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2020-12-31-accounts

ANNUAL REPORT & ACCOUNTS

OF

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY

FOR THE YEAR ENDED 31 DECEMBER 2020

REGISTERED No: 247214

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Report of the Trustees

The Trustees present their annual report and financial statements of the Charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s trust deed, the Charities Act 2011 and 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 (FRS102) (effective 1 January 2015).

1. Objectives and activities of the charity

The Charity was established in 1753 to support the dissenting minister in Uxbridge.

At present, the Charity is governed by a scheme dated 25 August 1983. The scheme updated the management arrangements for the Charity and enabled the Trustees to undertake a major redevelopment of part of the property held as income producing permanent holdings.

The objective of the charity shall be to further the religious and other charitable work of the Uxbridge United Reformed Church (the Church) by paying to the Church grants as agreed by the Trustees.

The principal function of the Trustees is to manage the income producing property, and from residual funds provide support to the Uxbridge United Reformed Church Minister and the Church.

a. Public Benefit

The Charity was set up to provide support to the Minister and Church. The Council of the Church has the role of using the income from the Charity in the form of grants to support its religious and other charitable objectives. These can include:

The Church provides an annual report to the Trustees detailing the causes it has supported during the year.

1

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit. They have also reviewed the objectives and activities of the Church, and the way it provides a public benefit, which include:

the support of missionary and outreach work, both at home and overseas.

2. Achievements and performances

a. Operational Overview

The Trustees retain the services of a managing agent who acts under delegated powers to undertake the routine management of the property portfolio, and to liaise with tenants. The Agent reports in writing, at every meeting, on all matters undertaken on behalf of the Trustees, and on all future events and changes requiring guidance or approval.

During 2020 the Trustees did not make any acquisitions to the property portfolio. The Trustees continue to monitor the financial markets and move funds in order to derive the best returns.

Risk Management – The Trustees recognise their responsibilities for the safe management of the properties and tenants. Works undertaken during the year included all reviews required under legislation, including fire safety, annual gas and five yearly electrical safety testing, and risk assessments.

The Trustees also work with the Beneficiary to ensure safety procedures are in place in those properties set aside for the use of the Beneficiary.

b. Occupancy Statistics

Commercial – All properties occupied throughout the year. Domestic – All properties occupied throughout the year. A total overall occupancy of 100% was achieved in the year.

c. Servicing Tenants

Through the Managing Agent the Trustees maintain regular contact with tenants. Repairs and refurbishment works are carried out as necessary.

2

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

d. Adjoining Properties and Tenants

Adjustment to license charges for access rights have been made at the agreed annual review dates. There were no issues with others who have rights of way over Trust property. Local Police have rights of arrest on parts of Trust property in the interests of public safety and crime reduction.

e. Relationship with Beneficiary

On a day to day basis there were no issues, other than routine business, arising between the Trustees and the Beneficiary.

f. Works for the Beneficiary

At the request of the Beneficiary, the Trustees continue to undertake certain maintenance items on the premises. The costs of these works are notified to the Beneficiary periodically, in order that the total support from the charity is identified.

g. Long Term Plans

The Charity continues to review its assets and operations to produce optimum income for the beneficiary. Consideration has been given in the past to converting some of the property to investments in order to reduce the workload involved in letting and maintaining premises, but the Trustees do not consider such change would be beneficial in present economic conditions.

h. Financial position

The Charity achieved a reasonably healthy financial position in the financial year under review and was able to maintain its level of support to the Beneficiary.

Expenditure on refurbishments was as anticipated in the long term plan and was accommodated through the Reserve Fund. The Reserve Fund is held, by agreement with the Beneficiary, in order that the Charity’s property portfolio may be maintained and an income stream to the Beneficiary preserved. The financial position is sound and as detailed in the accompanying audited accounts prepared by Barnes Roffe LLP. Investments held in the Charities Official Investment Fund form part of the capital assets of the Charity and as such contribute to the income stream.

The Trustees, in agreement with the Beneficiary, are also holding reserves to enable a new manse to be provided at some time in the future should the Church require it. The Trustees also hold monies allocated annually to the Church Ministerial Fund which will be handed over when an United Reformed Church ordained minister is in place at the Church; this is not expected to occur until, at least, 2022.

