# **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 2024** 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

## **ANNUAL REPORT AND FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

|INDEX|PAGE|
|---|---|
|Trustees’ annual report|1 - 9|
|Report of the auditors|10 - 12|
|Statement of financial activities|13|
|Summary income and expenditure account|14|
|Balance sheet|15|
|Statement of cash flows|16|
|Notes to the financial statements|17 – 27|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 1 

## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

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… 

- Property maintenance and development 

- Legal and compliance issues 

- Terms of settlement for existing and new Ministers 

- Accounting requirements 

- Management of the Mission and Ministry Scheme 

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; 

- Both lay and ordained Ministers 

- Adults and young people 

- Safeguarding of children, young people and vulnerable adults 

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 UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 2 

## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Objectives and Activities (continued)** 

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 79 churches which are situated across Yorkshire.  Further details are to be found throughout the remainder of this report. 

## **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 (50% from 1 January 2025)|
||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. 

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 2024** 

## **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. 

## **Synod** 

In May 2024, the Synod held a 24 hour residential gathering at Hinsley Hall, Leeds, to which were invited, members of Synod Council, some staff members and other people who hold Synod offices.  Through a facilitated discussion, areas of Synod life were identified, where it was felt things could be done differently.  A list of some 12 work streams were formulated, all of which are being pursued and some of which have already come to fruition. 

To take 3 examples: 

1. A commitment to doing some work on whether the Yorkshire Synod would benefit from more paid roles (employed or deployed) on the staff team.  Unlike the majority of Synods, the Yorkshire Synod is currently running without anyone in a TDO (Training and Development) role and also without a mission advocate or similar (though there is a half time Synod evangelist).  It is hoped is that during the next 12 months a view will be ascertained, as to which (if any) roles would benefit the Synod, and take the steps to recruit or call to these posts.  The intention is to create roles that will provide the support local churches need to be effective in mission. 

2. A group was set up to ‘map’ the Synod, looking at compliance and church health.  The group includes the Moderator, Lead Safeguarding Office, Youth and Children’s work Practitioner, Pastoral Convener, Property Convener and Ministries Convener.  This group intends to meet twice a year (it has met twice so far) and goes though each local church in the Synod one by one, identifying any concerns or indications that additional support might be needed.  We feel that this group is proving really useful in our oversight of the churches, and in early identification of issues. 

3. A group was set up to produce an Ecumenical strategy – now agreed by Synod.  This has strengthened the work in supporting Local Ecumenical Partnerships, (LEPs) which can often feel neglected, or torn between different denominational requirements.  The Synod Moderator has been working with the Methodist Yorkshire West District Mission Enabler to review two LEPs and they have developed a good model to offer where it is needed. 

During 2024 the Synod has been blessed with three new ministers, all EM2 (i.e. new to ministry).  There has been the exploration of a collaboration with Northern Synod in support of our EM2 co-hort to ensure they get the best start in ministry. 

There is much talk within the URC about ‘Pioneering’.  Such ministries are intrinsically risky, and careful consideration is being given to how they could be initiated and supported.  At the end of 2024, 10 members of the Synod attended a denomination-wide Church Life Review event.  Discussions are beginning as to how the Synod might engage with this subject. 

## **Elders** 

2024 has been a busy year in the area of Elder’s training and development.  There have been the usual two conferences, one a full day event and one a 24 hour residential session. 

In May, a one day conference was held with the title Making Disciples, led by Andrew Roberts (author of Holy Habits) and Linda Rayner, URC coordinator for fresh expressions.  33 elders and church members shared stories of initiatives which have been fruitful and some of which were not, examining what could be learned from their experiences.  There was also time to consider how to be bearers of good news and people of hope and how to make God known in difficult times and situations. 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Achievements, Performance and Future Plans (continued)** 

In September, 30 elders and church members travelled to Wydale Hall for a 24 hour conference led by Jon Steel and Jason McCullagh to explore how to move forward in mission through delivering pastoral care. In keeping with the changing role of elders and an understanding that they are coming under greater pressure, this 24 hours included space for private prayer and meditation. An opportunity to recharge batteries and prepare to lead the churches in this changing world. 

In addition to these two events and in answer to requests for training which will assist in equipping elders for their changing role, half day sessions have been devised on Presiding at the Sacraments – specifically Holy Communion, conducting funerals and Governance. In these sessions, some reflections are offered on the theological context as well as the practicalities involved. 

Also offered, was on-line governance training, with a total of 62 people registering for two sessions. When topics are covered such as Presidency and conducting funerals, the training is carried out at the church requested it and during the year, four such sessions have run, with a total attendance of approximately 35. 

Looking forward to 2025, there is a spring conference booked and a Presidency session taking place in February. 

## **Safeguarding** 

The safeguarding provision (which Yorkshire Synod shares jointly with the neighbouring URC Northern Synod) continue to ensure the Synod’s safeguarding responsibilities are met.  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). The Synod safeguarding policy was approved at the March 2024 Synod meeting. The safeguarding team have also been extremely supportive in areas on the edge of safeguarding, where the Synod has needed to support local churches in times of crisis and in relationship break-down. 

