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← The United Reformed Church ( Northern Province) Trust Ltd

2024-12-31-accounts

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

Charity Registration No. 1132154

Company Registration No. 00134549 (England and Wales)

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Directors Mr K.R. Anderson
Mrs J.W. Barr
Miss A.C. Bartle (from 16 March 2024)
Mr W. Duncan
Revd K.P. Gray (from 12 October 2024)
Mrs C. Hogg
Mr J. Ledger
Revd A.D. McGougan
Mr C.A. Randle
Mr G.I. Wanless
Convenor Revd A D McGougan
Treasurer Mr G.I. Wanless
Secretary Mr W. Duncan
Trust officer Mr A. Atkinson
Finance officer Ms H.E. Hogg
Charity number 1132154
Company number 00134549
Registered office 4 College Lane, Newcastle upon Tyne, NE1 8JJ
Auditor Sumer Auditco Limited, Unit 2, Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG
Bankers Bank of Scotland Plc, PO Box 1000, BX2 1LB
Lloyds Bank plc, PO Box 1000, BX1 1LT
Kingdom Bank, Media House, Padge Road, Beeston, Nottingham, NG9 2RS
Virgin Money plc, 132-134 Northumberland Street, Newcastle upon Tyne,
NE1 7DG
Moneywise Credit Union, 187-189 Shields Road, Newcastle upon Tyne,
NE6 1DP
CCLA Investment Management Limited, One Angel Lane, London, EC4R 3AB
Legal advisors Sintons LLP, The Cube, Barrack Road, NE4 6DB
Investment managers CCLA Investment Management Limited, One Angel Lane, London, EC4R 3AB
Property consultants Howarth Litchfield Partnership, Liddon House, Belmont Business Park, Durham DH1 1TW
Gritstone Project Management Ltd, 17 Lily Crescent, Jesmond, Newcastle upon Tyne,
NE2 2SP

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

CONTENTS

Page
Directors' report 1 - 7
Independent auditor's report 8 - 10
Statement of financial activities 11 - 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 39

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Company’s objectives are to advance the Christian religion for the public’s benefit in accordance with the doctrines, principles, usages, and the Basis of Union of the United Reformed Church. In pursuit of this, the Company functions as a trustee, holding monies, investments, and properties for these purposes and for local churches.

The Company supports the Northern Synod’s vision, which aims to enable local churches to be vibrant, informed, and effective in their local settings. The Synod, in turn, should serve as an expression of the Church at a regional level, reflecting the five marks of mission: tell, teach, tend, transform, and treasure. The Company provides financial, advisory, and technical support to assist churches within the Synod.

Public benefit

The Company is cognisant of the Charity Commission’s guidance on public benefit. This requirement is fulfilled by enabling local churches to provide their services to the general public.

Activities

The Company carries out its work under 4 headings and illustrative examples of activity in 2024 are given below.

This is a fundamental aspect of Synod activity, and the Trust supports it by providing funding for courses, sponsoring events, and offering grants for specific initiatives and projects that enhance individual or group faith experiences. Through the Ministries and Discipleship Committee, the Trust has been able to help laypeople attending courses on baptism and communion, as well as acquiring skills and knowledge of Zoom.

This is central to the Company’s objectives. Specific examples include supporting church-related community work, chaplaincies, and local churches through projects and events. Grants are awarded for ministry in local ecumenical partnerships. The Synod continues to explore novel ways of being church.

The Company supports the Synod’s collaboration with Northerly Synods and provides funding to facilitate joint projects and events.

Property-related matters are addressed by the Trust’s Property subcommittee. This sub-committee establish a schedule of surveys to evaluate the condition of the property and determine subsequent maintenance requirements. Financial assistance for building preservation is provided through grants.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The Company remains committed to finding sustainable and responsible ways to meet the aspirations of the Synod and to provide resources that can assist in the development of new forms of ministry. It also acknowledges the potential benefits of employing individuals to support churches in their ongoing work.

The Trust has consistently engaged in planning for the Synod’s future, as requested.

The primary challenge for the Trust lies in determining the most effective resource allocation to support churches. This may entail increasing the involvement of laypeople while ensuring that the Trust upholds its charitable obligations and maximises the value of its investments.

Grant-making

A significant portion of the Company’s activities is carried out through the distribution of grants. In the financial year 2024, a sum of approximately £429,871 was allocated. These grants are distributed to churches, other religious organisations, and individuals in accordance with established policies, with the primary objectives of:

Staffing and Volunteers

The Company’s operations are primarily carried out by volunteers, primarily the Directors, who receive expenses. Additionally, two members of the paid staff are responsible to the Board and consult with Directors or Officers when significant decisions are required. The work of the remaining staff is directed by the Synod.

Directors of the Board are not remunerated with honoraria, except for the Treasurer, who, in recognition of the additional responsibilities they undertake, receives an annual honorarium of 10% of a minister’s stipend.

Volunteers donated an estimated 704 hours' work in total during the year, which is difficult to value in financial terms. The Board takes the view that the Company is not excessively dependent on any one individual.

Volunteers directly support the Trust through their roles as Directors, while others provide their time and assistance to sub-committees. The involvement of volunteers in advancing church activities is extensive, and their contributions are crucial for the churches’ effectiveness. The Synod has acknowledged the need for support for volunteers, which is reflected in the Synod priorities.

Achievements and performance

Discipleship– (£118,541) Discipleship grants are awarded for specific developments and projects that enhance individual or group faith experiences. This year, a significant Synod-wide event was held at Bishop Auckland, which was well-received by all attendees. Additionally, throughout the year, several courses were conducted to refresh, and train anew, lay leaders in Baptism and Presiding at Communion.

Mission– (£367,316) Mission continued to be supported during 2024 and included grants to Redcar URC for immediate electrical and fire safety repairs at the church; St James’s URC (Newcastle), for spire, roofing and masonry repairs at the church; Zion United Reformed Church, towards a major renovation programme at the church; St Columba’s URC, towards roofing and masonry repairs at the church; St Cuthbert’s, Holy Island, towards manse repairs; St James’s URC (Alnwick), towards the cost of lighting improvements at the church; Heaton Churches Together, towards costs of the Heaton Festival in the Park; Sunderland & Boldon URC Partnership and Stockton Road URC, towards the costs of the CRCW; Stockton Road URC, for funding a set of four small community projects; Northumbrian Industrial Mission, towards core costs; Wooler URC, for the installation of a labyrinth and associated features in the car park behind the church; Rothbury URC, towards the cost of a part-time chaplain in the Dr Thomlinson CofE Middle School in Rothbury; St James’s URC (Newcastle), towards the cost of Audio-Visual equipment; Roker RC, towards the ongoing work they do in community outreach; West Denton Community Church, towards the costs of a Community Worker.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Partnerships– (£178,241) In 2024, costs associated with ecumenical ministries were shared, and resources were also distributed to less affluent synods within the United Reformed Church through the Inter Synod Resource Sharing process. Support grants remain available to local churches as necessary. The Board is also informed of and actively involved in collaborative arrangements between other synods in Northern Britain. These initiatives are designed to enhance efficiency and establish supportive and constructive working partnerships. The Safeguarding team continues to collaborate with Synod, Trust, and local churches to review and strengthen systems throughout the Synod.

