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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity no 1135477
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contents
Page 2–11 Trustees’ Report Page 12 Statement of Financial Activities Page 13 Balance Sheet Page 14 Cash flow statement Page 15–28 Notes to the Accounts Page 29–31 Independent Auditors’ Report
Page 1
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 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charities Act 2011 and the revised Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS 102 second edition effective from 1 January 2019).
Reference and Administrative Information
Address
St. Paul’s URC, Newton Road, London, W2 5LS
Synod Executive
The members of the Synod Executive who are the Charity Trustees for the Synod during the period 1 January 2024 to 31 December 2024 were as follows:-
Members appointed by Synod for a period of three years renewable for a second period of three years
Bridget Akinyombo retired 7[th] December 2024 Revd John Macaulay Hilda Darkwah
Ex-officio members
The Treasurer and Assistant Treasurer are appointed by Synod normally for a period of three years renewable for a second period of three years only. The Moderator serves an initial term of seven years renewable for a further period of five years.
Revd George Watt (Moderator) Anthony Obi-Ezekpazu (Treasurer) Martyn Macphee (Assistant Treasurer)
Bankers and Professional Advisers
CAF Bank Ltd. 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ HSBC Bank plc, 165 Fleet Street, London, EC4A 2DY HaysMac LLP, Registered Auditors, 10 Queen Street Place, London, EC4R 1AG Cripps Law, Wallside House, Number 22, Mount Ephraim, Tunbridge Wells, Kent TN4 8AS Rapleys, 51 Great Marlborough Street, London, W1F 7JT
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Trustees’ Report
Structure, Governance and Management
The United Reformed Church Thames North Synod Charities is an unincorporated association acting for and on behalf of 106 (2023: 108) churches within the Thames North Province of the United Reformed Church. 1 church closed within the year; the reduction has also included church which has merged.
Six charities were registered with the Charity Commission in April 2011. This was reduced to five in 2013 when the Religious Education Fund (assets less than £5,000) was absorbed into the General Purposes Fund.
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General Purposes Fund
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General Fund
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Church Buildings Fund
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Retired Ministers Housing Charity
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Welfare Fund
These charities continue to be administered under the umbrella of this one unincorporated association although they continue to be accounted for in their own funds and with their own identified assets as set out in Note 20 to the accounts.
The term Synod is commonly used to encompass the constituent URC churches within Thames North Province and to denote the representative body comprising persons appointed by the constituent churches and others in accordance with the structure of the United Reformed Church. Synods were established under the provisions of the United Reformed Church Acts 1972, 1981 and 2000 to support the work of the local churches in their outreach and mission and to share the vision of the United Reformed Church’s General Assembly
The activities of the Synod are overseen by the Synod Executive, the members of which are the charity trustees of the Synod’s funds. Synod Executive meets at least five times a year and receives reports from its committees and personnel involved in discrete areas of 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 assets 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.
Appointment of members of Synod Executive
The Appointment Advisory Committee seeks members from the local churches, six members are identified this way, and their appointment is confirmed by the Synod Meeting. The Appointment Advisory Committee also seeks to identify up to four members whose membership will ensure the Synod Executive fairly represents the membership of the local church congregations. These appointments are also confirmed by the Synod Meeting. The Moderator, the Treasurer, 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 they are aware of current practice, governance codes and issues of charity law. Charity Law training is provided by CLAS (Churches’ Legislation Advisory Service) which our Trust Officer is a member and participant of.
Principal risks and uncertainties
To gain an understanding of the risk exposure of the Synod we review each area of our operations annually and use a methodology that will assist the Synod in measuring, evaluating, documenting, and monitoring its risks within all areas of its operations. We use our risk management process to identify, monitor, evaluate and escalate risks as they emerge, enabling Officers to take appropriate action wherever possible to control them and enabling the Synod Executive to keep risk management under review.
In 2019 the Trustees undertook a detailed reappraisal of the principal risks and uncertainties facing the organisation. The risk factors addressed below are those which we believe to be the most material to our business model, which could adversely affect the operations, revenue, cash flow or assets of the Synod and which may prevent us from achieving the Synod’s strategic objectives. Additional risks and uncertainties currently unknown to us, or which we currently believe are immaterial, may also have an adverse effect on the Synod. Our Risk register is a Standing item of the Synod Executive agenda and is reviewed at each meeting.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
Principal risks and uncertainties (continued)
| Potential risk | Potential risk | Potential impact | **Steps to mitigate risk ** |
|---|---|---|---|
| Governance | |||
| The charity lacks direction, strategy and forward planning |
• the charity drifts with no clear objectives, priorities or plans • issues are addressed piecemeal with no strategic reference • needs of beneficiaries not fully addressed • financial management difficulties • loss of reputation |
• Trustees and officers establish leadership gathering for the purpose of creating a strategic plan setting out the key aims, objectives and policies • align financial plans and budgets to Support findings and objectives identified • monitor financial and operational performance against stated targets • communicate to members and get feedback fromSynodmeeting |
|
| Loss of key staff | • experience or skills lost • operational impact on key projects and priorities • loss of contact base and Corporate knowledge |
• succession planning • document systems, plans and projects for effective handover • implement training programmes • agree notice periods and handovers •review and agree recruitment processes |
|
| Operational risk | |||
| Employment issues | • employment disputes • health and safety issues • claims for injury, stress, harassment, unfair dismissal • equal opportunity and diversity issues • adequacy of staff training • low morale • abuse of vulnerable beneficiaries |
