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2024-09-30-accounts

Charity number: 250788

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 6
Independent auditors' report on the financial statements 7 - 10
Consolidated statement of financial activities 11 - 12
Consolidated balance sheet 13 - 14
Charity balance sheet 15 - 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 52

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Trustees Rev Dr Rob Whiteman, Hon. Treasurer (until 6 April 2024)
Rev. C M Cartwright (resigned 5 February 2024)
Ms J Jacobs
Rev. J James
Mr S Hall
Mr A J Bates, Hon. Treasurer (from 7 April 2024)
Rev W Thomas (resigned 7 March 2024)
Ms S Morrison (appointed 5 October 2023, resigned 23 October 2024)
Ms S Benfield
Mr Z Baker (appointed 31 August 2024)
Rev L Dobson (appointed 31 August 2024)

Charity registered number 250788 Principal office Essex Hall 1-6 Essex Street London WC2R 3HY Chief officer Ms E Slade Independent auditors Shaw Gibbs (Audit) Limited 264 Banbury Road Oxford OX2 7DY Investment advisors BNY Mellon Fund Managers Ltd London Branch One Canada Square Canary Wharf London E14 5AL

Page 1

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 October 2023 to 30 September 2024.

Members during the year: Rev Dr Rob Whiteman (Hon Treasurer until 6 April 2024) Rev. C M Cartwright (resigned 5 February 2024) Ms J Jacobs Rev. J James Mr S Hall Mr A J Bates (Hon Treasurer from 7 April 2024) Rev W Thomas (resigned 7 March 2024) Ms S Morrison (appointed 5 October 2023, resigned 23 October 2024) Ms S Benfield Mr Z Baker (appointed 31 August 2024) Rev L Dobson (appointed 31 August 2024)

The Executive Committee (EC) acts as the trustee body of the General Assembly (GA) and is responsible for determining the overall direction and development of the GA in line with the decisions and policies agreed at the Annual Meetings and the requirements of charity law and other legal requirements. The Executive Committee provides strategic leadership, appoints the Chief Officer, and is responsible for ensuring the effective use of the assets of the General Assembly. Executive Committee members are not representatives of individual districts or areas of the country but must act in the best interests of the General Assembly as a charity.

Purpose and objectives

a. Object

To promote a free and inquiring religion through the worship of God and the celebration of life; the service of humanity and respect for all creation; and the upholding of the liberal Christian tradition.

b. 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.

c. Constitution

The General Assembly Of Unitarian & Free Christian Churches is a registered charity (No 250788 and is constituted under a Trust Deed.

Achievements and performance

a. Main achievements of the Charity

A major focus for the General Assembly this year has been an investment in leadership for our denomination.

We were delighted that the membership voted in support of the development of our Innovation Challenge Fund – a matched funding scheme whereby the GA will contribute financially to locally led schemes that serve beyond the congregation’s current membership. Beyond the financial support, we are recruiting a Programme Manager who will walk alongside congregations to support them in the development of their ideas, the shaping of an application, and in implementing the project for successful applicants. We know that not all congregations are ready to go with a large multi-year project, and so we are also offering smaller development grants so that

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Achievements and performance (continued)

congregations can prepare the ground. This is a scheme that will run for 5+years, and so is a major commitment to help congregations find their next chapter.

We know that many congregations are looking at an uncertain future, after several decades of declining participation, followed by the disruption of COVID. Those congregations that we see thriving are doing so because they have leaders – usually ministers or formal lay leaders, and always supported by an able group of volunteers – who are holding a clear vision and have the skills to bring it into being. This is why investment in leadership is so important for the future of our denomination.

An important area of focus this year has been taking steps towards the GA becoming a Charitable Incorporated Organisation, following the resolutions in 2023, and in 2024. We are grateful to all those who have taken part in the consultation process, giving feedback over the summer, and joining our review call in the autumn. All comments, large and small, have been considered and we have been working with the solicitors to revise the new CIO constitution accordingly. As part of the preparation for this change it was mutually agreed with The Nightingale Centre (TNC) that TNC would become a fully independent Charity and a member of the GA in its own right rather than a subsidiary of the GA as at present. This was approved by the Charity Commission and put into effect on 11 September 2024. Henceforth TNC assets and liabilities or costs included up to the change, will no longer be reported in the GA accounts.

Our intention with these constitutional changes is not to make any substantive changes to the principles of how we work, but to move to the new charitable structure in an efficient and straight forward manner.

We congratulate the staff team for launching the Congregational Support Toolkit, which, as it develops, will become the one-stop-shop for information, resources, templates, and guidance for a smooth-running congregation. Some will remember the printed ‘Help is at Hand’ guidance that the GA used to produce. This Toolkit builds on that work, and the online format means it is easier to direct people to the most up to date information and reach all who need it. Beyond the static resources, we are hosting a growing pattern of online gatherings and communication channels (such as the Safeguarding Network, and the Admin Network) where volunteers, staff, and ministers across the country can get together to share their experiences and resources, and to be in fellowship with one another.

b. Ministry

We are glad to welcome Laura Dobson and Zac Baker as new co-opted EC members this year.

2024’s anniversary service saw us welcome Arek Malecki, Jennifer Sanders, and Lynda Kane onto the GA roll of ministers, with a chance to celebrate their journey into ministry to date and wish them well in their service to the movement and beyond. It was wonderful to welcome so many members of the Non-Subscribing Presbyterian Church of Ireland, our nearest siblings, to the annual meetings to support Lynda; we are glad to strengthen our connections. We also welcomed Zsolt Elekes, International Affairs Officer of the Hungarian Unitarian Church, as well as several representatives of the Czech Unitarian Council, and Alicia Forde, then Director of the Unitarian Universalist Association’s International Office. Our links with Unitarian, Free Christian and kindred congregations around the world are important to sustain.

We are grateful to the congregations, districts, societies, and individuals who have supported people to take the step into worship leader training via Unitarian College’s Foundation, Intermediate and Advanced Worship Studies Courses. As well as benefiting from people with strong skills in designing and leading worship, and developing their leadership skills in support of our congregations, it’s wonderful to see the relationships and collegiality develop through people who have taken part in these courses. We are delighted to welcome Garry Hammond as the first Lay Leader on our new Register, for people who have successfully completed the Advanced level of training and reached other milestones.

