2022-12-31-accounts

Company Number: 01337047 Charity Number. 507027 THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 I HHiiilli ACALORVM 2410812023 COMPANIES HOUSE A28 MHA Chartered Accountants and Reglstered Auditors Rutland House 148 Edmund Street Bimiingham B3 2FD

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMfTED Contents Page Annual Report 1to16 Independent Auditor's Report 17to19 Statement of Financial Artivities 20 Balance Sheet 21 Statement of Cash Flow 22 Notes to the Financial Statements 23to43

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMrrED Annual Report Year Ended 31 December 2022 Reference and Administrative Inforniation Registered Office Digbeth4n-the-Fieh4 Untted Refomed Church Moal Lane Yardley Birniingham B26 1TW Directors and Trustees Mr D.S. Black Mr T. Dicker Revd S.M. Faber Revd E. Hutchinson Mrs M.F. Marshall Mr S.M. Powell (Treasurer) Mr K. Thomas Revd D.M. Walton (Chair of Tnjst) (until March 2023) Mr G Justham (resigned 10 March 2022) Mr G W Potter (resigned 10 March 2022) Bankers Lloyds TSB Bank (Kings Heath branth) P O Box 1000 BX1 1LT Legal Advisors Slater Heelis Lloyds Bank Buildings, 16 School Road Sale. Cheshire M33 7XP Veale Wasbrough VLzards LLP Second Floor, 3 Brindley Place Bimiingham B12JB Audltor MHA Rutland House. 148 EdmurKJ Street Bimiingham B3 2FD Investment Manager Evelyn Partners 9 Colmore Row 'Tmingham B3 2BJ Synod Officers Moderator- Revd S.M. Faber Synod Clerk- Mrs R Wakeman Synod Treasurer- Mr S.M. Powell Trust Officer- Mrs C Bharnra (from May 2023- resigned June 2023) Finance Officer- Mr M.N. Davies Property Officer- Mr M. McDade Training and Development offi￿r- Revd S.P. Scott Evangelist- Revd N. Stanyon Children's and Youth Development Officer- Mr R. Knott (until March 2023) Safeguarding Officer- Mr5 D. Gordon

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Annual Report Year Ended 31 December 2022 Structure. Governance and Management The United Refomied Church Iwest Midlands) Trust Limited (°The Tnjst") holds the assets and liabilities of the West Midlands Synod of the United Reformed Church {"Synod'). The Trust is company limited by guarantee formed on 2 November 1977 and a registered charity. It is governed by its Memorandum and Articles of Association as revised in 2008 and 2021. Trustees The directors of the company, who are also Tnjstees of the charity for the purposes of charity law, serve as members of the Board. Al members of the Board give their time voluntarily and receive no benefrts from the Trust other than the reimbursed expenses shown in note 5 to the financial statements. Trustees serving on the Board during the year were as follows". Mr D.S. Black. Mr T. Dicker. Revd S.M. Faber, Revd E. Hutchinson. Mr S.M. Powell (Treasurer), Mrs M.F. Marshall. Mr K. Thomas. Revd D.M. Walton (Chair of Trust>. Mr G Justham and Mr G W Potter. Appointment of new Trustees The Synod, which has the sole power to appoint members of the Board, delegates its power to the Synod Executive (fonnerly known as Synod Mission Council, a sub-committee of the Synod) in be￿een meetings. The Synod Execuiive considers individuals ￿1th relevant experience who are eligible for appointment. Members of the Board must be a member of the United Refomed Church fURC") or of a Local Ecumenical Partnership involving the URC. There is no fomal programme for the induction and training of Trustees a￿hOUgh all are encouraged to attend re￿vant seminars arranged by the Trust's professional advisors. Indemnlty Insurance Indemnity insurance of up to £5.000.000 is in place to cover the liability of the Trustees in relation to negligence, defauli, breach of duty or breach of trust. This cover has been arranged through Ansvar Insurance Company Limited. Organisatsonal structure Whilst the Trust holds the assets and liabilities of the Synod. it is the Synod vthich sets policy subject to Twst endorsement and further details of the constitution of the Synod are given below. Any decisions made by the Synod vthich have financial implications forthe Trust must be referred to the Board for approval before being implemented and would normally only have been made by the Synod in the light of advice from the Trust. Following agreement at the October 2018 Synod to restructure. the new Synod Resources and Compliance Committee took over the remit of the Synod Finance Committee and Synod Property Committee, with its membership consisting of Synod Offi￿rS, their Line Managers, and others wilh appropriate skills to be identified and appointed by Synod Executive. The first meeting was held in February 2019. and there is an ongoing prO￿s$ of defining the tenns of refereTr￿ and looking at membership.

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMrrED Annual Report Year Ended 31 December 2022 A Reference Committee has authority to approve urgent transactions belween meetings, provided that they meet normal qualifications and are reported to the next meeting. It does not nomially take decisions which involve substantial sums of money. The Reference Committee for the Resources and Compliance Committee consists of the Moderator. Synod Clerk. Synod Treasurer and Chair. The Reference Committee for the Trust consists of the Moderator. Synod Treasurer, Chair and at least one other trustee. KMP remuneration policy Key management personnel are the Trustees of the charrty arKI do not re￿1ve remuneration other than the Moderator who is remunerated by the national United Reformed Church. which accordingly makes decisions on the stipend. Decisions on remuneration revels for paid staff are based on consideration of the market rates for staff v￿th the relevant qualifications and experience to fulfil roles. regard is had to published pay scales for similar roles. All rates of pay are reviewed annually and amended in the light of changes in the cost of living and known pay rises elsevthere in the URC. Constitution of the Synod Synod is constituled in accordance with the Scheme of Union and the United Reformed Church Acts of 1972, 1981 and 2000 wNw.urc.or . It has oversight of the URC in the West Midlands (covering an area from the Welsh Border across to Rugby and from Leek in North Staffordshire down lo Wotton-under-Edge in Gloucestershire) fulfilling consultative. legislative and executive functions. Synod meets a year and consists of ministers. representatives of each local church and ecumenical representatives together viith Synod Officers. The Trust has responsibility for all Synod finance related matters except for Ministry and Mission Fund matters (by which churches pay for ministry) for which the Resources and Compliance Committee has delegated responsibility. Ministers. stipends are paid cenlrally with Synods agreeing with their local churches the level of payments to the central Ministry and Mission Fund. The remit of the Resources and Compliance Committee indudes delegated authority for agreeing grants, particularly for property, within criteria and budgets set by the Trust. Other business between Synod meetings is deaft with by Synod Executive and its committees. Synod Executive comprises some Synod Officers, Convenors of Synod Committees and representatives from Ihe Areas within Synod (see www.urcwestmidlands.org.uk). During the year there were seven Areas. The work of Synod Executive is organised through commitlees with responsibility for specific aspects wthin the lrfe of the Church. Relationships with the URC General Assembty The Synod acts as a bridge between the work of the local church and the General Assembly. It carries an oversight function for the local churches within the context of the General Assembly's policies. The councils of the United Refomied Churth {Chur¢h Meeting, Synod and General Assembly) have a covenantal relationship vthich means that they have an awareness of and responsiveness to the needs and mission of the vA)ole Church. This is expressed in many ways but not least in the Plan for Partnership through which ministry is supported and in the resource sharing arrangements between Synods. Relatedpartles Local United Refomed Churches operating in the West Midlands area are separate independent charities. There is no common control or unity of administration wrth any of these bodies and they are not deemed to be connected charities wtthin the understanding of the Charities SORP.

THE UNrfED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Property Holding Trustee The Trust acts as Trustee on tEhalf of most of the United Ref0￿ed Churches in the West Midlands holding properties on trust for them in accordance with the Statulory Trusts as set out in the United Reformed Church Acts. The insured value of these properties exceeds £200 million and there are guidelines in place to minirnise the risk to the Trust of actions by local churches in respect of these assets. Custodian Trustee The Trust acts as custodian trustee for some thurches and other URC related organisations. holding investments separately on their behalf. The investments have a value of approximately £1.387m and the local churches have oty'ects similar to the Synod. Risk management Synod has undertaken a thorough Risk Assessment revwi and reviev•S rt regularly. This process considers the risks to which the Synod and Trust are exposed and agrees policies and actions to minimise any potenlial exposure to those risks. The reserves policy and investment policy of the Trust are considered to play a key part in mitigating the major risk of having insufficient resources to provide the appropriate level of support to United Refomied Churches within the Synod area. Objectives and activities The objects of the Trust. as set out in the Company's Memorandum of Association. a￿:. The advancement of the Christian rel￿10n for the benefft of the public in accordance with the doclrines, prinaples and usages of the United Refomied Church in particular (but without prejudice to the generality of the foregoing) by supporting the work of the West Midlands Synod of that Church. The aim of the Trust. through the W￿￿k of the Synod. is to wovide financial. pastoral. educational and lechnical support to local URC congregations. their Ministers. Elders and lay people in their life and mission. It is also to share the vision of the United Refonned Church's General Assembly with the local churche5. This tt has done through the development of a Synod strate9y which is heavily based on the Assernbly's Vision 2020 initiative - a framework for developing the United Refonned Church's mission towards 2020 and beyond. The Board has overall responsibility for decisions relating to the assets held at Synod and local church level. Ensuring delivery of the Trusvs aims and public benefit The trustees have referred to the general guidance issued by the Charity Commission on public benefit when considering the delivery of activities in furtherance of the aims and objectives. The Trust. through the work of the Synod. supports 101 churches in the region wilh 3.187 Unrted Reformed Church members. Our support ofthese thUr￿￿S and their congregations aims to further their purF￿seS in advancing the christs.an religion. Although from time to time churches to which trustees may belong are beneficiaries of financial support. there are agreed procedures to ensure thal no trustee derives a private benefit and that no undue bias arises in constdering the merits of the appli&ition. Potenlial conflicts of interest are declared and noted in relation to trustees, Synod offi￿r$ and others. Minutes and other appropriale records are kept including how discussion and decision making has subsequently been carried oul Ythen a conflict has been declared.

