## **Trustees’ Annual Report for the period**
**From 1st October 2024 to 30[th] September 2025**
## **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:|You may choose to include further statements where relevant about:|You may choose to include further statements where relevant about:|
|---|---|---|
|Achievements against
objectives set|Para 1.41|Strong progress on growing the College’s
activities and expanding the student body|
|Performance of fundraising
activities against objectives
set|Para 1.41|Attraction of 14.6k in live giving|
|Investment performance
against objectives|Para 1.41|Total invested assets at 30th September
2024 are now £954k|
|Other||Planned merger with another Unitarian
Charity with substantial investments is now
complete and transfer of assets is ongoing|
## **Financial Review**
|**Financial Review**|||
|---|---|---|
|Review of the charity’s
financial position at the end
of the period|Para 1.21|Deficit as budgeted|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|Investment assets of £954k held to support
the operation of the College|
|Amount of reserves held|Para 1.22|£929k investments, £105k 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 25/26|
## **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 £14.6k of live giving and
£122k of income from other Unitarian
sources. £21k of investment income was
received.|
|---|---|---|
|Investment policy and
objectives including any
social investment policy
adopted|Para 146|£954k 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:
Significant drop in student numbers
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||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
||||||
## – 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 2025**
## **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 2025**
||**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 2025**
**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 2025**
The Trustees of Unitarian College ("the Charity") present their annual report for the period ended 30 September 2025 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 for Unitarians including for children and families
## **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.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
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 children and families.
## **Fundraising activities**
Attraction of £14,681 of live giving from individuals, congregations and clusters in the year, down from £120,678 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 2025**
## **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 £75,442 [2024: £184,702] were received in the year; Charitable activities generated £36,120 [2024: £14,668]; and investment income of £16,677 [2024: £22,683] was received. The Charity incurred total costs of £317,748 [2024: £270,934] and this resulted in a deficit of £189,509 [2024: Deficit £48,881]. After providing for the unrealised gains on investments, £60,361 [2024: Surplus £90,731] a deficit of £129,148 [2024: Surplus £90,731] was added to retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2024 the Charity had investments of £929,338 [2024: £868,977] and cash funds of £105,081 [2024: £292,142].
## **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 five 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 2025**
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 2025.
## **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 2025**
|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**|2025
Unrestricted
fund
£
75,442
36,120
16,677
128,239
88,435
130
217,703
11,480
317,748
60,361
(129,148)
1,159,559
1,030,411|2024
Total
funds
£
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|
|---|---|---|
The notes form part of these financial statements
Page 6
**Unitarian College**
## **Statement of Financial Position 30 September 2025**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
**TOTAL FUNDS**|2025
Unrestricted
fund
£
929,338
10,000
105,081
115,081
(14,008)
101,073
1,030,411
1,030,411
1,030,411
1,030,411|2024
Total
funds
£
868,977
9,950
292,142
302,092
(11,510)
290,582
1,159,559
1,159,559
1,159,559
1,159,559|
|---|---|---|
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 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
13
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**|2025
£
(187,061)
(187,061)
-
-
(187,061)
292,142
105,081|2024
£
(39,725)
(39,725)
200,000
200,000
160,275
131,867
292,142|
|---|---|---|
The notes form part of these financial statements
Page 8
**Unitarian College**
**Notes to the Financial Statements for the Year Ended 30 September 2025**
## **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
Other trusts
Placements
Districts and congregations
Individuals
Hibbert Trust
**INVESTMENT INCOME**
Investment income||2025
£
16,664
-
25,354
14,743
11,900
2,781
4,000
75,442
2025
£
16,677|2024
£
35,893
200
17,544
10,387
117,258
3,420
-
184,702
2024
£
22,683|
|---|---|---|---|
Page 9
continued...
**Unitarian College**
**Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|||2025|2024|
|---|---|---|---|
||Activity|£|£|
|Lay leadership|Lay Leadership|36,120|14,668|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
## **Trustees' expenses**
Trustees have been reimbursed for travel and subsistence costs of £719 [2024: £757] 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**
Net gains on investments
**NET INCOME**|2025
1
4
5|2024
1
4
5
Unrestricted
fund
£
184,702
14,668
22,683
222,053
71,861
748
189,409
8,916
270,934
90,731
41,850|
|---|---|---|
## **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 2025**
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 October 2024
Revaluations
At 30 September 2025
**NET BOOK VALUE**
At 30 September 2025
At 30 September 2024
There were no investment assets outside the UK.
Cost or valuation at 30 September 2025 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors|2025
£
10,000|Unrestricted
fund
£
1,117,709
1,159,559
Listed
investments
£
868,977
60,361
929,338
929,338
868,977
Listed
investments
£
58,868
(47,029)
57,181
70,174
60,361
729,783
929,338
2024
£
-|
|---|---|---|
Page 11
continued...