No doubt or uncertainty exists over the ability of the Charity to remain as a going concern for the foreseeable future.

The Trust aims to continue keeping its domestic and commercial properties let on short hold tenancies, and in good repair.

3

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

i. Assets of the Charity

The charity owns the following land and properties:

Income Producing Permanently Held Property

Domestic Semi-detached Houses Domestic Flat Four domestic flats

Non Income Producing Property - Retained for the use of the Beneficiary

Investments

The Charity has financial assets deposited with the Charities Official Investment Fund, and on deposit with CAF Bank Ltd. Details are contained in the main body of the accounts. The Trustees keep all investments under review but did not propose or undertake any other changes to their holdings during the year other than to gain maximum benefit on interest rates.

Funds are invested in such a manner as the Trustees think fit in order to provide an appropriate and balanced portfolio taking into account the requirements of the law relating to the investment of charitable monies.

4

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

Risk management

The risks policy is set and monitored by the Trustees. The Trustees maintain a Risk Register which is reviewed annually. The Trustees consider a range of risks including health and safety issues including electrical and fire considerations, and procedures for controls over the bank accounts. The Trustees take a practical approach and implement policies where the benefit outweigh the costs involved.

3. Structure governance and management

The Charity is a self-appointing body consisting of between 5 and 13 trustees. Trustees serve a minimum term of five years and may be re-appointed.

The Trust was established by Deed on 3rd April, 1753 to manage an endowment of land with the purpose of providing an income to support a "Minister to the Uxbridge Protestant Dissenters”. Today it operates within a Charity Commissioners’ Scheme of 25th August 1983, “to further the religious and other charitable work of the Uxbridge United Reformed Church.” Trustees are charged with applying the income of the Trust to maintain its property and to pass any remainder to the Uxbridge United Reformed Church for its ministerial fund and religious/charitable work.

a. Recruitment and appointment of Trustees

Trustees are requested to serve for two terms of five years, with an option to stand down after the expiration of the first term. Trustees, who usually are individuals with some involvement with the Church, are recruited through invitation. The Charity’s constitution provides that the number of Trustees shall be not more than 13, nor less than 5, and recruitment of new Trustees is undertaken to replace outgoing Trustees.

b. Induction and training of Trustees

The elected Trustees are provided with copies of the latest annual report and accounts, current management accounts, and other documents explaining the history of the charity, the terms of its charitable trusts, details of its investments, and copies of the minutes of recent meetings of the Trustees. The Chairman and the Secretary endeavour to ensure that new Trustees have all relevant information concerning the charity’s policies and procedures, and also have an induction meeting with the incoming Trustee.

4. Reference & administrative details

The charity is registered with the Charity Commission as number 247214.

5

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

The charity’s address is: c/o Managing Agent Mark Thomas Chartered Surveyor 32A Howe Drive Beaconsfield Buckinghamshire HP9 2BD

Correspondence should be addressed to: Trust Secretary c/o Managing Agent Mark Thomas Chartered Surveyor 32A Howe Drive Beaconsfield Buckinghamshire HP9 2BD

Trustees serving during the last year and up to the date of this report were:

Mr R T George Mr M George Mr B W Moere Mr S Dimmock Mr P King Mr B V Sparrow Mr K R Pearce Mr S Tidball Mr W Lillis Mr G Keen Mr G Hinton

The Trustees met on 4 occasions during the financial year ended 31 December 2020, the final 3 via Zoom online due to the COVID-19 restrictions. Meetings deal with all business matters of the charity and are supported by the Managing Agent and the Accountant, as necessary.

Trustees’ attendance was as follows:

Mr. R T George Mr. M George Mr. S Dimmock Mr. P King Mr. B W Moere Mr. K R Pearce Mr. B V Sparrow Mr. G Keen Mr. G Hinton (Secretary & Treasurer) Mr. S Tidball Mr. W Lillis (Chairman)

6

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

With effect from the April 2021 Trustees’ meeting, Mr. R T George resigned as the Chairman of the Charity. Mr. W Lillis has taken on the Chairmanship until the end of 2021, when the matter will be reconsidered by the Trustees in line with the Charity’s trust deed.

