REGISTERED CHARITY NUMBER: 235321 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR WARWICK ROAD UNITED REFORMED CHURCH LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry Wesl Mttllands CV5 6UB WARWICK ROAD UNITED REFORMED CHURCH CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 December 2023 Page Report of th9 Tru$tg9$ 1 to 4 Independent Examinerfs Report Statement of Flnanclal Actlvltles Balanc¢ Shggt Notss to the Financial Statements 8 to 16 WARWICK ROAD UNITED REFORMED CHURCH REPORT OF THE TRUSTEES for the yoar endod 31 De¢ember 2023 The Iruslees present their report with the financial slalemenls of the charity for the year ended 31 December 2023. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recomrnended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 20191. Governlng documgnt The Charitable Trust was @slablished under a Trust Deed dated the 8 October 1918, with modifications made 4 December 1923, 14 October 1930 & 21 February 20￿. 11 was registered ￿1th the Charity Commissioners on 4th April 1967 Iregislialion number 235321}. OBJECTIVES AND ACTIVITIES Objectives and alms Warwick Road United Refomied Church Covgnlry 1$ a City Centre Church, and we consider that worship and outreach are our primary pU￿oSe8. We provide an opportunity for public worship, Christian education, and our Church Centre enables us to offer a meal and social support for the elderfy. The Trust Deed gives the Iruslees the power to apply fund5 available, once they have supported the Minister financially, paid for maintenance, repairs, loans and mortgages in such a m8nner a5 they think fil lo or for the benefit of any eharilable object or purpose. When planning our aclwilies foi the year the Iruslees consKler the Charity Commissions guidance on public benefil and, in particular the specific guidance on charities for the advancement of religion. The Church is semng the spiritual, social and cultural needs of the city centre ￿mMUnitY throughout the working week as well as on Sundays. We seek lo do this by.. Offering regular worship Being inclusive SeNing okler people Using our musi¢al gifts Working for justice Working together with other churches and groups. The Iruslees identify projects and organisalions that they wish lo support and these are then brought lo a Church Meeting where members only are alloweLI lo vole. The Tru51 oloes not make (lonalions lo people or organisalions who apply speculatively. The Trust also has a policy of not responding to any ctsrrespondence unless il relates lo donatrons il has agreed lo make or lo the general management of the Trust. ACHIEVEMENT AND PERFORMANCE Charitable activities The main Trustees, responsibilities concern the financial and personnel management and maintenance of the premises and equipment on behalf of the Elders. A variety of Church Policies and procedures are monitored and upolaled by the Trustees, including the annual review of the Risk Management Assessment. The other polictes and procedures are reviewed biennially. 2023 has been a year of continuing consolidation following the COVID-19 pandemic. The cafe is still very popular with income Slight￿ improved on 2022, bul due lo diffi'culties in recruib'ng more volunteers we have been unable lo return lo being open 4 days per week, as was the case in 2020. Lettings in the Centre continued the big improvements made in 2022. Building mainlenan¢e and repairs lo maintain the (weralional efficiency of thè Church and Church Centre are costly Items bul the nom)al servicing of boilers, fire extinguishers and electrical equipment look place during the year. Page 1 WARWICK ROAD UNITED REFORMED CHURCH REPORT OF THE TRUSTEES for the year ended 31 Decembèr 2023 ACHIEVEMENT AND PERFORMANCE Fundraising activittes Income for the year was £156,799 while expenditure was £185,074. Catering income from the Open Doors Cafè in the Centre during 2023 lolalled £28,494 for the year. The Wamick Row propgrties provKle the Church with subslanlial income and so il is Important that occupancy ¢onlinues to be maximised. Both 8partmenls were fully let for the whole year. Income from the letting of No.12 continued in 2023 bul Cilyzen Housing asked if they could break the lease and transfer il lo Davisons Law who were seeking Coventry premises. This transfer was implemented smoothly bul il did mean that there was a reduction in income from this lelling with the six-week rent holiday agreed with Davisons Law when they look over the lease in September. The Income from these properties, plus that from the car park spaces, PTovided £44,183 during 2023. FINANCIAL REVIEW Flnancial posltlon The main sour￿$ of