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← Trust Property Administered By The Mersey Synod Of The United Reformed Church

2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1132754

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

P B Syddall & Co Chartered Accountants & Statutory Auditors Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Page
Report of the Trustees 1 to 10
Statement of Trustees' Responsibilities 11
Report of the Independent Auditors 12 to 14
Statement of Financial Activities 15 to 16
Statement of Financial Position 17
Statement of Cash Flows 18
Notes to the Statement of Cash Flows 19
Notes to the Financial Statements 20 to 30
Detailed Statement of Financial Activities 31 to 32

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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 Synod was established as part of the formation of the United Reformed Church by the United Reformed Acts of 1972 and 1981 and is the representative of the local churches within Mersey Synod for the purpose of dealing with matters of wider concern.

Through its work the Synod is able to provide pastoral, financial, educational and technical support to the local congregations, their ministers, Elders and lay people in their life and mission.

The criteria used to help and support local churches is a commitment to looking for new opportunities for being church in the Mersey region, a commitment to caring pastorally for its local churches, ministers and staff, a commitment to the proper care and administration of its resources, a commitment to addressing issues of justice and peace and a commitment to reviewing, on a regular basis, its life and mission.

OBJECTIVES AND ACTIVITIES

Objectives and policies

In common with the other regional Synods of the United Reformed Church, the Mersey Synod is primarily concerned with the maintenance and mission of the local churches falling within its provincial area.

The synod is a registered charity number 1132754 and supports the work of 74 churches and 2,309 members within the Mersey region.

Its objective is to advance the Christian religion in accordance with the doctrine and principles of the United Reformed Church.

This includes inter alia, the acquisition of new church properties and disposal of redundant properties, the calling and training of ordained ministers and of lay leaders and developing ecumenical relationships with other Christian churches.

The Mersey Synod also acts as an agent to organise the collection of local church assessments which are paid to the General Assembly Offices of the United Reformed Church in the United Kingdom in London.

Churches and Manse properties

The charity is associated with United Reformed Church (Mersey Province) Trust Limited (The), an incorporated charity that is responsible for managing property of which it has charge over, ensuring that it is used for the advancement of the Christian religion.

The Trust is trustee of the premises and manses of the local churches in the Synod and the proceeds of sale thereof.

The Trust does not own the properties beneficially and therefore they do not form part of its corporate property.

Proceeds from the sale of any properties are ultimately those of the reporting charity, as are the purchase costs of any property acqusitions.

The relationship between the Synod and the Trust in relation to church properties and manses is detailed in the second schedule to the URC Act 1972 as amended by the URC Act 1981.

Public benefit

The trustees have referred to the general guidance issued by the Charity Commission on public benefit when considering the delivery of activities in furtherance of the aims and objectives.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Social investments

A social investment is one made in part to further the charitable purposes of the investing charity and in part to generate a financial return.

The value of social investments as at 31 December 2023 was £NIL (2022 £NIL).

Grantmaking policy and procedures

Grant applications are invited from URC churches and other affiliated URC bodies within the catchment of the Mersey Synod.

Applications for assistance with projects to upgrade property are assessed for value and feasibility by the Synod Property Manager and the Synod Resources Committee who receive advice from other experts such as surveyors and architects. The Synod Pastoral Support Committee reviews applications to ensure that grants meet the objectives and mission of the URC.

Specialist applications, including initiatives to support Mission, are normally reviewed by the Synod Mission & Discipleship Committee.

The Synod Pastoral Support Committee and/or Synod Mission & Discipleship Committees recommend either acceptance or rejection of grant applications to the Synod Resources Committee.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Synod had a surplus from its charitable activities of £294,513 in the year ended 31 December 2023. There was a deficit in general operating income of £37,650.

There was an increase in the book value of investments at the year end of £1,096,311 and overall a net increase in the total funds of £947,425.

Property Mission and Welfare

During the year the Synod provided grants for maintenance and improvements to manses of £81,739 (2022 - £93,399) and for improvements and development of churches £11,422 (2022 - £91,403).

Grants were made for Mission, Ecumenical Activity, Outreach, Evangelism and Welfare totalled £81,230 (2022 - £78,456).

Pensions and Inter-Synod Resource Sharing

In 2023 no contributions were made to the Ministers Pension fund and no contributions were made to the Inter-Synod Resources Sharing Pool.

Property

In 2023 no manses were purchased and two manses with a total value of £699,820 were sold.

Net rental income from property temporarily not in use for Synod purposes generated £67,954 in the year (2022 - £82,989).

One Church was sold for a total value of £138,977.

Expenditure of £9,642 (2022 - £4,365) was incurred on the continuing programme of surveys of all the property in the Synod every five years to provide guidance to the Synod and churches on the action required to remedy any concerns that are highlighted about the fabric of the buildings. £5,698 was contributed by the local churches towards this scheme.

