2023-12-31-accounts

Company Registration No. 01566806 (England and Wales) Charity No. 511712

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

CONTENTS

CONTENTS	CONTENTS
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	Pages
Report of the Directors and Strategic Report	3 - 9
Statement of the Directors’ responsibilities	10
Independent auditor’s report to the members	11 - 14
Statement of Financial Activities	15
Balance Sheet	16
Statement of cash flows	17
Notes to the financial statements	18 - 35
The following pages are provided for information but do not form part of the
statutory financial statements
Appendix 1	36 - 39

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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The Directors present their report and the audited financial statements of the company for the year ended 31 December 2023.

The Company’s objectives are to advance the Christian religion for the benefit of the public in accordance with the doctrines and principles, and Basis of Union of the United Reformed Church. In pursuit of this, the Company supports the East Midlands Synod of the United Reformed Church and holds monies, investments and properties for these purposes, and is registered as a Charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts.

Reference and administrative details

Registered company number 01566806 (England & Wales)

Registered charity number 511712 Directors A Directors Rev Geoffrey S Clarke Mr David J Greatorex Rev A Camilla Veitch (resigned 31 January 2023) Dr G D J Jennings (appointed 1 July 2023)

B Directors Rev James A Breslin Mr Vaughan Griffiths Mr Ronald C Kenyon (resigned 26 July 2023) Rev Lesley A Moseley Ms Catriona M A Wheeler Mr James W E Wild Mr Marcelle P Plaatjies (appointed 31 January 2024) Registered office 1 Edwards Lane Sherwood Nottingham NG5 3AA Bankers The Royal Bank of Scotland plc Barclays Bank plc 38 Market Place PO Box 57 Wigan Wigan WN1 1PJ WN1 1PJ Auditors UHY Hacker Young 14 Park Row Nottingham NG1 6GR

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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Structure, Governance and Management

Objectives and aims

The Company’s objectives are to advance the Christian religion and propagate the Gospel for the benefit of the public in accordance with the doctrines, principles and usages of the United Reformed Church with particular responsibility for the East Midlands Synod of the United Reformed Church.

The aims of the Company are to support the work of the East Midlands Synod of the Church and local churches in their outreach and mission, both directly through its staff and indirectly the Synod and its committees, groups and officers, and by the provision of resources, both financial and technical. This includes administering finances and property and providing general guidance for the benefit of the churches in the Synod.

The Governing Documents of the Company are the United Reformed Church Act 1972 as amended by the United Reformed Church Act 1981 and the United Reformed Church Act 2000, and its Memorandum and Articles of Association.

The company is limited by guarantee and does not trade with a view to generate a surplus.

Appointment of Directors

The Moderator, Clerk and Treasurer of the East Midlands Synod and the Convenor of the Synod Finance Group are ex-officio directors (“A Directors”) and have the same voting rights as the other directors. The remaining directors (“B Directors”) are nominated by Synod and appointed by the Members. Until otherwise determined by a meeting of Synod, the number of Directors shall not be less than four nor more than twelve of whom at least five must be B Directors. A B Director may not be a member of the Synod Council and at least two thirds or six of the B Directors (whichever is greater) must be members of the United Reformed Church. B Directors shall retire after a continuous period of six years but are eligible for reappointment to the Board.

The directors do not have any interests in any shares of the company as the company is limited by guarantee. In the event of the company being wound up, personal liability is limited to an amount not exceeding £1. No remuneration is paid to the directors for their duties as directors.

Induction and Training

Directors have access to all relevant documents regarding the Company and are encouraged to keep up to date with changing legislation.

Related parties

In the opinion of the Directors individual United Reformed Churches and Ministers are not considered to be related parties as the Company’s relationship with them is one of administration and giving advice rather than exercising influence.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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Principal Activities

The principal activities of the Company include:

• The management of the Unrestricted Funds of the Company which primarily consist of investment property, investments, properties held for resale and cash;

• The realisation of best value from the disposal of redundant church buildings and manses, and the letting of temporarily vacant manses;

• Acting as employer of the staff of the Company and the Synod;

• Various tasks primarily related to finance and property in support of the work of the East Midlands Synod and local churches, including making grants towards specific projects;

• Ensuring that local churches are kept fully aware of Synod financial and property policy and relevant legislation as appropriate.

Achievement and Performance

The Company recognised during the year that it should seek to more widely publicise and bring to the attention of local churches its work and the support available to them through a number of initiatives, including “Synod on Tour” days where staff and officers would base themselves for a day in a local church and encourage members from local churches to call in and meet the team. This initiative commenced after the year end and has widely been seen as successful.

Personnel

A reshaping of the staff team during 2023 saw the employment of a new Safeguarding Officer, a new Children and Youth Development Officer, and a new Mission Development Officer. These posts incorporated new responsibilities developed from previous similar roles, the result of detailed consideration into enhancing the interactions with the churches and complimenting that of the Training and Development Officer.

Since the year end, a new Property Assistant has also been employed as a result of the significant increase in work in managing vacant and properties pending disposal which placed immense pressure on the staff team, and particularly the Synod Property Officer.

Mission

The appointment of the new full time Mission Development Officer was a welcome development during the year and this coincided with a significant increase in Mission grants both from the general Mission Fund and other designated and restricted funds, the total rising by more than 25%. The Directors are committed to supporting mission work as evidenced by the appointment of a new Mission Development Officer in the year. £75,000 is allocated to the Mission Fund every year for qualifying expenditure and the Directors would encourage new applicants for grants as there is over £220,000 available for future expenditure as at the year end.

Property

During the year the Company made a grant for a new manse for the North Nottinghamshire area group of churches. Unfortunately, a number of surplus churches and manses reverted to the Company as they were no longer required by congregations. The Company was able to sell a number of these during the year but several remained unsold at the year end. These require ongoing supervision, insurance, routine maintenance

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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and in some cases more significant repairs. As a result, there was a significant increase in the workload of the Property team and holding costs, including repairs. These increased during the year from £49,000 to over £230,000, primarily as a result of exceptional repair costs in relation to the replacement of a roof at a church which was a listed building and had reverted to the Company following the closure of the church. The Directors are hopeful that the resale value will reflect the significant expenditure but felt they had no choice but to undertake the work owing to public safety concerns.

In addition, significant grants were made under the Energy Support scheme to churches and the Buildings Repair grant scheme as well as the Church Support Fund where funds had already been designated to churches following previous sales of their property.

Funds realised on disposal are generally held for the benefit of the Synod and its constituent churches, but for accounting purposes the fair value is recognised as at the date they revert to the Company and subject to annual review where the property remains unsold. As at the year end, properties with an estimated value of £2,585,000 remained unsold.

Other Support

Inevitably there are indirect expenses incurred in providing ongoing support to local churches and the operation of the Synod office. The Directors continue to monitor these to ensure they are minimised without prejudicing the scope and efficiency of the Synod operations, but the necessary ongoing level of legal and professional fees continues to be a matter of regret.

Financial Review

The surplus for the year before movements in the value of investments amounted to £3,173,000 (2022 – £2,578,000), but this included capital receipts, net of impairment charges, of £4,071,000 (2022 – £3,079,000) from the transfer of properties no longer required by Churches within the Synod’s area of activities. Grants made for the purchases of manses amounted to £492,000 (2022 - £455,000). Consequently, after adjusting for the receipt and subsequent sale, and purchases of properties, the net deficit before investment movements amounted to £406,000 (2022 – £45,000).