The financial support to enable these emerging leaders to take part in this training is an essential shared

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Achievements and performance (continued)

responsibility for our movement, and we are grateful to all those congregations and districts that are using their training budgets to support participation in the Worship Studies Course for emerging leaders in their area. For those training to be ministers, the GA holds the Ministry Students Fund which allows us to provide maintenance grants for students, without which training would be inaccessible for many potential ministers. In 2023-24 we granted £75,069 to students. To maintain this level of support, we need to ensure this fund remains topped up, and in 2025 we will be engaging with the movement to explore how we do this together.

We thank Rory Castle Jones for taking on the new role of Ministry and Leadership Development Officer, and for his excellent work in producing the Challenging Leadership report, synthesising his one-to-one interviews with 40 ministers. The report clearly showed the areas where more support is needed. We are glad that the report has been taken on board by many others around the movement, including the Unitarian Ministerial Fellowship, and we are glad to be collaborating with many stakeholders as we take collective action to ensure we strengthen our culture of ministry.

c. Finances

We were moved to receive £205,321 in legacies to the GA; it is always a privilege to know that the movement has had an impact on people’s lives such that they wish to remember us in their will. We know that each gift we receive tells the story of someone’s Unitarian life.

The accounts of the General Assembly are set out later in this report in summary form along with those of the Nightingale Centre. A full copy of the annual accounts is available on the Charity Commission website and GA’s website.

d. Risks

The EC have taken a revised approach to risk management, and have identified the following as our key risks:

The financial and sustainability risks are being addressed and managed by leadership from the finance group (sub-committee); building risks are addressed by the buildings panel. Safeguarding risks are addressed by the provision of training for relevant staff and volunteers in respect of children or vulnerable adults attending Unitarian events. Not all risks can be mitigated in advance, and some e.g. reputational risks will be managed should a risk event occur.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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 General Assembly’s reserves policy is to hold sufficient free reserves, not restricted by their purpose or by virtue of endowment, to ensure that it is able to service its annual budgeted expenditure and to ensure that its risks in relation to its pension obligations are mitigated. The EC agreed the following guidelines in implementing the reserves policy, looking at the unrestricted funds in line with the annual operational costs:

• Above 2x one year cost cover = green light – use more reserves to invest in programmes to achieve objects (including routine fundraising).

• Between 1 and 2x = amber light - maintain programmes but none new until > 2x – activate fundraising campaigns.

We are currently operating with 4.9 times the annual costs in unrestricted funds, and so are acting in line with the ‘green light’ above.

The trustees will be reviewing the adequacy of this reserves policy in line with the GA’s investment policy. As at 30th September 2024 the amount of reserves in the General Fund was £3,513,181 (2023: £3,149,418).

c. Financial risk management

The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular those related to the operations and finances of the Group and the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

The main risk to the Charity is the level of members, particularly in light of challenges to congregations from the financial and social impact of pandemic. The Charity monitors membership numbers closely and steps are being taken to maintain membership numbers.

d. Principal funding

The General Assembly’s funding is derived mainly from voluntary income from within the Unitarian movement, income generated from its charitable activities predominantly, courses including the activities of the Nightingale Centre, and the Annual Meetings plus income from investments.

e. Future generations

We are overwhelmed by the generosity of those who have left significant sums to the GA and Nightingale Centre as legacies, in gratitude for how the Unitarian and Free Christian movement has influenced their lives. These gifts allow us to invest in ensuring we are able to make the same kind of impact on future generations.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Statement of 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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ ................................................ Mr A J Bates Rev. J James Trustee and Honorary Treasurer

Trustee and Convenor of the Executive Committee

Date: 04 Apr 2025

04 Apr 2025

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

Opinion

We have audited the financial statements of The General Assembly Of Unitarian & Free Christian Churches (the 'parent charity') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of financial activities, the group and parent balance sheet, the group and parent statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES (CONTINUED)

Other information

The other information comprises the information included in the trustees annual report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the trustees annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

  1. At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the parent charity and how the management seek to comply with those laws regulations. This helps us to plan appropriate risk assessments.

  2. During the audit we focus on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing minutes of meetings of those charged with governance.

  3. We assess the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:

  4. a) Reviewing the controls set in place by management;

  5. b) Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;

  6. c) Challenging management assumptions with regard to accounting estimates; and

  7. d) Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Daniels

Samantha Daniels (Senior Statutory Auditor) For and on behalf of Shaw Gibbs (Audit) Limited 264 Banbury Road Oxford OX2 7DY

Date: 04 Apr 2025

Page 10

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
Income and
endowments from:
Donations and legacies
5
Charitable activities
6
Other trading activities
7
Investments
8
Other income
9
Total income and
endowments
Expenditure on:
Raising funds
10
Charitable activities:
12
. Other charitable
activities
Total expenditure
Net
income/(expenditure)
before net gains on
investments
Net gains on
investments
Net income
Transfers between
funds
26
Net movement in
funds before other
recognised
gains/(losses)
Other recognised
gains/(losses):
Other losses
Net movement in
funds		 Unrestricted
funds
2024
£
506,949
188,032
45,511
69,335
-
809,827
5,129
652,213
657,342
152,485
351,151
503,636
(139,873)
363,763
-
363,763		 Restricted
funds
2024
£
127,705
306,982
-
128,754
5,034
568,475
-
817,240
817,240
(248,765)
323,189
74,424
139,873
214,297
(3,066,645)
(2,852,348)		 Endowment
funds
2024
£
-
-
-
-
-
-
-
-
-
-
94,709
94,709
-
94,709
-
94,709		 Total
funds
2024
£
634,654
495,014
45,511
198,089
5,034
1,378,302
5,129
1,469,453
1,474,582
(96,280)
769,049
672,769
-
672,769
(3,066,645)
(2,393,876)		 Total
funds
2023
£
545,858
482,907
81,490
186,285
-
1,296,540
4,677
1,290,330
1,295,007
1,533
509,907
511,440
-
511,440
-
511,440

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024

Note
Reconciliation of
funds:
Total funds brought
forward as previously
stated
Prior year adjustment
Total funds brought
forward as restated
Net movement in funds
Total funds carried
forward		 Unrestricted
funds
2024
£
3,149,418
-
3,149,418
363,763
3,513,181		 Restricted
funds
2024
£
6,461,495
-
6,461,495
(2,852,348)
3,609,147		 Endowment
funds
2024
£
943,964
-
943,964
94,709
1,038,673		 Total
funds
2024
£
10,554,877
-
10,554,877
(2,393,876)
8,161,001		 Total
funds
2023
£
10,084,689
(41,252)
10,043,437
511,440
10,554,877

All of the above results are derived from continuing activities.

