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← Central United Reformed Church Sheffield Charity

2023-12-31-accounts

Central United Reformed Church, Sheffield, Charity

Charity Number 1130271 FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2023

Version 0.1 (Draft)

Central United Reformed Church (Charity) Financial Statements EOY 2023

CONTENTS

1 Church Information ............................................................................................................................ 3
1.1
Address: .................................................................................................................................... 3
1.2
Registered Charity Number ......................................................................................................... 3
1.3
Trustees of the Charity ............................................................................................................... 3
1.4
Bankers ..................................................................................................................................... 3
2 Annual Trustees’ Report for the Year Ending 31 December 2023 .......................................................... 4
2.1
Objectives and Activities of Central United Reformed Church ........................................................ 4
2.2
Review of Achievements and Performance ................................................................................... 5
2.3
Financial Review ......................................................................................................................... 6
2.4
Structure, Governance and Management ..................................................................................... 7
3 Statement of Financial Activities (Year Ending 31stDecember 2023) ..................................................... 8
Income and Expenditure ........................................................................................................................ 8
4 Balance Sheet ................................................................................................................................... 9
5 Appendix: Notes to the Financial Statements ..................................................................................... 10
Note 1.
Principal Accounting Policies .................................................................................................. 10
Note 2.
Offerings .............................................................................................................................. 12
Note 3.
Donations and Sundry Income ............................................................................................... 12
Note 4.
Ministry ................................................................................................................................ 12
Note 5.
Premises Costs ..................................................................................................................... 12
Note 6.
Other Expenses .................................................................................................................... 13
Note 7.
Human Resources Costs ........................................................................................................ 13
Note 8.
Tangible Fixed Assets............................................................................................................ 14
Note 9.
Investments ..................................................................................................................... 15
Note 10.
Debtors and Prepayments ................................................................................................. 15
Note 11.
Bank and Building Society Balances .................................................................................... 16
Note 12.
Creditors and Accruals ....................................................................................................... 16
Note 13.
Analysis of Net Assets between Funds ................................................................................ 16
6 Independent Examiner’s Report to the Members and Trustees of Central United Reformed Church ....... 17

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1 Church Information

1.1 Address:

60 Norfolk Street Sheffield S1 2JB

1.2 Registered Charity Number

1130271

1.3 Trustees of the Charity

Mrs E D Flaherty (Secretary) Mr S Atkinson Mrs B Bagshaw Rev S K Copley Ms A G Flaherty (Treasurer) Mr M Gillott Mrs A C Hammond Mrs A P Judge Rev Z A Orr Mr J M Riley Rev B Welch Mrs H Wignall Mr D J Williams

1.4 Bankers

HSBC Carmel House 49-63 Fargate Sheffield S1 2HD

Coventry Building Society 24-26 Norfolk Row Sheffield S1 2PA

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2 Annual Trustees’ Report for the Year Ending 31 December 2023

The Trustees present this report together with the financial statements for the year ending 31 December 2023.

2.1 Objectives and Activities of Central United Reformed Church

Central United Reformed Church is part of the United Reformed Church in the United Kingdom. The objective of the Charity is the advancement of the Christian faith for the benefit of the public in accordance with the Scheme of Union of the United Reformed Church.

The church activities include (but are not limited to):

In carrying out these activities, the church has careful regard to the public benefit guidance published by the Charity Commission (PB1-PB3).

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2.2 Review of Achievements and Performance

At the start of 2023 Central United Reformed Church (CURC) continued to play it key role within the ecumenical partnership within the city and alongside the Team Ministry structure.

The continuing impact of COVID 19 has been felt by all the United Reformed Churches (URC) across the city, with reduced numbers in attendance to a number of events. This has been reflected in our Sunday worship and other community activities. Central URC did host one of the joint services (where all the URCs are invited to come together for morning worship) which the Team Ministers lead. There are still several people who report that they are reluctant to get involved in things, due to the continuing impact of COVID.

