Reglstered numb8r= 00006039 Charity numb8r'. 253206 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 *ACBLZJ 07mm3 COMPANIES HOLtsE
'.T.HÈ GENEK4L*CONFERENCE OF::THE'NEW CHURCH".. ,'IA-.company.-liinitèd;"by..guararite'ej. CONTENTS Page Rèf¢rènce and administrative deta•ls of th¢ Charity. its TYust•È$ and advisèrs Trustee$, report Independent auditors. report on the financial statements 8-11 Statement of financial actlvities 12 Balance shee¢ 13 Statement of cash tlows 14 Notes to the financial statements 15-31
T.HE-GENERAL:CONFERENCE'OF.'T.HE NEW':CHUR"CH:. '.¥.:. jA.company limited".by.:guaranteel. REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees Margaret L Cowie. Chainnan Nigd K Sullon, Vice-chairman Reverend Robert A Gill Revèrènd Bruce R Jafvis P8Ltrline A Grimshaw Susan Chesworth Robert TO01 Company registerèd number 00006039 Charity register8d number 253206 Registered office Purley Chase Cenlre Purley Chase Lane Mancetter Atherstone WaThvickshire ' CV9 2Ra . Trust Corporation The General conferCe is a Tnjst c(Xp)rab.( ' Company secretary Margaret L Cowie IA¢ting Company se¢tary to 6 November 20221 Susan N Wel¢h IAppointe(17 NovembeT 20221 Othèr offic• holders Rachael J8ggs- Company Ac¢ountant (Appointed 1 Apfil 2022) Revd Jack Dunion and Revd Helen Brown - Joint Spiritual Leaders Indèpendent auditors Bates Weston Audit Ltd Stalulory Auditors Chartered Accountanls The Mills Canal Street Derby DE12RJ Page 1
jA-:corrip.any..IiTllited"""by:"guaranteel.=-.)."..'. REFERENCE AND ADMINISTRATIVE DAlLs OF THE CHARrrY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THEYEAR ENDED 31 MARCH 2023 Bankers The Royal Bank of Scotland plc 41 Commarket Dèrby DE12DH Santander Boolle Merseyside L30 4GB Solicitor5 Harris & Harris 14 Market Place Wells Somerset BA5 2RE lrtvèstment Managers Ne0 Investment Managemer7t "MIle - BNY Mellon Centre 160 Queen Victoria Street L,ondon EC4V 4LA .Rathbone Investment Management "mIle(l 8 Finsbury Circus London EC2M 7A2 Accountants Bates Weston LLP Chartered AcGountants The Mills Canal Street Dert)y DE1 2RJ Page 2
?'ITHÉ,GENERAL-C.ONFERENCE..OF..THE:NEW.CHURCH:: TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees Iwho are also directors of the charity for the purposes ol the Companies Acti present their annu81 report together with the audiled financial statements of The General Conference of the New Church (the company) for the year ended 31 March 2023. The Tru5lees confirm that the annual report anos financial statements ol the company c<Nnply wth the current statutory requiremènts, the requirements of the company s governing document 8nd the provisions of Financial RepoTr9 Standard 102 IFRS1021. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Document The organisalion Is a charItae company limited by guarantee. IncorraIed 16 February 1872 and registered as a charity on 11 July 1967. The company was established vnder a Memorandurn of A5sociatyon which established the obie¢ts and powers of the Charitable ¢ompany and is govemed under its Articles of Associab"on. In the event of the company bn9 wound up, members are quired to contribute an amount not exceeding £5. Recruitmènt and appointment of new tnjstees The Board of Trustees Ilhe Counall should consist of eight member5. electe¢J by the voting members at'lhe ann¢Jal meetings of the Chaiity. who. *ith the Company Secretary and Cofflpany Accountant, admintsler the Charty. Under the temis of the Memorandum and Articles of Association the Chairman and Vice-chaimian serve for a term of four years. and Ihe other six Councillors for three years. At presenl the Council has a Chairman, a Vice-chairman and five Trvstees. One of the Trustees is not expected to stand for ie-electi when his teim ol office ends in July. Members take a lead in a specific policy area, working closely with the ' officers befvleen meetings. The linked responsibility areas of member5 are.. Sue Chesworth Youth and Farnily and Safeguarding. Pauline Grimshaw -committee for Auxiliary Ministry, Robert TaOr - Pudey Chase"Centrè,- Nigel'sutton -Finance. the Company Secretary is the.Human Resources and Committee of Ministers link. l Organisational $tructur• The Council usualty mèets at least five times each year. but this year ten meelings were held. Eight of Ihese meetin9s were held virtually. using Zoom. the olher Iwo being in person. The Council is responsible for the policies and strategic direcb.on of the General Conferen. The Company AGcounlant performs the dulles defined in Artide 2 as being those of the Tieasurer bul, as the Article permits. she uses Ihe prefèrred title Company Accountant. A Finance Manager holds the investment responsrbilities. The Company Secretary, the Company Accountant. the Secretary of the Committee of Ministers. the Joint Spifltual Leaders, and the President of the New Chuich College attend meetings of Ihe Ccwjncil by standing invitation but have no voting rights A scheme of delegaled authority has been approved ty the Council for the major officers and appropriate employEes. When taking on efftployee5, remuneration is oaiculated based on the currenl market rate for what they are efflployed to ¢Jo. The Trustees rewew annually all empl¢)yees' s8laries with reference to the average weekly earnings stalistics at the March Councl meetsng. Relaled Parties and funds held as Custod•an Trustee Full di5c105ure ol relate¢J parties and transactions as they affect the Conference are contained in Note 22 to thg financial stalements. Policies Risk Managemen( Investment, Anti4rib•ry and Anti4orruption, Financial Procedure5. Safeguarding, Bullying and Hara$smÈnt. Health and Safety. Legionella, Asbesto$, Data Protectign. Handling suspected Cases of COVID 19 and Coronavirus Vaccine. The Trustees have a risk managemenl process Ihat conforms wilh the formal rec¢)mmended by the Charity Commission. They are GonfJLlent that the proGecSures arbd the aLlvice circulated lo local thuTche5 and employees comply wth legislation OBJECTIVES AND ACTIVITIES Thè objects of the General Conference of Ihe New Churth lthe Conferencel are contained in the Memorandum and ATti¢les of Association. The fundamental object is."- Page 3