• review recruitment processes and establish checklist of key actions • Ensure staff appraisals conducted on timely basis • Ensure exit interviews conducted for all staff (i.e. employees and agency) • implement job training and development • implement health and safety training and monitoring |
|
| Information technology | • systems fail to meet operational need • failure to innovate or update systems • loss/corruption of data e.g. donor base • lack of technical support • breach of data protection law |
Develop IT strategy covering following areas • appraise system needs and options • appraise security and authorisation procedures • implement measures to secure and Protect data • agree implementation and development procedures • use service and support contracts • create disaster recovery procedures •consider outsourcing |
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| Financial risks | |||
| Pension commitments | Thames North (TNS) is a member of a syndicate of regional synods that have historically agreed to fund any shortfall on a discretionary basis on the two defined benefit pension schemes run by the National URC Church. The pension regulator is no longer happy with the informal nature of this commitment from the synods and is requiring a firm commitment backed by way of guarantee of cash this will have the following impact • impact on future cash flows •regulatory action or fines |
Monitor advice issued by national central church and engage in ongoing discussions. |
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| Capital projects & programmes |
TNS provides grants, debt financing to developments in the synod and on occasion are called on to effectively underwrite development schemes that run into trouble albeit on a discretionary basis. This can impact TNS cash flows significantly. |
• Ensure each development has appropriate governance structures • Ensure each development has secured all funding sources before commencing • Ensure appropriate controls in place to monitor cost |
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
Objects and Activities
The objects of the Thames North Synod are to advance the Christian religion in accordance with the doctrines, principles and usages of the United Reformed Church, principally in the Thames North area and support the work of the whole United Reformed Church. The Synod continued to carry out the following activities during 2024:
(i) Grant, loans and advisory services
Synod provided advisory services and funding across the Synod, which cover 106 (2023: 108) local churches and projects in the Thames North region. It has given financial support 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 agreement of their Local area Group to apply for grants and loans to assist with for example, the employment of lay workers, children’s and youth work, lay and ministerial training, discipleship development, mission and outreach to the community, spiritual and building development and maintenance.
There are specific criteria that a church must adhere to before being considered which includes, but is not limited to, being up to date with their Ministry & Mission contributions, not be under any stress conditions which prevents the grant being effective. Our Synod Clerk and Property Officer works directly with a grant applicant to ensure their application is successfully considered.
(ii) Wider United Reformed Church
The Synod also supports the work of the whole United Reformed Church through the Inter Synod sharing of financial resources and facilitating the collection of Ministry and Mission funding from the local church network.
(iii) Public Benefit
In all our activities we are mindful of the legal requirement for charities to provide public benefit and have had regard to the guidance published in this connection by the Charity Commission.
Thames North Synod gives high priority to the safeguarding of children, young people and adults at risk by supporting local churches to develop robust practices and comply with legislation. The Synod follows guidance received from the URC centrally and has adopted the Good Practice Policy 6 (including appropriate DBS checks and safer recruitment practices) and provides ‘Safer Sacred Space’ (SSS) training. The Synod’s Safeguarding Officer coordinates matters relating to safeguarding and supports and ensures local churches and their Elders (local church trustees) appoint Safeguarding Co-ordinators. The role of Safeguarding Officer is a paid post serving Thames North and Southern Synods.
The Synod Safeguarding Team undertakes regular reviews including assessing needs which informs the safeguarding training requirement for those acting on behalf of the local church. In addition, the Synod arranges SSS and Boundaries training for active ministers. Safeguarding training facilitates the awareness and knowledge of safeguarding at a local church level. The Synod has contracted an independent company thirtyone:eight to further advise and support churches in the Synod via additional training and a 24-hour helpline.
Achievements and Performance
The Synod fulfils its objectives through offering support to the churches by providing funding, programme staff and enabling structures as churches seek to fulfil their Christian calling.
In 2023 our website was re-developed for the purpose of improving communication and advocacy of various programme activities. A weekly electronic newsletter shares information widely.
Support is given through personnel appointed to assist with a variety of training of lay and ordained leadership, property matters, discipleship development, work with children and young adults. Others assist with our work in interfaith understanding and dialogue, and racial justice and environmental concerns. Synod also supports ecumenical projects and community services (including Grassroots, Luton; Chaplaincy at Luton Airport; and Chaplaincy at Hertfordshire and Bedfordshire Universities).
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
We have set aside £ 1m of grants to offer to churches as the intention of the Synod is to be net zero for carbon emissions by 2030. We have continued in 2024 to assist churches who are still recovering from the effects of Covid-19 as well as the new energy crisis that is affecting all aspects of church life.
In 2024 the Synod supported 1 church which decided to close and another that merged with an existing church, enabling them to mark the completion of their mission and celebrate their past history of worship and witness. The result was the rationalisation of buildings and a pooling of human resources especially in terms of leadership.
One new mission project has been established in collaboration with Seedbeds, in East London in a Synod property, with a view to founding a new church.
Synod Structures
Committee Structure.
The streamlining of the Synod’s central governance in recent years has significantly improved how the Synod fulfils its role. Joined-up thinking across the Synod’s programmes and activities is quite central to the new way of working. The Conveners of all Synod Committees meet regularly with Synod Officers. The programme staff hold regular team meetings. The Synod Officers (Moderator, Synod Clerk, Treasurer and Assistant Treasurer) meet regularly to monitor any major issues, review progress and administration.
The Synod has five Committees: Executive , Discipleship , Pastoral, Resource s and Appointments Advisory . There is also a Listed Buildings Advisory Committee .
