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2022-03-31-accounts

Registered number: 00006039 Charity number: 253206

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

REVISED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 6
Independent auditors' report on the financial statements 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 30

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

Margaret L Cowie, Chairman (resigned 5 June 2021, appointed 20 August 2021) - Reverend Robert A Gill, Vice Chairman (appointed 30 September 2021) Nigel K Sutton (appointed 20 August 2021) Reverend Bruce R Jarvis (appointed 30 September 2021) Pauline A Grimshaw (appointed 1 October 2021) Susan Chesworth (appointed 1 October 2021) Robert Taylor (appointed 1 October 2021) Muriel Morgan (appointed 30 September 2021, resigned 31 March 2022) Judith M Wilson (resigned 20 August 2021) Richard H Cunningham (resigned 29 July 2021) Lara K Nicholls (resigned 29 July 2021) K Shannon Fitzgerald (resigned 20 August 2021) J Zoë Brooks (resigned 20 August 2021)

Company registered number

00006039

Charity registered number

253206

Registered office

Purley Chase Centre Purley Chase Lane Mancetter Atherstone Warwickshire CV9 2RQ

Trust Corporation

The General Conference is a Trust Corporation

Company secretary

J Zoë Brooks (resigned 20 August 2021) Margaret L Cowie (Acting Company Secretary, appointed 20 August 2021)

Other office holders

Sally G Field - Company Accountant (resigned 14 January 2022) Rachael Jaggs - Company Accountant (appointed 1 April 2022) Revd Jack Dunion and Revd Helen Brown - Joint Spiritual Leaders

Page 1

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Independent auditors

Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

Bankers

The Royal Bank of Scotland plc 41 Cornmarket Derby DE1 2DH

Santander Bootle Merseyside L30 4GB

Solicitors

Harris & Harris 14 Market Place Wells Somerset BA5 2RE

Investment Managers

Newton Investment Management Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA

Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

Accountants

Bates Weston LLP Chartered Accountants The Mills Canal Street Derby DE1 2RJ

Page 2

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

Revised trustees' repor t

The trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the General Conference of the New Church (the company) for the year ended 31 March 2022. The trustees confirm that the annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of Financial Reporting Standard 102 (FRS102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 16 February 1872 and registered as a charity on 11 July 1967. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £5.

Recruitment and appointment of new trustees

The Board of Trustees [the Council] should consist of eight members, elected by the voting members at the annual meetings of the Charity, who, with the Company Secretary and Company Accountant, administer the Charity. Under the terms of the Memorandum and Articles of Association the Chairman and Vice-Chairman serve for a term of four years, and the other six Councillors for up to three years. In July 2021 three Trustees completed their terms of office. One did not seek re-election, the other two were not re-elected. In August 2021 the Chairman and remaining Trustee announced their resignations, and in accordance with the provisions of Article 33 (e) appointed a new Chairman, and in accordance with the provisions of Article 33 (f) appointed one Trustee. Subsequently, in accordance with the provisions of Article 33 (f), the new Council appointed six other Trustees, one of whom resigned for personal reasons in March 2022. At the year end the Council has a Chairman, a Vice-chairman, and five Trustees. Members take a lead in a specific policy area working closely with the officers between meetings. The Company Accountant is the Finance Link and the link for the Purley Chase Centre.

Trustee induction and training

All Trustees will be familiar with the work of the General Conference since they must be members. The current Trustees were all appointed in 2021. All were given a copy of the “Duties of a Trustee” including the Chair and Vice-Chair, and all signed the “Trustee Eligibility Form”. None have had any “formal” training yet.

Organisational structure

The Council usually meets at least five times each year and is responsible for the policies and strategic direction of the General Conference. This year there were thirteen meetings. Of the thirteen meetings nine were held via Zoom. The Company Accountant performs the duties defined in Article 2 as being those of the Treasurer but, as the Article permits, the preferred title of Company Accountant is used. A Finance Manager holds the investment responsibilities. The Company Accountant, the Secretary of the Committee of Ministers, and one of the Spiritual Leaders attend meetings of the Council but have no voting rights. A scheme of delegated authority has been approved by the Council for the major officers and appropriate employees. When taking on employees, remuneration is calculated based on the current market rate for what they are employed to do. The Trustees review annually all employees' salaries with reference to the average weekly earnings statistics at its March Council meeting.