Trustee development opportunities include Charity Commission publications, periodicals specifically for charities, advice and guidance from relevant professionals, and seminars. Trustees also bring their own professional skills in a wide range of subjects.

a. Professional Services

The Trustees retain the services of the following professionals:

5. Exemption from disclosure

The Charity is not exempt from the disclosure of certain information and as such no names of Trustees have been omitted.

6. Funds held as custodian trustee on behalf of others

The Charity, or its Trustees, do not hold funds as a custodian trustee on behalf of others.

7. Statement of Trustees’ responsibilities

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

7

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8. Auditor

The auditors, Barnes Roffe LLP, will be proposed for reappointment by the Trustees in accordance with section 145 of the Charities Act 2011.

9. Authorisation

The Annual Report and Accounts were approved by the Trustees on 20[th] August 2021

Signed on behalf of the Trustees

…………………… W Lillis Chairman …………………… G R Hinton Secretary and Treasurer

8

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE UXBRIDGE UNITED REFORMED CHURCH CHARITY FOR THE YEAR ENDED 31 DECEMBER 2020

Opinion

We have audited the financial statements of The Uxbridge United Reformed Church Charity for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

9

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE UXBRIDGE UNITED REFORMED CHURCH CHARITY FOR THE YEAR ENDED 31 DECEMBER 2020

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 7-8, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

10

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE UXBRIDGE UNITED REFORMED CHURCH CHARITY FOR THE YEAR ENDED 31 DECEMBER 2020

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

The areas that we identified as being susceptible to misstatement through fraud were:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud

11

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE UXBRIDGE UNITED REFORMED CHURCH CHARITY FOR THE YEAR ENDED 31 DECEMBER 2020

rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standardsand-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of the Report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Hancock (Senior statutory auditor) for and on behalf of

Barnes Roffe LLP

Chartered Accountants & Statutory Auditors 3 Brook Business Centre Cowley Mill Road Uxbridge Middlesex UB8 2FX

Date: 7[th] September 2021

12

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Income from:
Rental income
Investments
Total
Expenditure on:
Grants
Management and
administration costs
Total
Net gains/(losses) on
investments:
Net
income/(expenditure)
Transfers between
funds
Other recognized
gains/(losses):
Gains/(loss) on
revaluation of fixed
assets
Gains/(losses) on
revaluation of
investments
Net movement
in funds
Reconciliation
of funds:
Total funds brought
forward
Total funds
carried forward		 Unrestricted
funds
Designated
funds
Restricted
funds
Total funds
Prior period
total funds
£
£
£
£
£
330,237
-
-
330,237
317,679
78,056
1,449
-
79,505
77,842
408,293
1,449
-
409,742
395,521
112,000
-
-
112,000
112,000
147,837
-
-
147,837
153,590
259,837
-
-
259,837
265,590
-
-
-
-
-
148,456
1,449
-
149,905
129,931
(220,000)
-
-
(220,000)
240,000
229,015
-
-
229,015
505,366
157,471
1,449
-
158,920
875,297
7,524,182
678,482
700,000
8,902,664
8,027,367
7,681,653
679,931
700,000
9,061,584
8,902,664

The notes on pages 17 - 25 form part of these accounts.

13

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020

Notes
Fixed assets
Tangible fixed assets
5
Investments
6
Current assets
Debtors amounts
falling due within one
year
7
Cash at bank
8
Current liabilities:
Amounts falling due
within one year
9
Net current assets
Net assets
Funds:
Unrestricted funds
10
Designated funds
10
Restricted funds
10
Total Funds		 2020
£
£
5,140,001
3,430,950
8,570,951
56,014
514,692
570,706
80,073
490,633
9,061,584
7,681,653
679,931
700,000
9,061,584		 2020
£
£
5,140,001
3,430,950
8,570,951
56,014
514,692
570,706
80,073
490,633
9,061,584
7,681,653
679,931
700,000
9,061,584		 2019
£
£
5,360~~,001~~

3,198,943
8,558,944
45,241
376,987
422,228
78,508
343~~,720~~
8,902,664
7,524,182
678,482

