2024-12-31-accounts

REGISTERED COMPANY NUMBER: 1529484 (ERgland and Wale$) REGISTERED CHARITY f4UMBER: 282270 Re ort of ihe TnJ$ttts and Financial Statements For The Year Ertded 31 December 2024 for The Unlted Ref rrned Church nod Trust LiMited Limited b Guarantee Southern Acom

The United Reformed Church Southern S nod Acom Limited b GuarAntte Trust Lirniied Contents of the FinAneial Ststements for the Year Ellded 31 Decernber 2024 Page Report ofthe Tnths Ito6 Report of the Independent Auditors 7t09 Statement of Financial Activities io Balance Sheet 11 to 12 Statement of Cash Flows 13 Notes to the Financial Statements 14to27

The United Reformed Church Southern S Acorn an Limlted b Guarantee Trust Limited Re ort of the Truste¢s ror the Year Ended 31 December 2024 The trustees who are also directors of the charity tor the purposes of the Companies Act 2006, present their report with the fInancial statements of the charity for the year ended ) l De¢ember 2024. The trustees have adopted the provisions of the Staievnent of Recommended Practice (SORP)'A¢¢ounting and Reporting by Charities, effective January 2015. REFERENCE AND ADMINISTRATIVE DETAILS Registered CoN]p*Ny nurnber 1529484 (England and Wales) Registered Charity number 282270 RegIS¢¢r￿ office Synod Offi¢e East Croydon URC Addis¢ombe Grove Croydon CRO 5LP Trustees Ms L Austin Mr J Denison Revd B Fidder Revd R Furley-smith Mr A Kirby (Chairperson) Mrs H Mile5 Mr D Walters Company Se¢retsry Mrs C Kingdom Audltors Thornton Springer LLP Chartered Accountants Statutory Auditor 67 Westow Street London United Kingdom SE20 3RW al Representatives Veal¢ Wasbrough Vi&vds LLP Second Floor, 3 Brindl¢)place Bim)ingham BI 2JB Bankers CAF Bank 25 Kings Hill Avenue, Kings Hill West Malling, Kent ME20 4JQ Pag¢ I

The United Reformed Chureh Southern S nod Acom Limited bv Guarantec Trust LI￿1ted ort of the Trustees for the Year Ended 31 December 2024 PRINCIPAL ACTIVITY & PUBLIC BENEFIT The Trust is a company limited by guarantee incorporated on 21 November 1980 and is a registered charity number 282270. On 24 November 2010 the trt￿tte$ agreed to change the name of the Trust from The United Refornied Church (Southem Province) Trust Limited to The United Refomied Church (Southern Synod) Trust Ltmited. This was certified by Companies House on 8 December 2010. Its obje¢t is to advan¢e the Christian religion in wcordance with the do¢trine, prin¢ip1¢5 and usages of the Uniled Reformed Chuicl4 particularly in th¢ South of England. for the benefit of the public. The trustees have given due onsiderdtion to and follow ihe Chwity Commission's published Kuidance on the Public Benefit requirements. It has achieved this by continuing to act as Corporate Trustee and Agent for the Southern Synod of The United Refornied Church by holdin£ properti¢s and a55¢ts and handling income and expenditure. The SyTJod was set up as part of the fomiation of the United Refomied Church by the United Refomied Acts 1972 pnd 1981.The Southtrn S)nod is the representative of the local churches within Southern Synod united for the PUTpose of dealtnR with matter5 of wider concern. One of its main ￿nCtionS is to take action conducive to the propagation of the fjosp¢l at horne and abroaiL the welfare of the United Reforn)ed Chur¢h, the interests of the Church of Christ as a whole, 2nd the well-being of the community in whi¢h th¢ Church is base At the quarterly tmstees, meetings, the trustees awe a broad strdtegy and areas of activity for the Trus¢ including consideration of any major ￿ant-MakIn& They ensure all activity $UPFN)rts mission and encourage ¢hur¢h extension and the establishment of new causes. The day to day administration of grants and the processing of applications prior to consideration by the rel¢vant sul committee are delegat¢d to the Trust staff. Th¢ Synod Officers have the delegated authority to make decisions on gfdnts and loans if it is not Possible to wait for the next sub-committee meeting. During 2024 there were 4 Synod Offi¢er5' the Moderator. the Synod Clerk. the Synod Coun¢il Convenor and the Svnod Treasurer. New ttustees are sel¢d¢d from within th¢ Synod. They are either Ministers of Religion or people who have otherwise been involved in the lifr of the Synod. Indu¢tion procedures and training 8r¢ tailored to the previous experien¢e and knowledge of the new trustees. As necessary, both new and existing trustee5 are reminded of thetr responsibilities and issued with a copy of the Charity Commission's guide "The Essential Trustee-. What you need to know" TTaining sessions for all trustees are also atrdn£¢d where necessary. The Trust also acts as Corporate Trustee for most ofthe Local United Refornied Chur¢h¢s by holding various properties and inve51ments on their behalf. srRUCTURE, GOVERNANCE AND MANAGEMENT Governing Doeument The charity is controlled by its go¥¢rning document. a deed of trusL and constitutes a lirnit¢d company, limited by guarantee, as defined by the Companies Act 2(M)6. Risk Management The trustees are working on a revised risk matrix, including detsils of the systems and prts¢¢dures to manage those risks. They have appointed a small group, of their number. to manage this process and a revised strdtegy document should be available for review and aT)proval by the TnLStees durin% 2025. Page 2

The Uknited Reformed Churth Southerll S nod Limited b Guarantee Trust Limited ort of tht Trustee5 for the YeAr Ended 31 December 2024 0￿ECTIVEs AND AcfiviTIES The objeets of the Trust and the Syn(Ki are to help and support I1￿￿1 churches in their mi$5ion. The mission criteria used are.. is committed to l(K>kin8 for new opportunitie5 for being the church in the geo8raphical area of the Synod 2. is cornmitted to 5UPWrtin8 and ￿SOurC1￿8 the local churches to be faithful followets of Jesus Christ is committed to caring pastorally for it5 Ioc41 churches, ministers and staty is committed to supporting and resourcing local churches to prowide relevanL inspiring and engagins worship is committd to bcing aware of the ¢conornic, w)litical and social context of life in Sollthem En8land 2nd will seek to help local chur¢h¢s addre55 the implications of th￿ i55ue5 lor their lift and work is Committed to the propcr care and administration of it5 resource5 through its personnel, fJnance5 and buildinBS 7. is comrnitted to the Wid￿ of church ol'God through the United Rcforrned ChL¢rch nationallyg wumenical relationships and the world church . i.s committed to athlressing issu# of justiceg peace and the environment 9. is Committed 10 rc8ularly reviewing its life and rDi5SiOll in light of the aEove criteria always seekin8 the prompting and guidance of the Holy Spirit The objective5 forthe year 8rc shaped by the5C Strategtc aims and the Synfyl lfy)ks to achieve them through ￿rtnershiP wth other chri￿lan institutjon5. local councils and ¢entral governrnent for the benefit of the public. The TrLLSt cart make capital grants lo local ¢hur¢hes in order to help them make their buildings welcoming and safe for members of the public and to equip them ￿tt¢r to fulfil their objectives. Thts CAn in¢lude SUp￿rt for extending and improving buildings to include more ¢otnmunity facilitie5. In 2024, ttventy nine grants were made. There are alsx> 8rants available to support mission projects and the employment of youth workers. The budget for 2024 included £750,000 for ea¢h panel. The Trn4 &lso makes grants to various ¢hur¢h organisations whrch Operate within our area. We also supwrt mission work abroad. Since 2009 thc principal decision making Ix)dy i5 Syrtod Tosether which meets biannually? usually in MarEh and OctobEr. The Synod operated through 4 Synod Are&s: London: Kent and E￿¢ Su55eK Surrey and Sussex, and Central Sussex Uniwl Arv4. SYr￿d Areas normally tneet 2 or 3 times each year. to deal with pastoral marters and provide advice to the Synod on property and rinance matter The Trust employs 5 finance, prokxrty and suppcrft staff. in the Synod 0￿Jee, lour of whom are full time. There are now a further 3 field stafy. Trnining and Development O￿lter, Mission Developrnent Officer and Children and Youth Development Officer. We also meet 50% of the cost5 of a Safeguarding Officer employed by a ntighknuTing synod, who STKnd5 half of her time working with Southern Synod. ACHIEVEMENTS AIYD PERFORMANCE By the nature of the TNst's aims it is diffjcult to have quantitative measures of Ferfonnonce and a¢hievemen4 thwsh we are ¢onfJdeDt that by SUPE￿ing local churches in their mission aims. we are providin8 a public benefit. Page 3

