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2021-12-31-accounts

KINGS ROAD UNITED REFORMED CHURCH

TRUSTEES REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31st DECEMBER 2021

CONTENTS

CONTENTS
Page
Report of the Trustees 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

KINGS ROAD UNITED REFORMED CHURCH

1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2021

ADMINISTRATIVE INFORMATION

Kings Road United Reformed Church is a local church of the United Reformed Church in Great Britain, and is a member church of the Eastern Synod of the United Reformed Church. It was registered on 26th August 2009 as Charity Number 1131367.

Kings Road United Reformed Church is situated at 91, Crowstone Road, Westcliff-on-Sea, Essex. SS0 8LH. Telephone : 01702 352668 www.KingsRoadURC.org.uk

The members of the Elders' Meeting for the time being are recognised as the charity trustees. Those who served from 1st January 2021 until the date this report was approved were:

Andrew Birch (Reverend) (Chair - Up to 8th December 2021) Geoff Wright (Reverend) (Chair - From 8th December 2021) John Knight Kay Bell Lauren Rule Les Denton (resigned 8th April 2021) Lesley Ball (appointed 1st January 2022) Lou Raggett Lynn Inglis (resigned 31st December 2021) Maggie Wright (resigned 31st December 2021 Pam Skeet Rebecca Raggett (resigned 4th March 2021) Vicky Barnes

The Church buildings are vested in 'The United Reformed Church (Eastern Province) Trust' as trustee and held for the benefit of Kings Road United Reformed Church in accordance with the trusts applicable to United Reformed Church properties.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The activities of Kings Road United Reformed Church are overseen by the Elders Meeting of the Church in accordance with the provisions of The Structure of the United Reformed Church determined by the General Assembly of the United Reformed Church, and supplemented by the rules of Kings Road United Reformed Church. The governing document of the registered charity is a statement adopted by the Church Meeting on 3rd May 2009 and renewed on 11th February 2018 after the merger of Crowstone St. George's United Reformed Church with Westcliff United Reformed Church on 22nd Octoner 2017.

The Elders' Meeting is responsible for the financial administration of the Church and the care and maintenance of Church premises. The Church Meeting (of all members wishing to attend) gives general guidance on the life and work of the Church. The Church Meeting meets four times a year.

The members of the Elders' Meeting are the ministers in pastoral charge and up to seven members of Kings Road United Reformed Church nominated and elected by the members of the Church in Church Meeting. Elders serve for four years, retire by rotation and are eligible for re-election. After two periods of consecutive service Elders will normally be expected to stand down for a two year period. The members of the Elders' Meeting are the trustees of the registered charity during their period of service as Elders.

The Elders' Meeting met twelve times during the year. It is assisted in the administration of the Church and its property by the Business Committee. We also have more informal groups, including Outreach and Fundraising and Pastoral Care.

KINGS ROAD UNITED REFORMED CHURCH

2

REPORT OF THE TRUSTEES - Continued

STRUCTURE, GOVERNANCE AND MANAGEMENT - Continued

The Business Committee oversees the financal management of the church and is responsible for maintaining the fabric of the Church.

OBJECTIVES AND ACTIVITIES

As a local congregation of the United Reformed Church, Kings Road United Reformed Church seeks to advance the Christian religion through its activities and the facilities offered to the community by its building. Our mission statement sets these objectives out more specifically as:-

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.

The Elders' Meeting believes that the Church provides benefit to the public by: (a) 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; (b) promoting Christian values and service by members of the congregation to the community, for the benefit of individuals and society as a whole.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

2021 was another challenging year, with continuing fear and uncertainty over the Covid-19 Pandemic. The church building began to re-open with access limited, initially, by physical distancing and ventilation concerns. Contact details were recorded for anyone entering the building and all risk areas were regularly sanitised.

The congregation has continued on its steep learning curve. We were able to use the building more as restrictions were progressively eased and so we moved from conducting worship on Zoom and discovered the benefits of hybrid worship. We were able, thanks to the skills of one member, to live-stream services from the church on a Sunday morning with a restricted congregation of about 35 in attendance. Steps were taken to accurately assess the numbers that the worship area could hold whilst maintaining physical distancing and prior registration was encouraged from those who wished to attend, masks were required to be worn, and there was no singing. Many, of course, were unwilling to leave the safety of home with the risk of Covid-19 still virulent in society at large.

