2022-12-31-accounts - The United Reformed Church (Wessex) Trust Limited

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REPORT OF THE TRUSTEES
Reference and Administrative	details
Objectives and Activilies
Ensuring delivery ofthe Company's		aims
Charity Objectives
Principal Activities
Grant-making Policy
Public Benefit
Achievement and Performance
Grants and Grant Commitments
Review ofsignificant chari table	activities undertaken		and Future Events
Struclure, Governance and Management
Financial Review				10
Custodian Trusteeship				11
STATEMENT OF TRUSTEES RESPONSIBILITIES				12
Auditors' Opinion				13
STATEMENT OF FINANCIAL ACTIVITIES				16
BALANCE SHEET				17
CASH FLOW STATEMENT				18
NOTES TO THE FINANCIAL STATEMENTS				19

							2022	2021
				Unrestricted	Restricted	Endowment	Total funds	Total funds
				funds	funds	funds
			Notes	5	6	F
INCOME AND
ENDOWMENTS	FROM
Donations and legacies			2	999,275			999,275	1,476,560
Charitable activities			4
Supporting the Wessex
Synod				1,873			1,873	3,292
Trinity Hall				941			941
Investment income			3	1,262,042	35,588	6,823	1,304,453	1,071,987
Other Income								74,269
Sale of fixed assets				321 754			321 754	141 151
Total				2,585,885	35,588	6,823	2,628,296	2,767,259
EXPENDITURE	ON
Raising funds			5	662,140			662,140	413,114
Charitable activities			6
Supporting the Wessex
Synod				1,040,256	35,588	6,823	1,082,667	1,303,327
Trinity Hall								6982
				1,702,396	35,588	6,823	1,744,807	1,723,423
Sub Total				883489			883489	1 043836
Grant to Minister's		Pension	8	9,000,000			9,000,000
			(8,116,511)				(8,116,511)	1,043,836
Gains/(losses)	on
investment assets Investment properties				(1,403,169) 47,498	(154,377)	(30,836)	(1,588,382) 47,498	2,566,070 913,120
Net income Transfers between		funds	23	(9,472,182) 1,889	(154,377) (1,889)	(30,836)	(9,657,395)	4,523,026
Net movement	in funds			(9,470,293)	(156,266)	(30,836)	(9,657,395)	4,523,026
RECONCILIATION		OF
FUNDS
Funds brought	forward			46,617,066	1,640,358	302,290	48,559,714	44,036,688
TOTAL FUNDS	CARRIED			37,146,773	1,484,092	271,454	38,902,319	48,559,714
FORWARD

Registered Comp	any num	ber 01555990(England and	Wales)
		Notes	2022 f	2021 f
FIXEDASSETS
Tangible assets		14	14,606,075	14,579,239
Investments
Investments		15	21,136,526	22,670,079
Investment property		16	5,652,600	6,622,600
			41,395,201	43,871,918
CURRENT ASSETS
Debtors		17	404,147	255,270
Investments		18	2,840,000	3,675,000
Cash at bank			4,358,411	1,974,765
			7,602,558	5,905,035
CREDITORS
Amounts falling due within
one year		19	(3,297,069)	(881,034)
NET CURRENT ASSETS			4305489	5 024 001
TOTAL ASSETS	LESS		45,700,690	48,895,919
CURRENT LIABILITIES
CREDITORS
Amounts falling due after
more than one year		20	(6,798,371)	(336,205)
NET ASSETS			38,902,319	48 559714
FUNDS		23
General fund			22,166,590	31,972,663
Designated funds			14,980,183	14,644,403
Total unrestricted	funds		37,146,773	46,617,066
Restricted funds			1,484,092	1,640,358
Endowment funds			271,454	302,290
TOTAL FUNDS			38,902,319	48,559,714

SH FLOW STATEMENT
			2022	2021
Reconciliation ofNet Incoming	Resources to Cash		6	6
Inflow from Operating Activities
Changes in resources before revaluations			(8,116,511)	1,043,836
Returns on investment			(1,304,453)	(1,071,987)
Depreciation			3,612	3,229
Surplus on disposal oftangible fixed assets			(321,754)	(141,151)
Closed churches donated			(979,252)	(1,470,000)
(Increase)/decrease in debtors			(125,672)	18,615
Increase/(decrease) in creditors			8,878,203	25,206
Net cash inflow from operating	activities		(1,965,827)	(1,592,252)
Cash flows from investing activities
Returns on investment			1,297,577	1,080,573
Payments to acquire tangible fixed assets			(396,813)	(744)
Receipts from sale oftangible fixed assets			688,119	465,567
Payments to acquire investments			(9,300,906)	(1,198,380)
Receipts from sales ofinvestments			10,034,871	734,896
Receipts from sales ofinvestment	properties		1,107,143	1,469,743
Receipts from sales ofcurrent asset investment			935,812	468,627
Repayment of loans from ministers	and churches		18,670	92,236
New loans to ministers and churches			(35,000)	(53,188)
Change in cash and cash equivalents in the		year	2,383,646	1,467,078
Cash and cash equivalents at the	beginning	ofthe year	1,974,765	507,687
Cash and cash equivalents at the	end ofthe	year	4,358,411	1,974,765

