2023-12-31-accounts

Charlty Reglstratlon No. 1132154 Company Registratlon No. 134549 IEngland and Wales) THE UNITED REFORMED CHURCH (NORTHERN PROVINCE> TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE UNITED REFORMED CHURCH {NORTHERN PROVINCE) TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORfiiATION Dlrectors Mr K.R. Anderson Mrs J.W. Barr Miss A.C. Bartle (from 16 March 20241 Mrw. Duncan Mrs C. Hogg Mr J. Ledger Ilrom 15 October 20231 RevdA.D. McGougan Mr C.A. Randle Mrs M.1. Shepherd {unlil 12 April 20231 Mr G.1. Wanless Convenor Revd A D McGougan Treasurer MrG.l. Wanless Secretary Mrw. Duncan Trust offlcer MrA. Alklnson Flnance offlcer Ms H.E. Hogg Charlty number 1132154 Company number 134549 Reglstered offlce 4 College Lane, Newcastle upon Tyne, NE18JJ Audltor SumerAudil¢o Limited Unil 2, Gosforth P8rkAvenue, Newcastle upon Tyne, NE12 8EG Bank8rs Bank of Scotland PIC PO Box 1000, BX2 ILB Lloyds Bank plc PO Box 1000. BX1 1LT Kingdom Bank Media House, Padge Road. Beeston. Nollingham, NG9 2RS Virgin Money pl¢ 132-134 Northumberland Street, Newcastle upon Tyne. NE1 7DG Moneywlse Credit Unlon 187-189 Shields Road. Newcastle upon Tyne. NE6 1 DP Legal advlsors Sinlons LLP The Cube. Barrack Road, NE4 6DB

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Investment managers CCLA Inveslmenl Management Llmiled One Angel Lane, London, EC4R 3AB Prop•rty consultants Sanderson Wealherall LLP (to 5 Ap￿1 20221 Central Square South, Orchard Street, foewcaslle upon Tyne, NE13AZ Howard Lilchfield Partnership {Irom 5 April 2022) Liddon House, Belmont Business Park, Durham DH1 1TVV Grilslone Project Management Ltd (from 1 January 20221 17 Lily Crescent, Jesmond. Newcastle upon Tyn8. NE2 2SP

THE UNITED REFORMED CHURCH {NORTHERN PROVINCE) TRUST LIMITED CONTENTS Page Difectors, report Independent audSlor'5 report e-qo Slalemenl of financial activities Balance sheet 13 Stalament of cash flow8 14 Notes lo the financial slalemenls 15-37

