Trustees’ Annual Report for the period
From 1st October 2021 to 30[th] September 2023 Charity name: Unitarian College Charity registration number: 1180457
Objectives and Activities
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SORP reference
Summary of the Para 1.17 1. The promotion of religion in
purposes of the charity accordance with the principles,
as set out in its ethos and values of the General
governing document Assembly of Unitarian and Free
Christian Churches;
2. The advancement of education
for ministers and lay leaders
through the provision of formal
training courses and other
courses and events to prepare
ministers and lay leaders for
this role; and
3. The encouragement of religious
harmony, equality and diversity
through the provision of
courses and other learning and
development opportunities for
communities and individuals of
all ages
Summary of the main Para 1.17 and 1. Provision of Ministry training to
1.19
activities in relation to seven student Ministers
those purposes for the 2. Provision of training
public benefit, in programmes for Unitarian lay
particular, the activities, leaders
projects or services 3. Provision of other courses for
identified in the Unitarians
accounts.
Statement confirming Para 1.18 Trustees have considered recent
whether the trustees guidance which was distributed by
have had regard to the email
guidance issued by the
Charity Commission on
public benefit
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Additional information (optional)
You may choose to include further statements where relevant about:
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SORP reference
Unitarian College is not a grant
Para 1.38 making charity. Small bursaries are
Policy on grant making paid to ministry students whilst they
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are undertaking some work
placements
Para 1.38
Policy on social
investment including
program related
investment
Trustees are volunteers. All other
Para 1.38 work undertaken by the charity is
Contribution made by paid.
volunteers
Other
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Achievements and Performance
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SORP reference
1. Provision of Ministry training to
seven student Ministers
2. Provision of training
Summary of the main programmes for Unitarian lay
Para 1.20
achievements of the leaders
charity, identifying the 3. Provision of other courses for
difference the charity’s Unitarians
work has made to the
circumstances of its
beneficiaries and any
wider benefits to society
as a whole.
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Additional information (optional)
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You may choose to include further statements where relevant about:
Strong progress against five year
strategic plan reviewed at each Board
Achievements against Para 1.41 meeting
objectives set
Attraction of £17.7k of live giving
from individuals, congregations, and
Performance of clusters which is up by £8.2k on the
fundraising activities Para 1.41 previous year
against objectives set
Portfolio was added to by a transfer of
stock from the Memorial Hall Trust
Investment performance Para 1.41 (Charity number 227242 which is
against objectives preparing to close. Total invested
assets at 30th September are now
£921k
Planned merger with another
Other Unitarian Charity with substantial
investments in final stages.
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Financial Review
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Review of the charity’s Para 1.21 Significant surplus due to sizeable
financial position at the donation from Thornton Fund on its
end of the period closure
Statement explaining Para 1.22 Investment assets of £921k held to
the policy for holding support the operation of the College
reserves stating why
they are held
Amount of reserves held Para 1.22 £921k investments, £204k cash
Reasons for holding zero Para 1.22 Not applicable
reserves
Details of fund materially Para 1.24 Not applicable
in deficit
Explanation of any Para 1.23 Charity is ongoing. Injection of
uncertainties about the investment assets due to mergers
charity continuing as a with other charities with more
going concern expected in 22/23
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Additional information (optional)
You may choose to include further statements where relevant about:
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Income included £17.7k of live giving
and £244.1k of income from other
The charity’s principal Unitarian sources. £10k of investment
sources of funds Para 1.47 income was received.
(including any
fundraising)
£921k is invested in BNY Mellon
Charity Income and Growth Fund. The
Investment policy and purpose of this is to generate income
objectives including any Para 146 and growth to support the activities of
social investment policy the College in the future. This
adopted investment meets the Trustees’ policy
of retaining a low to medium risk
focussing on future growth and
income. It also conformed to the
Trustees intention of holding no more
than 10% of investments in fossil
fuels.