Page 3

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Related Parties and funds held as Custodian Trustee

Full disclosure of related parties and transactions as they affect the Conference are contained in Note 22 to the financial statements.

Policies - Risk Management, Investment, Anti-Bribery and Anti-Corruption, Financial Procedures, Safeguarding, Bullying and Harassment, Health and Safety, Legionella, Asbestos, Data Protection, Handling suspected Cases of COVID 19 and Coronavirus Vaccine.

The Trustees have a risk management process that conforms with the format recommended by the Charity Commission. They are confident that the procedures and the advice circulated to local churches and employees comply with legislation. Mr Wilf Woodhouse reviewed the policies on behalf of the Council, and at the February meeting of the Council his suggested revisions were agreed. Mrs Sue Chesworth reviewed the Safeguarding Policy.

OBJECTIVES AND ACTIVITIES

The objects of the General Conference of the New Church [the Conference] are contained in the Memorandum and Articles of Association. The fundamental object is:-

“The formation into a corporate body under the above title for the purposes of Religion and not for the purposes of gain of Receivers of the Doctrines of the New Church, signified by the New Jerusalem in the Apocalypse or Revelation of John, as contained in the Theological Writings of the Honourable Emanuel Swedenborg, and for the doing of all such things as the Members in General Meeting, or the Council appointed in accordance with the Articles of Association registered herewith, shall from time to time determine or think necessary for disseminating or sustaining the said Doctrines."

The Mission of the Conference "is to express, share and experience with others in life an inclusive, nonjudgmental vision of God's kingdom." The Vision of the Conference "is of a network of individuals & groups interacting together to share spiritual insight & understanding in an open & non-judgemental way, in order to promote spiritual growth through the application to life of the Word, and the Writings of Emanuel Swedenborg”.

PUBLIC BENEFIT

The Charities commission has established two key principles of Public Benefit and within those principles, some important factors must be considered:

Principle 1 - there must be an identifiable benefit or benefits Principle 2 - benefit must be to the public or a section of the public,

The Trustees have considered the Charity Commission's guidance on public benefit as required by section 4 of the Charities Act 2006 and in particular, the specific guidance in relation to the advancement of religion. The Churches provide the traditional form of worship, but the Trustees also recognise that most of our church premises are available for activities to benefit the general public. For example, our churches are used variously as food banks, school uniform resources centres, art groups, cream teas, Christmas concert, circle dancing, music & singing group, community project providing food at 20p per item, breakfast club, advice centre, school holiday activities, community garden, fellowship circle, Kumon, yoga, sewing group, whist drive, local Scarecrow Festival, Women’s World Day of Prayer, discussion groups, quiz nights, weight watchers clubs, line dancing, tai chi, alcoholic anonymous, scrabble club, U3A. The location and a map of the churches is available on the Conference's website. Several churches also have their own website. Ministerial work that is not connected to our church premises is also undertaken.

ACHIEVEMENT AND PERFORMANCE

The Association now has 10 societies or local churches recognised by the Conference. They are located throughout the UK. The Conference and its local churches, in common with the Mission and Vision Statements,

Page 4

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

welcome anyone to join in worship. The format of the Services of worship varies from church to church but there is excellent opportunity for non-members of the Church to join in worship.

In general, the attendance at worship has been steadily declining over many years, which has sadly resulted in the closure of some local churches. The Trustees recognise that this traditional form of worship has enormous and valuable use for those who attend.

Nonetheless the Trustees have considered other strategies which may be used to reach other people who are seeking some form of spirituality in their lives. Web hosting is one of these, through the web sites of:

www.ncya.generalconference.org.uk; www.swedenborgopenlearningcentre.org.uk; www.apocalypseawakening.org.uk; www.generalconference.org.uk; www.spiritualwisdom.org.uk; www.purleychasecentre.org.uk

The Purley Chase Centre reopened once COVID restrictions were removed and bookings have almost returned to pre-lockdown numbers. The staff have returned to their normal working hours and extra casual workers are employed during busy periods.

