2021-12-31-accounts - The United Reformed Church ( Northern Province) Trust Ltd

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Directors		Ms J.W. Barr
		Mr W. Duncan
		Dr H.J.Finlayson
		Revd. D. Grosch-Miller
		Ms C. Hogg
		MrJ.C. Kennedy (until	22	June 2021)
		Mr P.B.Matthew
		Revd A.D McGougan (19		March 2022		onwards)
		Ms M.l. Shepherd (30	June 2022 onwards)
		Ms J.R.Tomlin (until 31 December 2021)
		Mr G.l Wanless
Convenor		Revd. D. Grosch-Miller
Treasurer		Mr G.l.Wanless
Secretary		Mr W. Duncan
Trust oNcer		Mr A.Atkinson
Finance officer		Ms H.E.Hogg
Charity number		1132154
Company	number	134549
Registered	offic	4 College Lane, Newcastle		upon	Tyne,	NE1	8JJ
Auditor		RMTAccountants & Business Advisors				Ltd
		Gosforth Park Avenue,	Newcastle		upon	Tyne, NE12 6EG
Bankers		Bank ofScotland Pic
		PO Box 1000, BX2 1LB
		Lloyds Bank pic
		PO Box 1000, BX1 1LT
		Kingdom Bank
		Media House, Padge Road, Beeston,
		Nottingham, NG9 2RS
		Virgin Money pic
		132-134Northumberland		Street,	Newcastle		upon Tyne, NE1 TDG
		Moneywise Credit Union
		187-189Shields Road,	Newcastle		upn	Tyne,	NE6 1DP
Legal advisors		Sintons LLP
		The Cube, Barrack Road,		NE4 6DB

		Page
Directors' report		1-7
Independent auditor's	report	8-10
Statement of financial	activities	11-12
Balance sheet		13
Statement ofcash flows		14
Notes to the financial	statements	15-36

Current financial	Current financial	year	year
							Unrestricted	Restricted	Endowment	Total	Total
							funds	funds	funds
						Notes	2021 8	2021 f	2021	2021f	2020 6
Income and endowments					from:
Donations and	legacies					3	3,896	5,202		9,098	88
Investments						4	308,742	60,575		369,317	349,438
Other Income						5	2,050,556	20,250		2,070,806	1,161,522
Total Income							2,363,194	86,027		2,449,221	1,511,048
Expenditure on:
Charitable activities						6	1,238,308	82,089		1,320,397	796,217
Other expenditure						9		52,931		52,931	64,078
Totalresources		expended					1,238,308	135,020		1,373,328	860,295
Net gains/(losses)			on investments			10	1,191,366	278,760		1,470,126	672,582
Net Incoming	resources			before
transfers							2,316,252	229,767		2,546,019	1,323,335
Gross transfers	between			funds			(76,290)	76,290
Net movement	in		funds				2,239,962	306,057		2,546,019	1,323,335
Fund balances	at	1 January			2021		11,048,102	2,371,288	178,578	13,597,968	12,274,633
Fund balances	at		31 December
2021							13,288,064	2,677,345	178,578	16,143,987	13,597,968

Prior financial	year	year
						Unrestricted	Restricted	Endowment	Total
						funds	funds	funds
						2020	2020	2020	2020
					Notes	6	f	8	8
Income and endowments				from:
Donations and	legacies					88			88
Investments						291,997	57,441		349,438
Other income						1,138,243	23,279		1,161,522
Total Income						1,430,328	80,720		1,511,048
Expenditure on:
Charitable activities						695,572	100,645		796,217
Other expenditure							42,656	21,422	64,078
Total resources expended						695,572	143,301	21,422	860,295
Net gains/(losses)		on investments			10	543,360	129,222		672,582
Net incoming	resources		before transfers			1,278,116	66,641	(21,422)	1,323,335
Gross transfers	between		funds			(472,309)	472,309
Net movement	In	funds				805,807	538,950	(21,422)	1,323,335
Fund balances	at 1 January			2020		10,242,295	1,832,338	200,000	12,274,633
Fund balances	at	31 December 2020				11,048,102	2,371,288	178,578	13,597,968

