| Forthe Year End | ed 3i March 2023 | |
|---|---|---|
| Page Number | ||
| Annual Report and Accounts |
||
| Independent Auditor's |
Report | |
| Statement of Financial |
Activities | |
| Balance Sheet | 12 | |
| Notes to the Financial | Statements |
| General Fund |
Designated Fund |
Restricted Funds |
Endowment Fund |
Endowment Fund |
2023 | 2022 | ||
|---|---|---|---|---|---|---|---|---|
| Total Funds | Total Funds | |||||||
| f | f | |||||||
| Incoming Resources |
||||||||
| Incoming resources from charitable activities (rents) |
320,481 | 0 | 320,481 | 288,937 | ||||
| Incoming resources from investments |
50,949 | 0 | 50,949 | 43,738 | ||||
| Total Incoming Resources |
371+30 | 0 | 3717430 | 3327675 | ||||
| Resources Expended | ||||||||
| Expenditure on charitabie activities |
206,495 | 34,676 | 69,359 | 0 | 31Q,530 | 301,395 | ||
| Expenditure on investments |
6 | 10,815 | 0 | 10,815 | 10,881 | |||
| Total Resources Expended | 217,310 | 34,676 | 69359 | 0 | 321,345 | 312276 | ||
| Net Income/ (Expenditure) |
154,120 | (34,676) | (69,359) | 50,085 | 20,399 | |||
| Other Recognised | ||||||||
| Gains and (Losses) | ||||||||
| Property Investments Net Movement in Funds |
0 | 0 ~l2,703 1417417 |
0 0 (347676) |
675,0QQ D 6057641 |
0 ~79,79D) (797790) |
675,QQQ ~92,493 6327592 |
Q l5'l,709 175 108 |
|
| Before Transfers | ||||||||
| Transfers between Funds |
9/10 | (145,732) | 50,000 | 95,732 | ||||
| NET MOVEMENT IN FUNDS | (4,315) | 157324 | 7017373 | (797790) | 6327592 | 175,08 | ||
| RECONCILIATION OF |
||||||||
| FUNDS | ||||||||
| Fund Balances Brought forward at 01.04.22 |
100,105 | 45,834 | 995,576 | 7,423,215 | 8,564,730 | 8,389,622 | ||
| Fund balances carried forward at31.03.23 |
f957790 | f617158 | f16967949 | f73437425 | f971977322 | f85647730 |
| As At 31Mar | ch 20 | 23 | |||||
|---|---|---|---|---|---|---|---|
| NOTE | General | Designated | Restricted | 2023 | 2022 | ||
| Fund | Fund | Funds | Total | Total | |||
| Fundsf | Fundsf | ||||||
| FIXEDASSETS | |||||||
| Tangible assets —Freehold property Cazenove Investments |
0 0 |
6,876,067 1,849,999 |
6,876,067 1,849,999 |
6,201,067 1,863,224 |
|||
| 0 | 8,726s066 | SI726,066 | 8,064s291 | ||||
| CURRENT ASSETS | |||||||
| Debtors | 0 | 0 | 0 | 0 | 0 | ||
| Cazenove Investment: |
451,039 | 0 | 0 | 451,039 | 443,733 | ||
| Cash at Bank | (327,884) | 61,158 | 314,308 | 47,582 | 98,151 | ||
| 123,155 | 61,158 | 314,30S | 498,621 | 541,884 | |||
| CURRENT LIABILITIES | |||||||
| Creditors (Amounts due within one |
falling year) |
27 365 | 27 365 | 41445 | |||
| Net Current Assets / (Liabilities) |
95,790 | 61,158 | 314308 | 471I256 | 500I439 | ||
| NET ASSETS | f95,790 | f61,158 | f9,040I374 | f9I197I322 | f8,5641730 | ||
| REPRESENTED BY: | |||||||
| General Fund |
95,790 | 0 | 0 | 95,790 | 100,105 | ||
| Designated Fund |
9 | 0 | 61,158 | 0 | 61,158 | 45,834 | |
| Restricted Funds |
14 | 0 | 0 | 1,696,949 | 1,696,949 | 995,576 | |
| Endowment Fund |
15 | 0 f95,790 |
0 f61~158 |
7,343,425 f91040~374 |
7,343,425 f9~197~322 |
7,423,215 fSI564~730 |
| INCOME FROM INVESTMENTS | |||||||
|---|---|---|---|---|---|---|---|
| 2023f | 2022 | ||||||
| Investment Income —Managed Funds |
50,389 | 43,708 | |||||
| Bank Deposit Interest | 560 f50949 |
30 f43,738 |
|||||
| EXPENDITURE ON CHARITABLE ACTIVITIES | |||||||
| 2023f | 2022 | ||||||
| Grants from General Fund (Note 4) |
137,201 | 124,178 | |||||
| Grants from Restricted Fund (Note 14) |
69,359 | 49,593 | |||||
| Property Maintenance Property Administration Support costs (Note 5) |
34,676 48,408 20,886 f310,530 |
59,749 46,814 21061 f301,395 |
|||||
| GRANTS from GENERAL FUND | |||||||
| 2023 | 2022 | ||||||
