2023-12-31-accounts - City United Reformed Church Charity

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Registered Charity No. 502439

CITY UNITED REFORMED CHURCH CHARITY

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Williams Ross Limited Chartered Accountants CARDIFF

CITY UNITED REFORMED CHURCH CHARITY

INFORMATION YEAR ENDED 31 DECEMBER 2023

Principal Address	City United Reformed Church
	Windsor Place
	Cardiff
	CF10 3BZ
Custodian Trustee	The United Reformed Church (Wales) Trust Company Limited
Managing Trustees	Alison Tansom
	Catherine Jones
	Johann Te Water Naude
	Revd Simon Walkling
	David Richard Meek
	Dr Nici Lintern Gittens
	Iain Scott
Bankers	Lloyds TSB
	45 Newport Road
	Cardiff
	CF24 0TW
Investment Managers	CCLA Investment Management Limited
	80 Cheapside
	LONDON
	EC2V 6DZ
Accountants	Williams Ross Limited
	4 Ynys Bridge Court
	Gwaelod y Garth
	Cardiff
	CF15 9SS

CITY UNITED REFORMED CHURCH CHARITY

INDEX TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

	Page
Trustees' Annual Report	1
Independent Examiner's Report	2
Income Account	3
Balance sheet	4
Notes forming part of the financial statements	5 - 6
Detailed income and expenditure account - Income account	7
Note: Page 7 does not form part of the statutory accounts

CITY UNITED REFORMED CHURCH CHARITY

ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023

The trustees are pleased to present their annual report and accounts of the charity for the year ending 31 December 2023.

The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

Constitution

The purpose and administration of the Charity is regulated by Charity Commission documents dated 11th September 1973 and 18th April 1988 - 'The Scheme'.

Public Benefit Statement

The trustees are aware of the Charity Commission's guidance on public benefit in 'The Advancement of Religion for the Public Benefit' and has regard to it in the administration of the charity.

They believe that the Charity provides benefit to the public by providing funds:-

for the upkeep and repair of the City United Reformed Church at Cardiff and the maintenance of services there,

in furthering the religious and other charitable work of that Church.

Main Activities

In line with the Charity's objective of providing funds for the upkeep and repair of the City United Reformed Church in Cardiff, a grant of £32,000 was made in the year (2022 - £32,000).

No grant was made to the United Reformed Church (Wales) Trust Company Limited (2022 - Nil).

Investment Policy

It is the intention of the Trustees to continue to invest in COIF Charity Funds as it is considered that these funds meet with the Trustees risk policy i.e. they are risk averse.

Reserves Policy

The Trustees' reserves policy is to accumulate sufficient income account reserve in any one year to meet expected expenditure in the forthcoming year.

Related Parties

Some of the Trustees are also serving elders of the City United Reformed Church.

Details of transactions with the City United Reformed Church are included in the Main Activities paragraph of this report.

No Trustee receives any remuneration or other benefit from the Charity.

Signed on behalf of the Trustees

Mrs A Tansom Chairperson

19 August 2024

………………………………

Date

CITY UNITED REFORMED CHURCH CHARITY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CITY UNITED REFORMED CHURCH CHARITY YEAR ENDED 31 DECEMBER 2023

I report on the accounts of the Charity for the year ended 31 December 2023, which are set out on pages 3 to 6.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 145 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.

It is my responsibility to:

examine the accounts (under section 145 of the 2011 Act);

to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and to state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in the UK and Republic of Ireland preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) issued on 16 July 2014 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Sian Marshall 18 July 2024 for and on behalf of Date Williams Ross Limited Chartered Accountants 4 Ynys Bridge Court Gwaelod Y Garth Cardiff CF15 9SS

CITY UNITED REFORMED CHURCH CHARITY

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Note INCOME Investment Income Dividends and distributions received 2 Bank interest received EXPENDITURE Charitable activities City United Reformed Church distribution Accountancy fees Charitable donation Unrealised Realised Net income / (expenditure) Reconciliation of funds Balances at beginning of year Balances at end of year Net gains / (losses) on investments	£ £ 32,773 1,135 33,908 32,000 432 - (32,432) 48,297 - 48,297 49,773 919,911 969,684 2023 Restricted	£ £ 32,815 226 33,041 32,000 432 - (32,432) (127,113) - (127,113) (126,504) 1,046,415 919,911 2022 Restricted	£ £ 32,815 226 33,041 32,000 432 - (32,432) (127,113) - (127,113) (126,504) 1,046,415 919,911 2022 Restricted
			33,041 (32,432) (127,113)
			(126,504) 1,046,415
			919,911

There were no other recognised surpluses and deficits other than the increase in funds for the year shown above.

