#
##
|||||Page|
|---|---|---|---|---|
|Reference and Administrative||Details ofthe Company,|its Trustees and Advisers||
|Trustees'
Report||||2-12|
|Independent
Auditors'|Report|on the Financial Statements||13-16|
|Statement ofFinancial|Activities|||17|
|Balance Sheet||||18-19|
|Statement ofCash Flows||||20|
|Notes to the Financial|Statements|||21 -45|
##
|Trustees|||Revd Ruth Whitehead,|Revd Ruth Whitehead,|Revd Ruth Whitehead,|Revd Ruth Whitehead,|(Chair|(Chair|until 21 March 2023) (resigned|until 21 March 2023) (resigned|21 March 2023)|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||Mr lan Harrison,||Trust||Secretary|||||
||||Mrs Janet Raven|||||||||
||||Revd Neil Thorogood|||||||||
||||Revd Richard Gray, Treasurer|||||||||
||||Revd Donald Macalister|||||(resigned||11April 2023)||
||||Revd Robert Weston||||(appointed|||1 April 2022)||
||||Revd Sarah Simpson||||(appointed|||11 May 2022)||
||||Mrs Gwen Jennings|||(appointed|||24 June 2022)|||
|Company|registered|||||||||||
|number|||01328728|||||||||
|Charity registered||||||||||||
|number|||275364|||||||||
|Registered||office|Taunton
United|Reformed||||Church||||
||||18Paul Street|||||||||
||||Taunton|||||||||
||||Somerset|||||||||
||||TA1 3PF|||||||||
|Company|secretary||Mr lan Harrison|||||||||
|Chair|||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|||||||||
||||||||Page||1|||
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|||||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|---|---|---|
|||||||funds|funds|funds|funds|
|||||||2022|2022|2022|2021|
|||||Note||||||
|Income from:||||||||||
|Donations
and legacies||||||8,918|126,632|135,550|140,859|
|Charitable
activities:||||||||||
|Funds arising from||closed|Churches||||850,000|850,000|1,187,392|
|Other charitable|activities||||||7,379|7,379|1,821|
|Investments||||||48,032|342,767|390,799|374,863|
|Other income|||||||12,669|12,669|14,466|
|Total income||||||56,950|1,339,447|1,396,397|1,719,401|
|Expenditure
on:||||||||||
|Raising funds||||||3,058|4,622|7,680|16,795|
|Charitable
activities||||||53,305|674,535|727,&40|3,662,332|
|Total expenditure||||||56,363|679,157|735,520|3,679,127|
|Net income/(expenditure)|||before net|||||||
|(losses}/gains
on||investments||||587|660,290|660,877|(1,959,726)|
|Net (losses)/gains|on investments|||||(170,495)|(983,263)|(1,153,758)|1,787,468|
|Net expenditure||||||(169,908)|(322,973)|(492,881)|(172,258)|
|Transfers
between|funds|||22||5,067|(5,067)|||
|Net movement
in|funds|||||(164,841)|(328,040)|(492,881)|(172,258)|
|Reconciliation
of|funds:|||||||||
|Total funds brought||forward||||2,223,780|14,847,086|17,070,866|17,243,124|
|Net movement
in funds||||||(164,841)|(328,040)|(492„881)|(172,258)|
|Total funds carried||forward||||2,058,939|14,519,046|16,577,985|17,070,866|
|The Statement
of Financial|||Activities|includes|all|gains and losses|recognised
in the year.|||
##
|||||||2022||2021|
|---|---|---|---|---|---|---|---|---|
|||||Note||||F|
|Fixed assets|||||||||
|Tangible assets||||15||2,746,908||2,571,811|
|Investments||||17||11,248,686||13,168,718|
|Investment
property||||16||4,239,712||3,548,444|
|||||||18,235,306||19,288,973|
|Current assets|||||||||
|Debtors||||18|62,647||20,517||
|Cash at bank and||in hand|||988,685||977,932||
