Registered number: 00006039 Charity number: 253206
THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 - 7 |
| Independent auditors' report on the financial statements | 8 - 10 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14 - 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 2024
Trustees
Margaret L Cowie, Chair Nigel K Sutton, Vice-Chair Reverend Robert A Gill (resigned 27 July 2023) Reverend Bruce R Jarvis Pauline A Grimshaw (resigned 4 April 2024) Susan Chesworth Robert Taylor (resigned 8 August 2023) Barry Friend (appointed 8 September 2023)
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
Susan N Welch
Other office holders
Rachael Jaggs - Company Accountant (Employment terminated 28 November 2023) Paul Mehew- Company Accountant (Appointed 8 April 2024) Reverend Jack Dunion- Joint Spiritual Leader Reverend Helen Brown- Joint Spiritual Leader (Resigned 27 July 2023)
Independent auditors
Bates Weston Audit Ltd Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ
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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 2024
Bankers
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
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THE GENERAL CONFERENCE OF THE NEW CHURCH (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees (who are also directors of the company 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 2024. 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 three years. At present the Council has a Chairman, a Vice-chairman and four Trustees, one of whom is co-opted, but intends to seek election during the 2024 AGM. Two of the Trustees terms of office conclude in July 2024, but both intend to seek re-election at the AGM in July 2024. Members take a lead in a specific policy area, working closely with the officers between meetings. There has been a change in the link responsibility areas. Margaret Cowie is now the link member for Committee of Auxiliary Ministry and Nigel Sutton is the link member for Purley Chase Centre. Sue Chesworth remains the link with the Youth and Family Team. The Company Accountant is the finance link and the Company Secretary is the Human Resources and Committee of Ministers link. The Trustees recognise that the number of Trustees on the Council is currently below the number set out in our Memorandum and Articles of Association, and are trying to address this. Pleas urging people to come forward have been published in our online newsletter. It was anticipated that holding most of the meetings virtually would make it easier for members to volunteer. Trustees have also been trying to recruit by personal contact and by inviting interested people to sit in on Council meetings. We await the outcome when nominations close.
Organisational structure
The Council has met twelve times this year, one of which was the AGM, and two in person, the rest being held virtually via Zoom. The Council is responsible for the policies and strategic direction of the General Conference. The Company Accountant performs the duties defined in Article 2 as being those of the Treasurer but, as the Article permits, he uses the preferred title Company Accountant. A Finance Manager holds the investment responsibilities. The Company Secretary, the Company Accountant, the Secretary of the Committee of Ministers, the Spiritual Leader and the President of New Church College Chris Chambers, attend meetings of the Council by standing invitation 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 the March Council meeting. The Company Accountant’s employment was terminated in November as it became apparent during the annual audit that she was unfamiliar with the accounting software, giving rise to anomalies with the accounts. The Council dealt with this swiftly and the issues arising from this have been resolved, and the auditors are content. The Company Secretary, and Mr Nigel Sutton, both of whom have previous experience of accounting, together with the Accountants, Bates Weston, are handling the financial aspects of the organisation until a new accountant is appointed. Interviews have taken place and a new accountant has been offered the position but does not start until 8th April 2024.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
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
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, non-judgemental 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 also used 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, 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.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
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.generalconference.org.uk; www.spiritualwisdom.org.uk; www.purleychasecentre.org.uk; www.apocalypse-of-john.org.uk; www.spiritualquestions.org.uk;
The Trustees continue to be pleased with the use of Purley Chase, the organisation’s national residential retreat centre. The centre's calendar combines a varied selection of traditional and also new events. These have been successful and also attracted new people, several of whom have continued to attend future events there. In addition to the events, a monthly service of worship is held at Purley Chase and all are welcomed. An annual carol service is organised at Christmas followed by refreshments to which all are welcome. A display board located next to the gates by the main road has led to an increase in visits from people passing by. A quarterly newsletter and email giving details of particular events are distributed to anyone who registers their interest. Increasingly non-New Church people are using the centre for short breaks and to attend events. A fee structure for workshops at local churches and other centres has been agreed. The aim is to pay realistic fees that gradually increase in line with rises in costs.
An appointed team (Finance Advisory Committee - FAC) meets with the two largest investment management companies, Newton Investment Management and Rathbones, twice a year to review investment performance against agreed benchmarks. The FAC reports back to the trustees on performance, the income outlook, any concerns, for example, in changes in the investment management team and administration of the funds. Both investment managers screen companies based on environmental, social and governance criteria and maintain active engagement with the boards of invested companies.
