OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

REGISTERED COMPANY NUMBER: 01555990 (England and Wales) REGISTERED CHARITY NUMBER: 282729

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

CONTENTS

REPORT OF THE TRUSTEES 3
Reference and Administrative details 3
Objectives and Activities 4
Ensuring delivery of the Company's aims 4
Charity Objectives 4
Principal Activities 4
Grant-making Policy 5
Public Benefit 5
Achievement and Performance 5
Grants and Grant Commitments 6
Review of significant charitable activities undertaken and Future Events 7
Structure, Governance and Management 7
Financial Review 11
Custodian Trusteeship 12
STATEMENT OF TRUSTEES RESPONSIBILITIES 13
Auditors’ Opinion 14
STATEMENT OF FINANCIAL ACTIVITIES 17
BALANCE SHEET 18
CASH FLOW STATEMENT 19
NOTES TO THE FINANCIAL STATEMENTS 20

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

REPORT OF THE TRUSTEES

The Trustees who are also directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01555990 (England and Wales)

Registered Charity number

282729

Registered office

120 Alma Road Southampton Hampshire SO14 6UW

Trustees

Mrs Susan A Brown Revd Julian J Macro Mrs Margaret R Carrick Smith Mrs H Bridget Micklem Mr Raymond M Dunnett – Deputy Convener Revd Dr Romilly W Micklem – Convener Mr Andrew N Gibb Revd Glyn Millington Revd Dr Michael Hopkins – appointed 1 March 2024 Mr David T North Mr Colin F MacBean

All the Trustees give their time voluntarily and receive no benefits from the Company. Any expenses reclaimed from the Company are set out in note 11.

Company Secretary

Mr Stuart MacLean

Auditors

HaysMac LLP, 10 Queen Street Place, London, EC4R 1AG

Bankers

Barclays Bank plc, Barclays House, 1st Floor, 5 St. Ann's Street, East Quayside, Newcastle, NE1 2BH CAF Bank Limited, Kings Hill, West Malling, Kent, ME19 4TA

Legal Advisers

Lester Aldridge LLP, Russell House, 31 Oxford Road, Bournemouth, Dorset, BH8 8EX

Page 3

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES

The charitable purpose of the Company, as set out in the ‘objects’ clause contained in the Company's Memorandum of Association, is:

The aims of the Company are to support local churches in their outreach and mission, both directly through its staff, and indirectly through the Synod and its committees, groups and officers, and by the provision of resources, both financial and technical. The Wessex Synod is the unincorporated conciliar body made up of the ministers and church representatives from each church in the geographical area of the Wessex Province of the United Reformed Church, which covers all or part of the seven counties of Dorset, Hampshire, Surrey, Berkshire, Buckinghamshire, Oxfordshire and Wiltshire, together with the Isle of Wight and the Channel Islands.

ENSURING DELIVERY OF THE COMPANY'S AIMS

The Trustees review the aims, objectives and activities of the Company on a regular basis and determine which activities to resource based on contribution to those agreed aims and objectives.

As trustee of the charitable funds of the Wessex Synod, the Company submits a detailed report of its activities to the meetings of the Synod and consults with and takes guidance from the Synod in respect of any application of the funds that falls outside the policies agreed by the Synod.

CHARITY OBJECTIVES

The main purpose of the Unrestricted Funds is to meet the financial needs of the Wessex Synod and the wider church, and to support the constituent local churches in a wide range of activities which further generally the Wessex Synod strategy and the religious purposes of the United Reformed Church. With regard to the financial needs of the wider church, the Wessex Synod continues to make significant annual grants to Inter-Synod Resource Sharing as a step towards addressing the significant differences in wealth, and hence potential for funding mission, that exists between all 13 Synods of the United Reformed Church.

PRINCIPAL ACTIVITIES

The principal activities of the Company include:

Page 4

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

PRINCIPAL ACTIVITIES, continued

GRANT-MAKING POLICY

Policies for grant-giving have been agreed by the Wessex Synod and application forms and procedures ensure the full production of supporting information for all grant applications. Grants can be categorised as follows:

Grants to local churches are made to assist their ministry as they seek to fulfil all current mission initiatives in their own situation, through:

PUBLIC BENEFIT

The Trustees confirm that they had due regard to the Charity Commission's guidance (PB1 to PB3) on public benefit when exercising any powers or duties to which the guidance is relevant. Examples of this are given in this report.

ACHIEVEMENTS AND PERFORMANCE

Property Operations

The Company manages the portfolio of residential and investment properties on behalf of the Synod and supports churches in managing their places of worship and assembly. This includes professional oversight of significant capital projects. The Company also realises the best value of redundant property by a programme of disposals.

The regular activities of the Company include:

Church Congregations and Manses

At the end of the year there were 107 (2023: 110) local church congregations, including 32 Local Ecumenical Partnerships (2023: 32). These resolutions-to-close were passed in 2024:

Page 5

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

Church Congregations and Manses, continued

When a church elects to close, any remaining assets following closure are, subject to receipt of all necessary approvals, transferred to the Company. The sale of any redundant church building normally involves:

So far in 2025, no churches have resolved to close.

At the end of the year there were 27 (2023: 29) manses occupied by ministers, 1 (2023: 0) manse was occupied by a late minister’s surviving spouse and 28 (2023: 28) further manses held pending possible future occupation by a minister, of which 26 (2023: 26) were let to tenants, 2 (2023: 1) were vacant pending refurbishment and occupation by tenants and 0 (2023: 1) were vacant pending refurbishment and occupation by a minister. Some of the manses do not conform to the agreed Synod manse standard and so they will be let and sold in due course. Additional manses will only be purchased if required to house ministers.

Property Acquisitions

No properties were acquired to serve as a manse during the year (2023: 1).

Property Disposals

At the end of the year the following 18 (2023: 16) redundant church sites were at different stages of disposal:

Andover Bury Road (Gosport) Chandler’s Ford
Emsworth Finchdean Fordingbridge
Freemantle (Southampton) Hedge End Hope Church Freshwater Bay
Liss (St. Paul’s) Lytchett Minster Newbury
Pheasant's Hill Sarisbury Green Stanford-in-the Vale
Summertown (Oxford) Walkford (Christchurch) Weybridge

10 (2023: 10) former manses have been identified by the Company at the year-end as redundant, of which 5 (2023: 5) are on church sites and let to tenants or in other use, 3 were let to tenants (2023: 3) and 2 were vacant and for sale (2023: 2).

Grants and Grant commitments

Grants are offered and paid out by the Company under its grant-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. It is not unusual for previous grant commitments to be written-back into the funds as a result of projects not proceeding or not requiring the committed funds.