The Norfolk Room continues to operate from Wednesday through to Saturday. Several of our regulars have returned and numbers are slowly picking up; but they are not yet at the pre-COVID levels.

The Manor Community Project now has a Community Worker and they have taken up some of the duties of the previous post holder. The support that the project offers continues to benefit the families on the Manor. However, due to the issue of capacity the Team Ministers have not been able to take up the role of Trustee on the Board. The Croft has maintained it usual activities.

During the autumn we continued with regular worship, taking note of the seasons on the calendar. We hosted the annual Christmas Service for Sheffield Stainless Steel – Outokumpo. Now known as Marcegaglia.

We had made some progress with the lease holder on the issue of prompt payment of the lease. However, things have reverted to where they were previously and we await the outcome of further negotiations.

2.2.1 Volunteers and Fund-raising Activities

Although the Church building has been re-opened, there are still limited opportunities for volunteers to participate and fund-raising has not recovered to pre-pandemic levels.

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2.3 Financial Review

The Statement of Financial Activities shows the analysis of three separate funds, which are not formally designated or restricted.

The General Fund shows the Finances and resources for the general running of the church and its activities. A transfer from the Rent Fund is made to cover the city centre costs of the church of £47,213 (2022 £44,026) and an additional transfer was made to cover other costs incurred during the year of £18,448 (2022 £23,376).

The Capital Fund accumulates the gains and losses on revaluation of investments and fixed assets, against which is charged depreciation for the rest of the year.

Rental income from shops and building society interest is accounted for in the Rent Fund. This income is initially used for the wider church and local/national charities but is increasingly having to support the day to day running of the church due to the decline in active members and therefore giving.

2.3.1 Property Developments

The investment properties at Croft House and Chapel Walk were professionally revalued in July 2024 and we are awaiting delivery of the review.

2.3.2 Reserves

Reserves are maintained for the church purposes and possible future developments. The Rent Fund is held in the Coventry Building Society account. Freely available reserves on 31 December 2023, excluding fixed assets and investments, amounted to £145,538 (2022 £118,346).

2.3.3 Investment Policy

The investment policy adopted by the church aims for a balance of capital growth and income through ethical investments. The investments are held for the church by the Yorkshire Congregational Union and CCLA Investment Management Limited.

2.3.4 Risk Review

The trustees are aware of the increasing average age of the congregation and, as the members are a major source of revenue funding, the church is aware of its future financial vulnerability in this regard.

A subcommittee of the trustees has been established to review the major risks to which the charity is exposed, report and make recommendations to the trustees and church meeting on any mitigating actions required.

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2.4 Structure, Governance and Management

2.4.1 Governing Document

Central United Reformed Church is registered with the Charity Commission (as of June 2009) under charity number 1130271. It is governed under trusts distilled from the United Reformed Church Acts of Parliament (1872 and 1982) and the Scheme of Union (1972).

2.4.2 Organisational Structure

The main councils of the church are the Church Meeting and the Elders Meeting. The Church Meeting is required to make arrangements for the proper maintenance of buildings and the general oversight of all the financial responsibilities of the church and to adopt the annual financial report. The day-to-day finance of the church is delegated to the Church Treasurer and Assistants. The maintenance of the buildings is delegated to the Management Committee, a subcommittee of the Trustees. The trustees are appointed by virtue of them being eligible Elders and specific Officers of the church.

2.4.3 Trustees of the Charity

The trustees are listed in Section 1.3.

2.4.4 Statement of the Church Meeting and Trustees’ Responsibilities

The church is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of Central United Reformed Church and of its financial activities during that period. In preparing those financial statements, the church meeting is required to:

The Treasurer is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the church. The Treasurer is also responsible for safeguarding the assets of the church. Therefore, he or she is responsible for taking reasonable steps to prevent and detect fraud and other irregularities, together with the Trustees, the Management Committee and Church Meeting.