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Financial support and grant making policies A range of loans, sometimes held as programme related investments, and grants are available to local churches to assist them with their mission and with improvement and mainlenance of properties and to local ministers to support ministerial traning. development and sabbaticals. As a result of the COVID 19 restrictions it was recognised that many of our churches would be severely adversely affected financially. The Trust immediately introduced a system of support. subject to certain criteria, which benefitted 87 of our churches and cost £384K during 2020. In response to changing circumstances the criteria for suppcyt during 2021 were redefined. with support of £52K being given to 18 churches. A Synod Mission Fund of £1 million was established in 2010, an idea introduced as part of the Wision 2020 process. The Synod created the fund as part of its responsibility to encourage, enable and support lo¢al churches in their mission aclivrties. The Fund is a resource to enable mission to develop and, in particular, as a financial support to Mission pledges. The Trust has designated £500.000 for a new Minislry Support Fund with the aim of supporting local ministy and creating lay posts specificalty focussed on church growth. During 2022 three applications were received and apFYoved. Another important aspect of the support offered to churches is through the Synod Manse Policy. In addilion to grants and shor14em loans for improving existing manses. capital investment is often made when purchasing replacement manses to improve standards. The Trust has enabled the purchase of replacement houses before sale of the existing manse in certain inslances. During 2020 the Trust introduced a Manse Repairs allowance for £500 to cover the cost of routine maintenance to ensure that there should be no finanoal reason why necessary repairs should not be carried out. so ensuring good qualty housing to our ministers. Further, the Trust also now pays for the Insuran￿ of manses. The Trust is active in the Inter Synod Resource Sharing system vthich supports the United Refonned Churth Synods with least resources. The Trust has an approved grant making policy. which is kept under review. The current rate of Property Grants is 250A of cost subject to a maximum of£30,000 in any three year period. However, during 2022 for ￿rtain work improving disability access to churches the fates w￿re enhanced to up to 1000A to ensure that any non<omplianl churches can move to compliance. The grant making policy for ministerial training is based on national guidelines. In all cases grant awards are made after consideration of the mission statement and financial situation of the applicant. Major Building Development Fund In response to church dosures a proposal has been agreed to establish a Major Buildings Development Fund to invest both in Church Buildings and Church Mission using the proceeds of closed churches. The level of support will far exceed the previous limits both in terms of the proportion of spending that will be funded and the absolute value. The initial funding will be from the entire proceeds of particular churches and in future 800A of proceed of futures sales with the remaining 20% being allocate to Mission purposes. At the year erKI £1,630k had been received inlo the fund. but no applications received.

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Annual Report Year Ended 31 December 2022 Energy Efficiency Grants In 2019 a resolution was passed by General Assembly encouraging Synods and Churches to divest from investments in fossil fue15, this was subsequently endorsed and actions by the Trust board. Further within the Assembly resolution was an encouragement for the URC to move to a zero carbon future. During a 2022 in response to this and the rapidly rising cost of fuel Synod passed resolution to establish a fvnd of £1 m to SUPF)Ort churches with the caprtal cost of energy efficiency improvement to church buildings with grants starting at 1000h and tapering down with increasing costs. The response has been overwhelming and vthilst no grants were approved during the year, the first batch V￿re approved during the first week of 2023 and with further applications received in 2023. Pastoral and Educational support The role of the Moderator is to work with Synod Officers and Committees to provide spiritual. strategic and pastoral leadership to churches within the West Midlands Synod. This objective is met by the care, encouragement, support and challenging of ministers and churches through meetings. conferences, visits and training events and being responsive when difficulties arise. The Synod is divided up into Areas to help communicab'on and pastoral support to develop more readily across the region. A key body in this process is the Ministry Development Committee (MDC). It comprises a representatNe from each Area wtth the Moderator and key Synod Officers and it is chaired by a Minister of the Synod. In the context of the Areas the Moderator is instrumental in encouraging conversations about pastorates and calling of ministers. MDC is responsible for setting the policies on how ministry shall be deptoyed across the Synod. The Synod Training and Development officer (TDO) and the Synod Evangelist are Ministers of Word and Sacraments, inducted to their Syntsj roles foll0v￿n9 a call issued and accepted recognising their apwopriate skills and experience. The Children and Youth Development Officer is a salaried post, with recruitment also based on skills and experience. The role of the TDO is to implement those parts of the Synod Mission Strategy Gon￿Med with establishing. developing and control of lay training. and to implement those parts of the Synod Mission Strategy cOn￿Med with EM1. EM2 and EM3 (Education for Ministry Phases 1-3) as lifelong and ongoing process for Ministers and Churth Related Community Work Ministers, and to provide advice, support and guidance as appropriate in relation to training in other aspects of mission and ministry in the Synod. The Synod Evangelist works with local congregations encouraging and responding to invitations from local churches to be invofved in specific outreach projeds. He also offers training in evangelism and explores with elders. churches and irKlividuals how they can be responding to opportunities to share their faith. The Children and Youih Development Offi￿r supports arKJ enables the work in local churches with Youth and Children.

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Technical support The Synod Finan￿. Property. Trust and Safeguarding Officers and Synod Clerk are paid staff recruited on the basis of their wofessional experience and skills to enable day to day operations. In addition to being in charge of the Accounts, the Synod Finance OffI￿r is Secretary to the Synod Mission Fund Panel and assists local Churches with their grant applications and other areas of thurch finan￿. He plays a role in developing new policTres for control of Synod finances and supporting churches financially. He also dea15 With the calculation ar￿ allocation of contributions to the Ministry and Mission Fund vthich funds ministers. stipends and the work of the wider church. Part of the role involves the efficient management of cash and working with the Investment Sub Committee and Investment Managers to generate income to run Synod. The Finance OffI￿r is active in management of the funds for Inter Synod Resource Sharing. The Synod Property Officer provides technical support to local churches in the mainlenance and enhancement of their church buildings. This includes working dosely with local church leadership to resolve practical and technical issues regarding various projects. Where churches are Listed buildings, Synod has a statutory role under Ecclesiastical Exemption, which the Property Officer carries out with the assistance of other offi￿rS of the wider United Reformed Church. In addition. Synod seeks to provide adwce and guidan￿ to assist churches to meet Iheir obligation5 for Listed Buildings vthile developing their mission and vision. Support is also provided in other areas where change5 in policy or legislation have to be implemented on a practical basis at local Church level and training andlor advice is made availabSe to these churches including the provision of an annual Conferen￿ for Ghurch treasurers and those interested in finance and the provision of Health and Safety awareness to Church Elders. The Synod Trust Officer is Secretary to the Board and the Synod Resou￿$ and Compliance Committee. They offer support to local Churches and other officers particularly in the areas of governan￿ and charity law. wothng Y￿th solicitors and olhers as appropriate. During the greater part of 2022 the Trust wthout a Trusl Officer with duties being covered by other Synod Officers. In May 2023 we will welcome Chan Bhamra to the role of Trust Officer. The Synod Safeguarding Officer works with local churches to ensure that cfHldren and adutts at risk are proteded to the best of our ability- She is responsible for co-ordinating safeguarding training around the Synod and ensuring that the ￿ViSed policies and procedure5 for safeguarding in the fifth edition of the United Reformed Church's Good Practice Guide are implemented. The Synod Clerk has oversight of Synod and its Committees, supporting the Moderator, representing the Synod nationally and locally, and providing guidance on governance and procedures. In some cases, churches may need legal or other wofessional advice. The Trust continues to encourage appropriate use of extemal advice and assist wth securing services which are effective and provide best value. Following a review of legal seNices in 2017 when the decision was made to work with more than one finn of Solicitors. the Trust has continued to work with Towns Needham, now part of Slater Heelis, as well as Veale Wasbrough, with the fonnerproviding support particularly in areas requiring speaalist knowledge of the URC Acts.

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Annual Report Year Ended 310ecember 2022 COVID-19 Pandemic response and support The continued pandemic has resulted in further detrimental effects on church attendance and activities. Atthough our thurches have been able to resume something like more nomial operation, a number of activities have not resumed, and congregations are smaller in mosl pla￿$ than they were pr&pandefflic. We continue to offer a grant stream for churches to engage with online worship and other activities through the Synod Mission Fund. Trust and committee meetings have continued with the usual frequency using a mix of video conferencing and in-person meetings, enabling deosion making to continue. Attendance and engagement by committee members have been good. There is an incidental benefit in that the smaller number of joumeys for in-person help5 With our strategy of reducing our carbon footprinl, but we are aware we need to balance this with in-person meetings where the infonnal conversations apart from business ￿ the agenda have a significant benefrt of their own. Achievoments and perfomiance Financial support in the fom of grants was made to local churches during the year to assist with the improvernent and maintenance of church buildings and manses, details of which can be found in note 4 to the financial statements. During 2022, the Property Officer continued to deliver a programme of investment into the manse stock required to meet future ministerial deployment across the Synod bringing consistency in the improvement. maintenancelrepair and energy efficiency of the property portfolio. Following approval of the new Synod Manse Policy in 2018, the Synod Property Officer in consultation with the Synod Finance Officer continued to support improvement works to manses. The Property Officer continued to support churches with building issues and also was proactive in finding altemative uses for Glosed churches. The Synod Mission Fund continues to support local churches in mission activity and the achievement of mission pledges. Amended the criteria make ti more accessible to smaller thurches. During the year grants totalling £112.106 were awarded to support'.- Uttoxeter URC-Schools Ministry Wylde Green & Sutton Coldfield URC- Joint Youth Worker Coleshill United Church-Development Worker Lodge Road Church Centre- Operations Ccpordinator Beacon Church Centre-wellbeing Coordinator Ashcroft United ChurdFOutreach Worker Foleshill Road URC-Legacy funded church mission Holyhead Road URC- Legacy funded church mission Keresley URC-Legacy funded church mission The Synod Mission Fund balance is £474.012. Our global partnership with the Diocese of Durgapur was maintained. with continued involvement of the Trust in managing further release of the legacy vthich financed the Colin chOy￿ Hostel for children at risk or rescued from human trafficking and now contributes to running costs. During 2022 £5,610 was sent to this woiect.

