2020-12-31-accounts - The United Reformed Church (Yorkshire Province) Trust Ltd

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INDEX			PAGE
Trustees' annual report
Report of the auditors			9-11
Statement offinancial	activities		12
Summary income and	expenditure	account	13
Balance sheet			14
Statement of Cash Flows			15
Notes to the financial	statements		16-26

Reference and	Administrative	Administrative	Administrative
Company registration			number:	1562723
Charity registration		number:		1068103
Registered	Office:			Somerset House, St Paul's Street
				Morley, Leeds, LS279EP
				Telephone	01132898490
				Fax	01132898491
				office@urcyorkshire. org.uk Email
Web Site:				www. urcyorkshire. org.uk
Trustees &Directors:				Mr J Charlesworth
				Rev S K Copley (from 1January 2020)
				Rev A Crump
				Mr W Duncan (to 21January 2020)
				Mr C Evans
				Mr SGooder
				Rev J Kissack (from 15'" September 2020)
				Rev KWatson (to 30'"	June 2020)
Secretary toTrustees			&Company Secretary:	Rev Dr Matthew Prevett (to 21January 2020)
				Mr Alastair C Forsyth (from 21January		2020)
Bankers:				National Westminster	Bank pic
				Leeds City Branch, PO	Box154,
				8 Park Row, Leeds, LS11QS
Solicitors:				Lupton Fawcett LLP
				Yorkshire House,
				East Parade, Leeds, LS15BD
Auditors:				SMH Jolliffe Cork Audit	Ltd
				Chartered Accountants	and Statutory	Auditor,
				33George Street,
				Wakefield, WF1 1LX
Investment	Managers:			Brewin Dolphin Ltd
				10Wellington Place, Leeds, LS14AN
Property Advisers:				Walker Singleton
				Property House, Lister	Lane,
				Halifax, HX15AS

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		2020	2019
Income as reported	on the SOFA	692,212	778,962
Gains on investments			460,360
Gain on revaluation	offixed assets	113,182
Gross income in the	reporting period	805,394	1,239,322
Expenditure as reported on the SOFA		879,949	1,096,007
Losses on investments		(93,483)
Net (expenditure) I	income for the year	(168,038)	143,315

						2020		2019
				Note
Fixed assets:
Tangible assets				9		1,408,921		1,234,382
Investments				11		7,182,506		7,326,151
Total fixed assets						8,591,427		8,560,533
Current assets:
Debtors				12		29,514		165,569
Investments - Short		term	deposits			1,041,371		1,037,371
Cash at bank and	in hand					11„791		48,549
Total current assets						1,082,676		1,251,489
Liabilities:
Creditors: amounts		falling
due within one		year		14		(237,868)		(273,984)
Net current assets						844,808		977,505
Total assets less current			liabilities			9,436,235		9,538,038
Creditors: amounts		falling due
after more than		one	year	15		(222,004)		(136,676)
Total net assets						9,214,231		9,401,362
The funds ofthe	charity:			16 - 18
Endowment funds						1,113,682		1,132,775
Revaluation reserve/(deficit)					177,034		63,852
Other restricted funds					7,858,777	8,035,811	7,969,540	8,033,392
Unrestricted designated			funds	18	0		81,200
Other unrestricted	funds				64,738	64,738	153,995	235,195
Total charity funds						9,214,231		9,401,362

					2020	2019
					Total	Total
					Funds	Funds
Cash flows from operating activities:
Net cash usedin operating activities					(232,936)	(696,449)
Cash flows from investing activities:
Dividends, interest and rents from investments					249,969	305,147
Net proceeds/(costs) associated	with the sale		oftangible	fixed assets	307	(467)
Purchase oftangible fixed assets					(96,554)	(73,580)
Proceeds from the sale of investments					1,466,547	1,347,990
Cash (added to) /withdrawn from	investments					(700,000)
Purchase ofinvestments					(1,430,904)	(1,315,187)
Net cash provided by (used in) investing		activities			189,355	(436,097)
Change in cash and cash equivalentsin		the reporting period			(43,581)	(1,132,546)
Cash and cash equivalents at the beginning			ofthe reporting
period					1,085,920	2,218,466
Cash and cash equivalents at the end		ofthe reporting		period	1,042,339	1,085,920
Reconciliation ofnet (expenditure)/income			to net cash flow from operating		activities
					2020	2019
					Total	Total
					Funds	Funds
					E	F
Net (expenditure)income for the reporting period (as				per the
statement offinancial activities)					(300,313)	240,223
Adjustments for:
Depreciation charges					34,822	33,513
Losses /(Gains) on investments					108,002	(562,239)
Dividends, interest and rents from	investments				(249,959)	(305,147)
(Profit)/loss on the sale oftangible	fixed assets				(10,765)	561
Decrease /(Increase) in debtors					136,065	(140,396)
(Decrease) /Increase in creditors					49,212	37,036
Net cash used in operating activities					(232,936)	(696,449)
Analysis ofcash and cash equivalents
					2020	2019
					Total	Total
					Funds	Funds
Cash at bank and in hand					11,791	48,549
Notice deposits (less than 3months)					1,041,371	1,037,371
Total cash and cash equivalents					1,053,162	1,085,920

ncome from charitable activities			2020	2019
				F
Net proceeds of redundant manse funds and sale	of redundant	churches	255,069	315,027
Income from church closed in the year			106,472	37,395
Contribution from Norther Province to safeguarding	costs		15,445
Interest on loans to churches & ministers			8	79
Management charge (see note 13)			5,268	4,158
			382,262	356,659