The purpose of the Executive Committee is to advance Synod decisions relating to the mission, welfare, good governance and well-being of the Thames North Synod of the United Reformed Church. The Executive has a co-ordinating and facilitating role in relation to the work of the other committees and is also the Trustee of Synod.
The purpose of the Discipleship Committee is to review and update strategies and plans for nurturing faith across all age ranges and for promoting new patterns of activity 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 across the Synod to identify local priorities for growth and service.
The purpose of the Pastoral Committee is, in conjunction with the Moderator, to support ordained ministers, lay ministry and develop deployment strategy in maintaining and developing the Church’s mission and ministry, including supporting Local Area Groups to develop appropriate local responses to achieving Synod’s mission and growth objectives.
The purpose of the Resources Committee is to ensure that Synod’s financial and property resources are properly administered to best advance Synod’s mission and growth objectives and support the ministry of Local Area Groups fairly and appropriately across the Synod area.
The purpose of the Appointments Advisory Committee is to ensure that the best possible candidates are found through an open and transparent process to fill vacancies in Synod committees and task groups and to represent Synod at the General Assembly - increasing the level and range of relevant skills and a balanced representation of the geographic spread, age, gender and ethnicity of church members wherever possible.
The Listed Buildings Advisory Committee is a quasi-statutory body appointed by Synod in accordance with the Revised Procedure for Control of Works to Buildings agreed between the United Reformed Church and the Government under The Planning (Listed Buildings and Conservation Areas) Act 1990 & The Ecclesiastical Exemption (Listed Buildings and Conservation Areas) Order 1994. (SI 1994 No.1771). It is distinct from other Synod committees in that it largely operates under Planning Law and not the United Reformed Church legislation.
The purpose of the Listed Buildings Advisory Committee is to receive notice of any work proposed within the curtilage of a Listed Church within Thames North Synod, and after consulting with the local church and appropriate heritage bodies to advise the Synod (through the Synod Resources Committee) as to whether to grant Listed Buildings Consent and on what conditions.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
Local Area Groups
The formation of Local Area Groups, as part of 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 of Local Area Groups remains at 13 in 2024.
The fulfilment of our vision that churches would be stronger together benefitting from the mutual support that will assist them in fulfilling their obligations and achieving their missional goals more effectively, 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.
It is planned that the strategies for training, mission and discipleship will be further developed in the context of the Local Area Groups.
Moderator
The Revd George 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 Synod currently have 5 Synod Office members of staff and 4 employees who operate directly with local churches in the field: Property Development Worker, Assistant Property Officer, Children & Youth Development Officer and a Safeguarding Officer. They support various Synod programmes in the field of their specialisation. They are accountable to the Synod Executive Committee. The Synod is seeking to appoint an Administrative Assistant. The Office Administrator also serves as Synod Clerk in a paid capacity. Two ministers also serve the Synod as Discipleship Enabler and Training Development Officer.
There is a ‘Pastoral Consultants’ team dedicated to offering conflict-mediation and pastoral care to churches and ministers when they go through a difficult period or are in transition. The team comprises two women, two ordained ministers, one of whom is from ethnic minorities.
Training & Development
An annual Gathering of Treasurers and Administrators is held (usually in February) to assist with the everincreasing legislative and governance environment affecting churches and charities. The Synod Treasurers, Resources Convenor, Trust Officer and Property Development Worker play 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 and ministry of the local churches. The Lay Preaching Advocate, along with a small support team, facilitates and develops lay preachers in the Synod. We currently have 39 (2024: 39) Assembly Accredited Lay Preachers and 7 (2024: 7) 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 to support the churches’ work among children and youth.
The system of Church Life Reviews (CLR), continues as part of the Synod’s programme to give local churches an opportunity to express their mission and how best the Synod can assist in furthering it. URC policy is to encourage churches to take up CLR as part of the requirement of declaring a vacancy to invite ministers to serve congregations. Churches are encouraged to link the review with Vision 2022, a national framework exploring ten priorities for mission.
We continue to encourage our churches to be intentional about discipleship, deepening their own faith and sharing faith with confidence. In 2020 we were able to appoint a Special Category Minister as a Discipleship Enabler who encourages local Churches in developing their discipleship and supports the Synod in making discipleship as a priority. Several churches took part in a learning hub run by the London Institute of Contemporary Christianity.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
Synod Structures ( continued )
National programmes for discipleship and worship leading ( Stepwise ) and leadership development, ( Aspire to More ) replaced the former programme, Training for Learning and Service (TLS). Synod programmes for locally recognised worship leaders and local church leaders are being developed.
Ecumenical Links
The Synod regularly reviews its ecumenical links to be effective in its participation. The Moderator participates in meetings of Church Leaders in London and Churches Together gatherings in Essex and East London and Bedfordshire and Hertfordshire. A part time interim Ecumenical Officer was appointed in 2022 and it is hoped to appoint a permanent Officer 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 (ECCB) in Czech Republic is linked with Thames North Synod. The relationship has been maintained by sharing news and information and the receiving of guests.
Financial Review
The Statement of Financial Activities on page 12 discloses that there was a net surplus in resources on all funds totalling £1.6 million for the year (2023: £5.5 million). Our total funds now stand at £49.9 million with £10.8 million in Capital and Restricted Funds
Investment Review
The investment powers of the Synod are those generally applicable to Trustees and are now found in the Trustee Act 2000.
(i) Investment policy
The Synod seeks to achieve as high an income as possible, subject to protecting the capital value of the funds against inflation. Investments consist of fixed interest and equity marketable securities and property, inherited from closed churches, which are let commercially. The Synod seeks to ensure that none of its investments can be seen to support practices which are against the conscience of Christians following the Ethical Investment Guidelines approved by the URC General Assembly from time to time.
