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**Company Number: 01337047 Charity Number: 507027**
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
**REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024**
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Contents**
||**Page**|
|---|---|
|Annual Report|1 to 15|
|Independent Auditor’s Report|17 to 19|
|Statement of Financial Activities|20|
|Balance Sheet|21|
|Statement of Cash Flow|22|
|Notes to the Financial Statements|23 to 45|
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report**
**Year Ended 31 December 2024**
## **Reference and Administrative Information**
## **Registered Office**
Digbeth-in-the-Field United Reformed Church Moat Lane Yardley Birmingham 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 (resigned 16 March 2024)
## **Secretary**
Mr P. Mountain
**Bankers**
Lloyds Bank (Kings Heath branch) P O Box 1000 BX1 1LT
## **Legal Advisors**
Slater Heelis Lloyds Bank Buildings, 16 School Road Sale, Cheshire M33 7XP
Veale Wasbrough Vizards LLP Second Floor, 3 Brindley Place Birmingham B1 2JB
**Auditor**
MHA The Pinnacle
150 Midsummer Boulevard Milton Keynes MK9 1LZ
## **Investment Manager**
Evelyn Partners 9 Colmore Row Birmingham B3 2BJ
## **Synod Officers**
Moderator – Revd S.M. Faber Synod Clerk – Mrs R Wakeman Synod Treasurer – Mr S.M. Powell Legal and Trust Officer – Mr P Mountain Finance Officer – Mrs K Wise (from March 2024) Property Officer – Mr M. McDade Mission Development Officer – Revd Andrew Willett/Revd Sally Willett (job share) (from September 2024) Training and Development Officer/Pastoral Consultant – Revd M Smith (from November 2024) Children’s and Youth Development Officer – Mrs H Laird (from December 2024) Safeguarding Officer – Mrs D. Gordon Communications Officer – Mrs E Wright
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report**
## **Year Ended 31 December 2024**
The United Reformed Church (West Midlands) Trust Limited (“The Trust”) is the corporate body that holds the assets and liabilities of the West Midlands Synod of the United Reformed Church (“Synod”). The Trust was incorporated as a limited company and registered charity on 2 November 1977 and its Memorandum and Articles of Association were revised in 2008 and 2021. The Trust’s charitable objects are:
_the advancement of the Christian religion for the benefit of the public in accordance with the doctrines, principles, and usages of the United Reformed Church in particular (but without prejudice to the generality of the foregoing) by supporting the work of the West Midlands Synod of that Church._
## **1. The Synod: Structure, Governance and Management**
## **1.1 Overview**
**The Synod** is the collective body of the United Reformed Church in the West Midlands region and is constituted in accordance with the Basis of Union and the United Reformed Church Acts of 1972, 1981 and 2000 (www.urc.org.uk). Synod has oversight of the URC in the West Midlands, comprising the counties of Staffordshire, Shropshire, Herefordshire, Worcestershire, Warwickshire and Gloucestershire, and the metropolitan boroughs of Birmingham, Solihull, Coventry, Sandwell, Walsall, Dudley, and Wolverhampton. It meets twice a year and its membership, as detailed in the Structure of the United Reformed Church, Section B at urc.org.uk, includes serving ministers, representatives of each local church, and ecumenical representatives, together with youth representatives and some coopted members. The Synod fulfils a wide range of consultative, legislative and executive functions, and is the ultimate decision-making authority in matters of a theological, pastoral or (in certain cases) an administrative nature.
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 Reformed Church (Church Meeting, Synod and General Assembly) have a covenantal relationship, which means that they have an awareness of and responsiveness to the needs and mission of the whole Church. This is expressed in many ways but not least in the Plan for Partnership in Ministerial Remuneration through which ministry is supported and in the resource sharing arrangements between Synods.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.2 The Synod’s relationship with the Trust and its committees**
The Synod Trust is the trustee of the funds for the West Midlands Synod. To the extent that Synod policy decisions affect those funds, and are outside the scope of previously agreed parameters, they are subject to Trust endorsement.
Because the Synod meets only twice each year, it delegates many of its functions to its committees, which in turn work alongside the Trust: the Synod Executive; the Resources & Compliance Committee, the Ministry Development Committee and the Missional Discipleship Development Committee. The roles of these bodies are explained in more detail below. The relationship between the Synod Executive, its Committees and Trust may be summarised as follows:
**Synod:** One of the Councils in the Structure of the United Reformed Church, and the ultimate decision-making body of the United Reformed Church in the West Midlands region. The work of Synod is organised through committees with responsibility for specific aspects within the life of the Church.
**Synod Executive:** has delegated authority to make decisions and recommendations in between Synod Meetings and acts as the line of accountability for Synod Officers and Committees. Synod Executive comprises certain Synod Officers, Convenors of Synod Committees, and representatives from the seven designated Areas within Synod.
**Resources & Compliance Committee** : (RCC) is concerned with financial and property resources, maintaining legal compliance and good practice and has delegated authority to make decisions and recommendations on matters principally around finance, property and legal issues. The Synod Resources and Compliance Committee (RCC) comprises Synod Officers, their line managers, and other persons with appropriate skills identified and appointed by Synod Executive. The RCC’s responsibilities may be summarised as follows:
- to regularly review the condition of the Synod Trust’s assets and oversee their conservation, management and (where appropriate) disposal.
- to ensure that its liabilities are controlled and discharged in a timely manner; and
- to oversee the day-to-day management of Synod assets within approved policy and budgetary frameworks times.
The remit of the Resources and Compliance Committee includes delegated authority for agreeing grants, particularly for property, within criteria and budgets that are agreed by the Trust.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.2 The Synod’s relationship with the Trust and its committees (continued)**
**Ministry Development Committee:** (MDC) is responsible for developing people’s ministries and has delegated authority, particularly in dealing with ministerial call and service, vacancy and development. The Committee comprises a representative from each Area, plus the Moderator and key Synod Officers.
**Missional Discipleship Development Committee:** (MDDC) is responsible for developing discipleship across the whole people of God, leading to a deeper engagement in mission and has delegated authority particularly in areas of ministerial & lay training and children’s and youth work.
**Synod Trust** : is the legal owner of church property (churches, manses, ancillary buildings and a small number of business assets). The Synod Trust is responsible for all decisions in relation to land, buildings and funds. A Reference Committee of the Synod Trust has authority to approve urgent transactions between meetings, provided that they meet normal qualifications and are reported to the next meeting. 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.
## **1.3 The Trust**
## **(a) Powers, duties, and responsibilities**
Acting through its board of trustees, the Trust is responsible for the management of the Synod funds and for the implementation of policy as set by the Synod, subject to meeting its legal obligations.
The Trust fulfils its charitable objects by working through the Synod which provides financial, pastoral, educational and technical support to local URC congregations, and to their Ministers, Elders and lay people in their life and mission. The Trust supports the Synod in its mission purpose , defined at October Synod 2022 as:
“ _To equip, encourage and support United Reformed 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 in the life of faith and discipleship._ ”
The Trust, through the work of the Synod, supports 93 churches in the region with 3,522 United Reformed Church members and their own charitable missions to advance the Christian religion in their own communities.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.3 The Trust (continued)**
## **(a) Powers, duties, and responsibilities (continued)**
The Trust also acts as Trustee to the majority of the United Reformed Churches in the West Midlands by holding properties on trust for them in accordance with the Statutory 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 minimise the risk to the Trust of actions by local churches in respect of these assets. The Trust also acts as custodian trustee for some churches and other URC related organisations, holding investments separately on their behalf. The investments have a value of approximately £1.351m and the local churches have objects similar to the Synod.
United Reformed Churches are open to all people, of all ages and walks of life, including people of no faith. Through enabling worship and faith-based, educational, and communityfocused activities, the Trust aims to propagate the Christian faith and Christian values in a contemporary and compassionate manner, for the benefit of all.
Local churches within the Synod’s region are separate independent charities and the Trust has no controlling interest or executive control over them. Nor are local churches deemed connected charities within the understanding of the Charities SORP.
In addition to the funds held for churches the Trust also holds funds on behalf of the URC Inter Synod Resource Sharing process which redistribute funds from wealthier Synods to those Synods in need of support. The MV funds totalling £455,228 at 31 December 2024 are held in separately identified deposit funds and investments. The funds are controlled by the General Assembly’s Resource 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.
## **(b) The Trustees**
The Synod appoints the board of trustees and considers individuals with relevant experience who are eligible for appointment. Members of the Board must be a member of the United Reformed Church (“URC”) or of a Local Ecumenical Partnership involving the URC. There is no formal programme for the induction and training of Trustees although all are encouraged to attend relevant seminars arranged by the Trust’s professional advisors.
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 and Mr K. Thomas.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.3 (b) The Trustees (continued)**
The Trustees are the Trust’s key management personnel and directors of the company for the purpose of company law **.** Together they form the Trust’s governing board and are responsible for overseeing the management and for decisions relating to the assets of the Synod and properties held at Synod and local church level. The funds of local churches, including the contents of those churches, are held by separate charities and are not within the control of the Trust. All director–trustees give their time voluntarily and receive no benefits from the Trust other than reimbursement of their expenses (as shown in note 5 to the financial statements). The only exception here is the Moderator whose stipend is settled and paid by the central URC.
Indemnity insurance of up to £5m is in place to cover the liability of the Trustees in relation to negligence, default, breach of duty or breach of trust.
