REGISTERED CHARITY NUMBER: 239405
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2025
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 2025
| 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 2025
The Trustees present their report with the financial statements of the charity for the year ended 31 December 2025. 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 £56,234 (2024: £52,634).
Total income was £214,275 (2024: £208,774). Rental income does not include outstanding arrears.
Expenditure has increased from £209,417 in 2024 to £252,575 in this year. This is due to an increase in property costs this year.
Net gains on investments of £94,534 (2024: £53,277) 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 2025
Trustees M Baker Chair P Emmingham (Resigned 1 February 2025) Treasurer D Day Secretary B A Laycock S Attwood 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:
........................................................................ M Baker - 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 2025.
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 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 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 |
31.12.25 Unrestricted funds £ 28,643 185,632 214,275 875 44,664 91,191 42,162 73,683 252,575 94,534 56,234 3,907,022 3,963,256 |
31.12.24 Total funds £ 11,773 197,001 208,774 1,000 41,940 68,334 20,650 77,493 209,417 53,277 52,634 3,854,388 3,907,022 |
|---|---|---|
The notes form part of these financial statements
Page 4
Upper Chapel, Sheffield
Balance Sheet 31 December 2025
| Notes FIXED ASSETS Tangible assets 9 Investments Investments 10 Investment property 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31.12.25 Unrestricted funds £ 1,094,962 945,590 1,785,393 3,825,945 13,330 127,526 140,856 (3,545) 137,311 3,963,256 3,963,256 3,963,256 3,963,256 |
31.12.24 Total funds £ 1,095,246 851,056 1,785,393 3,731,695 13,088 166,087 179,175 (3,848) 175,327 3,907,022 3,907,022 3,907,022 3,907,022 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. M Baker - 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 2025
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 2025
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
| 2. DONATIONS AND LEGACIES |
||
|---|---|---|
| Donations 3. INVESTMENT INCOME Rents received Other fixed asset investments Deposit account interest 4. RAISING FUNDS Investment management costs Let property expenses |
31.12.25 £ 28,643 31.12.25 £ 163,311 18,084 4,237 185,632 31.12.25 £ 875 |
31.12.24 £ 11,773 31.12.24 £ 173,969 17,138 5,894 |
| 197,001 | ||
| 31.12.24 £ 1,000 |
Let property expenses
5. CHARITABLE ACTIVITIES COSTS
| Ministerial expenses Property expenses Administration costs 6. SUPPORT COSTS |
Support Direct costs (see Costs note 6) £ £ 44,664 - 91,191 - 38,864 3,298 174,719 3,298 |
Totals £ 44,664 91,191 **42,162 ** |
|---|---|---|
| 178,017 | ||
Administration costs
Governance costs £ 3,298
continued...
Page 7
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no Trustees' remuneration or other benefits for the year ended 31 December 2025.
| Trustees' expenses Trustees' expenses 8. STAFF COSTS Wages and salaries Social security Pension The average monthly number of employees during the year was a Administration No employees received emoluments in excess of £60,000. 9. TANGIBLE FIXED ASSETS COST At 1 January 2023 and 31 December 2025 DEPRECIATION At 1 January 2025 Charge for year At 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 |
s follows: Freehold property £ 1,094,111 - - - 1,094,111 1,094,111 |
31.12.25 £ 43 31.12.25 £ 89,266 - 8,020 97,286 31.12.25 4 Fixtures and fittings £ 42,348 41,213 284 41,497 851 1,135 |
31.12.24 £ - 31.12.24 £ 101,701 2,198 4,242 108,141 31.12.24 3 Totals £ 1,136,459 41,213 284 41,497 1,094,962 1,095,246 |
|---|---|---|---|
continued...
Page 8
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
10. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2025 | 851,056 |
| Revaluations | **94,534 ** |
| At 31 December 2025 | 945,590 |
| NET BOOK VALUE | |
| At 31 December 2025 | 945,590 |
| At 31 December 2024 | 851,056 |
| There were no investment assets outside the UK. |
The historical cost of these investments is £410,052 (2024: £410,052).
11. INVESTMENT PROPERTY
| INVESTMENT PROPERTY | |
|---|---|
| FAIR VALUE At 1 January 2025 and 31 December 2025 NET BOOK VALUE At 31 December 2025 At 31 December 2024 The historical cost of these properties is £220,330 (2024: £220,330). |
£ 1,785,393 |
| 1,785,393 | |
| 1,785,393 | |
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.12.25 | 31.12.24 | ||
| £ | £ | ||
| Trade debtors | 5,250 | 5,250 | |
| Prepayments | 8,080 | 7,838 | |
| 13,330 | 13,088 | ||
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.12.25 | 31.12.24 | ||
| £ | £ | ||
| Taxation and social security | - | - | |
| Other creditors | 3,545 | 3,848 | |
| 3,545 | 3,848 |
continued...
Page 9
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
14. MOVEMENT IN FUNDS
| 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 £ 185,632 28,643 214,275 214,275 |
At 1/1/25 £ 3,896,190 10,832 3,907,022 3,907,022 Resources expended £ (213,711) (38,864) (252,575) **(252,575) ** |
Net movement in funds £ 66,455 (10,221) 56,234 56,234 Gains and losses £ 94,534 - 94,534 **94,534 ** |
At 31/12/25 £ 3,962,645 611 3,963,256 3,963,256 Movement in funds £ 66,455 (10,221) 56,234 **56,234 ** |
|
|---|---|---|---|---|---|
Net movement in funds, included in the above are as follows:
Comparatives for movement in funds
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
At 1/1/24 £ 3,837,796 16,592 3,854,388 3,854,388 |
Net movement in funds £ 58,394 (5,760) 52,634 52,634 |
At 31/12/24 £ 3,896,190 10,832 3,907,022 3,907,022 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Chapel Committee TOTAL FUNDS |
Incoming resources £ 197,032 11,742 208,774 208,774 |
Resources expended £ (191,915) (17,502) (209,417) (209,417) |
Gains and Movement losses in funds £ £ 53,277 58,394 - (5,760) 53,277 52,634 53,277 52,634 |
|---|---|---|---|
continued...
Page 10
Upper Chapel, Sheffield
Notes to the Financial Statements - continued for the Year Ended 31 December 2025
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2025.
Page 11
Upper Chapel, Sheffield
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Rents received Other fixed asset investments Deposit account interest 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 2025 31.12.25 31.12.24 £ £ 28,643 11,773 163,311 173,969 18,084 17,138 4,237 5,894 214,275 197,001 214,275 208,774 875 1,000 32,422 34,197 - 866 6,840 3,420 9,120 11,417 13,597 12,717 20,652 22,311 42,454 17,005 38,864 17,502 5,368 4,884 1,816 504 3,586 2,953 175,594 127,776 35,943 33,515 20,901 35,321 1,180 822 120 444 60 63 15,152 6,950 284 378 73,640 77,493 |
|---|---|
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 2025
| 31.12.25 | 31.12.24 | |
|---|---|---|
| £ | £ | |
| Support costs | ||
| Governance costs | ||
| Trustees' expenses | 43 | - |
| Accountancy and legal fees | 3,298 | 3,148 |
| 3,341 | 3,148 | |
| Total resources expended | 252,575 | 209,417 |
| Net income before gains and losses | (38,300) | (643) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | **94,534 ** | 53,277 |
| Net income | **56,234 ** | 52,634 |
This page does not form part of the statutory financial statements
Page 13