The United Reformed Chureh Southern S nod Aco anv Limited bv G￿ar￿nte¢ Trust Llmited Re ort of the Trustees for the Year Ended 31 December 2024 During 2024 the Trust was able to sell two properties relating lo closed ¢hur¢h buildings whi¢h Contributed £1,469K to our income figure. The Tn￿t gave gran(s of £932K to improve 29 ehur¢h buildings and of £1,027K to 33 churches to improve the manse accommodation for their Tnini5ters. Over £690K was granted from the general and d¢$ignated Funds to churches and other organisations to support their mission work. A new line of support is helping churches in their online worship. The Tjust agreed to continue to contribute to Inter Synod R¢50urc¢ Sharing with £IOO,000 being paid in 2024. Churches within the Synod also contributed substsniial amounts towards the United Reforn)ed Church's Ministy and Mi&8ion Fund. FINANCIAL REVIEW Reserves Policy The Balance sheet on Page 10 indicates the amount in the Unrestri¢ted Fund as at 31 December 2024 was £20.680 m. When this is adjusted for Endowment Funds, Fixed Assets and programme related invesnnents it is calculated that the utwestricted fund assets readily available amount to £19.969m. Although this aTnount5 to more than 10 years of nornMI expenditLf¢ it is re¢ognised that this has accumulated mainly from the disposal of redundant church buildings and that this income will not ¢ontinue long tern). The Synod Trust does not rdise ￿ndS and investment income does noi cover the costs of running the Synod Ttvst's nornial activities. The Unrestricted Get]eral Funds are dependent on the uncertain in¢om¢ arising frorn the disposal of redundani churclL property to meet the shortfall 2nd cany out all other mission work and support to member churches. From time to time the Tnjst has to invest in new propety for progrdmme related activitie5 and this requires an above average amount to be kept in reserve. The trustee5, acting on advice of the Ffftance Committee have agr¢ed to make more money available for mission in the Southern Synod based on a 10 year rolling budget. This will increase the annual expenditure and gradually reduce the historie r¢s¢rves without putting the financial stability of the Trust in jeopardy.over £1.6m was awarded in gtant5 alld loaDS to Iwal thurches in 2024 within this s¢heme. Investment policy 8Dd objectives The Trust inves￿ents are held in the ComTnon Investment Funds by independent professional investsnent managers. These investments aim to balance gyowth and income maximizing total rettjrn. whilst meeting the Ethical Criteria agreed by the United Refornied Chur¢h. The Trust fijnds can be invested up to 85 % in equities with a minimum of 150/0 in fixed interest fund5. These rati05 were reviewed in 2018 to ensure they are still appropriate to meei the Synod's cash tlow requiretnents. The new ratios a￿eed were 60-8￿/￿ in equities, 10-3￿10 in Fixed interest and (￿2￿/¢ in Property Funds. Page 4

The United Reformed Church Southern S nod Acom Limited b Cuarantee Trust Limited R¢ ort of the Trustees for the Ycar Ended 31 December 2024 FUTURE DEVELOPMENTS The Thist will ¢ontinue its work in support of lo¢al ¢hurches within the Synod to develop and extend their rnission. Mini5ter5 Penslon FuDd Deficit: During 2021 the Trust coniinued discussions with the United Refomied Church regarding a solution lo provide financial support to the Ministers Pension Fund which was in deficit. Due io the strncture of the national church and ministerial appoinlments there is no legal obligation for the Trust to provide financial suppo)L but all of the regional and natzonal bodies were approached and there was wide acceptaDC¢ there was a moral obliyion at the synod level and that such support does fall within the charitable purposes of the TNst. The Tnjst, together with ihe other twelve synods, agreed to make contribution5 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 Trnst il made the first payment o(£2,000,000 in December 2021 and the second of £1,500,000 in November 2022. A review in 2024 ascertained that the final payment of £1,5(M),000 vms no longer required. The Trust will ¢ontinu¢ to participate til these national discussions as required The Tnjsi continues to monitor and review the position to ensure that any such final ¢omrnitment is affordable and does not put the financial stability of the Trust at Chureh Life Review: The Generdl Assembly of the URC 2021 fornially commenced a ￿vIeW of the life of the URC. the Church Life Review Group, and how it could assisi local ¢hurches. General Assembly 2023 instructed the Group to deliver a set of proposals to extraordinary session of General Assembly in November 2025. Th¢s¢ proposals were to include the flnancing of a fvnd to SUPPQrt ils recommendations. The funding will be provided by the I I synods and 2 national synods and is expected fo provide fvnding over a ien-year period with a Si￿1fiCant review during year five. While precise figures have yet to be established it is expected that &)uthern Syjod will be a eontributor to the fvnd. The Trust will ensure that any final Commitment is affordable and does not put the financial stability of the Trust at risk. FUNDS HELD AS CUSTODIAN FOR OTHERS The trust holds deposits and investments on behalf of l(Kal churches. As at 31 D¢wnber 2024 these amounted io bank deposits of £3,791.515 {2023.' £3,206,141) and investments of £2,806,577 (2023: £2,176,823). Such investments are held in separdte accounts and tnanag¢d by an independent investment monag¢r. TRUSTEES The Trnste¢s during the year under review were: Ms L Austin Revd B Banks Mr J Denison Revd B Fidder Revd R Furley-smith MrA KiTby Mrs H Miles Mr D Walters (resigned 30 June 2025) Page 5

