REGISTERED COMPANY NUMBER: 01555990 (England and Wal) REGISTERED CHARITY NUMBER: 282729 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR THE UNITED REFORMED CHURCH (WESSEX TRUST LIMITED
THE UNITED REFORMED CHURCH (WESSEX) TRUST UMITED YEAR ENDED 31 DECEMBER 2023 CONTENTS REPORT OF THE TRUSTEES Reler8nce and Admintslralive delafjs otyeCteS andActNiti8s Ensuring delrvery of the Companys aNnS Chanty ObieclNes Principal Acttivjties Granl-making PolKy Publi¢ Benefrt Achievement and Performance Grants and Grant Commftments ReVW ofsunifjrant ch8ri18ble actNrties undertaken and Future Evgnls structure, Govemance and manaMent Financial Review Custodian Trusleesh STATEMENT OF TRUSTEES RESPONSIBILITIES Audrtors. Opinion STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET CASH FLOW STATEMENT NOTES TO THE FINANCIAL STATEMENTS 12 17 18 19
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED YEAR ENDED 31 OECEM8ER 2023 REPORT OF THE TRUSTEES The Trustee$ who are also diredoT5 of the Charity for Ihe purpo$8$ of the Companies A¢1 2006, present their report with the financial statements of the Charity for the year ended 31 December 2023. The financial statements have been prepared in acwrdance wrth the accounting polie$ Set out in nole 1 to the accounts. REFERENCE AND ADMINISTRATIVE DETAILS Registgred Company numbgr 01555990 (England and Wales) R8glstsred Chaty number 282729 Registered offic• 120 Alma Road Southampton Hampshire S014 6UW Trust••s Revd Nigel J W Appleton - rps*Jned 27Apr# 2023 Mrs Susan A Brown Mrs Margaret R Carrick Smith Revd Clare Downing - reswned 31 March 2023 Mr Raymond M Dunnett- Deputy Convener MrAndrew N Gibb Revd Or Michael Hopkins- 8pwnt8d l March 2024 Mr Colin F MacBean Revd Julian J Macro Mrs H Bridget kIern - apw)inted 22 June 2023 Revd Dr Romilly W Micklem- Conv8ner Revd Gtyn Millinglon Mr David T North- appointed 23 November 2023 Mr John O Sinclair- Sned 19 Apni 2024 l the Trustees gwe their ts.me voluntarity arKI receive no beneffits from the Company. Any expenses reclaimed from the Company are set oul in note 11. Company S•crnlary Mr Stuart MacLean Audito Haysrnacintyre LLP, 10 Queen Street Place, London. EC4R 1AG Bank9rs Barclays Bank plc. Bardays House, 151 Floor. S Sl. Ann'5 Street, East Quayside. Newcast. NE12BH CAF Bank Limrted, Kings Hill, Vvest Malling. Kent. ME19 4TA Lggal Advlsers Lester Aklridge LLP. Russell House. 31 Oxford Road. Boumemouth. Dorset. BH8 8EX Page 3
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES The charitable purpose of the Company. as set out in the 'objects' cL4use contained in the Company's MemorandL¥n of Assouation, is: 'to advance the Christsan religion and propagate the Gospel in acrdance wth the doctrines principles and usages of the United ReforEd Church vnth particular responsibilrty for the Wessex Synod of that Church. The aim$ of the Company are to support local churche5 In their outreach and mission. both directly tOUgh its staff, and indirectly through the Synod and rts wnmittees. groups and officer5, and by the provision of sources, both financial and technical. ENSURING DELIVERY OF THE COMPANYS AIMS The Trustees review the aims, objectives and activrties of the Company on a regular basis and determine which activities lo reSrGe based on conlribution to those agreed aims and obJ"e¢lives. AS trustee of the charitable fvnds of the Wessex SynfA, the Company submits a detailed report of ils activities to the meetings oflhe Synod and consults vAlh and lakes guidance from the Synod in respect of any application of the funds that falls sjjtside the poleS agreed by the Synod. CHARITY OBJECTIVES The main purpose of the Unrestricted Funds is to meet Ihe financial needs oflhe Wessex Synod and the wder church. and lo support the con5trtuenl local churches in a wide range of acttvities which fvrther generally the Wessex Synod strategy and the reli9K)us purposes oflhe United Refornied Church. W'th gard lo the financial needs of the wder ¢hur¢h. the Wessex syn continues lo make significant annual grants lo Inler-synod Resource Sharing a$ a slep towards a(1dsSing the signrficanl differences in wealth. and hence potential for furKling mission, that exists ttheen all 13 Synods of the Unrted Refomed Church. PRINCIPAL ACTIVITIES The principal acti¥its"es of the Company indLKIe'. The short, medium and lon*terni management. as trustee. of the Unrestricted Funds of the Company, which consist primarily of investment propety. managed funds. cash. and loans to local churches and ministers., The realisalion of best value from the disposal of redundantchurch buildings and manses. and the letting of temptsrarily vacant manses. pursuant to Ihe resolution of the local thurch meeting and the approval of the Synod ExecutNe: Trusteeship of the other funds shown in the ffinantyal statemerts, ¥hse assets consist ahnosl exclusively of managed funds and ¢ash', The oversight of lunctional chanty property. consBting almost exclusively of church buildings and manses. in legal matters and in advice or the provision of professional advice- Acling as employer for $taff of the Company and of the Synod.. Various lask5, primarity related to finance and propety, in $upport ofthe work ofthe Wessex Synod and l¢xal churches. including making grants and loans lowards projects writhin agreed budgets,. Supporting the development and implemenLthn of the Wessex Synod slrale9y, e¥)ecially a$ il relates to maiters of finance and property". Developing and proposing overall plans. Wicies and procedures regarding finance and property for presentation to the Synod for approval., Implementing and mniloring the financial and proFety pL4n$. policies and procedures agreed by the Synod", Facilitating the Synod's oversight of conlribub.ons and its annual offer to the Ministry and MisSn Fund and assisting with any proposed Changes lo the Synod Ministry and Mission Fund formula. Any change lo the fomiula would require the approval of the Synod., Ensuring that local churches are kept fvlly awaie of Synod finarla1 and propety poliw and relevant legislation in whatever form is most appropriate,. Enabling. supporting and overseeing the t)rk of the Listed Buildings Advisory Committee, and taking any action arising therelrom" and Page 4
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 PRINCIPAL ACTIVITIES. ¢ontlnued Acting as the Provincial Propety Committee. recer¥ing at1¥ from the Listed Buildings Advisory Committee under Ecclesiastical Exemption concerning developments and alterations lo Listed Buildings and buildings in Conservation Areas. and giving or wthholding permission for such works in ardance th the Planning (Listed Buildings and ConseNalion Areas) Aet 1990, conducting and recording that part ol its business in accordance wilh the statutory requirement. GRANT4IAK114G POUCY Policies for grant-giving have been agreed by the Wessex Synod an(J applicatKJn formy and procedures ensure the full production of supporting inforniation for all grant applications. Grants can be calegorised as follows.. Annual gian15 to local churches vhich will be paid in accordance wlh existing agreements., Grants for work Supported by the Wessex Synod: Grants for the mainlenanGe, repair ar l or improvement of manses to prowde SLMlable housing for vninislers.. Grant$ to local chUhe$ for Church mission- Gran15 to local churches for unibng cOngregat- Gran15 for work supported by the General Assembty ofthe Uniled Refom)ed Church., Grants to other Synods of the United Reformed Church pursuant lo Inler-synod Resource Sharing., and Grants lo chaplaincies in higher educab"on, industrial missions and other ecumenical sillralnS. Grants to local Churches are made to assist their ministry as they seek to fvffil all current mission iniliatwes in their own situation. through.. Responding lo the nee(Is of Ihe community In which the church work5., and Meeting the challenges and dw.ms of the gospel in today's church and the worfd. PUBLIC BENEFIT The Trustees confimi that they had due wafd to the Charity Commissron's guidanee IP81 to PB3} on publi¢ benefit vthen exercising any powers or dut$ to vthich the guKgan¢e is relevant. Examples of this are given in thi5 report. ACHIEVEMENTS AND PERFORMANCE Property Oporation5 The Company manages the portfolio of residential and investment propertie$ on behalf of the Synod and supports churches in managing their places of wotship and assembly. This includes professional oversight of significant capila projects. The Company also realises the best value ol Tedundanl property by a programme of disposals. The regular actiV.eS of the Company indude= Fielding and responding to enquiries from ministers and church officers, agents and lenanls,. Managing residential oceupancy.. &ifety certffications, agreements. Inventories and deposits", Effecting resideAli81 property repairs, maintenance and refvrbishrnents, planned and unplanned,. anaging rents, colle¢tKJns. delinquency and - occasionally- evictions.. Capital enhancements and extensions.. Exceptional acquisitions and disposals for best value.. anaging major church building ntract$. ¢ontra¢lors and professional *dvisors', and Providing specialist legal and propety management advti and gui<Jance. Church Congrggations and Mans•s At the end of the year there were 11012022.. 1131 thal church w)gwations. in¢luth"ng 32 Local EcumenKal Partnerships12022". 331, having lost a Lctal Ecumenical Partnership at Woodley Airfield. These resolutions- to-close were passed in 2023." 22 January 2023.. Longham United Refomied Church 22 June 2023.. Woodley Airfield Church ILEPI 18 September 2023.. Hedge End Uniled Reformed Church Page 5
