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2021-12-31-accounts

Charity registration number 1147909

MAIDENHEAD UNITED REFORMED CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

MAIDENHEAD UNITED REFORMED CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Alison Holton
John Holton
Gordon Campbell
Beth Harris
Bob Robertson
Sheila Perkins
Mike Liddle (Appointed 1 January 2022)
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 - 19

MAIDENHEAD UNITED REFORMED CHURCH

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The trustees present their annual report and financial statements for the year ended 31 December 2021.

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.

When needed, 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

Following the easing of lockdown restrictions we have resumed our church services but now have one service a month on Zoom jointly with Marlow United Reformed Church. The two churches continue to work well together and we have shared services as well as social activities. The continued presence of Covid has meant that we have kept some of the precautions in place

As a result of the refurbishment in 2020 we have been able to allow community groups to return to use the halls. It has been a slow return as several organisations have closed. This has included our homeless lunch club and our drop-in for young mothers and children’s activities. When our youth worker left we struggled to find volunteers to support these groups.

After the year end, the plight of Ukrainian refugees has given us a new focus and we became a centre for collecting and distributing donations for refugees in Poland as well as those in need in Ukraine. As well as members of Maidenhead and Marlow we had support from many other volunteers and it created a strong community spirit. We have sent 5 trucks of donations to Poland and Ukraine. Inevitably, donations have dwindled and we are finding new ways to support refugees in the UK.

The Maidenhead church have continued to hold Wednesday coffee mornings, sometimes on Zoom, sometimes in church but often in local coffee shops where we meet as a group.

Although we have been protected from electricity and gas price rises by having prices fixed till 2024, we have decided to replace the church boilers as the existing ones were about 40 years old, unreliable and inefficient.

MAIDENHEAD UNITED REFORMED CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

We had a memorable visit from Jonathan Lawes, the great nephew of the missionary commemorated in our stained glass windows. He met up with Rev. Peter Grimshaw, our previous minister who had rescued them from a church being demolished. Mr Lawes presented the church with a 1885 medal which commemorated the 100 years of the London Missionary Society.

The Scout Group returned gradually to meeting in the Church and the Scout Hut. Outdoor activities such as camping and kayaking have returned and the numbers of children have grown since the return to normal.

Financial review

The financial position of the church benefited from a healthy increase in the stock markets during 2021. The value of the portfolio increased by £312,446 over the year (2020- increase of £84,607). However, the war in Ukraine and political upheaval during 2022 has reduced the value of investments. As at 30 September 2022, excluding any sales and purchases, the value of investments reduced by £208,962.

The church was closed until September but services continued on Zoom and the church offerings only fell slightly as members continued to give by standing order. Rental income fell by a further £1,555 but is picking up now that the church is fully open. The furlough scheme helped by £8,187 although this was down by £1,779 on 2020.

Investment Income improved by £2,022 on last year. Despite periods of uncertainty, the income has improved steadily. Newton Investment Managers showed their income gross and charged fees of £3,568 for the year (2020- £3,878).

Overall the unrestricted expenditure fell by £54,042 because 2020 was a year of renovation when we spent over £40,000 on repairs. We also saved on cleaning, utilities and maintenance costs

The surplus for the year on unrestricted funds was £20,262 compared with a deficit of £31,213 in 2020. In addition the rise in the value of investments contributed £128,472 to unrestricted funds and £183,974 to endowment funds.

The result including the gains on investments, both realised and unrealised, is a surplus of £332,708 (2020-

£52,762).

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 £24,000. Unrestricted reserves held as net current assets amounted to just over £63,000 at the year end as replacement of church boilers is expected during 2022.

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: 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
Chris Campbell (Resigned 31 December 2021)
Beth Harris
Bob Robertson
Sheila Perkins
Mike Liddle (Appointed 1 January 2022)

MAIDENHEAD UNITED REFORMED CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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

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' report was approved by the Board of Trustees.

Gordon Campbell

Trustee Dated: 21 October 2022

MAIDENHEAD UNITED REFORMED CHURCH

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

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:

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.

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 2021.