The United Reformed Church Southern S nod Aco Limited b Guarantee Trust Limited ort of the Trustees for the Year Ended 31 Dece er 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The tn]s*es (who are also the director5 of The Untted Refornied Church ISouth¢rn Synod) Trust Limited (A Company Limited by Guardntee) for the purposes of cornpany law) are responsible for preparing the Report of the Trustee% and the fmaneial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the INstees to prepare fin8n¢ial statements for each financial year whi¢h give a tNe and fair view of the state of affairs of the charitable cornpany and of the incoming r¢sour¢es and appli￿tIOn of resources, including the income and expenditure, of the ¢haritabl¢ company for that peri(KL In preparing those financial staiemeni& the tTU5tees are required to.. select suitable a¢¢ounting policies and then apply them consistenily. obs¢rv¢ the metho& and principles in the Charity SORP. make judgernents and estimates that are reasonable and pnJdent' prepare lh¢ fuJan¢ial statements on the going concern basis unless it is inappn)priate to presume thai the company will continue in business. The trustees are ￿sponsIble for keeping proper accounting record5 which disclose with reasonable aocuTrcy al any time the f]nancial pisition of the charitable company and to ¢twbl¢ them to ensure that the fmancial state￿ents comply with the Companies Act 2006. They are also responsible for safeguarding the asseis of ihe ch8rithble company and hence for takin8 reasonable steps for the pr¢v¢ntion and detection of fraud a[￿ other irregularities. In so far as the trnstees atr aware.. there is no relevant audit infomiation of whi¢h the charitable companys auditors are unaware- and the tswstees have taken all sieps that they ought to have taken to make themselves aware of any relewdnt audit inforn]ation and to establish that the auditors are awar¢ of thal infornmion. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trust¢¢s are aware. there is no relevant inforniation {as defined by Section 418 of the Companies Act 2006} of which the charitable company's auditors are unaware, and each trustee ha5 token all the steps thai they ought to have taken as a trustee in order to make them aware of any audit inf0m￿tIOn and to establish that the charitsble Company's auditors atE aware of that infornwion. AUDITORS Th¢ auditors, Thornton Springer LLP, will be proposed for re-appotntment at the forthcoming Atjnual General Meeting. This report has been prepared in accordance with the spe¢iai provisions of Part 15 of the Compantes Act 2006 relating to small ¢ompanies. ON BEHALF OF THE BOARD.. nison - Trustee Date.. Page 6

rt ofthe Inde endeDt Auditors to the Tru5tee5 of The United Reformed ChtEr¢h Southern od Trusi Limited Opinion We have audited the financial statements of The United Refomed Church {Southcrn Synod) Trust Limited (the '¢haritable company'} for the year ended 31 December 2024 which comprise the Statelnent of Financial Actlvities, the Balance Sheet and notes to the financial statementy including a summary of significant accounting policies. The financial reporting framework that has bttn applied in their preparation is applicable law and United Kingdom Accouniing Standards (United Kingdom Generally Aecepted Accounting Practice). In our opinion the financial statemertts-. give a trne and fair view of the state of the charitable company's affairs as at 31 Deeember 2024 and of its incoming resources and application of resources, including its result, for the year then ended; have been properly prepared in accoTdance with United Kingdom Generdlly A¢cept¢d Accounting Pwtice. and hav¢ been prepared in a¢¢ordan¢e with the requirements of the Companies Act 2(K)6. Basi5 for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fmancial statements section of our report. We Are independent of the charitable company in accordance with the ethical reqllirements that are relevant to our audit of the f￿an(la] ststements in the UK including the FRC'S Ethical Sthndar¢ and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sutTicient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In auditing the financial statements. we have ¢on¢luded that the tsustees, use of the going concem b&sis of accowiting in the preparation of the fmancial statements is appropriate. Based on the work we have perforniel we have not identified any material uncertainties relating to evenis or conditions thaL individually or collectively, may cast significant dollbt on the charitable company's ability to continue as a going ¢onc¢rn for a period of at l¢ast twelve months from when the financial statements are authorised for issue. Our r¢5ponsibilities and the responsibilities of the thistees with respect to going concern are described in the relevant sections of this repon. Other illforrnation The trn5tee5 are responsible for the other information. The other inforniation comprises the infomiaiion included in the Annual Repo¢ oih¢r than the fll)ancial statements and our Report of the tndependent Auditor5 thereon. Our opinion oll th¢ financial staiemenLq does not Cover the other infomiaiion anl ex¢ept lo the ¢xt¢nt otherwise explicitly stated in our report, we do not express any fom) of assurance conclusion thereon. In COt￿eCtion with our audit of the fmancial ststem¢nts. our responsibility is to read the other inforniatioll on(L in doing so, consider whether the other tnfomiation is m4t¢rially inconsistent with the fmancial staternents or our knowledge obtained in the audit or othenvise appears to b¢ materially rnisstated. If we identify such material in¢on5iSten¢ies or apparent Tnaterial misstatements, we ar¢ r¢quired to detemiine whether this giY¢s rise to a Tnalerial misstatement in the rmancial statetncnts themselves. If, based on the work we have perfomied, w¢ ¢on¢lude that there i5 a material misstatement of thi5 Other inforniation, w¢ are reqU￿¢d to report that faci. W¢ have nothing to report in this regard. M*tter$ on which we are required to report by exeeptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the inforniation given in the Report of the Tnjstees is inconsistent in any Material respe¢t with th¢ financial statements. or the charitable ¢ornpany has not kept adeqwdie a¢counting records- or the financial ststements are not in agre¢￿ent with the accounting records and returns- or we have not received all the infotrnation and explanations we requir¢ for our audit. Page 7

ort of the Inde ndtnt Auditors to the Trustees of The UTrited Reformed Church Southern Trust Lilllited Respomsibilitles of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the pllrp05es of company law) are responsible for the prepardtion of the financial sratements and for being satisfied that they give a twe and fair view, and for such internal control as the trustees determine is ne¢e5sary to et]able the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finan¢ial statements, the trustees are responsible for assessing the charitable company's ability to coDtinue as a going ¢oncern, disclosing, as applicable, matters related to going concern and using the going ¢on¢em basis of accounting unless the tn￿lee$ either intend to liquidate the charitable company or to cease operdtions. or have o realistic altemative but to do so. Our respon$ibilities for the audit of the financial statement$ We have been ap￿inted as auditors under Seciion 144 of the Charities Act 2011 and report in a¢cordance with the A¢t and relevant regulations made or having effect thereunder. Our obJ￿tIveS are to obtain reasonable assurance about whether the financial statements as a whole are fr¢¢ from Tnaterial misstatemtht, 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, but is not a guarantee that an audit conducted in accordance with ISAS IUK) will always detect a rnaterial mi5Statement when it exists. MisstatemeDts can arise from fraud or eTror and are considered material if, individually tsr in the aggregate, they could reasonably be exp¢ct¢d to influence the economic deeisions of users taken on the basis of these financial ststements. Th¢ ¢xt¢nt to which our pro¢edures are capable of detecting irregularitie5, including fraud is detailed below: IrregulOTities. including fr￿d, are instances of non-complianee with laws and regulations. We design procedure5 in line with our responsibilities. outlined above, to detect material misstatements in respect of itTegularittes. including fraud. The extent to which our procedures are capable of detecting irregularities, including frau(L is detailed below. Based on our understanding of the charity and th¢ industy in which it operaies, we identifIed that the principal risks of non-compliance with relevant laws and regulations. Non-compliance with these laws and r¢gulation5 might have a ]naterial effect on the fmancial ststements. We evaluated management'5 in¢entives and oppotwnity for fraudulent manipulation of the financial statement (including the risk of ovettid¢ of contro15) and detemined that the principal risks were posting of unusual journal entrie5 outside the norn)al ¢ours¢ of business and revenue Tecognition joumal entries to manipulate the charity's perfoTmaD¢¢ measures and obje¢tiv¢s. Audii procedures F¢rfornied includ¢d'. r¢vi¢w of the fmancial statelnents and disclosures to underlying supporting documentation, review of complian¢¢ with the laws and regulations, enquiries with managemenL testing of journals and evaluating whether there was ¢vid¢n¢e of bias by the tn￿tres that represented a risk of material misstatement due to fraud. Under ISA 240 (UK) there is 4 Presumed risk that revenue Enay be misstated due to the imprO￿r recognition of revenue. To address thts risk. we obtained an understanding of the charity's revenue recO￿)it10n policies and Compared these to the accounting standar¢L records. processe$ and reports revenue trdnsactions. We tesied a sample of revenue transactions to supporting eyidence and tested, on a sample basis, revenue related balanees in the balance sheet. There are inherent limitations in the audit pro¢¢dures described above and the further removed non-cornpliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become awar¢ of IL Also. the risk of not detKting a material misstatelnent due to fraud is higher than the risk of noi detecting on¢ resulting from error, as fraud may involve delibeT2te concealment by. for example, forgery or intentional misrepresentations. or through Collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn)s part of our Report of the Indep¢nd¢nt Auditors. Page 8

