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2023-12-31-accounts

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Charity registered no: 1068103 Company registered no: 1562723

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

INDEX PAGE
Trustees’ annual report 1 - 8
Report of the auditors 9 - 11
Statement of financial activities 12
Summary income and expenditure account 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 – 26

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 1

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

This report fulfils the requirements of the Charities Act 2011 for a Trustees’ Annual Report, and the requirements of the Companies Act 2006 for a Directors’ Report.

Objectives and Activities

The United Reformed Church (Yorkshire Province) Trust Limited (‘the Charity’) is established to advance the Christian religion and propagate the Gospel in accordance with the doctrines, principles and usages of the United Reformed Church with particular responsibility for the Yorkshire Synod of that Church.

The Charity exists to support the United Reformed Churches of the Yorkshire Synod in their search to obey the will of Christ in their witness to the world. The main objective of the Charity is to provide resources, funded by the Charity’s assets, to enable the churches to do this.

Currently, the main strategy of the Charity is to maximise income through the Executive Council, in partnership with the Investment Sub Committee; and to apply the resources so generated in response to requests from the appropriate councils of the United Reformed Church in Yorkshire and in accordance with the United Reformed Church Acts 1972, 1981 and 2000.

Significant activities

Encouraging churches to undertake mission activity relevant to their variety of contexts.

Provision of information, advice, support and encouragement to churches covering…

Administering the investments and property of the churches.

Advising and assisting with establishing, grouping, amalgamating or dissolution of local churches within the United Reformed Church and with other denominations.

Developing a strategy for the deployment of ordained ministry within the Synod and assisting churches during times of vacancy.

Providing training and resources for the enabling of;

Grant making and other financial support for church buildings and mission projects.

Management and maintenance of investments and properties held for the use of the Charity.

Public Benefit

The Charity has considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.

The Charity proclaims the Gospel of Jesus Christ, with its long established moral framework, and strives to develop spirituality and spiritual well-being through relationship with the God of the Bible.

This benefit is available to all communities who are within reach of one or more of our 82 churches which are situated across Yorkshire. Further details are to be found throughout the remainder of this report.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 2

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and Activities (continued)

Grants Policy

The objects of the Charity dictate that grants can only be made to United Reformed Churches and Local Ecumenical Partnerships, which are part of the Yorkshire Synod of the United Reformed Church.

Normally, the only individuals who can receive a grant are retired Ministers or their widow(er)s and these Welfare grants are awarded in response to applications made to the Welfare Committee each year. Applicants must be resident within the Yorkshire Synod.

United Reformed Churches in Yorkshire may apply for assistance from the following funds:

Church Extension Fund interest free loans for church building projects Closed Churches Fund for 25% of the cost of church survey reports Vision and Opportunity grants for churches requiring building renovation that will enable them to engage in mission Vision and Opportunity grants for training, evangelical and pastoral projects Mission Capacity Fund grants for costs/initiatives that release Church Members from administrative/legal/back-office tasks so that they can engage in core pastoral/mission tasks Synod Mission Fund for Mission projects. These are assessed in line with the five “missional threads”, developed and adopted by Synod in 2022

Synod Mission Fund and Mission Capacity Fund grant applications are considered by the Mission Fund Panel, which meets four times a year. The Panel consists of the Synod Clerk, Synod Evangelist, and Conveners of the Synod Pastoral, Ministries, Property and Financial Resources Committees.

Vision and Opportunity grants for churches facing building challenges are considered by the Synod Property Committee and referred to the Financial Resources Committee for approval.

Vision and Opportunity grants for training, evangelical and pastoral projects are considered by the relevant Synod Officers responsible for the respective areas of work covered by the applications.

From time to time other funds may be made available to support churches with the approval of the Synod.

Applications for interest free loans will be considered by the Synod Financial Resources Committee.

All grants are accounted for once a decision has been reached and the church notified, and if applicable has accepted the terms of the grant. Grants will be held for a maximum of three years, any delay longer than this will require a fresh application.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 3

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements, Performance and Future Plans

The Charity has maximised its income, subject to compliance with its ethical investment policy, and applied its resources in response to requests from the appropriate councils of the Church and has employed staff to carry out the activities shown on page 1.

The performance of the investment portfolios was assessed by the Investment Sub Committee on behalf of the Trustees and the income received was 8% higher (2022: 1% higher) than the budget set by the Synod for 2023. The Bank of England’s position on interest rates had a positive effect on income along with good results from the stock markets.

During 2023, a new kind of gathering was introduced into the Synod calendar in the shape of Synod Forums. These arose from the ongoing agenda to promote conversations about ‘Missional Synod’ and the five missional threads, as developed through 2022.

One of the key challenges which the Yorkshire Synod faces, in common with all Synods, is the perceived gap between its work and the life of the local church. Although now a distant memory, the removal of District Councils from the decisionmaking processes in 2006 amplified an existing issue and continues to impact on the functioning of the denomination. In Yorkshire Synod, Mission and Care Groups were created to try to fill the gap, but these have struggled to gain momentum. Some do happen, some gained some traction but are now more or less defunct, and some never got off the ground. Because they are voluntary associations they have been dependent on one or two people on the ground to drive their agenda. It seems unlikely a way will be found of making them effective in every area.

The lack of a forum between local church and Synod creates a number of problems, for example:

  1. Local churches are more likely not to include the Synod in significant processes where the structure requires it – whether intentionally or accidentally. The Synod officers therefore get caught up in work after the event to bring things back into line.

  2. The pool of people drawn upon to run Synod structures becomes smaller, and it is harder to identify people with the skills needed.

  3. Increasingly, congregations need to collaborate in order to be sustainable, especially in the provision of ministry. If they are not meeting each other regularly then such collaboration is harder to establish.

It is hoped, that the Synod Forums will go some way to engage with local congregations. In 2023, four forums were run during May and June, each one in a different part of the Synod, but with an open invitation for individuals to attend whichever was most convenient. It was felt that these forums, though involving a relatively small number of people, nonetheless created a good space in which conversations between local churches and Synod could happen. The plan is to run a similar model in 2024, and to build on this success.