Property– (£532,590) The Company diligently maintained the properties under its direct responsibility and sought professional legal and property advice for local churches. Regular church surveys were conducted throughout the year, resulting in the award of grants for church and manse repairs and improvements amounting to £255,100 during 2024.

Goals achieved in 2024 include:

Goals not achieved include:

Financial review

Throughout the financial year, total funds experienced an increase of £637,559 (2023: £1,322,617), reaching a total of £16,395,343. This increase in funds can be primarily attributed to a surplus on the year, amounting to £224,569, coupled with a positive valuation of our investments, which contributed £412,990 (refer to note 10).

Income

The investment income of £356,899 (2023: £367,036) was a welcome addition. Included in other income (note 5) is £1,500,000 for church properties transferred to the Trust for sale. This represents an increase of £45,050 from the value in 2023.

Expenditure

There were no exceptional items of expenditure during 2024, apart from the previous year-end provision of £400,000 made in respect of a payment to the URC Ministers’ Pension Fund, which was ultimately not required. The reversal of this provision has been included in note 22.

Reserves Policy

The Balance Sheet, presented on page 13, outlines the allocation of various funds, totalling £16,395,343, as of 31 December 2024 (2023: £15,757,784). The term “reserves” refers to the portion of a charity’s funds that are readily available for immediate use.

Certain funds are invested in property or subject to restrictions on their usage. The unrestricted fund net assets, readily available, amount to £12,259,788 (2023: £11,657,747). This figure is calculated by subtracting the balance of unrestricted tangible assets and investment properties (as per note 27) from the unrestricted fund balance (as per note 25).

The Directors annually review the policy and adopt a risk-based approach to setting a reserves target.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The primary financial risks that the Directors consider warrant attention include:

Based on these risks, the Directors believe that maintaining reserves at a level between £7m and £8m would be prudent.

The current level of reserves held exceeds the target level. However, considering the uncertainty surrounding the performance of investments due to the potential impact of the proposed support for the Church Life Review Fund, energy improvements, and global market instability, the Directors were satisfied with this position.

Investment Policy

Most the Company’s available funds are invested through its nominees, primarily the CCLA Investment Management Ltd, one of the largest Charity Fund Managers in the United Kingdom. The Company’s financial policy aims to maximise the total return while maintaining a steady income, thereby ensuring the fulfilment of its financial requirements. The portfolio is highly diversified, encompassing both UK and overseas equities. CCLA operates an active ethical policy that is not only based on the types of activities engaged in by companies in which the fund invests, but also on active engagement over issues such as good governance and management, and good environmental policies.

It is not believed that this policy has any detrimental effect on income or capital. The fund has returns that are comparable to those of other investment vehicles, and performance is monitored at meetings of the investment sub-committee, which are held twice annually. The current target for the COIF Charities Ethical Investment Fund is a total return of inflation plus 5% over the long term, ensuring a reliable income stream that maintains its real value over time. The fund aims to control volatility to 75% of that of the UK equity market.

Risk Management

The Directors are responsible for assessing the major risks to which the Company is exposed and for establishing systems to mitigate those risks. The Trust maintains a risk register and considers external and internal risks to which the Company is exposed. The Trust undertakes a formal review of the risks to which it is exposed annually.

Factors Affecting Performance

The Company’s ability to achieve its objectives depends on several factors, not necessarily within its control, such as the performance of investments and the effective coordinated work of professional advisors. In 2024, there were no significant factors of this type.

Other factors of which the Trust is cognisant include the reduction in volunteers across the Synod and in churches, which can cause them to close. This in turn may mean the Synod having to make up more of a shortfall on its in-year M&M contributions. Some remaining churches will have high maintenance costs. All these issues have been considered by the Trust and Synod when developing future plans.

Plans for the Future

The Company plans to continue its work for the foreseeable future.

The Company has formally agreed to provide support to the Synod. The Trustees acknowledge the crucial role they play in facilitating the implementation of the Synod’s forthcoming strategy.

The Board comprises a diverse range of professional experience from various sectors, including private, statutory, and voluntary organisations. Additionally, they have extensive involvement with ministry and churches. These diverse backgrounds will be instrumental in guiding the Company through the anticipated changes in the Synod.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Goals for 2025 include:

Structure, governance and management

The United Reformed Church (Northern Province) Trust Limited (formerly known as the Durham and Northumberland Congregational Union (Incorporated)) was incorporated in England & Wales in 1914. It is a private charitable company, limited by guarantee. It is governed by its Memorandum & Articles of Association, adopted in revised form on 4 August 2009, which confer various powers, including powers to hold, maintain and administer property, money and investments; to buy and sell property and investments; and to take over any assets legally transferred to the Company.

Directors/Trustees

The Directors who served during the year were:

Mr K.R. Anderson Mrs J.W. Barr Miss A.C. Bartle (from 16 March 2024) Mr W. Duncan Revd. K.P. Gray (from 12 October 2024) Mrs C. Hogg Mr J. Ledger Revd A.D. McGougan Mr C.A. Randle Mr G.I. Wanless

Most Directors contribute their time voluntarily and do not receive any remuneration from the Company. Any expenses reimbursed by the Company are detailed in note 13 of the financial statements. The sole exception is Mr. G.I. Wanless, who, as treasurer and in recognition of the additional responsibilities he assumes, is entitled to an annual honorarium of 10% of a minister’s stipend.

The Directors are appointed by the United Reformed Church Northern Synod, while the officers are appointed by the Board. A balanced Board is sought, comprising a diverse range of experience, gender, and geographic representation. Vacancies are identified, and nominations are sought either through direct contact or via advertisement within the 50 churches of the Synod. Under the United Reformed Church Acts 1972-2000, all members and Directors are required to be members of a local church or ecumenical area of the United Reformed Church. Consequently, no candidates are sought outside the churches of the Northern Synod.

Upon appointment, all Directors are provided with an induction pack that outlines the Company’s work and includes the Charity Commission’s leaflet titled “The Essential Trustee: What You Need to Know.” Throughout the year, additional training is provided on a variety of pertinent subjects.

The Board convenes five times annually to receive reports, establish policies, and make significant financial decisions. Subcommittees are responsible for overseeing investments, staff compensation, denominational Ministry and Mission Fund assessments, church and manse property management, and human resources. Small grant applications are evaluated by a Synod Executive subcommittee, while larger applications are referred to the Board. Investments are closely monitored through regular quarterly reports from the Investment Managers. Additionally, periodic condition survey reports are received from the Property Consultants regarding the local church properties.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

All decisions are made by simple majority, with the Convenor having an additonal casting vote. The Board may make decisions by agreement of two Directors on straightforward, non-controversial matters. The day-to-day management of the Company’s affairs is carried out by two members of office staff, who are accountable to the Board. The Finance Officer and Trust Officer support the day-to-day operations of the Trust Company. Their tasks are operational in nature, and they work within the parameters defined by their role descriptions. The Trust Officer supports the Trust with administrative and legal support, including policy decisions that are referred to the Board.

