TRUSTEES OF ROCHDALE UNITARIAN CHURCH REGISTERED CHARITY NO 245932
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2022
TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Clover Street ROCHDALE OL12 6TW
LIST OF TRUSTEES
Mrs H Wilkinson Chairman Mr J Illingworth Secretary Mrs K Salt Treasurer Mrs M Salt Mrs J Ashworth Mrs H Illingworth Mrs D Jones Miss M Rimmer Mr M S Salt Mrs M Shore Mrs E Smith Mr J Wood
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
PROFESSIONAL ADVISERS
Bankers CafCash Ltd Kings Hill West Malling Kent ME19 4TA Stockbrokers James Sharp & Co Exchange House 39 Knowsley Street Bury BL9 0ST Solicitors Jackson Brierley Hudson Stoney The Old Parsonage 2 St Mary’s Gate Rochdale OL16 1AP Independent Examiner J Fitzpatrick 2 Heapy Close Bury Lancs BL8 2HW
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Annual Report of the Trustees of Rochdale Unitarian Church
The Trustees present their annual report and financial statements for the year ended 31 March 2022 in accordance with the Charities Act 1993 and the 2006 Charities Act. The charity is governed by the Trust Deed dated 29 March 1974 and is registered with the Charity Commission under registration number 245932.
The object of the General fund of the charity is to provide and maintain the church premises for use as a Unitarian Church and Sunday school or day school.
The object of the Church Manse fund is to assist in providing a manse or housing allowance for a minister appointed by the congregation of the Rochdale Unitarian Church.
The object of the Mrs Clough Legacy fund is the provision of benevolence locally.
The designated funds are held for investment and administrative purposes only.
Our income from investments has shown a decrease of 4.5%. This reflects another difficult year for many companies due to the COVID-19 pandemic, and a consequential reduction in dividends. Expenditure was again significant due to the re-roofing of the main roof costing £48,198. Other repairs were on lighting & other electrical improvements.
Due to market trends our portfolio of investments has shown a small loss of £11,140.
This reflects the fact that stock markets had already substantially recovered from the Covid-19 outbreak at the previous year end. Our investment in Scottish Mortgage Investment Trust has shown a loss of £33,300 in the year, but this stock showed a massive gain of £169,050 last year. It invests heavily in fast growing technology companies such as Amazon, Tesla and Netflix all of which performed well in the pandemic but have experienced a correction subsequent to life getting back to normal. The war in Ukraine has also had a negative effect on markets.
Turning to Public Benefit, a wide range of groups and individuals unconnected with the church, have made use of our excellent facilities. These include Prima Dance, Norden Cards, Philatelic Society, Photographic Society, Zumba, Rebecca Kanku Singing, Action Together, College Bank Support, CHA Walking & Rochdale Ramblers.
Our religious services are also open to all comers.
Approved by the Trustees on 2022 and signed on their behalf by
John Illingworth - Secretary
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Receipts & payments accounts for the year ended 31 March 2022
| Receipts Investment income Nelum Grant Total receipts Payments Insurance Repairs & renewals Roof Repair LSEG fee Bank charges Remittance to Church Council Total payments Net receipts/payments for the year Bank balances 31 March 2021 Investment of funds Disposal of investments Transfers of investments Bank balances 31 March 2022 |
General Restricted Designated 2020/21 fund funds funds Total Total £ £ £ £ £ 9,718 4,072 4,894 18,683 19,579 16,000 0 0 16,000 0 |
|---|---|
| 25,718 4,072 4,894 34,683 19,579 |
|
| 2,290 0 0 2,290 2,228 4,105 0 0 4,105 20,113 48,198 0 0 48,198 0 78 0 0 78 78 99 0 0 98 69 0 0 4,100 4,100 0 |
|
| 54,770 0 4,100 58,869 22,488 |
|
| -29,052 4,072 794 -24,186 -2,909 19,589 9,907 21,098 50,594 53,503 |
|
| -9,463 13,979 21,892 26,408 50,594 -30,265 -12,682 -15,241 -58,189 0 42,029 17,612 21,165 80,805 0 15,000 -10,000 -5,000 0 0 |
|
| 17,300 8,908 22,815 49,024 50,594 |
Approved by the Trustees on 2022 and signed on their behalf by
Helen Wilkinson Chairman Kate Salt Treasurer
The notes on pages 4 to 10 form part of these accounts.
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
General fund
Statement of assets and liabilities as at 31 March 2022
| Bank balances COIF deposit account Bank current account James Sharp account Investments Accumulated investment fund as set out on pages 9 & 10 Holding of 50.241 % of fund |
2020/21 £ £ 1,642 1,376 13,920 16,049 1,738 2,164 17,300 19,589 Cost Market Unrealised Market value gain/(loss) value 31.3.21 31.3.22 £ £ £ £ 222,178 401,845 -5,597 425,482 |
2020/21 £ 1,376 16,049 2,164 |
|---|---|---|
| 19,589 |
Other Assets
Freehold land and buildings - the church premises, Clover Street, Rochdale - built in 1974 Church furniture, organ and sound systems Tables, chairs, kitchen equipment, etc Stage equipment Sports equipment Insured value: Buildings & Contents £2,634,361
Liabilities and contingent liabilities
Nil
| RESTRICTED FUNDS Church manse fund Receipts and payments account for the year ended 31 March 2022 Receipts Investment income Bank interest Total receipts Payments Insurance Transfer re Minister's Housing Allowance Total payments Net receipts for the year Bank balances 31 March 2021 Investment of funds Disposal of investments Investments transferred Bank balances 31 March 2022 |
£ 4,024 0 |
£ 4,024 0 |
2020/21 £ 3,889 0 |
|---|---|---|---|
| 4,024 | 3,889 | ||
| 0 0 |
0 0 |
||
| 0 | 0 | ||
| 4,024 9,000 13,024 -12,532 17,403 -10,000 7,895 |
3,889 15,111 |
||
| 19,000 0 0 -10,000 |
|||
| 9,000 |
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Statement of assets and liabilities as at 31 March 2022 (continued)
Church manse fund(continued)
| Bank balances COIF deposit account Bank current account James Sharp account Investments Accumulated investment fund as set out on pages 9 & 10 Holding of 22.718 % of fund Mrs Clough legacy fund Receipts and payments for the year ended 31 March 2022 Receipts Investment income Bank interest Total receipts Payments Donation to benevolent fund Net receipts for the year Bank balances 31 March 2021 Investment of funds Disposal of Investments Bank balances 31 March 2022 Investments Accumulated investment fund as set out on pages 9 & 10 Holding of 0.2580 % of fund |
2020/21 £ £ 389 326 6,786 7,847 720 827 7,895 9,000 Cost Market Unrealised Market value gain/loss value 31.3.21 31.3.22 £ £ £ £ 100,465 181,707 -2,531 192,395 |
2020/21 £ 326 7,847 827 |
|---|---|---|
| 9,000 | ||
| 2020/21 £ £ 48 51 0 0 48 51 0 0 48 51 907 856 955 907 -150 0 209 0 1014 907 Cost Market Unrealised Market value gain/loss value 31.3.21 31.3.22 £ £ £ £ 1,141 2,064 -29 2,185 |
2020/21 £ 51 0 |
|
| 51 0 |
||
| 51 856 |
||
| 907 0 0 |
||
| 907 |
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Notes to the accounts for the year ended 31 March 2022
1 Accounting policies
These accounts have been prepared under the historical convention and in accordance with applicable accounting standards and the Statement of Recommended Practice on Accounting by Charities.
i Legacies, gifts and donations are brought into the accounts in the period when they are received.
ii Fixed assets other than investments and land & buildings are written off in the period in which they are acquired.
iii Investment income is allocated in due proportion to each fund's share of the total accumulated investment fund.
| 2 Management and administration expenses 3 Employees remuneration 4 Trustees expenses DESIGNATED FUNDS Statement of assets and liabilities as at 31 March 2022 Church council funds Receipts and payments account for the year ended 31 March 2022 Receipts Investment income Bank interest Total receipts Payments Transfer to RUC Net receipts for the year Bank balances 31 March 2021 Investment of funds Disposal of investments Transfer of investments Bank balances 31 March 2022 |
£ 0 0 0 4,894 0 4,894 4,100 794 21,097 21,891 -15,241 21,165 -5,000 22,815 |
2020/21 £ 0 0 0 2020/21 £ 4,801 1 |
|---|---|---|
| 4,802 0 |
||
| 4,802 26,295 |
||
| 31,097 0 0 -10,000 |
||
| 21,097 |
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Notes to the accounts for the year ended 31 March 2022 (continued)
Church council funds
| Church council funds | ||
|---|---|---|
| Bank balances COIF deposit account Bank current account James Sharp account Investments Accumulated investment fund as set out on pages 9 & 10 Holding of 26.783 % of fund |
2020/21 £ £ 867 726 21,073 19,212 875 1,159 22,815 21,097 Cost Market Unrealised Market value gain/loss value 31.03.21 31.03.22 £ £ £ £ 118,441 214,220 -2,984 226,821 |
2020/21 £ 726 19,212 1,159 |
| 21,097 |
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TRUSTEES ROCHDALE UNITARIAN CHURCH
Accumulated investment fund at 31 March 2022
| Fixed Interest 13075.71 income shares COIF Fixed Interest Fund 24332.24 units Schroders Charity Fixed Interest Fund 4808 11% Subordinated Load Notes Co-Operative Group 9100 Pref Shares 8.625% Ecclesiastical Insurance Equities 30,000 Ord shares Scottish Mortgage Investment Trust PLC 25000 Ord Shares Lowland Investment Company PLC 62000 Ord Shares New City High Yield Fund Ltd 7000 Ord Shares Majedie Investments PLC 1000 Ord Shares Fundsmith Emerging Equities 10605 Ord Shares Fundsmith LLP Equity Fund 725 Ord Shares Caledonia Investments 11,600 Ord Shares Henderson High Income Trust 6400 Ord Shares Invesco Bond Income Plus 1400 Ord Shares Smithson Investment Trust 15400 Ord Blue Whale Growth I Acc Fund 5100 Ord Shares Finsbury Growth and Income Trust UK and Overseas Equity Funds 26832.8 income units Schroders Charity Equity Fund 3584 income units M&G Securities Ltd Charifund Total |
Cost Market Unrealised Market value gains/ value 31.3.21 losses 31.3.22 £ £ £ £ 18,200 17,621 -1,254 16,367 14,000 16,396 -1,260 15,136 9,833 6,210 -416 5,794 9,879 14,060 -956 13,104 |
|---|---|
| 51,912 54,287 -3,886 50,401 |
|
| 32,127 341,100 -33,300 307,800 22,430 30,875 2,375 33,250 37,359 31,868 1,736 33,604 25,708 16,520 -2,870 13,650 10,120 13,150 -1,300 11,850 23,698 58,782 5,423 64,205 18,177 19,176 6,489 25,665 22,308 18,792 1,798 20,590 10,020 12,160 -640 11,520 25,759 -2,799 22,960 32,429 -3,169 29,260 47,488 43,962 -1,479 42,483 |
|
| 307,622 586,385 -27,736 616,837 |
|
| 46,687 106,392 16,636 123,028 36,003 52,771 3,846 56,617 |
|
| 82,690 159,163 20,482 179,645 |
|
| 442,224 799,835 -11,140 846,883 |
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TRUSTEES ROCHDALE UNITARIAN CHURCH
| Accumulated investment fund at 31 March 2022 Movement of investments The following investments were disposed of during the year 39227.53 Units Baring Asset Management Ltd 2500 Ord Blackrock Word Mining trust 1000 Ord BHP Billiton PLC The following investments were purchased during the year 1400 Ord Smithson Investment Trust PLC 15400 Link Solutions Ltd Blue Whale Growth Fund Summary of investments Market value 1 April 2021 Additions Disposals Unrealised loss Market value 31 March 2022 Historical cost 31 March 2022 |
Cost Market Gain/loss Proceeds value of disposal 31.3.21 £ £ £ £ 24,050 45,151 22,199 46,249 18,579 14,350 -4,251 14,328 9,074 20,945 11,154 20,228 51,703 80,446 29,102 80,805 Cost Gain/loss Market value 31.3.22 £ £ £ 25,759 -2,799 22,960 32,429 -3,169 29,260 58,189 -5,969 52,220 £ 880,281 58,189 -80,446 -11,140 846,883 442,224 |
Cost Market Gain/loss Proceeds value of disposal 31.3.21 £ £ £ £ 24,050 45,151 22,199 46,249 18,579 14,350 -4,251 14,328 9,074 20,945 11,154 20,228 |
Cost Market Gain/loss Proceeds value of disposal 31.3.21 £ £ £ £ 24,050 45,151 22,199 46,249 18,579 14,350 -4,251 14,328 9,074 20,945 11,154 20,228 |
|---|---|---|---|
| 51,703 80,446 29,102 80,805 |
|||
| Gain/loss Market value 31.3.22 £ £ -2,799 22,960 -3,169 29,260 |
|||
| -5,969 52,220 |
|||
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TRUSTEES OF ROCHDALE UNITARIAN CHURCH
Independent examiner’s report to the trustees and members of Rochdale Unitarian Church
I report on the accounts of the Trust for the year ended 31 March 2022, which are set out on pages 1 to 10.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 43 of the 1993 Act;
-
to follow the procedures laid down in the general Directions given by the Charity Commission under section 43(7)(b) of the 1993 Act; and
-
to state whether any particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 41 of the 1993 Act; and
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 1993 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Name: S Holt
Date : 2022
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