Charity Registration No. 1147909
MAIDENHEAD UNITED REFORMED CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
MAIDENHEAD UNITED REFORMED CHURCH
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Alison Holton |
|---|---|
| John Holton | |
| Gordon Campbell | |
| Chris Campbell | |
| Beth Harris | |
| Bob Robertson | |
| Sheila Perkins | |
| Charity number | 1147909 |
| Principal address | West Street |
| Maidenhead | |
| Berkshire | |
| SL6 1RL | |
| Independent examiner | Nigel Hewson FCA DChA |
| Hewsons | |
| Chartered Accountants | |
| 80 Woodhurst Avenue | |
| Orpington | |
| Kent | |
| BR5 1AT | |
| Bankers | Santander UK plc |
| BBAM | |
| Bridle Road | |
| Bootle | |
| Merseyside | |
| L30 4GB |
MAIDENHEAD UNITED REFORMED CHURCH
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 - 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 20 |
MAIDENHEAD UNITED REFORMED CHURCH
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution including the United Reformed Church Scheme of Union , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
The charity’s objects are the advancement of the Christian faith, the public worship of God, Christian witness and service in accordance with the principles and usages of the United Reformed Church.
The charity continues to monitor these objectives through the Church and Elders’ Meetings.
The charity has one significant legacy endowment fund which limits spend to the income generated. There are no other significant funds which have restricted uses.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Key Activities
The holding of a weekly church service each Sunday.
Arranging special services at Christmas and Easter.
Provision of children’s classes each Sunday for Christian education.
Volunteers are the core of the activities of the church. They provide the roles of property manager, treasurer, secretary, youth work manager as well as supporting the general life of the church.
Achievements and performance
Like many organisations the activities of the church have been severely affected by the Covid-19 pandemic. The building has been closed for worship and for all other voluntary activities since March 2020. Apart from a brief spell in summer, other organisations were unable to use the premises for their meetings.
We used the opportunity to complete a lot of refurbishment that has been delayed for a number of years. The church halls have been redecorated and new flooring has been installed in the halls and toilets. The sanctuary floor has been renovated and new chairs have been purchased for the church halls. The main hall has been given a new roof as the old one leaked and several patch jobs had not been effective.
All of this was intended to welcome the congregation back to worship at Christmas but, sadly, the second surge of the pandemic ended those hopes.
However, worship continued on Zoom thanks to the efforts of our Minister, David Downing, with some technical assistance from Chris Campbell and help from others. With Zoom we were able to hold combined services with Marlow resulting in attendances which regularly exceeded 60, more than the normal attendance of the two churches combined. Several, who may have been physically unable to attend the buildings, could now participate. Even those who were away from home could be involved. Sadly, a few who cannot cope with the technology have missed out. Overall, worship together and the chat over tea and coffee afterwards has meant that the two congregations have got to know each other better and that augurs well for future cooperation.
In addition, Maidenhead have had Wednesday coffee mornings on Zoom and this has helped to maintain the social life of the church.
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MAIDENHEAD UNITED REFORMED CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Although we were unable to be in the building for Christmas, the Minister was able to distribute literature with games, readings, candles etc to make the advent services special. This culminated in a Christingle service with a difference, with chocolate oranges and other activities. All of this was shared with members of the Scout Group who, we hope, felt part of our Christmas activities
The Scout Group also made use of Zoom to keep the children involved. Some outdoor activities were held by the Scouts during the summer but the opportunity was limited. Numbers are not so high at the Zoom meetings but at the year-end census most beavers, cubs and scouts have said that they want to continue. The Group has been fortunate to get a government grant which means that they can continue to operate and pay the national association dues without asking for member subscriptions during the period of restricted activities.
Financial review
The effects of the pandemic were not just restricted to the activities of the church. The fluctuations of market sentiment resulted in a significant drop in the value of investments in the first half of the year but with the hopes of vaccinations and economic recovery meant that the value of investments rose by £84,607 over the year.
Despite the church being closed for most of the year, congregational giving only fell by £1,779 but giving for other causes fell by just over £2,000 as we were unable to take collections at the church. Income from the renting of the church halls dropped by over £8,000 but this was offset by payments of almost £10,000 from the government for staff furlough.
Investment Income continued at a similar level to last year despite the economic downturn but Newton
Investment Managers showed their income gross and charged fees of £3,878 for the year.