With regard to potential conflicts of interest, clear procedures are in place to ensure that no trustee derives any private benefit from the Trust’s financial operations, and that no actual or perceived bias arises when the Trust considers any application for funding support from a Church which counts a trustee among its members.
## **(c) The Trust’s professional and technical staff**
There were eleven paid staff in 2024 who enabled the Synod’s day-to-day operations and who were recruited based on their professional experience and skills. They are:
- Finance Officer
- Financial Assistant
- Property Officer
- Office Manager and PA to the Moderator
- Administrative Assistant
- Legal and Trust Officer
- Communications Officer
- Safeguarding Officer
- Synod Clerk
- Mission Development Officers (job share)
- Children and Youth Development Officer (CYDO)
Levels of staff pay are decided by reference to market rates for those working for professional organisations with the relevant qualifications and experience and regard is given 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 other relevant factors.
In addition, the Revd Melanie Smith, a Minister of Word and Sacraments, was called to the role of Training & Development Officer / Pastoral Consultant, as a ministerial role, rather than an employed post. Stipend levels for Ministers are agreed centrally within the United Reformed Church each year, as are other terms, in accordance with the Plan for Partnership in Ministerial Remuneration. (see https://urc.org.uk/urc-ministries/the-plan-for-partnership/ )
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.3 The Trust (continued)**
## **(c) The Trust’s professional and technical staff**
The **Finance Officer** is responsible for the Synod’s finances and assists local churches with their grant applications and other areas of church finance. The Finance Officer also plays an important role in developing policy for control of Synod finances and in supporting churches financially. The FO deals with the calculation and allocation of contributions to the Ministry and Mission Fund which funds ministers’ stipends and the work of the wider church; and works with the Synod’s Investment Sub Committee and its independent Investment Managers to ensure the efficient management of cash and the generation of income to run Synod. The Finance Officer along with the Finance Assistant, is also active in management of the funds for Inter Synod Resource Sharing. The Finance Assistant assists the Finance Officer in preparing the monthly and annual accounts.
The **Property Officer** provides technical support to local churches in the maintenance of their church buildings and their repair and/or redevelopment, including advising on grant support which may be available for Synod. This includes working closely with local church leadership to resolve practical and technical issues as they arise. Where churches are Listed buildings, Synod has a statutory role under Ecclesiastical Exemption, which the Property Officer discharges with the assistance of other officers of the wider United Reformed Church. The Property Officer helps churches to meet their obligations for Listed Buildings while developing their mission and vision. The Property Officer has a key role in the purchase and disposal of buildings, including liaison with appropriate professionals to secure Designated Advisor’s Reports to ensure best value for the trust is obtained for those property transactions.
The **Legal and Trust Officer** is Secretary to the Board and the Synod Resources and Compliance Committee. The Trust Officer is a solicitor and provides support to local Churches and other officers in the areas of governance, charity law and transactional matters, working with external lawyers with specialist knowledge of the URC’s legal structure and processes, and other independent advisers as appropriate.
The **Safeguarding Officer** works with local churches to ensure that children and adults at risk are protected as the law requires and as a matter of best practice. The Safeguarding Officer is responsible for co-ordinating safeguarding training around the Synod and ensuring that current safeguarding policies and procedures are implemented.
The **Synod Clerk** has oversight of Synod and its Committees; supports the Moderator; represents the Synod nationally and locally; and provides guidance on governance and procedures.
The **Office Manager/Moderators PA** is responsible for the day-to-day operation and management of the Trust’s premises and business affairs, including HR, and provides the Moderator with all required back-office support. The Administrative Assistant supports the office and Synod Officers’ work.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.3 The Trust (continued)**
## **(a) The Trust’s professional and technical staff (continued)**
The **Mission Development Officer** , Children & Youth Development Officer and Training & Development Officer/Pastoral Consultant roles are described in Section 2 below.
## **(d) Risk Assessments**
The Trust has undertaken a Risk Assessment, identifying, and evaluating the risks to which the Synod and Trust are exposed, and policies are in place and actions are taken to minimise any potential exposure. The Trust’s reserves and investment policies are designed in part to mitigate the risk of insufficient resources being available to provide the necessary level of support to Churches within the Synod area.
## **1.4 Financial support and grant making policies**
The Trust makes available a range of grants and loans (i) to local churches to assist them in their mission and in the improvement and maintenance of their properties; and (ii) to local ministers to support ministerial training, development, and sabbaticals. In all cases, grant awards are made after consideration of the mission statement and financial situation of the applicant. The funding programmes comprise:
- **Synod Manse Fund** : A restatement of the Synod Manse Policy was approved at the Synod meeting in October 2024 Financial Support is available to support the purchase and/or replacement and improvement of manses to improve standards; and to ensure essential works are carried out including Gas and Safety certificates being kept up to date. £750 per year from 2023 can be claimed by local churches retrospectively per annum and can be rolled over for up to 3 years. The Synod insures the manses held for occupation by ministers. Upon the disposal of a Manse, the net proceeds are shared between the local church, with the majority going to the Synod’s Manse Fund to support other investment in the Synod area. The amounts of the shared portions are to some extent negotiated in the light of the local church’s needs.
- **Property Grants** : capital grants are available (i) to support large cyclical repairs to church buildings; and (ii) to bring all manses and church buildings up to improve standards of accessibility and full compliance with Equalities legislation.
- **Synod Mission Fund** : £1 million set aside in in 2010 to encourage, enable and support local churches in their mission activities. The current balance on this account is £513,132 and the fund is periodically topped with instalments of funds equal to 20 per cent of the net proceeds of any church property disposal.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **1.4 Financial support and grant making policies (continued)**
- **Major Building Development Fund** : The initial funding was formed in 2021 from the entire proceeds from the disposal of two closed church buildings. The aim is to facilitate the extension, rebuilding or conversion to new purposes of church buildings and the consequent strengthening of congregations and communities. It is topped up by 80% of the net proceeds from closed churches after a small portion has been allocated to the M&M fund. The balance currently sits at £2.3m. Two applications were received in 2024.
- **Ministry Support Fund** to support local ministry and assist in creating lay posts focussed on church growth, administered by the Ministry Development Committee and Synod Executive. There was one application which was a variation to an application made in 2022.
- **Energy Efficiency Grants** : an important consequence of the Synod’s 2019 decision to divest from investments in fossil fuels and to move to a zero-carbon future: a fund of £1m to support churches with the capital cost of energy efficiency improvement to church buildings with grants starting at 100% and tapering down with increasing costs. There were 17 applications in 2024 totalling £78,289.
- **Youth and Children’s Work Grants** are offered to assist the participation of individual leaders connected with churches and local ecumenical partnerships (LEPs) in training and learning opportunities that are designed to enable local church mission objectives with children and youth. Grants are also offered to Churches and Groups to support, e.g., holiday clubs, and to Individual children and young people connected with churches and LEPs with projects that enable mission objectives. Each grant can be up to £500
- **Training and Discipleship Development Grants** are available to help members of churches attend training and events aimed to broadening their experience and learning and deepen their discipleship. £2000 per year is provided to the Synod by the denomination, and the Synod has the responsibility of administering grants within the criteria set out by the wider United Reformed Church. Other training grants are used for in-service training for accredited Lay Preachers and other individuals.
The Trust is active in the Inter Synod Resource Sharing system, which supports those Synods with least resources.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **2 Pastoral and Educational support**
The **Moderator** is the Revd. Steve Faber, an ordained Minister of Word and Sacraments of the United Reformed Church. His role is to provide spiritual and pastoral oversight, care, and leadership within the Synod. The Moderator is a member of all Synod Committees and works with Synod Officers to provide spiritual, strategic and pastoral leadership to churches within the Synod area; and he provides care, encouragement and engagement with ministers and churches through meetings, conferences, visits and training events. Also, as a member of the Ministry Development Committee (see 1.2 above) the Moderator is instrumental in encouraging conversations about pastorates and calling of ministers.
The **Synod Training and Development Officer (TDO) / Pastoral Consultant** , the Revd Melanie Smith, is also a Minister of Word and Sacraments, inducted to her Synod role following a call issued and accepted recognising their appropriate skills and experience. Her responsibilities include ministerial and lay training, including advocating best practice in training and discipleship development; working with the Mission Development Officers and others to encourage and develop churches in mission and discipleship; assisting the Moderator with supporting ministers and churches through pastoral difficulties and developing new pastorates and ministries; and deputising for the Moderator as required.
The **Mission Development Officer** role is salaried and currently shared by the Revd Andrew Willett and the Revd Sally Willett. The aim of the role is to work with Churches and Ministers to better enable mission and discipleship development and so stimulate and encourage growth within the churches of the Synod. As well as working with other Synod Officers, responsibilities include working with ecumenical partners in developing networks towards best practice in mission and discipleship activities. Membership of the Missional Discipleship Development Committee and Synod Executive enables them to promote a missional and discipleship mindset and action to further the ethos within the Synod
During 2024, the Revd Ashley Evans served in the Synod as temporary **Leading Your Church into Growth (LYCiG) Consultant** with a particular brief to roll out the LYCiG programme across the West Midlands, as part of extending it across the denomination following successful implementation in Yorkshire and elsewhere.