Principal risks include:
Despite a good year for cash
A description of the Para 1.46 income, these levels cannot be
principal risks facing the expected every year, so
charity cashflow remains a challenge
for the charitygoing forward
Inability to expand activities
due to low income levels
Reputational risks if
programmes are not of high
quality
Disruption if key staff were to
leave
Other
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Structure, Governance and Management
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Description of charity’s
trusts:
Type of governing Para 1.25 Trust deed
document
(trust deed, royal
charter)
How is the charity Para 1.25 CIO
constituted?
(e.g unincorporated
association, CIO)
Trustee selection Para 1.25 Executive Committee of General
methods including Assembly of Unitarian and Free
details of any Christian Churches entitled to
constitutional provisions nominate one Trustee. All other
e.g. election to post or Trustees appointed by invitation.
name of any person or
body entitled to appoint
one or more trustees
Additional information (optional)
You may choose to include further statements where relevant about:
All new Trustees inducted individually
by the Board and Director
Policies and procedures
adopted for the Para 1.51
induction and training of
trustees
The Charity has a small Board of
Trustees and two employees, the
The charity’s Director and the Ministry Tutor. Other
organisational structure Para 1.51 employees are contracted to deliver
and any wider network specific work.
with which the charity
works
Close working with the General
Assembly of Unitarian and Free
Relationship with any Para 1.51 Christian Churches.
related parties
Other
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Reference and Administrative details
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Charity name Unitarian College
Other name the charity
uses
Registered charity 1180457
number
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Charity’s principal Unitarian Headquarters
address 1-6 Essex Street
London WC2R 3HY
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Names of the charity trustees who manage the charity
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Name of person (or body)
Dates acted if not for
Trustee name Office (if any) entitled to appoint trustee
whole year
(if any)
Dorothy Chair
1
Hewerdine
Marion Baker Executive Committee of
General Assembly of
2
Unitarian and Free
Christian Churches
Cathie
3
Masztalerz
4 Joan Cook
5 Hilda Dumpleton
6 Eleanor Watters
7
8
9
10
11
12
13
14
15
16
17
18
19
20
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Corporate trustees – names of the directors at the date the report was approved Director name
Name of trustees holding title to property belonging to the charity
Dates acted if not for
Trustee name
whole ear
Funds held as custodian trustees on behalf of others
Description of the assets held in this capacity
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
Additional information (optional)
Names and addresses of advisers (Optional information)
Type of Name Address adviser
Name of chief executive or names of senior staff members (Optional information)
Exemptions from disclosure
Reason for non-disclosure of key personnel details
Other optional information
Declarations
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s)
Position (eg Secretary, Chair, etc)
Date
REGISTERED CHARITY NUMBER: 1180457
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 September 2022
for
Unitarian College
CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Unitarian College
Contents of the Financial Statements for the Year Ended 30 September 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Unitarian College Reference and Administrative Details for the Year Ended 30 September 2022
TRUSTEES Mrs D C Hewerdine Mrs M Baker Mrs C Masztalerz Mrs H M Dumpleton Mrs J M M Cook Mrs E Watters PRINCIPAL ADDRESS Unitarian Headquarters Essex Hall 1 - 6 Essex Street London WC2R 3HY REGISTERED CHARITY 1180457 NUMBER INDEPENDENT EXAMINER CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Page 1
Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
The Trustees of Unitarian College ("the Charity") present their annual report for the period ended 30 September 2022 under the Charities Act 2011, together with the Independently Examined financial statements for that period. The accounts comply with the requirements the Charities Act 2011, the Charity's constitution and the relevant Statements of Recommended Practice (the Charities SORP 2005).
STATUS AND ADMINISTRATION
The Charity is a Charity Incorporated Organisation (CIO), registered charity (No.1180457) that was incorporated on 28 October 2018. Its registered office is shown on page 1 of this report.
The present Trustees and any past Trustees who served during the period are shown on page 1, together with the names of the principal external advisers as at the date of the signing of this report.