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Director8 present Iheir annual report and financial slalemenls for the year ended 31 De￿￿be[ 2023. Th6 financial slalemenls have been prepared in accordance wlh the accounting pollcles sel out in note 1 to the financial 8lalemen15 and comply with the charity'5 gtsverning do¢umenl, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charillès p￿parIng their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland IFRS 1021" leffecllvo 1 January 20191. Objectlvas and actlvltles The Cornpany's objectives are lo advance the Chrisllan re119ion for the benefit of the public in accordance with the dDclrines, prfncipleg and usages and the Basis of Union of the Unlled Reformed Chur¢h. In pursuit of Ihls, the CDmpany acts as Irusleo, holding monies, invesltknenls and properties for these purposes and for local churches. The Company supports the Northem SyrKJd's vision, lo enable local churches lo b& livèly, informed and be effective in being the chureh In their I￿al selling and SynDd lo be an expresslon of the Church al regional level, in thè light of the five marks ol mlssion (tell, leach, lend, transform and treasure). Th& Company provides financial, advisory and technical support lo assist churches in the Synod. Publlc beneflt The Company is aware of the Charity Commlsslon's guidance on public benefit. Thls requlremenl is met by enabling local churches to provide their services lo the geneial public. AGtivl(les The Company cairies out ils work under 4 headings and illuslralive examples of aGlivity In 2023 are glven below, l. Discipleshlp supporting ChFislian spiriluallty, nurture.lgy and ministerial educallon, development and training. This is a cornerstone of Synod activity and the Trust assists this by funding courses, sponsoring evènts, and offering grants for spècific developmenls and projects which strengthen Indivldual or grDUP faith experience. Through the Ministries and Development Commillee. Ihe Trusl have been able lo offer support for lay people allending courses on baplism and communion and acquirlng skills and knDwledge of Zoom. 2. Mlsslon- promoting evangelism. mlssion, church growlh, outreach and racial justice. This is cenlral lo the Company'8 purposes. Specific examples Include. SUPPL)rtlng church relatecl communily work, chaplaincies and local churches Wth projects and events. Grants are awarded frrf ministry In local ecumenical partnerships. Synod continues lo explore new ways of being church. 3. Péirtnershlp- supporbng joint WOTking wlth ecumenical, communlty and global partners. The CDmpany supports the Synod's collaboration with Northerly Synods and funding 18 available lo assist with joint working on piolecls and evenls. 4. Property providing and managing houslng for minislers, retired mini81ers and thelr wldow(erls or former civil partners and supporting local churches in proper care ol thelr propertles. Property issues are consldered by the TFusI's Manse and Property sub-commlllees. Both commlllees inlliate a schedule of surveys lo assess the condillon of proparty and subsequent maintenanco requlremenls. Flnancial supp)rt for building piesetvalion Is made available through grants.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Company Conllnues lo seek sustainable and responslble ways lo fulfil Synod's 8spiralions making resources available lo assist ￿th developing new forms of ministry. 11 also recognises the potential btsneflls ol employing people lo support churches in their work. The TTUSI has continued to participatè In planning for the Synod's futurè as and when asked lo do so. The key issue remaining lo the Trust is tackllng how to L15e resources lo support churches, which might involve employing more lay people, whilst maintaining ils Gharilable duly lo achieve b&st value for ils inv&slmenls. Grant-mahng Much of the Company's work is achleved through making grants lin 2023. somo £417.4311 ￿[ch are given lo churches and other bodies as well as Individuals, in accordance with published policies for the following purposes.. Repair, maintenance and improvement of church and manse buildings Mission. outreach and fresh expressions ol church Lay and mi￿151e[la1 education and learning Travel lo events for young people Small welfare bènevolences are also given. staffin<J 817d Volunloers The work of the Compally is carried out by volunlears Imainly the Dlreclorsl who receive expenses, as well a8 by Iwo memb&rs of paid staff, who are responsible to the Board and tefer lo Directors or Officers when major decisions are need8(i. The work of the other slgff is directed by the Synod. No honoraria are paid to Directors of the BoaFd. except for the Treasurer who, in recognition Df the additional work carried out by him, receives an annual honorarium of 10°/0 of a minister's stipend. Volunteers donated ar) eslimaled 689 hours, work in lolal during the year, which is difficult lo value in tlnancial terms. Th& Board lakes the view that the Company is not excessively dependent on any one individual. Volunteers support th8 Trust directly through their roles as Di¥eclors, and others offer their lime and help lo subgroups and commillees. The role of volunteers in furthering church activities is èxtensive and wilhoul il the churches. eflecliveness will be limil8d. The SynDd has recognised that volunteers require supporl, and Ihls Is reflecled in the Synod Way FoNard. Achlevements and perfomiance Qlsclpleship 1£114,4821 Discipleship grants are awarded for specific devolopmenls and piojecls which strengthen individual (Y group faith experience. Ther¥ was a significant Synod-wide event h@Id al The Alnwick Garden this year. which was well Teceived by all who allended. During the year a number of courses WBre held lo refresh, and Iraln anew. lay leaders in Baptism, Presiding al Communlon and acquiring skills of using Zoom. Mission 1£392,227) Mission continued lo be supported during 2L123 and included grants lo Sunderland Connect Neh￿ork., Sl Culhbert's Centre Holy Island IOT Manse related expenses., Sl George's High Healon for Manse Costs., Sl Columba's North Shields for AIV equipment; Keld Resource Centre Ltd lo cover the cost ol mlssional programs al the Keld Cenlre., Northerly Synods - Leading Your Church Into Growth ILYCIG) inltlalivo., Sl Columba'8, Billingham to fund th& work of the CRCW,. Faith in the Community towards the employment of a full-lime Community Project Development Lead.. CAPNE.. lowaTds core operating ¢osl$. two items of equipment and an awarèness-raising campaign with local churches. Emergency grants were available lo be applied for by any Church who fell because of or the sleep increase in ulilily Costs they were in financial hardshlp. One such grant was made for £800 to Christ Ghurch Stanley. Small mission gfanls weTe awarded, helping churches lo benefit local communities.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Partnerships - 1£1.079.0411 Costs relallng lo ecumenlcal ministries were shared durlng 2023, and resources were also shared with poorer synods In the United Reformed Chuich through the Resource Sharing process. Support grants continue to be awarded lo local chuf¢hes vvhere requlred. The Board is also apprised of and involved with collaboralive arrangements bètwèén other synods in Northern Br(lain. These are intended to providé efficlency gains and pul In pl￿¢ supportive and construclive working partnerships. The Safeguardlng Advlsor 18 conlinuing lo work with Synod, Trust and local churches lo revlew and strengthen systems acro88 all part8 of the Synod. Liaising with Sollctlor8 r￿ardIng church inveslmenl funds ongoing throughout the year. Property- {£542.4151 The Company continued lo maintain the properties for which11 Is dlre¢lly responsible and ensured professional advi￿ on legal and properly mallers for local churche8. Church surveys weTe carried out Ihroughoul the year and grants were awarded for churGh and manse repairs and improvements tolaling £263,771 dLJrlng 2023. Goals achieved in 2023 Include: . Appointing a diredor lo the Property SLJbcommittee', Reviewing appoinlmonl of legal advisor- . Adopling the URC database., Partlclpaling in the Church Lrfe Review conference. Conducting an HR rovlew and appoFnling the new Synod Clerk Goals sllll In pr(oress and carried forwaTd lo 2024 Include., Increase board membershlp lo ten Appoint 2 convenor lo the Manse and Property Subcommillees Complete the updale of dala PToleclion pra¢li¢e Implement the manse slialegy Complete volunteer ha[￿bOOk Flnanclal revlew During tha year, lolal ftJnds increased by £1,477,617 {2022'. a decreaqe nf £1,708,820110 £15,912,784. The Increase in funds is largely due lo in¢reas8 In the valuation of oui Investments of £1,150,482 Isee note 10). Income Investment income of £348.953 was pleasing lo note {2022'. £365,826). Included in other Income (nola 51 is £1,609.950 for church properties handed over lo the Trusl for sale, an increase in 2023 of £414.950. Expendilure There were no exceplional Items of expendllufft durlng 2023 olhar than al the year end a prov151on of £400,DOO was made In respèct of a payment to the URC Ministers, P6nsSon Fund. This has been Indudad In note 22.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rgs8rves Policy The Balance Sheèt on page 13 shows the disposilion ol the various funds lotaling £15,912k as at 31 December 2023 {2022.' £14,435kl. The term "reserves" describes that parl of a charity's funds Ihal are freely available. Some of the funds are invested in property or restricled in use. The unreslricled fund nel ass6ls readily available are £12.022k (2022.. £10,973kl. The Olrecloi's ieview the policy 8nnu8lly and have laker¢ a risk-based approach to selling a reserves target. The main limncial risks that the Director's feel need lo be covered 8re'. possible future lump sum contributions required lo be made lo ellher of the penslon funds (cwrent commitment Fl.2m over 8 years), an increased fale of support lo Chur¢hes in relallon lo their Ministry and Mission Fund commitments as per the n￿Y agreeLY Synod Assessment process Icurrenlly running al Circa £300k per yearl and possible legal action agalnst the syn0d￿r￿SI requlring Iufflp sum pay outs. Based on these risks. the Dlreclors feel that they should aim lo maintain reseNes al a level between £7m lo £8m. The cuf￿nI level of reserves held is In excess of the target level, however with Ihe uncertainty around the performance of investments due lo the Impact of the possible support for minlslers, welfare, energy Improvements and world-wide market inslabilily, the Directors were satisfied that Ihls was appropriate. The Directors will revlew the pollcy annually. Investmonf Policy The majority ol the available funds of the Company are invested Ihrough Ils nominees. primarily the CCLA (Churches, Charities and Local Aulhoriliesl Irlveslmenl Management Ltd, one of the largest Charity Fund hnanagers in the UK. The Iinancial Policy of the company is lo maximise the lolal relum whi181 maintaining a steady income by which Ihe financial requirements of Ihts Company can be mel. The poriloltro is highty dlversified th investment in both UK and oversea equities. CCLA operates an aclive ethi¢al policy based not only on the types of activity engaged in by companies in which the fund invests, bul also on active engagement over issues such as good governance and management, and good environmental policies. 11 is not fell Ihal this policy is having any delrimenlal effect on income or capllal., the fund has returns that compare woll with other investment vehicles. and performan￿ is monitored al meetings of Ihe investment sub- commillee, which ar& held twi￿ yeat1y. The current largel is a IDlal return of inflallon plus 5Yo Dver the long lemi, In the COIF Charhles Ethical Investment Fund. This would include the provision of a rellable incoine stream that rnainlained ils re81 value over lime. 11 aims lo control volalilily lo 75QA ol that of IhB UK equily market. Risk Managemenl The Dlreclors are responsible for assessing the major risks lo which the Company Is exposed. aiid for establishlng systems lo miligale those risks. The Trust maintains a risk register and Considers external and inlgrnal Tisk8 ID which the Company is exposed. The Trust undertakes a formal review of the risks to whlch1118 exposed each year. Faolors Affecllng Performarpce The Company's ability lo achieve ils objecliv&s depends on several factors, not n8c6ssarily wllhin Ils control, such as performance of inv&slmerkls, and the effective coordinated Wofk of professional advisors. In 2023 Iheie wer8 no slgnificanl fBclors of this typ&. Other factors of which the Trust is cognisanl of include the reduclior) in volunteers acros8 the SynrA and in chuiches which can ¢8u$e them lo close. This in turn may mean the Synocl having lo make up a shorlfall on their In-year M&F411 conlribulions. Some iemaining churches will have high mainlenance costs. All these issues have been considered by the Trust and Synod when developing future plans.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans lortho Futuro The Company plans to continue ils work for the fores8eabl& future. The Company has agieed in principle lo support the Synod and Trustees recognise their important role in assisting the implemenlalion of the Synod's future strategy. The Board reflects 8 broad range of professional experience within private, slalulory and voluntary organisalion8, and of Cours& extènsive involvement wilh mlnlslry and churches all of which will be dfawn Llpon lo steer the Company through the changes in the Syrbod which lies ahéad. Goals for 2023 Include,. Increase bo8rd membership lo len.. Trust Secretary Appoint convenors lo Property and Manse Subcommitloes.. Trust Secrelary Appolnt dlrectors lo Property and Manse Subcommillees.. Trust Sec161ary Review synod legal advisors, appoinlmenl.. Board Complete the update of dala Protection practice.. Trust Officer Migralo to adopling the Church House dalabase.. Synod Operations Coordinator Implement manse $lralegy: Manse Subcommittee Respond lo Church Life Review pr(Kes8.' Convenor. Trust Secretary, Treasurer, Moderator Conduct on HR review, including appointment of new Synod Clerk.. HR SubcDmmillee Complete volunl8eT ha￿bOok.. HR Subcommillee structure, governance and manag8mgnt The United Reformed Church (Northein Provlncel Trust Llmiled (formerly known as the Durham and Northumberland Congregalional Unlon Iln¢orporaled)I was incorporated in England & Wales In 1914. 11 Is a piivale charitable company, limited by guarantee. It is gc)verned by ils Memorandum & Articles of Associ81ion, adopled in revised lomi on 4 August 2009, which confer various powers, including powers lo hold, maintain and administer PToperty, money and inveslm8nls' lo buy and sell property and invesltnenls., and lo lake over any assets legally transferred lo the Company. Dir8clorsJTruslees The Direclors who served during the year were.. Mr K.R. Anderson Mis J.W. Barr Mr W. Duncan M¥s C. Hogg J. Ledger (from 15 October 20231 Rovd A.D. McGougan Mr C.A. Randle Mis M.1. Shepherd (until 12 April 2023) Mr G.1. Wanless

