REGISTERED CHARITY NUMBER: 239405
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2020
for
UPPER CHAPEL, SHEFFIELD
Fawthrop Williams 14 Causeway Head Road Dore Sheffield S17 3DT
UPPER CHAPEL, SHEFFIELD
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
UPPER CHAPEL, SHEFFIELD
Report of the Trustees for the Year Ended 31 December 2020
The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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
Objectives and aims
The Trust established Upper Chapel as a building to be used as a Public Meeting House for the worship and service of Almighty God. Religious Services are held regularly, together with ancillary meetings and social activities. Membership of Upper Chapel is open to all who find themselves in sympathy with the manner of worship and spirit of fellowship.
ACHIEVEMENT AND PERFORMANCE
Financial results
The Statement of Financial Activities for the year is set out on page 4 of the Financial Statements. The financial results show Net Income of £24,631 compared with £92,859 for the previous year.
Total Income has decreased slightly from £214,332 to £189,792. Income includes a grant of £24,158 received from the Government's CJRS furlough scheme. Rental income does not include outstanding arrears.
Expenditure has decreased by £50,858 to £159,636. This is mainly due to lower repair costs this year.
Any costs attributable to the refurbishment of the Hollis Building have been capitalised (£15,930).
Net losses on investments of £5,525 (2019 gain: £89,021) comprise unrealised losses arising on the revaluation of quoted investments (£3,525) and the permanent write-off of the loan made to the Orkney Unitarian Retreat (£2,000).
FINANCIAL REVIEW
Investment policy and objectives
The Trustees are required to invest as authorised by the Trustee Investment Act 1961, subject to the provisions relating to the respective funds held on trust. The investment strategy of the Trustees is set to take account of income and funding requirements. The Trustees consider the risk profile and investment advisers' view of the market prospects in both the short and medium term. The strategy is set with an overall policy that the respective funds are invested in low and medium risk investments with a view to seeking maintenance of capital of the funds, together with income sufficient to meet ministerial, management and other expenditure as it arises.
Reserves policy
The recurring level of incoming resources is sufficient to cover normal ministerial and other charitable expenditure. However, the Trustees are mindful of the age of the respective properties that the Trust owns and the need to have adequate funds available to cover future repairs and renovations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governance
The full name of the Charity is ' Trust Property held in connection with the Upper Chapel '.The Trust's governing document is the Trust Deed of 25th November 1704. Trusts extend to adjoining properties and have given rise to subsidiary endowments. The affairs of the Trust are administered by the Trustees, whose number shall not be less than seven and not more than thirteen, who are appointed for life. New Trustees shall be chosen by existing Trustees and are required to be 'Members in Communion with the Congregation that meet at Upper Chapel to worship'. The Trustees are entrusted to manage the property and meet quarterly during the year to deal with financial and administrative matters.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
239405
Page 1
UPPER CHAPEL, SHEFFIELD
Report of the Trustees for the Year Ended 31 December 2020
Principal address Norfolk Street Sheffield S1 2JD
Trustees
P J A Smith Chair D Day Secretary M Baker Treasurer S Attwood P Emmingham J Laister B A Laycock M Ramsey K Smith S B Toulson The Sheffield and District Association of Unitarian and Free Christian Churches (incorporated) – represented by S M Barrett
Independent Examiner
R.H. Fawthrop FCA Fawthrop Williams 14 Causeway Head Road Dore Sheffield S17 3DT
PUBLIC BENEFIT STATEMENT
The Trustees take into account the Charity Commission guidance on public benefit and believe that the activities of the Charity are in line with that guidance.
Approved by order of the Trustees on 15 September 2021 and signed on their behalf by:
........................................................................ P J A Smith - Chair
Page 2
Independent Examiner's Report to the Trustees of Upper Chapel, Sheffield
Independent examiner's report to the trustees of Upper Chapel, Sheffield
I report to the charity trustees on my examination of the accounts of Upper Chapel, Sheffield (the Trust) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to 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
-
the accounts 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 accounts to be reached.
