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← United Reformed Church Thames North Synod Charities

2023-12-31-accounts

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity no 1135477 REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 Content$ Page 2-11 Page 12 Page 13 Page 14 Page 15-26 Pa¥e 27-28 Tru5tee5' Report Statenient of Finat]cial Activities Balance Sheet Cash flom. 5tatenient Notes to the Accounts Independent Audit015' Report Page I

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees. Report Synod Executive presents its report with the financial statements of the Synod for the year ended 31 December 20?3. The financial staiements have been prepared in accordance with the accounting policies set out in Note I to the accounts and complv with the Chariiies Act 2011 and the revised Statement of Recommended Practice"Accouniing and Reporting bj. Charities 2022'- (FRS 102). Reference and Administrative Inforrnation Address St. Paul's URC, N£￿tOn Road, London, W2 5LS Synod Executive The members of the Synod Executive who are the Charity Trustees for the Synod during the period I January 2023 to 31 December 2023 were a5 follows=_ MembeTS Elected by Synod for a period of three year5 renewable for a Second period of three }'ear5 only. None Members appointed by Synod for a period of three years rei)ewable for a second period of three years Bridget Akinyon)bo Revd John Macaulay Hilda Darkwah Ex-officio members The Treasurer and Assistsnt Treasurer are appoii)ted by Syi)od nom)ally for a period of three years renewable for a second period of three years only. The Moderator serves an initial terni of seven years renewable for a further period of five years. Revd George Watt (Moderator) Anthony Obi-Ezekpazu (Treasurer) Martyn Macphee (Assisiant Treasurer) Bankers and Profe$5ional Advisers CAF Bank Ltd. 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ HSBC Bank plc, 165 Fleet Street, London, EC4A 2DY Haysmacinty"re LLP, Registered Auditor5, 10 Queen Street Place, London, EC4R IAG Cripp5 Law, Wallside House, Nujnber 22, Mount Ephraim, Tunbridge Wells, Kent TN4 8AS Rapleys. 51 Great Marlborough Street, Londoji, WIF 7JT Page 2

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustets, Report Structure Governance and ManageffteNt The United Refornied Chiirch Thames North Synod Charities 15 an iinincorporated association actiiiLF for and on behalf of 108 (2022.. 116) chiirches witl)in the Thames North Proviiice of the United RefoTmed Church. 2 churches closed within the year., the reductioi) has also included where churche5 have merged. Six Charities were registered with the Charity Cominission in Apiil 2011. This was reduced to five in 2013 when the Religious Educatitsn Fund (assets less thai) £5,000) was absorbed into the General Purposes Fund. General Purpose5 Fund General Fund Church Buildings Fund Reiired Ministers Housing Chariry Welfiiie Fuiid Tlie5e Lharities continue to be adininistered under the umbrella of thi5 one unincorpordted association although they coiitinue to be acLOUllted for in their own funds dnd with their om'n ideiitified as5etS i15 set out in Note 20 to the accounts. The tem S}'nod is commonly used to encompass the constituent URC churches within Thames North Province and to denote the represei)tative bodJJ comprising persons appointed by the constllueni churches and others in accordance with the structure of the Uniled Refom)ed Church. Synods were esthblished under the provisions of the Uniied Reformed Church Acts 1972, 1981 and 2000 10 suppon Ihe work of Ihe local churches in their outreach and mission and to share the vision of the United Relomjed Church's General Assembl5, The activities of the S}'nod are overseen by the Synod Executive, the members of which are the charity trustees of the Synod's funds. Synod Executive meets at least f1ve times a year and receives reports from its commitrees and personnel invL)Ived in discrete areas L)f its outreach. Legal ownership of the Synod's land and buildings, investments and other assets is vested in URC Thames North Trust. Day to day oversight of the properties, investments and other asseis is the responsibility of the Synod Executive with some Powers delegated to the Resources Committee, the Moderator and Synod Treasurer along with the Moderators PA. Appointnient of mernbers of Sj'nod Executive The Appointment Advisory Committee seeks members from the local churches: six members are identified this way, and their appointment is confirmed by the S}'nod Meeting. The Appointment Advisorv Committee also seeks to identify up to four members %￿hOse menibeTship will ensure the Synod Executive fairl). represents the membership of the local Church congregaiions. These appointments are also confim]ed by the S}'nod Meeting. The Moderator, the frea5urer, the Assistant Treasurer and Synod Clerk are ex officio members of the Executive by reason of their appointment. There is an informal programme for the induction of Trustees and ongoing training is given at meetings to ensure Ihev are aware of current practice, govemance codes and issues of charitv law. Charity Law traiiiing is provided by CLAS (Churche5 Legislation Advisory Service) which out Trust Officer is a member and participant of. Principal risks and uncertainties To gain aii undcr%tandiiig of th¢ risk expo%ure of the Synod we review each area of oiir operations aniiually aiid use a methodolog), that H'ill assist the Synod in nieasurins evaluating, documeiiting, and moiiitoring its risks within all areas of its operati011s. We use our risk management proces5 to ideiiti moiiitor, evaluate and escalate risks a5 they eniergFe, enabling Offjcers to take appropriate action wheTever possible to control them and enabling the Syiod Executive to keep risk management under review. In 2019 the Trustees uiidertook a detsiled reappriiisal of the priiicipal risk5 and uiicertainties f(IClll¥ the organisation. The risk factors addressed below Lire those wliich we believe to be the most inattrial to our bu51rie55 ￿￿de1. whicli could adversely affect the operations, revenue, Lash flow or a5set5 of the S)'nod and wl)ich may pievent lis from achievinu the Synod's strate¥ic objectives. Additioiial risk5 and uncertainties currently unknown to us. or which we currentl5, believe are immaterial, may also have an adverse effeci on the Synod. Our Risk register is a Standing item of the Synod Execuiive agenda and is reviewed at each meeting. Page 3

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) Princi al risks and uncertainties (cJntiMucd Potential risk PotentlAI im att Governance Ste s to miti te risk the cliaritv drifts with no clear objectibes. Trustees and ofticers establish l¢ad¢r511ip gatherillg for the puryose of creaiillg a strategic plan setting out the ke) aim& Objecti￿t$ and policies align financial plan5 and budgets to sup￿rI findiiig% and obl¢cti￿E5 identifi& 5trat¢g>' and torward planning issues are addressed piecerneal w'ith no strategic reterenc¢ needs of beiieficiaries not fully addressed loss of reputation Tfonnaiice against slat¢d targets omrnuniLate to tnemher% and gel feedbaLk fn)tn S 'n()d meetiii L()%% ()f key %taff IiperdLiI)lldl inipdLI un kev prujeLLs and di)LUtnenL %34ILtn%. plan% and pr()jects for LffLLlivc handoiLY implcmcnt Iraining programmcs gree nvliee PLriod% and handowers . rLVILW and a rLc rcLruittllini TOLCSSCS loss of coniaci basc and cotPO￿L kn￿￿'ledge EmploTrm¢nt issues einploymtni dispuies liealih and satety issues claims tor iiijury. stress. ha￿smellL unfair dismissal tqual opportunit). and diversit), issues adequacy ot 5taft'training low morale abus¢ ot'i'uliierable b¢neticiarie5 review. rttniiinient processes and establish checklisi of k¢N- actions Ensure staff appraisals conducted on limeli. b￿15 Ensure exit intern'iei4-.s conducted for all 5taft'li.e. ¢mplo!'ees and agency) dei'elopment irnpl¢iii¢nt liulth and ￿tety training and monitorin l)¢N'elop I'l-.4tral¢gs' ¢ov¢ring follom'ing ar¢a5 praise s>'st¢m needs and ()ptiDn% praise %ecurity auihDri%atii)n pruLedLires irnplemtnt niea5ure5 to 5¢cure and Prot¢¢l data gree iniplementstion developtn¢nt Inforniation t¢chiiology 5V5teiiis fail lo In¢¢1 operational need failure to innoi'ate 01- updale s>slem5 l()%%.L()rrupti()n (If data e.g. di)n()r breach ot'da¢a protection laiv use Service 4upport ronlracLs Lreale di5&ster recoveTr pri?Ledure% Financi￿1 ri5k5 PLiision commiimtnts Thamts North ITNSI is a member of a s}'ndieart ot. rtgional synods that have hisioricall}' agrttd io tund any shorttall on a discretionarn. basis on tht %."0 dtfined btnefii pensioll schemes run bN iht National LIRC Church. Moniior advice issiied bw national ceniral church and engage in ongoing discussions. Tlie pension regulator is no longer happN I4-.Ith th¢ informal natiirt ot. this commitment trom tht s}nod5 and is r¢quiring a tirm coinmitment backed bi. wai. of guarantee of casli this will have the following impact iinpact oli future cash tlows action or fines 'I'NS proN'ide5 grants. debt fiiiancing to dei'eloptnenls in the svnod on (Icca4ioii are Lalled ()ii li) effeLliN'elN' undetwiile develiiprnent SLheme% Ihdt run inlo tri)uble albeil i)n distlclionarv basis. This Can impaLI TNS cash fli)w% %igiiifiLanily. Capital pragrarnrne4 proj¢cts F.'nsur¢ ¢acli deTr¢loprn¢nt has appropriat¢ governance sliu¢tur¢.4 Ensure each d¢i'¢lopin¢iit secured all fuiidiiig sourc¢s b¢for¢ commencing Ensure appropriatt controls in place to monitor cost Page 4