Grants for church mission projects are made from the Church Mission Fund and the Special Reserve Fund in support of building projects, the costs of church workers and other smaller projects. Within the Special Reserve Fund is a sub-reserve made in 2016 of £200,000 (residual balance in 2024: £nil) designated to potentially meet the direct costs of some very early-stage conceptual pioneer ministry projects in such situations as large-scale housing developments.

Other grants to churches may be made from the General Fund, for example to assist with the cost of urgent repairs due to storm damage. The Company also supports from its General Fund several ecumenical projects, Inter-Synod Resource Sharing and General Assembly’s Commitment for Life programme.

A new Grants Policy was agreed by the Company on 26 September 2024 and approved by the Synod meeting on 12 October 2024, further to which the Trustees’ zeroed the available balances in the Church Mission Fund and the Special Reserve Fund at their meeting on 21 November 2024, and set the annual grant funding pool of the Church Mission Fund at £500,000 for 2025. The funding pool in the Church Mission Fund will be set at each Trustees’ meeting in November for the following year. The funding pool is divided into specific amounts for specific types of projects, with each type of project being considered at specific Trustees’ meetings in the year, to avoid the allocation of project funding on a ‘first come, first served’ basis.

Page 6

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

REVIEW OF SIGNIFICANT CHARITABLE ACTIVITIES UNDERTAKEN

The Company continues to achieve its aims of supporting local churches in their outreach and mission and the wider United Reformed Church, both directly through its staff, and indirectly through the Synod and its committees, groups and officers, and by the provision of resources, both financial and technical.

At its meeting on 12 March 2022, the Wessex Synod endorsed the Trustees' 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 with the condition that the current ‘defined benefit’ scheme be closed.

A payment schedule of £1.2 million per annum for the five years 2022-26 was agreed with the United Reformed Church Trust, with a review to be made following the next actuarial valuation. Four further annual payments of £0.75 million were then anticipated to be made.

The URC's General Assembly resolved in July 2022 to close the defined benefit pension scheme to future accruals and following the delayed closure of the scheme on 28 February 2023, the condition set by the Company for releasing its contributions towards the deficit reduction programme was met and the Company’s previously deferred first payment of £1.2 million was released to the URC Trust on 23 March 2023. The second payment of £1.2 million was made on 13 October 2023.

In 2024 the URC Ministers’ Pension Fund started the process of ‘buy-in’ (purchase of a master insurance policy to cover liabilities collectively; contract signed in May 2025) and then ‘buy-out’ (purchase of individual insurance policies for members, with no further liability for the employer) and it became clear that no further payments would be required under the £9 million schedule of contributions. A revised schedule of contributions has been signed in 2025 and the URC Trust has released the Company from the original schedule of contributions agreed in November 2021. An amount of £6.6 million has been shown in the Statement of Financial Activities on page 17 as an exceptional write-back for previously accrued contributions from the Company to the URC Ministers’ Pension Fund deficit reduction programme.

The following Trustees declare 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 its broad remit as a facilitating, sharing and enabling body for the Wessex Synod, its individual local churches and the wider United Reformed Church.

The Company therefore seeks to encourage grant applications for projects with a significant mission focus but is aware of the need to release funds on a steady basis within 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 special focus and ensure that the Company's grants and loans resources are available to meet prioritised objectives.

During 2025 the Company will make a recommendation to the Wessex Synod regarding a commitment of annual contributions over a period of 3 to 5 years, commencing in 2026, to the United Reformed Church’s proposed Church Life Fund. The Trustees note that such contributions may limit the Company’s capacity to award grants to its own congregations within the Wessex Synod.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Company is limited by guarantee as defined by the Companies Act 2006 and is a charity and a trust corporation within the terms of the Law of Property (Amendment) Act 1926.

The Company's objects and powers are declared in its Memorandum of Association dated 15 December 1980, as amended by special resolutions dated 25 June 1998, 22 September 2005 and 27 April 2017, and provision for its governance and administration is made in its Articles of Association. The Company was incorporated on 14 April 1981.

Page 7

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

Governing document, continued

The Wessex Synod is one of the 13 Synods of the United Reformed Church and has the sole power of electing Trustees to the Company. The Synod has given the Trustees' meeting authority to appoint new Trustees, but any Trustee so appointed may not serve for more than 1 year without being elected by the Synod. The maximum registrable membership of the Company is 24, with the members also being Trustees of the Company. At least 75% of the Trustees must be members of the United Reformed Church.

Once in each calendar year 1/3 of the Trustees for the time being, or, if their number is not a multiple of 3, then the number nearest to but not exceeding 1/3 shall retire from office. The Trustees to retire on each occasion include, so far as necessary to obtain the number required, any Trustee who wishes to retire and not offer themselves for re-election, and any further Trustees to retire shall be those who have been the longest in office since their last election. A retiring Trustee shall be eligible for re-election.

The applicable elections and re-elections were considered at the Trustees’ meetings during the year and agreed at the Synod meeting on 29 April 2024.

Risk Assessment and Management

The Trustees have a duty to identify and review the risks to which the Company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Company and the Synod carry out and document an annual joint Risk Assessment and have implemented or undertaken to implement the necessary actions arising from their review of the outcomes of those assessments.

The most significant risks and mitigating actions identified by the Trustees are as follows:

Risk RAG rating Mitigation
Over-dependence on key people Red •
Documentation of all core processes
•
Improved use of SharePoint for filing
•
Strengthening of staff team through new
hiring
•
Systematic skills development and training of
staff team
•
Key personnel travel independently
Failure to generate adequate cashflow
from sales of redundant properties		 Amber •
Enable Executive Officer to focus on sales by
re-distributing other responsibilities
•
Enhance medium-term cashflow forecasting
to enable timely reduction in spending if
required
•
Realise marketable invested assets in the
short term
Failure of critical IT systems Amber •
Work closely with our IT partner, Vermont
Systems Limited, to maximise resilience
•
Exploit advantages of cloud-based data
storage
•
Maintain and enforce strong security policies
to protect against malware

Recruitment, Appointment and Training of Trustees

The most important qualification for appointment to the Company as a Trustee is a thorough awareness of the workings of the United Reformed Church and of the Wessex Synod in particular. Ideally, this should have been gained through an active role in the life of the Synod and / or the wider church. Expertise and experience in such areas as law, human resources, finance and property are particularly useful if gained in the context of the councils and operations of the United Reformed Church. The combined expertise and experience of the Trustees has so far proved very adequate for the full range of the Company's activities.