THE UNITED REFORiVtED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Most of the Diieclois give their tlme vdunlarily and receive no benefits from the Company. Any expenses reclaimed frotn the Company are sel out in note 13 to the financial slalements. The ex￿pI￿on Is Mr G.l.Wanles8 who, as treasurer and in recognition of the additional work cairied out by him, receives an annual honorarium of 100kn of a minlsler's stipend. The Directors are appolntèd by the United Reformed Church Northern Synod. and the oflicers are app)inled by the 8oard. A balanced Board is sought, with a mixltjre of experience, gender, and geographiG spread. Where vacancies are identified, nDminalioiis are sought either by dire¢l approach or advertisement amongst the 81 churches of the Synod. Under the Unilod Reformed Church Acls 1972-2000, all members and Directors musl also be members of a local church or ecumenical area of the United Reformed Church, and for this reason no candidates are sought outside the churches of (he Northern SYTr￿. Upon appoinlmenl, all Directors are provided with an Induction pack explaining the work of the Company arid in¢ludlng the Charity Commission's leallel The Essenllal Trustee.. what you need to know. Further Iraining Is provided durlng the yeai on a range of relevanl lopics. The Board meets five tlm6s a year and receives reports, sets pdicies and lakes major financial decisions. Subcommillees deal with irbveslments, staff remuneration, denomincilion81 Ministry & Mission Fund assessments, church manse properties, and human resources. Small grant appllcallons are considered by subcommillee8, Wlth larger ones rèferred lo the Board. Investments are monitored r$gularty, with quarterfy repoils from Ihe Investment Managers. Perlc>dlc corKlition survey reports are received from the Propety Consullanls on local church woperties. All decisions are taken by simple majority, wlh tho Convenor having a casting Vole. The Board may make decisions by agreement of two Directors, on slraighlforw8rd, non-conlrovefsial mallers. The day-lo-day running of the Company's affairs is carried out by two members of office staff. who are resporbsible lo the BDard. The Finance Officer 2nd Trust Officer support the day lo day working of the Trust Company. Their tasks are operational in nature and they Wofk within parameters defined by their role descrlplions. The Trust Officer supports the Trust with admlnislraliv& and legal support with Policy decisions referred lo the Board. The Trust has a iemuneralion poli¢y lo provide effective stewardship of resources as well as being objective 2nd transparent 80 that salary levels 3re perceived as belng fair and rational. The salaries ol lay staff employed by the Trust are assessed when a new posl Is created. This is carried out by members of the Human Resources sub-commillee. In making a rewmmendalion of an appropriate salary level account is taken ol.. Levels of remuneration for Posts of comparable responsibilily within the nol-for-profil sector in the North East of England Salaries being pald by the URC and other denominaiions across the United Kingdom. Thè proposed salary and ils raliDnalg are then discussed with the Remuneration sub-commlllee and the outcome recommended to th& Trust. Salaries of lay glaff are reviewed annually lo reflect changes ill the level ol responsibi111y and increases in the cost ol Ilving which have occurred in the last 12 months. In exceplional circumslances a bonus p8yment may be recommended by the Remuneration sub-committee lo reflect the performance of duties well in excess ofwhat might normally be expecled of the posl-holder. Rel&lions wlth olherParties The Company ¢arries out Ils activities in ¢onGert with and in support of the Unlled Reformed Church Northern Synod, an unregistered unincorporated chaiilable association.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 statement of Dlrectors, responslblllties Thè directors, who also act as Iruslees for Ihe charitable a¢livilies of The United Reformed Church (Northern Provin¢el Trust Llmlled, are rèsponsible lor Preparing the Dlreclors, Report and the accounts In accordance with applicable law and United Klngdom Accounting Standards Iunlled Klngdom Generally Acceplèd Accounting Practi￿). Company Law requiies the Directors lo prepare accounts for aach financial year which glve a true and fair view of the slate of affairs ol the charity and of the Incomlng resources and application of resources, including the incom& and expendllure, of the charitable company for that year. In preparlng these accounts, the Dlreclors are requlred lo: sele¢l sullable accounting policies and then apply thom consislenlly., obsetve the methods and principles in Ihe Charities SORP., make judgemènls arKI eslimales that are reasonablo and prudent,. slate whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and oxplained in the accounts.. and prepare thu accounts on the going concern basis unless il is inappropriatè to presum@ that the charlly wlll continue in operation. The Directors are responsible lor keeping adequate accounting records that dI5close with reasonable accuracy al any lime the financial position of the charity and enable them lo ènsur& Ih81 Ihe accounts comply with Ihg Companies Act 2006. Thèy are also rèsponsible lor safeguardlng the assets of the charity and hence for taking reasonable steps for the prevention and dele¢lion ol fraud and other irregularities. Audltor A resolution proposing that Sumer ALKSilco Limited be reappointed as auditor of the company wlll be pul at a Board Meeting. Dlsclosura of Informatlon to auditor Each ol the DiTeclors has confirmed Ihal there Is nD Information of which they are aware whiGh Ss relevant lo the audil, bul of which th8 auditor is unaware. They have further confirmed that they have taken appropriat& steps lo idenlify 8uch ielevanl information and lo establish that the aLJdilor is aware of such Information. The Directors. report was approved by the Board of Directors, A.D. McGou an Dlrector Iconvenor)

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE UNITED REFORMED CHURCH {NORTHERN PROVINCE) TRUST LIMITED Oplnlon We have audited the financlal slalemenls of The Uniled Reformed Church (Northem Province) Trust Umiled Ilhe 'charily'l for the yeaT ended 31 Dècamber 2023 which comprise the slalemenl of financial aclivilies, the balance sheet. th& slalèmenl of cash flows and nolos lo the financial slalemenls, including signilicanl accounting policies. The financial reporting Iramework that hs5 beefi applied In their preparation is appllcable law and United Kingdom Accounting Standard8, including Financial Reporting Standard 102 The FiFiancial RvportNng Standard applicablg the UK 8nd Republ￿ of Irelan(I IUr¢iled Kingdom GenerallyAccepled Accounting Praclicel. In our oplnlon. the flnancial stslemenls.. give a true lalr view of the slate of the charllable company's affairs as al 31 December 2023 and of ils incoming resources and application ol resouicos. including its Income 2nd expendilLtre. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Account¢ng Pra¢li¢&,' and have been prepared in accordance with the requlrements of the Companies Act 2006. Bas15 for oplnlon We conducted our audll In accordance with Inlernalional Standards on Auditing IUKI {ISA8 (UK)) and applicable law. Our responsibilities under those standards are further déscribed in the Audilorfs responsihililies for the audil ol th& financial slalem&nÈs seclion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audll of the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordan￿ with these requirements. We b&lleve that the audit evldence we have obtained is sufficient and appropriate lo provide a basls for our DpifiiDn. Concluslons relat5ng to golng concern In auditing the linanclal slalemenls, we have concluded that the Directors. use of the golng concern basis ol accDunling in the preparation of the financial slalemenls is apwopriale. Based on the work we have pBrformed, we have not identified any material uncertainties relating lo events or condlllons that, individually or collectivdy, may cast significant doubl on the charity's abilily lo continue a8 a going concein for a period of al least Iwelve months from when Ihe financial slalemenls are aulhorised for issue. Our iosponslbllilies and the responsibilities ol th# Directors with respect lo going concern are described in the relevant sections of this report. other informatlon The other information comprlses the information included In tho annual report other than the fina￿la1 Slalemenls and our auditor's report ther￿n. The Directors are responslble for the other inlormalion Contained ￿thIn the annual report. Our opinion on the financial slalemenls does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibilily 1$ lo read the other inlo¥mation and, in doing so, CDnside¥ whether the other information is materially inconsislenl with Ihe financial statements or our knowledge obtained in the coursts of the audit, or olherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent malorial misslalemenls, we are required lo determine whether this gives rise lo a materfal misslalemenl in the financial slalemenls themselves. If, based on the work we have perfoimed, we conclude that thère 18 a material misslatemenl of this olher information, we are required lo report that fact. W& have nothing lo report in this regard.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED TO THE DIRECTORS OF THE UNITED REFORMED CHURCH (NORTHERN PROVINCE TRUST LIMITED Oplnions on other matters prescribed by the Companles Act 2006 In 0￿r opinFon, based on the work undertaken in the course of our audit.. the information given in the Direclois, report for the Ilnanclal year for which the financial s121emenls are prepared, which includes the directors, report prepared for tho purposes of company law, is Gonsislenl wlh the financial slalemenls., and the directors, report Included wilhin the Direclor8' report has been prepared In accordance wllh appllcable legal rèqulremenls. Matters on whlch w8 are requlred to report by exceptlon In the light of the knowledge and understandi￿g of tho charlly and ils environment obtained ir) the course of th8 audiL we have not identified malerlal misslalements in the directors, repori included within the Direclor8' report. Wè have nolhbng lo report in respect of the followtng mallers in relation lo which the Companies Act 2006 requires us lo repDrt lo you il, in our opinion.. adequate accounling records have not been kepl. or returns adequale lor our audit have not been re￿IVed from branches not vlsiled by u8: or the financlal slalemenls are not in agreement wilh Ihe accounting records and reluins., or certain disclosures of Iruslees, remuneration Specified by law ars not made., or we have not recelved all the information and èxplanallons we require for our audit., or the Directors were rbot enlilled lo prepar6 the financlal slalements in accordance with th& small companles reglmo and lake advanlage of the small companies, exemptions In preparing the Directors, report 8rhd from th& requirement lo prepare a slralegic report. Responslbllltle5 of Dlrectors As explained mor6 fully in the slalemenl of Directors. responsibllllles, the Dlreclors are responsible for the preparallon of the financial slalèmenls and for b8ing satisfied that they gwe a true and falr vlew, and for such Internal control as the Directors delertlline Is necessary to enable the preparation of financi81 slalements that ale frèe from mal6ri81 misstatement, whether due lo fraud or ￿rOT. In preparlng the linanclal slalements, the Directors are responsible for assessing the charily's abllily lo continue as a going con¢em, disclosing, as applicable, malleis related lo going conceTn and using the going concern basis of accounting unless the DirectOTS either intend lo liquidatè the charitable company or to cease operalioTrs, or have no realistic allernalive bul lo do sp, Audltor's responslbllllles for the audlt of the flnanclal statements Our objeclivès are lo oblain reasonable assuiance about whether tho lin&n¢ial slalemenls as a whole are fre& from maleiial misslalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our oplnion. Reasonable assurance is a high levol of assurance bul is nol a guarantee that an audit CDnducled in accordance with ISAS IUKI will always delecl a material misslalémenl when 11 exists. Misslalemenls can arise from fraud or error and are consideied matèrial if, individually or in the aggregate, they could reasonably be expected to influencg the economlc decisions of users taken on tho basis of these finanaal slolernenls. The exlenl lo which our procedures ale capable of detecllng Irregularities, including fraud, is detailed bel<>w.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF THE UNITED REFORIVIED CHURCH (NORTHERN PROVINCE) TRUST LIMITED Capablllty of the audit Ill detectlng Irregularltles, Includlng fraud 8ased on our understanding of the charilablo company and th8 sector In whlch11 operates, we identified IhBI the following laws and regulations are significant lo the enlily.. Those laws and regulations considered lo have a direct affect on the financial statements including UK financlal ￿pOrtIng standards, Company Law and Charity Law. Those laws and regulations for which non-¢omplian¢e may be fundamental lo the op&rating aspects of the chaitty and therefote rnay have a material effect on the financial slalemenls in¢lude Compliance wllh Charllable objectivés, publi¢ benefit. fundraising regulations, safeguarding and health and safely legislalion. Thes& matters were dlscus8ed am()ngsl thè Èngagement team al the planning stage and the team remained alert throughout th6 audit. Audit prDcedures und&rt8ken In response lo the potential rfsks rèlallng to irregularities (which include fraud and non- eompliance wlh laws and regulalionsl comprised ol.. inquiries of management and the Trustees as lo whelher the enlily complies wilh su¢h laws and regiilalions,. enqulries with the same concerr)ing any actual or potential litigation or claims,. inspecliDn of relevant l&gal corrèsponden¢e and legal costs incurred", revi8w ol Trustee meeting minutes., testing the appropriateness of journal entries,. and the performance of analytlcal revlew lo identify unexpected movements in account balances which may be indicative of fraud. No instances of material non-compliance wer& Identified. However, the likelihood of deteding irregularities, Including fraud. is limited by the Inherent difficulty in delecling irregularities, the effectiveness ol thè entity's ¢onlrols, and th8 nature, liming and éxlenl of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult lo dete¢l than iiregularilies that result from orror. As èxplained above. (here is an unavoidable risk Ihal material misslalemenls may not be delecled, even though the audll has been planned and performed in accordance with ISAS IUKI. A further description of c>ur responsibilities is 8vailablè on Ihe Financial Reporting Council's website al.. hllps-ll www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our rèport Thls report is made solely lo IhÈ charllable company's members, as a body, in accordance with Chaplgr 3 of Parl 16 of the Companies A¢t 2006. Our audit work has been undertaken so that we might slate lo th& charita￿8 company's members those mallers we ale requlred lo Slate to them in an audilorfs report and for no other puipos@. To the fullest 8xlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body. foi our audit work, for this report, or IDrlhe opinions we have formed. Mr Stgphen Slater (Senlor Statutory Audltor) for and on behalf of Sumgr Audltco Llmltgd Statiitory Audltor Unlt 2, Gosforth ParkAvenue Newcastle upon Trne NE12 8EG Oal&'. 10-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current Ilnanclal year UnrestrlGtgd Restrlcted Endowment funds funds funds 2023 2023 2023 Total Total 2023 2022 Notes Income and endowments from: Donations and legacies Inve8lmenls Other income 424,845 328,004 1,669,824 58,996 39,032 5,072 483,841 367,036 1.674,896 18,337 377.347 1,267.809 Total Incom8 2,422,673 103,100 2,525,773 1,663.493 Expendlture on: Charllable activities Other expenditure 2,009,330 118,835 70,473 2,128,165 70,473 1.675.67 90.357 Total resource8 &xpend&d 2,009,330 189,308 2,I98,e38 1,7e6,027 Nel galnsll1088esl on invÉslmenls 10 927.264 223,218 1,150,482 11.608,2861 Not Incomlnglloutgolngl r8sources before tran5fgrs 1,340.607 137,010 1,477,817 (1,708.8201 Gross transfers between funds 1129,1041 129.104 Net movement In funds 1,211,503 266,1fj4 1,477,617 {1,708,8201 Fund balances al 1 January 2023 11,839,175 2,417.414 178,578 14,435,167 16,143.987 Fund balances at 31 December 2023 13,050,678 2.683.528 178,578 15,912,784 14,435,167 The slalemenl of financial activities inGludes all galns and losses recognised in th& year. The slalemenl of financial activities Includes all gains and losses recognlsed In the year. All income and expenditure derlve from conlinL¢ing acliviliès. The slalemenl ol financial aclivllles also complies with the re(¥uiremenls foi an Income and expenditure account undeT the Companles Act 2006. 11