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) Objects and Activities The objects of Ihe Thames North Synod are to advance the Christian religion in accordance with the doctrines. principles and usages of the United Reformed Church. principally in ihe Thames North area and also support the work of the whole United Refomed Church. The Synod continued to Ca￿ out the following activities during 2023= Grant, loans and advisory services Synod provided advisory serviLes and fundiiig acr055 the Synud. whiLh cover 108 12022.. 116} local churche5 and projects iii the Tlianies North region. It has given finaiiLial supptsrt to a great variety of projects run by these local churches alone and ecumenically. The churches and members of their congregations are encouraged with the support and agreen)ent of their Local area Group to appl! for grants and loans io assist wilh for example. the employment of lay workers, children's and Vouih work, lay and minisierial training, discipleship development. mission and outreach to the community. spiritual and building developmeni and maintenance. There are specific critsria that a church must adhere to befL)re being considered which includes. bui is not limited to, being up to date with their M&M coniributions, not be under any stress conditions which prevents the grani being effective. Our Synod Clerk and Propertv Officer works directl}. with a grant applicant to ensure their application is successfully considered. Wider United Reformed Church The S}'nod also supports the work of the whole United Reformed Church Ihrough the Inter Synod sharing of financial resources and facilitaiing the collection of Minisiry and Mission funding from the local church network. Publie Benefit In all our activitie5 we are miiidful of the legal requirement for charities to provide public benefit and have had regard to tlie ¥uidance publislied in thi5 coniiection by the Charity Coinnii5sion. Than)es North Syi)od gives high priority to the safeguarding of children, young people and adults at risk by supporting local churches to develop robust practices and con)ply with legislaiion. Tl)e Sjnod follows giiidance received from the URC centrally aiid ha5 adopted the Good Practice Policy 6 {including appropriate DBS checks and safer recruitment prdCtice5) and provide5 'Safer Sacred Space ISSSI traiiiin¥. The Syiiod's Safe¥uardiii¥ Officei coordinic tes matters relatiii¥ to safe¥Fuarding and supports and ensures local churche5 and their Elders (local church trustees) appoint SafegFuardin¥ Co-ordinatot5. The role of Saleguarding Officer is a paid post servii)g Thames North and Southern Synods. The Synod Safeguarding Team undertakes regular reviews including assessing needs which infomis the saleguarding traii)ing requirement lor those acting on behalf ol. the local church. In addition, the S>'nod arranges SSS and Boui)daries traii)ing for active ministers. Safeguarding traii)ing facilitAtes the awarenesg and knowledge of safeguarding at a local church level. The Svnod has contracted an independeni company thirtyone'.eight to further advise and support churches in the Synod via addiiional training and a 24-hour helpline. Achievements and Performance The Synod fulfils its objectives throu￿ offering support to the churches by providing funding, programme staff and enabling structures as churches seek to fulfil their Christian calling. In 2023 Liur website was re-developed for the purpose of improving communication and advocacy L)f various programme activities. A weekly electroni¢ newsletter shares inforniation ￿'idely. Siipport is given through personnel appointed to assist wilh a variety of training of lay and ordained leadership, property matters, discipleship developmeni, work with children and yoiing adults and Chgplaincy at Hegihrow Airport. Others assist w'ith our work in interfaith understanding and dialogue, and racial justice and environinental concerns. Syjiod also supports ecumenical projects and commiinity service5 (including Grassroot5, Luton., Chaplaincy at Lutoii Airport; and Chaplainc), at Hertfordshire and Bedfordshire Universities). Page 5

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) We have set aside £ Im of grants io otTer to churches as the intention of the Synod is to be net zero for carbon emissions by 20JO. We have contii)ued in 202) to assisi churches who are still recovering from the eftects of Covid-19 as well as the i)ew energy crisis that is affecting all aspecis ol-church lite. In 2023 the Synod supported 2 churches which decided 10 close, enabling them to mark the completion of their mission and celebrate their past history of worship and witness. The Synod also facilitated the amalgamation of a number of churches.. two churches became one; three churches became one on two sites and five churches became one church on two sites. The result was the rationalisation Lif buildings and a pooling of human resources especially in terms of leadership. One new mission projert has been established in collaboration with Seedb¢ds, in East London in a Synod propertv, with a view to founding a new church. Synod Structures Comn]ittee Structure. The streamlining of the Synod's central governance in recent years has significantly improved how the Synod fulfils it5 role. Joined-up thinkin&T across the Synod's progsramine5 and activitles 15 qulte central to the new wa}. of working. The Convener5 of all Syiiod Coinmittee5 meet regFularly with Syiiod Officers. The pro¥Trainnie staff hold re¥ular team nieetingT5. The S)'nod Officers (Moderator, Sj'nod Clerk, Treasurer and A551Stant Treasurer) meet regularly to tnoiiitor any major i5sue5, reviem. progre55 and adtninistration. The Synod has five Committees.. EYeLHliv£, Di3cipleship, PuJ+loral, ReJ+ources and Appoinlments. Advlsory. There is also a LlsiedBuildlngs Adwlsory Commltiee. Tl)e purwse of the ￿'¢cUtIVe Commlttee is to advante Synod decisions relating to the mission, welfare, good governance and well-being of the Thames North Synod of the Uniied Refom)ed Church. The Executive has a co-ordinating and facilitating role in relation to the work ol. the other committees and is also the Trustee of Synod. The purwse of the Discipleship Comniiftee is to review and update strategies and plans for nurturing faith across all age ranges and for pr01noiing new patterns of activiry to further Synod's mission and growth objectives in the context of Vision 2022 (a URC Mission Programme): and to encourage and challenge diverse Local Area Groups acrogs the Synod to identify local priorities for growth and service. The pUr￿se of the P￿s￿or￿1 Commillee is, in conjunction with the Moderator. to support ordained ministers. lay ministry and develop deplovment straiegy in maintaining and develL)ping the Church's mission and ministry. including supporting Local Area Groups to develop appropriate local responses ILI achieving Synod's mission and growth objectives. The purpose of the Resourctv Commi¢lee is to ensure that Syn(d-s financial and property resources are properly administered to best advance Synod's mission and gro￿ objectives and support the ministry of Local Area Groups fairlv and appropriately a¢ross the Synod area. The purpose of the Appoinlmenls Advi.snry C¢JmmiÉlee is to ensure that the best possible candidate% are found through an opcn aiid transparent pri)cess ta fill vacancies in Svnod committees and task £roups and to reprcscnt Synod at the General Asscmblv_ increasiiig the level and range of relcvant skills and a balanced represcntation of the geographic sprcad. gge, gender and ethnicity of chllrch memh¢rs wherever possible. The Li51ed Building5AdvI5￿ry Commillee is a quasi-statutory body appointed by Synod in accordance with the Revised Procedure for Cojitrol of Works to Building5 agreed betw'eeji the United Reformed Church and the Government under The Planning (Listed Buildings and Conservation Areas) Act 1990 & The Ecclesiastical Exeniption (Listed Buildings aiid Conservation Areas) Order 1994. {Sl 1994 No.1771). It is distinct fron) otlitr Syiiod coinmittees iii that it largely operates under Plaiinin¥ Law and iiot the United Reforined Church legislation. Tlie pllryose of the Listed Buildiii¥s Advi50ry Conimittee is to receive notice of any work proposed withiii the curtila¥e of a Listed Churcli within Thames North Syiiod, and after consulting witli the local church and appropriaie heritage bodies to advise the Synod (through the Synod Resources Committee} as to whether io grani Listed Buildings Consent and on what conditions. Page 6