THE UNrrED REFORMED CHURCH (WESSEX) TRUST LIMITED YEAR EMDED 31 DECEMBER 2023 chh Congr•gatlons and Manses. condnued hen a ¢h(Jr¢h ele¢ts lo close. any remaining assets foll¢Ning closure are. subject to receipt of all necessary approvals, transferred lo Ihe Company_ The sale of any redundant church buildirBJ normally invofve$'. Retaining expert advice: Developing oplions for realising best value in a rnanrw wisislent wth Charty Commission quirements". and Managing the approvals pretess. marketing and disposal in a safe and exemplary manner. So far in 2024. St Paul's Liss United Refom)ed Church resofved on 23 January 2024 to close on 31 May 2024, and Wimborne United Reformed Church was dissolved by resolution of the Wessex Syn¢>J on 20 February 2024. Al the end of the year there 4•Rre 2912022.. 33) manses OCpIed by ministers and 28 {2022'. 251 further manses held pending P055ible ILrture occupation by a minister. of which 2612022". 231 We let to tenants, 1 12022." 11 was vacant pending refurbishment and occupation by tenants, and 1 12022". 11 was VnI pending refurbishment and eLcupalion by a minister. Some of the rnanse5 do not conform to the agreed Synod manse standard and 50 they wll be let and solo in due course. Ad"onal manses wll onty be purchased il required to house ministers. Prop•rty Acqulslilons 4 Covent Close, Abingdon was aqui lo serye as a manse during the year12022'. 11. Prop•ity Dlsposals No redundant manses12022.' 21. investment propee$ {2022". 31 or redundant church site512022.' 21 were sold during the year. but at the end of the year 16 12022_' 141 dndant church siles We al dtherenl stages of diswjsal, being.. Andover Bury Road {G05POrtI Chandler's Ford Finchdean Freemanle Isoudwnptonl Hedge End Hope Church Freshwaler Bay Longham Lytehett Minster Newbury Pheasanl's Hill Sarisbury Green Slanford-inrythe Vale Summertown (Oxford) Walkford IChri$lchurchl Weybridge 1012022.. 81 fomier manses have been Identif by the Company at the yearond as redundanl, of whh 5 12022.. 51 are r)n church Sites and let to tenants or in other use. 3 were let to tenanls12022'. 31 and 2 were vacant and for sale12022.' 01. Grant5 and Grant commltments Grants are offered and paid out by the Company under its granl-making policy. When grants are offered by the Company they are recorded as future commitments and drawn down as projects continue, sometimes over several years. 11 is not unusual for previous grant commrtments to be wniten-back into the funds as a result of projects not proceeding or not requiring the committed bjnds Grants for ¢hur¢h mission projects a made from the Church Mission Fund and the Specral Reserve Fund in support of building projects. the costs of church workers and other smaller projects. Wthin the Special Resetve Fund is a sub-reserve made In 201 S of £200.000 Is1dual balance in 2023.. £62,214> designated to potentially meet the direct costs of some very earty-stage conceptual pioneer ministy project5 in such sltuations as large- scale housing developments. Other grants lo cJ)ur¢hes may te made from the General Fund, for example to assist with the cost of uryent repairs due to storm damage The Company also supports from its General Fund several ecumenical projects. Inter-synod Resource Sharing and General Assembly's Commitrnenl for Life programme. REVIEIN OF SIGNIFICANT CHARITABLE ACTIVITIES UNDERTAKEN The Cornpany conb.nues lo achieve ils aims of supporting local churches in their outreach and mission and the wider United Reformed Church. both directty through ils staff, and indirectty through the Synod and it5 mmittees, groups and ofli¢ers. and by the provision of resources, both finanual and technical. Al ils meeting on 12 March 2022, Ihe Wessex Synod endorsed the TTLlStees' decision to make an offer to contribute up to £9 million over the period 2022 2030 towards the deficit of the United Reformed Church Ministers, Pension Fund. This offer was made vth the conditson that the current 'defined beneff(' scheme be closed. Page 6
THE UNITED REFORMED CHURCH IYIESSEXI TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 REVIEW OF SIGP4IFICANT CHARITABLE ACTIVITIES UNDERTAKEN, Contlnued A payment s¢hedule of £1.2 million per annum for the five years 2022-26 has been agreed wlh the URC Trust, th a VIeW lo be made following the nexl aduaria valuation. Four further annual payments of£O.75 million may then be made. The URC'S General Assembly resdved in July 2022 to dose the defined benefit PenSn scheme lo future accwals and followng the delayed Closu of the scheme on 28 February 2023, the Gondilion set by the Company for releasing its contributions towards the deficit reduction programme was mel and the Company's previously deferred first payment of£1.2 million was released to the URC Tnjst on 23 March 2023. The second payment of £1.2 million was made 13 October 2023. The followng Trustees decla an interest in the URC Ministers, Pension Fund as deferred members or pensioner members of the scheme. Revd Dr Michael Hopkins, Revd Julian Macro. Revd Dr Romilly Micklem and Revd Glyn Millington. FUTURE PLANS One of the challenges that the Company faces is responding to rts broad remit as a facilitsling. sharing and enabling body for the Wessex Synod, its individual local churches and the wider Unrted Reformed Chh. The Cornpany therefore seek5 to encourage grant application5 for projects with a significant mission focus but is awa ofthe need lo rease fun(Js on a steady basis wlhin the available resources. The Company's short and medium range plans draw upon the Wessex Synod strategy in order to establish the areas and activities that require speual focus and en$ that the Company's grants and loans resources are available lo meet priorilised objectives. STRUCTURE. GOVERNANCE AND AIANAGEMENT Govarning document The Company is limited by guarantee as defined by the Companies Act 201% and 1$ a ¢harity and a trust corporation wthin the lems of the Law of Property (Amendment) Ad 1926. The Company's objects and pOVrS are declared in its Memorandum ofAssoryation dated 15 December 1980. as amended by special resolutions dated 25 June 1998, 22 SeplembeT 2005 and 27 April 2017, and provision for ils govemance and adminislralion Is made in its Artides of AsKtiation. The Company was incorporated on 14April 1981. The Wessex Synod is one ofthe 13 Synods ofthe Uniled Refornied Church and has the sole P0r ofelecting Trustees lo the Company. The Synod has gwen the Trustees, meeting authorty lo appoint new Trustees. but any Trustee so appointed may not serve for more than 1 year 4Mlhoul being elected by the Synod. The maximum registrable membership of Ihe Company is 24, vAih the members also being Trustees of Ihe Company. At least 75% of the Trustees must be members of the Unrted Reformed Clwrch. Once in each calendar year 113 of the Tiuslees forlhe time being. or. rftheir number is not a muttiple of 3, then the number nearest lo bul not exceeding 113 shall ts're from office. The Tru5tee5 to retire on each occasion include, so lar as necessary to obtain the number require¢J, any Trustee who wishe5 to retire and not offer themselves for re-election. and any ftjrther Trustees to rets" shall be those have been the longest in since their last election. A retiring Trustee shall be eligible for reo*cb'on. The appltsble elections and reolectnS were considered at the Trustees, MeengS during the year and agreed at the Syno¢J meeting on 24 April 2023. Rlsk Assessment and Manag9monl The Trustees have a duty lo identify and review ihe risks to which the Company is exposed and to ensure appropriate controls are in place lo provide reasonable a$5uran¢e against fraud and error. The Company and the Synod have undertaken and documented an annual joint Risk Assessment and have undertaken or are going to undertake the necessary aciKJns arising from Iheir review of the outcomes of tho$e assessments. Page 7
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 Rlsk A$s•s$ment and Manag8menL conllnu8d The Trustees have Identified that the nature ol the Company'5 operatM?n$ ts such that the 9atest principal risk lo the Company's oper'ons is rts small number of staff and the risk oftheir absence, for example because of prolonged illness. The Trustees manage the risks 35S0elated vith the health and well-being f)f ils staff through exisb.ng line management systems, praclical support from volunteers, and the Human Resources and Fa¢iltties Committee. and guard against fraud and error by undertaking periodic reviews with staff of all intemal controls and operating procedures of the Company. The resulting documented procedures are annually reviewed by the Auditors against Irrent best pracb.cè and are EII understood by the Trustees and the staff and are rigorously enforced. Re¢rultment. Appointment and Training of Twstees The most important qualification for appointrrEnt to the Company as a Trustee is a tPiorough awareneys of the workings of the United Refomed Church and of the Wessex Synod in partiCLtlar. Ideally, this should have been gained through an active role in the life of the Synod and l or the wfjer church. Expertise and experience in such areas as law. human resources. finance and propety are particularly useful rf gained in the context of the councils and operations of the Unrted Refornd Church. The combined experb'se and experience of the Trustees has 50 far proved very adequate for the lull range of the Company's activities. The current Trustees