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prlor flnanclal year Unrestrlcted Restricted Endowment funds funds funds 2022 2022 2022 Total 2022 Notes Income and endowments from: Donations and legacies Investments Other incom8 696 317,052 1,267,741 17,841 60,295 68 18,337 377,347 1,267,809 Total Incoma 1,565,489 78,004 1,663,493 Expendlture on: Charitable activities Other expenditure 1,667,458 8,212 90,357 1,675,670 90,357 Total resources 8xpended 1,667,458 98,569 1,768,027 Nel galnslllosses) on investments 10 11,338.3711 1267,9151 (1.606,286) Net Incomlnglloutgolngl resources before transfers {1,420,3401 1288,480) 11.708,820) Gro88 transfers between fuMIs (28,5491 28.549 Nel movement In funds (1,448.889) (259.9311 {1,708,8201 Fund balances al 1 January 2022 13.288,064 2.677.345 178,578 16,143,987 Fund balances at 31 December 2022 11.839,175 2,417,414 178,578 14,435,167 The slalement of financlal activities includes all gains and loss6s le￿gnISed in Ihe year. The slalemenl of financial activities includes all galns and losses recognlsÈd in th8 year. All income and expenditute derive frr)m continuing aGbvilie8. The slalemenl of financial activities also complies with thè requirements for an income ?nd expen(filure account under the Companles Act 2006. 12-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not&s Flxed assets Tangible assets Investment property Investments 15 16 17 1,21X,631 336,300 12,187,617 1,016,593 336,300 11,179,023 13,730,548 12,531,916 Current assets Deblois falling due within one yeaT DeE)lofs falllng due after one year Investments Cash al bank and in hand 19 19 20 21,558 37,782 2,739.950 104.338 65,891 38,782 1,755,000 884,187 2,903,628 2,743,860 Creditors.. amounts falling dutr wlthln one year 21 {88.1931 {46,2521 Net Gurront ass8ts 2,835,435 2,697,608 Total assets less curr8nt Ilabllltles 16,565,983 15,229,524 Provlslons for Ilabllllles 22 (653,1991 1794,35n Net as8&1s 15,912,784 14,435,167 Th& funds of the charlly Endowment funds Reslii¢led incom8 funds UNeslricted funds 23 24 178,578 2,683,528 13,050,878 178,578 2,417,414 11,839,175 15,912,784 14,435,167 The flnancial 81alemenls were apprDved by Ihe Director8 on ...'￿1%10￿.. G,1. Wanl8ss A.D. McGougan 13-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operatlng acllvlllos Cash absorbed by operab'ons 32 {t.70D,3711 11,522.723) Invesllng actlvities Purchase of tangible fixed assets S8lellpur¢hasel of investments Investment income receivecl 1229.710) 783,196 367,036 {2,0591 1.075,471 377,347 Net cash generated from Investlng actrvitles 920,522 1,45Q,759 Net cash used In flnancing actlvltles Net decrease In cash and cash equivalents (779,8491 171,9641 Cash and cash equivalents al beginning of year 884,187 g56,151 Cash and cash equlvalents at end of y6ar 104,338 884,187 14-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCEI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEDABER 2023 Ac¢ountlng policles Charity Informatlon The United Reformed Church (Northern ProvIn￿) Trust Limited is a prlvale company Ilmlled by gUar￿lee incorporated In England and Wales. In the event of the charity being wound up, the Ilablllly In respect of the guaranlee is limited lo £10 pei member of the ¢harily. Th& registered office is 4 College Lane. Newcastle upon Tyne, NE1 8JJ. 1.1 Accountlny ¢onventlon The financial slalemenls have boen prepared in accordance wilh the charity's mémorandum and articles of asswiation, the Gompanies Act 20(￿, FRS 102 "The Financial Repc>rting Standard appllcable in the UK and Republic of Ireland" f'FRS 102.1 and the Charities SORP "Accounting and Reportlng by Charities.. Slalement of Recommended Practice appllcable lo charili¢s preparing their accounts in accordance with Ihè Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {effeclive 1 January 20191. The ch8rily is a Public Benefit Enlily as deffned by FRS 102. Thé financlal slalements are prepared in slerllng, whl¢h is the functional currency of the charity. Monetary amounts in these financial slatemenls are rounded lo the nearest £, The financial slalemenls have been prepaied under the hlslorical cost convention, {modified lo include the Tevalualion of Ireehold properties and to Include Investment properties and cert8in financial inslrurnenls al fair valuel. The principal accounting policies adopted are sel out below. 1.2 Going concern The financial slalamanls have been prepared on the golng concem basis. The Directors have a reasonablè axpeclalion that tha Trust has adequate resources to conllnue in operational existence for the foreseeable future. 1.3 Charitable funds Transfers lo and from Ihe General reserve funii lo designated fL¢nds are made in accordance with the annual budget and In accordance with nèed. Funds are closed when the purpose for which they were created comes to an @nd. or11 is otherwise resolved lo discontinue them. Delalls of th6 nature and purpose of each fund are explained in nole 26. D8signaled funds are determined by Ihe Board. 1.4 In¢omlng resourcas Ir)come is recognised when the charity is legally anlilled lo il after any petformance condlllons have been mel, the amount8 can be measured reliably, and il is probable Ihal income will be received. Cash dtsnalions are r8cognised on receipt. Other donations are recognised once the ¢haiily has been nolilled of the donaliDn, unless performance conditions fequlre deferral of the amount. In￿me lax recoverable In relallon to donations received under GiftAid o>r deeds of covtsnanl 18 recognised 31 thè lime ol the donation. L￿a¢a8$ are recognlsed on receipt or otherwi58 If the charity has been notified ol an impendlng dislribulion, the amount is known, and receipt expe¢led. 11 the amount is not known, the legacy is treated as a conlingenl asset. Income arislng on endowed funds is Irealed as an addilion to the èndowment,

