# **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 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 2021** 

||**Contents**||
|---|---|---|
|||**Page**|
|**Trustees Annual Report**||**4 - 16**|
|**Independent Auditor’s Report**||**17 -**20|
|**Statement of Financial Activities**||**21**|
|**Balance Sheet**||**22**|
|**Statement of Cash Flows**||**23**|
|**Notes to the Financial Statements**||**24 - 50 **|



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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 2021** 

## **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) (Resigned 16[th] October 2021) Professor Christopher Whitehead (Appointed 16[th] October 2021) (Chair of Trust from 19[th] March 2022) Revd M Aspinall (Vice-Chair) Mr N. Andrews (Resigned 19[th] March 2022) Mr G W Bell Mr N Carter Mr A Haigh Mr M T Hart (Treasurer) Revd B S Jolly 

## **Bankers** 

National Westminster Bank plc Spring Gardens Manchester. M60 2DB 

**Legal Advisers** Slater Heelis LLP Lloyds Bank Buildings, 16 School Road, Sale, M33 7XP 

## **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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## **Trustees Annual Report 2021** 

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 2021.  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 and this report conforms to the requirements for small Company reporting. 

The Trustees work within 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. 

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. The Trust has not used anyone to fundraise on its behalf and has not had any complaints regarding fundraising. 

The Trust, through the work of the Synod, supports 113 Churches and Mission Projects in the region. Its support of these churches and their congregations aims to further their purposes in advancing the Christian religion. 

## **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 other assets of the local churches in the Synod. 

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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. 

A number of the Synod’s main funds have been registered as a separate charity with the Charity Commission.  These are, (with the descriptor in note 18 to the accounts): 

- General Purposes Fund (General Fund) 

- Endowed General Purposes Fund (Endowed Capital Fund) 

- Chapel Street (Southport) Fund 

- Church Extension Fund (Church Property Fund) 

- Endowed Church Extension Fund (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 under company law. The Synod Moderator, Synod Treasurer, Synod Property Consultant, and Chair of Trust 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 2021, there was one vacancy in each area. When an area-nominated trustee resigns, the area nominates a replacement for approval by the trustees. 

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 note 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 Trust is currently working to ensure a greater diversity in Trustee experience and particularly to appoint people with expertise and 

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experience in such areas as property, human relations, law, and finance to the Board. 

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. 

## **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. 

- 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. 

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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 employs fourteen people. During 2021, the average number of full-time equivalents was ten.  All members of Synod Committees and others supporting and enabling Synod activities are unpaid volunteers who can recover their travel and other expenses. 

## **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. 

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## **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 2021, the Synod contributed 32.6% of pensionable salary in respect of members of the scheme, amounting to £89,249 (2020: £88,468).  Members contributed at the rate of 7.5% of pensionable salary. 

## **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 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.”_ 

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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. There are 113 Local Churches and two Mission Projects within the Synod area. The Trust also provides grants to local churches to support them in the maintenance and improvement of their buildings and for mission development work. 

## **Review of the year** 

## **Implications of the Covid Pandemic** 

The focus of many of our activities during 2021 was on providing support to local churches in their response to the Covid pandemic.  With the announcement of the third Lockdown in January 2021, churches were advised again to close their buildings. Many continued to worship online, but others found this more difficult. As restrictions eased during the second quarter of the year, churches gradually reopened their buildings albeit for much of the year subject to additional hygiene and safety measures and maintenance of social distancing. 

Advice, Training and Pastoral Care for Ministers and Church Officers remained 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 has been employed throughout the year. This pro-active approach was greatly appreciated by churches. The post holder 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 re-opening. She has also provided invaluable support to churches in manging the closure process where that has been their decision. During the year the Synod appointed a new Training Officer on increased hours, reflecting the importance placed on the development and delivery of this part of our support to Churches. 

Through the use of its reserves, the Synod provided significant financial support to churches in the payment of their agreed contributions to the national M&M fund. This has continued to a lesser degree in 2022. Over three quarters of the churches in the Synod have been 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. 

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In March 2021, the Synod was advised by our Insurance Brokers that the Court ruling that some business interruption insurance policies covered losses arising from the Covid pandemic, was applicable to policies held by the majority of churches in the Synod area. Our Finance Officer has worked diligently with local churches, our insurance brokers, and loss adjusters to support churches to successfully pursue claims under this provision. Almost all of these claims are now settled and churches in the Synod have received compensation payments totalling over £900,000. 

Operationally, the Synod had to close its office premises again January 2021. A business continuity plan based on all staff members working from home was successfully implemented. This 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 May 2021 following completion of a comprehensive risk assessment and the implementation of required measures to ensure that it was “Covid secure”. This was also essential to enable preparations for the move to the new offices to take place. 

## **Renewed Beginnings** 

In March 2021, the Synod launched a toolkit “Renewed Beginnings” as part of its support to churches in rebuilding their mission and ministry following the lockdown closures. This provided churches with a framework based on the “Pastoral Cycle,” sometimes working with external facilitation, to look at the experience of the previous two years and consider how they needed to rebuild their church life in their local context. The work of the Synod’s Mission Mentors and Children and Youth Development Officer, was an important support, working with local Ministers, Church Related Community Workers, to churches in this process. 

## **Closed Churches** 

Unfortunately, five local fellowships came to a decision to close their church during 2021. These were at: 

- Accrington United Reformed Church 

- Chapel Street and Hope United Reformed Church 

- Cleveleys United Reformed Church 

- Patricroft United Reformed Church, and 

- Christ Church, Reddish (United Reformed & Methodist Church) 

In addition, Westhoughton United Reformed Church, decided to close its Church building and to worship together with Westhoughton Methodist Church. Work is underway to formalise this relationship as a new Local Ecumenical Partnership. 

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At the time of writing a further four fellowships have decided to close during 2022. These closures and the consequent sale of the redundant buildings is bringing significant additional resources into the Trust. Work is actively underway to develop new activities consistent with our aims and objectives to ensure that these resources are spent effectively on the life of the United Reformed Church in the North West. 

## **Eco Synod** 

As well as supporting the work of Churches to become Eco-Churches, staff led by our Green Apostles, having been working to achieve Eco-Synod status. Where possible environmental considerations have been incorporated in the new Synod Office, for example the provision of an electric car charging point. The Synod was registered as an Eco-Synod by ARocha in March 2021 and are currently working towards an accredited level during 2022 

At the time of writing 20 churches in the Synod have been accredited with an EcoChurch award 11 with Silver Awards and 9 with Bronze awards. 

## **Synod Office** 

In November 2020, the Trust completed the purchase of new office accommodation for the Synod.  As well as meeting current regulations for example around accessibility including the provision of an internal lift, the refurbishment has been undertaken with a focus on meeting new business requirements which have emerged during the pandemic. As examples, all the meeting rooms are equipped for fully hybrid meetings, and provision has been developed for a studio for video and audio recordings as a resource for use both by the Synod and local churches. The new office on Sandpiper Quays in Salford opened in June 2021 and has had a significant benefit to staff morale and working practices. 

The previous office in the buildings of Patricroft United Reformed Church was sold as part of the sale of the church buildings following the closure of that church. 

In October 2021, Jean Mullineux resigned as Chair of the Trust. We have been grateful for Jean’s leadership over the last five and a half years. Professor Christopher Whitehead was appointed Chair Designate in October 2021 and became Chair of Trust in March 2022. 

## **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. 

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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. 

## **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 vast majority of the Trust’s investments are managed by Castlefield Investment Partners. In order to achieve a balance between income returns and long-term growth the holding is held in an ethical portfolio focused on growth which provides a smaller level of income return. The Trust has a smaller investment managed by Epworth Investment Management Ltd. 

The Investment portfolio forms one part of the Trust’s overall approach to the management of its reserves through the use of savings accounts and investment portfolio’s reflective of a regular assessment of future cash flow requirements. 

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The Trust’s objectives are its investments are to: 

- Maintain the security of any investments 

- Minimise the risk of capital loss 

- Use a portfolio approach balanced between fixed and equity investments to secure both income to support the revenue budget and long-term growth 

- Ensure that Synod (and wider URC) policies regarding ethical investment requirements are observed 

The Synod’s long standing ethical considerations preclude investments in companies with significant involvements in armaments, pornography, supply of alcoholic drinks, gambling, and tobacco manufacture. In recent years URC General Assembly and Mission Council have resolved to request Synod Trusts to divest in companies that derive more than 10% of their turnover from the extract, processing, or sale of fossil fuels (URC Mission Council 2019); and from companies similarly deriving turnover from facilitating a range of activities in the occupied Palestinian territories. (URC General Assembly 2021). 

Castlefield Investment have confirmed that both portfolios used by the Trust conform to these requirements. The holding with Epworth Investment is focussed in their Climate Stewardship Fund and forms part of the North Western Synod’s Eco-Synod priority through investment in renewable energy. 

In terms of Castlefield, the performance in 2021 was +13.6% as compared with +12.3% for the ARC Sterling Steady Growth Charity Index (both figures on a total return and after costs basis). The total return over the past five years to end-2021 in total was +25.7% as compared to +39.8% for the ARC Sterling Steady Growth Charity Index. The Trust made new investments during the year in Epworth’s Climate Stewardship Fund. This fund grew by 21.6% during the year, ahead of the benchmark (FTSE All Share Index) of 18.3%. The fund also operated to a Carbon Footprint 78% below the benchmark (well in excess of the 15% target). 

