# **Company Number: 1571090 Charity Number: 511689** 

# **THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED** 

**Incorporating the North Western Synod of the United Reformed Church** 

## **REPORT AND FINANCIAL STATEMENTS** 

**YEAR ENDED 31st DECEMBER 2020** 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

|**Contents**||
|---|---|
||**Page**|
|**Annual Report**|4|
|**Independent Auditor’s Report**|21|
|**Statement of Financial Activities**|23|
|**Balance Sheet**|24|
|**Statement of Cash Flows**|25|
|**Notes to the Financial Statements**|26|



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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

## **Reference and Administrative Information** 

## **Registered Office** 

Synod Office Unit 20, Sandpiper Quay Waters Edge Business Park Modwen Road Salford M5 3EZ 

## **Trustees and Directors of the Company** 

Mrs J C Mullineux (Chair of Trust) Mr N. Andrews (Appointed 1[st] March 2020) Mr M T Hart (Treasurer) Mr P F Jones (Resigned 13th February 2020) 

Revd M Aspinall (Vice-Chair) Mr A Haigh Revd B S Jolly Rev N Mark (Resigned 29[th] February 2020) 

## **Bankers** 

National Westminster Bank plc Spring Gardens Manchester. M60 2DB 

## **Legal Advisers** 

Towns, Needham LLP Colwyn Chambers, 19 York St, Manchester. M2 3BA 

## **Auditors** 

MHA MacIntyre Hudson Rutland House 148 Edmund Street Birmingham. B3 2FD 

## **Investment Manager** 

Castlefield Investment Partners LLP 8th Floor, 111 Piccadilly Manchester. M1 2HY 

## **Finance Officer** 

Mr D Wyke 

## **Synod Clerk** 

Mr T Hopley 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report 

Year Ended 31[st] December 2020 

The trustees present their annual report and the audited financial statements of The United Reformed Church (North Western Province) Trust Limited for the year ended 31st December 2020.  The trustees confirm that the trustees’ and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company qualifies as a small Company under section 383, of the Companies Act 2006. 

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulation 2013 is not required. 

The Trustees have referred to the general guidance issued by the Charity Commission on public benefit, when considering the delivery of activities in furtherance of the Charity’s aims and objectives. 

The Trust, through the work of the Synod, supports 118 churches and 2 Mission Projects in the region. Its support of these churches and their congregations aims to further their purposes in advancing the Christian religion. 

Having considered the Fundraising Regulator’s Code of Fundraising Practice 2019, the Trustees have concluded that the charity is not an active fundraiser as defined by that code and is not required to be registered with the Fundraising regulators. 

## **Structure, Governance and Management** 

## **The Trust and the Synod** 

The United Reformed Church (North Western Province) Trust Limited (“the Trust”) is a company limited by guarantee (company no. 1571090) and a registered charity (charity no. 511689).  It is governed by its Memorandum and Articles of Association as revised in 2012. 

The North Western Synod of the United Reformed Church (“the Synod”) is one of thirteen Synods that make up the United Reformed Church.  The Trust is the charity trustee of all the assets of the Synod including from the 1[st] April 2019 all manses for ministers and CRCWs (Church Related Community Workers). The Trust is the trustee of the church buildings held on behalf of the local churches in the Synod who manage those buildings. It acts as the custodian trustee of all the others assets of the local churches in the Synod. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

The Trust’s responsibility as trustee is exercised through its trustees or directors meeting as the Trust Management Committee. The Trust Management Committee and the Synod Resources Committee have the same membership.  The meetings of these committees are held at the same time with a shared agenda and minutes.  Matters that relate solely to the role of the Trust as custodian trustee are identified as such in both the agenda and the minutes. 

Each of the Synod’s main funds have been registered as a separate charity with the Charity Commission.  These are: 

- General Purposes Fund (commonly known as the General Fund) 

- Endowed General Purposes Fund 

- Chapel Street (Southport) Fund 

- Church Extension Fund (commonly known as the Church Property Fund) 

- Endowed Church Extension Fund (commonly known as the Endowed Church Property Fund) 

- Welfare Fund 

- The Fletcher Trust 

There are a few other small restricted and endowed funds of the Synod.  These were not required by the Charity Commission to be registered as separate charities either due to their size or because the Trust has asked the Charity Commission to change the charitable objects of these funds and to make some of them expendable. 

The Charity Commission has issued a uniting declaration linking the registered charities so that they are treated as forming part of the Trust for the purposes of registration and accounting and thus allowing the Trust to report in these financial statements on all the activities in these funds as the reporting charity. 

## **Trustees** 

The trustees of the charity are also company directors for the purposes of company law. 

The Synod Moderator, Synod Treasurer, Convener of the Synod Resources Committee and Synod Property Advisor are ex officio trustees. Each of the Synod’s four areas (Cumbria, Lancashire, Central and South) is entitled to nominate two trustees, normally the Area Finance Officer and Area Property Officer. At the end of 2020, there was one vacancy in each area. When an area-nominated trustee resigns, the area nominates a replacement for approval by the trustees. 

On the 1[st] January 2020, Rev. Brian Jolly took up his appointment as Synod Moderator. Mike Hart was appointed to the role of Interim Synod Clerk pending a permanent appointment. In September 2020, Tim Hopley took up the permanent appointment as Synod Clerk. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

All trustees give their time voluntarily and receive no benefits from the charity apart from the reimbursed expenses set out in note 7. None of the trustees including Synod Officers are paid for acting as Trustees, though some are paid for other roles in the church, as set out in notes 2 and 6 to the accounts. 

## **Appointment of Trustees – Qualifications, Training and Induction** 

All trustees must be current members of the United Reformed Church worshipping at a church within the Synod. 

The most important qualification for appointment as a trustee is a thorough awareness of the workings of the United Reformed Church at the local church, Synod and / or denominational level. Expertise and experience in such areas as property, human relations, law and finance are particularly useful background for the Trustee role wherever gained 

The trustees rely on the advice of Trust employees and professional advisors to ensure that they act in a proper and lawful manner.  New trustees are made aware of their legal responsibilities but otherwise there is no standard training or induction programme for new trustees.  Training in specific aspects of the work is provided as necessary.  The experience that new trustees bring to the Board is at least as important as any particular expertise. 

The Trustees operate within the general guidance issued by the Charity Commission when undertaking their work in the delivery of the Charity’s aims and objectives. 

## **Indemnity Insurance** 

The Memorandum and Articles of Association of the Trust allow it to provide indemnity insurance for the trustees and employees of the charity and this is provided. 

## **Constitution of Synod** 

The North Western Synod is one of 13 Synods of the United Reformed Church (“URC”) within the United Kingdom. It is constituted in accordance with the Scheme of Union and the United Reformed Church Acts of 1972, 1981 and 2000 (see www.urc.org.uk). It has oversight of the local churches and activities of the URC in much of the North West of England, covering parts of Derbyshire, Cheshire, Greater Manchester, Lancashire and Cumbria. 

Its responsibilities include: 

- Taking action which supports the spreading of the Gospel at home and abroad, the life and witness of the United Reformed Church, the interests of the Church of Christ as a whole and the well-being of the society in which the Church is placed; 

- Developing ecumenical relations; 

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## THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report 

Year Ended 31[st] December 2020 

- Overseeing matters affecting ordained ministry, including discipline; 

- Dealing with matters referred from the General Assembly and Mission Council; 

- Deciding upon all matters regarding the creation, grouping, amalgamation or dissolution of local churches 

- Providing a forum where concerns of local churches can be received, considered and appropriate advice given, and 

- Doing such other things as may be necessary in pursuance of its responsibility for the common life of the church. 

For full details of the responsibilities of Synods, see “The Structure of the United Reformed Church” on the URC’s central website (www.urc.org.uk). The Synod acts as a link between the local and central councils of the Church. 

The North Western Synod meets as a Council of the United Reformed Church (“URC”) twice each year.  It is made up of the Synod Officers, ministers, lay representatives of each local church and co-opted members.  The Synod delegates various powers to its Executive Committee and a number of subsidiary committees responsible for specific aspects of the Synod’s operations.  The Committee structure comprises: 

- Executive Committee; 

- Trust Management Committee and Synod Resources Committee 

- Mission and Discipleship Committee 

- Ministries Committee, and 

- Synod Pastoral Committee and four Area Pastoral Committees. 

More details can be found on the Synod website (www.nwsynod.org.uk) 

## **Work done by Employees and Volunteers** 

Most ministers of word and sacrament are paid directly from the Finance Office of the United Reformed Church in London. The Synod now employs thirteen people.  During 2020, the average number of full time equivalents was nine.  All members of Synod Committees and others supporting and enabling Synod activities are unpaid volunteers who can recover their travel and other expenses. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

## **Related Parties** 

Local congregations of the United Reformed Church and Local Ecumenical Partnerships operating in the Synod’s area are separate and independent charities. They are not deemed to be connected charities within the understanding of the Charities SORP (FRS102) and none of the assets or liabilities of these bodies are incorporated in the Trust’s financial statements. Any related party transactions are disclosed in note 7 to the financial statements. 

The Trustees are the key management personnel of the Trust. A Register of Interests is maintained and any specific disclosures are made at the start of each Trust Management Committee. 

## **Trustee for Local Churches** 

The Trust acts as custodian trustee of the local United Reformed Churches within the Synod, holding properties and investments separately on their behalf. Such property and funds are not included in the Trust accounts. The local churches have objects similar to the Trust. There are guidelines in place relating to safe custody and handling of these assets. 

## **Employees** 

The Synod is committed to employment policies that follow best practice, based on equal opportunities for all employees, irrespective of gender, gender reassignment, sexual orientation, religious beliefs, colour, ethnic or national origin, age, marital status or disability.  It endeavours to identify and remove barriers to participation in employment, training, and personal development. 

The Synod has a Staff Handbook which provides employees with core information and regular staff meetings are held with both office and field staff to enable their involvement and engagement with all aspects of the work of the Synod. 

An external market review is sought for all new or changed posts to ensure comparability with similar jobs in the area and the charitable sector. An annual review of pay for all staff is undertaken and recommendations made to the Trust Management Committee for decision. 

The Synod contributes to a staff pension scheme which is administered by TPT, its trustee. This is operated as a defined benefit scheme.  During 2020, the Synod contributed 32.6% of pensionable salary in respect of members of the scheme, amounting to £85,493 (2019: £81,197).  Members contributed at the rate of 7.5% of pensionable salary. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

## **Risk Management** 

The risk management process is co-ordinated by the Trust Management Committee, who maintain a risk register on behalf of both the Synod and Trust. This is included on the agenda for all Trust Management Committee meetings and is reviewed formally every six months by the Committee.  The URC has recently developed a standard template to record risks and mitigation actions for use at all levels in the Church. 

In relation to financial and property risks, the Trust has agreed clear risk mitigation measures, for example savings are mostly held in accounts covered by the government’s Financial Services Compensation Scheme.  The Synod’s investments are managed by independent specialists (Castlefield Investments) and are chosen to be low and medium risk, and deposited with Pershing Securities one of the world’s largest custody banks.  The Synod’s properties and the local church properties are all subject to quinquennial surveys by qualified surveyors and each local church is required to complete an annual self-assessment questionnaire about the condition of the properties under their control. 

The most significant risk continues to be the decline in membership of the United Reformed Church, as with other mainstream denominations. This is impacting on both the financial resources and makes it more difficult to find volunteers to fill roles in the Synod and in local churches.  For the Trust and the Synod, this means that more of the work is having to be done by paid staff rather than by volunteers. The Covid-19 pandemic in 2020/21 is having a significant impact on this at local church level and this is likely to impact on demands for support from Synod. 

## **Aims and Objectives** 

## **Introduction** 

The Trust’s charitable objectives are set out in its registration with the Charity Commission, these are: 

“To advance the Christian religion and propagate the gospel in accordance with the doctrines, principles and usages of the United Reformed Church with particular responsibility for the North Western Province” 

The registration summarises the Trust’s activities as: 

“Supporting the spreading of the gospel at home and abroad, the life and witness of the United Reformed Church, the interests of the church as a whole and the wellbeing of the society in which the church is placed, in particular in the north-west of England.  Custodian 

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## THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

Trustee for all properties owned by the local churches within the North Western Synod of the United Reformed Church and properties owned by the synod.” 

As well as discharging the responsibilities of the Synod and Trust set out in the URC Act and national church regulations, the Synod provides a range of services to support the ministry, mission and administration of local churches, through its office and field staff and the engagement of specialist advisors. Local congregations within the Synod area comprise 118 local churches and 2 mission projects which are directly governed by the Synod. The Trust also provides grants to local churches to support them in the maintenance and improvement of their buildings and for mission development work. 

## **Missional Discipleship & Ministerial Deployment** 

In 2016, the Synod Meeting agreed to adopt a major new strategy for ministry, “Missional Discipleship”.  This was to respond to a reduction in the number of Stipendiary Ministers available across the denomination, by looking at a new pattern of the deployment of that form of ministry and to develop other forms of ministry within the Synod area in line with the Basis of Union of the URC which states that “the Lord Jesus Christ continues his ministry in and through the Church, the whole people of God called and committed to his service and equipped by him for it”.  Missional discipleship is about being Jesus shaped – as individuals, as congregations, and as a Synod. 

The Synod Meeting in October 2016 agreed to a major investment for an initial five-year period (2017-22) in staffing and other resources to support the implementation of this strategy. Following review, three “mission mentor” posts are being included in Synod budget for future years. “Missional Partnerships” were agreed at the March 2017 meeting of Synod as a new way for congregations to be grouped so they can share, learn, and support each other in their mission to their local communities.  It was also agreed that these Missional Partnerships would become the location for the future deployment of stipendiary ministers.  The partnerships were formally launched in May 2019, and by the end of 2020 all eleven Missional Partnerships were in place. As part of this the Synod Office administers Ministers’ housing costs and expenses on behalf of Missional Partnerships. This has removed a significant administrative burden from local churches and is funded through contributions from local churches administered through the Mission and Ministry Fund collection process. This is managed through a separate designated fund. 