The reported surplus arising during the year, including the anticipated subsequent receipt of proceeds from the sale of the properties, enabled the Directors to commit to the increase in staffing levels and to increase the funds invested to provide continuing income. The Company’s income is substantially derived from its investments and, as a result of the Synod’s change in its Manse Fund Reserves policy in October 2022, more of the investment income is available for the general activities of the Synod and is not ring fenced for future Manse costs.

The value of the Company’s investments increased by £2,831,000 (2022 – £403,000) during the year. This reflected the net new investment of £2,127,000, and an increase in the underlying value of investments of £704,000. This contributed to a significant increase in the Company’s net assets from £11,953,000 to £15,879,000, although a significant proportion of this increase is attributable to the recognition of increases in asset values that had still to be realised at the year end. Income from listed investments remained broadly static during the year despite the new funds invested as a result of the divestment during the previous financial year of certain higher yielding investments which did not accord with the Synod’s policy on ethical investment. Higher deposit rates on funds temporarily placed on deposit meant that interest income was higher for the year.

It would be remiss not to recognise that a significant amount of time is voluntarily given by many people to support the smooth and efficient running of both the Company and the Synod. This includes contributions

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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of individual church members across the Synod area, and particularly those who have membership of the various committees and groups that form the management of the operating side of Synod. The convenors of these meetings give many hours each year and two Synod Officers (Clerk and Treasurer) give the equivalent of at least one full time employee between them.

Public Benefit

The Company pays due regard to the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the Company and in planning future activities.

The Company supports the activities of Churches in the East Midlands Synod by, inter alia, facilitating:

• The provision of regular Christian public worship open to all;

• Christian teaching and activities for children and young people;

• Pastoral care of people who are lonely, sick, bereaved, or distressed in other ways, within and beyond their congregations;

• Services to the local community such as food banks, drop in centres, luncheon clubs, counselling services, youth clubs and other children’s work;

• The use of their buildings for a wide variety of community uses, either rent free or at levels below commercial rents, including the use of heated buildings as Warm Hubs for members of the public unable to afford domestic heating bills;

• Training for the volunteers who make up most of the staffing for these activities;

• Working in partnership with other local churches, community groups and local authorities to serve the communities in which they are based; and

• Daily evening prayers held online on Facebook and posted on YouTube, led by amongst others the Moderator and a team of people from across the Synod which are open to all.

The Company also runs, when circumstances permit, a number of other programmes for children and young people.

Grants

The Company supports specific projects by the provision of grants. Applications are considered regularly and in 2023 grants were approved for the following projects:

New Grants approved: Retired Ministers Housing grants Mission Fund grants Building Repair Fund grants Manse Fund grants Church Support Fund grants Energy Crisis Fund grants Inter-Synod Resource Sharing Other grants approved / paid (each less than £10,000) Totalgrants(Note 10)	2023 2022 £ £ 14,559 6,442 55,565 23,255 28,504 28,886 28,819 23,196 94,757 22,618 20,667 - 10,000 -
	252,871 104,397 31,487 53,781
	284,358 158,178

Total grants (Note 10)

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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Grants (continued)

Reconciliation of grant creditors and payments

Total grant creditor brought forward (Notes 18 and 19) 75,000 Grants approved in the year (Note 10) 284,358 Grants paid during the year (319,358) Total grant creditor carried forward (Notes 18 and 19) 40,000

Reserves and Reserves Policy

At 31 December 2023 the Company had unrestricted reserves of £15,257,367 (2022 - £11,336,887). Included in this sum are fixed assets of £166,122 (2022 - £184,173), investments of £11,220,109 (2022 - £8,389,151) and investment property of £424,397 (2022 - £424,397) that are held primarily for income generation purposes to support the continuing work of the Synod.

The Company retains a minimum level of cash in the bank of circa £100,000 to meet short term funding requirements. Other cash balances are held on short term interest bearing deposit accounts either pending the acquisition of properties or investments to further support the ongoing activities of the Synod. It is believed that substantially all investments are readily available to be sold, if the need should arise, to meet medium term funding requirements. The Directors are satisfied with the current cash and reserves position, given the potential commitments anticipated.

Payments from designated and restricted funds are in accordance with need, the timing of which is uncertain given the potential commitments anticipated.

Investment Policy

Funds held by the Company are invested for the benefit of the Synod’s continuing activities. The Company’s powers of investment are given under the Articles of Association of the Company and by general charitable law.

The Company seeks to ensure that such funds are prudently invested and that an appropriate balance is struck between risk and reward, balancing requirements for current income and future capital appreciation to safeguard the future of the Synod.

The Company takes reasonable care when making any investment and considers the spread and suitability for the Synod of all its investments, seeking to achieve a growing level of income and capital growth with a low to medium level of risk.

All investments are held in pooled funds and the Company seeks to ensure its investments comply in all material respects with the ethical policies agreed by the Synod.

The performance of the Synod’s fund managers and investments is monitored by reference to appropriate benchmark returns.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

REPORT OF THE DIRECTORS AND STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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Risk Management

The Directors are responsible for identifying and reviewing the risks to which the Company is exposed and for establishing systems to mitigate those risks. The Company and the Synod have undertaken and documented an annual joint Risk Assessment and review this on a regular basis, considering the likelihood and significance of their impact. These cover governance, finance, property, office functionality, legal, human resources and local Church issues.

The Directors will continue to review and monitor these risks and the adequacy of the systems in place to reduce them.

Properties held on behalf of Churches

The Company is also the registered owner of certain church properties within the geographical area of the Synod. Neither the Company nor its directors have any operational powers over the properties but upon closure or dissolution of the particular churches, the properties or proceeds of sale may revert to the Company.

The directors believe that they act as custodian trustees for these properties as the Company derives no benefit from holding the title to the properties and the directors have no direct control of the properties. They therefore consider it inappropriate to attribute any value to them in the balance sheet of the company. A full list of the properties concerned as at 31 December 2023 is included at Appendix 1.

Future outlook

The Directors are mindful of increases in the costs of living arising from the high rate of inflation and the impact both on the Company's own costs and those of the churches within the Synod, and their members. Declines in the size of congregations and people able and prepared to volunteer are also putting pressure on the churches within the Synod.

The Company has responded by seeking to publicise and provide the support available to the churches but fears that this will not be sufficient to prevent further closures in the medium term. The directors are therefore constantly reviewing the potential for increases in grants and missionary expenditure to support future growth, and will continue to pursue policies that not only support the existing but also seek to advance the religious and charitable activities within the local communities that are served by the Synod.

In approving the Directors' Annual Report, we also approve the Strategic Report included therein.

Signed on behalf of the directors:

fre Uy Brels Rev James A Breslin Chairman

David J Greatorex Treasurer

Dated: 20 August 2024

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

STATEMENT OF THE DIRECTORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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Directors’ responsibilities in relation to the financial statements

The directors are responsible for preparing the Annual Report and the financial statements in accordance with the Companies Act 2006 and for being satisfied that the financial statements give a true and fair view. The directors are also responsible for preparing financial statements in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of affairs of the company and of the incoming resources and application of resources of the company for that period.