## **Reserves Policy** 

Note 18 to the Trust’s accounts provides details of the disposition of the Trust’s reserves. Unrestricted reserves at the end of the year amounted to £4,881,884. A relatively small proportion (£0.7m out of £18.05m) are held in Restricted or Endowed Funds. £10.3m of the Unrestricted and Designated Funds is held as property almost all of which is Manses which largely form the reserves of the Synod Manse Scheme. The balance is held in cash and deposit accounts and investments in accordance with the Investment Policy below. 

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The Trust’s Reserves Policy seeks to balance maintaining sufficient reserves to provide the income stream (currently budgeted at £100k) to enable the Synod to meet its legal obligations under the URC Acts etc. and to further the charitable and spiritual mission of the Church. 

In many organisations the minimum level of general reserves is defined as the sum required to ensure an orderly wind-up of the organisation’s affairs. In the case of the Trust this would not be a straight forward matter, not least with the issues around its responsibilities as the Custodian Trustee of church properties and Synod Manses. These could easily take at least 12 months to resolve.  On this basis the Trust has agreed that it should retain a minimum level of unrestricted reserves equivalent to 18 months’ expenditure (i.e., £1.5m). 

In practice because of the dependency on investment income to fund its activities the Reserves policy aims to retain general reserves at least double that amount, i.e., £3m. 

## **Financial Review** 

## **Financial Statements** 

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

## **Statement of Financial Activities** 

In 2021 unrestricted fund operating income was £179,934 (2020, £170,673) which was approximately £18,000 above budget. Although realised investment income was lower than expected at £59,519, investment values rose significantly during the year with an increase in the overall value of the Trust’s investments of £520,978 in the year to 31[st] December 2021. This reflected a decision taken in 2020 to focus holdings in growth funds. The balance between realised and unrealised investment income will be reviewed during 2022 

Total operating expenditure amounted to £2,042,835 (2020 £1,412,600). The difference largely arises from the accounting treatment of the agreed Pension Contributions to support the Minister’s Pension Fund which totalled £550,000.. Overall, the accounts show a surplus on unrestricted funds of £849,872 with the unrestricted funds at the end of the financial year standing at £4,881,884. Overall funds stand at £18,045,054 

. 

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## **Balance Sheet** 

The Balance Sheet continues to show a strong position with Unrestricted Income Funds (General and Designated) having a combined value of £17,344,995 an increase of £1,557,312 on the start of the year. Tangible Fixed Assets have grown during the year by £950,367 almost all as a result of the increase in value of Manses reflecting the growth in residential properties during the year. 

## **Post Balance Sheet Events** 

As at the 31[st] July 2022, six of the properties listed for disposal (three former church buildings and three manses) with a combined book value of £1.698m had sold for a combined value of £2.388m. One former church building sold for over £0.6m above its original valuation. 

In August 2022, following decisions made by the United Reformed Church General Assembly in July, the Trust will commence consultation with its staff regarding changes to the Lay Staff Pension Scheme. If agreed the changes will take effect from 1[st] January 2023. 

## **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. 

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The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

In so far as the Trustees are aware: 

- There is no relevant audit information of which the charitable company’s auditor is unaware; and 

- The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

## **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 2021 accounts. 

We confirm on behalf of the Trust Management Committee, our approval of the accounts set out on pages 21 to 50. 

Signed on behalf of the Trustees: 



Professor J C Whitehead Chair of Trust 21 September  2022 

Mr M T Hart Synod Treasurer 

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## **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 2021 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 2021 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. 

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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. 

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. 

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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. 

## **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: 

Page 19 



- Obtaining and understanding of the legal and regulatory frameworks that the Charity operates in, focusing on those laws and regulations that have a direct effect on the financial statements; 

- Enquiring of management and Trustees around known or suspected instances of non-compliance of laws and regulations and fraud; 

- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indications of fraud; 

- Reviewing minutes of meetings of those charged with 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. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinion we have formed. 


**Helen Blundell LLB, FCA, FCIE, DChA (Senior Statutory Auditor) For and on behalf of MHA MacIntyre Hudson (Statutory Auditor)** Birmingham, United Kingdom Date: 23 September 2022 

Page 20 



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

## **Statement of Financial Activities** 

## **Year Ended 31st December 2021** 

|**INCOME FROM:**<br>**_Donations:_**<br>**_Investments:_**<br>Investment income<br>Bank and deposit interest<br>**_Incoming resources from charitable activities:_**<br>Charitable activities<br>**_Other operating incoming resources:_**<br>Rent and loan interest<br>**Total Operating Income**<br>**_Other incoming resources:_**<br>Cash & Investments Transferred from Closed Ch<br>Transfers from Local Churches to Manse Fund<br>Properties Transferred from Closed Churches<br>Profit/(Loss) on Disposal of Properties<br>Other Income<br>**Total Income:**<br>**EXPENDITURE ON:**<br>**_Raising Funds:_**<br>**_Charitable Activities:_**<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>**Total Operating Resources Expended**<br>**Net Income/(Expenditure) on Operating Account**<br>**Net Income/(Expenditure) before Transfers**<br>Net Transfers between Funds<br>**Net Income/(Expenditure)**<br>**Other Recognised Gains/(Losses):**<br>Investments - Realised<br>Investments - Unrealised<br>Unrealised Gain/(Loss) on Property Revaluation<br>**Net movement in funds**<br>Total Funds Brought Forward 1st January 2021<br>Total Funds Carried Forward 31st December 2021|**Note**<br>2.1.1<br>2.1.4<br>2.1.4<br>2.1.2<br>2.1.3<br>urches<br>2.1.5<br>2.1.5<br>2.1.5<br>2.1.5<br>2.1.5<br>2.2.1<br>2.2.2<br>2.2.3<br>9<br>8<br>8<br> <br>11, 15<br>9|**2021**<br>**2020**<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>107,140<br>165,000<br>12,813<br>-<br>284,953<br>107,882<br>47,542<br>6,075<br>808<br>5,094<br>59,519<br>80,602<br>2,583<br>3,284<br>28<br>648<br>6,543<br>9,993<br>1,002<br>-<br>-<br>-<br>1,002<br>-<br>21,667<br>-<br>302<br>-<br>21,969<br>10,167<br>179,934<br>174,359<br>13,951<br>5,742<br>373,986<br>208,644<br>99,961<br>-<br>-<br>-<br>99,961<br>41,242<br>-<br>-<br>-<br>-<br>-<br>8,675<br>1,784,375<br>-<br>-<br>-<br>1,784,375<br>-<br>(2,923)<br>3,394<br>-<br>-<br>471<br>170,285<br>48<br>86,967<br>-<br>-<br>87,015<br>81,306<br>2,061,395<br>264,720<br>13,951<br>5,742<br>2,345,808<br>510,152<br>885<br>-<br>-<br>-<br>885<br>5,899<br>613,648<br>407,429<br>2,862<br>-<br>1,023,939<br>524,788<br>844<br>71,761<br>-<br>-<br>72,605<br>74,088<br>25,962<br>-<br>-<br>-<br>25,962<br>14,614<br>213,429<br>29,967<br>602<br>-<br>243,998<br>195,478<br>7,312<br>256,838<br>15,798<br>-<br>279,948<br>226,006<br>117,728<br>344<br>-<br>-<br>118,072<br>169,997<br>486<br>1,488<br>-<br>-<br>1,974<br>1,500<br>31,082<br>44,062<br>1,975<br>-<br>77,119<br>42,260<br>197,738<br>595<br>-<br>-<br>198,333<br>185,700<br>1,209,114<br>812,484<br>21,237<br>-<br>2,042,835<br>1,440,330<br>(1,209,112)<br>(812,480)<br>(1,029,180)<br>(638,125)<br>(7,286)<br>5,742<br>(1,668,849)<br>(1,231,686)<br>852,281<br>(547,764)<br>(7,287)<br>5,742<br>302,972<br>(930,178)<br>(67,455)<br>69,875<br>3,322<br>(5,742)<br>-<br>-<br>784,826<br>(477,889)<br>(3,965)<br>-<br>302,972<br>(930,178)<br>(14,223)<br>-<br>-<br>-<br>(14,223)<br>-<br>422,417<br>48,686<br>6,479<br>43,396<br>520,978<br>(211,249)<br> <br>(343,148)<br>1,136,641<br>-<br>-<br>793,493<br>840,454<br>849,872<br>707,439<br>2,514<br>43,396<br>1,603,221<br>(300,973)<br>4,032,012<br>11,755,671<br>245,339<br>408,811<br>16,441,833<br>16,742,806<br>4,881,884<br>12,463,110<br>247,853<br>452,207<br>18,045,054<br>16,441,833|
|---|---|---|