ort of the lThde endent Auditors to the Trustees or The Utbited Reformed Churcb Stsllther nod Trust Limiied Use of our report This report l5 rnade solely to the charitable compBny's trustees, as a body, in a¢¢ordan¢e with Part 4 of th¢ Charities (Accounts and Reports) Regulatiolls 2008. Our audit work has been undertaken so that we mighi state to ihe charitable company's trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest exient permitted by law, we do not accept or assume responsibility to anyone ffjh¢r than the ¢haritable company and the charitable company's trustees as a body, for our audit work. for this report, or for the opinions we have fornjed. for and on behalf Chartered Account Statutory Auditor Eligible to act as an auditor in tem15 of Section 1212 of the Companies Act 2006 67 Westow Street London United Kingdom SE193RW n Springer LLP Page 9

eformod nv l.iniilcd bi. Guaran¢ .4 Com dEx l Dtttmhet 2024 reMrkt¢d FuTrd5 CtTreral P￿rpOseS Designthied Futhd$ 31.1124 Re5tri¢t¢d FuDds Total Funds Fulld5 INCOME AND ENDOWMEYTS: JDeorrtt froth Investments 2a 702,142 46.429 125•.O86 ,153,467 1￿Con1t from ¢h&riiible ¢tivitie¥ Donali0Tr5 and LegAcie5 Oth¢r InLyJme 49.983 ,583,425 lJ355 12.452 20,084 4,133 66J68 1,603509 19Jb,16J 34.822 387.018 IJ75J07 Totil op¢ratiog leornt 534051 SOJ62 Ip¢om¢ on Sale of prOpert￿S ProfiV(Losslw sal¢ of prowties 1.468.519 119.065 2.5￿,0(K} 270279 4058J89 389J44 .718.750 72.620 3,923,204 3J94J3 SOJ62 7 368.096 3.366.677 EXPENDITIJRE ExpcDditure on Ch8ritabl¢Athivities 2b TOMI operadDK eipejtditsre zb 2.333.407 2.333.407 8,934 3J64,4S2 3J64,452 3.420.209 3.420209 8,934 P*ytnentto Inler-synod kesource SlJarin8 Cwtri￿tlOt7 to the Miniylers. Pcnsion Fllnd 50.000 Di5￿unting adju5tm¢nt forLong T¢rm CT¢ditor 04281 Purch&sc of Mans¢s .377,737 lJ77,737 752,5 Total Espe•dlMre 2O33h•7 2J99 48 &934 5W2.189 4 286.990 Net Expenditllre 00 Ib 1143 1686060 41ffj28 1641289 11,W,9Y)21 Ntt 1#tO￿t[{ExPendIrnye1 1.489.797 794.482 41th28 2J24.907 1920.3131 Transfrrs bttween F4Ids Otbtt Re¢oEnbed Gglll¥lLoswl NetlLoss¢syGains on Investments 1,141,444 514.951 30202 1fv86J97 1341 I￿￿,433 71J30 218,487 Tml fund$ broughtforw8rd Totsi ¢•rrttd forw8rd 18.048,629 11.948.949 30.897.3 20,679370 l J2ThgJ87 JS 128J57 l Inco￿ and &yenditiJre deriv¢ from wn11￿U1ng acThiie5. notes fomi partof the￿ fi￿a￿claI slatcrnents PaE¢ 10

The United ReforThed Church Souihern S nod Acom aNv Limited bv Guarantee Bal4nc¢ Sheet At 31 December 2024 Trus¢ Li it¢d Unrestricted Gemer*l Puryoses Funds 31.12.24 To¢#1 Funds 31.12.23 Total Funds Designated Fufftd$ Restricted FuDds Notes FIXED ASSETS Tangible a5￿t5 Investments s¢¢i￿ Investments 181,363 18,526,909 69,202 18,777,474 181 J63 29,068,526 69,202 29J19,091 282.537 27.541,606 544.179 28.368,322 10 10,067,034 474.583 lo.(￿7,034 474.583 CURRENT ASSETS Debtors.. amounts fallin8 due within one year 12 Cash at bank and in hand 153,689 3,837,245 3.990.934 1,615 3,310,833 3,312,448 155,304 7,863000 8,018,904 114,682 6,593,743 6.708,425 715.522 715,522 CREDITORS Amount5 falling due within one year 13 NET CURRENT ASSETS I(LIABILITIESI 2 088,538 1.902,396 121.1001 3.191.348 {2209,638 5,809.266 13.960,894 2,747,53 1 ?l5.522 TOTAL ASSETS LESS CURRENT LIABILITIES 20,679.870 13,258.382 1,190.105 35,128J57 31.115.853 NET ASSETS 14 20.679,870 13258,382 1,190.105 35,128,357 31,115,853 FUIYDS General Purws Designated Restricted TOTAL FUNDS 20ffj7907 13,258J82 1,190,105 3.1.l28.357 18,048,629 11,948,949 1.118.275 31,115,853 14 The noies fomi of these f)nan¢ial statements Pagell

Tbe United Reformed Church Southern S nod Acom Limited bv Guarantee Balanc¢ She¢t- continued At 31 December 2024 Trust Limit The charitable company is entitled to exemptlOD from audii under Section 477 of the Companies Act 2006 for the year ended 31 December 2024 and the members have noi deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial staiements. These financial statements have been audited under the requiremenis of Section 144 of the Charities Act 2011. The tNstee5 acknowledg¢ ih¢ir responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company a5 at the end of each fmancial year at]d of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the requiremerjts of the Cornpanies Act 2006 relating to financial statements, so far as applicable to the charitable company. (b) These fU￿nCIal statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard 102. The f￿ancial statements were approved by the Board of Tnjstees on ....... ... behalf by". and were signed on its nison - Trustee Page 12

The I nittd Reformtd Church Southtrn S nod l.inpited b Stattment of Cash Flows Ycxr Ettded 31 Dettrnber ZD24 -rru8t Limited Note 2024 2023 Csh tlow from tsper#ting a¢tivities: Net tash providtdlu5¢d in op¢rating activities Cash ITow$ from lttvesting activities: Dividends and inierell frotn inve5tsnents Purc￿¢ of fL¥ed &sts Protteds from the sale of fjxed ￿Sets Purthase of inv¢5tm¢nts Issuc of ProgramJn¢ Related tAJans Rep&yment of Programm¢ Related Logns Pioce&ls fri>m the Sak of inV￿tU￿nts Net t&sh provided by/us¢d ID investing a¢tivities 19779221 ,125567 ($11171 492.665 ISJ44 J191 133,9361 508913 S703,996 2,247,779 ,049.374 13.248) 91.980 (19,301.442) 148I,207} 32.904 19,277.198 665.499 Change in cash arld tajh equivknts in th¢ reporting p¢Yiod 1.269157 1461.8921 CA$h And taih equffivgltrtts ai ih¢ b¢gioning of the reporting period 6J93.743 7,055.635 C•sh 2nd f¥sh equivalents 81 the ettd of the reportsD¥ p¢riod 7WffjOO 6,593.743 Notss to the 5ttemethtof eash fltsw$ 1,269.857 (461.892) Rt¢on¢iliation of net ioeomelexp¢Dditutt to netwh flow from operating ¥¢tiviti1s Iyet incomd¢xp¢nditure for tht ttportin8 period {as PEr the stitmtTht of fiDn¢i#l actiwitiu) 4,012.S04 218.487 Adju¥lm¢nts for. DepTeciation charges IG8ins)nosses on irtvestsn¢nts Divid¢nds and interest from investments Los4lptofitl on the5￿¢Off1xed &ssets Decre85el(intre￿j in d¢btors tncrea8t/Idecre￿} in cjeditors Ne¢ Cash provided by operating *ctivitl¢$ 2.960 11ffj86397) 11.125J67) 1389J44) 140ffj22) 751256 977922 2,985 11.138:8(K)I 11,049,374) 1711901 138,51ll 950012 1 127391 Analys￿ of ¢agh and cash equiv¥l¢nts C&%h at bank and in hand 6 593 743 Page 13