Page 8

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

Recruitment, Appointment and Training of Trustees, continued

The current Trustees who also hold or have in the year to 31 December 2024 held significant posts either on behalf of the Synod or on behalf of General Assembly are:

Name Synod Synod
Executive		 Other
Mr Raymond Dunnett
(Trust Deputy Convener)		 - Member -
Revd Dr Michael Hopkins (from 1
March 2024)		 Moderator Member Trustee of the United
Reformed Church Trust
Mr Colin MacBean - - Trustee of the United
Reformed Church
Ministers’ Pension Trust
(resigned on 23 September
2024)
Revd Julian Macro - - Trustee of the United
Reformed Church Trust
Mrs H Bridget Micklem - - Trustee and Chair of the
United Reformed Church
Ministers’Pension Trust
Revd Dr Romilly Micklem
(Trust Convener)		 - Member -
Mr David North Treasurer Member -

Prospective Trustees usually meet with the Chair of the Company, Executive Officer and one other Trustee who explain and discuss the responsibilities of the task and the ways of working of the Trustees. Prospective Trustees are invited to attend a Trustees' meeting before making any decision. An appointment would normally then be made by the Trustees' meeting on the recommendation of the group that met the prospective Trustee. A new Trustee is also provided with electronic copies of the Charity Commission publications CC3 and CC3a and a secure link to a SharePoint folder providing access to all the minutes and associated documents of the Trustees' meetings from March 2019 to date.

All new and existing Trustees are required to undergo periodic Safeguarding training in accordance with the Wessex Synod’s Safeguarding policy and procedures. The Company’s Senior Statutory Auditor delivers a training seminar 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 conferences, and the Trustees are encouraged to attend these and other seminars offered by the Company's professional advisers and report back to the Trustees’ meetings on their thoughts and findings. The Trustees also have in-house training on topical issues when necessary.

Relationship with the Wessex Synod of the United Reformed Church

The Company holds the financial assets of the Wessex Synod of the United Reformed Church in trust. The different categories of trusteeship are as follows:

Page 9

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

Wessex Synod

The Synod Officers and the appointed representatives of the constituent local churches in the Wessex Synod met three times in 2024 as the Wessex Synod to support, enable and co-ordinate the work of the Synod and its local churches.

Further information about the responsibilities of the Synod, the Synod Executive Committee and other Synod committees and groups is available on the Synod website: www.urcwessex.org.uk

Organisational Structure of the Company

The Trustees normally meet 5 times a year, or as often as is necessary to effectively discharge their terms of reference. The business includes policy making, receiving and acting upon reports from its committees, the Synod Clerk, the Ministry and Mission Fund Secretary, the Synod Treasurer and the Executive Officer, meeting Investment Managers and considering and approving matters relevant to churches and manses, and grants and loans towards projects within agreed budgets. The business of the Trustees in their capacity as the Synod Provincial Property Committee also includes receiving and acting upon reports from the Synod’s Listed Buildings Advisory Committee.

The Company has 4 standing committees which have delegated authority to deal with certain areas of the Company's work and meet as often as is necessary to effectively discharge their terms of reference. Each committee provides reports to the Company on their work and, where applicable, the decisions taken on behalf of the Company. The committees are the: Human Resources and Facilities Committee; Investment Committee; Property Disposals Committee; and Welfare Committee.

Indemnity Insurance

Indemnity insurance is in place to cover, up to £1,000,000, the liability of the Trustees in relation to negligence, default, breach of duty or breach of trust. This cover has been arranged through Ansvar Insurance Company Limited.

Staffing (including Key Management Personnel)

The day-to-day administration of the Company is undertaken by the Executive Officer and Company Secretary, Mr Stuart MacLean, supported by 4 members of staff. The Company does not directly use volunteers in support of its day-to-day operations; however, there is an indirect dependency upon the volunteers who run the local churches for whose property the Company is the Trustee and those who act on behalf of the Synod.

Page 10

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Reserves Policy

The total amount of reserves held in the Unrestricted Funds at the end of the year were £46,699,023 (2023: 37,527,491), the movement being due to:

• Donations from closed churches £2,295,007 (2023: £nil)
• GAINS on investment assets £739,771 (2023: £1,357,567)
• Gains on investment property £703,500 (2023: £nil)
• Exceptional write back Ministers Pension Trust £6,600,000 (2023: £nil)

Remaining additions to the unrestricted reserves mean that the Company continues to achieve its stated policy of holding sufficient assets to allow the Company to operate from its income, including donations from closed churches and property disposals, without having to impose a cost on the local churches of the Wessex Synod to contribute towards the costs of sustaining its charitable objectives.

In 2024, the nominal invested asset (capital reserve) figure required to generate enough income to cover the Company’s operating costs was £30,750,000. Should the trend rate of church closures and property disposals slow significantly, the Trustees will aim to reinvest a proportion of property receipts in order to bring the actual level of invested asset closer to the nominal figure.

There have been no significant events which have had a financial effect of sufficient quantifiable reliability on the Company to warrant adjusting the 2024 accounts.

Cash

The year-end cash position was £1,328,470 (2023: £502,953). The Company always aims to maximise its managed investment income by seeking to limit the level of cash held, with any excess over short term cash flow requirements being invested in managed investment income units until required. However, the Company’s income and expenditure is often sporadic and significant with large sums being realised from property disposals and being required for grant payments or manse purchases. This can lead to substantial cash balances from time to time.

Investment Policy

The Company is Trustee of a wide range of charities for differing purposes as categorised below:

1. Unrestricted funds, being the general reserve of the charitable funds of the Wessex Synod of the United Reformed Church

The investment objective for these funds is to maximise total return with a view to a steady increase in both income and underlying asset value by investing for the longer term.

2. Restricted and endowment funds for the benefit of local churches

The beneficiaries of these funds fall into two distinct sub-categories: those who wish to maximise income regardless of the consequential effect on capital and those who are willing to limit short-term income in order to improve the prospect of long-term growth in both income and underlying asset value.

3. Endowment funds for specific purposes generally connected with the United Reformed Church The Company has decided that the investment objective for these funds should be to achieve a rising income with the prospect of growth in underlying asset value.

Page 11

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

Investment Management Strategy

The Company has formulated the following elements of investment strategy:

1. Diversification of investments

As a matter of prudence, the Company's investments in equities will be diversified over as wide a range of equities as is commensurate with the size of its portfolio.

2. Common Investment Funds and Unit Trusts

In order to minimise administration and consequential costs and to fulfil most effectively the above diversification strategy, managed investment funds and unit trusts should be used.

3. Diversification of fund management

In view of the size of the Company's assets and the differing investment objectives for the various funds that it holds, it is deemed appropriate to use more than one fund manager.