Income	from Investments	2020	2019
Income	from quoted investments	224,980	274,318
Investment property rents		22,756	22,756
Interest	on bank balances	2 223	8,073
		249,959	305,147

Expenditure on raising		funds and charitable	funds and charitable	funds and charitable	activities
Expenditure on raising		funds			Direct	Grant	Support
					costs	funding	costs	2020	2019
					E	E	P	E	E
Managing investments
Investment management		fees			27,673			27,673	29,673
Support costs							20,777	20,777	22,976
					27,673		20,777	48,450	52,649
Expenditure on charitable			activities		Direct	Grant	Support	Total	Total
Grant making					costs	funding	costs	2020	2019
Grants to individuals					f.		E	E	E
Retired ministers and widows (6grants)						5,000		5,000	6,900
Grants to URC institutions
To churches for mission		activities (10grants)				221,381		221,381	152,484
To churches for property		surveys (7grants)				2,385		2,385	1,120
Vision 8 Opportunity to	churches (15grants)					125,076		125,076	396,282
Support costs							5,194	5,194	5,744
						353,842	5,194	359,036	562,530
Other charitable activities
Training ministers and lay		members			33,922		2,597	36,519	51,255
Youth, children and safeguarding				112,543			2,598	115,141	88,552
Administering churches'	property
and investments					1,046		62,331	63,377	69,844
Supporting committees and			Synod		10,439		36,360	46,799	56,244
Pastoral work					1,183		20,777	21,960	24,148
Supporting and encouraging			URC
churches, districts and	centrally				27,494		70,123	97,617	97,526
Chaplaincies, industrial mission
and ecumenical relations					2,216		5,194	7,410	7,196
Management 8 maintenance			of
Synod properties					40,760		12,986	53,746	49,360
Sundry and contingencies					1,986			1,986	1,348
				231,589			212,966	444,555	445,473
Governance costs
External audit fee					5,526			5,526	5,508
Internal audit and accountancy					1,596			1,596	1,794
Legal and professional fees					2,803			2,803	2,190
Recruitment fees					(20)			(2o)	5,197
Revaluation fees					1,800			1,800	2,100
Support costs							20,777	20,777	22,976
					11,705		20,777	32,482	39,765
Total expenditure on
charitable activities				243 294		353842	238937	836 073	1 047 768

Expenditure on raising		funds and charitable	funds and charitable	funds and charitable	-previous	year
Expenditure on raising	funds - previous year				Direct	Grant	Support
					costs	funding	costs	2019
							E	E
Managing investments
Investment management		fees			29,673			29,673
Support costs							22,976	22,976
					29,673		22,976	52,649
Expenditure on charitable			activities - previous year
					Direct	Grant	Support	Total
Grant making					costs	funding	costs	2019
Grants to individuals						F	P	E
Retired ministers and widows (7 grants)						6,900		6,900
Grants to URC institutions
To churches for mission		activities		(27 grants)		152,484		152,484
To churches for property		surveys		(7grants)		1,120		1,120
Vision & Opportunity to	churches			(110grants)		396,282		396„282
Support costs							5,744	5,744
						556,786	5,744	562,530
Other chantable activities
Training ministers and lay		members			48,383		2,872	51,255
Youth, children and safeguarding					85,680		2,872	88,552
Administering churches'	property
and investments					918		68,926	69„844
Supporting committees and			Synod		16,037		40,207	56,244
Pastoral work					1,173		22,975	24,148
Supporting and encouraging			URC
churches, districts and	centrally				19,984		77,542	97,526
Chaplaincies, industrial mission
and ecumenical relations					1,452		5,744	7,196
Management & maintenance			of
Synod properties					35,000		14,360	49,360
Sundry and contingencies					1,348			1,348
					209,975		235,498	445,473
Governance costs
External audit fee					5,508			5,508
Internal audit and accountancy					1,794			1,794
Legal and professional fees					2,190			2,190
Recruitment fees					5,197			5,197
Revaluation fees					2,100			2,100
Support costs							22,976	22,976
					16,789		22,976	39,765
Total expenditure on
charitable activities					226 764	556 786	264218	1 047 768