||||||1,051,332||998,449||
|Creditors: amounts||falling due within one|||||||
|year||||19|(793,638)||(784,118)||
|NET CURRENT ASSETSILIABILITIES||||||257,694||214,331|
|Total assets less||current liabilities||||18,493,000||19,503,304|
|Creditors: amounts||falling due after more|||||||
|than one year||||20||(1,915,015)||(2,432,438)|
|Total net assets||||||16,577,985||17,070,866|
|Charity funds|||||||||
|Restricted funds:|||||||||
|Restricted
funds||||22|1,039,057||1,033,403||
|Restricted
revaluation|||reserve|22|1,019,882||1,190,377||
|Total restricted
funds||||22||2,058,939||2,223,780|
|Unrestricted
funds|||||||||
|General funds||||22|10,934,421||10,179,640||
|Unrestricted
revaluation|||reserve|22|3,584,625||4,667,446||
|Total unrestricted|funds|||22||14,519,046||14,847,086|
|Total funds||||||16,577,985||17,070,866|
##
##
||||2022|2021|
|---|---|---|---|---|
|||||E|
|Cash flows from operating
activities|||||
|Net cash used
in operating
activities (see note 23)|||(1,124,050)|(371,495)|
|Cash flows from investing
activities|||||
|Dividends,
interests
and rents from investments|||390,799|374,863|
|Purchase oftangible fixed assets|||(624,585)|(99,558)|
|Proceeds from sale of investments|||1,491,762|699,523|
|Purchase of investments|||(123,173)|(547,527)|
|Net cash provided
by investing
activities|||1,134,803|427,301|
|Cash flows from financing
activities|||||
|Net cash provided
by financing
activities|||||
|Change
in cash and cash equivalents|in the year||10,753|55„806|
|Cash and cash equivalents
at the beginning||ofthe year|977,932|922,126|
|CASH AND CASH EQUIVALENTS AT|THE END OF THE YEAR (SEENOTE 24)||988,685|977,932|
|The notes on pages 21 to 45 form part|ofthese financial statements||||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022|2022|2021|
||||f.||
|Funds arising from Closed Churches||850,708|850,708|1,187,392|
|Loan interest||4,321|4,321|721|
|Training|and conference receipts|2,350|2,350|1,100|
|TOTAL|2022|857,379|857,379|1,189,213|
|TOTAL|2021|1,189,213|1,189,213||
##
|Funds|arisin|g|from closed Churches comprise:|||
|---|---|---|---|---|---|
|||||2022f|2021|
|Capital|funds|-|Property|850,000|1,166,700|
|Other|funds|||708|20,692|
|||||850,708|1,187,392|
##
|||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2022|2022|2022|2021|
||||||E|
|Rental income from investment|properties|2,975|37,426|40,401|55,370|
|Income from listed investments||44,608|305,341|349,949|319,451|
|Bank interest||449||449|42|
|TOTAL 2022||48,032|342,767|390,799|374,863|
|TOTAL 2021||50,443|324,420|374,863||
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2022f|2022|2021
F|
|Sundry|income|12,669|12,669|14,466|
|TOTAL|2021|14,466|14,466||
##
||||Restricted|Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||2022
f|2022|2022
f.|2021
E|
|Investment|management|fees|3,058|4,622|7,680|16,795|
|TOTAL 2021|||2,187|14,608|16,795||
##
##
|||Restricted|Unrestricted|||
|---|---|---|---|---|---|
|||funds|funds|Total|Total|
|||2022|2022|2022|2021|
|Charitable|activities|53,305|674,535|727,840|3,662,332|
|TOTAL 2021||1,790|3,660,542|3,662,332||
##
##
##
|||Activities|Grant||||
|---|---|---|---|---|---|---|
|||undertaken|funding
of|Support|Total|Total|
|||directly|activities|costs|funds|funds|