(ii) Additions and dispositions
In December 2024 an additional £ 4m was transferred from cash deposits to CCLA investments, with the rest of the increases coming from a closed church and unrealised gains.
(iii) Portfolio performance
The performance of our investment holdings during the year have been measured by comparison of total returns 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:
| Holding as | 1-year | 3-year | 5-year | |
|---|---|---|---|---|
| Investments | 31 December 2024 | return | return | Return |
| £ '000 | % | % | % | |
| Ethical Investment | 21,753 | 5.69 | 2.60 | 6.71 |
| Deposit | 2,434 | 5.08 | 3.62 | 2.20 |
| Property | 23,145 | 6.90 | (1.35) | 2.64 |
| Benchmarks | ||||
| UK Equities MSCI UK Investable | 9.09 | 6.17 | 4.61 | |
| Global Equities All Country World | 20.79 | 9.15 | 12.42 | |
| Global ex UK MSCI World Index | 21.241 | 9.17 | 12.76 | |
| UK Govt Bonds Index | (3.99) | (9.31) | (5.10) | |
| Sterling Bonds ex Govt | 1.73 | (3.14) | (1.03) | |
| Inflation CPI | 2.58 | 5.67 | 4.48 | |
| Cash (SONIA) | 5.23 | 3.76 | 2.26 | |
| Source: CCLA December 2024 |
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 Trustees’ Report ( continued )
(iii) Portfolio performance (continued)
The trustees have decided to focus the investment funds with the CCLA Ethical Investment Fund following the decision to divest from holdings in the fossil fuel and extractive related industries in 2020. The one, three and five -year investment performance for 2024 reflects the rebound in markets after the fall in December 2022, albeit below normal market performance when compared against portfolios consisting of traditional stocks (i.e. including fossil fuel equities), the trustees are satisfied with the longer-term performance of the fund and that there is sufficient diversification of geographies and asset classes.
Reserves Policy
Total reserves at 31 December 2024 were £49.9 million. Endowment funds were £5.5 million, Restricted funds £5.3 million and Unrestricted funds £39 million. The trustees would like to retain reserves sufficient to produce enough income to meet the basic running 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 realisable reserves amount to over £18 million.
The average basic costs, excluding voluntary grants, amount to £1,014k and it is calculated that reserves of £23 million would be needed to produce sufficient income to pay all these costs. On that basis, the Synod holds sufficient reserves.
Following the revision of the Synods spending commitments to that of half the average exceptional income arising over a 10-year period from investment gains and sale of redundant buildings to support work of local churches by part funding major projects from time to time. We can report that during the year the Synod spent £2 million (2023: £1.4 million) which is closer to our average 10-year commitment of £1.9 million. The Trustees continue to monitor this benchmark and continue to encourage projects that further the Synods Christian objectives.
Plans for the future
The principal tasks of The Executive Committee in 2025 will be to:
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develop the vision and priorities for the Synod
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ensure effectiveness in and collaboration between Synod Committees
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monitor the budget and expenditure of the Synod and seek to use surplus reserves in supporting the mission of the Synod and local churches
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develop a greater understanding of and commitment to inter-synod support as part of the national Church life Review which is currently being undertaken
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strengthen the Local Area Groups and support their efforts, developing more effective lines of communication
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continue to develop discipleship through events, training and the work of the Discipleship Enabler 7. develop policies and programmes encouraging church members to consider and develop their calling to a variety of ministries, ensuring the availability of resources and training
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support and encourage the involvement of young people in the life of the Synod at all levels
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provide support to churches to understand and observe existing and new legislative requirements, such as governance, Safeguarding and GDPR
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embed good practice in safeguarding at all levels of the Synod and recruit an additional Safeguarding Officer and administration support
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recruit an Ecumenical Officer
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support and monitor the implementation of our eco-church environmental policy
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ensure and encourage diversity at all levels in the Synod
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strengthen the Property Team
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Trustees’ Report ( continued )
Plans for the future ( continued )
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commit funds to the reparations for the Legacies of Slavery
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monitor, assess and review the feasibility of developing the Lumen Centre as a Synod resource 17. drive programme to achieve Carbon Net Zero by 2030
Use of Volunteers
Most Ministers of Word and Sacrament receive stipends directly from the United Reformed Church. The United Reformed Church Trust (acting at denominational level) is a separate charity, not under common control. The Synod Office Staff, Children’s & Youth Development Officer, Property Development Officer, Assistant Property Officer, Synod Clerk, Safeguarding Officer and Trust Officer are paid by the Synod. Other than these, all members of Synod Committees and others supporting and enabling Synod activities are volunteers, almost all being members of their local United 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 Synod Clerk and the Treasurer and the Assistant Treasurer. The Moderator is remunerated by the United Reformed Church at the same rate as all stipendiary ministers of word and sacrament serving the denomination. The two treasurers are volunteers. The Synod Clerk is remunerated from Synod Funds, in line with Level 1 Local Authority pay scales that are set out by United Reformed Church House directly.