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) Local Area Groups Tl)e lomiation of Local Area Groups, as part ol. the 'Re-Visioning the Synod, process which began in November 2015 was completed in 2017. Every local church in the Synod is part of a Local Area Group. The number L)f Local Area Groups reduced from 14 to 13 in 2023. The fulfilment of our vision thai churches would be stronger together benefitiing from the muiual support that will assist them in fulfilling their obligations and achieving their missional goals more effectivel}', has had varying degrees of success. The role of the Local Area Groups has become more important and relationships within the groups have been strengthen during the year. li is planned Ihat the strategies for rraining, mission and discipleship will be further developed in the context of the Local Area Groups. Moderator The Revd Geor£e Watt was inducted in June 2021 to serve for a period of 7 years. Moderators are appointed by the URC General Assembly. Synod Staff The S)'nod CUTTently have 5 Synod Office inembers of staff and 4 employees who operate directly with local churches in the field.. Propertj. DevelopTneiit Worker. A5SiStant Property OtTicer, Children & Youth Development Officer aiid a Safeguarding Officer. They support various Synod progFrammes in the field of their 5pecialisation. They are accountable to the S)'nod Executive CoTnmittee. The Synod is Seeking to appoint an Administrative Assistant. The Ol'fice Adn)inistrator also serves as Syi)od Clerk in a paid capacity. Two ministers also serve the Synod as Discipleship Enabler and Training Developmei)t Officer. There is a'Pastoral Consultants, team dedicated to offering conflict-mediation and pastoral care to churches and ministeis ivl)tn they go thrtsugl) a difficult period or are in transition. The team Comprises two women. two ordained minisiers, one of whom is from ethnic minoriiies. Training & Development An annual Gaihering of Treasurers and Adminiswdtors is held (usually in February) to assisi with the ever- increasing legislative and governance environn)eni affeciing churches and charities. The Svnod Treasurers. Resources Convenor, Trusi Officer and Property Developn)eni Worker pla5J a key role in planning the event. The Synod Training Officer provides oversight and encouragement to various need-based training activities that directly assist in the mission aiid ministry of the local churches. The La5, Preaching Advocate: along with a small support team, facilitates and develops lav preachers in the Synod. We currentl}, have 3812022.. 39} Assembly Accredited Lay Preachers and 5 Locally Recognised Worship Leaders. Regular training events are now taking place in-person and online to support them. In addition, we have 2 Local Church Leaders. There is a full time Children's & Youth Development Officer. and there are plans to recruit three Children s & Youth Advocates 10 support the churches, work among children and youth. An in-person Spring School for Ministers and Local Church Leaders took place in May 2023 on theme of power. This event was shared once again with the Eastern Synod. The Synod hosted two ministers from the Czech Republic at the school and in turn the Moderator was able to visit the Czech Republic and attend their Synod. The svstem of Church Life RevieH's ICLR), continiies as part of the Synod's programme to give local ¢hiirches an opportuiiit), to express their missioii and how best the Synod can assist in furthering it. URC policy is to encouragFe cliurches to t3ke up CLR as part of the requiretnent of declaTinu a vacai)cy to invite ministers to serve congregTations. Churche5 are encouraged to link the review with Vision 2022, a iiational frainework exploring ten priorities for mission. We continue to encourage our churches to be intentional about discipleship, deepening their owii faith and sharing faith Nl'ith confid¢iice. In 2020 we were able to appoiiit a Sp¢¢ial Category Minister as a Discipleship Eiiablei wl)o eiicourages local Churches in developing their discipleship and supports the Synod in makii)g dis¢iplesl)ip as a priority. Several ¢huiches took part in a learnii)g hub lun by the Ltsndon Institute of Contemporary Christianity. Page 7

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) Synod Structures (conlinued) National programmes for discipleship and worship leading (SIcpwi5e) and leadership development. {Atspire to 2Vore) replaced the fomier programme, Training for Learning and Service ITLS). Synod progran)mes for locally recognised ￿orShIp leaders and local church leaders are being develoLYd. Eeumenical Links The Svnod regularly reviews its ecumenical links 10 be effeciive in its participation. The Moderator participates in meetings of Church Leaders in London and Churches fogether gatherings in Essex and East London and Bedfordshire and Herifordshire. A part time interim Ecumenical Officer was appointed in 2022 and it is hoped to appoint a permanent OITicer shortly. The Church is universal. The United Reformed Church in Thames North is aware of being part of the worldwide Church. Within Europe, the Evangelical Church of Czech Brethren (ECCBI in Czech Republic is linked with ThE￿leS North Synod. The relatioiiship has been maintained by shariiig neM".s and infoTmation and the receiving of guests. Financial Review Tlie Ststemeiit of Financial Activities on pa¥e 12 disclose5 that there was a net surplus in resources on all funds totallingF £5.3 niillion for the year (2022.. £6.1 million). Our total funds nom, Stand at £48.2 tnillion with £9.5 million in Capital and Restricted Funds. However, a5 explained in tlie Reserve5 Note below only £17.9 million of thi5 15 readil), realisable. A5 a result of the realisation of £6.0 million from the c105ure of two churches during 2023 the Cash Flow, Statement shows a funds inflow of £1.3 n)illion. Investment Revie The investment powers of the Synod are those gei)erally applicable to Trustees and are now found ii) the Trustee Act 2000. Investment poliey The Sl'nod seeks 10 achieve as high an income as possible. subject to protecting the capital value of the funds against inflation. Invesiments consist of fixed interest and equity marketable securities and property, inheriied from closed churches. which are let commercially. The Synod seeks to ensure that none of its invesiments can be seen to support practices which are against the conscience of Christians following Ihe Ethical Investment Guidelines approved by the URC Geiieral Assembly froin tin)e to time. (li) Additions and dispositions There were no additions or withdrawals in the year. All increases are unrealised gains due to favourable market conditions. (iii) Portfolio performance The perfom)ance of our investment holdings during the year have been measured b! comparison of total retums against the FTSE All share index, FTSE Actuaries UK Gilts and the UK HPI London All property index on an annual, 3-year and 5-year average basis. The results are outlined below.. Holdin£ 8$ 31 December 2023 £'ooo 16,572 5.752 10,518 3-y¢ar retur year Return Inve5tn]ent5 return Ethical Invesiment Deposit Property Benchmarks UK Eqiiitic% MSCI UK Investabl¢ Global Equities All Collntti. World Global ex UK MSCI World Index UK Govt Bonds Index Sterliii2 Bonds ex Govt Ii)flation CPI Cash ISONIAI Source.. CCLA December 2023 13.16 4.47 10.49) 6.06 1.88 2.38 9.85 1.29 1.63 7.96 16.81 17.21 3.62 8.58 i.95 4.69 9.18 9.80 9.72 (9.69) (4.69) 6.54 2.03 6.34 12.78 13.00) 0.39 4.24 1.34 Page 8

