OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

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 2023

Company Number: 1571090

Charity Number: 511689

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

Contents Page
Reference & administration information 1
Trustees Annual Report 2 – 13
Independent Auditor’s Report 14 – 16
Statement of Financial Activities 17
Balance Sheet 18
Statement of Cash Flows 19
Notes to the Financial Statements 20 – 40

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED REFERENCE & ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED DECEMBER 31 2023

Trustees & Directors
Professor C Whitehead Chair
Revd M Aspinall Vice-Chair
G W Bell (Resigned 21/02/23)
C J Boyes (Appointed 01/10/23)
N Carter
L J Davidson (Appointed 01/10/23)
Revd C Downing (Appointed 01/06/23)
S Dibbs (Appointed 01/11/23)
A Haigh
M T Hart Treasurer
J Skipworth (Appointed 22/02/23)
Clerk to the Synod T Hopley
& Company Secretary
Registered Office Unit 20, Waters Edge Business Park
Modwen Road
Salford M5 3EZ
Bankers National Westminster Bank plc
Spring Gardens
Manchester M60 2DB
Legal Advisers Slater Heelis LLP
1st Floor, Crossgate House
47-55 Cross Street
Sale M33 7FT
Investment Managers Castlefield Investment Partners LLP
8th Floor, 111 Piccadilly
Manchester M1 2HY
Epworth Investment Management Ltd
9 Bonhill Street
London EC2A 4PE
Auditors Sumer Auditco Limited
Unit 2 Gosforth Park Avenue
Newcastle upon Tyne NE12 8EG

1

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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 December 31, 2023. The trustees confirm that the trustees’ and financial statements of the company comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019).

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.”

The Trust works with and on behalf of the North Western Synod of the United Reformed Church in order to enable it to meet its obligations under the acts governing the United Reformed Church and charity legislation. The funds under the control of Synod form part of these financial statements and detailed of the linked charities are given later in this report.

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:

2

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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.

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.

Public benefit

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.

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 fifteen people. During 2023, the average number of full-time equivalents was eleven. Members of Synod Committees and others supporting and enabling Synod activities are only reimbursed for their travel and other expenses.

REVIEW OF THE YEAR

Trust and Synod Relationship

During 2023, we completed work to clarify the relevant Governance responsibilities of the Trust and the North Western Synod of the United Reformed Church and to provide a clear separation between the two bodies in their governance structures. This has focussed the work of the Trust’s on its primary responsibility as a custodian of funds and buildings for Synod and local churches, together with an oversight of Safeguarding and Governance. Operational matters around Finance and Buildings are considered by the Synod Executive Committee, supported in the consideration of applications for Grant funding by a newly formed Grants Committee.

A Church with People at the Margins

In October 2022, the Synod Meeting agreed a resolution seeking to develop its work to address issues of poverty in the Synod Area and to support local churches work in their local communities.

As part of this and alongside, the URC’s Legacy Fund and other partners, in 2023 the Synod committed to funding for the next three years, to support research by Church Action on Poverty into being “A Church at the Margins”. Some of the primary research will be undertaken in conjunction with local churches in the Synod.

A task group was established to develop a longer-term strategy focussed on this aspect of the Synod’s work. The Synod Meeting in October 2023 warmly received an initial presentation on this focussing particularly on listening to the voices of people who are poverty experienced. The strategy “A Church with People at the Margins: A Strategy for Mission and Ministry” was agreed by the Synod Meeting in March 2024 and will guide the work of the Synod and the Trust in respect of its custodian responsibilities over the forthcoming years.

3

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

Eco Synod

During 2023, the Synod received recognition for its commitment to climate care from A Rocha UK with the Bronze Eco Synod award. In line with URC targets a plan to achieve Net Carbon Zero by 2030 is currently being developed.

A Rocha UK Eco Church Awards were also received by churches in the Synod. Two further churches received Silver Awards, and twelve received Bronze Awards. Clitheroe URC was awarded a Gold Eco Church Award.

Support for local churches

Advice, Training and Pastoral Care for Ministers and Church Officers remained key elements of practical support provided by Synod Staff and Officers. In addition to the Learning and Development Officer and Children & Youth Development Officer, the Synod employs a Mission Mentor working in each of our four areas and a Transformation Director to oversee the development and delivery of innovative projects in the areas of Buildings, Finance and Governance. These Field Staff support Ministers and Local Churches in developing their understanding of mission and ministry in their local context and in developing practical actions to realise that understanding. A significant part of the funding for this investment in support for local churches comes from the use of monies released from the sale of closed church buildings across the Synod.

In response to the work of the review group during 2022 and specific requests from local churches, work has begun to develop support services to churches particularly in the areas of finance and buildings. These link to proposals emerging denominationally from the work of the URC’s Church Life Review about supporting the capacity of local churches. The Synod has also invested additional resources in the work of the Synod’s Safeguarding Officer to enhance the support and training available to local churches.

In 2023, over £315,000 in Grants were given to local churches to support local mission (£223,000) or essential building repairs (£92,000). As part of the clarification of the relative responsibilities of Trust and Synod a new Grants Committee has been established together with new process and guidance to support churches with applications and to introduce greater consistency into the decision making processes.

In Autumn 2022 the Synod began to offer small grants to local churches with minimal bureaucracy to support initiatives where they were working to address needs in the local community. In both winter 2022/23 and 2023/24 grants of £1,000 have been available to churches who have registered as a Warm Space. In March 2023, a wider range of grants of up to £2,500 have been offered where churches can demonstrate working with community partners to address issues such as social isolation or mental wellbeing or have sought accreditation for example as a Place of Welcome. Since the inception of the small grants programme over £80,000 has been granted to 37 different churches.

A particular issue of concern for local churches has been the responsibilities of Church Elders in respect of the employment of staff. The advice of King’s Counsel was received late in 2023 and work is now in hand to develop arrangements to better enable employment of workers in local churches.

4

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

Developing Discipleship

An important focus of the work of the Synod is providing learning and development opportunities for Ministers, Elders, Member and Young People in our churches.

During the year, the Synod re-established its Children and Youth Work Committee to help shape our support for Churches and Young People themselves. In South Area, a monthly Youth Worship Service has started this year, and alongside the Virtual Gathered Youth Group provides a forum for young people from different churches to meet together. Support for local churches continues with the monthly “Talking About...” training and the offer of the Youthscape training programme.

A Ministers’ gathering in September provided an opportunity for sharing with Clare Downing, our new Moderator. In addition to supporting Ministers’ Sabbaticals, we continue to provide learning opportunities around the practice of ministry including a training for “newer” ministers on “Being Neighbours.”

Lay Leadership is an important part of the URC, and we continue to offer training for both those who lead worship in our churches and those with other leadership responsibilities.

We have continued to develop our response to the URC General Assembly resolutions on the Legacies of Slavery and its implications for churches in the Synod in new and imaginative ways, for example in a guided walking tour of Manchester’s history.

Church Changes

Unfortunately, two local fellowships came to a decision to close their church during 2023. These were at:

We give thanks for the life and ministry of these congregations over many years of service.

Two pairs of Churches agreed to come together during the year, these are fellowships at:

During 2023 Blackburn Revidge Fold and Brownhills United Reformed Churches also agreed to merge into a single congregation early in 2024.

With the agreement of both Synods Macclesfield United Reformed Church transferred to the care of Mersey Synod.

We welcomed to the Synod a new online fellowship YoURChurch.

Changes in Staffing and Trustees

During 2023, Clare Downing was inducted as the Moderator of North Western Synod and was subsequently appointed as a Trustee. As listed in the Trust’s details, four other new Trustees were appointed during the year, Christopher Boyes, Linda Davidson, Simon Dibbs, and John Skipworth. Gordon Bell resigned as a Trustee.