| Grants to Ministers of United Reformed |
Churches | and Congregational | |||||
| Churches in the Administrative |
County of Surrey | 71,214 | 78,139 | ||||
| Grants for religious purposes |
65987 K137201 |
46 039 6124178 |
|||||
| Note: Included in the grants figures are |
grants to | 8 | organisations. | These | are grants for church workers at | ||
| URC churches, made for the furtherance |
of religious | purposes: | |||||
| Guildford URC Worker Grant |
217,599 | ||||||
| Woking URC Worker Grant |
f17,599 | ||||||
| Bookham URC Worker/Holiday grant |
E8,758 | ||||||
| Dorking URC Worker Grant |
E8,734 | ||||||
| High Cross Church Worker Grant | E4,410 | ||||||
| The Spire Church Worker Grant |
E3/020 | ||||||
| Godalming United Church Worker Grant |
E3,000 | ||||||
| Ashford Congregational Worker Grant |
f1,667 | ||||||
| 664 787 |
| The remaining | The remaining | grants are made to individuals relating |
grants are made to individuals relating |
grants are made to individuals relating |
to: | |||
|---|---|---|---|---|---|---|---|---|
| Grants | to URC | for Individual | Ministers | expenses for | furtherance | of religious | purposes | 841,392 |
| Grants | to individual retired |
ministers | for furtherance | of religious | purposes | F29,822 | ||
| Holiday | Clubs | E1200 f72414 |
||||||
| TOTAL | f137,201 |
| UPPORT COSTS | ||
|---|---|---|
| 2023f | 2022f | |
| Governance: | ||
| Audit Fee | 2255 f2,255 |
2 386 f2,386 |
| Financial Administration: | ||
| Legal Fees Clerk's Fees |
0 17,719 |
800 17,019 |
| Sundries | 912 f18,631 |
816 618675 |
| TOTAL SUPPORT COSTS | f20 886 | f21,061 |
| 2023f | 2022f | ||
|---|---|---|---|
| Investment | Fees | 10815 f10815 |
10881 f10,881 |
| TANGIBLE ASSETS —F | REE | HOLD INVEST | MENT PRO | P | ERTIES | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2023f | 2022 | |||||||||
| Valuation at 1 April 2022 |
6,201,607 | 6,201,607 | ||||||||
| Additions at Cost | 0 | 0 | ||||||||
| Revaluation Gain |
675,000 | 0 | ||||||||
| Value at 31 March 2023 | K6876607 | K6 201067 | ||||||||
| An independent valuation |
was | performed as |
at 14 December 2022 by joseph | jameson Evans |
Limited | |||||
| which resulted in an increase |
in the fair value | ofone of the | properties held |
off675,000.The historical cost | ||||||
| was E1,650,000. A valuation | ofthe remaining | properties | was performed in |
May 2018 by Savills and further | ||||||
| informal valuation assessments |
have been made each year | by the Trustees | in conjunction with Buckhurst |
|||||||
| Chartered Surveyors. The |
Trustees are ofthe opinion that the remaining properties should not be revalued |
|||||||||
| given the uncertain conditions |
in the market. | |||||||||
| INVESTMENTS | ||||||||||
| General | Restricted | 2023 | 2022 | |||||||
| Fund | Funds | |||||||||
| f. | ||||||||||
| Market Value at01.04.2022 | ||||||||||
| Investments listed on a recognised |
441,937 | 1,794,846 | 2,236,783 | 2,071,285 | ||||||
| stock exchange | ||||||||||
| Cash held as part ofthe | Investment | 1,796 | 68,378 | 70,174 | 98,135 | |||||
| portfolio | ||||||||||
| 443,733 | 1,863,224 | 2,306,957 | 2,169,420 | |||||||
| Acquisitions in the Year |
175267 | 440,923 | 616,190 | 419870 | ||||||
| 619,000 | 2,304,147 | 2,923,147 | 2,589,290 | |||||||
| Disposals in the Year |
162,083 | 332,921 | 495,004 | 409081 | ||||||
| 456,917 | 1,971,226 | 2,428,143 | 2,180,209 | |||||||
| Cash movements in the Year |
6825 | 41437 | 34612 | 27961 | ||||||
| 463,742 | 1,929,789 | 2,393,531 | 2,152,248 | |||||||
| Net gain/(loss) | 12703 | 79790 | 92,493 | 154709 | ||||||
| Market Value at31.03.2023 | 451,039 | 1849,999 | 2301,038 | 2,306957 | ||||||
