Charity Registration no. 1130716 CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Willlams Ross Limlted Chartered Accountsnts CARDIFF
CITY UNrfED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY INFORMATION YEAR ENDED 31 DECEMBER 2024 Principal Address Windsor Place Cardiff CF10 3BZ Serving Elders Mrs Alison Tansom Dr Nici Lintern-Gittens Ms Alison McQueen Mrs Bethan Trott Mrs Elizabeth Meek Mrs Rhoda Henson Mr Peter Sobers Miss Emma Thorpe Ms Alison Lintern-Gittens Church Secretary Mrs Allson Tan8om Ms Alison McQu8en (retired 2 June 2024) {appointed 2 June 2024) Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Independent Examiners Williams Ross Limited Chartered Accountants 4 Ynys Bridge Court Gwaelod Y Garth Cardiff CF15 9SS Charty Name City United Refomied Church Cardiff (Gener81 Funds) Charity number 1130716
crry UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY INDEX TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Page Annual Report Independent Examinerfs Report Statement of Financial Activitles Balance Sheet Notes to the Accounts 7-11 les to the A ts: Detailed Income Ststement- General Fund 12 Detailed Expense Ststement- General Fund 13 Designated Funds 14-15
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 The trustees are pleased to present their annual report and accounts of the charity for the year ending 31 December 2024. The accounts have been prepared in accordance with the accounting policies sel out in the notes to the accounts and comply with the charitls goveming document, the Charitles Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ir8land published on 16 July 2014. 1. Maln Objects and Actlvltie8 The object of the Charity, declared by resolution of the Church Meeting on 9th May 2009, is to advance Christlan faith for the benefit of the public in accordance with the Scheme of Union of th8 United Reformed Church. Overall income grew by around £12.000 compared to the prevlous year, malnly from an increase In receipts from the use of church premlses.. Expenditure grew by around £24,000 compared to the 2023 year. Church premises expenditure fell by around £10,000. There was £3,761 of Outresch expenditure in the year (2023- NII). There was an overall increase in the r8allsable value of Investments of £13,939 compared to an increase In th6 prevlous year of £12,752. Overall, there wa8 a deflcit for the year of £6,236 <2023 - surplus of £4,517). This was made up of a deficit on General Fund of £2,559 and a deficit of £3,677 on Designated Funds. The charity finances have decreased and now show accumulated general and designated funds of £420,585 at the year end made up as follow8: 2024 2023 General Fund Designated Funds Total 276,402 144,183 420 585 278,961 147,860 426 821 These remaining funds could be called upon in coming years glven the ever increasing costs that will need to be met. 2. Constltutlon The qualified members of the Elders, Meeting administer the Charity in accordance with procedures for the time being laid down by the Church Meeting, whSch must in turn be in conformity with the Scheme of Union. Those procedures are currently found in rule 12 of City Church's Rules of Procedure, adopted by the Church Meeting on 20th February 2005 and last amended on 19th November 2017. 3. Public Benefit Statement The trustees are aware of the Charity Commission's guidance on public benefit in 'The Advancement of Religion for the Public Benefit, and have regard to it in the administration of the Charity. The general funds of City United Reformed Church enable the Church to.. provide regular acts of worship open to the public teach and promote the Christian faith among all ages and at all levels, regardless of background, sexuality or nationality
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 3. Public Benefit statement {contlnued) administer the Gospel sacraments offer activities for young people in connectlon wlth Christian worship and growth visit and befriend the elderly and unwell offer fellowship and pastoral support within and beyond the congregation maintaln an historic church building serve the community and provlde premises or resources for communlty groups and activitles support initiatives for Christian educatlon support the charitable work of the United Refomied Church at Wales and United Kingdom levels engage in ecumenical dialogue and activlty in the interest of a wider understanding between believers 4. Appolntment of Servlng Elders The members of the Elders, Meeting, who are as such Trustees of the Charity, are called or elected by tha church membership assembled in Church Me8ting. Procedures 8re contained in rules 7 and 8 of City Church's Rules of Procedure. No member of the Elders, Meeting serving during 2024 was disqualified from servlng as a charlty trustee. 