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 52 form part of these financial statements.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note
Fixed assets
Tangible assets
17
Investments
18
Investment property
19
Current assets
Stocks
20
Debtors
21
Investments
22
Cash at bank and in hand
Creditors: amounts falling due within one
year
23
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
24
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
25
Restricted funds
25
Unrestricted funds
Designated funds
25
General funds
25
Total unrestricted funds
25
Total funds		 1,311
242,232
76,229
270,376
590,148
(76,811)
682,177
2,831,004		 2024
£
123,355
7,374,309
150,000
7,647,664
513,337
8,161,001
-
8,161,001
8,161,001
1,038,673
3,609,147
3,513,181
8,161,001		 4,321
84,206
76,229
1,197,276
1,362,032
(183,407)
681,221
2,468,197		 2023
£
1,236,409
6,900,931
1,240,457
9,377,797
1,178,625
10,556,422
(1,545)
10,554,877
10,554,877
943,964
6,461,495
3,149,418
10,554,877

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Mr A J Bates Rev. J James (Trustee and Honorary Treasurer) (Trustee and Convenor of the Executive Committee) Date: 04 Apr 2025 04 Apr 2025

The notes on pages 18 to 52 form part of these financial statements.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CHARITY BALANCE SHEET AS AT 30 SEPTEMBER 2024

Note
Fixed assets
Tangible assets
17
Investments
18
Investment property
19
Current assets
Stocks
20
Debtors
21
Investments
22
Cash at bank and in hand
Creditors: amounts falling due within one
year
23
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
24
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
25
Restricted funds
25
Unrestricted funds
Designated funds
25
General funds
25
Total unrestricted funds
25
Total funds		 1,311
242,232
76,229
270,376
590,148
(76,811)
682,177
2,831,004		 2024
£
123,355
7,374,309
150,000
7,647,664
513,337
8,161,001
-
8,161,001
8,161,001
1,038,673
3,609,147
3,513,181
8,161,001		 1,000
52,656
76,229
563,267
693,152
(86,927)
681,221
2,360,925		 2023
£
57,181
6,681,603
150,000
6,888,784
606,225
7,495,009
(1,545)
7,493,464
7,493,464
943,964
3,507,354
3,042,146
7,493,464

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CHARITY BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ ................................................ Mr A J Bates Rev. J James (Trustee and Honorary Treasurer) (Trustee and Convenor of the Executive Committee) Date: 04 Apr 2025 04 Apr 2025

The notes on pages 18 to 52 form part of these financial statements.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Cash balance on the elimination of the Nightingale Centre
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 52 form part of these financial statements		 2024
£
(535,016)
198,089
(16,682)
-
-
(573,291)
(391,884)
-
(926,900)
1,197,276
270,376		 2023
£
23,363
186,285
(5,583)
6,665,724
(6,665,724)
-
180,702
-
204,065
993,211
1,197,276

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. General information

The General Assembly of Unitarian and Free Christian Churches is an unincorporated charity. It is registered in England and Wales with charity registered number 250788. The principal address of the Charity is Essex Hall, 1-6 Essex Street, Strand, London, WC2R 3HY.

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 Charities Act 2011.

The General Assembly Of Unitarian & Free Christian Churches 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The consolidated financial statements for year ended 30 September 2024 incorporate financial statements of General Assembly of Unitarian and Free Christian Churches and The Nightingale Centre (Unitarian) (charity no. 242256). From 11 September 2024 The Nightingale Centre has become a fully independent Charity and therefore is no longer reported within the financial statements of General Assembly.

As permitted by FRS 102, the charity has taken advantage of the exemption under s408 CA 2006 - disclosure of individual statement of financial activities.

2.2 Going concern

The consolidated financial statements have been prepared on the going concern basis which assumes that the charity will continue in opertational existence for the forseeable future. The Trustees have reviewed the working capital requirements of the group for a period of at least 12 months from the anticipated date of signing of the consolidated financial statements and are satisfied that the charity will be able to meet its liabilities as the fall due.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured..

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Gifts in kind are included at valuation and recognised as the cost is incurred.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 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 raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure (continued)

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.

. Approximately 50% of the full-time equivalent staff hours are spent on programme work. Accordingly total salary costs have been split equally between programme and support costs and management and administration costs

All expenditure is inclusive of irrecoverable VAT.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

.

Government grants include income received through the Coronavirus Job Retention Scheme.

2.6 Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Furniture at General Assembly - 20% Straight line
Computer equiment at General - 33% Straight line
Assembly
Software - 20% Straight line

Freehold land and freehold property held jointly is not depreciated. The original value of the freehold property at the Nightingale Centre is not depreciated as it is considered that it is not worth less than its book value.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.8 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 Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Investment properties

Investment properties are initially recognised at their transaction cost and subsequently measured at fair value. Gains are recognised in the Statement of Financial Activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Gain/(losses) on investments' in the Statement of Financial Activites.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 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.

2.13 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 Charity 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.

2.14 Financial instruments

The Group 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.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. Accounting policies (continued)

2.15 Pensions

The General Assembly operates pension plans available to all eligible employees. The assets of the schemes are held separately from those of the charity in independently administered funds. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the General Assembly in the year. The schemes are defined benefit schemes however as it is not possible for the Charity to obtain sufficient information to enable it to account for the schemes as a defined benefit scheme, it accounts for the schemes as a defined contribution scheme. See note 28 for further details.

2.16 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 Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group 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.

Endownmment funds, permanent and expendable endownment funds are the results of gifts to the charity that are to be invested and the income thereof used for the purposes of the charity either as unrestricted or restricted funds dependent on the wishes of the donor.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Investment properties

Investment properties were initially valued by external professional valuers. This valuation is assessed by the Trustees on an annual basis.

4. Intangible income

The General Assembly receives accommodation and services free of charge from Essex Hall Trustees which would have to be paid if not provided for free. The free (see note 5) accommodation was valued from 1 January 2018 by independent property experts at £111,000 per annum.