				2021	2020
			Notes	f	f
Fixed assets
Tangible assets			13	1,235,471	1,088,390
Investment properties			14	155,000	155,000
Investments			15	12,721,601	10,799,716
				14,112,072	12,043,106
Current assets
Debtors falling due	after one year		17	24,000	24,000
Debtors falling due	within one year		17	150,496	67,732
Investments			18	1,659,250	1,236,353
Cash at bank and	in	hand		956,151	632,644
				2,789,897	1,960,729
Creditors: amounts		falling due within
one year			19	(41,419)	(28,204)
Net current assets				2,748,478	1,932,525
Total assets less	current liabilities			16,860,550	13,975,631
Provisions for liabilities			20	(716,563)	(377,663)
Net assets				16,143,987	13,597,968
Capital funds
Endowment funds				178,578	178,578
Income funds
Restricted funds			22	2,677,345	2,371,288
Unrestricted funds			21	13,288,064	11,048,102
				16,143,987	13,597,968

					2021		2020
				Notes	E		6
Cash flows from operating		activities
Cash absorbed by operations				28		(941,205)		(761,447)
Investing	activities
Purchase	oftangible fixed assets				(4,243)		(79,230)
Proceeds	on disposal oftangible		fixed
assets							35,806
Purchase	of investments				(400,000)		(100,000)
Proceeds	on disposal of investments				1,299,638		800,422
Investment	income received				369,317		349,438
Net cash	generated from	Investing
activities						1,264,712		1,006,436
Net cash	used In financing	activities
Net Increase in cash and cash			equivalents			323,507		244,989
Cash and	cash equivalents	at beginning		ofyear		632,644		387,655
Cash and	cash equivalents	at end of		year		956,151		632,644

Donations		and legacies
			Unrestricted	Restricted	Total	Unrestricted
			funds	funds		funds
			2021	2021		2020
				6		6
Donations	and gifts		3,841	5,142	8,983
Legacies	receivable		55		55	88
Grants receivable				60	60
			3,896	5,202	9,098	88
Donations		and gifts
Contributions		from local churches	3,841		3,841
M&M contributions				5,142	5,142
			3,841	5,142	8,983

	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2021	2021	2021	2020	2020	2020
	E	E	E	E	E	E
Rental income	15,000		15,000	15,000		15,000
Income from listed
investments	293,633	60,552	354,185	276,921	57,428	334,349
Interest receivable	109	23	132	76	13	89
	308,742	60,575	369,317	291,997	57,441	349,438

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021	2021	2021	2020	2020	2020
			E	E	E	E		E
Properties		held for sale	1,939,785		1,939,785	1,111,353		1,111,353
Other income			68,754		68,754	11,364	279	11,643
Rental income			16,657		16,657	15,526		15,526
Northerly	Synods
Contribution		to Clerk
Salary			25,360		25,360		2,000	2,000
Monies received from
investors				20,250	20,250		21,000	21,000
			2,050,556	20,250	2,070,806	1,138,243	23,279	1,161,522