The Trust maintains a remuneration policy that ensures effective resource stewardship while upholding objectivity and transparency. This approach fosters a perception of fairness and rationality in salary levels. The salaries of lay staff employed by the Trust are evaluated when a new position is established. This process is undertaken by members of the Human Resources sub-committee. In making a recommendation for an appropriate salary level, consideration is given to:

The proposed salary and its rationale are subsequently discussed with the Remuneration sub-committee, and the recommended outcome is forwarded to the Trust. Annual reviews of the salaries of lay staff are conducted to reflect the changes in the level of responsibility and the increases in the cost of living that have transpired over the past 12 months. In exceptional circumstances, the Remuneration sub-committee may recommend a bonus payment to acknowledge the exceptional performance of duties that far exceed the standard expectations for the post-holder.

Relations with other Parties

The Company conducts its operations in conjunction with and in support of the United Reformed Church Northern Synod, a non-profit, unincorporated charitable organisation.

Statement of Directors' responsibilities

The directors, who also act as trustees for the charitable activities of The United Reformed Church (Northern Province) Trust Limited, are responsible for preparing the Directors' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Directors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these accounts, the Directors are required to:

continue in operation.

The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

A resolution proposing that Sumer Auditco Limited be reappointed as auditor of the company will be put at a Board Meeting.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the Directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Directors' report was approved by the Board of Directors. .............................. [we5895DC3B747540C... by:

..............................

A.D. McGougan Director (Convenor)

05 August 2025 Dated: .........................

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

INDEPENDENT AUDITOR'S REPORT

TO THE DIRECTORS OF THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

Opinion

We have audited the financial statements of The United Reformed Church (Northern Province) Trust Limited (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

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

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the statement of Directors' responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

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

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and the sector in which it operates, we identified that the following laws and regulations are significant to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law and Charity Law.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.

These matters were discussed amongst the engagement team at the planning stage and the team remained alert throughout the audit.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence and legal costs incurred; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

..............................

Mr Stephen Slater (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Unit 2, Gosforth Park Avenue Newcastle upon Tyne NE12 8EG

12 August 2025

Date: .........................

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Current financial year
Unrestricted
funds
2024
Notes
£
Income and endowments from:
Donations and legacies
3
3,041
Investments
4
328,069
Other income
5
1,614,225
Total income
1,945,335
Expenditure on:
Charitable activities
6
869,680
Other expenditure
9
423,051
Total resources expended
1,292,731
Net gains/(losses) on investments
10
275,179
Net incoming/(outgoing) resources
before transfers
927,783
Gross transfers between funds
(476,576)
Net movement in funds
451,207
Fund balances at 1 January 2024
12,895,678
Fund balances at 31 December
2024
13,346,885		 Restricted Endowment
funds
funds
2024
2024
£
£
29,301
-
28,830
-
3,332
-
61,463
-
327,008
-
162,490
-
489,498
-
101,786
36,025
(326,249)
36,025
476,576
-
150,327
36,025
2,683,528
178,578
2,833,855
214,603		 Total
Total
as restated
2024
2023
£
£
32,342
483,841
356,899
367,036
1,617,557
1,519,896
2,006,798
2,370,773
1,196,688
2,128,165
585,541
70,473
1,782,229
2,198,638
412,990
1,150,482
637,559
1,322,617
-
-
637,559
1,322,617
15,757,784
14,435,167
16,395,343
15,757,784		 Total
Total
as restated
2024
2023
£
£
32,342
483,841
356,899
367,036
1,617,557
1,519,896
2,006,798
2,370,773
1,196,688
2,128,165
585,541
70,473
1,782,229
2,198,638
412,990
1,150,482
637,559
1,322,617
-
-
637,559
1,322,617
15,757,784
14,435,167
16,395,343
15,757,784
2,370,773
2,128,165
70,473
2,198,638
1,150,482
1,322,617
-
1,322,617
14,435,167
15,757,784

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Prior financial year - as restated
Unrestricted
funds
2023
Notes
£
Income and endowments from:
Donations and legacies
3
424,845
Investments
4
328,004
Other income
5
1,514,824
Total income
2,267,673
Expenditure on:
Charitable activities
6
2,009,330
Other expenditure
9
-
Total resources expended
2,009,330
Net gains/(losses) on investments
10
927,264
Net incoming/(outgoing) resources before
transfers
1,185,607
Gross transfers between funds
(129,104)
Net movement in funds
1,056,503
Fund balances at 1 January 2023
11,839,175
Fund balances at 31 December 2023
12,895,678		 Restricted Endowment
funds
funds
2023
2023
£
£
58,996
-
39,032
-
5,072
-
103,100
-
118,835
-
70,473
-
189,308
-
223,218
-
137,010
-
129,104
-
266,114
-
2,417,414
178,578
2,683,528
178,578		 Total
2023
£
483,841
367,036
1,519,896
2,370,773
2,128,165
70,473
2,198,638
1,150,482
1,322,617
-
1,322,617
14,435,167
15,757,784

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2024 2023
as restated
Notes £ £ £ £
Fixed assets
Tangible assets 15 1,120,400 1,206,631
Investment property 16 181,300 181,300
Investments 18 12,521,107 12,187,617
13,822,807 13,575,548
Current assets
Debtors falling due within one year 19 18,159 21,558
Debtors falling due after one year 19 12,782 37,782
Investments 20 2,555,000 2,739,950
Cash at bank and in hand 457,298 104,338
3,043,239 2,903,628
Creditors: amounts falling due within
one year 21 (43,641) (68,193)
Net current assets 2,999,598 2,835,435
Total assets less current liabilities 16,822,405 16,410,983
Provisions for liabilities 22 (427,062) (653,199)
Net assets 16,395,343 15,757,784
The funds of the charity
Endowment funds 23 214,603 178,578
Restricted income funds 24 2,833,855 2,683,528
Unrestricted funds 25 13,346,885 12,895,678
16,395,343 15,757,784
05 August 2025 05 August 2025
The financial statements were approved by the Directors on .........................
..............................
Si
dby:
tgned
by
FAC6C996393B433...		 ..............................
Signed by:
Too
5895DC3B747540C...
G.I. Wanless A.D. McGougan

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
31
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investments
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(1,875,710)
(2,679)
50,000
1,764,450
356,899
2,168,670
-
292,960
104,338
457,298		 2023
as restated
£
£
(1,700,371)
(229,710)
-
783,196
367,036
920,522
-
(779,849)
884,187
104,338

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

The United Reformed Church (Northern Province) Trust Limited is a private company limited by guarantee incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The registered office is 4 College Lane, Newcastle upon Tyne, NE1 8JJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.