3E£F.yw_..'."SN&%.'._THEtrGENERAL--.C'ONFERENC.E"OF".THE NEliV..CHURCH..~ *.-.D. ?" "j.A'-coirip3riy-.liinitediby.."guaraiileel-' TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 'The lormalion into a corwrate Y under the ab)ve title for the purposes of Religi and not for the purposes of gain of Receivers of the Doclrines of the New Chvrch. signified by the New Jerusalem in the Apocalypse or Revelation of John. as ¢or)tsined in the Theologi¢al wrib.ngs of the Honourable Emanuel Swedènborg. and for the doing ol all such things as the Members in Gener Meeting, or Ihe CcMJncil appointed in accordance with the Artides of Association registered herewth, shall from lime to lime detemiine or Ihink necessary for disseminating or suslainiThJ the said Doctrines." The Mission ol the Conferen¢¢ "is to express. share and experience wth olhers in life an inclusive, non- judgemental vision of God's.kingdom." The Vision of the Conference "is of a network of individuals & groups in(eracting together to share spiritual ins¢9hl & understanding in an open & non-iudgemenlal way. in order to promole spiritual growth IhrcKJgh Ihe app"¢ab"on to lrfe of the Word. and the Wribngs of Emanuel Swedenborg." PUBLIC BENEFIT The Charities comrnis5ion ha5 established t¥bv key principles of Puljic Benefit anrj wthin those principles. some important factors must be considered". Principle 1- the musl be an identffiable benefit or beneffts Principte 2 - benefit must be to the public or a section of the public. The Trustees have conSided the Charity Commission's guidance on public benefit as required by section 4 of the Charities Act 2011 and in particulai. the specific guidance in lation to the advancerDent of religion. The Churches provide the traditional fomi of worship, but Ihe Trustees also recognise that mosl of our church premises are also used to benefrt the general public, for example. our churches are used variously as food banks, school uniform reSoUrS cenlres, art groups. crèam tea5. Christmas concert. cirde dancing. music & singing group. Community proied providing food at 20p per ilèm. breakfast cjub. advice centre. schod holiday ' activiliès. community garden, fellowship cifcle, Kumon, wjga, sewing group. whist drive, local Scarecrow Festival. Women's World Day of Prayer. discussion groups. quiz nights. wewJht walchers clubs. line dancing, tai chi. alcoholic anOrbl0us. scrabble club. U3A. and we piovide a warm space. The location and a map ol the churche5 1$ availae on the Conlerence's website. Several churches also have their ¢)wn website. ACtrIIEVEMENT AND PERFORMANCE The Association now has 10 societies or local churches recognised by the Conference. They are IcKated throughout the UK. The Conference and rts local churches. in common vthh the Mission and Vision Statements. welcome anyone tts join in worship. The format of the seThices of worship v&ies from church to church Ixjt there is excellent opw)rtunity for non-members of the Church to join in W0h1P. In gener. the attendanee at worship has been steadity dedining over many year5. which has saojly resulted in the ¢losvre of some local ¢htJrches. The Tnjstees recognise that this traditional fom of worship has entsmious and valuable use for those vtho attend. The 2020 lockdown. %then public gatherings were forbidden, caused the Association to seek other fomis of connecting with people. a technique which is sb'll being used at present. A lortnightly national service of worship is hekl via Zoom. thus Ènabling corllmunal worship to take place virtually. The Trustees have also considered other strategies vA)ich may be used lo reach other people who are seeking somè lom of spiritualily in their INes. Web hosting is one of ihese, thrwgh the web siies of.. w.generalc4)nleren¢e.org.uk.' ww.spiritualwisdom.(xg.uk.' www.purleychasecentre.org.uk- www.apocalypse-of-iohn.org.uk" WWW.SPlfltualquesb"ons.org.uk: The Trustees continue to be pleased wth the use of Pvrley Chase. the Conference's naticinal residential reireal ¢entrè. The ¢entre's calendar ¢ombine5 a varied sejection of traditional and a150 new events. These have been successful and also attracted new people. several of thom have conts.nued to altend future events there. In Page 4
X a&",,Ir'." T.HE.-GENERAi.:CO'N_FE_RE:NC.E:"OF_..THE"NEWICIURC"H.o:.¥x:x.4Yty:t'.": . TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 addits'on lo the events, a monthly seryice of worship is held at Purley Chase and all are welcomed. An annual carol seThice is organised at Christmas followed by refreshments to whi¢h all are welcome. A display boar located next to the gates by the main road has led lo an increase in visits from people passing by. A Quarterly newslelter and email giving delails of partiojlar evenls are distributed to anyone who registers their interesl. ' Increasingly non-New Chur¢h people ale using the centre for sh¢yt breaks and to attend events. A fee slru¢ture lor workshops at IrKal churches and other ¢entres has tren agreed. The aim is to pay realistic fees thal gradually increase in line with rises in costs. No strict perfomiance indicators are used to monilor perf0mlan of the'charrty. Quarterty financial reports are revièwed at Ccxjncil meetings that indude opefalional surplusldeficit figures lor the year to dale compared to the same period in the prewous year and a 10-year forecast. Purley Chase Centre ha5 a management team that also receives quarterly financial profit and Ios5 and forecast reports jusi on Pvdèy Chase Céntre activities that are reviewed at its meeb"ngs. Other areas such as the Finance AdvIscY Committee send in reports io the Council to be reviewed and discussed with performance being monitored in that way ralher than financial target5. Other areas of the organisation also send in reports on ath"vib"es undertaken and annual reports are produced and discussed by members at th8 AGM. FINANCIAL REVIEW 'Resep4es Policy The Iruslee5 remain confident that its financial reserves be adequate to meet future c¢)mmitments. The total funds hdd at 31st March 2023 a £32,743.341 lpg. 121. Of the £32,743.341. £22.574.789 is restricted funds lpg. 121. Of the unrestricted funds, £nil is designated (pg. 281. Financi81 Support of Purley Chasè Centre is a top priority and as at 31st March 2023 expenditure Is £313,622 and wll likely continue to rise for year ended 31st March 2024. This is due to general cost in¢re8ses. Note 18 show5 that £1,913.916 of unrestricted lunds and £60.132 of restn.cled funds 15 in tangible fixed assets lpg. 281. The cash reserves as * 31st March 2023 are £837.999 (note 201. The cash reserves as 31st March 2023 are equivalent lo neady 14 month5 01 unrestricted expenditure. If income was suddenly withdrawn 14 months is seen as a reasonable amount of time to f5nd allernative income sources wthoul having lo reiluce expenditure on current activib"es. The majority of the Teserves are in the fomi of investments that are seen as more of a form of generating income for the long term than as reserves. Like many religious charitses accumulate reserve5, not as policy, bul as a res1 of the closure of church buildings. However our internet problems at Purfey Chase are impacting on our development which are fundamèntal to our 'aims and objeth"ves'. The Centre and Regional Office of our actiwbes 15 ujr 'Retreat Centre. which operates very successfully at Purley Ch85e. wilh bookings UP to 2029. However, it is also where our only curTent itsk exists since we had conlracted BTIOpen Reach to supply new 'Fibre' intemel facil"e$ whtth should have been tnstalled 10 months ago in October 2022. The latest forecast for installation is Seplembèr this yeai. which we anlMJ"pate will *ad to 5pJnrfiGant benefits for growth and development. Pa9e 5