In preparing these financial statements the directors 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that show and explain the company’s transactions, disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the 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:

• there is no relevant audit information of which the company’s auditors are unaware; and

• we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Signed on behalf of the directors:

frm Ula Brels Rev James A Breslin Chairman

Duel Lpoclerss

David J Greatorex Treasurer

Dated: 20 August 2024

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

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Opinion

We have audited the financial statements of The United Reformed Church East Midlands Synod Incorporated (the ‘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 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 FRS 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 company's affairs as at 31 December 2023 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 applicable to smaller entities; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

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 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 for our opinion.

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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

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Other information

The directors are responsible for the other information. The other information comprises the information included in the report of the directors, 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, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the 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 directors’ report.

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

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and to the exemption from the requirements to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

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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:

Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to inflated revenue and the charitable company’s net income for the year.

Audit procedures performed included:

• review of the financial statement disclosures to underlying supporting documentation;

• review of correspondence with and reports to the regulators, including correspondence with the Charity Commission;

• enquiries of management in so far as they related to the financial statements; and

• testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

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Chris McKain (Senior Statutory Auditor) For and on behalf of UHY Hacker Young

Dated: 10 September 2024

Chartered Accountants Statutory Auditor

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

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Notes Income from charitable activities: Income from donations, legacies and grants 2 Income from surplus properties 4 Synod churches donations Investment income 3 Other income 5 Total income and endowments Expenditure on charitable activities: Support costs 6 Personnel costs 7 Mission costs 8 Property costs 9 Total expenditure Net (expenditure)/income Other recognised gains/(losses): Unrealised gains/(losses) on investments 16 Realised gains/(losses) on disposal of investments Net movement in funds Reconciliation of funds: Total funds brought forward 20 Total funds carried forward 20	Restricted Unrestricted Total 2023 Total 2022 As restated £ £ £ £ 6,438 60,479 66,917 139,357 - 4,071,229 4,071,229 3,078,949 - 166,088 166,088 164,500 20,560 328,304 348,864 289,266 - 95,353 95,353 85,462
	26,998 4,721,453 4,748,451 3,757,534
	- 134,231 134,231 131,532 - 294,440 294,440 220,017 33,003 143,628 176,631 135,096 17,526 952,597 970,123 692,414
	50,529 1,524,896 1,575,425 1,179,059
	(23,531) 3,196,557 3,173,026 2,578,475
	27,337 676,559 703,896 (778,095) 1,914 47,364 49,278 (158,801)
	5,720 3,920,480 3,926,200 1,641,579
	616,121 11,336,887 11,953,008 10,311,429
	621,841 15,257,367 15,879,208 11,953,008

All income and expenditure derive from continuing activities.

The notes on pages 18 to 35 form part of these financial statements.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

BALANCE SHEET AS AT 31 DECEMBER 2023

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	Notes	2023	2022
		£	£
Fixed assets
Tangible assets	14	166,122	184,173
Investment property	15	424,397	424,397
Investments	16	11,220,109	8,389,151
		_	__
		11,810,628	8,997,721
		__	__
Current assets
Properties held for resale		2,584,758	1,247,415
Debtors	17	23,790	20,773
Cash at bank & in hand		1,941,224	2,309,343
		__	__
		4,549,772	3,577,531
Creditors: amounts falling due within one year	18	(481,192)	(293,244)
		__	__
Net current assets		4,068,580	3,284,287
		__	__
Total assets less current liabilities		15,879,208	12,282,008
Creditors: amounts falling due after more than one year	19	-	(329,000)
		__	__
Net assets		15,879,208	11,953,008
		__	__
Funds
Restricted	20	621,841	616,121
Unrestricted	20	15,257,367	11,336,887
		__	__
Total funds		15,879,208	11,953,008
		___	__

The financial statements were approved and authorised for issue by the Board on 20 August 2024.

Signed on behalf of the board of directors

Spe Ly Brel Duel Lpoclors Rev James A Breslin David J Greatorex Chairman Treasurer

Company Registration No. 01566806

The notes on pages 18 to 35 form part of these financial statements.

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THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

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	Notes	2023	2022
		£	£
Cash inflow from operating activities	13	1,712,093	1,897,066
Cash flow from investing activities
Purchase of tangible fixed assets	14	(2,428)	(3,506)
Purchase of investment properties	15	-	(261,897)
Purchase of investments (net of cash held)	16	(3,364,406)	(5,193,479)
Sale proceeds on investments		1,286,622	3,853,479
		__	__
Net cash outflows from investing activities		(2,080,212)	(1,605,403)
		__	__
Net (decrease)/increase in cash and cash		(368,119)	291,663
equivalents
Cash and cash equivalents at 1 January		2,309,343	2,017,680
		__	__
Cash and cash equivalents at 31 December		1,941,224	2,309,343
		__	__
Cash and cash equivalents consists of:
Cash at bank and in hand		1,941,224 __	2,309,343 __

The notes on pages 18 to 35 form part of these financial statements.

17

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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1 Accounting policies

1.1 Basis of preparation of accounts

The United Reformed Church East Midlands Synod Incorporated is an incorporated charity registered in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

The company 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), the Charities Act 2011 and the Companies Act 2006.

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 presented in sterling which is the functional currency of the company.

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.

1.2 Fund accounting

Unrestricted funds are available for use at the discretion of the directors in furtherance of the general objectives of the company.

Designated funds are unrestricted funds earmarked by the directors for particular purposes. The designation may be changed or revised at the discretion of the directors.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The nature and use of each restricted funds is set out in the notes to the financial statements.

1.3 Income recognition

All incoming resources are included in the statement of financial activities when there is sufficient certainty that the receipt of the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable;

• Grants, where entitlement is not conditional on the delivery of specific performance by the Company, are recognised when the company becomes unconditionally entitled to the grant. Incoming resources from grants which are conditional on performance and specific deliverables are accounted for as the Company earns the right to consideration by its performance;

• Investment income is included when receivable;

18

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

• Legacies are recognised when they are received or, if before receipt, there is sufficient evidence to provide the necessary certainty that the legacy will be received and the value can be measured with sufficient reliability; and

• Rental income is recognised on an accruals basis.

1.4 Reversion of buildings and other assets

Where beneficial ownership of a building reverts to the Company on closure of a church or where it has been otherwise decided to transfer assets to the Company from churches within the Synod, the Company takes on the role of Managing Trustee.

The fair value of the assets is then recognised as income.

Properties that are held for sale are accounted for as current assets.

The Directors consider it appropriate to account for properties that revert to them on closure of a church or are received as donations when beneficial ownership is transferred rather than on completion of any subsequent sale. Properties are therefore recognised at fair value, subject to any impairment charge, with any appropriate adjustments made on subsequent sale.

1.5 Expenditure recognition

Expenditure is recognised on an accruals basis as the liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the Company in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grants payable are recognised when they are agreed or in the case where conditions apply to the grant, when those conditions have been met by the recipient and the grant becomes payable.

1.6 Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property	Nil
Leasehold improvements	10% straight line basis
Office equipment	15% or 25% straight line basis

Freehold land is not depreciated. Freehold buildings would be depreciated at 2% per annum. However, no depreciation has been provided in the year as the directors believe that the carrying value of land and buildings is less than the residual value. A review of property values is undertaken by the directors each year to ensure that this continues to be the case.

