iritualit*.
Kensington Unitarians
112 Palace Gardens Terrace. Notting Hill Gate, London W8 4RT
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Annual Report 2024
**Essex Unitarian Chapel and Minister’s House**
## **Annual Report for the year ended 31[st] December 2024**
## **Name of Charity**
Essex Unitarian Chapel and Minister’s House and Other Charities, as shown, known locally as Kensington Unitarians, 112 Palace Gardens Terrace, Kensington, London W8 4RT.
## **Charitable Registration**
The church is registered as Charity number 230789. The original governing instrument is a conveyance dated 7th January 1783 and modified by schemes dated 9[th] December 1884, 15[th] January 1973 and 18[th] April 1986, which last incorporated the remaining eight charities.
## **Trustees**
Liz Tuckwell (chair) Patricia Brewerton (treasurer) Brian Ellis Heidi Ferid-Hands Harold Lorenzelli Howard Hague The British and Foreign Unitarian Association
The Custodian Trustee is the British and Foreign Unitarian Association Incorporated.
## **Minister**
Rev. Dr. Jane Blackall (appointed 1 May 2023) 20 Manchester Grove, London E14 3BG
## **Treasurer**
Patricia Brewerton,
5 Valerio Mews, London, N1 4FB
## **Warden**
Ramona Cristea Warden’s Flat, 112 Palace Gardens Terrace, London W8 4RT
## **Independent Examiner**
Adam Fullerton FCA DChA
Moore Kingston Smith LLP, Chartered Accountants 6[th] Floor, 9 Appold Street, London, EC2A 2AP
## **Investment Advisers**
Citi Quilter,
4th Floor, The Pinnacle, 73 King Street, Manchester, M2 4NG
## **Bankers**
CAF Bank Ltd,
25 King’s Hill Avenue, King’s Hill, West Malling, Kent, ME19 4TA
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**Essex Unitarian Chapel and Minister’s House Annual Report for the year ended 31[st] December 2024**
The Trustees submit their annual report together with the financial statements of Essex Unitarian Church for the year ended 31 December 2024. The Trustees have adopted the provisions of "Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP FRS 102).
## **The Charity’s Purpose and Objectives:**
## **Charitable Purpose and Policies**
The purpose of the charity is to perpetuate public worship and to celebrate divine service every Sunday in the Unitarian manner.
## **Public Benefit**
The Trustees have had due regard to the guidance issued by the Charity Commission on public benefit when reviewing the charity’s objectives and planning future activities.
## **Aims and Activities of the Charity**
We are here to worship, to welcome spiritual seekers, to explore our diverse faith lives, to share our experiences, to learn from each other, and to offer companionship on life’s journey (including visiting the sick and comforting the bereaved). We advance Unitarianism in West London and beyond for the benefit of the public through the holding of open Sunday services; celebrating rites of passage and multi-faith festivals; offering programmes for religious education, spiritual development, and social connection; producing and distributing Unitarian literature. The church also provides meeting spaces for other spiritual and social groups in accord with our progressive religious ethos.
## **Structure, Governance and Management**
The running of the church is under the control of the management committee with the trustees having overall responsibility for finance and staff employment. Trustees are appointed by invitation with a maximum number of 9 trustees to serve. They manage the charity by means of regular meetings, typically meeting eight times a year. The management committee is elected at the AGM with casual vacancies filled during the year. New trustees are given copies of the church accounts and previous Annual Reports along with a Charity Commission booklet explaining the responsibilities of trustees and a verbal explanation of how the church is organised.
The trustees who have served during the year are listed, with other key personnel, on page 1.
## **Review of Activities**
During 2024 the trustees continued to work towards key objectives identified during previous AGMs and developed new initiatives in response to changes in the context in which we operate. In particular these objectives remain:
- Our commitment to maintaining a high standard in public progressive religious worship.
- Making our congregation more visible to the wider world through further developing a high-quality presence in digital media.
- Opening up new opportunities for people who are unable to attend in-person activities due to work, health, family, or caring responsibilities, and those who are geographically isolated, to take full part in the life of the church through integrated online programming.
- Widening the number of people actively involved in congregational life by offering opportunities for people to take on leadership roles, to help facilitate and actively participate in a varied programme of small group activities in-person and online, and to volunteer for tasks which support the life of the church.
- 2 -
- The on-going maintenance and improvement of our church building and its facilities.
