Charity registration number: 1130242
## Taunton United Reformed Church
Unaudited Annual Report and Financial Statements
for the Year Ended 31 December 2021
## **Taunton United Reformed Church Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees (Elders) Annual Report|2 to 9|
|Independent Examiner's Report|10|
|Statement of Financial Activities|11 to 12|
|Balance Sheet|13|
|Notes to the Financial Statements|14 to 24|
**Taunton United Reformed Church Reference and Administrative Details**
**Trustees** Mr Stuart Trott Mrs Meg Cardy Reverend Dr Susan Durber (Minister) Resigned September 2021 Ms Sue Ingham **Secretary** Ms Sue Ingham **Charity Registration Number** 1130242 **Principal Office** Taunton United Reformed Church Paul Street Taunton Somerset TA1 3PF **Independent Examiner** Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Business Park Taunton Somerset TA1 2PX
Page 1
**Taunton United Reformed Church Trustees (Elders) Annual Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2021.
## **Structure, Governance and Management**
## _**Structure**_
Is in accordance with the URC Acts of 1972, 1981 and 2000 and ‘The Manual’ of The United Reformed Church in the United Kingdom (dated 2000) which sets out the Basis of Union and the Structure of the United Reformed Church.
## _**Governance**_
The Church is governed by the members on its roll, which is reviewed annually. Members are drawn from the congregation, and membership may follow affirmation (or re-affirmation) of faith and a period of training usually under the guidance of the minister, or may involve a transfer of membership from another congregation. The Church Meeting is the decision making body of the church and is open to the entire congregation. Although only members are permitted to vote when there is a formal vote, the congregation usually works with a consensus model of decision making, so that the views of all may be heard and taken into account. Elders are elected from the membership and are ordained into office. The function of the Elder is much wider than that of a Trustee and includes: -
- Fostering concern in the congregation
- Ensuring public worship is regularly offered
- Pastoral care of the congregation
- Nominating a church secretary from its members
- Arranging pulpit supply in a vacancy
- Maintaining standards of membership
- Responsibility for youth and children’s work and other church organizations
- Advising on the election of Elders
- Suitability of candidates for the ministry
- Proper maintenance of buildings and oversight of financial responsibilities
- Act as the link between the local church and wider councils of the URC
- Responsibility of the common life of the church
- To monitor the budget at least on a quarterly basis
- To continue the everyday maintenance of the Church buildings and the Manse.
- To properly discharge the responsibilities of maintenance of the Memorial Hall and Chapel House
- To review Rents, Lettings and Fees
## _**Management**_
Church Meetings are normally held quarterly, with extraordinary meetings held as needed, and their organisation is the responsibility of the Church Secretary and the Minister. The Agenda is set by the Minister and Secretary and is available to members and congregation at least one Sunday in advance of the meeting. Elders’ Meetings are normally held monthly with organisation the responsibility of the Church Secretary.
All major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to manage these risks.
## _**Training**_
Elders have initial training before ordination and this is followed by training locally at Elders Meetings and training days and at more formal Synod training days.
Page 2
**Taunton United Reformed Church Trustees (Elders) Annual Report (continued)**
## **Objectives and Activities**
_Brief statement of the objectives of the Church_
The Vision Statement of the church was approved by a church meeting in 2014 and reflects the current thinking of the Elders and congregation.
## **Our Vision**
## **For the sake of the Gospel, we will be:-**
- **A church that welcomes, whoever you are**
- **A church that cares and responds with action**
- **A church that works with others and plays its part in the community**
- **A church that knows and shares the love of God**
- **A church that is growing in faith and knowledge of God**
- **A church full of hope and joy**
## _**Activities**_
During 2021, the range and style of church activities has been greatly impacted by the Covid-19 pandemic. During periods of ‘lockdown’ the congregation has met on the video platform ‘Zoom’ for worship and conversation in small groups. During periods when limited restrictions have been in place, the congregation has been able to gather for public worship (socially distanced and wearing masks) with some of the congregation also joining by Zoom. The church has also, on occasion, been open for private, individual, prayer. Public worship is held on Sundays and also, in a more informal style and setting, on Tuesdays, though in different forms according to government and church guidelines. The Tuesday worship has been put on hold since the minister resigned, though it is hoped to restart, possibly in a different format, in 2022. The congregation has also sustained, in what ways it could, its relationship, and work with, neighbouring churches.
