Trustees’ Annual Report for the period
From 1st October 2022 to 30[th] September 2023
Charity name: Unitarian College
Charity registration number: 1180457
Objectives and Activities
| SORP reference | ||
|---|---|---|
| Summary of the purposes of the charity as set out in its governing document |
Para 1.17 | 1. The promotion of religion in accordance with the principles, ethos and values of the General 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 activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts. |
Para 1.17 and 1.19 |
1. Provision of Ministry training to eight student Ministers 2. Provision of training programmes for Unitarian lay leaders 3. Provision of other courses for Unitarians including for children and families |
| Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit |
Para 1.18 | Trustees have considered recent guidance which is distributed by email |
Additional information (optional) You may choose to include further statements where relevant about:
SORP reference |
||
|---|---|---|
| Policy on grant making | Para 1.38 | Unitarian College is not a grant making charity. Small bursaries are paid to ministry students whilst they are undertaking some work placements |
| Para 1.38 |
| Policy on social investment including program related investment |
||
|---|---|---|
| Contribution made by volunteers |
Para 1.38 | Trustees are volunteers. All other work undertaken by the charity is paid. |
| Other |
Achievements and Performance
----- Start of picture text -----
SORP reference
1. Provision of Ministry training to eight
student Ministers
2. Provision of training programmes
Summary of the main Para 1.20 for Unitarian lay leaders
achievements of the charity, 3. Provision of other courses for
identifying the difference the Unitarians including children and
charity’s work has made to families
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.
----- End of picture text -----
Additional information (optional)
You may choose to include further statements where relevant about:
Achievements against objectives set |
Para 1.41 |
Strong progress against five-year strategic plan reviewed at each Board meeting |
|---|---|---|
| Performance of fundraising activities against objectives set |
Para 1.41 | Attraction of £10.6k of live giving from individuals, congregations, and clusters which is down £7K on the previous year |
| Investment performance against objectives |
Para 1.41 | Total invested assets at 30th September 2023 are now £978k |
| Other | Planned merger with another Unitarian Charity with substantial investments in final stages |
Financial Review
| Financial Review | ||
|---|---|---|
| Review of the charity’s financial position at the end of the period |
Para 1.21 | Modest deficit as budgeted |
| Statement explaining the policy for holding reserves stating why they are held |
Para 1.22 | Investment assets of £978k held to support the operation of the College |
| Amount of reserves held | Para 1.22 | £978k investments, £132k cash |
| Reasons for holding zero reserves |
Para 1.22 | Not applicable |
| Details of fund materially in deficit |
Para 1.24 | Not applicable |
| Explanation of any uncertainties about the charity continuing as a going concern |
Para 1.23 | Charity is ongoing. Injection of investment assets due to mergers with another charity is expected in 23/24 |
Additional information (optional) You may choose to include further statements where relevant about:
The charity’s principal sources of funds (including any fundraising) |
Para 1.47 |
Income included £10.6k of live giving and £94k of income from other Unitarian sources. £25k of investment income was received. |
|---|---|---|
| Investment policy and objectives including any social investment policy adopted |
Para 146 | £978k is invested in BNY Mellon Charity Income and Growth Fund. The purpose of this is 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. |
| A description of the principal risks facing the charity |
Para 1.46 | Principal risks include: 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 |
| Other |
Structure, Governance and Management
| Description of charity’s trusts: |
||
|---|---|---|
| Type of governing document (trust deed, royal charter) |
Para 1.25 | Trust deed |
| How is the charity constituted? (e.g unincorporated association, CIO) |
Para 1.25 | CIO |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Para 1.25 | Executive Committee of General Assembly of Unitarian and Free Christian Churches entitled to nominate one Trustee. All other Trustees appointed by invitation. |
Additional information (optional)
You may choose to include further statements where relevant about:
Policies and procedures adopted for the induction and training of trustees |
Para 1.51 |
All new Trustees inducted individually by the Board and Director |
|---|---|---|
| The charity’s organisational structure and any wider network with which the charity works |
Para 1.51 | The Charity has a small Board of Trustees and five employees, the Director and the Ministry Tutor, a part time administrator and two part time Tutor/Assessors. Other employees are contracted to deliver specific work. |
| Relationship with any related parties |
Para 1.51 | Close working with the General Assembly of Unitarian and Free Christian Churches. |
| Other |
Reference and Administrative details
| Charity name | Unitarian College |
|---|---|
| Other name the charity uses | |
| Registered charity number | 1180457 |
| Charity’s principal address | Unitarian Headquarters 1-6 Essex Street London WC2R 3HY |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| DorothyHewerdine | Chair | |||
| Marion Baker | ||||
| Cathie Masztalerz | ||||
| Joan Cook | ||||
| Hilda Dumpleton | ||||
| Eleanor Watters | ||||
| Wyn Thomas | 17/05/2023 – 30/9/2023 | Executive Committee of General Assembly of Unitarian and Free Christian Churches |
||
– 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
Trustee name Dates acted if not for whole year
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 2023
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 2023
| 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 2023
TRUSTEES Mrs D C Hewerdine Mrs M Baker Mrs C Masztalerz Mrs H M Dumpleton Mrs J M M Cook Mrs E Watters Rev W Thomas (appointed 17/5/23) 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 2023
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 2023
FINANCIAL REVIEW
Financial position
The Charity has spent more in operating costs this year than generated in donations and has therefore utilised some of its cash reserves.