Change is both exciting and scary, but being Jesus shaped is about taking risks for the sake of the gospel.  One major priority for the Synod officers and committees is the pastoral care and support of our ministers and of our local churches, particularly those churches without ordained ministry. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

## **Support for Ministry** 

The Synod provides spiritual, pastoral and strategic leadership and care to local churches and their ministers and aims to ensure effective ministerial deployment. It also monitors the progress of those applying for and undertaking various types of ministerial training and works to develop ecumenical relations in the geographical area covered by the Synod. 

The Synod provides training for ordained and lay people and organises and supports work with children and young people and mission and outreach activities by local churches. 

## **Special Category Ministers** 

Special Category Ministers (SCMs) are ministers deployed to work in pioneering and unconventional ministries that would be unlikely to be resourced through the normal deployment process. 

During 2020 the Synod funded housing and support costs for 1 such appointments, working with un-churched young people in Chorlton, Manchester. A further appointment working in Salford with the Oasis Academy and with the local URC congregation took up post early in 2021. 

## **Support for local churches** 

The Synod provides support and guidance to local churches on financial, property, legal and administration matters, including trusteeship, employment, health and safety, and charity registration. All advice and services provided by the Synod are free at the point of use. 

The Synod helps local churches with all aspects of managing their properties, including: 

- Acquisition, disposal, modification and letting; 

- Subsidising quinquennial property surveys; 

- Supporting development and maintenance work, and 

- Advising on all aspects of ownership of listed buildings. 

The Synod also provides support and guidance on financial matters, including: 

- Form of accounts and accounting practice in local churches 

- Regulations regarding Gift Aid; 

- Investment policy and investment management, through Castlefield Investment Partners LLP (“Castlefield”), a Manchester-based investment manager, who manage the Trust’s own investments under a discretionary management arrangement. The Trust acts as custodian trustee for these funds and for other investments held by churches. The Trust manages purchases, disposals and income distribution for churches for which it acts as custodian trustee, and 

- Management of cash deposits 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

Working often with its legal advisors, Towns Needham LLP, the Synod supports churches on a range of legal and governance matters, including hirings and lettings of church premises, charity governance, and the disposal of surplus properties. 

Through its Safeguarding Advisor, (employed with Mersey Synod), the Synod also provides support to local churches to ensure that their responsibilities in respect of the Safeguarding of Children and Vulnerable Adults are properly discharged. It also employs a Children and Youth Development Officer to support and enable the development of ministry with these groups of young people. 

## **Financial Support** 

The Synod makes grants and donations to individuals, churches and other organisations. 

The Ministries Committee can make grants to individuals and organisations for purposes related to the committee’s activities, within the limits of the committee’s budget, which is approved annually by the Trust Management Committee. 

The Trust Management Committee authorises grants from the Synod's funds to local churches and external bodies. External grants include regular payments for mission, chaplaincies and ecumenical work, which are approved in advance by the Trust Management Committee. 

Grants and loans are made to local churches within the North Western Synod, both for mission projects and for repairs or improvements to church buildings. Following approval by relevant Area Pastoral Committee, the Trust considers the applications, taking account of the overall budget for grants and the available funds of the Synod. 

The Moderator is also able to make small grants to individuals in personal need entirely at his discretion. 

## **Synod Manse Scheme** 

The Synod Meeting in March 2018 agreed a final proposal for the operation of a comprehensive Synod Manse Scheme. All churches with Manses passed the necessary church meeting resolutions to transfer their Manse to the new scheme, and a number of churches passed resolutions to transfer monies held in local Manse Funds from previous property sales to the scheme. The scheme was implemented on 1[st] April 2019 and from this date management of all Manses was transferred to the Synod. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report 

Year Ended 31[st] December 2020 

The scheme means that all housing for ministers in the North Western Synod area will be provided through Synod resources, and following the disposal of surplus properties Synod was able during 2020 to release over £4.5m to support the development of new mission and ministry in local churches.  By the end of May 2021, all thirty-four surplus manses had been successfully sold. By the same date five new manses (meeting current national guidelines) had been purchased and a further one was expected to complete by the end of June. 

The Synod Manse Scheme is managed as a separate designated fund within the Synod Accounts. The fund is designed to be self-financing for a minimum period of ten years. 

## **Synod Financial Strategy** 

The Synod has a long standing financial strategy based on three core principles which it has also encouraged local churches to adopt.  These core principles are: 

- Our priority must be (God’s) mission; 

- We belong to each other (under God), and 

- The strong should help the weak. 

These remain the core principles on which the Synod seeks to deploy its resources in support of the Ministry and Mission of its local churches. 

## **Investment Policy** 

The Synod’s long-term investments are managed by Castlefield Investment Partners LLP (“Castlefield”), under a discretionary management agreement. The policy agreed by the Investment Committee is that they are invested in a diversified range of UK and global equities and fixed interest investments with low to medium risk. The aim of the investment policy is to achieve a balance between income and capital growth. The investment policy which conforms to the ethical standards agreed by the General Assembly of the United Reformed Church. In line with this the Synod has received assurances that its investment complies with the policy agreed by the URC’s Mission Council in May 2019 to disinvest in Fossil Fuels. 

During the year, discussions were held with the investment managers regarding the strategic asset allocation of the portfolio, the use of bespoke investment funds and whether the mandate in place since October 2016 required updating. An investment strategy questionnaire was completed as part of the discussions and the outcome of the process was a recommendation by the investment managers to move to a Growth/Medium Risk strategy. This was adopted by the Trust Management Committee, and the change put into effect in July 2020. The key changes involved moving from a portfolio biased towards UK income-generating shares to one with an approximately equal split between UK and global shares, and within the UK stock market to have a substantially increased exposure to potential capital growth. 

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## THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

As part of the review consideration was given to the performance of the bespoke Investment Funds used by both Synod and Local Churches. It was agreed to transfer the holdings to two of Castlefield Investments main portfolio funds, one focussed on income and the other on growth objectives. This revised approach is projected to offer an improved total return potential for the investments. In addition, the investment managers confirmed that the investments would be in keeping with the Mission Council resolution on fossil fuels. The process was completed early in 2021 and early indications are that this has reduced costs to local churches, provided a greater flexibility for dealing and has improved investment performance. 

The performance in 2020 above relevant benchmarks -3.1% total return after costs compared with +3.5% total return before costs in the ARC steady growth charity index. The performance over the last five years was +23.0% compared to +40.4% on the ARC steady growth charity index. Investment performance is subject to careful scrutiny with fund managers at the six-monthly Investment Committee meeting. 

The Synod has also been working with Castlefield to dispose of a number of small legacy shareholdings held by both Synod and Local Churches. Work was delayed by the Covid pandemic but is now expected to complete in the third quarter of 2021. 

## **Reserves Policy** 

The Synod has a policy of maintaining sufficient reserves to provide the income necessary for the efficient running of the Synod's administration and the provision of grants and donations to individuals and organisations to further the charitable and spiritual mission of the Church. 

The Trustees have not agreed a range of acceptable reserves. They acknowledge that the nature of the Trust requires it to retain a relatively high level of unrestricted reserves, particularly to secure an income stream to support operational activities. The budget plan is based on annual income from investments of £100,000. 

A new long term budget plan is being prepared for the period from 2022 to 2026 and this will inform a review of the reserves policy. 

## **Achievements and Performance** 

## **Implications of the Covid Pandemic** 

The focus of much of our activities during 2020 was on providing support to local churches in their response to the Covid pandemic.  All churches closed their buildings in line with Government instructions in March 2020 and whilst some reopened for worship and some hirings during the second half of the year, all were then advised to close in January 2021. 

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## THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

Early in the year, risks were identified with the financial position of a number of churches with the potential loss of income during any closure period. The Trust agreed that it would seek to ensure that no church had to close simply because it had run out of money. An important part of this was to ensure that the agreed contributions to the national M&M fund were maintained. Initial financial support was provided through loans to churches with limited cash reserves. As the scale of the issue became clearer, an approach was developed to provide grant support to churches with low levels of reserves to compensate for losses in 2020, and to provide support with the payment of M&M fund contributions in 2021 again focussed on churches with limited reserves. Over three quarters of the churches in the Synod were able to benefit from the package of financial support which was agreed at the Synod Meeting in Autumn 2020 funded by the planned use of up to £750,000 from reserves. 

Advice, Training and Pastoral Care for Ministers and Church Officers all formed key elements of practical support provided by Synod Staff and Officers. In order to ensure the effective co-ordination and completeness of the advice and guidance, an additional part time member of staff was recruited during the summer again funded from the planned use of reserves. This pro-active approach was greatly appreciated by church. The post also provided co-ordination for the Trust of the position on church re-openings and the receipt of appropriate risk assessments which were the key condition for consent to the church’s reopening. 

Operationally, the Synod had to close its office premises in March 2020 and again for the subsequent national lockdowns. A business continuity plan based on all staff members working from home was successfully implemented. This successfully minimised disruption to the work of the Synod and Trust. Using video technology, both the Trust Management and Synod Executive Committees increased the frequency of their meetings to enable proper oversight and advice in this period. The Synod Office reopened in September 2020 following completion of a comprehensive risk assessment and the implementation of required measures to ensure that it was “Covid secure”. Key to this was imposing strict limits on the number of people in the building which required all meetings to continue to be held online. 

## **Grants and Loans** 

In 2020, the Synod awarded grants totalling £503,689 to its local churches including grants totalling £284,174 as mission grant. Building grants totalled £173,515 and included subsidies of building surveys totalling £9,598. A grant of £1,300 was awarded to North West Pilots, the URC’s youth and children’s organisation. The Synod also made a contribution to support the Ministers’ Pension fund of £21,397. 

It also supported ecumenical work in the region by making contributions of £10,803 to county and regional ecumenical bodies and supported chaplaincy at Manchester University with a grant of £12,500. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

## **Training** 

The Synod continues to encourage ministers, lay preachers, elders, members and staff to develop their skills through training and education.  The Synod employs a full-time Children and Youth Development Officer and a half-time Learning and Development Officer _,_ together _with_ three Missional Discipleship Mentor to work with local churches.  Activities during 2020, mostly took place using online technology and included training days for ministers and elders, lay preacher training and training of workers with children and young people. Many of the ministers serving in the Synod undertook professional training and sabbaticals which were paid for by the Synod, partly subsidised by the central United Reformed Church. 

## **Synod Office** 

Late in 2020, the Trust completed the purchase of new office accommodation for the Synod. This will provide suitable accommodation for both office based and field staff, and provide flexible meeting and training accommodation for the Synod and local churches. Following an extensive refurbishment staff transferred to the new office in June 2021. The previous office premises are to be marketed for sale. 

## **Financial Review** 

## **Financial Statements** 

The financial statements have been produced in accordance with the Statement of Recommended Practice (FRS 102). 

A summary of the Synod’s Statement of Financial Activities and Balance Sheet is published in the papers for Synod Meetings. The audited accounts are placed on the Synod’s website (www.nwsynod.org.uk) and paper copies will be provided to any member of one of the local churches of the Synod on request.  However, the legal responsibility for these accounts lies with the trustees or directors of the company. 

## **Statement of Financial Activities** 

In 2020 unrestricted fund operating income was £170,673 (2019, £253,037) which was approximately £18,000 above budget. Investment income was almost 40% below budget, reflecting the turbulence in the market and the significant reductions in Dividend payments. Investment values fell slightly during the year with a decrease in the overall value of the Trust’s investments of £112,000 in the year to 31[st] December 2020. 

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THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report 

Year Ended 31[st] December 2020 

Total operating expenditure amounted to £1,412,600 (2019 £1,136,064). At its Autumn meeting the Synod agreed o the release of £750,000 from reserves over 2020 and 2021 to support local churches in responding to the pandemic. The main element of this was grants to compensate for losses of income during periods where churches had to be closed (£255,575). Other Grants are noted in the Achievements and Performance section above. 

Overall the accounts show a loss on unrestricted funds of £916,619 with the unrestricted funds at the end of the financial year standing at £4,032,009. In addition to reasons highlighted above the Trust experienced a significant decline in other income (particularly property sales) during the year to £247,030 (2019 £791,731). Overall funds standing at £16,441,892 mainly due to surpluses (of £800,320) on designated funds during the year. 

## **Balance Sheet** 

The Balance Sheet continues to show a strong position with Unrestricted Income Funds (General and Designated) having a combined value of £15,787,742 a reduction of £116,299 on the start of the year. Tangible Fixed Assets have grown during the year by £1,320,679 reflecting the purchase of a new Synod Office and three new Manses. 

## **Post Balance Sheet Events** 

The further lockdown in the first Quarter of 2021 had a significant financial and operational impact on the Trust, the Synod and its constituent churches. The legacy of this period is likely to continue to impact for a considerable period going forward. Many churches only began to reopen their buildings in late May 2021, and by that point five local churches had indicated to Synod that they intended to close permanently in the near future. Two of these had passed the necessary formal resolution for closure. 

Following the decision of the UK Supreme Court in respect of the applicability of Business Interruption Insurance to the Pandemic, the Synod and many of its churches were notified by their Insurers that claims under their church policy would be accepted. Approximately 90 of the churches in the Synod are eligible to claim. At the end of June 2021 39 churches had received interim payments totalling £317,000.  This will provide valuable support for these churches going forward. 

Operationally, the Synod again had to close its office premises and implement a business continuity plan based on all staff members working from home. This successfully minimised disruption to the work of the Synod and Trust. Using video technology, both the Trust Management and Synod Executive Committees increased the frequency of their meetings to enable proper oversight and advice in this period. 

In June 2021, the Synod completed the sale of surplus manses transferred from local churches with the introduction of the Synod Manse Scheme. 

## **Ministers’ Pension Fund Deficit** 

Page 17 



THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

The Trust is currently in discussions with the United Reformed Church regarding a solution to provide financial support to the Ministers Pension Fund which is in deficit.   Due to the structure of the national church and ministerial appointments there is no legal obligation for the Trust but all of the regional bodies have been approached and there is wide acceptance that there is a moral obligation at the regional level and that such support does fall within the charitable purposes of the Trust. 

