REGISTERED COMPANY f4UMBER: I529484 (England and Wales} REGISTERED CHARITY NUMBER: 282270 Re ort of the Trustees and Finan¢i41 StatetNe¥Lt5 For The Year Ended 31 December 2023 The United Reformed Church Trust Limiied Limited b Guarantee Southern an
The United Reformed Chureh Southern Svnod Acom LiEntted b Guarantee Trust Limited Content$ of the Financial Statements for the Year Endtd 31 December 2023 Page Report of the Trustees Ito6 Rep)rt of the Independent Auditors 7t09 Statement of Financial Activities 10 Balance Sheet 11 to 12 Statement of Cath Flows 13 Notes to the Financial staMents 14to27
The United Reformed Church Southern S nod Acom arr Limited b Glldrantee Trust Limited Re ort of the Trustees for the Year Ended 31 December 2023 The trustees who are also directors of the charity tor the purposes of ihe Companies Act 2006, present their report with the rinan¢ial statetnents of the charity ft>r the year ended 31 December 2023. The trustees have adopt¢d the provisions of the Siatement of Recommended Practice (SORPI 'Ac¢ounting and Reporting by Charities, effetliv¢ January 2015. REFERENCE AND ADMINISTRATIVE DETAIiS Registered Company number 1529484 (England and Wale5) Registered Charity number 282270 Regi$trred offiee Synod Office East Croydon URC Addis¢ombe Grove Croydon CRO 5LP Tru5tee$ Miss L Austin Revd B Banks Mr J Denison Revd B Fidder Revd R Fllrley-smith Mr A Kirby (Chairperson) Mrs H Miles Mr D Walters Cornpany Seeretary Mrs C Kingdom Auditors Thomton Springer LLP Chart¢red Accountants Statutory Auditor 07 Westow Street London United Kingdom SE20 3RW al Representatives Veal¢ Wasbrough Vizards LLP Second Floor. 3 Brindleypla Birniingham BI 2JB Ballkers CAF Bank 25 Kings Hill Avenue, Kings Hill West Malling, Kent ME20 4JQ Page I
The Ullited Reformed Church SoutherD S nod Acom Limited b Guarantee Trust Lirnited Re ort of the Trustees for the Year Ended 31 December 2023 PRINCIPAL AcfiviTY & PUBLIC BENEFIT The TTUSt is a ¢ompany limited by guarantee in¢oTporated on 21 November 1980 and is a r¢gistered charity number 282270. On 24 Noyember 2010 the trustees agreed to Ch?ge the name of the Trust from The United Refornied Church (Southern Province) Trusi LiMid to The United Refomied Church (Southern Synod) Trust Limited. This was Certified by Cotnyanies House on 8 Dec¢mr 2010. Its object is to advance the Christian religion in accordance with the docthne, principles and usages of the United Reforn)ed Church. particularty in the South of England, for the benefIt of the public. The trust¢e5 have ¥iv¢n due consideration to at]d follow the Charity Commis5ion'5 published guidan¢¢ on the Public Benefit requirements. It has achieved this by continuing to act a5 Co]porate Trustee and Agent for the South¢m Synod of The Unit¢d Reformed Church by holding propertie5 and assets and handling incotne and expenditure. The Synod was Set up as part of the fomjaiion of the United Refornied Church by the United Refomied Acts 1972 and 1981.The Southem Synod is the representative of the local churches within Southern SJnod united for the putpose of dealing with matters of wider concem. One of its main fiCtionS is to take action condu¢iv¢ to the propagation of the Gospel at home 8nd abroad, the welfar¢ of tht United Refom¢d Church, the interests of the Church of Christ as a whole, and the well-being of the community in which the Church is based. At the quarterly trustees, meetings. the trustees agree a broad strategy and areas of activity fr>r the Trust, including onsideratioN of any major grdnt-making. They ensure all activity SUPPOTts rnission and encourag¢ ¢hurch extension and the establishment of new causes. The day to day administration of grants the processin¥ of applications prior to consideration by the relevant sub- committee are delegated to the Trust stsff. The Synod Officers have the dele. at¢d authority to make decisions on gydnts and loans if it is noi possible to wait for the next Su1coMIn]tt¢e meeting. During 2023 there were 4 Synod Officers,. th¢ Moderator, the Synod Cl¢rk, the Synod Council Convenor and the Synod Treasurer. New tSteeS are sel¢¢ted from within the Synod. They are either Mini5ter5 of Religion or people who have othcrwi5e been Involv in the life of the Synod. Induction procedures and training are tailored to the previous experience and knowledge of the new trustee5. As necessary, both new and existing trustees are reminded of their responsibilities end issued with a opy of th¢ Charity Commission's guide "The Essential Trustee- What you need to know" Training sessions for all twstees are also arranged where ntteary. The Tryst also a¢ts as Corporate Trustee for mo* of the Local United Refornied Churches by holding various properties and investments on their behalf. STRUCTURQ GOVERNANCE AND MANAGEMENT Governlng Document The charity is controlled by its goveming do¢um¢nL a deed of trusL and constiNtes a limited company, limited by guarantee, as defined by the Companies Act 2006. Rk Mmnagemertt The trnslees are working on a revised risk matrix. including details of the systems and procedures to manage tILose risks. They have appointed a Small group, of their number, to manage thi5 process and a revised strategy document should be available for review and approval by the Trustees during 2024. Page 2
The Unlted Reformcd Chureh Southern S nod Acom Limited bv Guarantee Trust Lirnited Re ort of the Trustees for the Year Ended 31 DeceMber 2023 OPJEcfivES AND ACTIVITIES The obje¢ts of the Trust and the Synod are to help and support local ¢hurches in their mission. The mission crit¢ria used are th¢ Synod.. is committed to looking for new opportunities for being the church in the geographical area of the Synod is commitEed to supporting and resourcing the local churche5 to be faithfvl followers of Jesus Christ is tommitted to caring pastordlly for its local churches, ministers and staff is committed to supporting and resourcing local chur¢hes to provide relevant, inspiring and engaging worship is committed to being aware of the economic, political and social context of life in South¢m England and will se¢k to help loc21 churches address the implications of thes¢ issues for their life and work Is committed to the proper care and administration of its resour¢es through its personnel, finances and buildings 7. is committed to the wider of church of God through the Unit¢d R¢forn)ed Church nationally, ecutnenical relationships and the world church is ctsrnmitted to addressing i5su¢s of justice, pea¢e and the environment is COEntnitted to regularly reviewing its life and mission in light of the above ¢riteria always seeking the prompting and guidance of the Holy Spirit The objectives for the year are 5hap¢d by these strategic al$ alld the Synod looks io achieve them through partnership with other Christian institutions, local councils and central government for the benefit of the public. The TnLSt ¢8n make capital grants to local churches in order to help them make their building5 welcoming and safe