Training

Training costs and grants in 2023 were £64,736 (2022 - £17,006).

Training for ministers and lay staff continued to be held on zoom and in person. This included two Ministers Away Days and one Residential Spring School in collaboration with Northern and Northwestern Synods, one Lay Readers away day, four lots of Elders Training and one 'whole church' event.

One student was ordained as a Stipendiary Minister during 2023. One person was approved as a Locally Recognised Worship Leader and four Ministers completed their EM2 training period. In September 2023, one student began training for Non-Stipendiary ministry and three students began training as Assembly Accredited Lay Readers.

Children's and Youth Activity

Expenditure on Children's and Youth Activity in 2023 was £54,883 (2022 - £49,223).

Our Children's and Youth Development Officer (CYDO) has continued to send out a weekly mailing to all children and youth contacts in the churches with resource ideas, training opportunities and other news.

He is currently working with three separate churches who would like a paid children's or youth worker helping them think through a vision for the work.

As part of the Five Northerly Synods we continue to run a quarterly online Messy Church gathering that creates a space for fellowship and sharing resources and ideas. We have also supplemented this with other one off training sessions on a variety of topics. The CYDO has continued to deliver the 2 Day Youth Mental Health First Aid course both in person and online and we are continuing to run the Youthscape Essentials course which is a 10-week course for youth workers covering a wide variety of topics. The latest one was run on the lead up to Christmas and had 14 participants.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Youth Assembly took place in January, and we had eight young people from three churches attend. This is the most churches we have had attend since he started in 2017. We also had one youth worker attend the youth leaders gathering which ran alongside the Assembly for the second year.

Mission, Outreach and Ecumenical Activity

In 2023 the Synod provided Mission Grants of £50,978 (2022 - £40,960) including continuing support of Birchwood Special Category Mission to churches in the Synod to allow them to continue to pursue initiatives with youth and families. The aim of this programme is to help churches to launch initiatives which it is hoped will become self-sustainable long-term. Support for Outreach and Evangelism totalled £12,073 (2022 - £15,036).

Missional Discipleship Enabler (MDE)

This year the Northerly Synods Leading Your Church into Growth (LYCiG) conference was held in Preston with 46 delegates and a home-grown leadership team. 7 delegates from Mersey Synod attended the conference. Feedback from the 3 days was inspiring with those attending commenting on how much it had helped them and given them practical ideas to help them start the process of turning their thoughts from decline to growth.

There are several churches that are now embarking on LYCiG local which helps embed some of that which has been learned. This is a great opportunity for the MDE to work closely with our local churches and encourage them as they seek to live out the call to be Christians in that place.

Several churches in the Synod have now completed the LYCiG local course and more are planning to embark on it shortly. Those churches that have completed it so far have said how their members have grown in confidence and found different ways to share their faith.

The Synod theme of Talking Faith will now continue for 2 years. In June of 2023 the MDE helped to plan and deliver an event based around this, which over 100 people attended. Feedback forms from the day showed that people had left encouraged and inspired.

The London Institute for Contemporary Christianity (LICC) learning hubs that churches have been involved in has now finished. The MDE is now exploring how these can be started again, this time working ecumenically across regions within the Synod.

The learning hub helps churches to explore how to integrate the faith they acknowledge on a Sunday be witnessed and lived out in all of their lives. All those who are part of this process have found it a helpful part of the journey they are currently on.

The MDE continues to work with several churches on a one-to-one basis across the Synod. This work is also fantastic as churches rise to the challenge of working out how to impact their communities with the Gospel message.

Birchwood Special Category Ministry

The Special Category Minister (SCM) has continued to engage local people in the local Costa Coffee and at Tommy's Tots (Thomas Risley Church) and through various other activities now outlined:

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Pastoral Support Committee

The work of the Pastoral Support Committee is to provide support for all the churches and ministers within the Synod. Expenditure on the provision of pastoral support - including the Transitional Minister and Safeguarding was £16,966 in 2023 (2022 - £13,846).

During 2023 Pastoral Support Committee (PSC) met nine times and at each meeting we aim to support local congregations and ministers. Below is a summary of our work, although much work has gone on behind many of these simple statements.

Changes associated with Ministers serving in the Synod

Changes to Pastorates

Declared Vacancies

We currently have two declared vacancies:

Mission and support to local churches

Churches are encouraged to review their life together on a regular basis and to ask themselves what God is calling them to be in the future. Being Church, a synod developed process, has been adopted by several churches across the Synod. Other churches have been working with Revd Stuart Radcliffe, the Synod's Missional Discipleship Enabler, and looking at whole life discipleship through the London Institute for Contemporary Christianity (LICC) or working through Leading your Church into Growth (LYCIG).

