**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** - 1 - 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. - 3 - ## **CITY UNITED REFORMED CHURCH CHARITY** ## **BALANCE SHEET 31 DECEMBER 2024** ||**Notes**|**2024**|||**2023**|| |---|---|---|---|---|---|---| |||£|£|£||£| |**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 - 4 - ## **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| - 5 - ## **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| - 6 - ## **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 - 7 -