5. Reserves Pollcy The reseNe8 polScy is to retain prudent levels of funding as follows:. General Fund - to malntain the religious and charitable work of the Church together with complementary activities. Designated Fund to ensure the continuation of Church and Manse repairs. As detalled in note 1 above. the total balance held in unrestricted funds as at the balance sheet date were £420,585 (2023 - £426,821). This amount is held to cover for financial commitments that the church wlll have to meet in the future including, specifically, church maintenance. Budgets are prepared each year wlth actual income and expenditure belng monitored against the budgets. 6. Investment Pollcy and Performance The investment policy is implemented by the Finance Committe8. The Committee considers the most appropriate policy for investing funds and has found that specialised equSty, fixed interest and government stock investment, designed for the charity sector. meets the requirements lo generate both Income and capitsl growth. For the year under review there was a net gain on revaluation amounting to £13,939 (2023 - overall revaluation gain of £12,752). These unrealised gains are in line with general stock markel movements for the year under review. The investment policy is under review in order to try to maintain the difficult balance in today's economic situation of seeking to mltigate losses as far as possible in the future whilst attempting to obtain the best income and capital growth to support church's main objects. 7. Rlsk Management Pollcy The consideration of financial risk is undertaken by th8 Finan Committee. Other risk assessments are undertaken by the Buildings and Fabric Ministry Group. The major potential financial rfsks which could arise are considered to be in relation to unexpected significant loss of income or unbudgeted expenditure together with potential losses on church investments. Non financial risk areas would include fire risk, health & safety issues etc.
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 7. Risk Management Policy (conllnued) Reviews have been carried out to assess risks in certain areas of operation and it is intended that further reviews are undertaken to provide a comprehensive assessment of potential key risk areas and to ensure that relevant procedures put in place to mitigate those risks. 8. Related Partles Certain Elders are also Trustees of the City United Reformed Church Charity. During the year a grant of £32,000 was receivable from the Charity (2023 - £32,000). No Trustees received 8ny remuneration or other recompense from the Charity in their capacity as Trustees. 10. Stat8m8nt of Servlng Elders. Responsibllitle$ The momkers of the Elders, Meeting. who are trustees for the purposes of charlty law. are responsible for the preparatlon of the 8ccounts for each financlal year which give a true and fair view of the charity's state of affairs as at the balance sheet date and of its financial activitles for that period. In preparing those accounts the serving trustees are required to: select sultable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent" state whether applicsble accounting standards have been followed, subject to any materlal departures disclosed and explained in tha accounts. prepare the accounts on a going concem basis unless il is inappropriate to presume that the church will contlnue to operate. The servlng elders are responsible for keeplng proper accounting records which disclose, with reasonable accuracy. at any time the charity's financial position and enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the church's assets and hence for taking reasonable steps for the prevention and detects'on of fraud and other irregularities. 11. Independont Examlners Williams Ross Limited, Chartered Accountants. have indicated their willingness to accept re-appointment as independent examiners for a further temi. Slgned on behalf of the Truslees Date
INDEPENDENT EXAMINER'S REPORT TO THE ELDERS OF crry UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY I report on my examiniation of the accounts of the Church for the year ended 31 December 2024. which are set out on pages 5 to 11. Responsibllltles and basls of report As the charity trustees. you are sponSible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('th8 Act,). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directs'ons given by the Charity Commission under section 145{5)(b) of the Act. Independ6nt •xamlnor's statement I have completed my examination. I confirm that no material matters have Come to my attentlon in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act,. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements conceming 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 8n independent examlnatlon. I have no concems and have come across no other matters in connectlon with the examination to which attention should be drawn in thls report in order to enable a proper understsnding of the accounts to be reached. Sian Marshall for and on behalf of Wllliams Ross Limlted Chartered Accountants 4 Ynys Bridge Court Gwaelod Y Garth Cardlff CF15 9SS Date 1 gCtober202g