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Iconllnuedl 1.5 Resources expended Expenditure is accounted for on an a¢¢ruals basis. Grants payable gre voluntary paymenls to individuals. local URC churches OF other organisalions in accordan￿ with the purpose of the relevant fund. They are g¢¢ounled for when they have been approved. Support costs are th058 functions that assist the work of the charity bul do not dlreclly undertake charitable aclivilies. Support costs include staff and governan￿ costs which support the charity and ils acli)fjlies. These costs have been allocaled lo expenditur& on chaiilable aclivilies. The bases on which support costs have been allocated are sel out in note 8. 1.6 Tallglble flxed assets Tangible fixed assets are ini11211y measured al cost and Subsequently measured al cost or vJualion, nel ol depr8¢i8lion and any impairment losses. Freehold propèrties have beèn brought into the financial slalemenls al the value al which they had previously been included in the accounls of the Northern Syn(* in 2009. Propertles brought in after this date are valued at markel value on (fonalion or purchase. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual valL$6S over Ihelr useful Ilves on the following bases.. Freehold land and buildlngs Fixtures and fillings Loans Property irnprov8mgnl8 2% slraighl line 25Q/D St￿[gh1 line No depreciation 10 years slraighl line The gain or loss arising on the disposal Df an a58el 18 determined as the difference between the 8ale proceeds and the cariying valuè of th6 asseL and is recognlsed iri the slalemenl of financial aGlivfties. 1.7 Investment propertles Investment propety, which is property held to earn renlels andlor for capital appreclalion, is Inillally recognised al cost, which includ$s the purchas8 cost and any directly allribulable expenditure. Subsequenuy il is mèasured al fair valLJe al the reportlng end date. The surplus or deficit on revaluation is recognlsed In nel Incomellexpendilurel for the year. 1.8 Impalrment of flxtsd assets At each reporting end dale, the chayily reviews the carryiE)g 2mounls of ils tangibl6 assèts to determine whether there is any indi¢alion that those as8els have suffered an impairment loss. 11 any such indlcalion exlsls, the recoverable amount ol the asset is esi¢maled ln order lo determine the exlenl of the Impaiimenl loss lif any). Recoverable amount is the higher of falr value less costs 10 sell and value In use. In assessing value in us&, the eslimaled fulwe ¢ash flows are discounted lo their present value using a pro-lax discount rate Ihal retlecls current market assessments of the Ilrne value of Tlloney and the risks specifie lo the asset for which the eslimales of fvlure cash flows have not been adlu8led. If th6 r8¢overable amount of an asset is eslimaled lo b8 less than its carrying amount, the carrying amount ol the asset is reduced lo its iecoverable amount. An impairment loss is recognlsed immediately in inccxnel expenditure lor Ihe year, unless the relevant asset Is carried al a revalued amount, In which case the Impaiimerbl loss Is Irealed as a revaluation dècrease. 16-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Continuedl Recognised impalrment losses are reversed if. and only if, the reasons for (he impairment loss have ceased lo apply. Wheie an impairment loss subsequently ieverses. the carrying amount of the asset is increased lo the revised esliTnale of ils re¢overable amount, bul so Ihal the increased carrying amount does not exceed the Carrying amount that would have bsen delermlned had no impairm8nl loss beeri recognised for the asset In prior years. A reveisal of an impaimenl loss is recognised Immediately, unless the relevant asset is catried in al a revalued amc>unl. in which case the reversal of the impairment loss is treated as a revaluat￿n increase. 1.9 Cash and cash equlvalents Cash and cash eqlivalenls indude cash in hand. deposlls hèld at call with banks, olher short.term liquld inveslmeftls with original malurilies of three month8 or1888, and bank overdrafts. Bank overdrafts are shown within borrow1￿S in Gurrenl liabililies, 1.10 Flnanclal Instruments The charily has elecled lo appty the provisions of Section 11 'Baslc Financial Instruments, End Section 12 'Olher Financial Inslrumenls Issues. of FRS 102 to all of Ils financlal inslrumenls. Flnanclal instruments are recognised In the charlly's balance sheet when the charity becomes party lo the conlraclual provisions of Ihe inslrumenl. Financial assets and liabilities are offset. wllh thè net amounts preser¢ted in the financial 8lalemen15, when there is a legally enforceable right ID 8el off the rectsgnisod amounts and there is an Inlenlion to sellle on a nel basis or to realise the asset and settle th& liability simultaneDusIy. Basic financial a55els Basic financial assets. whlch Include debtors and cBsh ond bank IialanG88. are Inillally measured al transaction price including Iiarnsacllon Costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransacllon, where the transaction is measured al the present value of Ihe future receipts discounted al a market rale ol interest. Financial assels classified as receivable within one yea¥ are not amoriised. Basic financial liabilities Basic linancial Ilabililies, including crBdilors and bank loans are Inlllally re¢ogni8ed al transaction price unless the airafigemenl conslilules a financing Iransaclion, where th8 debt instrument is measured at the present value ol the fuluie payments discounted 21 a mgrkel rale of interest. Financial I18bililies classified as payable within one yeai ale not amortised. Debl inslrutnenls are subsequently Carried al amortised cost. Usiw th8 effective interest rale method. Trade credilors are obligations lo pay lor good8 or s&rvi¢es that have been acquiied in the ordlnary course of operallons from suppliers. Amounts payable are classllitsd as currènt liabilities if payment 18 du8 within one year or l&ss. If not, they are presented as non-currenl liabililles. Trade creditors are recognised initially al Iransaclicpn price and subsequenlly measured at amorlisèd cosl using the effective interest method. Derecognltlon of flnancl41 Ilabilities Financial liabililies are derscognised when tha ¢harily's conlraclual obligations explro or are dlscharged or cancelled. 17-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles IContlnLiedl 1.11 Provlslons Provisions arè recognised when the charity has a legal or ¢onslruclive present obligation as a result of a past event, it is probable that the charity will be iequired lo settle Ihal obligation and a reliable estimate can be made of Ihe amount of the obligallon. The amount re¢ognised as a provlslon is the best estimate of the consideration requir8d lo sellle the present obllgallon al the repotling end dale, taking into account Ihe risks and uncertainties surroutKling the obligation. ere thè effect of the lime value of money Is mateiial, the amount expected lo be required to sellle the obligalion is recognised al prese￿1 value. When a provision is measured al present value. tho unwinding ol the discount is fecognised as a finance cost in nel in¢omellexpenditurel in the period in whlch118rlses. 1.12 Employee beneflts The cost of any unused holiday enlillemenl is re¢ogni$ed in the period in which the employe&'s servlce8 are recèived. Termination benefits are recognised Immediately as an &xpense when the charity is demonstrably ￿Mmitted lo terminate th$ employment of an employee or lo provide termination benefits. 1.13 Retlrement beneflts Paymenls lo defined contribution retirement benefit schemes are charged as 8n expense as they tall due. CrltlGal accountlng estlmates and judgements In the application of the chaiity's accounting policies, the Directors are required lo make judgements, eslimales and assumplioThs about the carrying amount ol assets dnd Ilabililies that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that ale Considered lo be relevant. Actual Tesults may differ from these esllmales. The eslimales artd underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recogn18ed in the period in which the estimate Is reviseQ where the revision affects ￿lY that period, or In the perlod of the revlslon and future periods whero th8 revision affects bolh current and fulure periods. Critlcal judgements Ass&sslng Indlcators of Impalrment In assessing whether Ihere have been any indicelors of impairmonl of assets, the Irusle8s have Considered both external and internal sources of information such as market conditions artd expetience of recoverability. 18-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accounting egtlmatés and Judgements Icontlnuedl Key sources of estimatlon uncertalnty Dettrrmlnlng resldual values and useful economlc Ilves of tangiblo flxed assets The company depreclales tangible fixed assets over Ihelr estimated useful lives. The eslimalion of the useful lives of assets is based on hisloric performance as well as expeclallons about fulur6 use and therefore requires eslifftales and assumptions lo be applied by management. The actual lives of these assets can vary depending on a varlely of fa¢tors, including technological Innovation, producl life cycles and mainlonance programmes. Judgement is applied by Iruslees when delermlning tha resldual values for langlbl& fixed assets. v￿en determining the residual value Iruslees aim lo assess the amourbl Ihal thè company would Gurrenlly obtain for the disposal of Ihe asset, if it were already of the condllion expected al the end of ils useful economic life. Ihere possible this Is done with reference lo exlerrb81 market prices. Valuatlon of Investment property As described in note 16 to the financial slalemenls, the investment properly is slated at fair value based on the valuation performed by an independent professional valuer, Sanderson Wealliera11, Chartered Suweyors with recent experience in th& location and category ol properly valued. The valuer used obsèrv8ble market prices adjusted as necessary for any difference In the fulurg, location or condition of the property Donatlons and legacles Unrestrlct6d Restrlcted funds funds 2023 2023 Total Unrestrlcted Restrlcted funds fund8 2022 2022 Total 2023 2022 Donations and gifts 424.845 58,996 483,841 696 17,841 18,337 Donatlons and glfts Donations ffom local churches Legacies M&M contributions 69e 696 424,845 424,845 58,996 58,996 17,641 17.641 424,845 58.996 483,841 696 17,641 18.337 lg