Page 21 



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

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

## **Balance Sheet At 31st December 2021** 

|**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 one**<br>**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>17<br>**Total Assets**<br>**Funds:**<br>Unrestricted Income Funds:<br>General<br>19<br>Designated<br>19<br>Total<br>Restricted Income Funds<br>19<br>Endowment Funds<br>19<br>**Total Funds**|**2021**<br>**2020**<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>370,463<br>10,907,453<br>-<br>-<br>11,277,916<br>10,327,549<br>3,768,554<br>464,414<br>59,808<br>397,869<br>4,690,645<br>4,125,806<br>210,980<br>(10,632)<br>211,547<br>-<br>411,895<br>467,790<br>4,349,997<br>11,361,235<br>271,355<br>397,869<br>16,380,456<br>14,921,145<br>31,491<br>102,228<br>-<br>-<br>133,719<br>58,825<br>1,779,811<br>867,564<br>-<br>-<br>2,647,375<br>2,323,132<br>1,214,177<br>1,401,167<br>21,075<br>54,338<br>2,690,757<br>2,935,280<br>3,025,479<br>2,370,959<br>21,075<br>54,338<br>5,471,851<br>5,317,237<br>(2,235,105)<br>(1,269,084)<br>(44,577)<br>-<br>(3,548,766)<br>(3,796,549)<br>790,374<br>1,101,875<br>(23,502)<br>54,338<br>1,923,084<br>1,520,688<br>5,140,371<br>12,463,110<br>247,853<br>452,207<br>18,303,541<br>16,441,833<br>(258,487)<br>-<br>-<br>-<br>(258,487)<br>-<br>4,881,884<br>12,463,110<br>247,853<br>452,207<br>18,045,054<br>16,441,833<br>(1)<br>(0)<br>(0)<br>(0)<br>(0)<br>4,881,884<br>-<br>-<br>-<br>4,881,884<br>4,032,012<br>-<br>12,463,110<br>-<br>-<br>12,463,110<br>11,755,671<br>4,881,884<br>12,463,110<br>-<br>-<br>17,344,994<br>15,787,683<br>-<br>-<br>247,853<br>-<br>247,853<br>245,339<br>-<br>-<br>-<br>452,207<br>452,207<br>408,811<br>4,881,884<br>12,463,110<br>247,853<br>452,207<br>18,045,054<br>16,441,833|
|---|---|



Approved by the Trust Management Committee on 8th September 2022 and signed on its behalf on 21 st September 2022 by 

Mr M T Hart Synod Treasurer 


Mr C Whitehead Chair 


Page 22 



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

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

## **Statement of Cash Flows** 

|**2021**<br>**£**<br>**Cash flows from operating activities:**<br>_Net cash provided by (used in) operating activities_<br>(1,869,002)<br>Cash flows from investing activities:<br>-<br>Dividends, interest and rents from investments<br>-<br>Proceeds from the sale of property, plant and equipment<br>2,574,365<br>Purchase of property, plant and equipment<br>(947,705)<br>Proceeds from sale of investments<br>150,332<br>Purchase of investments<br>(208,409)<br>**_Net cash provided by (used in) investing activities_**<br>1,568,583<br>**Cash flows from financing activities:**<br>Repayments of loans<br>162,396<br>Cash outflows from new loans<br>(106,500)<br>Receipt of endowment<br>**_Net cash provided by (used in) financing activities_**<br>55,896<br>_Change in cash and cash equivalents in the reporting period_<br>(244,523)<br>Cash and cash equivalents at the beginning of the reporting period<br>2,935,280<br>_Cash and cash equivalents at the end of the reporting period_<br>2,690,757<br>**Reconciliation of Net Income to net cash flow from operating activities**<br>**2021**<br>£<br>**_Net income/(expenditure) for the reporting period (as per the_**<br>**_statement of financial activities)_**<br>1,603,220<br>**Adjustments for:**<br>_Depreciation charges_<br>15,034<br>_(Gains)/losses on investments_<br>(520,983)<br>_Dividends, interest and rents from investments_<br>-<br>_Loss/(profit) on the sale of fixed assets_<br>(793,493)<br>_Donations of Closed Church Buildings (non Cash)_<br>(1,784,375)<br>_(Increase)/decrease in properties for disposal_<br>(324,243)<br>_(Increase)/decrease in debtors_<br>(74,894)<br>_Increase/(decrease) in creditors_<br>10,704<br>**_Net cash provided by (used in) operating activities_**<br>(1,869,002)|**2020**<br>**£**<br>941,177<br>1,362,161<br>(1,956,885)<br>-<br>(100,000)<br>(694,724)<br>616,072<br>(832,395)<br>(216,323)<br>30,130<br>2,905,150<br>2,935,280<br>**2020**<br>£<br>(300,973)<br>6,164<br>211,249<br>-<br>(732,122)<br>-<br>2,579,628<br>10,871<br>(833,640)<br>941,177|
|---|---|



Page 23 



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

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

## **Notes to the Financial Statements Year Ended 31st December 2021** 

## **1. Accounting Policies** 

## **1.1. General Information** 

The United Reformed Church (North Western Province) Trust Limited is a charitable company limited by guarantee, and registered in England and Wales. The registered office is shown on page 3 of the Trustees Annual Report. The Trust’s principal activities are to support the advancement of the Christian religion by supporting the work of the URC North Western Synod and acting as Custodian Trustee of the buildings and other assets of local churches in the Synod area. 

## **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. 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, and rounded to the nearest £. 

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. Page 5 of the Trustees report provides details of the main funds registered with the Charity Commission. 

## **1.4. Classification of Funds** 

Endowed 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 24 



## **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. For Houses held as part of the Synod Manse Scheme, values are updated each year using the UK House Price Index. Church Buildings held for sale are included at the most recent Charities Act valuation for the individual property.  It is the policy of the Trust to ensure that such properties are well maintained. The Trust’s policy is to revalue other properties once every five years, with an annual revaluation in the other years based on the Trustees estimate. No amounts under £2,500 are capitalised. 

Other tangible fixed assets are stated at original cost less depreciation. 

## **Depreciation** 

Depreciation of tangible fixed assets is charged at the following annual rates: Computers and office equipment - 1/3 of purchase price in each of first three years since purchase 

Page 25 



## **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. The Trust’s Investment policy is set out on page 13 of the Trustees’ Annual Report. 

## **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. 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** 

The significant accounting policies adopted by the Trust have been set out above. These policies have been consistently applied to all years presented unless stated otherwise. 

The following judgements, (apart from those involving estimates) have been made in applying the accounting policies, and which could have a significant effect on the amounts recognised in the financial statements Valuation of listed investments where valuations can be subject to variations arising from external factors which can impact on the future actual results. 

Valuation of programme related investments, where a judgement is required as to whether impairment is required. These judgements are based on advice concerning the current property market Contingent assets and liabilities – estimates are made on the basis of the information available at point of approval of the financial statements as to the probability and value of the transactions 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 26 



## **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 27 



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

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

## **Notes to the Financial Statements Year Ended 31st December 2021** 

|**2. Analysis of Total Operating Income and Expenditure**<br>**2.1. Income**<br>**_2.1.1. Voluntary Income_**<br>Donations<br>Local Church Contributions<br>Grants<br>Legacies<br>**_Total Voluntary Income:_**<br>**_2.1.2. Charitable Activities_**<br>Fund Generation - Synod Sales<br>**_Total Charitable Activities:_**<br>**_2.1.3. Rent and Loan Interest_**<br>Rent Income<br>Loan Interest<br>**_Total Rent and Loan Interest:_**<br>**_2.1.4. Investment Income_**<br>Investment Income<br>Bank and Deposit Interest<br>**_Total Investment Income:_**<br>**Total Operating Income:**<br>**_2.1.5. Other Income_**<br>Cash Transferred from Closed Churches<br>Transfers from Local Churches to Manse Fund<br>Properties Transferred from Closed Churches<br>Transfers from External Funds<br>Profit on Disposal of Properties (Note 4)<br>Other income<br>Sale of Assets<br>**_Total Other Income:_**<br>**Total Income:**<br>**2.2. Expenditure**<br>**_2.2.1. 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:_**|**2021**<br>**2020**<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>8,680<br>-<br>-<br>-<br>8,680<br>467<br>98,460<br>-<br>-<br>-<br>98,460<br>98,460<br>-<br>165,000<br>12,813<br>-<br>177,813<br>8,955<br>-<br>-<br>-<br>-<br>-<br>-<br>107,140<br>165,000<br>12,813<br>-<br>284,953<br>107,882<br>1,002<br>-<br>-<br>-<br>1,002<br>-<br>1,002<br>-<br>-<br>-<br>1,002<br>-<br>21,667<br>-<br>-<br>-<br>21,667<br>5,269<br>-<br>-<br>302<br>-<br>302<br>4,898<br>21,667<br>-<br>302<br>-<br>21,969<br>10,167<br>47,542<br>6,075<br>808<br>5,094<br>59,519<br>80,602<br>2,583<br>3,284<br>28<br>648<br>6,543<br>9,993<br>50,125<br>9,359<br>836<br>5,742<br>66,062<br>90,595<br>179,934<br>174,359<br>13,951<br>5,742<br>373,986<br>208,644<br>99,961<br>-<br>-<br>-<br>99,961<br>41,242<br>-<br>-<br>-<br>-<br>-<br>8,675<br>1,784,375<br>-<br>-<br>-<br>1,784,375<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,923)<br>3,394<br>-<br>-<br>471<br>170,285<br>48<br>86,967<br>-<br>-<br>87,015<br>81,306<br>-<br>-<br>-<br>-<br>-<br>-<br>1,881,461<br>90,361<br>-<br>-<br>1,971,822<br>301,508<br>2,061,395<br>264,720<br>13,951<br>5,742<br>2,345,808<br>510,152<br>**0**<br>**(3)**<br>**(1)**<br>**(1)**<br>**(3)**<br>772<br>-<br>-<br>-<br>772<br>5,460<br>-<br>-<br>-<br>-<br>-<br>8<br>113<br>-<br>-<br>-<br>113<br>431<br>885<br>-<br>-<br>-<br>885<br>5,899|
|---|---|