THE. GENE_RAL'CONFERENCE OF, T.HÈ,NEW CH.LiRCH-"" ' (A comp,any-liniited:byiguaranteel_ TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 Principal Funding Sources Principal funding sources are contributions from investsnenl income, conlributions from Societies, legacies and the assels of Societies that close. This yEar there have been no sales ot property. However. il 15 anlicipate(I that there will be property sales in luture as Sw"eb"es conts.nuè to close th the re5ubt that churche5 have to be sold. Investment Policy The invèstment objèctives of the two portfdios. managed by Newton Investrnènt Management ICIFI and the other by Ralhbones (free investmenls} have remained uncthanged from the previous year. The policy is to have a 50150 split belween capilal growth and income received. An appointed team (Finance Advisory Commrtteel meets with Nevrton Investrnent Management and Rathbones twre a year to reiew perfomance and then lo rèportlmake recommendations to the trustees rf needed. Ethical invèstments have bèen looked into as part of our portfolio and discussed with bolh investment managers. PrOeMS identified were that some companiès have parenUas50Ctaled c<>mpanies that arè involved in drfferent social. enwronmental or 8thical transactions and rt would be inueasingly hard to identify where this was the case. PLANS FOR FUTURE PERIODS Thè Trustèes Intend to continue the activitiès outlined above in the forthcoming year and review these at Council meetings. The Council is very conscKJus of the need to provide for younger people and attract them into Conference membership and to Ihis end has iwo part-time Youth Leaders. one working 16 h¢wrs a week an¢J one working 10 hours a week. Two ministeTS are also involved in this wotk. Young People have and continue.to be heavily discounted or not charged at all to attend events at Pudey Chase Centre and to attend the AGM held.in swanwth.each year. This has increased the number (rf y<yJng people attending events an even encouraged them to hdp leading future events. FINANCIAL ACTIVITIES The Statement of Financial Acb"vities Ihe Jear is set t on page 10 of the financial slatements. TRUSTEES. RESPONSIBILITIES STATEMENT The Tnjstees (who are also the directors ol Thè General Conference of The NÈW Church for the purposès of company lawl are responsitAe for preparing the Ttustees. Report and the Financial Stalements in accordance th applicable law and United Kingdom Accounkn"ng Slandard5 {Vnited Kingdom Gènerally Accepitrd Accotjnling Practicel- Company law requires the Tnjstees to prepare Financial Statemen15 for each financial year thai give a true antl fair view of the state of affairs of the charitable company and of the incoming res(xJr¢es and appli¢ation of resoLJrces, incjuding the income and expenditure. of Ihe charitable company lor that period. In preparing ihose finanaal statements, Ihe Truslees are reqviied to.. select suilable accounting policies and then apply them consislently. observe the methods and w"nciples in the Charity SORP; make judgements anos estimates that are reasonable and prLJent- prepare tt)e financial statements on the goiNJ ¢oncem basis unless it is inappropriate to presume that the charitable cornpany will conlinue in business. The Trustees are responsible for keeping proper accounting records which disclose wth reasonable accuracy at any time the financial position of the tharrtable company an(J to enable them lo ensure that the financial stalements comply wilh Ihe Companies Acl 2006. They are also responsible lor safeguarding the a5sels ol the charitslAe company and hence for taking reasonable steps lor Ihe preventson arbd delection of fraud and other irregularities. -Page6
.THE.GENERAi'" C.ONFÉRENCE.OF_THÈ:.NEVI.:CHURC.H.-"+J.. TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2023 PROVISION OF INFORMATION TO AUDITORS So lar as the Trustees are aware. there is no releva Informati las defined by Section 418 of the Companies Act 2006) ol which the charitable Gompanls auditor5 are unawa, and each TTustee has taken all the steps that they ought to have taken as 3 Trustee in order to make them aware of any audit inlomation and to establish ihat the charrtable companvs auditors are aware of that informatic. Approved by order of the members of the board ol TnJstee5 and sgned on their behalf by.. Margaret L Cowie (Chair of Trustees) Dale= 2110712023 Page 7
'"IA.'corripany.'limiteil.'by..'guaranteel:' INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE "NEW CHURCH Opinion We have audited the financi slatements of The General Conference of the New Church (the 'chartyl for the year ended 31 Marth 2023 which comprise the Statement ol financial aGtiwties, the Balance sheet. the Statement of cash flows and the related noles, including a summary ol significant accounting licies. The financial reporting framework thal has been applied in Iheir weparats.on is apF4icable law and United Kingdom Accounling Standards. induding Financial Rep(N*"ng Standar(1 102 'The Financial Reporting Standard applicablè in the UK and Republ of Ireland. Iuniled Kingdcrfn Generally Accepted Accounting Practice). In our opinion the financial statements-. give a true and fair view of the.state of the charitae ¢(Nnpanls affairs as at 31 March 2023 and of its ineoming resources and applicalion of resources, indudin9 its income and expenditu for the year then ended., have been property prepared in accordan wlh United Kirodom Generally Accepted Accountin9 Pracb"¢e; and have been Prepared in accordance with the requirements of the C(xnpanies Act 2006. Basis for opinion We ¢onducted our audit in accordance Internat81 Starthrds on Auditing IUKI {ISAs {UKII and applicable law. Our responsibilities under those standards a further described in the Auditors. responsibilitses for the audit of the financial stalements sectson of our report. We are independenl of the charitable company in accordance 'with thè ethical requirements that are relevant to our audit ol thè financial statements in the United Kingdom, including the Financial Reporting Councifs Ethical Standard. and we have fL4filled our other ethical responsibilitses in accordance with thesè requiremènts. We bèlieve Ihat thè audit èVKlence we have obtainèd is sufficient and appropriate to provide a basis for our opinicx). Conclusions rdating to gIn9 concern In auditing the financial statemenls, we have conduded thal the Trustees, use of the going concem basis of accounting in the preparation of the financial slaternents is apprDpriale_ Based on the work we have perfoe(l. we have Tt hyentsfied any material uncertaintie5 relating lo events or condib.ons that. IndidallY or collectively. rnay casl significant doubl on Ihe charitable company's ability lo Continue as a going concern for a period of at least ty1Ve months from ¥then the financial statements are aulhorised for issue. Our responsii¥litie$ and the reSEnsib"111ieS of.the Tnjslees wth respect to gng concern are described in the relevant sections of this port. Page8.