Sabbaticals

Sabbaticals are a time for ministers to step back from Pastoral Charge, take some time to renew their energy and have the space to explore a topic that interests them. A minister is entitled to a sabbatical every 10 years although many were delayed because of the Pandemic. During 2023 four ministers had a sabbatical: Revd Peter Lyth, Revd Hilary Smith, Revd Jeff Hughes and the Revd Mark Bates

Deployment

Deployment continues to be a challenge as we seek to ensure congregations are supported and have ministry while at the same time see the number of ministers available within the Synod decrease. PSC had an away day in June to consider this more carefully and the main findings from our discussions were as follows:

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Within the area of deployment two exciting opportunities are being considered:

Interim Moderators

An Interim Moderator (IM) is a necessary but often undervalued role within the Synod and PSC express our thanks to those who have been willing to take on being an IM for different churches across the Synod.

As IMs change, the committee is finding it harder to find replacements so we are exploring the possibility of creating a bank of people who are wiling to take on this role that we can call on as the need arises. We are in the process of finalising information, the documentation and process.

Changes to the committee

2023 saw a number of changes to the personnel of the committee and these are detailed below:

Pastoral Officer for the Liverpool area/Synod Directed Ministry (PO/SDM) - Revd Catherine McFie

As part of this role and her deployment to the Synod 25% of her time is dedicated to being the pastoral officer for the Liverpool Area and 25% of her time is dedicated to Synod directed ministry. The activities that have been undertaken for each of these roles is detailed below.

Pastoral Officer for Liverpool Area

This role has two main parts - the first is a resource for congregations in the Liverpool area and second is as one of the representatives of the Liverpool area on the Synod's Pastoral Support Committee.

At the start of 2023 she was Interim Moderator at both Blundellsands & Crosby URC and Huyton URC. During her time at Blundellsands & Crosby URC she chaired three Elders meetings, one Church meeting, conducted one funeral and led one Sunday morning service. She resigned from this role as Interim Moderator in April.

At Huyton, she led six Sunday morning services, conducted three funerals and one wedding, chaired one Elders meeting and two church meetings.

Over the year she also led worship at Chadwick Mount URC, St James' Woolton, Garston Park and Vicar's Cross URC and conducted one funeral for the wider Liverpool area.

Over the year she continued to be an active member of the Synod's Pastoral Support Committee and in July she took over as Convenor. As convenor she has represented the committee on the Synod Executive and attended a Joint Committee Meeting looking at how the Synod can support churches undertaking large building projects.

Much of the work she has undertaken for the committee has been related to the churches within the Warrington Pastorate which over the year involved attending seven meetings.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

Synod Directed Ministry

Most of the work she has done in this area has been with Highfield and Higher Bebington Road URC. These churches along with Parkgate and Neston URC have called Rev'd Ruth Wilson to be their minister. As lead Interim Moderator in this pastorate she has had the responsibility of organising both a visit with the Elders and then a Preach with a view weekend. After a call being offered and accepted, her time and focus has been on preparing the Terms of Settlement and planning the Induction service at the end of January 2024. Over the year she has led worship at Higher Bebington Road four times, and at Highfield she has lead worship four times, conducted two funerals and led a Christingle Service. Her time as Interim Moderator of these two churches will end on the 27 January 2024 with the induction of their new minister.

With her time as Interim Moderator for Highfield and Higher Bebington Road coming to an end she was asked and accepted the role of Interim Moderator to the Isle of Man. In early December she made her first visit to the island and met with Elders from both Ramsay and Douglas Congregations and began the conversation about what might be next for them with regards to ministry.

Safeguarding (SO)

The Synod has a part time Synod Safeguarding Officer, Julie Rafferty, who has been a shared resource with the North Western Synod on a 40/60 split respectively. From January 2024 she became a dedicated resource just for Mersey Synod working 18.5hrs.

She continues to work closely with ministers, church safeguarding coordinators, church elders and other key members of the synod to ensure that safeguarding procedures are embedded in church life.

Safeguarding Training

In accordance with the URC training framework the focus has been to ensure that people in churches can access the right level of mandatory training effectively. Foundation training has been made available as an e-Learning package which is then followed by face-to-face Intermediate training, then Advanced safeguarding training for a smaller number of people.

Face to face Intermediate training (3hrs) is being delivered around the Synod, the main focus being in Cheshire East, Warrington, Liverpool, St Helens and Southport areas. Modules 1 and 2 for Advanced Safeguarding training start to be delivered in April which will be delivered via Microsoft Teams.

Church Safeguarding Coordinator training is currently being delivered via Microsoft Teams to improve awareness and skills for this key role.