As restrictions have continued to ease the numbers attending services have grown steadily. The decision was made by the Elders that we would continue hybrid worship whenever the human resources were available to make it happen.

The Elders have continued to ensure that every member of the congregation is in contact with a pastoral group leader to be kept up to date with developments at the church and to hear their news in return.

KINGS ROAD UNITED REFORMED CHURCH

3

REPORT OF THE TRUSTEES - Continued

REVIEW OF ACTIVITIES AND ACHIEVEMENTS - Continued

While attendances at funerals were limited to 30 people, during most of 2021, and the church was unavailable for Thanksgiving services, we have kept in contact with bereaved families and offered them the opportunity to attend a Thanksgiving for their loved ones.

Our prayer group acts as an email hub with prayer requests received and then circulated weekly by the coordinator.

Viewpont, our bi-monthly magazine, continues to be edited and produced for the information of members and others both within the congregation and outside. It is uploaded, when available, to our web pages. It is also printed and made available to those members who do not have access to email and at the church to purchase.

Our Leadership Plan sets out:

Direction (Aims and Ethos)

FINANCIAL REVIEW

As for many organisations, the church's finances have once again been severly affected by the Covid-19 pandemic and the Government's response to it by way of restrictions on people meeting. Most noticeable has been the continuing loss of lettings income. Severely curtailed during the periods of most severe restrictions, it struggled to pick up when these were eased. Due to continuing concerns over covid risks, many groups previously hiring the premises were unable to attract sufficent numbers to return.

Optimistic in the Summer that it would be possible for activities in the church building to resume, the church recruited a cleaner in August and a new Centre Manager in September; previous similar posts having been declared 'redundant' in 2020 during the initial pandemic lockdown.

Income during the year was up £29,630 on 2020 but this was due to unusal items. In 2021 the church received a bequest of £20,000 (see below) and an insurance settlement of £20,000 (see below). 2020 income included Coronavirus Job Retention Scheme grant income of £9,271. These items aside, income was down £2,069. Compared with 2019, the last full year before the pandemic, income on a similar basis is down £33,694. Church Lettings income in 2021 was up £6,700 on 2020 but remained £15,782 below 2019. Regular donations, including gift aid, were down £3,719 on 2020; a relatively modest decline given the impact of the pandemic on inperson attendance at services.

Expenditure during the year was up £6,080 overall but reflects significant changes in a few particular areas. Employee costs were down £15,146 following the redundancies in 2020. Ministry and Mission costs were up £10,079 reflecting primarily the payment in 2021 of a shortfall of £4,000 on the church's URC Ministry & Mission Fund contribution in 2020. Maintenance costs were up £6,950, the floor replacement referred to below being partially offset by £11,435 spent on light boxes in 2020. Utility costs plus insurance were up £3,045.

During the year the church made an initial claim on its' insurance policy for 'loss of income' as a result of the pandemic. An interim settlement of £20,000 was received in June. A second claim has recently been submitted and a third and final claim may follow. It is not possible at this time to say what, if any, further insurance recovery might result.

During the year the church received a very generous legacy of £20,000 from the estate of Miss D Hawken. The bulk of this money, over £15,000, has been used to replace the flooring in several areas of the church.