**Unitarian College**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Taxation and social security
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1/10/24
£
1,159,559
1,159,559|2025
£
2,693
11,315
14,008
Net
movement
in funds
£
(129,148)
(129,148)|2024
£
3,228
8,282
11,510
At
30/9/25
£
1,030,411
1,030,411|
|---|---|---|---|
## **11. MOVEMENT IN FUNDS**
Net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
128,239
(317,748)
**TOTAL FUNDS**
128,239
(317,748)
**Comparatives for movement in funds**
At
1/10/23
£
**Unrestricted funds**
General fund
1,117,709
**TOTAL FUNDS**
1,117,709
Comparative 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)|Gains and
losses
£
60,361
60,361
Net
movement
in funds
£
41,850
41,850
Gains and
losses
£
90,731
90,731|Movement
in funds
£
(129,148)
(129,148)
At
30/9/24
£
1,159,559
1,159,559
Movement
in funds
£
41,850
41,850|
|---|---|---|
Page 12
continued...
**Unitarian College**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **11. 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
1/10/23
£
1,117,709
1,117,709|Net
movement
in funds
£
(87,298)
(87,298)|At
30/9/25
£
1,030,411
1,030,411|
|---|---|---|---|
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
£
350,292
350,292|Resources
expended
£
(588,682)
(588,682)|Gains and
Movemen
losses
in funds
£
£
151,092
(87,298)
151,092
(87,298)|
|---|---|---|---|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 September 2025.
## **13. 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 on investments
(Increase)/decrease in debtors
Increase in creditors
**Net cash used in operations**|2025
£
(129,148)
(60,361)
(50)
2,498
(187,061)|2024
£
41,850
(90,731)
6,798
2,358
(39,725)|
|---|---|---|
## **14. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**|At 1/10/24
Cash flow
At 30/9/25
£
£
£|
|---|---|
|Cash at bank|292,142
(187,061)
105,081|
||292,142
(187,061)
105,081|
|**Total**|292,142
(187,061)
105,081|
Page 13
**Unitarian College**
## **Detailed Statement of Financial Activities for the Year Ended 30 September 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
UCM
General Assembly
Other trusts
Placements
Districts and congregations
Individuals
Hibbert Trust
**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|2025
£
16,664
-
25,354
14,743
11,900
2,781
4,000
75,442
16,677
36,120
128,239
9,768
2,283
14,711
7,483
(3,940)
14,172
11,480
44,063
2,070
102,090
157,489
7,748
13,491
1,253
185
2,769
16,021
90
6,760
483
7,397
72
213,758|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
40
66
183,036|
|---|---|---|
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 2025**
|**Management**
Brought forward
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**|2025
£
213,758
1,800
100
215,658
317,748
(189,509)
-
(189,509)|2024
£
183,036
1,740
6,000
190,776
270,934
(48,881)
20,557
(28,324)|
|---|---|---|
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 2025**
## **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 2025**
||**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 2025**
**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 2025**
The Trustees of Unitarian College ("the Charity") present their annual report for the period ended 30 September 2025 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 for Unitarians including for children and families
## **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.
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
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 children and families.
## **Fundraising activities**
Attraction of £14,681 of live giving from individuals, congregations and clusters in the year, down from £120,678 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 2025**
## **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 £75,442 [2024: £184,702] were received in the year; Charitable activities generated £36,120 [2024: £14,668]; and investment income of £16,677 [2024: £22,683] was received. The Charity incurred total costs of £317,748 [2024: £270,934] and this resulted in a deficit of £189,509 [2024: Deficit £48,881]. After providing for the unrealised gains on investments, £60,361 [2024: Surplus £90,731] a deficit of £129,148 [2024: Surplus £90,731] was added to retained funds. Thus supporting operations for the foreseeable future.
At 30 September 2024 the Charity had investments of £929,338 [2024: £868,977] and cash funds of £105,081 [2024: £292,142].
## **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 five 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 2025**
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 2025.
## **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 2025**
|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**|2025
Unrestricted
fund
£
75,442
36,120
16,677
128,239
88,435
130
217,703
11,480
317,748
60,361
(129,148)
1,159,559
1,030,411|2024
Total
funds
£
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|
|---|---|---|
The notes form part of these financial statements
Page 6
**Unitarian College**
## **Statement of Financial Position 30 September 2025**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
**TOTAL FUNDS**|2025
Unrestricted
fund
£
929,338
10,000
105,081
115,081
(14,008)
101,073
1,030,411
1,030,411
1,030,411
1,030,411|2024
Total
funds
£
868,977
9,950
292,142
302,092
(11,510)
290,582
1,159,559
1,159,559
1,159,559
1,159,559|
|---|---|---|
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 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
13
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**|2025
£
(187,061)
(187,061)
-
-
(187,061)
292,142
105,081|2024
£
(39,725)
(39,725)
200,000
200,000
160,275
131,867
292,142|
|---|---|---|
The notes form part of these financial statements
Page 8
**Unitarian College**
**Notes to the Financial Statements for the Year Ended 30 September 2025**
## **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
Other trusts
Placements
Districts and congregations
Individuals
Hibbert Trust
**INVESTMENT INCOME**
Investment income||2025
£
16,664
-
25,354
14,743
11,900
2,781
4,000
75,442
2025
£
16,677|2024
£
35,893
200
17,544
10,387
117,258
3,420
-
184,702
2024
£
22,683|
|---|---|---|---|
Page 9
continued...
