TRUSTEES OF BURY UNITARIAN CHURCH
ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report for the year ended 31 December 2022
The church was established on 1 January 1970 by a merger of the Unitarian congregations of Bank Street Bury, Chesham Bury and Heywood. It is governed by a Trust Deed dated 14 January 1985. The Trustees were registered as a charity with the Charity Commission on 13 December 1999, the registered number being 1078570.
The Trustees holding office during the year were:
Susan Holt Chair of Trustees & Treasurer Roy Wilkinson O Robin Ainsworth Neville Kenyon Deputy Chair of Trustees Roger Mills Property Steward resigned 06.06.2022 Molly Ratcliffe Janet Thatcher* Marian Price Margaret Pollard Howard Maden wef 06.09.22
*Holding Trustees
Object, Organisation and Activities
The church exists for the Worship of God and the religious, moral and intellectual development of the congregation, who may from time to time assemble therein for such purposes; provided that no regulation shall at any time be made whereby the acceptance of any creed, article or confession of faith shall be established as a condition of holding the office of Minister or of church membership.
The Trustees are an independent body working in conjunction with the church committee and the Minister. Their responsibilities include the up-keep of the church premises and the cemetery at Holebottom; the support of the ministry and the regulating and maintenance of church funds and investments.
The Church and ancillary rooms are used not only by members of the congregation but also by other groups and organisations within the local community area. Activities include meditation, book readings, music exams, workshops & musical and charity functions.
The attached financial statements show the current state of the finances which the Trustees consider to be sound.
Approved by the Trustees on 13th March 2023 and signed on their behalf by
Susan Holt Chair to the Trustees
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TRUSTEES OF BURY UNTARIAN CHURCH
Statement if the financial activities for the year ended 31 December 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Restricte | Unrestricte | Total | Total | |||
| Note | C.I.P | d | d | Funds | Funds | |
| INCOME | ||||||
| Dividends & | ||||||
| Interest | 347 | 19,380 | 33,204 | 52,931 | 52,990 | |
| Ground rent - St | ||||||
| Mary's Place | 52 | 52 | 48 | |||
| Car park receipts | 14,254 | 14,254 | 9,201 | |||
| 347 | 19,380 | 47,510 | 67,237 | 62,239 | ||
| EXPENDITURE | ||||||
| Ministerial expenses | 2 | 34,984 | 34,984 | 32,455 | ||
| Manse expenses | 2 | 759 | 759 | 427 | ||
| Church expenses | 2 | 11,534 | 11,534 | 16,313 | ||
| Grants | 247 | 247 | 220 | |||
| 247 | 34,984 | 12,293 | 47,524 | 49,415 | ||
| Net income for the | ||||||
| year | 100 | -15,604 | 35,217 | 19,713 | 12,824 |
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TRUSTEES OF BURY UNTARIAN CHURCH
Statement if the financial activities for the year ended 31 December 2022
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | ||
| Restricte | Unrestric | Total | Total | |||
| Note | C.I.P | d | ted | Funds | Funds | |
| INCOME | ||||||
| Dividends & | ||||||
| Interest | 347 | 19,380 | 33,204 | 52,931 | 52,990 | |
| Ground rent - St | ||||||
| Mary's Place | 52 | 52 | 48 | |||
| Car park receipts | 14,254 | 14,254 | 9,201 | |||
| 347 | 19,380 | 47,510 | 67,237 | 62,239 | ||
| EXPENDITURE | ||||||
| Ministerial expenses | 2 | 34,984 | 34,984 | 32,455 | ||
| Manse expenses | 2 | 759 | 759 | 427 | ||
| Church expenses | 2 | 11,534 | 11,534 | 16,313 | ||
| Grants | 247 | 247 | 220 | |||
| 247 | 34,984 | 12,293 | 47,524 | 49,415 | ||
| Net income for the | ||||||
| year | 100 | -15,604 | 35,217 | 19,713 | 12,824 |
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TRUSTEES OF BURY UNITARIAN CHURCH
Balance Sheet as at 31 December 2022