Whilst discussions are still ongoing and there is no binding agreement, the Trust has made an in principle offer of around £1,190,000 which would be payable over a period of 10 years commencing in 2021.   The Trust continues to monitor and review the position to ensure that any such final commitment is affordable and does not put the financial stability of the Trust at risk. 

## **Trustees' Responsibilities** 

The Trustees (who are directors under company law) have prepared the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the Trustees 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 applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- 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 

Page 18 



THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED Incorporating the North Western Synod of the United Reformed Church Annual Report Year Ended 31[st] December 2020 

- 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. 

## **Appointment of Auditors** 

The trustees appointed the Birmingham office of MHA MacIntyre Hudson as auditors of the Trust’s from the 2016 accounts, and they were reappointed as auditors for the 2020 accounts. 

We confirm on behalf of the Trust Management Committee, our approval of the accounts set out on pages 20 to 38. 

Signed on behalf of the Trustees: 



Mrs J C Mullineux Mr M T Hart Chair of Trust Synod Treasurer August 2021 

Page 19 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF** 

## **THE UNITED REFORMED CHURCH (NORTH WESTERNERN PROVINCE) TRUST LIMITED** 

## **Opinion** 

We have audited the financial statements of The United Reformed Church (North Western Province) Trust Limited (the ‘charitable company’) for the year ended 31 December 2020 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 2020 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 Trustees’ 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 charitable 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 Trustees 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. 

Page 20 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED** 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, 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. 

## **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. 

Page 21 



## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF** 

## **THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) 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 estimates for bias. 

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. 

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. 


## **Helen Blundell LLB, FCA, FCIE, DChA (Senior Statutory Auditor) For and on behalf of MHA MacIntyre Hudson (Statutory Auditor)** Birmingham, United Kingdom 

Date: 19 August 2021 

Page 22 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Statement of Financial Activities Year Ended 31st December 2020** 

|**Note **<br>**INCOME FROM:**<br>**_Donations:_**<br>2.1.1<br>**_Investments:_**<br>Investment income<br>2.1.4<br>Bank and deposit interest<br>2.1.4<br>**_Incoming resources from charitable activities:_**<br>Charitable activities<br>2.1.2<br>**_Other operating incoming resources:_**<br>Rent and loan interest<br>2.1.3<br>**Total Operating Income**<br>**_Other incoming resources:_**<br>Cash & Investments Transferred from Closed<br>Churches<br>2.1.5<br>Transfers from Local Churches to Manse Fund<br>2.1.5<br>Properties Transferred from Closed Churches<br>2.1.5<br>Profit/(Loss) on Disposal of Properties<br>2.1.5<br>Other Income<br>2.1.5<br>**Total Income:**<br>**EXPENDITURE ON:**<br>**_Raising Funds:_**<br>2.2.1<br>**_Charitable Activities:_**<br>2.2.2<br>Grants & Donations<br>Training<br>Special Category Ministers<br>Office Salaries - Charitable Activities<br>Property Costs<br>Mission<br>Area Support<br>Other Charitable Expenditure<br>Governance costs<br>2.2.3<br>**Total Operating Resources Expended**<br>**Net Income/(Expenditure) on Operating Account**<br>**Net Income/(Expenditure) before Transfers**<br>Net Transfers between Funds<br>9<br>**Net Income/(Expenditure)**<br>**Other Recognised Gains/(Losses):**<br>Investments - Unrealised<br>8<br>Unrealised Gain/(Loss) on Property Revaluation<br>11<br>**Net movement in funds**<br>Total Funds Brought Forward 1st January 2020<br>Total Funds Carried Forward 31st December 2020<br>9|**2020**<br>**2019**<br> **Unrestricted Designated**<br>**Restricted**<br>**Endowed**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>98,485<br>202<br>9,195<br>-<br>107,882<br>99,710<br>65,338<br>7,436<br>1,073<br>6,755<br>80,602<br>135,764<br>3,850<br>5,501<br>(23)<br>665<br>9,993<br>12,543<br>-<br>-<br>-<br>-<br>-<br>-<br>3,000<br>5,269<br>1,898<br>-<br>10,167<br>51,431<br>170,673<br>18,408<br>12,143<br>7,420<br>208,644<br>299,448<br>41,242<br>-<br>-<br>-<br>41,242<br>70,269<br>-<br>8,675<br>-<br>-<br>8,675<br>5,673,376<br>-<br>-<br>-<br>-<br>-<br>483,797<br>34,829<br>135,456<br>-<br>-<br>170,285<br>2,453,590<br>286<br>81,020<br>-<br>-<br>81,306<br>19,325<br>247,030<br>243,559<br>12,143<br>7,420<br>510,152<br>8,999,805<br>5,295<br>-<br>83<br>521<br>5,899<br>12,351<br>258,119<br>99,338<br>167,331<br>-<br>524,788<br>212,581<br>946<br>73,142<br>-<br>-<br>74,088<br>98,865<br>14,614<br>-<br>-<br>-<br>14,614<br>37,298<br>154,241<br>41,237<br>-<br>-<br>195,478<br>137,563<br>27,870<br>184,501<br>13,635<br>-<br>226,006<br>176,210<br>169,594<br>403<br>-<br>-<br>169,997<br>234,316<br>1,476<br>24<br>-<br>-<br>1,500<br>7,626<br>8,839<br>31,521<br>1,900<br>-<br>42,260<br>32,706<br>157,779<br>27,921<br>-<br>-<br>185,700<br>186,548<br>798,773<br>458,087<br>182,949<br>521<br>1,440,330<br>1,136,064<br>(628,100)<br>(439,679)<br>(170,806)<br>6,899<br>(1,231,686)<br>(836,616)<br>(551,743)<br>(214,528)<br>(170,806)<br>6,899<br>(930,178)<br>7,863,741<br>(213,343)<br>213,544<br>6,698<br>(6,899)<br>-<br>-<br>(765,086)<br>(984)<br>(164,108)<br>-<br>(930,178)<br>7,863,741<br>(168,530)<br>(22,212)<br>(2,957)<br>(17,550)<br>(211,249)<br>504,579<br>17,000<br>823,454<br>-<br>-<br>840,454<br>463,466<br>(916,616)<br>800,258<br>(167,065)<br>(17,550)<br>(300,973)<br>8,831,786<br>4,948,628<br>10,955,413<br>412,404<br>426,361<br>16,742,806<br>7,911,020<br>4,032,012<br>11,755,671<br>245,339<br>408,811<br>16,441,833<br>16,742,806|
|---|---|



Page 23 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Balance Sheet At 31st December 2020** 

|**Note**<br>**Fixed Assets:**<br>Tangible Assets<br>11<br>Investments<br>12<br>Programme Related Investments<br>13<br>**Current Assets:**<br>Debtors: amounts falling due within<br>one year<br>14<br>Properties for disposal<br>15<br>Cash and Short Term Deposits<br>**Creditors: Amounts falling due within**<br>**one year**<br>16<br>**Net Current Assets**<br>**Total Assets less Current Liabilities**<br>**Creditors: Amounts falling due after**<br>**more than one year**<br>**Total Assets**<br>**Funds:**<br>Unrestricted Income Funds:<br>General<br>18<br>Designated<br>18<br>Total<br>Restricted Income Funds<br>18<br>Endowment Funds<br>18<br>**Total Funds**|**2020**<br>**2019**<br>**Unrestricted Designated**<br>**Restricted**<br>**Endowed**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>399,514<br>9,928,035<br>-<br>- 10,327,549<br>9,006,867<br>3,317,334<br>400,672<br>53,324<br>354,476<br>4,125,806<br>4,237,056<br>147,030<br>-<br>320,760<br>-<br>467,790<br>251,466<br>3,863,878<br>10,328,707<br>374,084<br>354,476<br>14,921,145<br>13,495,389<br>7,608<br>51,217<br>-<br>-<br>58,825<br>69,696<br>120,436<br>2,202,696<br>-<br>-<br>2,323,132<br>4,902,760<br>289,955<br>2,675,157<br>(84,167)<br>54,335<br>2,935,280<br>2,905,150<br>417,999<br>4,929,070<br>(84,167)<br>54,335<br>5,317,237<br>7,877,606<br>(249,865) (3,502,106)<br>(44,578)<br>- (3,796,549) (4,630,189)<br>168,134<br>1,426,964<br>(128,745)<br>54,335<br>1,520,688<br>3,247,417<br>4,032,012<br>11,755,671<br>245,339<br>408,811<br>16,441,833<br>16,742,806<br>-<br>-<br>-<br>-<br>-<br>-<br>4,032,012<br>11,755,671<br>245,339<br>408,811<br>16,441,833<br>16,742,806<br>4,032,012<br>-<br>-<br>-<br>4,032,012<br>4,948,628<br>- 11,755,671<br>-<br>- 11,755,671<br>10,955,413<br>4,032,012<br>11,755,671<br>-<br>- 15,787,683<br>15,904,041<br>-<br>-<br>245,339<br>-<br>245,339<br>412,404<br>-<br>-<br>-<br>408,811<br>408,811<br>426,361<br>4,032,012<br>11,755,671<br>245,339<br>408,811<br>16,441,833<br>16,742,806|
|---|---|



These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 

Approved by the Trust Management Committee on 10th August 2021 and signed on its behalf by 


Mr M T Hart Synod Treasurer 


Mrs J C Mullineux Chair 

Page 24 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Statement of Cash Flows Year Ended 31st December 2020** 

|**Notes**<br>**Cash flow from operating activities:**<br>**Net cash provided by/(used in) operating activities**<br>**A**<br>**Cash flows from investing activities:**<br>Investment income and rents<br>Proceeds from the sale of fixed assets<br>Purchase of fixed assets<br>Purchase of investments<br>Issue of programme related loans<br>Repayment of programme related loans<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the reporting period**<br>**Cash and cash equivalents at the beginning of the reporting period**<br>**B**<br>**Cash and cash equivalents at the end of the reporting period**<br>**B**<br>**Notes to the statement of cash flows:**<br>**(A) Reconciliation of net income/expenditure to net cash flow from operating**<br>**activities**<br>**Net movement in funds for the reporting period (as per the statement of**<br>**financial actvities)**<br>**Adjustments for:**<br>Depreciation charges<br>(Gains)/Losses on investments<br>Investments transferred from local churches to Synod Manse Fund<br>Investment income and rents<br>Loan interest received<br>Profit on the sale of fixed assets<br>Fixed assets reclassified as current assets<br>Fixed assets transferred from local churches<br>Unrealised loss/(gain) on property revaluation<br>Unrealised (loss)/gain on revaluation of properties for disposal included in<br>movement in current assets<br>(Increase)/decrease in debtors<br>(Increase)/decrease in other current assets<br>Increase/(decrease) in creditors<br>**Net cash provided by/(used in) by operating activities**<br>**(B) Analysis of cash and cash equivalents**<br>Cash at bank and in hand|**2020**<br>**2019**<br>1,576,330<br>(586,322)<br>95,864<br>199,044<br>626,246<br>3,373,484<br>(1,956,885)<br>(369,064)<br>(100,000)<br>-<br>(832,395)<br>(100,702)<br>620,970<br>48,255<br>(1,546,200)<br>3,151,017<br>30,130<br>2,564,695<br>2,905,150<br>340,455<br>2,935,280<br>2,905,150<br>(300,973)<br>8,831,786<br>6,164<br>5,875<br>211,249<br>(504,579)<br>-<br>(398,104)<br>(95,864)<br>(199,044)<br>(4,898)<br>(694)<br>(170,285)<br>(2,453,590)<br>906,200<br>-<br>- (5,575,384)<br>(840,454)<br>(463,466)<br>108,332<br>-<br>10,871<br>(49,704)<br>2,579,628<br>(4,277,760)<br>(833,640)<br>4,498,342<br>1,576,330<br>(586,322)<br>2,935,280<br>2,905,150|
|---|---|



Page 25 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **1. Accounting Policies** 

## **1.1. General Information** 

The United Reformed Church (North Western Province) Trust Limited is a charitable company limited by guarantee, operating from the Synod Office, Franklin Street, Eccles, Manchester M30 0QZ and its principal activity is to act as the charity trustee of all the assets of the North Western Synod of the United Reformed Church and of the church buildings and manses held on behalf of the local churches of the Synod and to act as the Custodian Trustee of all the other assets of the local churches in the Synod.  The Trust Company has no income and expenditure of its own.  Under a uniting declaration from the Charity Commission, these accounts include the income and expenditure on most of the funds held by the Synod. 

## **1.2. 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 as it applies from 1 January 2015. 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in Sterling which is the functional currency of the charity. 

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

## **1.3. Scope** 

The financial statements show the combined income, expenditure, assets and liabilities of those funds which are administered by the Trust for the benefit of the United Reformed Church North Western Synod. They do not include funds administered by or on behalf of local churches (see Note 19). 

## **1.4. Classification of Funds** 

Capital funds are permanent endowments which are required to be retained, but the income from these funds can be spent for the benefit of the Synod, subject to specific restrictions contained in the original endowment. 

Restricted funds are funds whose use is restricted to specific purposes, according to the terms on which the funds were received. 

Unrestricted funds may be spent generally for furthering the religious and charitable work of the Synod. Unrestricted funds are analysed further as Designated Funds, which are earmarked by the Synod for a particular purpose, and General Funds, which can be used for any of the Synod’s purposes. 

The notes to these accounts contain details of income and expenditure for funds by the above classification. 

Page 26 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **1.5. Income Recognition** 

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Trust 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. 

## **1.6. Expenditure** 

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. 

## **1.7. Grants to Churches and Projects** 

Grants to churches and projects are accrued in the period in which the award is approved. 

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 the control of the Trust. 

## **1.8. 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, expenditure on charitable activities and governance costs on a basis consistent with use of the resources. 

## **1.9. Tangible Fixed Assets** 

Properties are not depreciated as they are stated at a fair value. It is the policy of the Trust to ensure that such properties are well maintained. The Trust’s policy is to revalue properties normally at least once every five years, with an annual revaluation in the other years based on the Trustees estimate. At the year end all manses owned by the Synod are revalued using an appropriate property price index for he area. 

No amounts under £500 are capitalised. 