who also hold or have in the year to 31 December 2023 hekl significant posts either on behaw of the Synod or on behaff of General Assembly are.. Name Synod Modérator Synod Executive Member Other Revd Clare Downing lunlil 31 March 2023 Mr Raymond Dunnett Trust De Convener Revd DT Michael Hopkins (from 1 March 2024 Mr Colin MacBean Member Moderator Member Trustee of the United Refomed Church Trust Trustee of the United Refomied Church Ministers. Pension Trust Trustee of the United Reformed Chur¢h Trust Trustee and Chair of the United Refomied Church Ministers, Pension Trusl Revd Julian Macro Mrs H Bridget Micklem Revd Dr Romilly MKklem .Irust Convener Mr David North Member Treasu Member Pr05peclive Trustees usually meet wth the Chair of the Company. E¥e¢ulive Officer and one other Trustee who explain and d15cuss the responsibilities of the task and the ways of working of the Trustees. Prospective Trustees are invited lo attend a Trustee5' rneeling before making any decision. An appointment would normally then be rnade by the Trustees. meeting on the recomrnendatitsn of the group that met the pro$pe¢lNe Trustee. A new Trustee is also provided wth electronic copies of the Charity Commiss40n publications CC3 and CC3a and a secure link to a SharePoint folder providing a¢ces$ lo al the minutes and associated documents of the Trustees, meetings from March 2019 to date. All new and exists.ng Trustees are required to undergo periodic Safeguar(Jing toining in acttlrdance with the Wessex Synod'5 Safeguarding policy and procedures. The Company's Senior Slatulory Auditor delivers a training serninar to the Trustees at least once a year. usually at the Company's Annual General Meeting. The Company has a corporate membership of the Church Investors. Group. which holds regular seminars and conlerences, and the Trustees are encouraged to attend these and other seminars offered by the Company's professional advi5er5 and report back to the Trustees, meetings on their though15 an¢J findings. The Trustees also have in-house training on lopul issues when necessary. Page 8
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED YEAR ENDED 31 0ECEM8ER 2023 Relatlonshlp wlth the Wessex Synod of the United Rèfom7•d Church The Company holds the financial assets of the Wessex Synod of the Unite(l Refornd Church in trust. The diffefent categories of trusteeship are as follows= The church buildings and manses of lo1 churches a held on the Stsiutory Trusts of Ihe United Reformed Church Acts 1972. 1981 and 2000 Ilhe StstLrtory Twsts'l and decisions concerning such property a govemed by Schedule 2 of the United Refomied Church Act 1972 las amended) I'lhe 1972 Act'l. under vA)ich approval of both the local church meetiThJ and the Synod is required in order for the Company to let or di$pose of any such pfopety. The Unrestricted Fund$ derive from funds inherited from forrnw Congregalional County Unions, from inve$bi)ent gains, and Irom the disposal of interests in redundant property The Unrestricted Funds may be used for the charitable purposes of the Wessex Synod of the Unrted Refomied Church. refflecled in the Company's Memorandum and Articles of Ass(tialion. Local churches resolving to close normally direct that proceeds from the disposal of their building$ will be added lo the Unreslricled Funds of the Company. There are several Resth"¢ted and EndowTnent Funds for which the Company is Charty Trustee, and which are governed by Trust Inslrijmenls olheT Ih3n the Unrted Reformed Church Acts. The Company acts in its sole discretion wrthin the lefms of such Trust Instruments and in response to Ihe needs of the beneficiaries. Vlessex Synod The Synod Offi'cers and the akwinted representstives of the constituent local ¢hurthes in the Wessex Synod met three limes in 2023 as the Wessex Synlxd to support. enable and co-ordinate the work of the Synod and its local churche$. Further information about the responsibilthes of the Synod, the Synod Executive Committee and other Synod committees and groups is available on the Synod bsrte- W•.ur¢v5SeX.o .uk Oryanisatic*nal Structure of the C¢mpany The Trustees normally meet 5 times a year. or as often as is necessary lo effectively discharge their terms of reference. The business includes policy making. receiving and acting upon pOrtS from its committees, the Synod Clerk, the Ministy and Mis510n Fund Secretary, Ihe Synod Treasurer and the Executive Officer, meeting Investment Managers and considering and approvsng matters relevant to churches and manses. and grant$ and loan5 towards projecis vthin agreed budgets. The business ol tre Trustees in Iheir¢3pacty 05 thè Synod Provincial Property Committee also includes receNing and ath'ng upon reports from the Synod's Listed BLsilding$ Advisory Committee_ The Company has 4 stsnding committees which have delegated authority lo deal with certain areas of the Company's work and meet as often as is necessary to effeclNely discharge their terms of reference. Each Committee prowdes reports lo the Company on Iheirwork and, where applicable, the decisions taken on behalf of the Company. The commitiees are the.. Human Resources arKI Facilities Committee. Investment Committee,. Property Disposals Commillee". an¢J Weware Commrttee. Indemnity Insurance Indemnity insurance is in place lo Cover, up lo £1.C¥)O,000, the liats-lty of the Trustees in relation to negligence, default. breach of duty or brexh of Injst. This cover has been arranged through AnsvaT Insurance Company Limited. Staffing (including Key Management Personn911 The day-ttrday administration ofthe Company is undertaken by the ExecLrtNe Officer and Company Secretsry, Mr Stuart MacLean. supporte(I by 4 members of staff. The Company does nol directty use volunteers in support of its day-to4ay operations. ho%%tver, there is an indirect dependency upon the volunteers who njn the local churches for whose property the Company is the Trustee and those who act on behalf ol the Synod. Page 9
THE UNtTED REFORMED CHURCH IWESSEX) TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Reserves Policy The full lexl of the Company's Reserves Policy is available on request from the Company's gistered office and is linked here. The total amount of reserves held in Ihe Unreslncled Funds al the end of the year were £37.527,491 {2022'. as re51aled £36,530,185), the movement being due lo.. Grant payment lo URC Ministers. Pension Fund Donations trom fewer closed ¢hur¢hes GAINS12022.' LOSSESI on investment assets Decreased realised gains on propety disposals £NIL £NIL £1,357,567 £NIL 12022.. £9,000,000) 12022. £999,251) 12022. £1.588.3821 12022. £47.4981 Remaining additions to the unrestricted reserves mean ttt the Company continues lo achieve ils stated policy of holding sufficient assets t¢ allow the Company to operate from its income without having lo impose a cost on the local churche5 of the Wessex Syncmj lo contribute towards the costs of $u$laining ils charitable objectwes. The need to hold any fvnds in excess of that level wll be regularfy reviewed and ju$tified. or alternatively plans will be developed and Rnplemenled for ihose fvnds to be used in furtherance of the Company's slated chanlable objectives. There have en signrfi¢ant events which have had a financkil effect of Sufficient quantifiable reliability on the Company to warrant adjusting the 2023 accounts. Cash The yearond ¢ash position was £502.953 12022." £4,358,411). The Company aayS aims to maximi$e its managed investment income by seeking to limrt the level of cash held. wth any excess over short term cash flow fequirements being invested in Managed investment in¢ome unrts until required. However, the Company's in¢ome and expenditure is often sporadic and significant wth large sums being realised from propety disposals and being requi for granl payments or manse purchases. This can lead lo $ubslanlial cash balances from time to time_ Investment Policy The Company 1$ Trustee of a wide range of ¢harib"es for dtffemg purposes as categorised below. 1. Unrestrl¢tgd fund¥, b•lng th• general ofthe eharlt*ble funds of the Wos¥gx Synod of the UnSted Refomigd Chur¢h The investment objective for these funds Trs to maximise totsl M with a view lo a steady increase in both intome and uThJerlying asset value by investing for the longer term. 2. Restrlcted and endowmont funds for the benefit of local churchgs The beneficiaries of these funds fall into 2 distinct SuCaleg0rieS.' those who wish lo maximise iome regardless of the consequential effect on eapitsl and Ih05e who are willing to limit short-temi income in order lo improve the prospect of kjng-term 9rthh in both income and underfying asset value. The Company recommends that the first category. in market condrtions wth l¢)w interest rates, consider also adopting a policy ol maximising long-lem income and capital groNth. blrt wll follow the wshes ol the beneficiaries. 3. Endowment fund$ for spècific purposes geMrally ci>nn•ctod wlth thè Unit•d Refomied Church The Company has decided Ihat Ihe investment objeclive for these fvnds should be to achVe a rising income with Ihe prospe¢l of grrhvlh in underlying asset value. Page 10