for members of the public and to equip them better to fvlfjl their objectives. This ¢an include support for extending and improving buildirw to include more community facilities. In 202J, Ihirry grants were made. There are also grants available to supwn mission projects and the employrnent of youth workers. The budget for 2023 includes £750,000 lor each panel. The Trust also makes grants to various church or¥dnisations which operate within our area. We also support mission work abroad. Since 2009 the principal decision making body i5 Synod Together which me¢t5 biannually, usually in March and October. The Synod operated through 5 Synod Area5- London, East Keni West Kent and East Sussex, Surrey and Sussex, and Centrdl Sussex United Area. Synod Areas Thornially meet 2 or 3 tirnes each year, to deal with pastoral matt¢rs and provide advice to the Synod on propety and financ¢ matters. The Trust employs 5 finance. property and support staff, irt the S)nod Office. four of whoTn are fvll time. There are now fiuther 3 field staff. Training and DevelopTnent Officer. Mission Development Officer and Children and Yollth Development Officer. We also meet 500/0 of the costs of a safeguarding otTicer employed by a neighboring synod, who sp¢nds half of her iirne working with Southern Synod. ACHIEVEMENTS AND PERFORMANCE By the nature of ihe Trnst's aims it is difficult to have quantitative measures of perfomiance and achievelnenl. though we are ¢ollfident that by 5UPPOrting local ¢hurches in their mission aim$, we are providing a publi¢ b¢nefit. Page 3
The United Reformed Church Southern S nod Acom anv Limited b Guarxntte Tru t Limited R¢ rt ofthe Trustees for the Year Ended 31 December 2023 During 2023 the Trust was able to sell one property relating to ¢losed church buildings which contribuied £103K to our income figure. The Trust gave grants of £1.266m to improve 30 church buildings and of £5JOK to 27 churches to improve th¢ manse accomM(at10n for their ministers. Over £542K was granted from the general and desi1a1ed Fwids to churche5 and other organisations to support their mission work. A new line of support 15 helping churches in their online worship. The Trust agreed to continue to contribute to Inter SyniKI Resource Sharing with £50,000 being paid in 2023. Churches within lh¢ Synod also contrbuted substantial amounts towards the United Reft)rnied Church's Ministy and Mission Fund. FINANCIAL REVIEW Re*rve$ Policy The Balance sheet on Page 10 indicate5 the amount in the Unre5tri¢ted Fund as at 31 December 2023 was £18.048 m. When thi5 is adjusted for Endowmeni Funds. Fixed Asseis and programme related investments it is Caleulated that the unrestri¢ted nd Sets readily available amount to £16.863m. Although this amounts to more than 10 years of normal expenditure it is recolsed that this h05 accumulated mainly from the disposal of redundant church buildings and that this income will not continue long t¢m. The Synod Trust does not rais¢ fvnds and investmeTrt income does not cover the costs of running the SyTtod Trust's nonnal activities. The Unrestricted General Funds are dependent on the uncertain income arising frotn the disposal of redundant church property to tn¢et the shortfall and cany out all other mission work and support to member church¢s. From time to time the Trust h&$ to invest in new property for programme related activities and this requires an above av¢rag¢ amount to be kept in reserve. The tnlee5. aciing on advice of the Finance Cortm)ittee have agreed to make rnOTe money available for mission in the Southern Synod based on a 10 year rolling budgeL This will InCree the annual ¢xkxnditure and gradually reduce the historic reserves without putting ihe financial stsbility of the Trust in jetspardy.over £1.9m was awarded in grants and loans to local churche5 in 2023 within this h¢Me. InvestrneDt policy and obJe¢tlV¢5 Th¢ Trust invesnnents are held in the Common Investment Funds run by independent professional investment managers. These invesknents aim to balance growth and income m[mi2]ng total return, whi15t meeting the Ethical Criteria agreed by the United Refornied Church. The Trust funds Can be invested up to 85 /• in equities with a minimum of 15•/0 in fixed interest funds. These rntios were reviewed in 2018 to ensure they are still appropriate to meet the Synod's cash flow requirements. The new ratios agreed were 60-80C/o in equitie& 10-30Q/o in Fixed inieresi and 0-200/0 in Propety Funds. Page 4
The United Reformed Church southern S nod Acom
nv Limited b Guarxntte
Trust Limited ort ol the Trustees ror the Year Ended 31 December 2023 FUTURE DEVELOPMENTS The Trust will continue its work in support of Ial churches within the Synod to develop 4nd extend their mission. Vuring 21Y21 the I rust continueij discussions with the Uniteo Ketormed Lhurch regarding a solution io provide tinancial support to the Ministen Pension Fund which is in defieit. Due to the structure of the national church and ministerial appointments there is no legal obligation for the Trust but all of the re¥ional and Datiollal bodies have been approached and there is wide acceptan¢e that there is a moral obligation at the synod lev¢1 and that such support does fall within the charitable purposes of the Trust. The Trust, together with the other twelve synods, agreed to make contributions to clear the deficit by 2030 with our commitment being £5m in the period 2021 to 2024. In view of the healthy cash position of the Trust li made the first payment of £2.000,000 in December 2021 and the second of £1,500,000 in NoveTnber 2022. A review will take place in 2025 t(Tr &s¢¢rtain whether further funds will be required. Due to the Strength of the reserves of the Trust we do not anticipate any detrimental effect to th¢ core financial Position of the Trust due to the Trust's participation in clearing the deficit. The Trust will ¢ontittue to participate in these national discussions as required. The Trust continues to monitor and review the position to ensure that any such final commitment is affordable and does not put the fitwicial stsbility of the Trust at risk. FUNDS HELD AS CUSTODIAN FOR OTHERS The trust holds deposits and investments on behalf of local churches. As at 31 tk¢ember 2023 these amounted to bank deposits of £3,206,141 (2022.. £1.809.393) and investments of £2,176.82J (2022.. £2,877,235). Such investments ar¢ held in 5¢parate accounts and managed by an irtdependent investment manager. TRUSTEES The Trustees during th¢ year under review were". Miss L Austin Revd B Banks Mr J Denison Revd B Fidder Revd R Furley-smith Mr A Kirby Mrs H Miles Revd K Plumpton (resigned 31 May 2023) Mr D Walters Page 5
