deficit of£SOO,000. This payment represents the contribution of Wales to the underlying deficit in line with the same principles that underpin the ISRS process. It is not anticipated that any fvrther calls will be made on Trust finances in respect of this scheme. Currently, the closed scheme is in surplus at the latest valuation and arrangements are being made to return part ofthe deficit contribution made post the buy in is completed. Current Pension Schemes At the 2021 URC General Assembly resolutions were passed that allowed the Central URC to explore replacement schemes and options. During 2022 these conversations continued and new defined contribution schemes were drafted for both the Lay and Ministers schemes. The change over date for these schemes was the 28th February 2023. There are no contingent liabilities foreseen wth these changes. Covid 19 Since 2019-year end, the world has been subject to a global pandemic caused by Coronavirus. Following on from the emergency funding provided by both the grant scheme and re- purposing of some Mission Development Fund it was agreed that the £100,000 from that Fund is made available to the Regional Pastoral Committees to bring forward schemes for providing digital worship, this scheme will come to an end during 2025. Contributions from Local Churches slightly dipped below the target set for 2024 for Ministry and Mission contributions and for the first time the Trust made a direct contribution of £16,000 towards Ministy and Mission contributions. Previously, the Trust had made an indirect contribution by not top slicing church contributions to the tune of£30,000 per annum towards the operating ¢osts of the Synod. From a financial perspective, the pandemic still has had litde effect on the income of the Trust. ISRS continues to be received and the figures pledged for 2024 are in line wth budget requirements. Investments continue to confound predictions although the Investment Policy of the Trust in moving into Ethical Investments for the majorty of its invested funds has THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS. REPORT) proved a very prudent one, as these funds tend to be less volatile stocks. The establishment of a bespoke portfolio has furlher advanced these investment aims. Wami Space Support Scheme In recognition of the potential hardship caused by the significant increase in energy costs, the Trust set up I￿0 schemes in the Autumn of 2022 to support our Churches. The Warm Spaces scheme allowed ChLtrches to work in partnership with others to set up warm spaces. £150,000 from the Mission Development Fund was allocated to this initiative. Our Auditors at the time agreed this support scheme. Reserves Policy The Executive Council maintains a strategic reserves sum that 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 Tree Investment Management and is shown within the accounts as the Contingency Fund £105,212. There are no other specific reserve sums currendy identified by the Trust Directors to be held. Within the next year the Reserves Policy is due to be revised. Restricted Funds total £129,420 (2023.. £134,800). Designated Funds totsl £6,438,517 (2023.. £6,145,601). Free ReseNes total £3,282,260 (2023- £3,267,115). Investment Policy and Perfomiance The Trust undertook a review of its investment policy 2015, seeking specialist advice from CCLA. This confirmed Ihat the mix of specialised equity, fixed interest and property fund investment, designed for the charity sector, met the requirements to generate both income for revenue purposes and capital growth to mitigate the effects of inflation. This revised policy was implemented during 2016 with an increase in % returns 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 (followng the resolution of the United Reformed Church), voted to request that the Trust disinvest from Fossil Fuels at the earliest opportunity. In December 2019 CCLAour principal investment house indicated that all its ethical funds had disinvested from Fossil Fuels. Eden Tree and Purpleshoots were already disinvested. Given the volatility that the Propety Sector has seen which led to the suspension of dealing during the Pandemic, the Trust reviewed its investment in Property Funds in early 2021, with and converted to ethical non-f055iI fuel invesknents. The Trust made a decision to disinvest 12 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) from the Property Fund and opened a bespoke Ethical investment account with Brewin Dolphin who have a local office in Cardiff. Within 2025, a codification ofvarious investment policies and decisions will be amalgamated into a comprehensive investment statement and policy. This is with a view to achieving green investment stakns and signing the Fossil Fuel Proliferation Treaty. This is an ongoing piece ofwork. For the year under review there was a net increase on revaluation of Trust investments amounting to £167,803 (2023: £403,872). 