THE UNITED REFORMED CHURCH (WEST MIDLANDS} TRUST LIMrrED Annual Report Year Ended 31 December 2022 The Synod Safeguarding Officer (SSO} continues lo support the West Midlands churches with safeguarding advi￿, support, training and casework. hen engagement does happen. the commitment to safeguarding in West Mhjlands churches is apparent and encouraging. However. there is general concern more recently regarding a lack of engagement as take up of training sessions {both face to face and via Zoom) offered has fallen significantly. Likewise, case referrals have been increasingly low despite a variety of training dates and invites being publicised. The SSO is working wtth churches to identrfy issues and offer interim andlor collaborative solutions. The Safeguarding Coordinators Forum continued to meet despite one having to be cancelled due to ill health. This forum has been created to offer additional suFport to church safeguarding coordinators and their deputies. The SSO regularly meets with the national SSO team for strategic planning {SSPG). SSO is also an active and contributory rnember ofthe national Safeguarding Training Review Group who develop training for all URC churches. The SSO continues to establish links statutory and voluntary sector agencies. taking up opportunities to attend training- undertook specialist risk assessment training and level 3 domestic abuse training- delivered peer training on culture of thurches to the national SSO team. A collaboralive approach is being taken to produce the Sixth Edition of the URC Good Pradice pack, covering all aspects of safeguarding, and the SSO has supported the process. The TDO has planned and delivered initial and refresher training for Authorised Elders and Safer Sacred Space training for active ministers. Training sessions have also been provided for potential Interim Moderators and introductory sessions for the Stepwise courses. The TDO led an awayday for a local church and, with the Synod Moderator. delivered a workshop addressing the churches, response to the Covid-19 pandemic. Plans are already in place for the Ministers. Summer School in June 2023. The TDO has continued to respond to funding applications from ministers for sabbatical study leave and other training and provided guidance and other support when requested. He has also been engaged in progressing the appointment and support of Elders in Local Leadership and has verified ministers for the Disclosure and Barring Service. He has maintained contact with ministers in the EM2 phase of ministry and attended annual reviews for those in training for Ministry of Word and Sacraments and Church-related Community Work Ministry. He has continued to serve on the General Assembly Ministries Committee and been its representative on the Discipleship Development Fund large grants panel. He has continued a5 Interim Moderator in a complex pastorate and led worship regularly as invited across the Synod. The TDO has attended meetings of the Synod. the Synod Ministry Development and Missional Discipleship Development Commrttees. and collaborated with Synod colleagues, ecumenical colleagues, and colleagues in similar roles in other Synods through the TDO+ ne￿ork. Wth the Synod Evangelist he has represented the Syncxy in meetings related to the General Assembty °Walking the Way initiative.

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Regular online gatherings have continued of lay preachers. organised jointly with the Synod Lay Preaching Commissioner, and Church Secretaries, planned with the Synoj Moderator. There has been an occasional Ministers Forum. The TDO has continued to serve as Interim Convenor of the Board of Studies at INestminster College, and consequently as an Assembly appoirrted Govemor of the Col￿ge. He attended the national Ministers Conference arKI the online Theology of Worship Conferen￿. His refiections on the theology and practice of ministry in the United Refonned Church were published under the title "The Fire Sts-ll Bums.. The Synod Evangelist has continued to encourage churches in sharing their fatlh, offering training and evenls where possible. However. Churches still remain focused on restarting after covid. and are engaged in the issues of ministerial deployment and the cost of living crisis, so evangelism is lower down their agenda. The Evangelist has been able to encourage thoughts of growth through monthly online 'G￿en Room. meetings. leading a synod book reading group, and working with the Vision4Mission steering group to make 'Leading Your Church into Growth. a Major theme of the 2022 residential Synod. Funding for the post ends September 2023 and the Evangelist has three months sabbatical. March to May. so inpul in 2023 will be limited. The sabbatical will be used to research what people say are the important things about God to them. and perhaps produce material to help them do so more confidently and effeciively. It has been agreed that a major priority for the rest of his time will be encouraging and supporting churches in the Fyocess of Leading Your Church Into Growth. Work in the local churches with Youth and Children continues to be supported the Children and Youth Development Officer (CYDO). He is in regular contact with local churches offering encouragement and support to those who minister alongside children and youn9 people in all parts of the Synod. Regular information on events and resources are circulated via email, social media channels and newsletters. The CYDO continues to be available to churches in the Synod to offer support, encouragement and resources. A number of churches have successfully achieved accreditation to the URC Children and Youih Friendly Church Scheme in 2022. A comprehensive ministerial deployment plan for the nexl ten years was completed in 2017 and accepted by Synod Ministry Development Commtttee, identfying how we intend to use decreasin9 ministerial resource over this period. lrnplementation of the plan had begun. However, a change in protocols agreed at General Assembly level means that implementation of that plan has to be accelerated. The United Refonned Churth as a whole is below the planned level of Stipendiary Ministers, and the West Midlands Synod must now operate wilhin strict limits of its -share° of the limited pool. Further consultation was undertaken and a revised deployment plan was accepted at the October 2021 Synod meeting. Work is now underway to appoint new Stipendiary Ministers according to a strategic priority agreed by the Synod. Local churches will need to identrfy other local pattems of leadership to work with Stipendiary Ministers and the Synod is committed to supporting our churches as they seek to discem and develop new leadership pattems. 10

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Financial revlew Financial Statements The financial statements. including the notes, have been prepared in complian￿ with the new Statement of Recommended Pra￿1￿ 'SORP2015 (FRS102)-. The analysis of income and expenditure reflects the da$5ification of activities, together with costs relating to administration. The Synod and Trust do not sell goods or services. nor are there any other trading activities. A financial review document is made available to all members of Synod, and local churche5 if requested. This document highlights the main features of these financial statements. The review includes a comparison be￿een the budget and the final operating income resources and expenditure. Statement of Financial Activities The Statement of Financial Activities is shown on page 20, with a more detailed analysis of income and expenditure on pages 28 to 31. Followng reductions the period of Covid, during 2022 operating income increased. this was attributable to a recovery in investment income arKI donations including from closed churches and those Churches financially supported during 2020 and 2021. There was a 13.4% increase in investment income following reductions in dividends received during 2020. In addition. a surplus of £310.463 was realised from sale of a Manse. and £1.902.373 from church buildings this conlributed to allowing US to invesl an additional £600.000, some funds needing to be retained for agreed ommitments to support the cost of Ministers, pensions and purchase of replacement manses. Operating costs increased to over £1m. partly l)oosted by the award of signtficant Ministry Support Fund grants, which will be paid out over periods of betsyeen 3 and 5 years. It vrfas pleasing that the Synod Mission Fund was able to award grants of £112.106. Once again, bve released funds from Restricted Legacy to the chU￿h of North India for the running costs of a Children's Hostel. We continue to invest in our buildings, Church property grants were £38.029. However. having completed the majority of the manse improvement programme. spending on manses increased to to £47,686 with a further £24,930 on manse repairs and insurance. The restrictions in place during 2020 and 2021 limiled the ability for training began to ease resulted in increase spending on Training grants and training costs for Ministers, Lay Preachers and Members, including grants funded from the Discipleship Development Fund from Assembly. The Trust is fully committed to supporting the trainin9 costs of those at all levels within the Synod. Other incoming resources induded surpluses on disposal of church t￿ildingS at St Columba5 Coventry, Dudley, Halesowen and Newent the whole of which are designated to the Major Buildings Development Fund and Mission Fund. Further there was a sale of a manse in Bridgnorth, these proceeds are held in the Synod Manse Fund and allowthe Synod to advance capital for the upgrade and replacement of manses so that they are of a suitable standard. 11

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Annual Report Year Ended 31 December 2022 During 2021 £4m was transferred to a furKI to contributions to the deficit on the URC Ministers. Pension FurKI, to be settled over 9 years commencing in 2022. this sum bvas transferred from the Synod Manse Fund to a Ministers. Pension Support Fund. £1,454k of this sum frir the first three years was recognised in the accounts in 2021 with £534k was to be paid during 2022 however it was agreed to defer £284k of this sum until 2023. A fall in the stock market reSu￿ed in unrealised losses of £3.420k. The total decrease in funds was £1.559.095. Balance Sheet Reference has been made above to the increase in the furKts balance. An analysis of the funds movements is shown on page 35. Programme Related Investments stood at £2,694,889 relating to 15 rnanses. These are funds invested by Synod to assist local churches to purchase or update the woperties and to assist certain individuals. ReseNes pollcy The Trust holds funds under a number of different tenns. Funds which are restricted or endowed may only be used as directed by the funder at the time they were granted to the Trusl. Details of the specific restrictions of those individual funds are disclosed in note 8 to the financial staternents. Other funds are unrestricted and can be used at the discretion of the trustees in furtherance of the Trust's objects. It is the policy of the trustees to designate certain funds for particular purposes as agreed from time to time and details ofthe purpose and use of those designated funds can be found in note 8 to the finanaal statements. The remaining general unrestricted funds are required to cover the support costs and grants awarded. The policy of the trustees is to aim to hold sufficient investments and deposits that the income generated will cover one full yearfs total expenditure, net of grants received. Due to the current economic climate the fvnds do not currently meet this objective and are dependent on the additional income arising on disposals of properties. Investment policy The agreed investment objectives are:. To maintain adequate liquidty- To maintain the securily of any investments-, To minimise capital loss.. To mainlain a mixed portfolio of fixed and equty investments whilst provbding a balance between income and growth; To adhere to any restridions as defined from time to time by Synod, including an ethical policy. and To obtain the optimum yield, subj'ect to complying with the above criteria. 12