|||2022|2022f|2022|2022f|2021|
|Charitable|activities|250,859|202,788|274,193|727,840|3,662,332|
|TOTAL 2021||166,247|3,240,929|255,156|3,662,332||
##
||||Total|Total|
|---|---|---|---|---|
|||Activities|funds|funds|
|||2022|2022|2021|
|Staff costs||87,887|87,887|88,155|
|Training|and conferences|18,848|18,848|12,249|
|Church|support|18,723|18,723|3,137|
|Ecumenical costs||148|148|20,393|
|MMF payments||42,285|42,285||
|Pioneer|special category minister|3,485|3,485|4,183|
|Other Special Category Ministers||||3,278|
|Synod Pastoral Advisors||49,365|49,365|36,444|
|Property|expenses|30,118|30,118|(1,592)|
|||250,859|250,859|166,247|
|TOTAL|2021|166,247|166,247||
##
##
##
|||||||Total|Total|
|---|---|---|---|---|---|---|---|
|||||||funds|funds|
|||||||2022f|2021f|
||Staff costs|||||184,769|173,057|
||Depreciation|||||5,767|5,473|
||Synod Activities|||||4,737|1,614|
||Pioneer special category||minister|||1,020||
||Other Special Category||Ministers|||7,850|7,000|
||Children
&Youth Development|||officer costs||2,520|14,977|
||Printing
stationery|8 postage||||6,217|5,094|
||Utilities/sundries|||||1,528|4,237|
||Synod office expenses|||||14,484|10,273|
||Property expenses|||||33,876|18,320|
||Governance
costs|||||11,425|15,111|
|||||||274,193|255,156|
|10.|NET INCOME/EXPENDITURE|||||||
||This is stated after|charging:||||||
|||||||2022f|2021f|
||Depreciation
of tangible||fixed|assets - owned|by the charity|5,767|5,473|
##
##
##
|||Grants to|Total|Total|
|---|---|---|---|---|
|||Institutions|funds|funds|
|||2022f|2022|2021|
|Institutional|grants|202,788|202,788|3,240,929|
|The company
has m|ade the following
material
grants to institu|tions
during the year:||
|---|---|---|---|
|||2022f|2021f|
|Grants to institutions|other than Churches|38,615|3,044,695|
|Enabling
grants||68,341|100,049|
|Mission grants||25,700|27,123|
|Property grants:||||
|-Survey grants||8,474|4,065|
|- Facelift grants||35,986|48,229|
|- Building grants||15,934|14,978|
|Other grants||9,738|1,790|
|||202,788|3,240,929|
|||202,788|3,240,929|
##
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##
##
##
##
##
|Included
within|Institutio|nal
and Enabling
grants are|the following
amounts ofR10,000|or more:|
|---|---|---|---|---|
||||2022|2021|
|||||P|
|Inter Synod Resource sharing|||25,000|35,000|
|Retired Ministers|Pension|Fund||3,000,000|
|Bridgwater||||15,818|
|Derriford||||12,000|
|Flavel projects||||12,793|
|Newton
Abbot||||10,000|
|Plymstock|||36,500||
|Teignmouth||||31,500|
||||61,500|3,117,111|
##
|Includ|ed
within
Mission grants are the following|amounts off10,000or more:||
|---|---|---|---|
|||2022|2021|
|||E|E|
|E mrna|nuel Swindon||10,170|
|Pilgrim|Plymouth||15,625|
|Cranbrook||25,000||
|||25,000|25,795|
##
|Included|within Facelift grants are the followi|ng
amounts
off10,000 or more:||
|---|---|---|---|
|||2022|2021|
|Glastonbury|||10,000|
|Lynton|||10,000|
|Redland|Park||10,000|
|Hanham||10,000||
|Mangotsfield||10,000||
|||20,000|30,000|
##
##
|Included
within
Building grants are the follo|wing
amounts
off10,000or more:||
|---|---|---|
||2022|2021|
|Barnstaple|10,314||
||10,314||
##
##
|STAFF CO|STS|||||
|---|---|---|---|---|---|
|||||2022f|2021|
|Wages and|salaries|||265,679|247,253|
|Social security costs||||18,183|15,821|
