## ## |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| ## |14.|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| ## ## ## ## ##