During the coronavirus pandemic, when churches were not permitted to open, the Zoom facility proved to be a great asset, and we are grateful to the Ministry for all their efforts, assisted by many laypeople, to provide an alternative form of Sunday worship. Though churches are now open for Services and other activities, Zoom Services continue to be held twice-monthly, enabling people who do not live near one of our centres to join in New Church worship.

FINANCIAL REVIEW

Reserves Policy

The trustees remain confident that its financial reserves will be adequate to meet future commitments.

Principal Funding Sources

Principal funding sources are contributions from investment income, contributions from Societies, legacies and the assets of Societies that close. This year there has been one sale of property. However, it is anticipated that there will be further property sales in the future as Societies continue to close, with the result that churches have to be sold.

Investment Policy

The New Council is currently content to have the investment objectives of the two portfolios, one managed by Newton Investment Management (CIF) and the other by Rathbones (free investments) have remained unchanged from the previous year. The policy is to have a 50/50 split between capital growth and income received. The Finance Advisory Committee meets with Newton Investment Management and Rathbones twice a year to review performance and then to report/make recommendations to the trustees if needed. Ethical investments have been looked into as part of our portfolio and discussed with both of the investment managers.

Page 5

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

PLANS FOR FUTURE PERIODS

The Trustees intend to continue the activities outlined above in the forthcoming year and review these at Council meetings. Every effort will be made to encourage the extensive use of Purley Chase Centre in future years.

FINANCIAL ACTIVITIES

The Statement of Financial Activities for the year is set out on page 10 of the financial statements.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees (who are also the directors of The General Conference of The New Church 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 that give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees will continue to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROVISION OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.

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

Margaret L Cowie

Date: 16 August 2022

Page 6

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH

Opinion

We have audited the revised financial statements of The General Conference of the New Church (the 'charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 revised 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 revised financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the revised 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.

Emphasis of matter - revision of trustees' report

We draw attention to page 3 to these revised financial statements which describes the need for revision of the trustees' report. The original financial statements were approved on 25 July 2022 and our previous audit report was signed 26 July 2022. We have not performed a subsequent events review for the period from the date of our previous auditor’s report to the date of this report. Our opinion is not modified in this respect.

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 revised 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the original 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.

Page 7

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the revised financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the revised 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 revised 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 revised 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the revised Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the revised 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 revised financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the revised financial statements, the Trustees are responsible for assessing the charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the revised financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes

Page 8

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH (CONTINUED)

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 revised 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:

Based on our understanding of the company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Audit procedures performed by the engagement team included:

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 revised 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.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008 Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Wayne Thomas ACA (Senior Statutory Auditor)

for and on behalf of Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

16 August 2022

Page 9

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
7
Other expenditure
8
Total expenditure
Net gains on
investments
Net income
Transfers between
funds
16
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2022
£
-
-
3,541
-
3,541
-
3,541
-
3,541
233,119
233,119
-
233,119
1,668,965
233,119
1,902,084		 Restricted
funds
2022
£
10,000
-
476,994
-
486,994
100,000
128,277
166,057
394,334
2,084,326
2,176,986
(149,977)
2,027,009
21,021,272
2,027,009
23,048,281		 Unrestricted
funds
2022
£
246,532
81,412
131,120
28,696
487,760
39,494
577,105
-
616,599
298,641
169,802
149,977
319,779
8,373,158
319,779
8,692,937		 Total
funds
2022
£
256,532
81,412
611,655
28,696
978,295
139,494
708,923
166,057
1,014,474
2,616,086
2,579,907
-
2,579,907
31,063,395
2,579,907
33,643,302		 Total
funds
2021
£
356,429
12,313
551,573
-
920,315
114,158
668,925
153,680
936,763
5,265,356
5,248,908
-
5,248,908
25,814,487
5,248,908
31,063,395

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 30 form part of these financial statements.

Page 10

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee) REGISTERED NUMBER: 00006039

BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total net assets
Charity funds
Endowment funds
16
Restricted funds
16
Unrestricted funds
16
Total funds		 4,425
53,475
758,300
816,200
(64,336)		 2022
£
2,028,042
30,863,396
32,891,438
751,864
33,643,302
1,902,084
23,048,281
8,692,937
33,643,302		 2,368
22,596
437,031
461,995
(49,191)		 2021
£
2,263,786
28,386,805
30,650,591
412,804
31,063,395
1,668,965
21,021,272
8,373,158
31,063,395

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 and signed on their behalf by:

Margaret L Cowie

Date: 16 August 2022

The notes on pages 13 to 30 form part of these financial statements.