OBJECTIVES AND ACTIVITIES Objectives and aims
OBJECTIVES
-
The promotion of religion in accordance with the principles, ethos and values of the General Assembly of Unitarian and Free Christian Churches;
-
The advancement of education for ministers and lay leaders through the provision of formal training courses and other courses and events to prepare ministers and lay leaders for this role; and
-
The encouragement of religious harmony, equality and diversity through the provision of courses and other learning and development opportunities for communities and individuals of all ages
AIMS
-
Provision of Ministry training to student Ministers
-
Provision of training programmes for Unitarian lay leaders
-
Provision of courses in Chaplaincy and the conduct of Rites of Passage
Grantmaking
Unitarian College is not a grant making charity. Small bursaries are paid to ministry students whilst they are undertaking some work placements.
Volunteers
Trustees are volunteers. All other work undertaken by the charity is paid.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
1.Provision of Ministry training to seven student Ministers.
2.Provision of training programmes for Unitarian lay leaders.
3.Provision of other courses for Unitarians.
Fundraising activities
Attraction of £17,790 of live giving from individuals, congregations and clusters in the year, up from £9,453 in the previous year.
Investment performance
Portfolio was added to by the transfer of Investment stock held by the Memorial Hall Trust [Charity No. 227242] which is preparing to close.
Page 2
Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
FINANCIAL REVIEW
Financial position
The Charity has continued to receive sufficient donations to cover operating costs and build up investments and cash reserves. During the year a donation of £125,000 was received from the Thornton Fund on its closure; and the Memorial Hall Trust transferred its investments to the Charity [Valuation £309,226].
Donations and legacies of £606,041 [2021: £113,752] were received in the year; Charitable activities generated £8,838 [2021: £13,784]; and investment income of £16,549 [2021: £17,222] was received. The Charity incurred total costs of £182,089 [2021: £185,616] and this resulted in a surplus of £449,339 [2021: Deficit £40,859]. After providing for the unrealised losses on investments, £47,029 [2021: Gains £103,369] a surplus of £402,310 [2021: £62,510] was added to retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2022 the Charity had investments of £921,065 [2021: £658,868] and cash funds of £204,174 [2021: £73,487].
Investment policy and objectives
Funds are invested in BNY Mellon Charity Income and Growth Fund on 31st January 2020. The purpose of this was to generate income and growth to support the activities of the College in the future. This investment meets the Trustees' policy of retaining a low to medium risk focussing on future growth and income. It also conformed to the Trustees intention of holding no more than 10% of investments in fossil fuels.
Reserves policy
In the early years of operation our policy is to generate sufficient reserves to cover our expenditure for three years of trading.
FUTURE PLANS
Planned merger with another Unitarian Charity with substantial investments well underway.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by its Trust Deed which was adopted on 28 October 2018 and is constituted as a Charity Incorporated Organisation [CIO].
The Trustees are responsible for the overall governance of the Charity.
Recruitment and appointment of new trustees
Executive Committee of General Assembly of Unitarian and Free Christian Churches entitled to nominate one Trustee. All other Trustees appointed by invitation.
All new Trustees inducted individually by the Board and Director.
Organisational structure
The Charity has a small Board of Trustees and two employees, the Director and the Ministry Tutor. Other employees are contracted to deliver specific work.
Related parties
There is a close working relationship with the General Assembly of Unitarian and Free Christian Churches.
Risk management
The Trustees review the risk situation at each Board meeting. Principal risks include:
-
Despite a good year for cash income, these levels cannot be expected every year, so cashflow remains a
-
challenge for the charity going forward.
-
Inability to expand activities due to low income levels
-
Reputational risks if programmes are not of high quality
-
Disruption if key staff were to leave
Page 3
Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Mrs D C Hewerdine - Trustee
Page 4
Independent Examiner's Report to the Trustees of Unitarian College
Independent examiner's report to the trustees of Unitarian College
I report to the charity trustees on my examination of the accounts of Unitarian College (the Trust) for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Certified Accountant which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Graham Bennett Certified Accountant CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Date: .............................................
