2020-12-31-accounts - The United Reformed Church (South Western Synod) Incorporated

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				Page
Reference and administrative		details ofthe company,	its Trustees and advisers
Trustees' report				2- 13
Independent auditors'	report	on the financial statements		14-17
Statement offinancial	activities			18
Balance sheet				19-20
Statement ofcash flows				21
Notes to the financial	statements			22-46

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS	REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITSTRUSTEES AND ADVISERS
FOR THE	YEAR ENDED		31 DECEMBER	2020
Trustees			Revd Ruth Whitehead,			Chairman
			Mr lan Harrison,		Trust Secretary
			Mr David Hayden,		Trust	Officer (Resigned 10September 2020)
			Revd Christopher		Baillie
			Revd Richard Gray, Treasurer
			Mrs Jill Stidson
			Revd Donald Macalister
			Revd Lythan Nevard
			Mrs Maria Mills
Company	registered
number			01328728
Charity registered
number			275364
Registered		office	18Paul Street
			Taunton
			Somerset
			TA1 3PF
Company	secretary		Mr lan Harrison
Chairman			Revd Ruth Whitehead
Independent		auditors	Bishop Fleming	LLP
			Chartered Accountants
			2nd Floor Stratus		House
			Emperor Way
			Exeter Business	Park
			Exeter
			EX13QS
Bankers			Lloyds Bank PLC
			2 Palace Avenue
			Paignton
			Devon
			CAF Bank Ltd
			25 Kings Hill Avenue
			West Mailing
			Kent
Solicitors			WBW Solicitors
			The Forum
			Barnfield Road
			Exeter
			EX1 1QR
			Star Legal Ltd
			40 High Street
			Thornbury
			BS352AJ

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020	2020	2020	2019
	Note				F
INCOME FROM:
Donations and legacies		13,894	240,000	253,894	596,823
Charitable activities:
Funds arising from closed Churches			137,268	137,268	1,014,553
Other charitable activities			1,355	1,355	10,527
investments		49,364	300,021	349,385	332,067
Other income			6,891	6,891	71,771
TOTAL INCOME		63,258	685,535	748,793	2,025,741
EXPENDITURE ON:
Raising funds			6,065	6,065	1,871
Charitable activities		11,686	547,689	559,375	790,192
TOTAL EXPENDITURE		11,686	553,754	565,440	792,063
Net gains on investments		24,667	745,437	770,104	1,902,833
NET INCOME		76,239	877,218	953,457	3,136,511
Transfers between funds	21	(51,572)	51,572
NET MOVEMENT IN FUNDS		24,667	928,790	953,457	3,136,511
RECONCILIATION OF FUNDS:
Total funds brought forward		1,903,677	14,385,990	16,289,667	13,153,156
Net movement in funds		24,667	928,790	953,457	3,136,511
TOTAL FUNDS CARRIED FORWARD		1,928,344	15,314,780	17,243,124	16,289,667

				Note		2020f		2019f
FIXEDASSETS
Tangible assets				14		2,738,630		2,445,612
Investments				16		11,153,705		9,626,920
Investment property				15		2,837,081		3,826,721
						16,729,416		15,899,253
CURRENT ASSETS
Debtors				17	11,424		24,802
Cash at bank and	in hand				922,126		812,458
					933,550		837,260
Creditors: amounts		falling due within one
year				18	(238,883)		(302,173)
NET CURRENT ASSETSILIABILITIES						694,667		535,087
TOTAL ASSETS	LESSCURRENT
LIABILITIES						17,424,083		16,434,340
Creditors: amounts		falling due after more
than one year				19		(180,959)		(144,673)
NET ASSETS						17,243,124		16,289,667
TOTAL NET ASSETS						17,243,124		16,289,667
CHARITY FUNDS
Restricted funds:
Restricted funds					1,033,404		1,197,394
Restricted revaluation			reserve		894,940		706,283
Total restricted funds				21		1,928,344		1,903,677
Unrestricted funds
General funds					12,101,512		11,568,494
Unrestricted revaluation			reserve		3,213,268		2,817,496
Total unrestricted	funds			21		15,314,780		14,385,990
TOTAL FUNDS						17,243,124		16,289,667