Page 11

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Net cash provided by investing 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 13 to 30 form part of these financial statements		 2022
£
(630,963)
611,655
215,729
(14,646)
139,494
952,232
321,269
437,031
758,300		 2021
£
(440,199)
551,573
-
(12,599)
114,158
653,132
212,933
224,098
437,031

Page 12

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Company status

The charity is company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity.

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.

The General Conference of the New Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 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.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

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.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

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THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.3 Expenditure (continued)

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.4 Government grants

Government grants are credited to the Statement of financial activities as the related expenditure is incurred.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

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 costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property - 2% on cost
Office equipment - 25% on cost

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 Statement of financial activities.

The pooled investments of the Common Investment Fund established 6 April 1966, also stated at market value, hold investments of both the Conference and certain of its local societies and institutions and comprise the unit holders which have an undivided aliquot portion of the pool. It is consequently treated as a restricted fund of the Conference. The income arising in the year is accounted gross as an incoming resource in the Statement of Financial Activities. The payment

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THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.8 Investments (continued)

thereof to individual societies of their respective portions of this income is treated as an outgoing resource.

The funds comprising the Common Investment Fund derive from both restricted and unrestricted funds of the Conference. Transfers between these funds may arise in the year to account for any additions and withdrawals of capital to the Common Investment as is appropriate. The Conference's annual income deriving from these funds is only transferred, as is appropriate, when payment is made from the Common Investment Fund to the Conference.

2.9 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.

2.10 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.

2.11 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. 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 within interest payable and similar charges.

2.12 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for 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.

Page 15

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.13 Fund accounting (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The 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

Government grants
Coronavirus Job Retention Scheme
North Warwickshire Borough Council
Restart Grant
Donations
Legacies
Trust
Society contributions
Total 2022
Total 2021		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
11,466
-
-
-
12,000
-
23,466
-
58,936
-
-
10,000
58,000
-
106,130
10,000
223,066
10,000
246,532
10,000
346,429		 Total
funds
2022
£
11,466
-
12,000
23,466
58,936
-
68,000
106,130
233,066
256,532
356,429		 Total
funds
2021
£
38,438
39,500
-
77,938
63,366
40,845
68,000
106,280
278,491
356,429

Page 16

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Income from charitable activities

Unrestricted
funds
2022
£
Purley Chase Centre
81,412
Total 2021
12,313		 Total
funds
2022
£
81,412
12,313		 Total
funds
2021
£
12,313

5. Investment income

Rents received
Dividends
Deposit account interest
Total 2021		 Endowment
funds
2022
£
-
3,541
-
3,541
3,472		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
190
476,931
130,509
63
421
476,994
131,120
420,274
127,827		 Total
funds
2022
£
190
610,981
484
611,655
551,573		 Total
funds
2021
£
880
550,059
634
551,573

6. Other incoming resources

Unrestricted Total Total
funds funds funds
2022 2022 2021
£ £ £
Profit on disposal of property 28,696 28,696 -

Page 17

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. Analysis of expenditure on charitable activities

Summary by fund type

Publishing
Purley Chase Centre
Ministerial
Outreach and education
Management and
administration
Total 2021		 Endowment
funds
2022
£
-
-
1,090
-
2,451
3,541
3,472		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
1,024
-
1,681
257,333
122,597
93,888
-
27,346
2,975
198,538
128,277
577,105
123,677
541,776		 Total
funds
2022
£
1,024
259,014
217,575
27,346
203,964
708,923
668,925		 Total
funds
2021
£
1,117
216,817
235,352
27,077
188,562
668,925

8. Other expenditure

Societies' income on CIF for the year
Societies' withdrawals from the CIF
Total 2021		 Restricted
funds
2022
£
112,061
53,996
166,057
153,680		 Total
funds
2022
£
112,061
53,996
166,057
153,680		 Total
funds
2021
£
105,580
48,100
153,680

