**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:
- 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 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
3. 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