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 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: 26 October 2022

MAIDENHEAD UNITED REFORMED CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year Current financial year Current financial year Current financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2021
2021
2021
Notes
£
£
£		 Total Total
funds funds funds
2021 2021 2021 2021 2020
£ £ £ £ £
Income from:
Donations and legacies
3		 30,876 2,368 - 33,244 34,256
Charitable activities
4		 14,465 - - 14,465 17,877
Investments
5		 70,364 - - 70,364 68,342
Total income 115,705 2,368 - 118,073 120,475
Expenditure on:
Raising funds
6		 3,568 - - 3,568 3,878
Charitable activities
7		 91,875 2,368 - 94,243 148,442
Total resources expended
95,443 2,368 - 97,811 152,320
Net gains/(losses) on investments
12		 128,472 - 183,974 312,446 84,607
Net movement in funds 148,734 - 183,974 332,708 52,762
Fund balances at 1 January 2021
Fund balances at 31 December
2021
1,033,564 - 1,389,642 2,423,206 2,370,444
1,182,298 - 1,573,616 2,755,914 2,423,206

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MAIDENHEAD UNITED REFORMED CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Prior financial year

Prior financial year Prior financial year Prior financial year Prior financial year
Unrestricted
Restricted
Endowment
funds
funds
funds
2020
2020
2020
Notes
£
£
£		 Total
funds funds funds
2020 2020 2020 2020
£ £ £ £
Income from:
Donations and legacies
3		 32,053 2,203 - 34,256
Charitable activities
4		 17,877 - - 17,877
Investments
5		 68,342 - - 68,342
Total income 118,272 2,203 - 120,475
Expenditure on:
Raising funds
6		 3,878 - - 3,878
Charitable activities
7		 145,607 2,835 - 148,442
Total resources expended
149,485 2,835 - 152,320
Net gains/(losses) on investments
12		 38,677 - 45,930 84,607
7,464
Net movement in funds (632) 45,930 52,762
Fund balances at 1 January 2020
Fund balances at 31 December 2020
1,026,100 632 1,343,712 2,370,444
1,033,564 - 1,389,642 2,423,206

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MAIDENHEAD UNITED REFORMED CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes 2021 2021 2020 2020
£ £ £ £
Fixed assets
Tangible assets
13
Investments
14
Current assets		 6,622
62,869
69,491
(6,368)		 4,321
2,688,470
2,692,791
63,123
2,755,914		 7,367
33,014
40,381
(4,697)		 11,498
2,376,024
2,387,522
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets 35,684
Total assets less current liabilities
2,423,206
Capital funds
Endowment funds-general
General endowment funds 1,069,307
504,309		 1,573,616
1,182,298
2,755,914		 1,069,307
320,335
855,226
178,338
Fair value reserve
18
1,389,642
Income funds 875,488
306,810
Unrestricted funds
General unrestricted funds
Fair value reserve
1,033,564
2,423,206

The financial statements were approved by the Trustees on 21 October 2022

Gordon Campbell Trustee

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 amounts 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.

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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 the statement of financial activities.

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 £7,209,162 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 subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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
£
£		 Unrestricted
Restricted
funds
funds
£
£		 Unrestricted
Restricted
funds
funds
£
£		 Total Total
funds funds 2021 2020
£ £ £ £
Donations and gifts 24,905 1,910 26,815 27,221
Legacies receivable - - - 200
Tax recoverable 5,971 458 6,429 6,835
30,876 2,368 33,244 34,256
2,203
For the year ended 31 December 2020 32,053 34,256

4 Charitable activities

Other church activities, clubs and events
Rental income		 2021 2020
£ £
463 390
2,529 4,084
Other income 11,473 13,403
14,465 17,877

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

5 Investments

2021 2020
£ £
Income from listed investments 70,364 68,342

6 Raising funds

Unrestricted
Unrestricted
funds
funds
2021
2020
£
£		 Unrestricted
Unrestricted
funds
funds
2021
2020
£
£		 Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
funds funds
2021 2020
£ £
Investment management 3,568 3,878
3,568 3,878

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

7 Charitable activities

2021 2020
£ £
Staff costs 5,736 5,736
Depreciation and impairment 8,964 10,468
Ministry costs 25,220 25,992
Church premises running expenses 25,370 72,384
Youth 95 457
Music 1,179 2,397
Manse running expenses 4,367 3,397
Expensed equipment 1,611 4,161
Other direct costs 783 1,016
73,325 126,008
Grant funding of activities (see note 8) 3,368 4,376
Share of support costs (see note 9) 15,150 15,322
Share of governance costs (see note 9) 2,400 2,736
Analysis by fund
94,243 148,442
Unrestricted funds 91,875 145,607
Restricted funds 2,368 2,835
94,243 148,442

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: 2021 2020
£ £
Water Aid 1,000 1,000
URC trust - Commitment for life 2,368 2,065
Other - 1,148
3,368 4,213
Grants to individuals - 163
3,368 4,376