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED YEAR EIIDED 310ECEMBER 2023 Invgstment Management Strdtegy The Company has formulated the follwrkg elemenls of investrnenl Strategy". Diversification ol investments As a matter of prudence. the Compan$ investrnents in equrties Vill be diversffied over as wde a range of equities as is commensufate with the size of ils portfolio. 2. Common Investment Funds and Unit Trnsts In order lo minimise administration and con5equents.al costs and to fulfil most effeivelY the above diversificab'on strategy. common investment funds and unrt trusts I'pooled funds'l will be used in preference to direct equity holdings 3. Diversification of fund management In view of the size of the Company's assets and the drflering investment objectives for the various Jnds that it holds, it is deemed appropriate lo use MO than one fund manager, bul the Company agreed al ils meeting on 28 January 2016 th the staled poly of manager diversification shId no longer take PcedenCe over other factors. Soclal Investment Pollcy The Company has not made any programmfrreL4led investments bul supports those mat1e by its continued inve$trnenls in those funds.. by CCLA Inve$tm•nt Management Limited through rts COIF Charities Ethical Investment Fund,. and by Cazonove Capital through rts Responsibl• Multi4s5•t Accurnulation Fund. Ethlcal considerations The United Reformed Churth offers guidance, from to time. on ethi¢al investment which the Company seeks lo follow in its allttation of investment a5sels. In furtherance of these ethical n$l(lerationS the Company is a member of the Church InvtOrS Group and has adopted a sel of statements in line wrth the UK Stewardship Code. Fundralslng •pprooch #nd performance The Charily does not normally undertake ary fundraising acbvrty but does occasionalty reeewe some unsolrciled donations and legarAes. CUSTODIAN TRUSTEESHIP Al the beginning of Ihe year. assets wth a market value of £1.09512022.' £1.1301 were held by Ihe Company a$ Custodian trustee for the Wllals. Mmshouse Charity. During the year, the incoming resoUrS ol Ihis fund were £3712022.. £53) and this sum was allocated to the Charrty in 2023, alhough not distributed. The market value of the Charity's investments at the end of kne year were £1.11412022 £1.0951. As the assets of the Charity consist entirely of income shares of The Natsonal Assoa*ion of Almshouses Common Investment Fund. and as the Company holds rbo other shares in this fund. there is no concem over safe custody and segregation from the Company's own assets. Al 31 December 2023 the Con7pany also held as custodian trustee for me UnTte£J Refomed Ch¥Jrch investments valued al £340.72512022". £277.2851 arHJ cash of £5012022.. £9,951>, the difference in the year being capital project spend by the ¢hur¢h rtsell. Page11
THE UMITED REFORMED CHURCH ESsEX) TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Ivtho are also the directors of The United Reformed Church (Wessex) Twst Limited for the purposes of company lawl are responsible for preparing the Report of the Tru5tee5 and the financial slalements in accordance wth applicable law and United Kingdom Accounting Standards {Unrted Kingdom Generally Accepte(l Accounting Practice). Company law requires the Trustees to prepare financial statements for each finarKial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming resouT¢es and appliealion of resources, includiftg the income and expenditure. of the charitable company forthal peTrod. In preparing those financial stslements. the Trustees are required to.. select surtable accounling policies and then appty them consislentty,. observe the methods and prinoples in the Charity Slalemenl Of ReCoMmered PracticE ISORPI.. make judgements and eslimales that are ¥sonable and prudent", and prepare the financial slatements on the going wncem basis unless il is inappropriate lo presume that the charitable company will continue in business_ The Trustees are responsible for keeping proper accounting records vthich disclose with reasonable accuracy at any time the financial posrtion of the ¢haritable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They a also responsible for safeguarding the assets of the charitable company and hence fof taking reasonable steps for the prevenb.on and (Jeleclion of fraud and other irregulanties. In $0 far as the Trustees are aware.. there is no relevant audit infomialion of which the charitabk company's auditors are unaware". and the Tfuslees have taken all $tep3 that they ought to have taken to make themselves aware of any relevant audit inf0mtion and to establish that the auditors are aware of that inlomiation. Approved by order of the Board of Trustees on 27 June 2024 and stgned on its behaw by.. Revd Dr Romilly Wakefiehl mk1em- Twsl Convener Page 12
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WESSEX) TRUST UMITED AUDITORS. OPINION We have audrted the financial statements of The Unrted Refomied Church (Wessexl Trust Limited for the year ended 31 December 2Q23 which comprise Statement of Financial Activities. Balance Sheet, Cash Flow Statement and noles to the financial stalements. including a summary of significant accounling poli¢ies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, induding Financial Reporting Standard 102 The Financial Reporting Standard applicabl8 the UK and R8publK ol Ireland (Unrted Kingdom Generalty Accepted Accounting prath'). In our opinion. the financial statements give a true and lair view of the stale of the charitable company's affairs as a131 December 2022 8nd of the charitable company's net movemenl in funds, including the income atxl expenditu. for the year then ended., have been propedy prepared in accordance wth United Kingdom Generalty Accepled Accounting Practice., and have been pared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Audth'ng IUKI IISAS IUKII and applicable law. Our responsibilities underthose Standards are further described in the Auditor's respgn5ibilities for the audi( of the financial statements Section of our report. We are independent of the charity in accordance th Ihe ethi¢al reqviremenls that are relevant to our audrt of the financial 51alements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilrties in accordance wlh these requirements. We belreve that the audit evidence we have obtained is suffiaent and appropriate to provide a basi5 for our opinion. Concluslons r&latlng to golng con¢em As auditing the hnancial statements. we have conclude(J that the tntstees, use of the going concern basis of accounting in the preparation of the financial statements is apprOprte. Based on the work we have perfomed. we have not identified any material uncertainties relab.ng to events or condrtion5 that. individually or collectivety. may casl signfficant doubt on the charitable company's ability to continue as a going concern lor a period ol at least Melve months from when the financial slalennls are authorised fof issue. Our responsibilities and the responsibilities of the trustees %thth respect lo going concern are described in the relevant secl'ons of IS reporL Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the Trustees Report. Our opinion on the finarla1 statements does not cover the other information and, except lo the extent otherwise explicitly stated in our report. we do not express any form of a$suran¢e conclusion thereon. In connection with our audit of the financial statements. (wr vIn$1b11ity is to read the other infomalion and, in doing so. consider vthelher the other information is materialty inconsistent vAih the finan¢ial Statements or our knowledge obtained in the audit or otherwse apFtarsto be materially mi5slaled. Ifwe identify such material inconsistencies or apparent material misstatements. we are required to detemiine vthether there Is a material misslalemenl in the financial slatements or a material mi$statemenl ol the other information. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other informatson, we are reqUId lo pOrt that facl. We have nothing to F<)rt in this regard. Oplnlons on olhgr matt•rs pr&Krlbed by th¢ Companies Act 2006 In our opinion, based on the work undertaken in Ihe course of the audrt.. the infomiation given in the Trustees, Report (which incorporates Ihe D1ctorS. Report prepared for the purpose5 of company lawl for the financial year for whth the financial statements a Pfepared is consi51enl wth the financial stslements". and the Tru51ees' Report (which incorporates the Directors. Report prepared for the purposes of company lawl has Len prepa¢ in accordance 1h applicable legal requirements. Page 13