.," a>-"&-THE'.GENEFiAL.C"ONFÉRENCE'.O.F"T+iE""NEW-.CHURC.H':;': "-jA comp.any21"imitèd".b"y-guaranteel": INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH {CONTINUED) Other information The other infornation compTise5'1he informatitN) induded in the Annual report other than the financial 518tements and our Audilors. report thereon. The Tmslees aFe responsible for the other infom)3tion contained within Ihe Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othewse expliutly stated in our reFort. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inlomialion and. in doing 50, consider whether the other information is materially inconsisteni Ihe finanual statemenis or our knowlèdge obtained in the course ol the audit. or othemse appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls. we are required to deterrn1r whether Ihis gives rise lo a material mi$5tstemenl in the linancial ststements themselves If. based on Ihe work we have performed, we conclude that there is a material misstatement of this other infomiation, we are iequiced to report that fact. W¢ have nothing to rew)rt in this regard. Opinion on other Matte prescribed by the Compani•s Acl 2006 In our opini¢>n. based Dn the undertakèn in the coursè of the audtL the infomiatson given in the Trustees. report for the financial year for which the financial statements aTe prepared is consistenl wth the finanual statements. the Trustees. re[ has been prepared in accordance WTlh applicable legal requirements.- .Matters on vthich we are requived to report by exception 'In the light of our knOedge and understsnding of the charitable company and ils environment obtained in the course of Ihe audil, we have not identif malerial misstslements in the Tnjstees, repcrt. We have nothing to report in respect of the fdlumng matters irh relalion to which Companies Act 2006 require5 U5 to report to you if, in our opini(M: adequate aGcountin9 rewrds have not been kep( cy retum$ adequalè fc¥ our audit have not beèn received frcn branches not visited by us.. OT the financial statements are not in agmmenl wth the accounting rècords and retums," or certain disclosures of Trustees, remuneration specified by law are not made" or we have not received all the infomiats.on and explanations we require lor our avdit," or the Trustees were not enbued lo prepare the financial slatements in accordance wrth the small companies regime and take advantage of the small CoMpans, èxemptions in pr8pafing the Twst£es' report and from the requiiement to prepare a Strategic rep(xl. Page 9
THE'G.ENERAi.CON.FERÈNC.E'OF:THE-.N_EIfyi C.HUR"CH'>.': ..IA",company...limite(iby. guaranteej".. INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH {CONTINUEDI Responsibilities of.tru5tees As explained more fully in Ihe Trustees. resp)nsibililL"es statement. the Trustees {who are also the directors ol the charitable ¢ompany for the purposes of company lawl are responsiblè for the preparati of the financial statements and for being satisfied Ihat they give a true and fair view. and for such intemal control as the Trustees detemiine is necessary to enable Ihe preparation of financial statements that are free from maierial misstatement, whether due lo fravd OT err. In preparing the finanual statements. the Trustees are responsible for assessing the charitable companys ability to Gontinue as a going ncern. dis¢Josing. as applicable. mattefs lated io going concern and using the going concem basis of accounting unless U)e Trustees èithèr intend lo lsouidate Ihe charilable Gompany or to cease operations. or have no realistic ternative trmjl lo do so. Auditors, r•$pon$lbllltles for the audli of the financlal statements Our objeclives are to oblain reasonablè assLtrance ab¢)ut the financial statements as a whole are free Irom malerial misstatement. whether due to fraud or error. and to issue an Auditors, report thal includes our opinion. Reasonable as5vrance is a high level of assuran. inrt 15 llot a guarantee that an audit conducted in accordance with ISA5 (UK} wll ahvays detÈ¢t a material misstatement when il exists. Misstalements ¢an arise from fraud or èrror and are considered material if. Indiwdually or in the a99regate, Ihey cwld reasonably be expected to influence the economic decisions ol users laken on Ihe basis of these financial statements. .Irregularities, induding fraud. are instances of TcoMplis¢e wth laws and regulations. We design "procedures in line vJith our spOnsIbl11es. outlined aiK>ve. to detect material rnisstsiements in respeGt of irregUlarlies. including fraud. The extent to %thich our procedures are ¢apable of detecting irregularities, including fraud is detailed below.. B8s&l on our understsnding of the company and industy in which it operates. we considered those laws and rè9ulations that have a direct impact on ihe preparabon ol the financial statements s¢Jch as the Companies Act 2006 and Charities Act 2011. Avdil wocedures performed by the engagement team induded.. EnqLtriry of managemenl around actual and polential liligalic and claims." Reviewing financial slatement disclosures and testing to supporting documenlation lo assess compliance wilh applicable laws and regulabons: Pertorrning audit work over the risk of man39ement override of controls. induding tèsting of journal entries and othèr adjustments for appropriateness. evaluating the tsjsinèss rationale of significant transactions outshle the nonmal course of busirless and rewewng accounting esbmates for bias. Because ol the inherènt liMta.0ns of an audit. there is a risk that we 11 nol detèct all irregularities, including those leading to a matefial misstatement in the financial statements or non-compliance wrth regulation. This risk increases the more that com13nCe wlh a law or regulatson is removed from the events and transactions reflected in the financial 51atements. as we wll be less likely to become awaie of instances of non-cornpliance. The risk is also greater regarding irregularities o¢curring due to fraud ralher than error. as fraud involves intenlK)nal concealment, forgery. collusKJn. (xnIss or misrepre$entatw. A further descripb.on of (wr responsibilitses for the audit of the financial statements is located on the Financial Reporting Council's website at.. vwhY.frc. itorsres This deSCp110n lorms part of our Auditors, report. Page 10
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GENERAL CONFERENCE OF THE NEW CHURCH {CONTINUEDI Use of our report This report is made solely to the charitable companls members. as a bc*Jy, in accordance wth Chapter 3 OY Part 16 of the Ccxnpanies Act 2006. Our audil work has been undertaken so that we might slate to Ihe charilable companls members those matters we a required to 51ate to them in #n AuditOTS' report and for no other purpose_ To the fijllesi extent pemiiited by law. we do nol accepl or assumè responsibilily to anyone other than the charitable company and its mefflbers. as a body. for audit work. f¢y this report, or the wnions we have formed. Wayne Thomas ACA (Senlor Statutory Audltor) for and on behalf of ates Weston Audit Ltd StUtOry Auditors Chartered Accountan15 The Mills Canal Street Derby DE12RJ Date.. 21 July 2023 Page11