revenue for the d)arity are collections, rent81 income and interest from inveslmenls. The policy of the Church is to maximise such revenue so as lo achieve ils objeclwes. Total income for 2023 was £156.799 while lolal expenditure was £185,074 which led lo a lolal nel deficit of £28,275. Income from unrestricted funds was £156,790 in 2023. Unreslricled expenditure increased in the year by £2,356 10 £180.904 meaning an overall deficit on unrestricted funds of £24,114. Therefore. the deficit this year was £28,275 wmpared lo a deficit of £36.670 in 2022. The 2023 deficit was mainly due lo increased eosls from property mainlena¢Ke and other running costs. The Teview of activities and a¢hievements are detai￿d in the major financial actions in 2023. We are making all efforts lo maintain these ￿tIonS, and al the same lime we are reviewing all our expenditure lo minimise wherever possible. Reserves pollcy Tho Iruslees have established a policy whweby the unreslTicled funds not committed or invested in tangible fixed assets I'the free resetves") held by the charity should be approximately six months of the resources expendeLrf, which equates to £80,000 in general funds. Al this level, the trustees consider that they would be able lo continue the cuirent aclivf(ios of the charity in the event of a significant drop in funding. The actual free reserves at 31 December 2023 were £65,972 12022". £93,143). The trustee5 continue lo work to build the base of incoming resources to enable il lo meet its'free reseNes" largel. Page 2 WARWICK ROAD UNITED REFORMED CHURCH REPORT OF THE TRUSTEES for the year endod 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT RISK REVIEW The trustees continue lo monitor the major risks lo which the charity is exposed and systems have be8n established lo miligale those risks. MANAGEMENT AND GOVERNANCE ARRANGEMENTS The Trust Deed provides for a minimum of 5 and a m8ximum of 16 Iruslees. Where there is a requirement for new Trustee, they are identified by the Trustees and recommendations pul fotward to a Church Meeting, where members can vote. The new Trustee receives a copy of the previous yearfs annual report and accounts and a copy of th8 Charity Commissioners leafiel'The Essential Trustee Imiat you need to Kntr*'. The Trustees annually review our Risk Assessment, and together wrth our Elders prepare and revtew our Church Plan. This plan sets our objectives for the next 3-5 years, and principal actions over th8 next 12 months. This enables people, money and other resouf¢es lo be channelled lo m￿l these priorities. CHURCH MERGER Late in 2020 the Church was approached by another church. Mosaic Church, with a view lo their lesse or purchase of the Sanclu8ry since they had outgrown their existing premises and were looking for a city centre base for their expanding congregation. Various discussions look place with Mosaic Church, WM Synod, and within Warwck Road Church regarding its future during the first half of 2021, and il was decided by Church Meeting on 11th July 2021 to agree to sell the Sanctuary (church building) lo Mosaic Church al an agreed value in awordancg with Charity Commission guidelines and lo merge with Wesl Orchard United Reformed Church. Sincg that date extensive negotiations over the details of the sale contract and future arrangements for the use of the retained Church Centre have taken place. A final seNice at Wan￿1Ck Ro￿1 look pla￿ on 22nd January 2022 with a Mew lo proceeding with the sale and the merger with Wesl orchard URC. Since that final service Warwick Road URC and West Orchard URC have effectively merged their operations during 2022 with all servi￿5 taking place at the Baginlon Road sile. Extensive amalgamation and update of organisalional slruclures and policies have taken place and Baginlon Road URC now exists as a de facto operation. However, because il Is only the Iruslees of Wawick Road Church who are 8ble to sign the sale contract for the VVaTwick Road Church building the creation of a replacement charitable incorporated organisalion ICIOI cannot lake place yel. Nevertheless, the preparation of the CIO application to the Charity Commission is in hand with specialist solicitors so that when the sale of the church buildi￿ is wncluded the new charity can pr(￿d. The WaTwick Road Centre and frontage Wan￿1Ck Row properties continue lo be operated al this stage by tho Watwick Road Church Iruslees bul in due course will become part of the Baginlon Road URC CIO. REFERENCE AND AOMINISTRATIVE DETAILS Registered Charity number 235321 Prlnclpal address 10 Walw￿k Row Coventry West Midlands CV11EX Trustees D C Lalhbury - Chairman D E