1.2 Going concern

The financial statements have been prepared on the going concern basis. The Directors have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

1.3 Charitable funds

Transfers to and from the General reserve fund to designated funds are made in accordance with the annual budget and in accordance with need. Funds are closed when the purpose for which they were created comes to an end, or it is otherwise resolved to discontinue them.

Details of the nature and purpose of each fund are explained in note 26. Designated funds are determined by the Board.

1.4 Incoming resources

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

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income arising on endowed funds is treated as an addition to the endowment.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is accounted for on an accruals basis. Grants payable are voluntary payments to individuals, local URC churches or other organisations in accordance with the purpose of the relevant fund. They are accounted for when they have been approved.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include staff and governance costs which support the charity and its activities. These costs have been allocated to expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 8.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold properties have been brought into the financial statements at the value at which they had previously been included in the accounts of the Northern Synod in 2009. Properties brought in after this date are valued at market value on donation or purchase.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% straight line Fixtures and fittings 25% straight line Loans No depreciation Property improvements 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.11 Provisions

Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the trustees have considered both external and internal sources of information such as market conditions and experience of recoverability.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(Continued)

Key sources of estimation uncertainty

Determining residual values and useful economic lives of tangible fixed assets

The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by trustees when determining the residual values for tangible fixed assets. When determining the residual value trustees aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Valuation of investment property

As described in note 16 to the financial statements, the investment property is stated at fair value based on the valuation performed by an independent professional valuer, Sanderson Weatherall, Chartered Surveyors with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the property

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
41
58,404
Grants receivable
3,000
(29,103)
3,041
29,301
Donations and gifts
Legacies
41
-
M&M contributions
-
58,404
41
58,404
Grants receivable for
core activities
URC London - Legacy
grant no longer required
-
(29,103)
URC London -
Discipleship grant
3,000
-
3,000
(29,103)		 Total Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
58,445
424,845
58,996
(26,103)
-
-
32,342
424,845
58,996
41
424,845
-
58,404
-
58,996
58,445
424,845
58,996
(29,103)
-
-
3,000
-
-
(26,103)
-
-		 Total
2023
£
483,841
-
483,841
424,845
58,996
483,841
-
-
-

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Investments

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Rental income
18,500
-
Income from listed
investments
305,031
28,830
Interest receivable
4,538
-
328,069
28,830		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
18,500
18,083
-
333,861
304,890
39,032
4,538
5,031
-
356,899
328,004
39,032		 Total
2023
£
18,083
343,922
5,031
367,036

Rental income from investment properties is accounted for under income from investments.

5 Other income

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Properties held for resale
1,500,000
-
Other income
92,573
3,332
Rental income
15,452
-
Grants received
6,200
-
1,614,225
3,332		 Total Unrestricted
Restricted
Total
funds
funds
as restated
2024
2023
2023
2023
£
£
£
£
1,500,000
1,454,950
-
1,454,950
95,905
35,862
5,072
40,934
15,452
18,702
-
18,702
6,200
5,310
-
5,310
1,617,557
1,514,824
5,072
1,519,896		 Total Unrestricted
Restricted
Total
funds
funds
as restated
2024
2023
2023
2023
£
£
£
£
1,500,000
1,454,950
-
1,454,950
95,905
35,862
5,072
40,934
15,452
18,702
-
18,702
6,200
5,310
-
5,310
1,617,557
1,514,824
5,072
1,519,896
1,519,896

Church properties handed over to the Trust for resale during 2024 are shown under properties held for resale. Properties that remain unsold have been included as current assets in assets held for sale, valued at expected sale value.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6 Charitable activities

Discipleship
Mission
Partnership
Property
2024
2024
2024
2024
£
£
£
£
Staff costs
-
76,656
-
-
Depreciation
-
-
-
15,420
Direct activities
7,405
30,063
11,853
183,910
7,405
106,719
11,853
199,330
Grant funding of activities
(see note 7)
13,466
144,265
17,040
255,100
Share of support costs (see
note 8)
95,797
114,458
147,475
76,286
Share of governance costs
(see note 8)
1,873
1,874
1,873
1,874
118,541
367,316
178,241
532,590
Analysis by fund
Unrestricted funds
118,541
367,316
(125,213)
509,036
Restricted funds
-
-
303,454
23,554
118,541
367,316
178,241
532,590
For the year ended 31 December 2023
Discipleship
Mission
Partnership
£
£
£
Staff costs
-
37,193
-
Depreciation and impairment
-
-
-
Direct activities
4,404
110,499
903,582
4,404
147,692
903,582
Grant funding of activities (see note 7)
9,230
139,001
15,429
Share of support costs (see note 8)
98,989
103,675
158,171
Share of governance costs (see note 8)
1,859
1,859
1,859
114,482
392,227
1,079,041
Analysis by fund
Unrestricted funds
114,482
392,227
995,199
Restricted funds
-
-
83,842
114,482
392,227
1,079,041		 Mission
Partnership		 Mission
Partnership		 Property
2024
£
-
15,420
183,910
199,330
255,100
76,286
1,874
532,590
509,036
23,554
532,590		 Total
2024
£
76,656
15,420
233,231
325,307
429,871
434,016
7,494
1,196,688
869,680
327,008
1,196,688
Property
£
-
15,420
198,482
213,902
253,771
72,883
1,859
542,415
507,422
34,993
542,415		 Total
2023
£
37,193
15,420
1,216,967
2024
£
76,656
-
30,063
106,719
144,265
114,458
1,874
367,316
367,316
-
367,316		 2024
£
-
-
11,853
11,853
17,040
147,475
1,873
178,241
(125,213)
303,454
178,241
1,269,580
417,431
433,718
7,436
2,128,165
2,009,330
118,835
2,128,165
Total
2023
£
37,193
15,420
1,216,967
Mission
Partnership
£
-
-
4,404
4,404
9,230
98,989
1,859
114,482
114,482
-
114,482		 £
37,193
-
110,499
147,692
139,001
103,675
1,859
392,227
392,227
-
392,227		 £
-
-
903,582
903,582
15,429
158,171
1,859
1,079,041
995,199
83,842
1,079,041
1,269,580
417,431
433,718
7,436
2,128,165
2,009,330
118,835
2,128,165