- Hiring space to groups whose activities are in accord with our ethos and enabling some local groups to use our building at low cost.
- Encouraging congregation members to participate in national Unitarian events, both in-person and online, in order to forge links with our wider movement.
## **Future Aims and Objectives**
These objectives will continue to shape the trustees’ future plans, with a renewed focus on developing high -quality hybrid activities which are accessible to both in-person and online congregation members, and a continuing emphasis on maintaining and improving facilities within our building. As always, we commit ourselves to welcoming all who seek an open-minded and open-hearted spiritual community, reaching out to work with others, and connecting with other local groups for the benefit of our wider community.
## **Risks**
The major risk is generating enough income to finance appropriate levels of staffing to facilitate the continuing ministry of the church and its future development. The trustees and staff have worked to encourage donations and to reduce costs during this time of ongoing global uncertainty. Trustees continue to review the risks to which the charity is exposed, systems have been established to mitigate those risks, and temporary financial losses are being managed prudently in order to ensure longer term recovery.
## **Financial Review**
The results for the year are set out in the statement of financial activities on page 6 and the position at the end of the year is shown in the balance sheet on page 7. The total income for the year was £202,788, compared to £240,194 in 2023 and expenditure was £168,609 compared to £140,131 in 2023, which resulted in a surplus of £32,440 (2023: £134,829) after the loss on the revaluation of investments of £1,739 (2023: gain of £34,766). Excluding gains and losses on investments a surplus of £34,179 for the year was achieved compared to £100,063 in 2023.
## **Policy on Reserves**
The Church’s unrestricted funds at 31 December 2024 were £831,295 of which £9,246 was held in fixed assets leaving free reserves of £822,049. The church has invested most of the reserves in funds expected to give a reasonable rate of interest, while keeping accessible enough to cover three month’s running costs, and to fund anything but very major repairs to the building.
## **Restrictions on Funds**
All Funds/Trusts under the control of the Trustees are for the benefit of the Church other than Carlisle Income Fund (income may be expended at the sole discretion of the Minister) and Stock Bequest (income must be used for Church music). We are working towards merging the small trusts, except the Stock Bequest and the Lindsey Hall Trust, into the main Essex Church charity, in which case Carlisle Income Fund will be replaced by a sum from general church funds, agreed by the trustees, being set aside for the minister’s discretionary use.
## **Investment Performance**
Having consulted financial advisors attached to the Unitarian and Free Christian General Assembly, the church divided their financial reserves between short and long-term investments, bearing in mind their duty to invest safely and sensibly.
## **Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to:
- 3 -
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles in the Charities SORP FRS 102.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved on behalf of the Trustees:
**……………………………………..**
## **Elizabeth Tuckwell Chair of the Congregation**
## Date: ……………………………….
- 4 -
- The on-going maintenance and improvement of our church building and its facilities.
- Hiring space to groups whose activities are in accord with our ethos and enabling some local groups to use our building at low cost.
- Encouraging congregation members to participate in national Unitarian events, both in-person and online, in order to forge links with our wider movement.
## **Future Aims and Objectives**
These objectives will continue to shape the trustees’ future plans, with a renewed focus on developing high-quality hybrid activities which are accessible to both in-person and online congregation members, and a continuing emphasis on maintaining and improving facilities within our building. As always, we commit ourselves to welcoming all who seek an open-minded and open-hearted spiritual community, reaching out to work with others, and connecting with other local groups for the benefit of our wider community.
## **Risks**
The major risk is generating enough income to finance appropriate levels of staffing to facilitate the continuing ministry of the church and its future development. The trustees and staff have worked to encourage donations and to reduce costs during this time of ongoing global uncertainty. Trustees continue to review the risks to which the charity is exposed, systems have been established to mitigate those risks, and temporary financial losses are being managed prudently in order to ensure longer term recovery.
## **Financial Review**
The results for the year are set out in the statement of financial activities on page 6 and the position at the end of the year is shown in the balance sheet on page 7. The total income for the year was £202,788, compared to £240,194 in 2023 and expenditure was £168,609 compared to £140,131 in 2023, which resulted in a surplus of £32,440 (2023: £134,829) after the loss on the revaluation of investments of £1,739 (2023: gain of £34,766). Excluding gains and losses on investments a surplus of £34,179 for the year was achieved compared to £100,063 in 2023.