Pastoral care, offering prayer and support to church members and friends, has continued, using a variety of means – more by phone and Zoom and talking on doorsteps – with visiting to homes severely limited. However, the congregation has remained very much in touch and with a sense of solidarity and fellowship through a very challenging year. During the summer the congregation were invited to form small groups, called Pastoral Bubbles, where people would keep in touch with those within their group, and if anyone needed more help it would be directed to one of the Elders or the overseeing Pastoral Team.
The social life of the church has gradually increased since the lockdown was eased in the summer, though with the onset of the new variant omicron this is now affecting activities once again. The fortnightly lunch and activity (Pop-In) operated until the first lockdown, but has since ceased, with hopes of resuming in 2022 in some form. The Church Social and Arts group restarted after the summer with a monthly lunch followed by a speaker. Planning is going forward for events in 2022.
The weekly job club, Work-Wise, re-opened during the summer in line with government and church guidelines
The church has continued to fundraise for international charities, including Christian Aid and Water Aid, and for local charities such as Open Door (supporting the homeless).
The hosting concerts and events in our newly re-furbished building has started in a small way with further events booked for 2022.
Page 3
## **Taunton United Reformed Church Trustees (Elders) Annual Report (continued)**
The congregation has continued to be part of Citizens Somerset, a chapter of Citizens UK (working largely on Zoom), and is engaged through this in partnership with other local organizations (churches, schools, charitable bodies) to work for the common good in the Taunton area. Members have participated in the Real Living Wage Campaign.
## _**Public Benefit**_
As a local congregation of the United Reformed Church, Taunton United Reformed Church seeks to advance the Christian religion through its activities and the facilities offered to the community by its buildings, and described more specifically in its Vision Statement.
The Elders’ Meeting is aware of the Charity Commission’s guidance on public benefit in “The Advancement of Religion for the Public Benefit” and has regard to it in the administration of the Church as set out below: -
Providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for the congregation and for anyone else who wishes to benefit from what the Church offers.
Promoting Christian values and service by members of the congregation to the community, for the benefit of individuals and society as a whole.
Offering through community programmes opportunities for social interaction, active living, quiet space, hospitality and discussion opportunities on a variety of issues.
## **Achievements and Performance**
## _**Aims**_
In addition to the Vision Statement the aims of the church are:
- Membership
To encourage growth in understanding of membership - to deepen faith in existing members and to draw new people into the life of the church.
- Worship
To make God’s presence come alive to each worshipper and to provide worship that connects with and sustains daily life.
- Leadership
To develop leadership skills in as many as possible and particularly in the Elders
## • Community Activity
To raise awareness of the spiritual and social needs of the community and to develop appropriate activities
## • Communication
To improve communication within the church and promote Taunton United Reformed Church in the community
## • Buildings
To maintain and develop our buildings well and to make them available for community use (when that is possible)
## • Finance
To manage our finances in the best possible manner to achieve the aims of the Vision Statement
Page 4
**Taunton United Reformed Church Trustees (Elders) Annual Report (continued)**
## _**Church Annual Report**_
The report is structured under the headings of the Church Vision Statement.
## **A church that welcomes whoever you are**
The church, since it’s major redevelopment, is now fully accessible to those with physical disabilities, providing for wheelchair access throughout, including the provision of a lift.
The church provides support to those in residential homes or those who cannot often leave home, taking communion (when possible) and offering regular visits, phone calls and letters, to those who might otherwise be largely alone. Isolation has continued to be particularly challenging for much of 2021 and the church community has worked to help people be connected and in touch, and be listened to.