Miles- Assistsnl Chairman D WJones R Mohomed Dr C A G Enstone (deceased 5.12 23) R T Blanch8rd- Treasurer K Green Ex Officio members.. Rev Peter Kimbedey Sadly. Colin Enstone died on 5th December 2023. We are grateful for his dedicated seTvice lo the chufch. Page 3 WARWICK ROAD UNITED REFORMED CHURCH REPORT OF THE TRUSTEES forthfy ybar ended 31 Docembgr 2023 REFERENCE AND ADMINISTRATIVE DETAILS Indèpendent Examlner LDP Luckmans 1110 Ellioit Court Coventry Buslnèss Park Herald Avenuè Coventry Wast Midlands CV5 6UB Sollc5tors Mander Hadlgy Ltd 1 Thg Quadiant Covenlry CV12DW Bankors Bardays Bank PLC 25 High Slie8t Coventry CV1 SRE Lloyds Bank PLC 30 High Street Coventry CV15RA Donatlon$ should be sont to: Elders. The Wa￿1Ck Road Unitsd Reformed Church 10 Wa￿lek Rtsw Coventry CV11EX Cheques should be crossed and made payabl& to.. Elders, Wa￿Ck Road Unlled R8lormed Churc FINAL THOUGHTS Once agaln, great thank5 are due lo all our staff, both d and voluntary. Approved by order oflh8 board of Iruslees on .. and signed on its behalf by: Lalhbury. Trustee Page 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WARWICK ROAD UNITED REFORMED CHURCH Independent examlnerfs report to the trustees ofwarwlck Road United Refomied Church I report lo the charrty Iruslees on my examination of the accounts of Warwick Road United Refomied Church Ilhe Trusll for the yeai ended 31 December 2023. Responslbilities and basls of report As the charity trustees of the Trust you are responsible for the preparatK)n of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe A¢t'l. I rew)rt in respect of my examination of the Trust's accounts carried ￿1 under Section 145 of the Act and in Garrying out my examination I have folbwed all applicable Directions given by the Charity Commission under Section 14515llbl of the Acl. Ind8pendent examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attentDn in conne¢tK)n th the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Trust as required by Section 130 of the Act., or the accounts do not accord with those records., or thè accounts do not comply with the applicable requirements con￿MIng the fom and ¢onlent of accounts sel out in the Charities {Accounls and Reports) Regulations 2008 olhei 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 ccme across no other mallers in connection wlh the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. M D Spafford FCA FCCA LDP Luckmans 1110 Elliott Court Coventry Business Park Herald Avenue Coventry Wesl Midlands CV5 6UB Dale.. .Z.l.rAa. Page 5 WARWICK ROAD UNITED REFORMED CHURCH STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 2023 Total funds 2022 Total funds Unreslrtcted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 32,330 32,330 26,181 Other trading activities Investment income Other income 28.494 95.593 373 28,494 95,602 373 27,133 91,411 11,2521 Total 156,79CI 156,799 143,473 EXPENDITURE ON Raising funds 82,419 82.419 84,465 Charitable a¢tSviti&$ Grants & donations ofthe church 1,750 1,750 3,250 Church 96,735 4,170 100.905 92,428 Total 180,904 4,170 185,074 180.143 NET INCOMEIIEXPENDITUREI {24,1141 {4,1611 {28,275) 136,6701 RECONCIUATION OF FUNDS Total funds brought foFward 1,551,956 13,948 1,S65,904 1,602,574 TOTAL FUNDS CARRIED FORWARD 1.527,842 9,787 1,537,629 1.565,904 The notes form part of these financial statements Page 6 WARWICK ROAD UNITED REFORMED CHURCH BALANCE SHEET 31 DeCem￿r 2023 2023 Total funds 2022 Total funds Unrestricted Reslricled funds funds Notss FIXED ASSET8 Tangible assèts Inveslm•nl woperty 811.763 675,000 811,763 6T5,000 813,878 675,000 1,486,763 1.486,763 1,488.678 CURRENT AssErs Stocks Debtors Cash al bank and in hand 10 656 3,154 80,949 656 3,154 90.736 449 11,999 102,5T8 9,787 84,759 9,787 115,026 CREDITORS Amounts falling due within one year 12 143,6801 143.6801 {7.9351 NET CURRENT ASSETS 41,079 9,787 50,866 107,091 TOTAL ASSETS LESS CURRENT LIABILITIES 1.527,842 9.787 1,537.629 1,595,769 CREDITORS Amounts falling due after moro than one year 13 129,8651 NET ASSETS 1,527,842 9.787 1,537.629 1.565,904 FUNOS Unreslricied funds Reslrict¢d furKis 17 1,527.842 9,787 1.551.956 13,948 TOTAL FUNDS 1.537,629 1,565,904 Thè nanclal slalgmènts were approved by the Board of Trustees and Suthorlsed for Lgsue r ..1.l........T. oL:.Y..2.e: 2 4. and w8r@ signed on Its behalf by: DCLalh Mlles- Tnj The notés fomi part ol these financial statements Page 7 WARWICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES Basls of preparing the finan¢lal slatements The financial slalemenls of the charity, which is a public benefrt entity under FRS 102, have been prepared in