Also in 2023, there was the formation of a team of ‘Synod Directed’ Ministers. These are Ministers where a proportion of their scoping is located in a particular pastorate, but where a percentage is directed by the Synod under the guidance of the Ministries Committee. The hope is that this pool of ministry can be used in a strategic way to support those congregations which may not have settled ministry, but which have the potential to think and operate in more missional ways. This team is already having a positive impact on the life of the Synod.

During 2023, the Synod has been able to continue with its development days for Elders but also to respond to requests for specific training.

In April, 34 Elders attended a day conference held at Bilton Grange United Reformed Church. The previous three years had been ones of great change and uncertainty and it was felt that to offer a day on the topic of Resilience could be helpful to elders who lead and guide their churches as they navigate the changing landscape of today’s world. It was an interactive and flexible day conference exploring the importance of resilience in church leadership. Participants had the opportunity to connect with others, learn about the science of resilience, and practice activities that help develop resilient individuals and communities.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 4

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements, Performance and Future Plans (continued)

Once again, at the end of September a 24 hour conference was held at Wydale Hall. The conference was entitled ‘Creating More Disciples’, and was facilitated by Andrew Roberts, author of Holy Habits. Wydale Hall was filled to capacity with 38 Elders where stories were shared and time was made for personal spiritual reflection.

As the landscape of the church and the world changes, different demands are being made of Elders. During the year, training has been provided to equip the leaders of the churches in the Synod to be confident in fulfilling the roles which are increasingly being demanded of them. These sessions have included, training in conducting funerals, presiding at the Sacraments and Elders as Trustees.

In 2024, plans for the Elders include a day conference and a 24 hour conference at Wyedale Hall.

During 2023, it became evident that the Synod’s safeguarding provision (which Yorkshire Synod shares jointly with the neighbouring URC Northern Synod) needed some additional input. After widespread and thorough consultation between the two Synods, Trustees and Synod Safeguarding Officer, it was agreed to increase this provision by employing two additional part-time Safeguarding Officers (each working mainly in the two Synods). Both of these new officers were appointed by September 2023. The safeguarding staff have benefited from working as a team as a result and their coverage of safeguarding issues has greatly increased. The safeguarding policy is adopted in line with the national United Reformed Church general purposes document and an updated edition of this was produced during 2023 (GP6). Yorkshire Synod will be adopting an updated safeguarding policy in line with this latest document at the May 2024 Trustees meeting.

In 2021, an aspirational offer of £1.675 million was made to The United Reformed Church Trust Ltd (the URCTL) from the Yorkshire Synod, because the URCTL had asked each Synod to make a contribution to alleviate the substantial £45 million deficit on the two URC Pension schemes, over a 10 year period between 2021 and 2030. The amount offered was based upon the forecast of contributions payable from the proceeds of the sale of closed church buildings, other Synod funds and voluntary payments from churches. In order to assist with the challenge of raising funds for the pension schemes, it was agreed at the 2021 Synod meetings, that proceeds of sales from church closures, church amalgamation, local ecumenical partnerships and redundant manse funds should be redirected from the Synod Mission Fund to the Closed Churches Fund until Synod makes a new policy. In December 2023, a further payment of £100,000 was made to the scheme, which brings the overall contribution to £550,000.

The Synod Mission Fund continued to help churches establish creative and innovative missionary projects throughout the year. In 2023, the fund approved 18 awards totalling £248,193, and rescinded grants of £40,663 approved in earlier years. The grants ranged from multi-year funding of a Youth Pastor to winter warmer payments to help churches provide warm spaces in the winter months.

The Vision and Opportunity Initiative also continues to offer grants to churches to develop property for mission purposes; evangelistic, training and pastoral related grants are available as are Mission Capacity grants (formerly Collaborative Mission grants). In 2023, 14 awards were approved totalling £219,334.

Grants were awarded to churches experiencing increased energy costs from the previous comparative period. 51 grants were approved, totalling £76,251.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 5

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Financial Review

Results for the year

These financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102) issued in January 2019.

The excess of income over expenditure for the year amounted to £247,077 (2022 £89,816).

Reserves policy and going concern

Reserves are unrestricted funds, which are not held as fixed assets. Reserves will normally be held to finance the work of the United Reformed Church in Yorkshire including the Yorkshire Congregational Union Inc (YCU) together with its responsibilities to the work nationally, for a period of 12 months. The YCU is a connected charity and the relationship is explained on page 6.

The serious incident which the Trustees disclosed to the Charity Commission in 2018, relating to a particular church, is still ongoing. The Trustees have made significant progress in resolving the issues as they were able to arrange a meeting with members of the Church concerned. This agreed a number of steps to resolve some of the main issues. One of these involved initiating a conversation with the Local Authority and although this has proved difficult to arrange because of their inaccessibility, a meeting is now planned for March 2024.

The assets are available and adequate to fulfil the obligations of the Charity. Each fund has sufficient resources in an appropriate form to meet its obligations. All the assets of the Charity are used for the direct charitable purposes of the Charity and were acquired in accordance with powers vested in the Executive Council. The financial position at the Balance Sheet date is satisfactory and will enable the Charity to meet future obligations.

Investment policy and investment powers

There has been no change to the Investment Policy Statement and the Policy Document. This document outlines the responsibilities of the various committees within the Synod and contains details of the Discretionary Management of the Investments by RBC Brewin Dolphin. The Policy Document also outlines the Requirements, Restrictions, Recording, and Reporting under which the Managers will operate.

Property

All property under the control of the Charity is shown at market value as indicated in notes 9 and 11 of the Financial Statements. The valuations used were those provided by Walker Singleton as at 31 December 2020.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 6

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, Governance and Management

The Charity is a company limited by guarantee under the provisions of the Companies Act 2006. The governing instrument is the Memorandum & Articles of Association which is dated 19 May 1981.

The membership consists of the members for the time being of the Synod Council of the Yorkshire Synod of the United Reformed Church. At 31 December 2023 the number of members totalled 14 (2022 – 13). In the event of the Charity being wound up, every person who is a member, or who has been a member within one year, is liable to contribute to the debts and liabilities of the Charity a sum not exceeding £1.