**Unitarian College**
**Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|||2025|2024|
|---|---|---|---|
||Activity|£|£|
|Lay leadership|Lay Leadership|36,120|14,668|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
## **Trustees' expenses**
Trustees have been reimbursed for travel and subsistence costs of £719 [2024: £757] 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**
Net gains on investments
**NET INCOME**|2025
1
4
5|2024
1
4
5
Unrestricted
fund
£
184,702
14,668
22,683
222,053
71,861
748
189,409
8,916
270,934
90,731
41,850|
|---|---|---|
## **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 2025**
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 October 2024
Revaluations
At 30 September 2025
**NET BOOK VALUE**
At 30 September 2025
At 30 September 2024
There were no investment assets outside the UK.
Cost or valuation at 30 September 2025 is represented by:
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors|2025
£
10,000|Unrestricted
fund
£
1,117,709
1,159,559
Listed
investments
£
868,977
60,361
929,338
929,338
868,977
Listed
investments
£
58,868
(47,029)
57,181
70,174
60,361
729,783
929,338
2024
£
-|
|---|---|---|
Page 11
continued...
**Unitarian College**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Taxation and social security
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1/10/24
£
1,159,559
1,159,559|2025
£
2,693
11,315
14,008
Net
movement
in funds
£
(129,148)
(129,148)|2024
£
3,228
8,282
11,510
At
30/9/25
£
1,030,411
1,030,411|
|---|---|---|---|
## **11. MOVEMENT IN FUNDS**
Net movement in funds, included in the above are as follows:
|Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
128,239
(317,748)
**TOTAL FUNDS**
128,239
(317,748)
**Comparatives for movement in funds**
At
1/10/23
£
**Unrestricted funds**
General fund
1,117,709
**TOTAL FUNDS**
1,117,709
Comparative 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)|Gains and
losses
£
60,361
60,361
Net
movement
in funds
£
41,850
41,850
Gains and
losses
£
90,731
90,731|Movement
in funds
£
(129,148)
(129,148)
At
30/9/24
£
1,159,559
1,159,559
Movement
in funds
£
41,850
41,850|
|---|---|---|
Page 12
continued...
**Unitarian College**
## **Notes to the Financial Statements - continued for the Year Ended 30 September 2025**
## **11. 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
1/10/23
£
1,117,709
1,117,709|Net
movement
in funds
£
(87,298)
(87,298)|At
30/9/25
£
1,030,411
1,030,411|
|---|---|---|---|
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
£
350,292
350,292|Resources
expended
£
(588,682)
(588,682)|Gains and
Movemen
losses
in funds
£
£
151,092
(87,298)
151,092
(87,298)|
|---|---|---|---|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 September 2025.
## **13. 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 on investments
(Increase)/decrease in debtors
Increase in creditors
**Net cash used in operations**|2025
£
(129,148)
(60,361)
(50)
2,498
(187,061)|2024
£
41,850
(90,731)
6,798
2,358
(39,725)|
|---|---|---|
## **14. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**|At 1/10/24
Cash flow
At 30/9/25
£
£
£|
|---|---|
|Cash at bank|292,142
(187,061)
105,081|
||292,142
(187,061)
105,081|
|**Total**|292,142
(187,061)
105,081|
Page 13
**Unitarian College**
## **Detailed Statement of Financial Activities for the Year Ended 30 September 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
UCM
General Assembly
Other trusts
Placements
Districts and congregations
Individuals
Hibbert Trust
**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|2025
£
16,664
-
25,354
14,743
11,900
2,781
4,000
75,442
16,677
36,120
128,239
9,768
2,283
14,711
7,483
(3,940)
14,172
11,480
44,063
2,070
102,090
157,489
7,748
13,491
1,253
185
2,769
16,021
90
6,760
483
7,397
72
213,758|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
40
66
183,036|
|---|---|---|
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 2025**
|**Management**
Brought forward
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**|2025
£
213,758
1,800
100
215,658
317,748
(189,509)
-
(189,509)|2024
£
183,036
1,740
6,000
190,776
270,934
(48,881)
20,557
(28,324)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 15