**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.
- 1 -
## **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
- 2 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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.
- 4 -
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 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
- 5 -
## **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.
- 6 -
## **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.
- 7 -
## **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**
- 8 -
## **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.
- 9 -
## **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.
- 10 -
**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**
- 11 -
## **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**
- 12 -
**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.
- 14 -
## **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|**Total**Unrestricted 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|**Total**Unrestricted
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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