REGISTERED CHARITY NUMBER: 239405
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2021
for
Upper Chapel, Sheffield
Wilson Howe Limited Chartered Accountants 212A Bocking Lane Greenhill Sheffield Yorkshire S8 7BP
Upper Chapel, Sheffield
Contents of the Financial Statements for the Year Ended 31 December 2021
| 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 11 |
| Detailed Statement of Financial Activities | 12 to 13 |
Upper Chapel, Sheffield
Report of the Trustees for the Year Ended 31 December 2021
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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 services 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 £143,767 compared with £24,631 for the previous year.
Total income has increased from £189,792 to £193,573. Income includes a grant of £19,394 (2020: £24,158) received from the Government's CJRS furlough scheme. Rental income does not include outstanding arrears.
Expenditure has decreased from £159,636 to £154,553. This is due to a general decrease in costs this year.
Net gains on investments of £104,747 (2020 losses: £5,525) comprise unrealised losses arising on the revaluation of quoted investments.
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 advisors' 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
Principal address
Norfolk Street Sheffield S1 2JD
Page 1
Upper Chapel, Sheffield
| Report of the Trustees | |
|---|---|
| for the Year Ended 31 December 2021 | |
| Trustees | |
| P J A Smith | Chair |
| M Baker | Treasurer |
| D Day | Secretary |
| B A Laycock | |
| S Attwood | |
| P Emmingham | |
| J Laister | |
| K Smith | |
| S B Toulson | |
| M Ramsey | |
| The Sheffield and District Association of | |
| Unitarian and Free Christian Churches | |
| (incorporated) – represented by S M Barrett | |
| Independent Examiner | |
| Matthew Howe FCA | |
| Wilson Howe Limited | |
| Chartered Accountants | |
| 212A Bocking Lane | |
| Greenhill | |
| Sheffield | |
| Yorkshire | |
| S8 7BP |
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 board of Trustees on ............................................. and signed on its behalf by:
........................................................................ P J A Smith - Trustee
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 2021.
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.
Matthew Howe FCA Wilson Howe Limited Chartered Accountants 212A Bocking Lane Greenhill Sheffield Yorkshire S8 7BP
Date: .............................................
Page 3
Upper Chapel, Sheffield
Statement of Financial Activities
for the Year Ended 31 December 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Charitable Investment income 3 Total EXPENDITURE ON Raising funds 5 Charitable activities 6 Ministerial expenses Property expenses Administrative costs Other Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.12.21 Unrestricted funds £ 12,918 19,394 161,261 193,573 3,463 45,786 26,239 13,450 65,615 154,553 104,747 143,767 3,725,778 3,869,545 |
31.12.20 Total funds £ 10,633 24,158 155,001 189,792 2,696 46,975 27,159 19,953 62,853 159,636 (5,525) 24,631 3,701,147 3,725,778 |
|---|---|---|
The notes form part of these financial statements
Page 4
Upper Chapel, Sheffield
Balance Sheet
31 December 2021
| 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 |
31.12.21 Unrestricted funds £ 1,096,801 811,426 1,785,393 3,693,620 21,616 161,350 182,966 (7,041) 175,925 3,869,545 3,869,545 3,869,545 3,869,545 |
31.12.20 Total 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 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. P J A Smith - Trustee
The notes form part of these financial statements
Page 5
Upper Chapel, Sheffield
Notes to the Financial Statements for the Year Ended 31 December 2021
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 the 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 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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 6
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
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 Grants Grants received, included in the above, are as follows: Government grants 5. RAISING FUNDS Investment management costs Let property expenses |
31.12.21 £ 12,918 31.12.21 £ 145,552 15,687 22 161,261 31.12.21 Charitable £ 19,394 31.12.21 £ 19,394 31.12.21 £ 3,463 |
31.12.20 £ 10,633 31.12.20 £ 141,462 12,901 638 155,001 31.12.20 Total activities £ 24,158 31.12.20 £ 24,158 31.12.20 £ 2,696 |
|---|---|---|
continued...