REPORT OF THE INDEPENDENT AUDITORS TOTHE MEMBERS OF THE UNITED REFORAIED CHURCH IWESSEXI TRUST UMITED Matters on which we are requlred to report by exceptlon In the light ofthe knowledge and understanding oflhe group and parentCharitab company and ts environment obtained in the course of the audit. we have not idenb"fie(1 material misslatements in the Twslees Report (which ineorporales the Directors, Report. We have nothing to rewrt in respect of the followng matters in relation to vthich Ihe Companies Ad 2006 requires us to report to you rf. in our opinion.. adequate accountlllg records have not been kept by the ¢haritsble ¢ompany", or the charitsble company finala1 statements are not in agreement th the accounting records and retums". or certain disclosu$ of Trustees. remunerab.on specified by Law are not made; or we have not CeIve{l all the inforrnation and explanations require for our audrt.. or the Trustees were not enlilled to prepare the financial statemenls in accordance the small companie$, regime and tske advantage of the small companres. exemptions in preparing the Trustees, reFKJrt and from the requirement lo prepare a $tr*gi¢ reprjl. Responsibilities ol trustees for the financial Statements As explained more fully in the trustees, respon5ibililies slatemenl Sel out on page 20. the trustees (who are also the d1clOr$ of the charitable company for the purposes of company lawl are responsible for Ihe preparation of the financial stslemenls and for being sa17"$fied that thty gwe a true and fair view, and for such internal control as the Iruslees detem)ine is necessary lo enable the preparatson of financAal statements Ihal are free from material misstalemenl. whether (Jue lo fraud or error. In preparing the financial statements. the truslees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basrs of accounting unless the trustees either inlend to liquidate the ¢haritable company or to cease operations, or have no all$ll¢ allernabve but to do $0. Audltor's rnsponslbllities for the audlt of the financlal ststemonts Our objectives are lo obtain reasonable assurance abr4Jt whether the financial statements a$ a %thole are free from material mi$stslemenl. vA)elher due lo fraud or error. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wlh ISAS {UKI wll aayS delecl a material misstalement when it exists. misslalemen15 can arise from fraud or error and are considered material rf, individually or in the aggregate, they could a$onabfy be expected lo iifluence the en0M[¢ deusions of users tsken on the basi5 of these finarla1 statements. Irregularities, including fraud. are instances of non-compliance laws and regulations. We design procedures in line with our responsibilities, OLrtlined above, to dele¢t material mi$$latements in respect of irregularit$, including fraud. The extent to which our procedures are capable of detecb'ng irregularities, including fraud 1$ elailed below". Based on our understsnding of the charitable ¢ompany and the environment in which il operate5, we Klentified that the prinapal risks ol non-compliance vnth laws and latiOnS related lo the use of reslricled funds in a¢¢ordance with trust law and compliance employment law. and we Considered the extent to which non- ompliance might have a material effect on the financial stalements. We also considered those laws and regulations that have a direct impact on the preparatn of the financial Statements such a$ the Charities SORP and the Companies A¢1 2006. We evaluated management's incentives and opportunities for fraudulent rnanipulalion of the financial statements lin¢luding the risk of override of ¢ontrolsl. and ¢Jetem)Trned that the wincrpal rY5ks were related to the recognits.on of income ffom legacies and donations. Audit procedures perfornied by the engagement team included: Inspe¢ting minute5 of Tru5tees' meetings., Reviewng allocations and disclosures relats'ng lo restricted funds.. Inspe¢ting eorrespondence with regulator5 and tax authorilies,. DiU$$i0nS with management induding consideration of or suspected instances of non- compliance wth laws and regulation and fraud; Evaluating management's controls designed to prevent and Lletect irregjlartbes," Identifying and testing journals., Reviewng valuations of investrnents., and Challenging assumptions and judgements made by management in their crrtical accounting estimates. These related to depreciation. Page 14
REPORT OF THE INDEPENDEPIT ALIDITORS TO THE MEMBERS OF THE UNITED REFORMEO CHURCH IWESSEXI TRUST LIMITED Because of the inherent limitations of an audit. the a risk that V+e will not delect all irregularities. including those leading lo a material misstatement in the financial stslemenls or non-¢omplianGe wlh regulation. Thi5 risk increases the more that compliance with a law or regulats.on is removed from the events and transaciions refflecled in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurTing due to fraud rather than error. as fraud involves intents'onal concealment. forgery, Collusion. omission or misrepresentation. A further des¢riplion of our responsibilities for the audrt of the financial statements 15 localed on the Financial Reporting Council's website al". w.fre. .uklauditorsre5 nsibilities. This description forms part of our auditorfs report. Us• ofour r•port This report is made solety to the charitable company's memlxrs. as a body, in accordance wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit %wrk has been undertaken so Ihatwe might slate lo the charitable Company's members those matter5 VR are required to State to them in an Audilorfs port and for no other purpose To the ful51 extent permTrtted by law, we do not accept or assume re$ponsibility lo anyone olhef than the Charitable company and the charrtable company's members as a body. for our audit work, for this report, or foT the opinions we have fomied. Adam Halsey (Senlar Siatutory Audltor) for and on b•hall of Haysmaclntyre LLP Iststutory Auditor) 10 Queen Street Place London EC4R 1AG . 2024 HaysrnacintyTe LLP 15 eligible to acl as an audilor in lenTYS of section 1212 01 the Companies Act 20C6. Page15
THE UNITED REFORMED CHURCH (WESSEX) TRUST UMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDEO 31 DECEMBER 2023 STATEMENT OF FINANCIAL ACTIVITIES 2023 Total funds 2022 Total funds (as restated) Unrestricted fvnds Restncted Endovrnent lunds Notes INCOME AND ENDOWMENTS FROM Donatic)ns and legacies Charltable aCvItIeS SUppOng the Wessex Synod Trinity Hall 10,621 10,621 999,275 2,771 2,771 1.873 941 Investrnenl incorn 1.659,072 39.107 8.541 1,706,720 1,304.453 Other Income Sale of fixed assets 321754 Total 1,672.464 39.107 8,541 1,720.112 2,628,296 EXPENDITURE ON Ra15ing funds Charltable a¢tlvltles Supporbng the Wessex Synod 776,992 776.992 662,140 1.545,096 2.322.088 39.107 39 107 12.805 12.805 1,597,008 2,374.000 1 082 667 1,744,807 Sub Total 649.6241 653 888) 883,489 Grant lo Minister's Pensi 9,000.000 (649.6241 14.2641 (653,888) 18,116,511) Galnslllossesl on Inv•stm8nt as$•ts Investment proporti•s 1.222,280 113,739 21,548 1.357,567 11,588,382) 47.498 Ngt incomè Trnn$fer$ b•twmn fund$ 23 572.656 424,650 113.739 1428,8851 17.284 4,235 703.679 19,657.395) Net movement in fund5 997.3C6 1315.1461 21.519 703.679 19.657,3951 RECONCILIATION OF FUNDS Funds brought fon¥ard 36,530,185 1,484.092 271,454 36,285,731 47,943,126 TOTAL FUNDS CARRIED FORWARD 37.527.491 1.168,946 292,973 38.989,410 38,285,731 l income and expendrture derive from continuing activitS. The notes on pages 19 to 35 form part of the f nancial statements. Page 16
THE UI4ITED REFORMED CHURCH IWESSEXI TRUST LIMITED BALANCE SHEET AS AT 31 DECEMBER 2023 BALANCE SHEEr R•gisteYed Company number 01555990 (England and Wales) 2023 2022 las reststedl Notes FIXED ASSETS Tangible assets Invgstmonts Inveslments Inveslment pfoperty 14 14,928,728 14.414.487 15 16 22,494,093 21,136,526 6,332,600 5,227,600 43.755,421 40,778,613 CURRENT ASSETS Debtors Investments Cash at bank 726,528 1.915,000 502.952 404.147 2,840,000 4.358,411 3,144,480 7.602,558 CREDITORS Amounts falling due wthin one year 19 11,472.3381 13,297,069) NET CURRENT ASSETS 1672 142 4 305 489 TOTAL ASSETS LESS CURRENT LIABILITIES 45.427.$63 45.084.102 CREDITORS Amounts falling due after more than e year 20 16.438,1531 16.798,3711 NET ASSETS 38,989 410 38.285,731 FUNDS General fund Designated fvnds 23 22,753,237 21.741.590 14,774,254 14,788.595 Totsl unrestricted funds 37,527,491 36,530.185 Restricted funds Endowment funds 1.168.946 292.973 1,484.092 271,454 TOTAL FUNDS 38,989,410 38,285,731 The financral statements were approved by the Board of Trustees on 27 June 2024 and were signed on its behalf by.. Revd Dr Romilly Wakefield Micklem- Twsl Convener The notes on page5 19 10 35 fo part of the financial slatements. Page 17
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED CASH FLOW STATEP41ENT AT 31 DECEMBER 2023 CASH FLOW STATEMENT 2023 2022 Reconciliation of Net Incoming Resources to Cash Inflow from Operating Activities Changes in resources before revaluations Returns on investment DepClaI1¢n Surplus on disposal of tsngible fixed assets Closed churches donated Ilncreaselldecrease in debtors Increaselldecreasel in creditors (653,8881 11.706,720} 4,008 18,116.5111 11,304,453) 3,612 {321.7S41 {979,2521 {125.6721 8,878.203 {125,1431 12,225.8291 Net cash infiow from 0rating activiti 14,737,572) 11.965.827) Cash fl¢)wy from ifiveyting activiti8¥ Relums on investment Payments lo acquire tangible fixed assets Receipts from sale of lang1ble fixed assets Payments lo acquire investments Receipts from sale5 of investments Receipts from sales of investment properties Receipts from sales of current asset investment Repayment ol loans from minister5 and churches New loans to ministers and churthes 1.640.312 1560,960) 1.297,577 1396.8131 688,119 19.300.906) 10,034,871 1,107.143 935,812 18.670 {35.0001 17,261 1214,5001 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year {3,855,4591 4.358,411 2.383.646 1,974.765 Cash and Cash equivalents at the end of the year 502.952 4.358.411 Page 18