The United Reformed Chureh Southern Svnod Aco nv Limiied b Guaraniee Trust Limited ort of the Trustees for the Year Ended 31 De£embtr 2023 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the dir¢¢tors of The United R¢formed Church (Southern Synod} Trust Limited (A Company Limited by Guarantee) for the purposes of company law) ar¢ responsible for preparing the Report of the TTUStees and th¢ finall¢ial staremenis in aecordance with applicable law and United Kin&Tdom Accounting Standard5 (United Kingdom Generally Accepted A¢counting Practie¢}. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of ihe charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable ¢ompany for that period. In preparing those financial statements. the trustees are required to: seleet suitable accounting poli¢i¢s and then apply them consistently- observe the methods and prlnciples in the Charity SORP- make judgements and estirnates that are reasonable and pruden¢. prepare the financial ststements on the going concern b8sis unless it is inappropriate to presume ihat the eompany will continue in business. The tru51ees are resp)nsible for keeping proper accounting rtcords which disclose with r¢a50nabl¢ accuwy at any time the fjnancial position of the Charitable company and to enable them to engure that the fillancial statements comply with the Companies Act 2(M)6. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomiion of which the charitsble company's auditors are unaware., and the trustees have taken all step5 that they ought to hav¢ taken to make themselves aware of any r¢l¢vant audit iDfomiion and to establish thai the audilors are aware of that in(orTnation. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDJTORS So far as the trustees are aware, there is no relevant inforniation defined by Section 418 of the Companie5 Act 2006) of which ihe ¢haritable company's auditor5 are unaware, and ea¢h trustee taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit infornialion and to establith that the ¢hariiable ¢ompany's auditors a aware of that information. AUDITOILS The auditors. Thomtom Springer LLP, will be proposed for re-appointtnenl al the forthcoming Annual General Meeting. This report has been prepared in accordance with th¢ spxial provisions of Part 15 of the Companies Act 2006 relating to STnall companies. ON BEHALFOF THE BOARD.. J Denison - Tnjstee Date.. Page 6
Re ort of tht Inde endent Auditors to the Member5 of The United R¢formed Church Southern od Trust Limiied Opinion We haye audited the fInancial sratements of The United Refornied Church Isollthem Synod) Trust Limited (the charitable ¢ompany') for the year ended 31 De¢ember 2023 which comprise the Staternent of Financial Activities. the Balance Sheet and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their pr¢parntion is applicable law and United Kingdom Accounting Standards (United Krngdom Generally Accepted Accounting Practice). In our opinion the financial strdtements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming rttources and application of resources, including its result, for the year then ended., have been properly prepared in accordance with United Kingdom Generdlly Accepied A¢counting Practice. And have beeTt prepared in accordance with the requireentS of the Companies Act 2006. B85is for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor5. responsibilities for the audit of the financial statements Section of our Teport. We are independent of the charitable cotnpany in accordance with the ethical requirements th are relevant to our audit of the financial stat¢m¢nts in the UK llicludrng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appiDPliate to provide a basis for our opinion. CoDclusions relating to going eoncern In auditing the fInan¢ial statements, we have concluded that the trustee5' us¢ of the going concern b&5is of accounting in the preparaiion of the financial SeMentS is appropriate. Based on the work we have perfom¢(L we have not identifjed any material un¢¢rtainties relating to events or conditions tha4 individually or collectively. may csst significant doubt on the charitable company's abiliry to continue as a going concem for a period of at least twelve months from whert the financial sta*ments are authorised for issue. Our responsibilities and th¢ responsibilities of the trjstees with respect to going concern are de%ribed in the relevant sections of this report. Other information The trustees are rEsponsible for the other inforniation. The other infom)ation comprises the information in¢luded in the Annual Repo¢ other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the fInancial statetn¢nts does not covtr the other infomation and. except to the extent otherwise explicitly stated in our reporL we do not express any fom] of assurance conclusion thereon. In connection with our audit of the fmancial statement4 our responsibility is to read the oiher infomiation and, in doing so, consider whether the other infomation is materially inconsistent wilh the financial statements or our knowledge obiained in the audil or otherwise appears to be materially misstated. If we identify such material lljconsistencies or apparent material misstatements, w¢ are required to d¢leTmine whether this gives rise to a material mi55tatement in the rinancial statements themselves. If. based on th¢ work we have perforniel 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. Opinions on other matter5 prescribed by tbe CornpaDies Act 2006 In our opinion, based on the work undertak¢n in the course of the audit.. the infomation given in the Report of th¢ Trustees for th¢ financial year for which the financial statements are prepared is consistent with the fll)att¢ial slatemenis. and the Report of the Trustees has been prepared in ae¢ordance with applicable legal requirements. Page 7
Re ort ofthe Inde endent Auditors to the meberS of The United Reformed Church Souihern Trust Lirnited Mktters on whleh we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environm¢nt obtained in the Course of the audiL we have not identified Mer¢al misstatements in the Report of the TTUStees. We have nothing io report in respect of the following matters where the Companie5 Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns. or ¢rtain disclosures of trustees. remuneration specified by law are not made. or we have not received all ihe infomiation and explanations we require for our audit. or the trustees weTr not entitled to take advantage of the small companie5 exemption from the requirement to prepare a Strategic Report or in preparing th¢ Report of the Trustees. Responsibilltle$ of trustees As explained More fully in the Statement of Trustees, Responsibilities, the trnstees (who are also the directors of the charitable company for the pllrposes of company law) are responsible for the preparation of the fancial statements and for being sat15fied that they giv¢ a true and fair Yiew, and for such intemal control as the trustees det¢rmin¢ is necessary to enable the preparation of financial siatements that are free frorn material misstatelnent, whether due to fraud or eOr. In preparing the financial statements, the mistees are responsible for assessing the charitable company's ability to ontinue a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alt¢Tnative but