700~~,000~~
8,902,664		 2019
£
£
5,360~~,001~~

3,198,943
8,558,944
45,241
376,987
422,228
78,508
343~~,720~~
8,902,664
7,524,182
678,482

700~~,000~~
8,902,664
8,558,944



343~~,720~~
422,228
78,508
~~720~~
~~,~~
9,061,584 8,902,664
7,681,653
679,931
700,000		 7,524,182
678,482
700~~,000~~
9,061,584 8,902,664

14

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020

APPROVAL OF THE

TRUSTEES

The Financial Statements heewith were approved by the Tru ~~stees on 20[th] August 2021~~

Signed on behalf of the Trustees W Lillis Chairman

G R Hinton Secretary and Treasurer

The notes on pages 17 - 25 form part of these accounts.

15

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY CASH FLOW STATEMENT AS AT 31 DECEMBER 2020

Net movement in funds
(Gains)/Losses from Fixed asset activities
(Gains)/Losses from investing activities
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Dividends receivable
Interest receivable
Net cash generated from operating activities
Cash flow from investing activities
Purchase of investments
Dividends received
Interest received
Purchase of fixed assets
Net cash generated from/(used in) investing
activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash at bank and in hand brought forward
Cash and cash equivalents carried forward
Reconciliation of net debt
At start of year
Cashflows
At end of year		 2020
2019
£
£
158,920
875,297
220,000
(240,000)
(229,015)
(505,366)
(10,773)
(862)
1,565
15,016
(62,672)
(61,337)
(16,833)
(16,506)

61,192
66,242
(2,992)
(2,811)
62,672
61,337
16,833
16,506
-
-
76,513
75,032
-
-
137,705
141,274
376,987
235,713
514,692
376,987
Cash
Total
£
£
376,987
235,713
137,705
141,274
514,692
376,987

16

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020

1. ACCOUNTING POLICIES

(continued)

a) Basis of accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The accounts have been prepared under the historical cost convention, as modified by the revaluation of freehold land and buildings and investments.

b) Fund accounting

The unrestricted funds may be used for any of the charity purposes at the discretion of the Trustees. These funds are shown separately as general income funds, accumulated funds, unrealised gains and designated funds. The general income funds are available on a day to day basis for use by the Trustees to run the charity. The accumulated fund represents costs of property and other investments owned, some of which have been designated for future spending. The unrealised gains represent the revaluations of property and investments. The designated funds have been set aside by the Trustees from general funds and from sale proceeds of former property plus interest for specific purposes as noted. Restricted funds arise where the donor has placed some restriction on the use of funds.

c) Income

Incoming resources are accounted for when due. Rental income is accrued or deferred when billed in arrears or advance respectively to ensure it is reported in the correct accounting period.

d) Fixed assets

Fixed assets are capitalised in the year of purchase and are stated at cost or revalued amount in the case of investment, property and freehold land. Depreciation is provided on fixed assets, other than investment properties and freehold land, to write off the value of assets over their estimated useful lives as follows: Computer equipment: over 6 years straight line

e) Freehold/Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the Statement of financial activities.

17

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020

(continued)

ACCOUNTING POLICIES (continued)

f) Reserves

The free reserves in the General Fund as at 31[st] December 2020 amounted to £436,661 (2019 - £291,198) which represents approximately twenty months of expenditure. These reserves are required to cover for the variation in investment income where there is a change of tenant or a delay in the receipt of rental income. The need and the level of reserves required is reviewed annually.

g) Financial instrument

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets that are measured at cost and amortised cost are assessed at each reporting date for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of financial activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Charity would receive for the asset if it were to be sold at the reporting date.