Other tangible fixed assets are stated at original cost less depreciation. Depreciation of tangible fixed assets is charged at the following annual rates: Computers 30% of cost Other office equipment 30% of cost 

Page 27 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **1.10. Investments** 

Investments are stated at fair value as at the balance sheet date and unrealised gains or losses are recognised in the Statement of Financial Activities. The Trust’s investment managers provide a valuation report as at the balance sheet date, showing the market value of each of the assets in the portfolio. 

Programme related investments are those held to further our charitable purposes. Programme related investments include loans to local churches. Loans are stated at cost less repayments and are reviewed for impairment. 

## **1.11. Debtors and Creditors** 

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. 

## **1.12. 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. 

## **1.13. Contribution to Pension Funds** 

The Synod operates a defined benefit scheme in respect of its employees, which is provided by the Pensions Trust and administered by the United Reformed Church in London on behalf of the Synod. During 2012, the Synod became a participating employer in its own right; previously the national church was regarded as the employer for this purpose. As the underlying assets and liabilities of the scheme cannot be separately identified, the pension scheme is accounted for as a defined contribution scheme and therefore the pension cost charged in the accounts represents the contributions payable by the Synod to the scheme during the year. 

## **1.14 Critical accounting estimates and areas of judgement** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## Critical accounting estimates and assumptions: 

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below. 

Valuation of listed investments where valuations can be subject to variations arising from external factors which can impact on the future actual results. 

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. 

## Critical areas of judgement: 

Valuation of tangible fixed asset and investment properties where the trustees have considered the information available to them and made a judgement as to their fair value accordingly. 

Page 28 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **1.15 Going concern** 

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

This consideration has taken into account the expected impact of Covid-19 on the charity, as far as it can be determined, and the Trustees remain satisfied that the going concern principle remains appropriate. 

## **1.16 Government grants** 

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of meeting any performance related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued. 

Page 29 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|2020|2019|
|Unrestricted|Designated|Restricted|Endowed|Total|Total|
|Funds|Funds|Funds|Funds|Funds|Funds|
|£|£|£|£|£|£|
|2. Analysis of Total Operating Income and Expenditure|
|2.1. Income|
|2.1.1. Voluntary Income|
|Donations|25|202|240|-|467|250|
|Local Church Contributions|98,460|-|-|-|98,460|98,460|
|Grants|-|-|8,955|-|8,955|-|
|Legacies|-|-|-|-|-|1,000|
|Total Voluntary Income:|98,485|202|9,195|-|107,882|99,710|
|2.1.2. Charitable Activities|
|-|-|-|-|-|-|
|Fund Generation - Synod Sales|
|Total Charitable Activities:|-|-|-|-|-|-|
|2.1.3. Rent and Loan Interest|
|Rent Income|-|5,269|-|-|5,269|50,737|
|Loan Interest|3,000|-|1,898|-|4,898|694|
|Total Rent and Loan Interest:|3,000|5,269|1,898|-|10,167|51,431|
|2.1.4. Investment Income|
|Investment Income|65,338|7,436|1,073|6,755|80,602|135,764|
|Bank and Deposit Interest|3,850|5,501|(23)|665|9,993|12,543|
|Total Investment Income:|69,188|12,937|1,050|7,420|90,595|148,307|
|Total Operating Income:|170,673|18,408|12,143|7,420|208,644|299,448|
|2.1.5. Other Income|
|Cash Transferred from Closed Churches|41,242|-|-|-|41,242|70,269|
|Transfers from Local Churches to Manse Fund|-|8,675|-|-|8,675|5,673,376|
|Properties Transferred from Closed Churches|-|-|-|-|-|483,797|
|Profit on Disposal of Properties (Note 4)|34,829|135,456|-|-|170,285|2,453,791|
|Other income|286|81,020|-|-|81,306|19,325|
|Sale of Assets|-|-|-|-|-|(201)|
|Total Other Income:|76,357|225,151|-|-|301,508|8,700,357|
|Total Income:|247,030|243,559|12,143|7,420|510,152|8,999,805|
|2.2. Expenditure|
|2.2.1. Expenditure on Raising Funds|
|Investment management costs|4,856|-|83|521|5,460|9,134|
|Goods purchased for resale|8|-|-|-|8|1,072|
|Shared indirect costs (note 3)|431|-|-|-|431|2,145|
|Total Expenditure on Raising Funds:|5,295|-|83|521|5,899|12,351|

**----- End of picture text -----**<br>


Page 30 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

||||||**2020**|**2019**|
|---|---|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Restricted**|**Endowed**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**2. Analysis of Total Operating Income and Expenditure (Continued)**|||||||
|**_2.2.2. Expenditure on Charitable Activities:_**|||||||
|**_Grants and Donations:_**|||||||
|Local Church Property Grants|-|6,184|167,331|-|173,515|68,984|
|Local Church Mission Grants|192,388|91,786|-|-|284,174|5,533|
|Local Church Grants - Other|-|-|-|-|-|(30,000)|
|Local URC Organisations - NW Pilots|-|1,300|-|-|1,300|1,300|
|URC Grants - Ministers' Pension Fund Support|21,397|-|-|-|21,397|43,653|
|URC Grants - Ministry & Mission Fund|-|-|-|-|-|66,613|
|External Grants|12,500|-|-|-|12,500|16,875|
|Ecumenical County Subscriptions|10,803|-|-|-|10,803|5,893|
|Shared indirect costs (note 3)|21,031|68|-|-|21,099|33,730|
|**_Total Grants and Donations:_**|258,119|99,338|167,331|-|524,788|212,581|
|**_Training:_**|||||||
|Ministers|119|7,628|-|-|7,747|29,189|
|Students|-|5,138|-|-|5,138|6,900|
|Lay Training|90|373|-|-|463|337|
|Children and Young People|600|97|-|-|697|1,712|
|Children's and Youth Development Officer|-|59,760|-|-|59,760|60,003|
|Other training|60|96|-|-|156|196|
|Shared indirect costs (note 3)|77|50|-|-|127|528|
|**_Total Training:_**|946|73,142|-|-|74,088|98,865|
|**_Special Category Ministers:_**|||||||
|Cumbria|677|-|-|-|677|12,575|
|Chorlton|5,536|-|-|-|5,536|6,744|
|Salford|94|-|-|-|94|1,919|
|Oldham|7,116|-|-|-|7,116|9,001|
|Shared indirect costs (note 3)|1,191|-|-|-|1,191|7,059|
|**_Total Special Category Ministers:_**|14,614|-|-|-|14,614|37,298|
|**_Office Salaries - Charitable Activities:_**|||||||
|Staff salaries and employment costs|141,674|41,209|-|-|182,883|114,069|
|Shared indirect costs (note 3)|12,567|28|-|-|12,595|23,494|
|**_Total Office Salaries - Charitable Activities:_**|154,241|41,237|-|-|195,478|137,563|



Synod Office staff provide legal, financial and property services to local churches, in addition to their activities on behalf of the Synod itself. The provision of these services to local churches is one of the charitable objects of the Synod. Salaries and associated costs are therefore apportioned between governance costs and charitable activities, in the following proportions: 

||Governance|Charitable||
|---|---|---|---|
||Costs|Activities||
|Legal & Trust Officer|20%|80%||
|Finance Officer, Finance Clerk & Office Manager|50%|50%||
|Treasurer & Clerk|25%|75%||
|Communications and Business Support Officer|40%|60%||
|Post Covid Support Officer|-|100%||
|Other employees|100%||-|



Page 31 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

||||||**2020**|**2019**|
|---|---|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Restricted**|**Endowed**|**Total**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**2. Analysis of Total Operating Income and**|**Expenditure (Continued)**||||||
|**_Property Costs:_**|||||||
|Manse Fund|-|184,375|-|-|184,375|142,758|
|Other|25,599|-|13,635|-|39,234|29,413|
|Shared indirect costs (note 3)|2,271|126|-|-|2,397|4,039|
|**_Total Property Costs:_**|27,870|184,501|13,635|-|226,006|176,210|
|**_Mission:_**|||||||
|Mission|479|392|-|-|871|4,686|
|Missional Discipleship|155,297|11|-|-|155,308|185,285|
|Shared indirect costs (note 3)|13,818|-|-|-|13,818|44,345|
|**_Total Mission:_**|169,594|403|-|-|169,997|234,316|
|**_Area Support:_**|||||||
|Area Support|1,356|24|-|-|1,380|6,220|
|Shared indirect costs (note 3)|120|-|-|-|120|1,406|
|**_Total Area Support:_**|1,476|24|-|-|1,500|7,626|
|**_Other Charitable Expenditure:_**|||||||
|Personal Expenses|4,770|20,220|-|-|24,990|16,460|
|Welfare|(80)|-|1,900|-|1,820|4,790|
|Other Operating Expenses|3,429|11,279|-|-|14,708|5,997|
|Shared indirect costs (note 3)|720|22|-|-|742|5,459|
|**_Total Other Charitable Expenditure:_**|8,839|31,521|1,900|-|42,260|32,706|
||||||||
|**_Total Charitable Expenditure:_**|635,699|430,166|182,866|-|1,248,731|937,165|
|**_2.2.3. Governance Costs_**|||||||
|Staff Salaries and Employment Costs|87,032|-|-|-|87,032|93,477|
|Trustee Expenses|4,617|-|-|-|4,617|25,219|
|Committee and Staff Expenses|471|-|-|-|471|(8,367)|
|Interest payable on Manse Fund balances|-|27,671|-|-|27,671|-|
|Legal Fees|22,469|230|-|-|22,699|17,550|
|Audit Fees|10,992|-|-|-|10,992|7,675|
|Consultancy Fees|16,236|-|-|-|16,236|15,390|
|Other Professional Fees|3,106|-|-|-|3,106|300|
|Shared indirect costs (note 3)|12,856|20|-|-|12,876|35,304|
|**_Total Governance Costs:_**|157,779|27,921|-|-|185,700|186,548|



Page 32 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

|**3. Analysis of Indirect Costs**<br>**_Indirect Costs:_**<br>**_Premises Costs:_**<br>Rent Payable<br>Property Repairs/ Decoration/ Refurbishment<br>Legal Fees<br>Other Property Expenses<br>Electricity<br>Gas<br>**_Total Premises Costs:_**<br>**_Office Expenses:_**<br>Printing & Stationery<br>Postage<br>Copier Charges<br>Books etc<br>Subscriptions<br>Telephone<br>Internet Access<br>Computer Hardware, Software & Consumables<br>Mobile Charges<br>Equipment Hire<br>Office Equipment Repairs and Renewals<br>Cleaning<br>ICT Support<br>Online Backup<br>Office Provisions<br>Sundry Expenses<br>Health, Safety & Welfare<br>Recruitment Costs<br>Gifts<br>Storage Charges<br>Staff Training<br>**_Total Office Expenses:_**|**2020**<br>**2019**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Endowed**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>7,242<br>-<br>-<br>-<br>7,242<br>7,243<br>1,154<br>-<br>-<br>-<br>1,154<br>264<br>960<br>-<br>-<br>-<br>960<br>-<br>-<br>-<br>-<br>-<br>-<br>169<br>2,253<br>-<br>-<br>-<br>2,253<br>2,456<br>315<br>-<br>-<br>-<br>315<br>316<br>11,924<br>-<br>-<br>-<br>11,924<br>10,448<br>1,680<br>(14)<br>-<br>-<br>1,666<br>1,519<br>1,248<br>-<br>-<br>-<br>1,248<br>1,064<br>1,814<br>-<br>-<br>-<br>1,814<br>3,320<br>-<br>-<br>-<br>-<br>-<br>180<br>370<br>-<br>-<br>-<br>370<br>70<br>754<br>-<br>-<br>-<br>754<br>915<br>14<br>-<br>-<br>-<br>14<br>24<br>5,932<br>-<br>-<br>-<br>5,932<br>1,087<br>2,046<br>-<br>-<br>-<br>2,046<br>3,857<br>9<br>-<br>-<br>-<br>9<br>-<br>44<br>61<br>-<br>-<br>105<br>692<br>37<br>-<br>-<br>-<br>37<br>82<br>2,790<br>-<br>-<br>-<br>2,790<br>3,056<br>731<br>-<br>-<br>-<br>731<br>914<br>182<br>-<br>-<br>-<br>182<br>725<br>30<br>-<br>-<br>-<br>30<br>13<br>1,442<br>-<br>-<br>-<br>1,442<br>1,844<br>-<br>-<br>-<br>-<br>-<br>576<br>2,256<br>-<br>-<br>-<br>2,256<br>1,055<br>3,915<br>-<br>-<br>-<br>3,915<br>3,701<br>219<br>-<br>-<br>-<br>219<br>435<br>25,513<br>47<br>-<br>-<br>25,560<br>25,129|
|---|---|