Page 7
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. CHARITABLE ACTIVITIES COSTS
| 6. | CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|---|
| Support | |||||
| Direct | costs (see | ||||
| Costs | note | 7) | Totals | ||
| £ | £ | £ | |||
| Ministerial expenses | 45,786 | - | 45,786 | ||
| Property expenses | 26,239 | - | 26,239 | ||
| Administration costs | 11,355 | 2,095 | 13,450 | ||
| 81,963 | 2,095 | 84,058 | |||
| 7. | SUPPORT COSTS | ||||
| Governance | |||||
| costs | |||||
| £ | |||||
| Administration costs | 2,095 | ||||
| 8. | TRUSTEES' REMUNERATION AND BENEFITS | ||||
| There were no Trustees' remuneration or other benefits for the year ended 31 December | 2021 nor for the year | ||||
| ended 31 December 2020. |
| Trustees' expenses | |||
|---|---|---|---|
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Trustees' expenses | 43 | 124 | |
| 9. | STAFF COSTS | ||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Wages and salaries | 64,439 | 63,431 | |
| Social security costs | 30,649 | 30,465 | |
| Other pension costs | 4,220 | 4,674 | |
| 99,308 | 98,570 | ||
| The average monthly number of employees during the year was as follows: | |||
| 31.12.21 | 31.12.20 | ||
| Administration | 4 | 4 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 11. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2021 Revaluations At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 There were no investment assets outside the UK. |
Freehold property £ 1,094,111 - - - 1,094,111 1,094,111 |
Fixtures and fittings £ 42,348 39,322 336 39,658 2,690 3,026 |
Totals £ 1,136,459 39,322 336 39,658 1,096,801 1,097,137 Listed investments £ 706,679 104,747 811,426 811,426 706,679 |
|---|---|---|---|
The historical cost of these investments is £410,052 (2020: £410,052).
continued...
Page 9
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
12. INVESTMENT PROPERTY
| FAIR VALUE At 1 January 2021 and 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 The historical cost of these properties is £220,330 (2020: £220,330). 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.21 £ Trade debtors 15,116 Prepayments 6,500 21,616 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12.21 £ Trade creditors 1,200 Taxation and social security 2,341 Other creditors 3,500 7,041 15. MOVEMENT IN FUNDS |
£ 1,785,393 1,785,393 1,785,393 31.12.20 £ 7,449 6,170 13,619 31.12.20 £ 1,199 4,270 3,500 8,969 |
|---|---|
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
as follows: Incoming resources £ 182,956 10,618 193,574 **193,574 ** |
At 1/1/21 £ 3,709,627 16,151 3,725,778 3,725,778 Resources expended £ (147,399) (7,155) (154,554) (154,554) |
Net movement in funds £ 140,304 3,463 143,767 143,767 Gains and losses £ 104,747 - 104,747 104,747 |
At 31/12/21 £ 3,849,931 19,614 3,869,545 3,869,545 Movement in funds £ 140,304 3,463 143,767 143,767 |
|
|---|---|---|---|---|---|
Net movement in funds, included in the above are as follows:
continued...
Page 10
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
At 1/1/20 £ 3,691,838 9,309 3,701,147 3,701,147 |
Net movement in funds £ 17,789 6,842 24,631 24,631 |
At 31/12/20 £ 3,709,627 16,151 3,725,778 3,725,778 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
Incoming resources £ 180,852 8,940 189,792 189,792 |
Resources expended £ (157,538) (2,098) (159,636) (159,636) |
Gains and Movement losses in funds £ £ (5,525) 17,789 - 6,842 (5,525) 24,631 (5,525) 24,631 |
|---|---|---|---|
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
Page 11
Upper Chapel, Sheffield
| 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 Minister's development fund Other Caretaker's & cleaners' wages Chapel manager's salary Pension fund contributions Sundry expenses Bank charges Professional fees Fixtures and fittings |
Detailed Statement of Financial Activities for the Year Ended 31 December 2021 31.12.21 31.12.20 £ £ 12,918 10,633 145,552 141,462 15,687 12,901 22 638 161,261 155,001 19,394 24,158 193,573 189,792 3,463 2,696 35,833 35,831 1,864 1,971 3,583 3,583 2,070 3,198 6,170 5,995 8,461 10,959 9,538 7,007 7,155 12,099 4,200 4,750 - 1,000 1,231 1,091 3,275 4,499 83,380 91,983 28,606 27,600 28,785 28,494 637 1,091 1,613 1,559 104 60 5,534 3,713 336 336 65,615 62,853 |
|---|---|
This page does not form part of the statutory financial statements
Page 12
Upper Chapel, Sheffield
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Support costs | ||
| Governance costs | ||
| Trustees' expenses | 43 | 124 |
| Accountancy and legal fees | **2,052 ** | 1,980 |
| 2,095 | 2,104 | |
| Total resources expended | 154,553 | 159,636 |
| Net income before gains and losses | 39,020 | 30,156 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | - | (2,000) |
| Net income | 39,020 | 28,156 |
This page does not form part of the statutory financial statements
Page 13