| 2022 | |||||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Note | CIP | Restricted | Unrestricted | Total Funds | |||
| Fixed Assets | |||||||
| Church property | 3.a | 99,887 | 99,887 | ||||
| Manse property | 3.a | 167,183 | 167,183 | ||||
| Holebottom cemetery & land (wo) | 3.a | 0 | 0 | ||||
| Investments | 8 | 6,142 | 592,459 | 784,443 | 1,383,044 | ||
| Current Assets | |||||||
| Cash at bank | 256 | 19,568 | 66,049 | 85,873 | |||
| Sundry debtors & prepayments | 113 | 3,346 | 20,470 | 23,929 | |||
| Current Liabilities | |||||||
| Sundry creditors & accruals | -52 | -6,200 | -6,252 | ||||
| Net Assets | 6,511 | 615,321 | 1,131,832 | 1,753,664 | |||
| Capital Funds | |||||||
| General fund | 10 | 666,369 | 666,369 | ||||
| Ministry fund | 10 | 633,737 | 633,737 | ||||
| Helen Grundy Bequest for | |||||||
| Congregation | 10 | 4,379 | 4,379 | ||||
| Shaw/Holt | 10 | 1,763 | 1,763 | ||||
| Accumulated Income | |||||||
| General Fund | 7 | 465,463 | 465,463 | ||||
| Ministry Fund | 8 | -18,416 | -18,416 | ||||
| Helen Grundy Bequest for | |||||||
| Congregation | 6 | 0 | 0 |
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| Shaw/Holt | 6 | 369 | 369 | ||
|---|---|---|---|---|---|
| 6511 | 615,321 | 1,131,832 | 1,753,664 |
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TRUSTEE OF BURY UNITARIAN CHURCH
NOTES TO THE ACCOUNTS YEAR TO 31 DECEMBER 2022
1 Accounting policies
-
a. Basis of Preparation
-
These accounts have been prepared under the historic cost convention and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting by Charities.
-
b. Funds Structure
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.
Unrestricted funds are funds which the Trustee is free to use for any purpose in furtherance of the charitable objects.
Capital In Perpetuity funds, (C.I.P.), are funds which the Trustee cannot use the Capital sum but can use the income in accordance with specific restrictions imposed by the donor.
- c. Incoming Resources
All incoming resources are brought into the accounts in the period when they are received.
- d. Resources Expended
All expenditure accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
- e. Depreciation
Depreciation has not been provided on the Church property including furniture, fixtures & fittings and the organ, also the Manse property at 33 Ashworth Street, Bury, as it is considered that the current market value exceeds the aggregate cost to date. The cemetery at Holebottom has been fully depreciated.
- Expenses
Ministerial
The main expenditure has been on the Ministers stipend £29,950 and Community Charge £1,824.
Manse
The main expenditure has been on ground rent £250 and repairs £327.
Church
The main expenditure has been on Property Manager £4,812 and Insurance £3,647.
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TRUSTEES OF BURY UNITARIAN CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 (CONT)
----- Start of picture text -----
2 Fixed Assets
f. Property £ £
Church premises at cost 84,925
Improvements to date 5,160
90,084
Manse premises at cost 167,183
Holebottom cemetery 999
Less Depreciation 999
0
Church furniture, fixture & fittings 5,663
Organ 4,140
9,803
267,070
----- End of picture text -----
The title for the Church land and buildings and the cemetery and land at Holebottom are held in the names of the Holding Trustees and the deeds are deposited with Butcher & Barlow, 2-8 Bank Street, Bury BL9 ODL.
- g. Investments
The schedule of investments is shown in Note 8 on pages 7 and 8 of these accounts. The changes in investments during the year are itemised in Note 9 on page 9.
All investments certificates are held on behalf of the Trustees by James Sharp & Co, The Exchange, 5 Bank Street, BL9 ODN.
- 3 Contingent Liability
There are no contingent liabilities.
- 4 Reserves Policy
A policy has been agreed by the Trustees that a balance must be held in the General Fund which will pay for two year’s expenditure for the Minister, Manse and Church upkeep. This equates to approximately £130,000.