accoTdance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charilie5-. Statement of Recommended Practice applicable lo charities pieparing their accoun15 in a¢¢ordance with the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. as modffied by the revaluation of cgrtain assets. The financial statements have been prepared to give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair view.. This departure has involved following the Accounting and Reporting by Chaiilies.. Slalement of Recommended Practice applicable lo charilies preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 father than the A¢¢ounling and Reporting by Charities". Slalemenl of Recommendod Practice effective from 1 April 2Q05 which has since been withdrawn. Income All income is recognised in the Statement of Financial A¢lIvrt￿S On￿ the charty has enlillement to the funds, il is probable that the income wÈll be received and the amount can be measured Teliably. Voluntary income is received by way of collections and gift5 and is included in full in the Statement of Financial Activities when receivabie. The value of sgrvices provtded by volunteers has not been included. Grants and legacies are accounted lor as soon as the charity is notified of its legal enlbtlemenl and the amount due. Investment irKome is accounted for when receivable. Amounts owing to the church at 31 December are sFK)wn as debtors, less provision for amounts that may prove non-co1￿cIab1e. Income from govemmenl grants are recc>3nised al fair value when the charity has entitlement after any pèrfomiance conditions have been mel, il is probable that the income will be received and the amount can be measured reliably. If enlillemenl is not mel then these amounts are deferred. Exp&nditure Liabil￿tieS are recognised as expenditure as Soon as there is a legal or conslruclwe obligation commilling the charity to that expenditure, rt is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation ean be measured reliab￿. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly allribuled lo particular headings they have been allocated lo activilies on a basis consislenl with the use ol resources. Grants and donations aTe accounted for when paid over or when awarded, if that Creates a binding obligation on the charity. Resour￿$ expended are alFocaled lo the particular activity where the Cost relates directly lo that aclivily. Vthere costs ielale lo more than one 8rea they have been apportioned on an appropriate basis. Governance costs comprise all costs involving the public accounlabilily of the Church and ils compliance wrth iegulalion and good practice. These costs include Ihg production and independent scrutiny of these financial sialemenls. Grants offered subject to conditions which have not been met al the year end dalo are nDled as a commitment bul not accrued as expenditure. Tanglble flxed assets Deprecialion is provtded al the following annual rates in order to write off each asset over its eslim8led useful life. Page 8 continued... WARWICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS- Gontinued for the year ended 31 December 2023 ACCOUNTING POLICIES - continued Tangible fixed assèts Freehold proporty Fixtures and fith'ngs 2% on cost 100% on cost Individual fLxed assets costtng £2,000 or more are capilalised al cost. Freehold land is not depreciated. Investment property Investment properties for which fair value can be measured reliably wilhoul undue cost or effort are measured al fair value al each reporting dale with changes in fair value recognised in 'net gains I Ilossesl on inveslmenls, in the SOFA. Stocks Stocks a￿ slated al the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock lo ils present localion and condition. Cost is cal¢ulated using the first-in, firsl-out fomiLFla. ProvisK)n is made for damaged, obsolete and slow-moving stock where appropriate. Taxation The charity is exempl from tax on ils charitable actwilies. Fund accountlng Unrestricted funds Can be used in accordan￿ with the d)arilable objectSves al the discretion of the trustees. Reslricled funds can only be used for particular reslricled purpose5 wlhin the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes lo the financ&al statements. Pension costs and other post-retirement benefits The charity operates a defined conlribuli)n pensK)n scheme. Contributions payable lo the chafity's pension scheme are charged lo the Statement of Financial Activities in the peri(xJ to which they relate. Debtors and Creditors raceivablelpayable within one year Debtors and creditors with no slated interest rale and receivable or payable within one year are recorded at Iransaclton price. Any