2021-12-31-accounts - The United Reformed Church (Southern Synod) Trust Limited

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			Page
Report ofthe Trustees			I to 6
Report ofthe Independent		Auditors	7to9
Statement ofFinancial	Activities		10
Balance Sheet			11to 12
Statement ofCash Flows			13
Notes to the Financial	Statements		14to27

tate entofptnancialAct f r sr En	tvitie	inca	orntin thefneomea	ndEx endttureAc	count
			Unrestricted	Funds		31.12.21	31.12.20
			General Purposes	Designated	Restricted	Total	Total
			Funds	Funds	Funds	Funds	Funds
			f.	6	f.
		Notes
INCOME AND ENDOWMENTS:
Income from Investments		2a	456,493	404,570	12,953	874,016	537,757
Income from charitable	activities
Donations and Legacies		2a	80,608	51,599	650	132,857	141,787
Other Income		2a	250,184			250,184	45
Total operating income			787485	456,169	13,603	1,257,057	679,589
Income on sale ofproperties		2a	5,326,500	750,000		6,076,500	3.448,000
Lease Premiums Received		2a	31,942			31,942
Profit/(Loss) on sale ofproperties		2a			197,500	197,500	101,000
Total Income and Endowments		2a	6,145,727	1406,169	21I 103	7 8962,999	4,228,589
EXPENDITURE
Expenditure on Charitable	Activities	2b	762,258	1,105,647	10,483	1,878888	1,884,862
Total operating expenditure		2b	762,258	1,105,647	10,483	19878488	1,884,862
Payment to Inter-Synod
Resource Sharing			35,000			35,000	25,000
Contribution to the Ministers'
Pension Fund			5,000,000			5,000,000
Purchase ofMenses				583,000		583,000	670,000
Total Expenditure			5,797,258	1,688,647	10,483	7.,496488	2,579,862
Net Expenditure on		2b	25,027	(649,478)	3,120	(621431)	(18205473)
Operating Account
Net Income/(Expenditure)			8, 69	~4848	200,620	66,611	1,648,727
Transfers between Funds			1,070,189	(1,070,189)
Other Recognised Gains/(Losses)
Net (Losses)/Gains on Investments		7	1,738,574	1,124,225	46,192	2,908,991	(1,632,999)
Net movement in funds			3,157232	(428,442)	2462112	2,975,602	15,728
Total funds brought forward			10,438,848	13,086,225	875,004	24,400,077	24,384,349
Total funds carried forward			13,596,080	12,657,783	1,1213116	27375,679	24,400,077

A Com an Lim Balance Sheet At 31December	ited b 2021	Gua	rantee
			Unrestricted	Funds				31.12.21	31.12.20
			General Purposes	Designated			Restricted	Total	Total
			Funds	Funds			Fuads	Funds	Funds
							5
		Notes
FIXEDASSETS
Tangible assets		9	229,422		74,721		80	304,223	392,427
Investments		10	14,208,264	10,714,536			505,482	25,428,282	22,526,436
Social Investments		11	102,370					102,370	64,050
			14,540,056	10,789,257			505,562	25,834,$75	22,982,913
CURRENT ASSETS
Debtors: amounts	falling	due
within one year		12	34,893			857		35,750	52,659
Cash at bank and	in hand		3,376,355	2	969	644	616,254	6,953,153	3,563,677
			3,411,248	2,961,401			616,254	6,988,903	3,616,336
CREDITORS
Amounts falling due within
one year		13	(1,568,617)	(1,092,875)				(2,661,492)	(2,199,172)
NET CURRENT	ASSETS		1,842,631	1,868,526			616,254	4,327,411	1,417,164
/(LIABILITIES)
TOTAL ASSETSLESS
CURRENT LIABILITIES			16,382,687	12,657,783			1,121,816	30,162,286	24,400,077
CREDITORS
Amounts falling due outside			(2,786,607)					(2,786,607)
one year
NET ASSETS		14	13,596,080	12,657,783			1,121,816	27,375,679	24,400,077
FUNDS
General Purposes								13,596,080	10,438,848
Designated								12,657,783	13,086,225
Restricted								1,121,$16	875,004
TOTAL FUNDS		14						27,375,679	24,400,077