Social Investment Policy

The Company has not made any programme-related investments but supports those made by its continued investments in those funds:

Ethical considerations

The United Reformed Church offers guidance, from time to time, on ethical investment which the Company seeks to follow in its allocation of investment assets.

In furtherance of these ethical considerations the Company is a member of the Church Investors Group and has adopted a set of statements in line with the UK Stewardship Code.

Fundraising approach and performance

The Charity does not normally undertake any fundraising activity but does occasionally receive some unsolicited donations and legacies. The Charity is not registered with the Fundraising Regulator. No complaints have been received in the year.

CUSTODIAN TRUSTEESHIP

At the beginning of the year, assets with a market value of £1,114 (2023: £1,095) were held by the Company as custodian trustee for the Willats' Almshouse Charity. During the year, the incoming resources of this fund were £37 (2023: £53) and this sum was allocated to the Charity in 2024, although not distributed. The market value of the Charity’s investments at the end of the year were £1,151 (2023: £1,114).

As the assets of the Charity consist entirely of income shares of The National Association of Almshouses Common Investment Fund, and as the Company holds no other shares in this fund, there is no concern over safe custody and segregation from the Company's own assets.

At 31 December 2024 the Charity also held as custodian trustee for Mere United Reformed Church investments valued at £569,777 (2023: £539,104), this balance is not recorded in the investment assets held by the Charity as disclosed in Note 15. The debt owed to the Charity at the year end date was £208,379 (2023: £198,380 and cash of £50 (2023: £50), the difference in the year being capital project spend by the local church itself.

Page 12

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also the directors of The United Reformed Church (Wessex) Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by order of the Board of Trustees on 26 June 2025 and signed on its behalf by:

............................................. Revd Dr Romilly Wakefield Micklem – Trust Convener Date: 9 July 2025

Page 13

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

AUDITORS’ OPINION

We have audited the financial statements of The United Reformed Church (Wessex) Trust Limited for the year ended 31 December 2024 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

As auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 14

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees Report (which incorporates the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 13, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees 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 basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the use of restricted funds in accordance with trust law and compliance with employment law, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP and the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the recognition of income from legacies and donations. Audit procedures performed by the engagement team included:

Page 15

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected 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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor) for and on behalf of HaysMac LLP (Statutory Auditor) 17 July 2025

10 Queen Street Place London EC4R 1AG

HaysMac LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 16

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
2,295,735
Charitable activities
4
Supporting the Wessex
Synod
4,473
Trinity Hall
-
Investment income
3
1,658,192
Other Income
Sale of fixed assets
-
-
Total
3,958,400
EXPENDITURE ON
Raising funds
5
825,004
Charitable activities
6
Supporting the Wessex
Synod
1,970,900
Exceptional write back
Ministers Pension Fund
8
(6,600,000)
(3,804,096)
Sub Total
7,762,496
Gains/(losses) on
investment assets
705,835
Investment properties
703,500
Net income
9,171,831
Transfers between funds
23
(299)
Net movement in funds
9,171,532
RECONCILIATION OF
FUNDS
Funds brought forward
37,527,491
TOTAL FUNDS CARRIED
FORWARD
46,699,023		 Restricted
funds
£
-
-
-
35,990
-
-
35,990
-
36,290
-
36,290
(300)
27,398
-
27,098
299
27,397
1,168,946
1,196,343		 Endowment
funds
£
-
-
-
7,001
-
-
7,001
-
12,499
-
12,499
(5,498)
6,538
-
1,040
-
1,040
292,973
294,013		 2024
Total funds
£
2,295,735
4,473
-
1,701,183
-
-
4,001,391
825,004
2,019,689
(6,600,000)
(3,755,307)
7,756,698
739,771
703,500
9,199,969
-
9,199,969
38,989,410
48,189,379		 2023
Total funds
£
10,621
2,771
-
1,706,720
-
-
1,720,112
776,992
1,597,008
-
2,374,000
(653,888)
1,357,567
-
703,679
-
703,679
38,285,731
38,989,410

All income and expenditure derive from continuing activities. The notes on pages 20 to 36 form part of the financial statements.

Page 17

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024

BALANCE SHEET

Registered Company number 01555990 (England and Wales)

Notes
FIXED ASSETS
Tangible assets
14
Investments
Investments
15
Investment property
16
CURRENT ASSETS
Debtors
17
Investments
18
Cash at bank
CREDITORS
Amounts falling due within
one year
19
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
CREDITORS
Amounts falling due after
more than one year
20
NET ASSETS
FUNDS
23
General fund
Designated funds
Total unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 2024
£
15,280,788
23,035,485
4,596,100
42,912,373
765,534
4,765,000
1,328,470
6,859,004
(1,581,998)
5,277,006
48,189,379
-
48,189,379
31,964,753
14,734,270
-------------------------
46,699,023
1,196,343
294,013
48,189,379		 2023
£
14,928,728
22,494,093
6,332,600
43,755,421
726,528
1,915,000
502,952
3,144,480
(1,472,338)
1,672,142
45,427,563
(6,438,153)
38,989,410
22,753,237
14,774,254
-------------------------
37,527,491
1,168,946
292,973
38,989,410

The financial statements were approved by the Board of Trustees on 26 June 2025 and were signed on its behalf by:

..........................................................

Revd Dr Romilly Wakefield Micklem – Trust Convener Date: 9 July 2025

The notes on pages 20 to 36 form part of the financial statements.

Page 18

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

CASH FLOW STATEMENT AT 31 DECEMBER 2024

CASH FLOW STATEMENT

Reconciliation of Net Incoming Resources to Cash
Inflow from Operating Activities
Changes in resources before revaluations
Returns on investment
Depreciation
Surplus on disposal of tangible fixed assets
Closed churches donated
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash inflow from operating activities
Cash flows from investing activities
Returns on investment
Payments to acquire tangible fixed assets
Receipts from sale of tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Receipts from sales of investment properties
Receipts from sales of current asset investment
Repayment of loans from ministers and churches
New loans to ministers and churches
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2024
2023
£
£
7,756,698
(653,888)
(1,701,183)
(1,706,720)
41,395
4,008
(55)
-
(875,000)
-
10,334
(125,143)
(6,323,978)
(2,225,829)
(1,091,789)
(4,707,572)
1,813,168
1,640,312
(2,011)
(560,960)
-
-
-
-
-
-
-
-
-
-
158,150
17,261
(52,000)
(214,500)
(825,518)
(3,855,459)
502,952
4,358,411
1,328,470
502,952

Page 19

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements are prepared under the historical cost convention as modified to include the revaluation of investment assets. The format of the financial statements has been presented to comply with the Companies Act 2006, the Charities Act 2011, FRS102 The Financial Reporting Standard applicable in the UK and Ireland and the Statement of Recommended Practice for Charities (SORP 2019). The Charity is a Public Benefit Entity as defined by FRS102. Figures are presented in sterling and rounded to the nearest pound.