			2022	2021
			F	F
Donations			24	6,560
Donations	from closed churches		999,251	1,470,000
			999,275	1,476,560
INVESTMENT INCOME
			2022	2021
			F
Property income			517,212	451,666
Commercial	property	income
Bitterne and		Windsor shops	93,866	55,996
Investment	income —managed		671,174	564,223
Investment	income —interest		22,201	102
			1,304,453	1,071,987

							2022	2021
			Activity				F	5
Interest	from	loans	Supporting	the	Wessex	Synod	1,873	3,292
Trinity	Hall		Trinity Hall				941
							2,814	3,292

					2022	2021
					f	6
Staff costs					97,595	42,163
Property	-	maintenance		and utilities	280,072	269,568
Property	management			fees	16,813	5,355
Professional			fees re disposals		212,090	42,433
Premises		insurance			55,570	23,872
Investment			management	fees		29,723
					662,140	413,114

						Grant funding	Support
				Direct costs		ofactivities	Costs	Totals
				(see note 7)		(see note 8)	(see note 9)	2022
					F	F	6	F
Supporting	the Wessex		Synod	275,432		9,330,783	476,452	10,082,667
Comparative analysis:
						Grant funding	Support
				Direct costs		ofactivities	Costs	Totals
				(see note 7) F		(see note 8) f	(see note 9) 8	2021
Supporting	the Wessex		Synod	204,389		554,186	544,752	1,303,327
Trinity Hall				6,982				6,982
				211,371		554,186	544,752	1,310,309
DIRECT COSTS OF		CHARITABLE ACTIVITIES
							2022	2021
							f	8
Ministerial and lay training							330	67
Manse policy							103,885	62,229
Manse maintenance		allowance					9,568	16,399
Children and	Youth Development			Officer (South)			9,002	1,592
Events and activities							37,059	9,760
Sundry expenses							390	277
Ordained Synod staff		—Stipends					110,000	102,949
Housing allowance							5,133	2,435
Insurance for	menses							6,285
Development	and support		activities				65	2,396
Trinity Hall								6,982
							275,432	211,371

							2022	2021
								f
	Supporting the Wessex Synod					9,330,783		554,186
	The total grants committed to institutions			in the year	net ofwrite-backs,	was as follows:
						2022 f		2021 f
	Ecumenical grants					31,347		88,108
	Ecumenical grants written back					(14,447)
	URC Inter-Synod Resource	grants				135,000		125,000
	URC Inter-Synod Resource	grants	written	back		(15,000)
	Commitment for Life grants					30,772		11,673
	Church Mission Fund grants					114,443		152,328
	Church Mission Fund grants	written	back			(40,331)		(23,979)
	Local church grants					616,483		271,994
	Local church grants written	back				(632,796)		(105,653)
	Synod General Fund grants					302,010		34,395
	Synod General Fund grants	written	back			(209,591)
	Minister's Pension Fund Other grants				9,000,000 9,853		~22592,
	Total institutional grants				9,327,743			551,107
	Welfare grants					3,040		3,079
					9,330,783			554,186
9.	SUPPORT COSTS
						Governance
					Management f		f	Totals
	Supporting the Wessex Synod - 2022				440,774 35,678			476,452
	Supporting the Wessex Synod - 2021				515,491 29,261			544,752

