Registered number: 737408 Charity number: 237487
EAST MIDLAND UNITARIANS
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
EAST MIDLAND UNITARIANS (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Notes to the financial statements | 9 - 18 |
EAST MIDLAND UNITARIANS (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the East Midland Unitarians for the year 1 April 2022 to 31 March 2023. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of 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 (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Company
The charity continues to comply with its prime activity of the provision of religious understanding of a Unitarian faith throughout the region and to this end maintains strong contact with the various congregations.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The trustees consider that they are operating in accordance with recommendations of the Charity Commission in respect of the financial position of the trust. Shareholdings are now administered by the professional firm Redmayne Bentley and day to day income and expenses by reference to the charity's finance group. Support is given to all congregations in the East Midland District and grant applications are accepted and dealt with promptly. The financial position of the Trust at the year end is considered strong and has sufficient funding to meet all material needs. The sale proceeds of the former Newark chapel have now been incorporated into general reserves.
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EAST MIDLAND UNITARIANS (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, governance and management
a. Constitution
East Midland Unitarians is registered as a charitable company limited by guarantee and was set up by a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Plans for future periods
It is proposed that East Midland Unitarians looks to support the employment of a minister in the region to assist with congregations in Belper, Nottingham and Derby, otherwise we will progress with across region support to all congregations. The property at Ashfield Court Leicester is now tenanted and producing funding to the charity.
Reference and administrative details of the Company, its trustees and advisers
| Trustees | E Bolam |
|---|---|
| R Archer | |
| D Brown | |
| D Burton | |
| C Everton | |
| D Wykes | |
| Company registered number 737408 Charity registered number 237487 Registered office 3 Pinewood Drive Mansfield NG18 4PG |
Funds held as custodian
This charity holds investments as a custodian on behalf on the Disney Charity. The object of the Disney Charity is to advance the Christian religion by Supporting Ministers and Lay Ministers of Unitarian chapels within Lincolnshire and in the East Midland Unitarians District which supports the objects of the East Midlands Unitarians. Separate records are maintained for these investment assets to enable segregation from this charity's own assets.
Page 2
EAST MIDLAND UNITARIANS (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 2 December 2023 and signed on their behalf by:
D Brown (Trustee)
Page 3
EAST MIDLAND UNITARIANS (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent examiner's report to the Trustees of East Midland Unitarians ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2023.
Responsibilities and basis of report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
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EAST MIDLAND UNITARIANS (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Disclosure section
It has been resolved by the Trustees that an Independent Examination should be performed contrary to clause 29 in the Articles of Association. My instructions are to perform an independent examination which I have carried out.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Dated: 12 December 2023
David Wilson
FCA, CTA
Mansfield
Page 5
EAST MIDLAND UNITARIANS (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): (Losses)/gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ - - 11,121 11,121 5,681 5,681 5,440 - 5,440 (6,730) (1,290) 249,826 (1,290) 248,536 |
Unrestricted funds 2023 £ 45 533 14,132 14,710 7,866 7,866 6,844 144,286 151,130 (8,084) 143,046 326,866 143,046 469,912 |
Total funds 2023 £ 45 533 25,253 25,831 13,547 13,547 12,284 144,286 156,570 (14,814) 141,756 576,692 141,756 718,448 |
Total funds 2022 £ 583 630 14,184 15,397 48,014 48,014 (32,617) - (32,617) 27,755 (4,862) 581,554 (4,862) 576,692 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 6
EAST MIDLAND UNITARIANS (A company limited by guarantee) REGISTERED NUMBER: 737408
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
68,782 141,255 210,037 (33,951) |
2023 £ 542,362 176,086 718,448 248,536 469,912 718,448 |
68,640 166,888 235,528 (216,012) |
2022 £ 557,176 19,516 |
|---|---|---|---|---|
| 576,692 | ||||
| 249,826 326,866 |
||||
| 576,692 |
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(A company limited by guarantee) REGISTERED NUMBER: 737408
EAST MIDLAND UNITARIANS
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 02 December 2023 and signed on their behalf by:
D Brown
Trustee
The notes on pages 9 to 18 form part of these financial statements.
Page 8
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The company is a company limited by guarantee. It is incorporated and registered in England (registration number 737408). The registered office is 3 Pinewood Drive, Mansfield, Nottinghamshire, NG18 4PG.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
East Midland Unitarians 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.