THE UNrrED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 The current restricti¢Jns defined by Synod are that investments should avoid those companies that have significant involvement in a￿naments. pomtsJraphy, supply of alcoholic drinks. gambling and tobacco manufacture. Trust has completed its commitment to divest from companies that derived more than 10% of their tumover from the extraction, processing or sale of other fossil fuel in accordance with the URC Mission Council resolution in 2019 to Divest from Fossil fuels. The Tnjst had previously sold any holdings in companies with income derived from Tar Sands and Coal. The Trusl also asked its investment managers in association with MSCI to assess the Environmentsl, Social and Govemance (ESG) ratings of its porffolio. The direct holding in our portfolio ha5 been assessed as being AA, induding holdings through funds. This puts us at)ove the median of all shares. Our portfolio was also judged to have a lower carbon risk than the benchmark and low repLrtational risk. The Trust and Investment subcommittee will continue to monitor the ESG ratings arKI carbon risk of its holdings. An investment portfolio is managed by Evetyn Partners and investment advice is sought from them as required. Individual purchases and sales are made by the investment manager in accordance with a working practice thal included meetings during the year with the Trust Investment Committee. a sub group of the Executive Committee which includes the treasurer, finan￿ officer and five other members with the relevant kno￿edge and experience. In addition to this portfolio. funds were also invested wth the Charities Official Investment Fund (COIFI managed by CCLA. Asset Allocation The Gurrent allocation of inveslments is as follows-.- 76.41 OA of the Unrestricted General Funds are invested by Evelyn Partners, 23.590A in the COIF Charities Ethical Investment Fund, managed by CCLA Investment Management Limited (CCLA). The Company keeps under review the exlent to which the ethical and corporate governance uiteria of the fvnds are in line with the po&cy set out under 'Ethical Considerations,. Designated, Restricted and Endowment Funds are mainly invested with the same Investrnent Manager as the Un￿Stricted General Funds. Equitbes 94f/*o, Fixed Interest 5.12°/o and cash 0.9% 13

THE UNfTED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 Inveslment Perfomiance The trustees in consultation wth the Company's Investment Managers are content that the Company's medium to long term strategy remains sound. The investment perfO￿nanCe of the Trust's portfolio is summarised in the table below. Total Return after Income yleld at Charges over 31 December 2022 2022 Evelyn Partners - Investment Managers CCLA (COIF Charilies Ethical Investrnent Fund) -13.16 -9.18 3.05 Comparative Measures - Bench Mark- MSCI PIMFA {GrovAh) -6.12 Cash For many years it has been the Company's policy to hold suffictent cash within the Unrestricted General Funds to fund its operational needs. grant commitments and capital expenditure commitments. In response to the sustained low yields available on such cash and the reduced need for capital expenditure the Inveslment Sub Commiltee ag￿ed to maximise tts managed investmenl income by limiting the amount of cash hekl at all times, with any ex￿$$ over short term cash flow requirements being invested in managed investments until required. The cash and deposits held at the end of the year was £1.583.074. and reflects a known requirement for capilal spending commitments induding purchase of two manses and payments to supp¢)rt URC Minister Pension Fund. Future plans The Synod Execulive committee identified a new statement of purpose for the Synod's activities, which was agreed by the Synod Meeting in October. This is that the Synod's purpose is, 'To equip, encourage and support United Refornied Church congregations in the West Midlands Synod. in our collective journey to be faithful In worship. witness and service. as our way of responding to the saving love of God in Christ Jesus. in the power of the Holy Spirit, and inviting others to share the life of faith and discipleship.. The Trust company has agreed a provisional budget to enable a strategic revw of the Synod's activities to be carried out by external consultants. to consider ways in which we can structure our work to fulfil this statement of purpose. Amongst other aspects, the review group will be asked to consider our staffing structure and finanual support for local churches. Because of denominational policy the Synod fa￿ a year-on-year decline of the number of Stipendiary Ministers available to local churches, and Synod Offi￿r$ continue to actively manage plans for that reduction and continue to look at ways in which to increase the range of lay leadership and ministries to compensate for the reduction in ordained Ministers. The Ministry Support Fund described above is one way in which we intend to realise that support. 14

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Annual Report Year Ended 31 December 2022 In addition in 2023 the foll0v￿n9 are planned within our strategy'.- Encouraging ministers and churches to engage with Stepwise (particularly the introductory course °Faith-filled Lrfe. and the leadership course 'Farth-fuelled leadership) andlor other opportunities to develop disupleship. including the ￿sOurceS available through 'Holy Habits". Encouraging ministers and churches to engage Mth the Leading Your Church into Growth (LYCIG) programme, introduced at the Synod meeting in October 2022. Continued planning and delivery of a follow-up "New Normal" event. More encouragement and training for local churches in faith sharing and outreach. The continuation of regular nev￿letterS from the Officers to bring relevant infomation and training opportunities to the attention of ministers and churches. Encouragement of Prayer for Mission and Evangelism in our churches. Discemment and response to the training needs of ministers and others in leadership, particulady through one-to-one conversation. sabbatical leave, CME and ministers, days. As a continuing priority, discern and respond to worship needs in the Synod's churches, with particular attention to the advocacy and recruitment of lay preacherslworship leaders and to include attention to the provision of resources for them, induding the denomination's lay preaching course. Continue to develop elders training and the support and training of Elders in LoGal Leadership. Provide further opportunty for the training and support for Church Secretaries. Continued development of the Safeguarding Coordinators Forum. National delivery of Domeslic Abuse training churches Roll out of Advanced Safeguarding Training Additional offer for face-to-face training sessions Continued 5UPPOrt of the new Children and YoLrth Friendly Church Scheme to enable churches to evaluate their ministry with children and young people. A weekend residential is planned for September being held jointly with East Midlands Synod. Continued liaison with our intemational partner church. the Church of North India. Resuming, as appropriate followng Covid. work wtth the manse inspection team to conduct regular manse inspections to support churches as they provide manses for ministers and their families in accordance with the Plan for Partnership. Wrth the support of the Resources and complian￿ Committee. reinstating inspection of manses on a three yearly cyde to ensure routine maintenance and repairs are progressed. Continue to explore the issues and potents.al of -Hybrid Church.. Continued attention to the recruitment of and training provision for Interim Moderators. Attention to the future resourcing for and provision of Local Ministry and Mission Review. Offer Safer Sa(yed Space training as needed Provide refresher training for lay presidency at the Sacraments Further online gatherings with a misgon theme. monthly from January 2023, called 'The Green Room.. Explore and respond to the potential for online training for elders in particular. To continue the Quinquennial Survey programme for properties. Consolidation of a &yearly inspection programme is in progress. Continue the work of monitoring the environmental impact of buildings and encouraging green credentials in line wth the Syntrj Strategy. Continue to support those churches considering or actively F)ursuing major repair arKI development projects. To continue to signpost advice and training suitable for local churches on subjects such as GDPR. 15

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMITED Annual Report Year Ended 31 December 2022 Trustees, Responsibilities Company law requires the trustees as directors to prepare financial statements for each year, which give a true and fair view of the slate of affairs of the charty and the incoming reSoUr￿S and application of resources. including the net income or expenditure. of the charty for the year. In preparing these financial statements. the trustees are required to.'_ se￿et suitable accounting policies and then apply them consistenty,. Observe the methods arKI princtples in the charities SORP: Make judgements and estimates that are reasonable and prudent., State whether Ihe policies adop.ted are in accordance wth applicable accounting standards. subject to any material departures disclosed and explained in the financial statements., and Prepare the firian¢ial statements on the.going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting recofds Ihat disdose wth reasonable accuracy at any time the financial posttion of the charty and to. enable them to ensure that the financial statements comply with the Companies Act 2￿6. They are also responsible for safeguarding the assets of the charty and hence for taking reason.able steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware:. There is no relevant audit information ofvthich the charitable company's auditor is unaware: and The trusle.es have taken all steps that they ought to have taken to make themselves aware of any relevant audtt infomiation and to establish that the auditor is aware of thal information. Auditor Following a rebrand exercise on 15 May 2023. the trading name of the company's independenl audiloi changed from MHA Maclntyre Hudson to MHA. A re501ution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting. On behalfofthe Bo Date: 16 August2023 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMrrED Oplnion We have audited Ihe financial statements of The United Refomied Church (West Midlands) Trust Limited (the'charitable cofflpany,) for the year ended 31 De￿mber 2022 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn 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= give a tnje and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources. including its income and expenditure. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion We Conduded our audit in accordance vAth Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards a￿ furtherdescribed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable Company 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 ¥￿ have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence y￿ have obtained is sufficient and apwopriate to provide a basis of our opinion. Conclusions relating to going concern In audits'ng the financial statements. we have conduded that the directors, use of the going concem 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 cornpany's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this rep(wt. Other infomlation The trustees are responsible for the other information. The other information comprises the information included in the trustees. annual ￿pOrt. other than the financial statements and our auditor's report thereon. 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. 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMITED In connection with our audit of the financial statements. our responsibilrty is to read the other information and, in doing so, consider whether the other infonnation is malerially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements. we are required to determine whether the￿ is a material mi5Statement 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 rnaterial 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 ofthe audtt.. the infomiation given in the trustees. report {incorporating the annual report) for the financial year for which the financial statements are prepared is consistent with the financial statements., and the tmstees, report has been prepared in accordance with applicable legal requi￿ ments. Matters on which we are required to report by exception In the light of our knovAedge and understanding of the charitab5e company and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept or retums adequate for our audit have not been re￿iVed from branches not visited by us.. or the financial statemerrts are not in agreement with the acxounts'ng records and retums,. or certain disclosures of trustees, remuneration specffied by law are not made., or we have not received all the infomation and explanations we require for our audit.. or the trustees were not entitled to prepare the financial statements in accordance with the small Companies exemptions in preparing the trustees. report and frcrtn the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detem)ine is necessary to enable the preparation of financial statements that are free from matenal 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 concem. disclosing. as applicable. matters related to going con￿rn and using the going con￿rn basis of accounting unless the trustees either intent to liquidate the charitabte company or to cease operations, or have no realists'c allernative but to do so. 18