The occupancy of Essex Hall's accommodation increased during the year and therefore the General Assembly's Trustees estimated that the value would have increased to £167,325 in the year to 30 September 2024.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. Income from donations and legacies

Donations and legacies
Sundry donations
Legacies
Nightingale Centre
Grants
Essex Hall - grant
British & Foreign Unitarian Association
Similar incoming resources
Association membership
Essex Hall - gifts in kind (note 4)
Contribution from related charities
Subtotal detailed disclosure
Total 2024
Total 2023		 Unrestricted
funds
2024
£
10,344
205,321
-
80,000
27,000
12,014
167,325
4,945
506,949
506,949
506,017		 Restricted
funds
2024
£
45,297
-
82,408
-
-
-
-
-
127,705
127,705
39,841		 Total
funds
2024
£
55,641
205,321
82,408
80,000
27,000
12,014
167,325
4,945
634,654
634,654
545,858		 Total
funds
2023
£
36,095
240,555
11,874
80,000
27,432
13,452
133,800
2,650
545,858
545,858

6. Income from charitable activities

Local Leadership - Courses
Annual Meetings
Congregational Contributions
Nightingale Centre - Residents and visitors
Total 2024
Total 2023		 Unrestricted
funds
2024
£
21,860
89,237
76,935
-
188,032
200,440		 Restricted
funds
2024
£
-
-
-
306,982
306,982
282,467		 Total
funds
2024
£
21,860
89,237
76,935
306,982
495,014
482,907		 Total
funds
2023
£
19,398
98,763
82,279
282,467
482,907

Page 24

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. Income from other trading activities

Income from non charitable trading activities

Sales of goods
Essex Hall - Cost sharing
Support services to Unitarian College
Nightingale Centre - Charges to residents and
visitors
Total 2024
Total 2023		 Unrestricted
funds
2024
£
6,311
35,000
4,200
-
45,511
47,635		 Restricted
funds
2024
£
-
-
-
-
-
33,855		 Total
funds
2024
£
6,311
35,000
4,200
-
45,511
81,490		 Total
funds
2023
£
6,635
35,000
6,000
33,855
81,490

8. Investment income

Dividends and bank interest
Nightingale Centre - Dividends and bank
interest
Total 2024
Total 2023		 Unrestricted
funds
2024
£
69,335
-
69,335
65,127		 Restricted
funds
2024
£
87,365
41,389
128,754
121,158		 Total
funds
2024
£
156,700
41,389
198,089
186,285		 Total
funds
2023
£
154,832
31,453
186,285

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. Other incoming resources

Restricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Nightingale Centre - Government grants 5,034 5,034 -

10. Raising funds

Other fundraising costs
Total 2023
Analysis of grants
Grants to Organisations
Grants to individuals
Total 2024
Total 2023		 Grants to
institutions
2024
£
63,594
-
63,594
36,494		 Unrestricted
funds
2024
£
5,129
4,677
Grants to
Individuals
2024
£
-
96,404
96,404
77,586		 Total
funds
2024
£
5,129
4,677
Total
funds
2024
£
63,594
96,404
159,998
114,080		 Total
funds
2023
£
4,677
Total
funds
2023
£
36,494
77,586
114,080

11. Analysis of grants

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. Analysis of grants (continued)

The Group has made the following material grants to institutions during the year:

Name of institution
Grants to Scottish congregations (from the James Speed Restricted Fund)
Grants to congregations (from the Sustentation Restricted Fund)
Grants to congregations (from the Gabor Kereki Trust)
Grants to congregations (from the India Fund)
Grants to congregations (from the Summer School Bursary)
Total grants to instutions		 2024
£
24,294
-
7,500
30,000
1,800
63,594
63,594		 2023
£
21,244
15,250
-
-
-
36,494
36,494

12. Analysis of expenditure on charitable activities

Summary by fund type

Programme Activities
Committee Activities
Administration
Grants to organisations
Grants to individuals
Nightingale Centre - Residents and visitors
Nightingale Centre - Administration
Total 2024
Total 2023		 Unrestricted
funds
2024
£
96,739
8,742
545,048
-
1,684
-
-
652,213
747,780		 Restricted
funds
2024
£
157,596
-
23,152
63,594
94,720
476,768
1,410
817,240
542,550		 Total
2024
£
254,335
8,742
568,200
63,594
96,404
476,768
1,410
1,469,453
1,290,330		 Total
2023
£
307,220
8,479
450,934
36,494
77,586
408,207
1,410
1,290,330

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Analysis of expenditure by activities

Programme Activities
Committee Activities
Administration
Grants to UK organisations
Grants to individuals
Nightingale Centre - Residents
and visitors
Nightingale Centre -
Administration
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
254,335
8,742
-
-
-
476,768
1,410
741,255
725,316		 Grant
funding of
activities
2024
£
-
-
-
63,594
96,404
-
-
159,998
114,080		 Support
costs
2024
£
-
-
568,200
-
-
-
-
568,200
450,934		 Total
funds
2024
£
254,335
8,742
568,200
63,594
96,404
476,768
1,410
1,469,453
1,290,330		 Total
funds
2023
£
307,220
8,479
450,934
36,494
77,586
408,207
1,410
1,290,330

Page 28

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs - Programme activities and Nightingale Centre
Programme activities - Welsh Programme
Programme activities - Youth Programme
Programme activities - Visibility Programme
Programme activities - Annual Meeting
Programme activities - Wedding Devlopment
Programme activities - Restricted fund costs
Programme activities - Summer School
Nightingale Centre - Resident and visitors (excluding staff costs)
Nightingale Centre - Administration
Committee activities - Ministry		 Total
funds
2024
£
397,690
346
1,105
527
91,335
-
2,737
186
237,177
1,410
8,742
741,255		 Total
funds
2023
£
413,809
562
1,024
718
91,317
125
3,652
1,153
203,067
1,410
8,479
725,316

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

13. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Executive committee expenses
Officers' travel and expenses
Office expenses
Staff training
Legal and professional fees
Rent
Insurance
Audit and consultancy
Other
14.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts (including VAT)
15.
Staff costs
Group
Group
2024
2023
£
£
Wages and salaries
588,487
538,965
Social security costs
39,695
31,728
Contribution to defined contribution pension
schemes
36,669
33,468
664,851
604,161		 Total
funds
2024
£
267,161
26,196
6,354
46,661
2,019
20,599
167,325
4,803
22,000
5,082
568,200
2024
£
23,160
Charity
2024
£
357,504
31,021
33,495
422,020		 Total
funds
2023
£
190,352
24,466
2,954
54,260
1,600
9,387
133,800
4,755
21,600
7,760
450,934
2023
£
21,600
Charity
2023
£
337,223
28,078
30,133
395,434

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

15. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Employees
Higher paid employees		 Group
2024
No.
27		 Group
2023
No.
27		 Charity
2024
No.
11		 Charity
2023
No.
11

Key management personnel comprise the trustees and senior management team. The total employment benefits of the key management personnel for the period under review were £71,570 (2023: £67,520).