|Contribution|to defined|contribution|pension schemes|41,643|37,888|
|||||325,505|300,962|
|2022|2021|
|---|---|
|No.|No.|
|13|14|
##
##
##
##
##
##
|||Freehold|Office|Computer||
|---|---|---|---|---|---|
|||property|equipment|equipment|Total|
|COST||||||
|At 1 January 2022||2,705,559|1,980|15,874|2,723,413|
|Additions||624,585|||624,585|
|Transfer to investment|property|(444,941)|||(444,941)|
|At 31 December 2022||2,885,203|1,980|15,874|2,903,057|
|DEPRECIATION||||||
|At 1 January 2022||142,864|1,683|7,055|151,602|
|Charge for the year||1,250|297|4,200|5,747|
|Transfers
between classes||(1,200)|||(1,200)|
|At 31 December 2022||142,914|1,980|11,255|156,149|
|NET BOOK VALUE||||||
|At 31 December 2022||2,742,289||4,619|2,746,908|
|At 31 December 2021||2,562,695|297|8,819|2,571,811|
##
##
||Freehold|
|---|---|
||investment|
||property|
|VALUATION||
|At 1 January 2022|3,548,444|
|Additions|850,035|
|Disposals|(1,080,744)|
|Surplus on revaluation|478,236|
|Transfer from tangible fixed assets|443,741|
|At 31 December 2022|4,239,712|
##
##
##
||Listed|||
|---|---|---|---|
||investments|Loans|Total|
|COST OR VALUATION||||
|At 1 January 2022|12,902,533|266,185|13,168,718|
|Additions|20,126|103,012|123,138|
|Disposalsl
repayments|(286,349)|(113,085)|(399,434)|
|Revaluations|(1,643,736)||(1,643,736)|
|AT 31 DECEMBER 2022|10,992,574|256,112|11,248,686|
|NET BOOK VALUE||||
|AT 31 DECEMBER 2022|10,992,574|256,112|11,248,686|
|AT 31 DECEMBER 2021|12,902,533|266,185|13,168,718|
##
|DEBTORS||||
|---|---|---|---|
|||2022|2021|
|||F||
|DUE WITHIN|ONE YEAR|||
|Other debtors||13,106|8,311|
|Prepayments|and accrued income|49,541|12,206|
|||62,647|20,517|
##
##
||||2022|2021|
|---|---|---|---|---|
|Mission and enabling||grants|12,744|14,?4?|
|Other committed|grants||769,994|760,071|
|Accruals|||10,900|9,300|
||||793,638|784,118|
##
##
|2022|2021|
|---|---|
|1,915,015|2,432,438|
##
||||2022|2021|
|---|---|---|---|---|
|FINANCIAL ASSETS|||||
|Financial assets measured|at fair value through|income and expenditure|12,237,248|14,146,650|
##
|STATEMENT OF|FUNDS -CURR|ENT YEAR|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
||Balance at 1|||||31|
||January
2022|Income|Expenditure|Transfers
in/out|Gains/
(Losses)|December
2022|
||||F||F|f.|
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,571,811||(5,747)|180,844||2,746,908|
|Loans funds|266,185|4,422||(14,495)||256,112|
|investment|||||||
|property|3,166,944|850,390||(637,004)|379,736|3,760,066|
|Investment|||||||
|stocks and|||||||
|shares|7,800,000|||(550,000)||7,250,000|
|Taunton
fund|4,088|||||4,088|
|Free reserves|1,038,058|484,635|(673,410)|1,015,588|(1,362,999)|501,872|
||14,847,086|1,339,447|(679,157)|(5,067)|(983,263)|14,519,046|
|RESTRICT'D|||||||
|FUNDS|||||||
|General purpose
fund|2,024,317|48,032|(53,099)|5,067|(152,052)|1,872,265|
|Closed church|||||||
|fund|148,527||||(18,443)|130,084|
|DFESfund|925|||||925|
|Training
fund
and grants|29,185|3,672||||32,857|
|Other small|||||||
|restricted|||||||
|grants received|20,826|5,246|(3,264)|||22,808|
||2,223,780|56,950|(56,363)|5,067|(170,495)|2,058,939|
|TOTAL OF
FUNDS|17,070,866|1,396,397|(735,520)||(1,153,758)|16,577,985|
##
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
||Balance at|||||31|