The business of the Charity is managed by the members of the Executive Council who are Trustees of the Charity and Directors of the United Reformed Church (Yorkshire Province) Trust Limited for the purposes of company law. Members of the Executive Council are the members for the time being of the Financial Resources Committee of the Synod. The members of the Financial Resources Committee are recruited from the membership of the churches of the Yorkshire Synod, the appointments being approved by the Yorkshire Synod Council and ratified by Synod. Synod also appoints the Treasurer, Synod Moderator and the Synod Clerk who are ex-officio members of the Committee. However, following the appointment of a Synod Clerk as an employee of the Charity, on the 9 March 2019, the Synod Clerk will not be a member of the Executive Council.

There was one change to the Executive Council in 2023 with the resignation of Alan Crump in October. The Directors of the Charity are listed on page 7.

The Charity is aware of the need to enable and equip Trustees and takes steps to make available Charity Commission publications and newsletters.

The Financial Resources Committee of the Synod meets six times a year and is responsible for all financial decisions, except the decisions about Synod Mission Fund grants which are made by the Synod Mission Fund Panel (see Grants Policy on page 2). Investments are monitored by a sub-committee on which the Treasurer serves. This sub-committee meets four times a year and implements investment strategies established by the Trustees. Currently the Investments are managed by RBC Brewin Dolphin on a discretionary basis. Minutes of the Investment Sub-Committee meetings are circulated to the Trustees.

The Charity operates as an autonomous body but, along with twelve other Synods (or regions), is part of The United Reformed Church and this brings a share of national responsibilities. A resource sharing process is in place to enable Synods with more resources to help those less well equipped. Historically, Yorkshire has been a net contributor to this scheme but since 2010 has adopted a neutral position neither giving nor receiving from the process.

Connected Charities

The United Reformed Church (Yorkshire Province) Trust Limited is connected with the YCU. The YCU holds investments as Custodian Trustee for many of the local churches of the United Reformed Church in the Yorkshire Synod, and holds property as Trustee for most of those churches. The YCU shares the United Reformed Church (Yorkshire Province) Trust Limited offices and administration, for which it pays a small charge based on its income. The Trustees of the United Reformed Church (Yorkshire Province) Trust Limited are also Trustees of the YCU, but the Chair of Trustees of the YCU is not a Trustee of the Charity.

Risk Management

The Executive Council has a risk management strategy in line with the guidance published by the Charity Commission organising risk into three headings – Governance and Control, Operational Risk and Financial Risk. Control procedures are then agreed to contain, mitigate or even totally remove the risks. The Risk Management Strategy is being reviewed currently.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 7

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Reference and Administrative Details

Company registration number: 1562723
Charity registration number: 1068103
Registered Office: Somerset House, St Paul’s Street
Morley, Leeds, LS27 9EP
Telephone 0113 289 8490
Email
office@urcyorkshire.org.uk
Web Site: www.urcyorkshire.org.uk
Trustees & Directors: Mr J Charlesworth
Rev S K Copley
Rev A Crump (to 14 October 2023)
Mr C Evans
Mr S Gooder
Rev J Kissack
Secretary to Trustees & Company Secretary: Mr A C Forsyth
Bankers: National Westminster Bank plc
Leeds City Branch, PO Box 154,
8 Park Row, Leeds, LS1 1QS
Solicitors: Lupton Fawcett LLP
2 The Embankment
Sovereign Street, Leeds, LS1 4BA
Auditors: SMH Jolliffe Cork Audit Ltd
Chartered Accountants and Statutory Auditor,
33 George Street,
Wakefield, WF1 1LX
Investment Managers: Brewin Dolphin Ltd trading as RBC Brewin Dolphin
10 Wellington Place, Leeds, LS1 4AN
Property Advisers: Walker Singleton
Property House, Lister Lane,
Halifax, HX1 5AS

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 8

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Responsibilities of the Executive Council

Company law requires the Executive Council to prepare financial statements for each financial year which give a true and fair view of the state of the Charity’s financial activities during the year and of its financial position at the year end. In preparing those financial statements, the Executive Council should follow best practice and:

The Executive Council is responsible for keeping accounting records which disclose with accuracy the financial position of the Charity and which enable it to ascertain its financial position and to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011 and regulations thereunder. It is also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each member of the Executive Council at the date of this report is aware,

These financial statements comply with current statutory requirements and with the requirements of the Charity’s governing document.

Auditors

SMH Jolliffe Cork Audit Ltd offer themselves for reappointment as auditors in accordance with section 485 of the Companies Act 2006.

SIGNED ON BEHALF OF THE EXECUTIVE COUNCIL

Rev Simon Copley (Executive Council Member)

Mr Justin Charlesworth (Executive Council Member)

Date: 21 March 2024

Page 9

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Opinion

We have audited the financial statements of The United Reformed Church (Yorkshire Province) Trust Limited (the ‘charitable company’) for the year ended 31 December 2023 which comprise the statement of financial activities, balance sheet, cash flow statement and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ 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 charitable company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 10

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 8, the Trustees (who are also the Directors of the charitable company for the purposes of company law) 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 the Trustees 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 Trustees are responsible for assessing the charitable company’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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the 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) will 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 of these financial statements.

Page 11

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Auditor’s responsibilities for the audit of the financial statements (continued)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Date …………………………….

