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