Two safeguarding concerns have been raised during 2024. The first concerned an incident at a particular church and this was reported to the Charity Commission as a Serious Incident . The issues have been addressed by the Synod Safeguarding Officer, working with Synod and the church concerned. The Trustees are satisfied that they have been dealt with satisfactorily. The second concerned the actions of an officer of a particular church who has been suspended pending further investigations by the Synod Safeguarding Officer. These investigations are ongoing. 

## **Ministers Pension Fund** 

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. During the latter part of 2024 the URCTL announced that no further contributions were required as the deficit had been cleared.  Overall, the Yorkshire Synod contributed £550,000 to the scheme, with the last donation being in December 2023. 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **Achievements, Performance and Future Plans (continued)** 

## **Grants** 

The Synod Mission Fund continued to help churches establish creative and innovative missionary projects throughout the year.  In 2024, the fund approved 10 awards totalling £179,933, and rescinded a grant of £60,000 approved in earlier years. The grants range from multi-year funding of a Community Worker to equipment, such as notice boards and audio systems. 

The Vision and Opportunity Initiative continues to offer grants to churches to develop property for mission purposes and evangelistic, training and pastoral related grants.  Mission Capacity grants are also available, which release church members from back office tasks to engage in mission.  In 2024, 12 awards were approved totalling £138,821 and 1 withdrawal of £809 approved in an earlier year. 

A grant of £4,259 was awarded to one church experiencing increased energy costs from the previous comparative period. 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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 £188,935 (2023 £247,077). 

The performance of the investment portfolios was assessed by the Investment Sub Committee on behalf of the Trustees and the income received was 25% lower (2023: 8% higher) than the budget set by the Synod for 2024.  The high rates of return seen in 2023 did not continue and the effects of uncertainty from both the UK election and internationally with the US election and the wars in the Ukraine and Gaza, having a negative impact on the results.  However, at the end of 2024 the Synod was in a position, due to income from church closures, to invest £1 million which had been held in a deposit account, into a higher risk investment portfolio. 

## **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 7. 

The serious incident which the Trustees disclosed to the Charity Commission in 2018, relating to a particular church, is still ongoing.  During the last 12 months, the Trustees have been in further discussions with the church and are continuing to assist the church in remedying some of the issues. 

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** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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 2024 the number of members totalled 13 (2023 – 14).  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 a couple of changes to the Executive Council in 2024 with the resignation of Mr Stephen Gooder after 11 years of service and the appointment of Mr Gordon Justham.  The Directors of the Charity are listed on page 8. 

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 currently being reviewed. 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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|
||Mr C Evans|
||Mr S Gooder (to 23 July 2024)|
||Mr Gordon Justham (from 21 May 2024)|
||Rev J Kissack|
|**Secretary to Trustees & Company Secretary:**|Mr A C Forsyth  (to 31 March 2025)|
|**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** 

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## **TRUSTEES’ ANNUAL REPORT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 

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, 

- there is no relevant audit information of which the Charity’s auditor is unaware; and 

- the Executive Council have taken all steps which they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

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) 

Rev Jamie Kissack (Executive Council Member) 

Date: 14 April 2025 



Page 10 

## **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 2024 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: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- 

   - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 



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## **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: 

- the information given in the Trustees’ report (incorporating the Directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Directors’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 

## **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. 



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## **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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the charitable company through discussions with the Treasurer and other informed management which we considered may have a direct material effect on the financial statements or the operations of the charitable company and thereafter, the audit team remained alert to instances of noncompliance throughout the audit. 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud and noncompliance with laws and regulations. 

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

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims and reviewing correspondence with the charitable company’s legal advisors. 