19

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

1.7 Freehold land and buildings where the Synod is the custodian trustee

The Company is the legal owner of various properties as Custodian Trustee on behalf of individual churches of The United Reformed Church in the East Midlands area. No value is attributed to these within the accounts. A full list of such properties is available on request from the Company’s registered office.

Freehold land and buildings are only capitalised where they are for the direct use by, and the risks and the benefits of ownership remain with, the Company.

Funds realised from the sale of any surplus properties which have reverted back to the Company are shown in the Statement of Financial Activities as voluntary income.

1.8 Investment properties

Investment property, which is property held for charitable purposes and where the return is in the form of rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.9 Investments

Investments are stated at the bid market value. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities. Investment income is credited to income on an accruals basis.

1.10 Pension

At the start of the year, The United Reformed Church East Midlands Synod Incorporated participated in a multiemployer defined benefit pension plan for employees of The United Reformed Church. The plan’s actuary has advised that the assets and liabilities related to United Reformed Church East Midlands Synod Incorporated are not separately identified for the purposes of the disclosures specified under FRS 102. The employer contributions in relation to the pension plan are determined by the United Reformed Church based on advice from a qualified actuary and charged to the Statement of Financial Activities as made.

During the period the above scheme was closed and the Company now contributes to defined contribution schemes for its employees. The costs of contributions to the schemes are charged to the income and expenditure account in the period to which they relate.

1.11 Restated expenditure categories

The expenditure as disclosed in the 31 December 2022 Statement of Financial Activities has been restated. The Trustees believe that the revised presentation shows the expenditure incurred in a more useful format for the users of the financial statements.

1.12 Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

20

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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In the opinion of the directors, there are no special disclosures required in respect of judgements and estimation uncertainty.

2. Income from donations, legacies and grants

Donations Moderator’s Discretionary Fund Welfare Fund General Fund Manse Fund Retired Ministers Fund Lay Training Fund Donations from Closed Churches Discipleship Fund Grants from the national United Reformed Church Grants for training	Restricted funds Unrestricted funds Total 2023 Total 2022 £ £ £ £ 1,798 - 1,798 3,119 2,640 - 2,640 2,310 - 17,037 17,037 6,833 - - - 2,955 - - - 5,000 - - - 2,700 - 30,002 30,002 104,627 2,000 - 2,000 2,000 - 13,440 13,440 9,813
	6,438 60,479 66,917 139,357

In 2022, income from donations, legacies and grants included £15,129 attributable to restricted funds and £124,228 to unrestricted funds.

3. Investment income & interest receivable

Interest receivable on cash deposits and loans Income from listed investments	Restricted funds Unrestricted funds Total 2023 Total 2022 £ £ £ £ 4,696 64,403 69,099 15,041 15,864 263,901 279,765 274,225
	20,560 328,304 348,864 289,266

In 2022, investment income, including interest receivable, comprised £20,890 attributable to restricted funds and £268,376 to unrestricted funds.

21

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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4. Income from surplus properties

General Fund – Fair value of surplus properties received pending disposal Freeby URC Friary URC Rothwell URC – Church Hall Brayfield Road Recreation Ground Ermine URC Rose Hill URC Sutton in Ashfield URC Wisbech URC Great Doddington URC Rothwell URC General Fund – Surplus properties received at fair value and subsequently sold Anstey URC Badby URC Lutterworth URC Rothwell URC – Land Westcotes URC Repton URC – Land Paulerspury – URC Manse Fund – Fair value of surplus properties received pending disposal 48 Rosemead Drive, Oadby Union Place Wisbech Fox Street, Rothwell Bridge Cottage, Yardley Hastings Manse Fund – Surplus properties received at fair value and subsequently sold Old Forge Drive, Long Buckby Highbury Avenue, Bulwell Birchwood View, Gainsborough Newbold Road, Chesterfield Moorway Lane, Derby Woodland, Wirksworth Weelsby Road, Grimsby General Fund - Movement in fair value of properties after receipt pending disposal

Total 2023 Total 2022 £ £ - 101,000 (2,798) - 550,000 200,000 250,000 340,000 - - 200,000 350,000 - - 150,000 250,000 295,000 - - - - - - - - 23,000 265,000 332,428 (912) (4,447) 85,507 459,896 - - - 415,000 100,000 288,775 416,000 - - - - - 465,035 254,143 - 325,000 354,752 425,000 210,000 221,299 - - - - (168,500) -

4,071,229 3,078,949

The income from surplus properties was attributable to unrestricted funds in both years.

22

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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5. Other income

Rental income Training income Sundry income	Total 2023 Total 2022 £ £ 92,905 84,412 1,423 600 1,025 450
	95,353 85,462

In both 2022 and 2023, all other income was attributable to unrestricted funds.

6. Support costs

Travel and Subsistence Office costs Governance costs Depreciation	Total 2023 Total 2022 £ £ 10,551 9,408 50,044 44,006 53,157 57,982 20,479 20,136
	134,231 131,532

In both 2022 and 2023, all support costs were attributable to unrestricted funds.

7. Personnel costs

Salaries and pension (note 12) Honorarium Staff training and supervision Staff recruitment costs	Total 2023 Total 2022 £ £ 288,616 217,080 1,250 1,250 948 1,687 3,626 -
	294,440 220,017

In both 2022 and 2023, all personnel costs were attributable to unrestricted funds.

8. Mission costs

Children & Youth Training Events Grants Other mission costs	Restricted funds Unrestricted funds Total 2023 Total 2022 £ £ £ £ - 3,939 3,939 1,479 - 1,602 1,602 320 31,467 94,405 125,872 99,654 1,536 43,682 45,218 33,643
	33,003 143,628 176,631 135,096

In 2022, mission costs included £27,487 attributable to restricted funds and £107,609 to unrestricted funds.

23

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

9. Property costs Property purchase Legal and professional fees Insurance, maintenance & utilities Rent Grants Other payments to churches	Restricted funds Unrestricted funds Total 2023 Total 2022 £ - £ 491,645 £ 491,645 £ 454,987 - 78,861 78,861 90,784 2,967 229,294 232,261 49,139 - 8,870 8,870 25,732 14,559 143,927 158,486 58,524 - - - 13,248
	17,526 952,597 970,123 692,414

In 2022, property costs included £6,442 attributable to restricted funds and £685,972 to unrestricted funds.

10. Grants payable

Grants to individuals: Welfare Fund Holiday Fund Outreach Fund Retired Ministers Housing Fund Moderators Discretionary Fund Grants to Ministers Ministers education grants Grants for sabbaticals Grants for books Lay Training Fund Safeguarding Fund Discipleship Development Fund Northants Minsters Fund Northants Willis Fund Northants Clark Fund Grants to institutions: General Mission Fund grants Building Repair Fund grants Timson Legacy grants Synod Manse Fund grants Synod General Fund grants Church Support Fund Energy Crisis Fund

Restricted funds Unrestricted funds Total 2023 Total 2022 £ £ £ £ 4,900 - 4,900 3,900 2,000 - 2,000 400 5,051 - 5,051 4,194 14,559 - 14,559 6,442 2,593 - 2,593 7,103 - - - 4,384 - 8,370 8,370 5,594 - 1,200 1,200 1,451 - 450 450 900 3,970 - 3,970 9,461 802 - 802 180 2,071 - 2,071 399 1,180 - 1,180 850 1,900 - 1,900 - - - - 1,000 - 55,565 55,565 23,255 - 28,504 28,504 28,886 7,000 - 7,000 - - 28,819 28,819 23,196 - - - 13,965 - 94,757 94,757 22,618 - 20,667 20,667 -

46,026 238,332 284,358 158,178

In 2022, total grants payable included £33,929 attributable to restricted funds and £124,249 to unrestricted funds.