The church continues to work on displays and posters that convey that all people are welcome in the church, whatever their gender, ethnicity, age or sexual orientation.
The church continues to be involved in the coalition of Citizens Somerset, joining with all people of good will to campaign and speak up for a better life for all in Taunton.
The Job Club, Work-Wise, based at the church continues to welcome those who need more time and attention than Job-Centre staff can provide and who often feel excluded from opportunities and access to employment. Through Work-Wise the church engages with those who feel ‘left-out’ of life and society and offers a welcome and support.
## **A church that cares and responds with action**
During the summer, the congregation were invited to form small groups, 'Pastoral Bubbles', where people would keep in regular contact with each other within the Bubble. They would contact one of the Elders or one of the over-seeing Pastoral Team if help was required.
The church has held special collections for international and local charities.
The church was glad to host groups supporting those with mental illness and those in recovery from addictions though due to restrictions they could not operate for the first part of the year in person but since the summer they are now up and running again.
Members of the church encourage one another in participating in voluntary and charitable work, and respond generously to the needs of the world. Several members of the congregation are actively involved in Citizens UK and in volunteering at Work-Wise, as well as in many other charities and voluntary activities in and around Taunton, including Taunton Foodbank, Open Door, Taunton Rotary, Oxfam and U3A.
## **A church that works with others and plays its part in the community**
The church works in partnership particularly with Temple Methodist Church and St John’s Parish Church. That work has been somewhat curtailed because of Covid restrictions, but since the lockdown restrictions have been lifted, activities have begun to restart. A joint meeting of the three churches met with the local MP to discuss various local issues that had been raised by COP26. The church hopes that the church building during 2022, can become again a place offering space to the community and will expand its use for many groups, including choirs which was severely restricted up until the lifting of restrictions. Some organizations are now using the buildings once again.
Page 5
## **Taunton United Reformed Church**
## **Trustees (Elders) Annual Report (continued)**
## **A church that knows and shares the love of God**
The church has held some sessions for reflection and learning in faith; for example an ecumenical Lent course on worship in our different traditions. This was done online. The Sunday services online or in person encouraged members to deepen and to share faith where possible. A session on how to lead prayer was held with a small group of people.
## **A church that is growing in faith and knowledge of God**
The church continues to seek ways of enabling members of the church to deepen faith, and to engage in prayer and reflection. The church magazine is a highly valued resource for developing faith, for finding prayers to pray each day and to explore Christian ideas and themes, particularly as they relate to the needs of the wider world. There has been a renewed emphasis in 2021 on helping church members to live and express faith in their home context.
## **A church full of hope and joy**
This year has again been more challenging to find joy together, though the weekly ‘Zoom’ or physical gatherings of the congregation have perhaps seemed more precious than usual, since the joy of meeting together for worship was a great lift for many who had been isolated for so long. Many of the people of the congregation have demonstrated extraordinary resilience and hope.
## **Membership**
In 2021, we have lost some members by death and we have mourned them and celebrated their lives. A number of new people have either joined or become much more fully a part of the congregation and, once church meetings resume, we are hopeful of admitting some new members in 2022.
## **The Elders**
The Elders meet once a month to pray, reflect and to carry out their responsibilities. They each have held responsibility for the pastoral care of a group of members. They also each have particular roles and responsibilities; dealing with correspondence, caring for finance and property, organizing events, representing the church to other organisations and liaising with outside bodies. The Elders continually reflect together as they lead the church in its mission and service, as outlined by the Church Vision statement.
## **The building**
Following the completion of the outside re-development work lighting has now also been added at the front of the church in line with our initial intention to make the building more hospitable, more striking in its street presence and more obviously a church building
Work was paused for a while to let the brickwork in the Vestry Lobby to dry out before being repainted, which has now been completed. With the building the age it is there is always on-going maintenance work.