The **Children and Youth Development Officer,** Helen Laird, supports and enables the work in local churches with Youth and Children. This is a salaried post, recruitment to which is based on skills and experience. The _Equality Act 2010: Part 1, Schedule 9_ applies to this post, which requires a Christian who is willing to share their own personal faith and encourage others in that faith.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **3 Achievements and performance**
The Synod Mission Fund continues to support local churches in mission activity and the achievement of mission pledges. Amended the criteria make it more accessible to smaller churches. During the year grants totalling £139,467 were awarded to support seven projects across the Synod.
Our global partnership with the Diocese of Durgapur was maintained, with continued involvement of the Trust in managing further release of the legacy which financed the Colin Choyce Hostel for children at risk or rescued from human trafficking and now contributes to running costs.
During 2024 donations of £1,643 were received and then were these were sent to India in early 2025.
The Synod engaged a small team of people from elsewhere in the denomination to carry out a review of Synod structures and processes, and their work was concluded. Amongst their recommendations was to work to improve communications between the Synod/Trust operations and local churches. As a result of this, a new post of Communications Officer was created and successfully recruited, along with three other roles, completing the Synod staff establishment for the first time in several years (see sections 1.3 and 2 above.)
At the March 2024 Synod meeting an updated environmental policy was adopted, and the Synod affirmed its commitment to improving the energy efficiency of all our Manse stock with costs being borne by the Synod Manse Fund. The updated safeguarding pack of guidance, policies and procedures, “Good Practice 6” was introduced as the standard applicable for all URC congregations (although LEPs may opt to follow the safeguarding policies of another partner denomination – typically that of the denomination responsible for the church building.
The Synod Manse Policy was updated and adopted by the October 2024 Synod Meeting, and the Synod agreed that the cost of Council Tax and Water Rates should be covered by the Synod Manse Fund from April 2025, lifting a significant financial burden from local churches.
The same Synod meeting unanimously adopted the paper “Creating a Vision for the West Midlands Synod” and agreed that it will form a framework for future policy formation
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **4. Financial review**
## _**Financial Statements**_
The financial statements, including the notes, have been prepared in compliance with the Statement of Recommended Practice “SORP2019 (FRS102)”. The analysis of income and expenditure reflects the classification 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 summary document is made available to all members of Synod, and local churches if requested. This document highlights the main features of these financial statements. The review includes a comparison between the budget and the final operating income resources and expenditure.
## _**Statement of Financial Activities**_
The Statement of Financial Activities is shown on page 19, with a more detailed analysis of income and expenditure on pages 27 to 44.
Investment income was £99k higher than 2023. In addition, a surplus of £2,4m was realised from the sale of six Manses, and £179k from three church buildings. The latter proceeds were transferred to the Major Buildings Development Fund, Mission Fund, and a small portion towards the Synod M&M Support Fund in accordance with existing policy.
Operating costs increased by £260k, mainly as a result of £97k for Major Building Development grants, a £234k contribution to the national M&M Fund and £123k in Mission Fund grants. There was a reduction in training and Energy efficiency grants
We continue to invest in our buildings: Church property grants were £187k. Repairs to Manses equated to £15k.
Training expenditure in 2024 stood at £24k and was directed chiefly through the Ministry Development and Missional Discipleship Development Committees, until the appointment of our Training & Development Officer/Pastoral Consultant at the beginning of November 2024.
The Trust is fully committed to supporting training costs properly incurred by members at all levels within the Synod.
An increase in the stock market resulted in unrealised gains of £1.74m The total increase in funds was £3.55m
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **4. Financial review (continued)**
## _**Balance Sheet**_
Reference has been made above to the increase in the funds balance. An analysis of the funds movements is shown on page 35.
Programme Related Investments stood at £3.4m relating to 17 manses. These are funds invested by Synod to assist local churches to purchase or update the properties and to assist certain individuals.
## _**Reserves policy**_
The Trust holds funds under a number of different terms. Any funds which are restricted or endowed may only be used as directed by the funder at the time they were granted to the Trust.
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 of the purpose and use of those designated funds can be found in note 8 to the financial statements.
The remaining general unrestricted funds are required to cover the support costs and grants awarded. The policy of the trustees is to hold sufficient investments and deposits that the income generated, and capital appreciation will cover one full year’s total net expenditure. Specific policy decisions have been made not draw down reserves in addition to this.
## _**Investment policy**_
The agreed investment objectives are: -
- To maintain adequate liquidity.
- To maintain the security of any investments.
- To minimise capital loss.
- To maintain a mixed portfolio of fixed interest and equity investments whilst providing a balance between income and growth.
- To adhere to any restrictions as defined from time to time by Synod, including an ethical policy; and
- To obtain the optimum yield, subject to complying with the above criteria.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **4. Financial review (continued)**
The current restrictions defined by Synod are that investments should avoid those companies that have significant involvement in armaments, pornography, supply of alcoholic drinks, gambling, tobacco manufacture, facilitating activities in the occupied Palestinian territories and the extraction and/or supply of fossil fuels.
An investment portfolio is managed by Evelyn Partners and investment advice is sought from them as required. Individual purchases and sales are made by the investment manager in accordance with parameters provided to them, subject to consultation as necessary with the investment subcommittee which includes the treasurer, finance officer and other members with the relevant knowledge and experience.
In addition to this portfolio, funds were also invested with a Charities Official Investment Fund (COIF) managed by CCLA and a deposit fund managed by Epworth Investment Management Ltd.
## **Future plans**
The strategic review of the Synod’s activities by external consultants, to consider ways in which we can structure our work to fulfil our statement of mission purpose was continued throughout 2024 with a second phase of work. The review group examined the current effectiveness of committee operations measured against the functions and identified areas of concern or operational weakness. The group concluded its review in September 2024 and reported to Synod in October 2024. Work continues on this review in 2025 as Synod Officers examine the current grant regime and financial support to local churches, with a wide consultation on needs and proposals due to be considered at the October 2025 Synod Meeting.
## _**Sharing**_
Denominational policy is such that the Synod has tended to suffer a year-on-year decline of the number of Stipendiary Ministers available to local churches. Synod Officers therefore continue to manage plans for that reduction and continue to look at ways to increase the range of lay leadership and ministries to compensate for the reduction in the number of ordained Ministers. The Ministry Support Fund described above is one way in which we intend to realise that support.
We are confident that the recruitment of our Mission Development Officers Andrew and Sally Willett in September 2024, and our new Children & Youth Development Officer Helen Laird in December 2024 will result in a strengthening of lay leadership in churches across the region.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **4. Financial review (continued)**
In addition, in 2025 the following are planned within our strategy: -
- Encouraging ministers and churches to engage with Stepwise (particularly the introductory course “Faith-filled Life” and the leadership course “Faith-fuelled leadership) and/or other opportunities to develop discipleship, including the resources available through “Holy Habits.”
- Encouraging ministers and churches to engage with the Leading Your Church into Growth (LYCiG) programme, introduced at the Synod meeting in October 2022.
- Work towards establishing five new communities of worship and discipleship through pioneering ministry.
- Work to ensure every local church has a viable mission plan and is aiming to grow its membership year-on-year
- Increase the number of Eco-Church awards amongst our local churches.
- Engaging churches and individuals to raise a minimum of £2,500 to support a children’s safe house and other anti-human trafficking work run by our partner, the Diocese of Durgapur in the Church of North India.
## **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 state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing these financial statements, the trustees are required to:-
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether the policies adopted are in accordance with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable 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 of which the charitable company’s auditor is unaware; and
- The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Annual Report (Continued)**
## **Year Ended 31 December 2024**
## **Auditor**
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
On behalf of the Board
Mr S M Powell – Director and Treasurer Date: June 19, 2025
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## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF**
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Opinion**
We have audited the financial statements of The United Reformed Church (West Midlands) Trust Limited (the ‘Charitable Company’) for the year ended 31 December 2024 which comprise Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom 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 true and fair view of the state of the charitable company’s affairs as at 31 December 2024 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the directors’ use of the going concern 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 Company’s ability to continue as a going concern 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 report.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, 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.
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## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF**
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement 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 material 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 of the audit:
- the information 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 Trustees’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the Charitable 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 returns adequate for our audit have not been received from branches not visited by us: or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information 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 from 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 preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intent to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.
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## **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 whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error 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-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including 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 noncompliance 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 governance; and
- Performing audit work in relation to the risk of management override, including testing of journal 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, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial 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, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an Auditor’s 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 Charitable Company’s members as a body, for our audit work, for this report, or for the opinion we have formed.