24

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

11. Surplus for the year

The surplus for the year is stated after charging: Fees payable to auditors Depreciation of owned assets (Note 14) Realised (gains)/losses on disposal of investments Operating lease rentals	2023 2022 £ £ 16,951 15,514 20,479 20,135 (49,278) 158,801 2,199 3,162

12. Staff costs and directors’ remuneration and expenses

The average number of staff employed during the year was 10 (2022 - 7).

The total staff costs and employees’ benefits were as follows:

he total staff costs and employees’ benefits were as follows:
Wages and salaries Social security Pension costs	2023 £ 230,734 15,930 41,952 288,616	2022 £ 170,074 12,650 34,356
		217,080

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

In addition, travel expenses reimbursed to directors amounted to £811 for 5 directors (2022 - £1,368 for 5 directors). Three directors did not claim expenses for costs incurred on behalf of the company.

13. Reconciliation of net income to net cashflows from operating activities

Net movement in funds for the year Depreciation Unrealised (gains)/losses on investments Realised (gains)/losses on disposal of investments Increase in properties held for resale and other debtors (Decrease)/increase in creditors Net cash inflow from operating activities	2023 £ 3,926,200 20,479 (703,896) (49,278) (1,340,360) (141,052) 1,712,093	2022 £ 1,641,579 20,135 778,095 158,801 (717,962) 16,418
		1,897,066

25

THE UNITED REFORMED CHURCH EAST MIDLANDS SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

14. Tangible fixed assets

Cost At 1 January 2023 Additions As at 31 December 2023 Depreciation At 1 January 2023 Charge for year As at 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Freehold property Leasehold improvements Office equipment Total £ £ £ £ 75,500 168,773 49,910 294,183 - - 2,428 2,428
	75,500 168,773 52,338 296,611
	- 66,904 43,106 110,010 - 16,726 3,753 20,479
	- 83,630 46,859 130,489
	75,500 85,143 5,479 166,122
	75,500 101,869 6,804 184,173

The freehold property comprises an interest in one property jointly owned with the United Reformed Church Retired Ministers Housing Society and is used to provide accommodation to a retired minister. The Company is responsible for a proportionate share of the maintenance of the property and is stated at cost.

The leasehold improvements relate to improvement works at 1 Edwards Lane, Sherwood, Nottingham, NG5 3AA. The leasehold improvements are depreciated at 10% per annum on a straight-line basis.

26

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Investment property

Cost At 1 January 2023 and 31 December 2023 Net book value At 31 December 2023 At 31 December 2022	Investment Property £ 424,397
	424,397
	424,397

Investment property is held for charitable purposes. A professional valuation was undertaken on one of the properties on 25 June 2021 by Underwoods LLP, a qualified chartered surveyor. The other investment property was purchased at market value in January 2022. The Directors consider the valuation as at 31 December 2023 to be not materially different to the 25 June 2021 valuation or purchase price.

16. Investments

Market value At 1 January 2023 Additions Disposals Revaluation Cash movements At 31 December 2023	Listed Investments Cash Total £ £ £ 8,123,966 265,185 8,389,151 3,615,792 - 3,615,792 (1,237,344) - (1,237,344) 703,896 - 703,896 - (251,386) (251,386)
	11,206,310 13,799 11,220,109

The fair value of the listed investments is determined by reference to the bid quoted price in an active market at the balance sheet date.

The historic cost of the investments as at 31 December 2023 was £10,316,581 (2022: £7,081,175).

27

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

17. Debtors Prepayments & accrued income	2023 2022 £ £ 23,790 20,773
	23,790 20,773

18. Creditors: Amounts falling due within one year

Notes Accrued charges & income in advance Grants payable Ministers pension funding 23	2023 2022 £ £ 141,192 47,244 40,000 46,000 300,000 200,000
	481,192 293,244

19. Creditors: Amounts falling due after more than one year

Notes Grants payable Ministers pension funding 23	2023 2022 £ £ - 29,000 - 300,000
	- 329,000

28

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

20. Reconciliation of movement on funds

At 1 January 2023 Incoming resources Outgoing resources Unrealised gains/(losses) on investments Realised gains/(losses) on investments At 31 December 2023 Analysis of individual funds Restricted Welfare Fund Discretionary Fund Holiday Fund Lay Training Fund Outreach Fund Retired Ministers Housing Fund Timson Mission Fund Northants Everdon Willis Fund Northants Clark Fund Northants Ministers Special Support Fund Moorgreen Mission Fund Former District Funds South East Lincs Pioneer Ministry Safeguarding Fund Discipleship Development Fund Carers’ fund Total restricted funds Unrestricted General Fund – Unrestricted Property & Assets Fund – Designated Synod Manse Fund – Designated Mission Fund – Designated Buildings Repair Fund – Designated Botswana Youth Exchange Fund – Designated Church Support Fund – Designated Energy Crisis Fund – Designated Total unrestricted funds Total	Balance at 1 January 2023 £ 11,939 1,854 7,802 4,462 76,107 150,555 26,563 13,973 2,480 71,317 72,640 163,908 10,000 820 1,601 100	Restricted Unrestricted Total 2023 Total 2022 £ £ £ £ 616,121 11,336,887 11,953,008 10,311,429 26,998 4,721,453 4,748,451 3,757,534 (50,529) (1,524,896) (1,575,425) (1,179,059) 27,337 676,559 703,896 (778,095) 1,914 47,364 49,278 (158,801)
		621,841 15,257,367 15,879,208 11,953,008
		Incoming Resources Outgoing Resources Transfers Movements on Investments Balance at 31 December 2023 £ £ £ £ £ 3,358 (4,900) - 1,566 11,963 1,806 (2,593) - - 1,067 290 (2,000) - 428 6,520 374 (3,970) - 16 882 2,459 (5,051) - 4,943 78,458 4,689 (14,559) - 9,577 150,262 3,103 (7,000) - - 22,666 1,290 (1,900) - 95 13,458 - - - 2,480 1,811 (1,180) - 3,261 75,209 2 - - - 72,642 5,816 - - 9,365 179,089 - (4,503) - - 5,497 - (802) - - 18 2,000 (2,071) - - 1,530 - - - - 100
	616,121 3,918,702 608,570 5,752,674 185,457 - 9,110 612,374 250,000	26,998 (50,529) - 29,251 621,841 2,490,723 (720,072) 5,592,274 389,854 11,671,481 - (20,479) 2,428 - 590,519 2,183,612 (598,917) (5,904,333) 331,259 1,764,295 1,341 (41,500) 75,000 2,810 223,108 - (28,504) 28,504 - - - - - - 9,110 45,777 (94,757) 206,127 - 769,521 - (20,667) - - 229,333
	11,336,887	4,721,453 (1,524,896) - 723,923 15,257,367
	11,953,008	4,748,451 (1,575,425) - 753,174 15,879,208