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 13 

## **STATEMENT OF FINANCIAL ACTIVITIES** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**Note**<br>**Income and endowments from:**<br>Donations and legacies<br>2<br>Charitable activities<br>3<br>Investments<br>4<br>_Profit on sale of tangible asset_<br>**Total**<br>16<br>**Expenditure on:**<br>Raising funds<br>5<br>Charitable activities<br>5<br>**Total**<br>**Gains/(losses) on investment assets**<br>11<br>_Realised_<br>_Unrealised_<br>**Total**<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>16<br>**Other recognised gains/(losses):**<br>Gains/(losses) on revaluation of<br>fixed assets<br>9<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>At 1 January 2024<br>**Total funds carried forward**<br>16 & 17<br>At 31 December 2024|**Unrestricted**<br>**Funds**<br>**£**<br>21,069<br>247,370<br>306,176<br>-<br>574,615<br>24,615<br>624,194<br>648,809<br>-<br>-<br>-<br>(74,194)<br>1,915<br>-<br>(72,279)<br>231,454<br>159,175|**Restricted**<br>**Funds**<br>**£**<br>153<br>319,329<br>32,856<br>-<br>352,338<br>23,755<br>291,616<br>315,371<br>76,203<br>117,187<br>193,390<br>230,357<br>(1,915)<br>-<br>228,442<br>9,185,669<br>9,414,111|**£**<br>-<br>-<br>-<br>-<br>-<br>4,681<br>-<br>4,681<br>14,873<br>22,580<br>37,453<br>32,772<br>-<br>-<br>32,772<br>1,058,518<br>1,091,290<br>**Endowment**<br>**Funds**|**2024**<br>**Total**<br>**Funds**<br>**£**<br>**21,222**<br>**566,699**<br>**339,032**<br>**-**<br>**926,953**<br>**53,051**<br>**915,810**<br>**968,861**<br>**91,076**<br>**139,767**<br>**230,843**<br>**188,935**<br>**-**<br>**-**<br>**188,935**<br>**10,475,641**<br>**10,664,576**|_Unrestricted_<br>_Funds_<br>_£_<br>_19,310_<br>_342,655_<br>_351,705_<br>_-_<br>_713,670_<br>_23,034_<br>_517,947_<br>_540,981_<br>_-_<br>_-_<br>_-_<br>_172,689_<br>_2,138_<br>_-_<br>_174,827_<br>_56,627_<br>_231,454_|_Restricted_<br>_Funds_<br>_£_<br>_158_<br>_571,963_<br>_32,300_<br>_-_<br>_604,421_<br>_22,962_<br>_633,210_<br>_656,172_<br>_11,343_<br>_98,273_<br>_109,616_<br>_57,865_<br>_(2,138)_<br>_-_<br>_55,727_<br>_9,129,942_<br>_9,185,669_|_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_4,554_<br>_-_<br>_4,554_<br>_(88)_<br>_21,165_<br>_21,077_<br>_16,523_<br>_-_<br>_-_<br>_16,523_<br>_1,041,995_<br>_1,058,518_<br>_Endowment_<br>_Funds_|_2023_<br>_Total_<br>_Funds_<br>_£_<br>_19,468_<br>_914,618_<br>_384,005_<br>_-_|
|---|---|---|---|---|---|---|---|---|
|||||||||_1,318,091_|
|||||||||_50,550_<br>_1,151,157_|
|||||||||_1,201,707_|
|||||||||_11,255_<br>_119,438_|
|||||||||_130,693_|
|||||||||_247,077_<br>_-_<br>_-_|
|||||||||_247,077_|
|||||||||_10,228,564_|
|||||||||_10,475,641_|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 14 

## **SUMMARY INCOME AND EXPENDITURE ACCOUNT** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

|Income as reported on the SOFA<br>Gains on investments<br>Gain on revaluation of fixed assets<br>Gross income in the reporting period<br>Expenditure as reported on the SOFA<br>Losses on investments<br>**Net  income for the year**|**2024**<br>**£**<br>**926,953**<br>**193,390**<br>**-**<br>**1,120,343**<br>**964,180**<br>-<br>**156,163**|2023<br>£<br>1,318,091<br>109,616<br>-|
|---|---|---|
|||1,427,707<br>1,197,153<br>-|
|||230,554|



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 15 

## **BALANCE SHEET AT 31 DECEMBER 2024** 

|**Note**<br>**Fixed assets:**<br>Tangible assets<br>9<br>Investments<br>11<br>_Total fixed assets_<br>**Current assets:**<br>Debtors<br>12<br>Cash at bank and in hand<br>_Total current assets_<br>**Liabilities:**<br>Creditors: amounts falling<br>due within one year<br>14<br>_Net current assets_<br>_Total assets less current liabilities_<br>Creditors: amounts falling due<br>after more than one year<br>15<br>**_Total net assets_**<br>**The funds of the charity:**<br>16 - 18<br>Endowment funds<br>Revaluation reserve/(deficit)<br>Other restricted funds<br>Other unrestricted funds<br>**_Total charity funds_**|**177,034**<br>**9,237,077**<br>**159,175**|**2024**<br>**£**<br>**1,505,031**<br>**8,192,255**<br>**9,697,286**<br>**76,135**<br>**1,457,326**<br>**1,533,461**<br>**(265,743)**<br>**1,267,718**<br>**10,965,004**<br>**(300,428)**<br>**10,664,576**<br>**1,091,290**<br>**9,414,111**<br>**159,175**<br>**10,664,576**|177,034<br>9,008,635<br>231,454|2023<br>£<br>1,381,833<br>7,014,172|
|---|---|---|---|---|
|||||8,396,005|
|||||85,226<br>2,615,273|
|||||2,700,499<br>(319,666)|
|||||2,380,833|
|||||10,776,838<br>(301,197)|
|||||10,475,641|
|||||1,058,518<br>9,185,669<br>231,454|
|||||10,475,641|



The financial statements were approved by the Executive Council on 14 April 2025. 