Page 5
Unitarian College
Statement of Financial Activities for the Year Ended 30 September 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Lay Leadership Investment income 3 Total EXPENDITURE ON Charitable activities Training Delivery Student Costs CIO Administration Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 606,041 8,838 16,549 631,428 36,868 17,061 128,160 182,089 (47,029) 402,310 730,334 1,132,644 |
2021 Total funds £ 113,752 13,784 17,222 |
|---|---|---|
| 144,758 | ||
| 35,723 30,942 118,952 |
||
| 185,617 | ||
| 103,369 | ||
| 62,510 667,824 |
||
| 730,334 |
The notes form part of these financial statements
Page 6
Unitarian College
Statement of Financial Position 30 September 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds: General fund TOTAL FUNDS |
2022 Unrestricted fund £ 921,065 15,727 204,174 219,901 (8,322) 211,579 1,132,644 1,132,644 1,132,644 1,132,644 |
2021 Total funds £ 658,868 8,806 73,487 82,293 (10,827) 71,466 730,334 730,334 730,334 730,334 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D C Hewerdine - Trustee
The notes form part of these financial statements
Page 7
Unitarian College
Statement of Cash Flows for the Year Ended 30 September 2022
| Notes Cash flows from operating activities Cash generated from operations 12 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of fixed asset investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 439,913 439,913 (309,226) (309,226) 130,687 73,487 204,174 |
2021 £ (51,155) (51,155) - - (51,155) 124,642 73,487 |
|---|---|---|
The notes form part of these financial statements
Page 8
Unitarian College
Notes to the Financial Statements for the Year Ended 30 September 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. 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.
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.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
3.
| UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals INVESTMENT INCOME Investment income |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 606,041 2022 £ 16,549 |
2021 £ 28,918 45,020 9,000 5,861 15,499 8,034 1,420 |
|---|---|---|
| 113,752 | ||
| 2021 £ 17,222 |
Page 9
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
4. INCOME FROM CHARITABLE ACTIVITIES
| 2022 | 2021 | ||
|---|---|---|---|
| Activity | £ | £ | |
| Lay leadership | Lay Leadership | 8,838 | 13,784 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.
Trustees' expenses
Trustees have been reimbursed for travel and subsistence costs of £872 [2021: £285] which have been incurred in the performance of their duties for the Charity.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Director Other |
2022 1 1 2 |
2021 1 1 |
|---|---|---|
| 2 |
No employees received emoluments in excess of £60,000.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 113,752 |
| Charitable activities | |
| Lay Leadership | 13,784 |
| Investment income | 17,222 |
| Total | 144,758 |
| EXPENDITURE ON | |
| Charitable activities | |
| Training Delivery | 35,723 |
| Student Costs | 30,942 |
| CIO Administration | 118,952 |
| Total | 185,617 |
| Net gains on investments | 103,369 |
| NET INCOME | 62,510 |
Page 10
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | continued |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 667,824 | |
| TOTAL FUNDS CARRIED FORWARD | 730,334 | |
| 8. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 October 2021 | 658,868 | |
| Additions | 309,226 | |
| Revaluations | (47,029) | |
| At 30 September 2022 | 921,065 | |
| NET BOOK VALUE | ||
| At 30 September 2022 | 921,065 | |
| At 30 September 2021 | 658,868 | |
| There were no investment assets outside the UK. | ||
| Cost or valuation at 30 September 2022 is represented by: | ||
| Listed | ||
| investments | ||
| £ | ||
| Valuation in 2021 | 58,868 | |
| Valuation in 2022 | (47,029) | |
| Cost | 909,226 | |
| 921,065 |
Page 11
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Taxation and social security Other creditors |
2022 £ - 8,322 8,322 |
2021 £ 2,600 8,227 |
|---|---|---|
| 10,827 |
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/21 £ 730,334 730,334 |
Net movement At in funds 30/9/22 £ £ 402,310 1,132,644 402,310 1,132,644 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 631,428 631,428 |
Resources expended £ (182,089) (182,089) |
Gains and Movement losses in funds £ £ (47,029) 402,310 (47,029) 402,310 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/20 £ 667,824 667,824 |
Net movement in funds £ 62,510 62,510 |
At 30/9/21 £ 730,334 |
|---|---|---|---|
| 730,334 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 144,758 144,758 |
Resources expended £ (185,617) (185,617) |
Gains and Movement losses in funds £ £ 103,369 62,510 103,369 62,510 |
|---|---|---|---|
Page 12
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/20 £ 667,824 667,824 |
Net movement At in funds 30/9/22 £ £ 464,820 1,132,644 464,820 1,132,644 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 776,186 776,186 |
Resources expended £ (367,706) (367,706) |
Gains and Movemen losses in funds £ £ 56,340 464,820 56,340 464,820 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022.
12. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Increase in debtors Decrease in creditors Net cash provided by/(used in) operations |
2022 £ 402,310 47,029 (6,921) (2,505) 439,913 |
2021 £ 62,510 (103,369) (7,506) (2,790) (51,155) |
|---|---|---|
13.. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/10/21 | Cash flow | At 30/9/22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 73,487 | 130,687 | 204,174 |
| 73,487 | 130,687 | 204,174 | |
| Total | 73,487 | 130,687 | 204,174 |
Page 13
Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2022
| INCOME AND ENDOWMENTS Donations and legacies UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Investment income Investment income Charitable activities Lay leadership Total incoming resources EXPENDITURE Charitable activities Programme leaders Contracted staff fees Residential fees Youth programmes Orientation retreat Course fees - students Lay Leadership Maintenance grants Staff training Support costs Management Wages Social security Pensions Insurance Sundries Board and Academic committee Travel costs Office equipment Computer and website costs Advertising and publicity Legal and professional fees Bank charges Carried forward |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 606,041 16,549 8,838 631,428 5,327 8,816 10,395 (390) 708 4,493 11,268 12,958 290 53,865 91,800 5,653 7,905 950 481 2,862 10,196 - - 396 308 29 120,580 |
2021 £ 28,918 45,020 9,000 5,861 15,499 8,034 1,420 |
|---|---|---|
| 113,752 17,222 13,784 |
||
| 144,758 4,268 11,985 8,622 - - 5,440 10,848 21,009 - |
||
| 62,172 90,000 5,908 7,750 900 292 1,261 4,239 1,342 3,743 134 169 87 115,825 |
This page does not form part of the statutory financial statements
Page 14
Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2022
| Management Brought forward Accountancy costs General Assembly support costs Total resources expended Net income/(expenditure) |
2022 £ 120,580 1,644 6,000 128,224 182,089 449,339 |
2021 £ 115,825 1,620 6,000 123,445 185,617 (40,859) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15
REGISTERED CHARITY NUMBER: 1180457
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 September 2022
for
Unitarian College
CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Unitarian College
Contents of the Financial Statements for the Year Ended 30 September 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Position | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 to 15 |
Unitarian College Reference and Administrative Details for the Year Ended 30 September 2022
TRUSTEES Mrs D C Hewerdine Mrs M Baker Mrs C Masztalerz Mrs H M Dumpleton Mrs J M M Cook Mrs E Watters PRINCIPAL ADDRESS Unitarian Headquarters Essex Hall 1 - 6 Essex Street London WC2R 3HY REGISTERED CHARITY 1180457 NUMBER INDEPENDENT EXAMINER CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Page 1
Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
The Trustees of Unitarian College ("the Charity") present their annual report for the period ended 30 September 2022 under the Charities Act 2011, together with the Independently Examined financial statements for that period. The accounts comply with the requirements the Charities Act 2011, the Charity's constitution and the relevant Statements of Recommended Practice (the Charities SORP 2005).