					Notes	2021	2020
							5
Cash flow from operating activities:
Net cash provided/used in operating activities						2490,079	1,698,234
Cash flows from investiag activities:
Dividends aod interest from investments						749,378	449,692
Purchase	offixed assets					(4)306)	(6,968)
Proceeds from the sale offixed assets						285,500	276,000
Purchase	ofinvestments					(682,855)	(17,340,851)
Issue of	Programme Related Loans					(51,520)	(50,000)
Repayment ofProgramme Related Loans						13,200	2,850
Proceeds	from the sale ofinvestments					690,000	17,254,336
Net cash provided by/used in investing		activities				999497	585,059
Change	in cash and cash equivalents ia	the reporting		period		3489,476	2,283,293
Cash and cash equivalents at tbe heginniag ofthe			reportiag period		6	3,563,677	1,280,384
Cash and cash equivalents at the end ofthe reporting				period		6&953,153	3,563,677
	Notes to the statement ofcash flows
A	Recoacilintion ofnet income/expeaditure		to	net cash
	flow from operating activities
	Net income/expeaditure for the reportiag		period (asper			2,975,602	15,728
	tbe statement offinancial activities)
	Adjustmeats for:
	Depreciation charges					4,043	4,403
	(Galas)/losses on investments					(2,908,991)	1,632,999
	Dividends and interest from investments					(749478)	(449,692)
	Loss/(profit) on the sale offixed	assets				(197,033)	-100,540
	Decrease/(increase) in debtors					16,909	-41,009
	Increase/(decrease) in creditors					3,248,927	636,345
	Net cash provided by operating	activities				2890,079	1,698,234
	Analysis ofcash and cash equivalents
	Cash at bank and in hand					6,953,153	3,563,677

a)Analysis ofTotal Income	a)Analysis ofTotal Income
				Unrestricted	Funds		31.12.21	31.12.20
			General	Purposes	Designated	Restricted	Total	Total
			Funds		Funds	Funds	Funds	Funds
						f.
Income from generated	funds
Rents Received				13,100	111,538		124,638	88,065
Investment income-listed	investments			439,302	292,759	12,910	744,971	444,317
Interest				4,091	273	43	4,407	5,375
				456,493	404,570	12,953	874,016	537,757
Income from charitable	activities
Donations and Legacies
Donations				3,505	51,599	494	55,598	13,295
Monies finm closed	churches			77,103			77,103	128,336
Quinquennial contribution		received				156	156	156
				80608	51 599	650	132,857	141,787
Other income
Training course contributions				125			125
Discounting ofLong	Term	Creditor		213,393			213,393
Grants awarded no longer required				36 666			36,666	45
				250 184			250,184	45
Total operating income				787385	456,169	13,603	1,257,057	679,589
Income on sale ofproperties
-ofclosed churches				5,326,500			5426,500	116,000
-Lease Premiums Received				31,942			31,942
-ofsurplus menses					750,000		750,000	3,332,000
				5358442	750,000		6,108,442	3,448,000
Profit/(Loss) on sale offixed asset:
-other pmperty						197,500	197,500	101,000
						197500	197,500	101000
Total income			6,145,727		1,206,169	211,103	7st62,999	4,228,589