Page 28 



## **2. Analysis of Total Operating Income and Expenditure (Continued)** 

## _**2.2.2. Expenditure on Charitable Activities:**_ 

|**_2.2.2. Expenditure on Charitable Activities:_**||||||||
|---|---|---|---|---|---|---|---|
|**_Grants and Donations:_**||||||||
|Local Church Property Grants||-|34,050|2,862|-|36,912|173,515|
|Local Church Mission Grants||-|292,399|-|-|292,399|284,174|
|Local Church Grants - Other||-|-|-|-|-|-|
|Local URC Organisations - NW Pilots||-|1,300|-|-|1,300|1,300|
|URC Grants - Ministers' Pension Fund Support||508,487|-|-|-|508,487|21,397|
|URC Grants - Ministry & Mission Fund||1,652|38,376|-|-|40,028|-|
|External Grants||18,840|24,123|-|-|42,963|12,500|
|Ecumenical County Subscriptions||5,773|-|-|-|5,773|10,803|
|Shared indirect costs (note 3)||78,896|17,181|-|-|96,077|21,099|
|**_Total Grants and Donations:_**||613,648|407,429|2,862|-|1,023,939|524,788|
|**_Training:_**||||||||
|Ministers||-|904|-|-|904|7,747|
|Students||-|2,917|-|-|2,917|5,138|
|Lay Training||20|1,547|-|-|1,567|463|
|Learning and Development Officer||-|8,517|-|-|8,517|-|
|Children and Young People||90|-|-|-|90|697|
|Children's and Youth Development Officer||-|54,710|-|-|54,710|59,760|
|Other training||625|140|-|-|765|156|
|Shared indirect costs (note 3)||109|3,026|-|-|3,135|127|
|**_Total Training:_**||844|71,761|-|-|72,605|74,088|
|**_Special Category Ministers:_**|Check|**0**|**0**|**-**|**-**|||
|Cumbria||(74)|-|-|-|(74)|677|
|Chorlton||8,036|-|-|-|8,036|5,536|
|Salford||6,390|-|-|-|6,390|94|
|Oldham||8,581|-|-|-|8,581|7,116|
|Shared indirect costs (note 3)||3,028|-|-|-|3,028|1,191|
|**_Total Special Category Ministers:_**||25,962|-|-|-|25,962|14,614|
|**_Office Salaries - Charitable Activities:_**||**1**|**-**|**-**|**-**|||
|Staff salaries and employment costs||188,536|28,703|602|-|217,841|182,883|
|Shared indirect costs (note 3)||24,893|1,264|-|-|26,157|12,595|
|**_Total Office Salaries - Charitable Activities:_**||213,429|29,967|602|-|243,998|195,478|



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. 

|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 29 



## **2. 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>**_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>**_2.2.3. Governance Costs_**<br>Staff Salaries and Employment Costs<br>Trustee Expenses<br>Committee and Staff Expenses<br>Entertainment<br>Interest payable on Manse Fund balances<br>Legal Fees<br>Audit Fees<br>Consultancy Fees<br>Other Professional Fees<br>Shared indirect costs (note 3)<br>**_Total Governance Costs:_**|-<br>246,007<br>-<br>-<br>246,007<br>184,375<br>6,457<br>-<br>15,798<br>-<br>22,255<br>39,234<br>855<br>10,831<br>-<br>-<br>11,686<br>2,397<br>7,312<br>256,838<br>15,798<br>-<br>279,948<br>226,006<br>260<br>329<br>-<br>-<br>589<br>871<br>102,641<br>-<br>-<br>-<br>102,641<br>155,308<br>15,182<br>15<br>-<br>-<br>15,197<br>13,818<br>118,083<br>344<br>-<br>-<br>118,427<br>169,997<br>425<br>1,425<br>-<br>-<br>1,850<br>1,380<br>62<br>63<br>-<br>-<br>125<br>120<br>487<br>1,488<br>-<br>-<br>1,975<br>1,500<br>12,905<br>25,699<br>-<br>-<br>38,604<br>24,990<br>-<br>-<br>1,975<br>-<br>1,975<br>1,820<br>14,181<br>16,505<br>-<br>-<br>30,686<br>14,708<br>3,997<br>1,858<br>-<br>-<br>5,855<br>742<br>31,082<br>44,062<br>1,975<br>-<br>77,119<br>42,260<br>1,010,847<br>811,889<br>21,237<br>-<br>1,843,973<br>1,248,731<br>114,444<br>-<br>-<br>-<br>114,444<br>87,032<br>3,970<br>569<br>-<br>-<br>4,539<br>4,617<br>441<br>-<br>-<br>-<br>441<br>471<br>682<br>-<br>-<br>-<br>682<br>-<br>-<br>-<br>-<br>-<br>-<br>27,671<br>8,040<br>-<br>-<br>-<br>8,040<br>22,699<br>9,180<br>-<br>-<br>-<br>9,180<br>10,992<br>11,233<br>-<br>-<br>-<br>11,233<br>16,236<br>20,675<br>-<br>-<br>-<br>20,675<br>3,106<br>29,073<br>26<br>-<br>-<br>29,099<br>12,876<br>197,738<br>595<br>-<br>-<br>198,333<br>185,700|
|---|---|



Page 30 



## **3. Analysis of Indirect Costs** 

|**_Indirect Costs:_**<br>**_Premises Costs:_**<br>Rent Payable<br>General Rates<br>Property Repairs/ Decoration/ Refurbishment<br>Legal Fees<br>Other Professional Charges<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>Office Furniture<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>Loss/(Gain) on sale of assets<br>Staff Training<br>**_Total Office Expenses:_**<br>**_Administration Costs:_**<br>Venue hire<br>Northern Synods Group<br>Conferences<br>Bank Charges<br>Bank Interest Paid<br>DCM Fees<br>Interest paid to churches with SMS fund<br>Bank Software<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>Office Equipment Depreciation<br>Computer Depreciation<br>Insurances<br>**_Total Administration Costs:_**<br>**_Total Indirect Costs:_**|4,795<br>-<br>-<br>-<br>4,795<br>7,242<br>1,837<br>-<br>-<br>-<br>1,837<br>-<br>7,052<br>-<br>-<br>-<br>7,052<br>1,154<br>-<br>-<br>-<br>-<br>-<br>960<br>1,035<br>-<br>-<br>-<br>1,035<br>-<br>392<br>-<br>-<br>-<br>392<br>-<br>1,944<br>-<br>-<br>-<br>1,944<br>2,253<br>972<br>-<br>-<br>-<br>972<br>315<br>18,027<br>-<br>-<br>-<br>18,027<br>11,924<br>**0**<br>548<br>-<br>-<br>-<br>548<br>1,666<br>1,143<br>-<br>-<br>-<br>1,143<br>1,248<br>1,483<br>-<br>-<br>-<br>1,483<br>1,814<br>755<br>-<br>-<br>-<br>755<br>-<br>403<br>-<br>-<br>-<br>403<br>370<br>899<br>-<br>-<br>-<br>899<br>754<br>2,076<br>-<br>-<br>-<br>2,076<br>14<br>15,557<br>-<br>-<br>-<br>15,557<br>5,932<br>3,015<br>-<br>-<br>-<br>3,015<br>2,046<br>16,094<br>-<br>-<br>-<br>16,094<br>9<br>-<br>-<br>-<br>-<br>-<br>-<br>4,599<br>-<br>-<br>-<br>4,599<br>105<br>1,280<br>-<br>-<br>-<br>1,280<br>37<br>3,066<br>-<br>-<br>-<br>3,066<br>2,790<br>-<br>-<br>-<br>-<br>-<br>731<br>484<br>-<br>-<br>-<br>484<br>182<br>174<br>-<br>-<br>-<br>174<br>30<br>2,112<br>-<br>-<br>-<br>2,112<br>1,442<br>8,842<br>-<br>-<br>-<br>8,842<br>-<br>1,724<br>-<br>-<br>-<br>1,724<br>2,256<br>4,018<br>-<br>-<br>-<br>4,018<br>3,915<br>1,250<br>-<br>-<br>-<br>1,250<br>-<br>1,517<br>-<br>-<br>-<br>1,517<br>219<br>71,039<br>-<br>-<br>-<br>71,039<br>25,560<br>780<br>-<br>-<br>-<br>780<br>120<br>-<br>-<br>-<br>-<br>-<br>-<br>1,404<br>-<br>-<br>-<br>1,404<br>1,319<br>1,217<br>-<br>-<br>-<br>1,217<br>1,238<br>(87)<br>-<br>-<br>-<br>(87)<br>-<br>782<br>-<br>-<br>-<br>782<br>516<br>-<br>16,925<br>-<br>-<br>16,925<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,116<br>1,080<br>-<br>-<br>2,196<br>288<br>-<br>-<br>-<br>-<br>-<br>-<br>39,326<br>244<br>-<br>-<br>39,570<br>15,504<br>1,099<br>6,360<br>-<br>-<br>7,459<br>-<br>-<br>-<br>-<br>-<br>-<br>24<br>952<br>-<br>-<br>-<br>952<br>-<br>14,105<br>-<br>-<br>-<br>14,105<br>6,143<br>6,450<br>9,655<br>-<br>-<br>16,105<br>2,760<br>67,144<br>34,264<br>-<br>-<br>101,408<br>27,912<br>156,209<br>34,264<br>-<br>-<br>190,473<br>65,396|
|---|---|