29

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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20. Reconciliation of movement on funds (comparative)

At 1 January 2022 Incoming resources Outgoing resources Unrealised (losses)/gains on investments Realised (losses)/gains on investments At 31 December 2022 Analysis of individual funds Restricted Welfare Fund Discretionary Fund Holiday Fund Lay Training Fund Outreach Fund Retired Ministers Housing Fund Timson Mission Fund Northants Everdon Willis Fund Northants Clark Fund Northants Ministers Special Support Fund Moorgreen Mission Fund Former District Funds South East Lincs Pioneer Ministry Brayfield Road Fund Safeguarding Fund Carers’ fund Total restricted funds Unrestricted General Fund – Unrestricted Property & Assets Fund - Designated Synod Manse Fund – Designated Mission Fund – Designated Buildings Repair Fund - Designated Botswana Youth Exchange Fund – Designated Church Support Fund - Designated Enery Crisis Fund - Designated Total unrestricted funds Total	Balance at 1 January 2022 Incoming Resources £ £ 15,566 3,205 5,838 3,119 8,739 264 11,607 2,883 86,695 2,860 164,846 10,618 25,879 684 16,357 862 3,480 - 77,047 2,076 72,640 - 173,997 7,448 10,000 - - - 1,000 2,000 100 -	Restricted Unrestricted Total 2022 Total 2021 £ £ £ £ 673,791 9,637,638 10,311,429 9,682,987 36,019 3,721,515 3,757,534 2,395,500 (33,929) (1,145,130) (1,179,059) (2,655,081) (44,489) (733,606) (778,095) 883,366 (15,271) (143,530) (158,801) 4,657 616,121 11,336,887 11,953,008 10,311,429 Outgoing Resources Transfers Movements on Investments Balance at 31 December 2022 £ £ £ £ (3,900) - (2,932) 11,939 (7,103) - - 1,854 (400) - (801) 7,802 (9,461) - (567) 4,462 (4,194) - (9,254) 76,107 (6,442) - (18,467) 150,555 - - - 26,563 - - (3,246) 13,973 (1,000) - - 2,480 (850) - (6,956) 71,317 - - - 72,640 - - (17,537) 163,908 - - - 10,000 (180) - - 820 (399) - - 1,601 - - - 100
	673,791 36,019 3,239,894 2,113,906 363,302 - 5,248,252 1,561,659 136,329 1,613 24,954 - 9,110 - 615,797 44,337 - -	(33,929) - (59,760) 616,121 (491,741) (593,891) (349,466) 3,918,702 (20,136) 265,404 - 608,570 (535,024) 195 (522,408) 5,752,674 (23,255) 76,032 (5,262) 185,457 (28,886) 3,932 - - - - - 9,110 (46,088) (1,672) - 612,374 - 250,000 - 250,000
	9,637,638 3,721,515	(1,145,130) - (877,136) 11,336,887
	10,311,429 3,757,534	(1,179,059) - (936,896) 11,953,008

30

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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21. Analysis of net assets between the funds

Tangible fixed assets Investment property Investments Other net assets	Restricted Unrestricted Total 2023 Total 2022 £ £ £ £ - 166,122 166,122 184,173 - 424,397 424,397 424,397 487,048 10,733,061 11,220,109 8,389,151 134,793 4,097,287 4,232,080 2,955,287
	621,841 15,257,367 15,879,208 11,953,008

22. Funds

Restricted Funds

Restricted Funds represent donations received for specific purposes. These are outlined below:

Name of Fund Use of Fund

Welfare Fund To provide grants to widows and widowers of deceased spouses. Discretionary Fund Funds donated for benevolent purposes at the Moderator’s discretion. Holiday Fund To assist ministers and their families taking a holiday. Lay Training Fund To support lay people undertaking training. Outreach Fund To encourage evangelism particularly in smaller churches. Retired Ministers Housing Fund To enable small improvements to accommodation occupied by retired ministers. Timson Mission Fund To support the United Reformed Church in Nottinghamshire and Northampton borough. Northants Everdon Willis Fund, To be used for the support of churches in Northamptonshire. Northants Clark Fund and Northants Ministers Special Support Fund Moorgreen Mission Fund To support churches operating in the Erewash area. Former District Funds A range of small funds available for specific charitable purposes in the designated former district areas. South East Lincs Pioneer Ministry To support the work of the developing Ecumenical work of the Heath Christian Partnership. Safeguarding Fund To provide equipment for the safeguarding officer. Discipleship Development Fund To support the development of lay people in or connected with the URC including costs of personnel, facilities, travel, courses etc. Carers Fund To meet the costs of carers’ expenses.

Unrestricted Funds

Comprise funds administered by the directors for the furtherance of the charitable objects of the Company.

31

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

22. Funds (continued)

Designated Funds

These are included within Unrestricted Funds, the purpose of the funds having been determined by the directors in order to allocate resources within unrestricted funds for specific projects:

Name of Fund Use of Fund

Property & Assets Fund Represents the fixed assets and investment properties held by the Synod. Synod Manse Fund To provide for the purchase and maintenance of manses. Mission Fund To further mission within the Synod. Buildings Repair Fund To provide funds for the maintenance and repair of Church within the Synod. Botswana Youth Exchange Fund To provide support for exchange visits by young people to/from Botswana. Church Support Fund To provide for the development of churches using sales proceeds received from historical sales. Energy Crisis Fund An emergency support scheme to assist with inflated energy costs.

Fund transfers between unrestricted funds

£5,623,206 was transferred out of the Synod Manse Fund into the Synod General Fund following the decision made by the Synod to better reflect the likely future expenditure commitments arising in relation to Manses.

£206,127 was transferred out of the Synod Manse Fund into the Synod Church Support Fund in line with the Trustees’ wishes.

£75,000 was transferred out of the Synod General Fund into the designated Synod Mission Fund to support Misson activities.

£28,504 was transferred out of the Synod General Fund into the Buildings Repair Fund to provide further to Churches needing to undertake repairs to their buildings.

£2,428 was transferred out of the Synod General Fund to the Property & Assets Fund reflecting the asset purchases made in the period.

32

THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

23. Lay Staff Defined Benefit Pension Scheme

Lay Staff Defined Contribution Scheme

The company contributed £6,659 (2022 - £28,283) to the United Reformed Church Final Salary Scheme, a pension scheme principally for lay staff. The United Reformed Church is the principal employer in the scheme which is administered by TPT Retirement Solutions (formally The Pensions Trust). The scheme is a defined benefit scheme but there is no agreement to charge the net defined cost to participating employers, and it is therefore not possible to identify its share of the underlying assets and liabilities. Each employer in the scheme pays a common contribution rate. The most recent formal actuarial review of the scheme was at 30 September 2022, when the scheme had a surplus of £1.4m. The assumptions underlying that valuation include:

• Discount rate of 4.77% per annum;

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

• Price inflation and pension increases of 2.62%; and

• Retirement age for active members of 65, with maximum commutation.

The Scheme closed to future accrual on 28 February 2023 and a new defined contribution scheme established.

Ministers’ Pension Scheme

Pensions for most ministers were provided by The United Reformed Church Ministers’ Pension Fund. This Fund is a defined benefit pension scheme, and the assets are invested and managed by an independent trustee. The scheme was closed to future accrual on 28 February 2023 and a new defined contribution scheme established.