Claire Lawton FCA DChA (Senior Statutory Auditor) For and on behalf of SMH Jolliffe Cork Audit Ltd 33 George Street Wakefield WF1 1LX

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 12

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Profit on sale of tangible asset
Total
16
Expenditure on:
Raising funds
5
Charitable activities
5
Total
Gains/(losses) on investment assets
11
Realised
Unrealised
Total
Net income/(expenditure)
Transfers between funds
16
Other recognised gains/(losses):
Gains/(losses) on revaluation of
fixed assets
9
Net movement in funds
Reconciliation of funds:
Total funds brought forward
At 1 January 2023
Total funds carried forward
16 & 17
At 31 December 2023		 Unrestricted
Funds
£
19,310
342,655
351,705
-
713,670
23,034
517,947
540,981
-
-
-
172,689
2,138
-
174,827
56,627
231,454		 Restricted
Funds
£
158
571,963
32,300
-
604,421
22,962
633,210
656,172
11,343
98,273
109,616
57,865
(2,138)
-
55,727
9,129,942
9,185,669		 £
-
-
-
-
-
4,554
-
4,554
(88)
21,165
21,077
16,523
-
-
16,523
1,041,995
1,058,518
Endowment
Funds		 2023
Total
Funds
£
19,468
914,618
384,005
-
1,318,091
50,550
1,151,157
1,201,707
11,255
119,438
130,693
247,077
-
-
247,077
10,228,564
10,475,641		 Unrestricted
Funds
£
40,570
36,114
274,542
-
351,226
22,163
557,899
580,062
-
-
-
(228,836)
656
-
(228,180)
284,807
56,627		 Restricted
Funds
£
118
1,435,701
21,982
-
1,457,801
23,425
308,260
331,685
(62,076)
(607,563)
(669,639)
456,477
(656)
-
455,821
8,674,121
9,129,942		 £
-
-
-
-
-
4,663
-
4,663
(12,414)
(120,748)
(133,162)
(137,825)
-
-
(137,825)
1,179,820
1,041,995
Endowment
Funds		 2022
Total
Funds
£
40,688
1,471,815
296,524
-
1,809,027
50,251
866,159
916,410
(74,490)
(728,311)
(802,801)
89,816
-
-
89,816
10,138,748
10,228,564

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 13

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2023

Income as reported on the SOFA
Gains on investments
Gain on revaluation of fixed assets
Gross income in the reporting period
Expenditure as reported on the SOFA
Losses on investments
Net income for the year		 2023
£
1,318,091
109,616
-
1,427,707
1,197,153
-
230,554		 2022
£
1,809,027
-
-
1,809,027
911,747
669,639
227,641

The Summary Income and Expenditure account excludes movements on the endowment funds. It is derived from the Statement of Financial Activities which together with the notes 1 to 19 provides full information on the movements during the year on all the Charity's funds.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 14

BALANCE SHEET AT 31 DECEMBER 2023

Note
Fixed assets:
Tangible assets
9
Investments
11
Total fixed assets
Current assets:
Debtors
12
Cash at bank and in hand
Total current assets
Liabilities:
Creditors: amounts falling
due within one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
15
Total net assets
The funds of the charity:
16 - 18
Endowment funds
Revaluation reserve/(deficit)
Other restricted funds
Other unrestricted funds
Total charity funds		 177,034
9,008,635
231,454		 2023
£
1,381,833
7,014,172
8,396,005
85,226
2,615,273
2,700,499
(319,666)
2,380,833
10,776,838
(301,197)
10,475,641
1,058,518
9,185,669
231,454
10,475,641		 177,034
8,952,908
56,627		 2022
£
1,021,296
6,901,905
7,923,201
45,886
2,717,112
2,762,998
(272,495)
2,490,503
10,413,704
(185,140)
10,228,564
1,041,995
9,129,942
56,627
10,228,564

The financial statements were approved by the Executive Council on 21 March 2024.

Rev Simon Copley Executive Council Member Mr Justin Charlesworth Executive Council Member

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 15

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities:
Cash flows from investing activities:
Purchase of tangible fixed assets
Proceeds from the sale of investments
Cash (added to) /withdrawn from investments
Purchase of investments
Reconciliation of net income to net cash flow from operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
(Profit)/loss on the sale of tangible fixed assets
Decrease /(Increase) in debtors
(Decrease) /Increase in creditors
Net cash (generated by) / used in operating activities
Net income for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation charges
(Gains)/Losses on investments
Dividends, interest and rents from investments
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Net cash (generated by) / used in operating activities
Dividends, interest and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Net proceeds/(costs) associated with the sale of tangible fixed assets		 2023
Total
Funds
£
(109,536)
384,005
-
(394,734)
969,808
-
(951,382)
7,697
(101,839)
2,717,112
2,615,273
2023
Total
Funds
£
247,077
34,197
(130,693)
(384,005)
-
(39,340)
163,228
(109,536)
2023
Total
Funds
£
2,615,273
2,615,273		 2022
Total
Funds
£
595,176
296,524
-
(11,684)
1,086,605
-
(1,205,203)
166,242
761,418
1,955,694
2,717,112
2022
Total
Funds
£
89,816
26,342
802,801
(296,524)
-
(12,865)
(14,394)
595,176
2022
Total
Funds
£
2,717,112
2,717,112

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 16

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Principal accounting policies

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The United Reformed Church (Yorkshire Province) Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Incoming resources

Donations are included when they are received. Legacies are included when it is probable that they will be received. Investment income is included when it is receivable, and includes any recoverable income tax. Property rents and interest on loans are included when they fall due. Investments and other assets from churches which have closed are accounted for when the amount receivable can reasonably be ascertained.

Recognition and valuation of donated services

The services of the Synod Evangelist, who is a Minister of Word and Sacrament in the URC, are provided by the URC under its Plan for Partnership in Ministerial Remuneration at no charge to the charity. This donation has been valued at the usual employment cost of a URC Minister, reduced for the Synod Evangelist, which is not a full-time appointment. The cost is included in expenditure on charitable activities.

The Charity's activities are dependent on volunteer members of committees. Travel expenses are reimbursed but there is no recognition in these accounts of the time donated by volunteers.

Basis of allocation of costs

Grants payable are voluntary payments to individuals, local URC churches or URC organisations in accordance with the purpose of the relevant fund. They are accounted for when they have been approved by the Synod Council or Financial Resources Committee, the recipient has been told of that approval, and if applicable has accepted the terms related to the grant. Grants to URC churches are single or multi-year grants. A creditor is included for the full amount of the grant offered. Payment of the second or later year's instalment is dependent on receipt of a report on the previous year, showing the progress made on the project. Occasionally Synod Council will require repayment of grants which have not been spent.

Support costs incurred in maintaining the office and employing the office staff have been allocated to raising income, charitable activities and governance in proportion to the time spent by office staff on each activity.