The United Reforrned Church Southern S nod Acom Limited b Guarantee Trust Limited Notes to the Finaneial Statements for the Year Ended 31 December 2024 I ACCOUNTING POLICIES General Informstion The United Reforn)ed Church Isouthem Synod) TTUSt Limited is a charitable company, limited by guarantee and is registered in England and Wales. The charitable company's registered number and registered office address can be found on th¢ Company Information page. Accounting convention The charity constitutes a public benefit entity as defined by FRS102. The f￿ancial statements have been prepared under the historical c05t convention, with the exeeption of investments which are included at fair value, and in accordance with the Financial Reporting Standard 102, the Charities Staternent of iiecommended Practice (FRS102), the Companies Act 2006 and the ChoriÉi¢s A¢1 2011. The financial statements are presented in sterling which is the ￿nCtIonal currency of the charity and rounded to the nearest pound. Going coneerD basls The financial statements have been prepared on a going ¢on¢ern basis. The directors have ¢onsider¢d budgets. cash flows and the impact of subsequent events, including that of COVID19. Whilst the econorni¢ shutdown in respons¢ to COVID 19 has had a significant impact on the charl￿5 op¢ralion& the directors are satisfied that the charity bas suffi¢ient ayailable resources, ix&th in iernis of cash and investh]ents that can be converted to cash, such that there is no material uncertainty and the going concern basis of preparing th¢ fu￿1¢1&1 stat¢m¢nts continues to be appropriate. Funds Included The fmancial stat¢ments show the combined income, expenditure. &%sets and liabilities of ihe following funds which are adtllini5tered for th¢ b¢n¢fit of the United Refornied Church within th¢ South¢m Synod :_ General Purposes Furtd Manse Fund Synod Mission Fund Alfriston Mission Project Funds held for uniting ehurehes Church Buildings Fund Retired Ministers Housing Fund Welfare Fund Miltott Hall Fund Woolwich Fund Funds administered on behalf of local churches are not includEd. DescriptlDll and Use of Funds Restricted in¢om¢ fi￿dS are funds whose use is restricted to specific pu￿Se$ ac¢ording to the ternjs on which the fiinds were received. Endowment fijnds are pertllanent endowm¢nts which are required to be retained, but the income from these funds Can be used for th¢ benefit of the charity. subject in certain cases to specific restrictions contained in the original endowment. Page 14

The Unlted Reformed Church Southern S nod A Cona Limited b Gu8rantee Trust Lirnited att Notes to the Financial Ststements for the Year Ended 31 December 2024 ACCOUNTING POLICIES (continued) Unrestricted in¢ome fi￿dS may be spent generdlly for firthertng the Christian and charitable work of the United Refomjed Church in the Southem Synod. The main fund in this category is the General Purposes Fund. Certain nds have been allocated for Manses. although the Synod rethins authority to r¢-allocate such fi￿dS and so they are eated as Desi￿ated Funds within Unrestrided Income Funds. There are also three other smaller designated ￿ndS arising from the sale of r¢duDdant chuTth buildings. The General Purpos¢s Fund is th¢ main fund of the charity and is an unrestricted fund. It is made up of both General PurFrfJses and Church Aid. the initial fund set up after the URC came into force and General Purposes Fund coming from th¢ apportionment scheme in respect of the London Congregational Union. The Manse Fund is a Designaled Fund which came into being in 1996 by approval of the S￿0d. The Synod Mission Fund and Funds held for uniting churches have arisen from the sale of a church building in 2012 following an unitsng of two ¢xisting churches. The united church can apply to the latter fimd for a project to develop and further th¢ir mission whereas the Simod Mission Fund is Available to all ehurches within the Synod for similar projects. The Alfriston Mission Project is a fund arising th¢ sal¢ of a churrh hall in Alfriston which has b¢en d¢signated to develop in the mission activities and community faeilili¢s of ihe former Alfriston URC building. Restricted Fund5 The Church Building fund came frotn the apportignm¢nt 5¢heme in respect of the London Congregational Union. (LCU) Its funds can only b¢ us¢d for th¢ upkeep, repair, improvement extension, provision and erection of church buildings. The Retired Minisiers Housing fvnds both have a house for a retired mini￿er. They operate in Kent and Sussex. The Welfare fund came from the LCU. Its purpose is relieving, in cases of need, ministets, members of churches and retired ministers. Th¢ Milton Hall fund can be used for general purposes but only within the inner London Boroughs South of the Rtver Thames. The Woolwich ￿nd is for work in the LondoT] Borough of Greenwich. Colltribution to PeDsion Funds The charity operates a defmed benefit scheme, The Pensions Trust D¢fin¢d Benefit Scheme, whi¢h is a multi eTnployer scheme where the underlying asseis and liabilitie5 are not s¢p8rately identifiable. In accordance wtth th¢ Financial Reporting Standards, it 15 a¢¢ount¢d for as a defined contribution %heme. Contributions are charged a5 expenditure as they beetslne payable in accordance with the rules of the scheme. Income All incoming resources are Included in the ststement of financial activities when there is sufficient certainty that th¢ receipt of income is COTJsider¢d pn)bable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Voluntary income is received by way of grants, donations and gifts and is included in full in the Statemeni of financial activities when receivable. Page 15