KINGS ROAD UNrrED REFORMED CHURCH FINANCIAL sfATEMEPnS FOR THE YEAR ENDED 31 DECEMBER 2021 Xndependent EXamine￿S Report to the members of Kings Road United Refornied Church I repjrt to the ￿Em￿er5 on my examination of the financial Sthten￿nts of Kings Road United Reformed Churd) (Ihe tharity,) for the year end8J 31 D￿ember 2021. This report is made SDkly to the chari￿5 trustees as a bcK1y. in accordan￿ with sectton 145 of the tharib.es Att 2011. My work has been undertaken so that I might state to the charitys trustees those matters E am required to state to them in this reFKbrt and for no other purpose. To the fulw extent permitted by law, I do not accept or assu￿ responybility to anyone other than the charity and ￿ charivs trusiees as a lJ)dytr for my worl for thos report. or for the ODinions E have fomied. Responsibilities and basis of report As the trustees of the thaiity you are resFon&ble for the ￿epara￿On of the &counts in ac0)rdan￿ with the requlrements of the Charities Act 2011 ('the Arti. l report in resrttt of my erdmination of the charws accounts orried out under section 145 of the Art and in carrying out my examination I have foltow￿l all the applicable Direttions given by the charity CL)mmi55ion uTrJer secbon 14515){b) of the Act. An independent examinats.on does not involve gathering all the evidence that would ￿ required in an audit and consENuenUy doe5 not o)ver all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goe5 beyond the lirnited assurance that an inde￿r￿ent examination can provide. Consequendy l express no audit opinion on the accounts and my rel￿rt is limited to those 4Eofic matters set out in the examinerfs statement. Independent examiner's statement I have completed my examinats"on. I confirm that no material matters have Con￿ to my attention in tonnecbon ith the examination givirvJ rrE cause to belleve that In any material resFert: counting records We￿ not kept in respett of the charity as required by section 130 of the ALL. or 2, the accounts do not accord with those records; or 3. the finanaal statements do not compty with the applicable requirements con￿mIng the fomi and content of ￿CoUnts set out in the ¢￿aritieS (Accounts and RepDrts) Regulations 2008 other than any requirement that the accounts give a'tll￿ and faiv view which is not a matter considered as part of an independent examination. I have llo conorns and have come across no other matters in conn￿￿on with the examinatr.on to whlch attention should be drawn in this report in order to enable a proper understandiT¥J of the accounts to be reached. Signed by the Independent E¥aminer:I 21 j0312c;22 Prixilla Asinfi ACMA 8 Sandown Street Manchester M18 85A

KINGS ROAD UNITED REFORMED CHURCH

6

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Funds Unrestricted Funds Restricted TOTAL TOTAL
General Designated Funds 2021 2020
Note £ £ £ £ £
INCOMING RESOURCES
Income from:
Donations and legacies 2 49,130 22,675 2,844 74,649 64,638
Charitable activities 3 235 -- -- 235 471
Other trading activities 4 21,218 244 -- 21,462 13,114
Investments 5 12,876 -- -- 12,876 12,098
Other 6 20,000 -- -- 20,000 9,271
Total 103,459 22,919 2,844 129,222 99,592
RESOURCES EXPENDED
Expenditure on:
Raising funds 7 749 2,825 -- 3,574 885
Charitable activities:
Ministry & Mission 8 53,690 963 -- 54,653 44,574
Church activities 9 542 1,092 -- 1,634 7,969
Church running costs 10 28,973 25,776 -- 54,749 55,163
Support of outside causes 11 1,200 -- 2,898 4,098 4,037
Total 85,154 30,656 2,898 118,708 112,628
Net gain/(loss) on investment 15 4,852 6,469 -- 11,321 4,982
Net income/(expenditure) before transfers 23,157 -1,268 -54 21,835 -8,054
Transfers between funds 17.1 -10,750 10,750 -- 0 0
Net movement in funds 12,407 9,482 -54 21,835 -8,054
Total funds b/fwd 1 January 2021 65,674 69,936 290 135,900 143,954
Total funds c/fwd 31 December 2021 £ 78,081 £ 79,418 £ 236 £ 157,735 £ 135,900
(Note 17) (Note 18)

The notes on pages 8 to 14 form part of these financial statements

BALANCESHEETASAT31DECE MBER 2021
Unrestricted Funds Restricted TOTAL TOTAL
Note GeneralDesignated
EE		 Funds
E		 202L
E		 2020
E
FIXEDASSETS
Tangibleassets l4 1,800 1,800
CURRENTASSETS
Debtors
GiftAidTaxrecoverable 6,500 6,500 8,200
Accrued income 1,639 1,639 L,470
HallFees 355 355 365
Prepayments
TotalDebtors		 6,903
-i5F6-		 ------6', 6,903
15,396		 6,597
@
Investments
COIFCharities EthicalInvestmentFund 15 40,76254,350 95,1L2 83,79t
Bankandcashbalances
COIFCharities DepositFund
Bankcurrentaccounts
Totalbank and cash balances		 16 9,02512,034
L5,77313,788
24,73925,822		 360
-----66'		 2t,060
29,861
50,921		 21,057
LB,t77
@
Total CurrentAssets ---36-0' @m -i3DF',s7
CURRENTLIABILITIES
Accrued expenses ,817
3		 754 ,577
4		 2,321
Income received inadvance 2s9 259 90
Creditorspayablewithinoneyear 4,6L6
540		 754 724
tu		 5,494
664
3,757
L,346
NETCURRENTASSETS W-7W- ffi -Breo-O
TOTALNET ASSETS E--lEp8T L-9,41T E---TC E-1577J5 €-1gB0T-
THE FUNDSOFTHECHARITY
Unrestrictedincomefunds:
General 78,OB1 78,081 65,674
Designated
Total		 t7 79,4L8 79,4t8
757,499		 69,936
lsElb'
Restricted incomefunds: 18 236
f-7p8'rLru-t3LW		 236 290
f-T3.'BO0-