THE"GENERAi':C_ONF.ERENCE OF.THE":NEW:'CHURCH'-: .IA"company. lirriite"d_.by".guarariteej.:' STATEMENT OF FINANCIAL ACTIVITIES IINCORPOlkATING INCOME AND ÉXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2023 EndowmÈnt funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds .2022 Note Income and endowments from: Donatsons and leg8cies Charitable actsvitie5 10.000 328.796 81,050 181.411 338.796 81.0S0 701.392 256,532 81,412 611,655 28,696 Investmenls Other income 3.612 $16.369 Total income and endowments 3.612 S26,369 591,257 1.121,238 978,295 Expenditure an: Raistng funds Charitable activities 111,157 142.088 150.355 35.950 680.558 147.107 826.258 150.355 139.494 708,923 166,057 3.612 Other expendrture Total expenditure 3,612 716.8 1.123,720 1,014,4T4 Net gainslllossès) on investments 43.883 1415.213) 1526.1491 1897,4791 2.616.086 Net ineomel (expenditure) Transfers tWeeft funds 43.883 (291444) (651.40QI (899,961} 2.579,907 16 (181,048) 181.048 Net movement in funds 43.883 (473.4921 (470.3521 (899.9611 2,.5Tg.907 Reconciliation of funds: Total funds brovght forward Net movement in funds 1.902.084 23,1)48.281 .692.937 33.643,302 31.063,395 43.883 (473.492) (470,3521 (899,9611 2,579,907 Total funds caNi•d fornyard 1.945,967 22,574,789 8,222.585 32,743,341 33,643.302 The Statement of financial acb"vilies includes all gains and losses recognised in the year. . The notes on"pages 15 to 31 form part of these financi81 stateinerits. Page 12
(A compariy."limited.'by."guaranteej': REGISTERED.NUMBER. 00006039"-' BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Fixed assets TaTrgie asse15 Inve5trtL¢nts 12 1,974,048 29.818.810 2,028.042 30,863.396 13 31.792.858 32,891,438 Currènt ass¢ts Slocks 3.645 170.939 837,999 4,425 53.475 758.300 Debtors Cash al bank and in hand 14 1.012,583 816.200 Creditors.. amoun15 fallirwJ dve wthin one year 15 (62.100} (64.336) Net ¢urr¢nt assets 950.483 751,854 Total net assets 32.743.341 33,643,302 Charlty funds Endowment funds Restricted fun¢Js Unrestricted funds 16 1.945.967 22.574.789 8.222.585 1.902,084 23,048,281 8,692,937 16 16 Total fund$ 32,743.341 33.643.302 T.he Tnjstees acknoedge their responsibilities for complyw with the requirements of the Act respect to accovntiro recor(Is and preparation of financial slatèmenl5. Thè financial statements have been prepared in accordance wth the provisions appluble lo èntiknès subject to the small companies regime. The fin8n(ial ststements were approved and autFM)rised for issue by Trustees and signed on their behalf by. Margaret L Cowie Ichair ol Trustees) Date.. 2110712023 The note5 on pages 15 to 31 fomi part of these finantial slatements. Page13
'.THÈ.GÉNERALf.CONFERENCE.OFTHE:NEliV."CHVRCH"-' IA company limite(i".by guarantéel,-- STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from op•ratin9 aCtiviti•s Nel cash used in operating acbwlies {747,164) (630.963) Cash Ilows from investing activities Oividend5, intere5t5 and rents from inve51ments Proceeds from the sale of tsngible red assets Purchase of tangible fixed assets Proceeds fr(n sale ol investmer715 701,392 611.655 215,729 (14.646) 139,494 121,636) 147,107 Net cash provided by Investtng aclivities 826,863 952,232 Change in cash and cash equivalents in the year Cash and cash eouivalenrs at the beginning of the year 79.699 321,269 758.300 437.031 Cash and cash equivalents at the end of the year 837.999 758.300 The noles on pages 15 to 31 fonn part of these financial statements pa 14
T.HE"GE_.NERAi-_CONF.ERENCE.OF,:.TfriÉ."NEIiI. CHURCH":.""'- jA'comp.'an"y,-.liryiited.by!guaranteelS--,-.. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 ornpany status The charily is company limitetl by guarantee. Thè 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 pèr memter of Ihe chafity. Accounting policies 2.1 Basis ol preparation of linanclal statements The financial stalemenls have been prepared in ac¢ordance with the Charities SORP IFRS 1021- Accounting and Reportin9 by Charibes". Statement of Recommended Practice appIatsIe to charities preparing iheir accounls in accordance wth the FinanTral Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102) {effedtve 1 January 20191. the Financial Reporting Stsndard applicable in thè UK and Republic ol Irdand {FRS 1021 and Ihe Companies Act 21. The General cferen ol the New Church meets the definition of a public benefit entity under FRS 102. Assels and liabilities are inilialfy recognised al hIstlca1 cost or transaction vJue unless othefwise slated in the relevanl accounting polry. 2.2 Incomè All in¢ome is re¢ognised once the Charity has entitlemenl to Ihe income. it is probaNe thal Ihe income wll be received and the arnounl of income receivable can be measured reliably. For le98cs, enliuemenl is taken as the earlier of the date on vthich either.. the charity is aware thal probate has been granted. the e51ate ha5 been finalised and nolificab.on ha5 been made by the executorlsl lo the Trust Ihat a distribubon will be made. (x when a distribution is received from the eslate. Recèipt 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 executorfs inlention to make a distribuUon. Where legacies havè been [tiffied to the charity, or the chanty is awarè of the granting of pfobale, and the criteria for income recognilion have rK•t been met. (hen the legacy is treated as a conb"ngent assel and (ji10Sed if material. 2.3 Expenditufe ExpÈniJiture is recognised ¢É there is a legal or constructive obligatson lo transfer economic benefit to a third .party, it is probable that a transfer of economic benefits will be required in setuement and the amounl of the obligation can be rneasured rdiably. Expenditure is classified by adivity. The costs of each aCtity are made up of the lotal ol direct COS15 and shared costs, induding SUPF¥)rt costs inv<Aved in undertaking each activity. Dire¢t costs attributable lo a single aclivrty are allocated direcuy to that activily. Shared costs which contrityjte to more than one activity and support Gosis which are not attributable to a single activity are apportioned befy¥een Ihose 8¢ttvities M a basis Consistenl wth the use of resources. Centfal staff ¢ost5 are allocated on the basis of time spenL and depreoab.on ¢har9es allocaled on the portion of the asset's vse. Support costs are Ih05e cosls incurred direcuy in support of expendiiure onlhe objects of the charity and Include projecl management Garried out at Headquarters. Cosls of generating fvnds are costs incurred in atlracting vcAuntary income. and those in¢urred in tiading activilies that raise funds. Page15