## **Policy on Reserves**
The Church’s unrestricted funds at 31 December 2024 were £831,295 of which £9,246 was held in fixed assets leaving free reserves of £822,049. The church has invested most of the reserves in funds expected to give a reasonable rate of interest, while keeping accessible enough to cover three month’s running costs, and to fund anything but very major repairs to the building.
## **Restrictions on Funds**
All Funds/Trusts under the control of the Trustees are for the benefit of the Church other than Carlisle Income Fund (income may be expended at the sole discretion of the Minister) and Stock Bequest (income must be used for Church music). We are working towards merging the small trusts, except the Stock Bequest and the Lindsey Hall Trust, into the main Essex Church charity, in which case Carlisle Income Fund will be replaced by a sum from general church funds, agreed by the trustees, being set aside for the minister’s discretionary use.
## **Investment Performance**
Having consulted financial advisors attached to the Unitarian and Free Christian General Assembly, the church divided their financial reserves between short and long-term investments, bearing in mind their duty to invest safely and sensibly.
## **Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Charity law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the
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**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES**
I report to the trustees on my examination of the accounts of the above charity for the year ended 31 December 2024.
## **Respective responsibilities of trustees and examiner**
As the charity's trustees 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 Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 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 accordance with section 130 of the Charities Act; or
- (2) the accounts did not accord with the accounting records; or
- (3) the accounts did 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.
## **Adam Fullerton FCA DChA**
For and on behalf of Moore Kingston Smith LLP Chartered Accountants
Date: 6 October 2025
6[th ] Floor 9 Appold Street London EC2A 2AP
- 5 -
## **ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|||**2024**|**2024**|**2024**|**2024**|**2024**|**2023**|
|---|---|---|---|---|---|---|---|
|||**Unrestricted**|**Endowment**|**Restricted**||**Total**|**Total**|
|||**Funds £**|**Funds £**|**Funds £**||**Funds**|**Funds**|
|||||||**£**|**£**|
|**Income from:**||||||||
|Donations and legacies||11,709|-|-||11,709|62,240|
|Investments:||||||||
|Dividends||16,459|-
|-||16,459|20,136|
|Bank interest||5,907|-|-||5,907|4,777|
|Other trading activities:||||||||
|Lettings income||168,713|-|-||168,713|153,041|
|**Total income**||202,788|-
|-||202,788|240,194|
|**Expenditure on:**||||||||
|Raising funds|**2**|76,570|-|-||76,570|46,840|
|Charitable activities|**3**|93,462|-|-||93,462|93,291|
|**Total expenditure**||170,032|-|-||170,032|140,131|
|Net (loss)/gain on investments|**7**|(10,113)|433|7,941||(1,739)|34,766|
|**Net income**||22,643|433|7,941||31,017|134,829|
|Transfers between funds|**11**|-|-||-|-|-|
|**Net movement in funds**||22,643|433|7,941||31,017|134,829|
|**Reconciliation of funds:**||||||||
|Funds brought forward||807,229|1,371,453|117,852||2,296,534|2,161,705|
|**Funds carried forward**|**11**|829,872|1,371,886|125,793||2,327,551|2,296,534|
In the previous year income included restricted dividends of £6,565 and net gain on investments included gain of £741 on restricted funds and loss of £311 on endowment funds.
- 6 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **BALANCE SHEET AS AT 31 DECEMBER 2024**
|**Notes**
ets
**6**
**7**
**s**
**8**
and in hand
**9**
**ounts falling due within one year**
**10**
**sets**
**ts**
**he charity**
unds
**11**
come funds
**11**
funds
**11**|**2024**
**Total**
**Funds**
**£**
**2022**
**Total**
**Funds**
**£**
1,331,955
1,333,211
723,137
630,635|
|---|---|
||2,055,092
1,963,846|
||24,518
23,917
277,963
342,358|
||302,481
366,275|
||28,599
33,587|
||28,599
33,587|
|||
||273,882
332,688|
|||
||2,328,974
2,296,534
1,371,886
1,371,453
125,793
117,852
831,295
807,229|
||2,328,974
2,296,534|
Approved by the trustees on ..................... and signed on their behalf by:
Elizabeth Tuckwell
- 7 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 Accounting policies**
## **Accounting convention**
The financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Statement of Recommended Practice (SORP) 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) (Charities SORP FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Essex Unitarian Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.