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) (iii) Portfolio performance (rontinucd) The trustees have decided to focus the investment fui)ds with the CCLA Ethical Investmeni Fund following the decision to divesi from holdings in ihe fossil fuel and exiractive related industries in 2020. The one. three and five -year invesiment performance for 2023 reflects the rebound in markets after the fall in December 202? albeit belom, normal market performance ivhen compared against portfolios consisting of traditional stocks {i.e. including fossil fuel equities), the trustees are satisfied with the longer-ierm perfomiance of the fund and that there is sufficient diversification of geographies and asset classes. Reserves Policy Total reserve8 at 31 December 2Q23 were £48.2 million. End0￿.Ment ￿ndS ￿ere £5.4 million, Restricted funds £4.1 million and Unrestricted funds £38.7 million. The trnstees would like to retain reserves sutTicient to produ¢¢ enough income to meet the hasi¢ runnin£ Costs of the Synod. The Balance Sheet on page 13 indicates the amount in the Unrestricted fund and when adjusted for fixed assets and investment properties it is calculated that the easily reali5able Tesetwes amount to over £17.9 milliot]. The s)￿0d does not raise funds from appea15 or from meniber chiirches and therefore relies entirelv on inconie froin iiive5tnients and the sale proceeds of closed church buildings to fund tlie work of the Synod. The average basic costs, excluding voluntary grants. amount to £756k and it 15 calculated that reserves of £22.7 million M'ould be needed to produce sufficient incoine to pay all these costs. On that basi5. the Synod holds sufficient reserves. Ftsllowing the revision of the Synods spending comn)itments to that of half the average exceptional income arising over a 10-year period from investment gains and sale of iedundant buildings to support work of local churLhes by part funding major projects fion) time to time. We can report tl)at during the year tl)e Synod spent £1.4 million {2022.. £2.] million) £0.5 million under our average 10-year cominitmei)t of £1.9 million. The Trustees continue to moniior this benchmark and continue to encourage projecis that further the Synods Christian objeciives. Plans for the future The principal tasks of The Executive Committee in 2024 will be to.. develop the vision and priorities for the Synod ensure etTectiveness in and collaboraiion between SvnLxI Commitiees monitor the budgei and expenditure of the Synod and seek to use surplus reserves in supporting the mission of the Synod and local churches 4. develop a greater understanding of and Loinn)itment to inter-syi)od support as part of the national Church life Review which is currently being undertaken strei)gthen tl)e Local Area Groups and support their etTorts, developing more effective lines of COTnmuniLation continue to develop discipleship through events, trainii)g and the work of the Discipleship Enabler 7. develop policies and programmes encouraging church members io consider and develop their calling to a variety of minisiries, ensuring the availabilitj of resliurces and training support and encourage the involveinent of you1)¥ people in the life of the Synod at all levels provide supwrt to churches to uiider5taiid aiid observe existing and new legislative requirements, such as ¥overnaiice, Safeguardiiiu and GDPR 10. embed good practice in sgfegllarding at 911 levels of the Synod and recruit an additional Sgfeguarding Officer and administration support I l. recruit an Ecumenical Officer 12. support and monitor the implem¢ntstion of our eco-chur¢h environm¢ntsl poli¢y 13. ensure and encourage diversity at all levels in the Synod Page 9

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees, Report {c'olllinucd) Plans for the future (continued) 14. manage our commitment of £8. I million over l O years, to contribute to a fund established 10 provide a guarantee in respect of the Minister Pension Fund (MPF} deficit of £45 million, as required by The Pension Regulator. 15. monitor, assess and review the feasibility L)f developing the Lumen Centre as a Synod resource Use of Volunteers Most Mii)isters of Word ai)d Sacrameni receive stipends directly froin ihe United Refom)ed Church. The Unl￿d Refom)ed Church Trust (acting at denominational level} is a separate charit!. not under common control. The Synod oifice Ststy. Children's & Youth Development Officer, Property Development Officer, Assistant Propert5, Officer. S)Jnod Clerk, Safeguarding onicer and Trust o￿l¢er are paid b}, the Synod. Other than these, all members of Synod Committees and oihers supporting and enabling Synod activities are volunteers, almost all being members of their local Uniied Reformed Church or Local Ecumenical Partnership church. Key Personnel The key management group within the Synod structure is made up of the Synod Moderator, the Svnod Clerk and the Treasurer and the Assistant Treasiirer. The Moderator is reniunerated by the United Reformed Church at the same rate as all stipendiary ministers of ￿..ord and sacrament servinfj the denomiiiation. The two treasurers are volunteers. The Synod Clerk is remunerated from Synod Funds, in liiie with Level I Local Aiithority pay scales that gre set out by United Reformed Church House directly. Note on Fundraising A¢tivitie5 The Synod doesn't raise fund5 t11rou￿ any form of fundraising. As previously noted all income is from investinent5, rental and loan incomes. Page 10

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Statement of Trustees, Responsibilities The Synod Execuiive is responsible for ensuring that accounts are prepared each financial year which give a true and fair viem, of the state of Ihose trusts and other funds w,hich are administered for the benefii of Ihe Thames North Synod of the United Refomied Church, under the overall conirol of the Synod, as at the end of ihe vear and of their income and expendiiure for that year. In preparing those accoun(s. the Synod Executive is responsible for ensuring thai.. suitable accouniing policies are selected and applied consistently,. observe tlie method5 and principle5 in the Charitie5 SORP- judgements and estimates made are reasonable and prudcnt. applicable accounting standards are followed. siibject to anv mat¢rial departur¢s being disclosed and explained in the fiiiancial statetnents,. the accounts are prepared on a going CL)ncern basis unless it is inappropriate to assume thai the S}'nod will continue its activities. The S}'nod Executive is responsible for ensuring that proper accounting records are maintained which di%close with reasonable accuracy at any time the financial po%ition of the Synod and to enable them to ¢n%ure that the accounts comply with generall}. accepted accoiintin£ practice. The) are al%0 re.%ponsible for safeguarding the gs%ets of the Synod and hence for taking step% fi)r th¢ prevention and detection of fraud and other irregularities. Signed on behalf of Synod Executive Revd John Macaulay - Acting Moderator Date.. I I, September 2024 Page 11

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Stiitement of Finaneial Aetivities for Year Ended 31 Deeember 2023 2023 Unrestricted Restrieted Capital Funds funds funds £'ooo £'ooo £'ooo Total Funds £'ooo Total Funds £'ooo notes Ineomc cndowmcnts from: Donations and legacies Charitable activities Inve5tinent Income Other Total Expenditure ON: Raising funds Chariiable activities Total 4,017 4,017 21 1.042 10.576 23 950 21 188 854 209 70 70 30 Nei gains on investments Net gains on assets held for r¢sal¢ 442 650 197 317 956 650 (2.115) Total Income/F.x 092 197 336 317 317 606 enditure Reconciliation of Funds Total funds brought forward Period Income/Ex enditure Total funds earried forward 3i,936 i,80? 336 5,050 317 67 42,788 36.684 The Statement of Financial Aciivities includes all gains and losses recognised in the year. All incoming resources and resources expended are derived from continuing activities. Comparative figures for 202? are shown in note 12. The notes on pages 15 10 26 form part of these financial statements. Page 12