The church has taken advantage of disclosure exemptions in preparing this report by virtue of being a small charity.

The Trustees declare that they have approved the above Trustees’ Report.

Signed on behalf of the Trustees:

Rev Z Orr (Chair of Trustees)

Ms A G Flaherty (Treasurer)

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3 Statement of Financial Activities (Year Ending 31[st] December 2023)

4 Income and Expenditure

INCOME
Donations and legacies
Offerings (Note 2)
Donations and sundry income (Note 3)
Other activities
Refreshments
Lettings/rent
Other income
Insurance claim
Income from investments
Total income
EXPENDITURE
Ministry (Note 4)
Premises costs (Note 5)
Refreshments cost
Other expenses (Note 6)
Depreciation
Total expenditure
Net gains/(losses) on investments
(Note 9)
Net income/(expenditure)
Transfers between funds
City Centre weighting adjustment
Additional transfers
Gains/(losses) on revaluation
of fixed assets (Note 8)
Net movement in funds
Funds brought forward
Funds carried forward		 General Fund
Rent
Fund
Capital Fund
Total
2023
Total
2022
£
£
£
£
£
£19,756
£19,756
£25,485
£7,970
£7,970
£6,011
£7,319
£7,319
£6,469
£37,643
£77,177
£114,820
£96,847
£14,888
£14,888
-
£1,024
£17,394
£18,418
£6,433
£88,600
£94,571
-
£183,171
£141,245
£37,208
£37,208
£37,726
£91,252
£91,252
£81,954
£1,480
£1,480
£1,480
£9,819
£9,819
£9,350
£903
£903
£1,004
£139,759
-
£903
£140,662
£131,514

£3,072
£3,072
£(4,296)
£(51,159)
£94,571
£2,169
£45,581
£5,435
£47,213 £(47,213)
-
-
-
£18,448 £(18,448)
-
-
-
-
-
-
£14,502
£28,910
£2,169
£45,581
£5,435
£41,217
£89,474 £2,461,672 £2,592,363£2,586,928
£55,719
£118,384 £2,463,841 £2,637,944 £2,592,363

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5 Balance Sheet

At 31 December 2023
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 £733,131 £734,034
Investments 9 £1,289,919 £1,286,847
Total Fixed Assets £2,023,050 £ 2,020,881
CURRENT ASSETS
Stock £850 £850
Debtors and prepayments 10 £65,879 £16,148
Investments - YCU Deposits £469,356 £453,136
Building Society deposits 11 £79,797 £108,769
Bank and cash balances 11 £10,622 £22,551
£626,504 £601,454
CURRENT LIABILITIES
Creditors and accruals - due within one year 12 £11,610 £29,972
NET CURRENT ASSETS £614,894 £571,482
TOTAL ASSETS LESS CURRENT LIABILITIES £2,637,944 £2,592,363
REPRESENTED BY:
General Fund 13 £55,719 £41,217
Rent Fund 13 £118,384 £89,474
Capital Fund 13 £2,463,841 £2,461,672
TOTAL RESERVES £2,637,944 £ 2,592,363
Approved by the Elders’ Meeting on and signed on behalf of the Trustees by:

Rev Z. Orr (Chairman of Trustees)

Ms A G Flaherty (Treasurer)

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6 Appendix: Notes to the Financial Statements

Note 1. Principal Accounting Policies

Note 1.1 Basis of Preparation

The financial statements of this charity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at fair value, as modified by the revaluation of certain financial assets and liabilities.

The financial statements are prepared in sterling (GBP), which is the functional currency of the entity. The accruals basis of accounting has been adopted.

The charity has taken advantage of the disclosure exemption regarding the requirements of Section 7 Statement of Cash Flows, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

Note 1.2 Judgements and Key Sources of Estimation Uncertainty

The preparation of the Financial Statements requires the trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continuously reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the trustees, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than the accounting policies detailed herein.