Rev Simon Copley 

Rev Jamie Kissack 

Executive Council Member Executive Council Member 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 16 

## **STATEMENT OF CASH FLOWS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

|**Cash flows from operating activities:**<br>**Cash flows from investing activities:**<br>Purchase of tangible fixed assets<br>Proceeds from the sale of investments<br>Cash (added to) /withdrawn from investments<br>Purchase of investments<br>**Reconciliation of net income to net cash flow from operating activities**<br>**Analysis of cash and cash equivalents**<br>Cash at bank and in hand<br>**Total cash and cash equivalents**<br>**Cash and cash equivalents at the beginning of the reporting period**<br>**Cash and cash equivalents at the end of the reporting period**<br>_Net cash (generated by) / used in operating activities_<br>Dividends, interest and rents from investments<br>_Net cash provided by investing activities_<br>_Change in cash and cash equivalents in the reporting period_<br>Net proceeds/(costs) associated with the sale of tangible fixed assets<br>(Profit)/loss on the sale of tangible fixed assets<br>Decrease /(Increase) in debtors<br>(Decrease) /Increase in creditors<br>_Net cash (generated by) / used in operating activities_<br>**_Net income for the reporting period (as per the statement of financial_**<br>**_activities)_**<br>**Adjustments for:**<br>Depreciation charges<br>(Gains)/Losses on investments<br>Dividends, interest and rents from investments|**2024**<br>**Total**<br>**Funds**<br>**£**<br>**(388,544)**<br>**339,032**<br>**223,797**<br>**(384,992)**<br>**3,381,321**<br>**(1,001,805)**<br>**(3,326,756)**<br>**(769,403)**<br>**(1,157,947)**<br>**2,615,273**<br>**1,457,326**<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>**188,935**<br>**37,997**<br>**(230,843)**<br>**(339,032)**<br>**-**<br>**9,091**<br>**(54,692)**<br>**(388,544)**<br>**2024**<br>**Total**<br>**Funds**<br>**£**<br>**1,457,326**<br>**1,457,326**|2023<br>Total<br>Funds<br>£<br>(109,536)|
|---|---|---|
|||384,005<br>-<br>(394,734)<br>969,808<br>-<br>(951,382)|
|||7,697|
|||(101,839)<br>2,717,112|
|||2,615,273|
|||2023<br>Total<br>Funds<br>£<br>247,077<br>34,197<br>(130,693)<br>(384,005)<br>-<br>(39,340)<br>163,228|
|||(109,536)|
|||2023<br>Total<br>Funds<br>£<br>2,615,273|
|||2,615,273|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 17 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024** 

## **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 18 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (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**<br>**Income from donations and legacies**<br>**Donations**<br>Notional Grant for Synod Evangelist<br>Gifts<br>**3**<br>**Income from charitable activities**<br>Net proceeds of redundant manse funds and sale of redundant churches<br>Income from churches closed in the year<br>Contribution from Northern Province to safeguarding costs<br>Rental income from closed churches<br>Management charge (see note 13)|**2024**<br>2023<br>**£**<br>£<br>**20,974**<br>19,310<br>**248**<br>158|
|---|---|
||**21,222**<br>19,468|
||**2024**<br>2023<br>**£**<br>£<br>**319,329**<br>110,291<br>**133,363**<br>741,426<br>**70,213**<br>57,473<br>**30,568**<br>-<br>**13,226**<br>5,428|
||**566,699**<br>914,618|



When United Reformed Churches in Yorkshire close, the net assets and building pass to the Charity. 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, amalgamations, 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 current Synod policy is for the net proceeds from the sale of Closed Church property to be divided 20% to the United Reformed Church Ministers' Pension Fund; 80% to the Closed Churches Fund. This policy is currently under review. 