	2020f	2019 E
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash used in operating activities (see note 23)	(295,341)	(468,846)
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interests and rents from investments	349,385	332,067
Proceeds from the sale of tangible fixed assets		347,575
Purchase oftangible fixed assets	(298,692)	(235,396)
Proceeds from sale of investments	1,246,291	3,261,067
Purchase of investments	(891,975)	(2,544,161)
NET CASH PROVIDED BYINVESTING ACTIVITIES	405,009	1,161,152
CASH FLOWS FROM FINANCING ACTIVITIES
NET CASH PROVIDED BYFINANCING ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR	109,668	692,306
Cash and cash equivalents at the beginning ofthe year	812,458	120,152
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (SEENOTE 24)	922,126	812,458
The notes on pages 22 to 46 form part ofthese financial statements

	Restricted	Unrestricted	Total	Total
	funds	funds	funds	funds
	2020	2020	2020	2019
	E	E		E
Donations - Property		240,000	240,000	545,106
Legacies				25,000
Grants	13,894		13,894	26,717
	13,894	240,000	253,894	596,823
TOTAL 2019	15,167	581,656	596,823

		Unrestricted	Total	Total
		funds	funds	funds
		2020 F	2020f	2019
Funds arising from Closed Churches		137,268	137,268	1,014,553
Loan interest		1,355	1,355	495
Training	and conference receipts			10,032
TOTAL	2020	138,623	138,623	1,025,080
TOTAL	2019	1,025,080	1,025,080

				2020	2019
				E	E
Capital	funds	-	Property	120,000	980,024
Capital	funds	-	Investments
Other	funds			17,268	34,529
				137,268	1,014,553

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020	2020	2020	2019
			E	E	F
Rental income from investment	properties	7,140	50,080	57,220	40,861
Income from listed stock exchange
investments		42,124	248,778	290,902	289,491
Bank interest		100	1,163	1,263	1,715
TOTAL 2020		49,364	300,021	349,385	332,067
TOTAL2019		50,167	281,900	332,067

	Unrestricted	Total	Total
	funds	funds	funds
	2020	2020	2019
		E
Sundry income	6,891	6,891	10,182
Gain on disposal of tangible fixed assets			61,589
	6,891	6,891	71,771
TOTAL 2019	71,771	71,771

			Unrestricted	Total	Total
			funds	funds	funds
			2020	2020	2019
			E	E
Investment	management	fees	6,065	6,065	1,871
TOTAL 2019			1,871	1,871

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020	2020	2020	2019
				f.	E
Charitable	activities	11,686	547,689	559,375	790,192
TOTAL 2019		15,941	774,251	790,192

			Depreciation
			&		Total	Total
		Staff costs	Impairment	Other costs	funds	funds
		2020	2020	2020	2020	2019
			f	E		E
Direct and	support costs
excluding	governance	235,638	5,673	318,064	559,375	790,192
TOTAL 2019		227,923	139,178	423,091	790,192

		Activities	Grant
		undertaken	funding of	Support	Total	Total
		directly	activities	costs	funds	funds
		2020f	2020 E	2020 E	2020f	2019 E
Charitable	activities	159,784	193,690	205,901	559,375	790,192
TOTAL 2019		204,848	232,900	352,444	790,192

				Total	Total
			Activities	funds	funds
			2020	2020	2019
			E		F
Staff costs			98,952	98,952	93,073
Training and	Conferences		13,915	13,915	44,226
Church Support			3,334	3,334	2,982
Pulpit supply	relief		90	90	90
Miscellaneous	direct costs including	youth activities and MMF	1,732	1,732	1,924
Pioneer special category minister					22
Other special	category ministers		4,749	4,749	6,549
Bookstall					805
Synod Pastoral Advisors			19,386	19,386	26,214
Property expenses			17,626	17,626	28,963
			159,784	159,784	204,848
TOTAL 2019			204,848	204,848

										Total	Total
									Activities	funds	funds
									2020	2020	2019
	Staff costs								136,686	136,686	134,851
	Depreciation	and Impairment							5,673	5,673	139,178
	Synod Activities								6,661	6,661	11,217
	Synod office parking								6,880	6,880	4,667
	Staff expenses		and training						5,402	5,402	9,833
	Printing Stationery			and	postage				5,298	5,298	8,759
	Utilities/sundries								3,725	3,725	4,199
	Synod office expenses								9,517	9,517	14,910
	Property expenses								15,778	15,778	13,812
	Governance	costs		including		auditors	remuneration		10,281	10,281	11,018
									205,901	205,901	352,444
	TOTAL 2019								352,444	352,444
10.	NET INCOME/EXPENDITURE
										2020	2019
											E
	Depreciation	of	tangible		fixed assets		- owned	by the charity		5,674	1,446
	Impairment	of tangible			fixed	assets - owned		by the charity			136,364
11.	ANALYSIS	OF	GRANTS
									Grants to	Total	Total
									Institutions	funds	funds
									2020	2020	2019
										E	E
	Institutional	grants							193,690	193,690	232,900