Page 33 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

|**3. Analysis of Indirect Costs (Continued)**<br>**_Administration Costs:_**<br>Venue hire<br>Northern Synods Group<br>Conferences<br>Bank Charges<br>DCM Fees<br>Closed Churches - Professional Charges<br>Closed Churches - M&M<br>Closed Churches - Property Expenses<br>Closed Churches - Sundry Expenses<br>Furniture/Fitting Depreciation<br>Computer Depreciation<br>Insurances<br>**_Total Administration Costs:_**<br>**_Total Indirect Costs:_**<br>**Apportionment of Indirect Costs:**<br>Expenditure on Raising Funds:<br>Expenditure on Charitable Activities:<br>Grants<br>Training<br>SCM<br>Office Salaries - Charitable Activities<br>Property Costs<br>Mission<br>Area Support<br>Other Charitable Expenditure<br>Governance Costs:<br>**Total apportioned**<br>**4. Profit on Disposal of Properties**<br>Gains/(losses) on disposal of fixed asset property<br>Proceeds from church closures|**2020**<br>**2019**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Endowed**<br>**Total**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>120<br>-<br>-<br>-<br>120<br>456<br>-<br>-<br>-<br>-<br>-<br>3,000<br>1,319<br>-<br>-<br>-<br>1,319<br>1,813<br>1,238<br>-<br>-<br>-<br>1,238<br>1,421<br>249<br>267<br>-<br>-<br>516<br>1,172<br>288<br>-<br>-<br>-<br>288<br>-<br>-<br>-<br>-<br>-<br>-<br>91,690<br>15,504<br>-<br>-<br>-<br>15,504<br>17,551<br>-<br>-<br>-<br>-<br>-<br>(7,319)<br>24<br>-<br>-<br>-<br>24<br>-<br>6,143<br>-<br>-<br>-<br>6,143<br>5,875<br>2,760<br>-<br>-<br>-<br>2,760<br>6,273<br>27,645<br>267<br>-<br>-<br>27,912<br>121,932<br>65,082<br>314<br>-<br>-<br>65,396<br>157,509<br>431<br>-<br>-<br>-<br>431<br>2,145<br>21,031<br>68<br>-<br>-<br>21,099<br>33,730<br>77<br>50<br>-<br>-<br>127<br>528<br>1,191<br>-<br>-<br>-<br>1,191<br>7,059<br>12,567<br>28<br>-<br>-<br>12,595<br>23,494<br>2,271<br>126<br>-<br>-<br>2,397<br>4,039<br>13,818<br>-<br>-<br>-<br>13,818<br>44,345<br>120<br>-<br>-<br>-<br>120<br>1,406<br>720<br>22<br>-<br>-<br>742<br>5,459<br>12,856<br>20<br>-<br>-<br>12,876<br>35,304<br>65,082<br>314<br>-<br>-<br>65,396<br>157,509<br>99,955<br>79,829<br>-<br>-<br>179,784<br>2,427,850<br>(65,126)<br>55,627<br>-<br>-<br>(9,499)<br>25,941<br>34,829<br>135,456<br>-<br>-<br>170,285<br>2,453,791|
|---|---|



Page3 4 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **5. Grants** 

The following grants have been charged in furtherance of the charitable objects during the year: 

|**Institutional Grants:**<br>**Ministry & Mission:**<br>University Chaplaincy<br>County Ecumenical Subscriptions<br>Local URC Organisations Grants - North West Pilots<br>URC Grants - Ministers' Pension Fund Support<br>URC Grants - Ministry & Mission Fund Support<br>Local Church Mission Grants<br>Local Church Grants: Other<br>External Grants<br>**Total Ministry & Mission Grants**<br>**Local Church Property Grants:**<br>Quinquennial property surveys<br>Property repairs and improvements<br>**Total Local Church Property Grants**<br>**Total Institutional Grants**<br>**Individual Grants: (incuded in Training Costs in Note 2)**<br>**Training:**<br>Ministers<br>Members<br>Students<br>**Total Individual Grants**<br>**Total Grants Charged**<br>**6. Employment Emoluments**<br>Wages and salaries<br>Employer's national insurance<br>Pension costs<br>The average number of employees was:|**2020**<br>**Number**<br>**Amount**<br>**£**<br>1<br>12,500<br>4<br>10,803<br>1<br>1,300<br>2<br>21,397<br>-<br>-<br>47<br>284,174<br>-<br>-<br>-<br>-<br>55<br>330,174<br>11<br>9,598<br>6<br>163,917<br>17<br>173,515<br>72<br>503,689<br>9<br>1,065<br>6<br>463<br>9<br>5,138<br>24<br>6,666<br>96<br>510,355|**2019**<br>**Number**<br>**Amount**<br>**£**<br>1<br>9,375<br>3<br>5,893<br>1<br>1,300<br>1<br>43,653<br><br>1<br>66,613<br>1<br>5,533<br><br>1<br>(30,000)<br><br>1<br>7,500<br>10<br>109,867<br>14<br>9,295<br>9<br>59,689<br>23<br>68,984<br>33<br>178,851<br>13<br>4,600<br>8<br>337<br>7<br>6,900<br>28<br>11,837<br>61<br>190,688<br>**2020**<br>**2019**<br>**£**<br>**£**<br>342,324<br>306,062<br>32,935<br>28,306<br>88,468<br>85,312<br>463,727<br>419,680<br>12.1<br>11.0|
|---|---|---|



No employee received £60,000 per annum or more (2019: None). All staff are employed by the Company. 

The Company operates a defined benefit pension scheme and contributions are charged as expenditure as they become payable. Key Management Personnel include Trustees and the Moderator.  The Moderator receives a stipend from the United Reformed Church for his role with the Trust. No other Trustees are remunerated for their role as Trustees. Key Management Personnel are considered to be the Trustees only. The cost of Key Management Personnel (including associated payroll costs) were £29,744 (2019: £22,990) 

Page 3 5 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **7. Payments to Trustees/Related Party Transactions** 

The following expenses were paid to Trustees of the Trust: 

|es of the Trust:<br>Travel expenses<br>Consultancy work<br>Stationery, telephone, repairs etc.|**2020**<br>**2019**<br>**£**<br>**£**<br>2,923<br>23,666<br>900<br>1,694<br>653<br>4,617<br>25,219|
|---|---|



Nothing was paid to Mike T Hart Consultancy Ltd during 2020 (2019: £900), a company wholly owned by Michael Hart for consultancy services provided to the Synod in relation to compliance with the GDPR regulations. A salary of £29,744 (2019: £22,990) was paid to Michael Hart for his role as Treasurer of the Synod. This is not considered to be remuneration for his role as Trustee, and is permitted by the Articles of Association. 

Owing to the nature of the Trust’s operations and the composition of the Board of Trustees being drawn from the local United Reformed Churches, grants awards, manse scheme agreements and loans may be made to churches from which the Trustees are drawn or to Trustees whose roles mean they are eligible to receive training grants. The Manse Scheme arrangements were agreed on the same basis and terms for all churches. All discussions about other grant awards or other transactions are undertaken without the presence of conflicted Trustees. The local churches are not related parties simply by virtue of a common trustee but for transparency, grants and loans awarded, where they are not awarded to every church in the region, in excess of £20,000, are shown below: 

**Trustee Church Transaction /terms £** Mr N Andrews Kendal URC interest free loan to the church £67,500 

## **8. Gains on Investments** 

|Realised gain on investments sold<br>Gains previously recognised<br>Net gain/(loss) in the year on investments sold<br>Unrealised gains/(losses) on investments for the year<br>Net Gains/(Losses) on Investments for the Year|**2020**<br>**2019**<br>**£**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>(211,249)<br>504,579<br>(211,249)<br>504,579|
|---|---|



Page 3 6 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **9. Movement in Funds** 

|**Unrestricted**<br>General Purposes<br>Chapel Street (Southport)*<br>Leverhulme<br>**Unrestricted Designated**<br>Training<br>Church Grants<br>Manse<br>Closed Churches<br>Missional Partnership<br>**Total Designated Funds**<br>**Total Unrestricted Funds**<br>**Restricted**<br>Church Property*<br>Welfare*<br>Graveyards<br>Stainton<br>Redwing<br>Great Salkeld<br>Fletcher Trust*<br>Furlough Grant<br>**Total Restricted Funds**<br>**Endowed**<br>Capital*<br>Church Property*<br>Ministries<br>Leverhulme<br>Stainton<br>Redwing<br>**Total Endowed Funds**<br>**Total Funds**|**Opening Balance**<br>**at 1st January**<br>**2020**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Other**<br>**Movements**<br>**Closing Balance at**<br>**31st December**<br>**2020**<br>4,903,391<br>238,784<br>(798,041)<br>(194,587)<br>(125,682)<br>4,023,865<br>37,163<br>8,225<br>(732)<br>(18,810)<br>(25,848)<br>(2)<br>8,074<br>21<br>-<br>54<br>-<br>8,149<br>4,948,628<br>247,030<br>(798,773)<br>(213,343)<br>(151,530)<br>4,032,012<br>48,974<br>202<br>(76,796)<br>76,594<br>-<br>48,974<br>425,647<br>-<br>(95,470)<br>106,987<br>-<br>437,164<br>10,299,855<br>106,710<br>(212,736)<br>-<br>801,242<br>10,995,071<br>180,937<br>55,627<br>-<br>29,963<br>-<br>266,527<br>-<br>81,020<br>(73,085)<br>-<br>-<br>7,935<br>10,955,413<br>243,559<br>(458,087)<br>213,544<br>801,242<br>11,755,671<br>15,904,041<br>490,589<br>(1,256,860)<br>201<br>649,712<br>15,787,683<br>228,289<br>1,563<br>(167,331)<br>1,053<br>-<br>63,574<br>35,916<br>1,113<br>(1,970)<br>-<br>(2,482)<br>32,577<br>-<br>134<br>(13,648)<br>13,989<br>(475)<br>-<br>3,242<br>8<br>-<br>85<br>-<br>3,335<br>7,496<br>19<br>-<br>526<br>-<br>8,041<br>3,013<br>8<br>-<br>-<br>-<br>3,021<br>134,448<br>343<br>-<br>-<br>-<br>134,791<br>-<br>8,955<br>-<br>(8,955)<br>-<br>-<br>412,404<br>12,143<br>(182,949)<br>6,698<br>(2,957)<br>245,339<br>216,744<br>4,133<br>(322)<br>(3,810)<br>(11,385)<br>205,360<br>59,895<br>1,142<br>(89)<br>(1,053)<br>(3,146)<br>56,749<br>77,950<br>1,480<br>(110)<br>(1,371)<br>(4,094)<br>73,855<br>21,202<br>54<br>-<br>(54)<br>-<br>21,202<br>33,136<br>85<br>-<br>(85)<br>-<br>33,136<br>17,434<br>526<br>-<br>(526)<br>1,075<br>18,509<br>426,361<br>7,420<br>(521)<br>(6,899)<br>(17,550)<br>408,811<br>16,742,806<br>510,152<br>(1,440,330)<br>-<br>629,205<br>16,441,833|
|---|---|



For a description of the funds and their purposes, see note 18. 

Funds which have been registered as a separate charity with the Charity Commission are marked with an * above 

## **Transfers between funds:-** 

Church Grant fund - transfers from General Fund calculated from income received from sale of closed churches Chapel Street (Southport) - used to offset costs for Training Fund 

Endowed Funds - income from investments moved to Unrestricted and Chapel Street Funds as outlined in Note 18 

Page 3 7 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **10. Prior Year Funds Movement** 

|**Unrestricted**<br>General Purposes<br>Chapel Street (Southport)<br>Leverhulme<br>**Unrestricted Designated**<br>Training<br>Church Grants<br>Manse<br>Closed Churches<br>Missional Partnership<br>**Total Designated Funds**<br>**Total Unrestricted Funds**<br>**Restricted**<br>Church Property<br>Welfare<br>Graveyards<br>Stainton<br>Redwing<br>Great Salkeld<br>Fletcher Trust<br>**Total Restricted Funds**<br>**Endowed**<br>Capital<br>Church Property<br>Ministries<br>Leverhulme<br>Stainton<br>Redwing<br>**Total Endowed Funds**<br>**Total Funds**|**Opening Balance**<br>**at 1st January**<br>**2019**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Other**<br>**Movements**<br>**Closing Balance at**<br>**31st December**<br>**2019**<br>4,769,534<br>5,045,000<br>(823,479)<br>(187,558)<br>(3,900,106)<br>4,903,391<br>111,503<br>15,646<br>(1,227)<br>(147,654)<br>58,895<br>37,163<br>7,894<br>48<br>-<br>132<br>-<br>8,074<br>4,888,931<br>5,060,694<br>(824,706)<br>(335,080)<br>(3,841,211)<br>4,948,628<br>-<br>-<br>(98,680)<br>147,654<br>-<br>48,974<br>240,305<br>-<br>-<br>185,342<br>-<br>425,647<br>1,959,597<br>8,009,318<br>(157,074)<br>(232)<br>488,246<br>10,299,855<br>-<br>180,937<br>-<br>-<br>-<br>180,937<br>-<br>-<br>-<br>-<br>-<br>-<br>2,199,902<br>8,190,255<br>(255,754)<br>332,764<br>488,246<br>10,955,413<br>7,088,833<br>13,250,949<br>(1,080,460)<br>(2,316)<br>(3,352,965)<br>15,904,041<br>262,188<br>2,008<br>(37,790)<br>1,883<br>-<br>228,289<br>32,367<br>1,803<br>(3,908)<br>-<br>5,654<br>35,916<br>1<br>221<br>(13,020)<br>11,717<br>1,081<br>-<br>3,020<br>17<br>-<br>205<br>-<br>3,242<br>6,945<br>36<br>-<br>515<br>-<br>7,496<br>2,993<br>20<br>-<br>-<br>-<br>3,013<br>133,624<br>824<br>-<br>-<br>-<br>134,448<br>441,138<br>4,929<br>(54,718)<br>14,320<br>6,735<br>412,404<br>190,802<br>7,357<br>(541)<br>(6,816)<br>25,942<br>216,744<br>52,727<br>2,033<br>(150)<br>(1,883)<br>7,168<br>59,895<br>68,619<br>2,648<br>(195)<br>(2,453)<br>9,331<br>77,950<br>21,202<br>132<br>-<br>(132)<br>-<br>21,202<br>33,136<br>205<br>-<br>(205)<br>-<br>33,136<br>14,563<br>515<br>-<br>(515)<br>2,871<br>17,434<br>381,049<br>12,890<br>(886)<br>(12,004)<br>45,312<br>426,361<br>7,911,020<br>13,268,768<br>(1,136,064)<br>-<br>(3,300,918)<br>16,742,806|
|---|---|



Page 3 8 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **11. Tangible Fixed Assets** 

|**Cost or Valuation**<br>At 1st January 2020<br>Additions at Cost<br>Additions at Valuation<br>Revaluation<br>Disposals<br>Transfer to Current Assets<br>At 31st December 2020<br>**Depreciation**<br>At 1st January 2020<br>Charge for year<br>Disposals<br>At 31st December 2020<br>Net Book Value at 31-Dec-20<br>Net Book Value at 31-Dec-19|**General Fund (Unrestricted)**<br>**Manse Fund**<br>**(Designated)**<br>**Total**<br>**Computers**<br>**Office**<br>**Equipment**<br>**Buildings**<br>**Total**<br>**Properties**<br>22,330<br>2,472<br>-<br>24,802<br>8,998,074<br>9,022,876<br>11,429<br>976<br>384,480<br>396,885<br>1,560,000<br>1,956,885<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>732,122<br>732,122<br>(1,894)<br>-<br>-<br>(1,894)<br>(455,961)<br>(457,855)<br>-<br>-<br>-<br>-<br>(906,200)<br>(906,200)<br>31,865<br>3,448<br>384,480<br>419,793<br>9,928,035<br>10,347,828<br>13,523<br>2,486<br>-<br>16,009<br>-<br>16,009<br>6,140<br>24<br>-<br>6,164<br>-<br>6,164<br>(1,894)<br>-<br>-<br>(1,894)<br>-<br>(1,894)<br>17,769<br>2,510<br>-<br>20,279<br>-<br>20,279<br>14,096<br>938<br>384,480<br>399,514<br>9,928,035<br>10,327,549<br>8,807<br>(14)<br>-<br>8,793<br>8,998,074<br>9,006,867|
|---|---|



- All manses wholly or partly owned by the company were revalued by Lamb & Swift during 2018 and up to February 13[th] 2019, and the accounts used these revaluation figures for last year’s accounts. In December 2020 the manses were revalued based on the annual inflation figure for the area. 