No other strict performance indicators are used to monitor performance of the charity. Quarterly financial reports are reviewed at Council meetings that include operational surplus/deficit figures for the year to date compared with the same period in the previous year and a 10-year forecast. Purley Chase Centre has a management team that also receives quarterly financial profit and loss and forecast reports just on Purley Chase Centre activities that are reviewed at its meetings. Other areas such as the Youth and Family team and Finance Advisory Committee send in reports to the Council to be reviewed and discussed with performance being monitored in that way rather than financial targets. Other areas of the organisation also send in reports on activities undertaken and annual reports are produced and discussed by members at the Annual Meeting.
FINANCIAL REVIEW
Reserves Policy
The trustees remain confident that its financial reserves will be adequate to meet future commitments.
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The total funds held at 31st March 2024 were £34,926k.
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The ongoing financial support of Purley Chase Centre continues to be a top priority. For the year ending 31st March 2024 expenditure was £403k and will likely continue to rise in future years due to general cost increases and planned maintenance work.
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The cash reserves as at 31st March 2024 were £942k. These cash reserves are equivalent to nearly 12 months of unrestricted expenditure. If access to income was suddenly withdrawn 12 months is seen as a reasonable amount of time to find alternative income sources without having to reduce expenditure on current activities.
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The majority of the cash reserves are in the form of investments that are seen as more of a form of generating income for the longer term than as short-term reserves.
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 have been no sales of property. However, it is anticipated that there will be property sales in the future as Societies continue to close with the result that church buildings have to be sold.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
Investment Policy
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. An appointed team (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. Problems identified were that some companies have parent/associated companies that are involved in different social, environmental or ethical transactions and it would be increasingly hard to identify where this was the case.
PLANS FOR FUTURE PERIODS
The Trustees intend to continue the activities outlined above in the forthcoming year and review these at Council meetings. The Council is very conscious of the need to provide for younger people and attract them into Conference membership and to this end has two part-time Youth Leaders, one working 16 hours a week and one working 10 hours a week. Two ministers are also involved in this work. Young People have and continue to be heavily discounted or not charged at all to attend events at Purley Chase Centre and to attend the AGM held in Swanwick each year. This has increased the number of young people attending events and even encouraged them to help leading future events.
FINANCIAL ACTIVITIES
The Statement of Financial Activities for the year is set out on page 11 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 are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
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 (Chair of Trustees) Date: 5 August 2024
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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 financial statements of The General Conference of the New Church (the 'charity') for the year ended 31 March 2024 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 financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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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)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' report has been prepared in accordance with applicable legal requirements.
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 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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
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 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the 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 financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
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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)
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Enquiry of management around actual and potential litigation and claims;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 FCA (Senior Statutory Auditor)
for and on behalf of
Bates Weston Audit Ltd
Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ 12 August 2024
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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 2024
| Note Income and endowments from: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments Expenditure on: Raising funds Charitable activities 7 Other expenditure 8 Total expenditure Net gains/(losses) on investments Net income/ (expenditure) 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 2024 £ - - 3,612 3,612 - 3,612 - 3,612 309,691 309,691 - 309,691 1,945,967 309,691 2,255,658 |
Restricted funds 2024 £ 10,000 - 585,424 595,424 117,870 175,668 207,180 500,718 1,565,120 1,659,826 (226,701) 1,433,125 22,574,789 1,433,125 24,007,914 |
Unrestricted funds 2024 £ 268,719 129,508 199,676 597,903 36,249 894,243 - 930,492 545,939 213,350 226,701 440,051 8,222,585 440,051 8,662,636 |
Total funds 2024 £ 278,719 129,508 788,712 1,196,939 154,119 1,073,523 207,180 1,434,822 2,420,750 2,182,867 - 2,182,867 32,743,341 2,182,867 34,926,208 |
Total funds 2023 £ 338,796 81,050 701,392 1,121,238 147,107 826,258 150,355 1,123,720 (897,479) (899,961) - (899,961) 33,643,302 (899,961) 32,743,341 |
|---|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 30 form part of these financial statements.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee) REGISTERED NUMBER: 00006039
BALANCE SHEET AS AT 31 MARCH 2024
| 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 |
1,843 13,074 941,564 956,481 (32,264) |
2024 £ 1,916,550 32,085,441 34,001,991 924,217 34,926,208 2,255,658 24,007,914 8,662,636 34,926,208 |
3,645 170,939 837,999 1,012,583 (62,100) |
2023 £ 1,974,048 29,818,810 |
|---|---|---|---|---|
| 31,792,858 950,483 |
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| 32,743,341 | ||||
| 1,945,967 22,574,789 8,222,585 |
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| 32,743,341 |
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 (Chair of Trustees) Date: 5 August 2024
The notes on pages 14 to 30 form part of these financial statements.