Donations and legacies of £104,735 [2022: £606,041] were received in the year; Charitable activities generated £24,675 [2022: £8,838]; and investment income of £25,518 [2022: £16,549] was received. The Charity incurred total costs of £227,044 [2022: £182,089] and this resulted in a deficit of £72,116 [2022: Surplus £449,339]. After providing for the unrealised gains on investments, £57,181 [2022: Losses £47,029] a deficit of £14,935 [2022: Surplus £402,310] was deducted from retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2023 the Charity had investments of £978,246 [2022: £921,065] and cash funds of £131,867 [2022: £204,174].
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 2023
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 2023.
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
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
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 2023
| 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 Lay Leadership Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 104,735 24,675 25,518 154,928 35,869 6,452 173,410 11,313 227,044 57,181 (14,935) 1,132,644 1,117,709 |
2022 Total funds £ 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 |
|---|---|---|
The notes form part of these financial statements
Page 6
Unitarian College
Statement of Financial Position 30 September 2023
| 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 |
2023 Unrestricted fund £ 978,246 16,748 131,867 148,615 (9,152) 139,463 1,117,709 1,117,709 1,117,709 1,117,709 |
2022 Total funds £ 921,065 15,727 204,174 219,901 (8,322) 211,579 1,132,644 1,132,644 1,132,644 1,132,644 |
|---|---|---|
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 2023
| Notes Cash flows from operating activities Cash generated from operations 12 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Net cash provided by/(used in) 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 |
2023 £ (72,307) (72,307) - - (72,307) 204,174 131,867 |
2022 £ 439,913 439,913 (309,226) (309,226) 130,687 73,487 204,174 |
|---|---|---|
The notes form part of these financial statements
Page 8
Unitarian College
Notes to the Financial Statements for the Year Ended 30 September 2023
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
| UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Hibbert Trust British & Foreign Unitarian Association |
2023 £ 40,721 2,040 23,524 7,029 15,471 8,476 2,094 380 5,000 104,735 |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 - - |
|---|---|---|
| 606,041 |
Page 9
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
3. INVESTMENT INCOME
| Investment income INCOME FROM CHARITABLE ACTIVITIES Activity Lay leadership Lay Leadership |
2023 £ 25,518 2023 £ 24,675 |
2022 £ 16,549 |
|---|---|---|
| 2022 £ 8,838 |
4. INCOME FROM CHARITABLE ACTIVITIES
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
Trustees have been reimbursed for travel and subsistence costs of £998 [2022: £872] 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 |
2023 1 2 3 |
2022 1 1 |
|---|---|---|
| 2 |
No employees received emoluments in excess of £60,000.
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Lay Leadership Investment income Total EXPENDITURE ON Charitable activities Training Delivery Student Costs CIO Administration Total Net gains/(losses) on investments |
Unrestricted fund £ 606,041 8,838 16,549 631,428 36,868 17,061 128,160 182,089 (47,029) |
|---|---|
Page 10
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 October 2022 Revaluations At 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 There were no investment assets outside the UK. Cost or valuation at 30 September 2023 is represented by: Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost |
Unrestricted fund £ 402,310 730,334 1,132,644 Listed investments £ 921,065 57,181 978,246 978,246 921,065 Listed investments £ 58,868 (47,029) 57,181 909,226 978,246 |
|---|---|
Page 11
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS At 1/10/22 £ Unrestricted funds General fund 1,132,644 TOTAL FUNDS 1,132,644 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 154,928 (227,044) TOTAL FUNDS 154,928 (227,044) Comparatives for movement in funds At 1/10/21 £ Unrestricted funds General fund 730,334 TOTAL FUNDS 730,334 |
2023 £ 9,152 Net movement in funds £ (14,935) (14,935) Gains and losses £ 57,181 57,181 Net movement in funds £ 402,310 402,310 |
2022 £ 8,322 At 30/9/23 £ 1,117,709 1,117,709 Movement in funds £ (14,935) (14,935) At 30/9/22 £ 1,132,644 1,132,644 |
|
|---|---|---|---|
Comparative 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 |
|---|---|---|---|
Page 12
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
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 1/10/21 £ 730,334 730,334 |
Net movement in funds £ 387,375 387,375 |
At 30/9/23 £ 1,117,709 |
|---|---|---|---|
| 1,117,709 |
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 £ 786,356 786,356 |
Resources expended £ (409,133) (409,133) |
Gains and Movemen losses in funds £ £ 10,152 387,375 10,152 387,375 |
Gains and Movemen losses in funds £ £ 10,152 387,375 10,152 387,375 |
|---|---|---|---|---|
| 387,375 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2023.
12. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Increase in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2023 £ (14,935) (57,181) (1,021) 830 (72,307) |
2022 £ 402,310 47,029 (6,921) (2,505) |
|---|---|---|
| 439,913 |
13. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/10/22 | Cash flow | At 30/9/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 204,174 | (72,307) | 131,867 |
| 204,174 | (72,307) | 131,867 | |
| Total | 204,174 | (72,307) | 131,867 |
Page 13
Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2023
| INCOME AND ENDOWMENTS Donations and legacies UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Hibbert Trust British & Foreign Unitarian Association 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 Carried forward |
2023 £ 40,721 2,040 23,524 7,029 15,471 8,476 2,094 380 5,000 104,735 25,518 24,675 154,928 3,579 5,852 13,109 (940) 532 6,860 11,313 22,570 700 63,575 110,050 6,574 9,367 950 169 6,090 16,508 224 84 335 150,351 |
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 - - 396 120,243 |
|---|---|---|
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 2023
| Detailed Statement of Financial Activities for the Year Ended 30 September 2023 |
||
|---|---|---|
| Management Brought forward Legal and professional fees Bank charges Accountancy costs General Assembly support costs Total resources expended Net (expenditure)/income |
2023 £ 150,351 5,404 70 1,644 6,000 163,469 227,044 (72,116) |
2022 £ 120,243 308 29 1,644 6,000 |
| 128,224 | ||
| 182,089 | ||
| 449,339 |
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 2023
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 2023
| 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 2023
TRUSTEES Mrs D C Hewerdine Mrs M Baker Mrs C Masztalerz Mrs H M Dumpleton Mrs J M M Cook Mrs E Watters Rev W Thomas (appointed 17/5/23) 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 2023
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 2023
FINANCIAL REVIEW
Financial position
The Charity has spent more in operating costs this year than generated in donations and has therefore utilised some of its cash reserves.
Donations and legacies of £104,735 [2022: £606,041] were received in the year; Charitable activities generated £24,675 [2022: £8,838]; and investment income of £25,518 [2022: £16,549] was received. The Charity incurred total costs of £227,044 [2022: £182,089] and this resulted in a deficit of £72,116 [2022: Surplus £449,339]. After providing for the unrealised gains on investments, £57,181 [2022: Losses £47,029] a deficit of £14,935 [2022: Surplus £402,310] was deducted from retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2023 the Charity had investments of £978,246 [2022: £921,065] and cash funds of £131,867 [2022: £204,174].
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 2023
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 2023.
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
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
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 2023
| 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 Lay Leadership Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted fund £ 104,735 24,675 25,518 154,928 35,869 6,452 173,410 11,313 227,044 57,181 (14,935) 1,132,644 1,117,709 |
2022 Total funds £ 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 |
|---|---|---|
The notes form part of these financial statements
Page 6
Unitarian College
Statement of Financial Position 30 September 2023
| 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 |
2023 Unrestricted fund £ 978,246 16,748 131,867 148,615 (9,152) 139,463 1,117,709 1,117,709 1,117,709 1,117,709 |
2022 Total funds £ 921,065 15,727 204,174 219,901 (8,322) 211,579 1,132,644 1,132,644 1,132,644 1,132,644 |
|---|---|---|
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 2023
| Notes Cash flows from operating activities Cash generated from operations 12 Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of fixed asset investments Net cash provided by/(used in) 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 |
2023 £ (72,307) (72,307) - - (72,307) 204,174 131,867 |
2022 £ 439,913 439,913 (309,226) (309,226) 130,687 73,487 204,174 |
|---|---|---|
The notes form part of these financial statements
Page 8
Unitarian College
Notes to the Financial Statements for the Year Ended 30 September 2023
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
| UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Hibbert Trust British & Foreign Unitarian Association |
2023 £ 40,721 2,040 23,524 7,029 15,471 8,476 2,094 380 5,000 104,735 |
2022 £ 33,816 1,100 409,226 136,447 7,660 14,443 3,349 - - |
|---|---|---|
| 606,041 |
Page 9
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
3. INVESTMENT INCOME
| Investment income INCOME FROM CHARITABLE ACTIVITIES Activity Lay leadership Lay Leadership |
2023 £ 25,518 2023 £ 24,675 |
2022 £ 16,549 |
|---|---|---|
| 2022 £ 8,838 |
4. INCOME FROM CHARITABLE ACTIVITIES
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
Trustees have been reimbursed for travel and subsistence costs of £998 [2022: £872] 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 |
2023 1 2 3 |
2022 1 1 |
|---|---|---|
| 2 |
No employees received emoluments in excess of £60,000.