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**<br>**Income from Investments**<br>Income from quoted investments<br>Investment property rents<br>Interest on bank balances|**2024**<br>2023<br>**£**<br>£<br>**202,148**<br>239,020<br>**16,006**<br>29,506<br>**120,878**<br>115,479|
|---|---|
||**339,032**<br>384,005|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 19 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (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**|**2024**|2023|
|||£|£|£|**£**|£|
||_Managing investments_||||||
||Investment management fees|28,436|-|-|**28,436**|27,516|
||Support costs|-|-|24,615|**24,615**|23,034|
|||28,436|-|24,615|**53,051**|50,550|
||**Expenditure on charitable activities**|**Direct**|**Grant**|**Support**|**Total**|Total|
|||**costs**|**funding**|**costs**|**2024**|2023|
|||£|£|£|**£**|£|
||_Grant making_||||||
||Grants to individuals||||||
||Retired Ministers and widows (5 grants)||2,750||**2,750**|3,000|
||Grants to URC institutions||||||
||To churches for mission activities (10 grants)||119,933||**119,933**|210,530|
||To churches for property surveys (11 grants)||4,004||**4,004**|1,838|
||Vision & Opportunity to churches (13 grants)||142,272||**142,272**|296,023|
||Ministers pension Fund (no grant)||-||**-**|100,000|
||Support costs|||6,153|**6,153**|5,758|
|||-|268,959|6,153|**275,112**|617,149|
||_Other charitable activities_||||||
||Training Ministers and lay members|14,587||3,077|**17,664**|8,163|
||Youth, children and safeguarding|204,082||3,077|**207,159**|146,513|
||Administering churches' property||||||
||and investments|1,623||73,846|**75,469**|71,171|
||Supporting committees and Synod|7,531||43,076|**50,607**|51,654|
||Pastoral work|1,642||24,615|**26,257**|23,882|
||Supporting and encouraging URC||||||
||churches, districts and centrally|39,274||83,076|**122,350**|105,600|
||Chaplaincies, industrial mission||||||
||and ecumenical relations|-||6,154|**6,154**|5,759|
||Management & maintenance of||||||
||Synod properties|68,525||15,384|**83,909**|61,822|
||Sundry and contingencies|6,504||-|**6,504**|14,417|
|||343,768|-|252,305|**596,073**|488,981|
||_Governance costs_||||||
||External audit fee|12,990||-|**12,990**|10,200|
||Internal audit and accountancy|1,650||-|**1,650**|2,350|
||Legal and professional fees|4,616||-|**4,616**|4,484|
||Recruitment fees|754|||**754**|4,959|
||Support costs|-||24,615|**24,615**|23,034|
|||20,010|-|24,615|**44,625**|45,027|
|||~~7,020~~|||||
||**Total expenditure on**||||||
||**charitable activities**|**363,778**|**268,959**|**283,073**|**915,810**|1,151,157|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 20 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (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**|**2023**|
|||£|£|£|**£**|
||_Managing investments_|||||
||Investment management fees|27,516|-|-|**27,516**|
||Support costs|-|-|23,034|**23,034**|
|||27,516|-|23,034|**50,550**|
||**Expenditure on charitable activities - previous year**|||||
|||**Direct**|**Grant**|**Support**|**Total**|
|||**costs**|**funding**|**costs**|**2023**|
|||£|£|£|**£**|
||_Grant making_|||||
||Grants to individuals|||||
||Retired Ministers and widows (no grants)||3,000||**3,000**|
||Grants to URC institutions|||||
||To churches for mission activities (27 grants)||210,530||**210,530**|
||To churches for property surveys (11 grants)||1,838||**1,838**|
||Vision & Opportunity to churches (7 grants)||296,023||**296,023**|
||Ministers pension Fund (1 grant)||100,000||**100,000**|
||YCU (1 grant)||-||**-**|
||Support costs|||5,758|**5,758**|
|||-|611,391|5,758|**617,149**|
||_Other charitable activities_|||||
||Training Ministers and lay members|5,284||2,879|**8,163**|
||Youth, children and safeguarding|143,634||2,879|**146,513**|
||Administering churches' property|||||
||and investments|2,068||69,103|**71,171**|
||Supporting committees and Synod|11,344||40,310|**51,654**|
||Pastoral work|848||23,034|**23,882**|
||Supporting and encouraging URC|||||
||churches, districts and centrally|27,859||77,741|**105,600**|
||Chaplaincies, industrial mission|||||
||and ecumenical relations|-||5,759|**5,759**|
||Management & maintenance of|||||
||Synod properties|47,425||14,397|**61,822**|
||Sundry and contingencies|14,417||-|**14,417**|
|||252,879|-|236,102|**488,981**|
||_Governance costs_|||||
||External audit fee|10,200||-|**10,200**|
||Internal audit and accountancy|2,350||-|**2,350**|
||Legal and professional fees|4,484||-|**4,484**|
||Recruitment fees|4,959||-|**4,959**|
||Revaluation fees|-||-||
||Support costs|-||23,034|**23,034**|
|||21,993|-|23,034|**45,027**|
||**Total expenditure on**|||||
||**charitable activities**|**274,872**|**611,391**|**264,894**|**1,151,157**|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 21 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

## **7 Analysis of support costs** 

||||**Other**|||
|---|---|---|---|---|---|
||**Raising**|**Grant-**|**charitable**|||
||**funds**|**making**|**activities**|**Governance**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|Office staff costs|20,817|5,204|213,376|20,817|**260,214**|
|Office rates and maintenance|2,172|543|22,261|2,172|**27,148**|
|Office expenses and equipment|1,145|286|11,742|1,145|**14,318**|
|Depreciation|481|120|4,926|481|**6,008**|
||24,615|6,153|252,305|24,615|**307,688**|
|**Analysis of support costs - previous year**||||||
||||**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**|



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<br>Employer's National Insurance<br>Pension contributions to defined benefit schemes|**2024**<br>2023<br>**£**<br>£<br>**342,097**<br>293,428<br>**30,807**<br>24,998<br>**54,736**<br>53,044|
|---|---|
||**427,640**<br>371,470|



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 12 (2023 - 11). 

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 £172,685 (2023 £167,490). 