8

KINGS ROAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 ACCOUNTING POLICIES

1.1 Basis of Accounting

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity constitutes a public benefit entity as defined by FRS 102.

1.2 Income recognition

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donated services are accounted for in the period to which they relate provided the value of the gift can be measured reliably.

1.3 Expenditure and Liabilities

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty. Expenditure is recognised in the period to which it relates and includes attributable VAT which cannot be recovered. Most of the management and activity of the church is carried out by volunteers. This intangible cost is not included in the financial statements as this voluntary contribution to the life of the church is incalculable.

1.4 Fund Accounting

Unrestricted funds are available for use at the discretion of the church in furtherance of its charitable objectives. Designated funds are funds established by the church for particular purposes as set out at note 17. The designation is a statement of intent and does not prevent the church from using these funds for other purposes if circumstances change. Restricted funds are subjected to restrictions on their expenditure imposed by the donor, or contained in the terms of the grant.

1.5 Tangible Fixed Assets

Freehold property: The Trustees of the church are the United Reformed Church (Eastern Province) Trust who hold buildings and land upon trust for purposes connected with Kings Road United Reformed Church. Expenditure incurred on the church is written off in the year it is incurred.

Equipment: Equipment is stated at cost less depreciation. Depreciation is provided at the following annual rate calculated to write off the cost of assets over their estimated useful lives:

Photocopie, and I.T. and Sound and Audio/Visual equipment 25% straight line (over 4 years)

1.6 Taxation

As a registered charity the church is exempt from taxation in respect of income and capital gains received to the extent that such income or gains are applied to exclusively charitable purposes. No provision for taxation has been made in these financial statements.

1.7 Investments

Investments are initially recorded at cost but subsequently revalued at 'fair value'. Any increase or decrease in value is shown in the Statement of Financial Activities.

1.8 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements

KINGS ROAD UNITED REFORMED CHURCH

9

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Funds Unrestricted Funds Restricted TOTAL TOTAL
General Designated Funds 2021 2020
£ £ £ £ £
2 DONATIONS AND LEGACIES
General Giving 37,244 -- -- 37,244 39,459
Gift Day -- -- -- -- 7,240
Income tax refunds under Gift Aid 9,486 315 165 9,966 12,707
Special offerings and donations -- 1,360 2,679 4,039 4,086
Other donations 2,400 -- -- 2,400 1,116
Legacies -- 21,000 -- 21,000 30
£ 49,130 £ 22,675 £ 2,844 £ 74,649 £ 64,638
3 CHARITABLE ACTIVITIES
Wedding fees & collections 235 -- -- 235 --
Parent & Toddler, Childrens & Youth activities -- -- -- -- 471
£ 235 £ -- £ -- £ 235 £ 471
4 OTHER TRADING ACTIVITIES
Church lettings 16,718 -- -- 16,718 10,018
Fund raising events 3,310 244 -- 3,554 2,413
Photocopier income 1,190 -- -- 1,190 683
£ 21,218 £ 244 £ -- £ 21,462 £ 13,114
5 INVESTMENTS
Interest 46 -- -- 46 92
Investment Fund Dividends 2,563 -- -- 2,563 2,499
Rent : 40 Kenilworth Gardens 6,000 -- -- 6,000 5,840
Rent : Tennis Club 2,000 -- -- 2,000 2,000
Solar panel income 2,267 -- -- 2,267 1,667
£ 12,876 £ -- £ -- £ 12,876 £ 12,098
The church receives 50% of the net rental income arising from the letting of the manse at 40 Kenilworth Gardens pending a
decision on the future use of the building.
6 OTHER
HMRC Coronavirus Job Retention Scheme Grant -- -- -- -- 9,271
Insurance recovery 20,000 -- -- 20,000 --
£ 20,000 £ -- £ -- £ 20,000 £ 9,271
7 RAISING FUNDS
Kitchen / coffee bar supplies -- 132 -- 132 121
40 Kenilworth Gardens : Maintenance -- 2,693 -- 2,693 36
40 Kenilworth Gardens : Insurance 189 -- -- 189 182
40 Kenilworth Gardens : Letting fees 540 -- -- 540 526
Other 20 -- -- 20 20
£ 749 £ 2,825 £ -- £ 3,574 £ 885