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Lay Leadership Investment income Total EXPENDITURE ON Charitable activities Training Delivery Student Costs CIO Administration Total Net gains/(losses) on investments |
Unrestricted fund £ 606,041 8,838 16,549 631,428 36,868 17,061 128,160 182,089 (47,029) |
|---|---|
Page 10
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. FIXED ASSET INVESTMENTS MARKET VALUE At 1 October 2022 Revaluations At 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 There were no investment assets outside the UK. Cost or valuation at 30 September 2023 is represented by: Valuation in 2021 Valuation in 2022 Valuation in 2023 Cost |
Unrestricted fund £ 402,310 730,334 1,132,644 Listed investments £ 921,065 57,181 978,246 978,246 921,065 Listed investments £ 58,868 (47,029) 57,181 909,226 978,246 |
|---|---|
Page 11
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS At 1/10/22 £ Unrestricted funds General fund 1,132,644 TOTAL FUNDS 1,132,644 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 154,928 (227,044) TOTAL FUNDS 154,928 (227,044) Comparatives for movement in funds At 1/10/21 £ Unrestricted funds General fund 730,334 TOTAL FUNDS 730,334 |
2023 £ 9,152 Net movement in funds £ (14,935) (14,935) Gains and losses £ 57,181 57,181 Net movement in funds £ 402,310 402,310 |
2022 £ 8,322 At 30/9/23 £ 1,117,709 1,117,709 Movement in funds £ (14,935) (14,935) At 30/9/22 £ 1,132,644 1,132,644 |
|
|---|---|---|---|
Comparative 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 |
|---|---|---|---|
Page 12
continued...
Unitarian College
Notes to the Financial Statements - continued for the Year Ended 30 September 2023
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 1/10/21 £ 730,334 730,334 |
Net movement in funds £ 387,375 387,375 |
At 30/9/23 £ 1,117,709 |
|---|---|---|---|
| 1,117,709 |
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 £ 786,356 786,356 |
Resources expended £ (409,133) (409,133) |
Gains and Movemen losses in funds £ £ 10,152 387,375 10,152 387,375 |
Gains and Movemen losses in funds £ £ 10,152 387,375 10,152 387,375 |
|---|---|---|---|---|
| 387,375 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2023.
12. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Increase in debtors Increase/(decrease) in creditors Net cash (used in)/provided by operations |
2023 £ (14,935) (57,181) (1,021) 830 (72,307) |
2022 £ 402,310 47,029 (6,921) (2,505) |
|---|---|---|
| 439,913 |
13. ANALYSIS OF CHANGES IN NET FUNDS
| At 1/10/22 | Cash flow | At 30/9/23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 204,174 | (72,307) | 131,867 |
| 204,174 | (72,307) | 131,867 | |
| Total | 204,174 | (72,307) | 131,867 |
Page 13
Unitarian College
Detailed Statement of Financial Activities for the Year Ended 30 September 2023
| INCOME AND ENDOWMENTS Donations and legacies UCM General Assembly Memorial Hall Other trusts Placements Districts and congregations Individuals Hibbert Trust British & Foreign Unitarian Association 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 Carried forward |
2023 £ 40,721 2,040 23,524 7,029 15,471 8,476 2,094 380 5,000 104,735 25,518 24,675 154,928 3,579 5,852 13,109 (940) 532 6,860 11,313 22,570 700 63,575 110,050 6,574 9,367 950 169 6,090 16,508 224 84 335 150,351 |
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 - - 396 120,243 |
|---|---|---|
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 2023
| Detailed Statement of Financial Activities for the Year Ended 30 September 2023 |
||
|---|---|---|
| Management Brought forward Legal and professional fees Bank charges Accountancy costs General Assembly support costs Total resources expended Net (expenditure)/income |
2023 £ 150,351 5,404 70 1,644 6,000 163,469 227,044 (72,116) |
2022 £ 120,243 308 29 1,644 6,000 |
| 128,224 | ||
| 182,089 | ||
| 449,339 |
This page does not form part of the statutory financial statements
Page 15