The financial statements are prepared in pounds sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
## **Income**
Donations are recognised when the charity has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from legacies is recognised when there has been a grant of probate, the executors have established that there are sufficient assets in the estate to pay the legacy, and any conditions attached to the legacy are within the charity's control or have been met.
Grant income is recognised when a formal offer is made in writing to the Society, unless the grant contains terms and conditions which must be met before the charity is entitled to the funds.
Income from investments, is stated at the amount receivable.
Lettings income is recognised on a receivable basis.
## **Expenditure**
Expenditure is recognised when there is a legal or constructive obligation to transfer resources to a third party, settlement is probable and the amount can be measured reliably. Expenditure is stated gross of irrecoverable VAT and has been classified under headings that aggregate all costs related to the category.
Support costs are allocated between raising funds and charitable activities based on the usage of the building.
## **Financial instruments**
Other than investments, the charity only has financial instruments of a kind that qualify as basic financial instruments. Short term debtors and creditors are measured at their settlement value. Any losses from impairment are recognised in the statement of financial activities.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand and current and fixed term deposits with banks that are accessible within 95 days.
- 8 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 Accounting policies continued**
## **Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for any other purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use if each restricted fund us set out in the notes to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally the church building and the investments. The income arising on The Carlisle endowment fund can be spent at the discretion of the minister. The income arising on the other endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.
## **Tangible fixed assets**
Fixed assets (excluding investments and the freehold property) are stated at cost less accumulated depreciation. The costs of minor additions, or those costing below £400 are not capitalised.
Fixtures, fittings and works of art are depreciated at rates of 10% or 20% on cost per annum, depending on the estimated useful life of the asset. Computer equipment is depreciated on a straight line basis over 3 years.
Freehold property is included at the balance sheet at its deemed cost plus the cost of subsequent improvements. The freehold property is not depreciated as in the opinion of the trustees the estimated residual value and useful economic life of the property are sufficiently high that any depreciation would be immaterial.
## **Investments**
Investments held are stated at fair value. All movements in valuation are taken to the Statement of Financial Activities.
## **Pension costs**
The charity contributes to the Ministers Pension Fund. The assets of the scheme are held separately from those of the charity in an independently administered fund. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. However because it is not possible to attribute the scheme's assets and liabilities to specific employees, its contributions are accounted for as if it were a defined contribution scheme. The pension cost charge represents contributions payable by the charity to the fund totaling £4,098 (2023: £nil).
The most recent actuarial valuation was carried out on 31 December 2022. The valuation revealed a surplus of £394,000.
The charity also operates a defined contribution scheme for the benefit of the other employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable. The charge for the year was £1,497 (2023: £3,619).
## **Status**
The Church is a registered charity in England and Wales. The address of the registered office is given in the Report of the Trustees.
- 9 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1 Accounting policies continued**
## **Significant estimates and judgements**
The key sources of estimation uncertainty at the balance sheet date relate to the assessment of the useful life and the residual value of the charity’s freehold property, which is included in the financial statements at its cost of £1,322,709 including land. The trustees consider that the charity will make use of the property for at least 50 years, and that, because they intend to maintain the property to at least its current condition, the value of the property in today’s prices if it were at the end of its useful life is not less than its cost.
## **2 Expenditure on raising funds**
|Staff costs
Support costs (Note 4)|**2024**
**Total**
**Funds**
**£**
**2023**
**Total**
**Funds**
**£**
14,690
12,375
61,880
34,465|
|---|---|
||76,570
46,840|
## **3 Expenditure on charitable activities**
|Staff costs
Staff courses & training
Congregational costs
Music
Donations, grants & projects
Support costs (Note 4)|**2024**
**Total**
**Funds**
**£**
**2023**
**Total**
**Funds**
**£**
55,070
50,264
7,701
4,576
12,596
3,888
13,515
11,060
2,025
2,232
2,555
21,271|
|---|---|
||93,462
93,291|
## **4 Support costs**
|Insurance
Utilities
Cleaning
Repairs and maintenance
Office costs
Professional Fees
Depreciation
_Governance costs_
Fees paid to examiner:
Independent Examination fees
Accountancy and payroll fees|**2024**
**Total**
**Funds**
**£**
**2023**
**Total**
**Funds**
**£**
4,953
4,410
7,851
9,881
6,490
4,340
7,502
6,169
24,734
24,495
5,700
354
2,555
2,402
4,200
2,400
450
1,285|
|---|---|
||64,435
55,736|
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**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **5 Employee costs**
There was an average of two employees in the financial year (2023: 2). The significant volume of voluntary contribution to the life of the Church by members of the congregation is not quantified in these accounts.