STATUS AND ADMINISTRATION
The Charity is a Charity Incorporated Organisation (CIO), registered charity (No.1180457) that was incorporated on 28 October 2018. Its registered office is shown on page 1 of this report.
The present Trustees and any past Trustees who served during the period are shown on page 1, together with the names of the principal external advisers as at the date of the signing of this report.
OBJECTIVES AND ACTIVITIES Objectives and aims
OBJECTIVES
-
The promotion of religion in accordance with the principles, ethos and values of the General Assembly of Unitarian and Free Christian Churches;
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The advancement of education for ministers and lay leaders through the provision of formal training courses and other courses and events to prepare ministers and lay leaders for this role; and
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The encouragement of religious harmony, equality and diversity through the provision of courses and other learning and development opportunities for communities and individuals of all ages
AIMS
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Provision of Ministry training to student Ministers
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Provision of training programmes for Unitarian lay leaders
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Provision of courses in Chaplaincy and the conduct of Rites of Passage
Grantmaking
Unitarian College is not a grant making charity. Small bursaries are paid to ministry students whilst they are undertaking some work placements.
Volunteers
Trustees are volunteers. All other work undertaken by the charity is paid.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
1.Provision of Ministry training to seven student Ministers.
2.Provision of training programmes for Unitarian lay leaders.
3.Provision of other courses for Unitarians.
Fundraising activities
Attraction of £17,790 of live giving from individuals, congregations and clusters in the year, up from £9,453 in the previous year.
Investment performance
Portfolio was added to by the transfer of Investment stock held by the Memorial Hall Trust [Charity No. 227242] which is preparing to close.
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Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
FINANCIAL REVIEW
Financial position
The Charity has continued to receive sufficient donations to cover operating costs and build up investments and cash reserves. During the year a donation of £125,000 was received from the Thornton Fund on its closure; and the Memorial Hall Trust transferred its investments to the Charity [Valuation £309,226].
Donations and legacies of £606,041 [2021: £113,752] were received in the year; Charitable activities generated £8,838 [2021: £13,784]; and investment income of £16,549 [2021: £17,222] was received. The Charity incurred total costs of £182,089 [2021: £185,616] and this resulted in a surplus of £449,339 [2021: Deficit £40,859]. After providing for the unrealised losses on investments, £47,029 [2021: Gains £103,369] a surplus of £402,310 [2021: £62,510] was added to retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2022 the Charity had investments of £921,065 [2021: £658,868] and cash funds of £204,174 [2021: £73,487].
Investment policy and objectives
Funds are invested in BNY Mellon Charity Income and Growth Fund on 31st January 2020. The purpose of this was to generate income and growth to support the activities of the College in the future. This investment meets the Trustees' policy of retaining a low to medium risk focussing on future growth and income. It also conformed to the Trustees intention of holding no more than 10% of investments in fossil fuels.
Reserves policy
In the early years of operation our policy is to generate sufficient reserves to cover our expenditure for three years of trading.
FUTURE PLANS
Planned merger with another Unitarian Charity with substantial investments well underway.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is governed by its Trust Deed which was adopted on 28 October 2018 and is constituted as a Charity Incorporated Organisation [CIO].
The Trustees are responsible for the overall governance of the Charity.
Recruitment and appointment of new trustees
Executive Committee of General Assembly of Unitarian and Free Christian Churches entitled to nominate one Trustee. All other Trustees appointed by invitation.
All new Trustees inducted individually by the Board and Director.
Organisational structure
The Charity has a small Board of Trustees and two employees, the Director and the Ministry Tutor. Other employees are contracted to deliver specific work.
Related parties
There is a close working relationship with the General Assembly of Unitarian and Free Christian Churches.
Risk management
The Trustees review the risk situation at each Board meeting. Principal risks include:
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Despite a good year for cash income, these levels cannot be expected every year, so cashflow remains a
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challenge for the charity going forward.