.t "Tr".TH"E.GENERAL-'CONFERENCE.'OF.."T.HE NEW.CHURCH." (A'comp_any limited-by.guaraiiteel- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies {continuèdl 2.3 Expenditure (continued) Charitable acbvity.es and Govemance costs are costs incurred on Ihe charitls educational operatsons, induding support costs and costs relating to the govemance of the charity apportioned to chartsble #clities. 2.4 Government grants Govemment grants a crediled to the Stsiement of financial activilie5 a5 the related expenditurtr is incurfed. 2.5 Interest Teceivabl• Intertrst on lunds hdd detN)sit is in¢lu¢Jet1 vthen receivable.and the amount can be measured reliably by the Charity.. this is nomially Upc notificats.on of the interest paid or payable by tha instrtution th whorn the funds are deposited. 2.6 Taxati¢>n The Charity is considered to pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Acl 2010 and therefore it meets the defjrmtion of a ¢J)aritable wmpany for UK ¢orporation lax purpos8s. A¢cordingly. the Charity is potents.ally exempl from taxation in respect of in¢ome or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxatson of Chargeable Gains Act 1992. to the exlenl that such income or gain5 are applie(6 exclusively to chanlthe purpK)5es. 2.7 Tangible fixed assets and depreciation Tangible fixed assets cosb.ng £500 MO a capitalised anLI re¢oynised when future economic benefits are probable and the ¢ost or value of the asset can be measured reliably. Tangible fixed assets are carried at C051. net of ¢Jepreuation and any provision for impaiiment. Oepreuation is provided at rates ¢al¢ulated to write off the cost of fixed assets, less Iheir estimated residual value. over thelr expected useful lives on the lollowing bases= Freehold propèrty Offi¢e equirxnent 2% on cost - 25% on cost 2.8 Investments Fi¥e(J asset investments are a form of finan¢t81 instrument and are initialty recognised al their transa¢tion Cost and subsequently measured at fair value at the Balance sheet date. unless the value cannol be measured reliably in which case rt is measured al Cost less impaiment. Investment gains and losses, whether realised or unrealised, ace combined and presented as 'GainsllLosses) on investments. in the Statement ol financi actiwties. The pooled inve51menls of the Ccffimon Inveslment Fund established 6 April 1966. also staled at market valuè, hold investmenis of tKJlh the Conference and certain of its local societies and institutions and comprise the unit holders 1th have an undiwded aliquot Portion of the pool. It is consequenily trealed as a restricte(I fund of the Conference. The income arising in the year is accounted gross as an incoming resource in the Statemen( of Financial Acuvib'es. The payment Page 18
-ty¥yTHE."GENE'RAi""C.ONFERÈNCÈ'"OF:.,THE""NEW,'CHURcH Tr,£1. . jATCOinFI_any."limited.'by-guaranteel'.'%'i.¥.%T*--; NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 A¢¢ountlng policies l¢¢ntlnu•d) 2.8 Investments {continuedl thereof io irKlivthal SletIeS of their respecb.ve porf1(S of this InMe is treatèd as an outgoing resource. The funds comprising the Common Investment Fund derive from both restricted and unrestrided fvnds of the Conferen¢e. Translers belween thesé funds may arise in thè year to account for any a¢Jdits"iJn5 and wthdrawals of capitsl to the Common Investment as is appropriate. The Conference's annual income derNing from these funds is only transferred, as is appropriate, when payment is made from the Common Investmenl Fundlo the cferenCe. 2.9 Debtors Trade and other debtors are recognised at the settlement afflount after any trade discount offered. Prepanen15 are valued al Ihe amount prepaTrd net of any irade dis¢wnts due. 2.10 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid Investments'with a short maturity of three months less from the date of acquisthn or Openg"Of Ihe"deposit or similar. account. .2.11 Liab•lities and provisions Liabilrtiès are recognised when ihere is an OlgatI( al the Balance sheel dale as a sUIt of a past event, it is probable that a Iransfer of economic benefit will be requrred rn settlement. and the amount of the setdement can be esb"matèd reliably. Liabilities are recognised al the amounl that the charity anticipates rt 11 pay to setlle the debt or the amtsjnt it has received as advancèd payments lor the goods or services it musl provide. Provisions a measured at the best ests'mate of the amounts required to settie.the ctjligation. Where the effect of the time value of money is matenal. the prowsion is based on the present value ol those amounts. discounled at the pre-tax discount rate th81 refleds the risks sperAfi¢ to the liability. The unwnding of the discount is recognised wilhin interest payable and similar charges. 2.12 Pensions The Charity operates a defined conlnbution pension sd)eme and the pension charge repsents thè amounts payable by Ihe Charity lo the fund in respect of the year. 2.13 Fund accounting General funds are unrestricted funds %%thich are available for use at the discrets.on of the Tnjstees in furtherance of the general objectives of the Charity and which have nol been designated for other rp)ses. Designated fvn¢Js comprise unrestricted fun¢Js that have been set aside by the Trustee5 for particular purposes The aim and use of each desKJnated fund is set out in the notes to the financial siatements. -Page 17.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Aecountlng policiès Icontinu•d) 2.13 Fund accounting (continued) Restricted funds are fvnds vthieh are to be usÈd in accordance specific restrictitsns imposed by donors or which have been raise(I by the Charity for patulaT purposes. The costs of raising an administering such funds are charged against the specific fund. The aim and use ol each ieslricted fund is set out in the notes to the finanual 5tsternents. Investrnent income. 9ains and k6ses are allocated to the appropriate fund. Income from donations and legaeies Restri¢t¢d Unrestrlcted funds funds 2023 2023 Tatal funds 2023 Tol81 funds 2022 Government grants Coronavirus J¢b Retentyon Scheme 11,466 12,000 Restart Giant 23.466 Donalims Legacies Trusl Society contributions 97,6C 62.560 58,OC(t 110,630 97.606 62.560 68.00(1 110.630 58,936 10,000 68.000 106, 130 10.000 328.796 338.796 233,066 Total 2023 10.000 328,796 338.796 256,532 Tolal 2022 10,000 246.532 256,532 Page 18
IA..comiiany-!irniteii by_"guarariteej': NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Income from charitable acti¥iti¢$ Unrestrided funds 2023 Total funds 2023 .Total funds 2022 Purfey Chase Centre 81.050 81.050 81,412 Total 2022 81.412 81.412 Investment incorn• Endowment funds 2023 Re5trirted ljnrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Rents received 1.020 172.135 8.256 1.020 688,481 11,891 190 610,981 484 Dividends 3.612 512,734 3.635 Deposil account interest 3.612 516.369 181.411 701,392 611,655 Total 2022 3.541 476.994 131. 120 611,655 other incoming rèsources Unrestricted funds 2023 Total funds 2023 Total funds 2022 Profit on dispos* of property 28,696 Total 2022 28.696 28,696 Page 19