Investments are measured at fair value with changes recognised in the Statement of financial activities if the shares are publicly traded or their fair value can otherwise be measured reliably and at cost less impairment for all other investments.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

h) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

i) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

18

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020

(continued)

2.
DIRECT CHARITABLE
EXPENDITURE
Grants to UxbridgeUnited
ReformedChurch
Ministerial Fund

3. MANAGEMENT AND
ADMINISTRATION COSTS
Repairs andmaintenance
Insurance
Lighting andheating
Refusecollection
Postage, printing, stationary and telephone
Surveyors fees
Legalfees
Accountancy fees
Sundry
 2020
£
110,000
2,000
112,000
2020
£
39,358
13,605
6,014
1,820
312
29,428
46,652
10,560
88
147,837		 2019
£
110,000
2,000
112,000
2019
£
62,537
12,471
8,587
1,820
706
29,890
26,931
10,560
88
153,590

Payments to a trustee for work undertaken on the properties during the year amounted to £Nil (2019 - £1,540) and were undertaken at an arm’s length basis.

No trustee received out of pocket expenses in the year ended 31st December 2020 ( 2019 - £Nil). No trustee received remuneration in the year ended 31 December 2020 (2019 - £Nil).

Audit fees charged for the year totalled £8,800 (2019 - £8,800).

4. ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

The average number of employees during the year was Nil (2019 – Nil).

All operations in the year were undertaken by the trustees who do so on a voluntary basis.

19

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020 (continued)

5. TANGIBLE FIXED ASSETS

Cost or valuation
At 1stJanuary 2020
Additions
Revaluations
At 31stDecember 2020
Depreciation
At 1stJanuary 2020
Provision for year
At 31stDecember 2020
Net Book Values
At 31stDecember 2020
At 31stDecember 2019		 Freehold
Properties
£
500,000
-
-		 Investment
Equipment
Properties
£
£

4,860,000
2,537
-
-
(220,000)
-

4,640,000
2,537
-
2,536
-
-
-
2,536
4,640,000
1
4,860,000
1		 Total
£
5,362,537
-
(220,000)
500,000 5,142,537
-
-		 2,536
-
- 2,536
500,000 5,140,001
500,000 5,360,001

The investment properties (excluding Halls Complex) are valued by the Trustees at an estimated open market value of £4,640,000 (2019 - £4,860,000) from a cost of £1,519,070 (2019 - £1,519,070) which is not depreciated. Watts and Bailey Halls and Bailey Hall Flat, had been valued in 2013 using replacement costs at £1,731,670 however due to a restrictive covenant on the Halls this was revalued in 2014 at open market value of £700,000 (2019 - £700,000) from a cost of £40,000 (2019 - £40,000) which is not depreciated. This is based on a report prepared by Mark Thomas BSc FRICS as at 31st December 2020.

The Charity potentially has a legacy interest in another property which is not included in the above figures. Currently it is not certain if the Charity has an asset that could be realised in the future and if that asset would exceed any liabilities associated with the right to the asset. The Trustees are continuing to investigate the matter.

20

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020 (continued)

6. INVESTMENTS

Investments Value at 1
January
2020
Purchases
at cost
Sales
proceeds
Profit
on
disposal
Change in
market
value
Value at
31
December
2020
£
£
£
£
£
3,198,943
2,992
-
-
229,015
3,430,950
3,198,943
2,992
-
-
229,015
3,430,950

The cost of the investments was £1,713,255 (2019 - £1,710,262) and consists of holdings in funds with CCLA Investment Management Limited.

All the Charity’s assets are used for charitable purposes.

The major holdings in the charity’s portfolio, based on valuation, are:

COIF Charities Investment Fund (Inc.)
COIF Charities Investment Fund (Acc.)
COIF Charities Ethical Inv. Fund (Inc.)
7. DEBTORS
Incomedue
Otherdebtors
Prepayments

8. CASH AT BANK
Cash at bank and hand




2020

63.5%
23.3%
13.2%
100.0%
2020
£

41,986
1,554
12,474
56,014
2020

£
514,692
514,692		 2019
63.9%
22.8%
13.3%
100.0%
2019
£
30,762
1,554
12,925
45,241
2019
£
376,987
376,987		 2019
63.9%
22.8%
13.3%
100.0%
2019
£
30,762
1,554
12,925
45,241
2019
£
376,987
376,987






376,987

21

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020 (continued)

9. CREDITORS
Deferred income
Other creditors
Accruals		 2020
£
39,882
22,000
18,191
80,073		 2019
£
36,758
20,000
21,750
78,508

10. FUNDS

The Accumulated Fund is the cost of the properties and investments owned.