Tangible fixed assets and depreciation

Freehold and leasehold properties held for continuing use by the Charity are revalued by professional valuers every 5 years and are depreciated over 50 years. Long leasehold properties are defined as those properties with an unexpired lease term of more than 50 years. Properties acquired between valuations are included at cost and depreciated over 50 years. Properties sometimes pass to the Charity from United Reformed Churches in Yorkshire which have closed. If they are to be retained they are valued on acquisition. If the property is to be sold it is not revalued.

Office equipment is capitalised where a purchase or project costs over £500, and is included at cost less a provision for depreciation. This is calculated to write down the cost of tangible fixed assets by equal annual instalments over their expected useful lives, which are between 3 and 10 years.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 17

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

1 Principal accounting policies (continued)

Investment assets

Investments listed or traded on a recognised stock exchange are included at market value at the balance sheet date. Investment properties are valued professionally every five years. In between the valuations the Trustees’ best estimate of market value is used. In accordance with standard accounting practice, no depreciation is charged on investment properties. Concessionary loans to URC churches are valued at the amount paid less repayments received.

Current asset measurement

Debtors are included at their recoverable amount.

Current asset investments comprise working capital held on short-term deposit.

Cash at bank and in hand comprises the balance in the bank current account and the petty cash float. Creditors: amounts falling due within one year are valued at settlement amount.

2
Income from donations and legacies
Donations
Notional Grant for Synod Evangelist
Gifts
3
Income from charitable activities
Net proceeds of redundant manse funds and sale of redundant churches
Income from churches closed in the year
Contribution from Northern Province to safeguarding costs
Management charge (see note 13)
The Synod Levy was not charged in 2023.
Synod Levy		 2023
2022
£
£
-
23,433
19,310
17,137
158
118
19,468
40,688
2023
2022
£
£
110,291
78,702
741,426
1,361,296
57,473
30,367
5,428
1,450
914,618
1,471,815

When United Reformed Churches in Yorkshire close, the net assets and building pass to the Charity. The building is not included in fixed assets if it is sold within a year of closure. There can be significant variances in this income from one year to another.

At the 2021 Synod meetings, it was agreed that proceeds of sales from church closures, from amalgamating and local ecumenical partnerships and redundant manse funds should be redirected from the Synod Mission Fund to the Closed Churches Fund until Synod makes a new policy.

The net proceeds from the sale of Closed Church property are to be divided 20% to the United Reformed Church Ministers' Pension Fund; 80% to the Closed Churches Fund.

Amalgamated churches, and those in local ecumenical partnerships, are required to transfer to the Charity 50% of the net proceeds of any United Reformed Church property sale, for use by the Closed Churches Fund.

Any manse fund declared redundant is divided 75% to the local church and 25% to the Closed Churches Fund.

4
Income from Investments
Income from quoted investments
Investment property rents
Interest on bank balances		 2023
2022
£
£
239,020
245,111
29,506
22,756
115,479
28,657
384,005
296,524

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 18

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

5 Expenditure on raising funds and charitable activities Expenditure on raising funds and charitable activities
Expenditure on raising funds Direct Grant Support
costs funding costs 2023 2022
£ £ £ £ £
Managing investments
Investment management fees 27,516 - - 27,516 28,088
Support costs - - 23,034 23,034 22,163
27,516 - 23,034 50,550 50,251
Expenditure on charitable activities Direct Grant Support Total Total
costs funding costs 2023 2022
£ £ £ £ £
Grant making
Grants to individuals
Retired Ministers and widows (4 grants) 3,000 3,000 -
Grants to URC institutions
To churches for mission activities (18 grants) 210,530 210,530 147,565
To churches for property surveys (5 grants) 1,838 1,838 2,846
Vision & Opportunity to churches (65 grants) 296,023 296,023 38,920
Ministers pension Fund (1 grant) 100,000 100,000 100,000
YCU (1 grant) - - 20,000
Support costs 5,758 5,758 5,541
- 611,391 5,758 617,149 314,872
Other charitable activities
Training Ministers and lay members 5,284 2,879 8,163 10,007
Youth, children and safeguarding 143,634 2,879 146,513 117,257
Administering churches' property
and investments 2,068 69,103 71,171 68,816
Supporting committees and Synod 11,344 40,310 51,654 61,465
Pastoral work 848 23,034 23,882 23,227
Supporting and encouraging URC
churches, districts and centrally 27,859 77,741 105,600 130,363
Chaplaincies, industrial mission
and ecumenical relations - 5,759 5,759 5,656
Management & maintenance of
Synod properties 47,425 14,397 61,822 95,654
Sundry and contingencies 14,417 - 14,417 3,496
252,879 - 236,102 488,981 515,941
Governance costs
External audit fee 10,200 - 10,200 7,200
Internal audit and accountancy 2,350 - 2,350 1,565
Legal and professional fees 4,484 - 4,484 3,877
Recruitment fees 4,959 4,959 540
Support costs - 23,034 23,034 22,164
21,993 - 23,034 45,027 35,346
~~11,793~~
Total expenditure on
charitable activities 274,872 611,391 264,894 1,151,157 866,159

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 19

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

6 Expenditure on raising funds and charitable activities - previous year Expenditure on raising funds and charitable activities - previous year
Expenditure on raising funds - previous year Direct Grant Support
costs funding costs 2022
£ £ £ £
Managing investments
Investment management fees 28,088 - - 28,088
Support costs - - 22,163 22,163
28,088 - 22,163 50,251
Expenditure on charitable activities - previous year
Direct Grant Support Total
costs funding costs 2022
£ £ £ £
Grant making
Grants to individuals
Retired Ministers and widows (no grants) - -
Grants to URC institutions
To churches for mission activities (27 grants) 147,565 147,565
To churches for property surveys (11 grants) 2,846 2,846
Vision & Opportunity to churches (7 grants) 38,920 38,920
Ministers pension Fund (1 grant) 100,000 100,000
YCU (1 grant) 20,000 20,000
Support costs 5,541 5,541
- 309,331 5,541 314,872
Other charitable activities
Training Ministers and lay members 7,236 - 2,771 10,007
Youth, children and safeguarding 114,486 - 2,771 117,257
Administering churches' property
and investments 2,326 - 66,490 68,816
Supporting committees and Synod 22,679 - 38,786 61,465
Pastoral work 1,064 - 22,163 23,227
Supporting and encouraging URC
churches, districts and centrally 55,562 - 74,801 130,363
Chaplaincies, industrial mission
and ecumenical relations 116 - 5,540 5,656
Management & maintenance of
Synod properties 81,802 - 13,852 95,654
Sundry and contingencies 3,496 - - 3,496
288,767 - 227,174 515,941
Governance costs
External audit fee 7,200 - - 7,200
Internal audit and accountancy 1,565 - - 1,565
Legal and professional fees 3,877 - - 3,877
Recruitment fees 540 - 540
Support costs - - 22,164 22,164
13,182 - 22,164 35,346
Total expenditure on
charitable activities 301,949 309,331 254,879 866,159