Note on Fundraising Activities
The Synod doesn’t raise funds through any form of fundraising. As previously noted all income is from investments, rental and loan incomes.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Statement of Trustees’ Responsibilities
The Synod Executive is responsible for ensuring that accounts are prepared each financial year which give a true and fair view of the state of those trusts and other funds which are administered for the benefit of the Thames North Synod of the United Reformed Church, under the overall control of the Synod, as at the end of the year and of their income and expenditure for that year. In preparing those accounts, the Synod Executive is responsible for ensuring that:
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suitable accounting policies are selected and applied consistently;
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observe the methods and principles in the Charities SORP;
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judgements and estimates made are reasonable and prudent;
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applicable accounting standards are followed; subject to any material departures being disclosed and explained in the financial statements;
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the accounts are prepared on a going concern basis unless it is inappropriate to assume that the Synod will continue its activities.
The Synod Executive is responsible for ensuring that proper accounting records are maintained which disclose with reasonable accuracy at any time the financial position of the Synod and to enable them to ensure that the accounts comply with generally accepted accounting practice. They are also responsible for safeguarding the assets of the Synod and hence for taking steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of Synod Executive Revd George Watt – Moderator
Date: 11[th] June 2025
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Statement of Financial Activities for Year Ended 31 December 2024
The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended are derived from continuing activities. Comparative figures for 2023 are shown in note 12.
The notes on pages 15 to 28 form part of these financial statements.
.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Balance Sheet as at 31 December 2024
The notes on pages 15 to 28 form part of these financial statements
Approved by the Synod Executive on 11[th] June 2025 and signed on their behalf by
George Watt Moderator
----- Start of picture text -----
Martyn Macphee sy
Synod Treasurer
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Analysis of mvoement in cash and cash equivalents | |||
|---|---|---|---|
| Current | Deposit | Total | |
| Balance at beginning of the period | 412 | 5,340 | 5,752 |
| Cash Flow | (219) | (4,022) | (4,241) |
| Balance at end of the period | 193 | 1,318 | 1,510 |
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 1 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 1 January 2022) and the Charities 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 with 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 Information.
The Charity is registered in England and Wales (charity number 1135477). The Charity’s registered office 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 basis
The Trustees consider that there are no material uncertainties which would cast doubt on the Charity’s ability to continue as a going concern. The Trustees continue to take into consideration the long-term effects of the Cost of Living Crisis and global conflict and loss on investments on its missions and churches, and the Trustees are satisfied that given the strength of its balance sheet and having regard to the most recent forecast, budgets, cash flow statements and risk assessment that the impact on operational continuity will be minimal. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
Classification of funds
Capital funds are permanent endowments, which are required to be retained. The income from these funds is spent in accordance with the terms of the original endowment.
Unrestricted funds are those which may be spent generally for furthering the religious and charitable work of the Synod.
Restricted funds as the name implies are those which may only be spent in accordance with the terms 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 from 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 property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the income is reported net of costs. It is included when the amount can be measured reliably. Dividend and rental income are recognised as the Synod’s right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Synod to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category.
Grants payable are payments made to churches, individuals and the wider church in the furtherance of the Synod’s objectives. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive the grant and the Executive or its Committees have agreed to pay the
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
1 Accounting Policies (continued)
Expenditure Recognition (continued)
grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attached to the grant is outside the control of the Synod.
Provision for grants are made when the Resources Committee approves the grants and this intention has been communicated to the recipient. This includes grants payable over more than one year.
Support costs allocation
Support costs are those that assist the work of the Synod but do not directly represent charitable activities and include premises, office, governance and salary costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to the cost of raising funds and expenditure on charitable activities on a basis consistent with use of resources.
Tangible Fixed Assets and depreciation
- (i) Land and Buildings
Programme Assets are carried at cost. Depreciation of programme related freehold land and buildings ceased in 2005 on the basis that it is immaterial since all properties have high residual values. The Finance Committee carries out an impairment review on behalf of Synod Executive to reassure them that the policy of non-depreciation still remains appropriate.
- (ii) Motor Cars and Office Equipment
Depreciation is only provided for assets costing over £1,000 and is provided at 25% of the written down value unless the life of the asset is expected to be shorter.
- (iii) Office Furniture and Fittings
Depreciation has been provided at 25% of the written down value unless the life of the asset is expected to be shorter.
Investments
Quoted Investments are included at market value at the Balance Sheet date.
Investment Properties
The Investment properties were valued at market value at 31 December 2023 by 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 taken to the statement 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 date if later). Unrealised gains or losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Pensions
The Synod contributes to a multi-employer defined benefit pension scheme for some employees who were employed before 2010 (see note 23). The assets of the scheme are managed independently of the Synod. Pension costs are assessed in accordance with the advice of an independent qualified actuary. Contributions for the regular ongoing cost of pensions are such that the regular pension cost is a substantially level percentage of the current and expected future pensionable payroll. The Synod also operated two defined contribution schemes which were closed in 2017 and replaced with an Auto Enrolment Scheme. Contributions are charged as expenditure as they become payable in accordance with the rules of the schemes.
Recognition of liabilities
Expenditure is included in the Statement of Financial Activities in accordance with the concept that liabilities are recognised as soon as there is a legal or constructive obligation committing the Synod.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 16
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
1 Accounting Policies (continued)
Cash and Cash Equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Significant Estimates and Judgements
In preparing these financial statements the trustees have had to make estimates and assumptions that affects the amounts recognised in these financial statements. 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 circumstances. The key area that is subject to estimates or judgement where adjustments would have a material effect are investment property valuations.
Financial instruments
The Synod only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans to related parties and investments in stocks and share. The measurement basis used for these financial instruments is detailed in note 21 of the accounts.
- 2 Related Party Transactions and Trustees’ Remuneration
During the year one Trustee received fees in relation to HR advisory, no other Trustees received emoluments (2023: £nil). Travelling, computer and stationery expenses reimbursed in the year totalled £ nil (2023 £ nil).