Good Practice 6

Good Practice 6 - "Safeguarding for Everyone" is the revised safeguarding policy and guidance for the URC. This was launched in October 2023. The Synod policy has been revised and awaiting approval of the Safeguarding reference group, Synod Executive and Synod trust Committee. Once agreed the revised version will be published on the website and circulated to all staff and committee members.

Other key safeguarding activities

In addition to Mersey Synod responsibilities, she has been working with Church House and other Synod staff. She has been involved in the Training Review group, the Safeguarding Committee and attended several Synod Safeguarding Practice Group meetings, most of which have been on zoom, although some have been face to face either in London or other locations.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW

Investment performance

The Synod's investment portfolio is maintained under the guidance of Rathbones, formerly Investec, and funds are also invested in CCLA Ethical Investment Fund.

A good trading year on the stockmarket resulted in gains on our portfolio of £309,921 in the year compared with a loss last year of £385,371. The Synods portfolio was valued at £6,839,134 at the end of 2023, following a further investment of £800,000 (2022: £5,742,823).

The cumulative unrealised gain at the end of 2023 was £1,096,311 (2022: £627,471).

Interest and dividend income generated from the Synod's investments, bank balances and loans amounted to £218,732 in 2023 (2022: £177,059).

Investment policy and objectives

The Synod investments are stated at a fair value at the balance sheet date.

Investment objectives are:

The Synod investment portfolio is managed by Rathbones, formerly Investec, from whom advice is sought when necessary, together with regular meetings and updates.

In addition funds are also invested in the Ethical Fund managed by CCLA.

The performance of the investments and the investment managers is monitored by reference to appropriate benchmark returns.

Unrestricted funds

The unrestricted funds available to the Synod with no restrictions on how they can be applied are used to support the charitable activities of the Synod at the discretion of the trustees who set a budget for expenditure each year to control routine expenditure, and considers and agrees any exceptional expenditure at their regular meetings.

Designated and Restricted funds

Designated and restricted income funds are those whose use is attributable to specific purposes according to the terms on which the funds were given

The funds are : Designated Church Extension and Development Fund Pension Support Fund Mission Grants Fund Redundancy Reserve Fund Welfare Fund Restricted Alternative Ministries Fund Manse Scheme Fund

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution, objectives and policies

The United Reformed Church was constituted by the United Reformed Church Act 1972.

Organisational structure

The Mersey Synod of the United Reformed Church is one of several regional and national Synods which constitute the United Reformed Church.

The charity trustees are the members of the Synod Resources Committee who have overall responsibility for the deployment of financial and other material resources to meet the objectives of the Synod.

The current members of the Resources Committee are listed below as the trustees of the charity.

Related parties

In the opinion of the trustees, individual United Reformed Churches and Ministries are not considered to be related parties as the charity's relationship with them is one of administration and giving advice rather than exercising influence.

Risk management

The management of the financial and operational risks of the Mersey Synod is delegated to the members of the Resources Committee who act as the Synod's trustees.

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

A full update of the Risk Register is carried out regularly.

The committee reviews its policies and procedures regularly and, following the adoption of a new policy to safeguard against money laundering, it is satisfied that sufficient measures are in place to mitigate the significant risks to which the Synod could be exposed.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1132754

Principal address

1 Fingall Road Wavetree Liverpool Merseyside L15 9JE

Trustees

D Gartside K Wright (resigned 24.7.24) N Mackenzie J Lindsay (resigned 8.2.23) Ms J A Cash (resigned 24.7.24) C J Mangham B Taylor (appointed 26.4.23)

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

P B Syddall & Co Chartered Accountants & Statutory Auditors Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

MINISTERS PENSION FUND

In 2021 the Synod agreed to make a contribution of £1,050,000 to the United Reformed Church's Ministers' Pension Scheme, along with the other United Reformed Church Synods in anticipation of an estimated deficit of some £23,000,000 at the next actuarial valuation.

In 2022 £730,000 was paid on account of this commitment with a further £320,000 to be paid over the next eight years.

Provision has been made in these accounts for the full amount due.

Approved by order of the board of trustees on 21 October 2024 and signed on its behalf by:

D Gartside - Trustee

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements 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 charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

Opinion

We have audited the financial statements of Trust Property Administered by the Mersey Synod of United Reformed Church (the 'charity') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' 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 trustees' 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees 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 trustees 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below;

Based on our understanding of the charity we identified that the principal risks of non-compliance with laws and regulations relate to incorrect revenue recognition and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the financial statements such as the Charities Act 2011. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of overriding controls, and determined that the principal risks were related to posting inappropriate journal entries to reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of insurance liabilities.

Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

P B Syddall & Co Chartered Accountants & Statutory Auditors Grafton House 81 Chorley Old Road Bolton Lancashire BL1 3AJ

Date: ------ October 2024

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Proceeds from chrurch disposal
Proceeds from manse disposal
Grants
Tranining costs & grants
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
Other trading activities
5
Investment management costs
6
Charitable activities
7
Tranining costs & grants
Building surveys
Outreach
Ecumenical activity
Charitable activities
Welfare grants
Pastoral support
Children & youth development
Mission grants
Church improvement & development
Manse maintenance & improvement
Governance costs
Other
Total
Net gains/(losses) on investments
NET INCOME
Transfers between funds
18
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward		 Unrestricted
funds
£
210
138,977
-
12,830
-
218,732
161,909
532,658
1,305
36,555
37,860
64,736
9,642
12,073
16,625
-
1,554
16,966
54,883
50,978
11,422
-
211,687
-
488,426
309,921
354,153
100,000
454,153
3,376,929		 Restricted
funds
£
-
-
699,820
-
-
-
-
699,820
-
-
-
-
-
-
-
-
-
-
-
-
-
81,739
24,809
-
106,548
-
593,272
(100,000)
493,272
2,115,331		 2023
Total
funds
£
210
138,977
699,820
12,830
-
218,732
161,909
1,232,478
1,305
36,555
37,860
64,736
9,642
12,073
16,625
-
1,554
16,966
54,883
50,978
11,422
81,739
236,496
-
594,974
309,921
947,425
-
947,425
5,492,260		 2022
Total
funds
£
12,635
505,026
1,486,685
450
3,527
177,059
223,308
2,408,690
1,167
24,171
25,338
17,006
4,365
15,036
20,109
1,450
901
13,486
49,223
40,960
91,403
93,399
251,575
1,050,000
1,674,251
(385,371)
349,068
-
349,068
5,143,192

The notes form part of these financial statements

Page 15

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
3,831,082		 Restricted
funds
£
2,608,603		 2023
Total
funds
£
6,439,685		 2022
Total
funds
£
5,492,260

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

Other expenses in the previous year was the charity's contribution to the deficit of the ministers pension fund.

The notes form part of these financial statements

Page 16

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

STATEMENT OF FINANCIAL POSITION 31 DECEMBER 2023

Notes
FIXED ASSETS
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
-
4,230,531
4,230,531
33,042
430,658
463,700
(623,149)
(159,449)
4,071,082
(240,000)
3,831,082		 Restricted
funds
£
-
2,608,603
2,608,603
-
-
-
-
-
2,608,603
-
2,608,603		 2023
Total
funds
£
-
6,839,134
6,839,134
33,042
430,658
463,700
(623,149)
(159,449)
6,679,685
(240,000)
6,439,685
3,831,082
2,608,603
6,439,685		 2022
Total
funds
£
100,000
5,742,823
5,842,823
23,106
259,542
282,648
(353,211)
(70,563)
5,772,260
(280,000)
5,492,260
3,376,929
2,115,331
5,492,260

The financial statements were approved by the Board of Trustees and authorised for issue on 21 October 2024 and were signed on its behalf by:

D Gartside - Trustee

The notes form part of these financial statements

Page 17

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of tangible fixed assets
Investment portfolio cash account
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2023
£
586,262
586,262
(800,000)
152,512
13,610
218,732
(415,146)
171,116
259,542
430,658		 2022
£
876,625
876,625
(1,000,001 )
-
(12,841)
177,059
(835,783)
40,842
218,700
259,542

The notes form part of these financial statements

Page 18

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2023 2022
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 947,425 349,068
Adjustments for:
(Gain)/losses on investments (309,921) 385,371
Profit on disposal of fixed assets (52,512) -
Interest received (218,732) (177,059)
(Increase)/decrease in debtors (9,936) 851
Increase in creditors 229,938 318,394
Net cash provided by operations 586,262 876,625

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank and in hand 259,542 171,116 430,658
259,542 171,116 430,658
Total 259,542 171,116 430,658

The notes form part of these financial statements

Page 19

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements are prepared on the going concern basis under the historical cost convention modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity's accounting policies the trustees 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.

In the opinion of the trustees there are no special disclosures required in respect of judgements and estimation uncertainty.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

ALLOCATION AND APPORTIONMENT OF COSTS

Costs are matched against the income generated by the expenditure incurred. Costs incurred on providing designated activities are allocated to the relevant designated fund. All other expenditure on charitable activities and administrative costs are allocated to the general fund.

FIXED ASSETS AND INVESTMENTS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided Motor vehicles - 25% on cost Computer equipment - 25% on cost

.

continued...

Page 20

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

FIXED ASSETS AND INVESTMENTS

.