THE UNITED REFORMED CHURCH IWESSEXI TRiIST UMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 ACCOUNTING POUCIES Ba$Ss of a¢countlng The financial statements ore prepared under Ihe historical eosl convention as modified to Include the revaluation of investment assets. The format of the financial ststements has been presented lo comply wrth the Companies Act 20. the Charitie$ Act 2011. FRS102 The Financial Reporting Standard applKable in the UK and Ireland and the Statement of Recommended Practice for Charities ISORP 20191. The Charty Is a Public Benefrt Entity as defined by FRS102. Figures are presented in sterling and rounded to the nearest pourKI. General information The Charty is a company limited by guarantee. incorporated in England and Wales l¢ompany number.. 015559901 and a Charity registe in England and Wales (Charity number. 2827291 The Charity's registered office addres$ is 120 Alma Road. Southamp¢on. Hampshire, S014 6UW. Going concern assessment The Trustees consider that the a no material uncertainties which would Cast doubl en the Company's ability lo continue as a going cceM. The Trustees continue lo monitor the effects of inflation, inleresl rales and a more drfrrt property market an¢J do not consider them lo call Going Concern into question. In particular, Tnjstees note Ihat the Company's Signifnt investment funds are managed on a 'total returns. basis. 4thich provides a predictable income stream. and that the Company does not depend on property disposals to cover its core slaff and operatir¢g costs. Significant judgements and estimates In preparing these financial statements the Trustees have had to make estimates and assumpts'ons that affeGt the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other fadors. including expectations of fijtu events that are believed to be reasonable under the circumstsnces. The only key area Subject to judgement where adjustments would have a material effect on the accounts is investment properties. The Trustees have revie*d the carrying value of assets and liabilitie5 and their useful economic lives and do not ¢onsider that a reSe(j rale of depreuation should be w)sidere<l. Land previouly held al nominal value has been revalued to market value. Income All income an<J endowments are erjniSed when the e4ilen"a of entstment. measurement and PTobability of receipt have sab"sffied. Donation$, including closed ¢hur¢hes. are re¢ognise(I when the ndIti¢)n$ of entiuemenl and probability are met. and the econom benefft can be measLrred reliabty. Legacies are recognised on a CeiVable basis. when the condilions of entitlement. probability and measurement aTe met. Where the measurement criteria lor legacies and donations are not Satisfied as at the balance sheet date bul subsequent events osolve the uncertainty such that the crrteria are mel, an adjustment is made lo cognise the income. Investment income, including interest receivable. and other MislIane0[ income are accounted for on a receivat4e basis. Page 19
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIPAITED NOTES TO THE ACCOUNTS At31 DECEMBER 2023 ACCOUNTING POUCIES- continued Expendlture Expendff(u is recognised as soon as the related liability is incurred and has been classified under headings Ihat aggregate all ¢o$ls relating to that category Liabilities are recognised as soon as there is a legal or constructive obligation commffting the Charity lo the expendrture. Irrecoverable VAT 15 included with the category of expense$ to which il relates. Costs of ¢haritsble a1VItE$ Consist of all expendilvre direety relating lo the objects of Ihe Charity. Support co$ts which cannot be directly allocated aTe apportioned between chantable activities and govemance ¢o$t$ on the basis of an estim*e of the ts.ffe spent on the relevant fvncb"ons. Employment benefits. Including holiday pay. are recognised in the period in whi¢h they are eamed. Termination benefits are recogni5ed In the permid in whKh the decision is made and communicated lo the relevant employeels). Grants are ?rUe f(¥ vknen approved. the rerApient has been nOfied aThJ any nditIon attached lo the grant is outside Ihè control of the Synod Grants offered subject lo condTiion5 %thich have not been met at the year-end date are noted as a commrtment bul not accrued as expenditure. Grants from the Church Mission Fund must be claimed within 1 year of the date of the grant MMItMent unless an extension of lime 15 giverh. Prior period adlustm•nt Prior period adjustments have been posted in resk)ecl of a Manse sold in 2017 not a¢¢ounled for in that year as an asset disposal and investment propety revalued in 2021. The Manse designated funrls and tsngible ffixed assets brought forward have been reduced by £191,587 and investment propety and the general fund brought forward reduced by £425,000 in respect of these identified errors. See note 27. Tangiblg fixed a$$ets Tangible fixed assets are initially re¢ogni$ed al $1. Other than computers, rtem5 C051ing less than £500 are charged against income in the year of purchase. Depreciab"on is provided at the followng annual rates in order lo Tte off each asset over its estsmated usefvl life. Computer and equipment - 25% on $1 Freehold propety is not being depreciated on the basis that it would be immaterial due to all properties having high sIdual values. The carying values of tangible fixed assets are reviewed for impairment in accordance with the requiremen15 01 FRS102_ Long leasehold properbes will be depreciated overthe final 50 years of the leasehold. Flnanclal Instruments The Charity only enters into ba51¢ financial inslrumenl$ transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable atyl payable and inve$lments in stocks and shares. The mea5urernent basis used for these financial instruments is detailed below. Investments Investments are valued at fair value on the balance sheet dale. Investment properts.es are slated al a valuation carried out by either a qualified Chartered Surveyor orthe Executrve Officer. Gainsllosses on investments are calculated as the difference betsveen opening market value and dosing market value after adjusting for additn$ and disposals during the peviod_ No disbnclion 15 made betsveen realised and unrealised gains in Ihe finanual stslemenls. Investmtnt asset allocatlon The Company owns several pfoperties from which it receives income. The Company wll not normally purchase property as an investment. Ils direct property holdings arise from retaining an interest in land or buildings which are no longer required for the ¢harrtable purposes of the Company. Decisions on whether to retain such an interest or lo disp)se of rt are made by the Trustees and the Synod Executive in the light of circumstances prevailing at that time. Page 20
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUMTS At 31 DECEMBER 2023 ACCOUNTING POUCIES- conwnued Debtors Short lem debtors are measured al trans8¢lion price. less any impairffnl. Loans receivable are measurt initially al fair value, nel of transact costs. and are measured subsequentty al amortised cost using the effective intet melhoj. less any impaiment. Cash and cash equlvalents Cash is represented by cash in hand and deposits financial institulions repayable wf(hout notice of not more than 24 hours. Cash equivalents are highly liqurd investments that mature in no more than three months from the date of a¢quisition and that are readity conveLIe to known amounts of cash th insignrficant risk of change in value. Crgdltors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans. are measured initially at fair value, net of transaction costs. and are measured subsequently al amortised cost using the effethe inlerest method. Taxatlon The Charity 1$ exempt from rpOration tax on its tharilable admties. Fund accounting Unrestricted funds comprise the accumulated surplus ordeficil from the Statement of Financial Activities which is not restrided nor %Yesignated lunds. They are available for use at the discrets.on of the Trustees in furtherance of tr general obieclwes of the Charrty. Designated funds Comprise lunds that have been set aside at the dis¢retion of the Trustee5 for specific purposes. The purF4)se and use of the deSJnate unrestricted funds are sel OLrt in the notes lo the accounts. Restricted In¢ome Funds a fvnds vthose use is re5tr"ced to specific purp05e5 according to the terms on vthich the funds were received. Endowment Funds are permanent endowments are required lo be retained, but the income from these fun(Is can be use<1 f()r the benefrt of the Company, subject in certain case5 to specific restriction5 contained in the original endovAnent. Pension costs and othor post-retirèment nefits The Company Conlribules Into staff personal pernsKJn pkns. Contributs"on$ payable lo the plans are charged to the Ststement of Financral Activities in the period to which they relate. The Company has previousty offered a defined benefit scheme, the United Reformed Church Final Salary Scheme (now alministered by TPT Reb"rernent Solutions (forrty The Pensions Truslll which is a mytti-employer scheme where the undertying assets and liabilities are not separately identrfiable on a consistent and reasonable basis_ In accordance tti FRS 102 it is accounted for as a defined contribution scheme. Contribution$ were Charged as expenditure as they became payable in accordance wth the rule5 of the scheme. The scheme was closed to future accruals on 28 February 2023. A new defined contn"buts"on stheme has been sel up and affected staff have been moved lo tr¢is scheme. In 2022 the Company committed lo make a grant of up lo £9 millKA) lowar¢ls the deficit in the United Reformed Church Ministers. Pension Fund, in a series of annual payments over the perd 2022-2030. The Company therefore expects large cash balances to accumulate because of bming differences between the sale of propertie5 to fund these and their disbursement. Page 21