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024 2024 Unrestrlcted Funds General Designated 2023 Total Funds Total Funds INCOME Voluntary Incomo Direct giving Gift Aid tax refund Grants received Legacies and donations Investment Income Interest and dividends 9,375 1.983 33.000 7,814 9,375 1,983 33,000 7,814 8,842 1,960 32,000 4.901 9,996 9,300 696 9.821 Other Income Use of premises Sundry Income Total Income 52,697 495 115,360 52,697 495 114.664 45,856 696 103,380 EXPENDITURE Charltsble actlvitles Ministry and Mlsslon Ministerial expenses Church premises expenses Salaries Administratlve costs Outreach & Mission Donations and gifts Depreciation Independent Examln8rs fees Legal and professional fees Total oxpendlture 25,069 7,537 37,183 32,216 1,421 3.761 1,768 2,324 1,080 23,176 135,535 25,069 7,537 33.551 32.218 1,421 3,761 1,768 778 1,080 23,176 130,357 24,868 5,896 47,002 22,671 1.986 3,632 1,089 3,431 960 3,712 111,615 1,546 5,178 Operating surplus l (deficit) (20,175) {15,693) (4,482) (8,235) Net galns l {Ioss88) on Investments 13,939 13,939 13,134 13,134 805 805 12,752 12,752 Net Incoma l (expendlture) (6,236 {2,559) (3,677> 4517 Transfers between funds Net Movement In Funds (6,236 (2,559) (3,677) 4,517 Reconcillation of funds Balances at beginning of year Balances at end of year 426.821 278,961 147,860 422,304 420,585 276,402 144,183 426,821
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY BALANCE SHEET 31 DECEMBER 2024 Note 2024 2023 FIXED ASSETS - Tangible 38.090 33.958 INVESTMENTS 265,643 251.704 303,733 285.662 CURRENT ASSETS Debtors Short term deposils - CAF Gold Cash at bank and in hand 10,841 101,140 9,225 121,206 4,354 9.503 129,874 8,073 147,450 6,291 LESS: CURRENT LIABILITIES NET CURRENT ASSETS 116,852 141,159 TOTAL NET ASSETS 420,585 426,821 Representing.. FUNDS General fund Designated funds 10& 11 10&11 276,402 144,183 278,961 147,860 TOTAL FUNDS 420 585 426 821 Approved by the meeting of the elders on behalf by: and signed on their Chalrman Trealurer '
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 1 ACCOUNTING POLICIES The accounts have been prepared in accordance with Acunting 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) (effeGtive 1 January 2015)- (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The particular accounting policies used are described below. a) Donatlons Donations are accounted for gross when recelved. b) Legacles Legacies are accounted for when their receipt is certain and can be properly quantified. c) Inv6Stment Income Investment income is included In the accounts in the year in whlch it is receivable. d) Grants payable The Charity makes grants to other organisations whose charitable objects complement its work. They are accounted for In the year in which they are pald. f) Classlflcatlon of funds Funds are classified according to the manner in which they are allowed to be spent. The General Fund deals with funds that can be spent generally for furthering the religious and charitable work of the church. Designated funds are funds which have been set aside for specific purposes but which can be returned to the General Fund at any time if Church Meeting so decides. Restricted funds are funds whose use is restrlcted according to the tenns on which they were received,. for example, collections for specific causès, or properties the proceeds of a sale of which cannot be used wlthout the approval of URC Synod for Wales. g) Tanglbla flxed assets The church buildings, and fixtures and fittings considered to be an integral part of the building, including the organ, are not Included in these accounts as they held on separate trusts. Other fixed assels are stated at estimated market value or cost, except that items costing less than £250 are written off in the year of purchase. In 2004 & 2005 the church Incurred costs of £29.392 (net of £9,081 member donations) on the South Porch project which provid&d a new kitchen and shower room. As City United Reformed Church will derive beneifts from this project for many years to come, it was decided to capitslise the costs and write them off over tha estimated useful economic life of the kitchen and shower room. Depreciation is calculated at the following percentages on cost or valuation: South Porch project Church fixtures & equipment Office equipment Kitchen equipment 5Yo Straight Ilne 50/0 Straight line 10 % straight line 10 /0 Straight Ilne h) Investrnents Investments are stated at their market value as at the balance sheet date.