None of the charity's activities were acquired or discontinued during the year.

CITY UNITED REFORMED CHURCH CHARITY

BALANCE SHEET 31 DECEMBER 2023

	Notes	2023		2022
		£	£	£	£
INVESTMENTS	3		955,439		907,142
CURRENT ASSETS
Cash at bank and in hand		15,107		13,199
		15,107		13,199
LESS: CURRENT LIABILTIES		862		430
NET CURRENT ASSETS			14,245		12,769
TOTAL NET ASSETS			969,684		919,911
Representing:
RESTRICTED FUNDS
Capital account	5		949,185		900,888
Income account	5		20,499		19,023
TOTAL FUNDS			969,684		919,911

19 August 2024 These financial statements were approved by the Board of Trustees on ……...…………….. and signed on their behalf by:

…………………………………………………..

Mrs A Tansom ………………………………………………….. GAMyvi Mr J Te Water Naude

CITY UNITED REFORMED CHURCH CHARITY

NOTE TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

1. Accounting Policies

a) The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

b) Incoming resources from investments is included when receivable.

c) Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
d) Resources expended are allocated to the particular activity where the cost relates directly to that activity.
e) Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the Statement of Financial Activities.
f) The funds of the charity are to be used for specific purpose detailed in the Trustees Report. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

2 Analysis of dividends and distributions received

COIF Charities Fixed Interest Fund units - 35,173.50 (2022 - 35,173.50) COIF Charities Property Fund units - 217,725.99 (2022 - 217,725.99) COIF Charities Ethical Inverstment Fund units - 227,611.04 (2022 - 227,611.04)	2023 £ 984 12,192 19,597 32,773	2022 £ 1,185 12,541 19,089
		32,815

3 Investments

Investments
At 1 January 2023 At 31 December 2023 Unrealised gain/(loss) on investment from change in value Realised gain/(loss) on investment from disposal of investment in year	£ 40,868 2,156 - Fixed Interest Fund	£ 242,438 (15,132) - Property Fund	£ 623,836 61,273 - 685,109 Ethical Investment Fund	£ 907,142 48,297 - Total
	43,024	227,306		955,439

CITY UNITED REFORMED CHURCH CHARITY

NOTE TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023

4 Analysis of net assets between funds

4 Analysis of net assets between	funds
Restricted - Capital fund Income fund 5 Movement on funds Restricted - Capital fund Income fund	At 1 Jan. 2023 £ 900,888 19,023 919,911	Income £ - 33,908 33,908	Investments £ 949,185 6,254 955,439 Expenditure £ - 32,432 32,432	Net current assets / (liabilities) £ - 14,245 14,245 Other movements £ 48,297 - 48,297	Total £ 949,185 20,499
					969,684
					At 31 Dec. 2023 £ 949,185 20,499
					969,684

CITY UNITED REFORMED CHURCH CHARITY

FINANCIAL STATEMENT - INCOME ACCOUNT YEAR ENDED 31 DECEMBER 2023

INCOMING RESOURCES Dividends and distributions received Interest (gross) Less: RESOURCES EXPENDED Accountancy fees Charitable donation Surplus of Income Less: DISTRIBUTIONS City United Reformed Church Surplus / (deficit) for the year ACCUMULATED FUND at 1st January 2023 ACCUMULATED FUND at 31st December 2023	£ £ 32,773 1,133 33,906 432 - (432) 33,474 32,000 (32,000) 1,474 19,023 20,497 2023	£ £ 32,815 226 33,041 432 - (432) 32,609 32,000 (32,000) 609 18,414 19,023 2022	£ £ 32,815 226 33,041 432 - (432) 32,609 32,000 (32,000) 609 18,414 19,023 2022
			33,041 (432)
			32,609 (32,000)
			609 18,414
			19,023

This page does not form part of the statutory accounts