Finance
The Committee is
responsible for the general financial oversight of funds administered for the
benefit of the United Reformed Church under the overall authority of General
Assembly, for ensuring that proper procedures are in place for the maintenance
of accounting records, the safe custody of assets and the preparation of
financial statements, for giving financial advice to other councils of the
Church as appropriate, and for taking such decisions with regard to the finances
of the Church as are necessary within the policies set by General Assembly.
Committee Members
Convener: Mr Eric
Chilton (Honorary Treasurer)
Secretary: Vacant
Revd David Dones, Revd
Richard Gray, Mrs Alison Holt, Mr John Kidd, Mr Graham Law, Mr Errol Martin, Mr
Graham Morris, Revd John Waller (Convenor, United Reformed Church Trust), Mrs
Marie Whitman,
Mr John Woodman
(co-opted)
1. Our remit
1.1 The review of
governance by Catch the Vision has proposals which, if agreed, will affect our
remit.
2. Personalia
2.1 We have been well
served by the members of the Finance Committee, the United Reformed Church
Trust, the Retired Ministers’ Housing Society and the United Reformed Church
Ministers’ Pension Trust Limited. There are increasing demands being made upon
them by improvements in accounting standards and reporting, and changes in
legislation, which place added responsibility on charity trustees and members of
their committees. This year we particularly thank those who have completed their
term of service, Alison Holt on the Finance Committee and the Revd Leslie Watson
on the United Reformed Church Trust.
2.2 Again we must thank
the staff, who have had another year of considerable change. At General Assembly
last year we said farewell to the Financial Secretary, Avis Reaney.It was
decided not to replace her immediately to see if substantial savings could be
made. By job reallocation and considerable dedication by all the staff this has
proved possible. Additionally a new computerised accounts systems has been
installed which should provide much needed management accounting information
leading to better control of budgets. In particular we should thank Andrew
Grimwade who only joined us last year as Chief Accountant and has provided
excellent management and leadership throughout the year.
Resolution 20
Accounts
General Assembly
adopts the accounts for the year ended 31 December 2005.
1. 2005 Accounts
1.1 The 2005 accounts are
set out in the Financial Report and Accounts and include a report from the
Finance Committee commenting on the result for the year and the financial
position as at 31 December 2005.
Resolution 21
Appointment of Auditors
General Assembly
resolves that PricewaterhouseCoopers LLP be appointed auditors of the United
Reformed Church, to hold office until the conclusion of the next meeting at
which accounts are laid before General Assembly and that their remuneration be
fixed by the Finance Committee.
1. Appointment of
auditors
1.1 The United Reformed
Church is required to appoint auditors at each General Assembly at which
accounts are laid before the members. The auditors are appointed from the
conclusion of the forthcoming General Assembly until the conclusion of next
year’s General Assembly.
Resolution 22
The giving of the members of the Church to central funds
General Assembly
gratefully acknowledges the giving of the churches in 2005 to the Ministry and
Mission Fund and the work of the local church, district and synod treasurers.
1. The giving of the
members of the Church to central funds
1.1 The financial
operation of the Plan for Partnership in Ministerial Remuneration could not
happen if each Church Treasurer did not make very great efforts to ensure that
the money required for this part of the work is in the local bank account on
20th of each month, for collection by direct debit.
1.2 That this system runs
very smoothly is evidence of much hard and devoted work, and in thanking the
Church for its response to the appeal for Ministry and Mission, the committee
would also wish to acknowledge that largely unthanked group, the treasurers, in
local churches, and also at district and synod level.
Resolution 23
United Reformed Church Ministers’ Pension Fund contributions
General Assembly
resolves that the total contribution to the United Reformed Church Ministers’
Pension Fund should be increased to 23% with effect from 1 January 2007. This
will be made up of a Church contribution of 17.25% (increased from 15.65%) and
Ministers’ contributions of 5.75% (increased from 4.5%).
1. United Reformed
Church Ministers’ Pension Fund contributions
1.1 The triennial
valuation of the United Reformed Church Ministers’ Pension Fund has shown a
deficit of £7.3 million. There are two main reasons for this. First, the life
expectancy of ministers has increased and this has to be factored into the
funding requirement. Secondly, the fund’s investments have under-performed
against their benchmark and the market. The principal cause has been the
pursuance of the Church’s ethical policy by the fund managers which has resulted
in a loss of capital of £1.4 million.
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