## **Elizabeth Newell BA (Hons), FCA (Senior Statutory Auditor) For and on behalf of MHA (Statutory Auditor)**
Milton Keynes, United Kingdom Date: June 25, 2025
MHA is a trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Statement of Financial Activities (Incorporating Income and Expenditure Account) Year Ended 31 December 2024**
|**2023**
**Total**
**Funds**
**Notes**
**£**
**Income from:**
_Charitable activities:_
18,213
Grants received
2a
45,913
Other income
2a
_Investments_
623,312
Investment income
2a
9,450
Rents
2a
_Incoming resources from_
_charitable activities:_
696,888
**Total Operating Income**
2a
2,178,013
Income on sale of properties
2a
2,874,901
**Total Income**
**Expenditure on:**
87,088
Generating funds
2b
1,028,726
Charitable expenditure
2b
1,115,814
**Total Operating Expenditure**
2b
(1,822,533)
**Net losses/(gains) on**
**investments**
7
**(**
49,861
Interest
2b
**(656,858)**
**Total Expenditure**
(418,926)
**Net Expenditure on Operating**
**account**
2b
**3,531,759**
**Net Income for the Year**
**Other recognised Gains &**
**Losses**
-
Transfer between reserves
8a
3,531,759
**Net Movement in Funds for**
**the year**
23,863,421
**Funds Balances brought**
**forward**
27,395,180
**Fund Balances**
**carried forward**
8a
|**2024**
**Total**
**Funds**
**£**
**25,804**
**9,660**
**722,172**
**26,977**
**784,613**
**2,406,010**
**3,190,623**
**110,516**
**1,265,461**
**1,375,977**
**1,764,128)**
**25,429**
**(362,722)**
**(591,364)**
**3,553,345**
**-**
**3,553,345**
**27,395,180**
**30,948,525**|**Unrestricted**
**General**
**Designated**
**Restricted**
**£**
**£**
**£**
24,161
-
1,643
3,500
6,160
-
472,039
250,133
-
-
26,977
-
499,700
283,270
1,643
179,448
2,226,562
-
679,148
2,509,832
1,643
81,746
28,770
-
835,747
429,714
-
917,493
458,484
-
(1,429,794)
(334,334)
-
-
25,429
-
(512,301)
149,579
-
(417,793)
(175,214)
1,643
1,191,449
2,360,253
1,643
(170,537)
170,537
-
1,020,912
2,530,790
1,643
9,623,021
17,772,159
-
10,643,933
20,302,949
1,643|**Unrestricted**
**General**
**Designated**
**Restricted**
**£**
**£**
**£**
24,161
-
1,643
3,500
6,160
-
472,039
250,133
-
-
26,977
-
499,700
283,270
1,643
179,448
2,226,562
-
679,148
2,509,832
1,643
81,746
28,770
-
835,747
429,714
-
917,493
458,484
-
(1,429,794)
(334,334)
-
-
25,429
-
(512,301)
149,579
-
(417,793)
(175,214)
1,643
1,191,449
2,360,253
1,643
(170,537)
170,537
-
1,020,912
2,530,790
1,643
9,623,021
17,772,159
-
10,643,933
20,302,949
1,643|
|---|---|---|---|
||||1,643
-|
||||1,643|
||||-
-|
||||-
-
-
-
1,643|
||||1,643|
||||-
1,643
-
1,643|
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED COMPANY NUMBER 01337047 Balance Sheet**
## **As at 31 December 2024**
|2023||**Notes**||**2024**|
|---|---|---|---|---|
|£|**Fixed Assets**|||**£**|
|213,034|Tangible assets|9||**206,772**|
|22,960,640|Investments|10||**24,655,889**|
|3,612,170|Programme related investments|11||**3,453,274**|
|26,785,844||||**28,315,935**|
||**Current Assets**||||
|185,908|Debtors|12||**215,996**|
|1,602,162|Cash and short-term deposits|13||**3,321,530**|
|1,788,070||||**3,537,526**|
||**Creditors: Amounts falling due**||||
|(952,160)|**within one year**|14a||**(552,991)**|
|835,910|**Net Current (Liabilities)/Assets**|||**2,984,535**|
|27,621,754|Total Assets less Current Liabilities|||**31,300,470**|
||**Creditors: Amounts falling due**||||
|(200,038)|**after more than one year**|14b||**(330,405)**|
|(26,536)|Provision for charges|14c||**(21,540)**|
|27,395,180|**Net Assets**|||**30,948,525**|
||**Funds:**||||
||_Restricted Funds_||||
|4,841|Other||**1,643**||
|4,144|Revaluation reserve||**-**||
|8,985||||**1,643**|
||_Unrestricted funds_||||
||General||||
|4,776,155|- Other||**4,367,273**||
|4,846,866|- Revaluation reserve||**6,276,660**||
|9,623,021||||**10,643,933**|
||Designated||||
|18,123,161|- Other||**20,400,252**||
|(351,002)|- Revaluation reserve||**(97,333)**||
|17,772,159||||**20,302,949**|
|27,395,180|**Total Funds**|15||**30,948,525**|
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## June 19, 2025
Approved by the Trust Board on
and signed on its behalf by
Mr S Faber - Director and Moderator Mr S M Powell - Director and Treasurer
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Statement of Cash Flows**
## **Year ended 31 December 2024**
||**Notes**|**2024**|2023|
|---|---|---|---|
|||**£**|£|
|**Cash flow from operating activities:**||||
|**Net cash provided/used in operating activities**|A|**(1,514,543)**|**(1,669,636)**|
|**Cash flows from investing activities:**||||
|Interest paid||**(25,429)**|**(49,861)**|
|Investment income||**749,149**|**632,762**|
|Proceeds from programme related investments||**2,406,010**|**2,178,013**|
|Proceeds from sale of investments||**1,744,255**|**3,635,387**|
|Purchase of investments||**(2,091,946)**|**(3,638,901)**|
|Purchase of programme related investments||**158,896**|**(917,281)**|
|Net (decrease)/increase cash provided by investing||||
|activities||**2,940,935**|**1,840,119**|
|**Net increase in cash and cash equivalents in the**||||
|**reporting period**||**1,426,392**|**170,483**|
|**Cash and cash equivalents at the beginning of the**||||
|**reporting period**||**1,943,180**|1,772,697|
|**Cash and cash equivalents at the end of the reporting**|B|||
|**period**||**3,369,572**|**1,943,180**|
|**Notes to the statement of cash flows**||||
|**Reconciliation of net income/expenditure to net**||||
|A)
**cash flow from operating activities**||||
|**Net income for the reporting period (as per the**||||
|**statement of financial activities)**||**3,553,346**|**3,531,759**|
|**Adjustments for:**||||
|(Gains) and losses on investments||**(1,640,535)**|**(1,646,730)**|
|Depreciation||**6,262**|**10,732**|
|Surplus on sale of programme related investments||**(2,406,010)**|**(2,178,013)**|
|Investment income and rents||**(749,149)**|**(632,762)**|
|(Increase) in debtors||**(30,087)**|**(58,152)**|
|(Decrease)/increase in creditors||**(273,799)**|**(746,331)**|
|Interest paid||**25,429**|**49,861**|
|**Net cash used in operating activities**||**(1,514,543)**|**(1,669,636)**|
|B)
**Analysis of cash and cash equivalents**||||
|Cash at bank and in hand||**160,508**|**19,542**|
|Deposit accounts||**3,161,022**|**1,582,620**|
|Cash held by investment manager||**48,042**|**341,018**|
|||**3,369,572**|**1,943,180**|
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **1. Accounting Policies**
## **General Information**
The United Reformed Church (West Midlands) Trust Limited is a charitable company limited by guarantee and registered in England and Wales. In the event of the charity 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 activities are the advancement of the Christian religion by supporting the work of West Midlands URC Synod.
The company’s functional and presentational currency is British Pound Sterling (£).
## **Basis of Accounting**
The charity constitutes a public benefit 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 Reporting 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 Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice (UK GAAP).
The financial statements are prepared under the historical cost convention, modified to include certain items at fair value.
The significant accounting policies adopted, are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **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 accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Programme related investments – a judgement made as to whether impairment is required. These judgements are based on the current property market.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Contingent assets and liabilities – estimations are made based on information available at the point of approval of the financial statements as to the probability and value of the transactions.
Valuation of listed investments – valuations are subject to variations arising from external factors which can impact actual future results.
Discount rate – an estimation is made as to the applicable rate at which to reflect the time value of future payments.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **1. Accounting Policies** _(continued)_
## **Going concern basis**
The financial statements have been prepared on a going concern basis. The directors have considered budgets, cash flows and the impact of subsequent events, including that of the current economic climate. The directors are satisfied that the charity has sufficient available resources, both in terms of cash and investments that can be converted to cash, such that there is no material uncertainty and the going concern basis of preparing the financial statements continues to be appropriate.
## **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 Reformed 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 behalf of local churches are not included.
## **Description and Use of Funds**
Restricted income funds are funds whose use is restricted to specific purposes according to the terms on which the funds were received.
Unrestricted income funds may be spent generally for furthering 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-allocate 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 accordance with the rules of the scheme.
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## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
**1. Accounting Policies** _(continued)_
## **Income Recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
The charity receives grants which are recognised at fair value when the charity has entitlement after any performance 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 earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable 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. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes costs of managing investments and programme related investments;
- Expenditure on charitable activities includes costs of ministry, mission, training and property grants; and
- Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to local churches, organisations and individuals are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
25
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **1. Accounting Policies** _(continued)_
## **Individual Church Property, including Manses**
The Trust is sole trustee 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 the income will be received.
In certain circumstances 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 include premises costs, office costs, governance costs, and salary costs. They are incurred directly in support of expenditure 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 charitable 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 follows:-
Property - over fifty years Integral features of property - over fifteen years Office equipment - over four years
No amounts under £2,500 are capitalised.
## **Investments**
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Programme related investments are those held 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 of these 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 rate to reflect the investment income the Trust would otherwise have earned.