16. Trustees' remuneration and expenses

During the year ended 30 September 2024, travel and subsistence expenses totalling £2,408 were reimbursed or paid directly to 6 Trustees (2023: £2,851 to 10 Trustees).

Trustee Rev. Dr. R Whiteman is a minister for a Scottish congregation and the GA paid £14,285 (2023: £14,185) from the James Speed Trust fund as a contribution to his stipend. This fund is an endowment to pay Scottish congregational costs, including ministers' stipends.

17. Tangible fixed assets

Group

Cost or valuation
At 1 October 2023
Additions
On disposal of subsidiaries
Revaluations
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
On disposals
At 30 September 2024		 Freehold
property and
improvements
£
1,907,578
-
(1,907,578)
-
-
728,350
-
(728,350)
-		 Freehold
properties
held jointly
£
52,800
-
-
54,200
107,000
-
-
-
-		 Equipment
including
computers
£
415,070
16,681
(395,562)
-
36,189
410,689
4,707
(395,562)
19,834		 Total
£
2,375,448
16,681
(2,303,140)
54,200
143,189
1,139,039
4,707
(1,123,912)
19,834

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. Tangible fixed assets (continued)

Group (continued)

Net book value
At 30 September 2024
At 30 September 2023		 Freehold
property and
improvement
s
£
-
1,179,228		 Freehold
properties
held jointly
£
107,000
52,800		 Equipment
including
computers
£
16,355
4,381		 Total
£
123,355
1,236,409

The freehold property and improvements of the Nightingale Centre are vested in the British and Foreign Unitarian Association (Incorporated) as Custodian Trustees.

The land and buildings were valued at £1,665,000 at 30 September 1999. For the purposes of capitalising the land and buildings the value of improvements amounting to £253,353 at 30 September 1999 were deducted from the overall valuation to arrive at the valuation of land and buildings of £1,411,647. In 2018 the Barleycroft residential properties, with an attributable 1999 value of £328,550, were reclassified as Investment Properties.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

17. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 October 2023
Additions
Revaluations
At 30 September 2024
Depreciation
At 1 October 2023
Charge for the year
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Freehold
properties
held jointly
£
52,800
-
54,200
107,000
-
-
-
107,000
52,800		 Computer
equipment
£
19,508
16,681
-
36,189
15,127
4,707
19,834
16,355
4,381		 Total
£
72,308
16,681
54,200
143,189
15,127
4,707
19,834
123,355
57,181

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

18. Fixed asset investments

Group
Cost or valuation
At 1 October 2023
On disposal of subsidiaries
Revaluations
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023
Charity
Cost or valuation
At 1 October 2023
Revaluations
At 30 September 2024
Net book value
At 30 September 2024
At 30 September 2023		 Listed
investments
£
6,900,931
(241,470)
714,848
7,374,309
7,374,309
6,900,931
Listed
investments
£
6,681,602
692,707
7,374,309
7,374,309
6,681,602

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. Investment property

Group

Valuation
At 1 October 2023
On disposal of subsidiaries
At 30 September 2024		 Freehold
investment
property
£
150,000
-
150,000		 Long term
leasehold
investment
property
£
1,090,457
(1,090,457)
-		 Total
£
1,240,457
(1,090,457)
150,000

Each year The Nightingale Centre Trustees consider the market valuation of the long term leasehold investment properties. Any change in value is treated as an unrealised gain or loss in the Statement of Financial Affairs and the movement is reflected in the Capital Fund.

The Barleycroft residential properties have an attributable 1999 value of £328,550. The original cost is unknown.

Charity

Valuation
At 1 October 2023
At 30 September 2024		 Freehold
investment
property
£
150,000
150,000

The freehold land was revalued by the Trustees as at 30 September 2016 on an open market value basis having taken independent professional advice. The freehold properties in the group were revalued by professional valuers Eadon, Lockwood & Riddle as at 30 September 2019 on an open market value basis. As at 30 September 2024 the Trustees have reviewed the valuations and have made no adjustments.

20. Stocks

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Goods for resale 1,311 4,321 1,311 1,000

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

21. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Current asset investments
Listed investments		 Group
2024
£
-
28,696
213,536
242,232
Group
2024
£
76,229		 Group
2023
£
50
30,339
53,817
84,206
Group
2023
£
76,229		 Charity
2024
£
-
28,696
213,536
242,232
Charity
2024
£
76,229		 Charity
2023
£
-
28,839
23,817
52,656
Charity
2023
£
76,229

22. Current asset investments

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

23. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension liability (see note 35)
Other creditors
Accruals and deferred income		 Group
2024
£
-
8,072
1,842
9,976
56,921
76,811		 Group
2023
£
23,185
16,124
5,560
69,005
69,533
183,407		 Charity
2024
£
-
8,072
1,842
9,976
56,921
76,811		 Charity
2023
£
-
1,966
5,560
9,868
69,533
86,927

24. Creditors: Amounts falling due after more than one year

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Pension liability (see note 35) - 1,545 - 1,545

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds

Statement of funds - current year

Designated
funds
Retired Ministers
Housing Fund
Annual Meetings
Fund
Benevolent
Fund
Small Initiatives
Fund
Mark James
Legacy
Special
Development
Fund
General funds
General Funds -
all funds
Total
Unrestricted
funds		 Balance at 1
October
2023
£
146,606
6,786
3,757
1,072
328,000
195,000
681,221
Balance at 1
October
2023
£
2,468,197
3,149,418		 Income
£
2,640
-
-
-
-
-
2,640
Income
£
807,187
809,827		 Expenditure
£
(1,184)
-
(500)
-
-
-
(1,684)
Expenditure
£
(655,658)
(657,342)		 Transfers
in/(out)
£
-
-
-
-
-
-
-
Transfers
in/(out)
£
(139,873)
(139,873)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
Gains/
(Losses)
£
351,151
351,151		 Balance at
30
September
2024
£
148,062
6,786
3,257
1,072
328,000
195,000
682,177
Balance at
30
September
2024
£
2,831,004
3,513,181

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds (continued)