The actuarial valuations of the former scheme were performed by a qualified actuary. The last actuarial valuation was at 1 January 2021 and this was formerly agreed on 23 March 2022. That valuation has been updated for the purposes of the United Reformed Church Trust accounts for the year ended 31 December 2023 and showed a surplus of £15.5m under FRS 102.

The scheme was funded by contributions by individual churches to the Ministry and Mission Fund of the United Reformed Church Trust, rather than by the Synods including this Company. The major assumptions used by the actuary in assessing scheme liabilities on a FRS 102 basis were:

• Discount rate of 4.55% per annum;

• Future stipend increases of 2.8% per annum;

• Future pension increases of 3.15% per annum; and

• Life expectancy at age 65 of 23.7 years for male members and 25.3 years for female members.

Other Pension Schemes

Following the closure of the United Reformed Church Final Salary Scheme, the company entered into a defined contribution scheme with NEST. During the year, the company contributed £35,292 (2022 - £3,281) to the NEST Pension Scheme on behalf of its employees, a scheme principally for its support staff.

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

24. Operating leases – lessee

Total future minimum lease payments under non-cancellable operating leases are as follows:

Not later than one year Later than one and not later than five years	2023 £ 3,324 8,940 12,264	2022 £ 2,199 940
		3,139

25. Operating leases - lessor

Total future minimum lease receipts under non-cancellable operating leases are as follows:

Not later than one year Later than one and not later than five years Later than five years	2023 £ 8,125 32,500 812,500 853,125	2022 £ 8,125 32,500 820,625
		861,250

The minimum lease receipts due later than five years arise in respect of a lease entered into in 1999 with an outstanding lease term of 100 years as at 31 December 2023.

26. Contingent liabilities

A legal charge was created on 13 November 2008 in favour of the Castle Cavendish Foundation (formerly Neighbourhood Development Company) in respect of freehold land and property known as Boulevard United Reformed Church, 49 Gregory Boulevard, Hyson Green, Nottingham, NG7 5JA, for £75,000. The charge is registered against the Company as Custodian Trustee of the property and related to funds put into a local project through the Castle Cavendish Foundation. The funds are only repayable should the property be sold to a non-qualifying body.

27. Related party transactions

In the opinion of the directors individual United Reformed Churches and Trusts and Ministers are not considered to be related parties as the company’s relationship with them, is one of administration and giving advice rather than exercising influence. As such, transactions with individual United Reformed Churches and Trusts are not separately disclosed within these accounts.

Details of transactions with directors are given in note 12 to the financial statements.

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

__________

28. Financial instruments

The Company’s financial instruments are carried at cost (amortised if appropriate) except as follows:

	2023	2022
	£	£
Financial assets
Debt instruments measured at amortised cost	1,941,224	2,309,343
Measured at fair value through net income / expenditure:
- Fixed asset listed investments (note 16)	11,220,109	8,389,151
Financial liabilities
Measured at amortised cost	481,192	622,244

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

APPENDIX 1 FOR THE YEAR ENDED 31 DECEMBER 2023

__________

These properties are registered in the name of the Trust Company, but the responsibility for their upkeep and maintenance rests with the individual Churches or their tenants under the terms of respective leases.

	Location		Address
1.	Buxton	Manse	13 Lismore Grove, SK17 9AW
2.	Buxton	Church	Hardwick Square East, SK17 6PT
3.	Calow	Church	Top Road, S44 5SY
4.	Holymoorside	Church	Cotton Mill Hill, S42 7EJ
5.	Chesterfield, Rose Hill	Church	22 Soresby Street, S40 1TN
6.	Chesterfield, Rose Hill	Manse	190 Hunloke Avenue, S40 3EB
7.	Chesterfield, St Andrews	Church	187 Newbold Road, S41 7BE
8.	Alvaston	Church	Baker Street, DE24 8SD
9.	Carlton Road	Church	Carlton Road, DE23 6HE
10.	Derby Central	Church	Stuart House, Green Lane, Derby DE1 1RS
11.	Little Eaton	Church	113 Alfreton Road, DE21 5DF
12.	Mackworth	Church	Enfield Road, DE22 4DG
13.	Mackworth	Manse	29 Cricklewood Road, DE22 4DP
14.	Repton	Church	Pinfold Lane, DE65 6GH
15.	Ilkeston	Church	Wharncliffe Road, DE7 5GW
16.	Ilkeston	Manse	84 Summerfields Way, DE7 9HF
17.	Marlpool	Church	Chapel Street, DE75 7NA
18.	Marlpool	Manse	7 Princess Close, DE75 7TX
19.	Eastwood	Church	Alexandra Street, NG16 3BD
20.	Melbourne	Church	High Street, DE73 8GJ
21.	Melbourne	Manse	24 Spinney Hill, DE73 8GT
22.	Westwood	Church	Palmerston Street, NG16 5JA
23.	West Derbys (Wirksworth)	Church	Coldwell Street, DE4 4FB
24.	West Derbys (Wirksworth)	Other	Glenorchy Centre, DE4 4FF
25.	West Derbys (Wirksworth)	House	The Cottage, DE4 4FF
26.	Earl Shilton	Church	High Street, LE9 7LR
27.	Earl Shilton	Garden	83 High Street, LE9 7LR
28.	Enderby	Church	Chapel Street, LE19 4NE
29.	Enderby	Hall	Chapel Street, LE19 4NE
30.	Enderby	Manse	8 Chapel Street, LE19 4NE
31.	Whetstone	Church	High Street, LE8 6LP
32.	Groby	Church	Chapel Hill, LE6 0FE
33.	Hinckley	Church	The Borough. LE10 1NL
34.	Hinckley	Manse	26 Windrush Drive, LE10 0NY
35.	Christ Church, Leicester	Church	Dumbleton Avenue. LE3 2EG
36.	St. Stephen’s	Church	De Montfort Street. LE1 7GB
37.	St. Stephen’s	Manse	11 Scholars Walk. LE2 1RR
38.	Wycliffe	Church	The Common, LE5 6EA
39.	Bardon Park	Church	Bardon Hill,. LE67 1TD
40.	Melton Mowbray	Church	Chapel Street. LE13 1LZ
41.	Wigston Magna	Church	Long Street,. LE18 2AJ
42.	Wigston Magna	Manse	Long Street. LE18 2AJ
43.	Wigston Magna	Land	Newton Lane
44.	Loughborough	Church	39 Frederwick Street. LE11 3BH
45.	Loughborough	Manse	127 Valley Road. LE11 3PY