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 Groups in Employment and Micro-business loans in the bottom 25 % ofthe Welsh Index for Multiple Deprivation. The investment also returns a market rate interest and hence is referred to above. Connected Charities The Trust is connected to member churches, most of whom are excepted 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. The Trust acts as trustee on behalf of most of the United Reformed Churches in Vvales (which have similar objects to the Trust) holding funds and investments (which are kept separate from Trust Funds) on their behalfwhich have a value of around £1,470,233 {2023 £1 ,429,775). All of these funds are held with professional investment managers. The following churches have custodial accounts with the Trust.. COIF Chanties Deposit Fund Trinity Bargoed A13-Mold B05 - Barham B49 - Crane Street Church, Pontypool F19- Tabernacle URC, Rhayader (outside Trusts) B16 - Bailey Street Uniting Church E17 - MDF St John's Tenby E08 - MDF Christchurch (Tabernacle Milford Haven) COIF Charities Ethical Investment FundAccumulated A26 - MDF Rivertown Shotton - not held at year end A04 - MDF St Johns Flint C14 - MDF Canton Uniting THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORTI A08 - MDF Tabernacle Holywell B36 - Hanover (South Korea Church Grant) H10 - Upper Chapel C38 - Abertridwr (Investment) Pembrokeshire Legacy MDF - Sketty COIF Charities Ethical Investment Fund Income Units C38 - Abertidwr (Income) B26 - Libanus Ebbw Vale re Tabernacle Wallace Family Memorial Fund A04 - St Johns Flint Trinity Bargoed F25 - Glasbury (H06- Maesyronnen) Star Street Congregational Chapel (URC name: Trust Property Held ICW Star Street) Notes for the Accounts (not numbered) No employee received emoluments of more than £60,000. The average weekly number of employees during the year was as follows: Administration and support Executive CommitteelFinanGe and Property Board expenses and related party transactions During the year under review travel and other out of pocket expenses of£3,924 (2023- £2,435) were reimbursed to members of the Executive Committee and members ofthe Finance and Property Board covering all ofthe various duties they perform on behalf of the Trust. b) During the year under review consultan¢y costs of £53,380 (2023 - £43,680) were paid to Atherton Consultancy Services Limited (owned by the Company Secretary) in relation to the provision of necessary financial and other support services to the Synod. No other transaGtions took place with the Executive Committee l Finance and Property Board, as related parties, during the year under review. The Funds The accounts show the combined income, expenditure, assets and liabilities of the following Funds which are administered for the benefit ofthe United Reformed Church within the National Synod ofWales.'_ Unrestricted General Fund 14 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS. REPORT (INCLUDING DIRECTORS, REPORT) Designated Funds Manse Fund Grants and Loans Fund Health & Safety Fund Mission Development Fund Daphne & Bethan Jones Memorial Fund Livingstone Trust Fund Lay Preaching Fund Contingency Fund J Humphreys Memorial Fund Restricted Funds Training Fund Glamorgan Chaplaincy Fund CWM More Able Church Aberdare Fund Ministerial Student Fund Endowment Funds Osborne Resources Fund Pantyfedwen Fund Funds administered on behalf of local churches (Custodial Funds) are not included. Unrestricted Funds may be spent generally for the furthering the Christian and Charitable work ofthe United Reformed Church in Wales. The fund in this category is the General Fund. Designated Funds may be spent as follow.. The Manse Fund may only be spent on the specific purposes according to the terms on which the Fund was set up, namely the purchase of manses as and then required and fvnded from sale of other manses, as well as repair and maintenance of said manses. The Grants and Loans Fund has been designated by Synod for those specific purposes and is dormant with repayments only possible as the Trust is not registered with the Financial ConductAuthorty to offer loans. The Mission Development Fund was set up with effect from 1 January 2007 to give local hurches, alone or in groups, the opportunity to apply for grants that would help them in carrying out Mission Related Projects using the framework of the Five Marks of Mission. 15 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) The Trust has accepted the transfer of funds from Daphne and Bethan Jones Memorial Fund charity (CC number 1000353) as the Trustees of that fund agreed to dissolve the charity and resolved to transfer the assets to the Trust. This is a designated fvnd to support Church Based Youth Work. The Trust accepted the transfer of funds from the Livingstone Trust during the 2016 year as agreed with the original Trustees. This is a designated fvnd held to provide resources to support work to develop links with Churches overseas and connect with other reformed partners within CWM. The designated Contingency Fund, as noted in the Reserves Policy, is a strategic reserve sum that would cover 3 months operating costs, together closure costs in the event of the Trust being wound up. This sum is held separately with Eden Tree Investment Management. Health & Safety Fund, is a designated strategic reserve sum (previously held wrthin the Mission Development Fund) held for emer9encies within Churches that have an immediate legal effect from Health and Safety perspective. John Humphreys Memorial Fund is a designated ￿nd created in the memory of a former Moderator of Wales. It is held to support engagement wth communities