Endowment
funds
James Speed
Trust
Arnold Graves
Fund
Lewis Edwards
Fund
Restricted
funds
Ministerial
Students Fund
Congregational
Development
Fund
Chalice Fund
Sunday School
Fund
Beardy Weirdy
Youth Fund
India Fund
Humphreys
Winder Legacy
Trevor Jones
Youth Fund
Summer School
Bursary
Lindsey Press
Rosenberg
Travel Fund
Growth and
Sustainability
Fund
James Speed
Trust		 Balance at 1
October
2023
£
935,434
6,637
1,893
943,964
142,409
20,751
8,481
31,632
18,000
32,645
4,892
10,031
3,469
5,529
7,527
1,568,174
11,586		 Income
£
-
-
-
-
4,702
-
-
-
260
1,096
-
-
2,087
-
-
32,386
20,889		 Expenditure
£
-
-
-
-
(75,069)
(20,751)
-
-
-
(30,000)
-
-
(1,800)
(66)
-
(138,460)
(39,623)		 Transfers
in/(out)
£
-
-
-
-
-
-
-
1,171
-
-
-
-
-
-
-
-
7,148		 Gains/
(Losses)
£
94,709
-
-
94,709
-
-
-
-
-
-
-
-
-
-
-
146,483
-		 Balance at
30
September
2024
£
1,030,143
6,637
1,893
1,038,673
72,042
-
8,481
32,803
18,260
3,741
4,892
10,031
3,756
5,463
7,527
1,608,583
-

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds (continued)

Statement of funds - current year (continued)

Gabor Kereki
Trust
Sustentation
Fund
Lay Pastors and
Approved Lay
Persons in
Charge
Other
Millenium Fund
Nightingale
Centre
Total of funds		 Balance at 1
October
2023
£
929,112
650,974
33,417
12,946
15,177
2,954,743
6,461,495
10,554,877		 Income
£
18,941
14,506
643
37,152
-
435,813
568,475
1,378,302		 Expenditure
£
(8,924)
(1,550)
(32)
(23,961)
-
(477,004)
(817,240)
(1,474,582)		 Transfers
in/out
£
-
-
-
602
-
130,952
139,873
-		 Gains/
(Losses)
£
85,879
65,769
2,916
1
-
(3,044,504)
(2,743,456)
(2,297,596)		 Balance at
30
September
2024
£
1,025,008
729,699
36,944
26,740
15,177
-
3,609,147
8,161,001

Page 40

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds (continued)

Statement of funds - prior year

Designated
funds
Retired Ministers
Housing Fund
Annual Meetings
Fund
Benevolent
Fund
Sexual
Orientation
Equality Group
Small Initiatives
Fund
Mark James
Legacy
Special
Development
Fund
General funds
General Funds -
all funds
Unallocated
amounts
Total
Unrestricted
funds		 As restated
Balance at
1 October
2022
£
144,113
6,786
3,757
846
1,072
328,000
-
484,574
2,377,026
-
2,377,026
2,861,600		 Income
£
2,640
-
-
-
-
-
-
2,640
816,579
-
816,579
819,219		 Expenditure
£
(147)
-
-
-
-
-
-
(147)
(751,804)
(506)
(752,310)
(752,457)		 Transfers
in/out
£
-
-
-
(846)
-
-
195,000
194,154
(166,908)
-
(166,908)
27,246		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
193,810
-
193,810
193,810		 Balance at
30
September
2023
£
146,606
6,786
3,757
-
1,072
328,000
195,000
681,221
2,468,703
(506)
2,468,197
3,149,418

Page 41

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds (continued)

Endowment
funds
James Speed
Trust
Arnold Graves
Fund
Lewis Edwards
Fund
Restricted
funds
Ministerial
Students Fund
Congregational
Development
Fund
Chalice Fund
Sunday School
Fund
Beardy Weirdy
Youth Fund
India Fund
Humphreys
Winder Legacy
Trevor Jones
Youth Fund
Summer School
Bursary
Lindsey Press
Rosenberg
Travel Fund
Growth and
Sustainability
Fund
James Speed
Trust		 As restated
Balance at
1 October
2022
£
872,924
6,637
1,894
881,455
197,808
40,047
8,481
32,758
17,740
28,211
7,292
10,031
3,393
5,704
7,527
1,441,175
27,454		 Income
£
-
-
-
-
3,610
-
-
45
260
1,338
-
-
2,361
-
-
31,912
20,591		 Expenditure
£
-
-
-
-
(59,009)
-
-
-
-
-
(2,400)
-
(2,285)
(175)
-
-
(35,429)		 Transfers
in/out
£
2
-
(2)
-
-
(19,296)
-
(1,171)
-
3,096
-
-
-
-
-
(1,596)
(1,030)		 Gains/
(Losses)
£
62,509
-
-
62,509
-
-
-
-
-
-
-
-
-
-
-
96,683
-		 Balance at
30
September
2023
£
935,435
6,637
1,892
943,964
142,409
20,751
8,481
31,632
18,000
32,645
4,892
10,031
3,469
5,529
7,527
1,568,174
11,586

Page 42

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

25. Statement of funds (continued)

Statement of funds - prior year (continued)

Gabor Kereki
Trust
Sustentation
Fund
Lay Pastors and
Approved Lay
Persons in
Charge
Other
Millenium Fund
Nightingale
Centre
Total of funds		 As restated
Balance at
1 October
2022
£
855,839
595,510
31,342
15,063
13,894
2,961,113
6,300,382
10,043,437		 Income
£
18,671
16,487
2,043
20,353
-
359,650
477,321
1,296,540		 Expenditure
£
(2,654)
(15,250)
-
(15,731)
-
(409,617)
(542,550)
(1,295,007)		 Transfers
in/out
£
(934)
(824)
(35)
(6,739)
1,283
-
(27,246)
-		 Gains/
(Losses)
£
58,190
55,051
67
-
-
43,597
253,588
509,907		 Balance at
30
September
2023
£
929,112
650,974
33,417
12,946
15,177
2,954,743
6,461,495
10,554,877

Page 43

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

26. Transfers between funds

Transactions between General Assembly (GA) and the charity under it’s control, Nightingale Centre (NC), have been eliminated in the consolidated accounts year on year. The transactions are eliminated from the unrestricted funds in General Assembly but, as NC is treated as a restricted fund in the consolidated accounts, they are eliminated from restricted funds for that entity. The elimination from the two types of funds means that a transfer is required between the two funds in order to agree them. As NC is no longer under the control of GA, the entity has been eliminated from the consolidation as at 11 September 2024. The transactions between the two entities to that date requiring transfer between the funds totalled £130,952, this is included within the total transfer of £139,873 which is shown on the Statement of Financial Activities.