The Un-realised Gains Fund refers to the revaluations of properties and investments.

The General Funds are available for the day to day running of the Charity as referred to in accounting policy note 1 (b).

The Designated Funds have been set aside by the Trustees for the future redevelopment of the Penfield Estate and to provide a manse for the Uxbridge United Reformed Church if required. Also included is the net book value of office equipment.

The Restricted Fund is the replacement cost value of the Halls Complex property which includes the Watts Hall which must permanently be available for worship.

22

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020 (continued)

FUNDS (CONTINUED)
UNRESTRICTED FUNDS
At 1st January 2020
Net surplus for the year
Investment disposal
Investment property additions
Unrealised profit on
revaluation of investments
Unrealised loss on revaluation
of properties
At 31st December 2020
DESIGNATED FUNDS
At 1stJanuary 2020
UURC Manse funds
At 31stDecember 2020
Being:
Provision for UURC Manse
Office equipment
RESTRICTED FUNDS
At 1st January 2020
Un-realised Gain on
revaluation of properties
At 31st December 2020
TOTAL FUNDS		 Total

£
7,524,182
148,456

-

-
229,015
(220,000)
7,681,653
678,482
1,449
679,931
679,930
1
700,000
-
700,000
9,061,584		 Accumulated
Fund
£
2,509,731
-
-
-
-
-
2,509,731

625,958
-
625,958
625,958
-
40,000
-
40,000
3,175,689		 Unrealised
Gains
£
4,633,625
-
-
-
229,015
(220,000)
4,642,640
-
-
-
-
-
660,000
-
660,000
5,302,640		 General
Fund
£
380,826
148,456
-
-
-
529,282
-
-

-

-
-
-
-
-
529,282		 Designated
Fund
£
-
-
-
-
-
-
-
52,524
1,449
53,973
53,972
1
-
-
-
53,973
11. ANALYSIS OFNETASSETS Fixed Bank
 Debtors/
Assets Funds Creditor Total
£ £
 £ £
General Funds –Accumulated 2,509,731 - - 2,509,731
General Funds –Unrealised 4,642,640 - - 4,642,640
General Funds –Income - 460,720 (24,059) 436,661
General Funds –Capital 92,621 - - 92,621
Designated Funds–Capital 625,958 - - 625,958
Designated Funds–Income 1 53,972 - 53,973
RestrictedFunds 700,000 - - 700,000
At 31st December2020 8,570,951 514,692 (24,059) 9,061,584

23

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020 (continued)

12. FINANCIAL INSTRUMENTS
Financial assets
Financial assets that are debt instruments measured at
amortised cost
Financial assets measured at fair value
Financial liabilities
Financial liabilities measured at amortised cost		 2020
£
1,554
3,430,950
3,432,504
22,000
22,000		 2019
£
1,554
3,198,943
3,200,497
20,000
20,000

Financial assets that are debt instruments measured at amortised cost comprise other debtors.

Financial assets measured at fair value comprise investments.

Financial liabilities measured at amortised cost comprise other creditors.

13. CONTROLLING PARTY

There was no controlling party either in the year ended 31 December 2020 or the comparative year.

14. CONNECTED CHARITIES

Grants are made to Uxbridge United Reformed Church (registered charity number: 1139255), a charity in which Mr P King and Mr G Hinton are trustees and Mr B W Moere was a trustee during the year, to further its religious and other charitable works.

24

THE UXBRIDGE UNITED REFORMED CHURCH CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMER 2020

(continued)

15. GRANT MAKING ACTIVITIES

Activity
Charitable funding
Ministerial Funds
Total		 Grants to Institutions
Support costs
Total
£
£
£
110,000
-
110,000
2,000
-
2,000
112,000
-
112,000

Grants and funding are given exclusively to the Uxbridge United Reformed Church.

Charitable funding consists of the agreed quarterly payment grants to the Uxbridge United Reformed Church.

The ministerial funds are allocated annually to the Church Ministerial Fund and will be transferred when a United Reformed Church ordained minister is in place at the Uxbridge United Reformed Church; this is not expected to occur until, at least, 2022.

25