to do so. Our responsibilities for the audit of the flnam¢ial ststements Our obj¢ctives are to obtain reasonable &ssuranc¢ about whether the financial Statements as a whole are free from material misstaiement. whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bui is not a guarantee that an audit conducted in accordanc¢ with ISAS (UK) will always detect a material misstatement when li exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reawn2bty be expected to influence the economic decisions of users taken on the b&sis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is derailed below: Irregularities, including fraud. are instan¢es of non-compliance with laws and regulations. We design procedures in line with our responsibilitie5, Outlined aFK)ve, to deted material mi5ststements in respect of iegUlaritieS, it]cluding fraud. The extent to which our prwedures are capable of detecting irregularities, including fraud, is derailed below. Based on our understanding of the charity and the indusiry in which il operates, we identified that the principal ri$k5 of non-compliance with relevant laws and regulations. Non40mpliance with these laws and retsulaiions might have a rnaterial effect on th¢ fmancial statements. We evaluated management's illcentives and oplxirtunity for fraudulent manipulation of the financial staiement {including the risk of override of controls) and detemiined that the principal risks were posting of unusual journal entries outside the nomial course of business and revenue recognition journal entries to rnanipulate the charity's perforniance rneasures and obJIlY¢S. Audit predureS perfortn¢d included: review of the financial statements and disclosures to underlying SUPEM)rting docurnentation. review of compliance with the laws and regulauons, enquirie5 Wlth managemenL iesiing of jollmals and evaluating whether th¢re was evidence ol bias by the trustees represented a risk of material misstat¢m¢nt due to fraud. Page 8
ort of the Inde elldent Auditor5 to the Members of The Uniitd Reformed Church Southern Trust Limited Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To addres5 this risk, we obtained an understanding of th¢ ¢harity's revenue recO[tIOn wlicies and compared these to the aecounting standard, record5, processes and reports r¢venue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sampl¢ basis, revenue related balances in the balance sheei. There are inherent limitations in the audit procedures described above and the further removed non-eompliance with laws and reglllations is from events and transactions reflected in the financial staiemenis, the less likely we would become aware of it. Also, the risk of not detecting a maierial misstatemeni due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for ¢xaTnpl¢, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilitie5 for the audit of the fman¢ial stotem¢nts is located on the Financial R¢porting Council's website at www.frc.org.uklauditorsresponsibilities. This d¢5cription forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Aci 2006. (r audit work has been undertaken so that we might state to the charitable company's members those matters we are required to State to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ihe charitable wmpany's members as a body, for our audit work. for thi5 repor¢ or for th¢ opinions we have fornied. Zahid Saleem FCCA ACA MBA (Senior Starutory Auditor) (or and on behalf of Thornton Springer LLP Chartered Accountants Statutory Auditor 67 Westow StreeL London, SE19 3RW Unit¢d Kng om Date.. Page 9
Th I nited orffled C hurth Soul C-o Jlnv l.srniled bv Gyarint¢o Tr Svj Trust itwre 4rcownt r Eftdtd JI DEC 31.12.17 Tolal 31.12.22 Total Funds GetrAI PurpDse5 FuDds Desigttaied Fd5 Resirfrted Furtdy Notss INCOME AND ENDOWMENTS: lllcomt frnm 674.231 438,696 40J20 I,153A67 1.136.795 Inoome fro1 ¢hArilable Hctlwllks t%)nat1¢Y artd Le8acie5 Other Incfflne 30,2 387_018 4,558 34J22 J87,•l8 20.402 86.979 28 Tothi operating lleornt 1.091533 438.096 4578 1.575J07 1344236 lTrcome on sak of prorKrties ProfiV(Los51 OD sale of propcrtics Totsl J•tomt Elldowrnenrs 103.750 72,620 1.015.0 1.718.Y50 72ffj20 10.U25.(QO I267.903 2J1$3h96 45.Ill8 3J66.677 11269.236 IXPENDITLRE eK[¢J11ur¢ on Charitsbk A¢iivili¢5 2b TotAI operntint eAPtnditu 2,723228 2,725,228 674.5 20,477 20,477 3A20309 3020209 2,344,364 2,344,364 2b 674,504 PaymEnl lo InteTrSyn Re50llrce Sharing Conthbuiion io the Mirtst¢ P¢n5iDn Fund 50,000 35.(X)O Discouniirt8 adjusttneni for[8 T¢rniCredi¢or 64.281 64.Z81 È3.598 Purchase of Mans 752.500 752.500 1.235,Q Tfjtal EXPE01¢Ure 2J39J09 1,427J04 21A77 4286.99• 3,697,962 Nel ExptDdltllre 2b 1th31695 2(601 II¥V02} Ntt [t0[A¢1(ExpETrdiNftj 11.571.61J6 626th92 I41 1920J13 7.571.274 Traoyfers betw0e Otbtt R¢¢ognised ClW{LosseS N¢t{LlIGln5 on lTrveslmentg 822236 295,164 21,4(N) 1.138,80D {4.049.5871 Yet rnoverneAt in hnd& (749J70} 9210S6 46,001 2I8A87 3,521,687 Totsl bTouÈhtfoTh¥gnl Tot1 e8rritd for**rd 18.797.999 11.027.093 1.072.274 30.897.366 27.375.679 18 11.948.949 31.115.8S3 30.897.366 All incom¢ and ¢xpendiwre d¢riv¢ from continuing a¢iiviti¢s. Th¢ fonn rArtoFihese financial $Wtr¢nt5 Pase 10
The Llnlted Reformed Church Soltthern S Actsth an Llmlied b Guaraniee B#lante Sheet At JI De¢ember 2 rust Limited 23 Unrestrltted Funds General Purpose5 Designlted Funds 31.12.23 Total Fund$ 31.12.22 Total Fllnds Re5trieted Fllnds Notes FIXED ASSETS Tangible a55ets Investment5 Social Investments 207.816 17.450.929 544.179 18.202.924 74.721 9.64J.521 282,S37 27541.606 544.179 28J68J22 302.063 26,378.563 95.816 26,776,442 10 447.156 9.718,242 447,156 CURRENT ASSETS Debtors.. amounts falling due within one year 12 Cash at bank and in hand 14,682 3.499.461 3,614,143 114,682 593,743 7118,425 76.171 7.055.6J5 7.lJl.806 2,420.368 2,420.368 673,914 673.914 CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS IILIABILITIES) 13.768.4381 1154.2951 1189.6611 2,2JO.707 12.795) 671.119 {3,960W41 2,747,531 1.640.6771 5,491.129 TOTAL ASSETS LESS CURRENT LIABILITIES 18,048.629 11,948,949 1,118,275 31,115,853 32,267.571 CREDITORS Amounis falling due outside one year (1,370,205} NET ASSETS 14 18,048,629 11,948,949 1,1 18275 31.115053 30.897,366 FUNDS General Purposes Designated Restri¢ted TOTAL FUNDS 1&048,629 11,948,949 I,11837S 31,1 15.853 18.797,999 11.027,1)93 1072,274 30.897.366 14 The notes form part of these financia] staterllents Page 11