Note 1.3 Classification of Funds

Funds are classified as follows:

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Note 1.4 Recognition of Income

Income is included in the Statement of Financial Activities when the charity becomes entitled to the resources, it is probable that the income will be received, and the monetary value can be measured reliably. All voluntary giving is included for the period in which it is received.

Note 1.5 Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred and includes attributable VAT which cannot be recovered.

Note 1.6 Fixed Assets and Depreciation

Tangible fixed assets for use by the charity are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value of their date of revaluation less any subsequent accumulated depreciation.

Depreciation has been calculated to write down the cost or valuation of an asset, less its residual value, over its expected useful life using the following rates:

Note 1.7 Investment Property

Investment property is initially recorded at cost, which includes the purchase price and any directly attributable expenditure. Investment property is then revalued to its fair value at each reporting date and any changes in fair value are recognised in the statement of financial activities.

Note 1.8 Valuation of Fixed Assets

Tangible fixed assets will be revalued every 5 years in accordance with the Charities SORP (FRS 102). These assets were valued on 31 Dec 2016, and therefore the next planned evaluation was due in December 2021. This was delayed by the coronavirus pandemic and will now be carried out in 2024.

The Charity may choose to revalue earlier than this date if exceptional circumstances occur which warrant this in the judgement of the Trustees or at the recommendation of the Treasurer.

Note 1.9 Investments and investment income

Investments are included at their fair value (mid-market value) and any changes to fair value are recognised in the statement of financial activities.

Note 1.10 Stocks

Stocks of stationery, cleaning materials and refreshments are stated at the lower of cost and net realisable value.

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Note 2. Offerings

Income from Offerings
Gift Aid Donations
Envelopes
Cash
Income tax recovered		 2023
2022
£15,207
£14,780
£761
£1,178
£2,405
£2,207
£1,383
£7,320
£19,756
£25,485

Note 3. Donations and Sundry Income

Donations and sundry income
Church fund raising and sundry donations
Income from solar panels
Total
ote 4.
Ministry
Ministry
Ministry & Mission fund contributions
Synod levy
Sheffield team contribution
Pulpit Supply
Motor & travel
Total		 2023
2022
£4,005
£2,092
£3,965
£3,919
£7,970
£6,011
2023
2022
£26,068
£26,108
-
£510
£11,016
£11,016
£20
-
£104
£92
£37,208
£37,726

Note 4. Ministry

Note 5. Premises Costs

Premises Costs
Salaries and employment
Water rates
Insurance
Heating & lighting
Repairs & servicing
Total		 2023
2022
£44,949
£42,343
£1,488
£1,259
£8,744
£8,144
£24,564
£18,010
£11,507
£12,198
£91,252
£81,954

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Note 6. Other Expenses

Other expenses
Organ & choir
Printing, stationery and publicity
Telephone
Legal & professional
Church activities
Donations
Miscellaneous expenses
Total		 2023
2022
£770
£580
£5,042
£3,839
£711
£725
£750
£1,614
£374
£1,000
£706
£679
£1,466
£913
£9,819
£9,350

Note 7. Human Resources Costs

(Included in Note 5 as Salaries & employment costs)

ncluded in Note 5 as Salaries & employment costs)
Salaries and employment costs breakdown 2023 2022
Remuneration paid to 3 (2021 – 4) employees £41,521 £39,559
Employer’s National Insurance - -
Pension Contributions £3,428 £3,286

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Note 8. Tangible Fixed Assets