A total of £36,844 was spent on renovating the church halls, up by almost £29,000 on 2019 but as we did not have a youth worker during the year the total cost of youth activities fell by almost £20,000. Overall the expenditure rose by just over £12,000.
The loss for the year on the unrestricted funds was £31,213 but an increase in the value of investments, held by the general fund, of £38,677 more than offset this. In addition the endowment fund benefited from £45,930 of capital growth.
The result including the gains on investments, both realised and unrealised, is a surplus of £52,762 (2019-
£ 284,257).
The charity holds considerable investments the income from which supports the work of the church. It is the policy of the charity that unrestricted funds held as net current assets which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure.
The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. Three months of unrestricted general fund costs amounts to around £36,000. Unrestricted reserves held as net current assets amounted to just less than £36,000 at the year end.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by a constitution adopted on 19 February 2012.
The trustees who served during the year and up to the date of signature of the financial statements were: Alison Holton John Holton Gordon Campbell
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MAIDENHEAD UNITED REFORMED CHURCH
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Chris Campbell Beth Harris Bob Robertson Sheila Perkins
Trustees, who are also elders, are nominated by members of the church and are formally appointed by church members at the Church Meeting.
Maidenhead United Reformed Church (URC) is part of the Wessex Synod of the URC which in turn is part of the national body of the URC. Under the constitution, control of the church is assigned to the Church Meeting and the Elders’ Meeting of Maidenhead URC.
Committees are set up for different activities of the church:
Finance and Administration
Life and Mission
Worship and Music
Youth and Children’s work
These committees manage the relevant finances within the budget guidelines set by the Elders and approved by the Church Meeting.
The church operates as an autonomous organisation and has no related parties upon whom it depends to carry out its charitable purposes.
Reference and administrative information is provided on the page following the cover sheet.
The trustees' r eport was approved by the Board of Trustees.
Gordon Campbell
Trustee Dated: 12 October 2021
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MAIDENHEAD UNITED REFORMED CHURCH
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MAIDENHEAD UNITED REFORMED CHURCH
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MAIDENHEAD UNITED REFORMED CHURCH
I report to the trustees on my examination of the financial statements of Maidenhead United Reformed Church (the charity) for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Nigel Hewson FCA DChA
Hewsons Chartered Accountants 80 Woodhurst Avenue Orpington Kent BR5 1AT
Dated: 22 October 2021
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MAIDENHEAD UNITED REFORMED CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Current financial year Unrestricted Restricted Endowment funds funds funds 2020 2020 2020 Notes £ £ £ Income from: Donations and legacies 3 32,053 2,203 - Charitable activities 4 17,877 - - Investments 5 68,342 - - Total income 118,272 2,203 - Expenditure on: Raising funds 6 3,878 - - Charitable activities 7 145,607 2,835 - Total resources expended 149,485 2,835 - Net gains/(losses) on investments 12 38,677 - 45,930 Net movement in funds 7,464 (632) 45,930 Fund balances at 1 January 2020 1,026,100 632 1,343,712 Fund balances at 31 December 2020 1,033,564 - 1,389,642 |
Total 2020 £ 34,256 17,877 68,342 120,475 3,878 148,442 152,320 84,607 52,762 2,370,444 2,423,206 |
Total 2019 £ 38,079 14,136 67,642 119,857 - 134,064 134,064 298,464 284,257 2,086,187 2,370,444 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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MAIDENHEAD UNITED REFORMED CHURCH
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| Prior financial year Unrestricted Restricted Endowment funds funds funds 2019 2019 2019 Notes £ £ £ Income from: Donations and legacies 3 33,832 4,247 - Charitable activities 4 14,136 - - Investments 5 67,642 - - Total income 115,610 4,247 - Expenditure on: Charitable activities 7 130,035 4,029 - Total resources expended 130,035 4,029 - Net gains/(losses) on investments 12 133,769 - 164,695 Net movement in funds 119,344 218 164,695 Fund balances at 1 January 2019 906,756 414 1,179,017 Fund balances at 31 December 2019 1,026,100 632 1,343,712 |
Total 2019 £ 38,079 14,136 67,642 119,857 134,064 134,064 298,464 284,257 2,086,187 2,370,444 |
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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MAIDENHEAD UNITED REFORMED CHURCH
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Capital funds Endowment funds-general General endowment funds Fair value reserve 18 Income funds Restricted funds 19 Unrestricted funds General unrestricted funds Fair value reserve The financial statements were approved by the Trustees |
2020 £ £ 11,498 2,376,024 2,387,522 7,367 33,014 40,381 (4,697) 35,684 2,423,206 1,069,307 320,335 1,389,642 - 855,226 178,338 1,033,564 2,423,206 on 12 October 2021 |
2019 £ £ 18,599 2,291,417 2,310,016 7,308 57,463 64,771 (4,343) 60,428 2,370,444 1,069,307 274,405 1,343,712 632 886,439 139,661 1,026,100 2,370,444 |
|---|---|---|
Gordon Campbell Trustee
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Charity information
Maidenhead United Reformed Church is a charitable trust established by a constitution adopted on 19 February 2012.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution including the United Reformed Church Scheme of Union, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees have considered the charity's day to day cash flow requirements and have a reasonable expectation that the charity has adequate resources to continue in operational existence for at least a further 12 months . Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts .
This assessment has been made having regard to the impact of the Covid 19 pandemic. The trustees do not anticipate a significant effect on income and expenditure of the church and although there has been a fall in the value of investments since the year end, reserves are substantial and available to draw on in the event of a this becoming necessary. The trustees therefore continue to adopt a going concern basis in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
Expenditure is accounted for on an accruals basis and allocated to the appropriate heading in the accounts. Grants and donations payable are taken into account at the earlier of when they are paid or become legally enforceable.
Other than the normal commitments under contracts of employment and operating leases there are no contractual or constructive obligations to future expenditure at the balance sheet date. Where the trustees have authorised expenditure which is not yet legally enforceable or has become a constructive obligation, amounts are set aside into funds designated for the purpose.
1.6 Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Furniture and equipment costing less less than £1,000 is written off when acquired.
The freehold property of the church at West Street, Maidenhead is beneficially owned by the charity and held in trust by the United Reformed Church Wessex Synod. No historic cost information is available. The church also has use of a manse owned by the United Reformed Church Wessex Synod. Insurance values are church, halls and contents £6,425,198 and boiler and plant £27,000.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and s ubsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations and gifts 25,382 1,839 Legacies receivable 200 - Tax recoverable 6,471 364 32,053 2,203 For the year ended 31 December 2019 33,832 4,247 Charitable activities 2020 £ Other church activities, clubs and events 390 R ental income 4,084 Other income 13,403 17,877 |
Total 2020 £ 27,221 200 6,835 34,256 |
Total 2019 £ 30,792 - 7,287 38,079 38,079 2019 £ 1,808 12,328 - 14,136 |
|---|---|---|
4 Charitable activities
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
5 Investments
| 2020 £ Income from listed investments 68,342 Raising funds Unrestricted funds 2020 £ Investment management 3,878 3,878 |
2019 £ 67,642 Total 2019 £ - - |
|---|---|
6 Raising funds
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
7 Charitable activities
| Staff costs Depreciation and impairment Ministry costs Church premises running expenses Youth Music Manse running expenses Expensed equipment Other direct costs Grant funding of activities (see note 8) Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds Restricted funds |
2020 £ 5,736 10,468 25,992 72,384 457 2,397 3,397 4,161 1,016 126,008 4,376 15,322 2,736 148,442 145,607 2,835 148,442 |
2019 £ 23,575 9,626 24,745 45,405 2,419 1,339 1,802 1,964 2,092 112,967 5,729 13,368 2,000 134,064 130,035 4,029 134,064 |
|---|---|---|
The minister of the church is paid a stipend by the United Reformed Church and the cost is included in ministry costs.
8 Grants payable
| Grants to institutions: Water Aid URC trust - Commitment for life Other Grants to individuals |
2020 £ 1,000 2,065 1,148 4,213 163 4,376 |
2019 £ 1,000 2,318 1,540 4,858 871 5,729 |
|---|---|---|
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
9 Support costs
| Support costs Governance costs £ £ Staff costs 13,332 - Administrative expenses 1,990 - Accountancy - 2,736 15,322 2,736 Analysed between Charitable activities 15,322 2,736 |
2020 £ 13,332 1,990 2,736 18,058 18,058 |
2019 Basis of allocation £ 11,679 Directly attributable 1,689 Directly attributable 2,000 Governance 15,368 15,368 |
|---|---|---|
Governance costs includes payments to the independent examiner of £ 1,440 (2019- £ 1,440 ) for examination fees, £960 (2019- £ 1,360 ) for other services and £336 under accrual for earlier years (2019- £ 400 over accrual ) .