b) Analysis ofTotal Expenditure	b) Analysis ofTotal Expenditure	b) Analysis ofTotal Expenditure
				Unrestricted	Funds		31.12.21	31.12.20
				General Purposes	Designated	Restricted	Total	Total
				Funds	Funds	Funds	Funds	Funds
Expenditure on Charitable		Activities
Ministry &Mission:-
Mission Office				52,305			52405	52,499
Ecumenical Office				266			266	620
Grants (note 4)				27,649	343,365	2,044	373,058	262,625
Shared indirect costs (note 3)				36,398		205	36,603	37,056
				116,618	343,365	2249	462,232	352,800
Training:-
Training ofMinisters &Lay
preachers (note 4)				12,290			12,290	2,135
Students (note 4)				500			500
Training &Development	Officer			51,913			51,913	51,364
Children's &Youth Development			Officer	50,395			50495	50,023
Safeguarding Oflicer				22,589			22,5$9	21,394
Other training costs				1,375			1,375	2,399
Shared indirect costs (note 3)				57,197			57,197	57,908
				196,259			196359	185,223
Property:-
Church building grants (note 4)					586,446		586,446	799,163
Manse Repairs (note 4)					118,590		118,590	191,164
Manse Expenses					14,541		14,541	16,022
Quinquennial Costs					5,400	156	5,556	34,0$3
Expenses on Sale&Purchase		ofProperly		228,711	19,297		248,008	74,851
Other properly costs				30,195	6,480	8,078	44,753	20,665
Staffcosts				$9,031			89,031	$7,725
Shared indirect costs (note 3)				62,397			62,397	63,173
				410,334	750,754	8,234	1,169,322	1,286,846

b) Analysis ofT	otal E	xpendit	ure
					Unrestricted	Funds		31.12.21	31.12.20
				General Purposes		Designated	Restricted	Total	Total
					Funds	Funds	Fundsf	Funds	Funds
Governance:-
Synod Meetings					48			48
Provincial Committees					281			281	675
Honoraria Synod	Clerk	and Treasurer			1,000			1,000	1,000
Synod Clerk's expenses									70
Synod Treasurer's	expenses				149			149	301
Legal Costs					7,092	7,886		14,978	24,029
Audit Fees					9,580			9,580	9,180
Investment management		costs			3,565	3,642		7,207	7,190
Shared indirect costs (note 3)					17,332			17,332	17,548
					39,047	11,528		50,575	59,993
Total expenditure	on	charitable		activiti	762,258	1,105,647	10,483	1,878388	Id',862
Net expenditure	on operating		account		25,027	(649,478)	3,120	(621,331)	(1,205,273)

INDIRECT COST	S
			Unrestricted	Funds			31.12.21	31.12.20
			General Purposes	Designated		Restricted	Total	Total
			Funds	Funds		Funds	Funds	Funds
Premises Costs:-
Synod rent 4 Hire	ofRooms		18,000				18,000	18,447
Synod Electricity			1,500				15500	605
Insurance			943				943	940
Cleaning			133				133	1303
			20,576				20476	21,195
Office Costs:-
Synod Employment	Costs		120,800				120,800	119,681
Car 4t Travel Expenses			2,880				2,880	3,333
Miscellaneous			2,194				2,194	1,015
Depreciation			3,838			205	4,043	4,403
Loss on Disposal ofFixed Assets			467				467	460
Telephone			5,184				5,184	4,544
Stationery and Publications			1,681				1,681	1,750
Postage			671				671	550
Photocopier-Lease	and Meter		641				641	726
Equipment and Consumable		Costs	10,001				10,001	13,857
IT and Website			4,190				4,190	4,010
Catering			201				201	161
			152,748			205	152,953	154,490
Total Indirect Costs			173424			205	173,529	175,685
			Total	Ministry	dc	Tfalllmg	Property	Governance
				Mission
Total Indirect Costs			173,324	36,398		57,197	62,397	17,332
%ofDirect Costs			100%	12%		24%	60%	4%

					Institutions	Institutions	Individuals	Individuals
					Number	Amount	Number	Amount
	Ministry and Mission:
	Other mission projects				3	6,210
	Ecumenical situations				3	2,800
	Local Church Missions				25	303,628
	Youth dt Children's		Work		5	59,500
	Welfare Grants						2	920
					36	372,138	2	920
	Training:
	Ministers 4 lay	preachers					20	12,290
	Students						2	500
							22	12,790
	Property:
	Local Churches				74	586,446
	Menses				30	118,590
					104	705,036
	Total Grants Charged				140	1,077,174	24	13,710
5	EMPLOYMENT EMOLUMENTS
						31.12.21		31.12.20
	Wages dt salaries					247,157		268,882
	Employers national	insurance				28,573		25,961
	Pension costs					81,607		66,154
						357,337		360,997
	The average number	of	employees	during the year was as follows:
	Ministry ds Mission
	Trannng
	Property
	Administration