Page 18

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Analysis of expenditure by activities

Publishing
Purley Chase Centre
Ministerial
Outreach and education
Management and administration
Total 2021
Analysis of support costs
Staff costs
Depreciation
Management and administration
Auditors remuneration
Auditors' remuneration for non-audit work
Sundries
Travel		 Activities
undertaken
directly
2022
£
1,024
259,014
217,575
27,346
1,152
506,111
482,105		 Support
costs
2022
£
-
-
-
-
202,812
202,812
186,820		 Total
funds
2022
£
1,024
259,014
217,575
27,346
203,964
708,923
668,925
Total
funds
2022
£
60,312
63,359
53,458
6,300
6,570
10,626
2,187
202,812		 Total
funds
2021
£
1,117
216,817
235,352
27,077
188,562
668,925
Total
funds
2021
£
64,701
62,314
45,112
6,300
6,660
893
840
186,820

Page 19

(A company limited by guarantee)

THE GENERAL CONFERENCE OF THE NEW CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
353,591
24,151
26,224
403,966		 2021
£
361,937
24,678
26,965
413,580

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

Charitable services
Management and administration of charity		 2022
No.
15
2
17		 2021
No.
15
2
17

No employee received remuneration amounting to more than £60,000 in either year.

The board of trustees are considered to be the key management personnel.

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 March 2022, expenses totalling £ 1,452 were reimbursed or paid directly to 6 Trustees (2021 - £2,160 to 6 Trustees) .

12. Tangible fixed assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022		 Freehold
property
£
3,063,884
11,632
(194,487)
2,881,029		 Office
equipment
£
181,268
3,014
-
184,282		 Total
£
3,245,152
14,646
(194,487)
3,065,311

Page 20

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Tangible fixed assets (continued)

Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
13.
Fixed asset investments
Cost or valuation
At 1 April 2021
Disposals
Revaluations
At 31 March 2022		 Freehold
property
£
831,925
57,620
(7,455)
882,090
1,998,939
2,231,959		 Office
equipment
£
149,441
5,738
-
155,179
29,103
31,827		 Total
£
981,366
63,358
(7,455)
1,037,269
2,028,042
2,263,786
Listed
investments
£
28,386,804
(139,494)
2,616,086
30,863,396

The historical cost of listed investments is £18,948,989 (2021: £19,308,210).

Page 21

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Fixed asset investments (continued)

Common Investment Fund

Total listed investments include amounts held as a Common Investment Fund (CIF), whose participants are Societies and Groups affiliated with the Conference. Financial statements for the CIF are separately prepared.

Listed
investments
£
Valuation
At 1 April 2021 21,834,943
Disposals (100,000)
Revaluations 2,307,188
At 31 March 2022 24,042,131

The historical cost of listed investments held as a CIF is £14,867,382 (2021: £14,867,382).

Of the £476,995 (2021: £420,274) income generated, £476,634 (2021: £419,900) was distributed to unit holders and £361 (2021: £374) was charged as administration costs.

14. Debtors

Other debtors
Creditors: Amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
53,475
53,475
2022
£
14,408
35,189
14,739
64,336		 2021
£
22,596
22,596
2021
£
4,028
32,083
13,080
49,191

15. Creditors: Amounts falling due within one year

Page 22

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds

Statement of funds - current year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
Funds
Michael Jackson
Fund
Restricted
funds
Building Project
Fund
Embsay Fund
Danjoux Fund
De Chazal Fund
Publishing Fund
Common
Investment Fund
- Capital
Southend
Income Fund
Greenhill Income
Fund
Kensington
Income Fund
Scottish
Association
Fund
Other restricted
funds		 Balance at 1
April 2021
£
8,373,158
1,550,109
118,856
1,668,965
191,239
204,380
15,655
79,464
9,503
20,306,761
36,773
22,808
-
136,638
18,051		 Income
£
487,760
-
3,541
3,541
-
-
-
-
-
476,994
-
-
-
-
10,000		 Expenditure
£
(616,599)
-
(3,541)
(3,541)
-
(2,615)
-
-
(1,024)
(266,417)
-
-
(121,471)
-
(2,807)		 Transfers
in/out
£
149,977
-
-
-
-
577
848
8,115
194
(305,473)
9,214
1,593
121,471
1,216
12,268		 Gains/
(Losses)
£
298,641
222,862
10,257
233,119
-
-
-
-
-
2,084,326
-
-
-
-
-		 Balance at
31 March
2022
£
8,692,937
1,772,971
129,113
1,902,084
191,239
202,342
16,503
87,579
8,673
22,296,191
45,987
24,401
-
137,854
37,512