- 3 Donations and Legacies
| 4 | 2024 2023 £’000 £’000 Receipts from Closed Churches 2,645 4,018 Legacy 108 1 Trust 1 – |
|---|---|
| 2,754 4,019 |
|
| Charitable Activities 2024 2023 £'000 £'000 Income from Retirement Homes 20 21 |
|
| 20 21 |
The Synod asked a less than commercial rent on properties owned by the Synod’s Homes for Retired Ministers’ Fund. These are let to ministers and their widows who had not amassed sufficient years’ service to qualify for the URC Retired Ministers Housing Scheme.
Page 17
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
| 5 | Investments | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Dividends - investment units | 768 | 583 | |
| Dividends - fixed interest units | 9 | 9 | |
| Interest on loans to churches and ministers | 87 | 103 | |
| Rents from Investment Properties | 382 | 365 | |
| Notionalgain on equityloan | – | (18) | |
| 1,246 | 1,042 |
Interest on deposit accounts is either paid direct to the Synod or via URC Thames North Trust. The notional gain on the equity loan reflects the increased value of the loan to Mission Housing. This is a requirement for FRS 102.
6 Other
| 6 | Other | |
|---|---|---|
| 2024 | 2023 | |
| £'000 | £'000 | |
| Profit on the disposal of investment units 122 |
1,323 | |
| 122 | 1,323 | |
| 7 | Cost of Raising Funds | |
| 2024 | 2023 | |
| £'000 | £'000 | |
| Rented Property Costs - Investment Properties 75 |
81 | |
| 75 | 81 |
Rented property costs consist of insurance, professional fees, repairs, statutory surveys etc as required on the Synod’s housing stock.
8 Allocation of Support Costs and Overheads
Following a re-evaluation of our costs, it is now considered that all Administration costs can be classed as charitable.
Page 18
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
9 Charitable Activities
Under the new committee structure all grants are made by the Resources Committee after consulting with the Discipleship and Pastoral Committees. All grants are made to local churches.
| 2024 | 2023 | |
|---|---|---|
| £’000 | £’000 | |
| Inter Synod Sharing | 180 | 180 |
| Newham Grant | – | – |
| Contribution to National Church (Ministry and Mission Fund) | 238 | 239 |
| Ongoing committed mission costs | 110 | 88 |
| Salaries and costs of Programme staff | 250 | 258 |
| Resources Grants | 1,492 | 714 |
| Welfare grants | 38 | 14 |
| Costs of retirement and Synod properties | 594 | 230 |
| Salaries and associated costs for Office Staff | 289 | 236 |
| Synod Office running Costs | 222 | 240 |
| Trust Officer Salary and associated costs | 60 | 65 |
| Synod Clerk’s salary and costs, Committee and Synod events | 34 | 35 |
| Pastoral Consultants costs | – | – |
| Legal and Valuers’ fees | 37 | 104 |
| Audit fee | 10 | 18 |
| Contribution toURC pensions deficit | (690) | 45 |
| 2,864 | 2,464 |
10 Emoluments of Employees
The total emoluments of employees of the Synod were £616k (2023 £543k). The average number of employees in 2024 was 11 (2023:11). During the year, the following salary costs were incurred:
| 2024 | 2023 | |
|---|---|---|
| £'000 | £'000 | |
| Gross Salaries | 209 | 202 |
| Social Security Costs | 23 | 20 |
| Pension Contributions | 26 | 25 |
| 258 | 247 | |
| Salaries of the Synod Clerk, Office and Trust Staff | ||
| Gross Salaries | 305 | 247 |
| Social Security Costs | 32 | 30 |
| Pension Contributions | 20 | 19 |
| 357 | 296 | |
| Number of employees that recceive a salary of | ||
| £60,000-£70,000 | – | – |
| £70,000-£80,000 | 1 | 1 |
The Synod’s Key Personnel are, other than the Trustees, the Moderator whose stipend is paid by the United Reformed Church. The Treasurer and Assistant Treasurer who receive no remuneration and the Synod Clerk whose salary for her part time employment was £28,612 (2023: £32,298). Termination payments of £ nil were made during the year (2023: £ nil)
Page 19
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
11 Gain/Losses on Investments and Assets Held for Resale
12 Statement of Financial Activities for Previous Year 2023
Page 20
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477 13 TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Homes for Retired Ministers |
Homes for Retired Programme & other Property |
Office Equipment, furniture and cars |
Total | |
| £’000 | £’000 | |||
| Cost | ||||
| At 1 January 2024 | 1,448 | 8,834 | 59 | 10,341 |
| Additions | – | 287 | – | 287 |
| Disposals | (31) | – | (31) | |
| Transfers to investmentproperties | – | – | – | – |
| At 31 December 2024 | 1,417 | 9,121 | 59 | 10,597 |
| Depreciation | ||||
| At 1 January 2024 | 45 | 13 | 58 | 116 |
| Charge for year | – | 1 | 1 | |
| Depreciation on disposals | (16) | – | -16 | |
| At31 December 2024 | 31 | 13 | 59 | 101 |
| Net Book Value at 31 December 2024 | 1,387 | 9,108 | 0 | 10,496 |
| Net Book Value at 31 December 2023 | 1,403 | 8,821 | 1 | 10,225 |
Homes for Retired Ministers include freehold and leasehold property wholly or substantially owned by the Synod and occupied by retired ministers or their former partners. A less than commercial rent is paid by these tenants.
Other Property comprises in the main, houses occupied by ministers serving in the area of the Synod where they are not accommodated in houses owned by individual churches. During the year one property was sold.