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Grants payable

Current financial year

Current financial year Current financial year
Discipleship
2024
£
Grants to institutions:
Roker URC
-
Manse Repair and Maintenance Annual
Grants
-
St George's URC, High Heaton
-
Redcar URC
-
Holy Island Mission Project
-
Wooler URC
-
Trinity Church, Ashington
-
Rothbury URC
-
St Andrew's Church, Crook
-
St James's URC Newcastle
-
St Columba's URC North Shields
-
Widdrington URC
-
St Margaret's URC South Shields
-
Northallerton URC
-
St James's URC Alnwick
-
Northumbrian Industrial Mission
-
Heaton Churches Together
-
West Denton Community Church
-
Stockton Road URC
-
CY&F Grants
-
Less grants no longer required
-
Minor institutional grants
-
-
Grants to individuals
13,466
13,466		 Mission
Partnership
Property
2024
2024
2024
£
£
£
9,000
-
-
-
-
13,000
-
-
16,091
-
5,000
61,000
10,000
-
-
15,920
-
2,250
-
-
2,630
4,500
-
-
-
1,000
-
9,500
-
37,507
9,000
-
26,223
-
-
4,000
-
-
5,000
-
-
100,000
-
-
2,450
15,000
-
-
1,000
-
-
50,000
-
-
8,452
-
-
46,106
-
-
(39,310)
-
(15,051)
5,097
11,040
-
144,265
17,040
255,100
-
-
-
144,265
17,040
255,100		 2024
£
9,000
13,000
16,091
66,000
10,000
18,170
2,630
4,500
1,000
47,007
35,223
4,000
5,000
100,000
2,450
15,000
1,000
50,000
8,452
46,106
(54,361)
16,137
416,405
13,466
429,871
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,466
13,466		 2024
£
9,000
-
-
-
10,000
15,920
-
4,500
-
9,500
9,000
-
-
-
-
15,000
1,000
50,000
8,452
46,106
(39,310)
5,097
144,265
-
144,265		 2024
£
-
-
-
5,000
-
-
-
-
1,000
-
-
-
-
-
-
-
-
-
-
-
-
11,040
17,040
-
17,040

A full list of the individuals and institutions to which the grants have been committed is available on request from the Synod office.

Discipleship

Discipleship grants are awarded for specific developments and projects which strengthen individual or group faith experience.

Mission

Mission grants are awarded to fund events and projects central to the company's purpose including promoting evangelism and church growth.

Partnership

Partnership grants are awarded to support joint working with ecumenical, community and global partners.

Property

Property grants are awarded to support local churches in funding proper care of their properties.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7
Grants payable
Prior financial year
Discipleship
2023
£
Grants to institutions:
Roker URC
-
Northgate URC Darlington
-
Manse Repair and Maintenance Annual
Grants
-
Faith in the Community
-
West End URC
-
St Aidan's URC, Hexham
-
St George's URC, High Heaton
-
Keld Resource Centre
-
St Columba's URC, Billingham
-
Sunderland Connect Network
-
Redcar URC
-
St Andrew's URC, Kenton
-
Guisborough URC
-
Horsley URC
-
Holy Island Mission Project
-
Grindon Church Community Project
-
Church Action in Poverty North East
-
Church of the Good Shepherd
-
Wooler URC
-
St Cuthbert's LEP, Heaton
-
Trinity Church, Ashington
-
Rothbury URC
-
Low Row Church
-
St Andrew's Church, Crook
-
Christ Church, Stanley
-
Less grants no longer required
-
Minor institutional grants
20
20
Grants to individuals
9,210
9,230		 7
Grants payable
Prior financial year
Discipleship
2023
£
Grants to institutions:
Roker URC
-
Northgate URC Darlington
-
Manse Repair and Maintenance Annual
Grants
-
Faith in the Community
-
West End URC
-
St Aidan's URC, Hexham
-
St George's URC, High Heaton
-
Keld Resource Centre
-
St Columba's URC, Billingham
-
Sunderland Connect Network
-
Redcar URC
-
St Andrew's URC, Kenton
-
Guisborough URC
-
Horsley URC
-
Holy Island Mission Project
-
Grindon Church Community Project
-
Church Action in Poverty North East
-
Church of the Good Shepherd
-
Wooler URC
-
St Cuthbert's LEP, Heaton
-
Trinity Church, Ashington
-
Rothbury URC
-
Low Row Church
-
St Andrew's Church, Crook
-
Christ Church, Stanley
-
Less grants no longer required
-
Minor institutional grants
20
20
Grants to individuals
9,210
9,230		 (Continued)
Mission
Partnership
Property
2023
2023
2023
2023
£
£
£
£
9,000
-
-
9,000
-
-
150,603
150,603
-
-
11,110
11,110
36,000
-
-
36,000
-
-
35,348
35,348
-
-
3,000
3,000
-
3,553
-
3,553
31,800
-
-
31,800
21,995
-
-
21,995
20,000
-
-
20,000
9,869
-
10,000
19,869
-
-
9,961
9,961
-
-
10,650
10,650
-
-
10,000
10,000
10,000
-
-
10,000
-
-
8,919
8,919
5,635
-
-
5,635
-
-
5,000
5,000
-
-
5,000
5,000
-
-
4,500
4,500
-
-
4,425
4,425
-
-
4,224
4,224
-
-
3,138
3,138
-
1,000
-
1,000
-
800
-
800
(12,527)
-
(22,107)
(34,634)
-
9,076
-
9,096
131,772
14,429
253,771
399,992
7,229
1,000
-
17,439
139,001
15,429
253,771
417,431		 (Continued)
Mission
Partnership
Property
2023
2023
2023
2023
£
£
£
£
9,000
-
-
9,000
-
-
150,603
150,603
-
-
11,110
11,110
36,000
-
-
36,000
-
-
35,348
35,348
-
-
3,000
3,000
-
3,553
-
3,553
31,800
-
-
31,800
21,995
-
-
21,995
20,000
-
-
20,000
9,869
-
10,000
19,869
-
-
9,961
9,961
-
-
10,650
10,650
-
-
10,000
10,000
10,000
-
-
10,000
-
-
8,919
8,919
5,635
-
-
5,635
-
-
5,000
5,000
-
-
5,000
5,000
-
-
4,500
4,500
-
-
4,425
4,425
-
-
4,224
4,224
-
-
3,138
3,138
-
1,000
-
1,000
-
800
-
800
(12,527)
-
(22,107)
(34,634)
-
9,076
-
9,096
131,772
14,429
253,771
399,992
7,229
1,000
-
17,439
139,001
15,429
253,771
417,431
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20
20
9,210
9,230		 2023
£
9,000
-
-
36,000
-
-
-
31,800
21,995
20,000
9,869
-
-
-
10,000
-
5,635
-
-
-
-
-
-
-
-
(12,527)
-
131,772
7,229
139,001		 2023
£
-
-
-
-
-
-
3,553
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,000
800
-
9,076
14,429
1,000
15,429

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8
Support costs
Staff costs
Depreciation
Office & executive
Office staff costs
Field Team costs
Audit fees
Sundry expenses
Analysed between
Charitable activities
Basis of allocation
Discipleship
Mission
Partnership
Property		 Support
costs
Governance
costs
£
£
333,603
-
23,490
-
65,163
-
5,904
-
5,856
-
-
7,200
-
294
434,016
7,494
434,016
7,494		 2024
Support
costs
Governance
costs
2023
£
£
£
£
333,603
333,344
-
333,344
23,490
23,678
-
23,678
65,163
62,479
-
62,479
5,904
7,480
-
7,480
5,856
6,737
-
6,737
7,200
-
7,200
7,200
294
-
236
236
441,510
433,718
7,436
441,154
441,510
433,718
7,436
441,154
Office &
executive
Office
staff
Field Team
%
%
%
25
20
23
25
21
34
25
31
43
25
28
-
100
100
100		 2023
£
333,344
23,678
62,479
7,480
6,737
7,200
236
441,154
441,154
100

Support and governance costs are allocated as an approximation of average working time for staff costs, and equally between all categories for the running costs of the Synod Office and the Synod Executive Committee.