- At the end of 2020, the Synod had control of and responsibility for 24 manses which they intended to retain (2019: 34) with a market value of approximately £9,928,037 (2019: £10,327,571) which are now shown as an asset in the Balance Sheet. Any liability to the local churches relating to these manses are shown as a creditor in the accounts. This value is generally set at 35% of the valuation if the manse was previously owned by the church 

- There are also 7 manses (2019:11) which the Synod are looking to sell, but these values of these manses are included in the Current Assets and the manses which it was intended to retain are shown in the Tangible Assets. 

## **12. Investments** 

|At 1st January 2020<br>Purchases<br>Disposals<br>Realised gains/(losses) on disposal<br>Unrealised gains on revaluation<br>At 31st December 2020|**Castlefield**<br>**Investments**<br>**COIF Investment**<br>**Fund**<br>**UK Equities**<br>**Total**<br>4,115,418<br>17,432<br>104,206<br>4,237,056<br>-<br>-<br>100,000<br>100,000<br>-<br>-<br>-<br>0<br>-<br>-<br>-<br>0<br>(216,168)<br>1,076<br>3,842<br>(211,250)<br>3,899,250<br>18,508<br>208,048<br>4,125,806|
|---|---|



The company's investments are managed by Castlefield Investment Partners LLP under a discretionary management agreement. The funds are invested in a diversified portfolio of UK and overseas equities and fixed interest investments. The investments comply, as far as is practicable, with the United Reformed Church's guidelines on ethical investment. 

Page 3 9 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **13. Programme Related Investments** 

|Loans to local churches<br>Amounts falling due within one year<br>Amounts falling due after more than one year<br>**Analysis of balances outstanding on loans made to churches:**<br>**_Church_**<br>**_Purpose_**<br>Blackford Bridge URC<br>Building repairs<br>Shaw & Heyside<br>Bridging Loan<br>New Mills URC<br>Dry rot<br>Wilmslow<br>Development<br>Salford Chapel St & Hope<br>Basement floor<br>Blackburn Revidge Fold<br>Roof work<br>Macclesfield<br>Building Loan - Manse Scheme<br>Morecambe Sefton Road<br>Manse Scheme - Property - boiler<br>St Annes on Sea<br>Manse Scheme - Property<br>Chorlton<br>Manse Scheme - Property - building work<br>Heald Green<br>Related to 2020 losses<br>Stockport Short Street<br>Related to 2020 losses<br>Blackburn Ragged School<br>Related to 2020 losses<br>Bramhall<br>Related to 2020 losses<br>Bolton le Sands<br>Related to 2020 losses<br>Lower Darwen<br>Related to 2020 losses<br>Elswick<br>Related to 2020 losses<br>Windermere<br>Related to 2020 losses<br>Gatley<br>Related to 2020 losses<br>Silloth<br>Related to 2020 losses<br>Chorley<br>Building Project<br>Kendal<br>Building Project<br>Leyland<br>Manse Scheme - Projector|**2020**<br>**2019**<br>**£**<br>**£**<br>467,790<br>251,466<br>467,790<br>251,466<br>**2020**<br>**2019**<br>**£**<br>**£**<br>391,822<br>158,914<br>75,968<br>92,552<br>467,790<br>251,466<br>**2020**<br>**2019**<br>**£**<br>**£**<br>453<br>2,064<br>67,294<br>92,167<br>9,155<br>12,572<br>34,824<br>15,000<br>6,358<br>6,358<br>32,500<br>16,320<br>30,000<br>22,776<br>5,985<br>35,000<br>13,974<br>8,148<br>6,966<br>18,054<br>6,624<br>2,994<br>540<br>12,072<br>7,644<br>1,782<br>170,000<br>67,500<br>10,632<br>3,500<br>467,790<br>251,466|
|---|---|



Interest is normally charged at 4% on loans to churches, but this has not been considered appropriate in the midst of a pandemic so the Synod has not been charging any interest on loans raised this year. 

## **14. Debtors** 

|Prepayments<br>Ministerial and lay training costs recoverable from national URC<br>Other costs recoverable from national URC and other Synods<br>Other debtors|**2020**<br>**2019**<br>**£**<br>**£**<br>58,807<br>31,011<br>-<br>-<br>8<br>7,309<br>10<br>31,376<br>58,825<br>69,696|
|---|---|



Page 40 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

|**15. Other Current Assets**<br>**Properties for disposal:**<br>**_Opening Balance:_**<br>Former Mossley URC<br>Former Christ Church URC, Morecambe<br>Former Read URC<br>Former Sedbergh URC<br>Former Bolton Road, Darwen URC<br>Former Offerton URC<br>Former Brampton URC<br>Transfers from Current Assets<br>Manses transferred from local churches<br>for disposal<br>**_Total Opening Balance_**<br>**_Properties sold:_**<br>Former Read URC<br>Former Christ Church,<br>Morecambe Former Mossley<br>Abney URC Former Sedbergh URC<br>11a Marine Drive, Hest Bank<br>70 Musgrave Street<br>19 Dominica Avenue<br>239a Outwood Road<br>1 Delamere Road<br>5 Oakwell Drive<br>7 Ribblesdale Avenue<br>88 Sandown Road<br>70 Bank Hey Lane South<br>17 Wet Earth Green<br>122 New Barnes Avenue<br>9 Elm Grove<br>10 Windsor Close<br>15 Dauntesey Avenue<br>**_Total Properties Sold_**<br>**_Transferred from fixed assets:_**<br>18 Ladymeadow Close, Bolton<br>15 Crossford Drive, Ladybridge, Bolton<br>34 Montgomery Way, Radcliffe<br>1 Highbank, Tintwistle<br>**_Total Transferred from Fixed Assets_**<br>**_Revaluation:_**<br>Former Christ Church URC, Morecambe<br>Manses<br>Former Bolton Road, Darwen URC<br>Former Offerton URC<br>**_Total Revaluation_**<br>**_Additions:_**<br>Former Sedbergh URC<br>Former Bolton Road, Darwen URC<br>Former Offerton URC<br>Former Brampton URC<br>Transfers from Current Assets<br>Manses transferred from local churches<br>for disposal<br>**_Total Additions_**|**2020**<br>**2019**<br>**Unrestricted**<br>**Designated**<br>**Total**<br>**Total**<br>**General**<br>**Purposes Fund**<br>**Manse Fund**<br>**Closed Churches**<br>**Fund**<br>**Total Designated**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>150,000<br>-<br>-<br>-<br>150,000<br>150,000<br>(104,200)<br>-<br>104,200<br>104,200<br>-<br>350,000<br>(76,737)<br>-<br>76,737<br>76,737<br>-<br>125,000<br>143,797<br>-<br>-<br>-<br>143,797<br>-<br>120,000<br>-<br>-<br>-<br>120,000<br>-<br>130,000<br>-<br>-<br>-<br>130,000<br>-<br>90,000<br>-<br>-<br>-<br>90,000<br>-<br>-<br>1,116,777<br>-<br>1,116,777<br>1,116,777<br>-<br>-<br>3,152,186<br>-<br>3,152,186<br>3,152,186<br>-<br>452,860<br>4,268,963<br>180,937<br>4,449,900<br>4,902,760<br>625,000<br>-<br>-<br>-<br>-<br>-<br>(125,000)<br>-<br>-<br>-<br>-<br>-<br>(340,760)<br>(150,000)<br>-<br>-<br>-<br>(150,000)<br>-<br>(143,797)<br>-<br>-<br>-<br>(143,797)<br>-<br>-<br>(226,200)<br>-<br>(226,200)<br>(226,200)<br>-<br>-<br>(177,493)<br>-<br>(177,493)<br>(177,493)<br>-<br>-<br>(166,693)<br>-<br>(166,693)<br>(166,693)<br>-<br>-<br>(300,200)<br>-<br>(300,200)<br>(300,200)<br>-<br>-<br>(371,200)<br>-<br>(371,200)<br>(371,200)<br>-<br>-<br>(241,200)<br>-<br>(241,200)<br>(241,200)<br>-<br>-<br>(114,402)<br>-<br>(114,402)<br>(114,402)<br>-<br>-<br>(292,375)<br>-<br>(292,375)<br>(292,375)<br>-<br>-<br>(181,200)<br>-<br>(181,200)<br>(181,200)<br>-<br>-<br>(298,200)<br>-<br>(298,200)<br>(298,200)<br>-<br>-<br>(325,000)<br>-<br>(325,000)<br>(325,000)<br>-<br>-<br>(240,000)<br>-<br>(240,000)<br>(240,000)<br>-<br>-<br>(256,200)<br>-<br>(256,200)<br>(256,200)<br>-<br>-<br>(145,000)<br>-<br>(145,000)<br>(145,000)<br>-<br>(293,797)<br>(3,335,363)<br>-<br>(3,335,363)<br>(3,629,160)<br>(465,760)<br>-<br>175,000<br>-<br>175,000<br>175,000<br>-<br>-<br>285,000<br>-<br>285,000<br>285,000<br>-<br>-<br>221,200<br>-<br>221,200<br>221,200<br>-<br>-<br>225,000<br>-<br>225,000<br>225,000<br>-<br>-<br>906,200<br>-<br>906,200<br>906,200<br>-<br>-<br>-<br>-<br>-<br>-<br>(9,240)<br>-<br>126,332<br>-<br>126,332<br>126,332<br>-<br>5,000<br>-<br>-<br>-<br>5,000<br>-<br>12,000<br>-<br>-<br>-<br>12,000<br>-<br>17,000<br>126,332<br>-<br>126,332<br>143,332<br>(9,240)<br>-<br>-<br>-<br>-<br>-<br>143,797<br>-<br>-<br>-<br>-<br>-<br>120,000<br>-<br>-<br>-<br>-<br>-<br>130,000<br>-<br>-<br>-<br>-<br>-<br>90,000<br>-<br>-<br>-<br>-<br>-<br>1,116,777<br>-<br>-<br>-<br>-<br>-<br>3,152,186<br>-<br>-<br>-<br>-<br>-<br>4,752,760|
|---|---|



Page 41 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

|**_Transfers of Net Benefit on Disposal to Closed_**|**_Churches Fund:_**|
|---|---|
|Former Sedbergh URC|(55,627)<br>-<br>55,627<br>55,627<br>-<br>-|
|**_Total Transfers to Closed Churches Fund_**|(55,627)<br>-<br>55,627<br>55,627<br>-<br>-|
|||
|**Total Properties for Disposal**|120,436<br>1,966,132<br>236,564<br>2,202,696<br>2,323,132<br>4,902,760|



Redundant church buildings awaiting disposal were treated as fixed assets in previous years' accounts. There were three such properties at 31st December 2020: 

- The former Abney Mossley URC was sold for £140,501 in June 2020, Sedbergh URC was sold for £143,797 in January 2020. 

- The former Darwen Bolton Road URC, Offerton URC and Brampton URC churches remain unsold at 31st December 2020. The values of these properties were reviewed at the year end, with adjustments made if necessary. 

- The Synod was holding 7 former manses for sale at 31st December 2020 at a total value of £1,966,132. 

## **16. Creditors - Amounts Falling Due within One Year** 

|Trade creditors<br>Accruals<br>Grants awarded, not yet paid<br>Deposits held for Inter-Synod Resource Sharing scheme<br>Local churches' investment income not yet paid out<br>Other creditors<br>SMS Liability on Fixed Assets|**2020**<br>**2019**<br>**£**<br>**£**<br>55,377<br>30,931<br>20,331<br>14,550<br>12,145<br>11,999<br>3<br>3<br>22,104<br>4,141<br>392<br>392<br>3,686,197<br>4,568,173<br>3,796,549<br>4,630,189|
|---|---|



## **17. Commitments** 

## **Commitments to the URC Pension Schemes:** 

## _**Ministers' Pension Scheme:**_ 

The pension scheme for ministers is administered by the central United Reformed Church and is mainly funded from income received from local churches into the Ministry and Mission Fund. Extra support has been requested from Synods in the past but the last such contribution from the North Western Synod was paid in 2012. The next actuarial valuation of this pension fund was due at the end of 2017. During 2020 £21,398 (2019: £43,653) was paid to the central United Reformed Church for the Minsters' Pension Fund. This represented 10% on the net income from the sale of closed churches in 2019, and this will now be an annual payment from the Synod to support the Ministers' Pension Fund. 

## _**Lay Staff Pension Scheme:**_ 

The Synod contributed £85,493 (2019: £81,197) to The United Reformed Church Final Salary Scheme, a pension scheme principally for lay staff which is administered by TPT Retirement Solutions Trust (formerly The Pensions Trust). The scheme is a defined benefit scheme but the Synod is unable to identify its share of the underlying assets and liabilities – each member in the scheme pays a common contribution rate. 