14 Investments
15 Loans
£121,000 (2023: £203,000) of the loans outstanding are due for repayment within one year, the remainder within the following four years.
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UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
15 Loans (continued)
Non-interest-bearing loans are made to churches on an emergency basis. Non-interest-bearing loans to individuals have been made to assist with the purchase of computers and to staff for season tickets and cars used substantially for Synod purposes. New loans were made in 2024 of £ 531k (2023: £nil) were made during the year and £177,000 (2023: £239,000) repaid.
16 Assets Held for Resale
| 16 Assets Held for Resale | ||
|---|---|---|
| 2024 | 2023 | |
| £’000 | £’000 | |
| Colindale | 1,000 | – |
| Manor Road | 1,000 | 1,000 |
| Heaton Road | – | 1,300 |
| 2,000 | 2,300 |
17 Debtors
| 18 | Cash and Deposits | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £’000 | £’000 | ||
| COIF Deposit Accounts | 1,317 | 5,340 | |
| Cash at Bank | 193 | 412 | |
| 1,510 | 5,752 |
19 Creditors
The accrued grants due in more than one year consist of residual Mission Initiatives Group liabilities only. The expectation is that grants made by the Resources Committee made in 2023 will be accessed in 2024.
Page 22
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
20 Funds
Six charities were registered with the Charity Commission in April 2011. The Religious Education Fund was absorbed into the General Purposes Funds in 2013.
General Purposes Fund
| General Purposes Fund | ||||||
|---|---|---|---|---|---|---|
| **Capital Fund ** | Unrestricted Fund |
Property Maintenance Unrestricted |
Mission Fund |
Mission Ethnic Minorities Capital |
Ethnic Minorities Restricted |
Total |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
| Balance at 1 January 2024 3,589 |
(1,911) | 407 | 9 | 81 | 55 | 2,230 |
| Income – |
786 | 7 | – | – | 4 | 797 |
| Expenditure – |
(2,947) | – | – | – | – | (2,947) |
| Investment gains 127 |
1,765 | 8 | – | 3 | 1 | 1,904 |
| Balance at 31 December 2024 3,716 |
-2,307 | 422 | 9 | 84 | 60 | 1,985 |
The Fund was established in 1982 for the purpose of furthering the religious and other charitable work of the United Reformed Church in the area now of the Thames North 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 activities. 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 the Christian faith.
General Fund
The Fund was established in 1998 for the purpose of supporting and enhancing the charitable work of local churches now within the Thames North Synod by providing information, advice and support to individuals and organisations, by providing grants or loans to local churches for the upkeep, repair and improvement of church buildings and manses, purchasing or assisting the purchase of property in support of the Synod or local church activities and by supporting and enhancing the charitable work of the wider United Reformed Church by providing grants. Income is from the proceeds of sale of former churches.
Church Buildings Fund
The Fund was established in 1982 for the purpose of making grants and loans to local churches now within
Page 23
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
the Thames North Synod for the upkeep and repair and improvement (including replacement) of their church premises and manses.
Retired Ministers Housing Charity
The Fund was established in 1982 for the purpose of purchasing suitable properties which would provide homes for retired ministers and their spouses or the widow(er)s of retired Ministers who do not qualify for assistance from the general United Reformed Church scheme and who formerly served within Thames North Synod. It may also make grants available towards sheltered housing costs.
Welfare Fund
The Fund was established in 1982 for the purpose of making grants to ministers in the area now of the Thames North Synod whether serving or retired and their spouses/ widow(er)s in times of need.
Page 24
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Summary
Movement on these funds in 2023 are included in note 24 of the accounts.
21 There is no note 21
Page 25
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
22 Ministry and Mission Contributions
During 2024 the Synod’s churches contributed £ 1,752,819 (2023: 1,929,403) directly to the national church’s Ministry and Mission Fund and the Synod contributed £ 238,000 (2023: £239,000).
23 The United Reformed Church Final Salary Scheme
In 2020 a commitment to The Retired Ministers Pension scheme was presented within the accounts as a liability to be paid down over a period of 4 years as phase 1 of a 2 phase payment plan. Thames North Synod had allowed for £4m in phase 1 and a further £6m in phase 2. At the end of phase 1 it was deemed sufficient funds existed that no further payments were required and in total £ 690k was returned to the Synod in 2024.
Synod employees whose employment commenced before 2010 are entitled to contribute to a staff pension scheme set up by The United Reformed 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 Reformed Church is the principal employer in the scheme, and Thames North Synod is one of the participating employers. There is no agreement to charge the net defined benefit cost to participating employers, who are therefore unable to identify their share of the underlying assets and liabilities – each employer pays a common contribution rate.
For Staff employed after 2010, matched contributions of up to 10% of their gross earnings were offered in a “Stakeholder Scheme”. From October 2017 staff were offered to opt in or opt out of a qualified earnings scheme from between 4% to 10% of their salary; this is a scheme operated through the People’s Pension (B&CE).
24 Funds – comparative movements
General Purposes Fund
| General Purposes Fund | |||||||
|---|---|---|---|---|---|---|---|
| **Capital Fund ** | Unrestricted Fund |
Property Maintenance Unrestricted |
Mission Fund |
Ethnic Minorities Capital |
Ethnic Minorities Restricted |
Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Balance at 1 January 2023 | 3,338 | (983) | 385 | 9 | 75 | 48 | 2,872 |
| Income | – | 649 | 7 | – | – | 4 | 660 |
| Expenditure | – | (2,012) | – | – | – | – | (2,012) |
| Investmentgains | 251 | 436 | 15 | – | 6 | 3 | 711 |
| Balance at 31 December 2023 |
3,589 | -1,910 | 407 | 9 | 81 | 55 | 2,231 |
The Fund was established in 1982 for the purpose of furthering the religious and other charitable work of the United Reformed Church in the area now of the Thames North 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 activities. 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 the Christian faith.