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Balanee Sheet as at 31 December 2023 notes 2023 £'ooo 2022 £'ooo FIXED ASSETS Tangible Assets Long Term Investnients Loans and Advances Total Fixed Assets 13 14 10,223 28,308 4.768 8,520 26,064 4.812 39 96 Current Assets Asset held lor re-sale Dcbtors Cash and short-teTm de Total current assets 16 2.300 2,500 100 osits 8,170 7.098 Liabilities.. Amounts fallin due within one ear Iyet current assets 19 1.483 6.687 4,848 Amounts falling due after one vear 19 {1,735) (1,456) Represented by: Endowment funds RestTlCted income funds Unrestricted Fund5 20 20 20 5.367 4,138 5,050 3,802 The note5 on pages 15 to 26 fomi part of these financial statements Approved by the Synod Executive on I I, September 2024 and signed on their behalf by Revd John Maeaulay Acting Moderator Anthonv Obi-Ezekpazu Synod Treasurer Page 13

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 £'ooo 2022 £'ooo Net incomelexpenditure for the reporting period (as per SOFA) Adjustments for Depreciatioii Doi)aiions Gainsllosses on investments Dividend5, interest and rents from investments Loaii Interest Surplus on sale of fixed assets Incregse in debtors InLre<ise iii Lreditors Net cash inflow outflow 5,508 6,104 (4.119) (1,505) (883) 194) (1.323) (10,577} 2,115 (776) 1126) 109 573 i33 rrom o eratin Cash Flow from iNvestrnent activities Diwideiids. interest ai)d rents from investments Donations Purchase of fixed assets Purchase of inve5tnients Proceeds from the sale of investments Proceeds from the sale of assets held for resale Issue of loa115 Re a inent of loans Net cash rovided b lused in investin 883 4,718 776 6,512 (2,836) 1,325 (596) 436 (723) 492 240 activities Net change IN cash and c#5h equivaleNt5 111 the reporting period 1,254 4.320 Cash and eash equivalents at the beginning of the reporting 4,498 178 Cash and eash e uiTralent$ at the end of the re ortin eriod. Analysis of movernent in cash and cash equivaleDts Current Deposit Total Balance at beginning of the period CashfloM' Balance at end of the 95 317 412 4,403 937 4,498 1.254 eriod Page 14

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Accounting Policies Basis of accounting The accounts have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}, the Statement of Recommended Practice for Charities {SORP 2022) (Second Edition, effective l Januarv 20?2) and the Chariiies Act 2011. The financial statements are prepared on a going concern basis under the historical cost convention as modified by the inclusion of investments at market value and in accordance ￿1th applicable accounting standards other than the policy for valuing investment properties, see note below. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1,000. No significant payments were made in other currencies during the year. General Inform2tioN. The Charity is registered in Enoland aiid Wales (charitv number 1135477). The Charity's registered offic£ address is St Paul's URC, Newton Road, London, W2 5LS. The Synod meets the definition of a public benefit entity under FRS102. Preparation of the accounts on a going concern basi5 The Trllstees consider that there are no material uncertainties which would cast doubt on the Charity'5 ability to contiiiue a5 a ¥oing concern. The Trustee5 continue to take into consideration the long-teTm effect5 of the Cost of Living Crisi5 and ¥lobal coiiflict aiid loss on investtnent5 on its missions and churclies, and the Trustees are sat15fied that ¥iven tlie Strength of its balance sheet and having regFard to the m05t recent forecast, budget5, cash flom. stateinent5 and risk as5es5meiit that the irnpact on operatioi)al contiiiuity will be niininial. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial stateinents. ClasgifJck)tion of funds Capital funds are permanent endowinents, which are required to be retained. The income from these funds is spent in accordai)ce with the temjs of the original endowinent. Unrestricted funds are those which may be spent generally for furrhering the religious and charitable work of Ihe Synod. Restricted funds as the name implies are those which n)ay 01)ly be spent in accordance with the ternis of the original restriction. Income All income is recognised once the Synod has entitlement to the resources, it is probable the resources will be received, and the monetary value of income can be measured with sufficient reliability. Fixed and current assets inherited froni closed churches and legacies are recognised when receivable and are included at fair value. Investment income is earned through holding assets for investment purposes such as shares and propertv. It includes dividends, interest and rent. Where it is noi practicable to identify investment management costs incurred within a scheme ￿1th reasonable accuracy the income is reponed net of costs. It is included when the amount can be measured reliably. Dividend and rentsl income are re¢ognised as Ihe Synod's right to re¢eive payment is estsblished. Expenditure Liabilities are recogni5ed as eYpenditt]re as 50011 as there is a legal or constrnctive obligation cominitting the Syiiod to the expenditure. All expenditure is accounted for on a]i accrnals basis E￿d has beet] classified under headings that a( gregate all costs relating to the category. Grants payable are payment5 made to churches, individuals and the wider church in the furtherance of the Synod'5 objectives. Single or multi-year grants are accounted for when either the recipieiit has a reasonable expectation that tliej. will receive the graRt and the Executive or its Coniinittees have agreed to pay the Page 15

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 l Aeeounting Polieies (coiiiinued) Expenditure Recognition (continued) grani wiihout condition. or the recipient has a reasonable expectation that they will receive a grant and any condition attached to ihe grant is outside the control of the Synod. Provision for grants are made when the Spending Committee have approved the grants and this intention has been communicated to the recipient. This includes grants payable over more than one year. Support costs allocation Siipport costs are those that assist rhe work of the Synod but do not directly represent charitable activities and iiiclude premises, olfice, governance and salary costs. Thev are incurred directly in support of expenditure on Ihe objects of the charity. Where suppon costs cannot be directl}, attributed to particular headings, Ihey have beeii allocated to the cost of raising funds and expenditllre on charitable activities on a basis consistent with use of resources. Tangible Fixed Assets and depreciation Lund andBtsildiKg. Progsraniine Assets are carried at cost. Depreciation of programme related freehold land and buildings ceased in 2005 on the basis that it 15 iminaterial since all properties have higFh residual values. The Finance Committee carries out an impairment review on behalf of Synod Executive to reassure the that the policy of non-depreciation still reinains appropriate. Motor C-ors Office EquipmeAI Depreciation is only provided for a55et5 C05tiii¥ over £1,000 and is provided at 250/0 of the written down value unless the lite of the asset is expected to be shorter. Oftice F￿r￿lI￿re and Fittings Depreciation has been provided at 25/0 of the written down value unless the life of the asset is expected to be shorter. (li) Invegtments Quoted Investments are included at market value at the Balance Sheet date. Investment Properties The Investment properties were valued at n)arket Value at 31 DeLember 2023 bv the Synod's surveyors Rapleys. It is the Synod's intention that Investment properties will be valued at'fair value" in future years. Realised gains and losses All gains and losses are iaken tLI the siatemeni of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase dats if later). Unrealised gains or Ilisses are calculaied as the difference between the market value at ihe year end and opening market value (or purchase date if later). Realised and unrealised gains re not separated in rhe Statement of Financial Aciivities. Pensions The S)nod contributes to a multi-employer defined benefit pension scheme for some employees who w'ere employed before 2010 (see note 231. The assets of the scheme are managed independently of Ihe Synod. Pension costs are assessed in accordance ￿'1th the advice of an independent qualified actuary. Contributions for the regular ongoing cost of pensions are such that the regular pension cost is a 5ubstantiall}' level percentage of the curreiit and expected future peiisionable pa)'roll. The Synod also opErated two defined contTibutioii schemes which were closed in 2017 and replaced with an Aiito Enrolment Scheme. Contributions are charged as expenditure as they beconie payable it] accordance H'ith the rules of the schemes. Reeognition of liabilitie5 Eipenditure 15 included in the Statement of Financial Activities in accordance with the concept that liabilities are recoyised as soon as there is a legal or constructive obli¥atioii committin¥ tlie Synod. Debtors Short term debtor5 are nieasured at transaction price, less any impairmeiit. Loa115 receivable are inea5ured initially at fair value, net of tra115actiOil Costs, and are tnea5ured subsequently at aniort15ed cost U5in¥ the eftective interest method: less any impaimieni. Page 16