10 Trustees
Linda Nightingale, wife of trustee Bill Nightingale, received £11,679 remuneration for her administrator role (2019- £11,679 ). D uring the year n one of the trustees (or any persons connected with them) w ere reimbursed any expenses (2019- no reimburse ments ).
11 Employees
Number of employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| Ministerial | 1 | 2 |
| Administrative | 1 | 1 |
| 2 | 3 | |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 19,068 | 35,254 |
There were no employees whose annual remuneration was £60,000 or more.
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
12 Net gains/(losses) on investments
| Unrestricted Endowment funds funds general 2020 2020 £ £ Revaluation of investments 38,677 45,930 Gain/(loss) on sale of investments - - 38,677 45,930 |
TotalUnrestricted Endowment funds funds general 2020 2019 2019 £ £ £ 84,607 69,424 79,483 - 64,345 85,212 84,607 133,769 164,695 |
Total 2019 £ 148,907 149,557 298,464 |
|---|---|---|
13 Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Fixtures, fittings & equipment | |
| £ | |
| Cost | |
| At 1 January 2020 | 38,504 |
| Additions | 3,367 |
| At 31 December 2020 | 41,871 |
| Depreciation and impairment | |
| At 1 January 2020 | 19,905 |
| Depreciation charged in the year | 10,468 |
| At 31 December 2020 | 30,373 |
| Carrying amount | |
| At 31 December 2020 | 11,498 |
| At 31 December 2019 | 18,599 |
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 14 Fixed asset investments Listed investments £ Cost or valuation At 1 January 2020 2,286,930 Valuation changes 84,607 At 31 December 2020 2,371,537 Carrying amount At 31 December 2020 2,371,537 At 31 December 2019 2,286,930 15 Financial instruments Carrying amount of financial assets Instruments measured at fair value through profit or loss 16 Debtors Amounts falling due within one year: Other debtors 17 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
Cash in portfolio 4,487 - 4,487 4,487 4,487 2020 £ 2,371,537 2020 £ 7,367 2020 £ 42 4,655 4,697 |
Total £ 2,291,417 84,607 2,376,024 2,376,024 2,291,417 2019 £ 2,286,930 2019 £ 7,308 2019 £ 316 4,027 4,343 |
|---|---|---|
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
18 Endowment funds
Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.
| Balance at 1 January 2019 £ Permanent endowments Margaret Shephard Legacy Fund 1,179,017 1,179,017 |
Incoming resources £ - - |
Movement in funds Resources expended Transfers Net gains/ (losses) on investments Balance at 1 January 2020 £ £ £ £ - - 164,695 1,343,712 - - 164,695 1,343,712 |
Incoming resources £ - - |
Movement in funds Resources expended Transfers Net gains/ (losses) on investments Balance at 31 December 2020 £ £ £ £ - - 45,930 1,389,642 - - 45,930 1,389,642 |
|---|---|---|---|---|
The Margaret Shephard Legacy Fund is monies left to the charity whereby the income arising from the underlying investments may be used for general church purposes. All income on endowment fund investments is allocated directly to general funds.
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
19 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Balance at | |||
| 1 | January 2019 | resources | expended | 1 |
January 2020 | resources | expended | 31 December | |
| 2020 | |||||||||
| £ | £ | £ | £ | £ | £ | £ | |||
| Charitable | |||||||||
| Collections | |||||||||
| Fund | 414 | 4,247 | (4,029) | 632 |
2,203 | (2,835) | - |
The Charitable Collections Fund raises monies for specific purposes and for those in particular need.
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 20 Analysis of net assets between funds Unrestricted funds Restricted funds Endowment funds 2020 2020 2020 £ £ £ Fund balances at 31 December 2020 are represented by: Tangible assets 11,498 - - Investments 986,382 - 1,389,642 Current assets/(liabilities) 35,684 - - 1,033,564 - 1,389,642 |
TotalUnrestricted funds 2020 2019 £ £ 11,498 18,599 2,376,024 947,705 35,684 59,796 2,423,206 1,026,100 |
Restricted funds Endowment funds 2019 2019 £ £ - - - 1,343,712 632 - 632 1,343,712 |
Total 2019 £ 18,599 2,291,417 60,428 2,370,444 |
|---|---|---|---|
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MAIDENHEAD UNITED REFORMED CHURCH
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
21 Related party transactions
Transactions with related parties
During the year donations of £ 10,807 (2019- £ 12,430 ) were received from trustees and related parties.
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