Governance costs includes payments to the auditors of £5,400 (2023: £5,400) for audit fees and £1,800 (2023: £1,800) for non audit services.

9 Other expenditure

Unrestricted Restricted Total Restricted Total
funds funds funds
2024 2024 2024 2023 2023
Monies paid to investors 423,051 162,490 585,541 70,473 70,473

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Net gains/(losses) on investments

Unrestricted
Restricted Endowment
Total Unrestricted Restricted
funds
funds
funds
funds
funds
2024
2024
2024
2024
2023
2023
£
£
£
£
£
£
Gain/(loss) on
revaluation of
investments
270,369
101,786
-
372,155
898,920
223,218
Gain/(loss) on
sale of
investments
4,810
-
36,025
40,835
28,344
-
275,179
101,786
36,025
412,990
927,264
223,218
11
Net movement in funds
2024
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7,200
Depreciation of owned tangible fixed assets
38,910		 Total
2023
£
1,122,138
28,344
1,150,482
2023
£
7,200
39,098

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Directors

None of the Directors (or any persons connected with them) received remuneration during the year (2023: none), but 7 of them were reimbursed a total of £1,822 travelling and other expenses (2023: 5 were reimbursed £776).

The treasurer received an annual honorarium of £3,253 (2023: £3,098) being 10% of a minister's stipend in recognition of the additional work carried out by him.

14 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Head count 15 13
Full-time equivalent 11 10

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

14
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2024
2023
£
£
313,650
275,275
27,868
25,287
68,741
69,975
410,259
370,537		 (Continued)
2024
2023
£
£
313,650
275,275
27,868
25,287
68,741
69,975
410,259
370,537
370,537

Key management are considered to be the Directors of the Trust, none of whom received any remuneration this year or in the previous year.

There were no employees whose annual remuneration was more than £60,000.

15 Tangible fixed assets

Tangible fixed assets
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation and impairment
At 1 January 2024
Depreciation charged in the year
Eliminated in respect of disposals
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 Freehold
land and
buildings
Fixtures and
fittings
£
£
988,450
38,733
-
2,679
-
(946)
988,450
40,466
136,008
34,149
15,420
2,885
-
(946)
151,428
36,088
837,022
4,378
852,442
4,584		 Loans
Property
improvements
£
£
225,983
206,034
-
-
(50,000)
-
175,983
206,034
-
82,412
-
20,605
-
-
-
103,017
175,983
103,017
225,983
123,622		 Total
£
1,459,200
2,679
(50,946)
1,410,933
252,569
38,910
(946)
290,533
1,120,400
1,206,631

Freehold properties comprised in the total above are functional assets and managed by the Trust. Loans relate to properties for the purpose of providing houses for some ministers, retired ministers and their spouses. These properties are managed by the United Reformed Church Retired Ministers' Housing Society Limited.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16 Investment property

Investment property
2024
£
Fair value
At 1 January 2024 as restated and 31 December 2024 181,300

Included in the fair value is Berwick Church which is currently being leased by the Spittal Improvement Trust and has a fair value as at at 31 December 2024 of £181,300.

17 Financial instruments

Financial instruments
2024 2023
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 2,555,000 2,739,950

18 Fixed asset investments

Common
investment fund
Cost or valuation
At 1 January 2024 12,187,617
Additions 118,303
Valuation changes 372,155
Disposals (156,968)
At 31 December 2024 12,521,107
Carrying amount
At 31 December 2024 12,521,107
At 31 December 2023 12,187,617
19
Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income		 2024
£
8,702
9,457
18,159		 2023
£
16,049
5,509
21,558

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19 Debtors (Continued)
2024 2023
Amounts falling due after more than one year: £ £
Other debtors 12,782 37,782
Total debtors 30,941 59,340
20 Current asset investments
2024 2023
£ £
Assets held for sale 2,555,000 2,739,950
21 Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 6,486 20,283
Accruals and deferred income 37,155 47,910
43,641 68,193
22 Provisions for liabilities
2024 2023
£ £
Grant provisions 427,062 253,199
Pension provisions - 400,000
427,062 653,199
Movements on provisions:
Grant Pension Total
provisions provisions
£ £ £
At 1 January 2024 253,199 400,000 653,199
Reversal of provision (54,361) (400,000) (454,361)
Utilisation of provision (231,501) - (231,501)
Additional provisions in the year 459,725 - 459,725
At 31 December 2024 427,062 - 427,062

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(Continued)

22 Provisions for liabilities

Included in the above grants are amounts which are expected to be paid after more than one year totalling £162,545 (2023: £113,092).

Grants are normally awarded with a maximum contribution towards costs and a time frame to be claimed. If the grant is underspent or not claimed within the allotted time frame, the unclaimed grant provision is reversed.

A full list of the individuals and institutions to which the grants have been committed is available on request from the Synod office.

23 Endowment funds

Current financial year

At 1
Permanent endowments
Prior financial year
At 1
Permanent endowments		 January
2024
Gains and
losses
At 31
December
2024
£
£
£
178,578
36,025
214,603
January
2023
Gains and
losses
At 31
December
2023
£
£
£
178,578
-
178,578

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Restricted funds

Current financial year

Current financial year
Movement in funds
Balance at Incoming Resources Transfers Gains and Balance at
1 January resources expended losses 31 December
2024 2024
£ £ £ £ £ £
Dales fund 48,326 - - - 1,106 49,432
Ministry & mission fund 122,005 58,403 (291,125) 234,249 2,361 125,893
Moderator's benevolent
fund 1,339 - (2,350) 2,100 - 1,089
Mozambique
partnership fund 20,231 247 - - 477 20,955
Mozambique project
fund 1,023 12 - - 24 1,059
Students' fund 9,958 - - - - 9,958
Pulpit supply fund - - - - 228 228
Trust capital funds 1,209,766 30,088 (32,090) (15,741) 27,561 1,219,584
Church funds 1,240,664 2,000 (162,443) 255,407 70,029 1,405,657
Northerly Synods
Listening and
Reconciliation Fund 29,102 (29,102) - - - -
Safeguarding fund 650 - (90) (560) - -
Charity Collections fund 185 (185) - - - -
Northerly Synods
general fund 279 - (1,400) 1,121 - -
2,683,528 61,463 (489,498) 476,576 101,786 2,833,855