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

9 Support costs

Support costs Support costs Support costs
Support
costs
Governance
costs
£
£		 2021 2020
Basis of allocation
£
£ £ £
Staff costs 13,290 - 13,290 13,332
Directly attributable
Administrative expenses 1,860 - 1,860 1,990
Directly attributable
2,736
Governance
18,058
18,058
Accountancy - 2,400 2,400
15,150 2,400 17,550
Analysed between
Charitable activities 15,150 2,400 17,550

Governance costs includes payments to the independent examiner of £1,500 (2020- £1,440) for examination fees, £1,000 (2020- £960) for other services and £100 over accrual for earlier years (2020- £336 under accrual) .

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

Number of employees

The average monthly number of employees during the year was:

Number of employees
The average monthly number of employees during the year was:		 Number of employees
The average monthly number of employees during the year was:		 Number of employees
The average monthly number of employees during the year was:
2021
2020
Number
Number
Ministerial 1 1
Administrative 1 1
2 2
Employment costs 2021 2020
£ £
Wages and salaries 19,026 19,068

There were no employees whose annual remuneration was £60,000 or more.

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

12
Net gains/(losses) on investments		 12
Net gains/(losses) on investments		 12
Net gains/(losses) on investments
Unrestricted
Endowment
funds
funds
general
2021
2021
£
£
Revaluation of
investments
128,472
183,974
Total
Unrestricted
Endowment		 Total
funds funds
general		 funds funds
general
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
128,472 183,974 312,446 38,677 45,930 84,607
13
Tangible fixed assets
Cost
At 1 January 2021
Additions
At 31 December 2021
Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020		 Fixtures, fittings & equipment
£
£
41,871
1,787
43,658
30,373
8,964
39,337
4,321
11,498

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

14
Fixed asset investments		 14
Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2021
2,371,537
Valuation changes
312,446
At 31 December 2021
2,683,983
Carrying amount
At 31 December 2021
2,683,983
At 31 December 2020
2,371,537
As at 30 September 2022, excluding any sales and purchases, the value of
£208,962.
Cash in
portfolio		 Total
£ £
2,371,537 4,487 2,376,024
312,446 - 312,446
2,683,983 4,487 2,688,470
2,683,983 4,487 2,688,470
2,371,537 4,487 2,376,024
investments reduced by
15
Financial instruments		 2021 2020
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		 £ £
2,683,983 2,371,537
2021 2020
£ £
6,622 7,367
Other creditors
Accruals and deferred income		 2021 2020
£ £
- 42
6,368 4,655
6,368 4,697

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

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 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£		 Balance at
1 January 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£		 Balance at
1 January 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£		 Balance at
1 January 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£		 Balance at
1 January 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£		 Balance at
1 January 2020
Net gains/
(losses) on
investments
Balance at
1 January 2021
Net gains/
(losses) on
investments
Balance at
31 December
2021
£
£
£
£
£
£ £ £ £ £
Permanent endowments
Margaret Shephard Legacy Fund 1,343,712 45,930 1,389,642 183,974 1,573,616
1,343,712 45,930 1,389,642 183,974 1,573,616

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.

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 2020 resources expended 1 January 2021 resources expended 31 December
2021
£ £ £ £ £ £ £
Charitable
Collections
Fund 632 2,203 (2,835) - 2,368 (2,368) -

The Charitable Collections Fund raises monies for specific purposes and for those in particular need.

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

20
Analysis of net assets between funds		 20
Analysis of net assets between funds		 20
Analysis of net assets between funds		 20
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
Endowment
funds
2021
2021
2021
£
£
£
Fund balances at 31 December 2021 are
represented by:
Tangible assets
4,321
-
-
Investments
1,114,854
-
1,573,616
Current assets/(liabilities)
63,123
-
-
1,182,298
-
1,573,616		 Total
Unrestricted
funds		 Restricted
funds
Endowment
funds		 Total
2021 2021 2021 2021 2020 2020 2020 2020
£ £ £ £ £ £ £ £
4,321 - - 4,321 11,498 - - 11,498
1,114,854 - 1,573,616 2,688,470 986,382 - 1,389,642 2,376,024
63,123 - - 63,123 35,684 - - 35,684
1,182,298 - 1,573,616 2,755,914 1,033,564 - 1,389,642 2,423,206

MAIDENHEAD UNITED REFORMED CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

21 Related party transactions

Transactions with related parties

During the year donations of £11,000 (2020- £10,807) were received from trustees and related parties.