5

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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 2023 unrestricted fund operating income was £310,389 (2022, £178,443). The Trust benefited from two legacies received in the year of c£22k (2022 – none). Unrestricted investment income for the year was £186,195 (2022 - £72,268), reflecting the increased interest rates paid on cash deposits and improving returns on fixed asset investments. The Trust had intended to adopt a guaranteed investment approach for the year which would have involved selling investments to ensure consistent cash receipts. However, this was not pursued after the first quarter due to rising interest rates, cash liquidity and the fall in market values experienced in the early part of the year.

Total unrestricted general operating expenditure amounted to £1,307,604 (2022 £1,109,769). Although grant expenditure only rose by c£102k in the year, a greater proportion of the total costs were charged to unrestricted funds in the year, c£387 as against c£153k in 2022. Total expenditure on grants from all funds was c£439k (2022 – c£337k).

Although fixed asset investments rose in value towards the end of the year giving rise to unrealised gains across all funds, the property market has remained challenging. Closed churches have sold slowly and carrying values within current asset investments have decreased as properties are expected to sell for less than their original valuations. In recent years under the policy of properties in tangible fixed assets the Trust has seen unrealised gains on its manse portfolio. In 2023 property market has been depressed and overall residential property values have fallen by c1%, which is reflected in the carrying values of the manses.

Overall, the accounts show a deficit on unrestricted general funds of £25,573, after net transfers from other funds, including the closed churches fund which is used to support planned budget deficits. In 2023, it was planned to utilise £1.2m from the closed churches fund for this purpose, but in fact only £976,393 was needed due to a combination of budget savings, improved investments returns, and the greater utilisation of designated and restricted funds to meet planned expenditure.

Balance Sheet

The Balance Sheet continues to show a strong position with Unrestricted Income Funds (General and Designated) having a combined value of £19,142,943 a decrease of c£898k.

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.

In relation to financial and property risks, the Trust has agreed clear risk mitigation measures, for example savings deposits 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 Epworth Investments) and are chosen to be low and medium risk and deposited with large custody banks.

6

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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.

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:

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.

The Trust’s objectives are its investments are to:

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).

During the year the Trust established an Investment Sub-committee to oversee the investment strategy and to make recommendations for changes in policy and how investments and bank balances are held.

7

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

Castlefield Investment have confirmed that both portfolios used by the Trust conform to these requirements. The holding with Epworth Investment is in their Multi Asset Fund and the ethical stance of Epworth aligns with that of the Synod and the wider URC.

In terms of Castlefield, the performance in 2023 was +3.1% as compared with +8.1% 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-2023 was +27.3% as compared to +31.5% for the ARC Sterling Steady Growth Charity Index.

With respect to the investment with Epworth the first half of 2023 was another challenging period with continued high inflation and interest rates impacting a wide range of asset classes, particularly property and infrastructure. The final six months of the year were more positive and despite the impact of the escalated conflict in the Middle East, inflation figures began falling prompting a renewed optimism across all markets. As a result, the portfolio grew by 6.01% in the final quarter of the year vs a benchmark performance of 1.03%. Full year performance was 6.88% vs a benchmark performance of 7.63%.

Reserves Policy

Note 24 to the Trust’s accounts provides details of the disposition of the Trust’s reserves. Unrestricted and designated reserves at the end of the year amounted to £19,142,943. Of the Unrestricted and Designated Funds, c£12.05m is held as tangible fixed assets, mainly property in the form of Manses (shown as a designated fund), The balance is made up of cash balances, current asset investments, other net current assets and fixed asset investments in accordance with the Investment Policy.

A further £545,223 is held as Restricted or Endowed Funds, in the form of cash balances and investments.

The Trust’s Reserves Policy seeks to balance maintaining sufficient reserves to provide the income stream (budgeted at £200k for 2024) 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 (general and designated) 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 reserves at least double that amount, i.e. £3m. The free reserves (unrestricted funds not invested in fixed assets or otherwise designated) stood at £1,024,330 and designated funds not invested in fixed assets were £6,069,510. There is a commitment to use £1.5m p.a. over the next three years from the closed churches fund to support the budget, and the Manse Fund will be drawn on in 2024 partly to acquire new manses and to continue to cover repairs and refurbishment costs as well as meeting the costs of empty manses awaiting a new minister.

Fundraising regulations

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

8

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

FUTURE PLANS

The Trust has continued to deliver support services as custodian trustee and to facilitate the work of the Synod. In particular since the year end:

9

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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.

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.

Constitution of Synod

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:

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

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):

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.

10

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

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 2022, 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 13. 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 32 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 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.

Employees – pay and remuneration.

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.

11

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 2023

Up until the end of February 2023, the Synod contributed to a staff pension scheme which is administered by TPT, its trustee. This is operated as a defined benefit scheme. In was contributing 32.6% of pensionable salary in respect of members of the scheme. Members make a salary sacrifice of 7.5% of gross pay in exchange for an employer’s contribution to the pension scheme of the same amount. This forms part of the 32.6% quoted above.

From March 1 2023, the Synod moved to a defined contributions staff pension scheme administered by AON. The Synod contributed 23.5% of pensionable salary in respect of members of the scheme. Members make a salary sacrifice of 7.5% of gross pay in exchange for an employer’s contribution to the pension scheme of the same amount. This forms part of the 23.5% quoted above.

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 32 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.

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.

CUSTODIAN TRUSTEE

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.

12

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 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:

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.

STATEMENT OF DISCLOSURE TO AUDITORS

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

AUDITOR

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the company will be put at a General Meeting.

SMALL COMPANY PROVISIONS AND APPROVAL

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Approved by the Board of Trustees and signed on its behalf by:

J C Whitehead

Professor J C Whitehead Chair of Trust

Date: May 28 2024

13

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED FOR THE YEAR ENDED DECEMBER 31 2023

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 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

Basis for 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 charity 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 for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

14

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED FOR THE YEAR ENDED DECEMBER 31 2023

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the statement of Directors' responsibilities, the Directors 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 Directors 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 Directors are responsible for assessing the charity’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 Directors either intend 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

15

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED FOR THE YEAR ENDED DECEMBER 31 2023

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and the sector in which it operates, we identified that the following laws and regulations are significant to the entity:

These matters were discussed amongst the engagement team at the planning stage and the team remained alert throughout the audit.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence and legal costs incurred; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 opinions we have formed.

Stephen Slater

Mr Stephen Slater (Senior Statutory Auditor) for and on behalf of Sumer Auditco Limited Statutory Auditor Unit 2, Gosforth Park Avenue Newcastle upon Tyne NE12 8EG

Date: May 29 2024

16

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED DECEMBER 31 2023

Notes Unrestricted Funds Unrestricted Funds Restricted Endowment Endowment Total Total
General Designated Funds Funds 2023 2022
£ £ £ £ £ £
INCOME
Donations 2 101,732 117,451 3,222 - 222,405 186,949
Charitable activities 3 268 6,500 18,667 - 25,435 34,154
Other trading income 4 22,195 - 2,467 - 24,662 24,875
Investment income 5 186,195 - 2,192 8,402 196,789 79,635
Other income 6 - 842,517 - - 842,517 2,524,490
TOTAL INCOME 310,390 966,468 26,548 8,402 1,311,808 2,850,103
EXPENDITURE
Costs of generating funds 7 31,997 - - - 31,997 19,879
Charitable activities 8 1,275,607 653,225 47,775 - 1,976,607 1,649,154
TOTAL EXPENDITURE 1,307,604 653,225 47,775 - 2,008,604 1,669,033
Net gains/(losses)
on investments 12 67,638 (180,001) (466) 5,354 (107,475) 59,338
NET INCOME/
(EXPENDITURE) (929,576) 133,242 (21,693) 13,756 (804,271) 1,240,408
Transfers between funds 22 904,003 (898,198) 2,597
 (8,402) - -
GAINS/(LOSSES)
Revaluation of fixed assets 15 - (107,570) - - (107,570) 1,322,126
NET MOVEMENT IN FUNDS 22 (25,573) (872,526) (19,096) 5,354 (911,841) 2,562,534
BROUGHT FORWARD 22 1,596,053 18,444,989 159,596 399,369 20,600,007 18,037,473
CARRIED FORWARD 22 1,570,480 17,572,463 140,500 404,723 19,688,166 20,600,007

The Statement of Financial Activities (SoFA) includes all gains and losses recognised in the year. All the income and expenditure derive from continuing activities, and the SoFA complies with the requirements of an income and expenditure account under the Companies Act 2006.