26
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **1. Accounting Policies** _(continued)_
## **Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment 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 date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Liabilities are recognised at the amount that 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
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **2. Income and Expenditure**
## **a) Analysis of Total Incoming Resources**
|**2023**
**Total**
**Funds**
**£**
**Income from Investments**
571,340
Listed Investments
51,972
Interest
623,312
9,450
Rents
632,762
**Income from**
**Charitable Activities:**
7,225
Grants – Ministry & Mission
8,336
- Training
2,652
- Donations
18,213
**Other income**
2,000
Investment charge – The
Redditch & Joseph Scott Trust
43,913
Transfer of funds from Local
Church Trusts
45,913
696,888
**Total Operating Income**
**Income from sale of properties**
848,432
Of closed Churches
1,329,581
On disposal of manses
2,874,901
**Total Incoming Resources**|**2024**
**Total**
**Funds**
**Unrestricted**
**Designated**
**Restricted**
**£**
**£**
**£**
**£**
**606,842**
356,709
250,133
-
**115,330**
115,330
-
-
**722,172**
472,039
250,133
-
**26,977**
-
26,977
-
**749,149**
472,039
277,110
-
**7,225**
7,225
-
-
**5,337**
5,337
-
-
**13,242**
11,599
-
1,643
**25,804**
24,161
-
1,643
**3,500**
3,500
-
-
**6,160**
-
6,160
-
**9,660**
3,500
6,160
-
**784,613**
499,700
283,270
1,643
**179,448**
179,448
-
-
**2,226,562**
-
2,226,562
-
**3,190,623**
679,148
2,509,832
1,643|**2024**
**Total**
**Funds**
**Unrestricted**
**Designated**
**Restricted**
**£**
**£**
**£**
**£**
**606,842**
356,709
250,133
-
**115,330**
115,330
-
-
**722,172**
472,039
250,133
-
**26,977**
-
26,977
-
**749,149**
472,039
277,110
-
**7,225**
7,225
-
-
**5,337**
5,337
-
-
**13,242**
11,599
-
1,643
**25,804**
24,161
-
1,643
**3,500**
3,500
-
-
**6,160**
-
6,160
-
**9,660**
3,500
6,160
-
**784,613**
499,700
283,270
1,643
**179,448**
179,448
-
-
**2,226,562**
-
2,226,562
-
**3,190,623**
679,148
2,509,832
1,643|**2024**
**Total**
**Funds**
**Unrestricted**
**Designated**
**Restricted**
**£**
**£**
**£**
**£**
**606,842**
356,709
250,133
-
**115,330**
115,330
-
-
**722,172**
472,039
250,133
-
**26,977**
-
26,977
-
**749,149**
472,039
277,110
-
**7,225**
7,225
-
-
**5,337**
5,337
-
-
**13,242**
11,599
-
1,643
**25,804**
24,161
-
1,643
**3,500**
3,500
-
-
**6,160**
-
6,160
-
**9,660**
3,500
6,160
-
**784,613**
499,700
283,270
1,643
**179,448**
179,448
-
-
**2,226,562**
-
2,226,562
-
**3,190,623**
679,148
2,509,832
1,643|
|---|---|---|---|
|||
|-
-|
||||-|
||||-
-
1,643|
||||1,643|
||||-
-|
|||
|-|
||||1,643|
||||-
-|
||||1,643|
28
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED Notes to the Financial Statements Year Ended 31 December 2024**
## **2. Income and Expenditure** _(Continued)_
## **b) Analysis of Total Operating Resources Expended**
**----- Start of picture text -----**
2023 2024
Total Total
Funds Funds Unrestricted Designated Restricted
£ £ £ £ £
Costs of Generated Funds
-
64,048 Investment Management Fees 68,879 56,591 12,288
- - -
Other property costs 16,482 16,482
23,040 Shared Indirect costs (Note 3) 25,155 25,155 - -
87,088 Total Cost of Generating Funds 110,516 81,746 28,770 -
Charitable Activities
Ministry & Mission:-
124,952 Grants (Note 4) 492,697 337,070 155,627 -
- - - -
9,265 Residential Synod
- -
17,655 Support Costs 32,210 32,210
- -
25,000 Resource sharing (Note 4) 35,000 35,000
168,956 Shared Indirect Costs (Note 3) 164,996 164,996 - -
-
345,828 724,903 569,276 155,627
Training:-
11,292 Ministers (Note 4) 4,927 4,927 - -
1,430 Students (Note 4) 1,313 1,313 - -
2,710 Members (Note 4) 6,346 6,346 - -
1,180 Church Treasurers and staff 324 324 - -
- -
40,773 Training – staff costs 5,956 5,956
- Support Costs 21 21 - -
26,046 Shared Indirect Costs (Note 3) 5,565 5,565 - -
- -
83,431 24,452 24,452
Property:-
- -
94,372 Church Repairs (Note 4) 89,997 89,997
- - -
Church Repairs Designated (note 4) 96,955 96,955
- - -
Church Repairs Designated (note 4) 28,169 28,169
- -
340,752 Energy efficiency 78,289 78,289
- -
1,900 Manse Repairs (Note 4) 14,609 14,609
28,335 Manse allowance and insurance 14,211 - 14,211 -
- -
8,516 Manse Expenses 24,300 24,300
- -
16,334 Church surveys (Note 4) 12,534 12,534
37,970 Staff costs 35,078 17,539 17,539 -
16,025 Legal and Support Costs 4,492 4,477 15 -
55,262 Shared Indirect Costs (Note 3) 117,472 117,472 - -
-
599,466 516,106 242,019 274,087
1,028,726 Total Charitable Expenditure 1,265,461 835,747 429,714 -
49,861 Interest 25,429 - 25,429 -
Total Operating Resources
1,165,675 Expended 1,401,406 917,493 483,913 -
Net (Expenditure)/income on
(418,926 ) operating account (591,364) (417,793) (175,214) 1,643
**----- End of picture text -----**
29
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## _**2023 Comparative figures**_
## _**a) Analysis of Total Incoming Resources**_
**----- Start of picture text -----**
2023
Total
Funds Unrestricted Designated Restricted
£ £ £ £
Income from Investments
Listed Investments 571,340 379,163 192,177 -
Interest 51,972 51,972 - -
-
623,312 431,135 192,177
Rents 9,450 - 9,450 -
632,762 431,135 201,627 -
Income from
Charitable Activities:
- -
Grants – Ministry & Mission 7,225 7,225
- -
- Training 8,336 8,336
- Donations 2,652 2,014 - 638
18,213 17,575 - 638
Other income
Investment charge – The
Redditch Trust 2,000 2,000 - -
Transfer of funds from Local
Church Trusts 43,913 - 43,913 -
45,913 2,000 43,913 -
Total Operating Income 696,888 450,710 245,540 638
Income from sale of properties
Of closed Churches 848,432 848,432 - -
On disposal of manses 1,329,581 - 1,329,581 -
2,178,013 848,432 1,329,581 -
Total Incoming Resources 2,874,901 1,299,142 1,575,121 638
**----- End of picture text -----**
30
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## _**2. Income and Expenditure** (Continued)_
## _**b) Analysis of Total Operating Resources Expended**_
**----- Start of picture text -----**
2023
Total
Funds Unrestricted Designated Restricted
£ £ £ £
Costs of Generated Funds
-
Investment Management Fees 64,048 (28,332) 92,380
- - - -
Other property costs
Shared Indirect costs (Note 3) 23,040 23,040 - -
Total Cost of Generating Funds 87,088 (5,292) 92,380 -
Charitable Activities
Ministry & Mission:-
Grants (Note 4) 124,952 98,870 15,882 10,200
- -
Residential Synod 9,265 9,265
- -
Support Costs 17,655 17,655
- -
Resource sharing (Note 4) 25,000 25,000
Shared Indirect Costs (Note 3) 168,956 168,956 - -
345,828 319,746 15,882 10,200
Training:-
Ministers (Note 4) 11,292 11,292 - -
Students (Note 4) 1,430 1,430 - -
Members (Note 4) 2,710 2,710 - -
Church Treasurers and staff 1,180 1,180 - -
- -
Training – staff costs 40,773 40,773
- - - -
Support Costs
Shared Indirect Costs (Note 3) 26,046 26,046 - -
83,431 83,431 - -
Property:-
- -
Church Repairs (Note 4) 94,372 94,372
- -
Energy efficiency 340,752 340,752
- -
Manse Repairs (Note 4) 1,900 1,900
Manse allowance and insurance 28,335 - 28,335 -
- -
Manse Expenses 8,516 8,516
- -
Church surveys (Note 4) 16,334 16,334
Staff costs 37,970 37,970 - -
- -
Legal and Support Costs 16,025 16,025
Shared Indirect Costs (Note 3) 55,262 55,262 - -
599,466 203,938 395,528 -
Total Charitable Expenditure 1,028,726 607,115 411,410 10,200