|Ministry Coordinator
Minister
Warden
Congregational Development Coordinator
Social security costs
Pension contributions
**Employee costs**
Locum preachers
Co-host fees
**Total staff costs**
**Average number of staff:**
31 December 2024
31 December 2023|**Ministry**
**£**
**Church**
**Running**
**£**
**2024**
**Total**
**£**
**2023**
**Total**
**£**
-
-
-
12,484
43,187
-
43,187 27,260
-
13,296
13,296
12,021
3,432
-
3,432
3,602
423
-
423
-
4,201
1,394
5,595
3,619|
|---|---|
||51,243
14,690
65,933
58,986
1,940
-
1,940
1,670
1,887
-
1,887
1,983|
||55,070
14,690
69,760
62,639|
||1
1
2
1
1
2|
No employee earned over £60,000 during the year.
Key management personnel are considered to be the trustees, the minister, the treasurer and the churchwarden. Total remuneration to key management personnel in 2024 was £59,915 (2023: £46,611.)
The trustees are not remunerated. Fees are paid to trustees for officiating at services and preaching. During the year the following fees were paid to zero (2023: two) trustees for such services: choir fees £nil (2023: £210), Conference Delegate Fees £nil (2023: £426) and Co-host fees £nil (2023: £30).
There are no other related party transactions to disclose.
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**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**6 Fixed tangible assets**
**Cost**
At 1st January 2024
Additions
At 31st December 2024
**Depreciation**
At 1st January 2024
Charge for the year
At 31st December 2024
**Net Book Value**
At 31st December 2024
At 31st December 2023|**Freehold**
**Property**
**Fixtures &**
**Fittings**
**£**
**£**
1,322,709
93,971
-
1,299|**Total**
**£**
1,416,680
1,299|
|---|---|---|
||1,322,709
95,270|1,417,979|
||-
83,469
-
2,555|83,469
2,555|
||-
86,024|86,024|
||1,322,709
9,246|1,331,955|
||||
||1,322,709
10,502|1,333,211|
The Freehold property relates to the Essex Church building in Palace Gardens Terrace.
## **7 Listed investments**
|**7 Listed investments**||||||
|---|---|---|---|---|---|
||**General**|**The Stock The Carlisle**||**Endowment**||
||**Fund**|**Bequest**|**Fund**|**Fund**|**Total**|
||**£**|**£**|**£**|**£**|**£**|
|Market value at 1 January 2024|501,971|109,567|11,152|7,945|630,635|
|Add: Additions at cost|300,298|-|-|-|300,298|
|Less: Disposals|(88,549)|(117,508)|-|-|(206,057)|
|Net losses on revaluation|(10,113)|7,941|254|179|(1,739)|
|Market value at 31 December 2024|703,607|-|11,406|8,124|723,137|
UK investments total £723,137 as at the year end.
## **8 Debtors**
|Trade debtors
Other debtors
Prepayments|**2024**
**2023**
**£**
**£**
20,721
18,135
1,321
3,023
2,476
2,759|
|---|---|
||24,518
23,917|
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**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **9 Cash at bank and in hand**
|**Cash at bank and in hand**||
|---|---|
|Cash at bank and on deposit
Cash held for rent deposit (see below)
Cash held by Stockbroker|**2024**
**2023**
**£**
**£**
273,371
287,573
4,592
4,481
-
50,304|
||277,963
342,358|
This balance represents a rental deposit received from Lucy Williamson under a revised Rent Security Deposit Deed dated August 2007. According to the revised terms of the Deed, the deposit represented half of the revised annual rent in the prior period, and approximately one month's rent for the current period, and must be held in an interest bearing account in the name of the trustees. All interest earned on this account is payable to Miss Williamson on written request.