TRUSTEES OF BURY UNITARIAN CHURCH
Notes to the accounts ended December 2022
6 Restricted Funds
| Balance | Incoming | Expended | Fund | |
|---|---|---|---|---|
| 01.01.22 | Resources | Resources | c/f | |
| Ministry Funds | -2,810 | 19,380 | 34,984 | -18,416 |
| -2,810 | 19,380 | 34,984 | -18,416 | |
| 7 Unrestricted Funds | ||||
| General Fund | 430,245 | 47,511 | 12,293 | 465463 |
| 430,245 | 47,511 | 12,293 | 465,463 | |
| 7a C.I.P Funds | ||||
| Helen Grundy - Congregation | 0 | 247 | 247 | 0 |
| Shaw/Holt | 269 | 100 | 0 | 369 |
| 269 | 347 | 247 | 369 |
TRUSTEE OF BURY UNITARIAN CHURCH
Notes to the account for year ended 31 December 2022
| 8 Schedule of Investments | Original | Valuation | Gain/Loss | Valuation |
|---|---|---|---|---|
| cost or | 31.12.21 | 31.12.22 | 31.12.22 | |
| valuation | ||||
| GENERAL FUND | ||||
| Investment Trusts | ||||
| 6,750 25p ordinary shares Alliance Trust | 25,660 | 69,660 | -5,704 | 63,956 |
| 7550 25p ordenary shares Foreign & Colonial | ||||
| Trust | 5777 | 69,913 | -1,661 | 68,252 |
| 9000 5p ordinary shares Law Debenture Corp | 14889 | 71,910 | -2,520 | 69,390 |
| 15,500 25p ordinary shares Aberdeen Std Equ | 43,207 | 55,180 | -310 | 54,870 |
| 41720 Lowland Investment gbpo .025 | 35,079 | 55,487 | -5,527 | 49,960 |
| 26,150 shares Witan Invest Trust | 12,119 | 65,898 | -7,976 | 57,922 |
| 37,000 5p ord Hendersons Income Trust | 60,495 | 65,675 | -4,533 | 61,142 |
| 3700 Edinburgh .25p | 25,055 | 23,236 | 296 | 23,532 |
| 41,486 Troy inc growth .25p | 32,468 | 34,185 | -5,560 | 28,625 |
| 3,500 Murray Inv Trust .25p | 42,202 | 40,460 | 6,230 | 46,690 |
| Unit Trusts | ||||
| 8684.237 M & G Charifund Income Account | 40831 | 135,144 | -7,527 | 127,617 |
| Water | ||||
| 1700 Pennon Group ord 40.7p | 14,523 | 19,839 | -4,734 | 15,105 |
| 3400 United Utilities Group ord | 22,024 | 37,026 | -3,318 | 33,708 |
| British Government/Fixed Interest | ||||
| 18,000 4.25% Treasury Stock | 18,149 | 23,802 | -4,977 | 18,825 |
| 1000 Caledonia ord 05p | 23,756 | 40,700 | -4,600 | 36,100 |
| 11000 9% SR 'A' non-cum pref shares NatWest | ||||
| Bank | 17,714 | 18,519 | -3,685 | 14,834 |
| 11,000 Aviva 8.75% com irred pref shares | 16,852 | 16,995 | -3,080 | 13,915 |
| 450,800 | 843,629 | -59,186 | 784,443 | |
|---|---|---|---|---|
| SHAW/HOLT FUND | ||||
| Unit Trusts | ||||
| 120 units M & G Charifund Income Fund | 699 | 1,867 | -104 | 1,763 |
| HELEN GRUNDY BEQUEST FOR | ||||
| CONGREGATION | ||||
| Unit Trusts | ||||
| 298 units M & G Charifund Income Fund | 1,744 | 4,637 | -258 | 4,379 |
TRUSTEES OF BURY UNITARIAN CHURCH
| Notes to the account year ended 31 | ||||
|---|---|---|---|---|
| December 2022 | ||||
| 8 Schedule of Investments | Original | Valuation | Gain/Loss | Valuation |
| cost or | 31.12.21 | 31.12.22 | 31.12.22 | |
| valuation | ||||
| MINISTRY FUND | £ | £ | £ | £ |
| Preference Shares | ||||
| 10,800 8.7/8% cum irred pref shares | ||||
| General Accident | 16,793 | 15,876 | -2,646 | 13,230 |
| 7000 10.25% cum pref Wadsworth & | ||||
| Co | 9,899 | 10,395 | -840 | 9,555 |
| 25000 Ecclesiastical Insurance | ||||
| Office 8.625% pref 100p | 28,470 | 37,750 | -5,875 | 31,875 |
| Water | ||||
| 4,000 United Utilities Group PLC | ||||