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about vthether the finanaal statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or e￿or 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-complian￿ with laws and regulations. We design procedures in line with our responsibilrties. outlined above, to detect material misstatements in respect of irregulariiies, including fraud. The extent to which our procedures are capable of detecting irregularities. induding fraud is detailed below: Obtaining and understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that have a direct effect on the financial statements., Enquiring of management and Trustees around known or suspected instances of non- compliance of laws and regulations and fraud: Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indications of fraud- Reviewing minutes of meetings of those charged with govemance., and Perfomiing audit work in relation to the risk of management override, including testing of joumal entries and other adjustments for appropriateness and reviewing accounting systems for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, induding those leading to a material rnisstatement in the financial slalements or non-compliance v￿th regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the finanual 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, collosion. omission or misrepresentation. A further description of our responsibilitses for the audit of the financial statements is located on the Financial Reporting Council's Y￿bsite at www.frc.o .ukJaudttorsres onsibilities. This description fornis part of our auditor's report. This report is made solely to the charitable companys members. as a body. in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we might state to the charitable company's membets those matters we are required to state to them in an auditorfs 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 charilable company's members as a body, for ouraLKIrt work, forthis report, or forthe opinion we have formed. Elizabeth Newell BA (Hons), FCA {Senior Statutory Auditor) For and on behalf of MHA (Statutory Audltor) Birmingham, United Kingdom Date: 22 August 2023 MHA is a trading name of Maclntyre Hudson LLP. a limited liability partnership in England and Wales (registered number OC312313) 19

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Statement of Financial Activities (Incorporating Income and Expenditure Account) Year Ended 31 December 2022 2021 Tolal Funds £ Ineome from: 2022 Totsl Funds Unreslrri¢ted Géntral Dèsi9n•ted Rèstriet•d Charitablo acts￿•S.. 44,356 Grants receNed 34.131 Other income Invesfrnènts 485.130 Investment incix 15 633 Rents Incoming ￿SoUrceS from haritable actiwDes.' 579,250 T¢)tal Operaling In￿me 2a 2a 171.084 8,660 71.339 99,384 6.660 361 550.206 333.912 216.294 2a 2a 740.732 407.251 333.120 361 353 997 Inccthe on sale of p￿pe￿"t$ 2• 2 212 836 Total Incom• Exptnditurè on: 94,920 Gener￿.ng funds 46 1￿ Charitable expenditwe 2b 2b 87.095 64,597 458 985 22,498 841,110 Totsl Op•rating Exptnditurn I￿19￿7? 523.592 485.280 10.610 N•t loss•sl{galnsl on {2.817,348) investmefrt¥ 3A20,481 2.498.461 919,922 2.098 Payment to ministe￿ PertsKJn Interest Total Expendituv• N•t Exp•nditur• on Opèrnling 1261.860) account 1278,74Q) (116.3311 (1S2.1601 110,249) N•t Ineome forth? Year Other reco9nlsed Ga5ns & Losses Transfèr betw*en restrvts Net Movtment In Funds for 1.455,485 the year Funds ealwnces brought 23 967 031 fonvard Fund Bal#neÈs (1.822,4491 1.822.449 11.559.09S) {2.606,6331 1.059.885 (12,347) 14 21 8a The statement of finarrial actIV￿e$ includes all gains and h)sses re¢ognised in the year. All income and expenditure derive from continuing activf(ies. 20

THE UNITED REFORMED CHURCH. (WEST MIDLANDS) TRUST UMrrED COMPANY NUMBER 01337047 Balance Sheet As at 31 December 2022 2021 £ Flxed Assets 234.903 Tangible assets 24.048.557 Investments 2 385 349 Programme related inveslments Notes 2022 223,766 21.159.001 2 694 889 10 24 077 656 .C.urrent Assets 85.615 Debtors 576 032 Cash and 5hort-tsm deposils 661.647 12 13 127,756 1583 074 1,710,830 Creditors: Amounts falling due with.in one year 14a (1,234,583) (206.393) Net Current (LiabilitiesyAssets 476 247 26 462 416 Total Assets less Current Liabilities 24 553 903 Creditors: Amounts falling due (1.021.135) after more than one year Provision for charges 14b 14c (663,946) 2WL&Ifi Net Assets Funds: ReStriet￿FUnds 11.857 Other 9 475 Revaluation reserve 21.332 4,841 8.985 UnTrstiicted fund& General Other Revaluation reserve 5.010.221 5854811 10.865.032 4,902,049 3 356 350 8,258.399 Designated 12.305.710 - Other 2 230 442 - Revaluation resep4e 14536 152 21￿& Total Funds 14,759.451 15 596 037 15 These financial statements have been wepared in accordance with the special provisions of P.art 15 of the Companies Act 2006 relating to small companies. Approved by the Trust Board on 16 August 2023 and signed on its behalf by r S.M. Powell - Director and Tieasurer 21

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMrrED Statement of Cash Flows Year ended 31 December 2022 Notes 2022 2021 Cash flow from operating activities: Net cash providedlused in operating actlvltles Cash flows from Investing activltles: Interest paid Investment income Proceeds from programme related investments Proceeds from sale of investrrEnts Purchase of investments Purchase of programme related investrnents Nel Idecreaseyinc￿a$e cash provided ty investing aelivities 11.282,8231 {545.8821 (72,710) 560,988 2.281.181 2.245.969 (2.225.632) 1377,8851 500,763 353,997 1,055,018 {1,715.366) 2411911 194412 Net increase in Cash and cash equivalents in the reportin9 period 1.129.088 (351.470) Cash and cash equivalents at the beglnnlng of the reporting period 995 079 Cash •nd cash equivalents at the end of the reporting period Notes to the statement of cash flows Rg¢on¢iliation ol net incomelexpendbture to net A) Cash flow from operating adivities Net Incorne for the reportjng period (as per the sLitement ol financial activities) 11.559.095) 1.455,485 Adjustments lor. Losses and {gainsl on investrnents Depreciation Surplvs on sale of programme related Invest￿nts Investrnent income and rents Ilncrease} deerease in debtors Increaselldecrease) in ¢redrtors Interest paid Net cash used In operatlng activities 2.991.265 11.137 12,212,836) 1560,9881 {42.1411 17.125 {2.805.9461 11.137 1353,9971 1500,763) 45.692 1.602,510 B) Analysls of cash and cash •quivalents Cash at bank and in harKI Deposit accounts Cash held by investment manager 48.735 1.534.339 49,693 526,339 22

THE UNITED REFORMED CHURCH (WEST MIDLANDSI TRUST UMITED Notes to the Flnancial Statements Year Ended 31 December 2022 Accounting Policies General Infom)ation The United Refomied Church (West Midlands) Trust Limited is a charitable company limited by guarantee and registered in England and Wales. In the event of the charily being wound up the liability in respect of the guarantee is limited to £1 per member. The registered office is shown on page 1. The nature of the charity's operations and principal aclivrties are the advancement of the Christian rel￿10n by supporting the work of West Midlands URC Synod. The cornpany's functional and presentational currency is British Pound Sterling (£). Basis of Accounting The charity constilutes a pubh'c benefft entity as defined by FRS 102. The financial statements 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 Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102) {SORP FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Chartties Act 2011, the Companies Act 2006 and UK Generally Accepted Practice (UK GAAP). The financial statements are prepared under the historical cost convention. m¢Jdified to include certain items at fair value. The significant accounting policies adopted, are set oui below. These policies have been consistently applied to all years presented unless otherwise slated. Critical accounting estimates and areas of judgement The following judgements {apart from those involving estimates) have been made in the process of applying the above accourrting polioes that have had the most signtficant effect on amounts recognised in the financial statements: Programme related investments- a judgement made as to vthether impairnent is required. These judgements are based on the current propety market. The key assumptions conceming the future and other key sources of estimation Un￿rtaintY at the reporting date that have a signrficant risk of causing a material adjustment to the carrying amounts of assets and liabilities vrithin the nexl financial year include: Contingent assets and liabilities - estimations are made based on infornation available at the point of approval of the financial statements as to the probability and value of the transactions. Valuation of listed investrnents - valuations ère subject to variations arising from external factors whith can impad actual fuiure results. Discount rale- an eslimation is made as to the applicable rate at which to reftect the time value of future payments. 23

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Notes to the Flnancial Statements Year Ended 31 December 2022 Accounting Policies (conlinued) Going concern basis The financial slatements have been prepared on a going concem basis. The directors have onsidered budgets, cash flows and the impact of subsequent events, including that of the urrent economic climate. The directors are satisfied that the charity has sufficient available resources, both in lemis of cash and investments that can be converted to cash, such that there is no material uncertainty and the going ￿nCeM basis of preparing the financial statements continues to be appropnate. Funds Incorporated The financial statements show the combined income, expenditure, assets and liabilities of the following funds which are administered for the benefit of the United Refomed Church within the West Midlands Synod :_ General Purposes Fund Church Buildings Fund Manse Fund Retired Ministers Housing Fund Mission Fund Choyce Legacy Ministry Support Fund Major Buildings Development Fund Energy Efficiency Fund Ministers Pension Support Fund M & M Support Fund Funds administered on behaw of local churches are not induded. Description and Use of Funds Restricted income funds are funds whose use is restricted to spectfic purposes according to the tefms on which the funds were received. Unrestricted income funds may be spent generally forfurthering the Christian and charitable work of the United Reformed Church in the West Midlands. The main fund in this category is the General Purposes Fund. Certain funds have been allocated for Church Buildings or Manses, although the committee retains authority to re-all¢xate such funds and so they are treated as Designated Funds within Unrestricted Income Funds. Contribution to Pension Funds The charity operates a defined contribution pension scheme. Contributions are charged as expenditure as they become payable in acmrdan¢e ￿th the rules of the scheme. 24