General information

The Charity is a company limited by guarantee, incorporated in England and Wales (company number: 01555990) and a Charity registered in England and Wales (Charity number: 282729). The Charity’s registered office address is 120 Alma Road, Southampton, Hampshire, SO14 6UW.

Going concern assessment

The Trustees consider that there are no material uncertainties which would cast doubt on the Company’s ability to continue as a going concern. The Trustees continue to monitor the effects of inflation, interest rates and a more difficult property market and do not consider them to call Going Concern into question. In particular, Trustees note that the Company’s significant investment funds are managed on a ‘total returns’ basis, which provides a predictable income stream, and that the Company does not depend on property disposals to cover its core staff and operating costs.

Significant judgements and estimates

In preparing these financial statements the Trustees have had to make estimates and assumptions that affect the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The only key area subject to judgement where adjustments would have a material effect on the accounts is investment properties. The Trustees have reviewed the carrying value of assets and liabilities and their useful economic lives and do not consider that a revised rate of depreciation should be considered. Investment property land previously held at nominal value has been revalued to market value.

Income

All income and endowments are recognised when the criteria of entitlement, measurement and probability of receipt have been satisfied.

Donations, including closed churches, are recognised when the conditions of entitlement and probability are met, and the economic benefit can be measured reliably. Legacies are recognised on a receivable basis, when the conditions of entitlement, probability and measurement are met. Where the measurement criteria for legacies and donations are not satisfied as at the Balance Sheet date but subsequent events resolve the uncertainty such that the criteria are met, an adjustment is made to recognise the income.

Investment income, including interest receivable, and other miscellaneous income are accounted for on a receivable basis.

Page 20

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

1. ACCOUNTING POLICIES – continued

Expenditure

Expenditure is recognised as soon as the related liability is incurred and has been classified under headings that aggregate all costs relating to that category. Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. Irrecoverable VAT is included with the category of expenses to which it relates.

Costs of charitable activities consist of all expenditure directly relating to the objects of the Charity. Support costs which cannot be directly allocated are apportioned between charitable activities and governance costs on the basis of an estimate of the time spent on the relevant functions.

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Grants are accrued for when approved, the recipient has been notified and any condition attached to the grant is outside the control of the Synod. Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure. Grants from the Church Mission Fund must be claimed within 1 year of the date of the grant commitment unless an extension of time is given.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost. Other than computers, items costing less than £500 are charged against income in the year of purchase. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer and equipment - 25% on cost

Freehold property is not being depreciated on the basis that it would be immaterial due to all properties having high residual values. The carrying values of tangible fixed assets are reviewed for impairment in accordance with the requirements of FRS102. Long leasehold properties will be depreciated over the final 50 years of the leasehold.

Financial instruments

The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these financial instruments is detailed below.

Investments

Investments are valued at fair value on the Balance Sheet date. Investment properties are stated at a valuation carried out by either a qualified Chartered Surveyor or the Executive Officer. Gains/losses on investments are calculated as the difference between opening market value and closing market value after adjusting for additions and disposals during the period. No distinction is made between realised and unrealised gains in the financial statements.

Investment asset allocation

The Company owns several properties from which it receives income. The Company will not normally purchase property as an investment. Its direct property holdings arise from retaining an interest in land or buildings which are no longer required for the charitable purposes of the Company. Decisions on whether to retain such an interest or to dispose of it are made by the Trustees and the Synod Executive in the light of circumstances prevailing at that time.

Page 21

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

1. ACCOUNTING POLICIES – continued

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

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 at amortised cost using the effective interest method.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds comprise the accumulated surplus or deficit from the Statement of Financial Activities which is not restricted nor designated funds. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.

Designated funds comprise funds that have been set aside at the discretion of the Trustees for specific purposes. The purpose and use of the designated unrestricted funds are set out in the notes to the accounts.

Restricted Income Funds are funds whose use is restricted to specific purposes according to the terms on which the funds were received.

Endowment Funds are permanent endowments which are required to be retained, but the income from these funds can be used for the benefit of the Company, subject in certain cases to specific restrictions contained in the original endowment.

Pension costs and other post-retirement benefits

The Company contributes into staff personal pension plans. Contributions payable to the plans are charged to the Statement of Financial Activities in the period to which they relate.

The Company has previously offered a defined benefit scheme, the United Reformed Church Final Salary Scheme (now administered by TPT Retirement Solutions (formerly The Pensions Trust)) which is a multi-employer scheme where the underlying assets and liabilities are not separately identifiable on a consistent and reasonable basis. In accordance with FRS 102 it is accounted for as a defined contribution scheme. Contributions were charged as expenditure as they became payable in accordance with the rules of the scheme. The scheme was closed to future accruals on 28 February 2023. A new defined contribution scheme has been set up and affected staff have been moved to this scheme.

In 2022 the Company committed to make a grant of up to £9 million towards the deficit in the United Reformed Church Ministers’ Pension Fund, in a series of annual payments over the period 20222030. The schedule of contributions no longer operative and the remaining balance of £6.6m has been written back to the Statement of Financial Activities.

Operating lease commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease.

Page 22

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

2. DONATIONS AND LEGACIES

Donations
Donations from closed churches
INVESTMENT INCOME
Property income
Commercial property income
-
Bitterne and Windsor shops
Investment income – managed
Investment income – interest		 2024
£
729
2,295,007
2,295,735
2024
£
737,659
104,117
806,694
52,713
1,701,183		 2023
£
10,621
-
10,621
2023
£
694,459
61,088
874,275
76,898
1,706,720

3. INVESTMENT INCOME

Property income includes income derived from manses let on the open market pending occupation by a minister. All investment income is derived from assets held in the United Kingdom.

