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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 239405

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2022

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 2022

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 2022

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2022. 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 Expenses of £46,251 compared with Net Income £143,767 for the previous year.

Total income has increased from £184,555 in 2021 to £193,573. Income includes £nil in grants received (2021: £19,394) from the Government's CJRS furlough scheme. Rental income does not include outstanding arrears.

Expenditure has increased from £154,553 in 2021 to £175,495 in this year. This is due to an increase in utility and insurance costs this year.

Net losses on investments of £55,311 (2021: gains £104,747) 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 2022

Trustees P J A Smith Chair M Baker Treasurer D Day Secretary B A Laycock S Attwood P Emmingham J Laister S B Toulson 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 2022.

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:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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 2022

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		 31.12.22
Unrestricted
funds
£
11,246
-
173,309
184,555
2,300
46,726
41,264
19,651
65,554
175,495
(55,311)
(46,251)
3,869,545
**3,823,294 **		 31.12.21
Total
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

The notes form part of these financial statements

Page 4

Upper Chapel, Sheffield

Balance Sheet

31 December 2022

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		 31.12.22
Unrestricted
funds
£
1,096,129
756,115
1,785,393
3,637,637
9,678
187,006
196,684
(11,027)
185,657
3,823,294
3,823,294
3,823,294
**3,823,294 **		 31.12.21
Total
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

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 2022

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 2022

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		 31.12.22
£
11,246
31.12.22
£
156,480
15,847
982
173,309
31.12.22
Charitable
£
-
31.12.22
£
-
31.12.22
£
2,300		 31.12.21
£
12,918
31.12.21
£
145,552
15,687
22
161,261
31.12.21
Total
activities
£
19,394
31.12.21
£
19,394
31.12.21
£
3,463

continued...

Page 7

Upper Chapel, Sheffield

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

6. CHARITABLE ACTIVITIES COSTS

Ministerial expenses
Property expenses
Administration costs

7.
SUPPORT COSTS
Administration costs
8.
TRUSTEES' REMUNERATION AND BENEFITS		 Support
Direct
costs (see
Costs
note 7)
Totals
£
£
£
46,726
-
46,726
41,264
-
41,264
17,593
2,058
19,651
105,583
2,058
107,641
Governance
costs
£
2,058

There were no Trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses
31.12.22 31.12.21
£ £
Trustees' expenses 6 43
9. STAFF COSTS
31.12.22 31.12.21
£ £
Wages and salaries 91,602 91,362
Social security costs 3,832 3,726
Other pension costs 5,121 4,220
100,555 99,308
The average monthly number of employees during the year was as follows:
31.12.22 31.12.21
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 2022

10. TANGIBLE FIXED ASSETS

Freehold
property
£
COST
At 1 January 2022 and 31 December 2022
1,094,111
DEPRECIATION
At 1 January 2022
-
Charge for year
-
At 31 December 2022
-
NET BOOK VALUE
At 31 December 2022
1,094,111
At 31 December 2021
1,094,111
11.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 January 2022
Revaluations
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
There were no investment assets outside the UK.
The historical cost of these investments is £410,052 (2021: £410,052).		 Fixtures
and
fittings
£
42,348
39,658
672
40,330
2,018
2,690		 Totals
£
1,136,459
39,658
672
39,658
1,096,129
1,096,801
Listed
investments
£
811,426
(55,311)
756,115
756,115
811,426

continued...

Page 9

Upper Chapel, Sheffield

Notes to the Financial Statements - continued for the Year Ended 31 December 2022

12. INVESTMENT PROPERTY

FAIR VALUE
At 1 January 2022
and 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
The historical cost of these properties is £220,330 (2021: £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 1/1/22
£
Unrestricted funds
General fund
3,849,931
Chapel Committee
19,614
3,869,545
TOTAL FUNDS
3,869,545
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
173,309
(162,282)
Chapel Committee
11,246
(13,213)
184,555
(175,495)
TOTAL FUNDS
184,555
**(175,495) **		 31.12.22
£
2,434
7,244
9,678
31.12.22
£
-
2,053
8,974
11,027
Net
movement
in funds
£
(44,284)
(1,967)
(46,251)
(46,251)
Gains and
losses
£
(55,311)
-
(55,311)
(55,311)		 £
1,785,393
1,785,393
1,785,393
31.12.21
£
15,116
6,500
21,616
31.12.21
£
1,200
2,341
3,500
7,041
At
31/12/22
£
3,805,647
17,647
3,823,294
3,823,294
Movement
in funds
£
(44,284)
(1,967)
(46,251)
(46,251)

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 1/1/21
£
3,709,627
16,151
3,725,778
3,725,778		 Net
movement
in funds
£
140,304
3,463
143,767
143,767		 At
31/12/21
£
3,849,931
19,614
3,869,545
3,869,545

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Chapel Committee
TOTAL FUNDS		 Incoming
resources
£
182,955
10,618
193,573
193,573		 Resources
expended
£
(147,398)
(7,155)
(154,553)
(154,553)		 Gains and
Movement
losses
in funds
£
£
104,747
140,304
-
3,463
104,747
143,767
104,747
143,767

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

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
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 2022
31.12.22
31.12.21
£
£
11,246
12,918
156,480
145,552
15,847
15,687
982
22
173,309
161,261
-
19,394
184,555
193,573
2,300
3,463
37,026
35,833
1,935
1,864
3,703
3,583
1,894
2,070
10,130
6,170
20,777
8,461
8,463
9,538
13,213
7,155
4,380
4,200
1,270
1,231
2,792
3,275
105,583
83,380
27,795
28,606
29,434
28,785
662
637
716
1,613
87
104
6,008
5,534
672
336
65,554
65,615

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 2022
31.12.22 31.12.21
£ £
Support costs
Governance costs
Trustees' expenses 6 43
Accountancy and legal fees **2,052 ** 2,052
2,058 2,095
Total resources expended 175,495 154,553
Net income before gains and losses 9,060 39,020
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments - -
Net income 9,060 39,020

This page does not form part of the statutory financial statements

Page 13