The notes on pages 20 to 40 form part of these financial statements.

17

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED BALANCE SHEET AS AT DECEMBER 31 2023

Notes
FIXED ASSETS
Tangible fixed assets
15
Investments
16
DEBTORSdue in more than one year
17
CURRENT ASSETS
Debtors
18
Investments
19
Cash at Bank and in Hand
CREDITORS
Amounts falling due in one year
20
NET CURRENT ASSETS
CREDITORSamounts falling
due in more than one year
21
NET ASSETS
FUNDS
Revaluation reserve
23
Other unrestricted reserves
Unrestricted
22
Restricted
22
Endowment
22
TOTAL FUNDS		 2023
£
547,764
1,673,446
3,339,919
5,561,129
2,548,588
2,212,539
16,930,404		 2023
£
12,049,103
4,580,497		 2022
£
586,361
2,269,630
3,268,317		 2022
£
12,939,701
4,547,859
16,629,600
47,295
3,012,541		 17,487,560
57,920
3,206,553
6,124,308
2,917,755
2,741,581
17,299,461
19,689,436
1,270		 20,752,033
152,026
19,688,166 20,600,007
19,142,943
140,500
404,723		 20,041,042
159,596
399,369
19,688,166 20,600,007

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 20 to 40 form part of these financial statements

Approved by the Board of Trustees and authorised for issue on: May 28 2024

And signed on their behalf by:

J C Whitehead

Prof Christopher Whitehead – Chair of the Board

Company registration number: 1571090

18

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED DECEMBER 31 2023

Notes
Cash used in operating activities
28
Cashflows from investing activities
Investment income
Purchase of church hall (for disposal)
Proceeds of disposal of current asset investment
Proceeds of sale of fixed assets
Purchase of tangible fixed assets
Withdrawals from investments
Purchase of investments, cash & gains reinvested
Cash provided by/(used in) investing activities
Cashflows from financing activities
Cash outflow from new loans
New finance lease
Repayment of Finance lease
Repayment of loans from churches
Cash used in financing activities
Increase/(decrease) in cash & cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Cash and cash equivalents consist of:
Cash at bank and in hand		 2023
£
(1,463,240)
196,789
(130,000)
1,029,648
1,539,535
(908,860)
43,333
-
1,770,445
(250,000)
-
(682)
15,079
(235,603)
71,602
3,268,317
3,339,919
3,339,919
3,339,919		 2022
£
(1,751,347)
79,635
-
2,888,483
252,573
(619,660)
83,467
(555,700)
2,128,798
-
3,147
(439)
174,521
177,229
554,680
2,713,637
3,268,317
3,268,317
3,268,317

The notes on pages 20 to 40 form part of these financial statements

19

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

1 ACCOUNTING POLICIES

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 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.

Basis of accounting

The financial statements have been prepared: under the historic cost convention except for the revaluation of tangible fixed asset properties and investments (as set out below); in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective January 1 2019 (second edition – October 2019); FRS102; and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS102.

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.

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.

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.

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.

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:

The Trust is not registered for VAT, and where VAT is incurred it is charged as an expense against the activity for which expenditure arose.

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.

Support cost 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.

20

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

1 ACCOUNTING POLICIES (continued)

Tangible fixed assets and depreciation

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 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 Cars provided for Ministers 1/4 of purchase price in each of the first four years since purchase.

I nvestments

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 previously included loans to local churches but following a review of the nature of these loans they have been reclassified as debtors due in one year and more than one year, as this better reflects the nature of the relationship with the churches. Loans are stated at cost less repayments and are reviewed for impairment.

The Trust’s Investment policy is set out in the of the Trustees’ Annual Report.

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.

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.

Pension contributions

Until February 28 2023, the Synod operated 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 was 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. Further details are given in notes 14 and 30.

From March 1 2023, the Synod moved to a defined contributions staff pension scheme provided by AON administered by the United Reformed Church in London on behalf of the Synod. The Synod contributed 23.5% of pensionable salary in respect of members of the scheme. Members make a salary sacrifice of 7.5% of gross pay in exchange for an employer’s contribution to the pension scheme of the same amount. This forms part of the 23.5% quoted above.

Government and other 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.

Critical accounting estimates and judgments

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:

21

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

Unrestricted

Unrestricted
2 DONATIONS & LEGACIES
Local Church Contributions
Missional Partnership contribution
Legacies
Donations - Macedonia Mission Project
Donations		 General
Designated
Restricted
Endowment
Total
2023
2023
2023
2023
2023
£
£
£
£
£
79,490
-
-
-
79,490
-
117,451
-
-
117,451
22,183
-
-
-
22,183
-
-
3,222
3,222
59
-
-
-
59
101,732
117,451
3,222
-
222,405
Local Church Contributions
Missional Partnership contribution
Donations - Macedonia Mission Project
Donations
Grant - Ian Wallace Fund		 2022
2022
2022
2022
2022
£
£
£
£
£
81,588
-
-
-
81,588
-
100,539
-
-
100,539
-
-
2,476
-
2,476
2,346
-
-
-
2,346
-
-
-
-
-
83,934
100,539
2,476
-
186,949

3 INCOME FROM CHARITABLE ACTIVITIES

INCOME FROM CHARITABLE ACTIVITIES
Rent of manse for Moderator
Grants from Central URC:
Church at the Margin Legacy Fund
University Chaplaincy
Discipleship Development Fund
Sale of resources & other income
Total
Rent of manse for Moderator
Grants from Central URC:
University Chaplaincy
Discipleship Development Fund
Sale of resources & other income		 Unrestricted
General
Designated
Restricted
Endowment
Total
2023
2023
2023
2023
2023
£
£
£
£
£
-
6,500
-
-
6,500
-
-
16,667
-
16,667
-
-
-
-
-
-
-
2,000
-
2,000
268
-
-
-
268
268
6,500
18,667
-
25,435
2022
2022
2022
2022
2022
£
£
£
£
-
18,000
-
-
18,000
-
-
12,500
-
12,500
-
-
2,000
-
2,000
1,654
-
-
-
1,654
1,654
18,000
14,500
-
34,154