4. INCOME FROM CHARITABLE ACTIVITIES

Activity
Interest from loans
Supporting the Wessex Synod		 2024
£
4,473
4,473		 2023
£
2,771
2,771

5. RAISING FUNDS

Staff costs
Property - maintenance and utilities
Property management fees
Professional fees re disposals
Premises insurance
Investment management fees		 2024
£
130,437
448,848
20,592
117,282
88,275
19,570
825,004		 2023
£
105,525
426,455
14,677
136,759
74,954
18,622
776,992

Page 23

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

6. CHARITABLE ACTIVITIES COSTS

Grant funding
Support
Direct costs
of activities
Costs
(see note 7)
(see note 8)
(see note 9)
£
£
£
Supporting the Wessex Synod
276,604
1,075,344
667,741
Comparative analysis:
Grant funding
Support
Direct costs
of activities
Costs
(see note 7)
(see note 8)
(see note 9)
£
£
£
Supporting the Wessex Synod
222,001
823,854
551,153
7.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2024
£
Manse policy
71,270
Manse maintenance allowance
8,833
Children and Youth Development Officer (South)
3,340
Events and activities
40,243
Ordained Synod staff – Stipends
138,020
Housing allowance
14,543
Development and support activities
355
276,604		 Totals
2024
£
2,019,689
Totals
2023
£
1,597,008
2023
£
50,579
15,928
4,905
20,997
113,642
14,842
1,108
222,001

Page 24

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

8. GRANTS PAYABLE

Supporting the Wessex Synod 2024
£
1,075,344		 2023
£
823,854
The total grants committed to institutions in the year, net of write-backs, was as follows:
2024
£
Ecumenical grants
11,995
Ecumenical grants written back
-
URC Inter-Synod Resource grants
135,000
URC Inter-Synod Resource grants written back
-
Commitment for Life grants
14,328
Church Mission Fund grants
188,799
Church Mission Fund grants written back
(14,121)
Local church grants
428,710
Local church grants written back
(19,356)
Synod General Fund grants
101,406
Synod General Fund grants written back
(57,008)
Net Zero General Fund grants
227,650
Other grants
19,147
Total institutional grants
1,036,550
Welfare grants
5,500
1,042,050
Investment distributions to local churches
33,294
1,075,344		 2023
As
Restated £
41,640
-
160,000
(25,000)
56,394
137,137
(33,013)
152,265
(9,300)
190,634
-
98,272
11,819
780,848
4,264
785,112
38,742
823,854

An amount of £6.6m has been shown in the SOFA on page 17 as an exceptional write back for previously accrued contributions from The United Reformed Church (Wessex) Trust Limited to the United Reformed Church Ministers’ Pension Trust deficit recovery fund as the schedule of contributions agreed in November 2021 to the deficit recovery fund is no longer operative. The comparative classification of grants has been restated to be in line with the categorisation established in 2024 for comparability. The total grant commitments stated for 2023 is unchanged from that reported in the prior year financial statements.

9. SUPPORT COSTS

Management
Governance
£
£
Supporting the Wessex Synod – 2024
627,234
40,507
Supporting the Wessex Synod – 2023
515,292
35,861		 Totals
£
667,741
551,153

Support costs are allocated directly based on the nature of the costs with the exception of wages allocated to governance costs which are classified based on time spent by employees.

Page 25

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

9. SUPPORT COSTS – continued

Management

Management
2024 2023
Supporting Supporting
the Wessex the Wessex
Synod Synod
£ £
Wages 295,263 283,876
Social security 28,247 25,280
Pensions 55,898 56,991
Car lease 9,818 11,915
Office utilities 7,731 9,668
Office costs 104,870 103,397
Staff recruitment and training 1,895 1,680
Staff travel and subsistence 38,810 38,617
Subscriptions 1,851 1,798
Resources 4,567 18,677
Honoraria and gifts - 100,030
Bank charges 850 847
Professional fees 3,356 3,297
Depreciation and impairment 41,395 4,008
Bad debts 29,757 (30,344)
Profit on property disposal 55 (137,288)
Hire purchase and leases 2,871 3,232
Other - 19,611
627,234 515,292
Governance costs
2024 2023
Supporting Supporting
the Wessex the Wessex
Synod Synod
£ £
Wages 12,750 12,567
Auditors' remuneration 27,450 23,114
Meeting expenses 307 180
40,507 35,861

Governance costs

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Net income/(expenditure) is stated after charging/(crediting):
2024 2023
£ £
Auditors' remuneration 27,450 23,114
Depreciation and impairment - owned assets 41,395 4,008
Other operating leases 2,871 3,232

11. TRUSTEES' REMUNERATION AND BENEFITS

Trustees received no emoluments during the year (2023: £Nil). During the year nine Trustees (2023: nine) were reimbursed out of pocket expenses mainly for travelling expenses totalling £484 (2023: £502).

Page 26

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

12. STAFF COSTS

Gross salaries
Employers NIC
Employers pension costs		 2024
£
415,486
36,672
70,437
522,595		 2023
£
386,668
31,740
65,831
484,239

The average number of employees was 12 (2023: 12 restated).

Key management personnel payments for salary, benefits, pension and employer NIC contributions amounted to £95,504 (2023: £83,779) during the year. Stipends of £135,516 (2023: £113,642) are not included within staff costs.

No employee received emoluments in excess of £60,000 (2023: None).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND
ENDOWMENTS FROM
Donations and legacies
Charitable activities
Supporting the Wessex
Synod
Investment income
Other income
Sale of fixed assets
Total
EXPENDITURE ON
Raising funds
Charitable activities
Supporting the Wessex
Synod
Trinity Hall
Total
Gains/(losses) on
investment assets
Investment properties
Net income
Transfers between funds
Net movement in funds		 Unrestricted
funds
£
10,621
2,771
1,659,072
-
-
1,672,464
776,992
1,545,096
-
2,322,088
1,222,280
-		 Unrestricted
funds
£
10,621
2,771
1,659,072
-
-
1,672,464
776,992
1,545,096
-
2,322,088
1,222,280
-		 Restricted
funds
£
-
-
39,107
-
-
39,107
-
39,107
-
39,107
113,739
-		 Endowment
funds
£
-
-
8,541
-
-
8,541
-
12,805
-
12,805
21,548
-
17,284
4,235
21,519		 2023
Total funds
£
10,621
2,771
1,706,720
-
-
1,720,112
776,992
1,597,008
-
2,374,000
1,357,567
-
703,679
-

703,679
572,656
424,650		 113,739
(428,885)
997,306
(315,146)

Page 27

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

14. TANGIBLE FIXED ASSETS

COST
At 1 January 2024
Additions
Disposals
Transfer
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
Disposals
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023		 Freehold
property
£
931,754
-
(73,500)
-
858,254
-
-
-
-
858,254
931,754		 Manses Computers &
equipment
£
£
13,991,836
22,617
-
2,011
-
(6,258)
427,499
-
14,419,335
18,370
-
17,479
-
3,895
-
(6,203)
-
15,171
14,419,335
3,199
13,991,836
5,138		 Totals
£
14,946,207
2,011
(79,758)
427,499
15,295,959
17,479
3,895
(6,203)
15,171
15,280,788
14,928,728

Long leasehold properties with a cost and net book value of £NIL (31 December 2023: £73,500) are included in freehold properties above. One property has been transferred from investment properties to reflect a change of use.