INVESTMENTS

Investment are stated at fair value at the balance sheet date and unreasliesd gains or losses are recognised in the Statement of Financial Activities. The charity's investment managers provide a valuation report as at the balance sheet date showing the market value of each of the assets in the portfolio.

RELATED PARTY TRANSACTIONS

In the opinion of the directors, individual United Reformed Churches and Trusts are not considered to be related parties as the Company's relationship with them is one of administration and giving advice rather than exercising influence. As such, transactions with individual United Reformed Churches and Trusts are notindividually disclosed within these accounts except to the extent that grants are made to those Churches.

TAXATION

The charity is exempt from tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

PROTECTION FROM MONEY LAUNDERING AND RELATED FRAUD

Before any donation of more than £500 or any loan is accepted from a new and/or unknown source or any complex/reciprocal monetary transaction is undertaken with any partner organisation or individual, all such gifts, loans or transactions must be referred to the Resources Committee. The Resources Committee must satisfy itself that the source and/or partner is reputable, that there is no suggestion of money laundering and the the gift/transaction is legal before any such gift/transaction is accepted or any other commitment is made.

GOING CONCERN

The trustees assess whether the use of going concern is appropriate, ie. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. This consideration has taken into account the impact of the commitment to the Ministers Pension scheme as far as it can be determined and the trustees remain satisfied that the going concern principle remains appropriate.

continued...

Page 21

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

2.
DONATIONS AND LEGACIES
Gifts
Donations
3.
INVESTMENT INCOME
Dividends and interest received
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Proceeds from church
disposals
Proceeds from chrurch disposal
Proceeds from manse
disposal
Proceeds from manse disposal
Grants
Grants
Grants
Tranining costs & grants
Grants received, included in the above, are as follows:
Training grants
5.
OTHER TRADING ACTIVITIES
Purchases
6.
INVESTMENT MANAGEMENT COSTS
Portfolio management		 2023
£
210
-
210
2023
£
218,732
2023
£
138,977
699,820
12,830
-
851,627
2023
£
-
2023
£
1,305
2023
£
36,555		 2022
£
840
11,795
12,635
2022
£
177,059
2022
£
505,026
1,486,685
450
3,527		 2022
£
840
11,795
12,635
2022
£
177,059		 2022
£
840
11,795
12,635
1,995,688
2022
£
3,527
2022
£
1,167
2022
£
24,171

continued...

Page 22

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

7. CHARITABLE ACTIVITIES COSTS

Tranining costs & grants
Building surveys
Outreach
Ecumenical activity
Welfare grants
Pastoral support
Children & youth development
Mission grants
Church improvement & development
Manse maintenance & improvement
Governance costs
8.
GRANTS PAYABLE
Tranining costs & grants
Building surveys
Outreach
Ecumenical activity
Charitable activities
Welfare grants
Pastoral support
Children & youth development
Mission grants
Church improvement & development		 Direct
Costs
£
-
-
-
-
-
-
-
-
-
81,739
-
81,739		 Grant
funding of
activities
(see note
8)
£
64,736
9,642
12,073
16,625
1,554
16,966
54,883
50,978
11,422
-
-
238,879		 Support
costs (see
note 9)
£
-
-
-
-
-
-
-
-
-
-
236,496
236,496
2023
£
64,736
9,642
12,073
16,625
-
1,554
16,966
54,883
50,978
11,422
238,879		 Totals
£
64,736
9,642
12,073
16,625
1,554
16,966
54,883
50,978
11,422
81,739
236,496
557,114
2022
£
17,006
4,365
15,036
20,109
1,450
901
13,486
49,223
40,960
91,403
253,939

continued...

Page 23

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

9. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Governance costs 236,496
Support costs, included in the above, are as follows:

GOVERNANCE COSTS

GOVERNANCE COSTS
Wages
Auditors' remuneration
Legal
Post print & stationery
Telephone
Insurance
Rent
Light & heat
Repairs
Synod officers expenses
Sundry expenses
Synod committees expenses
IT support
Bank charges and interest
Support for ministers pension fund
AUDITORS' REMUNERATION
Fees payable to the charity's auditors for the audit of the charity's financial
statements		 2023
Governance
costs
£
128,303
6,000
12,810
3,166
4,281
16,510
5,125
6,617
5,341
5,260
23,522
4,721
14,410
430
-
236,496
2023
£
6,000		 2022
Total
activities
£
116,194
8,758
17,179
5,418
2,917
32,983
4,770
3,756
6,306
6,517
37,418
2,673
6,249
437
1,050,000
1,301,575
2022
£
8,758

10. AUDITORS' REMUNERATION

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

continued...

Page 24

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

11. TRUSTEES' REMUNERATION AND BENEFITS - continued

TRUSTEES' EXPENSES

Some of the trustees received reimbursement of expenses incurred in fulfilling their duties as trustees. The combined total of the expenses for the year to 31 December 2023 was £nil.

12. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:
Synod staff
No employees received emoluments in excess of £60,000.
TANGIBLE FIXED ASSETS
Freehold
Motor
property
vehicles
£
£
COST
At 1 January 2023
100,000
13,131
Disposals
(100,000)
-
At 31 December 2023
-
13,131
DEPRECIATION
At 1 January 2023 and 31 December 2023
-
13,131
NET BOOK VALUE
At 31 December 2023
-
-
At 31 December 2022
100,000
-

13. TANGIBLE FIXED ASSETS

Freehold property incudes a 50% share in a house occupied by a retired minister and his wife who own the other 50% share.

The property was sold in January 2023 and the charity received 50% of the proceeds.

Page 25

continued...

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

14. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2023
Additions
Revaluations
At 31 December 2023
NET BOOK VALUE
At 31 December 2023
At 31 December 2022
There were no investment assets outside the UK.		 Listed
investments
£
5,742,823
800,000
296,311
6,839,134
6,839,134
5,742,823

Cost or valuation at 31 December 2023 is represented by:

Valuation in 2021
Valuation in 2022
Valuation in 2023
Cost		 Listed
investments
£
720,444
(92,973)
468,840
5,742,823
6,839,134

The fair value of the listed investments is determined by reference to the bid quoted price in an active market at the balance sheet date.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023 2022
£ £
Other debtors 33,042 23,106

Page 26

continued...

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
Support for ministers pension fund
Accruals and deferred income		 2023
£
563,088
40,000
20,061
623,149		 2022
£
298,470
40,000
14,741
353,211

Included in other creditors is £121,000 which is the proceeds from the sale of the former Hampton Road URC that are due to be paid to Scarisbrick Estates under a reversionary clause. Efforts made by the charity's solicitors to arrange payment of this debt have been delayed due to the requirement of a scheme to be set up in relation to the funds.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Support for ministers pension fund
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated funds
Restricted funds
Manse property reserve
Manse scheme
Alternative ministries fund
TOTAL FUNDS		 At 1.1.23
£
304,161
3,072,768
3,376,929
100,000
1,950,055
65,276
2,115,331
5,492,260		 Net
movement
in funds
£
(49,120)
403,273
354,153
-
603,508
(10,236)
593,272
947,425		 2023
£
240,000
Transfers
between
funds
£
100,000
-
100,000
(100,000)
-
-
(100,000)
-		 2022
£
280,000
At
31.12.23
£
355,041
3,476,041		 2022
£
280,000
3,831,082
-
2,553,563
55,040
2,608,603
6,439,685

18. MOVEMENT IN FUNDS

continued...

Page 27

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds
Restricted funds
Manse scheme
Alternative ministries fund
TOTAL FUNDS		 Incoming
resources
£
356,938
175,720
532,658
699,820
-
699,820
1,232,478		 Resources
expended
£
(406,058)
(82,368)
(488,426)
(96,312)
(10,236)
(106,548)
(594,974)		 Gains and
losses
£
-
309,921
309,921
-
-
-
309,921		 Movement
in funds
£
(49,120)
403,273
354,153
603,508
(10,236)
593,272
947,425

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
Restricted funds
Church extension & development
Manse property reserve
Manse scheme
Welfare
Redundancy
Mission grants
Unrealised gains/losses
Ministers pension fund
Alternative ministries fund
Birchwood mission
Another Space
TOTAL FUNDS		 At 1.1.22
£
321,041
-
321,041
2,781,618
100,000
575,910
3,967
15,000
74,995
1,031,092
152,206
75,234
-
12,129
4,822,151
5,143,192		 Net
movement
in funds
£
(34,740)
(320,000)
(354,740)
364,415
-
1,374,145
(451)
-
(35,003)
(385,370)
(603,744)
(9,958)
(5,957)
5,731
703,808
349,068		 Transfers
between
funds
£
17,860
3,392,768
3,410,628
(3,146,033 )
-
-
(3,516)
(15,000)
(39,992)
(645,722)
451,538
-
5,957
(17,860)
(3,410,628 )
-		 At
31.12.22
£
304,161
3,072,768
3,376,929
-
100,000
1,950,055
-
-
-
-
-
65,276
-
-
2,115,331
5,492,260

continued...