The Uttited Reformed Church Southern S Acom Limited b Guararttce Balance Sheet- eontinued At 31 December 2023 Trust Limited The charitsble company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 Decemb¢r 2023 and the m¢Tnbers have noi deposited nolice, pursuant to Section 476 of the Companies Aci 2006 requiring an audit of these financial statements. These financial statements have b¢¢n audited under the reqU1ments of Section 144 of the Charilies Act 2011. The trustees acknowledge their responsibilities for la} ensuring that the charitable company keeps accouniing records that comply with Sections 386 and 387 of the Companies Aci 2006 and preparing financial slatemernts which give a and fair view of the stste of affairs of the charitable eompany as at the end of each financial year and of its surplus or deficit for ea¢h financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of th¢ Companies Act 2006 relating to financial statement5, 50 far as applicable to the ¢haritable company. (b) These financial Statements have b¢en prepared in accordance with the special provisions of Part 15 of the Comparties Act 2006 relating to small charitable companies and with the Financial Reporting Standard 102. The fancIal stateTnents were approved by the Board of Truste¢s on .. .. ....................... behalf by.. d were signed on its Ison Trustee
The Llnited Reformed Chureh Southern S nod Aco nv Limtied bv Guar&ntee Statement ofcash 0w5 l'ear Ended 31 Dt¢eENber 2023 Trust Limited Iyotes 21123 2022 C45h flow from operating aetivitie5: Ne¢ cash provided/used in opergtiNg aetiwities Cash nows from illvestlng activities.. Dividends and interest from investments puhaS¢ of fixed assets Proceeds from the sale of fixed assets Purchase of investmeots Issue of Piogramme Related Loans Repayment of Programme Related Loans Proceeds from the sale of investments Net tash provided bylused in investing getivitie5 11.127J91) 4,100,630 1,049J74 (3248) 91.980 {19JOI.442) (481.267) 32,9114 19377,198 665,499 996,930 {1,9951 230 15,885,49ll 6,554 885,624 13.998,1481 Chang¢ in ea$h ad cash equivalents in the r¢porting period (461.892} 10?482 Cash and cash equlvalent5 at the begiDlling of the reportlng period 7,055,635 6,953,153 Cash and ch ¢quiv8lents at the end of Iht rertIng perlod 6J93.743 7.055.635 Notes to the ststern¢nt of ¢8skn flows 461.892 (102.482) Recontili#tion of net incorNelexpeDditure to net Ca5b flow from operating activiti¢5 Net incom¢lexpenditure for the reporting period (4$ per th¢ statemellt of activities) 218.487 3,521,687 Adjustmtnts for: Depreciation charges (GainsyIos5es on tnvestments Dividends and interest from inv¢stmenlS $sl{profitl on the sale of fixed asseis Decrea5ellincrea5el in debt$ Increaselld¢creasel in creditors Net easb provided by operating •¢tivities 2,985 (1.138000) (1.049J74) (72,1911) 138311) 950,012 (1,127J91) 3,759 4.049,587 (996.930) 165 (40.421} 12.437,217} 4.100.630 Analysis of tash and cash equ5v#lents Cash at bank and in hand 6A93,743 7.055.6i5 The not¢s fomi part of these fJnan¢ial siatemellts Pag¢ 13
The United ReforTned Church Southern S ll¢)d Acom Limited bw Gu&r8nte¢ Trust Limited Notes to the Fiftancial Statements for the Ye8r Ended 31 Deeernber 2023 ACCOUNTING POLICIES GeTreral Information The United Refonned Church (Southern Synod) Trnst Limited is k charitable company, limited by guarantee and is registered in England and Wales. The charitable CoMpartS registered number and registered office address can be found on the CoEnpany Information page. Accounting convtntlon The charity constitutes a public benefit entiry as defined by FRS102. The financial Statements have been prepared under the historical cost convention, with th¢ exception of investments which are included at fair value. 2nd in accordance with the Financial Reporting Standard 102, the Charities Statement of Re¢onunended Practice (FRS102). the Comparties Act 2006 and the Charities Act 2011. The financial statements are presented in sterling which is ihe fvn¢tional cUencY of the charity and rounded to the nearest pound. Going concern basis The financial 8tst¢ments have been prepared on a going concern basis. The directors have considered budgets. ch flows and the impa¢t of subsequent events, including that of COVID19. Whi15t the economic shutdown in respon5¢ to COVID 19 5 had a significant impaet on the charity's operation5. the directors are satisfied that the charity has suffi¢ieni available resources, both in temis of cash and investments that can be converted to Cash, such that there ts no material uncertainty and the going concern basis of preparing the fman¢i#l statements continues to be appropriate. Fwnd$ ltteluded The rCial statements show the combined income, expendithre, assets and liabilities of the following fiLnds which are administered for the benefit of the United Refortned Church within the Southern Synod:_ General Purpose5 Fund Man% Fund Synod Mission Fund Alfriston Mission Proje¢t Funds held for uniting churches Church Buildings Fund Retired Ministers Housing Fthnd Welfare Fund Milton Hall Fund WcM)Iwich Fund Ftmds administered on behalf of local churches are not included. Deseriptioll and Use of Funds Rtrict¢d in¢ome ndS are fid5 whose use is restricted to specific purposes according to the teTms on which the fimds were received. Ettdowmeni fitnds are pernlent endowments which are required to be retaine& but the income from these funds can be used for the benefit of the charity, subjeci in certAin cases to specific restrictions contained in the original endowment. Page 14
The Unite(f Reforrned Church Southern S nod Acom Lirnited bv Guarantee Trust Limited Notes to the Finantial Siatement5 ror the Year Ended 31 December 2023 I ACCOUNTING POLICIES leontinued) Unrestricted income funds may be spent generally for furthering the Christian and charitable work of the United Refornied Church in th¢ Southem Syn(Kl. The main fund in this category is the General Purposes Fund. Certain funds have been allocated for Manses, although the Synod retsins authority to re-allocate such funds and 50 they are treated as Designated Funds within Unrestricted Income Fund5. There are also three other smaller designated ftmds arising frorrt the sale of r¢dundant church buildinos. The Generdl PUOseS Fund is the main fund of the charity and 15 an unrestricted fund. It is made up of boih General Purposes and Church Aid, the initial fid set up after the URC came inio force and General Purpose5 Fund coming from the apportionJnent scheme in resp¢¢t of the London Congregational Union. The Manse Fund is a Designated Fllnd which caTne into ing in 1990 by approval of the Synod. Th¢ Synod Missio Fund and Funds held for wilting churches have arisen from the sale of a church building in 2012 following an uniting of two existing churches. The united church can apply to the latter fvnd for a project to develop and further their mission whereas the Syn(xl Mission Fund is available to all churches within th¢ Synod for similar projecis. The Alfriston Mission PToject is a nd arising from the sale of a church hall in Alfriston which has been designated to develop in the mission activities and community facilities of the fomier Alfriston URC buildin Restricted Funds The Church Buildtng nd came from th¢ apponionment scheme in re5pe£t of the London Congregational Union. (LCU) its fid5 can only be used for the upkeep, repair, improvement extension, provision and erectioll of church buildings. The Retired Ministers Housing funds both have a house for a retired minister. They operdte in Kent and Su55eL The Welfare