22

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

4 OTHER TRADING INCOME
Rent income - Oasis
Macedonia room hire and fundraising
Other rent
Rent income - Oasis
Macedonia room hire and fundraising
Other rent		 Unrestricted
Restricted
Total
2023
2023
2023
£
£
£
20,000
-
20,000
-
2,467
2,467
2,195
-
2,195
22,195
2,467
24,662
2022
2022
2022
£
£
£
20,517
-
20,517
-
4,288
4,288
70
-
70
20,587
4,288
24,875
5 INVESTMENT INCOME
Income from fixed asset investments
Interest on loans
Bank interest
Income from fixed asset investments
Interest on loans
Bank interest
6 OTHER INCOME
Transferers from closed churches:
Funds
Properties
Profit/(Loss) disposal of properties
Other Income
Transferers from closed churches:
Funds
Properties
Profit/(Loss) disposal of properties
Other Income		 Unrestricted
General
Designated
Restricted
Endowment
Total
2023
2023
2023
2023
2023
£
£
£
£
£
140,400
-
578
6,772
147,750
110
-
-
-
110
45,685
-
1,614
1,630
48,929
186,195
-
2,192
8,402
196,789
2022
2022
2022
2022
2022
£
£
£
£
£
71,173
-
460
5,346
76,979
205
-
-
-
205
890
-
1,008
553
2,451
72,268
-
1,468
5,899
79,635
2023
2023
2023
2023
2023
£
£
£
£
£
-
355,607
-
-
355,607
-
486,910
-
-
486,910
-
-
-
-
-
-
-
-
-
-
-
842,517
-
-
842,517
2022
2022
2022
2022
2022
£
£
£
£
£
-
673,109
-
-
673,109
-
1,851,381
-
-
1,851,381
-
-
-
-
-
-
-
-
-
-
-
2,524,490
-
-
2,524,490

23

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

Unrestricted

7 COSTS OF GENERATING FUNDS
Investment management charges
Support costs
Investment management charges
Support costs
8 CHARITABLE EXPENDITURE
Grants (note 9)
Other charitable expenditure (note 10)
Grants (note 9)
Other charitable expenditure (note 10)		 General
2023
£
4,883
27,114		 Designated
Restricted
Endowment
Total
2023
2023
2023
2023
£
£
£
£
-

-
-
4,883
-

-
-
27,114
-

-
-
31,997
2022
2022
2022
2022
£
£
£
-

-
-
608
-

-
-
19,271
-

-
-
19,879
31,997
2022
£
608
19,271
19,879
2023
£
386,713
888,894		 2023
2023
2023
2023
£
£
£
£
12,661
39,414
-

438,788
640,564
8,361
-

1,537,819
1,275,607 653,225
47,775
-
1,976,607
2022
£
152,399
847,491		 2022
2022
2022
2022
£
£
£
£
73,932
110,451
-
336,782

459,408
5,473
-
1,312,372
999,890 533,340
115,924
-
1,649,154

24

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

9 GRANTS

Unrestricted

Grants:
Local Church Property grants
Local Mission grants
Local URC NW pilots
External grants
Welfare grants
Ecumenical County subscriptions
Support costs
Grants:
Local Church Property grants
Local Mission grants
Local URC NW pilots
External grants
Ecumenical County subscriptions
Support costs		 General
Designated
Restricted
Endowment
Total
2023
2023
2023
2023
2023
£
£
£
£
£
66,004
12,661
13,747
-
92,412
220,613
-

2,500
-
223,113
1,300
-

-
-
1,300
56,053
-

16,667
-
72,720
-
-
6,500
-

6,500
5,137
-
-
-

5,137
37,606
-
-
-

37,606
386,713
12,661
39,414
-
438,788
2022
2022
2022
2022
2022
£
£
£
£
£
75,071

16,599
43,951
-
135,621
-

57,333
54,000
-
111,333
1,300
-
-

-
1,300
41,996
-
12,500
-
54,496
3,883
-
-
-
3,883
30,149
-
-
-

30,149
152,399
73,932
110,451
-
336,782

25

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

9 GRANTS (continued)

2022
2022
Grand
Property
Total
£
£
-
1,000
-
1,000
50,000
50,000
-
-
-
1,000
-
-
1,000
-
1,000
-
-
-
-
-
1,000
-
12,598
-
1,000
-
1,000
-
1,000
-
1,000
-
-
-
-
-
-
-
-

-
1,000
-
1,100
-
1,000
420
420
-
1,000
-
-
-
-		 50,420
77,118
2022
Mission
Total
-
£
1,000
1,000
-
-
1,000
-
1,000
1,000
-
-
1,000
12,598
1,000
1,000
1,000
1,000
-
-
-
-
1,000
1,100
1,000
-
1,000
-
-		 26,698
2022
2022
Mission
Warm Hub
£
£
-
1,000
-
1,000
-
-
-
-
-
1,000
-
1,000
-
1,000
-
-
-
-
-
1,000
11,598
1,000
-
1,000
-
1,000
-
1,000
-
1,000
-
-
-
-
-
-
-
-
-
1,000
1,100
-
-
1,000
-
-
-
1,000
-
-
-
-		 12,698
14,000
2023
2023
2023
2023
2023
Mission
Grand
Mission
Warm Hub
Total
Property
Total
-
-

£
£
£
£
£
-
-
-
-
-

-
-
-
-
-

-
1,000
1,000
-
1,000

87,500
-
87,500
-
87,500

2,500
-
2,500
-
2,500

2,500
1,000
3,500
-
3,500

-

-
-
-
-
2,500
-
2,500
-
2,500
2,500
1,000
3,500
-
3,500
-

-
-
60,000
60,000
2,500
1,000
3,500
-
3,500
-

1,000
1,000
-
1,000
-

-
-
-
-
2,500
1,000
3,500
-
3,500
2,500
-
2,500
-
2,500
-

1,000
1,000
-
1,000
2,500
1,000
3,500
-
3,500
2,500
-
2,500
21,412
23,912
2,500
-
2,500
-
2,500
(37)
-
(37)
(6,000)
(6,037)
-
-
-
-
-
-
-
-
-
-
2,500
-
2,500
-
2,500
-
-
-
-
2,200
1,000
3,200
-
3,200
2,500
-
2,500
-
2,500
1,000
1,000
-
1,000		 119,663
10,000
129,663
75,412
205,075
Analysis of URC grants:
South West Cumbria United Area
St George's URC, Carlisle
Whitehaven URC
Dalton In Furness
Kendal URC
Revidge Fold URC
Blackburn Ragged School
Trinity URC, Blackburn
Blackburn, Westbury Gardens
Woodlands URC
Bispham URC
Marton URC
Chorley URC
Cleveleys URC
Clitheroe URC
Central URC, Darwen
Elswick Memorial URC
Fairhaven URC
Fleetwood URC
Gt Harwood Trinity URC/M
Halton URC
Leyland URC
Preesall, Bethel
St Annes On Sea URC
Trinity URC, Lower Darwen
Ashton-u-Lynne
Charlestown
Trinity Church, Audenshaw
Subtotal c/f

26

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

9 GRANTS (continued)

2022
Grand
Total
77,118
-
15,835
-
1,000
-
-
1,000
1,000
-
-
1,000
50,000
42,250
46,951
1,000
10,000
(200)		 246,954
2022
Property
50,420
-
-
-
-
-
-
-
-
-
-
-
-
41,250
43,951
-
-
-		 135,621
2022
Mission
Total
26,698
-
15,835
-
1,000
-
-
1,000
1,000
-
-
1,000
50,000
1,000
3,000
1,000
10,000
(200)		 111,333
2022
2022
Mission
Warm Hub
12,698
14,000
-
-
15,835
-
-
1,000
-
-
-
-
-
1,000
-
1,000
-
-
-
-
-
1,000
50,000
-
-
1,000
-
3,000
-
1,000
10,000
-
(200)
-		 88,333
23,000
2023
2023
Grand
Property
Total
75,412
205,075
17,000
17,000
-
-
-
2,000
-
4,320
-
1,000
-
1,000
-
-
-
3,500
-
2,500
-
1,000
-
-
-
-
-
5,994
-
2,500
-
69,636
-
-
-

-		 92,412
315,525
2023
Mission
Total
129,663
-
-
2,000
4,320
1,000
1,000
-
3,500
2,500
1,000