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 34 DECEMBER 2023 Investments Unrestrlcted Restrlcted fund5 fEEnds 2023 2023 Total Unr8Strlcled Restricted funds funds 2022 2022 Total 2023 2022 Rental income Income from Ilsled investments Inleresl Feceivable 18,083 18,083 10,875 10,875 304,890 5,031 39,032 343,922 5,031 305,531 646 60.295 365,628 646 328,004 39,032 367,036 317,052 60,295 377,347 Rtrnlal income from investment properbes is accounted for under Income from Inveslmenls. other Income Unrestrlcted Restrlcted funds fund$ 2023 2023 Total UnrestrlctÈd Restricted funds funds 2022 2022 Total 2023 2022 Properties held for resale Other income Rental in¢ome Gr8nls received 1,609,950 35.862 18,702 5,310 1,609.950 40.934 18,702 5,310 1,195,000 60,494 12.247 1,195,000 60,562 12,247 5,072 68 1,6e9,824 5,072 1.674,896 1,267,741 68 1,267,809 Church properties handed over lo the Trust for resal8 duflng 2023 are shown undèr propertles held foi resale. Propèrties that remain unsold have been included as current assets in assets held for sale, valued al oxpecled sale value. -20-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEDJIBER 2023 Charltable actlvitl85 Dlsclpleship 2023 Mlsslon Partnershlp 2023 2023 Propèrty 2023 Total 2023 Total 2022 Staff c0818 Depiecialion Direct 8Ctivilies 37,193 37,193 15,42Q 15,420 198,482 1,216,967 36,930 19,120 848,289 4,404 110,499 903,582 4.404 147,692 903,582 213,902 1,269,580 9Q4,339 Grant fur￿1ng of aclivllies Isee nole 71 9,230 139,001 15,429 253.771 417,431 357,277 Share of support costs (see note 81 Share of govemance costs (se8 note 8) 98,989 103,875 158,171 72.883 433,718 407,707 1,859 1,859 1,859 1,859 7,436 6,347 114,482 392,227 1,079,041 542,415 2.128.165 1,675,670 Analysls by fund Unreslricled funds Reslricled funds 114,482 392,227 995,199 83,842 507,422 2.009,330 1,667,458 34,993 118,835 8,212 114.482 392,227 1,079,041 542,415 2,128,165 1,675,670 For the yèar ended 31 December 2022 Dlsclp5eshlp Mlsslon Partnershlp Propèrty Total 2022 Staff costs Depreclalion and impairment Direct activities 36.930 36,930 19,120 848.289 19,120 155,150 5.120 65,758 622,261 5,120 102.688 622,261 174,270 904,339 Grant fundlng of aclivilles {see note 71 6,326 43.327 17,1181 314.742 357,277 Share of support cosls (see note 81 Share of governance costs (see note 81 91,676 1,435 94,055 1,435 145,583 1,840 78.393 1,637 407,707 6,247 104,557 241,505 762.566 567,042 1,675,670 Analysls by fund Unreslricled funds Restricted funds 104,557 241,505 767,742 15.1761 553,654 1,667,458 13,388 8.212 104,557 241.505 762,566 587,042 1.675.670 21

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payablo Currant flnancial year Dlsclpleship Mlsslon Partnership Property 2023 2023 2023 2023 2023 Grants lo inslilulions.. Rokèr URC Northgale URC Darlin9lon Manse Repair and Malnlenance Annual Grants Faith in the CoFnmunily Wesl End URC Sl AidarTr's URC, Hexham Sl George's URC, High Healon Keld Resou￿9 Centre Sl Columba's URC, Bllllngham Sunderland Connecl Network Redcar URC Sl Andrew's URC, Kenton Guisborough URC Horsley URC Holy Island Mlssion Project Grlndon Church Communily Proje¢l Church Action in Poverty North East Church of the Good Shepherd Wooler URC St Culhbert's LEP, Healon Trinity Church, Ashinglon Rolhbury URC Low Row Church Sl Andrew's Church. Ciook Christ Church, Stanley Less grants rK) longer required MlnoF inslitulion81 grants 9,000 9.000 150,603 150,603 11,110 11,110 36,000 35,348 3,000 3,553 31,800 21,995 20,000 19,869 9,961 10,650 10,000 10,000 8,919 5.635 5.000 5.000 4,500 4,425 4,224 3,138 1,000 800 {22,1071 134,6341 9.096 36,000 35.348 3,000 3,553 31,800 21,995 20,000 9,869 10,000 9,961 10,650 10,000 10,000 8,919 5,635 5,000 5,000 4,500 4,425 4,224 3.138 1.000 800 {12,5271 20 9,076 20 131,772 9,210 7,229 14,429 1.000 253,771 399,992 17.439 Grants to individuals 9,230 139,001 15.429 253,771 417.431 A full list of the individuals and Inslllutlons to which the gran18 have been commilled is available on request from the Synod office. Dlscipleship Discipleship grants are awarded for 8pectfic developmènts and projects whjch strengthen individual or group faith experience. Mission Mi88ion grants are awarded lo fund events and prolecls central to tho company'8 purpose including promoling evangellsm and church g¥owlh. -22-

THE UNITED REFORMED CHURCH {NORTHERN PROVINCE) TRUST LINIITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Icontlnuedl Partnership Partnership grants are awarded lo support joinl working with ecumenical, communlly and global partners. Property grants are awafded lo support local churches in funding proper care of thelr prowrties, Prlor financlal year Discipleshlp Mlsslon Partnershlp Property 2022 2022 2022 2022 2022 Grants lo inslilulions.. Roker URC Northgale URC Darlinglon Great Bavinglon URC Robert stewart Memorial Church Flodden Eco Museum SIAidan'$ URC, Haxham st George's URC, Healon sto¢klon Road URC ElsdonAvenue Church Sunderland Connect Network Sl George's URC, Hartlepool Sl Andrews URC, Kenlo Denewell Avenue URC St George's URC, Motpelh Healon Churchos Together Trinity Church, Gosforth Tiinily Church, Ashinglon Rolhbury URC SIAndrew's Church, Ciook Less grants no longer r@quir Minor inslltutlonal grants 9,000 134,860 143,8SO 127.380 127,380 21.998 21,998 14,403 14,403 10,000 10,000 10.000 10,OOCk 2.800 6.200 8,467 7,305 7,000 5,512 3,015 2,873 2,500 2,000 1,970 1.812 1,326 1,000 1,000 122,3601 118,522) 147,9441 10,770 20,402 3,400 8,487 7.305 7,000 5,512 3,015 2,673 2,500 2,000 1,97D 1,812 1.326 17,062) 9,632 43,327 17.1901 314,742 350,879 Grants to indivlduals 6,326 72 6,398 6,328 43,327 17,118) 314,742 357,277 -23-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Gov8rnan¢e costs costs 2023 Support Governance costs costs 2022 Staff costs Depreciation Office & executive offi￿ staff costs Field Team cos15 333.344 23,678 62,479 7.480 6,737 333,344 23.678 62,479 7,480 6,737 318,235 24,217 54,013 8,701 4,541 318,235 24,217 54,013 6,70q 4,541 Authl fees Sundry expenses 7,200 236 7.200 236 6.000 347 6,000 347 433,718 7,436 441,154 407,707 6,347 414,054 Analysed betweer¢ Charitable aclSvllies 433,718 7,436 441,154 407,707 6,347 414,054 Basis Df allocatkjn Office & gxecutlvè Offlce Fleld Toam staff Dlscipleship Mission Partnership Property 25 25 25 25 27 29 44 19 35 27 100 100 100 Support and governance CDSts are allocated as an approximation of average working lime for staff costs. and equally between all ¢alegoiies lor the running costs of the SynL* Offi¢e and the Synod Executive Commlllee. Governance costs includes payments lo the auditors 01 £6,000 {2022.. £5,000) for audit fees and £1,200 12022= £1,000) for non audit services. Other exppndlture R&strlcted Restrlcted funds funds 2023 2022 Monies pald lo investors 70.473 90,357 -24-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Net galnsl{lossesl on Invèstments Unrostrlcted Restrlcted funds funds 2023 2023 Total Unre5trl¢ted Restricted funds funds 2022 2022 Total 2023 2022 Gainlllossl on revaluation of investments Gainlllossl Dn sale of investments 898,920 223,218 1.122,138 {1,314,5911 1267,915111.562.5061 28,344 28,344 123.7801 (23,7801 927.264 223,218 1,150,482 11,338,371) 1267,915111,606,286) 11 Net movement In funds 2023 2022 The nel movement In funds 18 slated after charglngl{crediling)= Fees payable for the audit of the charlly's fin2r¢cial stalemenls Depre¢lalion of owned tangibl6 fixed assets 7,200 39,098 6,000 39,637 12 Taxatlon The charity is exempt from lax on income and gains falling wilhin section 505 of Ihe Taxes Act 1988 or section 252 of the Taxation ol Chargeabl6 Gains Act 1992 to the exlenl that Ihe8e are applied lo ils charltablè objects. 13 Dlrectors None of the Dlreclors {or any person8 connected with them) received remunerallon during the year12022'. non81, 5 of them were reimbursed a to181 Df £776 Irave111ng and other expense812022'. 6 wer2 relmbur8ed £6591. The IreasuTeF ieceived an annual honorarium of £3,098 {2022.' £2,842) being IOQA of 8 minister's stlpend in recognition of the 3ddilional WOTk carrled out by him. 14 Employees The average monthly number of employees during the year was,. 2023 Number 2022 Number Head Count Full-lime equivalent 13 10 13 -25-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATENIENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Employe&s Icontlnuedl Employmontcosts 2023 2022 Wages and salaries Social securily costs Other penslofj costs 275,275 25,287 69,975 258,320 22,490 74,355 370,537 355.165 Key management are considered to be Ihe Oireclors ol the Trust, none of whom received any remuneration this year or in the previous year. There were no employees whose annual remLrneralion was more than £80,DOO. 16 Tanglble flxed assets Freehold Flxtures and land and flttlng$ bulldlngs Loans Property Improvoments Total Cost Al 1 January 2023 Additions Disposals 762.450 22e,000 3e,172 3.710 11,149) 225.983 206,034 1,230,639 229.710 11,1491 At 31 December 2023 988,450 38,733 225,983 206,034 1,459,200 Depreclatlon and Impalrment Al 1 January 2023 Depreciall0￿ chaTged in the year Eliminated in r6speGI of disposals 120,588 15,42LI 31,649 3,075 {575} 61,809 20.603 214.046 39,098 15751 Al 31 December 2023 136,008 34,14g 82,412 252,569 Carrylng amount Al 31 December 2023 852,442 4,584 225,983 123,622 1.206,631 Al 310ecember 2022 841.862 4,523 225,983 144.225 1,018,593 Freehold properties comprised in the lot81 above are functional assets and managed by the Trust. Loans r&lale lo properties for th8 purpose of provldlng houses for some ministers, retlred ministers and thelr spouses. These properties are managed by the United Reformed Church Retired Minisl&r6' Housing Society Limited. -26-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LifiiiTED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Inv95tment property 2023 Falr value Al l JanLRry 2023 and 31 De¢emb6r 2023 336,300 Blylh URC, was obtained in 2009 and included 81 a valualiotF of £210.000 derived from th6 market value as calculated by an indepgndenl valuer. An updated valuation was obl8ined during 2018 and property is now valued al £155.000. Also included In Ihe fair value18 Bernlck Church which Is currently being leased by the Spillal Improvement Trust and is valued at £181,300. 17 Flxad asset Investments Common Traldcraft Investm8nl Investment fund Total Cost or valuallon Al 1 January 2023 Additions Valuation Changes Disposals 11.177,517 1,166,076 1,122,138 {1.278,114) 1,506 11,179,023 1,166.076 1,122,138 11.5061 11,279,620) Al 31 December 2023 12,187,617 12,187,617 Carrylng amount Al 31 December 2023 12,187,617 12.187,617 Al 31 December 2022 11,177,517 1,506 11.179,023 18 Flnanclal Instrum&nts 2023 2022 Carrylng amount of flnanclal assets Inslrumenls measured al fair value through profil or1088 2,739,950 1.755,QQO 19 Debtors 2023 2022 Amounts falllng du& wlthln one year: Other debtors Prepaymenls and acciued income 16,049 5,509 44,541 21,350 21,558 65,891 27-