		2020	2019
Grants to institutions	other than Churches	86„260	29,860
Enabling grants		126,034	12,627
Mission grants		(17,693)	2,149
Property grants:
- Survey grants		3,197	2,813
-Facelift grants		(10,013)	83,977
- Building grants		(1,740)	98,034
- Feasibility grants		5,885	2,000
Other grants		1,760	1,440
		193690	232 900
		193,690	232,900

Included within	Institutional	and Enabling	amounts of610,000or more:	amounts of610,000or more:
			2020	2019
			F	E
Inter Synod Resource sharing			25,000	20,000
Retired Ministers	Pension Fund		15,670
Exeter University	Free Church	Chaplaincy	35,000
			75,670	20,000

Included	within Mission grants are the followin	g amounts off10,000or more:
		2020	2019
		f.
Redland	Park		15,000
			15,000

Included	within F	acelift grants are the following a	mounts ofE10,000or more:
			2020	2019
			E	E
Axminster				10,000
Bideford			10,000
Heavitree	&Pinhoe			10,000
Horfield				10,000
Immanuel	Swindon			10,000
Emmanuel	Hayden	Wick	10,000
Korean Church			10,000
			30,000	40,000

		2020	2019
		f.	E
Axminster			23,750
Bridgwater	Wesffield		24,000
Ottery St Mary			10,240
Wells			14,500
Barnstaple		11,238
		11,238	72,490

STAFF CO	STS
				2020	2019
Wages and	salaries			188,042	180,985
Social security costs				13,182	12,833
Contribution	to defined	contribution	pension schemes	34,414	34,105
				235,638	227,923

					2020	2019
					No.	No.
Staff	engaged	on	charitable	activities	12

		Long-term
	Freehold	leasehold		Office	Computer
	property	property	f	equipment F	equipment	Total
COST
At 1 January 2020	2,156,703	412,910		1,980	15,874	2,587,467
Additions	298,692					298,692
At 31 December 2020	2,455,395	412,910		1,980	15,874	2,886,159
DEPRECIATION
At 1 January 2020	140,264	700		891		141,855
Charge for the year	1,650	100		396	3,528	5,674
At 31 December 2020	141,914	800		1,287	3,528	147,529
NET BOOK VALUE
At 31 December 2020	2,313,481	412,110		693	12,346	2,738,630
At 31 December 2019	2,016,439	412,210		1,089	15,874	2,445,612
INVESTMENT PROPERTY
						Freehold
						investment
						property
VALUATION
At 1 January 2020						3,826,721
Additions						120,002
Disposals						(1,108,700)
Deficit on revaluation						(942)
At 31 December 2020						2,837,081

	Listed
	investments	Loans	Total
	F
COST OR VALUATION
At 1 January 2020	9,613,807	13,113	9,626,920
Additions	517,059	376,271	893,330
Disposals		(203,142)	(203,142)
Revaluations	836,597		836,597
AT 31 DECEMBER 2020	10,967,463	186,242	11,153,705
NET BOOK VALUE
AT 31 DECEMBER 2020	10,967,463	186,242	11,153,705
AT 31 DECEMBER 2019	9,613,807	13,113	9,626,920

		2020	2019
DUE WITHIN	ONE YEAR
Other debtors		4,541	24,802
Prepayments	and accrued income	6,883
		11,424	24,802

			2020	2019
			E
Mission and enabling		grants	20,341	42,175
Other committed	grants		210,542	249,948
Accruals			8,000	10,050
			238,883	302,173

2020	2019
E
180,959	144,673

			2020	2019
				E
FINANCIAL ASSETS
Financial assets measured	at fair value through	income and expenditure	12,075,$31	10,439,378