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 20

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

7 Analysis of support costs

Analysis of support costs
Other
Raising Grant- charitable
funds making activities Governance Total
£ £ £ £ £
Office staff costs 20,105 5,026 206,077 20,105 251,313
Office rates and maintenance 1,484 371 15,214 1,484 18,553
Office expenses and equipment 1,025 256 10,505 1,025 12,811
Depreciation 420 105 4,306 420 5,251
23,034 5,758 236,102 23,034 287,928
Analysis of support costs - previous year
Other
Raising Grant- charitable
funds making activities Governance Total
£ £ £ £ £
Office staff costs 19,252 4,813 197,337 19,253 240,655
Office rates and maintenance 1,446 362 14,821 1,446 18,075
Office expenses and equipment 1,045 261 10,711 1,045 13,062
Depreciation 420 105 4,305 420 5,250
22,163 5,541 227,174 22,164 277,042

Support costs are allocated in proportion to the time spent by office staff on the activities shown.

It has been accepted that the Synod Evangelist is a Minister of Word and Sacraments under the terms of the United Reformed Church Plan for Partnership in Ministerial Remuneration and should not be classified as an employee.

8 Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel

Salaries and wages
Employer's National Insurance
Pension contributions to defined benefit schemes		 2023
2022
£
£
293,428
258,287
24,998
21,992
53,044
57,342
371,470
337,621

No employee received remuneration of more than £60,000 per annum, and there were no other employee benefits other than those disclosed above.

The average number of employees during the year was 11 (2022 - 10).

The key management personnel of the Charity are the Trustees, who include the Synod Treasurer, and key employees of the charity, who are the Trust Secretary, the Property Secretary, the Synod Clerk and the Finance Manager. The employee benefits of the key personnel total £167,490 (2022 £158,785).

Trustees' expenses

Members of the Executive Council are entitled to claim travel expenses for attending its meetings. The Treasurer may claim other expenses (travel, telephone, stationery etc.) incurred in his capacity as Trustee. No Trustee nor anyone connected with the Trustees received any remuneration in 2023 or 2022 except as noted below.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 21

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

8
Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel
2023
2022
The total of expenses claimed, by 1 (2022 1) Trustee, for the year was:
2,163
£
£1,666
9
Tangible assets
Freehold
Leasehold
Office
Property
Property
equipment
Total
Cost or valuation
£
£
£
£
At 1 January 2023
816,138
238,500
67,125
1,121,763
Additions
392,604
-
2,130
394,734
Disposals
-
-
-
-
At 31 December 2023
1,208,742
238,500
69,255
1,516,497
Depreciation
At 1 January 2023
32,573
9,540
58,354
100,467
Charge for the period
24,176
4,770
5,251
34,197
Disposals
-
-
-
-
At 31 December 2023
56,749
14,310
63,605
134,664
Net book value
At 1 January 2023
783,565
228,960
8,771
1,021,296
At 31 December 2023
1,151,993
224,190
5,650
1,381,833
Net carrying value of revalued assets
on historical cost basis
1,160,952
225,045
-
1,385,997
Property
Net book amount
The property is used for the direct charitable purposes of the Charity and comprises:
£
Housing for Ministers of local churches or in Synod posts (a part share in 4 properties)
1,147,091
Synod office building
229,092
1,376,183		 8
Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel
2023
2022
The total of expenses claimed, by 1 (2022 1) Trustee, for the year was:
2,163
£
£1,666
9
Tangible assets
Freehold
Leasehold
Office
Property
Property
equipment
Total
Cost or valuation
£
£
£
£
At 1 January 2023
816,138
238,500
67,125
1,121,763
Additions
392,604
-
2,130
394,734
Disposals
-
-
-
-
At 31 December 2023
1,208,742
238,500
69,255
1,516,497
Depreciation
At 1 January 2023
32,573
9,540
58,354
100,467
Charge for the period
24,176
4,770
5,251
34,197
Disposals
-
-
-
-
At 31 December 2023
56,749
14,310
63,605
134,664
Net book value
At 1 January 2023
783,565
228,960
8,771
1,021,296
At 31 December 2023
1,151,993
224,190
5,650
1,381,833
Net carrying value of revalued assets
on historical cost basis
1,160,952
225,045
-
1,385,997
Property
Net book amount
The property is used for the direct charitable purposes of the Charity and comprises:
£
Housing for Ministers of local churches or in Synod posts (a part share in 4 properties)
1,147,091
Synod office building
229,092
1,376,183		 8
Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel
2023
2022
The total of expenses claimed, by 1 (2022 1) Trustee, for the year was:
2,163
£
£1,666
9
Tangible assets
Freehold
Leasehold
Office
Property
Property
equipment
Total
Cost or valuation
£
£
£
£
At 1 January 2023
816,138
238,500
67,125
1,121,763
Additions
392,604
-
2,130
394,734
Disposals
-
-
-
-
At 31 December 2023
1,208,742
238,500
69,255
1,516,497
Depreciation
At 1 January 2023
32,573
9,540
58,354
100,467
Charge for the period
24,176
4,770
5,251
34,197
Disposals
-
-
-
-
At 31 December 2023
56,749
14,310
63,605
134,664
Net book value
At 1 January 2023
783,565
228,960
8,771
1,021,296
At 31 December 2023
1,151,993
224,190
5,650
1,381,833
Net carrying value of revalued assets
on historical cost basis
1,160,952
225,045
-
1,385,997
Property
Net book amount
The property is used for the direct charitable purposes of the Charity and comprises:
£
Housing for Ministers of local churches or in Synod posts (a part share in 4 properties)
1,147,091
Synod office building
229,092
1,376,183
1,208,742
238,500
69,255
1,516,497
32,573
9,540
58,354
100,467
24,176
4,770
5,251
34,197
-
-
-
-
56,749
14,310
63,605
134,664
783,565
228,960
8,771		 1,021,296
1,151,993
224,190
5,650		 1,381,833
1,160,952
225,045
-		 1,385,997
Net book amount
£
1,147,091
229,092
1,376,183