## **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 2024 or 2023 except as noted below. 



**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 22 

## **NOTES TO THE FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

|**8**<br>**Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel**<br>**2024**<br>2023<br>The total of expenses claimed, by 1 (2023 1) Trustee, for the year was:<br>**2,238**<br>**£**<br>£2,163<br>**9**<br>**Tangible assets**<br>**Freehold**<br>**Leasehold**<br>**Office**<br>**Property**<br>**Property**<br>**equipment**<br>**Total**<br>**Cost or valuation**<br>**£**<br>**£**<br>**£**<br>**£**<br>At 1 January 2024<br>1,208,742<br>238,500<br>69,255<br>**1,516,497**<br>Additions<br>379,308<br>-<br>5,684<br>**384,992**<br>Disposals<br>(227,093)<br>-<br>(8,682)<br>**(235,775)**<br>At 31 December 2024<br>1,360,957<br>238,500<br>66,257<br>**1,665,714**<br>**Depreciation**<br>At 1 January 2024<br>56,749<br>14,310<br>63,605<br>**134,664**<br>Charge for the period<br>27,219<br>4,770<br>6,008<br>**37,997**<br>Disposals<br>(3,296)<br>-<br>(8,682)<br>**(11,978)**<br>At 31 December 2024<br>80,672<br>19,080<br>60,931<br>**160,683**<br>**Net book value**<br>At 1 January 2024<br>1,151,993<br>224,190<br>5,650<br>**1,381,833**<br>At 31 December 2024<br>**1,280,285**<br>**219,420**<br>**5,326**<br>**1,505,031**<br>Net carrying value of revalued assets<br>on historical cost basis<br>1,553,555<br>225,045<br>-<br>**1,778,600**<br>**Property**<br>**Net book amount**<br>The property is used for the direct charitable purposes of the Charity and comprises:<br>**£**<br>Housing for Ministers of local churches or in Synod posts (a part share in 5 properties)<br>1,275,486<br>Synod office building<br>224,219<br>1,499,705|**8**<br>**Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel**<br>**2024**<br>2023<br>The total of expenses claimed, by 1 (2023 1) Trustee, for the year was:<br>**2,238**<br>**£**<br>£2,163<br>**9**<br>**Tangible assets**<br>**Freehold**<br>**Leasehold**<br>**Office**<br>**Property**<br>**Property**<br>**equipment**<br>**Total**<br>**Cost or valuation**<br>**£**<br>**£**<br>**£**<br>**£**<br>At 1 January 2024<br>1,208,742<br>238,500<br>69,255<br>**1,516,497**<br>Additions<br>379,308<br>-<br>5,684<br>**384,992**<br>Disposals<br>(227,093)<br>-<br>(8,682)<br>**(235,775)**<br>At 31 December 2024<br>1,360,957<br>238,500<br>66,257<br>**1,665,714**<br>**Depreciation**<br>At 1 January 2024<br>56,749<br>14,310<br>63,605<br>**134,664**<br>Charge for the period<br>27,219<br>4,770<br>6,008<br>**37,997**<br>Disposals<br>(3,296)<br>-<br>(8,682)<br>**(11,978)**<br>At 31 December 2024<br>80,672<br>19,080<br>60,931<br>**160,683**<br>**Net book value**<br>At 1 January 2024<br>1,151,993<br>224,190<br>5,650<br>**1,381,833**<br>At 31 December 2024<br>**1,280,285**<br>**219,420**<br>**5,326**<br>**1,505,031**<br>Net carrying value of revalued assets<br>on historical cost basis<br>1,553,555<br>225,045<br>-<br>**1,778,600**<br>**Property**<br>**Net book amount**<br>The property is used for the direct charitable purposes of the Charity and comprises:<br>**£**<br>Housing for Ministers of local churches or in Synod posts (a part share in 5 properties)<br>1,275,486<br>Synod office building<br>224,219<br>1,499,705|**8**<br>**Analysis of staff costs, Trustee remuneration and expenses and the cost of key management personnel**<br>**2024**<br>2023<br>The total of expenses claimed, by 1 (2023 1) Trustee, for the year was:<br>**2,238**<br>**£**<br>£2,163<br>**9**<br>**Tangible assets**<br>**Freehold**<br>**Leasehold**<br>**Office**<br>**Property**<br>**Property**<br>**equipment**<br>**Total**<br>**Cost or valuation**<br>**£**<br>**£**<br>**£**<br>**£**<br>At 1 January 2024<br>1,208,742<br>238,500<br>69,255<br>**1,516,497**<br>Additions<br>379,308<br>-<br>5,684<br>**384,992**<br>Disposals<br>(227,093)<br>-<br>(8,682)<br>**(235,775)**<br>At 31 December 2024<br>1,360,957<br>238,500<br>66,257<br>**1,665,714**<br>**Depreciation**<br>At 1 January 2024<br>56,749<br>14,310<br>63,605<br>**134,664**<br>Charge for the period<br>27,219<br>4,770<br>6,008<br>**37,997**<br>Disposals<br>(3,296)<br>-<br>(8,682)<br>**(11,978)**<br>At 31 December 2024<br>80,672<br>19,080<br>60,931<br>**160,683**<br>**Net book value**<br>At 1 January 2024<br>1,151,993<br>224,190<br>5,650<br>**1,381,833**<br>At 31 December 2024<br>**1,280,285**<br>**219,420**<br>**5,326**<br>**1,505,031**<br>Net carrying value of revalued assets<br>on historical cost basis<br>1,553,555<br>225,045<br>-<br>**1,778,600**<br>**Property**<br>**Net book amount**<br>The property is used for the direct charitable purposes of the Charity and comprises:<br>**£**<br>Housing for Ministers of local churches or in Synod posts (a part share in 5 properties)<br>1,275,486<br>Synod office building<br>224,219<br>1,499,705|
|---|---|---|
||1,360,957<br>238,500<br>66,257<br>**1,665,714**||
||56,749<br>14,310<br>63,605<br>**134,664**<br>27,219<br>4,770<br>6,008<br>**37,997**<br>(3,296)<br>-<br>(8,682)<br>**(11,978)**||
||80,672<br>19,080<br>60,931<br>**160,683**||
||1,151,993<br>224,190<br>5,650|**1,381,833**|
||**1,280,285**<br>**219,420**<br>**5,326**|**1,505,031**|
||1,553,555<br>225,045<br>-|**1,778,600**|
|||**Net book amount**<br>**£**<br>1,275,486<br>224,219|
|||1,499,705|