27. Designated Funds

Retired Ministers Housing Fund

Funds relating to joint ownership of properties for ministers and/spouses.

Annual Meetings Fund

Surplus from a prior Annual Meeting; to be allocated to any unexpected loss at a future meeting.

Benevolent Fund

Donations towards costs of counselling for ministers.

Small Initiatives Fund

The Fund is available to the MSCO to facilitate small scale development projects (of sub £1,000) for congregational activity that is felt to help build confidence, competence or capacity within a chapel community.

Mark James Legacy

Provision of support for Unitarian students.

Special Development Fund

Funds set aside for any Unitarian developmental projects that trustees may identify as appropriate .

28. Endowment Funds

James Speed Trust

Income is used to support congregational activities in Scotland.

Arnold Graves Fund

Income to be used by the General Assembly with no restrictions.

Lewis Edwards Fund

Income to be used by the General Assembly with no restrictions.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

29. Restricted Funds

Ministerial Students Fund

To support approved ministerial students in their ministerial training.

Congregational Development Fund

2020 Congregational Development programme.

Chalice Fund

Funds raised to support CPD for ministers.

Sunday School Fund

Historic assets of Sunday School Association absorbed into the GA.

Beardy Weirdy Youth Fund

Supports new initiatives or special activities at Youth Programme events.

India Fund

Historic fund to support Unitarian causes in India.

Humphreys Winder Legacy

To support young people attending international conferences.

Trevor Jones Youth Fund

General object of support for the Youth Programme.

Summer School Bursary

Subsidises attendance at RE Summer School for those unable to afford full costs.

Lindsey Press

Margaret Hamer legacy to support Lindsey Press publishing.

Rosenberg Travel Fund

Supports travel costs for children and young people attending the national Youth Programme.

Growth and Sustainability Fund

Donation from Bowland Trust to support the growth and sustainability of the General Assembly and its constituent bodies.

James Speed Trust

To support congregational activities in Scotland and contribute to ministerial stipends.

Gabor Kereki Trust

To support attendance at HMCO and UCM by ministers and students of the Hungarian Unitarian Church.

Sustentation Fund

To aid the maintenance of faithful and efficient Ministers serving congregations affiliated to the General Assembly of Unitarian and Free Christian Churches.

Lay Pastors and Approved Lay Persons in Charge

To aid the maintenance of faithful and efficient Lay Pastors and Lay Persons in charge servinge congregations affiliated to the General Assembly of Unitarian and Free Christian Churches.

Millennium Fund

Grants made to congregations for small initiatives.

Page 45

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

Nightingale Centre

This is no longer a restricted fund of the General Assembly. Nightingale Centre (NC) transactions occur in the consolidated accounts and have now been eliminated. It is now an independent CIO. However for the previous year, the NC operates as a Unitarian conference centre to further the religious and other charitable work of the Unitarian and Free Christian Churches including: (a) through the provision of facilities for the education of students of educational establishments and (b) the relief of those in need by reason of youth, age, ill-health, financial hardship or other disadvantage.

Other

Scottish Pilot for Future Ministry

Under review.

YP Chamberlain Fund

Fund to support youth attendance at conferences.

ICUU Fund

To enable support to be given to the work of the International Council of Unitarians and Universalists (ICUU).

Online Video Enhancement Project

Support to help ministers and congregations adapt to online service delivery as a result of the pandemic by the provision of equipment, training and funding appropriate streaming projects.

Social Action

The Social Action Fund is to support the work of social action initiatives within the movement, including events and activities organised by the Social Justice Network and informal groups under its umbrella.

The Resilience Fund

A restricted fund set up to make payments to Unitarian Ministers on the Roll who are experiencing finanicial hardship and who need support that falls outside of the established welfare funds. It receives funds from donations via districts and appeals. The Fund is authorised by the Chief Officer and the MCSO and does not report recipients in any public reports.

Appreciating Church

The fund aims to encourage the church at a local and national level to engage people in an inclusive way, listening to 'all the voices', building on existing strengths and skills, and co-creating a resilient church.

Bad Coffee Club

A fund to support the running of Bad Coffee Club which is an online provision for young people to meet and make friendships.

Page 46

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

30. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
October
2023
£
681,221
2,468,197
943,964
6,461,495
10,554,877		 Income
£
2,640
807,187
-
568,475
1,378,302
Income
£
2,640
816,579
-
477,321
1,296,540		 Expenditure
£
(1,684)
(655,658)
-
(817,240)
(1,474,582)
Expenditure
£
(147)
(752,310)
-
(542,550)
(1,295,007)		 Transfers
in/out
£
-
(139,873)
-
139,873
-
Transfers
in/out
£
194,154
(166,908)
-
(27,246)
-		 Gains/
(Losses)
£
-
351,151
94,709
(2,743,456)
(2,297,596)
Gains/
(Losses)
£
-
193,810
62,509
253,588
509,907		 Balance at
30
September
2024
£
682,177
2,831,004
1,038,673
3,609,147
8,161,001
Balance at
30
September
2023
£
681,221
2,468,197
943,964
6,461,495
Summary of funds - prior year
Designated
funds
General funds
Endowment
funds
Restricted funds		 As restated
Balance at
1 October
2022
£
484,574
2,377,026
881,455
6,300,382
10,043,437
10,554,877

Page 47

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

31. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
123,355
3,161,237
150,000
155,400
(76,811)
3,513,181		 Restricted
funds
2024
£
-
3,204,837
-
404,310
-
3,609,147		 Endowment
funds
2024
£
-
1,008,235
-
30,438
-
1,038,673		 Total
funds
2024
£
123,355
7,374,309
150,000
590,148
(76,811)
8,161,001

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
57,181
2,721,072
150,000
309,637
(86,927)
(1,545)
3,149,418		 Restricted
funds
2023
£
1,179,228
3,266,332
1,090,457
1,021,958
(96,480)
-
6,461,495		 Endowment
funds
2023
£
-
913,527
-
30,437
-
-
943,964		 Total
funds
2023
£
1,236,409
6,900,931
1,240,457
1,362,032
(183,407)
(1,545)
10,554,877

Page 48

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

32. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Difference between pension charge and cash contributions
Net cash provided by/(used in) operating activities
33.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
34.
Analysis of changes in net debt
At 1 October
2023
£
Cash at bank and in hand
1,197,276
Debt due within 1 year
(5,560)
Liquid investments
76,229
1,267,945		 Group
2024
£
672,769
4,707
(746,907)
(198,089)
3,010
(158,026)
(106,596)
(5,560)
(534,692)
Group
2024
£
270,376
270,376
Cash flows
£
(926,900)
3,718
-
(923,182)		 Group
2023
£
511,440
8,894
(509,906)
(186,284)
(1,901)
151,274
54,903
(5,560)
22,860
Group
2023
£
1,197,276
1,197,276
At 30
September
2024
£
270,376
(1,842)
76,229
344,763

Page 49

THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

35. Pension commitments

The Group operates a defined benefit pension scheme.

