2024-12-31-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 2024

Williams Ross Limited Chartered Accountants CARDIFF

CITY UNITED REFORMED CHURCH CHARITY

INFORMATION YEAR ENDED 31 DECEMBER 2024

Principal Address	City United Reformed Church	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	(retired 28 August 2023)
	David Richard Meek
	Dr Nici Lintern Gittens
	Iain Scott
	Revd David Salsbury	(appointed 19 July 2024)
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 2024

	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 2024

The trustees are pleased to present their annual report and accounts of the charity for the year ending 31 December 2024.

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:-

h for the upkeep and repair of the City United Reformed Church at Cardiff and the maintenance of services there,
h 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 (2023 - £32,000).

No grant was made to the United Reformed Church (Wales) Trust Company Limited (2023 - 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

2 April 2025

………………………………

Date

CITY UNITED REFORMED CHURCH CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CITY UNITED REFORMED CHURCH CHARITY YEAR ENDED 31 DECEMBER 2024 I report to the trustees on my examination of the accounts of the Charity for the year ended 31 December 2024, whlch are set out on pages 3 to 6. Rgspectlvo responslbllltlos of trustees and examlnor The charlty's trustees are responslble for the preparatlon of the accounts In accordance wlth the requlrements of the Charities Act 2011. The charity's trustees consider that an audit Is not required for thls year (under secllon 144<2) of the Charities Act 2011 (the 2011 Act)) and that an ind8pend8nt examination 18 n88d8d. It Is my responslblllty to: examine the accounts {under section 145 of the 2011 Act)., to follow the procedures18id down in the General Directions glven by the Charily Commissioners (under section 14515)(b> of the 2011 Acl): and to state whether pertlcular matters have come to my attentlon. Basls of Indop•ndont •xamln•Vs report My examination was carried out in accordance wlth the General Directlons glven by the Charlty Commlssion. An examlnatlon Includes a r8vlew of the accountlng records kept by the charlty and a comparison of the accounts presented with those record5. It also include5 consideration of any unusual ilems or dlsclosures In the accounts and saeklng explanatlons from the trustees concemlng any such matters. The procedures undertaken do not provlde all the evldenc8 that would be requlred In an audlt, and consequently no oplnlon Is given as to whether the accounts present a 'tru8 and f81r' v18w, and the report18 Ilmlted to thoso matters set out In the statement below. Independent examln•r'$ 8tatom•nt I have completed my examination, I confirm that no materlal matter8 have come to my attention in connection wlth the examination which glve cause to belleve that In any materlal respect.. accounting records were not kept in 8ccordanc8 wlth sectlon 130 of the 2011 Act; or the accounts dld not accord wlth the accountlng records; or the accounts do not comply wlth the appllcable requlrements concerning the form and content of accounts set out In the Chartt18s (Accounts and Reports) Regulatlons 2008 other than any requlrement that the accounts glve a 'true and fall vlew whlch Is not a matt8r con8ld8red as part of an Independent 8xamlnation. I have no concerns and have come across no other matters In connectlon with the examination to whlch attention should be drawn In thls report In ord8r to enable a proper understanding of tha accounts to be reached. Sian Marshall for and on behalf of Wllllams Ross Llmlted Chartered Accountants 4 Ynys Brldge Court Gwaelod Y Garth Cardiff CF15 9SS ILf .RP.rts(2ox£.. Date

CITY UNITED REFORMED CHURCH CHARITY

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2024

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	£ £ 33,439 1,208 34,647 32,000 432 - (32,432) 21,206 - 21,206 23,421 969,684 993,105 2024 Restricted	£ £ 32,775 1,133 33,908 32,000 432 - (32,432) 48,297 - 48,297 49,773 919,911 969,684 2023 Restricted	£ £ 32,775 1,133 33,908 32,000 432 - (32,432) 48,297 - 48,297 49,773 919,911 969,684 2023 Restricted
			33,908 (32,432) 48,297
			49,773 919,911
			969,684

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 2024

	Notes	2024
		£	£	£	£
INVESTMENTS	3		976,644		955,439
CURRENT ASSETS
Cash at bank and in hand		16,891		15,107
		16,891		15,107
LESS: CURRENT LIABILTIES		430		862
NET CURRENT ASSETS			16,461		14,245
TOTAL NET ASSETS			993,105		969,684
Representing:
RESTRICTED FUNDS
Capital account	5		970,391		949,185
Income account	5		22,714		20,499
TOTAL FUNDS			993,105		969,684
These financial statements were approved by the Board of Trustees on ……...…………….. and signed on		These financial statements were approved by the Board of Trustees on ……...…………….. and signed on	These financial statements were approved by the Board of Trustees on ……...…………….. and signed on 2 April 2025
their behalf by:

…………………………………………………..

Mrs A Tansom ………………………………………………….. BA pv Mr J Te Water Naude

CITY UNITED REFORMED CHURCH CHARITY

NOTE TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024

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 (2023 - 35,173.50) COIF Charities Property Fund units - 217,725.99 (2023 - 217,725.99) COIF Charities Ethical Inverstment Fund units - 227,611.04 (2023 - 227,611.04)	2024 £ 1,111 12,367 19,961 33,439	2023 £ 985 12,193 19,597
		32,775

3 Investments

Investments
At 1 January 2024 At 31 December 2024 Unrealised gain/(loss) on investment from change in value Realised gain/(loss) on investment from disposal of investment in year	£ 43,024 1,316 - Fixed Interest Fund	£ 227,306 1,088 - Property Fund	£ 685,109 18,801 - 703,910 Ethical Investment Fund	£ 955,439 21,205 - Total
	44,340	228,394		976,644

CITY UNITED REFORMED CHURCH CHARITY

NOTE TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024

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. 2024 £ 949,185 20,499 969,684	Income £ - 34,647 34,647	Investments £ 970,391 6,253 976,644 Expenditure £ - 32,432 32,432	Net current assets / (liabilities) £ - 16,461 16,461 Other movements £ 21,206 - 21,206	Total £ 970,391 22,714
					993,105
					At 31 Dec. 2024 £ 970,391 22,714
					993,105

CITY UNITED REFORMED CHURCH CHARITY

FINANCIAL STATEMENT - INCOME ACCOUNT YEAR ENDED 31 DECEMBER 2024

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 2024 ACCUMULATED FUND at 31st December 2024	£ £ 33,439 1,208 34,647 432 - (432) 34,215 32,000 (32,000) 2,215 20,499 22,714 2024	£ £ 32,775 1,133 33,908 432 - (432) 33,476 32,000 (32,000) 1,476 19,023 20,499 2023	£ £ 32,775 1,133 33,908 432 - (432) 33,476 32,000 (32,000) 1,476 19,023 20,499 2023
			33,908 (432)
			33,476 (32,000)
			1,476 19,023
			20,499

This page does not form part of the statutory accounts