Page 28

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds
Restricted funds
Church extension & development
Manse scheme
Welfare
Mission grants
Unrealised gains/losses
Ministers pension fund
Alternative ministries fund
Birchwood mission
Another Space
TOTAL FUNDS		 Incoming
resources
£
280,940
-
280,940
505,026
1,486,686
450
-
1
126,257
-
-
9,330
2,127,750
2,408,690		 Resources
expended
£
(315,680)
(320,000)
(635,680)
(140,611)
(112,541)
(901)
(35,003)
-
(730,001)
(9,958)
(5,957)
(3,599)
(1,038,571 )
(1,674,251 )		 Gains and
losses
£
-
-
-
-
-
-
-
(385,371)
-
-
-
-
(385,371)
(385,371)		 Movement
in funds
£
(34,740)
(320,000)
(354,740)
364,415
1,374,145
(451)
(35,003)
(385,370)
(603,744)
(9,958)
(5,957)
5,731
703,808
349,068

During the course of the audit of the financial statements for the year end 31 December 2022 it came to light that the majority of funds historically identified as restricted funds were not actually restricted and therefore the trustees confirmed that at the Balance Sheet date the remaining balances on these funds should be transferred to unrestricted designated funds.

There remain just two restricted fundsAlternative Ministries Fund Manse Scheme

PURPOSE OF DESIGNATED AND RESTRICTED FUNDS

Designated funds -

Church extension & development

This funds receives proceeds from the disposals of redundant churches providing funds to award grants for the renovating and extending of church premises.

Welfare

This provides a fund to enable payments to be made to members and ministers of the Synod in times of hardship.

Mission grants

The purpose of this fund is to provide grants up to a maximum of £10,000 per year to cover the cost of hiring personnel for outreach and mission work.

Ministers Pension Fund

The purpose of this fund, created from a percentage of property sales, is to make contributions to assist in clearing the deficit on the United Reformed Church's central Minister's Pension Fund.

Birchwood Mission

This provides funding for ministry within the Birchwood area of the Synod.

continued...

Page 29

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023

18. MOVEMENT IN FUNDS - continued

PURPOSE OF DESIGNATED AND RESTRICTED FUNDS - continued

Another Space

This is a fund created to absorb the income and outgoings of the closed Blundellsands church while related buildings are still used.

Restricted funds -

Alternative Ministries Fund

This fund represents grants received from central funds to cover the cost of 'alternative ministry' ie non-ministerial led.

Manse scheme

This fund receives proceeds from the disposals of redundant manses providing funds to award grants to manses for the renovating and extending of premises.

19. OTHER FINANCIAL COMMITMENTS

The Synod is still in discussions with the United Reformed Church regarding a solution to provide financial support to the Ministers Pension Fund which is in deficit.

Due to the structure of the national church and ministerial appointments there is no legal obligation for the Synod but all of the regional Synods have been approached and there is wide acceptance that there is a moral obligation at regional level and that such support does fall within the charitable purposes of the Synod.

Whilst discussions are still ongoing the Synod has made an in principle offer of around £1,100,000 which would be payable over a period of ten years commencing in 2022.

The Synod continues to monitor and review the position to ensure that any such final commitment is affordable and does not put its financial stability at risk.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

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TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Gifts
Donations
Investment income
Dividends and interest received
Charitable activities
Proceeds from church disposals
Proceeds from manse disposal
Grants
Other income
Gain on sale of tangible fixed assets
Office sales
Other income
Rental income
Total incoming resources
EXPENDITURE
Other trading activities
Purchases
Investment management costs
Portfolio management
Charitable activities
Manse maintenance and improvements
Ecumenical, mission and training costs
Support costs
Governance costs
Wages
Carried forward		 2023
£
210
-
210
218,732
138,977
699,820
12,830
851,627
52,512
1,001
40,442
67,954
161,909
1,232,478
1,305
36,555
81,739
238,879
320,618
128,303
128,303		 2022
£
840
11,795
12,635
177,059
505,026
1,486,685
3,977
1,995,688
-
1,161
139,158
82,989
223,308
2,408,690
1,167
24,171
93,399
253,939
347,338
116,194
116,194

This page does not form part of the statutory financial statements

Page 31

TRUST PROPERTY ADMINISTERED BY THE MERSEY SYNOD OF UNITED REFORMED CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Governance costs
Brought forward
Auditors' remuneration
Legal
Post print & stationery
Telephone
Insurance
Rent
Light & heat
Repairs
Synod officers expenses
Sundry expenses
Synod committees expenses
IT support
Bank charges and interest
Support for ministers pension fund
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income		 2023
£
128,303
6,000
12,810
3,166
4,281
16,510
5,125
6,617
5,341
5,260
23,522
4,721
14,410
430
-
236,496
594,974
637,504
309,921
947,425		 2022
£
116,194
8,758
17,179
5,418
2,917
32,983
4,770
3,756
6,306
6,517
37,418
2,673
6,249
437
1,050,000
1,301,575
1,674,251
734,439
(385,371)
349,068

This page does not form part of the statutory financial statements

Page 32