General Fund
Page 26
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
Unrestricted Fund
| £’000 | |
|---|---|
| Balance at 1 January 2023 | 34,526 |
| Income | 5,540 |
| Expenditure | (363) |
| Investment gains | 540 |
| Balance at 31 December 2023 |
40,241 |
24 Funds – comparative movements (continued)
The Fund was established in 1998 for the purpose of supporting and enhancing the charitable work of local churches now within the Thames North Synod by providing information, advice and support to individuals and organisations, by providing grants or loans to local churches for the upkeep, repair and improvement of church buildings and manses, purchasing or assisting the purchase of property in support of the Synod or local church activities and by supporting and enhancing the charitable work of the wider United Reformed Church by providing grants. Income is from the proceeds of sale of former churches.
Church Buildings Fund
| Capital Fund | Restricted | Total | |
|---|---|---|---|
| £’000 | £’000 | £’000 | |
| Balance at 1 January 2023 | 670 | 1,520 | 2,190 |
| Income | – | 56 | 56 |
| Expenditure | – | (56) | (56) |
| Investmentgains | 48 | 77 | 125 |
| Balance at 31 December 202 | 718 | 1,597 | 2,315 |
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 Fund | Restricted | Total | |
|---|---|---|---|
| £’000 | £’000 | £’000 | |
| Balance at 1 January 2023 | 827 | 2,096 | 2,923 |
| Income | – | 138 | 138 |
| Expenditure | – | – | – |
| Investment gains | – | 108 | 108 |
| Balance at 31 December 202 | 827 | 2,342 | 3,170 |
The Fund was established in 1982 for the purpose of purchasing suitable properties which would provide homes for retired ministers and their spouses or the widow(er)s of retired Ministers who do not qualify for assistance from the general United Reformed Church scheme and who formerly served within Thames North Synod. It may also make grants available towards sheltered housing costs.
Welfare Fund
Page 27
UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES Registered Charity No. 1135477
| ed Charity No. 1135477 | |||
|---|---|---|---|
| Capital Fund | Restricted | Total | |
| £’000 | £’000 | £’000 | |
| Balance at 1 January 2023 | 139 | 138 | 277 |
| Income | 0 | 9 | 9 |
| Expenditure | – | (14) | (14) |
| Investmentgains | 12 | 8 | 20 |
| Balance at 31 December 202 | 151 | 141 | 292 |
The Fund was established in 1982 for the purpose of making grants to ministers in the area now of the Thames North Synod whether serving or retired and their spouses/ widow(er)s in times of need.
24 Funds – comparative movements (continued)
Summary
| Unrestricted | Restricted | Capital Fund | Total | |
|---|---|---|---|---|
| £’000 | £’000 | £’000 | £’000 | |
| Balance at 1 January 2023 | 33,936 | 3,802 | 5,050 | 42,788 |
| Income | 6,196 | 207 | – | 6,403 |
| Expenditure | (2,375) | (70) | – | (2,445) |
| Investmentgains | 991 | 197 | 317 | 1,505 |
| Balance at 31 December 202 | 38,748 | 4,136 | **5,367 ** | 48,250 |
| Unrestricted | Restricted | Capital Fund | Total | |
|---|---|---|---|---|
| £’000 | £’000 | £’000 | £’000 | |
| General Purposes Fund | (1,493) | 55 | 3,671 | 2,233 |
| General Fund | 40,241 | – | – | 40,241 |
| Church Buildings Fund | – | 1,597 | 718 | 2,315 |
| Retired Ministers Housing Charity |
– | 2,342 | 827 | 3,169 |
| Welfare Funds | – | 141 | 151 | 292 |
| Balance at 31 December 202 | 38,748 | 4,135 | **5,367 ** | 48,250 |
| Fixed Assets | Net | Long Term | Total | |
| Current | Liabilities | |||
| Assets | ||||
| £’000 | £’000 | £’000 | ||
| £’000 | ||||
| General Purposes Fund | 2,002 | 1,965 | (1,735) | 2,232 |
| General Fund | 36,110 | 4,131 | – | 40,242 |
| Church Buildings Fund | 2,078 | 237 | – | 2,316 |
| Retired Ministers Housing | ||||
| Charity | 2,845 | 323 | – | 3,168 |
| Welfare Fund | 262 | 29 | – | 291 |
| Balance at 31 December 202 | 43,298 | 6,686 | **(1,735) ** | 48,250 |
Page 28
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 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).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 31 December 2024 and of the charity’s net movement in funds for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
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:
-
adequate accounting records have not been kept by the charity; or
-
sufficient and proper accounting records have not been kept; or
-
the charity financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 29
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF UNITED REFORMED CHURCH THAMES NORTH SYNOD CHARITIES FOR THE YEAR ENDED 31 DECEMBER 2024
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 charity 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:
-
Inspecting minutes of Trustees’ meetings;
-
Reviewing allocations and disclosures relating to restricted funds;
-
Inspecting correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Reviewing valuations of investments; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates. These related to investment property valuations.
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 2024
the
HaysMac LLP Statutory Auditors Date: 07/07/2025
10 Queen Street Place London
HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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