REGISTERED COMPANY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2017 |
for |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
REGISTERED COMPANY NUMBER:
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Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2017 |
for |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Report of the Trustees | 1 to 2 |
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Independent Examiner's Report | 3 |
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Statement of Financial Activities | 4 |
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Balance Sheet | 5 to 6 |
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Notes to the Financial Statements | 7 to 13 |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Report of the Trustees |
for the Year Ended 31 December 2017 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with |
the financial statements of the charity for the year ended 31 December 2017. The trustees have adopted the provisions of |
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) |
(effective 1 January 2015). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The company operates as a charity which co-ordinates and supports the activities of Unitarian and Free Christian |
Churches in Sheffield and District. In carrying out these activities, it administers the capital and income of certain |
specified funds. The company is not registered with the Charity Commission. |
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ACHIEVEMENT AND PERFORMANCE |
Investment performance |
There are no restrictions on the power to invest. The investment strategy is set by the trustees to take account of income |
and funding requirements. The trustees consider the risk profile and an investment manager's view of market prospects |
in both the short and medium term.The strategy is set within an overall policy that the funds are invested in low and |
medium risk investments with a view to seeking to maintain the capital worth of the funds, together with the generation |
of sufficient income to meet administration and charitable expenditure. |
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The financial results show that investment income increased to £17,609 (2016: £17,304). Net gains on investments of |
£57,311 (2016: £60,075) relate to unrealised gains arising on the revaluation of quoted investments. |
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FINANCIAL REVIEW |
Reserves policy |
Note 10 to the Financial Statements shows the various funds by type and summarises the movement for the year on each |
fund. |
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The recurring level of incoming resources is sufficient to cover normal charitable and administrative expenditure. |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by |
guarantee, as defined by the Companies Act 2006. |
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Organisational structure |
The affairs of the Company are administered by a General Committee, as constituted by the Articles of Association, |
which meets quarterly during the year to deal with financial and administrative matters. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Report of the Trustees |
for the Year Ended 31 December 2017 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Trustees |
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Company Secretary |
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Independent examiner |
R H Fawthrop |
Chartered Accountant |
Fawthrop Williams |
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Dore |
Sheffield |
S17 3DT |
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TRUSTEES RESPONSIBILITY STATEMENT |
The trustees (who are also the directors of Sheffield and District Association of Unitarian and Free Christian Churches |
(Incorporated) (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the |
financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom |
Generally Accepted Accounting Practice). |
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Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view |
of the state of affairs of the charitable company and of the incoming resources and application of resources, including |
the income and expenditure, of the charitable company for that period. In preparing those financial statements, the |
trustees are required to |
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- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable company will continue in business. |
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The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time |
the financial position of the charitable company 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 charitable company and hence for |
taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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Approved by order of the board of
trustees
on
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Independent Examiner's Report to the Trustees of |
Sheffield and District Association of |
Unitarian and Free Christian Churches |
(Incorporated) (The) |
Independent examiner's report to the trustees of Sheffield and District Association of Unitarian and Free |
Christian Churches (Incorporated) (The) ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2017 . |
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Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
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Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
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Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
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1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. |
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I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached |
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R H Fawthrop |
Chartered Accountant |
Fawthrop Williams |
14 Causeway Head Road |
Dore |
Sheffield |
S17 3DT |
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24 June 2018 |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Statement of Financial Activities |
for the Year Ended 31 December 2017 |
2017 | 2016 |
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Unrestricted
funds |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income | 2 |
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Total |
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EXPENDITURE ON |
Raising funds | 3 |
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Charitable activities |
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Total |
