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 (Al*e 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
replacerr*nl. 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 PensK*n 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