			Discipleship	Discipleship	Mission	Partnership	Property	Total	Total
				2021	2021	2021	2021	2021	2020
				E	E	E	E	E	E
Staff costs					10,684			10,6e4
Direct activities				2,994	14,367	466,410	135,107	618,878	213,182
				2,994	25,051	466,410	135,107	629,562	213,182
Grant funding	of activities
(see note 7)				3,239	60,406	41,143	213,858	318,646	214,656
Share ofsupport costs (see note 8)			125,929		56,332	100,103	83,589	365,953	362,189
Share ofgovernance (see note 8)		costs		1,559	1,559	1,559	1,559	6,236	6,190
			133,721		143,348	609,215	434,113	1,320,397	796,217
Analysis by Unrestricted	fund funds		133,602		143,348	555,773	405,585	1,238,308	695,572
Restricted funds				119	-	53,442	28,528	82,089	100,645
			133,721		143,348	609,215	434,113	1,320,397	796,217
For the year	ended	31 December		2020
					Discipleship	Mission	Partnership	Property	Total
									2020
									E
Direct activities					3,760	6,163	54,745	148,514	213,182
Grant funding	of activities (see note			7)	5,142	57,871	39,337	112,306	214,656
Share of support costs (see			note 8)		119,113	51,346	112,913	78,817	362,189
Share ofgovernance		costs	(see note 8)		1,350	1,275	1,894	1,671	6,190
					129,365	116,655	208,889	341,308	796,217
Analysis by	fund
Unrestricted	funds				129,013	116,655	163,506	286,398	695,572
Restricted funds					352		45,383	54,910	100,645
					129,365	116,655	208,889	341,308	796,217

Grants payable
		Discipleship	Mission	Partnership	Property
		2021	2021	2021	2021	2021
		6	8	6		8
Grants to institutions:
St Cuthbert's Centre, Holy Island					62,500	62,500
Northgate URC Darlington					53,057	53,057
St Columba's URC, North Shields					29,763	29,763
St Columba's URC, Billlngham					23,814	23,814
NECAT			16,464			16,464
Bethel URC, Chester-le-Street			4,789		7,510	12,299
Northumbrian Industrial Mission			10,500			10,500
StJames's URC, Newcastle					10,000	10,000
Kaid Resource Centre					10,000	10,000
Bellingham URC				5,300		5,300
Trinity Church, Gosforth			5,000			5,000
Wooler URC			5,000			5,000
Roker URC					4,827	4,827
Falstone & Klelder Church				4,800		4,800
StAndrew's URC, Kenton			4,571			4,571
StJames's URC, Alnwick			4,453			4,453
Rothbury URC			4,401			4,401
Newcastle Central & East Methodist	Circuit				3,730	3,730
Greet Bavington URC					2,985	2,985
Trinity Church, Ashington					1,960	1,960
Jesmond URC					1,887	1,887
St George's URC, Hartlepool					1,825	1,825
Wark LEP				1,080		1,080
StAndrew's Dawson Street, Crook	LEP			1,000		1,000
Less grants no longer required			(54)			(54)
Minor institutional grants		2,286	5,282	25,403		32,971
		2,286	60,406	37,583	213,858	314,133
Grants to individuals		953		3,560		4,513
		3,239	60,406	41,143	213,858	318,646

Grants payable						(Continued)	(Continued)
For the year ended 31 December 2020
			Discipleship	Mission	Partnership	Property
			2020	2020	2020	2020	2020
			6	8			8
Grants to institutions:
St Cuthbert's Centre,	Holy Island			50,000		62,500	112,500
Horsley URC						26,978	26,978
Roker URC				9,000		16,679	25,679
Bellingham URC					14,903		14,903
Falstone & Klelder Church					13,357		13,357
Newcastle City Centre Chaplaincy				10,000			10,000
Gateshead Group						5,700	5,700
Connect Network Sunderland				5,000			5,000
Renew NE				5,000			5,000
Crookham URC					3,400		3,400
Wark LEP					3,217		3,217
StAndrev/s Church,	Crook			2,000	1,000		3,000
Denewell Avenue URC						2,246	2,246
Jesmond URC				1,746			1,746
Trinity Church, Ashington						1,000	1,000
Ponteland URC and Wldeopen		URC		850			850
Northallerton URC				667			667
Less grants no longer required				(26,392)		(2,797)	(29,189)
Minor institutional grants			768		26		794
			768	57,871	35,903	112,306	206,848
Grants to individuals			4,374		3,434		7,808
			5,142	57,871	39,337	112,306	214,656