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Restricted funds (Continued)
Prior financial year
Movement in funds
Balance at Incoming Resources Transfers Gains and Balance at
1 January resources expended losses 1 January
2023 2024
£ £ £ £ £ £
Dales fund 44,387 - - - 3,939 48,326
Ministry & mission fund 125,997 58,996 (73,176) - 10,188 122,005
Moderator's benevolent
fund 1,399 - (1,060) 1,000 - 1,339
Mozambique
partnership fund 18,099 512 - - 1,620 20,231
Mozambique project
fund 915 26 - - 82 1,023
Students' fund 9,146 - - - 812 9,958
Pulpit supply fund 187 - - (187) - -
Trust capital funds 1,125,917 31,359 (45,882) - 98,372 1,209,766
Church funds 1,060,805 12,022 (68,659) 128,291 108,205 1,240,664
Northerly Synods
Listening and
Reconciliation Fund 29,102 - - - - 29,102
Safeguarding fund 650 - - - - 650
Charity Collections fund - 185 - - - 185
Northerly Synods
general fund 810 - (531) - - 279
2,417,414 103,100 (189,308) 129,104 223,218 2,683,528

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Unrestricted funds

Current financial year
At 1 January
2024
£
General funds
658,349
General reserve
2,187,210
Property
valuations
1,267,339
Manse fund
6,383,412
Property fund
1,102,852
Mission Fund
538,563
C&Y Strategy
725,552
Dr Brand
Legacy
16,092
Minsters'
Pension Fund
-
Retired
Ministers'
Housing
-
Revenue Fund
16,309
12,895,678		 Incoming
resources
£
332,022
76,602
-
868,036
667,880
7,731
8,137
1,236
-
-
(16,309)
1,945,335		 Resources
expended
£
(627,275)
373,397
(15,420)
(468,825)
(305,068)
(123,475)
(126,065)
-
-
-
-
(1,292,731)		 Transfers
£
11,409
(204,822)
-
(1,035,732)
-
-
(13,572)
-
761,419
4,722
-
(476,576)		 Gains and
losses
£
13,920
60,555
-
142,035
26,500
31,786
-
383
-
-
-
275,179		 At 31
December
2024
£
388,425
2,492,942
1,251,919
5,888,926
1,492,164
454,605
594,052
17,711
761,419
4,722
-
13,346,885

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25
Unrestricted funds
Prior financial year - as restated
At 1 January
2023
£
General funds
868,138
General reserve
2,008,870
Property
valuations
1,056,759
Manse fund
5,097,853
Property fund
1,365,383
Mission Fund
544,422
C&Y Strategy
796,533
Dr Brand
Legacy
13,767
Minsters'
Pension Fund
43,365
Retired
Ministers'
Housing
44,085
Revenue Fund
-
11,839,175		 Incoming
resources
£
159,322
460,583
-
1,381,342
249,089
-
-
1,028
-
-
16,309
2,267,673		 Resources
expended
£
(583,598)
(712,760)
(9,420)
(58,120)
(314,756)
(229,916)
(56,675)
-
-
(44,085)
-
(2,009,330)		 Transfers
£
12,994
216,817
-
(230,024)
(178,048)
106,828
(14,306)
-
(43,365)
-
-
(129,104)		 (Continued)
Gains and
losses
At 31
December
2023
£
£
46,493
503,349
213,700
2,187,210
220,000
1,267,339
192,361
6,383,412
136,184
1,257,852
117,229
538,563
-
725,552
1,297
16,092
-
-
-
-
-
16,309
927,264
12,895,678

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26 Nature and purpose of funds

General fund

This fund is unrestricted, and was set up by Trust resolution in 2009, and designated for the day-to-day running of the Northern Synod. It was originally formed by combining various designated funds and is funded from investment income and property sales. This asset is represented by pooled investments and cash and office furniture and fittings.

General reserve fund

This fund is unrestricted, and consists of all the undesignated monies of the Synod. This asset is represented by pooled investments and cash.

Property valuations fund

This fund is unrestricted, and was set up in 2009. This asset is represented solely by property.

Manse fund

This fund is unrestricted, and was set up in 2006, and is funded from the sale of manses and retired ministers' houses. This asset is represented by pooled investments and cash. The Manse Fund is designated for making grants to churches and expenses incurred by the Trust in respect of manses.

Property fund

This fund is unrestricted, and was set up by Trust resolution in 2009 and is designated for making grants to churches and expenses incurred by the Trust in respect of property matters. It is funded from the sale of churches and halls and is represented by pooled investments and cash.

Mission fund

This fund is unrestricted, and was set up by Trust resolution in 2009. This fund is designated for the provision of grants for small church/community projects and longer term projects which will require more substantial funding. The fund is a combination of the Development Fund and a legacy received, and is now funded from the sales of properties. This asset is represented by pooled investments and cash.

Dr Brand legacy fund

This fund is unrestricted and arises from legacy income and is represented by pooled investments and cash. Dr James Brand left a legacy to the Presbytery of Newcastle in the 1960s. The Trust/Synod inherited it among the assets of the Districts of Newcastle and Durham & Teesside in 2008.

C&Y Strategy Fund

This fund is designated and is available for a children and youth work strategy agreed in 2021. This fund is designated from the Mission fund therefore will not receive any investment income.

Retired Minister's Housing Fund

This fund is unrestricted and is designated for retired ministers' housing purposes. It arose from 15% of manse sales, although this is no longer the case, and is represented by pooled investments and cash.

Ministers' pension fund

This fund is unrestricted and is designated for contributing to the deficit on the URC ministers' pension fund. It arises from the sale of manses and is represented by pooled investments and cash.

Revenue fund

This fund is unrestricted and represents investment income to be distributed to funds

Dales fund

The Dales Fund is restricted and is used to support rural ministry and properties in Swaledale. It is represented by pooled investments and cash.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26 Nature and purpose of funds

(Continued)

Ministry and mission fund

This fund is restricted, and was set up in 1992, for the sole purpose of meeting ministry and mission commitments as necessary. It arises from accumulated surpluses and transfers from the Lancashire Congregational Union and North Tyne fund. Contributions from and to ecumenical partners are posted through this fund. This asset is represented by pooled investments and cash.

Moderator's benevolent fund

This fund is restricted, and was set up in 1996 for the sole purpose of making discretionary grants to individuals. It arises from donations received by the Moderator and by transfers from reserves. This asset is represented by one designated bank account and cash.

Mozambique partnership fund

This fund is restricted and was created in 2010 to sustain the partnership between Northern Synod and the Igreja Presbiteriana de Moçambique. The fund is supported by general donations from individuals and the General Reserve Fund. The asset is represented by pooled investments and cash.

Mozambique project fund

This fund was established in 2010 and is restricted. The fund was set up to collect donations from individuals, to support specific projects relating to the Partnership in Mozambique. The asset is represented by pooled investments and cash.