- (A company.limited-:b"y.-guarariteej".:" NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expendlture on charitable activities Surnmary by fund type 'Endowment funds 2023 Restri¢ted Unrestricted funds funds 2023 2023 Total 2023 Total 2022 Ptlblishing Purtey Chase Centre hAinisterial 1,288 220 1.508 313.622 195,316 33.847 1,024 259,014 217,515 27,346 313.622 56.380 33.847 1.111 137.825 Outreach and education Managemenl and administration 2.501. 2,975 276.489 281.965 203,964 3.612 142,088 680.558 826.258 708,923 Total 2022 3.541 128.277 5TT. 105 708.923 Other.expenditur Restricted funds 2023 Total funds 2ri23 Total funds 2022 SoGieb"es' In)me on.CIF fw the year Societies, withdrawals from Ihe CIF 130,355 20,000 130.355 20,000 112,061 53,996 15D,355 1SO.3SS 166,057 Total 2022 166,057 166,057 .Page20"
.&.*IA-coinpany_-.lirriited'.by.-_gUaranteel"':..">%- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Analysis of expenditure by activities Activities undertaken direGtIy 2023 Support costs 2023 Total funds 2023 Total funds 2022 Publishing Purtey Chase Centre Ministerial 1.s08 313.622 195.316 33,847 1.210 1,S08 313,622 195.316 33,847 281.965 1.024 259.014 217.575 27.346 203,964 Outreach and èducation Management and administration 280,755 545.503 280.755 826.258 708,923 Total 2022 506.111 202.812 708,923 Ana5ysis of support costs Total funds 2023 Total funds 2022 Staff cLJsts Depreciats"on Management and administralion Auditor5 remuneration Auditors, remuneraiion for non-audit work Sundries Travel 108.677 75,630 64.954 6.480 7,260 11.616 138 60.312 63,359 53,458 6,300 6,570 70,626 2.187 280.755 202,812 Page 21
THE GENERAL. CONFERENCE OF.,,THE NEW'CHURCH IA"company.liinited.'bY_-.giiaranteèjA.K-.". NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2023 10. aff ¢o$t$ 2023 2022 Wages and salaries Social security costs Contribution to defined c(trIbution pension schemes 408,719 28,288 27,105 353,591 24, 151 26,224 464.112 403,966 The average number ol persons employed by thè Charity durirg the year was as fdlows: 2023 No. 2022 No. Charitsble serwces Management and administration of charity 14 15 18 17 No employee re¢eived remunerati amounting to more than £60.000 in either year. The board of trustees are considere(I to be the key management personnel. 11. Trustees. remuneration and expen$es During the year. no Truslees received any remuneration or other benefts (2022- £NILJ. During yèar ended 31 March 2023. en5è$ totalling £4.233 wèrè reintKJrsÈd or paid direcuy to 4 Trustees (2022- £1,452 to 6 Trusteesj. 12. Tangible fixed assets Freehold property Office equipment Total Cost At 1 April 2022 Additions 2,881,029 184,282 21,636 3.065,311 21,636 "At 31 Marth 2023 2,881.029 205,918 3,086,947 Page 22
THE GÈNERAi.CONFERENCÉ.OF.THÈ NÈW.CHURCH'__ IA:com-F>any.siiwriitedEby""giFaranteej -._ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 12. Tangible fixed assets leontinuedl Freehold property Office equipment Total Deprec•ation At 1 April 2022 Charge for the year 882.090 57,632 155,179 17,998 1,037.269 75.630 Al 31 March 2023 939,722 173.177 1,112.899 N•t book valu• At 31 March 2023 1.941.307 32.741 1,974,048 At 31 March 2022 1.998.939 29.103 2,028,042 13. Fixèd ass•t investments Listed investrnents Valuation At 1 April 2022 DisF*)sa15 Rèvaluations 30.863,396 {147.1071 {897.479) At 31 March 2023 29.818.810 The historical cost of listed investments is £20,165.761 12022- £18.948.9891. Page 23
THE:GENERAL.",CONFERENCE OF'.THE.NEW.CHURCH¥J Trj'A-.comi.>any:lirriite(l.:bya'guarantee),'¥.-j': NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2023 13. Fixed asset invtstments {continued) Common Investment Fund Total listed investrnent5 include amrwJnts held as a Common Investment Fund ICIFI, 0$e participants are Sooeties and Groups affiliated vAlh Ihe Conference. Financial statemen15 for the CIF are separately prepad Listèd invèstmènts Valuation At l April 2022 DisPOS81s Revaluations 24,042.131 1111,1571 1366,445 At 31 March 2023 23,564,529 The historical u)sl of listed investments hdd as a CIF is £14.713,569 {2022.. £14.867.3821. Of the £516,369"12022."£476.9951 inwne generated. £516.00912022- £476,634) was distributed to unit holders and £36012022: £3611 was thar9ed as administration costs. .14. Dtbtors 2023 2022 Oiher debtors 170,939 53,475 170,939 53,475 15. Creditors.. Amounts falling due within one year 2023 2022 Trade creditors Olher Creditors Accruals and deferred income 6,627 38.875 16,598 14,408 35, 189 14.739 62,100 64.336 Page 24
THÉ".GENERAL" CONF.ERÉNCE OF.THE NEW..CHURCH;. "'jA company--liinited by..guaranteel- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Statemont of funds Statem•nt of funds- current y•ar Balancè at 31 March 2023 Balance at 1 April 2022 Transfers inlout Gain$1 (Losses) Ineomt Expenditure Unrestricted fund5 General Funds 8.692,937 591.257 1716.5081 181.048 1526.1491 8,222,585 Endowment funds Endowment Fund5 MiGhael Jackson Fund 1.772,971 48.768 1,821,739 129,113 3.612 13,612) 14.8851 124.228 1,902.084 3.612 13.6121 43,883 1,945,967 Restrict•d funds Building Project Fund Embsay Fund Danjoux Fund De Chazal Fund Publishing Fund Common Investment Fund - Capital Southend Incorne Fund Greenhill Income Fund Kensington Incorne Fun Scottish Associalion Fund 191,239 202,342 16.S03 191,239 200,510 17.420 116151 783 917 87,579 8,673 7.950 219 95,529 7,384 11.5081 22,296.191 516,369 1261.8721 {340.302) 1415.213) 21,795,173 45.987 10,398 S6,385 24.401 24.401 1137.6051 137,605 137,854 1.382 139.236 Other restricted funds 37.512 10,000 47.512 Page 25
TH.E,-GENERAL.CONFERENCE,"OF;-.THE'NEW.:CHURCH-"",I IAicompany. limitédiby.-guaranteel'"'_ NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Statement of funds l¢ontinu8d) Statement of funds - current yeaT (Continued) Balance at 31 March 2023 Balance at 1 April 2022 Transfèrs inlout Gain ILoss•sl Income Expenditur• 23.048.281 526.369 1403.600) 1181.0481 1415,2131 22,574,789 Total of fund5 33.643.302 1.121,238 (1,123.7201 1897.479) 32,743,341 Statèment of fvnds- prior year Balance al 31 Alarch 2022 Balance al l April 2021 Transfers iout Gain (Losses) Income £Ypenditur& Llnrestrictèd funds General Funds 8.373.158 487.760 (616.599) 149.977 298,641 8.692,937 Endowment funds Endowment Funds Michael Jackson Fund 1.550.709 222,862 7. TT2.971 118.856 3.541 (3.541) 10,257 129. 113 1.668,965 3.541 (3,547) 233,119 1,902,084 Restricted funds Building Prc4ect Fund Embsay Fund Danjoux Fund De Cha2al Fund Publishing Fund 791,239 204.380 15,655 191,239 202,342 16.503 (2.615) 577 79,464 9.503 87,579 8.673 (1.024) 194 Page 26
'.T.HE,GÈNERAL.CONFERENCE'OF'.THÈ NEW:CHURCH,'" - IA-.¢onipa.ny. limited:'by guaranteel-_4. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PIARCH 2023 16. Statement of funds leontinued} Slat•ment of lunds- prirx year (continued) 8alanc$ al 31 March 2022 Balance al 1 Apn"12021 TTrnsfers irrfoul Gain (Losses) Income Expgndilure Common Inve5trnent Fund - Capital Soulhend 1ncome Fund Greenhill Incomè Fund 20.306,761 476.994 (266.417) (305.473J 2.084,326 22,296, 191 36.773 9.214 45.987 22,808 1.593 24.401 .Kensington Income Fund Scottssh Association Fund (121.471) 121.471 136,638 1.216 137..854 Other restn.ded funds 18.051 io.(x (2.807) 12.268 37,512 21.021.272 486.994 (394.334) {149,9T7J 2.084.326 23.048,281 Total ot funds 31.063.395 9T8.Z95 (1.014.4T4J 2.616.086 33,643,302 Page 27