Tht United Reformed Church Southern S nod Aco Limited b Guarantee Trust Llmited Notes to the Finanei41 Statements ror the Year Ended 31 December 2024 I ACCOUNTING POLICIES (continued) Expenditure All expenditure 15 accounted for on an accruals basis and ha5 been classified under headiMgs that aggregate all costs related to the category. The Synod is not registered for VAT so all irrecoverdble VAT is charged with the related cost All ¢osts are treated by the finance committee as relating to th¢ unrestrided fiind unless there 1$ a specific requtrement on the individu41 filnds. Indiyidual Church Property, Ineludlng Pastoral M*n$es These assets ar¢ not shown in the financial statements as they are rtot the exclusive property of the Synod. Sale proceeds from redundant properties or from part thereof are treated as unrestri¢ted in¢ome for general funds and not shown until received. Non-p&%tordl manses. which are used for Synod related activitie5 are included in the Balance Sheet at COSt, subjert to an impairm¢nt r¢view and any deficits ar¢ ac¢ounted for in th¢ Statem¢nt of Financial Activities on properties marketed for sale. Jointly Owned Property Property owned with The URC Retired Ministers Housing Society Limited is held under the temis of an agreement with the Society whereby the Charity receives no income from the property but contributes towards the cost of maintetwice and repair of the property. The property is tncluded in the Balance Sheet at cost. Cu8todlAn Trusteeship Ass¢ts held by the charity as custodian trustee are not shown in th¢ f￿ancial statements. The details of those funds are included in the T￿stee9, a]Trnu&l report. Depreclatlo Depreciatioll is provided on all tangible fixed assets, apart froln property, at rates calwtated to write off the cost on a straight line basis over their estimated useful economic lives as follows.'- Fixtures, Fitting5 & Equipment- over four years Computer Equip]nent-ov¢r tlwee years Motor Vehicles-over four years No amounts under £IIKI are capitaii5¢d. The trnstees recognise that the cost of buildings used as fimctional assets have a fJnit¢ life and, in the normaI course of events, would be depreciated to their expected residual value. However, those properties that fall into thi5 calegory are l(xated in an area of the courttry where that part of the cost that is attributable to land, which does not depreciate, is significantly higher than in other parts of the country. Furtherniore. the Charity has a ￿lIcY of maintaining its properties to a high level, which extends the life of ihe assets beyond their nornydl expected lives. Taking these fadors into account the trnstees consider that any depr¢oiation on the buildings would consequently be imrnaterial and depreciation is not therefore charged. Opernting Leases Rentals paid under opetxting lease5 are charged to the Statement of Financial Activities as incurred. Pa8¢ 10

The United Reformed Churth Southern S nod Acom Limited b Guarantee Trust Lirnited Notes to the Financial Statements for the Ye8r Ended 31 December 2024 I ACCOUNTING POLICIES (continued) Grants Grants payable to local churches, organisations and individuals are charged in the year of approval. The value of grant5 approve¢l but still to ￿ paid 15 included in the balanc¢ sheet Is a current liability. Investments Investments are staled at fair value at the balance sheet date. The Sthi¢ment of Financial Activities includes the net gains and losses arising on revaluations and disposals rhroughout the year. Support Indirwt Costs Support expenditure ha5 been allocated directly to the relevarti activity Cost category. Indirect costs which include premises and office costs have been allocated on the basis of each adivity costs as a proportion of the toial direct costs, shown in note 3. FiThanel*l lllstrnments Th¢ tharity only has fJnaD¢ial ass¢¢s arjd financial li4biliti¢s of the kind that qualify as basic financial instruTnents. Basi¢ finw¢i&l instruments are initially recognised at transa¢tion value and subsequently measured at their settlement value. JudgetneNts key Sources ofe5tirnation uncertgiNty In the application of the company's accounting policies. the tn]stees aTe required to make judgements, estimates and &%sumptions about the caTrytng amount of assets and liabilrties that are not readily apparent frotn other sources. Th¢ ¢5timates and associated assumptions aT¢ bwd on historical experience and other factOT5 thai are considered to be releyant. Actrjal resulis may differ from these estimate5. In the opinion of the tnjstees, there are no special d1sc1osL￿eS required in reS￿ct of judgements and esiimation uncertainty. Page 17

Tht Ilnited Reformtd Church Stsuthern Sitt( Acum anv Limit¢d bw CFuaratce 'rru$t Lirnitstl Notts to the Finantl&l Ststemert¢$ for the Year Ended 31 December 2024 2 INCOME AND EXPENDITURE g) Analysis of Total lrt¢ome Unr¢stri¢id Funds General Purwses Designated Fut Funds 31.1124 Tot81 Fuods 31.12.23 Tor Funds Restricd Funds Ineome Crom gtnerst¢d fyndj Rents Rettived tnvestrnent income-li$ted inv¢stswit$ Interest 14,565 499.932 187.645 702.142 109,954 303,186 88.375 501.515 124,519 814,978 310.589 lJfO.U86 104,093 798,284 251,090 ,153,467 11.860 34.569 46.4?9 Income from eh8ritAble #ttivitits Donations and Legacies tlonations L¢g#ci¢s Monies from cio$¢d church¢s Quinquennial contribution received 667 667 12,452 49,983 3A66 66&8 668 29,508 756 3.890 34,822 12.452 49,983 3,466 4.133 49,983 12.452 Other ittcome InsUrdn￿ Clain Trnining LY)urs¢ contributlons Coniributitin towards legal Costs Pension Coniributions no longerrequii GTHntS aW8rded no longer required 20,084 20J184 lJ97 3250 IA34A86 144.292 lJ8J,42 .397 3,250 1.434,486 144,292 1,583.425 525 1750 383.743 387.018 20,084 Totsl operating 2J35550 534051 50,562 29(Ml.O79 1,575,307 InL¥Jme on s81e of properties -of closed churches of $UTplus myn 1.468.589 1.468J89 2O90,1)00 4,058,589 103,750 .615,000 1.718.750 2,590,000 2,590,000 1.468.589 PmfJVItAss) on saleof fLx&I t$￿.. -oih¢r pro￿rtY 119.065 119.065 270279 270279 389J44 389J44 72.620 72.620 Tolal income Jg23204 3J94JJO 50J62 7J48,1112 3 366 677 Page 18

Tbe United Reformed Churfh Souther Acom anv Limited b Cugraniee nod Trust Limited f4otes to the Flnan¢lil Stat¢m¢nts ror the Year EDded 31 D¢¢¢mber 2024 2 INCOME AND EXPENDITURE {continuedl bl Allitysis of Totsl Expenditure Unre51rict¢d Funds Gen¢Tai Purp)s¢s Designat¢d Funds Funds 31.1124 Totsl Fund$ 31.12.23 Total Funds R¢stricted Funds Expenditure on Charitable Activi¢i¢s Mini5ry & Mission:. Mission Officer Eeumenieal Offieer Grants Inote 41 Shared indire¢i ¢osts (note 31 1.261 3,861 6W,310 68.104 763.536 44.156 1,486 782,779 56.778 885.199 3,861 691,625 68,104 704851 ,315 Training.- Training of Mioist¢rs & Lay pr￿cherS l]wi¢ 41 Students {not¢ 41 Training & Developrtlent Officer Children's & Youth Development Offjeer Safeguarding Offjcer Other trainin8 Costs Shared indirect costs Inotr 31 I6,￿$ 1,357 25,723 60,203 31,983 5,741 14,446 156.380 16925 I JS7 2S723 60203 31.985 5.741 14.446 156J80 17.139 1.250 58,145 55,809 28,372 7,739 12.420 180.874 Property:" Church building grdnts IMt¢ 41 Manse Grants Inot¢ 41 Mans¢ ExrKnses Quinquennial Costs Extnses on Sale & Purch￿¢ of Propcty Other property costs Staff ¢osts Shared indired w5t5 IrK>t¢ 3) 928,165 4,076 1,027,232 71,901 932,241 1.027,232 71.901 20.073 80,762 18,446 100,686 I￿252 $6J93 1.266.380 530.059 38,226 20,801 46,105 38,467 94,783 15.550 25,355 18,446 ILXJ,686 105,252 1,193,454 4.523 55,407 1.158.616 4.523 2.132.408 Page 19