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

APPENDIX 1 FOR THE YEAR ENDED 31 DECEMBER 2023

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	Location		Address
46.	Abbots Road	Church	Abbots Road South, LE5 1DA
47.	Abbots Road	Manse	65 Downing Drive. LE5 6LL
48.	Braunstone	Church	Gooding Avenue, LE3 1JN
49.	Braunstone	Hall	Gooding Avenue, LE3 1JN
50.	Oadby	Church	Rosemead Drive. LE2 5SF
51.	Saffron Lane	Church	Saffron Lane, LE2 6TE
52.	Boston	Church	232 London Road, PE21 7AY
53.	Bourne	Church	Eastgate,. PE10 9JY
54.	Gainsborough	Church	Church Street. DN21 2JR
55.	Gainsborough	Manse	28 Birchwood View, DN21 1WA
56.	Grantham	Manse	6 Kenwick Drive. NG31 9DP
57.	Grimsby	Church	Weelsby Road. DN32 0PR
58.	Horncastle	Graveyard	Graveyard
59.	Lincoln, Trinity	Church	Garmston Street, Lincoln, LN2 1HZ
60.	Lincoln, Trinity	Manse	9 Oakleigh Drive, LN1 1DG
61.	Ermine	Church	Sudbrooke Drive, LN2 2EF
62.	Peterborough St Andrews	Manse	51 Huntsmans Gate, PE3 9AU
63.	Peterborough, Westgate New	Manse	17 Thorpe Lea Road, PE3 6BX
	Church
64.	Peterborough, Westgate New	House	Westgate, PE1 1RG
	Church
65.	Peterborough, Westgate New	Church	Westgate, PE1 1RG
	Church
66.	Riverside, Sleaford	Church	Southgate, NG34 7R
67.	Riverside. Sleaford	Manse	47 Bristol Way, NG34 7AE
68.	Spalding	Church	Pinchbeck Road, PE11 1QF
69.	Spalding	Hall	Pinchbeck Road, PE11 1QF
70.	Stamford	Church	Star Lane, PE9 1PH
71.	Stamford	Manse	165 Casterton Road, PE9 2XZ
72.	Stamford	Hall	Broad Street. PE9 1PG
73.	Stamford	Shops	Broad Street, PE9 1PG
74.	Castle Square, Wisbech	Church	Castle Square, PE13 1HB
75.	Peterborough Christ Church	Church	Orton Goldhay, PE2 5JJ
76.	Brigstock	Church	6 Mill Lane. NN14 3HG
77.	Flore	Church	Chapel Lane, NN7 4LQ
78.	Flore	Hall	Chapel Lane, NN7 4LQ
79.	Flore	House	12 Kings Lane, NN7 4LQ
80.	Weedon	Church	Church Street, NN7 4PL
81.	Weedon	Hall	Church Street, NN7 4PL
82.	Weedon	Manse	14 Cavalry Fields, NN7 4TG
83.	Corby	Church	Elizabeth Street, NN17 1PN
84.	Daventry	Church	45 Sheaf Street, NN11 4AA
85.	Daventry	Manse	3 Kingsley Avenue, NN11 4AN
86.	Daventry	House	Sheaf Street, NN11 4AA
87.	Daventry	Hall	45 Sheaf Street, NN11 4AA
88.	Dean	Church	Upper Dean, PE18 0LY
89.	Dean	Manse	The Manse, PE18 0LT
90.	Desborough	Church	Union Street, NN14 2RH

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

APPENDIX 1 FOR THE YEAR ENDED 31 DECEMBER 2023

__________

	Location		Address
91.	Desborough	Hall	Union Street, NN!4 2RH
92.	Great Doddington	Church	Chapel Lane. NN29 7TJ
93.	Harrold	Church	120 High Street, MK43 7BJ
94.	Harrold	Hall	121 High Street, MK43 7BJ
95.	Harrold	Other	122 High Street, MK43 7BJ
96.	Olney	Church	High Street, MK46 5DH
97.	Olney	Manse	27 Midland Road, MK46 4BL
98.	Olney	Factory	Midland Road
99.	Yardley Hastings	Manse	Bridge Cottage. NN7 1EL
100.	Kettering, London Road	Church	London Road, NN15 7PF
101.	Kettering, London Road	Manse	2 Wells Close, NN15 7RG
102.	Geddington	Church	Queen Street, NN14 1AZ
103.	Kilsby	Church	Chapel Street, CV23 8XE
104.	Long Buckby	Church	Brington Road, NN6 7RW
105.	Long Buckby	Halls	Brington Road, NN6 7RW
106.	Crick	Church	Chapel Lane. NN6 7TW
107.	Abington Avenue	Church	Abington Avenue, NN1 4QA
108.	Abington Avenue	Manse	17 Hillside Way. NN3 3AW
109.	Abington Avenue	Garage	Abington Avenue, NN1 4QA
110.	Castle Hill, Northampton	Church	Castle Hill, NN1 2RT
111.	Doddridge Memorial	Church	109 St James Road, NN5 5DZ
112.	Doddridge	Other	Marlborough Road
113.	Duston	Church	Main Road, NN5 6JF
114.	The Headlands	Church	Northampton. NN3 2NU
115.	Rothwell	Church	Fox Street, NN14 8NA
116.	Creaton	Church	High Street. NN6 8NA
117.	Wellingborough	Church	High Street, NN8 4HR
118.	Wellingborough	Hall	46-50 Palk Road, NN8 1HR
119.	Wellingborough	Hall	Sale, Hall, NN8 4JT
120.	Hucknall	Church	Farley Grove, NG15 6FG
121.	Sutton-in-Ashfield	Church	High Pavement, NG17 1BT
122.	Sutton-in-Ashfield	Hall	High Pavement, NG17 1BT
123.	Beeston	Church	Boundary Road, NG9 2RF
124.	Friary, West Bridgford	Manse	61 Melton Gardens, NG12 4BJ
125.	Keyworth	Church	Nottingham Road, NG12 5FB
126.	St Andrew’s with Castle Gate	Manse	20 Brookview Drive, NG12 5JN
127.	Keyworth	Hall	Nottingham Road, NG12 5FB
128.	Sherwood	Church	1 Edwards Lane, NG5 3AA
129.	Arnold	Church	Calverton Road, NG5 8FH
130.	Arnold	Hall	Calverton Road, NG5 8FH
131.	Boulevard	Church	Gregory Boulevard, NG7 5JA
132.	Bulwell	Church	Broomhill Road, NG6 9GJ
133.	Worksop	Hall	Queen Street, S80 2AN
134.	Long Eaton	Church	Nottingham Road, NG10 1HQ
135.	The Dales	Church	Parkdale/Eastdale Road, NG3 7GL
136.	Newport Pagnell	Church	High Street, MK16 8AB
137.	Newport Pagnell	Hall	High Street, MK16 8AB
138.	Newport Pagnell	Manse	25 Alexandra Drive, MK16 0JX

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THE UNITED REFORMED CHURCH EAST MIDLAND SYNOD INCORPORATED

APPENDIX 1 FOR THE YEAR ENDED 31 DECEMBER 2023

__________

Location 139. Potterspury Church 140. Potterspury Hall 141. Potterspury Manse 142. Trinity Fishermead Manse 143. Yardley Gobion Church 144. Littleover Manse 145. Castle Hill Manse 146. St Andrew’s with Castle Gate Church 156. North Lincolnshire Manse 157. Derby Central Bungalow 158. Wellingborough Manse

Address

Church End, NN12 7PX Church End, NN12 7PX Church End, NN12 7PX 60 Padstow Avenue, MK6 2ES Chestnut Road, NN12 7TW 3 Cherry Plum Close, DE23 8DW 2 Harlestone Close, NN5 7BD Goldsmith Street, NG1 5JT 21 Salisbury Drive, LN4 2SW Brayfield Road, DE23 6LD 79 Glenvale Park, NN8 6BD

39