The most recent formal actuarial review of the scheme was at 30 September 2019, when the scheme had a surplus of £2,689,000. The assumptions underlying that valuation include: 

- Discount rate of 1.4% pa 

- Pensionable earnings growth of 2.5% for three years, 2.75% thereafter 

- Price inflation and pension increases of 2.55% 

- Retirement age (active members) of 65, with maximum commutation 

## **Other Commitments:** 

The charity's office is situated in a building that is registered in the name of the United Reformed Church (North Western Province) Trust Limited and held on statutory trust in favour of Patricroft United Reformed Church.  Under an agreement the Trust pays a sum of £7,242 per year to the Church for use of the building, plus the cost of gas and electricity. 


**----- Start of picture text -----**<br>
Payable within:-<br>1 year 2 to 5 years over 5 years<br>Total £854 £297 £0<br>**----- End of picture text -----**<br>


Page 4 2 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **18. Disposition of Funds at 31st December 2020** 

|**Unrestricted**<br>General Purposes<br>Chapel Street (Southport)<br>Leverhulme<br>**Unrestricted Designated**<br>Training<br>Church Grants<br>Manse<br>Closed Churches<br>Missional Partnership<br>**Total Designated Funds**<br>**Total Unrestricted Funds**<br>**Restricted**<br>Church Property<br>Welfare<br>Graveyards<br>Stainton<br>Redwing<br>Great Salkeld<br>Fletcher Trust<br>Furlough Grant<br>**Total Restricted Funds**<br>**Endowed**<br>Capital<br>Church Property<br>Ministries<br>Leverhulme<br>Stainton<br>Redwing<br>**Total Endowed Funds**<br>**Total Funds**|**Tangible Fixed**<br>**Assets**<br>**Investments**<br>**Programme**<br>**Related**<br>**Investments**<br>**Bank and Cash**<br>**Debtors**<br>**Other Current**<br>**Assets**<br>**Liabilities**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>399,514<br>2,851,084<br>147,030<br>748,058<br>7,608<br>120,436<br>(249,865)<br>4,023,865<br>-<br>466,250<br>-<br>(466,252)<br>-<br>-<br>-<br>(2)<br>-<br>-<br>-<br>8,149<br>-<br>-<br>-<br>8,149<br>399,514<br>3,317,334<br>147,030<br>289,955<br>7,608<br>120,436<br>(249,865)<br>4,032,012<br>-<br>-<br>-<br>50,031<br>930<br>-<br>(1,986)<br>48,975<br>-<br>-<br>-<br>251,086<br>-<br>-<br>186,077<br>437,163<br>9,928,035<br>400,672<br>-<br>2,373,941<br>12,487<br>1,966,132<br>(3,686,197)<br>10,995,070<br>-<br>-<br>-<br>29,963<br>-<br>236,564<br>-<br>266,527<br>-<br>-<br>-<br>(29,865)<br>37,800<br>-<br>-<br>7,935<br>9,928,035<br>400,672<br>-<br>2,675,156<br>51,217<br>2,202,696<br>(3,502,106)<br>11,755,670<br>10,327,549<br>3,718,006<br>147,030<br>2,965,111<br>58,825<br>2,323,132<br>(3,751,971)<br>15,787,682<br>-<br>-<br>320,760<br>(212,608)<br>-<br>-<br>(44,578)<br>63,574<br>-<br>44,763<br>-<br>(12,186)<br>-<br>-<br>-<br>32,577<br>-<br>8,561<br>-<br>(8,561)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,335<br>-<br>-<br>-<br>3,335<br>-<br>-<br>-<br>8,041<br>-<br>-<br>-<br>8,041<br>-<br>-<br>-<br>3,021<br>-<br>-<br>-<br>3,021<br>-<br>-<br>-<br>134,791<br>-<br>-<br>-<br>134,791<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>53,324<br>320,760<br>(84,167)<br>-<br>-<br>(44,578)<br>245,339<br>-<br>205,360<br>-<br>-<br>-<br>-<br>-<br>205,360<br>-<br>39,648<br>-<br>17,101<br>-<br>-<br>-<br>56,749<br>-<br>90,958<br>-<br>(17,103)<br>-<br>-<br>-<br>73,855<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>33,136<br>-<br>-<br>-<br>33,136<br>-<br>18,510<br>-<br>-<br>-<br>-<br>-<br>18,510<br>-<br>354,476<br>-<br>54,336<br>-<br>-<br>-<br>408,812<br>10,327,549<br>4,125,806<br>467,790<br>2,935,280<br>58,825<br>2,323,132<br>(3,796,549)<br>16,441,833|
|---|---|



## **Details of Synod Funds:** 

The Synod operates the following funds: 

## _**Unrestricted Funds:**_ 

**Apportionment Chapel Street Southport Fund** – This fund was created when the former Lancashire Congregational Union apportioned its assets between the Synod and other bodies. It can be used for any Synod charitable purpose. It is currently used to finance all training in the Synod. 

**General Purposes Fund** – This fund is used for the general purposes of the Synod. It is financed by income from the investments, proceeds from the sale of redundant church buildings, contributions from local churches, grants from external bodies, legacies and donations. 

**Leverhulme Fund** - This fund was transferred to the Synod by the Leverhulme Trust in 2011. It was treated as a designated fund in previous years' accounts. The Trust Management Committee applied to the Charity Commission to allow the fund to be used for the Synod’s general purposes, as its original purposes can no longer be fulfilled. 

Page 4 3 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **18. Disposition of Funds at 31st December 2020 (Continued)** 

## _**Designated Funds:**_ 

**Church Grants Fund** – This fund receives 50% of the net proceeds from the disposal of redundant church property. The Trust Management Committee uses it to make grants to churches for property and mission projects. 

**Training Fund** – This is funded by grants from the national URC and other bodies, and transfers from the Synod’s Chapel Street Fund. It is used to pay for all ministerial and lay training in connection with the Synod’s charitable objects. Training of Synod office staff is treated as a governance cost, and is paid for from the General Fund. 

**Manse Fund** – The Synod set up a Manse Fund in 2013, to hold manses used by the ministers of local churches and the Synod. All manse properties owned by the Synod’s Church Property Fund were transferred to the Manse Fund at valuation in 2013. The value of the manses transferred from local churches is now shown in this fund, which is offset by the value of the church entitlement at 35%. 

**Closed Churches Fund** - over recent years significant funds have been generated from the sale of closed churches. Whilst 50% and 10% of the net proceeds are allocated to the Grants Fund and Ministers Pension Fund respectively, it was considered important that these funds be identified seperately. This only shows the net gain after the church has been sold, and was started from 1st January 2019. 

**Missional Partnership Fund** - this was set up in 1st January 2020, and monitors the costs and income from churches for the Missional Partnerships which are being established across the NW Synod. 

## _**Restricted Funds:**_ 

**Church Property Fund** – This fund holds assets which were apportioned to the Synod on the dissolution of the Lancashire Congregational Union. Income received by the Endowed Church Property Fund is also transferred to this fund. It is used to buy and maintain properties for use in furtherance of the Synod’s mission activities. Property grants to churches are also paid from this fund, but are usually financed by transfers from other Synod funds, especially the General Reserve Fund. Manse properties owned by the Church Property Fund were transferred to the new Synod Manse Fund in 2013. 

**Welfare Fund** – This fund holds cash which was apportioned to the Synod on the dissolution of the Lancashire Congregational Union. It is used to make Christmas payments to retired ministers and widows/widowers, and small welfare grants to individuals, at the Synod Moderator’s discretion. 

**Graveyards Fund** – This fund holds the cash balance of the Deakin bequest, which is used for the maintenance of the graveyard of the former Belmont URC. 

**Stainton Fund** – This fund’s charitable purposes can no longer be fulfilled, so the Trustees intend to apply to the Charity Commission to make the fund available for the Synod’s general purposes as soon as possible. 

**Redwing Fund** – This fund is used to provide book grants to ministers and lay people in Cumbria. On examining the original governing document of the Redwing Trust in 2014, the Synod Trustees concluded that the Redwing Fund was a permanent endowment. The investments held by the fund are therefore now included in endowed funds, whilst the accumulated income is treated as a restricted fund. 

**Great Salkeld Fund** – This fund was transferred from the United Reformed Church Trust in 2011. Its charitable purposes can no longer be fulfilled, so the Trustees intend to apply to the Charity Commission to make the fund available for the Synod’s general purposes. 

**Fletcher Trust Fund** - This fund was transferred from private Trustees in 2015. Its funds can be spent on the URC's charitable purposes in Manchester and Trafford. It has been included in the Synod Trust's uniting declaration for the first time in 2017. 

**Furlough Fund** - This fund was introduced by the Government to pay a % of the cost of salaries for staff who couldn't work during Covid. The fund is paid retrospectively from the Government for specific named employees. 

## _**Endowed Funds:**_ 

**Apportioned funds** - These funds were derived from the apportionment of assets of the former Lancashire Congregational Union: **Endowed Capital Fund** – this fund’s income is transferred to the General Fund. 

**Endowed Church Property Fund** – this fund’s income is transferred to the Church Property Fund. 

**Endowed Ministries Fund** – this fund’s income is transferred to the General Fund. The Trustees intend to apply to the Charity Commission to change the charitable purposes of this fund and make it expendable. 

## **Other Endowed Funds:** 

**Endowed Leverhulme Fund** – the income from this fund can now be used for the Synod’s general purposes. 

**Endowed Stainton Fund -** this fund’s charitable purposes can no longer be fulfilled, so the Trustees intend to apply to the Charity Commission to make the fund expendable and available for the Synod’s general purposes as soon as possible. 

**Endowed Redwing Fund –** on examining the original governing document of the Redwing Trust in 2014, the Synod Trustees concluded that the Redwing Fund was a permanent endowment. The investments held by the fund are therefore now included in endowed funds, whilst the accumulated income is treated as a restricted fund. 

Page 4 4 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements** 

## **Year Ended 31st December 2020** 

## **19. Funds Held As Trustee For Local Churches** 

The United Reformed Church (North Western Province) 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 North Western Synod (save 1) are held by the Trust.   The Trust has no entitlement to any of the assets of the local church, including rental income, sale proceeds etc. and it has no responsibility for expenditure in relation to them. 

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. 

None of the assets (property, investments and cash deposits) held by the Trust as Trustee for local churches are included in these accounts. The amount of cash held by the Trust on behalf of local churches at 31[st] December 2020 was £2,071,826 (2019: £2,710,501). 

Page 4 5 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **20. Comparative Analysis by Fund** 

The key components from the previous year's figures are analysed below by fund type: 

## **20.1 Analysis of Total Operating Income and Expenditure** 

|**20.1.1 Income**<br>**_20.1.1.1 Voluntary Income_**<br>Donations<br>Local Church Contributions<br>Grants<br>Legacies<br>Total Voluntary Income:<br>20.1.1.2. Charitable Activities<br>Fund Generation - Synod Sales<br>Charitable Events<br>Total Charitable Activities:<br>20.1.1.3. Rent and Loan Interest<br>Rent Income<br>Loan Interest<br>Total Rent and Loan Interest:<br>20.1.1.4. Investment Income<br>Investment Income<br>Bank and Deposit Interest<br>Total Investment Income:<br>Total Operating Income:<br>20.1.1.5. Other Income<br>Cash Transferred from Closed Churches<br>Transfers from Local Churches to Manse Fund<br>Properties Transferred from Closed Churches<br>Profit on Disposal of Properties (Note 4)<br>Other income<br>Sale of Assets<br>Total Other Income:<br>Total Income:<br>20.1.2 Expenditure<br>20.1.2.1. Expenditure on Raising Funds<br>Investment management costs<br>Goods purchased for resale<br>Shared indirect costs (note 3)<br>Total Expenditure on Raising Funds:|**2019**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Endowed**<br>**Total**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>25<br>-<br>225<br>-<br>250<br>98,460<br>-<br>-<br>-<br>98,460<br>-<br>-<br>-<br>-<br>-<br>1,000<br>-<br>-<br>-<br>1,000<br>99,485<br>-<br>225<br>-<br>99,710<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>21,728<br>29,009<br>-<br>-<br>50,737<br>-<br>-<br>694<br>-<br>694<br>21,728<br>29,009<br>694<br>-<br>51,431<br>114,566<br>7,249<br>1,911<br>12,038<br>135,764<br>17,258<br>(7,666)<br>2,099<br>852<br>12,543<br>131,824<br>(417)<br>4,010<br>12,890<br>148,307<br>253,037<br>28,592<br>4,929<br>12,890<br>299,448<br>70,269<br>-<br>-<br>-<br>70,269<br>-<br>5,673,376<br>-<br>-<br>5,673,376<br>483,797<br>-<br>-<br>-<br>483,797<br>(49,689)<br>2,503,480<br>-<br>-<br>2,453,791<br>19,325<br>-<br>-<br>-<br>19,325<br>14,992<br>(15,193)<br>-<br>-<br>(201)<br>538,694<br>8,161,663<br>-<br>-<br>8,700,357<br>791,731<br>8,190,255<br>4,929<br>12,890<br>8,999,805<br>8,107<br>-<br>141<br>886<br>9,134<br>1,072<br>-<br>-<br>-<br>1,072<br>2,143<br>-<br>2<br>-<br>2,145<br>11,322<br>-<br>143<br>886<br>12,351|
|---|---|



Page 4 6 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **20. Comparative Analysis by Fund** 