Page 31 



## **3. Analysis of Indirect Costs (Continued)** 

## **Apportionment of Indirect Costs:** 

|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|113<br>-<br>-<br>-<br>113<br>431<br>78,896<br>17,181<br>-<br>-<br>96,077<br>21,099<br>109<br>3,026<br>-<br>-<br>3,135<br>127<br>3,028<br>-<br>-<br>-<br>3,028<br>1,191<br>24,893<br>1,264<br>-<br>-<br>26,157<br>12,595<br>855<br>10,831<br>-<br>-<br>11,686<br>2,397<br>15,182<br>15<br>-<br>-<br>15,197<br>13,818<br>62<br>63<br>-<br>-<br>125<br>120<br>3,997<br>1,858<br>-<br>-<br>5,855<br>742<br>29,073<br>26<br>-<br>-<br>29,099<br>12,876<br>156,209<br>34,264<br>-<br>-<br>190,473<br>65,396<br>**0**<br>(2,923)<br>3,394<br>-<br>-<br>471<br>179,784<br>-<br>-<br>-<br>-<br>-<br>(9,499)<br>(2,923)<br>3,394<br>-<br>-<br>471<br>170,285|
|---|---|



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 2021** 

## **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>Asbestos surveys<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**|**2021**<br>**2020**<br>**Number**<br>**Amount**<br>**Number**<br>**Amount**<br>**£**<br>**£**<br>1<br>12,500<br>1<br>12,500<br>3<br>5,773<br>4<br>10,803<br>1<br>1,300<br>1<br>1,300<br>1<br>508,487<br>2<br>21,397<br>-<br>40,027<br>-<br>-<br>47<br>292,399<br>47<br>284,174<br>-<br>-<br>-<br>-<br>2<br>30,463<br>-<br>-<br>55<br>890,949<br>55<br>330,174<br>1<br>1,200<br>-<br>-<br>4<br>2,862<br>11<br>9,598<br>5<br>32,850<br>6<br>163,917<br>10<br>36,912<br>17<br>173,515<br>65<br>927,861<br>72<br>503,689<br>-<br>-<br>9<br>1,065<br>-<br>-<br>6<br>463<br>-<br>-<br>9<br>5,138<br>-<br>-<br>24<br>6,666<br>65<br>927,861<br>96<br>510,355|
|---|---|



Page 33 



## **6. Employment Emoluments** 

|Wages and salaries<br>Employer's national insurance<br>Pension costs<br>The average number of employees was:<br>No employee received £60,000 per annum or more (2020: None). All staff are employed by the Company.|**2021**<br>**2020**<br>**£**<br>**£**<br>367,632<br>342,324<br>328628.97<br>35,023<br>32,935<br>89,249<br>88,468<br>491,904<br>463,727<br>13.5<br>12.1|
|---|---|



## **Lay Staff Pension Scheme:** 

The Synod contributed £89,249 (2020: £88,468) 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% therea�er 

- -Re�rement age (ac�ve members) of 65, with maximum commuta�on 

The company operates a defined benefit pension scheme and contributions are charged as expenditure as they become payable. Key Management Personnel include the Trustee's and key Synod Staff including Synod Clerk and the Treasurer. The Synod Clerk receives a salary for his role with the Trust. No other Trustee's are remunerated for their role as Trustee's. Key Management Personnel are considered to be the Trustee's only. The cost of Key Management Personnel (including associated payroll costs) were Synod Clerk £32,000 and the Treasurer £23,281 (2020: Synod Clerk £10,666 and the Treasurer £29,744) 

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

|The following expenses were paid to Trustees of the Trust:<br>Travel expenses<br>Stationery, telephone, repairs etc.|**2021**<br>**2020**<br>**£**<br>**£**<br>3,322<br>2,923<br>1,217<br>1,694<br>4,539<br>4,617|
|---|---|



All expenses paid to trustees in connection with their roles as trustees and in other roles with the Synod are included in the figures above. 

A salary of £23,280 (2020: £29,744) was paid to Michael Hart for his role as Treasurer of the Synod. This is not considered to be renumeration for his role as a 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 Trustee’s are drawn or to Trustee’s 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 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 Nick Andrews|Kendal URC|Interest free loan to church|164,000|



This loan has since been settled post year end 

Page 34 



## **8. Gains on Investments** 

|Realised loss on investments sold<br>Gains previously recognised<br>Net gain in the year on investments sold<br>Unrealised gains/(losses) on investments for th<br>Net Gains/(Losses) on Investments for the Year<br>**9. Movement in Funds**<br>**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**|**2021**<br>**2020**<br>**£**<br>**£**<br>(14,223)<br>-<br>-<br>(14,223)<br>-<br>e year<br>520,978<br>(211,249)<br> <br>506,755<br>(211,249)<br>**Opening Balance**<br>**at 1st January**<br>**2021**<br>**Income**<br>**Expenditure**<br>**Transfers**<br>**Other**<br>**Movements**<br>**Closing Balance at**<br>**31st December**<br>**2021**<br>**Error Check**<br>4,023,865<br>2,054,380<br>(1,209,112)<br>(3,788)<br>8,389<br>4,873,733<br>8,151<br>(2)<br>7,014<br>-<br>(63,668)<br>56,655<br>(1)<br>1<br>8,149<br>1<br>-<br>2<br>-<br>8,152<br>(1)<br>4,032,013<br>2,061,395<br>(1,209,112)<br>(67,455)<br>65,044<br>4,881,884<br>4,881,884<br>(1)<br>48,974<br>-<br>(69,874)<br>69,875<br>-<br>48,973<br>0<br>437,164<br>165,000<br>(350,571)<br>-<br>-<br>251,593<br>0<br>10,995,071<br>12,750<br>(243,659)<br>-<br>1,187,762<br>11,951,924<br>0<br>266,527<br>-<br>(46,059)<br>-<br>(2,435)<br>218,034<br>0<br>7,935<br>86,967<br>(102,317)<br>-<br>-<br>(7,415)<br>0<br>11,755,671<br>264,717<br>(812,480)<br>69,875<br>1,185,327<br>12,463,109<br>12,463,109<br>(0)<br>15,787,684<br>2,326,112<br>(2,021,592)<br>2,420<br>1,250,371<br>17,344,993<br>0<br>63,574<br>314<br>(2,862)<br>860<br>-<br>61,886<br>0<br>32,577<br>677<br>(2,577)<br>-<br>5,439<br>36,116<br>0<br>-<br>129<br>(15,798)<br>14,628<br>1,041<br>(0)<br>0<br>3,335<br>0<br>-<br>4<br>-<br>3,339<br>0<br>8,041<br>1<br>-<br>642<br>-<br>8,684<br>0<br>3,021<br>0<br>-<br>-<br>-<br>3,021<br>0<br>134,791<br>16<br>-<br>-<br>-<br>134,807<br>0<br>-<br>12,813<br>-<br>(12,813)<br>-<br>-<br>0<br>245,339<br>13,950<br>(21,237)<br>3,321<br>6,480<br>247,853<br>247,853<br>(0)<br>205,360<br>3,113<br>-<br>(3,113)<br>24,954<br>230,314<br>0<br>56,749<br>860<br>-<br>(860)<br>8,974<br>65,723<br>0<br>73,855<br>1,120<br>-<br>(1,120)<br>6,896<br>80,751<br>0<br>21,202<br>3<br>-<br>(3)<br>-<br>21,202<br>0<br>33,136<br>4<br>-<br>(4)<br>-<br>33,136<br>0<br>18,509<br>642<br>-<br>(642)<br>2,572<br>21,081<br>0<br>408,811<br>5,742<br>-<br>(5,742)<br>43,396<br>452,207<br>452,207<br>-<br>16,441,834<br>2,345,804<br>(2,042,830)<br>(0)<br>1,300,247<br>18,045,053<br>18,045,054<br>(1)|
|---|---|



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:-** 

Graveyard fund is now closed and any transfer are to clear to zero. Endowed Funds - income from investments moved to Unrestricted Funds 