fund came from the LCU. Its pu4)ose is relievin& in cases of neel ministers, members of churches and retired ministers. The Milton Hall fund can be used for general purposes but only within the inner London Boroughs South of the River Thames. The Woolwich fvnd is for work in the London Borough of Greenwi¢h. Contribution to Pensi04 Funds The charity operates a defined benefit scheme, The Pensions Trust Defined Benefit Scheme. which is a multi employer scheme where the underlying 2S5ers and liabilitie5 are not separately identifiable. In accordaD¢¢ with the Financial Reporting Standards, it ts accounted for ls a defined contribution scheme. Conrributions are charged as ¢xp¢nditure as they become payable in accordance with the njles of the scheme. Income All incotnit]g resources are tncluded in the statement of financial activities when there is suffi¢ien¢ Certainty that the receipt of income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categorie5 of income.. Volunthry incorne is received by way of grants, dortation5 and gifts and is included in full in the Statement of financial athivi¢ie5 when receivable. Pa8¢ 15
The Reformed Church Southern S n¢)d Acom Limited bi GuaraTEtee Trust Limited Notes to the Financkal Statements for the Year Ended 31 Decernber 2023 I ACCOUNTING POLICIES (continued) Expellditure All expenditur¢ is ac¢ounted for on an a¢¢ruals basis and has been classifIed under headings that aggregate all costs related io the category. The Synod is not registered for VAT so all irr¢¢overable VAT is charged with th¢ related cost. All costs are treated by the finance committee as relating to the unrestricted fid UDles5 there is a specific require]nent on the individual fiJnd5. Individual Chur¢h Property. ineluding Pastoral Man5e$ These assets are noi shown in the financial 5tatem¢nts as they are not the exelusive property of th¢ Synod. Sal¢ proceeds from redundant properties or from part thereof are treated as unrestricted InMe for genernl funds and not shown until received. Non-pa5toral manses, which are used for Synod related activities are included in th¢ Balan¢e Sheet at ¢05L subject io an impairnient review and any deficits are accounted for in the Statement of Finan¢ial Adivities on properties marketed for sale. Jointly Owned Property Property owned with The URC Retired Ministers Housing &)¢iety Limited is held under the tern of an agreement with the Society whereby Ihe Charity receives no income frorn the property but coniributes towards th¢ ¢ost of maintetwice and repair of the property. The property is included in the Balance Sheet at cost. Custodian Trusteeship Assets held by the charity as custodian tnJ5tee are not shown in the fman¢ial statements. The details of those fLhn(ts are included the Trustees, annual report. Depreciation Depreciation is provided on all tangible fed assets, apart from property, at rates ¢al¢uiated to writ¢ off the cost on a Straight line basis over their esttmated useful economi¢ lives as follows-_ Fixtures, Fittings & Equipment- over fouT years Computer Equipment-over thre¢ years Motor Vehicles-over four years No amourtts under £100 are capitalised. The SteeS recognise that the cost of buildings used as fimctional assets have a finile life an& in the norn[ course of events, would be depreciated io their expected residual value. However, those properties that fall into this category are located irt an area of the county where that part of the cost that is attributable to land, which does not depreciate, is significantly higher than in other parts of th¢ country. Furthernore. the Charity has a policy of maintaining its properties to a high level, which extends the life of the assets beyond their nornial exPted lives. Taking these factors into account the trustee5 consider that any depreciation oll the buildings would consequently be immaterial and depreeiation is not therefore charged. Operating Leases Rentals paid under operating leases are ¢lwg¢d to the Statemeni of Financial A¢tivitse5 as incued. Page 16
The United Reformed Church Southern Svnod Acorn anv Limlted b Guarantee Trust Limited Notes to th¢ Financi81 Ststements for the Year Ellded JI December 2023 I ACCOUNTING POLICIES (Continued) GrgDt5 Grants payable to local churches. organisations and individuals 2re ¢harg¢d in the year of approval. The value of grants approv¢d, but Still to be paid is included in the balance sheet as a CUTTent liability. Investments Investments a stated ai fair value at the balance shttt date. The Statement of Financial Activities include5 the nei gains and losses arising on revaluations and disposals throughout the year. Support and Indirect Costs Support expenditure has been allocat¢d directly to the relevan¢ activity cost category. Indirect costs which in¢lude prernises and office costs have been allocated on the basis of ¢ach activity costs as a proportion of ihe total direct costs. shown in not¢ 3. Financial instrum¢Dts The charity only has financial assets and financial liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially TOgnISed at transaction value and subsequently measured ai their settlement value. Judgements and key Sources of estimation uncertainty In the application of the cotnpany's accounting policies, the trustees are required to make jud¥eTnents, e5tiTnates and assumptions about th¢ carying amount of assets and liabilities ihat are not readily apparent from other sources. The estimates and associated 4ssumpiions are based historical experience and other factors that are considered to be relevant. Actual resulis may differ from these estimates. In the opinion of the trustees, there are no special disclosures required in respeci of judgements and estimation uncertainty. Page 17
The I'niitd Ref(Frmrd Church struthL'r Svrtvd an%. l.imiied bi (iuargnt¢t l-rust I.imired Dte5 10 the FiJ¥anti¥l Stxtem¢nt5 for Iht I'c#r l.-ndtd 31 Decen1b¢r 2023 2 INCOMEAYD EXPENDITIIRE l Analy515 of Total Income Unr¢strict¢d Funds General PurFx)Ks Designated Funds Funds 31.1223 Total Futtds 31.12.22 Total Funds Restricted Ineomt from gtnerated fththds Rents Re£eiv&l Investment incomE-lisled investments 7,5110 488.239 178,512 674.251 96,593 298,3(A 43,739 438.696 In4,1)93 798,284 251,090 .153.467 139,865 949,942 46,988 1,136_795 28,839 40.520 Income from ¢haritable attivitks DonlOn$ and Legacies Donattons Legacies Denominational Grani Monics from cloga4 churchcs Quinqvennial contrib4jlion r¢¢eiv¢d 668 3.668 29.508 29J08 2.500 365 13,929 20,462 756 3.890 4.558 30,264 34,822 Other incom¢ Trrting course contribuiien$ Coniribution towards legal costs Grants awarded ne longer required 525 2,750 383.743 387,018 525 2,750 383.743 387.018 135 86.844 86.979 Total operating in£omt 1,091J33 43&6Y6 45078 IJ75J07 J.244.236 Incomeon se9F PToWi¢s f c105ed chu¥ches )f surplus manses 103,750 1Tr3,750 1,615,tKHI 1.718,750 9.225,00(k 800.000 10.025,000 1,615.000 1.615,000 103.750 ProtiUILossl on e oFfix¢d asset.. -Oth¢r prowy 72,620 72.620 72,620 72,620 Total income ,267.Y03 2,053,696 45,078 3 J66ffj77 11209.236 PaEe 18