## _**Number of Members, average attendance.**_
The number of members on the church roll at December 2021 is 42. There are a further 6 friends who regularly support church activities and others who attend occasionally. Average attendance at Sunday morning services (in Paul Street and on Zoom) is 33 adults.
Page 6
**Taunton United Reformed Church Trustees (Elders) Annual Report (continued)**
## **Financial Review**
## _**Bankers and Insurance Company**_
NatWest Bank, 26 - 27 Fore Street, Taunton. TA1 1JQ National Savings Bank, Glasgow, G58 1SB Congregational and General Insurance Plc, Currer House, Currer Street, Bradford BD1 5BA (Agent David Edwards, Stonebridge House, Kenilworth Road, Meriden, CV7 7LJ)
## _**Reserves Policy**_
The policy adopted by the Elders is to keep money readily available for the repair and maintenance of the various properties in the control of the church. Much of the church property is of considerable age requiring constant maintenance and occasionally unscheduled work becomes necessary requiring funding well beyond that set in the budget for the year. Part of these funds are set-aside for this purpose. In addition to this to ensure that we are able to continue our everyday running of the church we feel that £20,000 - £30,000 should be available to cover a three month period of running costs.
The church has Investments that are held by The United Reformed Church (South Western Synod) Incorporated. This body of Trustees and Trust Officers administer the Investments on behalf of Taunton United Reformed Church. Interest and Investment income are very important sources of income necessary to help meet the costs of the everyday running of the church and the vision costs.
Mission Council had asked all churches to look at where their investments were held and encouraged churches to invest in funds that are more climate aware. The COIF Ethical Investment Fund met the Mission Council criteria but our other funds did not. In the church meeting held in January it was agreed to move all the money held in our M&G funds to the Epworth Climate Stewardship Fund. Church meeting agreed to review this after twelve months and then look at remaining money invested in funds that do not meet the Mission Council criteria. Before doing this we released £30,000 of investments in one of our M&G funds. This was agreed in previous years as part payment of the work being done on the front of our church buildings. We had asked for this to be done in mid 2020 but it was not actually actioned until January 2021.
This year has continued to be a quiet one in the life of the church because of the Covid pandemic. We have been fortunate that most of our income streams have held up well and we received a generous legacy from one of our late members. (A small part of this was spent on equipment to enable us to continue using Zoom for our services from the church to help our housebound members). Our expenditure has been lower than in recent years although we have maintained a programme of ongoing repair of the church buildings and our other properties. But we have been planning for the future and have commissioned a report on work that will be needed on the organ. The suggests repair/restoration work costing about £50,000 that can be staged over time. The next church quinquennial report is also due which will undoubtedly suggest work to be done on the church buildings and we are aware of the need to keep a substantial sum to modernise one of our properties within the next few years.
At 31 December 2021 the Charity had unrestricted reserves amounting to £623,998 (2020: £564,794). Included in this sum are £442,634 (2020: £426,586) of fixed asset investments held for income generation purposes leaving £181,364 (2020: £138,208) regarded as free reserves. Actual free reserves of £181,364 exceed the reserves policy for everyday running costs, but it is considered prudent in light of the ongoing pandemic and potential unforeseen problems.
## _**Purpose of designated funds**_
The designated fund is generally made up of money, which is donated to the church from the estate of a member or friend. It has been decided to set this money aside for the Elders to use for purposes usually not included in the budget.
Page 7
**Taunton United Reformed Church Trustees (Elders) Annual Report (continued)**
## _**Purpose of restricted funds**_
Restricted funds have been provided to the charity for particular purposes, the Elders carefully monitor the application of those funds in accordance with the restrictions placed upon them.