Interest 49,861 - 49,861 -
Total Operating Resources
Expended 1,165,675 601,823 553,651 10,200
Net (Expenditure)/income on
operating account (418,926 ) (151,115 ) (258,249) (9,562 )
31
**----- End of picture text -----**
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
|**3.**
**Indirect Costs**
**2023**
**Total**
**Funds**
**£**
**Governance Costs**
**1,482**
Synod Expenses
**1,681**
Synod Council
**2,671**
Synod Review
-
Assembly expenses
Staff Costs:-
**189,817**
Trust Employment Costs
**2,555**
Officers Expenses
**22,070**
Audit
**353**
Bank Charges
**1,928**
Committee Support Costs
**222,557**
**Total Governance Costs**
**Premises Costs:-**
**1,600**
Rent
**4,432**
Insurance
**3,268**
Electricity
**10,732**
Depreciation of Synod Office
**5,713**
Repairs and Cleaning
**25,745**
**Office Costs:-**
**3,121**
Telephone
**4,135**
Printing, Stationery and Postage
**8,909**
Computers
**6,849**
Advertising
**-**
Furniture and equipment
**1,986**
Sundry costs
**25,000**
**273,302**
**Total Indirect Costs**
**2023**
**Total**
**2024**
**Total**
**£**
**£**
**222,557**
Governance costs
**264,613**
**25,745**
Premises costs
**24,993**
**25,000**
Office costs
**23,583**
**273,302**
**Total Indirect Costs**
**313,189**
**100%**
% of Direct costs
**100%**|**3.**
**Indirect Costs**
**2023**
**Total**
**Funds**
**£**
**Governance Costs**
**1,482**
Synod Expenses
**1,681**
Synod Council
**2,671**
Synod Review
-
Assembly expenses
Staff Costs:-
**189,817**
Trust Employment Costs
**2,555**
Officers Expenses
**22,070**
Audit
**353**
Bank Charges
**1,928**
Committee Support Costs
**222,557**
**Total Governance Costs**
**Premises Costs:-**
**1,600**
Rent
**4,432**
Insurance
**3,268**
Electricity
**10,732**
Depreciation of Synod Office
**5,713**
Repairs and Cleaning
**25,745**
**Office Costs:-**
**3,121**
Telephone
**4,135**
Printing, Stationery and Postage
**8,909**
Computers
**6,849**
Advertising
**-**
Furniture and equipment
**1,986**
Sundry costs
**25,000**
**273,302**
**Total Indirect Costs**
**2023**
**Total**
**2024**
**Total**
**£**
**£**
**222,557**
Governance costs
**264,613**
**25,745**
Premises costs
**24,993**
**25,000**
Office costs
**23,583**
**273,302**
**Total Indirect Costs**
**313,189**
**100%**
% of Direct costs
**100%**|**2024**
**Total**
**Funds**
**Unrestricted**
**Designated**
**Restricted**
**£**
**£**
**£**
**£**
**1,262**
1,262
-
-
**-**
-
-
-
**2,911**
2,911
-
-
**59**
59
-
-
**226,620**
226,620
-
-
**2,148**
2,148
-
-
**28,506**
28,506
-
-
**123**
123
-
-
**2,984**
2,984
-
-
**264,613**
264,613
-
-
**1,600**
1,600
-
-
**4,744**
4,744
-
-
**6,449**
6,449
-
-
**6,262**
6,262
-
-
**5,938**
5,938
-
-
**24,993**
24,993
-
-
**4,063**
4,063
-
-
**5,925**
5,925
-
-
**11,457**
11,457
-
-
**771**
771
-
-
**100**
100
**1,267**
1,267
-
-
**23,583**
23,583
-
-
**313,189**
313,189
-
-
**Charitable Activities**
**Raising**
**Funds**
**Ministry and**
**Mission**
**Training**
**Property**
**£**
**£**
**£**
**£**
21,254
139,405
4,702
99,252
2,008
13,167
444
9,374
1,894
12,424
419
8,846
25,156
164,996
5,565
117,472
8.03%
52.68%
1.78%
37.51%|**2024**
**Total**
**Funds**
**Unrestricted**
**Designated**
**Restricted**
**£**
**£**
**£**
**£**
**1,262**
1,262
-
-
**-**
-
-
-
**2,911**
2,911
-
-
**59**
59
-
-
**226,620**
226,620
-
-
**2,148**
2,148
-
-
**28,506**
28,506
-
-
**123**
123
-
-
**2,984**
2,984
-
-
**264,613**
264,613
-
-
**1,600**
1,600
-
-
**4,744**
4,744
-
-
**6,449**
6,449
-
-
**6,262**
6,262
-
-
**5,938**
5,938
-
-
**24,993**
24,993
-
-
**4,063**
4,063
-
-
**5,925**
5,925
-
-
**11,457**
11,457
-
-
**771**
771
-
-
**100**
100
**1,267**
1,267
-
-
**23,583**
23,583
-
-
**313,189**
313,189
-
-
**Charitable Activities**
**Raising**
**Funds**
**Ministry and**
**Mission**
**Training**
**Property**
**£**
**£**
**£**
**£**
21,254
139,405
4,702
99,252
2,008
13,167
444
9,374
1,894
12,424
419
8,846
25,156
164,996
5,565
117,472
8.03%
52.68%
1.78%
37.51%|
|---|---|---|---|
||
**313,189**||117,472|
||**100%**||37.51%|
32
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## _**2023 Comparative figures**_
**----- Start of picture text -----**
3. Indirect Costs
2023
Total
Funds Unrestricted Designated Restricted
Governance Costs £ £ £ £
- -
Synod Expenses 1,482 1,482
- -
Synod Council 1,681 1,681
- -
Synod Review 2,671 2,671
Staff Costs:-
- -
Trust Employment Costs 189,817 189,817
- -
Officers Expenses 2,555 2,555
Audit 22,070 22,070 - -
Bank Charges 353 353 - -
Committee Support Costs 1,928 1,928 - -
Total Governance Costs 222,557 222,557 - -
Premises Costs:-
Rent 1,600 1,600 - -
Insurance 4,432 4,432 - -
- -
Electricity 3,268 3,268
- -
Depreciation of Synod Office 10,732 10,732
Repairs and Cleaning 5,713 5,713 - -
25,745 25,745 - -
Office Costs:-
- -
Telephone 3,121 3,121
- -
Printing, Stationery and Postage 4,135 4,135
- -
Computers 8,909 8,909
- -
Advertising 6,849 6,849
Sundry costs 1,986 1,986 - -
25,000 25,000 - -
Total Indirect Costs 273,302 273,302 - -
Charitable Activities
2023 Raising Ministry and
Total Funds Mission Training Property
£ £ £ £ £
Governance costs 222,557 18,762 137,585 21,210 45,001
Premises costs 25,745 2,170 15,915 2,453 5,206
Office costs 25,000 2,108 15,455 2,383 5,055
Total Indirect Costs 273,302 23,040 168,955 26,046 55,262
% of Direct costs 100% 8.4% 61.9% 9.5% 20.2%
**----- End of picture text -----**
33
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **4. Grants**
The following grants have been charged in furtherance of the charitable objects during the year:-
|**2024**
**Number**
**Institutional Grants**
Ministry and Mission:
Carbon Offset
1
M & M Fund
1
Pulpit Supply
35
Inter-Synod Resource Sharing
1
Educational Chaplaincy
3
Ecumenical Situations
6
Release of legacy - Overseas
Mission
-
Release of Legacy – Local
Missions
-
Ministry Support Fund
1
Local Church Missions
7
Youth and Childrens Work
5
60
Property:
Church repairs
9
Church repairs – designated
4
Manse repairs
1
Manse allowance and insurance
-
Church surveys
11
25
**Total Institutional Grants**
85
**Individual Grants**
Training:
Ministers
15
Members
28
Students
8
**Total Individual Grants**
51
**Total Grants Charged**
**136**|**2023**
**Amount**
**Number**
**£**
1,500
1
284,802
1
9,790
17
35,000
1
26,450
2
12,807
7
-
1
-
-
16,161
-
139,466
7
1,742
8
527,718
45
90,197
9
125,124
14,609
1
14,211
12,534
11
256,675
21
784,393
66
4,927
20
6,345
10
1,313
2
12,585
32
**796,978**
**98**|**Amount**
**£**
1,006
50,000
3,973
25,000
20,200
17,695
10,200
-
-
15,882
5,996|
|---|---|---|
|||149,952|
|||94,372
1,900
28,335
16,334|
|||140,941|
|||290,893|
|||11,292
2,710
1,430|
|||15,432|
|||
**306,325**|
34
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **5. Trustees’ Expenses**
There were no Honoraria paid in the year.
Reimbursed expenses were paid to Trustees of the Board in aggregate of £48 (2023: £448). This figure includes expenses reimbursed for duties including, but not restricted to, Board meetings and travel.
|**6.**
**Employment Emoluments**
Wages and salaries
Employers national insurance
Pension costs
The average number of employees was|**2024**
**£**
**236,418**
**19,608**
**25,229**
**281,255**
**9**|2023
£
188,210
16,889
19,423|
|---|---|---|
|||224,522|
|||10|
No employee received £60,000 per annum or more in the current or prior year. All staff are employed by the company.