	Management
					2022	2021
					Supporting	Supporting
					the Wessex	the Wessex
					Synod f	Synod f
	Wages				262,184	309,956
	Social security				22,670	19,701
	Pensions				49,846	49,308
	Car lease				7,653	4,401
	Office utilities				11,808	56,804
	Office costs				109,274	39,422
	Staff recruitment		and training		945	2,370
	Staff travel and		subsistence		31,815	26,578
	Subscriptions				6,061	4,407
	Resources				9,523	2,210
	Honoraria and gifts				150	300
	Bank charges				761
	Professional	fees			39,066	11,007
	Depreciation				3,612	3,229
	Bad debts				(117,323)	(15,000)
	Other				2,729	798
					440,774	515,491
	Governance	costs
					2022	2021
					Supporting	Supporting
					the Wessex	the Wessex
					Synod f	Synod
	Wages				11,190	10,541
	Auditors' remuneration				24,031	18,720
	Meeting expenses				457
					35,678	29,261
10.	NET INCOME/(EXPENDITURE)
	Net income/(expenditure)			is stated after charging/(crediting);
					2022 f	2021 f
	Auditors' remuneration			—net of VAT	24,031	15,600
	Depreciation	- owned assets			3,612	3,229
	Other operating		leases		2,723	2,831

STAFF C	OSTS
		2022	2021
		6	F
Gross salaries		370,969	446,056
Employers	NIC	22,670	25,341
Employers	pension costs	49,846	58,205
		443,485	529,602

No employee received e	No employee received e	moluments in exce	ss off60,000 (	2021:None).
13. COMPARATIVES FOR		THE STATEMENT	OF FINANCIAL	ACTIVITIES
		Unrestricted	Restricted	Endowment	2021
		funds f	funds F	funds f	Total funds 6
INCOME AND
ENDOWMENTS FROM
Donations and legacies		1,476,560			1,476,560
Charitable activities
Supporting the Wessex
Synod		3,292			3,292
Investment income		1,029,581	42,406		1,071,987
Other income		74,269			74,269
Sale offixed assets		141 151			141 151
Total		2,724,853	42,406		2,767,259
EXPENDITURE ON
Raising funds		413,114			413,114
Charitable activities
Supporting the Wessex
Synod		1,275,658	27,669		1,303,327
Trinity Hall		6 982			6 982
Total		1,695,754	27,669		1,723,423
		1,029,099	14,737		1,043,836
Gains/(losses) on
investment assets		2,368,176	169,140	28,754	2,566,070
Investment properties		913,120			913120
Net income		4,310,395	183,877	28,754	4,523,026
Transfers between	funds
Net movement in funds		4,310,395	183,877	28,754	4,523,026

TANGIBLE FIXEDASSETS
	Freehold	Menses	Computers &
	property 6	f	equipment 6	Totals f
COST
At 1 January 2022	974,465	13,598,957	33,154	14,606,576
Additions Dieposals		392,490 ~366,365)	4,323 ~17476,)	396,813 ~383,843
At 31 December 2022	974,465	13,625,082	19,999	14,619,546
DEPRECIATION
At 1 January 2022			27,337	27,337
Charge for year Disposals			3,612 ~)7,478)	3,612 ~)7,478
At 31 December 2022			13,471	13,471
NET BOOK VALUE
At 31 December 2022	974,465	13,625,082	6,528	14,606,075
At 31 December 2021	974,465	13,598,957	5,817	14,579,239

									Listed
									investments
									E
MARKET VALUE
At 1 January	2022								22,670,079
Additions									9,300,906
Disposals Net gain on revaluation									(9,246,077) ~1,888,8822
At 31 December 2022									21,136,526
Analysis ofinvestments			by type:
								2022	2021
								E	6
Equities								21,024,419	22,541,753
Fixed interest		securities						112,107	128,326
Cash held within the investment					portfolio
								21,136,526	22,670,079
Geographical		analysis	ofinvestments:
								2022	2021
								F	f
Held inside the United			Kingdom					21,136,526	22,670,079
Held outside the United			Kingdom
								21,136,526	22,670,079
The allocation		ofinvestments		at the		end ofthe	year was:
COIF Charities		Ethical	Investment		Fund			50%
The Cazenove		Charity	Responsible			Multi-Asset	Fund	48%
Other								2%

MARKET VALUE
At 1 January 2022	6,622,600
Additions
Disposals	(970,000)
Revaluation
At 31 December 2022	5,652,600

		2022	2021
		5	F
Amounts	falling due within one year:
Trade debtors		115,544	5,592
Other debtors		165,703	157,015
Loans to	employees	7,636	7,636
Loans to	ministers	10,802	744
Loans to	churches	5,498	13,240
Prepayments and accrued income		40,604	26,697
		345,787	210,924
Amounts	falling due after more than one year:
Loans to	ministers	3,830	13,145
Loans to	churches	54,530	31,201
		58,360	44,346
Aggregate	amounts	404,147	255,270