## _**Surplus or Deficit with explanation**_
There is a surplus for the year of £13,235 (2020: Deficit of £15,414). Investment income of £64,350 is a major contributor to this surplus. In addition there were profits on investments of £69,051 (2020: Loss £16,726) resulting an overall net income for the period of £82,286 (2020: expenditure £32,140)
## _**Exceptional Items and Liabilities**_
We received a legacy of £15,442 in February 2021. This income, however, was recognised in the 2020 accounts. £30,000 of our investments with M&G were released in January as part payment of the remodelling of the front of our church building to make it more welcoming. (This was requested in mid 2020 but not actioned until January 2021)
## _**Investments held by the Synod Trust**_
These are set out in the Notes to the Accounts.
The Trustees reference is “church TAUNTON D31
## **Workwise, Taunton**
Work-Wise, a job club providing free support and mentoring for those seeking work, has been operating since April 1st 2014. It was jointly founded by Taunton URC and Temple Methodist Church, though now has a more diverse board of Trustees, and operates from the URC Church Hall. It is normally open on Wednesdays each week providing free help for those seeking ways into work.
Work-Wise continues to be supported financially by Taunton URC and by Temple Methodist Church, as well as by the South Western Synod of the United Reformed Church, through private donations, and small grants.
Members of URC serve as Trustees and as Volunteers for the charity, which makes its own report to the Charity Commissioners.
Unfortunately, due to the pandemic, the planned development into Bridgwater was not able to progress, and is on hold. Since reopening after the last lockdown, WorkWise has maintained a steady membership and we shall be monitoring numbers to see if longer opening hours would be helpful to our members.
Page 8
## **Taunton United Reformed Church**
## **Trustees (Elders) Annual Report (continued)**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the Trustees (Elders) Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Ms Sue Ingham Trustee
Page 9
**Taunton United Reformed Church Independent Examiner's Report to the trustees of Taunton United Reformed Church**
I report to the trustees on my examination of the accounts of Taunton United Reformed Church for the year ended 31 December 2021.
## **Responsibilities and basis of report**
As the charity trustees of Taunton United Reformed Church you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Taunton United Reformed Church's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Taunton United Reformed Church as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Sarah Twist FCA DChA A C Mole Stafford House Blackbrook Business Park Taunton Somerset TA1 2PX
Date:.............................
Page 10
## **Taunton United Reformed Church Statement of Financial Activities for the Year Ended 31 December 2021**
|**Note**
**Income**
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
5
Total income
**Expenditure**
Charitable activities
6
Other expenditure
7
Total expenditure
Net (expenditure)/income
before gains/losses on
investments
Gains/losses on investment
assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
29,509
20,728
64,285
1,311
115,833
(97,537)
(5,141)
(102,678)
13,155
46,049
59,204
59,204
564,794
623,998|**Restricted**
**funds**
**£**
-
4,438
65
-
4,503
(4,423)
-
(4,423)
80
283
363
363
3,739
4,102|**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
-
22,719
22,719
22,719
171,781
194,500|**Total**
**2021**
**£**
29,509
25,166
64,350
1,311|
|---|---|---|---|---|
|||||120,336|
|||||(101,960)
(5,141)|
|||||(107,101)|
|||||13,235|
|||||69,051|
|||||82,286|
|||||82,286
740,314|
|||||822,600|
The notes on pages 14 to 24 form part of these financial statements. Page 11
## **Taunton United Reformed Church Statement of Financial Activities for the Year Ended 31 December 2021 (continued)**
|**Note**
**Income**
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
5
Total income
**Expenditure**
Charitable activities
6
Other expenditure
7
Total expenditure
Net (expenditure)/income
before gains/losses on
investments
Gains/losses on investment
assets
Net (expenditure)/income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
43,570
17,414
58,589
212
119,785
(133,435)
(1,610)
(135,045)