THE UNITED REFORMED CHURCH ￿EST MIDLANDS) TRUST Um￿ED Notes to the Financial Statements Year Ended 31 December 2022 Accounting Policies (continued) Income Recognilion All incoming reSoU￿S are induded in the Statement of Financial Adivities {SoFA) when the harity is legally entitled to the income after any perfomiance conditions have been met. the amount can be measured reliatAy and it is probable that the income will be received. Fixed asset gifts in kind are recognised when re￿1vable and are induded at fair value. They are not deferred over the lrfe of the asset. The charity receives grants vthich are recognised at fair value when the charity has entitlement after any perfomance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. Investment income is eamed through hokling assets for investment purposes such as shares and proFerty. It inctudes dividends. interest and rent. 14lthere il is not praGtirAble to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. Resources Expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expend((U￿ is recognised where there is a legal or constructive obligation to make paymenls to third parties, it is probable that the settlement V￿1[ be required and the amount of the oblbgation can be measured reliably. It is categorised under the following headings.. Costs of raising funds indudes costs of managing investments and programme related investments. Expenditure on charitable activit￿S indudes costs of ministry. mission. training and property grants" and other expendiiure represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for vthich expenditure arose. Grants payable to local churches. organisations and individuals are within the charitable objectives. Wthere unconditional grants are offered. this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable exFectation that the recipient wll receive the grants. Where grants are conditional relating to perfomiance then the grant is only accrued when any urrfulFilled conditions are outside of the control of the charity. 25

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 Accounting Policies (continued) Indlvldual Church Property, Includlng Manses The Trust is sole truslee of the land and buildings of most local URCS but they are not the property of the Synod and are not shown in the financial statements. Sale proceeds from redundant properties or from part thereof which come into Synod funds are treated as unrestricted income from general funds. The income is recognised when the amount can be measured reliably and it is probable that Ihe income will be received. In certain arcumstances a local URC may be permitted to apply for a grant from these funds and where this arises, a time-limited designated fund is created. Support Costs Allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and indude premises costs. office costs. govemance costs. and salary cosls. They are incurred directly in SUPF)Ort of expendrture on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charttable activities on a basis consistent with use of the resources. Depreciation Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their estimated useful economic lives as follow￿=. Property - over fffty years Integral features of property - over fifteen years offi￿ equipment - over four years No amounts under £2,500 are capitalised. Investments Investments are recognised initially at fair value which is nomally the transaction price excluding transaction ￿$1$. Subsequently. they are measured at fair value with changes recognised in 'net gainsl(lossesl on investments, in the SOFA rf the shares are publicly traded or their fair value can otherwise be measured reliably. Programme related investments are those hekl to further our charitable purposes. Programme related investments include investment in a percentage share of properties and bridging or other loans. Investments in properties are stated at cost subject to any adjustment arising from impairment which is considered on an annual basis. Gains on disposal ofthese investments are shown as other income in the SOFA Investments by way of loans are stated at cost. Interest is charged on the loans at the COIF rale of interest. being the rate of interest the Trust would otherwise have eamed. 26

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 Accounting Policies (continued) Debtors and creditors receivablelpayable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any 105ses arising from impaimient are recognised in expenditure. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Provisions Provisions are recognised when the charity has an obligation at the balance sheet dale as result of a past event. it is probable that an oufflow of economic benefits will be required in settlement and the amount can be reliably estimated. Liabilities are recognised at the amount thal the charity anticipates it will pay to settle the debt. Where the effect of the time value of money is material. the liability is based on the present value of those amounts, discounted at the discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. 27

THE UNrfED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Flnanclal Statements Year Ended 31 December 2022 Income and Expenditure Analysis of Total Incoming Resources 2021 Tolal Funds 2022 Total Funds Unrestiicted Designated Restrict•d Income from Investments 485.032 Listed Investrnents 98 Interest $40,103 323,809 216.294 485,130 550,206 333,912 216,294 15 633 Rents 500 763 333912 227 076 Income from Charitable Activltles: 7,225 Gfants- Ministry & Mi55ion 3.741 Training - Oonations 48,379 8,847 8.725 8.847 39,654 361 361 other Income Inve51rnent tharge- The 2.000 Reddrtch Trust Transfer of fvnds from Local 32 131 Church Trusts 2,000 Tolal Operallng Income Income from sale of properties Ofclosed Churches 2&L22L On disposal of manses 353 997 1.902.373 310 463 2 212836 1.830.608 71.765 310 463 382 228 1830 608 Tolal Incoming Resources 28

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMtrED Notes to the Financial Statements Year Ended 31 December 2022 Income and Expenditure (Continued) Analysis of Total Operating Resources Expended 2021 2022 Total Total Funds Funds Unrestrlcted b) Deslgnated Restficted Costs of Generated Funds 67.218 Investment Management Fees 1,695 Other property costs 26 007 Shaied Indired ￿$t5 IN¢)te 3} 67,860 1N48 46.810 21.050 1.448 Q Totsl Cost of Generating Funds Chafltable Adivities Alinisty & Mission.". 151.302 Grants INote 41 Residential Synod 37,437 Support Costs 20,000 Resource shariry INth 4} 52.022 COVIO support to Churches IN*4) 98 407 Shaied Indirect Costs (Note 31 359 168 453,447 10.011 14.044 20,000 91.552 10.011 8.286 20,000 351.285 10,610 5,758 260 288 Trnining."" 8.053 Ministers (Note 41 660 Students IN¢te 4} 965 Members (Note 41 469 Church Treasurers and staff 58,572 Training- 5tsff costs 64 Support Costs 25 958 Shared Indirect Costs INole 3) 94 741 9,920 9.920 1.540 1.923 608 59.514 320 20 108 1.923 608 62.403 320 2,889 59.599 Church Repairs (Note 41 22,501 Manse Repairs (Nrte 41 22,514 Manse allowance and insurance 30,666 Release of Church Sale Proceeds 24.978 Manse Expenses 21.846 Church surveys (Nfrte 41 29,390 Staff Costs Legal and Support Costs 80 787 Shared Indirect Costs (Nc4e 31 38,029 47,686 24.930 38,029 47,686 24,930 13,090 8.651 30,840 1,724 13,090 8.651 15.420 15,420 1,724 207 614 102 850 Total Charltable Expenditure Interest Total Operaling Resources ££LllQ Expended Nel (Expenditurellincome ( operating Oeeount 29

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Notes to the Financlal Statements Year Ended 31 December 2022 2021 Comparative figures AnalysAs of Total Incomlng Resources 2021 Total Funds Unrestrlcted Deslgnated Restricted Income from Investments sted Investments Interest 485.032 98 242.690 98 242.342 485,130 242,788 242.342 Rents 242 788 257 975 Incom• fn>m Charitable A¢tivities.- Gran¢s- Ministry & M￿$1)n Trdining - Lbn8tM)ns 7.225 3.741 7.225 3,741 32 980 410 410 Otherincome Investment charge- The Redditch Twst Transferof funds from Ltul Church Trnsts 2.000 131 Total Operating Income 88 90 Income from ￿le of propgrtses On disposal ofmanses Total Incomin Resources 30

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST UMITED Notes to the Financial Statements Year Ended 31 December 2022 Income and Expenditure (Continued) Analysls of Total Opernting Resources Expended 2021 Total Funds Unrestrlcted Deslgnated Restricted b) Cosfs of Generated Funds Investment Management Fees Otherpropety costs Shared Indirect costs (Not• 3) 67.218 1,695 39.107 28.111 1.695 Total Cost of Generatlng Funds Charitable Acflvthes Ministy & Mission.". Grants (Ncée 4J Support Costs Resource sharing 4) COVID support to ch￿￿$ (Atste 4) Shared Indirect Costs (Ale 3) 151.302 37.437 42.115 26.989 20.000 52.022 91.187 10.448 18.000 52.022 101635 TrainiTng.'" mAn￿rerS (A4)te 41 students (Not8 4) Members (Note 4) Church Treasurets and staff Training- staff costs Support Costs Shared Indirecl Costs (Nol 3) 8,053 660 965 469 58.572 8.053 660 965 469 54.922 64 25 958 3.650 Property... Church Repairs 4) Manse Repairs 4) Manse allowance and insurance Release of Church Sale Proceeds Manse Expenses Church suTheys (r&)ts 4) staff costs Legal and Support Costs Shared Indi￿GI Costs Ihl*i 3) 59.599 22.501 22.514 30.666 24.978 21,846 29.390 59.599 22.501 22.514 30.666 24.978 21.846 14.695 14.695 292 281 176 927 Total Charitabl• Exp•nditurfj Total Operatlng Resources Expended Net {ExpenditureJfincome on Opgrating account 31