Page 23

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued) Statement of funds - current year (continued)

Total of funds Balance at 1
April 2021
£
21,021,272
31,063,395		 Income
£
486,994
978,295		 Expenditure
£
(394,334)
(1,014,474)		 Transfers
in/out
£
(149,977)
-		 Gains/
(Losses)
£
2,084,326
2,616,086		 Balance at
31 March
2022
£
23,048,281
33,643,302

Page 24

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
Endowment
funds
Endowment
Funds
Michael Jackson
Fund
Restricted
funds
Building Project
Fund
Embsay Fund
Danjoux Fund
De Chazal Fund
Publishing Fund
Common
Investment Fund
- Capital
Southend
Income Fund
Burnley Income
Fund
Greenhill Income
Fund
Kensington
Income Fund
Scottish
Association
Fund		 Balance at
1 April 2020
£
6,910,600
1,281,602
98,501
1,380,103
191,239
210,850
14,907
72,660
10,442
16,832,175
28,299
5,231
21,343
-
136,638		 Income
£
486,569
-
3,472
3,472
-
-
-
-
-
420,274
-
-
-
-
-		 Expenditure
£
(577,067)
-
(3,472)
(3,472)
-
(6,917)
-
-
(1,117)
(232,907)
-
-
-
(111,710)
-		 Transfers
in/out
£
171,536
-
-
-
-
447
748
6,804
178
(307,755)
8,474
(5,231)
1,465
111,710
-		 Gains/
(Losses)
£
1,381,520
268,507
20,355
288,862
-
-
-
-
-
3,594,974
-
-
-
-
-		 Balance at
31 March
2021
£
8,373,158
1,550,109
118,856
1,668,965
191,239
204,380
15,655
79,464
9,503
20,306,761
36,773
-
22,808
-
136,638

Page 25

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued)

Statement of funds - prior year (continued)

Other restricted
funds
Total of funds		 Balance at
1 April 2020
£
-
17,523,784
25,814,487		 Income
£
10,000
430,274
920,315		 Expenditure
£
(3,573)
(356,224)
(936,763)		 Transfers
in/out
£
11,624
(171,536)
-		 Gains/
(Losses)
£
-
3,594,974
5,265,356		 Balance at
31 March
2021
£
18,051
21,021,272
31,063,395

Page 26

THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Statement of funds (continued)

TRANSFERS

Transfers relate to the investing of unrestricted funds in to the Common Investment Fund and the Conference's share of distributable income.

ENDOWMENT FUNDS

The Endowment Fund is a single permanent endowment, made up principally of investments held in The Common Investment Fund in respect of closed societies and past designations.

The Michael Jackson Fund was established to contribute to the general purposes and to the cost of stipends in specified proportions.

RESTRICTED FUNDS

In addition to the Common Investment Fund detailed within the Investments note the other Restricted Funds are as follows:

The Building Project Fund is made up of funds given in trust for developments and new buildings.

The Embsay Fund was established to further the work of The New Church in the north of England. The capital element of the fund is consolidated within the Common Investment Fund.

The Danjoux Fund was established to contribute towards the provision of the services of a resident ordained priest or minister to The New Church in Mauritius. The capital element of the fund is consolidated within the Common Investment Fund.

The De Chazal Fund was established to promote and further the aims of The New Church in Mauritius and other French speaking countries. The capital element of the fund is consolidated within the Common Investment Fund.

The Publishing Fund was established from the funds of the former Missionary Society which had operated as a registered charity for the purpose of publishing New Church literature. The Charity Commission duly gave their approval for these funds to be so transferred to The General Conference of the New Church. The capital element of the fund is consolidated within the Common Investment Fund.