(15,260)
(26,496)
(41,756)
(41,756)
606,550
564,794|**Restricted**
**funds**
**£**
-
3,125
63
-
3,188
(3,342)
-
(3,342)
(154)
120
(34)
(34)
3,773
3,739|**Endowment**
**funds**
**£**
-
-
-
-
-
-
-
-
-
9,650
9,650
9,650
162,131
171,781|**Total**
**2020**
**£**
43,570
20,539
58,652
212|
|---|---|---|---|---|
|||||122,973|
|||||(136,777)
(1,610)|
|||||(138,387)|
|||||(15,414)|
|||||(16,726)|
|||||(32,140)|
|||||(32,140)
772,454|
|||||740,314|
The notes on pages 14 to 24 form part of these financial statements. Page 12
## **Taunton United Reformed Church (Registration number: 1130242) Balance Sheet as at 31 December 2021**
|**Note**
**Fixed assets**
Investments
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
13
**Net current assets**
**Net assets**
**Funds of the charity:**
Unrestricted funds
Restricted funds
Endowment funds
**Total funds**
14|**2021**
**£**
639,561
22,809
172,939
195,748
(12,709)
183,039
822,600
623,998
4,102
194,500
822,600|**2020**
**£**
600,510
24,406
144,857|
|---|---|---|
|||169,263
(29,459)|
|||139,804|
|||740,314|
|||564,794
3,739
171,781|
|||740,314|
The financial statements on pages 11 to 24 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
Mr Stuart Trott Trustee
......................................... Ms Sue Ingham Trustee
The notes on pages 14 to 24 form part of these financial statements. Page 13
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021**
## **1 Accounting policies**
## **Statement of compliance and basis of preparation**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. 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) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011.
Taunton United Reformed Church meets the definition of a public benefit entity under FRS 102.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
All income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _**Donations and legacies**_
Donations and legacies are recognised in the financial statements in the period that they are received or where there is sufficient evidence that it is probable that the donation or legacy will be received.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Gift aid**_
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
## _**Investment income**_
Bank interest and dividends are recognised on a receivable basis.
Page 14
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **1 Accounting policies (continued)**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
All resources expended are inclusive of irrecoverable VAT.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Irrecoverable VAT**
The charity is registered for VAT. All expenditure is stated inclusive of VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
## **Taxation**
The charity is a registered charity and is, therefore, exempt from liability to taxation on its income and capital gains, to the extent that they are applied for charitable purposes.
## **Tangible fixed assets - Freehold properties**
The properties used by the Church, namely the Church, Manse, Memorial Hall and Caretakers Cottage are all held in trust by the United Reformed Church (South Western) Synod. As the Church does not have full control over these properties, the recognition criteria for an asset within FRS 102 are not met and accordingly these properties are not recognised within these accounts. Income generated from letting these properties is retained by the local church and recognised as receivable. Any maintenance expenditure on these properties is written off as incurred.
## **Fixed asset investments**
## Listed investments
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period. The Trust does not acquire or use put options, derivatives or other complex financial instruments.
## Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the period end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Page 15
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **1 Accounting policies (continued)**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Endowment funds were created from the sale of properties under trust. The income generated is available for use by the Church. The capital can be spent on capital projects at the discretion of the Synod.
## **Financial instruments**
The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.
Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities.