Students' fund

The Students' Fund was transferred from Newcastle Presbytery and is restricted to provide book grants to ministerial students. The asset is represented by pooled investments and cash.

Pulpit supply fund

This fund is restricted and was set up in 2011 to collect contributions from local churches and pay preaching fees and expenses in Northumberland. This asset is represented by pooled investments and cash.

Trust capital funds

These funds are restricted and arose from the sale of properties, and have been designated by Synod resolution for specific churches. These assets are represented by pooled investments and cash.

Church funds

These funds are restricted and are held on behalf of local churches. These assets are represented by discrete (ie, separately identified) investment subaccounts and cash.

Northerly Synods Listening and Reconciliation Fund

This fund is restricted and was set up in 2017. This fund will manage the grant received for this project in the five Northerly Synods and is represented by cash.

Charity Collections

This fund is restricted and was set up in 2019 to hold monies collected for specific charities.

Safeguarding Fund

This fund is restricted and was set up to hold a grant of £2,000 received from URC London.

Northerly Synods General Fund

This fund is restricted and was set up to hold funds from the five Northerly Synods. This fund is managed by Northern Synod.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

27 Analysis of net assets between funds

Current financial year

Unrestricted
2024
£
Fund balances at 31 December 2024 are
represented by:
Tangible assets
1,020,400
Investment properties
181,300
Investments
9,895,005
Programme related assets
(114,603)
Current assets/(liabilities)
2,791,845
Provisions
(427,062)
13,346,885
Prior financial year - as restated
Unrestricted
2023
£
Fund balances at 31 December 2023 are
represented by:
Tangible assets
1,056,631
Investment properties
181,300
Investments
9,519,025
Current assets/(liabilities)
2,791,921
Long term liabilities
-
Provisions
(653,199)
12,895,678		 Unrestricted
2024
£
Fund balances at 31 December 2024 are
represented by:
Tangible assets
1,020,400
Investment properties
181,300
Investments
9,895,005
Programme related assets
(114,603)
Current assets/(liabilities)
2,791,845
Provisions
(427,062)
13,346,885
Prior financial year - as restated
Unrestricted
2023
£
Fund balances at 31 December 2023 are
represented by:
Tangible assets
1,056,631
Investment properties
181,300
Investments
9,519,025
Current assets/(liabilities)
2,791,921
Long term liabilities
-
Provisions
(653,199)
12,895,678		 Restricted Endowed
2024
£
100,000
-
-
114,603
-
-
214,603
Endowed
2023
£
150,000
-
-
28,578
-
-
178,578		 Total
2024
£
1,120,400
181,300
12,521,107
-
2,999,598
(427,062)
16,395,343
Total
2023
£
1,206,631
181,300
12,187,617
2,835,435
-
(653,199)
15,757,784
2024
£
1,020,400
181,300
9,895,005
(114,603)
2,791,845
(427,062)
13,346,885		 2024
£
-
-
2,626,102
-
207,753
-
2,833,855
Restricted
2023
£
1,056,631
181,300
9,519,025
2,791,921
-
(653,199)
12,895,678		 2023
£
-
-
2,668,592
14,936
-
-
2,683,528

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

28 Operating lease commitments

Lessor

The company owns two properties for rental purposes.

Rental income earned during the year for one property was £13,500 (2023: £10,875). The property has a committed tenant until 2042.

Rental income amount of £5,000 (2023: £4,583) was received for the property acquired in the 2022. The property has a committed tenant until 31 January 2028.

At the reporting end date the charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years
In over five years		 2024
£
18,500
77,917
162,000
258,417		 2023
£
18,500
69,417
189,000
276,917

29 Related party transactions

There were no disclosable related party transactions during the year (2023: none).

30 Properties vested in the company as custodian trustee

A comprehensive list of properties vested in the company is available on request to the URC Northern Synod Office.

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

31
Cash absorbed by operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gift of property
(Gain)/loss on disposal of tangible fixed assets
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Investment fee rebate
Movements in working capital:
Decrease in debtors
(Decrease)/increase in creditors
Decrease in provisions
Cash absorbed by operations		 2024
2023
as restated
£
£
637,559
1,322,617
(356,899)
(367,036)
(1,560,000)
(1,609,950)
-
575
(40,835)
(28,344)
(355,784)
(1,122,138)
38,910
39,098
(16,371)
(16,309)
28,399
45,333
(24,552)
21,941
(226,137)
(141,158)
(1,875,710)
(1,855,371)		 2024
2023
as restated
£
£
637,559
1,322,617
(356,899)
(367,036)
(1,560,000)
(1,609,950)
-
575
(40,835)
(28,344)
(355,784)
(1,122,138)
38,910
39,098
(16,371)
(16,309)
28,399
45,333
(24,552)
21,941
(226,137)
(141,158)
(1,875,710)
(1,855,371)
(1,855,371)

32 Prior period adjustment

At 31 December 2023 investment properties were misstated due to a misclassification of a property being held for sale. A prior year adjustment has been made to correct this error.

Other income has reduced by £155,000 due to the reduction in fair value movement of the investment property.

The impact of the above on the 2023 financial statements is as follows

Changes to the balance sheet

Changes to the balance sheet
At 31 December 2023
As previously
reported
Adjustment
£
£
Fixed assets
Investment properties
336,300
(155,000)
Capital funds
Endowment funds
178,578
-
Income funds
Restricted funds
2,683,528
-
Unrestricted funds
13,050,678
(155,000)
Total equity
15,912,784
(155,000)		 As restated
£
181,300
178,578
2,683,528
12,895,678
15,757,784

Docusign Envelope ID: 31DCB430-DD4F-46A4-995D-F47CD5368DAD

THE UNITED REFORMED CHURCH (NORTHERN PROVINCE) TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

32 Prior period adjustment

(Continued)

Changes to the profit and loss account

Changes to the profit and loss account
Period ended 31 December 2023
As previously Adjustment As restated
reported
£ £ £
Other income 1,674,896 (155,000) 1,519,896
Net movement in funds 1,477,617 (155,000) 1,322,617

33 Analysis of changes in net funds

The charity had no material debt during the year.

34 Retirement benefit schemes

Final salary (defined benefit) pension scheme

The Trust is a participating member of The United Reformed Church Final Salary Scheme, a pension scheme principally for la staff which is administerd by TPT Retirement Solutions Trust (formerly The Pensions Trust). The scheme is a defined benefit scheme. It was closed to future accrual on 28 February 2023 and staff were moved into a defined contribution scheme administered by Aon Master Trust on 1 March 2023. The Trust contributed £68,741 (2023: £54,191) into this defined contribution scheme during the year. The Trust is unable to identify its share of the underlying assets and liabilities of the defined benefit sheme. The most recent formal actuarial review of the defined benefit scheme was at 30 September 2022 when the scheme had a surplus of £1,446,000. The assumptions underlying that valuation include: