**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 

1 



## **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**<br>Investment income<br>Nelum Grant<br>Total receipts<br>**Payments**<br>Insurance<br>Repairs & renewals<br>Roof Repair<br>LSEG fee<br>Bank charges<br>Remittance to Church Council<br>Total payments<br>**Net receipts/payments for the year**<br>Bank balances 31 March 2021<br>Investment of funds<br>Disposal of investments<br>Transfers of investments<br>Bank balances 31 March 2022|General<br>Restricted Designated<br>2020/21<br>fund<br>funds<br>funds<br>Total<br>Total<br>£<br>£<br>£<br>£<br>£<br>9,718<br>4,072<br>4,894<br>18,683<br>19,579<br>16,000<br>0<br>0<br>16,000<br>0|
|---|---|
||25,718<br>4,072<br>4,894<br>34,683<br>19,579|
||2,290<br>0<br>0<br>2,290<br>2,228<br>4,105<br>0<br>0<br>4,105<br>20,113<br>48,198<br>0<br>0<br>48,198<br>0<br>78<br>0<br>0<br>78<br>78<br>99<br>0<br>0<br>98<br>69<br>0<br>0<br>4,100<br>4,100<br>0|
||54,770<br>0<br>4,100<br>58,869<br>22,488|
||-29,052<br>4,072<br>794<br>-24,186<br>-2,909<br>19,589<br>9,907<br>21,098<br>50,594<br>53,503|
||-9,463<br>13,979<br>21,892<br>26,408<br>50,594<br>-30,265<br>-12,682<br>-15,241<br>-58,189<br>0<br>42,029<br>17,612<br>21,165<br>80,805<br>0<br>15,000<br>-10,000<br>-5,000<br>0<br>0|
||17,300<br>8,908<br>22,815<br>49,024<br>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**<br>COIF deposit account<br>Bank current account<br>James Sharp account<br>**Investments**<br>Accumulated investment fund as set out on pages 9 & 10<br>Holding of 50.241 % of fund|2020/21<br>£<br>£<br>1,642<br>1,376<br>13,920<br>16,049<br>1,738<br>2,164<br>17,300<br>19,589<br>Cost<br>Market<br>Unrealised<br>Market<br>value<br>gain/(loss)<br>value<br>31.3.21<br>31.3.22<br>£<br>£<br>£<br>£<br>222,178<br>401,845<br>-5,597<br>425,482|2020/21<br>£<br>1,376<br>16,049<br>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**<br>**Church manse fund**<br>Receipts and payments account for the year ended 31 March 2022<br>**Receipts**<br>Investment income<br>Bank interest<br>**Total receipts**<br>**Payments**<br>Insurance<br>Transfer re Minister's Housing Allowance<br>**Total payments**<br>Net receipts for the year<br>Bank balances 31 March 2021<br>Investment of funds<br>Disposal of investments<br>Investments transferred<br>Bank balances 31 March 2022|£<br>4,024<br>0|£<br>4,024<br>0|2020/21<br>£<br>3,889<br>0|
|---|---|---|---|
||4,024||3,889|
||0<br>0||0<br>0|
||0||0|
||4,024<br>9,000<br>13,024<br>-12,532<br>17,403<br>-10,000<br>7,895||3,889<br>15,111|
||||19,000<br>0<br>0<br>-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**<br>COIF deposit account<br>Bank current account<br>James Sharp account<br>**Investments**<br>Accumulated investment fund as set out on pages 9 & 10<br>Holding of 22.718 % of fund<br>**Mrs Clough legacy fund**<br>Receipts and payments for the year ended 31 March 2022<br>**Receipts**<br>Investment income<br>Bank interest<br>**Total receipts**<br>**Payments**<br>Donation to benevolent fund<br>Net receipts for the year<br>Bank balances 31 March 2021<br>Investment of funds<br>Disposal of Investments<br>Bank balances 31 March 2022<br>Investments<br>Accumulated investment fund as set out on pages 9 & 10<br>Holding of 0.2580 % of fund|2020/21<br>£<br>£<br>389<br>326<br>6,786<br>7,847<br>720<br>827<br>7,895<br>9,000<br>Cost<br>Market<br>Unrealised<br>Market<br>value<br>gain/loss<br>value<br>31.3.21<br>31.3.22<br>£<br>£<br>£<br>£<br>100,465<br>181,707<br>-2,531<br>192,395|2020/21<br>£<br>326<br>7,847<br>827|
|---|---|---|
|||9,000|
||2020/21<br>£<br>£<br>48<br>51<br>0<br>0<br>48<br>51<br>0<br>0<br>48<br>51<br>907<br>856<br>955<br>907<br>-150<br>0<br>209<br>0<br>1014<br>907<br>Cost<br>Market<br>Unrealised<br>Market<br>value<br>gain/loss<br>value<br>31.3.21<br>31.3.22<br>£<br>£<br>£<br>£<br>1,141<br>2,064<br>-29<br>2,185|2020/21<br>£<br>51<br>0|
|||51<br>0|
|||51<br>856|
|||907<br>0<br>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<br>3   Employees remuneration<br>4   Trustees expenses<br>**DESIGNATED FUNDS**<br>**Statement of assets and liabilities as at 31 March 2022**<br>**Church council funds**<br>Receipts and payments account for the year ended 31 March 2022<br>**Receipts**<br>Investment income<br>Bank interest<br>**Total receipts**<br>**Payments**<br>Transfer to RUC<br>**Net receipts for the year**<br>Bank balances 31 March 2021<br>Investment of funds<br>Disposal of investments<br>Transfer of investments<br>Bank balances 31 March 2022|£<br>0<br>0<br>0<br>4,894<br>0<br>4,894<br>4,100<br>794<br>21,097<br>21,891<br>-15,241<br>21,165<br>-5,000<br>22,815|2020/21<br>£<br>0<br>0<br>0<br>2020/21<br>£<br>4,801<br>1|
|---|---|---|
|||4,802<br>0|
|||4,802<br>26,295|
|||31,097<br>0<br>0<br>-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**<br>COIF deposit account<br>Bank current account<br>James Sharp account<br>Investments<br>Accumulated investment fund as set out on pages 9 & 10<br>Holding of  26.783 % of fund|2020/21<br>£<br>£<br>867<br>726<br>21,073<br>19,212<br>875<br>1,159<br>22,815<br>21,097<br>Cost<br>Market<br>Unrealised<br>Market<br>value<br>gain/loss<br>value<br>31.03.21<br>31.03.22<br>£<br>£<br>£<br>£<br>118,441<br>214,220<br>-2,984<br>226,821|2020/21<br>£<br>726<br>19,212<br>1,159|
|||21,097|



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## **TRUSTEES ROCHDALE UNITARIAN CHURCH** 

## **Accumulated investment fund at 31 March 2022** 

|**Fixed Interest**<br>13075.71 income shares COIF Fixed Interest Fund<br>24332.24 units Schroders Charity Fixed Interest Fund<br>4808 11% Subordinated Load Notes Co-Operative Group<br>9100 Pref Shares 8.625% Ecclesiastical Insurance<br>**Equities**<br>30,000 Ord shares Scottish Mortgage Investment Trust PLC<br>25000 Ord Shares Lowland Investment Company PLC<br>62000 Ord Shares New City High Yield Fund Ltd<br>7000 Ord Shares Majedie Investments PLC<br>1000 Ord Shares Fundsmith Emerging Equities<br>10605 Ord Shares Fundsmith LLP Equity Fund<br>725 Ord Shares Caledonia Investments<br>11,600 Ord Shares Henderson High Income Trust<br>6400 Ord Shares Invesco Bond Income Plus<br>1400 Ord Shares Smithson Investment Trust<br>15400 Ord Blue Whale Growth I Acc Fund<br>5100 Ord Shares Finsbury Growth and Income Trust<br>**UK and Overseas Equity Funds**<br>26832.8 income units Schroders Charity Equity Fund<br>3584 income units M&G Securities Ltd  Charifund<br>Total|Cost<br>Market<br>Unrealised Market<br>value<br>gains/<br>value<br>31.3.21<br>losses<br>31.3.22<br>£<br>£<br>£<br>£<br>18,200<br>17,621<br>-1,254<br>16,367<br>14,000<br>16,396<br>-1,260<br>15,136<br>9,833<br>6,210<br>-416<br>5,794<br>9,879<br>14,060<br>-956<br>13,104|
|---|---|
||51,912<br>54,287<br>-3,886<br>50,401|
||32,127<br>341,100<br>-33,300<br>307,800<br>22,430<br>30,875<br>2,375<br>33,250<br>37,359<br>31,868<br>1,736<br>33,604<br>25,708<br>16,520<br>-2,870<br>13,650<br>10,120<br>13,150<br>-1,300<br>11,850<br>23,698<br>58,782<br>5,423<br>64,205<br>18,177<br>19,176<br>6,489<br>25,665<br>22,308<br>18,792<br>1,798<br>20,590<br>10,020<br>12,160<br>-640<br>11,520<br>25,759<br>-2,799<br>22,960<br>32,429<br>-3,169<br>29,260<br>47,488<br>43,962<br>-1,479<br>42,483|
||307,622<br>586,385<br>-27,736<br>616,837|
||46,687<br>106,392<br>16,636<br>123,028<br>36,003<br>52,771<br>3,846<br>56,617|
||82,690<br>159,163<br>20,482<br>179,645|
||442,224<br>799,835<br>-11,140<br>846,883|



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## **TRUSTEES ROCHDALE UNITARIAN CHURCH** 

|**Accumulated investment fund at 31 March 2022**<br>**Movement of investments**<br>**The following investments were disposed of during the year**<br>39227.53 Units Baring Asset Management Ltd<br>2500 Ord Blackrock Word Mining trust<br>1000 Ord BHP Billiton PLC<br>**The following investments were purchased during the year**<br>1400 Ord Smithson Investment Trust PLC<br>15400 Link Solutions Ltd Blue Whale Growth Fund<br>**Summary of investments**<br>Market value 1 April 2021<br>Additions<br>Disposals<br>Unrealised loss<br>Market value 31 March 2022<br>Historical cost 31 March 2022|Cost<br>Market<br>Gain/loss<br>Proceeds<br>value<br>of disposal<br>31.3.21<br>£<br>£<br>£<br>£<br>24,050<br>45,151<br>22,199<br>46,249<br>18,579<br>14,350<br>-4,251<br>14,328<br>9,074<br>20,945<br>11,154<br>20,228<br>51,703<br>80,446<br>29,102<br>80,805<br>Cost<br>Gain/loss<br>Market<br>value<br>31.3.22<br>£<br>£<br>£<br>25,759<br>-2,799<br>22,960<br>32,429<br>-3,169<br>29,260<br>58,189<br>-5,969<br>52,220<br>£<br>880,281<br>58,189<br>-80,446<br>-11,140<br>846,883<br>442,224|Cost<br>Market<br>Gain/loss<br>Proceeds<br>value<br>of disposal<br>31.3.21<br>£<br>£<br>£<br>£<br>24,050<br>45,151<br>22,199<br>46,249<br>18,579<br>14,350<br>-4,251<br>14,328<br>9,074<br>20,945<br>11,154<br>20,228|Cost<br>Market<br>Gain/loss<br>Proceeds<br>value<br>of disposal<br>31.3.21<br>£<br>£<br>£<br>£<br>24,050<br>45,151<br>22,199<br>46,249<br>18,579<br>14,350<br>-4,251<br>14,328<br>9,074<br>20,945<br>11,154<br>20,228|
|---|---|---|---|
|||51,703<br>80,446<br>29,102<br>80,805||
||||Gain/loss<br>Market<br>value<br>31.3.22<br>£<br>£<br>-2,799<br>22,960<br>-3,169<br>29,260|
||||-5,969<br>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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