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY NOTES TO THE ACCOUNTS (contlnuéd) YEAR ENDED 31 DECEMBER 2024 2. TANGIBLE FIXED ASSETS South Porch Project Church Offic8 Kitchen Flxtures & Equipment Equipm8nt Equipment Garden Refurbish- ment Total Cost or valuatlon At 1 January 2024 Additions during year At 310ecember 2024 29,392 34.242 38,283 20.994 25,038 6,456 31.494 147.949 29.392 34.242 38,283 20,994 147,949 Depreclatlon At 1 January 2024 Charged during year At 31 December 2024 29,392 25,675 36.679 20,994 1.251 113,991 2,324 116,315 596 182 1,546 2.797 29,392 26,271 36,861 20.994 Net book valua At 31 December 2024 7,971 1,422 28,697 38,090 At 31 December 2023 8.567 1,604 23,787 33,958 3- INVESTMENTS 2024 2023 General Funds Clty URC Reserve Account FP CAF ESG Incorne & Growth Fund 6075.75 unrts 254,500 241,366 Deslgnatod Funds Endowment Trust Fund Invesco UK Opportunities Fund 6075.75 shares 11,143 265,643 10,338 251,704 Total Investments - at mark8t value 4- DEBTORS 2024 2023 Debtors Prepaid expenses 6,595 4,246 10,841 4,996 4,507 9,503
CITY UNrrED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2024 5- CASH AT BANK AND IN HAND 2024 2023 General Current account Endowment Trust Fund 7.981 1.244 9,225 6,829 1,244 8.073 6. CURRENT LIABILITIES 2024 2,023 PAYE and National Insurance Accrued expenses 1.161 3,193 1,008 5,283 6,291 7. EMOLUMENTS OF EMPLOYEES The total emoluments of employees of the church was £31,251 (2023 - £20.891) The average number of employees was 2 (2023 - 2). 8- TRANSACTIONS WITH TRUSTEES The church made no p8yments to any Indlvlduals deemed to be elders In their capacity as elders (2023 - Nil). 9- INDEPENDENT EXAMINER The fee charged for the year Is £1080 including VAT (2023 - £960). 10- MOVEMENT IN FUNDS At 1 JInry 2024 Oth•r Mov•mgnl¥ At 31 Do¢¢mb•r 2024 In¢om• Exp•ndttur• Unrestricted - General Fund 278,961 114.664 {130,357> (3,632) 13,134 276,402 Designated - Church Repairs Legacies Legacy assets Endowment 34,798 77,544 23,787 11,731 426.821 31.186 71,088 28,697 13,232 420,585 (6,456) 6,456 805 (1,546) 696 TOTAL FUNDS 115.360 135,535 13,939 Summary of the above Unrestricted - General Designated 278,961 147,860 426,821 114,664 696 (130,357) (5.178) 135.535 13,134 805 276.402 144.183 420,585 TOTAL FUNDS 115.360 13.939
CITY UNrrED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY NOTES TO THE ACCOUNTS {continued) YEAR ENDED 31 DECEMBER 2024 11 . ANALYSIS OF NET ASSETS BETWEEN FUNDS Tanglble rixed assets Investments Net current assets Total General Fund 9,393 267.009 276.402 Designated funds.. Church repairs Legacies Legacy assets Endowment Trust 31,166 71,088 31,166 71,088 28.697 13.232 144.183 28,697 11.143 11,143 2.089 28,697 104,343 38,090 11,143 371,352 420,585 10
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31 DECEMBER 2024 12 DETAILED BREAKDOWN OF COMPARATIVE INCOME AND EXPENDITURE FOR YEAR ENDED 31 DECEMBER 2023 2023 Total Funds Unrestrictod Funds Gènèral D88lgnated INCOME Voluntary Income Direct glvlng Glft Ald tax refund Grants received General grants Legacies and donations Investment Income Interest and dividends 8,842 1,960 8,842 1.960 32,000 4,901 32.000 4,901 9,821 9.821 Other income Use of premises Sundry income Total income 45,856 45,856 103,380 103,380 EXPENDITURE Costs of Genoratlng Funds Mlnlstry and MSssion Mlnlsterial expenses Church premises expenses Salaries Administrative costs Donations and gifts Depreciation Independent Examlners fees Legal and professional fees Total expenditure 24,868 5,896 47,002 22,671 1,986 1,089 3,431 960 3,712 111,615 24,868 5,896 34,773 22,671 1,986 689 2,180 960 3,712 97,735 12,229 400 1,251 13,880 Operating surpus l (deficlt) (8,2351 5,645 (13,880) Net gains l (b)sses) on investments 12,752 12,752 12,277 12,277 475 475 Net Incom• l (expfrndituro) Transfers between funds 4,517 17,922 (13,405) 141 Net Movement In Funds 4,517 18.063 (13,405> Reconciliation of funds Balances at beginning of year 422,304 260.898 161.4C6 Balances at end of year 426,821 278,961 148,001 11