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Inability to expand activities due to low income levels
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Reputational risks if programmes are not of high quality
-
Disruption if key staff were to leave
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Unitarian College
Report of the Trustees for the Year Ended 30 September 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................. Mrs D C Hewerdine - Trustee
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Independent Examiner's Report to the Trustees of Unitarian College
Independent examiner's report to the trustees of Unitarian College
I report to the charity trustees on my examination of the accounts of Unitarian College (the Trust) for the year ended 30 September 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Certified Accountant which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Graham Bennett Certified Accountant CBM Accountants Limited 130 Bournemouth Road Chandler's Ford Eastleigh Hampshire SO53 3AL
Date: .............................................
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Unitarian College
Statement of Financial Activities for the Year Ended 30 September 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Lay Leadership Investment income 3 Total EXPENDITURE ON Charitable activities Training Delivery Student Costs CIO Administration Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted fund £ 606,041 8,838 16,549 631,428 36,868 17,061 128,160 182,089 (47,029) 402,310 730,334 1,132,644 |
2021 Total funds £ 113,752 13,784 17,222 |
|---|---|---|
| 144,758 | ||
| 35,723 30,942 118,952 |
||
| 185,617 | ||
| 103,369 | ||
| 62,510 667,824 |
||
| 730,334 |
The notes form part of these financial statements
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Unitarian College
Statement of Financial Position 30 September 2022
| Notes FIXED ASSETS Investments 8 CURRENT ASSETS Debtors Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds: General fund TOTAL FUNDS |
2022 Unrestricted fund £ 921,065 15,727 204,174 219,901 (8,322) 211,579 1,132,644 1,132,644 1,132,644 1,132,644 |
2021 Total funds £ 658,868 8,806 73,487 82,293 (10,827) 71,466 730,334 730,334 730,334 730,334 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. D C Hewerdine - Trustee
The notes form part of these financial statements
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Unitarian College
Statement of Cash Flows for the Year Ended 30 September 2022
| Notes Cash flows from operating activities Cash generated from operations 12 Net cash provided by/(used in) operating activities Cash flows from investing activities Purchase of fixed asset investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2022 £ 439,913 439,913 (309,226) (309,226) 130,687 73,487 204,174 |
2021 £ (51,155) (51,155) - - (51,155) 124,642 73,487 |
|---|---|---|
The notes form part of these financial statements
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Unitarian College
Notes to the Financial Statements for the Year Ended 30 September 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. 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.
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.
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.
Taxation
The charity is exempt from tax on its charitable activities.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
3.
| UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals INVESTMENT INCOME Investment income |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 606,041 2022 £ 16,549 |
2021 £ 28,918 45,020 9,000 5,861 15,499 8,034 1,420 |
|---|---|---|
| 113,752 | ||
| 2021 £ 17,222 |
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Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
4. INCOME FROM CHARITABLE ACTIVITIES
| 2022 | 2021 | ||
|---|---|---|---|
| Activity | £ | £ | |
| Lay leadership | Lay Leadership | 8,838 | 13,784 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.