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMITED Notes to the Financial Statements Year Ended 31 December 2022 Indlrecl C05ts 2021 Total Fund$ £ Govemance Costs 1.394 Synod Expenses Synod Council Staff Costs:. 161.946 Trust Employment Costs 1.595 Officers Expenses 10.260 Audit 2,760 Legal and Professional 192 Bank Charges Committee supp￿ Costs 2022 Total Funds Unrestricted D•signated Restricted 90 1,495 1,49S 150.347 1.928 11,200 150,347 1.928 11.200 242 275 242 275 Total Governance Costs 16S S77 Premlses Costs:. 1,600 Rent 3,385 Insurance 1.965 Eleclrieity 11.137 Depreaation of Synod Office 12 697 Repairs and Cleaning 1,600 4.6S7 1,600 4,657 3,045 11,137 11,137 Office Costs:. 2.480 Telephone 6.897 Printing, Slationery and Posta9e 7.223 Computers 570 Advertising 910 Fumiture and equipment 4 148 Sundry costs 22 228 3.179 5,999 6.163 1.508 3,179 5,999 6,163 1.508 972 972 Total Indirect Cosls Charllable Actlvltles Ralsing Ministry and Funds Mission 2021 Total 2022 Total Tralnlng Property 178.147 G¢)vemance costs 165,sri 13.958 102.360 15,779 33.480 30.784 Premises costs 27.600 2.327 17.062 2,630 S,581 22 228 Off￿e costs Total Indlrect Costs 1cKI•A % of Direct costs 100°A 8.5% 61.8% 9.SOA 20.2% 32

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 2021 Comparative figures Indirect Costs 2021 Total Funds Unrestricted Designated Restrlcted Governance Costs Synod Expenses Synod Council Staff Cosls."_ Tmst Employment Costs Honorana off￿ers Expenses Audit Legal and Professional 8ank Charges Committee Support Costs 1.394 161,946 161.946 1.595 10.260 2.760 192 1.595 10.260 2. 760 192 Total Gov•mane• Costs 178 147 178 147 Premlses Costs.". Rent Insurance Electricrty Depreciation olsyncxd OffKe Repairs and Cleaning 1.600 3.385 1.965 11.137 1.600 3,385 1.965 11.137 Office Costs.". Telephone Printing, Stationery and Postage Computer¥ Advertising Equipment DepreciatM)n Fuffliture ?nd equipment Sundry costs 2.480 6.897 7.223 570 2.480 6.897 7,223 570 910 910 Tolallndlrect Costs Chantable Activities Raising Ministyand Funds hllsslon 2021 Total Tralnlnq Pmpoty Govemance costs 178.147 20.043 75.839 20.005 62.260 P￿rniSes Costs 30,784 3.463 13,105 3,457 10.759 OffKe costs Total Indirect Costs % of Dired costs 11.3% 42.6% 11.2% 34.9% 33

THE UNITED REFORMED CHURCH IWEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 Grants The following grants have been charged in furtherance of the charttabbe objects during the year.- 2022 Number 2021 Number Amount Amount Institutional Grants Ministry and Mission- Support to churches M&MFund Pulpit Suppty URC Minister's Pension Fund Inter-synod Resource Sharing Educational Chaplaincy Ecumenical Situations Release of lega￿ - Overseas Mission Release of Legacy- Local Missions Ministry Support Fund Local Church Missions Youth and Childrens Work 18 52.022 46.862 18.957 17 1,454,000 20,000 27,950 13,774 20,000 27.950 15,929 5,610 13,000 5,000 218,360 112.106 10 63,815 454 Property: Church repairs Manse repairs Manse allowance and insurance Church surveys 10 38.029 47,686 24.930 10 90,265 22,501 22,514 21 25 119295 70 157 126 Total Institutional Grants Individual Grants Youth Training: Ministers Members Students 9,920 1.922 44 8,053 965 660 12 Total Individual Grants Total Grants Charged

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMtrED Notes to the Flnanclal Statements Year Ended 310ecember 2022 Trustses. Expenses There were no Honoraria paid in the year. Reimbursed expenses were paid to 1 (2021: 5) trustee of the Board in aggregate of £151 (2021.. £75). This figure includes expenses reimbursed to the Treasurer and Clerk for duties including, but not restricted to. Board meeb'ngs. Employment Emolwnents 2022 2021 Wages and salaries Employers national insuran Pension costs 186,925 10.206 194,119 10.488 The average number of employees was No employee received £60.000 Fer annum or more in the current or prior year. All staff are employed by the company. The company operates a defined contribulion pension scheme and contributions are charged as expenditure as they become payable. Key management personnel are the trustees as directors. Revd S M Faber (Moderator) receives a stipend from the United Refomied Church for his role with the charity. Gains on Investments 2022 2021 Realised gain on investments sold Gains previously recognised in Tnjst accounts 669,878 1 099 095 309.779 298 377 Net (losses)Igains in the year on investrnents sold Unrealised {lossesygains on investments for the year (429.217) 2 991265 11,402 Net (LossyGain on Inveslments for the Year 35

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST UMrrED Notes to the Financial Statements Year Ended 31 December 2022 Movement on Funds Balance Balance 31 December 2022 a) Fund January 2022 Other Income Eypendiiurn Movèmènts Unrestiicted Designated Funds Church Buildings Major Buildings Development Fund Energy Efficiency Fund 8.678 18,678} 1.629,907 1.000,000 1,629.907 1.000.000 Manse- General - Churches 7,685,332 569.940 470.518 7.774 (133,995) 11,886.589) 6,135,266 577,714 2.874.267 474.012 281.640 2,473,290 149 941 Church Property Mission Fund Ministy Support Fund Ministers Pension Support Fund M & M Support Fund 2.778.606 456.274 128.994 {33.333) 129.844 (112,106) (218,360) (72,7101 2.546.Cw)O 99.384 14.536.152 715.348 (557.990) 902,527 15,596,037 Unrestrided G9neral Funds Genefal Purposes Restricted Funds Choyce legacy Total Funds 10.865,032 2.237.859 {523,$821 (4,320,910) 8,258,399 21 332 2098 2021 Com arative r ures Balanet 8alance 31 D•uml)er 2021 •) Fund January Other 2021 Income Expenditurn Movèments Unrestrlcted Designated Funds Church Buildings (8.556) Manse - General - Churches 10.217.787 590.851 574.567 6.461 (128,592) (2.978,430) (27,372) 7.685.332 569,940 Church Property Mission Fund Ministry Support Fund Ministers PenS￿n Support Fund 2.688,611 520.089 500.000 54.519 (30.666) f63,815) 66.142 2.778.606 456.274 500.000 2 546 000 4 000 000 14.517.338 644. 103 (1. 704,445) 1.OT9. 156 14.536.152 Unrestrlct6d G￿eral Funds General PU￿oSeS 9.415.204 288. 734 (572.665) 1. 733. 759 10,865,032 Restrlcted Funds Choyce legacy Total Funds 36

THE UNITED REFORMED CHURCH ￿EST MIDLANDS) TRUST UMITED Notes to the Financial Statements Year Ended 31 December 2022 Movement on Funds (contin￿) Transfers between reserves Included within Other Movernents aihjve are transfers between fuThJs as foillows.'- Chyr¢h Building Fur Major MIS￿On Building5 Fund Develtspment Desiwèted Designated MSM Support Fund Designated General EffiE•ency Fund ns¢ Fund Designated Unrestricted Transfer major buikjings development fvnd Creation Energy Efficient Fund Transfer deficgt on Churth Buildings Furbj {1.831.12n 129.844 1.629.W7 71,376 1.0￿.(￿) 11.(J).o￿l Summary Balance 1 January 2022 Balance 31 December Other Movement Income Expenditure 2022 Restricted Designated Un￿StriCted 21.332 14,536,152 10 865 032 361 715,348 2 237 859 110,6101 1557,990) 523 582 12.098) 902,527 4 320 910 8,985 15.596,037 8 258 399 Total funds b) Purpose of Funds During the year. to estsblish more transparency in accounting for the balances reLgting lo the funds of closed churches and pulpit suppty eost reimbursement from the URC nalionalty, the Trustees have changed the recogni1￿n policy to move the balances received out of creditors and into designated fvnds. This has meant recognising the income in the SOFA and the movement this year refie¢ls the adjustment relating to a number of years. General Purposes Fund - Unrestrlcted Unrestricted fvnds are needed to cover the support costs and grants for the above objects and the administration costs without whith the Synod coukl not fvnth"on. Church Bulldlngs Fund - Designated To provide funds which could supplement those already available within local churches for the improvement and maintenance of their properties. Support may be in the form of grants or loans. Retlred Mlnlsters Housing Fund - Designated To provide the capital for long tem loans lo supplement the purchase of accommodation for retired ministers or their partners. togetherwith Synod's share ofthe maintenance costs forthose properties. 37

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 Movement on Funds (cl￿￿d} Manse General- Designated Mainty accumulated from the proceeds of rnan5e sales when a replacement manse is not required. this fund provides k)ng term loans to local churches in Ofder for them lo purchase a manse al a lime when they do not have sufficient fvnds. and to supplemenl fvrKls already available within bcal ¢hur¢hes for the improvement arKI maintenance of their properties. Ihnse Churches - Designated To hold the proceeds of manse sales when the church concerned is expecknn9 to purchase replacerrnl. A separate fund for each church consists of the proceeds of sale together with interest thereon, which provides growth to the caprtal value. The total is available towards the cost of purchasing a new manse. Mission Fund - Designated Funds lo support local churches ￿ their mission actNIty. Choyce Legacy - Restricted To be shared tetsveen the Church of North India Chiklren's Development Unil. the Mission Fund of the Synod and Hatherton Church in accordance with the Will of Colin Choyce. Church property- Deslgnated Funds from the disposal of the properties or land al Stoke Chapel, Hall Green URC. Hollyrngunt URC, ¢Jlon URC. Hobs Moat URC. Foleshill URC, Worcester URC. St John's Stone URC and Baxter URC pending a decision on fulure their vse. Ministry Support Fund Funéed by a transfer of £500.(M)O from 9eneral funds to meet the costs of staff to supplement deployed ministy- Mlnlsters Penslon Support Fund- Deslgnaled During the previous year a formal resolukn.on was passed makn.ng a cornmitrnent to supportthe United Ref0m￿l Church Ministers PensKn Fund financialty if required. Major Buildings Development Fund - Deslgnated The Major Buildings Development Fund was esiabli5hed to receive the net proceeds of sale of closed churches. The fund is intended to facilitate the extension. rebuildin9 or conversion to new purposes of ¢hurch buildings. Eneryy Efficlency Grnnts - Deslgnated In response to a rapid rise in energy costs and an exlenston of our commitment to help churches move lo a low or zero carbon frjture rt was recognised that there was a need to SUPPOrt ¢hur¢hes in improving the their energy efficiency. The fund was established by a transfer behveen reserves and whilst applicalKJn were received during 2022. the first grants were not approved untsl January 2023.