DEBTORS —continue	DEBTORS —continue	d
Loans to Churches,		Ministers	and Employees	2022 f	2021 f
Opening balance				65,966	105,014
New loan advances				35,000	53,188
Repayments				(18,670)	(92,236)
Closing balance				82,296	65,966
Analysed as follows:
Loans repayable	within one year			23,935	21,620
Loans repayable	after	one year		58,361	44,346
Closing balance				82,296	65,966

Properties held for sale	Properties held for sale
At 1 January 2022				3,675,000
Additions
Transfer from Investment		Property
Disposals				(735,250)
Revaluation				(99,750)
At 31 December 2022				2,840,000
The Manse,	209 Broadway	Lane, Throop, Bournemouth,	BH8 OAE	550,000
Freemantle	Church, 257-259 Shirley Road, Southampton,		SO15 3HS	740,000
Chandler's	Ford church and manse, 5 Kings Road, S053		2EY	1,550,000
				2 040 000

CREDITORS: AMO	UNTS		FALL	ING DUE WITHIN ONE	YEAR
						2022	2021
Trade creditors						44,643	39,963
PAYE and NIC						8,082	6,713
Grant commitments					3,131,988		757,104
Accrued expenses	and deferred			income		112,356	77,254
					3,297,069		881,034
CREDITORS: AMOUNTS		FALLING DUE AFTER MORE			THAN ONE YEAR
						2022	2021
						f	f
Grant commitments					6798371		336205
					6 798371		336205
Analysis ofGrant Commitments					f
Grant commitments	brought		forward		1,093,309
Grants written back	during		the year (note 8)		(912,165)
Grants paid during the year					(493,733)
Grant commitments	during		the year (note 8)		10242 948
					9,930,359
Amounts falling due within		one year (note 19)			3,131,988
Amounts falling due after		more than one year			6,798,371

The Com	pany had future	minimum lease	payments under	non-cancellable	operating lea	ses as follows
					2022	2021
					f	f
Not later	than one year				450	450
Later than one year but not later than five			years
ANALYSIS OF NET ASSETS BETWEEN			FUNDS
					2022	2021
		Unrestricted	Restricted	Endowment	Total funds	Total funds
		funds	funds	funds
		f	f	f		f
Fixed assets		14,606,075			14,606,075	14,579,239
Investments		25,315,798	1,256,138	217,190	26,789,126	29,292,679
Current	assets	7,320,340	227,954	54,264	7,602,558	5,905,035
Current liabilities Long term liabilities		(3,297,069) ~6,798,37))			(3,297,069) ~6 798 371)	(881,034) ) ~336 266
		37,146,773	1,484,092	271,454	38,902,319	48,559,714

ANALY	SIS OF NET A	SSETS BETWEEN F	UNDS —Com	parative figur	es
					2021
		Unrestricted	Restricted	Endowment	Total Funds
		funds	funds	funds
		6	8	5	f
Fixed assets		14,579,239			14,579,239
Investments		27,634,137	1,410,515	248,027	29,292,679
Current	assets	5,620,929	229,843	54,263	5,905,035
Current liabilities Long term liabilities		(881,034) ~335205)			(881,034) ~338205)
		46,617,066	1,640,358		48,559,714

							Net	Transfers
							movement in	between
						At 1.1.22	funds	funds	At 31.12.22
						5			F
Unrestricted funds
General	Fund					31,973,754	(9,425,474)	(381,690)	22,166,590
Church	Mission	Designated		Fund		25,111	(74,112)	367,713	318,712
Special	Reserve	Designated			Fund	692,865	62,043		754,908
Wessex	Synod	Designated		Fund (The		179,808	(22,155)	(4,916)	152,737
Macro Fund)
Local Churches		Designated		Fund		146,571	(12,484)	(5,343)	128,744
Manse	Designated Fund					13,598,957		26,125	13,625,082
						46,617,066	(9,472,182)	1,889	37,146,773
Restricted funds
Wessex	Synod	Restricted	Fund			35,332	(6,799)		28,533
Local Churches		Restricted		Fund		1,602,867	(147,578)	(1,889)	1,453,400
Cromwell Place		Roadway	Restricted
Fund						2,159			2,159
						1,640,358	(154,377)	(1,889)	1,484,092
Endowment funds
Local Churches Endowment Fund Specific Purposes Endowment Fund						29,790 272,500	(3,361) ~27475)		26,429 245,025
						302,290	(30,836)		271,454
TOTAL	FUNDS					48,559,714	~9857,395)		38,902,319