The L'ttited Reformed Church Southern S nod Limired b Gusrnnteo Trust Limileil Notes to tbt Fln•m¢i•l Ststements for thè Yelr End¢d 31 December 2023 2 INCOME AND EXPENDITURE IcoTrtinuedl bl Analysis of Total Expenditsrt UnstrICted Funds CKneral Purwses Designated Restricted Funds Funds Funds 31.12.23 Tot21 Fund5 31.12.22 Total Fund5 Expenditur¢ on Chirit•ble Activities MiDistry & MissiOn:_ Mission Officer Ecumenical Otli¢¢r Grants Inote 41 Shad indirect costs Inoie 3) 44,156 1,486 781,410 56,778 883.830 44.1 1,486 782,779 56.778 W,199 50.163 1,206 207,529 24,741 283.639 1,309 1,369 Training of Ministers & Lay preacher5 Inote 41 Students (note 41 Trainin8 & Dcveloptnent Offir¢T Children's & Youth tkv¢lopment Officer Safeguarding OITi¢er Other training 105t5 Shared indirert W5t5 Inot¢ 31 17.139 ,250 5&145 55.809 28,372 7.739 12.420 180,874 17.139 1350 $8,145 55J09 28J72 7.739 12.420 J80174 29,054 750 36,518 52,897 25,767 7.WO 15,853 188.749 Property:" Church building grdnts Ino 41 Nlanse Grants (note 41 Manse ExAstS Quinqutnni21 Costs Expenses on Sale & Purchase of Proixty Other property C0515 Staff cost5 Shwed indirect Costs Inc 31 1.206.380 1366,380 530,1)59 38,226 20.801 46.105 3&467 .170.412 136.101 11.667 3,420 216,766 24,025 .234 133,872 1,786.497 530.059 38.226 3.740 37.563 17.061 8,542 38,467 94,783 97,587 1.505 759 97J87 2,132.408 609.588 17.061 Page 19
The l.'nited Reformcd Chur¢h Southern Acom Lilted b Guarantee Trust Limited Not to the Finxntl#l Staternents f r the Year EDd d 31 D¢eember 2023 2 INCOME AND EXPENDITURE {eontinuedl bl Analysls of Totsl Expenditure Unre5trictcd Fund5 General Purwscs Designated Funds Ftsnd5 31.12.23 Total Funds 31.12.22 Total Fund5 Restricted Funds Governan¢e-_ Synod Together Meeting5 CL)rnmitttts Honoraria SyniKI Tre&surer Synod OtTic£rs' pay and expenses Legal Costs Audit Fees Investment managemeni costs Shared indirect Costs (no 3) 2,810 2,127 1,000 16,648 4,391 18111 2.127 I,0 16,648 17,839 IiJso 159J09 10,646 221,729 1,546 1,000 2,266 58,724 10,660 13,448 105,794 10.646 li4.766 51,468 2.047 1,761 85.479 64.916 2,047 Total expenditure on ¢h4rit#bk aetiviti, 2,725328 674J04 20,477 3,420,209 2J44J64 Net expeRdlture OD operotkng 4eeouDt {1,633.695) (235,8081 24,601 {1&14.9021 11.IIKI.1281 Page 20
The UNlted Reformed Church Southern S nod Acom Limited b GuarAntee Trust Limited Not¢s to the Financial Statements for the Year Eftded 31 December 2023 3 INDIRECT COSTS Unrestrieted Funds General Purposes Designated Funds Funds 31.12.23 Total Funds 31.12.22 Total Funds Resthcted Funds Premises Cost5:. Synod rent & Hire of Rooms Repairs and Maintenance Synod Electricity Insurance Cleaning 18.870 366 1.500 ,206 943 ?9.885 18.870 366 1,SIMI &206 943 29,885 564 1.500 972 21.415 0ce C05ts:. Synod Employment Cosis Car & Trdvel Expenses Miscellaneous Depreciation L055 on Disposal of Fixed Assets Telephone Stationery and Publications Postag¢ Photocopier-t£ase and Meter EquTpment and Consumable Costs IT and Website Catering I l j.9?3 113,923 3,029 2,984 2,985 430 5,187 1,086 1.044 1.029 l OJ64 4J92 592 147.545 122.700 2,985 430 5.187 1,086 1,044 1.0?9 10,364 4.892 3.759 165 1.83? 9?? 786 8.007 4.i04 385 154,81? 147.545 Total Indirect Costs 177,430 177,430 176,2?7 Total Ministy & Mission Training Property Governanc¢ Total Indir1 Costs 177,430 56,778 12,420 97,587 10.646 /• of Direct Costs IOIP/o 32Vo 7/0 55/• 6/ Page21
The Ilnited RefDrffted Chureh Southern Svnod Acor Limited b Guarantee Trust Limited Notes to the Fin#nci#l Statements for the Year Ended 31 December 2023 4 GRANTS The following grdnts have be¢n charged in theTanCe of the Charitable objects during the year.'- Institutio Number Amount Individuals Nujnber Amount Ministy and Mission: Other mission projects Ecumenical sitrjations Local Church Missions Youth & Children's Work Welfare Grants 75,531 2,822 542,157 160,900 22 1,369 lJ69 36 781,410 TrdininE'. Ministers & lay preacher5 StLents 25 17.139 1,250 18J89 Property.. Local Churches Manse5 30 27 57 1.266J80 530,059 1,79fj439 Total Grants Charged 93 2,577049 33 19,758 5 EMPLOYMENT EMOLUMENTS 31.12.23 31.12.22 Wages & salaries Employers national insurance Pension costs 266,478 31,949 68,412 366,839 245,743 30.500 80.498 356,741 The average number of employees during the year was as follows: Ministy & Mission Training Property Administration No employee ¢¢iVed £60.(M)O per a1uM or more. All employee related costs are paid from unrestricted fvnds Page 22
I..11 Rt10& fhur¢h Sfjuthtr LimilEd bw Ciu¥ralel nod TIu5t Limittd Note5 to Ihe FiTrAneiMI 5t&t¢ments lor the Yc•r End¢d31 Ihttmber202J 6 TRUSTEES, REFlUNERATION AND BENEFITS Th¢ followin8honorarium, which Is InCled In Trusiees Expen525, Wa5 paid fo a IrusedurinB year, in 8Lcordance with the gov¢min8do¢umeniand approved by the Cry(omMiSSIOn- 31.12.23 Mrj DÈninI5yntyJTrUTer) I.cK)o i.mo Iwoo DuringtheyeaT five trwtees{7022.'sixlw¢Fe reimbursed outof [rfKkereXpen5 rn8inly forlepknne¢ostsand tra[11n8 totsllirtg£l.10912022". £768) No trustees12022". two) were a150 paid a to1 of £012022. £2,902) relaiins lotheir 51tions35 Stirthdiary mllllsiers, comprisin8 training nig and reimbury¢mpni Df rnini51eiiul ¢xpen5¢5. 7 GA1${LOssEsI ON IYVEST.MELYtS 31.1123 R¢a115ed Sam1055esl on investrnents sold Less." Gain&qltsw51 weviou51y reeo8nistd in Syn1 acewnts Nei gainslllossesl irt yt2r on invesimenlssold Unreali5ed 8ainslllosseslon inveStftMIs forthe ye Net gain(lOsSes) ort Investm¢ts forth¢ Yegr 970,D14 Il68.DlOI 801.fjIJ4 3J6.799 1,138803 ((4)9232} 13,332.544) 13.941.776) MOVEMEliT IN FUNDS Balance Inci)ft Expenditure Tr2nsfers GaIn(l(9SSeSI Balance twttN Fundsin InYe5Ements Jl.li.23 Fund.. 01.01.23 General PurFues Unrr5tricled Endowrneni 18,384.936 413.[3 IJ67.903 12,839.509} 801522 20,714 I7.6142 433,777 Designatcd 10.701,LNJI 2,053,696 11,427.004) 295.1&1 11.622 Alfriston Mi5510n Projeei DeEnatyJ 170538 I70J38 Symd Missi¢n Fur DeSial£d 24.444 Fund held foT Uniting DesIated Church Buildi8 Restrirttyj Endown¢ni 13.473 8.014 7913 Welfare 28293 2.146 1,562 11,503 1.542 14S 29094 2.101 Endowment Retired Minister5, Housing R¢5tricd Endowrt 316.710 177,WO 21.wl 1241 338J7S 177WfjO Milton Hall Re5tricied 117.0 210.140 10,283 4,423 6.321 13OA84 2l6461 WW1ch 199,408 6.830 {532) 9,284 214,990 iO.897.3 ).366.677 14 1¥6. 31.115153 P8se 23
The Ilnittd Reforrned Church Southern S nod Acorn Limited b GUAr#ter Trust LiTriited Notes to the FinanciaI Statements for the Year Ended 31 December 2023 9 TANGIBLE FIXED ASSETS FIxtre Property Equiprnent Tota15 COST At l January 2023 Additions in year Disp05a15 in year 299.496 28,159 3248 (2.715) 327,655 3.248 (22,015) {19,3) At 31 tk¢ember 2023 280,196 28,692 308,888 DEPRECIATION At l January 2023 Char(r¢ for period Eliminated for disposals 25,592 2,985 (2.226} 25.592 2.985 (2,226) At 31 December 2023 26.351 26JS1 NET BOOK VALUE At 31 December 2023 280,196 2,341 282,537 At 31 December 2022 299,496 2.567 302,063 10 FIXED ASSET LISTED INVESTMENTS UNRESTRICTED FLNDS Fixed Interest UK Securities RESTRicfED FUNDS Fixed Interest UK Equities Fund Securiiies Equities Fund TOTALS As at l January 2023 Purchases Sales N¢t gain[loS5es) fair value 5,225226 20,448,028 5269.980 13,690,107 (6,572,169) (11,480,161) 95,455 234.397 4.018,492 22,886,i71 189,58) 4,208,07S 102,041 87,416 (126,225) 1.289 64,521 322.682 26,097.977 253,939 19JOI,442 (202,960) (18J87,515) 5.657 336,798 379,)18 27 J48,702 192,904 379 J18 27,541,606 Cash held for Investment Fair Value at ) l Decernber 2023 22,886,371 67.842 Cost ai 31 December 2023 4,042,543 22,710,830 65.073 370,477 27,188,923 All investment funds are held in the UK. Page 24