Analysis ofsup	port costs
				Other
		Raising	Grant-	charitable
		funds	maklng	activities	Governance	Total
Office staff costs		17,939	4,484	183,872	17,939	224,234
Office rates and	maintenance	1,059	265	10,857	1,059	13,240
Office expenses	and equipment	1,096	274	11,234	1,096	13,700
Depreciation		683	171	7,003	683	8,640
		20,777	5,194	212,966	20,777	269,714
Analysis ofsupport costs - previous year
				Other
		Raising	Grant-	charitable
		funds	making	activities	Governance	Total
		E		K
Office staff costs		17,391	4,348	178,253	17,391	217,383
Office rates and	maintenance	3,415	854	35,000	3,415	42,684
Office expenses	and equipment	1,507	377	15,451	1,507	18,842
Depreciation		663	165	6,794	663	8,286
		22,976	5,744	235,498	22,976	287„194

	should n	ot	be classified as empl	be classified as empl	oyees.
8	Analysis		ofstaff costs, trustee		remuneration	and expenses and the cost of key management	personnel
						2020	2019
							F
	Salaries	and wages				246,296	214,877
	Employer's		National	Insurance		20,381	17,806
	Pension	contributions		to defined	benefit schemes	60,681	51,858
						326,367	284,541

Fixed asset Investments	Fixed asset Investments		Investment	Listed	Balances at	Concessionary
			properties	investments	stockbroker	loans	Total
Market value					6
At 1 January 2020			477,626	6,814,349	14,055	20,121	7,326,161
Less:
Disposals at opening	book value			(1,670,356)			(1,670,356)
Deposits realised/(reinvested)					27,399		27,399
Investment management		fees			(27,673)		(27,673)
Loan repayments						(9,971)	(9,971)
Add:
Deposited for investment
Acquisitions at cost				1,429,178		2,000	1,431,178
Revaluation				105,778			106,778
At 31 December 2020			477,626	6,678,949	13,781	12,160	7,182,506
Historical cost
At 31 December 2020				5,693,076	13,781	12,150	6,706,857
Disposals:
Proceeds				1,456,576			1,456,576
Book value at 1 Jan 2020				(1,670,356)			(1,670,356)
Gain / (loss)				(213,780)			(213,780)

listed investmen	ts are as follows:
		2020	2019
			E
Equity investments		1„903,728	2,179,543
Gilt-edged and	fixed interest stocks	404,089	578,543
Investment and	unit trusts	4„371,131	4,056,263
		6,678,948	6,814,349
Material investments (over 5% by value) at the end ofthe year:
Baillie Gifford American W1 Dis		463,446	0
JP Morgan US	Equity Income K	279,885	361,965
North American	Income Trust	256,726	355,095

Concesslonary	loans	falling	due	within	one	year			7,861	9,971
Concessionary	loans	falling	due	after	more	than	one	year	4,288	10,150
									12,150	20,121

Debtors					2020	2019
						F
Amounts	owed by group and associated			undertakings:
Yorkshire	Congregational		Union (Incorporated)		5,268	4,158
Cash in transit		from YCU	(Inc)		416	138,529
Prepayments		and accrued income			23,830	22,882
					29,614	165,569

14	Creditors: amounts	falling due within one year	2020	2019
	Accruals for grants payable		210,275	145,208
	Accruals and deferred	income	20,383	13,359
	Other creditors		7,210	115,417
			237,868	273,984
16	Creditors: amounts	falling due after more than one year	2020	2019
	Accruals for grants payable		222,004	136,676

Movement in funds during	Movement in funds during	the	year
			Balance			Transfers		Balance
		1	January	Incoming	Outgoing	between	Revaluation	31 December
			2020	resources	resources	funds	gains/losses	2020
Permanent endowments
General Purposes			759,887		(3,061)		(9,699)	747,127
Church Extension			257,537		(1,045)		(3,329)	263,163
Maintenance of Ministry			18,154		(74)		(235)	17,845
Welfare of Ministry			77,802		(315)		(1,006)	76,481
Home Churches			19,395		(79)		(250)	19,066
		1,132,775			(4,574)		(14,519)	1,113,682
Restricted funds
Closed Churches	capital	7,068,252		110,121	(174,283)		(93,483)	6,910,607
Closed Churches
revaluation reserve			63,852				113,182	177,034
Synod Mission
capital and income			511,888	257,134	(221,381)			647,641
Income funds
Church Extension			378,280	11,000				389,280
Maintenance of Ministry				612		(612)
Welfare			9,741	2,803		(2,500)		10,044
Home Churches			1,379	656	(830)			1,206
		8,033,392		382,326	(396,494)	(3,112)	19,699	8,035,811
Unrestricted Funds
General income			151,037	92,162	(464,618)	286,157		64,738
Designated funds	(note18)		81,200			(81,200)
Closed Churches	income			217,724	(18,837)	(198,887)
Albion-
capital and income			2,958			(2,958)
			235,195	309,886	(483,455)	3,112		64,738
Total Funds		9,401,362		692,212	(884,523)		5,180	9,214,231