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY DETAILED INCOME STATEMENTS- GENERAL FUND YEAR ENDED 31 DECEMBER 2024 2024 2023 Direct giving Loose collections Planned giving 2,174 7,201 9.375 1,770 7,072 8.842 Gift Aid tax r•fund 1.983 1.980 Grants received City URC Charlty - General Govemment grants 32,000 1,000 33,000 32,000 32.000 Donations and grants RPC contributions to manse costs Donations & Gifts Donations - special purpose 5,299 1,300 1,215 7,814 4.409 238 254 4,901 Intoro8t recelved Bank Interest Investment dlvidends 2,589 6,711 9,300 2,535 7,286 9.821 U80 of promlses Car park Lettings Wayleave- S A Braln 22,271 22.153 8,273 52.697 20,826 16,404 8,626 45,856 Other Income Sundry Income 495 495 Total Income - General Fund 114,664 103,380 This page does not form part of the full accounts. 12
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY DETAILED EXPENSE STATEMENTS- GENERAL FUND YEAR ENDED 31 DECEMBER 2024 2024 2023 Ministry and Mission Regional Pastorate Expenses 24,180 889 25,069 24,246 622 24.868 Manse Expenses Insurance Council tax and water rates Repairs and fittings 483 3,526 2,428 6,437 431 3.605 1.610 5,646 Church Sorvic• Expanses Pulpit supplies Junior church 100 1,000 1,100 150 100 250 Church Premlses Expenses Rates and water Insurance Church repairs and renewals Fumishings and equipment IT r8pairs and equipment Light & heat Organ and plano tunlng etc. 208 7,404 5,750 1,414 444 15,514 2,817 33.551 309 7.466 5.750 1.653 614 18,043 938 34,773 Salarlas l Dlraclor of muslc costs Salary costs Organists 31,251 965 32,216 20,891 1,780 22,671 Admlnlstratlva Costs Printing and advertising Sundry expenses Telephone Independent examlner fee Professional fees Bank charges 482 904 539 960 3,712 61 6,658 657 701 1,080 23,176 63 25,677 Outreach & Mlsslon 3,761 Donallons and gifts Members - special purposes Other gifts and donations 1,400 368 154 535 1,768 689 Depreclatlon 778 2,180 Total expendlture - General Fund 130.357 97,735 Transfer to Church Repair Fund Total expendlture and transfers from General Fund (141) 97,594 130,357 This page does not form part of the full accounts. 13
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY DESIGNATED FUND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 2024 2023 Church Repalr Fund Income Exponditur• Paid out in year 3,632 3,632 6.120 6.120 Transfer from l {to) General Fund Net movement in year (3.632) (6,120) 40,918 34,798 Opening balance Closlng balanco 34.798 Legacles Income Legacles Expenditure Expenditure 6,109 6,109 Transfer to fixed assets 6,456 25,038 Net movement in year (6,456) 77,544 (31.147) Opening balance Closing balanGe 108,691 77,544 Mission Fund I Church Project Income Donations Expenditure other charity donations Net movement in year Opening balance 141 Transfer from Benevolent Fund {141) Closing balance This page does not fonm part of the full accounts. 14
CITY UNITED REFORMED CHURCH CARDIFF (GENERAL FUNDS) CHARITY DESIGNATED FUND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Endowment Trust Fund (Designated) 2024 2023 Income Investment dividends Tax refund on investment dividends 696 696 Expenditure Paid out in year 400 400 Net movement in year 696 (400> Realised from sale of investment 696 1400) Opening balance 1,393 1,793 Closlng balanco 2,089 Invostm•nt - Inv•8co UK Opportunltl•8 Fund: 6075.75 16075.75 unlts at Market Value 11,143 This page does not form part of the full accounts. 15-