Page 28

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

15. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2024
Additions
Disposals
Reclassification
Net gain on revaluation
At 31 December 2024
Analysis of investments by type:
Equities
Fixed interest securities
Geographical analysis of investments:
Held inside the United Kingdom
Held outside the United Kingdom
The allocation of investments at the end of the year was:
COIF Charities Ethical Investment Fund
The Cazenove Charity Responsible Multi-Asset Fund
Other		 2024
£
22,913,424
122,061
23,035,485
2024
£
23,035,485
-
23,035,485
51%
48%
1%		 Listed
investments
£
22,494,093
-
-
(198,379)
739,771
23,035,485
2023
£
22,375,653
118,440
22,494,093
2023
£
22,494,093
-
22,494,093

Page 29

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

16. INVESTMENT PROPERTY

MARKET VALUE
At 1 January 2024
Additions
Disposals
Revaluation
Transfers
At 31 December 2024		 £
6,332,600
-
-
391,000
(2,127,500)
4,596,100

Investment properties are stated at a valuation carried out by either a qualified Chartered Surveyor or by the Executive Officer. All investment properties were revalued by a qualified Chartered Surveyor either by Primmer Olds BAS Chartered Surveyors as at 31 December 2017, Kempton Carr Croft Surveyors and Primmer Olds BAS Chartered Surveyors as at 31 December 2021 or Gateway Surveyors and Nuven Surveyors as at 31 December 2024. The Executive Officer and the Trustees have reviewed all available valuations and do not believe there has been a significant material change in the fair value of the investment properties since those properties were last revalued either by a qualified Chartered Surveyor or by the Executive Officer, with the exception of land previously held at nominal value revalued by the Executive Officer to market value. One property has been transferred from investment properties to manses to reflect a change of use.

17. DEBTORS

Amounts falling due within one year:
Trade debtors
Other debtors
Loans to employees
Loans to ministers
Loans to churches
Prepayments and accrued income
Amounts falling due after more than one year:
Loans to ministers
Loans to churches
Aggregate amounts		 2024
£
198,423
246,169
7,164
7,032
28,937
147,557
635,282
6,413
123,839
130,252
765,534		 2023
£
150,350
38,573
10,135
2,019
12,656
258,070
471,803
144,511
110,214
254,725
726,528

Page 30

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

17. DEBTORS – continued

Loans to Churches, Ministers and Employees
2024
£
Opening balance
279,535
New loan advances
52,000
Repayments
(158,150)

Closing balance
173,385
Analysed as follows:
£
Loans repayable within one year
43,133
Loans repayable after one year
130,252

Closing balance
173,385
 2023
£
82,296
214,500
(17,261)
279,535
£
24,810
254,725
279,535

The normal rate of interest on loans to churches, ministers and employees is 3% per annum.

18. CURRENT ASSET INVESTMENTS

Properties held for sale
At 1 January 2024
Additions
Disposals
Revaluation
Transfers
At 31 December 2024
Moordown Hall, Priory View Road, Bournemouth, BH9 3JG
Freemantle Church, 257-259 Shirley Road, Southampton, SO15 3HS
Chandler’s Ford Church, 5 Kings Road, SO53 2EY
49A Stourvale Rd, BH5 2LA
73 Mellstock Road, Oakdale, Poole, BH15 3DW
4 Kinson Road, East Howe, BH10 5HD FFF & GFF
209 Broadway, Throop, Muscliffe Road, Bournemouth, BH9 3NJ
St. Paul's URC, Hill Brow Road, Liss, GU33 7PX
Waterside URC, Bath Road, Emsworth, PO10 7EP
Fordingbridge Church and Manse - 39 and 41 Salisbury Street, Fordingbridge, SP6
1AB		 1,915,000
875,000
-
312,500
1,662,500
4,765,000
275,000
740,000
900,000
325,000
450,000
400,000
800,000
150,000
400,000
325,000
4,765,000

Page 31

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other Creditors
PAYE and NIC
Grant commitments
Accrued expenses and deferred income		 2024
2023
£
£
135,123
157,389
7,602
-
7,776
8,466
1,155,942
1,191,749
275,555
114,734
1,581,998
1,472,338

20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Grant commitments
Analysis of Grant Commitments
Grant commitments brought forward
Grants written back during the year (note 8)
Grants paid during the year
Grant commitments during the year (note 8)
Amounts falling due within one year (note 19)
Amounts falling due after more than one year		 2024
£
-
-
£
7,629,902
(90,485)
(7,549,304)
1,165,829
1,155,942
1,155,942
-
1,155,942		 2023
£
6,438,153
6,438,153

21. OPERATING LEASE COMMITMENTS

The Company had future minimum lease payments under non-cancellable operating leases as follows:

2024 2023
£ £
Not later than one year 2,871 672
Later than one year but not later than five years - -

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
funds
£
15,280,788
26,342,691
6,657,542
(1,581,998)
46,699,023		 Restricted
funds
£
-
1,043,618
152,725
-
1,196,343		 Endowment
funds
£
-
245,276
48,737
-
294,013		 2024
Total funds
£
15,280,788
27,631,585
6,859,004
(1,581,998)
48,189,379

Page 32

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

22. ANALYSIS OF NET ASSETS BETWEEN FUNDS – Comparative figures

2023

Fixed assets
Investments
Current assets
Current liabilities
Long term liabilities		 Unrestricted
funds
£
14,928,728
27,218,077
3,291,177
(1,472,338)
(6,438,153)
37,527,491		 Restricted
funds
£
-
1,369,877
(200,931)
-
-
1,168,946		 Endowment
funds
£
-
238,738
54,235
-
-
292,973		 Total funds
£
14,928,728
28,826,692
3,144,481
(1,472,338)
(6,438,153)
38,989,410

23. MOVEMENT IN FUNDS

Unrestricted funds
General Fund
Church Mission Designated Fund
Special Reserve Designated
Fund
Wessex Synod Designated Fund
(The Macro Fund)
Local Churches Designated Fund
Manse Designated Fund
Restricted funds
Wessex Synod Restricted Fund
Local Churches Restricted Fund
Cromwell Place Roadway
Restricted Fund