Tho l Trited ReffrMed C-hLtrth oTruthcrn %vnod Tru%t LimÉte l.imilcd bF c9tee Notrs to tht FinA(la1 Stattments for iht Year Ended 31 Ik¢cThber ZQ23 11 SOCIAL INVESTMENrs 31.1223 31.12.22 Loans to Local ChUhr$ 544,179 95.816 Loans mad¢ to iocaj chur¢hes and ministsrg #re llonnally repayable knveen ihree 8nd five r5 and intertsi is ch4r8ed * 5% per annum on thtout5tsndingbalance. 12 DEBTORS 31.12.23 31.12.22 Sundry d¢bt(X5 114,682 76.171 13 CREDITORS: AMOUNTS FALLINC DUE WITH1 OliE YEAR 31.1123 31.12.23 Oihercrediio Contribuuon to Minist¢rs' Pension Fund fjrdllts not dram 657,460 IAJ4,486 lJ68.948 3.960.894 334J54 1.306.323 1.640. 77 14 CREDrroRS: AMOUNTS FALLITr4G DiIE OLTSIDE ONE YEAR 31.12.22 31.12.22 Contributionto Ministers. Pcnsion Fund 1.370205 1.370.205 15 DISPOSITION OF FLNDSAS AT31 Dee¢r•ber 2011 Fund.- TanBibl¢ Fixed Assets SocLg1 InvestTnenl$ tkbtorsl Cicdilot5 Cash & Dep05i15 TOTALS G¢n¢ral Purpos Unreslricled 207,816 End0t 17.017.152 433,777 544,179 13,65J.756} 3,499,461 17.614,S52 433,777 Designatrd 74.721 9.495.507 141,64D 2,lY)4276 11.622,857 Alhi5ton Mission PTh)ject Destgnat¢d 170.538 170,538 Synod Mis$ion Fund D¢si8nalcd 148,014 1148,014) 24,444 24,414 Fund held for Unitll ChurchES Deswied chIch BuiidiThB RestriCd Eodowment 11:795} 3,652 857 7,913 7.913 W¢lfar¢ Regtri¢ted Endowmeni 27.6Q9 1285 29,894 2,101 R¥iif¢4J Minisicrs, Housing R¢sknckd Endowmeni 1,628 336,947 177,(M)O 338,575 177.000 Milwn Hall RestriLTrd Endown¢nt 49,618 216,461 80,866 130,484 216,461 Wwlwich Rtriett0 141.8?6 27.541.606 7i.164 214.990 6J93.743 31.115.853 28? 537 544.179 Pttge
The United Reformed Church Southern Svnod Acom Limited b Gu#rantee Trust Limited Notes to the Fiftancial Statements for the Year Ended 31 Decernber 2023 16 PENSION SCHEME Up until 28 February 2023, the United Refomed Church (Southern Synod ) Trust contributed io The United Refornied Church Final Salary kheTne, a pension s¢h¢me principally for lay staff which is administered by TPT Retirement Solutions Trust (roner]Y The Pensions TNst). The scheme is a defined benefit scheme but the Trust is nable to identify its share of the underlying assets and liabilitie5 each member in the scheme pays a common contribution rdte. The most recent fornvdl actuarial review of the scheme was at 30 September 2022, when the scheme had a 5urplu$ of £1,446,000. Th¢ schetne was ¢lo5ed to future accrual on 28 February 2023. A new d¢fin¢d contribution schetne has a been set up and staff have been moved to this scherne. The total pension contributions made in the year were £68,412 (2022-£80.498) 17 COMMITMENTS Property The office fonns part of a propetfy regillered in the name of the United Reforn)ed chUh (Southern Synod) Trust Limited and held on ststutory trusts in favour of East Croydon United Refornied Church. Under an infom)al agreement. the Trust company pays rent of £18.000 to the local church for the use of the Synod 01¢¢5. CoDtrlbutlons to the URC Ministers, Pension Scheme lThe pension scheme tor MlSterS, run nationally &s a central tiinction ot" the United Ketom)ed church, has been In deficit for some years despit¢ s¢veral attempts to r¢501ve the underfunding based on the valuation approach required of the scheme actuaries. Due to the Strudure of the natTonal church and ministerial appoinM)ents there is no legal obligation for the Trust but ail of the regional and national bodies have been approached and there is wide acceptance that ihere is a Tnoral obligation at the synod level and that such 5UPPOrt does fall within the charitable pUrES of the Trust. At the balance sheet date, a cortllnittnent of £1,500,0(X) to be paid by 2024 and this is included in creditors. A further £3 million has be¢ll offered if a r¢vi¢w in 202415 Indicates it is required and this would be due in the period 2025 to 20JO. This is not a firni commitment and therefore no provision is included in the fitwicial statements for this additional sum.. Church Grant Fundlng The Synod Trusi has agreed a sum of up 10 £55,(KM) as possible fijrther fidIng of a church rebuilding project in Eastbourne. Thss is s/0 of the rnaximum possible shortfall on the proj¢¢t with the remaining 50°/• being guaranteed by the partner denomination. The Trustees are hopefvl that alternative fvnding will be found and this guarantee will not be reqllired so no provision has been made in the financial statements. 18 CONTINGENT ASSETS At the year end, the property of two churches, held on Statutory Trust5 in a¢¢ordan¢e with the United Reforn)ed Church Acts of 1972. 1981 and 2000 by the company. were held following the chuwh's ¢10sure. Th¢ proceeds will revert to Synod on the sale in accordance with the Statutory Tnjsis on which the property are held. Professional advice is being sought prior to disposal. Page 26
I'he Ilnited Reffjmcd f'hurrh South¢rD Svn(bd l.tmited b Guruntc rt Idimitcd Not¢4 to ¢h¢ Financial Stslements for the Year Ended 31 De¢¢mber 2023 19 COMPARATIVE ANALYSIS BY FIIND The key cornpon¢nts from the PriOTyVdr figures are dn8]ysed below by fuTrd..- 2022 Untestricted Funds G¢Tal Purposes DIgnated Funds Funds licrickd Funds Totsl Funds 1CoME AND ENDOWMENTS: Income from Jnvtslmtnts 639,005 475.819 I,JJ6,795 In¢omt from tharitsble artivitirs tknnation5 and Legacies Other Inwme 5,865 83,733 72&603 14.597 20,462 86.979 3246 479.065 Totll opeNtln8 ineom¢ 36J68 l J44,236 In¢om¢on 5a1¢ of PTOFrties Lea8e Ptetniums Re1ved Profitl{Lossl Offt 5c of propertie5 9.225.IK)O 800,0 111,025.IMJO Total Income and Ethdowrnent5 6.lJS.727 I J06,169 211,lO3 11,269236 EXPENDJTURE ExndItuon Charitable Acriviiies Total oper81iDg txpethditure 222,91 222,911 5.351 5.351 2J44J64 2J44J64 2.116.102 PaymEntto IntLY-Synod Resource Shtirirtg 35,0 350 Contribution to Itte Ministers, Pension Fund Discounting *Jju5tment foi Tenn Cr¢dilor 83.598 83J98 Purckne of Manses 1235.000 1,235JlOO Total Expmditurt 2,234,700 1,457911 5JS1 3,697.962 Net Exptthditure on Operating Account 11,387.4991 256.154 31.217 11,l(M>,1281 lDcofflellExpenditurel 7,71&903 1178,8461 31217 7J7l274 Transfer5 betwttft Fynds Oth¢r Rttognised GainsllLoBKryl Nei It5501nSon Investments 12.516,9841 11,45l.844} 180.7591 14.D49,5871 Nei mo¥tmttht in 5,201 J19 IIffj30ffj901 149J42) 3J21ffj87 Total funds brought foTwaTd 13,596,080 12,657,783 27J75,679 Total fuDds egrried forn#rd 18,797,999 I I271)93 lJ172274 30,897J66 Page 27