and provide training opportunities for developing skills of community engagement. Restricted Funds may be spent as follo￿E. Training fund may only be Spent on the specific purposes according to the terms on which the Fund was received, namely, training of Ministers and Lay People. The Glamorgan Chaplaincy Fund has been operated since 2016 using fiJnds from the Universty of South Wales chaplaincy. The fund is held to provide resources to support the work of ministry at the University of Glamorgan. CWM More Able Church Fund is set to deliver a project exploring howthe Church can be more accessible to those who have additional needs. Aberdare Fund the funds from the sale of Tabemacle Aberdare may be spent on training purposes. The Ministerial Student Fund, arises from a donation made in 1986, for the assistance and training of ministerial students including the provision of books. There are Endowment Funds (Osborne Resources Fund and Pantyfedwen Fund). The apital must be retained but the income from the funds can be used for the specific purposes set out in the original endowment. THE UNITED REFORMED CHURCH (WALES} TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) The United Refomied Church Final Salary Scheme for Lay Staff The URC (Wales) Trust Company contributed £46,674 (2023 - £43,634) Capital Commitments As at the balance sheet date no capital expenditure had been authorised by Synod. (2023- Nil). Contingent Liabilities As at the balance sheet date there were no contingent liabilities (2023 - Nil) 17 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 TRUST DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT) Statement of trustees, responsibilities The trustees (who are also directors ofThe United Reformed Church (Wales) Trust Company Limited for the purposes of company law) are responsible for preparing the Trustees, Report (incorporating the strategic report and directors, report) and the financial statements in accordance with applicable law and United lfjngdom Accounting Standards, including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom AcceptedAccounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, ofthe charitable company forthat period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UKAccounting Standards have been followed, subjectto any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to make themselves aware of that information. Auditors Following a tendering exercise in early 2025 Burton Sweet were appointed Auditors for a three-year period beginning with the Audit for 2025, to succeed Azets. Signed on behalf Trust Executive Council: Revd S. Walkling Trust Director Date.. THE UNITED REFORMED CHURCH (WALES} TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT Independent auditor's report to the members of The United Refornied Church Iwales Trnst Company Limited Opinion We have audited the financial statements of The United Reformed Church (Vvdles) Trust Company Limited (the 'Trust') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary ofsignificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United lQngdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements- give a true and fair view of the state ofthe Trust's affairs as at 31 December 2024 and of its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted out audit in accordance with international Standards in Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilit'es under those standards are fijrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit ofthe financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial statements, we have concluded that the Trust Directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitses of the Trust Directors with respect to going concern are described in the relevant sections of this report. 19 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT Other inf0m￿tIOn The Trust Directo￿ are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicttly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report the fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Twst Directors, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trust Directors, report has been prepared in a¢¢ordance wth applicable law requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding ofthe Trust company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trust Directors, report. We have nothing to report in respect ofthe following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- the financial statements are not in agreement with the accounting records and returns., certain disclosures of Trust Directors, remuneration specified by law are not made- or we have not obtained all the information and explanations necessary for the purposes of our audit- or the Trust Directors were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage ofthe small 20 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT companies, exemptions in preparing the Trust directors, report and from the requirement to prepare a strategic report. Responsibilities of TTUSt Directors As explained more fvlly in the Trust Directors, responsibilities statement, the Trust Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trust Directors are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trust Directors