| ord 5p | 23,137 | 43,560 | -3,904 | 39,656 |
| 29,000 Scottish Mortgage & Trust | 8,981 | 387,875 | -178,263 | 209,612 |
| 8,280 Lowland Invest gbpo .025 | 8,463 | 11,012 | -1,097 | 9,915 |
| 4,800 Edinburgh Inv Trust .25 | 25,749 | 30,144 | 384 | 30,528 |
| Unit Trust | ||||
| 3422.42 units COIF Charity | ||||
| Investment Income Fund | 21,817 | 70,391 | -8,143 | 62,248 |
| Investment Trusts | ||||
| 34,000 Hendersoon High Income | ||||
| Trust ord 5p | 27,981 | 60,350 | -4,165 | 56,185 |
| 11,000 Merchants ord Trust | 47,080 | 61,490 | 220 | 61,710 |
| 2,500 Murray Int Trust 25p | 26,405 | 28,900 | 4,450 | 33,350 |
|---|---|---|---|---|
| 13,514 Troy income growth .25p | 9,534 | 11,136 | -1,811 | 9,325 |
| 700 Caledonia ord .05 | 23,742 | 28,490 | -3,220 | 25,270 |
| 278,051 | 797,369 | -204,910 | 592,459 | |
| TRUSTEES OF BURY | ||||
| UNITARIAN CHURCH | ||||
| Notes to the account for the year | ||||
| ended 31 December 2022 |
9 Movement of Investments
There were no purchases made in the year
The following investment were sold during the year
There were no sales during the year.
| Transfer from Ministry to General | |||
|---|---|---|---|
| Fund | date of | no of | Valuation |
| transfer | shares | ||
| Aviva pref shares | 31.12.22 | 11,000 | 13,915 |
| 10 Capital Funds | Balance | Realised | Unrealised | Balance |
|---|---|---|---|---|
| 31.12.21 | gain(loss) | gain(loss) | 31.12.22 | |
| £ | £ | £ | £ | |
| General Fund | 725,555 | -59,186 | 666,369 | |
| Ministry Fund | 838,648 | -204,910 | 633,738 | |
| Helen Grundy Bequest for the Congregation |
4,637 | -258 | 4,379 | |
| Shaw/Holt Fund | 1,866 | -104 | 1,763 | |
| 1,570,706 | 0 | -264,458 | 1,306,249 |
The Statement of Financial Activities for the year ended 31 December 2022 and the Balance Sheet at that date together with the Notes to the Accounts set out on pages 4 to 9 were approved by the Trustees on the 13th March 2023 and signed on their behalf by
Susan Holt
Chair and Treasurer to the Trustees
TRUSTEES OF BURY UNITARIAN CHURCH
REPORT OF THE INDEPENDENT EXAMINER
TO THE TRUSTEES OF BURY UNITARIAN CHURCH
I report on the accounts of the Trustees of Bury Unitarian Church for the year ended 31 December 2022 as set out on page 1 to 9.
Respective responsibilities of Trustees and Examiner
As the Trustees, you are responsible for the preparation of accounts: you consider that the audit requirements of Section 43(2) of the Charities Act 1993 (the Act) do not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under Section 47(7)(b) of the Act, whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Trustees and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from your Treasurer (acting on behalf of the Trustees) concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with my examination no matter has come to my attention:
-
5 which gives me cause to believe that in any material respects the requirements, to keep accounting records in accordance with Section 41 of the Act, and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act, have not been met, or
-
6 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Date …………………….. Signed …………………………
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