THE UNITED REFORMED CHURCH {NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Debtors Icontlnuedl 2023 2022 Amounts falling due after more than onè year: Olhor debtors 37,782 38,782 Total debtors 59,340 104,673 20 Current asset Investments 2023 2022 Assets held for sale 2,739,950 1,755.000 21 Credltors: amounts falllng du8 wlthln one year 2023 2022 Other creditors Accruals ancl deferred income 20,283 47.91 L) 5,545 40,707 68,193 48.252 22 Provlslons for Ilabllltle8 2023 2022 Granl provisions Pension provisions 253,199 400,000 394.357 400,000 653,199 794.357 Movemenis on provlslons: Grant provlslons Penslon provlslons Total Al 1 January 2023 Reversal of provision Ulillsalion ol provislo Additional provlsions in Ihe year 394,357 134,2861 1360,0711 253,199 400,000 794,357 134.286} 1760,0711 853,199 1400,0001 400,000 Al 31 December 2023 253,199 400,000 653,199 28-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEIVIBER 2023 Icontlnuedl 22 Provlsions for Ilabillties InclLKSed In the above gran18 arè amounts which are expected lo bè paid after more Ihan one year lotalllng £113,092 {2022.' £56,000). Grants are normally awarded with a maximum conlrlbullon towards costs and a time frame lo be clalmed. If th8 grant is underspent or not daimed within the allolled lime frame, the unclaimed granl provision Is reversed. A full Ilsl of Ihe individuals and Inslltulions lo which Ihe granls have been committed Is 8vailable on request from the Synod office. 23 Endowment funds Current flnanclal year At l January 2023 At31 December 2023 Permanent endowments 178,578 178,578 Prior flnanclal year At 1 January 2022 At31 December 2022 Permanent endowments 178.578 178,578 -29-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEIIAENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Restrlcted funds Current flnanclal year Movement In funds Balancè at Incomlng Rosource5 Transfèrs 1 January resources èxpended 2023 Gains and Balance at losses 31 Decembor 2023 Dales fund Ministry & mission fund Iitoderalor's benevolent fund Mozambique partnership fund Mozarnbique project fund Students, fund Pulpit supply fund Trust capital funds Church funds Northetly Synods Listening and Re¢onciliatlon Fund Safeguarding fund cha￿lY Collections fund Northerly Synods general fund 44,387 125,997 3,939 10,188 48,326 122,005 58.996 {73,1781 1.399 (1.060) 1,000 1,339 18,099 512 1.620 20,231 915 9,146 187 1.125,917 1,060,805 26 82 812 1,023 9,958 [1871 31,359 12,022 145,8821 168.659} 98.372 108,205 1,209.766 1,240,664 128,291 29.102 850 29,102 650 185 185 810 15311 279 2.417,414 103,100 {189,3081 129.104 223,218 2,683,528

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Re5trl¢ted funds Icontlnuedl Prlor financlal year Movement In funds Balance at Incomlng Resources Transfèrs 1 Janvary resources expended 2022 Galns and losses Balance at 1 January 2023 Dal8s fund Ministry & mission fund Moderator's benovolenl fund Mozambique pattnership fund Mozambique project fund Northumberland project fund Students, fund Pulpit supply fund Trust capital funds Church funds Northerly Synods Listening and Reconciliation Fund Safeguarding fund Charity Collections fund Northerly Synods general I￿nd 49.714 106,811 {5,3271 (14,7781 44,387 125,997 17.348 16,616 471 1721 1,000 1,399 19,313 858 12,0721 18,099 997 25 {1071 915 4,344 0,244 13,911) {4331 11,098) 9,146 187 1,125,917 1,060,805 (2,313) 2,50D {21,845) 1355,5381 {90,357) 384,498 1,600,092 854,199 31,028 28,745 1127,820 (11e,2801 29,102 650 1.408 29,102 650 15981 810 2,677,345 78.004 198.569) 28,549 1267,9151 2,417,414 31