KINGS ROAD UNITED REFORMED CHURCH

10

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Funds Unrestricted Funds Restricted TOTAL TOTAL
General Designated Funds 2020 2019
£ £ £ £ £
8 MINISTRY & MISSION
URC Ministry & Mission Fund (See below) 46,000 -- -- 46,000 38,000
Manse expenses 3,938 -- -- 3,938 1,401
Manse maintenance -- 963 -- 963 357
Ministers car expenses 1,366 -- -- 1,366 569
Ministers expenses 1,076 -- -- 1,076 3,052
Worship & resources 1,310 -- -- 1,310 1,037
Other costs -- -- -- -- 158
£ 53,690 £ 963 £ -- £ 54,653 £ 44,574

URC MINISTRY & MISSION FUND

The church contributes to the central United Reformed Church costs of training and providing ministers (including the centralised payment of stipends, pension contributions and other benefits for ministers), running the denomination, and the wider mission of the national church. In 2020 the unrestricted income of The United Reformed Church Trust was £19.8 million, 90% of which was provided by the Ministry & Mission Fund contributions of churches. Unrestricted expenditure amounted to £20.2 million of which 83% related to ministerial costs.

9 CHURCH ACTIVITIES
Children's activities 22 -- -- 22 --
Flowers 145 -- -- 145 --
Organ & Piano tuning -- 1,092 -- 1,092 890
Other costs 225 -- -- 225 243
Parent & Toddler, Children and Youth leaders -- -- -- -- 6,836
Tea & Toast 136 -- -- 136 --
Training 14 -- -- 14 --
£ 542 £ 1,092 £ -- £ 1,634 £ 7,969
10 CHURCH RUNNING COSTS
Buildings maintenance -- 23,981 -- 23,981 8,253
Centre Manager (2021 : Administrator) 3,187 -- -- 3,187 4,545
Cleaner / Caretaker 2,592 -- -- 2,592 9,545
Cleaning materials & refuse collection 2,005 -- -- 2,005 1,729
Depreciation of equipment 601 -- -- 601 37
Electric 2,448 -- -- 2,448 2,357
Gardening -- 612 -- 612 318
Gas 5,003 -- -- 5,003 3,471
Independent Examiner 200 -- -- 200 200
Information Technology 775 -- -- 775 597
Insurance 8,833 -- -- 8,833 8,364
Other costs 235 -- -- 235 655
Payroll 149 -- -- 149 --
Photocopier charges 1,086 -- -- 1,086 1,446
Printing, postage and stationery 16 -- -- 16 206
Recruitment 437 -- -- 437 --
Trf. stained glass from Westcliff URC (Light boxes & entrance) -- -- -- -- 11,435
Servicing & maintenance of equipment -- 1,183 -- 1,183 1,270
Telephone 362 -- -- 362 350
Water 1,044 -- -- 1,044 385
£ 28,973 £ 25,776 £ -- £ 54,749 £ 55,163

KINGS ROAD UNITED REFORMED CHURCH

11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Unrestricted Funds Unrestricted Funds Restricted TOTAL TOTAL
General Designated Funds 2021 2020
£ £ £ £ £
11 SUPPORT OF OUTSIDE CAUSES
Homeless Action Resource Project (H.A.R.P.) 1,200 -- -- 1,200 1,200
Communion Fund (see Note 18) -- -- 478 478 533
Commitment for Life -- -- 825 825 825
Other restricted gifts passed on (see below) -- -- 1,595 1,595 1,479
£ 1,200 £ -- £ 2,898 £ 4,098 £ 4,037