THE".GENEFiAL.-CONF.ERENCE"OF'.THE""NEW:CHURCH": I"-IA-coinpany--lirriited."by guarantèéj",- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 16. Statement of fvnds Icontinuedl TRANSFERS Transfvrs relate to Ihè investing of unrestricied funds in to the Common Inveslmsnl Fund and the Conference's share of distributable income. ENDOWMENT FUNDS The Endovdmenl Fund is a single permanent endovnnent. made up principally of investments held in The Common Investment Fund in respect of closed sociebes and past designalions. The Micha81 Jackson Fund was established lo contribute lo the general purposes and to the cost of stipends in specified woporticfjs. RESTRICTED FUNDS In addition to thè Commort Investment Fund delailed t"n the Investments note the other Restricted Funds are as fcAIovts". The Building Proiect Fund is made up of funds given w) trust for developments and new buiklings. The Embsay Fund was eslablished to further the work of The New Church in the north of England. The capitsl elemeni of the fund is consolidaleij wthin Ihe Commi)n Investsnent Fun¢J. The Danjoux Fund was established lo contribute tth¥ards the provision of the Services ol a resident ordained priest or minister to Thè New Churth in Maurits"us. The capital èlement of the fund 15 consdi(Jated wthin the Common Invesiment Fund. The De Chazal Fund was established to pr(Nnote and furthei the aims of The New Church in Mauritius and other French speaking ¢rwntries. Ths cala1 demenl ol the fund is consolidated witlin the C(xnmon Investrnent Fund. The Publish"ng Fund w8s eslablished. from the funds of the former Missionary Souety which had operated as a registered charity for the purpose of publishing New Church literalure. The Charity Commission duly gave their approval for Ihese funds lo be so transfeed to Th8 General Conference of the New Churth. The c3pitsl element of the fund is consolidated wthin the Common Investment Fund The Kensinglon Fund was eStalShe fiom the Ivnds from the c105ure of the Kensinglon Society and the sale of ts property. The main purF)ose of the funt1 15 to support the employment of ministers, Furley Chase Centre and promob.ng religious educab.on of children and young peoe. Thè Gapital element of (he fund is consolidated wthin the Common Invesiment Fund. The Scottish Asso¢Tation Fund was established from the fvn¢Js fr(¥n the closure of Ihe Scottish Associats'on. The main purposè of the fvnd is to pr¢)rnote doclrine5 Qf the New Chufch including and publishing and dislributson of documents and books. The capital element of the fund is ¢onsolid*ed w¢thin the Common Investment Fund. . Page 28
THE-:GENERAL CONFERENC.E_OF:.THE-,NEW CHURCH-- NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2023 17. Summary of funds Summary of funds - current year Balanee at 31 March 2023 Balancè at 1 April 2022 Transfers inlout Gainsl (Losses) Ineome Expenditure General fund5 Endowment funds 8.692.937 591,257 1716,5081 1B1.0 1526,149) 8.222.S85 1.902.084 3.612 13.6121 43,883 1.945.967 Restricled funds 23,048.281 526,369 {403,6001 (181.048) 1415,213) 22.574.7B9 33.643.302 1.121.238 11.123,7201 1897,4791 32.743.341 Surnmary of funds- Pfior year Balance at 31 March 2022 Balance at l April 2021 Transfers Gain (Losses) Income Expendilu General funds Endowment funds 8.3T3.158 487.760 (616.599J 149.977 298.641 8.692.937 1.668.965 3.541 (3.541) 233, 119 7,902,084 Restricted funds 21.021.272 486.994 (394.334) (149.977) 2.084,326 23.048.281 31,063.395 978.295 (1.014.474J 2,616.086 33,643,302 18. Analysis of net a$5ets between funds Anatysis of nèt assets between funds- current year Endowrnent Restricted Unrestricted funds funds funds 2023 2023 2033 Total funds 2023 Tangible fixed assets Fixed asset investments . Current assets Creditors due wlhin yEar 60.132 1.945.967 21,742,788 792.229 120.360) 1.913.916 1,974.048 6.130,055 29.818.810 220,354 1.012.583 (41.740) {62.1001 Total 1.945.967 22.574.789 8.222.585 32,743,341 Page 29
',GENERALL.CONFERENCE'OF"..THE:'NEIfyI.CHURCH':' NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 18. Analysis of net assets between funds (continued) Analysis of net assets between funds- prior year Endowment funds 2022 Reslricted Unrestiicted fvnds funds 2022 2022 Total funds 2022 Tangible fixed assèls Fixed asset inveslments 67.997 1,902,084 22.269. 160 717.484 {360) 1,960.045 2.028.042 6,692, 752 30,863.396 104. 776 816,200 (63.976) f64.336J CUrnt assets Creditors due wthsn one year Total 1.902,084 23,048,281 8.692,937 33,643,302 19. Re¢on¢il•ation of net movement in fvnd$ te net cash flow from operating activtties 2023 2023 Net incomelexp8ndibJre for the year las per Stalement of Finanryal Aclivitiesl 1899,961) 2.579.907 Adjustments for. Depreualion cJ)arges LossesllGainsl on investsnents Dividends, inlerests and ren15 from investrnents Lossllpfofit) on the Sale of fixed assets Decreasellincreas81 in stocks Increase in debtors Increaselldecrease) in dit$ 75.630 63,358 897.479 (2,676,086) 1701.392) f611,655J (28.696) (2,05T) (3Q,879) 15.145 780 1117.464) (2.2361 Net cash used in operating activities 1747.1641 (630,963) Page 30
IA company_."iiiTrited-.b"y_""g_uaranlee),.. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 .20. Analysis of c45h and cash equivalqnts 2023 2022 Cash in harKI 837.999 758.300 Total cash and cash eguivalents 837,999 758.300 21. Analysis of ehanges in nèt dèbt At 1 Awll 2022 Cash flows At 31 March 2023 Cash at bank and in hand 758.300 79.699 837.999 758,300 79.699 837,999 22. Related party transactions Th8 charity is conirolled by the Board of Trustees vtho are considered to be the key management personnel. The.Corrference is an "umbrella. ¢yganisation 7Mth 10 operational SletIeS. It is the Custodian Trustee for all of the societies. Propety is owned by 9 of the 10 operational societses. The properties held by the individual societies are not consdidated within the financial statements. The cOnferee received contn"buts"ons from the weties lo help cover its running Costs. These totalled £110,63012021.' £1(,280). The Conference acts as 8 trustee to The New Church College and receives dMab"ons from 8 ftjnd held by the Comege. jointly with Conference. These totalled £6012022: £551. The Conference acts as trustee to Broadfield and at the balan¢e sheet date, had fecognised £10.304 12022." £10.3041 wthin the cash at bank rUre whKh is hel¢J on their behalf. During Ihe year. Broadfield received total funds of £Nil12022'. £5,565) from the pnncipal and had spent total funds ol £Nil12022.. £21 by the year end. The Conference also administers Ihe assets of The Ccwnmon Investmenl Fund on behalf of its societies. The assets of this fund are held in tnjst separatdy to those of The Conleren¢e. The Common Investment Fund holds funds for trM)th existing an¢J closed soueties. The assels of the fund relating to existing and d05ed societie5 are induded in the financial stalements. Further details of these transa¢ts"ons are Ind[ed in ihe Investment note. Pège 31