-

-
5,994
2,500

69,636
-
-		 223,113
2023
2023
Mission
Warm Hub
119,663
10,000
-

-
-

-
-

2,000
4,320
-
-

1,000
-

1,000
-

-
2,500
1,000
2,500
-
-
1,000
-
-
-
-
4,994
1,000
2,500
-
68,636
1,000
-
-
-
-		 205,113
18,000
Analysis of URC grants:
Subtotal b/f
Deane URC
Rose Hill URC
Hope URC, Denton
Beulah Community Church, Hollinwood
Union Street URC
Radcliffe URC
Bramhall URC
Chorlton Central LEP
Tintwistle & Glossop URC
Hatherlow George Lane URC
Heald Green URC
Levenshulme Inspire URC
Providence URC
Dandelion Community Wythenshawe
Oasis Centre
Bolton & Salford Mission Partnership
LGBT Wellbeing Group
Total for the year

27

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

Unrestricted

Unrestricted
9 GRANT GIVING (continued)
External grants
St Peter House - University Chaplaincy
The Western Dales Mission Community
Church Action on Poverty
Baptist Pension Fund
Bolton Chaplaincy
Holiday Forum
SIAMS		 General
Designated
Restricted
Endowment
Total
£
£
£
£
£
2023
2023
2023
2023
2023
15,000
-
-
15,000
14,553
-
-
-
14,553
-
-
16,667
-
16,667
17,500
-
-
-
17,500
5,000
-
-
-
5,000
3,000
-
-
-
3,000
1,000
-
-
-
1,000
56,053
-
16,667
-
72,720
St Peter House - University Chaplaincy
The Western Dales Mission Community
Church Action on Poverty
Holiday Forum
Eco Church
Northern Synod
10 OTHER CHARITABLE EXPENDITURE
Training
Special Categories Ministry
Manse costs
Closed churches costs
Other property costs
Missional Partnership
Synod M&M contributions
Personal and welfare
Macedonia costs
Other direct staffing
Other operating costs
Support costs		 2022
2022
2022
2022
2022
17,500
-
12,500
-
30,000
15,869
-
-
-
15,869
7,000
-
-
-
7,000
3,000
-
-
-
3,000
400
-
-
-
400
(1,773)
-
-
-
(1,773)
41,996
-
12,500
-
54,496
2023
2023
2023
2023
2023
288,943
-
2,000
-
290,943
17,486
-
-
-
17,486
-
359,454
-
-
359,454
-
85,464
-
-
85,464
46,535
-
-
-
46,535
-
195,646
-
-
195,646
91,438
-
-
-
91,438
3,228
-
-
-
3,228
-
-
6,361
6,361
123,342
-
-
-
123,342
50,584
-
-
-
50,584
267,338
-
-
-
267,338
888,894
640,564
8,361
-
1,537,819
Analysed as:
Training
Special Categories Ministry
Manse costs
Closed churches costs
Other property costs
Missional Partnership/Mission
Synod M&M contributions
Personal and welfare
Macedonia Mission Project
Other direct staffing
Other operating costs
Support costs		 Direct Staff
Other direct
Support
Total
£
£
£
£
265,767
25,176
-
290,943
5,389
12,097
-
17,486
-
336,885
22,569
359,454
-
85,464
-
85,464
-
46,535
-
46,535
51,219
123,000
21,427
195,646
-
91,438
-
91,438
-
3,228
-
3,228
-
6,361
-
6,361
120,700
2,642
-
123,342
-
50,584
-
50,584
-
-
267,338
267,338
443,075
783,410
311,334
1,537,819

28

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

10 OTHER CHARITABLE EXPENDITURE (continued)

Training
Special Categories Ministry
Manse costs
Closed churches costs
Other property costs
Missional Partnership/Mission
Synod M&M contributions
Personal and welfare
Macedonia Mission Project
Other direct staffing
Other operating costs
Support costs
Analysed as:
Training
Special Categories Ministry
Manse costs
Closed Churches costs
Other property costs
Missional Partnership/Mission
Synod M&M contributions
Personal and welfare
Macedonia Mission Project
Other direct staffing
Other operating costs
Support costs		 2022
2022
2022
2022
2022
Unrestricted
General
Designated
Restricted
Endowment
Total
£
£
£
£
£
211,324
48,975
2,000
-
262,299
13,929
-
-
-
13,929
-
220,021
-
-
220,021
4,252
68,956
-
-
73,208
37,999
-
-
-
37,999
-
121,456
-
-
121,456
130,137
-
-
-
130,137
1,755
-
-
-
1,755
-
-
3,473
-
3,473
167,872
-
-
-
167,872
55,175
-
-
-
55,175
225,048
-
-
-
225,048
847,491
459,408
5,473
-
1,312,372
Staff
Direct
Support
Total
£
£
£
£
231,944
30,355
-
262,299
3,742
10,187
-
13,929
-
193,021
27,000
220,021
-
73,208
-
73,208
-
37,999
-
37,999
43,931
77,525
-
121,456
130,137
130,137
-
1,755
-
1,755
-
3,473
-
3,473
165,932
1,940
-
167,872
-
55,175
-
55,175
-
225,048
225,048
445,549
614,775
252,048
1,312,372

29

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

11 SUPPORT AND GOVERNANCE COSTS

Support costs
Staff costs
Office costs
Premises costs
Administration
Governance costs
Staff costs
Trustees' expenses
Committee & staff expenses
Legal & Professional
Audit
Analysis 2022
Support costs
Staff costs
Office costs
Premises costs
Administration
Governance costs
Staff costs
Trustees' expenses
Committee & staff expenses
Legal & Professional
Audit		 Fundraising
£
16,315
4,537
-
6,262		 Charitable
2023
Grants
Other
Total
£
£
£
16,315
130,521
163,151
4,537
36,296
45,370
1,787
16,081
17,868
6,262
50,099
62,623
27,114 28,901
232,997
289,012
-
-
-
-
-		 3,222
28,993
32,215
508
4,574
5,082
2,123
19,102
21,225
2,034
18,308
20,342
818
7,360
8,178
- 8,705
78,337
87,042
27,114 37,606
311,334
376,054
Fundraising
£
12,911
2,421
-
3,939
19,271		 Charitable
2022
Grants
Other
Total
£
£
£
12,911
103,283
129,105
2,421
19,366
24,208
3,156
28,408
31,564
3,939
31,508
39,386
22,427
182,565
224,263
-

-
-
-
-		 2,500
22,495
24,995
513
4,615
5,128
1,496
13,462
14,958
1,501
13,508
15,009
1,712
15,403
17,115
- 7,722
69,483
77,205
19,271 30,149
252,048
301,468

Staff costs are allocated on the basis of estimate of time spent and other costs on the estimate of resources used.

30

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

Unrestricted
Designated
funds
funds
£
£
12 GAINS AND LOSSES ON INVESTMENTS
Realised gain/(loss) properties for sale
-
(8,790)
Unrealised gain/(loss) properties for sale
-
(174,656)
Realised gain/(loss) FA investments
(462)
-
Unrealised gain/(loss) FA investments
68,100
3,445
67,638
(180,001)
Realised gain/(loss) properties for sale
-
679,102
Unrealised gain/(loss) properties for sale
-
(19,745)
Realised gain/(loss)
(26,311)
-
Unrealised gain/(loss)
(516,233)
-
(542,544)
659,357
13 NET INCOMING RESOURCES AFTER TRANSFERS
This is stated after charging/(crediting):
Auditors remuneration
Depreciation of fixed assets
Trustees' remuneration as trustees
Trustees' expenses as trustees (travel & subsistence)
Trustees claiming expenses
14 STAFF INFORMATION
a Staff costs
Salaries and wages
Apprenticeship levy
Pension contributions - defined benefit
Pension contributions - defined contribution
Employer's NI contributions		 Unrestricted
Designated
funds
funds
£
£
-
(8,790)
-
(174,656)
(462)
-
68,100
3,445		 Restricted
Endowment
Funds
funds
2023
£
£
£
-
-
(8,790)
-
-
(174,656)
-
-
(462)
(466)
5,354
76,433
67,638
(180,001)		 (466)
5,354
(107,475)
-
679,102
-
(19,745)
(26,311)
-
(516,233)
-		 2022
-
-
679,102
-
-
(19,745)
-
-
(26,311)
(4,637)
(52,838)
(573,708)
(542,544)
659,357		 (4,637)
(52,838)
59,338
2023
2022
£
£
8,178
17,115
20,415
7,832
-
-
5,082
5,128
No.
No.
5
4
£
£
496,089
465,547
1,965
1,675
18,208
87,160
88,783
-
50,895
45,268
655,940
599,650

No staff member was paid more than £60,000 p.a. in either year.