The following honoranum,	The following honoranum,	The following honoranum,	The following honoranum,	The following honoranum,	which is included	which is included		in Trustees Expenses,	in Trustees Expenses,	was	paid to a trustee	during	during	the year,	in
accordance with	the		governing document			and		approved by the Chanty Commission-
											31.12.21					31,1220
																f,
MrIDenison (Synod Treasurer)
Dunng the year	five		trustees		(2020, one)	were		reimbursed out ofpocket			expenses mainly	for telephone costs and travellmg
totalhng 5240(2020.8361) Two tmstees						(2020:two) were			also paid atotal of5269(2020:6995)relating						totheir
positions as stipendiary				ministers, comprising				training grants and reimbursement ofministerial					expenses.
GAINS/(LOSSES)		ON INVKSTMKNTS
											31.12.21					31.12.20
																8
Realised gains/(losses) on investments sold Less: Gains/(losses) previously recognised in							Synod accounts				65,132a					(1,714,272)
Net gains/(losses)	m	year on			investments	sold					26,712					(2,576,324)
Unrealised gains/(losses)				on	investments	for the year					2,8$2,278
Net gains/(losses)	on		Investments for the			Year										(1.632.999)
MOVEMENT IN FUNDS
								Balance	Income		Expenditure	Transfers			Gains/(losses)	Balance
Fund:-								01.01 21 f	f		f	between		Funds in Investments f		31.12.21
General Purposes					Unrestricted			10,002,610	6,145,727		(5,797358)		1,070,189		1,687,463	13,108,731
					Endowment			436238							51,111	487/49
Manse					Designated			10,760,133	1,206,169		(758,836)				1,124,225	12831,691
Al&istonMissionProject					Designated			170,538								I70438
Synod Mission Fund					Designated			2,024,444			(929,811)	(1,070,189)				24,444
Fund held for Umting					Designated			131,110								131,110
Church Building					Restricted			94		228	(156)					166
					Endowment			11,272							(672)	10,600
Welfare					Restricted			31,526	1,376		(920)				3,481	35,463
					Endowment			3,019							(180)	2.839
Retired Ministers'					Restncted			122/47	197,546		(8,077)				(138)	311,578
Housing					Endowment			177,000								177,000
Milton Hall					Restricted			101,542	7,041		(1,330)				7,579	114JI32
					Endowment			242,688							13,703	256391
Woolwich					Restricted			185,616	4,912						22,419	212,947
							24400077		7362,999		(7496388				2,908.991	27875,679

		Fixtures,
	Property	Equipment	Totals
			8
COST
At I January 2021	387,496	25,206	412,702
Additions in year		4,306	4,306
Disposals in year	(88,000)	(1,845)	(89,845)
At 31December 2021	299,496	27,667	327,163
3,376,355
DEPRECIATION
At I January 2021		20,275	20,275
Charge for period		4,043	4,043
Eliminated for disposals		(1,378)	(1478)
At 31December 2021		22,940	22,940
NET BOOK VALUE
At 31December 2021	299,496	4,727	304,223
At 31December 2020	387,496	4,931	392,427

			UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	RESTRICTED FUNDS	RESTRICTED FUNDS
			Fixed Interest	UK	Fixed Interest	UK	TOTALS
			Securities	Equities Fund	Securities	Equities Fund
				6
As at I January 2021			3,450,295	18,144,612	143,534	315,757	22,054,198
Purchases			510,000				510,000
Sales				(663,288)			(663,288)
Net gains/(losses)	fair value		(197,957)	3,034,044	8,567)	54,758	2,882,278
			3,762,338	20,515,368	134,967	370,515	24,783,188
Cash held for Investment			645,094				645,094
Fair Value at 31	December	2021	4,407,432	20,515vI68	134,967	370,515	W428,282
Cost at 31December 2021			3,164,828	16,478,106	130,080	297,435	20,070,449