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED NOTES TO THE ACCOUNTS At 31 OECEA18ER 2023 ACCOUNTING POLICIES- contlnued Operating lease commiiments Rentals paid un¢Yer opefating leases are char9ed lo the Statement of Finanryal Aclivilies on a slralght- line basis over the peiiod of the lease. LK)NATIONS AND LEGACIES 2023 2022 Donalions Donations from closed churches 10.621 24 999,251 999,275 INVESTMENT INCOME 2023 2022 Property income Commercial property income Brtteme and Wndsor shops Investment income- managed Investment income- intere51 694,459 517,212 61,088 874.275 93.866 671.174 1 706 720 1,304,453 Property income inclu¢Jes income derived ftom manses let on the open market pending occupation by a minister. All inve$tmenl income is derived from assets held in the Unrted Kingdom. INCOME FROM CHARITABLE ACTIVITIES 2023 2022 A¢tlvity Supporting the Wessex Syn(¥J Trinty Hall Interest from loans Trinity Hal 2.771 1,873 941 2.771 2,814 RAISING FUNDS Investmgnt managgrngnt costs 2023 2022 Staff costs Property- maintenance and utilities Propety management fees Professional fees re disposal$ Premises insurance Investment managernenl fees 105,525 426.455 14,677 136.759 74,954 18,622 97.595 280.072 16.813 212.090 55.570 776 992 Page 22
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED NOTES TO THE ACCOUNTS At 310ECEMBER 2023 CHARITABLE ACTIVITIES COSTS Grant funthng Support DKe¢t costs of aciivtties Cost$ (see note 7) (see note 81 {5ee note 91 Totals 2023 Supporting the Wessex SYtd 82_3,B.5A 1_59.7 008 Comparatlvo analy$l$: Gfanl funding SLSPPOrt threcl costs of a¢b"Ve5 Costs (see note 7} (see note 81 (see note 91 ToLIl$ 2022 Supporttry the Wessex Synod DIRECT COSTS OF CFIARITABLE ACTIWTIES 2023 2022 Ministerial and lay training Manse policy Manse maintenance allowance Childn and Youth Development Officer (South) Events and activities Sundry expenses Ordained Synod staff - Stipends Housing allowance Developfnent and support activities 330 103,885 9,568 9,002 37,059 390 110,000 5,133 65 275,432 50,579 15,928 4,905 20.997 113.642 14.842 1.108 222,001 Page 23
THE UNITED REFORMED CHURCH IWESSEXI TRUST UMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 GRANTS PAYABLE 2023 2022 Supp¢Nting the We$5ex Synod 823.854 9.330.783 The total grants MmItted to instrtutK)ns in the year. net of vKite-back$. was as followa: 2023 2022 Ecumenul grants Ecumenical grants written back URC Inter-Synt)d Resour¢e grants URC Inter-synod Resource grants wrrtten back Commitment for Life grants Church MissM)n Fund gfants Church Mission Fund grant$ vrtiiten back Local church grants Local church grants written bad( Synod General Fund grants Synoil General Fund grants vrfitten back Minislerfs Pension Fund Other grants 31,347 114,4471 135,000 {15,0001 30.772 114.443 {40,3311 616,483 1632,7961 302.010 1209.591} 9,000,000 25.000 {25,0001 56.394 137.137 133,013} 191,006 19,3001 465,546 Total institutional grants Vvelfare grants 819.590 9,327,743 9,330,783 SUPPORT COSTS Management Govemance Totsls Supporting the Wessex Synod- 2023 515,292 35.861 551,153 Supporting the Wessex Sync*J- 2022 440.774 35.678 476,452 Page 24
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUNTS AI 31 DECEMBER 2023 SUPPORT COSTS- contlnued Management 2023 2022 Supporting Supporting the Wessex the Wessex Synod Synod Wages Social security Pensions Car lease Office Ltrtililies Office costs Staff ¢ruItMent and training Staff travel and subsistence Subscriptions Resources HonoTana and gfft5 Bank charges Professional fees Depreciation Bad debts Impairment of fixed assets Other 283.876 25.280 56.991 11.915 9.668 103.397 1.680 38.617 1.798 18.677 100,030 847 3.297 4,008 {30,3441 1137,2881 22,843 262,184 22.670 49.846 7.653 11,808 109,274 945 31,815 6,061 9.523 150 761 39.066 3.612 1117,323 2.729 51 S.292 440.774 Govgrnan¢• costs 2023 2022 Supporting Supporting the Wessex the Wessex Sync#J Synod Wage$ Auditors, Munera.0 Meeting expenses 12,567 23,114 180 11.190 24,031 457 35,678 10. NET INCOMEI(EXPENDITURE) Nel incomellexpenditurel is stated after chargingllcrediting)". 2023 2022 Auditors. remuneTation- net of VAT Depreciation - owned assets other operating leases 23.114 4.008 3.232 24.031 3.612 2.723 TRUSTEES, REMUNERATION AND BENEFITS Tfuslees received no eMyments during the year12022." £Nill. During the year nine Truslees12022.' nine) were reimbursed oul of pocket expenses mainly for Iravelling expenses totslling £502 12022.. £1,293). Page 25
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIIJIITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 12. STAFF COSTS 2023 2022 Gross salaries Employers NIC Employers pension $ts 401,968 25,280 56,991 370,989 22,670 49,846 484 239 443,485 The average nwnb8r of eMOYeeS was 11 (2022: 121. Key management personnel payments for salary. benefits. pension and employer NIC ¢onlribulions amounted lo £83,77912022". £74.6021 during the year. StiFends of £113.642 {2022.' £110,0001 are not included wlhin staff costs No employee feceived emoluments in excess of £60.00012022: None). 13. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES unrestn.cted Reslricted Endowment funds fund5 funds 2022 Total fund$ las restated) INCOME AND ENDOWMENTS FROM Donations and legacies Charitable a¢tiviti Supporting the Wessex Synod 999,275 999.275 2.814 2,814 Investment income Other income Sale of fixed assets 1.262.042 35.588 6,623 1.304,453 321,754 321.754 Total 2.585,885 35.588 6,823 2.628,296 EXPENDITURE ON Raising funds Charitab18 aetivitlès Supporting the Wessex Synod Trinty Hall 662.140 662,140 10,040.256 35.588 6.823 10.082,667 Total 10,702.396 35.588 6,823 10.744.807 Galnslllo8ses) on Investm•nt a$$•ts Investhi•nt properties (1,403.169) (154.377) 47.498 130,8361 11.588,3821 47.498 Net Income Transffrrs betwo•n funds 19.472.182} 1154,3771 1.889 {1.8891 130.8361 19.657.395) Net movemenl In funds 9.470.293 156.266 30.836 9.657,39 Page 26
THE UNITED REFORMED CHURCH IWESSEXI TRUST UMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 14. TANGIBLE FIXED ASSETS FehOld Yopety Manses Computers & equipment TotaL% COST Al 1 January 2023 las reslaledl Addiknons Disposals Revaluation 974.465 13,433.494 558.342 19.999 2.618 14,427.958 560.960 42,711) 42,711 At 31 December 2023 931.754 13.991.836 22,617 14,946,207 DEPRECIATION At 1 January 2023 las iestsledl Charge for year Disposals 13,471 4.008 13,471 4,OOB At 31 Dember 2023 17.479 37,479 NET BOOK VALUE At 310ecember 2023 931.754 13.991.836 5.138 14.928.728 Al 31 December 2022 {as reslatedl 974.465 13,433,494 6.528 14414487 Long leasehold properties a cost and net tM)ok value of £73.502 {31 December 2022.. £116.2131 are included in freehold propertie5 above. Page 27
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUNTS At31 DECEMBER 2023 15. FIXED ASSET INVESTMENTS Listed investments hlARKET VALUE At 1 January 2023 Additions Disposals Net gain on revaluation 21,136.526 1.357.567 At 31 December 2023 22 494 093 Analy51$ of investments by type- 2023 2022 Equikn'es Fixed interest securrtie5 22.375.653 118.440 21.024.419 112.107 22,494,093 21,136,526 Geographical analysis of investments.. 2023 2022 Held inside the United Kingdom Held outside the United Kingdom 22,494,093 21,136,526 22.494,093 21,136.526 The allocation of investrTr)ents at the end of the year VAS: COIF Charities Ethical Investment Fund The Cazenove Chanty Responsible Mulli-As$et Fund Other 51% 47% 2% Page 28
THE UNITED REFORMED CHURCH IWESSEX} TRUST LIMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 16. INVESTMENT PROPERTY MARKET VALUE Al 1 January 2023 (as restatedl Addrtion5 Disposals Revaluation Transfers 5,227,600 120,000 985,000 At 31 December 2023 6.332,600 Investment properties are stsled at a valuation carried oul by either a qualrfied Chartered Surveyor or by the Executive Officer. All investment F¥0pe.es We revalued by a qualified Chartered Surveyor either by Landmark Charted Surveyors and Primmer Olds BAS Charted Surveyors as at 31 December 2017 or by Kempton Carr Croft Surveyors and Pnmmer Olas 8AS Chartered Surveyors as at 31 Decembef 2021. The Executive Officer and the Trustee$ have rev1ewed all available valuations and do not believe there has been a Signifnt material change in the fair value ol the investment properties since those propeths were last revalued erther by a qualified Chartered Surveyor oi by the Executive OffKer with the exCeptn of land previously held at nominal value revalued by Ihe Executive Officer lo market value. 17. DEBTORS 2023 2022 Amounts falling ¢Jue wlhin or* year. Trade debtors Othef debtors Loans to employees Loans to ministers Loans to churches Prepayments and accrued income 150,350 38,573 10.135 2.019 12.656 258.070 115,544 165,703 7,636 10,802 5,498 40.604 471.803 345.787 Amounts falling due after more Ihan one year. Loans lo ministers Loans to churches 144.511 110,214 3,830 54.530 58,360 Aggwate amounts 726,528 Page 29
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 17. DEBTORS- continued Loans to Chwch95, Ministèr¥ and Employees 2023 2022 Opening balan New loan advan Repayments 82.296 214,500 {17,2611 65,966 35,000 118,6701 Closing balatKe 279,535 82,296 Analysed as follsY•VS'. Loans repayable within one year Loans repayable after one year 24.810 254.725 23.936 58.360 Closing balance 279.535 82,296 The normal r*e of interest on loans lo churches. ministers and employèes 1$ 3% per annum. 18. CURRENT ASSET INVESTMENTS Properbes held for sale Al 1 January 2023 Addf(ions Disposals Revaluation Transfers 2,840.000 60.000 985,000 Al 31 December 2023 1,915,000 Moordown Hall. Priory View Road, Boumemouth. BH9 3JG Freemanlle Church. 257-259 Shirtey Road, Soulhamplon, S015 3HS Chandler's Ford Church, 5 1fj.ngs Road. S053 2EY 275,000 740,000 900,000 1,915,000 Page 30