Endowment funds
Local Churches
Endowment Fund
Specific Purposes
Endowment Fund
TOTAL FUNDS		 At 1.1.24
Net
movement
in funds
Gains and
losses
Transfers
between
funds
£
£
£
£
22,753,234
8,182,176
1,401,647
(372,304)
61,874
(174,678)
-
112,804
413,247
(245,002)
-
(168,245)
173,259
1
4,716
-
134,042
-
2,971
(54)
13,991,835
-
-
427,500
37,527,491
7,762,497
1,409,334
(299)
28,989
-
1,448
-
1,137,798
(300)
25,950
299
2,159
-
-
-
1,168,946
(300)
27,398
299
28,595
2
689
-
264,378
(5,500)
5,849
-
292,973
(5,498)
6,538
-
38,989,410
7,756,699
1,443,270
-		 At
31.12.24
£
31,964,753
-
-
177,976
136,959
14,419,335
46,699,023
30,437
1,163,747
2,159
1,196,343
29,286
264,727
294,013
48,189,379

Page 33

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

23. MOVEMENT IN FUNDS – Comparative figures

At 1.1.23
Net
movement in
funds (inc.
gains and
losses)
£
£
(as restated)
Unrestricted funds
General Fund
21,741,589
767,952
Church Mission Designated Fund
318,712
(104,124)
Special Reserve Designated Fund
754,908
(112,065)
Wessex Synod Designated Fund (The
Macro Fund)
152,737
15,605
Local Churches Designated Fund
128,744
5,288
Manse Designated Fund
13,433,495
-
36,530,185
572,656
Restricted funds
Wessex Synod Restricted Fund
28,533
4,789
Local Churches Restricted Fund
1,453,400
108,950
Cromwell Place Roadway Restricted
Fund
2,159
-
1,484,092
113,739
Endowment funds
Local Churches Endowment Fund
26,429
2,195
Specific Purposes Endowment Fund
245,025
15,089
271,454
17,284
TOTAL FUNDS
38,285,731
703,679		 Transfers
between
funds
£
243,693
(152,714)
(229,596)
4,917
10
558,340
424,650
(4,333)
(424,552)
-
(428,885)
(29)
4,264
4,235
-		 At 31.12.23
£
22,753,234
61,874
413,247
173,259
134,042
13,991,835
37,527,491
28,989
1,137,798
2,159
1,168,946
28,595
264,378
292,973
38,989,410

Designated Funds

The Church Mission Designated Fund was established in 2008 to give grants to churches on the single criterion of the potential effectiveness of the project for church mission opportunity to the wider community. Following adoption in October 2024 of a new Grants Policy by the Wessex Synod, the Church Mission Fund has two elements at the start of each year: the carrying balance of grants previously awarded and in or pending payment; and the funding pool for new grants for the year, agreed by the Trustees at their November Board meeting in the preceding year. As at 31 December 2024, the Church Mission Fund therefore comprised only the carrying balance of previous grant awards, offset by the cash held in that Fund. The transfer in the year to 31 December 2024 from the general fund covers the agreed amounts awarded by Trustees for Church Mission activities.

Under the new Grants Policy, the Special Reserve Fund is being retired. As at 31 December 2024, it comprises only the carrying balance of previously awarded grants, offset by the cash held in that Fund. The transfer in the year to 31 December 2024 to the general fund covers amounts paid out during the year from general funds that should have been allocated to the Special Reserve Fund.

The Wessex Synod Designated Fund (also known as the Macro Fund) was established in 1990 to provide financial assistance to ministers of the United Reformed Church (which has also been interpreted to include Church Related Community Workers) who are being ordained and inducted to their first pastorate and are consequently facing the costs of furnishing their first manse.

The Local Churches Designated Fund consists of several designated funds held for the benefit of particular local churches and have usually arisen from bequests or self-imposed income obligations.

Page 34

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

23. MOVEMENT IN FUNDS (continued)

Transfers are made to and from the Manse Designated Fund, so the balance equals the net book value of manses held per note 14 of the accounts. A manse was transferred in the year to 31 December 2024 from investment properties to manses and this is the value of the transfer to the Manse Designated Fund from general funds.

Restricted Funds

The Wessex Synod Restricted Fund consists of several restricted funds for which the Company is Charity Trustee, and which are governed by Trust Instruments other than the United Reformed Church Acts. The Company acts in its sole discretion within the terms of such Trust Instruments and in response to the needs of the beneficiaries.

The Local Churches Restricted Fund consists of several restricted funds held for the benefit of particular local churches and have usually arisen from past transactions such as the proceeds of the sale of redundant manses.

The Cromwell Place Roadway Restricted Fund holds the accumulated service charges collected by its former Trustees from the owners of the properties known as 6-12 Cromwell Place, Newbury, RG14 1AF, and has to be used to fund any ongoing costs associated with maintaining the right of way those properties enjoy over the car park of the former Newbury United Reformed Church.

Endowment Funds

The Local Churches Endowment Fund consists of several permanent endowment funds held for the benefit of particular local churches and have usually arisen from Charity Commission orders or schemes.

The Specific Purposes Endowment Fund consists of several endowment funds held for specific purposes such as the promotion of education of children who are in need of financial assistance, and one or both of whose parents are members of a congregation meeting for religious worship at any central United Reformed Church in the Borough of Reading or the provision of grants towards the cost of a holiday for ministers and missionaries in particular need.

24. PENSION COMMITMENTS

During the year, the Company made no contribution (2023: £2,288) in respect of one employee who is a deferred member of The United Reformed Church Final Salary Scheme, a defined-benefit pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (formerly The Pensions Trust). This is a multi-employer Scheme and so the Company is unable to identify its share of the underlying assets and liabilities: each member in the Scheme paid a common contribution rate. The Scheme was closed to future accruals and new entrants on 28 February 2023. A new defined-contribution scheme has been set up with the AON Master Trust, and all contributing members of the closed Scheme, including the Company’s employee, have been moved to this scheme.

The United Reformed Church Trust, which acts on behalf of the Company as the employer for the Scheme, is investigating the possibility of taking its liabilities under the Scheme to ‘buy-in’ (purchase of a master insurance policy to cover liabilities collectively) and then ‘buy-out’ (purchase of individual insurance policies for members, with no further liability for the employer).

All of the Company’s contributions to employees’ pensions in 2024 were made to definedcontribution schemes. These contributions were up to date as at 31 December 2024, so the Company has no outstanding commitment relating to them.

25. RELATED PARTY DISCLOSURES

There was one related party transaction for the year ended 31 December 2024, a Church Investors' Group membership subscription for the year totalling £364 (2023: One restated).

Page 35

THE UNITED REFORMED CHURCH (WESSEX) TRUST LIMITED

NOTES TO THE ACCOUNTS At 31 DECEMBER 2024

26. ULTIMATE CONTROLLING PARTY

The Company is not under the control of another entity or any one individual.

Page 36