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Net gains/(losses) on investments |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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610,311 |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Balance Sheet |
At 31 December 2017 |
2017 | 2016 |
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Unrestricted
funds |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
Investments |
Investments | 6 |
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Investment property | 7 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 10 |
Unrestricted funds | 149,924 | 137,200 |
Restricted funds |
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473,111 |
TOTAL FUNDS |
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610,311 |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Balance Sheet - continued |
At 31 December 2017 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 December 2017. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 December 2017 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the charitable company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
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These financial statements have been prepared in accordance with the |
special provisions of Part 15 of the Companies Act 2006 relating to |
charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
on
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been |
prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention with the exception of investments which are included at market value, as modified by the revaluation |
of certain assets. |
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Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it |
is probable that the income will be received and the amount can be measured reliably. |
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Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the |
charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and |
the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has |
been classified under headings that aggregate all cost related to the category. Where costs cannot be directly |
attributed to particular headings they have been allocated to activities on a basis consistent with the use of |
resources. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
market value is shown in the Statement of Financial Affairs and is treated as part of the of the individual fund. |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions |
arise when specified by the donor or when funds are raised for particular restricted purposes. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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2. | INVESTMENT INCOME |
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2017 | 2016 |
£ | £ |
Rents received |
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Other fixed asset investments | 17,151 | 17,091 |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
3. | RAISING FUNDS |
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Investment management costs |
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2017 | 2016 |
£ | £ |
Legal fees re Ground Rent registration | - | 1,000 |
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4. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 December 2017 nor for the year |
ended 31 December 2016 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2017 nor for the year ended |
31 December 2016 . |
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5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
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Unrestricted
funds |
Restricted
funds |
Total
funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
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Investment income |
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Total |
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EXPENDITURE ON |
Raising funds |
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Charitable activities |
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Total |
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Net gains/(losses) on investments |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward | 124,340 | 426,424 | 550,764 |
TOTAL FUNDS CARRIED FORWARD | 137,200 | 473,111 | 610,311 |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
6. | FIXED ASSET INVESTMENTS |
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Listed
investments |
£ |
MARKET VALUE |
At 1 January 2017 |
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Revaluations |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 | 658,875 |
At 31 December 2016 | 601,564 |
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There were no investment assets outside the UK. |
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The historical cost of these investments is £498,110 (2016: £498,110). |
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7. | INVESTMENT PROPERTY |
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£ |
MARKET VALUE |
At 1 January 2017 and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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The historical cost of these investments is £7,060 (2016: £7,060) |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2017 | 2016 |
£ | £ |
Prepayments and accrued income |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2017 | 2016 |
£ | £ |
Other creditors |
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Accrued expenses |
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Other creditors includes the sum of £8,246 received from the Bradwell Trust. This sum is held to defray costs on |
land registration and then, subject to approval from the Charity Commission, will be distributed to Great |
Hucklow Old Chapel. |
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10. | MOVEMENT IN FUNDS |
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At 1.1.17 |
Net movement
in funds |
Transfers
between funds |
At 31.12.17 |
£ | £ | £ | £ |
Unrestricted funds |
Sheffield District Association | 4,934 | (915 | ) | 1,536 | 5,555 |
Hackfath Smith Funds (SDA) | 63,305 | 7,467 | (1,536 | ) | 69,236 |
Hackfath Smith Funds (Unity) | 68,961 | 6,172 | - | 75,133 |
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12,724 |
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Restricted funds |
Elder Yard Chapel, Chesterfield | 62,473 | 6,153 | - | 68,626 |
Doncaster Unitarian and Free Christian Church |
269,530 |
26,545 |
- |
296,075 |
Great Hucklow Old Chapel Trust (Birtles Bequest) |
87,917 |
7,869 |
- |
95,786 |
Underbank Chapel, Stannington | 31,742 | 2,841 | - | 34,583 |
Fulwood Old Chapel | 21,449 | 2,113 | - | 23,562 |
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45,521 |