						Balance at
	Balance at 1					31
	January			Transfers	Gains/	December
	2020	Income	Expenditure	in/out	(Losses)	2020
	E			f.
UNREST'D
FUNDS
Fixed asset fund	2,445,611		(5,674)	298,693		2,738,630
Loans funds	13113	1,355		171,774		186,242
Investment
property	3,501,389	120,000		(1,108,700)	(25,609)	2,487,080
Investment
stocks and
shares	7,800,000					7,800,000
Taunton fund	4,088					4,088
Free reserves	621,789	564,180	(548,080)	689,805	771,046	2,098,740
	14,385,990	685,535	(553,754)	51,572	745,437	15,314,780
RESTRICT'D
FUNDS
General purpose
fund	1,767,298	49,364	(3,382)	(51,572)	16,885	1,778,593
Closed church
fund	123,067				7,782	130,849
DFES fund	1,035		(110)			925
Training fund
and grants	1,736	5,700				7,436
Other small
restricted
grants received	10,541	8,194	(8,194)			10,541
	1,903,677	63,258	(11,686)	(51,572)	24,667	1,928,344
TOTAL OF
FUNDS	16,289,667	748,793	(565,440)		770,104	17,243,124

STATEMENT OF	FUNDS - PRIO	R YEAR
						Balance at
	Balance at					31
	1 January 2019	Income	Expenditure	Transfers in/out	Gains/ (Losses)	December 2019
	F	E	E		F
UNREST'D
FUNDS
Fixed asset fund	2,929,639	61,589	(1,050)	(544,567)		2,445,611
Loans funds	47,068	495		(34,450)		13,113
Investment
property	1,971,307	1,299,071		(183,753)	414,764	3,501,389
Investment
stocks and
shares	6,000,000			1,800,000		7,800,000
Taunton fund	4,088					4,088
Free reserves	560,642	599,251	(775,072)	(987,837)	1,224,805	621,789
	11,512,744	1,960,406	(776,122)	49,393	1,639,569	14,385,990
RESTRICT'D
FUNDS
General purpose fund	1,521,971	50,167		(49,393)	244,553	1,767,298
Closed church
fund	104,356				18,711	123,067
DFES fund	1,809		(774)			1,035
Training fund and grants	1,736	10,223	(10,223)			1,736
Other small
restricted
grants received	10,541	4,944	(4,944)			10,541
	1,640,413	65,334	(15,941)	(49,393)	263,264	1,903,677
TOTAL OF FUNDS	13,153,157	2,025,740	(792,063)		1,902,833	16,289,667

ANALYSI	S OF NET ASSETS BETWEEN FUNDS	-CURRENT PERIOD
		Restricted	Unrestricted	Total
		funds	funds	funds
		2020	2020	2020
			f,	E
Tangible fixed assets			2,738,630	2,738,630
Fixed asset investments		1,766,150	9,387,555	11,153,705
Investment	property	350,000	2,487,081	2,837,081
Current assets			933,550	933,550
Creditors	due within one year	(187,806)	(51,077)	(238,883)
Creditors	due in more than one year		(180,959)	(180,959)
TOTAL		1,928,344	15,314,780	17,243,124

		Restricted	Unrestricted	Total
		funds	funds	funds
		2019	2019	2019
			F
Tangible fixed assets			2,445,612	2,445,612
Fixed asset investments		1,602,160	8,024,760	9,626,920
Investment	property	325,333	3,501,388	3,826,721
Current assets			837,259	837,259
Creditors	due within one year	(23,817)	(278,356)	(302,173)
Creditors	due in more than one year		(144,673)	(144,673)
TOTAL		1,903,676	14,385,990	16,289,666

23.	ACTIVITIES
			2020	2019
				F
	Net income for the period (as per Statement	of Financial Activities)	953,457	3,136,511
	ADJUSTMENTS FOR."
	Depreciation and impairment charges		5,674	134,760
	Non cash donations and capital funds		(120,002)	(1,310,000)
	(Gains)/losses on investments		(837,010)	(1,902,833)
	Dividends, interests and rents from investments		(349,385)	(332,067)
	Loss/(profit) on the sale offixed assets and	fixed asset investments	65,551	(195,330)
	Decrease/(increase) in debtors		13,3?8	(22,722)
	Increase/(decrease) in creditors		(27,004)	22,835
	NET CASH USED IN OPERATING ACTIVITIES		(295,341)	(468,846)
24.	ANALYSIS OF CASH AND CASH EQUIVALENTS
			2020	2019
				E
	Cash in hand		922,126	812,458
	TOTAL CASH AND CASH EQUIVALENTS		922,126	812,458
25.	ANALYSIS OF NET FUNDS

						At 1		At 31
						January		December
						2020	Cash flows	2020f
						F
Cash	at	bank	and	in	hand	812,458	109,668	922,126
						812,458	109,668	922,126

		2020	2019
			E
Capital	funds	435,491	525,449
Income	funds	86,659	122,249
Invested	funds	522,151	1,377,401
		1,044,301	2,025,099