either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows.. we identified the law5 and regulations applicable to the Trust through discussions with those charged wtth governance and other management, and from our knowledge and experience of the sector- we focused on speGifiG laws and regulations which we considered may have a direct material effed on the financial statements of the operations of the Trust company, including the Companies Act 2006, taxation legislation and data protection, anti- bribery. employment, pensions, environmental and health and safety legislation., and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and remaining alert during the audit for any indications of non-compliance. Our audit procedures in relation to fraud included but were not limited to- 21 THE UNITED REFORMED CHURCH IWALES> TRUST COMPANY LIMITED YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT making enquiries ofthose charged with governance and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. discussing amongst the engagement team the risks of fraud-, gaining an understanding of the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations., testing joumal entries to identify unusual transactions; assessing whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias- and investigating the rationale behind significant or unusual transactions. There are inherent limitstions in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limtt the audit procedures required to identify non-compliance with laws and regulations to enquiry ofthe Trust Directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A fvrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at li￿1￿￿} Irc or LikiaLidilors,aLidit-astive inve5tment5 are social investments supporbng ¢ommunJb"es in deprivatKsn. Mixed motive investments arè inf(ially measured at cost and subsequently measured at ¢x)st net of any impaTrm8nt Ios58S. Th• inve5tment5 return a market rate of interest. Cash at bank and in hand Cash and ¢xsh equivalents inctude cash in hand, deposits held at Call wth banks. olher 5hort-term liquid invèstments wth original ma￿rIbeS of thrèe rrnnth5 or less. and bank overdrafts. Bank overdraft5 are showm within borrowings in Current liabJlikn"es. Basic financial assets Basic financi81 assets. thi¢h include debtors and cash and bank balances, are inrtially measured at transaction pri￿ induding transaction C05t5 and are subsequently ¢arried at alnortised c05t using the effective inlerest method unless the arrangement ¢x)nstrtutts a financing transaction. where the transaction is rnea5ured at the present value of the future receipt5 discounted at a market rate ol inlerest. Financial a55ets classified as receivable wthin one year are not amortlsed. Derecognition of financial assets Financial assets are derecognised only when the ¢ontractual rights to the cash flow5 from the asset expire or are settled. or when the tfU5t transfers the financial asset and substantially all the risks and rewards of ovmership to another entity. or il some significant risks and rewdrds of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in rt5 entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities. in¢luding ¢reditor5 and bank loans are inilially Te¢ognised at transaction pr￿8 unless the arrangement constitutes a financing transaction. there the debt instrument is measured at the present value of futUTe payments discounted at a market rate ol inte￿$t. Financial liabilitie5 classified as payable ￿￿thin ona yoar Èle not amortised. Debt instruments are sub5equentty uld ¢ov•r 3 months operating Costs, together wth ¢lOSu￿ costs in thè èvènt of the Trust being KDund up. This Sum is held separately Eden Tree Investment Management. Health 8 Safe Fund, is 8 designated strategi¢ reserve sum Ipreviously held wthin the Mission Development Fund) held for emergencie5 Wthin Churches that have an immediate legal effe¢t from Health and Safety perspective. John Hum s Memorial Fund is a designated fund created in the memory of a former Moderator ol Wales. It is held to 5UPPOrt engagement ￿1th communities and provide training opportunities for developing skills ol community engagement. 36 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 18 Movement in funds {conlinued) For the year ended 31 December 2023 At1Jan 2023 Gain5 & Losses At 31 De¢ 2023 Income Expenditure Transfers Irestatedl (re5tatedl Permanent endowment fund5 Osborne Resources Fund Pantyfèd￿*n Fund 45.340 119.100 1,173 3.205 3,294 10.174 49,807 132.479 164.440 13.468 182,286 Restricted funds Training Fund Glamorgan Chaplaincy Fund CWM More Able Church Fund 21,153 84,OCM) 40,405 17.980 137,8231 9.085 10.395 40.405 145.556 17,980 37,823 9,085 Unrestricted fund5 General Fund5 Designated Funds Manse Fund Grants and Loans Fund Health & Safety Fund Msssion Development Fund Daphen & Bethan Jones Memria Livingstone Trust Fund Lay Prea¢hing Fund Contin9ency Fund J Humphreys Memorial Fund 2,830,119 844.591 IS67,1021 177,804 3,285.412 5,142.482 17,169 50,000 261,900 151.580 169,589 54,028 115,161 5.881 6,952 120,5551 136,638 5.265.517 17.169 10,021 {20,ODJ} {6,87n 19,637 20,531 11.079 5.159 9,884 587 271,558 165.234 185.423 59.187 125.045 6.468 4.755 8.797,W9 866,319 614,534 381,319 9.431.013 Total funds 9,107,907 888.677 1652.357) 403,872 