Page 35 



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

|**Unrestricted**<br>General Purposes<br>Chapel Street (Southport)*<br>Leverhulme<br>**Total Unrestricted Funds**<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>**Error Check**<br>4,903,391<br>238,784<br>(798,041)<br>(194,587)<br>(125,682)<br>4,023,865<br>0<br>37,163<br>8,225<br>(732)<br>(18,810)<br>(25,848)<br>(2)<br>0<br>8,074<br>21<br>-<br>54<br>-<br>8,149<br>0<br>4,948,628<br>247,030<br>(798,773)<br>(213,343)<br>(151,530)<br>4,032,012<br>0<br>48,974<br>202<br>(76,796)<br>76,594<br>-<br>48,974<br>0<br>425,647<br>-<br>(95,470)<br>106,987<br>-<br>437,164<br>0<br>10,299,855<br>106,710<br>(212,736)<br>-<br>801,242<br>10,995,071<br>0<br>180,937<br>55,627<br>-<br>29,963<br>-<br>266,527<br>0<br>-<br>81,020<br>(73,085)<br>-<br>-<br>7,935<br>0<br>10,955,413<br>243,559<br>(458,087)<br>213,544<br>801,242<br>11,755,671<br>0<br>15,904,041<br>490,589<br>(1,256,860)<br>201<br>649,712<br>15,787,683<br>0<br>228,289<br>1,563<br>(167,331)<br>1,053<br>-<br>63,574<br>0<br>35,916<br>1,113<br>(1,970)<br>-<br>(2,482)<br>32,577<br>0<br>-<br>134<br>(13,648)<br>13,989<br>(475)<br>-<br>0<br>3,242<br>8<br>-<br>85<br>-<br>3,335<br>0<br>7,496<br>19<br>-<br>526<br>-<br>8,041<br>0<br>3,013<br>8<br>-<br>-<br>-<br>3,021<br>0<br>134,448<br>343<br>-<br>-<br>-<br>134,791<br>0<br>-<br>8,955<br>-<br>(8,955)<br>-<br>-<br>0<br>412,404<br>12,143<br>(182,949)<br>6,698<br>(2,957)<br>245,339<br>0<br>**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>**Error Check**<br>216,744<br>4,133<br>(322)<br>(3,810)<br>(11,385)<br>205,360<br>0<br>59,895<br>1,142<br>(89)<br>(1,053)<br>(3,146)<br>56,749<br>0<br>77,950<br>1,480<br>(110)<br>(1,371)<br>(4,094)<br>73,855<br>0<br>21,202<br>54<br>-<br>(54)<br>-<br>21,202<br>0<br>33,136<br>85<br>-<br>(85)<br>-<br>33,136<br>0<br>17,434<br>526<br>-<br>(526)<br>1,075<br>18,509<br>0<br>426,361<br>7,420<br>(521)<br>(6,899)<br>(17,550)<br>408,811<br>0<br>16,742,806<br>510,152<br>(1,440,330)<br>-<br>629,205<br>16,441,833<br>0|
|---|---|



Page 36 



## **11. Tangible Fixed Assets** 

|**Cost or Valuation**<br>At 1st January 2021<br>Additions at Cost<br>Additions at Valuation<br>Revaluation<br>Disposals<br>Transfer to Current Assets<br>At 31st December 2021<br>**Depreciation**<br>At 1st January 2021<br>Charge for year<br>Disposals<br>At 31st December 2021<br>Net Book Value at 31-Dec-21<br>Net Book Value at 31-Dec-20|**General Fund (Unrestricted)**<br>**Manse Fund**<br>**(Designated)**<br>**Total**<br>**Computers**<br>**Office Equipment**<br>**Motor Vehicles**<br>**Buildings**<br>**Total**<br>**Unrestricted**<br>**Properties**<br>31,865<br>3,448<br>-<br>384,480<br>419,793<br>9,928,035<br>10,347,828<br>-<br>-<br>23,263<br>308,668<br>331,931<br>615,774<br>947,705<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(343,148)<br>(343,148)<br>1,063,184<br>720,036<br>-<br>-<br>(2,800)<br>-<br>(2,800)<br>-<br>(2,800)<br>-<br>-<br>-<br>-<br>-<br>(699,540)<br>(699,540)<br>31,865<br>3,448<br>20,463<br>350,000<br>405,776<br>10,907,453<br>11,313,229<br>17,769<br>2,510<br>-<br>-<br>20,279<br>-<br>20,279<br>14,096<br>938<br>-<br>-<br>15,034<br>-<br>15,034<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>31,865<br>3,448<br>-<br>-<br>35,313<br>-<br>35,313<br>-<br>-<br>20,463<br>350,000<br>370,463<br>10,907,453<br>11,277,916<br>14,096<br>938<br>-<br>384,480<br>399,514<br>9,928,035<br>10,327,549|
|---|---|



All manses wholly or partly owned by the company were revalued by Lamb and Swift during 2018 and up to February 13th 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 2021, the Synod had control of and responsibility for 25 manses which they intended to retain (2020: 24) with a market value of approximately £10,980,910 (2020: £9,928,037) 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 3 manses (2020: 7) 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 2021<br>Purchases|**Castlefield**<br>**Investments**<br>**COIF Investment**<br>**Fund**<br>**Epworth**<br>**UK Equities**<br>**Total**<br>3,899,250<br>18,508<br>-<br>208,050<br>4,125,808<br>-<br>-<br>208,409<br>-<br>208,409<br>-<br>-<br>(150,332)<br>(150,332)<br>-<br>-<br>(14,223)<br>(14,223)<br>473,806<br>2,572<br>34,477<br>10,128<br>520,983<br>4,373,056<br>21,080<br>242,886<br>53,623<br>4,690,645|
|---|---|
|Disposals<br>Realised gains/(losses) on disposal<br>Unrealised gains/(losses) on revaluation<br>At 31st December 2021||



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 37 



## **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>Blackburn Ragged School<br>Related to 2020 losses<br>Blackburn Revidge Fold<br>Roof work<br>Blackford Bridge URC<br>Building repairs<br>Bolton le Sands<br>Related to 2020 losses<br>Bramhall<br>Related to 2020 losses<br>Chorley<br>Building Project<br>Chorlton<br>Manse Scheme - Property - building work<br>Elswick<br>Related to 2020 losses<br>Gatley<br>Related to 2020 losses<br>Halton<br>Building Project<br>Heald Green<br>Related to 2020 losses<br>Kendal<br>Building Project<br>Leyland<br>Manse Scheme - Projector<br>Lower Darwen<br>Related to 2020 losses<br>Macclesfield<br>Building Loan - Manse Scheme<br>Morecambe Sefton Road<br>Manse Scheme - Property - boiler<br>New Mills URC<br>Dry rot<br>Salford Chapel St & Hope<br>Basement floor<br>Shaw & Heyside<br>Bridging Loan<br>Silloth<br>Related to 2020 losses<br>St Annes on Sea<br>Manse Scheme - Property<br>Stockport Short Street<br>Related to 2020 losses<br>Wilmslow<br>Development<br>Windermere<br>Related to 2020 losses|**2021**<br>**2020**<br>**£**<br>**£**<br>411,895<br>467,790<br>411,895<br>467,790<br>**2021**<br>**2020**<br>**£**<br>**£**<br>173,947<br>391,822<br>237,948<br>75,968<br>411,895<br>467,790<br>**2021**<br>**2020**<br>**£**<br>**£**<br>-<br>6,966<br>-<br>-<br>453<br>-<br>6,624<br>-<br>18,054<br>170,000<br>170,000<br>-<br>-<br>540<br>-<br>7,644<br>10,000<br>-<br>-<br>13,974<br>164,000<br>67,500<br>-<br>10,632<br>-<br>2,994<br>-<br>-<br>5,600<br>9,155<br>-<br>6,358<br>62,295<br>67,294<br>-<br>1,782<br>-<br>22,776<br>-<br>8,148<br>-<br>34,824<br>-<br>12,072<br>411,895<br>467,790|
|---|---|



No interest was charged on loans in 2021. 