			Support	Governance	2021	Support	Governance	2020
			costs	costs		costs	costs
			8	6		6
Staff costs			285,518		285,518	261,657		261,657
Depreciation			23,043		23,043	24,421		24,421
Otffce &executive			50,441		50,441	69,397		69,397
Office staff		costs	4,897		4,897	3,642		3,642
Resource	staif costs		2,054		2,054	3,072		3,072
Audit fees				6,000	6,000		6,000	6,000
Sundry expenses				236	236		190	190
			365,953	6,236	372,189	362,189	6,190	368,379
Analysed	between
Charitable		activities	365,953	6,236	372,189	362,189	6,190	368,379
Basis ofallocation
						Offic 8	Office	Resource
						executive	staff	staff
						0/	0/	0/
Discipleship						25	21	77
Mission						25	17	3
Partnership						25	31	20
Property						25	31
						100	100	100

			Restricted	Restricted	Total	Restricted	Endowment	Total
				funds		funds	funds
				2021	2021	2020	2020	2020
Net loss on	disposal	oftangible	fixed
assets							21,422	21,422
Monies paid	to investors			52,931	52,931	42,656		42,656
				52,931	52,931	42,656	21,422	64,078
Net gains/(losses)		on Investments
			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021 6	2021 6	2021 6	2020 6	2020f	2020 6
Revaluation	of investments		1,226,366	278,760	1,505,126	543,360	129,222	672,582
Gain/(loss)	on sale	of
investments			(35,000)		(35,000)
			1,191,366	278,760	1,470,126	543,360	129,222	672,582

The aver	age monthly number ofemployees during t	he year was:
		2021	2020
		Number	Number
Head count		15	12
Full-time	equivalent	8	7

Employees		(Continued)
Employment costs	2021	2020
		6
Wages and salaries	215,404	186,337
Social security costs	17,899	16,267
Other pension costs	62,899	59,053
	296,202	261,657

			FreeholdFlxtures snd	FreeholdFlxtures snd	Loans	Property	Total
			land and	fittings		Improvements
			buildings
			6	E
Cost
At 1 January	2021		762,450	49,215	225,983	206,034	1,243,682
Additions			185,000	4,243			189,243
Disposals				(19,345)			(19,345)
At 31 December 2021			947,450	34,113	225,983	206,034	1,413,580
Depreciation	and impairment
At 1 January	2021		89,749	44,940		20,603	155,292
Depreciation	charged	in the year	19,119	2,440		20,603	42,162
Eliminated in	respect ofdisposals			(19,345)			(19,345)
At 31 December 2021			108,868	28,035		41,206	178,109
Carrying amount
At 31 December 2021			838,582	6,078	225,983	164,828	1,235,471
At 31 December 2020			672,701	4,275	225,983	185,431	1,088,390

Fixed asset Investmen	ts
			Common	Tra&dcraft	Total
			investment	Investment
			fund
Cost or valuation
At 1 January 2021			10,798,210	1,506	10,799,716
Additions			416,759		416,759
Valuation changes			1,505,126		1,505,126
At 31 December 2021			12,720,095	1,506	12,721,601
Carrying amount
At 31 December 2021			12,720,095	1,506	12,721,601
At 31 December 2020			10,798,210	1,506	10,799,716
Financial instruments				2021	2020
				8	6
Carrying amount offinancial assets
Instruments measured	at fair value through	profit or loss		1,659,250	1,236,353
Debtors
Amounts falling due	within one year:			2021 6	2020f
Other debtors				116,857	42,577
Prepayments and accrued income				33,639	25,155
				150,496	67,732
				2021	2020
Amounts falling due	after more than one	year:		f
Other debtors				24,000	24,000
Total debtors				174,496	91,732