THE UNITED REFORMED CHURCH IWEST MIDLANDS} TRUST UMrrED Notes to the Financial Statements Year Ended 31 December 2022 Tangible Fixed Assets Office Equipment Property Total Cost At 1 January 2022 and 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 144,781 10,968 155.749 155 918 Net Book Value At 31 December 2022 At 31 December 2021 l assets are used for charitable purposes. 10. Fixed Asset Investments Listed Investments Fixed Interest Equities Cash Total Market value at 1 January 2022 Additions Sales and redemption Net investment gains 847.059 23.133.921 286,920 1.938,712 (2.245.969) 2 933 906 67.577 24,048,557 122,046 2,347,678 (2,245.969) 2 991 265 Market Valuè at 31 December 2022 1076 620 19892 75 189 623 21 159 001 Cost at 31 December 2022 11. Programme Related Investments 2022 2021 Cost at 1 January 2022 Manse purchased Manse salelrepayment on investrnents 2.385,349 377,885 2.424,250 {38,9011 Cost at 31 December 2022 2022 2021 These investments relate to'.- - Manses Retired Ministers Housing 2,688,865 2,379,325 39

THE UNITED REFORMED CHURCH (WEST MIDLANDSI TRUST LIMrrED Notes to the Financial Statements Year Ended 31 December 2022 No interest is charged on the initial value of the nvestment. but benefits should arise when the properties are sold and the company recovers a proportion of the proceeds relating to the investment proportion of the total original cost. Reb'red Ministers Housing shows return of a legal charge when a property was sold. 12. Debtors 2022 2021 Other debtors Prepayments 113,408 74,310 13. Cash and Short Temi Deposits Charities Bank Official Current knvestment Account Fund Epworth Deposit Fund Total General purposes Designated accounts Restricted funds Balances as at 31 December 2022 48,093 1,335 546,846 986,158 1,035,586 546,846 642 642 General purposes Designated accounts Restricted funds Balances as at 31 December 2021 49.412 1.322 74.960 450.057 500.791 74.980 281 281 14. Creditors Amounts falling due within one year 2022 2021 Amounts due to United Reformed Church and related Bodies Olher creditors - support for Minister5, Pension Fund Accruals - Mission grants approved Building grants approved 73,334 832,667 48.249 202,242 97,037 461,075 53.710 182.190 b) Arnounts falling due after more than one year 2022 2021 Amounts due to United Refomed Churth Support for Ministers. Pension Fund 219,903 28.210 992 925 40

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 Provisions Provision relates to Manse repair allowance of £500 per manse which can be carried forward for up to two years. The commrtment is non contractual. The balance is the total provision less sum of claims made. 2022 2021 Provision for charges 15. Disposition of Funds as at 31 December 2022 Programrne Fixed Related Assets Investsnents In¥estynents Debttsrnl Creditows Ca$h and Deposits Total Fund Deslgnated Funds Retired Uinisters Housing 6.024 16.024} Mansè- General - Churches 2,508.837 577,714 2.688.865 27.564 910,0fy) 6.135,266 577,714 Minislers Pens#Jn Fund 3.750.CKK) {1.276.710> 2,473,290 Church Property 2.874.267 2.874.267 Mojtsr Buildings Devek>pm¢nt 1.629.W7 1.629.907 Energy Efficienw Fund 910.C ,OIKI 1.IXKI.000 M & M Suppjrt Fund 104,941 45,OQKJ 149,941 Mission Fund 528.495 <131.725} {218.￿> 77,242 474.012 Ministy Support Fund 455. 44.037 281,640 ilnrestri¢ted Funds General Purposes 223,766 7.810.534 {192,0541 416,153 8,258,399 R￿trIct•d Funds Choyce Legacy 642 Total Funds 41

THE UNrrED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 2021 Comparative figures Programme Flx¢d Related Ass•ts Inv•sknMts InvesOTrents Cash and ¢￿ditO￿ È)eposlts Tot41 Fund Designated Furtd5 Retired A*nisters Housyng 6,024 (6.024) Mans&- Gènèral - chU￿treS 4231,050 569.939 1379.325 74.960 7.685,335 569.939 nisters Pensi￿ FurNI 4.th70.¢Th) (1.454,OthlJ 2546,000 Churth Pmp•ty sil￿ Fund 2,778.606 2.778,606 56.274 456,274 nisty SiJpport Fund 500,000 Unr•strietèd Funds Genefal Puws 234.903 11.447.910 {1,3t8.5TS) 50Q.791 10,865,029 RestrictedFunds Choyce Legacy Total Funds 16. Commitments Property The office is situated on land that is registered in the name of the United Refomed Church (West Midlands) Trust Limited and held on statutory trusts in favour of Digbeth-in-the-Field United Reformed Church. Under an informal agreement. the Trust company pays a nominal sum lo the local church for the use of the land. Guarantees The United Refomled Church (West Midlands) Trust knmited has acted as guarantor on behalf of a number of churches who have sought extemal grant funding. The various terms and condrtions of these grants may require repayment in the event of church closure within specified period. Al the year end the trustees had no reason to believe that the likeliho¢Jd of repayment was anything other than remote and therefore no additional disclosure or provision has been made. Contingent Liability The Trust has given a commitment to the national URC that. in the event that the actuarial valuation in 2024 of the URC Ministers Pension Fund demonstrates that it is necessary to provide additional financial support, they will contribLrte additional sums to the URC Trust totalling £1.400,500 or less over the period from 2025 to 2027. A similar commitment has been gNen in the event that the actuarial valuation in 2027 shows that additional funding is required. In this case the commitment is a contribution of £997,500 or less over the period from 2028 to 2030. 42

THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2022 17. Contingent Assets At the year end. the properties of three churches and three manses, held on Ststut¢Yy Trusts in accordance with the Unrted Refomied Church Acts of 1972, 1981 and 2000 by the company, were held. The proceeds V￿11 revert to Synod on sale in accordance with the Statutory Trusts on which the properties are held. Funds Held as Trustee 18. Local Churches The United Refomed Church (West Midlands) Trust Limrted nhe Trust") ads as Trustee of local church assets. A local church has no legal identity of its own and. therefore. cannot hold property in its own name. The title to its assets must be held on trusl by a group of trustees and this can be athieved either by FKNate trustees (Individuals) or by a Trust Company. All of the local churches, properties in the West Midlands Synod {save 2) are held by the Trust. The deeds to church property are vested in the name of the Trust. A Declaration of Trust records which local churches hold properties and. rf jointty owned, the shares hekj by each. The Trust has a share in a few properties and that share is recorded in the Declaration of Trust because the deeds are in the narne of the Trust. any legal documents are signed by the Trust. but they are entering into those documents on behalf of the local church. Similarly, most of the investments and cash depostts obvned by local churches in the Synod are held by Ihe Trust as trustee. In relation to local church buildings, the Trust is the charity trustee. In relation to local church cash. investments and other assets. the Trust is the custodian trustee and the local Elders are the managing trustees. The role of the Trust is to carry out the wishes ofthe local church expressed in Church Meeting resolutions. Providing the trustees of the Trust have'no objections to what they are being asked to do and the appropriate approvals have been obtained. they will act according to the instructions vthich come from the Eldersllocal Church. Inter-synod Resources Sharing In addition to the funds held for thurthes the Trust also holds fijnds on behalf of the URC Inter Synod Resource Sharing process which redistribute funds from wealthier Synods to those Synods in need of support. The funds totalling £379.205 at 31 December 2022 are held in separately identified deposit funds and investrnents. The funds are conlrolled by Resou￿ Sharing Task Group drawn from amongst the Synod Treasurers. As a body the Trustees of the Trust play no part in directing the management of these funds.

THE UNITED REFORMEO CHURCH IWEST MIDLANDS) TRUST UMITED Notes to the Financial Statements Year Ended 31 December 2022 19. Related Party Transaction The Trust is the corporate trustee of The James and Freeman Charity. During the year a charge of £2,¢)00 {2021.' £2.000) was made to The James and Freeman Charity for the administrative services rKovided by the Tmst to the charty. ing to the nature of the charty's operations and the composrtion of the Board of trustees being drawn from the local United Reformed Churches, grant awards may take place with churGhes from within the Trust's oversight. All discussions about grant awards or other transactions are undertaken Y￿thOUt the presence of the conflicted trustee. Following change in the Manse Policy, all major repairs to manses are paid for by the Trust. for transparency all such repairs are recorded as grants to churches and noted below where they relate to a churth where a trustee or officer would have otherwise been considered to have a conflict. The following transactions arose in the year.- Beneficiary Purpose Committee Value Related Party Relationship Holyhead Road URC Churth repair Resources & complianc committee Resources & mpliance committee Ministry SuFWt Fund 5.628 Mr S Powell Trustee Holyhead Road URC Missi 4,000 Mr S Powell Trustee Shropshire Area Admin Support to IAiAisle EClrnen￿I Grant 8.904 Mr M Davie$ Finance officer CIGB ￿l￿onal Disciplineship 5,000 Rev S Faber Trustee 20. Flnancial Instruments Financial assets measured at fair value through net income comprise fixed asset investments wilh a value of £20.969,378 (2021: £23.980.980). 43