The Company operates a defined contribution 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 Reformed Church for his role with the charity.
|**7.**
**Gains on Investments**
Realised (loss)/gain on investments sold
Gains previously recognised in Trust accounts
Net gains/(losses) in the year on investments sold
Unrealised gains/(losses) on investments for the year
Other gains
**Net Gain on Investments for the Year**|**2024**
**£**
**(42,928)**
**146,940**
**104,012**
**1,640,535**
**19,581**
**1,764,128**|2023
£
1,154,784
979,408|
|---|---|---|
|||175,376
1,647,157
-|
|||1,822,533|
35
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **8. Movement on Funds**
|**8.**
**Movement on Funds**||||||
|---|---|---|---|---|---|
|**a) Fund**
**Unrestricted Designated Funds**
Church Buildings
Major Buildings Development
Fund
Energy Efficiency Fund
Manse - General
- Churches
Church Property
Mission Fund
Ministry Support Fund
Ministers Pension Support Fund
Denominational Project Fund
M & M Support Fund
**Unrestricted General Funds**
General Purposes
**Restricted Funds**
Choyce legacy
**Total Funds**
**_2023 Comparative figures_**|**Balance**
**1**
**January**
**2024**
**£**
-
2,271,634
659,248
7,851,192
586,736
2,899,975
618,562
281,640
2,423,429
-
179,743
17,772,159
9,623,021
-
27,395,180|**Other**
**Income**
**Expenditure**
**Movements**
**£**
**£**
**£**
8,911
-
(8,911)
-
(96,955)
136,148
-
(78,289)
-
2,388,534
(99,444)
271,615
22,181
-
36,306
90,206
(28,168)
26,412
-
(139,467)
34,037
-
(16,161)
-
-
(25,429)
(2,398,000)
-
-
2,398,000
-
-
9,264
2,509,832
(483,913)
504,871
679,148
(917,493)
1,259,257
1,643
-
-
3,190,623
(1,401,406)
1,764,128|||**Balance**
**31**
**December**
**2024**
**£**
**-**
**2,310,827**
**580,959**
**10,411,897**
**645,223**
**2,988,425**
**513,132**
**265,479**
**-**
**2,398,000**
**189,007**
**20,302,949**
**10,643,933**
**1,643**
**30,948,525**|
|**_a) Fund_**
**_Unrestricted Designated Funds_**
_Church Buildings_
_Major Buildings Development_
_Fund_
_Energy Efficiency Fund_
_Manse - General_
_- Churches_
_Church Property_
_Mission Fund_
_Ministry Support Fund_
_Ministers Pension Support Fund_
_M & M Support Fund_
**_Unrestricted General Funds_**
_General Purposes_
**_Restricted Funds_**
_Choyce legacy_|**_Balance_**
**_1_**
**_January_**
**_2023_**
**_£_**
_-_
_1,629,907_
_1,000,000_
_6,135,266_
_577,714_
_2,874,267_
_474,012_
_281,640_
_2,473,290_
_149,941_
_15,596,037_
_8,258,399_
_8,985_|**_Income_**
**_Expenditure_**
**_£_**
**_£_**
_8,749_
_-_
_-_
_-_
_-_
_(340,752)_
_1,484,420_
_(65,202)_
_9,022_
_-_
_72,930_
_(81,953)_
_-_
_(15,882)_
_-_
_-_
_-_
_(49,861)_
_-_
_-_
_1,575,121_
_(553,650)_
_1,299,142_
_(601,825)_
_638_
_(10,200)_||**_Other_**
**_Movements_**
**_£_**
_(8,749)_
_641,727_
_-_
_296,708_
_-_
_34,731_
_160,432_
_-_
_-_
_29,802_
_1,154,651_
_667,305_
_577_|**_Balance_**
**_31_**
**_December_**
**_2023_**
**_£_**
**_-_**
**_2,271,634_**
**_659,248_**
**_7,851,192_**
**_586,736_**
**_2,899,975_**
**_618,562_**
**_281,640_**
**_2,423,429_**
**_179,743_**
**_17,772,159_**
**_9,623,021_**
**_-_**|
|**_Total Funds_**|_23,863,421_|_2,874,901_
|_(1,165,675)_|_1,822,533_|**_27,395,180_**|
|||36||||
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **8. Movement on Funds** _(continued)_
## **Transfers between reserves**
Included within Other Movements above are transfers between funds as follows:-
||**General**|**General**|**General**|**Energy**||**Church**|**Mission**|**Mission**|**Major**|**Major**|
**Manse Fund**|
**Manse Fund**|
**Manse Fund**|**M&M**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||**purposes**|||**Efficiency**||**Building**||**Fund**|**Buildings**|||||**Support**|
|||||**Fund**||**Fund**|||**Development**|||||**Fund**|
||**Unrestricted**|||**Designated**|
**Designated**||**Designated**||**Designated**||
**Designated**|||**Designated**|
||||**£**|**£**||**£**||**£**||**£**|||**£**|**£**|
|Transfer to|||||||||||||||
|funds from|||||||||||||||
|Church sets|(179,448)|||-||-||34,037|136,148||||-|9,264|
|Transfer|||||||||||||||
|deficit on|||||||||||||||
|Church|||||||||||||||
|Buildings|||||||||||||||
|Fund||8,911||-||(8,911)||-||-|||-|-|
|Transfer from|||||||||||||||
|Manse Fund|||||||||||||||
|to Church|||||||||||||||
|Fund|||-|-||36,306||-||-||(36,306)||-|
||**(170,537)**|||**-**||**27,395**||**34,037**|**136,148**|||**(36,306)**||**9,264**|
|**Summary**||||**Balance 1**||||||||||**Balance 31**|
|||||**January**||||||||**Other**||**December**|
||||||**2024**|**Income**||**Expenditure**|||**Movement**|||**2024**|
||||||**£**||**£**||**£**|||**£**||**£**|
|Restricted|||||-||1,643||-|||-||**1,643**|
|Designated||||15,168,986||2,509,832||(483,912)|||504,871|||**20,302,949**|
|Unrestricted||||9,623,021||679,148||(950,555)|||1,292,319|||**10,643,933**|
|**Total**|**funds**|||24,792,007||3,190,623||(1,434,467)|||1,797,190|||**30,948,525**|
## b) **Purpose of Funds**
During the year, to establish more transparency in accounting for the balances relating to the funds of closed churches and pulpit supply cost reimbursement from the URC nationally, the Trustees have changed the recognition policy to move the balances received out of creditors and into designated funds. This has meant recognising the income in the SOFA, and the movement this year reflects the adjustment relating to a number of years.
## **General Purposes Fund - Unrestricted**
Unrestricted funds are needed to cover the support costs and grants for the above objects and the administration costs without which the Synod could not function.
## **Church Buildings 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.
## **Retired Ministers Housing Fund - Designated**
To provide the capital for long term loans to supplement the purchase of accommodation for retired ministers or their partners, together with Synod’s share of the maintenance costs for those properties.
37
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **8. Movement on Funds** _(continued)_
## **Manse General - Designated**
Mainly accumulated from the proceeds of manse sales when a replacement manse is not required, this fund provides long term loans to local churches in order for them to purchase a manse at a time when they do not have sufficient funds, and to supplement funds already available within local churches for the improvement and maintenance of their properties.
## **Manse Churches - Designated**
To hold the proceeds of manse sales when the church concerned is expecting to purchase a replacement. A separate fund for each church consists of the proceeds of sale together with interest thereon, which provides growth to the capital value. The total is available towards the cost of purchasing a new manse.
## **Mission Fund - Designated**
Funds to support local churches in their mission activity.
## **Choyce Legacy - Restricted**
To be shared between the Church of North India Children’s Development Unit, the Mission Fund of the Synod and Hatherton Church in accordance with the Will of Colin Choyce.
## **Church property – Designated**
Funds from the disposal of the properties or land at Stoke Chapel, Hall Green URC, Hollymount URC, Olton URC, Hobs Moat URC, Foleshill URC, Worcester URC, St John's Stone URC and Baxter URC pending a decision on future their use.
## **Ministry Support Fund**
Funded by a transfer in previous years of £500,000 from general funds to meet the costs of staff to supplement deployed ministry.
## **Ministers Pension Support Fund – Designated**
During the previous year a formal resolution was passed making a commitment to support the United Reformed Church Ministers Pension Fund financially if required.
## **Major Buildings Development Fund - Designated**
The Major Buildings Development Fund was established to receive the net proceeds of sale of closed churches. The fund is intended to facilitate the extension, rebuilding or conversion to new purposes of church buildings.
## **Energy Efficiency Grants - Designated**
In response to a rapid rise in energy costs and an extension of our commitment to help churches move to a low or zero carbon future it was recognised that there was a need to support churches in improving the their energy efficiency. The fund was established by a transfer between reserves and whilst application were received during 2022, the first grants were not approved until January 2023.
38
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
|**9.**
**Tangible Fixed Assets**
**Property**
**£**
**Cost**
At 1 January 2024 and 31 December 2024
379,684
**Depreciation**
At 1 January 2024
166,650
Charge for the year
6,262
**At 31 December 2024**
172,912
**Net Book Value**
**At 31 December 2024**
**206,772**
At 31 December 2023
213,034
All assets are used for charitable purposes.