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 23 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

|**11 Fixed asset investments**<br>**Market value**<br>At 1 January 2024<br>Less:<br>Disposals at opening book value<br>Deposits realised/(reinvested)<br>Investment management fees<br>Loan repayments<br>Add:<br>Deposited for investment<br>Acquisitions at cost<br>Revaluation<br>**At 31 December 2024**<br>**Historical cost**<br>At 31 December 2024<br>Disposals:<br>Proceeds<br>Book value at 1 Jan 2024<br>Realised gain|**Investment**<br>**Listed**<br>**Balances at Concessionary**<br>**properties**<br>**investments**<br>**stockbroker**<br>**loans**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>477,626<br>6,309,056<br>52,210<br>175,280<br>**7,014,172**<br>-<br>(3,229,116)<br>-<br>**(3,229,116)**<br>-<br>-<br>(841,399)<br>**(841,399)**<br>-<br>-<br>(28,436)<br>**(28,436)**<br>-<br>-<br>-<br>(61,129)<br>**(61,129)**<br>-<br>-<br>1,001,805<br>-<br>**1,001,805**<br>-<br>4,161,591<br>-<br>35,000<br>**4,196,591**<br>-<br>139,767<br>-<br>**139,767**|
|---|---|
||**477,626**<br>**7,381,298**<br>**184,180**<br>**149,151**<br>**8,192,255**|
||-<br>7,056,362<br>184,180<br>149,151<br>**7,389,693**|
||360<br>-<br>3,320,192<br>-<br>-<br>3,320,192<br>(3,229,116)<br>-<br>-<br>(3,229,116)|
||-<br>91,076<br>-<br>-<br>91,076|



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. The property was transferred at no cost from a closed church. 

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<br>Gilt-edged and fixed interest stocks<br>Investment and unit trusts<br>Material investments (over 5% by value) at the end of the year:<br>MI Select Managers Bond<br>MI Select Managers Bond Alt Dis<br>Fidelity UCITS US Quality Income|**2024**<br>2023<br>**£**<br>£<br>**3,292,828**<br>1,869,237<br>**969,147**<br>903,439<br>**3,119,323**<br>3,536,380|
|---|---|
||**7,381,298**<br>6,309,056|
||**658,238**<br>195,966<br>**604,369**<br>0<br>**451,691**<br>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 2024 was £101,965 (2023: £153,453). 

|Concessionary loans falling due after more than one year<br>Concessionary loans falling due within one year|**£**<br>£<br>**28,352**<br>57,704<br>**120,799**<br>117,576|
|---|---|
||**149,151**<br>175,280|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 24 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

|**12 Debtors**<br>Amounts owed by group and associated undertakings:<br>Yorkshire Congregational Union (Incorporated)<br>Cash in transit from YCU (Inc)<br>Prepayments and accrued income|**2024**<br>2023<br>**£**<br>£<br>**13,226**<br>5,428<br>**375**<br>375<br>**62,534**<br>79,423|
|---|---|
||**76,135**<br>85,226|



## **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 2024 was £13,226 (2023: £5,428). At the year end the YCU owed the Trust £13,601 (2023: £5,803). The United Reformed Church (Yorkshire Province) Trust Limited has given the YCU an assurance of financial support . 