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 l Aceounting Polieies (continued) Cash and Cash Equivalents Cash is represented by cash in hand and deposits with financial institutions repavable without penalty on notice of not more than 24 hours. Cash equivalents are highlj liquid investments that maiure in no more than three monihs from the date of acquisition and that are readily convertible to known amounis of cash with insignificant risk of change in value. Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank IL)ans. are measured initially ai fair value, net of tran&iciion costs, and are measured subsequently at amortised cost using the effective interest method. Significant Estimates and Judgements In prcparing thcsc financial statcmcnts the trustees have had to make estimates and assumptions that affects the amounts recognised in these financial stateinents. Estimates and judgement are continually evaluated and are based on historical experience and other factors. including expectations of future events that are reasonable under the circumstance5. The key area that is subject to estimates or judgement where adju5tnients would have a material effect are investJnent property valuations. Financial instrun]ents The Synod only enters into basic fii)ancial in5truinent5 transactions that result in the recognition of finai)cial assets ai)d liabilities such as trade and other accounts receivable and payable, loans to related parties and it)vestmei)ts in stocks and share. The measurement basis used for these financial instruinei)ts is detailed in i)ote 21 of the accoui)ts. Rtlated Part). Trangk)etions and Trustees, Remuneration During tl)e year oi)e Trustee received fees in relation to HR advisory, no other Trustees received emoluments (202?: £nil). Travelling. computer and stationery expenses reimbursed in the year iotalled £ nil (202? £ nill. Donations and Legacies 2023 2022 £'ooo 4,016 £'ooo Receipts froin Closed Churches Legacy T￿st 10,575 4,017 4 Charitable Activities 2023 £'ooo 2022 £'ooo 23 23 Income from Retirenient Homes 21 The Svnod asked a less than commercial rent on properties owned by the Swnod's Homes for Retired Ministers. Fund. These are lei w ministers and their widows who had not amassed sul'ficieni years, service io qualifj for the URC Retired Ministers Housing Scheme. Investments 2023 £'ooo 583 2022 £'ooo 466 Dividends- investment units Dividends- fixed interesi uni(s Interest on loans to churches and ministers Rents from Investment Properties Notioiial ainone uit loan 103 365 135 358 042 950 Page 17

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Investments (coniiiiued) Interest on deposii accounts is either paid direci ro the Synod or via URC Thames North Trust. The notional gain on the equity loan reflec(s the increased value of the loan to Mission Housing. This is a requirement for FRS 102. 6 Other 2023 £'ooo 2022 £'ooo Profit on the dis osal of investment units Cost of Raising Fund5 2023 £'ooo 2022 £'ooo Rented Pro ert Costs - Investment Pro erties 81 Rented property costs consisi of insurance, professional fees, repairs, statutory surveys etc as required on the Synod's housing stock. Allocation of Support Costs and Overheads Whcre costs arc spccifically attributable to Programme Staff these have been incliided in direct Support costs. Following a re-evaluation of our costs, it is nom. considered that all Administrdtion costs can be classed as charitable. 9 Charitable Activities Ui)der the new cominittee Structure all bFrants are tnade by the Resources Cominittee after consulting with the Discipleship and Pastoral Coinmittee5. All gFrants are made to local churches. 2023 £'ooo 2022 £,0￿) Inter Synod Sharing Newham Grant Contribution to National Church (Ministry and Mission Fund) Ongoing committed mission costs Salaries and costs of Programme staff Resources Grants Welfare grants Costs of retirement and s￿0d properties Salaries and associated costs for Office Staff Synod O￿l¢e running Cosis Trust Officer Salary aiid associated costs Synod Clerk's salati. and cost5, Committee and Synod events Pastoral Consultants costs Legal and ValueTS' fees Audit fcc c.ontribution to URC Iso 180 239 88 258 714 14 230 2i6 240 65 35 142 55 212 1,586 145 205 222 53 50 202 10 159 ensions deficit 44 Page 18

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 10 Emoluments of Employees The to(al emoluments of employees of the Synod were £543,00012022 £453.000). The average number of employees was 11 (2022'.10}. During the year. the following salary costs were incurred.. 2023 £'ooo 202 20 25 247 2022 £'ooo 156 17 97 200 Gr05s Salarie5 Social Security CLISIS Pension Contributions Salaries of the Synod Clerk, Office and Trust Staff Gross Salaries Social Security Costs Pension Contributions 247 30 19 296 209 27 253 The numkr of employees that receive a salary of £60.000- £70,000 £70 000- £80 000 The Synod's Key Personnel are considered to be, other than the Trustees, the Moderator whose stipend is paid by the United Reformed Church. The Treasurer gnd Assistant Treasurer who receive no reniuneration and the S}'nod Clerk M'hose salary, for her part time employment was £32,298 {2022.. £28,533). Termination payments of £ nil were made during the year {2022.. £ nil) GainlL055es on Investment5 and A55et5 Held for Resale 2023 £'ooo 1,606 2022 £'ooo (2,115) Gains on revaluation of investments held (see note 14) 12 Stat¢rnent of Financial Aclivit1¢5 for Previous Year 2022 Unr¢5trict¢d Fund5 £'ooo R¢5tricted Capital fuDd5 funds £'ooo £'ooo Total Fund5 £'ooo otes Income and endowments from: Doiiations aiid legFacies Charitable activities Investment Income Other Total Expenditure on: Raising funds Charitable activities Total 10,576 10,576 796 154 950 72 177 ioi 3.175 54 54 3.229 30 Net gains oil investnientS Net ains on assets held for resale Total lllcotnelEx (1,332) (263) (520) (2,115) 332 203 140 52ll 520 enditure Reeoneiliation of Funds Total funds brought forward Period IiicomelEx enditure Total funds Carried forward 27,172 6.764 3,942 140 5,570 520 36,684 Page 19