11.1 Other restricted gifts passed on:-

General :-
Children's Society (Christingle service) 35 --
Christian Aid 1,210 485
One Love Soup Kitchen (Harvest collection) -- 127
HARP (Harvest collection) 350 123
Royal British Legion Poppy Appeal -- 44
£ 1,595 £ 779
Prayer Group :-
Children of Honduras Trust -- 100
Crisis at Christmas -- 100
Disasters Emergency Committee appeal for Syria -- 100
Medecins sans Frontieres -- 100
Red Nose Day -- 100
St. Vincent de Paul -- 100
Teenage Cancer Trust -- 100
£ -- £ 700
Total 'Other restricted gifts passed on' £ 1,595 £ 1,479

The Prayer Group did not meet in-person during 2021. Fundraising as a group was dis-continued during this period.

12 PAID EMPLOYEES

12 PAID EMPLOYEES
Salaries and wages (2020 inclusive of redundancy pay of £3,647) £ 5,779 £ 20,925
Average head count in the year 1 4
13 TRANSACTIONS WITH TRUSTEES AND RELATED PARTIES
13.1 Trustee renumeration and benefits
None of the trustees have been paid any renumeration or received any other benefits from an employment with the church.
13.2 Trustees' expenses
Preaching fees 380 870
Removal costs -- 2,122
Printing, Postage & Stationery 337 24
Mileage 24 27
Books / Subscriptions -- 176
Sundry 144 75
£ 885 £ 3,294

13.3 Transactions with related parties There have been no related party transactions in the reporting period.

KINGS ROAD UNITED REFORMED CHURCH

12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

14
TANGIBLE FIXED ASSETS
I.T.
Equipment
Cost
Balance b/fwd 1 January
--
Additions
2,401
Balance c/fwd 31 December
2,401
Depreciation
Balance b/fwd 1 January
--
Depreciation for year
601
Balance c/fwd 31 December
601
Net book value
1,800		 Sound &
Visual
Equipment
1,997
--
1,997
1,997
--
1,997
0		 Photo-
-copier
£
3,540
--
3,540
3,540
--
3,540
0		 2021
£
5,537
2,401
7,938
5,537
601
6,138
1,800		 2020
£
5,537
--
5,537
5,500
37
5,537
0

The church has an interest in the following assets not capitalised in these Financial Statements.

15
COIF CHARITIES ETHICAL INVESTMENT FUND
Balance b/fwd 1 January
Investments/(withdrawals) during the year
Gain/(loss) on investment
Balance c/fwd 31 December		 2021
£
83,791
--
11,321
95,112		 2020
£
78,809
--
4,982
83,791

On 6th December 2018 the church purchased 30,438.75 units in the fund at a price of 229.97p per unit (total cost £70,000). There have been no transactions since. At the year end the bid value of the units was 312.47p (2020 : 275.28p) per unit giving rise to an unrealised gain on the investment of £11,321 during the year. The investment gain is split between the General Fund, the Maintenance Fund and the Legacy Fund in proportion to those funds interest in the invested balance, currently 3/7ths, 3/7ths & 1/7th respectively. On 31st March 2022 the bid value of the units was 300.49p giving the investment a value of £91,465.

The fund pays dividends four times a year and at 31st December 2021 had a gross dividend yield of 2.65% (2020 : 3.06%).

Units in the fund can be traded every Thursday with settlement proceeds being remitted to the church bank account within four Business Days.

16 COIF CHARITIES DEPOSIT FUND

No notice period is required to withdraw these funds which can generally be accessed within a few days via postal delivery of a signed withdrawal authority.

KINGS ROAD UNITED REFORMED CHURCH

13

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

17 DESIGNATED FUNDS

Maintenance Fund

Funds set aside to meet the cost of maintaining the fabric of the church, the manse & 40 Kenilworth Gardens buildings and for providing and servicing furniture and equipment to enable the buildings to be used effectively to meet the church's objectives.

Legacy Fund

Funds set aside to enable the church to meet obligations or carry out projects, the costs of which can not be met from the church's regular sources of income.