The Ilnited Reformed Chur¢h Southern S nod Acom Limited b Guarantee Trust Limited Notes to the Finantial Statements for the Year Ended 31 Deternber 2024 2 INCOME AND EXPENDITURE {tontinued) b) Analysij of Total Expenditure Unr¢stricted Fund5 General Purposes DeSI￿ated Funds Funds 31.12.24 Total Fumd$ 31.12.23 Total Funds Restricted Fund5 Governance:. Synod Together Medin&s s￿0d Cornmitttts Honoraria Syn(NJ Treasurer Synod OIYi¢ers' pay and expenses Legal Costs Audit Fees Investment tnanagement eosts Shared indirect C05t5 (note 3) 2,698 3,(h58 2,￿0 64,621 2,698 2,810 2,127 I,OIM) 16,648 17.839 11,350 159,209 10.646 221,729 6.676 676 io.wjo 17&1111 18574 2￿628 10,890 118.186 18,574 220,037 56,819 3,096 63,495 Total exPe￿dI￿re on charitable activitty 2J33.407 1222.111 8.934 3564,452 3.42113lJ9 Net txpellditure uperatlng 4ctount 2.143 1688,060) 41.628 664J73 1.844,902 Po8¢ 20

The United Reforrned Church Southern S nod Acom Limited b Guurantee Trust Limited Note5 to the Finaneial Stattments for the Year Ended 31 December 2024 3 INDIREcf COSTS Unrestricted Funds General Purposes DesigDated Fund5 Funds 31.12.24 Total Fund$ 31.12.23 Toral Fund5 Restrict¢d Funds Premises Co$ts:_ Synod Tent & Hire of Rooms Repairs And Maintenance Synod Electricity Insurdnce Cleaning 18,360 4,938 {870) 8,507 1.045 31,980 18.360 4,938 (870) 8,507 ,04S 31.980 18,870 366 1,500 8,206 943 29,885 Office Costs:. Synod Employment Costs Car & TTavel Expenses Miscellaneous Depreciation Loss on Disposal of Fixed Assets Telephone Stationery and Publications Postage Photocopier-LeLs¢ and Meter Equipm¢nt and Consumable Costs Advertisitjg IT and W¢b5ile Catering 138,997 2,938 3.653 2.960 138,997 2.938 3,653 2,960 113.92) 3.0?9 2,984 2.985 4iO 5.187 1,086 1.044 1.029 10.364 9,994 1,500 945 1,039 6,306 430 5.148 486 174,396 9,994 1.500 945 1,039 6J06 430 5,148 4,892 174J96 147.545 Total Indirect Costs 206J76 206,376 177.430 Totsl Ministy & Mission Trnining Property Goyemance Total Indire¢t Costs 206,370 68,1( 14,446 105.252 18.574 o of Direct Costs IOOYO 3311/0 7Yo 9•A Page 21

Thè Ilnile.d R*!tirmyl Church Southern Svnod) Trust Limited Acom Ltmited b Guarante¢ Notes to the Financi21 Statements for the Year Ended 31 D¢ceTnber 2024 4 GRANTS The following grants have been charged irt Sjtherance of the charitable objects during the year.'- Instltutions Number Amount Individuals Nujnber Amount Ministty and Mi5SLOn'. Other mis$ion projects Ecumenical situations Local Church Missions Youth & Children's Work Welfare Grants 8,722 2.953 503,635 175,0(M) 24 1,315 690JIO Trdining: Ministers & lay preachers Studen 32 10,800 1,250 18,050 37 Property.. L¢xal Churches Mat￿9 29 33 62 932,241 1,027,232 1,959,473 Total Grants Charged 95 2,649,783 39 19J65 5 EMPLOYMENT EMOLUMENrs 31.12.24 31.12.23 Wages & sataries Employers national Tn$ur4nce Pension cost5 274,267 32546 69,109 266,478 31,949 68,412 366,839 The average number of employees during the year w&$ as follows: Ministy & Mission Training Property Athniniytration No ¢rnployee received £60,000 per annum or more. All employee related Costs ar¢ paid from unrestricted funds Page 22

The Uthlltd Keformod Cburth Corn STrylhern Svnod Trust Llmll Nvtt5 to the Financial StAtements for the Year Ettdod 31 Dc¢crnbtT 2024 O TRUStEES' REMUNERATION AIND BENEFITS The following honorArium, which 15 included InTrusrees was paid to atrusEee durin8 theyear. in tsccordarKe th¢ 8overnin8Q¢¢umenl snd approved bythe Charity C0rnrn155ion'.- 31.1124 Mrj D￿LSon{s￿nOd Tre4swerl i.o(x) DuiinÈth¢ye&r fiv¢trustees12023..fiv¢l w¢reTeimburse4 othofpo¢ket¢xpeTL5¢5mBillly fortelEthone costs and travElling totallin8£70312023". £1.1091 Onetru51ee12023' none) was also paid Atotal of£2612023.. £0) relalin8 to their Frf>siiions&s stipendiary minist¢T5, C4)tnPri5in8traiNins grants and reimt￿Semenf0rmin1st¢ri￿ exp¢ns¢s 7 CAINSI(LOSSESI ON INVLSTMENTS 31.12.24 31.12.23 Re81i%d 881n￿(lO$s¢s} on investrnentssold Less.. GaIn￿(lOSS￿l pr¢viou3ly rwnised In Eccountl Nei gaingl105sesl in ￿ron investmtht$xTrld Unr¢dis￿ g81nsIII(w¢51 on invethents forthe year Nwgainslllossesl on InYesDn¢nts foTth¢ Ye4T 137JlOI 198.139 160,799 1525.798 1th86J97 970,014 802.004 336.799 8 MOVEMETrrr IN FUNDS Bal￿ 0101.24 IrKom¢ ExPe￿J1￿re Trar6fer5 Gainslllossesl B•lan¢e betwttn FuTrJsin Invwtrnents 31.12.24 Fund..- G¢nwJl Purp05e5 Unrestricted Endowmeni 17,614.852 433.T77 3,923204 ￿453.407) 1,114.4W 20,219,148 26945 Desi¥mated 11.622.857 3.394.330 12J95,7ni 514,951 12,936J66 Alfnston M15510n Project D¢$i8natrd 170.538 14.0761 166862 Synod Mission Fund 24,444 24844 Fund held for Uniting D¢31wthd Church Buildin8 Restricted Endowment 857 7.913 3.712 (45341 35 8098 WelfaT¢ Restricted Endowment 29,894 l J73 2.042 20 31994 2,)21 R¢tTr¢d Mini&tcrs' Ho￿$]￿g 338.575 177.( 26,1￿) 3￿782 I77,￿0 Endownem Milton Hall 130.484 216,461 11,422 (1.9661 6.033 10.413 14&973 226874 Ertdowment Woolwieh 214.990 7.665 18291 11,492 233J18 7.368.096 15.042.189) 1.686.597 35.128J37 PAge 23

The United Reformed Cbknreh Sguthern S nod Acom Limited b GU￿rAntee Trust Llmlted Notes to the Financial St&temtTht$ for the Year Ended 31 D¢cemb¢r 2024 9 TANGIBLE FIXED A&5ETS Fixtures, Property Equipment Totals COST At l January 2024 Additions in year Disposa15 in year 280,196 28.692 5,107 (2,204) 308,888 5,107 {105#25) (103,321) Ai 31 D¢cember 2024 176,875 31.595 208A70 DEPRECIATION At l January 2024 ChaTge for period EliMin￿ed for disposals 26,351 2,960 (2.204) 26JSI 2,960 (2204) At 31 Decemb¢r 2024 27,107 27,107 NET BOOK VALUE Ai 31 December 2024 176,87S 4,488 181 J63 At 31 December 2023 280,196 2,341 282537 10 FIXED A&SET LISTED INVESTMENTS irNRESTRICTED FUNDS Fixed Interest UK Securities RESTRICTED FUNDS Fixed Interest UK Equities Fund Securities Equities Fund TOTALS A5 at l January 2024 Purchases Sales N¢t gatn51(losses) fair value 4.018.492 22,886.371 4.772.123 676,610 (2,611,251) (2,913,702) 102,151 1,600,766 6,077213 22250,045 268,286 6J45,499 22,250.045 64.521 84,321 (44,013) (2.000) 102,829 4.749 107,578 379.318 27,34&702 11.265 5,544?19 (54,364) (5,623J30} 29.185 1.525.800 365,404 28,79S,491 273,035 365,404 29,1J68,526 Cash h¢ld for Investment Fair Value at 31 December 2024 Cost at 31 December 2024 6.152,607 19,787,065 110,697 283,463 26J33032 All investment funds are held in the UK. Page 24