General Assembly Staff

The Charity participates in the scheme, a multi-employer scheme (The TPT Retirement Solutions - The Gowth Plan) which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005.

This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the Charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly) .

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2019 to 30 September 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1 April).

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the Charity has agreed to a deficit funding arrangement the Charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

35. Pension commitments (continued)

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

At 30 At 30
September September
2024 2023
% %
Discount rate 5.24 5.88

PRESENT VALUE OF PROVISIONS

Due in less than 1 year
Due in more than 1 year		 At 30
September
2024
£
1,842
-
1,842		 At 30
September
2023
£
5,560
1,595
7,155

INCOME AND EXPENDITURE IMPACT

Interest cost
Remeasurements - impact of any changes in assumptions
Total amount recognised in the Consolidated Statement of Financial
Activities
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
Opening defined benefit obligation
Deficit contribution paid
Unwinding of the discount factor (interest expense)
Remeasurements - amendments to contribution scheme
Provision at end of period		 2024
£
246
1
247
2024
£
7,155
(5,560)
246
1
1,842		 2023
£
551
5
556
2023
£
12,159
(5,560)
551
5
7,155

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THE GENERAL ASSEMBLY OF UNITARIAN & FREE CHRISTIAN CHURCHES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

35. Pension commitments (continued)

General Assembly staff who are also Ministers

Ministers who have worked for the General Assembly are members of the Ministers' Pension Fund which is a defined benefit plan. There are currently two members of staff in this category. The assets of the scheme are held separately from those of the Charity and are administered by the Ministers' Pension Fund managers Atkin Pensions (of Blythe Gate, Solihull) .

We have not identified any direct liability, however the General Assembly are the overall guarantors for the scheme. The last actuarial valuation of the Ministers Pension Fund was at 31 December 2022 and showed a valuation of £394,000 (31 December 2019: £(379,000)). The next actuarial valuation will be carried out as at 31 December 2025.

36. Related party transactions

Marion Baker was a Trustee of General Assembly (resigned 6 April 2023) and was also a Trustee of Unitarian College. During the prior year Unitarian College paid General Assembly £6,000 for administration and support services and General Assembly donated funds of £nil.

37. The Nightingale Centre

The consolidated financial statements for year ended 30 September 2024 incorporate financial statements of General Assembly of Unitarian and Free Christian Churches and The Nightingale Centre (Unitarian) (charity no. 242256). From 11 September 2024 The Nightingale Centre has become a fully independent Charity and therefore is no longer reported within the financial statements of General Assembly.

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Issuer

Issuer Shaw Gibbs Document generated Fri, 4th Apr 2025 10:09:36 BST

Document fingerprint b7e48121524671d1bd24fe4798bb2ad8

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 4th Apr 2025 10:40:30 BST John Bates - Signer (dd44aaa65cc04c4da0f1fe0a15f4c3f6) Fri, 4th Apr 2025 13:25:30 BST Jo James - Signer (4feeb740611bb155e72668e08ba48989) Fri, 4th Apr 2025 13:46:02 BST Samantha Daniels - Signer (34d800c966875dac4810f1a9820eca97)

Audit history log

Date

Action

Fri, 4th Apr 2025 10:09:36 BST Envelope generated by Abby Potter (86.136.36.66) Fri, 4th Apr 2025 10:09:36 BST Document generated with fingerprint b7e48121524671d1bd24fe4798bb2ad8 (86.136.36.66) Fri, 4th Apr 2025 10:09:36 BST Document generated with fingerprint 1a26f5e66c03afec5826ec1f98ba9c7b (86.136.36.66) Fri, 4th Apr 2025 10:09:36 BST Document generated with fingerprint 9985b14279c8098b39597608bd6b719c (86.136.36.66) Fri, 4th Apr 2025 10:09:36 BST Document generated with fingerprint 271a5fe550b8295043bac102d9f159ff (86.136.36.66) Fri, 4th Apr 2025 10:19:56 BST Sent the envelope to John Bates (jbates@london.edu) for signing (86.136.36.66) Fri, 4th Apr 2025 10:19:58 BST Document emailed to jbates@london.edu (3.10.226.161) Fri, 4th Apr 2025 10:37:11 BST John Bates viewed the envelope (86.152.185.97) Fri, 4th Apr 2025 10:40:30 BST John Bates signed the envelope (86.152.185.97) Fri, 4th Apr 2025 10:40:30 BST Sent the envelope to Jo James (jojames.email@gmail.com) for signing (86.152.185.97) Fri, 4th Apr 2025 10:40:33 BST Document emailed to jojames.email@gmail.com (18.132.43.174) Fri, 4th Apr 2025 13:23:38 BST Jo James opened the document email. (66.249.93.34) Fri, 4th Apr 2025 13:23:48 BST Jo James viewed the envelope (31.94.30.59) Fri, 4th Apr 2025 13:25:30 BST Jo James signed the envelope (31.94.30.59) Fri, 4th Apr 2025 13:25:31 BST Sent the envelope to Samantha Daniels

(samantha.daniels@shawgibbs.com) for signing (31.94.30.59)

Fri, 4th Apr 2025 13:25:34 BST Fri, 4th Apr 2025 13:25:53 BST Fri, 4th Apr 2025 13:45:28 BST Fri, 4th Apr 2025 13:45:38 BST Fri, 4th Apr 2025 13:46:03 BST Fri, 4th Apr 2025 13:46:03 BST Wed, 27th Feb 2019 11:13:21 GMT Wed, 27th Feb 2019 11:13:21 GMT

Document emailed to samantha.daniels@shawgibbs.com (18.130.178.249) Samantha Daniels opened the document email. (51.137.154.91) Samantha Daniels viewed the envelope (85.255.232.68) Samantha Daniels viewed the envelope (51.137.154.91) Samantha Daniels signed the envelope (85.255.232.68) This envelope has been signed by all parties (85.255.232.68) Job created (82.1.52.87) Job queued to start (82.1.52.87)