18	Current	asset Investments	asset Investments
					2021	2020
					E	E
	Assets held for sale				1,659,250	1,236,353
19	Creditors: amounts		falling due within one year
					2021	2020
						E
	Other creditors				610	6,469
	Accruals	and deferred	income		40,809	21,735
					41,419	28,204
20	Provisions for liabilities				2021	2020
					E	E
	Grant provisions				316,563	377,663
	Pension	provisions			400,000
					716,563	377,663
	Movements on provisions:
				Grant	Pension	Total
				provisions	provisions
				E	E
	At 1 January 2021			377,663		377,663
	Additional	provisions	in the year	281,216	400,000	681,216
	Reversal	of provision		(54)		(54)
	IJtilisation	of provision		(342,262)		(342,262)
	At 31 December 2021			316,563	400,000	716,563

				Movement	In funds
		Balance at 1	Incoming	Resources	Transfers	Revaluations,		Balance at 31
		January	resources	expended			gains and	December
		2021f		f	8		losses 6	2021 6
General	fund	915,103	333,231	(424,161)	179,011		96,928	1,100,112
General	reserve	2,467,258	70,680	(421,603)	16,888		306,557	2,439,780
Property	valuations	906,299	185,000	(19,120)				1,072,179
Manse fund		4,226,319	1,049,927	(21,861)	(255,936)		539,707	5,538,156
Property	fund	1,258,443	723,515	(268,369)	(368,719)		67,447	1,412,317
Mission fund		1,262,935		(76,992)	(766,065)		178,629	598,507
Dr Brand	legacy	11,745	841				2,098	14,684
C&YStrategy				(6,202)	874,553			868,351
Ministers'	Pension
Fund					243,978			243,978
		11,048,102	2,363,194	(1,238,308)	(76,290)		1,191,366	13,288,064

				Movement	In funds
		Balance at 1	Incoming	Resources	Transfers	Revaluations,		Balance at 31
		January	resources	expended			gains and	December
		2020f			f		losses 6	2020 f
General	fund	962,889	300,396	(411,956)	20,423		43,351	915,103
General	reserve	2,360,036		(27,140)			134,362	2,467,258
Property	valuations	932,225		(15,420)			(10,506)	906,299
Manse fund		4,178,210	291,392	(34,751)	(470,331)		261,799	4,226,319
Property	fund	586,043	837,487	(142,426)	(53,062)		30,401	1,258,443
Mission	fund	1,109,430		(51,879)	127,760		77,624	1,262,935
Dr Brand legacy		19,767	1,053	(10,000)			925	11,745
Synod Way Forward
Fund		93,695		(2,000)	(97,099)		5,404
		10,242,295	1,430,328	(695,572)	(472,309)		543,360	11,048,102

						Movement	in funds
				Balance at	Incoming	Resources	Transfers	Revaluations,	Balance at
				1 January	resources	expended		gains and31	December
				2021				losses	2021
				6				6	6
Dales fund				44,362				5,352	49,714
Ministry & mission			fund	106,868	5,142	(20,521)	1,267	14,055	106,811
Moderator's	benevolent
fund				4,031		(3,560)			471
Mozambique		partnership
fund				16,733	540			2,040	19,313
Mozambique		proJect
fund				867	25			105	997
Northumberland		project
fund				3,876				468	4,344
Students' fund				9,254		(119)		1,109	10,244
Pulpit supply	fund					(290)	290
Trust capital	funds			1,375,321	38,526	(52,571)	74,733	164,083	1,600,092
Church funds				776,094	41,794	(55,237)		91,548	854,199
Northerly Synods
Listening and
Reconciliation		Fund		31,882		(2,780)			29,102
Safeguarding		fund		2,000		(1,350)			650
Northerly Synods
general fund						1,408			1,408
				2,371,288	86,027	(135,020)	76,290	278,760	2,677,345