In the previous year, the Trust made a termination payment of £38,051. No such payments were made in 2023.

b Key management personnel

The key management of the charity comprise the Trustees and the Clerk to the Synod. Mr Hart is remunerated for his roles as Transformation Director and Treasurer, as permitted by the Articles, but this is not considered to be remuneration for acting as a trustee.

The total remuneration benefits of the key management are:
Average staff numbers
The average number of members of staff of the charity was as follows:-		 72,310
67,262
Average
Average
number
number
15.0
15.0
15.0
15.0

c Average staff numbers

31

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

15 TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS
Cost
As at January 1 2023
Additions
Disposals
Revaluation
As at December 31 2023
Depreciation
As at January 1 2023
Charge for the year
Disposals
Transfer to current assets
As at December 31 2023
Net book value
As at December 31 2023
As at December 31 2022		 Buildings
£
450,000
-
-		 Computers &
Motor
Office
Manses
Vehicles
Equipment
Total
£
£
£
£
12,428,448
65,767
38,631
12,982,846
853,548
55,312
-
908,860
(1,671,473)
-
-

(1,671,473)
(107,570)
-
-

(107,570)
11,502,953
121,079
38,631
12,112,663
-
7,003
36,142
43,145
-
19,585
830
20,415
-
-
-

-
-
-
-

-
450,000
-
-
-
-
- -
26,588
36,972
63,560
450,000 11,502,953
94,491
1,659
12,049,103
450,000 12,428,448
58,764
2,489
12,939,701

The net book value of equipment held on finance leases was £1,530 (2022 - £2,360).

32

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

16 FIXED ASSET INVESTMENTS
Market value brought forward
Income re-invested
Additions at cost
Disposals at carrying value
Realised gains/(losses) on disposal
Net gain/(loss) on revaluation
Market value carried forward
Investments at fair value comprise:
Castlefield Investments
Epworth Investments
Quoted shares
COIF Investment fund
Market value brought forward
Income & gains re-invested
Additions at cost
Disposals at carrying value
Realised gains/(losses) on disposal
Net gain/(loss) on revaluation
Market value carried forward
Castlefield Investments
Epworth Investments
Quoted shares
COIF Investment fund		 2023
2022
£
£
4,547,859
4,675,645
-
1,882
-
553,818
(43,333)
(83,467)
(462)
(26,311)
76,433
(573,708)
4,580,497
4,547,859
3,762,463
3,762,773
731,435
695,826
66,476
70,857
20,123
18,403
4,580,497
4,547,859
Unrestricted funds
Restricted funds
2023
2022
2023
2022
£
£
£
£
4,171,349
4,217,970
31,479
59,806
-
1,882
-
-
-
553,818
-
-
(43,333)
(59,777)
-
(23,690)
(462)
(26,311)
-
-
71,545
(516,233)
(466)
(4,637)
4,199,099
4,171,349
31,013
31,479
3,401,188
3,404,666
31,013
31,479
731,435
695,826
-
-
66,476
70,857
-
-
-
-
-
-
4,199,099
4,171,349
31,013
31,479
Market value brought forward
Income & gains re-invested
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Market value carried forward
Castlefield Investments
Epworth Investments
Quoted shares
COIF Investment fund		 Endowment funds
2023
2022
£
£
345,031
397,869
-
-
-
-
-
-
5,354
(52,838)
350,385
345,031
330,262
326,628
-
-
-
-
20,123
18,403
350,385
345,031

33

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

17 DEBTORS DUE IN MORE THAN ONE YEAR
Church loans
18 DEBTORS
Trade debtors
Loans to churches
Income receivable
Prepayments & other debtors
Analysis of church loans:
Chorley - Building Project
Hatherlow George Lane URC - bridging loan
Halton - Building Project
New Mills URC - dry rot
Shaw & Heyside - bridging loan
No interest is payable on the loans in 2023 (2022 - none).
19 CURRENT ASSET INVESTMENTS
Properties held for resale
20 CREDITORS falling due within one year
Trade creditors
Accruals
Grants awarded and not paid
Support for Ministers' Pension Fund
Other Creditors
Synod Manse Scheme due to churches
Finance lease creditor
21 CREDITORS falling due in more than on year
Support for Ministers' Pension Fund
Finance lease creditor		 2023
Due 1 year
£
170,000
250,000
-
-
5,000		 2023
2022
£
£
47,295
57,920
47,295
57,920
-
54,000
425,000
179,454
38,712
291,261
84,052
61,646
547,764
586,361
2023
2023
2022
Due > 1 year
Total
Total
£
£
£
-
170,000
170,000
-
250,000
-
-
-
8,125
-
-
1,954
47,295
52,295
57,295
425,000 47,295
472,295
237,374
2023
2022
£
£
1,673,446
2,269,630
1,673,446
2,269,630
51,284
82,410
96,395
54,585
161,856
98,517
150,000
150,000
2,391
2,891
2,085,906
2,528,670
756
682
2,548,588
2,917,755
-
150,000
1,270
2,026
1,270
152,026