||1 January|||Transfers|Gains/|December|
||2021|Income|Expenditure|in/out|(Losses)|2021|
|||||F|||
|UNREST'D|||||||
|FUNDS|||||||
|Fixed asset fund|2,738,630|30,620|(5,473)|(191,966)||2,571,811|
|Loans funds|186,242|721||79,222||266,185|
|Investment|||||||
|property|2,487,080|830,721||(289,716)|138,859|3,166,944|
|Investment|||||||
|stocks and|||||||
|shares|7,800,000|||||7,800,000|
|Taunton
fund|4,088|||||4,088|
|Free reserves|2,098,740|774,862|(3,669,677)|480,960|1,353,173|1,038,058|
||15,314,780|1,636,924|(3,675,150)|78,500|1,492,032|14,847,086|
|RESTRICT'D|||||||
|FUNDS|||||||
|General purpose|||||||
|fund|1,778,593|50,443|(3,9?7)|(78,500)|2?7,758|2,024,317|
|Closed church|||||||
|fund|130,849||||17,678|148,52?|
|DFES fund|925|||||925|
|Training
fund|||||||
|and grants|7,436|21,749||||29,185|
|Other small|||||||
|restricted|||||||
|grants received|10,541|10,285||||20,826|
||1,928,344|82,477|(3,977)|(78,500)|295,436|2,223,780|
|TOTAL OF|||||||
|FUNDS|17,243,124|1,719,401|(3,679,127)||1,787,468|17,070,866|
##
##
##
|ANALYSIS OF NET ASSETS BETWEEN FUNDS|-CURRENT YEAR|||
|---|---|---|---|
||Restricted|Unrestricted|Total|
||funds|funds|funds|
||2022|2022|2022f|
|Tangible fixed assets||2,746,908|2,746,908|
|Fixed asset investments|1,761,092|9,487,594|11,248,686|
|Investment
property|480,000|3,759,712|4,239,712|
|Current assets||1,051,332|1,051,332|
|Creditors due within one year|(182,153)|(611,485)|(793,638)|
|Creditors due in more than one year||(1,915,015)|(1,915,015)|
|TOTAL|2,058,939|14,519,046|16,577,985|
##
##
|||Restricted|Unrestricted|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2021|2021|2021|
||||F|E|
|Tangible fixed assets|||2,571,811|2,571,811|
|Fixed asset investments||2,030,087|11,138,631|13,168,718|
|Investment|property|381,500|3,166,944|3,548,444|
|Current assets|||998,449|998,449|
|Creditors|due within one year|(187,807)|(596,311)|(784,118)|
|Creditors|due in more than one year||(2,432,438)|(2,432,438)|
|||2,223,780|14,847,086|17,070,866|
##
##
##
||||2022f|2021|
|---|---|---|---|---|
||Net expenditure
for the year (as per Statement|of Financial Activities)|(492,881)|(172,258)|
||ADJUSTMENTS FOR:||||
||Depreciation
and impairment
charges||5,747|5,473|
||Non cash donations
and capital funds||(850,000)|(1,166,700)|
||Losses/(gains)
on investments||1,165,500|(1,756,847)|
||Dividends,
interests
and rents from investments||(390,799)|(374,863)|
||Loss/(gain)
on the sale offixed assets||(11,584)|(30,621)|
||Non cash donations
and capital funds converted|to cash||336,700|
||Increase
in debtors||(42,130)|(9,093)|
||Increase/(decrease)
in creditors||(507,903)|2,796,714|
||NET CASH USED IN OPERATING ACTIVITIES||(1,124,050)|(371,495)|
|25.|ANALYSIS OF CASH AND CASH EQUIVALENTS||||
||||2022|2021|
||Cash
in hand||988,685|977,932|
||TOTAL CASH AND CASH EQUIVALENTS||988,685|977,932|
|26.|ANALYSIS OF CHANGES
IN NET FUNDS||||
|||||||At 1||At 31|
|---|---|---|---|---|---|---|---|---|
|||||||January||December|
|||||||2022|Cash flows|2022|
|Cash|at|bank|and|in|hand|977,932|10,753|988,6&5|
|||||||977,932|10,753|988,685|
##
##
##
##
##
##
|||2022|2021|
|---|---|---|---|
|||f.||
|Capital|funds|343,902|394,647|
|Income|funds|128,966|117,729|
|Invested|funds|472,862|522,151|
|||945,730|1,034,527|