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 ij TANGIBLE FIXED ASSETS Homes for Retired Ministers PrOgra￿￿e & other Property Office Equipment, furniture and car5 Total Cost At l January 2023 Additions Disposals Transfers io investment At 31 December 2023 Depreciation At l Januarj 2023 Char efor ear At 31 December 2023 Net Book Value at 31 Deeembtr 2023 Net Book Value at 31 Deeember 2022 £'ooo 1,608 £'ooo 6,968 2,791 £'ooo 59 £'ooo 8.635 2,791 (160) 927 io 39 (160) ro erties 927 59 45 13 57 45 ,403 1,563 13 8,819 6.955 58 10,223 8,520 Honies for Reiired Ministers include freehold and leasehold property wholly or substantially owned by the S￿n0d and occupied by retired ministers or their fornjer partners. A less than commercial reni is paid by these tenants. Other Propertv comprises in the inain, houses occupied by ininisters serving iii the area of the Syntsd wl)ere they are not accominodated iii houses oH'ned b}. individual churches. Di￿l￿g the year one property iva5 sold. 14 Investments Programme Related Investment Investment Properties £'ooo £'ooo 1,000 9,815 1,000 (1.325) 927 CCLA Funds £'o 15,067 COIF Dep05lt5 £'ooo 182 36 Total £'ooo 26,064 I,Oi6 (1,325) 927 1.606 At l January 2023 Additions Disposals Transfers to Pro¥raniine & other property Nei losses At 31 D¢cember 2023 218 All investment properties were valued at 31 December 2023 by our Syi)od appointed survevor Rapleys. It is as nO￿d in the notes above that the Synod intends ro revalue all investment properties annually. IS Loans 2023 £'oon 451 222 1.486 2,090 163 3)6 2022 £'o 478 220 1.461 1,960 301 392 Interest bearing loans Non-iiiterest-bearing loans- churches Adeyfield Free Church- bridging loan Newham URC Bron)ley By Bow Centre Presb tarian Church of Ghana £203,000 {2022.' £339.000) of the loans outstanding are due for repaymeni within one year. the remainder within the following four years. During 2022 both the Bridging and 10 wear loans to Adeyfield Free Church were refii)anced by a 50 year temed loan ai an interesi rate of 1.8 /0 and the grant ol-an equiiy In￿reSt in the new church, equivalent to £1,000,000 (see note 14.. Programme Relaied Investment). Page 20

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 15 Loans (rontinucd) Non-interesi-bearing loans are made to churches on an emergency basis. Non-inierest-bearing loans io individuals have been made to assist w'iih ihe purchase of coinpuiers and to staff for season tickets and cars used substhntially for Synod purposes. No new loans were made in 20243 (2022.. £110.000) were made during Ihe year and £16,000 (2022.. £239,000} repaid. 16 Assets Held for Resale 2023 £'ooo 2022 £'o 2,500 St Pauls Centre Ei)field Manor Road Heaion Road 1.000 1.300 17 Debtors 2023 £'ooo 79 39 118 2022 £'ooo 72 28 100 Debtors & Accrued Income Pa ments in advance 18 Cash and Deposits 2023 £'ooo 2022 £'ooo 4,40i 95 COIF Deposit Accounts C&sh at Bank 412 19 Creditors 2023 £'ooo 78 59 691 655 483 2022 £'o Creditors Accrued expenses Provision for URC pensions deficit Accrucd raiits diic within onc car 62 761 Accrued grants due in more than one year Provision for URC ensions deficit 1,735 672 784 735 Tlie accrued graiits due iii more thai) one year con5lSt of residual Mis5ioiI Iiiitiative5 Group liabilities only. The expectation 15 that grants Inade by the Resources Coinmittee niade in 2023 will be accessed in 2024. 20 Funds Six charities were registered with the Charity Commission in April 2011. The Religious Edueation Fund was absorbed into the General Purposes Funds ii) 2013. General Purposes Fumd Cllpital Unrestricted Fund Fllnd Propcrt). MiintenaJ]ce Uthrestrirted Ethnic Minoritie s Cxpital Ethni MiThoriti Mission Fund Restritt £'ooo £'ooo £'ooo £'otMI £'ooo Balgnce at l January 2023 Income Expenditure Investnient ains B21ance at 31 December (983) 649 (2,012) 436 385 75 48 2,872 660 (2,012) 251 15 2023 3,589 (1,910) 407 81 2331 Page21

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 20 Funds (coiilinHed) General Purposes Fund (conlinued) The Fund was esiablished in 198? for the purpose of furthering the religious and other charitable work of the United Reformed Church in the area now of the Thames North Sjnod of the United Reformed Church by providing infomiation. advice and support and grants. It is used to purchase or assist with purchasing property in support of the Synod or local church activities. It is also used to provide and promote lay and ministerial Iraining, develop and promote ecumenical relations, M'ork making a difference in Ihe local communities and supporting other charities as an expression of the Christian faiih. General Fund Unrestricted £'o( 34.526 5,540 1363) 538 Balai)ce at l January 2023 Income Expenditure Invesiineiii oaii)s Balance at 31 December 2023 Tl)e Fiind was establisl)ed in 1998 for the purpose of supporting aiid enhancing the charitable work of local cl)urLhes TIOW Wltl)in the Thames Nortl) Synod by providing infom]ation, advice and supptsrt to individuals and organisaiions. by providing grants or loans to local churches for the upkeep. repair and improvement of church buildings and manses, purchasing or assisiing the purchase of property in suppon of the S}'nod or local church activities and by supporting and enhancing the charitable work of the wider United Refornied Church by providing grants. Income is from the proceeds of sale of former churches. Church Buildings Fund Capital Fund £'IM)O Re5trictcd Total £,(￿0 £'ooo Balai)ce at l January 2023 Income Expendityr¢ Invcstmcnt gains Balance at 31 December 2023 670 1,520 56 (561 77 ,597 2,190 56 (56) 125 2J15 48 718 The Fund was established in 1982 for the purpose of n)akii)g grnnts and loai)s to local churches now within the Thames North S)'nod for the upkeep ai)d repair and improven)eni {including replacement} of their church preinises and manses. Retireil Ministers Housing Charity The Fund was established in 1982 forthe purpose of purchasing suitable prL)perties which WL)uld provide homes for retired ministers and their spouses or the M'idow{er}s of retired Ministers who do not qualifv for assistance from the general United Refom)ed Church scheme and who formerly served within Thames North Synod. It may also mak'e grants available towards sheltered housing costs. Cllpital Fund £'ooo 827 Restritted Totxl £'ooo 2,096 138 £'ooo 2,923 138 Balance at l January 2023 Inconie Expenditure Invesiinent ains Balance at 31 Deeeniber 202J 827 45 Page 22

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 20 Funds (continucd) Welfare Fund CApitxl £'wo Restritted Total £'(N)O Balance at l Jai)uary 2023 Income Expenditure Investinent ains Balfinte Al 31 Deeember 2023 139 li8 277 {14) (14) 20 292 12 151 Tl)e Fund w'as established in 1982 for the purpose of making grants to ITIITilSters in the area now. of the Thames North S}'nod wl)ether Serving or retired aiid their sptsusesl widowler)s iii times of need. Summary Uthrestrirted Re$trirted Capital Fund Tot*1 £'ooo £'ooo £'ooo Balance at l January 2023 Income Expenditure Inve5tnient Balxnte xt 31 Detember 2023 33,936 6,296 (2.476) 990 3,802 209 170) 197 5.050 42,788 6,505 (2.546) 317 5 367 48 251 Unrestricted Restricted Capital Fund Total £'ooo (1,495) 40,241 £'ooo 55 £'ooo General Purposes Fund General Fund Church Buildings Fund Retired Ministers Hoiising Charity Welfare Funds Balance at 31 December 202J 3,671 40,241 2,315 3,172 292 5367 482SI 1,597 2,345 718 827 Fixed Assets 1Set Current Assets Long'fcrt Liabilities Total £'ooo £'ooo £'ooo 2,231 40,?41 2,315 3,172 292 GeiieTal PuTpose5 Fund General Fund Chiirch Buildings Fund Retired Ministers Housing Charity Welfare Fund Balance Al 31 December 2023 2.003 36,097 2,082 2,854 26) 1,963 4,144 233 318 29 11,735} Movement on these funds in 2022 are included in note 24 of the accounts. 21 Finaneial 2023 £'ooo 28,308 4,886 2022 £'ooo 26,064 4,912 Financial Assets Financial assets measured at fair value Financial asseis that are debt instruments measured at amortised cost Financial Liabilities Financial liabilities measured at amortised cost 78 62 Financial assets measured at fair value comprise listed investments. Financial asseis measured at amortised cost comprise loans and debtors. Financial liabilities measured at amortised cost comprise creditors. Page 23