2.2 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
2.9 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 10
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.10 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 Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 45 Unrestricted funds 2022 £ Donations 583 Income from charitable activities Unrestricted funds 2023 £ Subscriptions 533 |
Total funds 2023 £ 45 |
|---|---|
| Total funds 2022 £ 583 |
|
| Total funds 2023 £ 533 |
4. Income from charitable activities
Page 11
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. Income from charitable activities (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Subscriptions | 630 | 630 |
5. Investment income
| Investment properties income Income from listed investments Investment income - cash Investment income - investment properties Income from listed investments Investment income - cash |
Restricted funds 2023 Unrestricted funds 2023 £ £ 3,311 3,395 7,810 10,486 - 251 11,121 14,132 Restricted funds 2022 Unrestricted funds 2022 £ £ - 3,653 6,671 3,835 17 8 6,688 7,496 |
Total funds 2023 £ 6,706 18,296 251 |
|---|---|---|
| 25,253 | ||
| Total funds 2022 £ 3,653 10,506 25 |
||
| 14,184 |
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EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Analysis of grants
| Mansfield Old Meeting House & Belper Belper Mansfield Old Meeting House Leicester Great Meeting |
Grants to Institutions 2023 £ 5,713 Grants to Institutions 2022 £ 14,277 2,712 1,000 17,989 |
Total funds 2023 £ 5,713 |
|---|---|---|
| Total funds 2022 £ 14,277 2,712 1,000 |
||
| 17,989 |
7. Analysis of expenditure on charitable activities
Summary by fund type
| Investment property expenses Grants made Bank charges Legal and professional fees Officer expenses |
Restricted funds 2023 Unrestricted funds 2023 £ £ 5,681 - - 5,713 - 82 - 232 - 1,839 5,681 7,866 |
Total 2023 £ 5,681 5,713 82 232 1,839 |
|---|---|---|
| 13,547 |
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EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
7. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Investment property expenses Old Meeting House Grants Subscriptions and donations Legal and professional Officer expenses |
Restricted funds 2022 £ 39,397 - - - - 39,397 |
Unrestricted funds 2022 £ 2,582 2,712 1,220 13 2,090 8,617 |
Total 2022 £ 41,979 2,712 1,220 13 2,090 48,014 |
|---|---|---|---|
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, expenses totalling £211 were reimbursed or paid directly to 1 Trustee (2022 - £2090 to 1 Trustee).
9. Fixed asset investments
| Cost or valuation At 1 April 2022 Revaluations At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Listed investments £ 557,176 (14,814) |
|---|---|
| 542,362 | |
| 542,362 | |
| 557,176 |
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EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Other debtors | 68,782 | 68,640 |
11. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other creditors | 33,951 | 216,012 |
Page 15
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Retired Ministers House Fund Loughborough Unitarian Chapel Elizabeth Hopkins Total of funds |
Balance at 1 April 2022 £ 326,866 44,639 203,934 1,253 249,826 576,692 |
Income £ 14,710 5,913 5,208 - 11,121 25,831 |
Expenditure £ (7,866) (5,681) - - (5,681) (13,547) |
Gains/ (Losses) £ 136,202 (239) (6,491) - (6,730) 129,472 |
Balance at 31 March 2023 £ 469,912 |
|---|---|---|---|---|---|
| 44,632 202,651 1,253 |
|||||
| 248,536 | |||||
| 718,448 |
Page 16
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Retired Ministers House Fund Loughborough Unitarian Chapel Elizabeth Hopkins Total of funds |
Balance at 1 April 2021 £ 306,303 78,039 195,966 1,253 275,258 581,561 |
Income £ 8,709 2,296 4,392 - 6,688 15,397 |
Expenditure £ (8,617) (39,404) - - (39,404) (48,021) |
Gains/ (Losses) £ 20,471 3,708 3,576 - 7,284 27,755 |
Balance at 31 March 2022 £ 326,866 |
|---|---|---|---|---|---|
| 44,639 203,934 1,253 |
|||||
| 249,826 | |||||
| 576,692 |
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2023 Unrestricted funds 2023 £ £ 139,841 402,521 108,695 101,342 - (33,951) 248,536 469,912 |
Total funds 2023 £ 542,362 210,037 (33,951) |
|---|---|---|
| 718,448 |
Page 17
EAST MIDLAND UNITARIANS (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Restricted funds 2022 £ 146,572 135,573 (32,319) 249,826 |
Unrestricted funds 2022 £ 410,604 99,955 (183,693) 326,866 |
Total funds 2022 £ 557,176 235,528 (216,012) 576,692 |
|---|---|---|---|
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