| Investments listed on a recognised |
442,418 | 1,823,058 | 2,265,476 | 2,236,783 | ||||||
| stock exchange | ||||||||||
| Cash held as part ofthe Investment | 8,621 | 26,941 | 35,562 | 70,174 | ||||||
| portfolio | ||||||||||
| 451039 | 1849999 | K2301038 | K2 | 306957 | ||||||
| Historical Cost ofInvestments as at31.03.2023 |
6414,679 | Kii583,314 | 1,997,993 | K1,849,327 |
| 2023f | 2022f | |||||||
|---|---|---|---|---|---|---|---|---|
| Balance as at 1 | April 2022 | 45,834 | 55,583 | |||||
| Add Transfer in |
the Year | 50 DDD | 50 000 | |||||
| 95,834 | 105,583 | |||||||
| Less | Expenditure | in the Year | 34 676 | 59749 | ||||
| Balance as at 31 March 2023 | 561 158 | f45 834 | ||||||
| PROP | ORTION of NET INCOME for those | in NEED | ||||||
| 2023 | 2022 | |||||||
| One third ofthe | net income, | calculated | as follows, transferrable | to the | ||||
| restricted | fund for the | relief ofpersons in "need, hardship |
or | |||||
| distress | ||||||||
| Total | Incoming | Resources | 371,430 | 332,675 | ||||
| Other | realised (losses)/gains | on Investment | Assets | 12703 | 154709 | |||
| 358,727 | 487,384 | |||||||
| Less: | Management and Administration |
18,631 | 18,675 | |||||
| Less: | Property | Maintenance | Reserve | 50000 f290,096 |
50 000 f418,709 |
|||
| One third therefore | f95732 | f139,556 | ||||||
| CRED | ITORS (Amounts falling due within |
one year) | ||||||
| 2023f | 2022f | |||||||
| Other | Creditors | 27 365 | 41 445 | |||||
| f27 365 | f41445 |
| General Fund |
Designated Fund |
Restricted Funds |
Endowment Fund |
2022 | 2021 | ||
|---|---|---|---|---|---|---|---|
| Total Funds | Total Funds | ||||||
| Incoming Resources |
|||||||
| Incoming resources from charitable activities (rents) |
288,937 | 0 | 288,937 | 285,941 | |||
| Incoming resources from investments |
43,738 | 0 | 43,738 | 39,979 | |||
| Total Incoming Resources |
332,675 | 0 | 3324675 | 3255920 | |||
| Resources Expended | |||||||
| Expenditure on charit:able activities |
192,053 | 59,749 | 49,593 | 0 | 310,530 | 305,800 | |
| Expenditure on investments |
6 | 10,881 | 0 | 10Bill | 9,754 | ||
| Total Resources Brpeoded | 202934 | 59,749 | 49593 | 0 | 312,276 | 315,554 | |
| Net Income/ (Expenditure) |
129,741 | (59,749) | (49,593) | 20,399 | 11,366 | ||
| Other Recognised | |||||||
| Gains and (Losses) | |||||||
| Property | 0 | 0 | |||||
| Investments | 0 | 1'1052 | 0 | 140,657 | 154,709 | 381,940 | |
| Net Movement in Funds |
143,793 | (59,749) | (49,593) | 140,657 | 175,108 | 393,306 | |
| Before Transfers | |||||||
| Transfers between Funds |
9/10 | (189,556) | 50,000 | 139,556 | |||
| NET MOVEMENT IN FUNDS | (45763) | (9749) | 893963 | 1406S7 | 175108 | 3934306 | |
| RECONCILIATION OF |
|||||||
| FUNDS | |||||||
| Fund Balances Brought forward at 01.04.21 |
145,868 | 55,583 | 905,613 | 7,282,558 | 8,389,622 | 7,996,316 | |
| Fund balances carried forward at31.03.22 |
f100105 | f45834 | f9954576 | f7tr423 21S | f8564730 | f&389622 |
| RESTRICTED FUNDS | |||
|---|---|---|---|
| Revaluation | In Need | Total | |
| Reservef | Fund | Funds f. |
|
| Balance brought forward at 1 April 2022 | 715,688 | 279,888 | 995,576 |
| Grants given in the year to 247 clients |
0 | (69,359) | (69,359) |
| Other recognised gains/(losses) |
675,000 | 0 | 675,000 |
| Allocations for the year to 31March 2023 |
0 | 95732 | 95,732 |
| Balance carried forward at 31 March 2023 | K1,390688 | f306261 | K1696589 |
| 2023 | 2022 | ||
|---|---|---|---|
| Balance brought | forward at 1 April | 7,423,215 | 7,282,558 |
| Other recognised | gains/(losses) | 79,790 | 140,657 |
| Balance carried | forward at 31 March | K7343425 | K7423,215 |