Page 38 



## **14. Debtors** 

|Prepayments<br>Ministerial and lay training costs recoverable fr<br>Other costs recoverable from national URC and<br>Other debtors<br>**15. Other Current Assets**<br>**Properties for disposal:**<br>**_Opening Balance:_**<br>7 Primrose Avenue, Macclesfield<br>118 Windermere Road, Kendal<br>66 Caryl Road, Lythan St Annes<br>18 Ladymeadow Close, Bolton<br>15 Crossford Drive, Ladybridge, Bolton<br>34 Montgomery Way, Radcliffe, Manches<br>1 Highbank, Tintwistle, Glossop<br>Former Christ Church URC, Morecambe<br>Former Read URC<br>2K17 Darwen Bolton Road CC<br>2M37 Offerton CC<br>2J03 Brampton CC<br>Former Sedbergh URC<br>**_Total Opening Balance_**<br>**_Properties sold:_**<br>118 Windermere Road, Kendal<br>66 Caryl Road, Lythan St Annes<br>18 Ladymeadow Close, Bolton<br>15 Crossford Drive, Ladybridge, Bolton<br>34 Montgomery Way, Radcliffe, Manches<br>1 Highbank, Tintwistle, Glossop<br>2K17 Darwen Bolton Road CC<br>2M37 Offerton CC<br>7 Primrose Avenue<br>Union Maitland<br>**_Total Properties Sold_**<br>**_Transferred from fixed assets:_**<br>8 Ash Grove<br>1 Longridge Heath<br>7 Romney Road<br>**_Total Transferred from Fixed Assets_**<br>**_Revaluation:_**<br>8 Ash Grove<br>1 Longridge Heath<br>7 Romney Road<br>**_Total Revaluation_**<br>**_Additions:_**<br>2M31 Reddish<br>2L38 Salford Chapel Street & Hope<br>2K01 Accrington<br>2L41 Westhoughton<br>2L30 Patricroft<br>2K15 Cleveleys<br>**_Total Additions_**<br>**_Transfers of Net Benefit on Disposal to Clos_**<br>**_Total Transfers to Closed Churches Fund_**<br>**Total Properties for Disposal**|**2021**<br>**2020**<br>**£**<br>**£**<br>131,183<br>58,807<br>om national URC<br>2,315<br>-<br>other Synods<br>221<br>8<br>-<br>10<br>133,719<br>58,825<br>**2021**<br>**2020**<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>-<br>325,932<br>-<br>325,932<br>325,932<br>-<br>-<br>311,200<br>-<br>311,200<br>311,200<br>-<br>-<br>326,200<br>-<br>326,200<br>326,200<br>-<br>-<br>194,200<br>-<br>194,200<br>194,200<br>-<br>-<br>321,200<br>-<br>321,200<br>321,200<br>-<br>t<br>-<br>231,200<br>-<br>231,200<br>231,200<br>-<br>-<br>256,200<br>-<br>256,200<br>256,200<br>-<br>(104,200)<br>104,200<br>104,200<br>-<br>(76,737)<br>76,737<br>76,737<br>-<br>125,000<br>-<br>-<br>-<br>125,000<br>-<br>142,000<br>-<br>-<br>-<br>142,000<br>-<br>90,000<br>-<br>-<br>-<br>90,000<br>-<br>(55,627)<br>55,627<br>55,627<br>-<br>120,436<br>1,966,132<br>236,564<br>2,202,696<br>2,323,132<br>4,902,760<br>-<br>(311,200)<br>-<br>(311,200)<br>(311,200)<br>-<br>-<br>(326,200)<br>-<br>(326,200)<br>(326,200)<br>-<br>-<br>(194,200)<br>-<br>(194,200)<br>(194,200)<br>-<br>-<br>(321,200)<br>-<br>(321,200)<br>(321,200)<br>-<br>t<br>-<br>(231,200)<br>-<br>(231,200)<br>(231,200)<br>-<br>-<br>(256,200)<br>-<br>(256,200)<br>(256,200)<br>-<br>(125,000)<br>-<br>-<br>-<br>(125,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(325,932)<br>-<br>(325,932)<br>(325,932)<br>-<br>-<br>(142,000)<br>-<br>(142,000)<br>(142,000)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(125,000)<br>(2,108,132)<br>-<br>(2,108,132)<br>(2,233,132)<br>(3,629,160)<br>-<br>229,620<br>-<br>229,620<br>229,620<br>-<br>-<br>224,280<br>-<br>224,280<br>224,280<br>-<br>-<br>245,640<br>-<br>245,640<br>245,640<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>699,540<br>-<br>699,540<br>699,540<br>906,200<br>-<br>-<br>-<br>-<br>(23,620)<br>(23,620)<br>(23,620)<br>46,720<br>46,720<br>46,720<br>50,360<br>50,360<br>50,360<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>73,460<br>-<br>73,460<br>73,460<br>143,332<br>309,375<br>-<br>-<br>-<br>309,375<br>-<br>250,000<br>-<br>-<br>-<br>250,000<br>-<br>250,000<br>-<br>-<br>-<br>250,000<br>-<br>225,000<br>-<br>-<br>-<br>225,000<br>-<br>425,000<br>-<br>-<br>-<br>425,000<br>-<br>325,000<br>-<br>-<br>-<br>325,000<br>-<br>1,784,375<br>-<br>-<br>-<br>1,784,375<br>-<br>**_ed Churches Fund:_**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>1,779,811<br>631,000<br>236,564<br>867,564<br>2,647,375<br>2,323,132|
|---|---|



Since year end six properties held for disposal have sold at £2,388,190 - an increase of £690,190 against valuation. 

Page 39 



## **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>Support for Ministers' Pension Fund<br>Other creditors<br>SMS Liability on Fixed Assets<br>**17. Creditors - Amounts Falling Due after one year**<br>Support for Ministers' Pension Fund|**2021**<br>**2020**<br>**£**<br>**£**<br>34,098<br>55,377<br>67,368<br>20,331<br>42,887<br>12,145<br>0<br>3<br>0<br>22,104<br>150,000<br>-<br>391<br>392<br>3,254,022<br>3,686,197<br>3,548,766<br>3,796,549<br>**2021**<br>**2020**<br>**£**<br>**£**<br>258,487<br>-<br>258,487<br>-|
|---|---|



## **Note 18: Contingent Liability** 

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. The last actuarial valuation of this pension fund took place at the end of 2020. This identified a significant accumulated deficit on the fund. During 2021 the Trust along with all other URC Trusts agreed to a comprehensive package to address this deficit. 

The Trust has agreed to contribute £550,000 payable in four annual instalments, one of which was paid in this year with the other three instalments (at net present value) being included in note 16 and 17. 

The Trust has given a commitment to the central United Reformed Church that, in the event that the actuarial valuation in 2024 demonstrates that it is necessary to provide additional financial support, they will contribute additional sums to the URC totalling £350,000 or less over the period from 2025 to 2027. 

A similar commitment has been given in the event that the actuarial valuation in 2027 shows that additional funding is required. In this case the commitment is a contribution of up to £290,000 over the period from 2028 to 2030. 

Page 40 



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

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

## **Notes to the Financial Statements Year Ended 31st December 2021** 

## **19. Disposition of Funds at 31st December 2021** 

|**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**|**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>370,463<br>3,245,649<br>210,980<br>1,728,931<br>31,491<br>1,779,811<br>(2,493,592)<br>4,873,733<br>-<br>522,905<br>-<br>(522,905)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>8,151<br>-<br>-<br>-<br>8,151<br>370,463<br>3,768,554<br>210,980<br>1,214,177<br>31,491<br>1,779,811<br>(2,493,592)<br>4,881,884<br>-<br>-<br>-<br>(2,910)<br>1,491<br>-<br>(200)<br>(1,619)<br>-<br>-<br>(10,632)<br>372,783<br>-<br>-<br>(110,557)<br>251,594<br>10,907,453<br>464,414<br>-<br>997,053<br>14,730<br>631,000<br>(1,157,003)<br>11,857,647<br>-<br>-<br>-<br>124,793<br>-<br>236,564<br>(1,324)<br>360,033<br>-<br>-<br>-<br>(90,553)<br>86,007<br>-<br>-<br>(4,546)<br>10,907,453<br>464,414<br>(10,632)<br>1,401,167<br>102,228<br>867,564<br>(1,269,084)<br>12,463,110<br>11,277,916<br>4,232,968<br>200,348<br>2,615,344<br>133,719<br>2,647,375<br>(3,762,675)<br>17,344,994<br>-<br>-<br>211,547<br>(105,083)<br>-<br>-<br>(44,578)<br>61,886<br>-<br>50,204<br>-<br>(14,091)<br>-<br>-<br>-<br>36,113<br>-<br>9,605<br>-<br>(9,605)<br>-<br>-<br>-<br>0<br>-<br>-<br>-<br>3,340<br>-<br>-<br>-<br>3,340<br>-<br>-<br>-<br>8,686<br>-<br>-<br>-<br>8,686<br>-<br>-<br>-<br>3,021<br>-<br>-<br>-<br>3,021<br>-<br>-<br>-<br>134,807<br>-<br>-<br>-<br>134,807<br>-<br>59,808<br>211,547<br>21,075<br>-<br>-<br>(44,578)<br>247,853<br>-<br>230,316<br>-<br>-<br>-<br>-<br>-<br>230,316<br>-<br>48,621<br>-<br>17,103<br>-<br>-<br>-<br>65,724<br>-<br>97,853<br>-<br>(17,103)<br>-<br>-<br>-<br>80,750<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>21,202<br>-<br>-<br>-<br>33,137<br>-<br>-<br>-<br>33,137<br>-<br>21,079<br>-<br>-<br>-<br>-<br>-<br>21,079<br>-<br>397,869<br>-<br>54,338<br>-<br>-<br>-<br>452,207<br>11,277,916<br>4,690,645<br>411,895<br>2,690,757<br>133,719<br>2,647,375<br>(3,807,253)<br>18,045,054|
|---|---|



Page 41 



## **19. Disposition of Funds at 31st December 2021 (Continued)** 

## **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 was used to finance all training in the Synod, and has now been exhausted. 

**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. 

## _**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. From 2022 this fund will be closed down and all training will be paid for through 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. From 2019 all manse properties (including those from local churches) were transferred to the Manse Fund at current valuation. 

**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. 

Page 42 



**19. Disposition of Funds at 31st December 2021 (Continued)** 

## _**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. 

**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. 

**19. Funds Held As Trustee For Local Churches 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 43 



## **20. 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 31st December 2021 was £1,843,405 (2020: £2,071,826). 

Page 44 



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

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

## **Notes to the Financial Statements Year Ended 31st December 2021** 

## **21. Comparative Analysis by Fund** 

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

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

|**21.1.1 Income**<br>**_21.1.1.1 Voluntary Income_**<br>Donations<br>Local Church Contributions<br>Grants<br>Legacies<br>**_Total Voluntary Income:_**<br>**_21.1.1.2. Charitable Activities_**<br>Fund Generation - Synod Sales<br>**_Total Charitable Activities:_**<br>**_21.1.1.3. Rent and Loan Interest_**<br>Rent Income<br>Loan Interest<br>**_Total Rent and Loan Interest:_**<br>**_21.1.1.4. Investment Income_**<br>Investment Income<br>Bank and Deposit Interest<br>**_Total Investment Income:_**<br>**_Total Operating Income:_**<br>**_21.1.1.5. 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:_**|**2020**<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>202<br>240<br>-<br>467<br>98,460<br>-<br>-<br>-<br>98,460<br>-<br>-<br>8,955<br>-<br>8,955<br>-<br>-<br>-<br>-<br>-<br>98,485<br>202<br>9,195<br>-<br>107,882<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,269<br>-<br>-<br>5,269<br>3,000<br>-<br>1,898<br>-<br>4,898<br>3,000<br>5,269<br>1,898<br>-<br>10,167<br>65,338<br>7,436<br>1,073<br>6,755<br>80,602<br>3,850<br>5,501<br>(23)<br>665<br>9,993<br>69,188<br>12,937<br>1,050<br>7,420<br>90,595<br>170,673<br>18,408<br>12,143<br>7,420<br>208,644<br>41,242<br>-<br>-<br>-<br>41,242<br>-<br>8,675<br>-<br>-<br>8,675<br>-<br>-<br>-<br>-<br>-<br>34,829<br>135,456<br>-<br>-<br>170,285<br>286<br>81,020<br>-<br>-<br>81,306<br>-<br>-<br>-<br>-<br>-<br>76,357<br>225,151<br>-<br>-<br>301,508<br>247,030<br>243,559<br>12,143<br>7,420<br>510,152|
|---|---|