20.1 Analysis of Total Operating Income and Expenditure (Continued) 

20.1.2.2. Expenditure on Charitable Activities: 

|Grants and Donations:<br>Local Church Property Grants<br>Local Church Mission Grants<br>Local Church Grants - Other<br>Local URC Organisations - NW Pilots<br>URC Grants - Ministers' Pension Fund Support<br>URC Grants - Ministry & Mission Fund<br>External Grants<br>Ecumenical County Subscriptions<br>Shared indirect costs (note 3)<br>Total Grants and Donations:|33,533<br>-<br>35,451<br>-<br>68,984<br>5,533<br>-<br>-<br>-<br>5,533<br>(30,000)<br>-<br>-<br>-<br>(30,000)<br>-<br>1,300<br>-<br>-<br>1,300<br>43,653<br>-<br>-<br>-<br>43,653<br>66,613<br>-<br>-<br>-<br>66,613<br>16,875<br>-<br>-<br>-<br>16,875<br>5,893<br>-<br>-<br>-<br>5,893<br>33,170<br>3<br>557<br>-<br>33,730<br>175,270<br>1,303<br>36,008<br>-<br>212,581<br>-<br>-<br>-<br>-<br>-<br>160<br>29,029<br>-<br>-<br>29,189<br>-<br>6,900<br>-<br>-<br>6,900<br>180<br>157<br>-<br>-<br>337<br>970<br>742<br>-<br>-<br>1,712<br>-<br>60,003<br>-<br>-<br>60,003<br>-<br>-<br>-<br>-<br>-<br>-<br>196<br>-<br>-<br>196<br>306<br>222<br>-<br>-<br>528<br>1,616<br>97,249<br>-<br>-<br>98,865<br>12,575<br>-<br>-<br>-<br>12,575<br>6,744<br>-<br>-<br>-<br>6,744<br>1,919<br>-<br>-<br>-<br>1,919<br>9,001<br>-<br>-<br>-<br>9,001<br>7,059<br>-<br>-<br>-<br>7,059<br>37,298<br>-<br>-<br>-<br>37,298<br>100,514<br>13,555<br>-<br>-<br>114,069<br>23,463<br>31<br>-<br>-<br>23,494<br>123,977<br>13,586<br>-<br>-<br>137,563|
|---|---|
|||
|Training:<br>General Training<br>Ministers<br>Students<br>Lay Training<br>Children and Young People<br>Children's and Youth Development Officer<br>Mission Enabler<br>Other training<br>Shared indirect costs (note 3)<br>Total Training:<br>Special Category Ministers:<br>Cumbria<br>Chorlton<br>Salford<br>Oldham<br>Shared indirect costs (note 3)<br>Total Special Category Ministers:<br>Office Salaries - Charitable Activities:<br>Staff salaries and employment costs<br>Shared indirect costs (note 3)<br>Total Office Salaries - Charitable Activities:||



Synod Office staff provide legal, financial and property services to local churches, in addition to their activities on behalf of the Synod itself. The provision of these services to local churches is one of the charitable objects of the Synod. Salaries and associated costs are therefore apportioned between governance costs and charitable activities, in the following proportions: 

||Governance|Charitable|
|---|---|---|
||Costs|Activities|
|Legal & Trust Officer|20%|80%|
|Finance Officer|50%|50%|
|Treasurer|25%|75%|
|Other employees|100%|0%|



Page 4 7 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **20. Comparative Analysis by Fund** 

20.1 Analysis of Total Operating Income and Expenditure (Continued) 

|Property Costs:<br>Manse Fund<br>Other<br>Shared indirect costs (note 3)<br>Total Property Costs:<br>Mission:<br>Mission<br>Missional Discipleship<br>Shared indirect costs (note 3)<br>Total Mission:<br>Area Support:<br>Area Support<br>Shared indirect costs (note 3)<br>Total Area Support:<br>Synod Events:<br>Synod Events<br>Shared indirect costs (note 3)<br>Total Synod Events:<br>Other Charitable Expenditure:<br>Personal Expenses<br>Welfare<br>Other Operating Expenses<br>Shared indirect costs (note 3)<br>Total Other Charitable Expenditure:<br>Total Charitable Expenditure:<br>20.1.2.3. Governance Costs<br>Staff Salaries and Employment Costs<br>Trustee Expenses<br>Committee and Staff Expenses<br>Legal Fees<br>Audit Fees<br>Consultancy Fees<br>Other Professional Fees<br>Shared indirect costs (note 3)<br>Total Governance Costs:|-<br>142,758<br>-<br>-<br>142,758<br>14,924<br>-<br>14,489<br>-<br>29,413<br>3,484<br>327<br>228<br>-<br>4,039<br>18,408<br>143,085<br>14,717<br>-<br>176,210<br>4,686<br>-<br>-<br>-<br>4,686<br>185,285<br>-<br>-<br>-<br>185,285<br>44,345<br>-<br>-<br>-<br>44,345<br>234,316<br>-<br>-<br>-<br>234,316<br>6,022<br>198<br>-<br>-<br>6,220<br>1,406<br>-<br>-<br>-<br>1,406<br>7,428<br>198<br>-<br>-<br>7,626<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>16,311<br>149<br>-<br>-<br>16,460<br>1,000<br>-<br>3,790<br>-<br>4,790<br>5,814<br>183<br>-<br>-<br>5,997<br>5,398<br>1<br>60<br>-<br>5,459<br>28,523<br>333<br>3,850<br>-<br>32,706<br>626,836<br>255,754<br>54,575<br>-<br>937,165<br>93,477<br>-<br>-<br>-<br>93,477<br>25,219<br>-<br>-<br>-<br>25,219<br>(8,367)<br>-<br>-<br>-<br>(8,367)<br>17,550<br>-<br>-<br>-<br>17,550<br>7,675<br>-<br>-<br>-<br>7,675<br>15,390<br>-<br>-<br>-<br>15,390<br>300<br>-<br>-<br>-<br>300<br>35,304<br>-<br>-<br>-<br>35,304<br>186,548<br>-<br>-<br>-<br>186,548|
|---|---|



Page 4 8 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **20. Comparative Analysis by Fund** 

20.2 Analysis of Indirect Costs 

|Indirect Costs:<br>Premises Costs:<br>Rent Payable<br>Water/Water Rates<br>Property Repairs/ Decoration/ Refurbishment<br>Survey Fees<br>Other Property Expenses<br>Electricity<br>Gas<br>Total Premises Costs:<br>Office Expenses:<br>Printing & Stationery<br>Postage<br>Copier Charges<br>Books etc<br>Subscriptions<br>Telephone<br>Internet Access<br>Computer Hardware, Software & Consumables<br>Mobile Charges<br>Equipment Hire<br>Office Machine Maintenance<br>Office Equipment Repairs and Renewals<br>Cleaning<br>ICT Support<br>Online Backup<br>Office Provisions<br>Sundry Expenses<br>Health, Safety & Welfare<br>Recruitment Costs<br>Gifts<br>Storage Charges<br>Staff Training<br>Total Office Expenses:|7,243<br>-<br>-<br>-<br>7,243<br>-<br>-<br>-<br>-<br>-<br>264<br>-<br>-<br>-<br>264<br>-<br>-<br>-<br>-<br>-<br>169<br>-<br>-<br>-<br>169<br>2,457<br>(1)<br>-<br>-<br>2,456<br>316<br>-<br>-<br>-<br>316<br>10,449<br>(1)<br>-<br>-<br>10,448<br>1,519<br>-<br>-<br>-<br>1,519<br>1,064<br>-<br>-<br>-<br>1,064<br>3,320<br>-<br>-<br>-<br>3,320<br>180<br>-<br>-<br>-<br>180<br>70<br>-<br>-<br>-<br>70<br>915<br>-<br>-<br>-<br>915<br>24<br>-<br>-<br>-<br>24<br>1,087<br>-<br>-<br>-<br>1,087<br>3,857<br>-<br>-<br>-<br>3,857<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>692<br>-<br>-<br>-<br>692<br>82<br>-<br>-<br>-<br>82<br>3,056<br>-<br>-<br>-<br>3,056<br>914<br>-<br>-<br>-<br>914<br>725<br>-<br>-<br>-<br>725<br>13<br>-<br>-<br>-<br>13<br>1,844<br>-<br>-<br>-<br>1,844<br>576<br>-<br>-<br>-<br>576<br>1,055<br>-<br>-<br>-<br>1,055<br>3,701<br>-<br>-<br>-<br>3,701<br>435<br>-<br>-<br>-<br>435<br>25,129<br>-<br>-<br>-<br>25,129|
|---|---|



Page 4 9 



**The United Reformed Church (North Western Province) Trust Limited** 

**Company No. 1571090 Charity No. 511689** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **20. Comparative Analysis by Fund** 

20.2. Analysis of Indirect Costs (Continued) 

|Administration Costs:<br>Venue hire<br>Northern Synods Group<br>Conferences<br>Bank Charges<br>DCM Fees<br>Bank Software<br>Closed Churches - Professional Charges<br>Closed Churches - M&M<br>Closed Churches - Property Expenses<br>Closed Churches - Sundry Expenses<br>Contribution to Lay Pension Scheme<br>Furniture/Fitting Depreciation<br>Computer Depreciation<br>Insurances<br>Total Administration Costs:<br>Total Indirect Costs:<br>Apportionment of Indirect Costs:<br>Expenditure on Raising Funds:<br>Expenditure on Charitable Activities:<br>Grants<br>Training<br>SCM<br>Office Salaries - Charitable Activities<br>Property Costs<br>Mission<br>Area Support<br>Synod Events<br>Other Charitable Expenditure<br>Governance Costs:<br>Total apportioned<br>20.3 Profit on Disposal of Properties<br>Gains/(losses) on disposal of fixed asset property<br>Proceeds from church closures|456<br>-<br>-<br>-<br>456<br>3,000<br>-<br>-<br>-<br>3,000<br>1,813<br>-<br>-<br>-<br>1,813<br>1,421<br>-<br>-<br>-<br>1,421<br>940<br>232<br>-<br>-<br>1,172<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>91,690<br>-<br>-<br>-<br>91,690<br>17,551<br>-<br>-<br>-<br>17,551<br>(7,319)<br>-<br>-<br>-<br>(7,319)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,522<br>353<br>-<br>-<br>5,875<br>5,426<br>-<br>847<br>-<br>6,273<br>120,500<br>585<br>847<br>-<br>121,932<br>156,078<br>584<br>847<br>-<br>157,509<br>2,143<br>-<br>2<br>-<br>2,145<br>33,170<br>3<br>557<br>-<br>33,730<br>306<br>222<br>-<br>-<br>528<br>7,059<br>-<br>-<br>-<br>7,059<br>23,463<br>31<br>-<br>-<br>23,494<br>3,484<br>327<br>228<br>-<br>4,039<br>44,345<br>-<br>-<br>-<br>44,345<br>1,406<br>-<br>-<br>-<br>1,406<br>-<br>-<br>-<br>-<br>-<br>5,398<br>1<br>60<br>-<br>5,459<br>35,304<br>-<br>-<br>-<br>35,304<br>156,078<br>584<br>847<br>-<br>157,509<br>105,307<br>2,322,543<br>-<br>-<br>2,427,850<br>(154,996)<br>180,937<br>-<br>-<br>25,941<br>(49,689)<br>2,503,480<br>-<br>-<br>2,453,791|
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**Company No. 1571090 Charity No. 511689** 

## **The United Reformed Church (North Western Province) Trust Limited** 

## **Notes to the Financial Statements Year Ended 31st December 2020** 

## **21. Disposition of Funds at 31st December 2019** 

|**Unrestricted**<br>General Purposes<br>Chapel Street (Southport)<br>Leverhulme<br>**Unrestricted Designated**<br>Training<br>Church Grants<br>Manse<br>Closed Churches<br>**Total Designated Funds**<br>**Total Unrestricted Funds**<br>**Restricted**<br>Church Property<br>Welfare<br>Graveyards<br>Stainton<br>Redwing<br>Great Salkeld<br>Fletcher Trust<br>**Total Restricted Funds**<br>**Endowed**<br>Capital<br>Church Property<br>Ministries<br>Leverhulme<br>Stainton<br>Redwing<br>**Total Endowed Funds**<br>**Total Funds**|**Tangible**<br>**Fixed Assets**<br>**Investments**<br>**Programme**<br>**Related**<br>**Investments**<br>**Bank and**<br>**Cash**<br>**Debtors**<br>**Other Current**<br>**Assets**<br>**Liabilities**<br>**Total**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>**£**<br>8,793<br>2,893,767<br>2,165<br>1,541,538<br>25,930<br>452,860<br>(21,662)<br>4,903,391<br>-<br>492,098<br>-<br>(454,935)<br>-<br>-<br>-<br>37,163<br>-<br>-<br>-<br>8,074<br>-<br>-<br>-<br>8,074<br>8,793<br>3,385,865<br>2,165<br>1,094,677<br>25,930<br>452,860<br>(21,662)<br>4,948,628<br>(3)<br>-<br>-<br>47,377<br>1,399<br>-<br>200<br>48,973<br>-<br>-<br>-<br>425,648<br>-<br>-<br>-<br>425,648<br>8,998,077<br>422,884<br>86,804<br>1,048,933<br>42,367<br>4,268,963<br>(4,568,173) 10,299,855<br>-<br>-<br>-<br>-<br>-<br>180,937<br>-<br>180,937<br>8,998,074<br>422,884<br>86,804<br>1,521,958<br>43,766<br>4,449,900<br>(4,567,973) 10,955,413<br>9,006,867<br>3,808,749<br>88,969<br>2,616,635<br>69,696<br>4,902,760<br>(4,589,635) 15,904,041<br>-<br>-<br>162,497<br>106,346<br>-<br>-<br>(40,554)<br>228,289<br>-<br>47,245<br>-<br>(11,333)<br>-<br>-<br>-<br>35,912<br>-<br>9,036<br>-<br>(9,036)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>3,243<br>-<br>-<br>-<br>3,243<br>-<br>-<br>-<br>7,498<br>-<br>-<br>-<br>7,498<br>-<br>-<br>-<br>3,014<br>-<br>-<br>-<br>3,014<br>-<br>-<br>-<br>134,448<br>-<br>-<br>-<br>134,448<br>-<br>56,281<br>162,497<br>234,180<br>-<br>-<br>(40,554)<br>412,404<br>-<br>216,745<br>-<br>(1)<br>-<br>-<br>-<br>216,744<br>-<br>59,897<br>-<br>(2)<br>-<br>-<br>-<br>59,895<br>-<br>77,949<br>-<br>-<br>-<br>-<br>-<br>77,949<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>33,136<br>-<br>-<br>-<br>33,136<br>-<br>17,435<br>-<br>-<br>-<br>-<br>-<br>17,435<br>-<br>372,026<br>-<br>54,335<br>-<br>-<br>-<br>426,361<br>9,006,867<br>4,237,056<br>251,466<br>2,905,150<br>69,696<br>4,902,760<br>(4,630,189) 16,742,806|
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