Trustees' expenses
Trustees have been reimbursed for travel and subsistence costs of £872 [2021: £285] which have been incurred in the performance of their duties for the Charity.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Director Other |
2022 1 1 2 |
2021 1 1 |
|---|---|---|
| 2 |
No employees received emoluments in excess of £60,000.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 113,752 |
| Charitable activities | |
| Lay Leadership | 13,784 |
| Investment income | 17,222 |
| Total | 144,758 |
| EXPENDITURE ON | |
| Charitable activities | |
| Training Delivery | 35,723 |
| Student Costs | 30,942 |
| CIO Administration | 118,952 |
| Total | 185,617 |
| Net gains on investments | 103,369 |
| NET INCOME | 62,510 |
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continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| 7. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - | continued |
|---|---|---|
| Unrestricted | ||
| fund | ||
| £ | ||
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 667,824 | |
| TOTAL FUNDS CARRIED FORWARD | 730,334 | |
| 8. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 October 2021 | 658,868 | |
| Additions | 309,226 | |
| Revaluations | (47,029) | |
| At 30 September 2022 | 921,065 | |
| NET BOOK VALUE | ||
| At 30 September 2022 | 921,065 | |
| At 30 September 2021 | 658,868 | |
| There were no investment assets outside the UK. | ||
| Cost or valuation at 30 September 2022 is represented by: | ||
| Listed | ||
| investments | ||
| £ | ||
| Valuation in 2021 | 58,868 | |
| Valuation in 2022 | (47,029) | |
| Cost | 909,226 | |
| 921,065 |
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continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Taxation and social security Other creditors |
2022 £ - 8,322 8,322 |
2021 £ 2,600 8,227 |
|---|---|---|
| 10,827 |
10. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/21 £ 730,334 730,334 |
Net movement At in funds 30/9/22 £ £ 402,310 1,132,644 402,310 1,132,644 |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 631,428 631,428 |
Resources expended £ (182,089) (182,089) |
Gains and Movement losses in funds £ £ (47,029) 402,310 (47,029) 402,310 |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/20 £ 667,824 667,824 |
Net movement in funds £ 62,510 62,510 |
At 30/9/21 £ 730,334 |
|---|---|---|---|
| 730,334 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 144,758 144,758 |
Resources expended £ (185,617) (185,617) |
Gains and Movement losses in funds £ £ 103,369 62,510 103,369 62,510 |
|---|---|---|---|
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Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2022
10. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/10/20 £ 667,824 667,824 |
Net movement At in funds 30/9/22 £ £ 464,820 1,132,644 464,820 1,132,644 |
|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 776,186 776,186 |
Resources expended £ (367,706) (367,706) |
Gains and Movemen losses in funds £ £ 56,340 464,820 56,340 464,820 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022.
12. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses/(gain) on investments Increase in debtors Decrease in creditors Net cash provided by/(used in) operations |
2022 £ 402,310 47,029 (6,921) (2,505) 439,913 |
2021 £ 62,510 (103,369) (7,506) (2,790) (51,155) |
|---|---|---|
13.. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/10/21 | Cash flow | At 30/9/22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 73,487 | 130,687 | 204,174 |
| 73,487 | 130,687 | 204,174 | |
| Total | 73,487 | 130,687 | 204,174 |
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Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2022
| INCOME AND ENDOWMENTS Donations and legacies UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Investment income Investment income Charitable activities Lay leadership Total incoming resources EXPENDITURE Charitable activities Programme leaders Contracted staff fees Residential fees Youth programmes Orientation retreat Course fees - students Lay Leadership Maintenance grants Staff training Support costs Management Wages Social security Pensions Insurance Sundries Board and Academic committee Travel costs Office equipment Computer and website costs Advertising and publicity Legal and professional fees Bank charges Carried forward |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 606,041 16,549 8,838 631,428 5,327 8,816 10,395 (390) 708 4,493 11,268 12,958 290 53,865 91,800 5,653 7,905 950 481 2,862 10,196 - - 396 308 29 120,580 |
2021 £ 28,918 45,020 9,000 5,861 15,499 8,034 1,420 |
|---|---|---|
| 113,752 17,222 13,784 |
||
| 144,758 4,268 11,985 8,622 - - 5,440 10,848 21,009 - |
||
| 62,172 90,000 5,908 7,750 900 292 1,261 4,239 1,342 3,743 134 169 87 115,825 |
This page does not form part of the statutory financial statements
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Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2022
| Management Brought forward Accountancy costs General Assembly support costs Total resources expended Net income/(expenditure) |
2022 £ 120,580 1,644 6,000 128,224 182,089 449,339 |
2021 £ 115,825 1,620 6,000 123,445 185,617 (40,859) |
|---|---|---|
This page does not form part of the statutory financial statements
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