**10.**
**Fixed Asset Investments**
**Listed Investments**
**Fixed**
**Interest**
**Equities**
**£**
**£**
Market value at 1 January 2024
1,691,758
20,927,864
Additions
764,112
1,327,834
Sales and redemption
-
(1,744,256)
Net investment gains
(1,288)
1,641,823
**Market Value at 31 December**
**2024**
2,454,582
22,153,265
**Cost at 31 December 2024**
**2,349,023**
**16,079,497**
**11.**
**Programme Related Investments**
**Cost at 1 January 2024**
Manse purchased
Manse sale/repayment on investments
**Cost at 31 December 2024**
These investments relate to:-
- Manses
- Retired Ministers Housing|**Office**
**Equipment**
**£**
10,968
10,968
-
10,968
**-**
-
**Cash**
**£**
341,018
-
(292,976)
-
48,042
**48,042**
**2024**
**£**
**3,612,170**
**1,000**
**(159,896)**
**3,453,274**
**2024**
**£**
**3,447,250**
**6,024**
**3,453,274**|**Total**
**£**
390,652
177,618
6,262
183,880
**206,772**
213,034
**Total**
**£**
22,960,640
2,091,946
(2,037,232)
1,640,535
24,655,889
**18,476,562**
2023
£
2,694,889
917,281
-
3,612,170
2023
£
3,606,146
6,024
3,612,170|
|---|---|---|
||||
39
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
No interest is charged on the initial value of the investment, 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. Retired Ministers Housing shows return of a legal charge when a property was sold.
|**12.**
**Debtors**
Loans due from United Reformed Churches and Ministers
Other debtors
Prepayments
**13.**
**Cash and Short Term Deposits**
**Bank**
**Current**
**Account**
**Charities**
**Official**
**Investment**
**Fund**
**£**
**£**
General purposes
174,454
949
Designated accounts
(15,589)
620,732
Restricted funds
1,643
-
**Balances as at 31 December 2024**
**160,508**
**621,681**
**14.**
**Creditors**
a)
**Amounts falling due within one year**
Amounts due to United Reformed Church and related
Bodies
Other creditors – support for Ministers’ Pension Fund
Accruals
Mission grants approved
Ministry support fund approved
Building grants approved
Other creditors|**2024**
**£**
**5,116**
**202,177**
**8,703**
**215,996**
**Epworth**
**Deposit**
**Fund**
**£**
2,539,341
-
-
**2,539,341**
**2024**
**£**
**43,173**
**-**
**65,260**
**84,649**
**20,261**
**166,321**
**173,327**
**552,991**|2023
£
6,139
164,897
14,872
185,908
**Total**
**£**
2,714,744
605,143
1,643|2023
£
6,139
164,897
14,872|
|---|---|---|---|
||||185,908|
|||**3,321,530**||
||||2023
£
71,113
508,571
73,058
172,588
-
126,830
-
952,160|
Included within amounts due to churches is £Nil (2023: £Nil) arising from property disposal proceeds being held pending applications from those churches within an agreed timescale for use of the proceeds.
40
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
|b)|**Amounts falling due after more than one year**|**2024**|2023|
|---|---|---|---|
|||**£**|£|
||Amounts due to United Reformed Churches|**31,227**|65,846|
||Amounts due to Rodborough Tabernacle|**125,222**|134,192|
||Mission fund|**173,956**|-|
|||**330,405**|200,038|
|c)|**Provisions**|||
||Provision relates to Manse repair allowance of £750 per manse which can be carried forward|||
||for up to two years. The commitment is non contractual. The balance is the total provision|||
||less sum of claims made.|||
|||**2024**|2023|
|||**£**|£|
||Provision for charges|**21,540**|26,536|
Provision relates to Manse repair allowance of £750 per manse which can be carried forward for up to two years. The commitment is non contractual. The balance is the total provision less sum of claims made.
## **15. Disposition of Funds as at 31 December 2024**
|**Fund**
**Designated Funds**
Retired Ministers Housing
Manse- General
- Churches
Ministers Pension Fund
Denominated Project Fund
Church Property
Major Buildings Development
Energy Efficiency Fund
M & M Support Fund
Mission Fund
Ministry Support Fund
**Restricted Fund**
Choyce Legacy
**Unrestricted Funds**
General Purposes
**Total Funds**|**Fixed**
**Assets**
**Investments**
**Programme**
**Related**
**Investments**
**Debtors/**
**Creditors**
**Cash and**
**Deposits**
**£**
**£**
**£**
**£**
**£**
-
-
6,024
(6,024)
-
-
6,943,108
3,447,250
21,539
-
-
645,223
-
-
-
-
2,423,429
-
(25,429)
(2,398,000)
-
-
-
-
2,398,000
-
2,988,425
-
-
-
-
2,310,827
-
-
-
-
557,777
-
23,182
-
-
139,007
-
-
50,000
-
567,615
-
(131,725)
77,242
-
281,640
-
(16,161)
-
-
-
-
-
1,643
206,772
7,798,838
-
(554,322)
3,192,645
**206,772**
**24,655,889**
**3,453,274**
**(688,940)**
**3,321,530**|**Total**
**£**
-
10,411,897
645,223
-
2,398,000
2,988,425
2,310,827
580,959
189,007
513,132
265,479
1,643
10,643,933|
|---|---|---|
|||**30,948,525**|
41
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## _**2023 Comparative figures**_
**----- Start of picture text -----**
Programme
Fixed Related Debtors/ Cash and
Assets Investments Investments Creditors Deposits Total
Fund £ £ £ £ £ £
Designated Funds
Retired Ministers Housing - - 6,024 (6,024) - -
Manse- General - 3,307,480 3,606,146 27,566 910,000 7,851,192
- Churches - 586,736 - - - 586,736
Ministers Pension Fund - 2,114,000 - (508,571) 818,000 2,423,429
- - - -
Church Property 2,899,975 2,899,975
Major Buildings Development - 2,271,634 - - - 2,271,634
- - -
Energy Efficiency Fund 558,481 100,767 659,248
M & M Support Fund - 129,743 - - 50,000 179,743
Mission Fund - 673,045 - (131,725) 77,242 618,562
- -
Ministry Support Fund 455,963 (218,360) 44,037 281,640
Unrestricted Funds
-
General Purposes 213,034 9,963,583 (256,479) (297,117) 9,623,021
Total Funds 213,034 22,960,640 3,612,170 ( 992,826 ) 1,602,162 27,395,180
**----- End of picture text -----**
42
Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **16. Commitments**
## **Property**
The office is situated on land that is registered in the name of the United Reformed 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 to the local church for the use of the land.
## **Guarantees**
The United Reformed Church (West Midlands) Trust Limited has acted as guarantor on behalf of a number of churches who have sought external grant funding. The various terms and conditions of these grants may require repayment in the event of church closure within a specified period. At the year end the Trustees had no reason to believe that the likelihood of repayment was anything other than remote and therefore no additional disclosure or provision has been made.
## **17. Contingent Assets**
At the year end, the vacant properties of three churches, seven manses and two other properties were held on Statutory Trusts in accordance with the United Reformed Church Acts of 1972, 1981 and 2000 by the company. The full proceeds of two churches, the seven manses and one other property will revert to Synod on sale in accordance with the Statutory Trusts on which the properties are held.
The Charity contributed to the URC Ministers Pension Fund deficit during the year. However, following an actuarial valuation there are now sufficient funds in the pension scheme and no more contributions are required. There was an overpayment made by the Charity given the latest valuation. However, there is a significant level of uncertainty on further costs to be incurred by the pension fund trustees and the Trustees do not expect to receive a refund at the point of signing the financial statements and are unable to quantify its value.
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Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **18. Funds Held as Trustee**
## **Local Churches**
The United Reformed Church (West Midlands) Trust Limited (“the Trust”) acts 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 Trust by a group of trustees and this can be achieved either by private 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, if jointly owned, the shares held 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 name 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 deposits owned by local churches in the Synod are held by the 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 of the 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 which come from the Elders/local Church.
## **Inter-Synod Resources Sharing**
In addition to the funds held for churches the Trust also holds funds 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 £455,228 at 31 December 2024 are held in separately identified deposit funds and investments. The funds are controlled by Resource 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.
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Docusign Envelope ID: B6572597-E5A3-4981-8E65-6FA5193AD859Docusign Envelope ID: 958417C9-60AF-415D-8275-9EBA21D2873D
## **THE UNITED REFORMED CHURCH (WEST MIDLANDS) TRUST LIMITED**
## **Notes to the Financial Statements**
## **Year Ended 31 December 2024**
## **19. Related Party Transaction**
- The Trust is the corporate Trustee of The James and Freeman Charity. During the year a charge of £2,000 (2023: £2,000) was made to The James and Freeman Charity for the administrative services provided by the Synod.
The Trust is the corporate Trustee of The Joseph Scott Fund. During the year a charge of £1,500 (2023: £Nil) was made to The Joseph Scott Fund for the administrative services provided by the Synod.
Owing to the nature of the charity’s operations and the composition of the Board of Trustees being drawn from the local United Reformed Churches, grant awards may take place with churches from within the Trust’s oversight. All discussions about grant awards or other transactions are undertaken without the presence of the conflicted Trustee. Following a 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 church 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**|
|---|---|---|---|---|---|
||||**£**|||
|Knowle URC|Building Grant|RCC|1,150|Terence Dicker|Trustee|
|St Andrews||||||
|Cheltenham|Building Grant|RCC|30,000|David Black|Trustee|
|St Andrews|Energy|Energy||||
|Cheltenham|Efficiency|Efficiency|17,129|David Black|Trustee|
|Sherbourne|Energy|Energy||||
|Community Church|Efficiency|Efficiency|15,759|Steve Powell|Trustee|
|Knowle URC|Joseph Scott||3,450|Terence Dicker|Trustee|
||Chapel Charity|RCC||||
|Sherbourne|Joseph Scott|||||
|Community Church|Chapel Charity|RCC|5,000|Steve Powell|Trustee|
Birmingham City Council holds a legal charge over a property held in Trust by the charity on Chester Road. Bournville Village Trust holds a legal charge over a property held in Trust by the charity on Weoley Hill.
## **20. Financial Instruments**
Financial assets measured at fair value through net income comprise fixed asset investments with a value of £24,607,847 (2023: £22,619,622).
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