Previous financial	Previous financial	year
					Movement	In funds
			Balance at	Incoming	Resources	Transfers	Revaluations,	Balance at
			1 January	resources	expended		gains and31	December
			2020				losses	2020
			8	8		8	8	8
Church extension		fund
Dales fund			41,893				2,469	44,362
Ministry & mission		fund	137,180		(38,856)	1,960	6,584	106,868
Moderator's	benevolent
fund			7,465		(3,434)			4,031
Mozambique	partnership
fund			15,602	498		(300)	933	16,733
Mozambique	project
fund			491	45		300	31	867
NorthumbeAand project
fund			3,660				216	3,876
Students' fund			9,091		(352)		515	9,254
Pulpit supply	fund		5		(25)	20
Trust capital	funds		849,775	34,147	(54,911)	470,329	75,981	1,375,321
Church funds			732,477	43,780	(42,656)		42,493	776,094
Northerly Synods
Listening and
Reconciliation Fund			34,449		(2,567)			31,882
Safeguarding	fund			2,000	(500)			2,000
Charity Collections		fund	250	250	(500)
			1,832,338	80,720	(143,801)	472,309	129,222	2,371,288

						Unrestricted	Restricted	Restricted		Endowed	Total
						2021		2021		2021	2021
						E		E		E	E
Fund balances at 31 December 2021 are
represented by:
Tangible assets						1,085,471				150,000	1,235,471
Investment properties						155,000					155,000
Investments						10,030,978	2,690,623				12,721,601
Current assets/(liabilities)						2,710,818		9,082		28,578	2,748,478
Long term liabilities						22,360		(22,360)
Provisions						(716,563)					(716,563)
						13,288,064	2,677,345			178,578	16,143,987
Prior financial year
						Unrestricted	Restricted			Endowed	Total
						2020		2020		2020	2020
						E		E		E	E
Fund balances at 31 December 2020 are
represented by:
Tangible assets						938,390				150,000	1,088,390
Investment properties						155,000					155,000
Investments						8,445,765	2,353,951				10,799,716
Current assets/(liabilities)						1,875,430		28,517		28,578	1,932,525
Long term liabilities						(366,483)		(11,180)			(377,663)
						11,048,102	2,371,288			178,578	13,597,968
Contingent liabilities
An actuarial review of the Ministers' Pension Fund has been completed and the Synod has committed E1.2m for the period 2022 to 2024, with another f1.8m in principle for 2025 through to 2030 to the deficit recovery
plan. A total commitment		of E3m.	This commitment			has been made		in conjunction		with all other Synods
throughout the country.	Due to the		structure		of the national church		and	ministerial	appointments		there is no
legal obligation for the	Trust to do		this,	but	all Synods were approached			and there		is wide acceptance that
there is a moral obligation		at the Synod level			and that	such support does		fall within the charitable			purposes of
the Trust.

										2021	2020
										8
	Within one year									15,000	15,000
	Between two and five	years								30,000	45,000
										45,000	60,000
27	Related party transactions
	There were no disclosable related			parly	transactions		during		the year (2020:none).
28	Cash generated from	operations								2021f	2020 8
	Surplus for the year									2,546,019	1,323,335
	Adjustments for:
	Investment income recognised		in statement			of financial		activities		(369,317)	(349,438)
	(Gain)/loss on disposal	oftangible		fixed	assets						21,422
	Loss on disposal of investments									35,000
	Gift of property									(1,939,785)	(1,111,353)
	Investment fee rebate	reinvested								(16,762)	(14,806)
	Fair value gains and losses on		investments							(1,505,126)	(672,582)
	Depreciation and impairment oftangible				fixed assets					42,162	39,841
	Movements in working	capital:
	(Increase) in debtors									(82,764)	(35,721)
	Increase/(decrease) in	creditors								10,468	(3,771)
	increase in provisions									338,900	41,624
	Cash absorbed by operations									(941,205)	(761,449)
29	Analysis ofchanges	in net funds
	The charity had no debt during		the	year.