The housing was revalued as at 31 December 2020 by Walker Singleton, external Chartered Surveyors, at market value with vacant possession, in accordance with the Royal Institute of Chartered Surveyors Valuation Standards. The Synod office building was similarly revalued as at 31 December 2020 at existing use value.

10[Taxation]

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 22

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

11 Fixed asset investments
Market value
At 1 January 2023
Less:
Disposals at opening book value
Deposits realised/(reinvested)
Investment management fees
Loan repayments
Add:
Deposited for investment
Acquisitions at cost
Revaluation
At 31 December 2023
Historical cost
At 31 December 2023
Disposals:
Proceeds
Book value at 1 Jan 2023
Realised gain		 Investment
Listed
Balances at Concessionary
properties
investments
stockbroker
loans
Total
£
£
£
£
£
477,626
6,259,251
(1,162)
166,190
6,901,905
-
(942,643)
-
(942,643)
-
-
80,888
80,888
-
-
(27,516)
(27,516)
-
-
-
(15,910)
(15,910)
-
-
-
-
-
-
873,010
-
25,000
898,010
-
119,438
-
119,438
477,626
6,309,056
52,210
175,280
7,014,172
-
6,063,136
52,210
175,280
6,290,626
360
-
953,898
-
-
953,898
(942,643)
-
-
(942,643)
-
11,255
-
-
11,255

The investment property is 83.794% of the freehold at Aberdeen Walk, Scarborough, and was revalued as at 31 December 2020 by Walker Singleton, external Chartered Surveyors, at market value, in accordance with the Royal Institute of Chartered Surveyors Valuation Standards.

All fixed asset investments are in held in the UK, in Nominee Accounts at the investment managers. Details of the portfolio of listed investments are as follows:

Equity investments
Gilt-edged and fixed interest stocks
Investment and unit trusts		 2023
2022
£
£
1,869,237
2,067,848
903,439
294,407
3,536,380
3,896,996
6,309,056
6,259,251

Material investments (over 5% by value) at the end of the year:

Fidelity UCITS 330,638 -

All concessionary loans are to churches within the URC Yorkshire province. The maximum repayment period is 5 years and interest is charged at 0%. Repayments of capital are usually made quarterly or monthly. No security is provided on any loan. The maximum capital outstanding on any loan at 31 December 2023 was £153,453 (2022: £153,453).

Concessionary loans falling due after more than one year
Concessionary loans falling due within one year		 £
£
57,704
3,660
117,576
162,530
175,280
166,190

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 23

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

12 Debtors
Amounts owed by group and associated undertakings:
Yorkshire Congregational Union (Incorporated)
Cash in transit from YCU (Inc)
Prepayments and accrued income		 2023
2022
£
£
5,428
1,450
375
375
79,423
44,061
85,226
45,886

13 Related Parties

The Yorkshire Congregational Union (Incorporated) is a Charity administered by the same Trustees as the United Reformed Church (Yorkshire Province) Trust Limited, from the same office. It acts as Trustee for many of the United Reformed Churches in the Yorkshire Synod. The YCU has no employees; its administrative work is performed by employees of the United Reformed Church (Yorkshire Province) Trust Ltd, for which a management charge is made. The charge for 2023 was £5,428 (2022: £1,450). In addition, one of the churches for which the YCU acts as custodian Trustee owed the Trust £ nil (2022: £200) at the year end; the YCU owed the Trust £5,803 (2022: £1,825). The United Reformed Church (Yorkshire Province) Trust Limited has given the YCU an assurance of financial support and as such in 2022 made a payment of £20,000 to the YCU.

Trustees or people connected with the Trustees may also be Trustees of a church in receipt of a grant or concessionary loan from the Trust. Grants are awarded by a separate group from the Trustees, and members of that group will not take part in the decision if they have a conflict of interest.

Revd A Crump who is a Minister at Knaresborough and Bilton Grange URCs until his retirement in February 2024 and was a Trustee until October 2023, occupies a manse which is part owned by the Trust and part owned by a local church.

14 Creditors: amounts falling due within one year
Accruals for grants payable
Accruals and deferred income
Other creditors
15 Creditors: amounts falling due after more than one year
Accruals for grants payable		 2023
2022
£
£
286,489
239,069
32,802
33,051
375
375
319,666
272,495
2023
2022
£
£
301,197
185,140

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 24

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

16 Movement in funds during the year

Permanent endowments
General Purposes
Church Extension
Maintenance of Ministry
Welfare of Ministry
Home Churches
Restricted funds
Closed Churches capital
Closed Churches
revaluation reserve
Synod Mission
capital and income
Income funds
Church Extension
Maintenance of Ministry
Welfare
Home Churches
Unrestricted Funds
General income
Closed Churches income
Total Funds		 Balance
Transfers
Balance
1 January
Incoming
Outgoing
between
Revaluation
31 December
2023
resources
resources
funds
gains/losses
2023
£
£
£
£
£
£
698,866
-
(3,048)
-
14,208
710,026
236,984
-
(1,040)
-
4,744
240,688
16,704
-
(73)
-
335
16,966
71,593
-
(314)
-
1,433
72,712
17,848
-
(79)
-
357
18,126
1,041,995
-
(4,554)
-
21,077
1,058,518
8,284,513
571,963
(447,931)
-
109,616
8,518,161
177,034
-
177,034
243,327
11,678
(207,530)
-
-
47,475
410,637
16,137
-
-
-
426,774
-
638
-
(638)
-
-
13,170
3,286
-
(1,500)
-
14,956
1,261
719
(711)
-
-
1,269
9,129,942
604,421
(656,172)
(2,138)
109,616
9,185,669
56,627
112,666
(520,663)
582,824
-
231,454
-
601,004
(20,318)
(580,686)
-
-
56,627
713,670
(540,981)
2,138
-
231,454
10,228,564
1,318,091
(1,201,707)
-
130,693
10,475,641

The Charity is Trustee of all the funds, which are to be used by the United Reformed Church in its Yorkshire Synod.