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|**_21.1.2 Expenditure_**|||||||
|---|---|---|---|---|---|---|
|**_21.1.2.1. Expenditure on Raising Funds_**|||||||
|Investment management costs||4,856|-|83|521|5,460|
|Goods purchased for resale||8|-|-|-|8|
|Shared indirect costs (note 3)||431|-|-|-|431|
|**_Total Expenditure on Raising Funds:_**||5,295|-|83|521|5,899|
|**_21.1 Analysis of Total Operating Income and Expenditure_**|**_(Continued)_**||||||
|**_21.1.2.2. Expenditure on Charitable Activities:_**|||||||
|**_Grants and Donations:_**|||||||
|Local Church Property Grants|||-<br>6,184|167,331|-|173,515|
|Local Church Mission Grants||192,388|91,786|-|-|284,174|
|Local Church Grants - Other|||-<br>-|-|-|-|
|Local URC Organisations - NW Pilots|||-<br>1,300|-|-|1,300|
|URC Grants - Ministers' Pension Fund Support||21,397|-|-|-|21,397|
|URC Grants - Ministry & Mission Fund|||-<br>-|-|-|-|
|External Grants||12,500|-|-|-|12,500|
|Ecumenical County Subscriptions||10,803|-|-|-|10,803|
|Shared indirect costs (note 3)||21,031|68|-|-|21,099|
|**_Total Grants and Donations:_**||258,119|99,338|167,331|-|524,788|
|**_Training:_**|||||||
|Ministers||119|7,628|-|-|7,747|
|Students|||-<br>5,138|-|-|5,138|
|Lay Training||90|373|-|-|463|
|Children and Young People||600|97|-|-|697|
|Children's and Youth Development Officer|||-<br>59,760|-|-|59,760|
|Mission Enabler|||-<br>-|-|-|-|
|Other training||60|96|-|-|156|
|Shared indirect costs (note 3)||77|50|-|-|127|
|**_Total Training:_**||946|73,142|-|-|74,088|
|**_Special Category Ministers:_**|||||||
|Cumbria||677|-|-|-|677|
|Chorlton||5,536|-|-|-|5,536|
|Salford||94|-|-|-|94|
|Oldham||7,116|-|-|-|7,116|
|Shared indirect costs (note 3)||1,191|-|-|-|1,191|
|**_Total Special Category Ministers:_**||14,614|-|-|-|14,614|
|**_Office Salaries - Charitable Activities:_**|||||||
|Staff salaries and employment costs||141,674|41,209|-|-|182,883|
|Shared indirect costs (note 3)||12,567|28|-|-|12,595|
|**_Total Office Salaries - Charitable Activities:_**||154,241|41,237|-|-|195,478|



Page 46 



## **21.1.2.2. Expenditure on Charitable Activities: (continued)** 

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%|-||||
|**_21.1 Analysis of Total Operating Income and Expenditure_**|**_(Continued)_**|||||
|**_Property Costs:_**||||||
|Manse Fund|-|184,375|-|-|184,375|
|Other|25,599|-|13,635|-|39,234|
|Shared indirect costs (note 3)|2,271|126|-|-|2,397|
|**_Total Property Costs:_**|27,870|184,501|13,635|-|226,006|
|**_Mission:_**||||||
|Mission|479|392|-|-|871|
|Missional Discipleship|155,297|11|-|-|155,308|
|Shared indirect costs (note 3)|13,818|-|-|-|13,818|
|**_Total Mission:_**|169,594|403|-|-|169,997|
|**_Area Support:_**||||||
|Area Support|1,356|24|-|-|1,380|
|Shared indirect costs (note 3)|120|-|-|-|120|
|**_Total Area Support:_**|1,476|24|-|-|1,500|
|**_Other Charitable Expenditure:_**||||||
|Personal Expenses|4,770|20,220|-|-|24,990|
|Welfare|(80)|-|1,900|-|1,820|
|Other Operating Expenses|3,429|11,279|-|-|14,708|
|Shared indirect costs (note 3)|720|22|-|-|742|
|**_Total Other Charitable Expenditure:_**|8,839|31,521|1,900|-|42,260|
|||||||
|**_Total Charitable Expenditure:_**|635,699|430,166|182,866|-|1,248,731|
|**_21.1.2.3. Governance Costs_**||||||
|Staff Salaries and Employment Costs|87,032|-|-|-|87,032|
|Trustee Expenses|4,617|-|-|-|4,617|
|Committee and Staff Expenses|471|-|-|-|471|
|Interest payable on Manse Fund balances||27,671|||27,671|
|Legal Fees|22,469|230|-|-|22,699|
|Audit Fees|10,992|-|-|-|10,992|
|Consultancy Fees|16,236|-|-|-|16,236|
|Other Professional Fees|3,106|-|-|-|3,106|
|Shared indirect costs (note 3)|12,856|20|-|-|12,876|
|**_Total Governance Costs:_**|157,779|27,921|-|-|185,700|



Page 47 



## _**21.2 Analysis of Indirect Costs**_ 

|**_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 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:_**<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:_**|7,242<br>-<br>-<br>-<br>7,242<br>1,154<br>-<br>-<br>-<br>1,154<br>960<br>-<br>-<br>-<br>960<br>-<br>-<br>-<br>-<br>-<br>2,253<br>-<br>-<br>-<br>2,253<br>315<br>-<br>-<br>-<br>315<br>11,924<br>-<br>-<br>-<br>11,924<br>1,680<br>(14)<br>-<br>-<br>1,666<br>1,248<br>-<br>-<br>-<br>1,248<br>1,814<br>-<br>-<br>-<br>1,814<br>-<br>-<br>-<br>-<br>-<br>370<br>-<br>-<br>-<br>370<br>754<br>-<br>-<br>-<br>754<br>14<br>-<br>-<br>-<br>14<br>5,932<br>-<br>-<br>-<br>5,932<br>2,046<br>-<br>-<br>-<br>2,046<br>9<br>-<br>-<br>-<br>9<br>-<br>-<br>-<br>-<br>-<br>44<br>61<br>-<br>-<br>105<br>37<br>-<br>-<br>-<br>37<br>2,790<br>-<br>-<br>-<br>2,790<br>731<br>-<br>-<br>-<br>731<br>182<br>-<br>-<br>-<br>182<br>30<br>-<br>-<br>-<br>30<br>1,442<br>-<br>-<br>-<br>1,442<br>-<br>-<br>-<br>-<br>-<br>2,256<br>-<br>-<br>-<br>2,256<br>3,915<br>-<br>-<br>-<br>3,915<br>219<br>-<br>-<br>-<br>219<br>25,513<br>47<br>-<br>-<br>25,560<br>120<br>-<br>-<br>-<br>120<br>-<br>-<br>-<br>-<br>-<br>1,319<br>-<br>-<br>-<br>1,319<br>1,238<br>-<br>-<br>-<br>1,238<br>249<br>267<br>-<br>-<br>516<br>288<br>-<br>-<br>-<br>288<br>-<br>-<br>-<br>-<br>-<br>15,504<br>-<br>-<br>-<br>15,504<br>-<br>-<br>-<br>-<br>-<br>24<br>-<br>-<br>-<br>24<br>6,143<br>-<br>-<br>-<br>6,143<br>2,760<br>-<br>-<br>-<br>2,760<br>27,645<br>267<br>-<br>-<br>27,912|
|---|---|



Page 48 



## **21.2. Analysis of Indirect Costs (Continued)** 

|**_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>**_21.3 Profit on Disposal of Properties_**<br>Gains/(losses) on disposal of fixed asset property<br>Proceeds from church closures|65,082<br>314<br>-<br>-<br>65,396<br>431<br>-<br>-<br>-<br>431<br>21,031<br>68<br>-<br>-<br>21,099<br>77<br>50<br>-<br>-<br>127<br>1,191<br>-<br>-<br>-<br>1,191<br>12,567<br>28<br>-<br>-<br>12,595<br>2,271<br>126<br>-<br>-<br>2,397<br>13,818<br>-<br>-<br>-<br>13,818<br>120<br>-<br>-<br>-<br>120<br>720<br>22<br>-<br>-<br>742<br>12,856<br>20<br>-<br>-<br>12,876<br>65,082<br>314<br>-<br>-<br>65,396<br>99,955<br>79,829<br>-<br>-<br>179,784<br>(65,126)<br>55,627<br>-<br>-<br>(9,499)<br>34,829<br>135,456<br>-<br>-<br>170,285|
|---|---|



Page 49 



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

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

## **Notes to the Financial Statements Year Ended 31st December 2021** 

## **22. 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**<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>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) 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) 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) 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) 16,441,833|
|---|---|



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