## **10 Creditors : amounts falling due within one year**
|Social security & pensions
Accounts Payable
Accruals and deferred income
Other creditors
Rent deposit|**2024**
**£**
(80)
20
25,601
-
4,481|**2023**
**£**
233
7
28,166
700
4,481|
|---|---|---|
||30,022|33,587|
Income is deferred on the letting of the nursery billed quarterly and other room hires billed in advance. Movement on deferred income is as follows:
|As at 1 January
Released
Additions
As at 31 December|**2024**
**£**
23,396
(23,396)
20,501|**2023**
**£**
4,620
(4,620)
23,396|
|---|---|---|
||20,501|23,396|
- 13 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11 Fund analysis**
|**Current year**
Endowment funds
Restricted funds
Unrestricted funds
**Total Funds**
**_Endowment Funds_**
Permanent Endowment
Carlisle Capital Fund
Theophilus Lindsey
Percival North
Harriet Pearson
Thomas Scott
Mrs M L Whyte
Lindsey Hall
**Total endowment funds**|**Expenditure**
**and net**
**gain/(loss)**
**Brought**
**on**
**Carried**
**forward**
**Income investments**
**Transfers**
**forward**
1,371,453
-
433
-
1,371,886
117,852
-
7,941
-
125,793
807,229
202,788
(178,722)
-
831,295|
|---|---|
||2,296,534
202,788
(170,348)
-
2,328,974|
||1,316,255
-
179
-
1,316,434
9,552
-
254
-
9,806
2,378
-
-
-
2,378
535
-
-
-
535
1,464
-
-
-
1,464
2,162
-
-
-
2,162
2,825
-
-
-
2,825
36,282
-
-
-
36,282|
||1,371,453
-
433
-
1,371,886|
The endowments listed above comprise the original charity, known from 1793 as the Essex Unitarian Chapel and Minister's House, together with a number of other charities founded between the 19th and 20th centuries. These have been brought together by a number of Schemes of the Charity Commissioners, the most recent dated 18 April 1986. Under the terms of the Scheme, these charities are administered as a single charitable body. The smaller charities are accounted for as Endowment Funds, with the exception of the Stock bequest (for the Choir Fund).
The permanent endowment fund consists of the deemed cost of the property from which the charity operates and is not a readily convertible asset.
## _**Restricted funds**_
Restricted funds relate to the A R Stock Bequest Fund which is held for the use of the choir. During the year transfers of £nil (2023: £6,565) were made from this fund to unrestricted funds because any income arising from the investments can be used at the discretion of the trustees.
- 14 -
**ESSEX UNITARIAN CHAPEL AND MINISTERS HOUSE**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11 Fund analysis (continued)**
||**Fund analysis (continued)**||||||
|---|---|---|---|---|---|---|
|||||**Expenditure**|||
|||||**and net**|||
|||||**gain/(loss)**|||
|||**Brought**||**on**||**Carried**|
||**Prior year**|**forward**|**Income**|**investments**|**Transfers**|**forward**|
||Endowment funds|1,371,764|-|(311)|-|1,371,453|
||Restricted funds|117,111|6,565|741|(6,565)|117,852|
||Unrestricted funds|672,830|233,629|(105,795)|6,565|807229|
||**Total Funds**|2,161,705|240,194|(105,365)|-|2,296,534|
||**Endowment Funds**||||||
||Permanent Endowment|1,316,255|-|-|-|1,316,255|
||Carlisle Capital Fund|10,542|-|(990)|-|9,552|
||Theophilus Lindsey|2,378|-|-|-|2,378|
||Percival North|535|-|-|-|535|
||Harriet Pearson|1,464|-|-|-|1,464|
||Thomas Scott|2,162|-|-|-|2,162|
||Mrs M L Whyte|2,825|-|-|-|2,825|
||Lindsey Hall|35,603|-|679|-|36,282|
||**Total endowment funds**|1,371,764|-|(311)|-|1,371,453|
## **12 Analysis of net assets between funds**
|**Current year**
Tangible assets
Investments
Net assets
**Prior year**
Tangible assets
Investments
Net assets|**Unrestricted**
**Endowment**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2024**
**2024**
**2024**
**£**
**£**
**£**
**£**
9,246
1,322,709
-
1,331,955
703,607
19,530
-
723,137
118,442
29,647
125,793
273,882|
|---|---|
||831,295
1,371,886
125,793
2,328,974|
||**Unrestricted**
**Endowment**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**Funds**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
10,502
1,322,709
-
1,333,211
501,971
19,097
109,567
630,635
294,756
29,647
8,285
332,688|
||807,229
1,371,453
117,852
2,296,534|
- 15 -