R.H. Fawthrop FCA Fawthrop Williams 14 Causeway Head Road Dore Sheffield S17 3DT
Date: 15 September 2021
Page 3
UPPER CHAPEL, SHEFFIELD
Statement of Financial Activities for the Year Ended 31 December 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Government grants Investment income 3 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Ministerial expenses Administration costs Property expenses Other Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted funds £ 10,633 24,158 155,001 189,792 2,696 46,975 19,953 27,159 62,853 159,636 (5,525) 24,631 3,701,147 3,725,778 |
2019 Total funds £ 12,930 - 201,402 |
|---|---|---|
| 214,332 3,814 51,220 29,154 60,647 65,659 |
||
| 210,494 89,021 |
||
| 92,859 3,608,288 |
||
| 3,701,147 |
The notes form part of these financial statements
Page 4
UPPER CHAPEL, SHEFFIELD
Balance Sheet 31 December 2020
| Notes FIXED ASSETS Tangible assets 10 Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank and in hand CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted funds £ 1,097,137 706,679 1,785,393 3,589,209 13,619 131,919 145,538 (8,969) 136,569 3,725,778 3,725,778 3,725,778 3,725,778 |
2019 Total funds £ 1,081,543 712,204 1,785,393 3,579,140 5,975 133,784 139,759 (17,752) 122,007 3,701,147 3,701,147 3,701,147 3,701,147 |
|---|---|---|
The financial statements were approved by the Trustees and authorised for issue on 15 September 2021 and were signed on their behalf by:
............................................. P J A Smith - Chair
The notes form part of these financial statements
Page 5
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Property which is owned and mainly occupied by the Charity for carrying out its purpose is stated at the valuation made in 1964 in accordance with the provisions of Financial Reporting Standard 15 plus the cost of any additions since that date. There is a difference of £4,200,000 between that valuation and the estimated insurance value. The original cost of these assets is not readily available.
Depreciation
Freehold property
It is the Trust's policy to maintain the Charity's properties in a state of good repair to prolong their useful lives. The lives of these properties are such that no provision for depreciation is considered necessary.
Fixtures, fittings and equipment
Depreciation has been charged on a straight line basis at a rate of 20% per annum in order to write off the assets over their estimated useful lives.
Investment property
Investment properties are included in the Balance Sheet at market value, which is based on 12.5 years purchase of annual rental income and 5 years purchase of the annual ground rent.
Unrealised gains (losses) arising on revaluations are shown in the Statement of Financial Affairs and are treated as part of the capital of the individual fund.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.
continued...
Page 6
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
1. ACCOUNTING POLICIES - continued
Investments
Investments are shown in the Balance Sheet at market value. Any unrealised gains (losses) are treated as part of the capital of the individual fund.
2. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received Other fixed asset investments Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Administration costs Grants received, included in the above, are as follows: Government grants 5. RAISING FUNDS Investment management costs Let Property expenses |
|
|---|---|
continued...
Page 7
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
6. CHARITABLE ACTIVITIES COSTS
| Ministerial expenses Administration costs Property expenses 7. SUPPORT COSTS Administration costs |
Support Direct costs (see Costs note 7) Totals £ £ £ 46,975 - 46,975 17,849 2,104 19,953 27,159 - 27,159 91,983 2,104 94,087 Governance costs £ 2,104 |
|---|---|
8. TRUSTEES' REMUNERATION AND BENEFITS
No remuneration or other benefits were paid to trustees for the year ended 31 December 2020 nor for the year ended 31 December 2019.
| Trustees' expenses Trustees' expenses 9. STAFF COSTS Wages and salaries Social security costs Other pension costs The average monthly number of employees during the year was as follows: Administration No employees received emoluments in excess of £60,000. |
2020 £ 124 2020 £ 63,431 30,465 4,674 98,570 2020 4 |
2019 £ 85 2019 £ 62,551 30,487 4,467 |
|---|---|---|
| 97,505 | ||
| 2019 4 |
continued...
Page 8
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2020 Additions At 31 December 2020 DEPRECIATION At 1 January 2020 Charge for year At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Revaluations Impairments At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Freehold property £ 1,078,181 15,930 1,094,111 - - - 1,094,111 1,078,181 Listed investments £ 710,204 (3,525) - 706,679 706,679 710,204 |
Furniture and equipment £ 42,348 - 42,348 38,986 336 39,322 3,026 3,362 Unlisted investments £ 2,000 - (2,000) - - 2,000 |
Totals £ 1,120,529 15,930 1,136,459 38,986 336 39,322 1,097,137 1,081,543 Totals £ 712,204 (3,525) (2,000) 706,679 706,679 712,204 |
|---|---|---|---|
There were no investment assets outside the UK.