Tangible Fixed Assets Freehold
Property
(Church & Hall)
Fixtures,
fittings &
equipment
Solar Panels
Total		 Freehold
Property
(Church & Hall)
Fixtures,
fittings &
equipment
Solar Panels
Total		 Freehold
Property
(Church & Hall)
Fixtures,
fittings &
equipment
Solar Panels
Total		 Freehold
Property
(Church & Hall)
Fixtures,
fittings &
equipment
Solar Panels
Total
At valuation – 1 Jan 2023 £725,000 £17,000 £28,460 £770,460
Additions - - - -
Disposals - - - -
Revaluations - - - -
Value at 31 December 2023
Depreciation		 £725,000
£17,000
£28,460
£770,460
Cumulative depreciation at 1 Jan 2023 - £7,966 £28,460 £36,426
Charge for the year - £903 - £903
Revaluations - - - -
Total depreciation at 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 -
£8,869
£28,460
£37,329
£725,000
£8,131
-
£733,131
£725,000
£9,034
-
£734,034

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Note 9. Investments

Investments
Listed
Investments
Carrying value at 1/1/2023
£36,847
Revaluation gains
£3,072
Carrying value at 31/12/2023
£39,919
Investments recognised on the UK Stock exchange
Held by Brewin Dolphin
(on behalf of Yorkshire Congregational
Union)
Holding
Blackrock FM Cont Euro ‘D’ Inc
5,428.00
COIF Charity Ethical Inv Fund
4,813.10
Fidelity UCITS US Quality Inc
799.60
Charibond Inc.
3,207.69
Premier Miton Cautious Mthly Inc
280.00
Held by CCLA Investment Management Ltd
COIF Income Units
281.00
Total
Dividend income		 Listed
Investments
£36,847
£3,072		 Investment
Properties
Total
£1,250,000
£1,286,847

-
£3,072
£1,250,000
£1,289,919
Initial Cost
2023 Market
Value
2022 Market
Value
£9,803
£10,053
£9,359
£966
£14,487
£13,203
£4,846
£5,875
£5,371
£4,000
£3,588
£3,474
£356
£340
£340
£375
£5,576
£5,100
£39,919
£20,346
£39,919
£36,847
2023
2022
£1,024
£943

Note 9.1 Investment Properties

Investment properties comprise: 42-52 Chapel Walk and Croft House. The properties were revalued at 31 December 2016 by Fowler Sandford, Chartered Surveyors, at market value and the trustees do not consider that the values have changed significantly during this year.

Note 10. Debtors and Prepayments

Debtors and Prepayments
Income tax recoverable
Rent debtor
Sundry debtors and prepayments		 2023
2022
£4,707
£3,324
£38,587
-
£22,585
£12,824
£65,879
£16,148

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Note 11. Bank and Building Society Balances

Cash Deposits
Held by Coventry Building Society
A/c Number
Charities Account
571
Charities Account
586
Total
Held By HSBC
Current Account
*049
Covenants Money Manager Account
054
Refreshments Community Account
563
Total**		 2023
2022
£79,797
£88,866
-
£19,903
£79,767
£108,769
£7,944
£16,260
£1
£1
£2,677
£6,290
£10,622
£22,551

Note 12. Creditors and Accruals

Creditors and Accruals
2023 2022
Rent deposit in advance - £19,295
Sundry creditors and accruals £11,610 £10,677
£11,610 £29,972
Note 13.
Analysis of Net Assets between		 Funds
Analysis of net assets between funds (31/12/2023) General Fund Rent Fund Capital Fund
Tangible Fixed Assets - - £733,131
Investments - - £1,289,919
YCU Manse initial Capital deposit - - £440,791
Building Society Deposits - £79,797 -
Other net current assets £67,329 £38,587 -
Current liabilities £(11,610) - -
£55,719 £118,384 £2,463,841

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7 Independent Examiner’s Report to the Members and Trustees of Central United Reformed Church

I report to the members on my examination of the accounts of the Central United Reformed Church Sheffield Charity for the year ended 31 December 2023, which are set out on pages 8 to 16.

Responsibilities and basis of report

As described on page 7, the church meeting and trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). They consider that an audit is not required for this year under section 144(2) of the 2011 Act and that an independent examination is needed. I report in respect of my examination of the 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:

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.

R A Millard FCA Anderton House Sheffield, S35 0FU

August 2024

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