HARP Fund - Revenue

Rent previously received on a property sold to HARP in 2014 set aside to provide revenue support to the church in meeting its objectives in regard to charitable outreach.

Roof Fund

Funds received and set aside to carry out a major refurbishment of the lead work, masonry, flat roof areas and rain water goods of the church building at 91 Crowstone Road.

Kitchen Fund

Funding received and set aside to meet the cost of improvements to the church kitchen.

17.1 The movements on the Designated Funds during the year were:

Maint. Legacy HARP Roof Kitchen Total Total
Fund Fund Fund Fund Fund 2021 2020
£ £ £ £ £ £
Balance b/fwd 1 January 47,624 20,104 3,814 -4,097 2,491 69,936 71,140
Incoming resources -- 21,000 -- 1,675 244 22,919 2,845
Resources expended -13,256 -17,268 -- -- -132 -30,656 -22,680
Investment gain 4,852 1,617 -- -- -- 6,469 2,847
Fund Transfers 10,750 -- -- -- -- 10,750 15,784
Balance c/fwd 31 December £ 49,970 £ 25,453 £ 3,814 £ -2,422 £ 2,603 £ 79,418 £ 69,936
2021 2020
17.2 Maintenance Fund £ £
Balance b/fwd 1 January 47,624 52,298
Budgeted transfer from the General Fund for ongoing maintenance costs 10,750 10,750
Transfer from General Fund of share of investment gain at 31st December 2019 -- 3,775
Share of increase in value of investment 4,852 2,135
Church - Items under £1,000 -2,505 -1,872
Church - Servicing of equipment -1,183 -1,253
Church - Transfer of stained glass from Westcliff URC to Kings Rd. (Light boxes & entrance) -- -11,435
Church - Repair of solar panels, fixing of pigeon guard & removal of pigeon detritus -1,776 -6,381
Church - Mounting of Westcliff URC memorials -1,980 --
Church - Re-felting of kitchen roof -2,156 --
Manse - Items under £1,000 -963 -358
40 Kenilworth Gardens - External redecoration -2,184 --
40 Kenilworth Gardens - Items under £1,000 -509 -35
Balance c/fwd 31 December £ 49,970 £ 47,624
17.3 Legacy Fund
Balance b/fwd 1 January 20,104 19,211
Transfer from General Fund of share of investment gain at 31st December 2019 -- 1,259
Share of increase in value of investment 1,617 712
Legacy - Miss D Hawken 20,000 --
Legacy - Mrs J Wallace 1,000 --
Legacy - Miss M Baptie (balance of legacy) -- 30
Donations -- 100
Gardening (net of Paint Pots contribution) -612 -318
Replacement of flooring (Welcome Area, Meeting Place, Westcliff Hall & Belden Room) -15,564 --
Piano / Organ tuning -1,092 -890
Balance c/fwd 31 December £ 25,453 £ 20,104

KINGS ROAD UNITED REFORMED CHURCH

14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
17.4 HARP Fund - Revenue £ £
Balance b/fwd 1 January & c/fwd 31 December £ 3,814 £ 3,814
17.5 Roof Fund
Balance b/fwd 1 January -4,097 -6,297
Donations 1,675 2,200
Balance c/fwd 31 December £ -2,422 £ -4,097
17.6 Kitchen Fund
Balance b/fwd 1 January 2,491 2,114
Refreshment receipts and net proceeds of light lunches etc. 244 515
Supplies -132 -121
Equipment -- -17
Balance c/fwd 31 December £ 2,603 £ 2,491
18 RESTRICTED FUND
Communion Fund
Collections taken during Communion services are credited to this fund which is used to support charities bringing
assistance and relief to those in need at home and abroad, and occassionally to assist individuals directly.
Balance b/fwd 1 January 290 401
Collections 424 422
714 823
Expenditure :-
Bar-n-Bus -- 90
Childrens Society 60 --
Christians Against Poverty 42 --
Christian Aid -- 157
Citizens Advice Bureau 75 --
MIND 57 163
NSPCC 60 --
One Love Soup Kitchen 60 87
Royal National Lifeboat Institution -- 36
Southend Hospital (Oncology Ward) 84 --
Stp the Traffik 40 --
478 533
Balance c/fwd 31 December £ 236 £ 290