The historical cost of these investments is £410,052. (2019: £410,052)
continued...
Page 9
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
| 12. INVESTMENT PROPERTY FAIR VALUE At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 The historical cost of these properties is £220,330. (2019: £220,330) 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors 15. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 3,691,838 Chapel Committee 9,309 3,701,147 TOTAL FUNDS 3,701,147 |
2020 £ 7,449 6,170 13,619 2020 £ 1,199 4,270 3,500 8,969 Net movement in funds £ 17,789 6,842 24,631 24,631 |
£ 1,785,393 |
£ 1,785,393 |
|---|---|---|---|
| 1,785,393 | |||
| 1,785,393 | |||
| 2019 £ - 5,975 5,975 2019 £ 1,200 2,249 14,303 17,752 At 31.12.20 £ 3,709,627 16,151 |
2019 £ - 5,975 |
||
| 5,975 | |||
| 2019 £ 1,200 2,249 14,303 |
|||
| 17,752 | |||
| 3,725,778 | |||
| 3,725,778 |
continued...
Page 10
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
Incoming resources £ 180,851 8,941 189,792 189,792 |
Resources expended £ (157,537) (2,099) (159,636) (159,636) |
Gains and Movement losses in funds £ £ (5,525) 17,789 - 6,842 (5,525) 24,631 (5,525) 24,631 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
At 1.1.19 £ 3,589,246 19,042 3,608,288 3,608,288 |
Net movement in funds £ 102,592 (9,733) 92,859 92,859 |
At 31.12.19 £ 3,691,838 9,309 |
|---|---|---|---|
| 3,701,147 | |||
| 3,701,147 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
Incoming resources £ 203,886 10,446 214,332 214,332 |
Resources expended £ (190,315) (20,179) (210,494) (210,494) |
Gains and Movement losses in funds £ £ 89,021 102,592 - (9,733) 89,021 92,859 89,021 92,859 |
|---|---|---|---|
continued...
Page 11
UPPER CHAPEL, SHEFFIELD
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2020.
Page 12
UPPER CHAPEL, SHEFFIELD
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Other fixed asset investments Deposit account interest Charitable activities Grants Total incoming resources EXPENDITURE Investment management costs Let Property expenses Charitable activities Minister's Stipend Minister's NI Minister's pension fund Utilities Insurance Light and heat Property repairs Chapel Committee expenses Organist expenses Choir expenses Minister's expenses Development fund Other Caretaker's & cleaners' wages Chapel manager's salary Pension fund contributions Sundry expenses Bank charges Professional fees Carried forward |
2020 2019 £ £ 10,633 12,930 141,462 182,813 12,901 17,842 638 747 155,001 201,402 24,158 - 189,792 214,332 2,696 3,814 35,831 34,854 1,971 2,332 3,583 3,485 3,198 3,695 5,995 5,676 10,959 13,271 7,007 38,005 12,099 20,179 4,750 5,905 1,000 1,005 1,091 3,667 4,499 6,882 91,983 138,956 27,600 27,697 28,494 28,155 1,091 982 1,559 3,627 60 60 3,713 4,399 62,517 64,920 |
|---|---|
This page does not form part of the statutory financial statements
Page 13
UPPER CHAPEL, SHEFFIELD
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| Other Brought forward Depreciation of furniture and equipment Support costs Governance costs Trustees' expenses Accountancy and legal fees Total resources expended Net income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments NET INCOME (before revaluation of investments) |
2020 £ 62,517 336 62,853 124 1,980 2,104 159,636 30,156 (2,000) 28,156 |
2019 £ 64,920 739 |
|---|---|---|
| 65,659 85 1,980 |
||
| 2,065 | ||
| 210,494 | ||
| 3,838 - |
||
| 3,838 |
This page does not form part of the statutory financial statements
Page 14