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. 

|**14 Creditors: amounts falling due within one year**<br>Accruals for grants payable<br>Accruals and deferred income<br>Other creditors<br>**15 Creditors: amounts falling due after more than one year**<br>Accruals for grants payable|**2024**<br>2023<br>**£**<br>£<br>**236,686**<br>286,489<br>**28,682**<br>32,802<br>**375**<br>375|
|---|---|
||**265,743**<br>319,666|
||**2024**<br>2023<br>**£**<br>£<br>**300,428**<br>301,197|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 25 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

## **16 Movement in funds during the year** 

|**Permanent endowments**<br>General Purposes<br>Church Extension<br>Maintenance of Ministry<br>Welfare of Ministry<br>Home Churches<br>**Restricted funds**<br>Closed Churches capital<br>Closed Churches<br>revaluation reserve<br>Synod Mission<br>capital and income<br>**Income funds**<br>Church Extension<br>Maintenance of Ministry<br>Welfare<br>Home Churches<br>**Unrestricted Funds**<br>General  income<br>Closed Churches income<br>**Total Funds**|**Balance**<br>**Transfers**<br>**Balance**<br>**1 January**<br>**Incoming**<br>**Outgoing**<br>**between**<br>**Revaluation**<br>**31 December**<br>**2024**<br>**resources**<br>**resources**<br>**funds**<br>**gains/losses**<br>**2024**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>710,026<br>-<br>(3,133)<br>-<br>25,015<br>**731,908**<br>240,688<br>-<br>(1,069)<br>-<br>8,590<br>**248,209**<br>16,966<br>-<br>(75)<br>-<br>606<br>**17,497**<br>72,712<br>-<br>(323)<br>-<br>2,595<br>**74,984**<br>18,126<br>-<br>(81)<br>-<br>647<br>**18,692**|
|---|---|
||1,058,518<br>-<br>(4,681)<br>-<br>37,453<br>**1,091,290**|
||8,518,161<br>319,329<br>(194,719)<br>(275,000)<br>193,390<br>**8,561,161**<br>177,034<br>-<br>**177,034**<br>47,475<br>12,554<br>(119,933)<br>275,000<br>-<br>**215,096**<br>426,774<br>16,390<br>-<br>-<br>-<br>**443,164**<br>-<br>540<br>-<br>(540)<br>-<br>**-**<br>14,956<br>2,919<br>-<br>(1,375)<br>-<br>**16,500**<br>1,269<br>606<br>(719)<br>-<br>-<br>**1,156**|
||9,185,669<br>352,338<br>(315,371)<br>(1,915)<br>193,390<br>**9,414,111**|
||231,454<br>127,164<br>(604,381)<br>404,938<br>-<br>**159,175**<br>-<br>447,451<br>(44,428)<br>(403,023)<br>-<br>**-**|
||231,454<br>574,615<br>(648,809)<br>1,915<br>-<br>**159,175**|
||10,475,641<br>926,953<br>(968,861)<br>-<br>230,843<br>**10,664,576**|



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 26 

**NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (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 the Closed Church Fund as and when required, with the agreement of the Trustees. 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:**<br>Tangible fixed assets<br>Investments<br>Net current assets<br>Long term liabilities<br>**Total net assets**|**Unrestricted**<br>**Restricted**<br>**Endowment**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>5,326<br>1,499,705<br>-<br>**1,505,031**<br>-<br>7,101,229<br>1,091,026<br>**8,192,255**<br>153,849<br>1,113,605<br>264<br>**1,267,718**<br>-<br>(300,428)<br>-<br>**(300,428)**|
|---|---|
||**159,175**<br>**9,414,111**<br>**1,091,290**<br>**10,664,576**|





**THE UNITED REFORMED CHURCH (YORKSHIRE PROVINCE) TRUST LIMITED** 

Page 27 

## **NOTES TO THE FINANCIAL STATEMENTS** 

## **FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)** 

## **18 Pension costs** 

## **Lay Staff Pension Scheme** 

The Synod is a participating member of The United Reformed Church Final Salary Scheme, a pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (formerly The Pensions Trust). The scheme is a defined benefit scheme. It was closed to future accrual on 28 February 2023 and staff were moved into a defined contribution scheme administered by the Aon Master Trust on 1 March 2023. 

The Synod is unable to identify its share of the underlying assets and liabilities of the defined benefit scheme. The most recent formal actuarial review of the defined benefit scheme was at 30 September 2022, when the scheme had a surplus of £1,446,000. The assumptions underlying that valuation include: 

Discount rate: Initial 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 (5 years from the valuation date) RPI Inflation: Gilt RPI inflation curve at each term CPI Inflation: RPI inflation less 1.0% p.a. at each term until 2030 and RPI inflation from 2030 onwards Rate of increase in earnings: CPI inflation plus 1.0% p.a. at each term 

## **Ministers' Pension Scheme** 

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

Each of the 13 Synods of the United Reformed Church was 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 was to be funded from the proceeds of sale of buildings of closed churches, any voluntary contributions from churches and other Synod funds.  The Yorkshire Synod made a total contribution of £550,000 to the scheme, with the last payment being in December 2023.  During 2024 the URCTL announced that no further contributions were required as the deficit had been cleared. 

## **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, 1 of these closed church buildings has sold for £245,000.  A further church has also closed and an offer has been received for its building.  There are 5 church  buildings on the market, 4 of which are from closed churches and 1 is a Local Ecumenical Partnership.