THE UMITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 19. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors PAYE and NIC Grant commitments Accwed expenses and deferred incorne 157,389 8.466 1,191.749 114,734 44,643 8.082 3,131.988 112,356 1.472.338 3 297 069 20. CREDITORS: AMOUNTS FALUNG DUE AFTER MORE THAN ONE YEAR 2023 2022 Grant ccmmitments 643815 6 798371 6438 153 6798 371 Anatysis of Grant Commitm•nts Grant commitments brought forward Grants written back during the year (note 81 Grants paid during the year Grant commitments durirrfj year (note 81 9.930.359 (67,313} 13.124,3111 891.167 7.629,902 Amounts falling due wrthin one year (note 19) Amounts falling due after more than one year 1,191.749 6438 153 7 629.902 21. OPERATING LEASE COMMITIAENTS The Company had future minimum lease payments under n0ConCeIlab1e operating aSeS a¥ follows.. 2023 2022 Not later than one year Later than one year bul not later than five years 672 450 22. AMALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Restricted Endtymnent Total funds funds funds Unrestricted funds Fixed assets Investments Current assets Current liabilities Long term liabilrties 14.928.728 27.218.077 3.291.177 11.472.338) 6.438,1531 37.527.491 14,928,728 28.826.692 3.144,481 (1,472.3381 6,438,153 38,989,410 1,369,877 1200.931) 238,738 54.235 1.168 946 292,973 Page 31
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOiINTS At 31 DECEMBER 2023 22. ANALYSIS OF MET ASSETS BETWEEN FUNDS- Comparntive figures 2022 Totsl funds las restated) Unrestricted fvnds Restricted Endowment frjnds funds Fixed assets Investments Current assets Current liabilities Long term liabile5 14,414,487 24,890.798 7,320.340 13.297.Cfj9} 6.798.371) 36.530.185 14, 414,487 26.364,126 7,602.558 13.297,0691 6.798.371 38,285,731 1.256,138 227,9S4 217.190 54.264 1.484.092 271,454 23. MOVEMENT IN FUNDS Net movement in lunds Transfers betrleen ftjnds At 31.12.23 A11.1 23 las reststedl Unrestrict8d funds General Fund Church MISS Designated Fund Special Reserve Designated Fund Wessex Synod Designated Fund (The Macro FLmdl Local Churches Desnated Fund Manse Designated Fund 21.741.589 318.712 754.908 152.737 767,952 (104,1241 (112,0651 15.605 243.693 22,753,234 1152,7141 61,874 1229,5961 413,247 4,917 173,259 128,744 13,433,495 5,288 10 558,340 134,042 13,991835 36,530.185 147.656 424.650 37,527.491 R•strlct•d fun(ts Wessex Synod Restricted Fund Local Churches Resln"cted Fund Crornwell Place Roadway Restricted Fund 28,533 1.453,400 4,789 108.950 14.333} 1424,5521 28.989 1,137,798 2.159 2,159 1,484,092 113.739 (428,8851 1.168,946 Endowment funds Local Churches En¢Jowment Fund specif Pufposes Endowment Fund 26.429 245.025 2,195 15,089 1291 4.264 28,595 264,378 271,454 17,284 4,235 292,973 TOTAL FUNDS 38 285 731 703.679 38989410 Page 32
THE UNITEO REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUNTS At 31 DECEMBER 2023 23. MOVEMENT IN FUNDS- ComparatSve flgurns Net ovement in fijnds Transfers befven fvnds At 31.12.22 At1.1.22 las reststed) (as reslaled) Unrestrf¢tsd funds General Fund Church Mission Designated Fund Speaal Reserve Designated Fund Wessex Synod Degnated Fund (The Macro Fund) Local Churches Designated FuThJ Manse Designated Fund 31.548,754 25.111 692.865 179.808 (9.425,4741 (74.1121 62.043 122,1551 1381.690) 21,741,590 367.713 318,712 754,908 152,737 (4,9161 146.571 13,407,369 46.000.478 19.472,1821 112.484 (5.3431 128.744 26,125 13,433.494 1,889 36,530,185 Restricttd fun(ts Wessex Synod Restncted Fund Local Churches Restn"cled Fund Cromwell Place Roathvay Restricte(I FuThJ 35,332 1.602,867 16,7991 (147.5781 28.533 1.453.400 (1,8891 2.159 2.159 1.640.358 1154,3771 11.8891 1.484.092 Endewmènt funds Local Churches Endowment Fund Spe¢ific Purposes Endr)wment Fund 29,790 272,500 13,3611 27,4751 26,429 245 025 302,290 (30.8361 271,454 TOTAL FUNDS 47.943.126 9.657 3951 38,285,731 Das5gnat8d Funds The Church Mission Designated Fund was established in 2008 10 give grnnls lo churches on the Single cnterion of the polents.al effectivenes5 of the project for church mission opportunity to the der community. A tiansfer vrds made from the General Fund in order to provide fvndirKJ for the Church Mission Fund grants commilted to be paid oul in the next finala[ year. The Special Reserve Designated Fund was established in 2013 so that the Company Yuld be able to give larger grants to churches for major projects that cannot be funded frorn the Church Mission Designated Fund. Wthin the Sp101 Reserve Designated Fund is a sukFreserve made in 2016 of £200,00012022.. £200,000) designated to potentialty meet the dI¢t ¢osls of some very early-slage coneeplual pioneer ministry projects in such situations as large-scale housing developments. These possible projects are still currently being planned by the Mission Development Group of the Synod on behalf ofthe Mission and Outreach Committee and the Synod Executive and might not ultimately draw down any significant funding. The Wessex Synod Designated Fund {also known as Ihe Macro Funt11 was eStal$he in 1990 to provide financial as5i5tance to ministefs of the United Refomied Church (which has also been inteiweled lo include Churth Related Community Workers} who are being ordained and inducted to their first pastorale and are consequentty facing the costs of fumishing Iheir first manse. The Local Churches Deswjnated FLtnd ls1$ts of several (Jesignate¢J fijnds held for the benefit of particular I¢al churches and have usually arisen from bequests or setl-imposed income obligations. Transfefs are made to and from the Manse DesKJnated FurKI. so the balance equals the net book value of manses held per note 14 of the accounts. Page 33
THE UNITED REFORMED CHURCH IWESSEXI TRUST LIMITED NOTES TO THE ACCOUNTS At 31 OECEMBER 2023 Restricted Funds The Wessex Synod Restn"cted Fund consists of several stn.¢ted fur%ls for which the C¢)mpany 1$ Charity Tru$tee. and which are govemed by Trust Instruments other than the United Reformed Church Acts. The Company acts in its sole discretion within the temis of such Trust Instrnments and in respDn5e to tl)e reds of the benefi¢iarie5. The Local Churches ReStrle¢ Fund consists ofseveral $"¢le funds held forthe benefit of partwlar local Churches an¢J have usuty arsen from past transactions such a5 the proceed5 of the sale of redundant manses. The Cromwell Place Roachvay RestrKted FurKI holds the accumulated servv charges colle¢led by its former Trustee5 from the owners of the properties known as &12 Cromwell Place, Newbury. RG14 1AF, and has lo be used lo fijnd any ongoing costs assrtiated with maintaining the nght of way those properties enjoy over the car park ol the ftsmer Newbury United Reformed Church. Endowment Funds The Local Churches Endowment Fund consists of several endowment funds hekl for the benefit of particular local chLwches and have usualty arisen from Charity commissi or(lers or schemes. The Specific Purposes Endonent Fund consist5 of several endowment funds held for specific purposes such as the promob.on of educat40n of Children who are in need of financial assistance. and one or both of whose parents are members of a ¢ongregalK)n meeting for religious wtsrship al any ntral United Refomied Church in the Borough of Reading or the provision of gran15 towards the cost of a holiday for ministers and missionaries in particular need. 24. PENSION COMMITMENTS During the year, the Company contributed £2,288 {2022'. £12,417) in respect of one member of staff to The United Reformed Church Final Salary Scheme. a pension scheme principally for lay staff which is administered by TPT Rebremenl SolutK)ns Trust (lorrnerly The Pensions Trust). The scheme is a mulli- employer deffined benefit s¢heme and so the Company is unable to identify ils share of the underlying assets and liabilities- each nMtser in the heme pay$ a common ¢tn'but1On r*e. The most recent ftsrmal actuarial review of the scheme was at 30 September 2020, when the scheme had a surplus of £2,689,000. The assvmplions underfying that valuatson indude.. Discount rale of 1.4% per annum Pensionable earnings grovAh of 2.5% for three years. 2.75% thereafter Price inflation and pension increases of 2.55% Retirement age (active members) of 65. with maximum commutalKin The scheme was closed to fijre accruals and new entrants 28 February 2023. A new defined ¢onlribulion scheme ha5 been set up and staff have been moved to Ihis scheme. 25. RELATED PARTY DISCLOSURES There We no related party transaCthS for the year ended 31 December 202312022". None). 26. ULTIMATE CONTROLLING PARTY The Company 13 not under the control of another entity or any one individual. Page 34
THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED NOTES TO THE ACCOUNTS At 31 DECEIA8ER 2023 27. PRIOR PERIOD MISSTATEMENTS During the year a detailed rewew of fixed assets and investment properties was carried oul by management and the following errors noted.. A Manse disposed of in 2017 was not removed from Ihe fixed asset register and financial ststements. This resulted in overstatement of opening balances fr)r lixed asset prcsperties and genefal lunds. A prior period adjustment was Posted on opening balances resulting in reduction in fixed properties by £191 k and geneol fvnds by the same arnount. Property on 5 Kings Road was revalued in 2021 for £1.55 million while the fair volue of the investments in financial statements was £1.975 million. The resulting revaluation Ios5 was not corded in the accounting recor(Ss and financial statements hence prior period investment properties and funds were ovefstsled by £425k. A prior period adjustmenl was raised in the current year to reduce the opening investment property and general funds by £425k. Page 35