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2024-09-30-accounts

REGISTERED CHARITY NUMBER: 1180457

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 30 September 2024

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 2024

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 2024

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 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 2024

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

  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

AIMS

  1. Provision of Ministry training to student Ministers

  2. Provision of training programmes for Unitarian lay leaders

  3. 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 ten student Ministers.

2.Provision of training programmes for Unitarian lay leaders.

3.Provision of other courses for Unitarians.

Fundraising activities

Attraction of £120,678 of live giving from individuals, congregations and clusters in the year, up from £17,790 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] in the previous year. The Memorial Hall Trust is now closed.

Page 2

Unitarian College

Report of the Trustees for the Year Ended 30 September 2024

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 £184,702 [2023: £104,735] were received in the year; Charitable activities generated £14,668 [2023: £24,675]; and investment income of £22,683 [2023: £25,518] was received. The Charity incurred total costs of £270,934 [2023: £227,044] and this resulted in a deficit of £48,881 [2023: Deficit £72,116]. After providing for the realised and unrealised gains on investments, £90,731 [2023: Surplus £57,181] a surplus of £41,850 [2023: Deficit £14,935] was added to retained funds. Thus supporting operations for the foreseeable future.

At 30 September 2024 the Charity had investments of £868,977 [2023: £978,246] and cash funds of £292,142 [2023: £131,867].

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:

Page 3

Unitarian College

Report of the Trustees for the Year Ended 30 September 2024

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 2024.

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:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. 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 2024

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 on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
fund
£
184,702
14,668
22,683
222,053
71,861
748
189,409
8,916
270,934
90,731
41,850
1,117,709
1,159,559		 2023
Total
funds
£
104,735
24,675
25,518
154,928
36,869
6,452
172,410
11,313
227,044
57,181
(14,935)
1,132,644
1,117,709

The notes form part of these financial statements

Page 6

Unitarian College

Statement of Financial Position 30 September 2024

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		 2024
Unrestricted
fund
£
868,977
9,950
292,142
302,092
(11,510)
290,582
1,159,559
1,159,559
1,159,559
1,159,559		 2023
Total
funds
£
978,246
16,748
131,867
148,615
(9,152)
139,463
1,117,709
1,117,709
1,117,709
1,117,709

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 2024

Notes
Cash flows from operating activities
Cash generated from operations
12
Net cash used in operating activities
Cash flows from investing activities
Sale of fixed asset investments
Net cash 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		 2024
£
(39,725)
(39,725)
200,000
200,000
160,275
131,867
292,142		 2023
£
(72,307)
(72,307)
-
-
(72,307)
204,174
131,867

The notes form part of these financial statements

Page 8

Unitarian College

Notes to the Financial Statements for the Year Ended 30 September 2024

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		 2024
£
35,893
200
-
17,544
10,387
117,258
3,420
-
-
184,702		 2023
£
40,721
2,040
23,524
7,029
15,471
8,476
2,094
380
5,000
104,735

Page 9

continued...

Unitarian College

Notes to the Financial Statements - continued for the Year Ended 30 September 2024

3. INVESTMENT INCOME

Investment income
INCOME FROM CHARITABLE ACTIVITIES
Activity
Lay leadership
Lay Leadership		 2024
£
22,683
2024
£
14,668		 2023
£
25,518
2023
£
24,675

4. INCOME FROM CHARITABLE ACTIVITIES

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2024 nor for the year ended 30 September 2023.

Trustees' expenses

Trustees have been reimbursed for travel and subsistence costs of £757 [2023: £998] 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
No employees received emoluments in excess of £60,000.
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
Lay Leadership
Total		 2024
1
4
5		 2023
1
2
3
Unrestricted
fund
£
104,735
24,675
25,518
154,928
36,869
6,452
172,410
11,313
227,044

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Page 10

continued...

Unitarian College

Notes to the Financial Statements - continued for the Year Ended 30 September 2024

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
8.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 October 2023
Disposals
Revaluations
At 30 September 2024
NET BOOK VALUE
At 30 September 2024
At 30 September 2023
There were no investment assets outside the UK.
Cost or valuation at 30 September 2024 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost		 Unrestricted
fund
£
57,181
(14,935)
1,132,644
1,117,709
Listed
investments
£
978,246
(179,443)
70,174
868,977
868,977
978,246
Listed
investments
£
58,868
(47,029)
57,181
70,174
729,783
868,977

Page 11

continued...

Unitarian College

Notes to the Financial Statements - continued for the Year Ended 30 September 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Taxation and social security
Other creditors
10.
MOVEMENT IN FUNDS
At
1/10/23
£
Unrestricted funds
General fund
1,117,709
TOTAL FUNDS
1,117,709
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
222,053
(270,934)
TOTAL FUNDS
222,053
(270,934)		 2024
£
3,228
8,282
11,510
Net
movement
in funds
£
41,850
41,850
Gains and
losses
£
90,731
90,731		 2023
£
-
9,152
9,152
At
30/9/24
£
1,159,559
1,159,559
Movement
in funds
£
41,850
41,850

Comparatives for movement in funds

At
1/10/22
£
Unrestricted funds
General fund
1,132,644
TOTAL FUNDS
1,132,644
Comparative 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)		 Net
movement
in funds
£
(14,935)
(14,935)
Gains and
losses
£
57,181
57,181		 At
30/9/23
£
1,117,709
1,117,709
Movement
in funds
£
(14,935)
(14,935)

Page 12

continued...

Unitarian College

Notes to the Financial Statements - continued for the Year Ended 30 September 2024

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
1/10/22
£
1,132,644
1,132,644		 Net
movement
in funds
£
26,915
26,915		 At
30/9/24
£
1,159,559
1,159,559

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
£
376,981
376,981		 Resources
expended
£
(497,978)
(497,978)		 Gains and
Movemen
losses
in funds
£
£
147,912
26,915
147,912
26,915

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2024.

12. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Gain on investments
Decrease/(increase) in debtors
Increase in creditors
Net cash used in operations		 2024
£
41,850
(90,731)
6,798
2,358
(39,725)		 2023
£
(14,935)
(57,181)
(1,021)
830
(72,307)

13. ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1/10/23
Cash flow
At 30/9/24
£
£
£
Cash at bank 131,867
160,275
292,142
131,867
160,275
292,142
Total 131,867
160,275
292,142

Page 13

Unitarian College

Detailed Statement of Financial Activities for the Year Ended 30 September 2024

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		 2024
£
35,893
200
-
17,544
10,387
117,258
3,420
-
-
184,702
22,683
14,668
222,053
5,645
3,443
12,452
6,926
(4,430)
32,552
8,916
13,914
740
80,158
134,355
7,265
11,484
1,161
578
4,063
14,560
1,471
7,705
288
182,930		 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
23,570
700
64,575
109,050
6,574
9,367
950
169
6,090
16,508
224
84
335
149,351

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 2024

Management
Brought forward
Legal and professional fees
Bank charges
Accountancy costs
General Assembly support costs
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure		 2024
£
182,930
40
66
1,740
6,000
190,776
270,934
(48,881)
20,557
(28,324)		 2023
£
149,351
5,404
70
1,644
6,000
162,469
227,044
(72,116)
-
(72,116)

This page does not form part of the statutory financial statements

Page 15