## **Critical Accounting Estimates and Judgements**
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 16
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **2 Income from donations**
|**2**
**Income from donations**|||
|---|---|---|
|**Unrestricted**
Collections
Donations
Legacies and bequests
SW Synod Grant|**Total**
**2021**
**£**
26,271
583
-
2,655
29,509|**Total**
**2020**
**£**
27,420
708
15,442
-|
|||43,570|
## **3 Other trading activities**
|Church hall lettings
Manse lettings
Gift time
Commitment for life
Special collections
Small fund income
**Total for 2021**
Church hall lettings
Manse lettings
Gift time
Commitment for life
Special collections
Small fund income
**Total for 2020**|**Unrestricted**
**funds**
**General**
**£**
1,680
16,896
2,111
-
-
41
20,728
1,843
11,587
3,953
-
-
31
17,414|**Restricted**
**funds**
**£**
-
-
-
23
4,415
-
4,438
-
-
-
14
3,111
-
3,125|**Total**
**funds**
**£**
1,680
16,896
2,111
23
4,415
41|
|---|---|---|---|
||||25,166|
||||1,843
11,587
3,953
14
3,111
31|
||||20,539|
Page 17
**Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **Taunton United Reformed Church**
## **4 Investment income**
|Bank interest
Income from investments
Rental income
Car park income
**Total for 2021**
Bank interest
Income from investments
Rental income
Car park income
**Total for 2020**
**5**
**Other income**
**Unrestricted**
Other income
Reform magazine|**Unrestricted**
**funds**
**General**
**£**
1
18,483
24,076
21,725
64,285
480
21,345
18,439
18,325
58,589|**Restricted**
**funds**
**£**
-
65
-
-
65
-
63
-
-
63
**Total**
**2021**
**£**
1,311
-
1,311|**Total**
**funds**
**£**
1
18,548
24,076
21,725|
|---|---|---|---|
||||64,350|
||||480
21,408
18,439
18,325|
||||58,652|
||||**Total**
**2020**
**£**
182
30|
||||212|
Page 18
**Taunton United Reformed Church**
**Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **6 Expenditure on charitable activities**
|Major building works
Equipment repairs and renewals
Ministry and mission fund contributions
Church expenses - Ministry
Church expenses - premises
Work Wise
Special collections
POOR Charity expenditure
Vision expenditure
Commitment for life
Social and Fundraising
Printing, postage and stationery
Charitable donations
Sundry expenses
Accountancy fees
**Total for 2021**
Major building works
Ministry and mission fund contributions
Church expenses - Ministry
Church expenses - premises
Work Wise
Special collections
POOR Charity expenditure
Vision expenditure
Commitment for life
Printing, postage and stationery
Charitable donations
Accountancy fees
Independent examiner's fee
**Total for 2020**|**Unrestricted**
**funds**
**General**
**£**
(8,951)
5,310
37,991
1,275
42,842
2,000
-
-
8,264
-
265
2,461
500
1,615
3,965
97,537
53,723
37,056
493
26,788
2,000
-
-
6,382
-
2,928
500
685
2,880
133,435|**Restricted**
**funds**
**£**
-
-
-
-
-
-
4,321
65
-
37
-
-
-
-
-
4,423
-
-
-
-
-
3,260
63
-
19
-
-
-
-
3,342|**Total**
**funds**
**£**
(8,951)
5,310
37,991
1,275
42,842
2,000
4,321
65
8,264
37
265
2,461
500
1,615
3,965|
|---|---|---|---|
||||101,960|
||||53,723
37,056
493
26,788
2,000
3,260
63
6,382
19
2,928
500
685
2,880|
||||136,777|
Page 19
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **7 Other expenditure**
|**Unrestricted**
Other costs
Management charges
Bank charges|**Total**
**2021**
**£**
1,623
3,316
202
5,141|**Total**
**2020**
**£**
1,452
-
158|
|---|---|---|
|||1,610|
## **8 Trustees remuneration and expenses**
The Charity considers key management personnel to comprise of the Trustees.
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. (2020 - Nil)
No trustees have received any reimbursed expenses from the charity during the year. (2020 - Nil)
## **9 Staff costs**
The aggregate payroll costs were as follows:
|Gross salaries|**2021**
**£**
6,046
**6,046**|**2020**
**£**
6,074|
|---|---|---|
|||**6,074**|
The monthly average number of persons employed by the charity during the year was as follows:
|No|**2021**
**No**
2|**2020**
**No**
2|
|---|---|---|
No employee received emoluments of more than £60,000 during the year
The total employee benefits of the key management personnel of the charity were £Nil (2020 - £Nil).