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 22 Ministry and Mission Contributions During 2023 the Synod-s churches contributed £ 1,929,403 (2022-. 1.679,007} direcrlv to the national church's Ministry and Mission Fund and the Svnod contributed £ 239.00012022.. £180,000). 23 The United Reformed Chureh Final Salary Seheme Synod employees whose employment commenced before 201 O are entitled to contribute to a staff pension scheme sei up by The United Refomied Church known as the 'Final Salary" scheme., this too is a defined benefit scheme, which is administered by TPT Retirement Solutions (formerly The Pensions Trust). The United Refom)ed Church is the principal employer in the scheme, and Thames Norrh S}nod is one of the panicipating employers. There is no agreement to charge the net defined benefit cost 10 participating employers, who are therefore unable to identify their share of the underlying assets and liabilities- each employer pays a common contribution rate. Triennial gctuarigl valuations of the whole Final Salary scheme ar¢ perfornied by a qualified independent actuary. The most recent foriiial actiiarial review of the schenie was at 30 Sepiember 2020, when the scheme had a surplus of £2:689,000. Tlie assumptioiis underlying that valuation include.. Discouni rates of 4.9°/o pa pre-retirement and 1.8 /0 posl-retiremeni Pensionable earniiiuFs gro￿th of 2.450/0 for three years, 2.70/0 thereafter Price inflation and pension increases of 2.2 /0 Retirement age (active members) of 65, with maximiim commutation Durii)bT 2022 the United Reforn]ed Cliurch contributed 28 ?010 {2022.. 28.2Q/o) of basic salary in respect of Ineinbers of the Final Salary scheme which includes 10.50/0 as deficit funding and 3.20/0 to meet expenses and levies. Meinbers contributed at the rate of 7.5°/D in the acLountin¥ period. The Lontributions froin l Jail 2022 ale JO.3 /. There is no deficit fuiidiiig in tl)is figure as the scheme is in surplus and expenses and levies are now coveied by a fixed annual ainouiit of £102,516. In additioii it was agreed for each PartiLipatiiig emplo)'er tts inake provision for a future deficit on this fui)d Thames North Obligation stood at £1.5 million (see note 19} For gtaff emplayed after 2010, matched contributions of up to IOO/o of their gro%s earniiig% were offered in a 'Stak¢holder S¢heme" From October 2017 stsff ivere offered to opt in or opt out of a qualified earnings scheme from betH'een 40/0 to IOO/o of their salary. this is a scheme operated throiigh the People s Pension (B&CE). 24 Funds- comparative movements General Purposes Fund Capital Unrestricted Fund Fund Property Maintenance Unrestricted Ethnic Ethnic Minorities 11￿￿ritieS C-.apital Restricted £'oo Mission Fund Total £.￿)0 £'(NMI £'(MN) £'IM)O Balance at l January 2022 Income Expenditure Invesiment ains B*lAthte at 31 Detember 2022 3.750 1.777 636 12,796} 600 405 85 49 6,075 644 {2,7961 410 25 40 983 385 74 47 The Fund was established in 1982 for the purpose of fijrthering the religious and other charitable work of the United Reformed Church in the area now of the Thames Nonh Synod of the United Reformed Church by providing information. advice and support and grants. It is used to purchase or assist with purchasing property in support of the Synod or local church aciiviiies. It is also used to provide and promote lay and ministerial training. develop and promote ecumenical relations, work- making a difference in the local communities and supporting other charities as an expression of th¢ Christian faith. Page 24

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 24 Funds- comparative movements (conlinued) General Fund Unre$tritted £'ooo 24,982 10,731 (480) 707 Balance at l January 2022 Ii)come Expendirure Invesbnent ains Bxlrttt t 31 Detember 2022 The Fund was established in 1998 for the purpose of supporting and enhancing the chariiable work of local churches now ￿'1th1n the ThE￿leS North Syiiod by providin(J infom]ation. advice and support to iiidividuals and organisations, by providiiir aiits OT loans to local churches for the upkeep, repair aiid improvement of cliurch buildings and maiise5, purchasing or assistintw the purchase of property in support of the Synod or local cliurch activities and by supportiiig and enhancing the charitable work of the M'ider United Refornied ChuTch by providing grants. Income is from the proceeds of sale of fomier churches. Church BuildiNg5 Fund Capital Fund £'ooo Restricted Total £'o( Balance at l January 2022 Income Expenditure Investment gains Balllnce at 31 Dece]nber 2022 749 1,647 45 {45) 127 2.396 45 {45} 206 79 670 2,190 The Fund was established in 1982 for the purpose of making grants and loans to local churches now, within the Thames North Synod for the upkeep and repair and improvement (including replacement) of their church premises and manses. Retired Ministers Housing Charity Capital RtStritted £'ooo £'o 827 2,095 120 Total Balance at l Janiiary 2022 Income F.xpenditure Invc£tmcnt ains Balllnce ¥t 31 Dece]]Jber 2022 2.922 120 827 The Fund wgs established in 1982 for the purpose of purchasing suitsble properties which would provid¢ homes for retired niinisters and their spouses orthe widowler)s of retired Ministers who do not qualify for assistsnce from the general United Reformed Chiirch scheme and who fornierly served within Thames North Synod. It may also niake grants available towards sheltered hoiising costs. Welfare Fund The Fund was established in 1982 for the putP05e of n)aking grants to mini5ter5 in the area now of the Thanies North Synod whether Serving or retired [￿d their spoiisesl w'idow(erl5 in tiines of need. C4pital Fund Restricted Total £'ooo 158 £'(wo Balance at l January 2022 liicoine Expenditure Investment gains Balllrjce at 31 Dcce]nber 2022 309 18) 12 138 (8} 19 139 277 Page 25

UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 24 Funds- Comparative movements (conlinued) Summary UrtrtStritttd Restritted Capitl Fund £'ooo £'ooo 5,570 36,684 11,548 {3.329) 520 2.115 5 050 42 788 Total £'ooo 3,942 176 153) 263 Balance at l January 2022 Inconie Expendiiure Investnient gain B￿lance xt 31 December 2022 27,172 11.372 13.276} Unrestrieted Restricted CAPltal Fund £'ooo 3,414 Total £'ooo 48 £'IM)o 2,872 34.526 2,190 2,923 ?77 i 050 42 788 General Purpose5 Fund General Fund Church Buildings Fund Retired Ministers Housing Charity Welfare Funds Balance at 31 December 2022 1590) 34,526 1,520 2,096 670 827 Fixed Assets Net Current Assets Long Term Liabilitits Total £'ooo £'ooo £'ooo £'o 2,872 General Purpose5 Fund General Fund Church Buildings Fund Retired Ministers Housing Chariry Welfare Fuiid BlAthce at 31 Dettmber 2022 2,644 31,788 2,017 2,692 25.$ 96 1,684 (1,456) 173 231 22 2,190 2,923 277 39 456 Page 26

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Independent auditor’s report to the trustees of United Reformed Church Thames North Synod Charities

Opinion

We have audited the financial statements of United Reformed Church Thames North Synod Charities for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees 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 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.

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.

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 charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the use of restricted funds in accordance with trust law and compliance with employment law, 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 preparation of the financial statements such as the Charities Act 2011 and the Charities SORP.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 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 charity’s trustees as a body for our audit work, for this report, or for the opinions we have formed.

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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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Haysmacintyre LLP Statutory Auditors Date: 20 September 2024

10 Queen Street Place London EC4R 1AG

Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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