losses arisi￿ from impaimenl are recognised in expenditure. Cash and cash equlvalents Cash and cash equivalents are defined as being highly liquid, with a short maturity of less than 3 months. Going Con¢em The financial slalemenls have been prepared on a going concern basis as the Iruslees believe that no m8lerial Un￿rtaInlieS exist. The Iruslees have Considered Ihe level ol funds held and the expected level of income and expenditure for 12 months from aulhorising these financial slalemènts. budgeted income and expenditure is sufficient with the level of leserves for the charity lo be able to continue as a going concern. Leasès Rentals payable and receivable Ljnder operating leases are charged to the SOFA on a slraighl line basis over the period of the lease. Page 9 continued... WARVIICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS - continued for the year end9d 31 December 2023 OTHER TRADING ACTIVITIES 2023 2022 Catering income 28.494 27,133 INVESThIENT INCOME 2023 2022 Rents re￿IVed Deposit account interest 92.769 2,833 90,652 759 95,602 91,411 RAISING FUNDS Investment management costs 2023 2022 Staff costs Property repairs Rates and walfjr Light and heal Sundries Trav81 Interest payabte and similar chsrges 23,622 17,087 1,156 5,453 23,518 20,102 1,070 7,734 117 795 856 1,841 50,015 54,197 TRUSTEES. REMUNERATION AND BENEFITS During the year no trustees received remuneration or other benefits for their duties as a Iruslee. one Iruslee was employerl by the church as an administration assistant and received remuneration lotslling £5,70512022'. £5.333}. There were no Iruslees. remuneration or other benelrts for the year ended 31 December 2022. Trustee5' expenses There were no Iruslees, expenses paid for the year ended 310ecember 2023 nor for the year ended 31 December 2022. STAFF COSTS 2023 2022 Wages and salaries other pension cosls 55,908 948 54.779 903 56,856 55,682 The average monthly number of employees during the year was as follows.. 2023 2022 No employees re¢eived emoluments in excess of £60,000. Page 10 continued... WARWICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS- continued for tha year ended 31 Dg¢ember 2023 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds Reslricled funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 26.081 11K) 26,181 Olhei trading aclivilies Investment income Other income 27,133 91,410 11,2521 27.133 91.411 11,2521 Total 143.372 101 143,473 EXPENDITURE ON Raising funds 84,485 84.465 Charitable a¢llvltigS Grants & donations of the church 3,150 100 3,250 Church 90,933 1,495 92,428 Totsl 178,548 1,595 180.143 NET INCOMEIIEXPENDITUREI Transfers between funds 135.1761 1,048 {1.4941 {1,0481 136,670) Net movement In funds 134,1281 {2,5421 136.670) RECONCILIATION OF FUNDS Total funds brought fo￿ard 1,586,084 16,490 1,602,574 TOTAL FUNDS CARRIED FORWARD 1,551,956 13.948 1,565.904 TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Totals COST At 1 January 2023 and 31 De￿mber 2023 838,315 53.993 892,308 DEPRECIATION At 1 January 2023 Charge for year 27,720 1,32D 50.910 595 78.630 1.915 At 31 December 2023 29,040 51.505 80.545 NET BOOK VALUE Al 31 December 2023 809,275 2,488 811,763 At 31 De￿mber 2022 810,595 3,083 813,678 Page11 Continued... WARWICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS- contlnuod for the year ended 31 Decembgr 2023 INVESTMENT PROPERTY FAIR VALUE At 1 January 2023 and 31 December 2023 675,000 NET BOOK VALUE At 31 December 2023 675,000 At 31 December 2022 675,000 The investment properties are used for income geneialing purposes and were valued al 11 April 2022 by . Godfrey-Payton, CharteTed Sutveyors. The Trustees consider that this valuation is not materially different al 31 December 2023. 10. STOCKS 2023 2022 Stocks 656 449 11. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Gift aid debloT Prepaymenls and accrued income 1,556 1,598 3,249 8,750 3.154 11,999 12. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans and overdraft8 Isee note 141 TTade creditors Accruals and deferled incorne 29,893 600 13,187 7,935 43,680 7,935 Page 12 continued... WARWICK ROAD UNITED REFORMED CHURCH NOTES TO THE FINANCIAL STATEMENTS . continued for the year ended 31 December 2023 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2023 2022 Bank loans (see note 14) 29,865 14. LOANS An anatysis of the maturity of loans is given bek)w". 2023 2022 Amounts falling due within one year on demand.. Mortgage108n repayable 29,893 Amounts falling b2bNeen one and Iwo years.. Mortgage loan repayable 29,865 15. LEASING AGREEMENTS Total future minimum lease paymen18 receivable for the rental of Unil 12 under non