## **10 Independent examiner's remuneration**
|**10 Independent examiner's remuneration**|||
|---|---|---|
|Independent examination
Payroll and other services
Other services|**2021**
**£**
3,248
579
138
3,965|**2020**
**£**
2,880
553
372|
|||3,805|
Page 20
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **11 Fixed asset investments**
## **Held by the Synod Trustees**
|**Cost or Valuation**
At 1 January 2021
Revaluation
Additions
Disposals
At 31 December 2021
**Net book value**
At 31 December 2021
At 31 December 2020
**Investments at fair value comprised:**
**Unrestricted**
4,793
M&G ChariBond Shares
611
M&G CharFund Units
62,770
COIF Fixed Interest Fund
54,427
COIF Ethical Income Shares
12,414
M&G ChariFund Units
148,394
Epworth
**Restricted POOR (Church Charities)**
767
COIF Ethical Income Shares
**Endowment**
61,502
COIF Ethical Income Shares|**2021**
**£**
-
-
83,710
172,126
-
186,798
2,427
194,500
639,561||**Total**
**£**
600,510
64,482
159,360
(184,791)
639,561
639,561
600,510
**2020**
**£**
6,014
8,387
89,773
152,021
170,391
-
2,143
171,781|
|---|---|---|---|
||||600,510|
Page 21
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
|**12 Debtors**
Chapel House rent
NSB interest
Gift aid
COIF investment income
Other debtors
Accrued legacies
**13 Creditors: amounts falling due within one year**
Other creditors
Accruals|**2021**
**£**
-
5
4,484
3,038
15,282
-
22,809
**2021**
**£**
9,089
3,620
12,709|**2020**
**£**
446
411
4,949
3,147
11
15,442|
|---|---|---|
|||24,406|
|||**2020**
**£**
26,273
3,186|
|||29,459|
Page 22
**Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **Taunton United Reformed Church**
## **14 Funds**
|**Unrestricted Funds**
**Restricted funds**
Special Collections
Commitment for Life
POOR COIF Shares
Poor Charities Account
**Endowment Funds**
**Total funds**
**Unrestricted Funds**
**Restricted funds**
Special Collections
Commitment for Life
POOR COIF Shares
Poor Charities Account
**Endowment Funds**
**Total funds**|**Balance at**
**1 January**
**2021**
**£**
564,794
781
14
2,143
801
3,739
171,781
740,314
**Balance at**
**1 January**
**2020**
**£**
606,550
930
19
2,023
801
3,773
162,131
772,454|**Income**
**£**
115,833
4,415
23
-
65
4,503
-
120,336
**Income**
**£**
119,785
3,111
14
-
63
3,188
-
122,973|**Expenditure**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(102,678)
46,049
(4,321)
-
(37)
-
-
283
(65)
-
(4,423)
283
-
22,719
(107,101)
69,051
**Expenditure**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(135,045)
(26,496)
(3,260)
-
(19)
-
-
120
(63)
-
(3,342)
120
-
9,650
(138,387)
(16,726)|**Balance at**
**31**
**December**
**2021**
**£**
623,998|
|---|---|---|---|---|
|||||875
-
2,426
801|
|||||4,102
194,500|
|||||822,600|
|||||**Balance at**
**31**
**December**
**2020**
**£**
564,794|
|||||781
14
2,143
801|
|||||3,739
171,781|
|||||740,314|
Page 23
**Taunton United Reformed Church Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)**
## **15 Analysis of net assets between funds**
|Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**£**
442,634
194,073
(12,709)
623,998
**Unrestricted**
**funds**
**General**
**£**
426,586
167,667
(29,459)
564,794|**Restricted**
**funds**
**£**
2,427
1,675
-
4,102
**Restricted**
**funds**
**£**
2,143
1,596
-
3,739|**Endowment**
**funds**
**£**
194,500
-
-
194,500
**Endowment**
**funds**
**Permanent**
**£**
171,781
-
-
171,781|**Total funds**
**at 31**
**December**
**2021**
**£**
639,561
195,748
(12,709)|
|---|---|---|---|---|
|||||822,600|
|||||**Total funds**
**at 31**
**December**
**2020**
**£**
600,510
169,263
(29,459)|
|||||740,314|
## **16 Related party transactions**
There were no related party transactions in the year (2020 - Nil).
Page 24