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TOTAL FUNDS |
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58,245 |
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668,556 |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
10. | MOVEMENT IN FUNDS - continued |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Gains and
losses |
Movement in
funds |
£ | £ | £ | £ |
Unrestricted funds |
Sheffield District Association | 1,003 | (1,918 | ) | - | (915 | ) |
Hackfath Smith Funds (SDA) | 1,849 | - | 5,618 | 7,467 |
Hackfath Smith Funds (Unity) | 1,843 | (1,843 | ) | 6,172 | 6,172 |
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( |
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12,724 |
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Restricted funds |
Elder Yard Chapel, Chesterfield | 1,814 | (1,814 | ) | 6,153 | 6,153 |
Doncaster Unitarian and Free Christian Church |
7,825 |
(7,825 |
) |
26,545 |
26,545 |
Great Hucklow Old Chapel Trust (Birtles Bequest) |
2,349 |
(2,349 |
) |
7,869 |
7,869 |
Underbank Chapel, Stannington | 848 | (848 | ) | 2,841 | 2,841 |
Fulwood Old Chapel | 623 | (623 | ) | 2,113 | 2,113 |
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( |
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45,521 |
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TOTAL FUNDS |
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( |
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58,245 |
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SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
10. | MOVEMENT IN FUNDS - continued |
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Comparatives for movement in funds |
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At 1.1.16 |
Net movement
in funds |
Transfers
between funds |
At 31.12.16 |
£ | £ | £ | £ |
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Unrestricted Funds |
Sheffield District Association | 5,462 | (2,205 | ) | 1,677 | 4,934 |
Hackfath Smith Funds (SDA) | 57,335 | 7,647 | (1,677 | ) | 63,305 |
Hackfath Smith Funds (Unity) | 61,543 | 7,418 | - | 68,961 |
124,340 | 12,860 | - | 137,200 |
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Restricted Funds |
Elder Yard Chapel, Chesterfield | 56,576 | 5,897 | - | 62,473 |
Doncaster Unitarian and Free Christian Church |
244,087 |
25,443 |
- |
269,530 |
Great Hucklow Old Chapel Trust (Birtles Bequest) |
78,009 |
9,908 |
- |
87,917 |
Underbank Chapel, Stannington | 28,327 | 3,415 | - | 31,742 |
Fulwood Old Chapel | 19,425 | 2,024 | - | 21,449 |
426,424 | 46,687 | - | 473,111 |
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TOTAL FUNDS | 550,764 | 59,547 | - | 610,311 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Gains and
losses |
Movement in
funds |
£ | £ | £ | £ |
Unrestricted funds |
Sheffield District Association | 683 | (2,888 | ) | - | (2,205 | ) |
Hackfath Smith Funds (SDA) | 1,677 | - | 5,970 | 7,647 |
Hackfath Smith Funds (Unity) | 1,853 | (1,853 | ) | 7,418 | 7,418 |
4,213 | (4,741 | ) | 13,388 | 12,860 |
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Restricted funds |
Elder Yard Chapel, Chesterfield | 1,828 | (1,828 | ) | 5,897 | 5,897 |
Doncaster Unitarian and Free Christian Church |
7,889 |
(7,889 |
) |
25,443 |
25,443 |
Great Hucklow Old Chapel Trust (Birtles Bequest) |
2,363 |
(2,363 |
) |
9,908 |
9,908 |
Underbank Chapel, Stannington | 853 | (853 | ) | 3,415 | 3,415 |
Fulwood Old Chapel | 628 | (628 | ) | 2,024 | 2,024 |
13,561 | (13,561 | ) | 46,687 | 46,687 |
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TOTAL FUNDS | 17,774 | (18,302 | ) | 60,075 | 59,547 |
SHEFFIELD AND DISTRICT ASSOCIATION OF |
UNITARIAN AND FREE CHRISTIAN CHURCHES |
(INCORPORATED) (THE) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
10. | MOVEMENT IN FUNDS - continued |
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The restricted funds are held on behalf of the individual Churches and Chapels and the investment income for |
each of the restricted funds is paid out to these organisations. All of these funds are unrestricted in the hands of |
these bodies. |
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The Hackfath Smith Funds are unrestricted funds but in accordance with the trust deeds half of the income from |
these funds is to be paid to the Unity Church Charity and the other half is to be made available for the general |
purposes of the Association, as explained in more detail below. |
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A copy of the probate of John William Hackfath Smith dated 7 November 1940 gave an 'Endowment Fund' to |
the District (provided that the District had formed themselves into an incorporated body - done on 8 June 1942 |
per a pencilled note on the will). The net annual income to be paid (with discretion) - half each, to 'the Trustees |
of the said Unity Church in or towards payment of the Ministerial Salary or Salaries' and the other half 'for the |
general purposes of the Association'.There is also a trust deed dated 5 November 1946 between Hackfath Smith |
Trustees and the District which states that 'I hereby express my desire but without imposing any trust or legal |
obligation on my Trustees that one half of such income shall be paid to the Trustees of Unity Church |
Crooksmoor Road Sheffield for the general purposes of such Church'. There is also a listing of the various parts |
of the Trust deed (apparently by Arnold Graves, as the author describes himself as Treasurer of the District |
Association and a Trustee of Unity Church). He concludes that 'half of the income should be paid to Unity |
Church, provided no more urgent and important matter for the time being was before the Association.' There is |
also a deed dated 1 July 1935 with the same provisions as to treatment of income. These documents explain why |
there were formerly two Hackfath Smith Trusts. However, both have the same provisions. Historically the |
income has been divided equally between the Unity Church Charity (a registered charity and successor to Unity |
Church) and the District. |
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At the District meeting on 14 October 2013, it was decided that: |
1. The investments be retained by the District, as currently designated. Both were Endowment funds in the |
District's accounts but this needed to change.The funds were re-classified as Unrestricted funds in the 2013 |
accounts. |
2. The practice of paying half of the 'Hackfath Smith Endowment' to the Unity Church Charity to continue in the |
current manner. |
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11. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the year ended 31 December 2017. |
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