9.748,099 37 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 19 Analysis of Net Assets Endowinent Funds Restricted Funds Designated Funds General Funds Total 2024 Tangible fixed assets Fixed a55et investment5 Mixed motive investments other net 855ets 3,210,165 1.953.072 14,211 3.287.484 3,224,376 5,514.317 134,000 1,139,350 155,094 118.667 84,000 173,24n 32,169 1,185,652 15,2241 187.263 129,420 6,398,889 3,296,471 10,012,043 Endowment Funds Restricted Funds Designated Funds General Funds Total 2023 {restated} 18,297 2.388.910 {Testatedl 3.433,879 4.614.909 134,OOD 1,565.311 Tangible ftKed assets Fixed asset investrnents Mixed motive investments Other net assets 3.41S,582 1,956.247 144,597 125.155 84,OQX) 174.355) 37,689 723,772 878,205 182,286 134.8 6,145,601 3,285.412 9.748.099 20 Funds held as agent The charty holds the below investment fund on behalf of the follow*ng organisations.. Balance held start of year Payinenls made Investment Balance held revaluation end of year Organi5ation Trinity Bargoed Mold Barham Crane Strtèt Church, Pontypool Tabernacle URC Rhayader Bailey Street Uniting Chur¢h St John's Tenby Tabernacle URC Milford Haven AbertridwT Ilncornel Tabernacle Ebbwvale Wallace Family Memorial Fund 10,553 328 69.546 19.201 45.134 17.920 135.760 56,020 9.349 8.378 28,912 16.974 23.855 3.237 27,572 91,152 344,950 35.024 11,657 77.538 38.046 232,610 126.059 1.429.775 1,228 17 11.781 345 69.$46 19,201 47.447 17,920 142,716 58.890 9,605 8.607 29.705 17,440 24.510 3,325 28.329 92.958 364.576 37,017 12.320 81,949 40,210 218.969 132.867 1 470 233 2,313 6,956 2.870 256 229 793 466 655 88 757 7,806 19,626 1,993 663 4,411 2,164 12,359 6,808 66.458 Trinity Bargoed F25 Gla5bury star Street Congregation81 Cha￿1 MDF- St Johns Flint MDF- Canton Uniting Church MDF- Taberna¢le URC HOWEII Hanover URC MDF- Upper Chapel A￿rtrtdwT Ilnvestmentl MDF- Sketty P8mbrok8shire Legacy 126,ODJ} 26.000 THE UNITED REFORMED CHURCH IWALESI TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 20 Funds held as agent Icontinuedl Church Building5 Under the URC A¢ts of Parliament. the Trust Company acts as a Custodial Trustee for all property held under the URC Acts. The URC Iwalesl Trust Company Limited a¢ts as the Custodial Trustee for the Churches and their buildings ￿1th1n Wales and invite5 Congregations to use the buildir)gs in line with the purposes outlined ￿1th1n the URC A¢ts. A full list of such properti85 15 availabla on request from the Company's registered office. 21 The United Reformed Church Final Salary Scheme for Lay Staff The URC (Wales) Trust Company Limf(ed is a participating member of The United Reformed Church Final Salary Scheme, a pension scheme principalty for lay staff which is adrninistered by TPT Retirement Solutions Trust {for￿rIY The Pensions Trust). The scheme is a defined benefit scheme. It was closed to fLrture accrual on 28 February 2024 and stsff were moved into a defined contribution scheme administered by th• Aon Master Trust on 1 March 2023. The Trust contributed £31.02612023.' £27,886) into this defined contribution scheme during the year. The Trust is unable to identfy its share of the underfying assets and liabilities of the define¢J benèrrt scheme. The most recent formal a¢tuarial review of the defined benefit scheme Wd5 at 30 September 2022. then the schème had a surplus of £1,446,000. The assumptions underlying that valuation include.. Discount rate.. Inrtial rate of gilt yield Curve plus 1.80% p.a. at the valuation date tapering linearly to gilt yield curve plus 0.5% p.a. by 30 September 2027 IS years Irom valuation datel RPI infL9lion'. GI￿ RPI Inflation Curve at each temi CPI inflation.. RPI inflation less 1.0% p.a. at each term until 2030 and RPI inflation Irom 2030 onwards Rate of increase in earning.. CPI Inflation plus 1.0% p.8. at ea¢h term. 22 Operating lease commitments At the rèporting end date the trust had outstanding commitments forfuture minimum ￿ase paymènts under non-¢an￿l￿bI8 operating lèases, which fall due as follow5.' 2024 2023 Within one year Be￿en kn and five years In over five years 5,410 21,640 9,625 4,943 15.4 13,491 33,834 23 Related party transactions During the year under reView￿nsukartCy costs of £53,38012023.. £43,680) were paid to Atherton COnsu￿neY Services Limited I0￿ed by the Company Secretary) in relation to the provision of nèeessary finan¢ial and other 5UPPOrt serv￿e$ to the Synod. This was agreed by the Trust Executive. There are no transactions ￿1th trustees or other related parties other than those disclosed as rèquired by the SORP elsalthere in the ftnan¢ial statement5. 39 THE UNITED REFORMED CHURCH (WALES) TRUST COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 24 Prior year restatement There has been 3 £194,219 prior year adjustment to the brought forward funds to reflect the sale of a propety that was ojmpleted in 2016 but had not been reflecled in the financial statements. The above rtstatament has the fgllowng effect on the cornparatrve fyures.. As previously stated Restated amounts Adjustment Balance Sheet Total unrestricted general fund5 a5 8t 1 January 2023 Freehold land and bui1ding5 C05t as at 1 January 2024 Freehold land and building5 depreciation as at 1 January 2024 (3,024,338) 3.693.464 83 663 194,219 1196.2091 1.9 {2.830,1191 3,497,255