34

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

22 STATEMENT OF FUNDS

----- Start of picture text -----
£ - - - - 50,000 25,551 10,500 - 4,808 10,153 3,143 36,345 - - - 55,787 72,600 21,202 33,136 20,123
1,570,480 1,570,480 1,106,337 4,963,173 11,502,953 17,572,463 19,142,943 140,500 201,875 404,723 19,688,166
31/12/2023
£ 904,003 - 904,003 - - 817,925 (976,393) 78,195 (817,925) (898,198) 5,805 1,051 - - - 994 552 - - - - - 2,597 (3,802) (1,051) (1,367) (636) (994) (552) (8,402) -
Transfers
£ 67,638 - 67,638 - - 3,445 - - (466) - - - - - - - - - (466) 2,223 (1,463) 2,876 - - 1,718 5,354
2023 gains & loses (183,446) (107,570) (287,571) (219,933) (215,045)
- - - (6,500) (6,361) - - - - (2,500) - (2,000) - - - - - - -
£ (1,307,604) (1,307,604) (12,661) (359,454) (85,464) (195,646) (653,225) (1,960,829) (13,747) (16,667) (47,775) (2,008,604)
Expenditure
£ 310,390 - 310,390 - - 6,500 842,517 117,451 - 966,468 - 578 5,689 - 111 280 92 1,131 16,667 - 2,000 26,548 3,802 1,051 1,367 636 994 552 8,402
Income 1,276,858 1,311,808
£ - 12,661 - - 62,696 31,939 11,172 - 3,703 9,321 3,051 37,714 - - - 57,250 69,724 21,202 33,136 18,405
b/f and c/f 31/12/2022 1,596,053 1,596,053 637,921 5,365,959 12,428,448 18,444,989 20,041,042 159,596 199,652 399,369 20,600,007
Transfers £ (1,666,498) - (1,666,498) (165,000) - (298,869) 1,949,375 28,332 156,868 1,670,706 4,208 810 - - - 331 550 - - - - - 1,691 (2,942) (810) (1,054) (212) (331) (550) (5,899) -
loses £ (584,545) - (584,545) - - 58,340 601,017 - 1,364,127 2,023,484 1,438,939 - (4,637) - - - - - - - - - (4,637) (30,662) (8,473) (11,027) - - (2,676) (52,838) 1,381,464
£ (8,152) (73,932) (48,975) (68,956) - - - (3,473) - - - - (97,951) - (12,500) (2,000) - - - - - - -
2022 Expenditure (1,011,617) (1,019,769) (220,021) (121,456) (533,340) (1,553,109) (115,924) (1,669,033)
- - - - - 460 6,764 - 33 87 30 858 - 2,000 2,942 810 1,054 212 331 550 5,899
Income £ 178,443 178,443 18,000 2,524,490 100,539 2,643,029 2,821,472 12,500 22,732 2,850,103
£ 8,152 48,975 (7,415) 61,886 36,116 7,881 - 3,339 8,684 3,021 - - - 65,723 80,751 21,202 33,136 21,081
4,680,270 4,688,422 251,593 1,080,471 360,033 10,907,453 12,641,110 17,329,532 134,807 255,734 230,314 452,207 18,037,473
01/01/2022
Unrestricted funds: General fund+ Leverhulme Designated Funds:+ Church Grants Training Manse fund Closed Church Fund Missional partnership Invested in manses Total unrestricted funds Restricted Funds: Church Extension Fund Welfare Fund Macedonia Project Graveyards Stainton Redwing Trust 2014 Great Salkeld The Fletcher Trust Churches at the Margin University Chaplaincy Discipleship Development Total restricted funds Endowments General Purposes Fund Church Extension Fund Ministries+ Leverhulme+ Stainton+ Redwing Trust 2014+ Total endowment funds Total Funds * are linked charities, + are part of the Synod General purposes linked charity
----- End of picture text -----*

35

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

22 STATEMENT OF FUNDS (continued)

Unrestricted funds

General funds are available for the general purposes of the charity.

Designated funds

Closed Churches funds - amounts from the closure of churches either from the sale of properties or the transfer of funds. Used to support the costs of holding properties till they are sold and to provide budget support to the general fund by means of a year end transfer (expected to be £1.2m for the next 3 years).

The closed churches fund includes the following sub designations for mission and property projects:

The Closed Churches Fund includes the following allocations:
For the use of Bolton & Salford Missional Partnership#
For the use of Ashton-on-Mersey URC
For capital development by the Lighthouse Community Church
For the use of the Greater Manchester South & Cheshire Partnership
For the use of Cornerstone Westhoughton URC (on sale of church
building) - now reduced to equal net expected sale proceeds.		 2023
#
2022
£
£
162,144
165,000
200,000
200,000
99,000
99,000
175,509
-
170,000
178,170
806,653
642,170

known as the Ian Wallace Fund

Manse Fund - funds from the sale of surplus manses used to finance the running costs of existing manses and to fund new purchases. Expected to be spent over the next 5 years.

Invested in manses - Represents the investment in manses to house ministers.

Missional partnership - Represents monies contributed by the churches to cover ministers' expenses, costs of providing cars and the running costs of occupied manses.

Church grants and Training - Represented funds previously set aside for those purposes and now fully expended.

Restricted funds

Church Extension Fund. This fund arose from the dissolution of the Lancashire Congregational Union, and receives income from the Endowed Church Property fund. It is available to buy and maintain properties for use in the furtherance of the Synod's mission activities, and to make property grants to churches. Welfare Fund. This fund holds monies apportioned by the dissolution of the Lancashire Congregational Union. To make Christmas payments to retired ministers, widows/widows, and welfare grants to individuals, at the Synod Moderators Discretion.

Macedonia . This is a Synod project based in Failsworth, Oldham and the monies are only expandable on the this work.

Stainton Fund. This fund's purpose can no longer be fulfilled and the Trustees intend are in the process of applying to the Charity Commission to make it available to support the general mission and ministry of the church in Cumbria.

Redwing Fund. To make book grants available to ministers and lay people in Cumbria.

Great Salkeld Fund . This fund's purpose can no longer be fulfilled and the Trustees are in the process of applying to the Charity Commission to make it available support the general mission and ministry of the church in Cumbria.

Fletcher Trust Fund. Available to spend on the Synod's charitable purposes in Manchester and Trafford.

Churches at the Margins - Represents a channelled grant from the national URC to fund work with Church Action on Poverty in relation to being the church for people at the margins.

Endowments

The income of the Capital, Ministries and Leverhulme funds is transferred to the general purposes fund and the income of the other endowments to the corresponding restricted funds.

As the purposes of the Stainton Fund can no longer be fulfilled, the Trustees are in the process of applying to the Charity Commission to make these funds support the general mission and ministry of the church in Cumbria.

36

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

22 STATEMENT OF FUNDS (continued)

Transfers between funds 2023

Unrestricted funds
General fund
Designated Funds:
Manse fund
Closed Church Fund
Missional partnership
Invested in manses
Restricted Funds:
Church Property
Stainton
Redwing
Total restricted funds
Endowments
Capital
Church Property*
Ministries
Leverhulme
Stainton
Redwing
Total endowment funds		 manse sale
£
-

-

1,671,473

-

-

(1,671,473)

-

-
-
-		 manse
purchase
£
-		 investment
income
Closed
churches to
support
budget
MP overspend
Total
Transfers
£
£
£
£
5,805
976,393
(78,195)
904,003
5,805
976,393
(78,195)
904,003
-
-
-

817,925
-
(976,393)
-

(976,393)
-
-
78,195
78,195
-
-

(817,925)
-
(976,393)
78,195
(898,198)
1,051
-
-

1,051
994
-
-
994
552
-
-
552
-
(853,548)
-
-
853,548
-
-
-
-
- - 2,597
-

-
2,597
-
-
-
-
-
-		 -
-

-

-
-
-		 (3,802)
-
-
(3,802)
(1,051)
-
-
(1,051)
(1,367)
-
-
(1,367)
(636)
-
-
(636)
(994)
-
-
(994)
(552)
-
-
(552)
- - (8,402)
-

-
(8,402)

Transfers between funds 2022:

Unrestricted funds
General fund
Leverhulme
Designated Funds:
Church Grants
Training
Manse fund
Closed Church Fund
Missional partnership
Invested in manses
Restricted Funds:
Church Property
Welfare
Graveyards
Stainton
Redwing
Total restricted funds
Endowments
Capital
Church Property
Ministries
Leverhulme
Stainton
Redwing
Total endowment funds		 Closed
churches
31/12/21 held
for sale
manse sale
manse
purchase
Interest
Transfer
other
property
from
manses
Ian Wallace
fund
MP overspend
Total
Transfers
£
£
£
£
£
£
£
£
(1,784,375)
-
-
4,208
142,001
-
(28,332)
(1,666,498)
-
-
-
-
-
-
-
-
(1,784,375)
-
-
4,208
142,001
-
(28,332)
(1,666,498)
-
-
-
-
-
(165,000)
-
(165,000)
-
-
-
-
-
-
-
-
-
272,169
(571,038)
-
-
-
-
(298,869)
1,784,375
-
-
-
-
165,000
-
1,949,375
-
-
-
-
-
-
28,332
28,332
-
(272,169)
571,038
-
(142,001)
-
-
156,868
1,784,375
-
-
-
(142,001)
-
28,332
1,670,706
-
-
-
810
-
-
-
810
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
331
-
-
-
331
-
-
-
550
-
-
-
550
-
-
-
1,691
-
-
-
1,691
-
-
-
(2,942)
-
-
-
(2,942)
-
-
-
(810)
-
-
-
(810)
-
-
-
(1,054)
-
-
-
(1,054)
-
-
-
(212)
-
-
-
(212)
-
-
-
(331)
-
-
-
(331)
-
-
-
(550)
-
-
-
(550)
-
-
-
(5,899)
-
-
-
(5,899)

37

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

23 REVALUATION RESERVES

Included within unrestricted reserves are amounts attributable to the revaluation reserve arising from the annual revaluations of land and buildings included in fixed assets.