Permanent Endowment funds represent those assets which must be held permanently by the Charity, principally investments. Any capital gains or losses arising on the investments form part of the fund. Investment management charges are charged against the fund. Income arising on the endowment funds is either restricted or unrestricted depending on the fund.

The endowment investments are pooled and held within the Common Investment Fund. All gains and income are credited to the constituent endowment and income funds in the proportion of the assets originally pooled, which were General (66.93%), Church Extension (22.84%), Maintenance of the Ministry (1.61%), Welfare (6.90%) and Home Churches (1.72%).

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 25

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

16 Movement in funds during the year (continued)

Restricted funds are funds which have been given for particular purposes.

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.

Designated funds are amounts of money within Unrestricted Funds which have been set aside for a specific purpose which will be achieved within less than three years.

General Purposes Fund - use of the income is unrestricted for the furtherance of religious and other charitable work of the United Reformed Church within its Yorkshire Synod.

Church Extension Fund - makes loans to local United Reformed Churches for the upkeep and repair of their buildings.

Maintenance of the Ministry Fund - provides a small income which is transferred to the General Purposes Fund where it is deemed to assist in the maintenance of the ministry of the Synod Moderator.

Welfare of the Ministry Fund - provides income which forms 50% of the grants made in cases of need to Ministers, retired Ministers and their dependants.

Home Churches Fund - represents a small amount of capital, the income from which forms part of the Synod's Mission and Ministry Fund contributions to the United Reformed Church.

Closed Churches Fund - holds funds from churches closed after 1972, under the terms of the URC Trusts set out in the 1972 URC Act, as modified by the 1981 Act. The capital is available for use in accordance with the URC Act 1981, Schedule 2, parts I and II. Income from the investment of the capital is directed to the General Purposes Fund and is used to fund the work of the Synod.

Synod Mission Fund was set up in 2010 and incorporates the former Amalgamation Fund. It receives funds primarily from property sales that arise as part of the closure or amalgamation of local churches, or the creation of Local Ecumenical Projects. Both capital and income are available for grants to local churches for any project that can be shown to promote the missionary work of the United Reformed Churches in Yorkshire.

Transfers between funds

The net income on the Closed Churches Fund is unrestricted and transferred to the General Fund each year. The General Fund also receives income from the Maintenance of the Ministry and Welfare Funds, in line with the above descriptions.

17 Analysis of net assets between funds at the year end

represented by:
Tangible fixed assets
Investments
Net current assets
Long term liabilities
Total net assets		 Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
£
£
£
£
5,650
1,376,183
-
1,381,833
-
5,955,917
1,058,255
7,014,172
225,804
2,154,766
263
2,380,833
-
(301,197)
-
(301,197)
231,454
9,185,669
1,058,518
10,475,641

THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED

Page 26

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

18 Pension costs

Lay Staff Pension Scheme

The Charity contributes to The United Reformed Church Final Salary Scheme, a pension scheme principally for lay staff, which is administered by TPT Retirement Solutions Trust (formally The Pensions Trust). The scheme is a defined benefit scheme but the Charity is unable to identify its share of the underlying assets and liabilities - each employer in that scheme pays a common contribution rate.

Until the scheme closed to further accrual on 28 February 2023, the Charity contributed 22.8% (2022: 22.8%) of basic salary in respect of members of the Final Salary. Members contributed at the rate of 7.5% (2022: 7.5%) of pensionable salary throughout the accounting period.

The most recent formal actuarial review of the scheme was at 30 September 2020, when the scheme had a surplus of £2,689,000. The assumptions underlying that valuation include:

Discount rate: 1.4% p.a. Pensionable earnings growth: 2.5% for three years, 2.75% thereafter Price inflation and pension increases: 2.55% Retirement age: 65, with maximum commutation

A new defined contribution scheme administered by Aon Master Trust was set up and staff were moved into this scheme on 1 March 2023.

Ministers' Pension Scheme

It is estimated that the Ministers' Pension Fund (MPF), which is the responsibility of the United Reformed Church Trust Ltd (URCTL), will be £45 million in deficit over 10 years from 2021 to 2030 inclusive.

Each of the 13 Synods of the United Reformed Church has been asked by URCTL to make contributions over that 10 year period to help reduce this underfunding.

In 2021, the Trustees of the United Reformed Church (Yorkshire Province) Trust Limited made an aspirational offer of £1.675 million to the URCTL as a contribution towards the obligation that URCTL has to the MPF. This was approved at the October 2021 meeting of the Synod. This offer will be funded from the proceeds of sale of buildings of closed churches, any voluntary contributions from churches and other Synod funds. In December 2021, a payment of £350,000 was made by the Yorkshire Synod to the MPF. This was followed by payments of £100,000 in December 2022 and December 2023.

19 Post Balance Sheet Events

At the year end, the property of 5 churches is held on Statutory Trusts in accordance with the United Reformed Church Acts of 1972, 1981 and 2000 by the Charity following church closures. The proceeds of sale will revert to the Charity in accordance with the Statutory Trusts on which the properties are held.

Since the year end, one of these closed church buildings has sold for £190,000. 2 of the other buildings are currently on the market.

On 4 January, the Trust received £51,488 from one of its churches, which was part payment towards an outstanding loan.

On 19 March, the Trust received £227,813, following the sale of a manse held on behalf of a church by the YCU, thus reducing the Synod's share of a manse purchased in 2023.