										31.12.21			31.12.20
Loans to Local Churches										102,370			173,302
Loan to Wmld Church Partner													200,000
Less Provision made for	non-recoverability
Less Amounts Written Off													(309,252)
										102,370
Loans made to local churches		and ministers	are normally		repayable	between		three and five years		and interest is
charged at 5%per annum	on	the outstanding	balance.
12 DEBTORS
										31.12.21			31.12.20
										8
Sundry debtors										F			52,659
13CREDITORS: AMOUNTS		FALLING DUE WITHIN			ONE YEAR
										31.12.21			31.12.20
										8			f.
Other creditors										67,854			124,540
Grants not drawn										2492,781
14 CREDITORS: AMOUNTS		FALLING DUE OUTSIDE ONE YEAR
										31.12.21			31.12.20
													f
Contribution to Ministers'	Pension Fund									2,786,607
15 DISPOSITION OFFUNDS		ASAT 31December		2021
Fund:-			Tangible		Investments				Social	Debtors/	Cash	th
		Fixed Assets f				f			Investments f	Creditors 6	Deposits 6		TOTALS
Geaeral Purposes		Unrestricted	229,422			13,720,915			102,370	(4,320,331)	3,376,355		13,108,731
		Endowment				487,349							487,349
Masse		Designated	74,721			9,645,414				(22,896)	2,634,452		12,331,69i
Alfriston Mission Project		Designated									170,538		170,538
Syaod Mission Fund		Desigaated				1,069,122				(1,069,122)	24,444		24,444
Fund held for Uniting
Churches		Desigoated									131,110		131,110
Church Building		Restricted										166	166
		Endowltlerlt				10,600							10,600
Welfare		Restricted				30,489					4,974		35,463
		Endowment					2,839						2,839
Retired Ministers'		Restricted					2,184				309,394		311,578
Housing		Eadowment									177,000		177,000
Milton Hall		Restricted		80		51,278					63,474		114,832
		Endowment				256,391							256,391
Woolwich		Restricted				151701					61246		212947
						'2;42	.282		102370	54123 91	.53,153		27,375,679

			2020
		Unrestricted	Funds
		General Purposes	Designated	Restricted	Total
		Funds	Funds	Funds	Funds
					g
INCOME AND ENDOWMENTS:
Income from Investments		264,160	262,664	10,933	537,757
Income from charitable	activities
Donations and Legacies		128,496	12,500	791	141,787
Other Income			45		45
Total operating income		392,656	275,209	11,724	679,589
Income on sale ofproperties		116,000	3,332,000		3,448,000
Profit/(Loss) on sale ofproperties		101,000			101,000
Total Income nnd Endowments		609,656	3,607409	11,724	4428,589
EXPENDITURE
Expenditure on Charitable	Activities	563,110	1,279,237	42,515	1,8843162
Total operating expenditure		563,110	1,279,237	42,515	1,884,862
Payment to Inter-Synod
Resource Sharing		25,000			25,000
Purchase ofMenses			670,000		670,000
Total Expenditure		588,110	1,949,237	42,515	2,5793162
Net Expenditure on		(170,454)	(1,004,028)	(30,791)	(1,205,273)
Operating Account
Net Income/(Expenditure)		21,546	1,657,972	~30,	91
Transfers between Funds		999,998	(999,998)
Other Recognised Gains/(Losses)
Net (Losses)/Gains on Investments		(966,156)	(639,427)	(27,416)	(1,632,999)
Net movement in funds		55488	18,547	(58,207)	15,728
Total funds brought forward		10,383,460	13,067,678	933,211	24,384,349
Total funds carried forward		10,438,848	13,086,225	875,004	24,400,077