Brought forward
Disposals
Year end revaluation
Carried forward		 2023
2022
£
£
2,741,581
1,549,057
(421,472)
(171,603)
(107,570)
1,364,127
2,212,539
2,741,581

24 ANALYSIS OF COMPANY NET ASSETS BETWEEN FUNDS

Unrestricted
General
Designated
Funds
Funds
£
£
Fund balances at December 31 2023 are represented by:-
Tangible fixed assets
546,150
11,502,953
Fixed asset investments
985,829
3,218,935
Debtors due in more than one year
-
-
Net current assets
39,771
2,850,575
Creditors due in more than one year
(1,270)
-
1,570,480
17,572,463
Free reserves
1,024,330		 Unrestricted
General
Designated
Funds
Funds		 Restricted
Funds		 Endowment
Funds		 Total
£
-
25,348
47,295
67,857
-		 £
-
350,385
-
54,338
-		 £
12,049,103
4,580,497
47,295
3,012,541
(1,270)
1,570,480
17,572,463		 140,500 404,723 19,688,166
1,024,330

Fund balances at December 31 2022 are represented by:-

Tangible fixed assets
Fixed asset investments
Debtors due in more than one year
Net current assets
Creditors due in more than one year
Free reserves		 511,253
12,428,448
-
-
12,939,701
427,429
3,743,920
31,479
345,031
4,547,859
7,920
-
50,000
-
57,920
801,477
2,272,621
78,117
54,338
3,206,553
(152,026)
-
-
-
(152,026)
1,596,053
18,444,989
159,596
399,369
20,600,007
1,084,800

25 TAXATION

The Trust is a registered charity and is entitled to claim annual exemption from UK corporation tax.

26 CAPITAL COMMITMENTS

At the year end the Trust had authorised capital expenditure of up to £1,500,000 on the purchase of three manses but no contracts had been entered into (2022, two manses up to - £900,000).

38

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

27 LEASE COMMITMENTS

Operating lease commitments

The Charity had no commitments under non-cancellable operating leases.

Finance lease commitments
The Charity had the following commitments under finance leases:
Not later than one year
Later than one year and not later than five years
Less interest charges
Per creditors notes		 2023
2022
£
£
905
905
1,357
2,262
2,262
3,167
(236)
(459)
2,026
2,708

28 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASHFLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) before transfers
Add back depreciation on fixed assets
Deduct property transferred to Synod
Deduct/(add) unrealised gains/(losses) on investments
Deduct interest income shown in investing activities
Deduct profit/add back losses on disposals of FA
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash generated from/(used in) operating activities		 2023
2022
£
£
(804,271)
1,240,408
20,415
7,832
(486,910)
(1,851,381)
107,475
(59,338)
(196,789)
(79,635)
131,938
19,596
284,143
(237,188)
(519,241)
(791,641)
(1,463,240)
(1,751,347)

29 NET MOVEMENT IN DEBT

NET MOVEMENT IN DEBT
Cash and cash equivalents
Cash at bank and in hand
Debt
Finance lease obligations
Cash and cash equivalents
net of debt		 As at
As at
31/12/2022
Cashflows
31/12/2023
£
£
£
3,268,317
71,602
3,339,919
2,708
(682)
2,026
3,265,609
3,337,893

30 RETIREMENT BENEFIT SCHEMES

Until February 28 2023, the Trust contributed to a lay staff pension scheme known as the 'Final Salary' scheme, which is administered by TPT Retirement Solutions (formerly The Pensions Trust). This is operated as a defined benefit scheme but the Trust is not the only participating employer in the scheme and is unable to identify its share of the underlying assets and liabilities - each employer in that scheme pays a common contribution rate. The Trust contributed 32.6% (2022: 32.6%) of basic salary in respect of members of the Final Salary scheme, including the members salary sacrifice. Contributions by members was 7.5% of pensionable salary and a salary sacrifice arrangement was made available for members in the scheme.

The Triennial actuarial valuations of the Final Salary scheme are performed by a professionally qualified independent actuary. The most recent formal actuarial review of the scheme was at 30 September 2020 when the scheme had a surplus of £2,689,000. The assumptions underlying that valuation include: Discount Rate: 1.4% pa Pensionable earnings growth: 2.5% for three years, 2.75% thereafter Price Inflation and pension increase: 2.55% Retirement age (active members): 65, with maximum commutation. The scheme was closed to future accrual on 28th February 2023. A new defined contribution scheme has been set up and staff were moved to this scheme.

39

THE UNITED REFORMED CHURCH (NORTH WESTERN PROVINCE) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 2023

31 RELATED PARTY TRANSACTIONS

Mr M Hart, a trustee, received a salary for his role as Treasurer and Transformation Director of £25,032 (2022 - £20,456) as permitted by the Articles of Association.

Owing to the nature of the Trust’s operations and the composition of the Board of Trustees being drawn from the local United Reformed Churches, grants awards, manse scheme agreements and loans may be made to churches from which the Trustees are drawn or to Trustees whose roles mean they are eligible to receive training grants.

The Manse Scheme arrangements were agreed on the same basis and terms for all churches. All discussions about other grant awards or other transactions are undertaken without the presence of conflicted Trustees. Details of grants are given in note 9.

In 2022 an interest free loan of £164,000 made by Mr Andrews (a trustee until 19/03/22) to Kendal URC, made in a previous period, was repaid in full.

32 CUSTODIAN FUNDS

The Trust acts as custodian trustee of local church assets for churches in the North Western Province of the United Reformed Church (the Province). Local churches as unincorporated charities are not legal persons and cannot hold title to property and investments in their own name.

The Trust holds title for all church buildings in the Province except for one. The deeds to the properties are vested in the Trust, with a declaration of trust recording which local church the property is held on behalf of. As custodian trustee, the Trust signs any legal documents relating to the property and making it clear that it enters into any agreement in the name of the local church.

The Elders of the local churches are the managing trustees of their local church and retain the responsibility for the upkeep of the property and the right to nay income derived from them, and the right to the asset.

In addition, the Trust holds a range of investments and deposit accounts on behalf of the local churches. Responsibility for deciding how these funds should be invested, the withdrawal of capital and the application of income remains with the managing trustees. At the year end the value of these investments and cash deposit was £5,792,268 (2022 - £4,851,639). None of the custodian funds are included in these accounts.

33 CONTINGENT LIABILITY

The National Church administers the Ministers’ Pension Fund, the majority of the contributions coming from the local churches through their Mission & Ministry contributions. The last actuarial review took place in January 2021, and identified a significant accumulated deficit on the fund. In 2021, the Trust, along with other URC Trusts, agreed a comprehensive package to address the deficit.

Although the deficit is not the legal responsibility of the Trust, it agreed to make a grant of £550,000 as a contribution to the fund. It paid £100,000 in 2021, and the balance was payable in three equal annual instalments of £150,000, and the £450,000 liability was included in creditors. The 2022 instalment was paid in the year under review. In addition, the Trust has given a non-binding commitment to the National Church that:

In the opinion of the trustees this contingent liability of £640,000 is not required to be included in these financial statements as it is dependent on uncertain future events.

40