THE UNITED REFORMED CHURCH {NORTHERN PROVINCEI TRUST LIiVIITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Unreslrlcted funds Current financlal year At1 January 2023 Incomlng resources Rosour¢es 6xpended Transfprs Galns and losse5 At31 December 2023 General funds General reserve Property valuations Manse fund Property fund Mission Fund C&Y Strategy Dr Brand Legacy Mlnsteis. Pension Fund Retired Ministers. Housing Revenue Funé 868,138 2,008,870 314,322 460,583 1583,5981 1712,7601 12,994 216.817 46,493 213,700 658,349 2,187,210 1,056,759 5,097,853 1,365,383 544.422 796,533 19.4201 158,120) {314.7561 (229,9161 156,6751 220,000 192,361 136.184 117,229 1,267,339 6,383.412 1,257,852 538,563 725,552 1,381,342 249.089 (230,0241 (178,0481 106,828 114,3D61 13,767 1,028 1,297 16,092 43,365 143.3651 44,085 {44,085} 16,309 16.309 11,839,175 2,422,873 {2,009,3301 1129.104) 927.264 13.050,678 Prlor flnancial year At 1 January 2022 Incomlng resour¢es Resources expended Transf&rs Galns and losses At31 Decgmb&r 2022 General funds General reserve Property valuations Manse fund Property fund Mission Fund G&Y Strategy Dr Brand Legacy Minsters, Pension Fund R61ired Minislers, Housing 1,100,112 2,439,780 318,077 58,444 1474,6981 1581,463) 20.531 368,085 195,8841 (275,9761 868,138 2,008,870 1,072,179 5.515,656 1.434.817 598.507 868,351 {15,420) <19,9921 {429,7791 {88,0851 (58,0211 1,056,759 5,Q97,853 1,365,383 544,422 796,533 603.392 604,880 (400,9801 (53,391) 207,531 113,7971 1600,223} 1191.144) 1173,5311 14.684 696 11,6131 13.767 243.978 (200,8131 43,365 44,085 44,085 13.288,064 1,585,489 11,667,458) 128,5491 11,338,371) 11,839,175 13.288,064 1,585,489 11,667,458) 128,5491 11,338,371) 11.839.175 -32-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIIVIITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Nature and purpose of funds General fund Thls fund is unrgslricled. and wa8 sel up by Trust resolution in 2009. and desgnaled for the day-lo-day running of tho Northern Synod.11 was or6ginally formed by combining various designated funds and is funded from investment income and property sal8s. This asset is represented by pooled investments and cash and office furniture and fillings. General reserve fund Thls fund is unreslriclecl, and consists of all the undèsignaled monies of the Synod. This asset is represented by PCKiled investments and cash. Property valuatlons fund This fund is unraslricted, and was sel up In 2009. Thi8 asset is represented solely by property. Manse fund This fund is unreslricled, and was sel up In 2006, and is funded from the sale of manses and retired minislers, houses. This asset is represented by pooled inVBslmenls and cash. The Manse Fund is designatèd for making giants to churches and expenses incutred by the Trust in respect of manses. Property fund This fund 18 unreslri¢led, and was set up by Trust re801ulion in 2009 and is dsslgnated for making grants lo churches and expenses incurred by the Trust in respect of properly mallers. 11 is funded from the sale of churches and halls and is represenled by pooled investments and cash. Mission fund Thls fund is unrestricted, and was up by Trust resDlulion in 2009. Thls fund 18 designated for the provislon DI grants for small churchlcommunily projects and longer term projec18 which wll require more subslanlial funding. The fund is a combination of Ihe Development Fund and a legacy received, and is now funded from the sales of propertles. This asset 18 rapresenled by pooted investments and cash. DrBrand legacy lund This fund Is unreslricled and arises Irorn legacy income ancl Is represented by pooled investments and cash. Dr James Brand left a legacy lo the Presbytery of Newcastle in the 1960s. The Trustlsynod Inherited11 among the assets of the Di81ri¢1s of Newcastle and Durham & Teesslde In 2008. C&YSlrategy Furtd This fLJnd is design8l&d and is available for a chlldren and youth work strategy agreed in 2021. Thls fund is designated from the Mission fund therefore will not recelve any investment in¢ome. Retlred MinisleP5 Houslng Fund This fund Is unreslricled and is designated lor ielired mlni8lers' housing purposès. 11 arises from 150kn of man8e sales and15 represented by Pooled Investments and cash. Minlsters'pension fund This fund is unreslricled and Is deslgnated for conllibuling lo the deficil on the URC mln181ers' pension fund. It arises from the sale of churches and Is represented by pooled investments and cash. Revenue fund This fund is unresliicted and represents inveslmenl income ID be dlslrlbuled to funds Dalps fund The Dales Fund is reslricled and is used lo support rural minislfy and propertles in Swa16dale. represenled by pooled inveslmon18 and cash. 33-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCEI TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Nature and PLtrpose of ftEnds (Continued) Mlni5try and mlssion fund This fund is feslricled, and was sel up in 1992, lor tho 801e purpose of meeting mlnislry and mission commilmanls as necessary. It arises from accumulalod surpluses and transfers from the Lancashlre Congregational Union and North Tyne fund. Conlribullons from and lo ecumenical partners are posted through this lund. This asset is represented by pooled investments and cash. oderators benevolent fund Thi8 fund is r8slri¢led, and was sel up in 1996 for the sole purpose of maklng discretionary grants to individuals. 11 aiises fiom donalions rece1ved by the Moderator and by transfers from reserves. This ass81 Is represented by one designated bank account and cash. Mozambique partnershlp fund Thi8 fund is reslricled and was created in 2010 lo sustain the partnership between Northern Synod and the Igreja Presbiteriana de M￿ambiqLle. The fund is supported by general donalions from individuals and the General Reserve Fund. The asset is represented by pooled investments and cash. Mozainblque project fund This fund was established in 2010 and is reslri¢led. The fund was sel up lo collecl donations from Individuals, lo support specific projects Telaling lo the Parinership in Mozamblque. The asset is represonled by pcx)led investments and cash. Students. fund The Students, Fund was transferred from Ntswcastte Presbytery and is reslrlcled lo provlde book grants lo ministerial students. The asset is represented by pooled investments and cash. Pulplt supply fund This fund is reslricled and was set up in 2011 to collect contributions from local churches and pay preachlng fees and expenses in Norlhumberland. This asset is represented by pooled investments and cash. Trust capital lunds Th8se funds are reslri¢led and arose from the s£le of properties, and have been designated by Syno resolution for specific chur¢hes. Thes@ assets are represented by pooled investments and cash. Church funds These funds are reslircled and are held on behalf of local Churches. These assets are represented by pooled investments and cash. Northerly Synods Llstening and R8con¢lliallon Fund This fund is restricted and was sel up in 2017. This fund will manage the grant ieceived lor this project in the rive Northerly Synods and is represented by cash. Charlty Collections This fund Is ieslricled and was sel up in 2019 to hold monies collected for specific charllies. Safeguarding Fund This fund is reSt￿¢ted and was sel up lo hold a grant of £2,000 received from URC London. Northerly Synods General Fund This fund is reslricled and was sel up lo hold funds from the fwe Northerly Synods. This (und Is managed by Northern Synod.

THE UNITED REFORMED CHURCH {NORTHERN PROVINCE} TRUST LIMITED NOTES TO THE FINANCIAL STATEIVIENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 Analysls of net assets ho￿¢&n funds Currènt flnanclal year Unre$trlcted Restrlceed 2023 2023 Endowed 2023 Total 2023 Fund balances al 31 December 2023 are represented by.. Tangible assets Inveslmenl properties Investments Current asselsllliablllllesl Provisions 1,058,631 336,30QI 9,519,025 2,791,921 {853,1991 150,000 1,206,631 336,30D 12,187,617 2,835,435 1853,1991 2,868,592 14,936 28,578 13,050,678 2,683,528 178,578 15,912.784 Prlor flnanclal year Unre3trlcttsd R&strlct¢d 2022 2022 Endowed 2022 Total 2022 Fund balances al 31 December 2022 ate iepres@nled by.. Tan9ible assets Investment properties Investments Current asselsllliabililiesl Lon9 lefm liabiltties Provisions 866,593 336,300 8.775,807 2,403.216 2,654,832 14.198 150,OOLI 1.016.593 336,300 11,179,023 2.697,608 28,578 1794,3571 1794,3571 11,839,175 2.417,414 178,578 14,435,167 28 Contlngent Ilabllllles An acluarial review of Ihe Minisleis, Pension Fund has been completed and the Synod has commilled £1.2m for th8 peric￿ 2022 10 2024, with another £1.8rn In prlnclple for 2025 Ihiough lo 2030 to the deff¢il recovery plan. A total commitment of £3m. This ¢ommilmÈnl has been made in conjunction wilh all olher Synods IhrDughoul Ihe Gounlry. Due to th& structure of the national church and ministerial appointments there is no legal obligation for the Trust lo do tENs. bul all Synods were approached and there is wide acceptance that there is a moral obllgallon al Ihe Synod level and th81 such support does fall within Ihe charitable purposos ol the Trust. 35.

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 Operatlng lease Gommltments Lessor The company owns two investment property for rental purpDses. Rental income earned during Ihe year for one properly was £13,500 12022.. £10,875). The properly has a committed tenant untll 2042. Another rental income amount of £4.583 was received for the property acqulred in the PTitsr year. The property has a commilled lenanl unlll 31 January 2028. Al the reportlng end dale the charity had contracted wlh tenants for the following minimum lease payments.. 2023 2022 Within one year Belween two and five years In over five years 18,500 69.417 189,000 13.500 54,1)00 189.000 276,917 256,500 30 Rglated party transactlons Th&re were no disclosable related party transactions during lh& year12022.' nDnel. 31 Properties vested In the company as custodlan trustee A comprehensive list of properties vested Sn the company Is avallable on request to the URC Northern Synod Olfice. 36-

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 32 Cash generated from oporatlons 2023 2022 Surpluslldeficil) for the year 1,477,617 (1.708,8201 Adjuslmenls for.. Inveslmenl income recognised in slalemenl of financial activities Loss on disposal of langible fixed assets Gift of property (Gainllloss on disposal of investments Fair value gains and losses on investments Depreciation and impalrmenl of tanglble ffxed assets Investment fee rebalo reinvested (367,0361 575 11,609,950) (1,195,000) 128,3441 23,780 11,122,138) 1,582,506 39,098 39,637 116,3091 139,9291 (377,3471 Movemenls in wotklng capilal.. DBcrease in debtors Increase in Creditors Increasel{decrease) in provlslons 45,333 21,941 {141,1581 69,823 4,833 77,794 Cash absorbed by operallons 11,700,371) 11,522,723) 33 Analysls of changes In net funds The charily had no material debt duiing the yoar. 34 Retlrement benelll schemes Flnal 5Hlary Id&flnvd benefltl penslon scheme During the year, the Trust contributed £68.921 12022.. £74.3311 lo The United Reformed Church Final Salary Scheme, a pension scheme pTrnclpally lor lay staff which Is administered by TPT Reliremenl Solutions Trust IfDrmeTly The Pensions Trusll. The scheme is a defined benefit s¢heme bul the Trust is unable lo identify ils share of the underlying assets and Ilabilllles- each member in the scheme pays a ¢ommon contribution rate. Triennial acluailal valuations of the Final Salary scheme are performed by a professionally qualified independent actuaiy. Th8 most rocenl formal actuarial review of the scheme was al 30 September 2020 when Ihe schemè had a surplus of £2,689,000. The assumptions underfying that valuation inclLKIe'. Discount Ral8'. Pensionable earnings growth.. Price Inflalion and pension increase.. Relirèmenl age {aclive members).. 1.4Yo pa 2.5ty/0 for Ihree years, 2.750/D Iheieafter 2.55¥0 e5, with maximum commulatlon The scheme was closed lo future accrual on 28 February 2023. A new defined contribution scheme adminislar@d by Aon Master Trust was 581 LJP and slaff were moved into this schome on 1 March 2023. The Trust conlribuled £54,191 into this scheme during the year. 37-