The Kensington Fund was established from the funds from the closure of the Kensington society and the sale of its property. The main purpose of the fund is to support the employment of ministers, Purley Chase Centre and promoting religious education of children and young people. The capital element of the fund is consolidated within the Common Investment Fund.

The Scottish Association Fund was established from the funds from the closure of the Scottish Association. The main purpose of the fund is to promote doctrines of the New Church including and publishing and distribution of documents and books. The capital element of the fund is consolidated within the Common Investment Fund.

Page 27

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

17. Summary of funds

Summary of funds - current year

General funds
Endowment
funds
Restricted funds		 Balance at 1
April 2021
£
8,373,158
1,668,965
21,021,272
31,063,395		 Income
£
487,760
3,541
486,994
978,295
Income
£
486,569
3,472
430,274
920,315		 Expenditure
£
(616,599)
(3,541)
(394,334)
(1,014,474)
Expenditure
£
(577,067)
(3,472)
(356,224)
(936,763)		 Transfers
in/out
£
149,977
-
(149,977)
-
Transfers
in/out
£
171,536
-
(171,536)
-		 Gains/
(Losses)
£
298,641
233,119
2,084,326
2,616,086
Gains/
(Losses)
£
1,381,520
288,862
3,594,974
5,265,356		 Balance at
31 March
2022
£
8,692,937
1,902,084
23,048,281
33,643,302
Balance at
31 March
2021
£
8,373,158
1,668,965
21,021,272
Summary of funds - prior year
General funds
Endowment
funds
Restricted funds		 Balance at
1 April 2020
£
6,910,600
1,380,103
17,523,784
25,814,487
31,063,395

18. Analysis of net assets between funds Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2022
£
-
1,902,084
-
-
1,902,084		 Restricted
funds
2022
Unrestricted
funds
2022
£
£
67,997
1,960,045
22,269,160
6,692,152
711,484
104,716
(360)
(63,976)
23,048,281
8,692,937		 Total
funds
2022
£
2,028,042
30,863,396
816,200
(64,336)
33,643,302

Page 28

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2021
£
-
1,668,965
-
-
1,668,965		 Restricted
funds
2021
£
70,612
20,306,761
644,259
(360)
21,021,272		 Unrestricted
funds
2021
£
2,193,174
6,411,079
(182,264)
(48,831)
8,373,158		 Total
funds
2021
£
2,263,786
28,386,805
461,995
(49,191)
31,063,395

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

20.

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interests and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2022
£
2,579,907
63,358
(2,616,086)
(611,655)
(28,696)
(2,057)
(30,879)
15,145
(630,963)
2022
£
758,300
758,300		 2021
£
5,248,908
77,712
(5,201,545)
(551,573)
578
1,044
13,372
(28,695)
(440,199)
2021
£
437,031
437,031

Page 29

THE GENERAL CONFERENCE OF THE NEW CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Analysis of changes in net debt

Cash at bank and in hand At 1 April
2021
£
437,031
437,031		 Cash flows
£
321,269
321,269		 At 31 March
2022
£
758,300
758,300

22. Related party transactions

The charity is controlled by the Board of Trustees who are considered to be the key management personnel.

The Conference is an "umbrella" organisation with 10 operational societies. It is the Custodian Trustee for all of the societies. Property is owned by 9 of the 10 operational societies. The properties held by the individual societies are not consolidated within the financial statements.

The Conference received contributions from the societies to help cover its running costs. These totalled £106,130 (2021: £106,280).

The Conference acts as a trustee to The New Church College and receives donations from a fund held by the College, jointly with Conference. These totalled £55 (2021: £6,536).

The Conference acts as trustee to Broadfield and at the balance sheet date, had recognised £10,304 (2021: £4,742) within the cash at bank figure which is held on their behalf. During the year, Broadfield received total funds of £5,565 (2021: £1,070) from the principal and had spent total funds of £2 (2021: £12,012) by the year end.

The Conference also administers the assets of The Common Investment Fund on behalf of its societies. The assets of this fund are held in trust separately to those of The Conference.

The Common Investment Fund holds funds for both existing and closed societies. The assets of the fund relating to existing and closed societies are included in the financial statements. Further details of these transactions are included in the Investment note.

Page 30