The I'Triied Relorrned ChU￿h SoutherD S nod T￿￿1 Llmlttd Acor l.imited bv Cjuarantee Notss to the FingWtIAI Staitments for the Year Ended 31 December2024 I I SOCIAL INVFSTMENTS 31.12.24 31.12.23 Loans to L(Kal Cburches 69.202 544.179 Loans tnade to loc￿ Church￿ and minisi¢TS arc nom)ally wayable betweertthTee and five yeats and ittteresi is charged at 5% w I[￿u￿ on the outstandin8 balantc. IZ DEBTORS 31.1224 31.12.23 Sunthy d¢btors 155J04 114.682 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.12a4 31.1223 Other creditors Contribution to Minisivs, Pensioo Fund Grants not draw 461,957 657.460 1,434.486 1,868.948 3.960.894 1.747.681 2209,638 14 DISPOSITION OF FUNDSAS AT 31 Dtttmber 2024 Fund..- Tan8ible F￿ed Assets S(￿141 Debtorsl InYesttDeftts CredrtOTS Cash & EWosi18 TOTALS General Pwposes Unrestrict¢d 181.363 18,066.187 460,n2 69,202 11.934,8491 3.837245 20.219,148 4fAI,722 Manse Designated AlfTiStOD Mission Proj¢¢t Deswjated Synod Mi5$10n FuDd Desi8naled 9,958,659 2,988.817 12,936,366 166.462 166.462 108.335 {108J351 24,444 24,444 Fund held for Unitin8 ChurchB5 tlesi8nated Cburch Build￿8 R￿trIcted End0￿￿enT 35 35 8.008 8(M)8 W¢lfart Rcsmcied 29,471 1121 2.523 31.994 2.121 Restricted 1.647 363,135 iTr,o 364.782 l77,0(Kl Housin8 Milton Hall R¢stri¢*d Endowmeni 53.897 226,874 91076 145,973 226,874 Wth)Iwi¢h R¢Strt￿ed 152.56) 29.063.5?6 80,753 7.86i.600 2J3.-118 i5_12 -357 69.?02 11.054.334) Pay25

The United Reformed Church ouihern S nod Acom LiTllited b Guarantee Trust Llmited Notes to the Financial Statements for the Year Ended 31 December 2024 15 PENSION SCHEME Up until 28 February 2024, the United Refornied Church (Southern Synod } Trust contributed to The United Reformed Church Fitvdl Salary S¢hem¢, a pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (fonnerly The Pensions Trust). The scheme is a defined benefit Scheme but the Trust is unable to identify its share of the underlying as5¢ts and liabilitie5 each member in the scheme pays a ¢oJnmon contribution rate. The most recent fomial actuarial review of the scheme was at 30 September 2022, when the ￿herne had a surplus of £1,446,000. Th¢ s¢h¢me was closed to future accrual OD 28 Feixvary 2023. A new defined tontriburion s¢heme was sd up administered by the Aon Master Trust on l March 2023 and staff have b¢en moved to thi5 scheme. The total pension contribution5 into the defined contribuiion s¢heTll¢ Tnade in the year were £69,109 (202J'.£68.412) 16 COMMrrMEf+lTS Property The office fornts part of a property registered in the name of the United Reformed Church (Southern Synod) Trust Limited and held on statutory tNsts in favour of East Croydon United Refomied Church. Under an infornrdl agreemenL the Trust cornpany pays rent of £18,000 to the lo¢al Church for the use of the Synod offices. Contributions to the URC Ministers, Pension Scheme The pension scheme for ministets, run nationally as a central fvDCtion of the United Refomed Churc14 has been in deficit for some yeaTS despite several atternpts ¢0 re501ve the Unde￿nding based on the valuation approach required of the sch¢tne actuaries. Due io the Structhre of the national church and ministerial appointh)ents th¢r¢ is no l¢gal obligation for the Trust bui all of the regional and national bodies have been approached and th¢re 15 wide acceptanc¢ that there is a moral obligation at the synod level and that such support does fall within ih¢ ckntable purposes of the Trust. At the end of 2023, a commimient of £1,500,000 was to be paid in 2024 and this was included in creditors. However during 2024 the national church infonned us no further payments would be required and th¢r¢fore this amount h15 been written back in 2024. 17 CONTINGENT ASSETS At the year en¢1 the property of four Churches. held on Stamtory Trnsts in a¢cordan¢e with the United Refornied Church Acts of 1972, 1981 and 2000 by the company, were held following the church's closure. The proceeds will revert to Synod on the sale in accordance with th¢ Sta￿lory Trusts on which the property are held. Professional advice is being sought prior to disposal. Page 26

The United Rtfomed Churth So¥thcrn S nod Acom

n Limited b GLForlllltee

Trust Limited Notes to ih¢ Finn¢i41 Ststements for the Year Ended 31 December 2024 18 COMPARATIVE ANALYSIS BY FUND The key comwnents from th¢ prioryear figures are analyd klow by fiJrtd:_ 2023 Unrestric*d Funds Generdl PuTwses Designated Funds Fund5 Restritted Funds Totsl Funds INCOME AND ENDOWMENTS: Intome from Investments Income from ehxrltabl¢ a¢tlvltl¢$ Donations and L¢ga¢ies Other Incorr 674.251 438,696 40,520 1,153,467 30,264 387.018 1,1191W3 4,558 34,822 387,018 I J75J07 Total •perating income 4￿090 45,078 In¢om¢ on sal¢ of pro￿rtleS Lease Pr¢iniutn5 R¢c¢ived ProfiU{t￿s} on Sale of properties 103.750 l.615.0(Xl 1.71&750 72,620 72,620 Totsl Intomt Ind Endowments 6.145,727 1,206,169 211.103 3J66,677 EXPENDITURE Exttnditure on Charitabl¢ Activities Total op¢rating ¢xpenditure 1725,228 1725,228 674.504 674.504 20,477 20.477 3.420,209 3A20.209 Paytnent to Inier-synfyj Resource Sh8rirt£ 50,000 50,IM)O Contribution to the Ministers, Pension Fund Di5countinB adjus￿ent for Long Temi Creditor 64.281 64281 Purchase of Man5e5 752,500 752,500 Total ExpeDdittsr¢ LL19J09 1,427,iNJ4 20.477 438@990 Net Expenditure o Op¢rnting Account 11,633,695) 1235,8081 24,601 IIJ44,902) Net Income/lExpeDditur¢) (1,571,606) 626,692 24,601 (920J13) Trnnsfers bettyeen Funds Oth¢r Recognised CainsllL¢b5sesl Net ILosse5yGaiTh5 on Investments 822.236 295,164 21.4 1.138,800 Net movem¢nt in fund5 -749J70 921,856 46,￿1 218.487 Tot￿ funds brought forward 18,797,999 11.027.093 1.072.274 30097J66 Total fuAds c8rried fonvard 18.048,629 11,948.949 1,1 J8,273 31,115,853 Page 27