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THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments 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 |
2024 £ (810,888) 788,712 (28,378) 154,119 914,453 103,565 837,999 941,564 |
2023 £ (747,164) 701,392 (21,636) 147,107 826,863 79,699 758,300 837,999 |
|---|---|---|
The notes on pages 14 to 30 form part of these financial statements
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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 2024
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 2024
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 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.
2.5 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.
2.6 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
2.7 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 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
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 2024
2. Accounting policies (continued)
2.7 Investments (continued)
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.
2.8 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.
2.9 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.
2.10 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.
2.11 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.
2.12 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.
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.
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 2024
3. Income from donations and legacies
| Donations Legacies Trust Society contributions Total 2024 Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 85,339 - 20,000 10,000 50,000 - 113,380 10,000 268,719 10,000 328,796 |
Total funds 2024 £ 85,339 20,000 60,000 113,380 278,719 338,796 |
Total funds 2023 £ 97,606 62,560 68,000 110,630 |
|---|---|---|---|
| 338,796 | |||
4. Income from charitable activities
| Unrestricted funds 2024 £ Purley Chase Centre 129,508 Total 2023 81,050 |
Total funds 2024 £ 129,508 81,050 |
Total funds 2023 £ 81,050 |
|---|---|---|
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 2024
5. Investment income
| Rents received Dividends Deposit account interest Total 2023 |
Endowment funds 2024 £ - 3,612 - 3,612 3,612 |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 295 570,428 171,344 14,996 28,037 585,424 199,676 516,369 181,411 |
Total funds 2024 £ 295 745,384 43,033 788,712 701,392 |
Total funds 2023 £ 1,020 688,481 11,891 |
|---|---|---|---|---|
| 701,392 | ||||
6. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Bradford New Church | 15,800 | 15,800 | - |
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 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Publishing Purley Chase Centre Ministerial Outreach and education Management and administration Total 2023 |
Endowment funds 2024 £ - - 1,111 - 2,501 3,612 3,612 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 4,453 - - 402,788 152,800 130,333 15,800 29,525 2,615 331,597 175,668 894,243 142,088 680,558 |
Total 2024 £ 4,453 402,788 284,244 45,325 336,713 1,073,523 826,258 |
Total 2023 £ 1,508 313,622 195,316 33,847 281,965 |
|---|---|---|---|---|
| 826,258 | ||||
8. Other expenditure
| Societies' income on CIF for the year Societies' withdrawals from the CIF Total 2023 |
Restricted funds 2024 £ 127,178 80,002 207,180 150,355 |
Total funds 2024 £ 127,178 80,002 207,180 150,355 |
Total funds 2023 £ 130,355 20,000 |
|---|---|---|---|
| 150,355 | |||
Page 19
THE GENERAL CONFERENCE OF THE NEW CHURCH
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Analysis of expenditure by activities
| Publishing Purley Chase Centre Ministerial Outreach and education Management and administration Total 2023 |
Activities undertaken directly 2024 £ 4,453 402,788 284,244 29,525 1,079 722,089 545,503 |
Grant funding of activities 2024 £ - - - 15,800 - 15,800 - |
Support costs 2024 £ - - - - 335,634 335,634 280,755 |
Total funds 2024 £ 4,453 402,788 284,244 45,325 336,713 1,073,523 826,258 |
Total funds 2023 £ 1,508 313,622 195,316 33,847 281,965 |
|---|---|---|---|---|---|
| 826,258 | |||||
Analysis of support costs
| Staff costs Depreciation Management and administration Auditors remuneration Auditors' remuneration for non-audit work Sundries Travel |
Total funds 2024 £ 138,148 85,876 79,186 6,810 16,834 2,009 6,771 335,634 |
Total funds 2023 £ 108,677 75,630 64,954 6,480 7,260 11,616 6,138 |
|---|---|---|
| 280,755 |
Page 20
(A company limited by guarantee)
THE GENERAL CONFERENCE OF THE NEW CHURCH
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 £ 469,126 37,450 41,643 548,219 |
2023 £ 376,142 28,288 27,105 |
|---|---|---|
| 431,535 |
The average number of persons employed by the Charity during the year was as follows:
| Charitable services Management and administration of charity |
2024 No. 16 4 20 |
2023 No. 14 4 |
|---|---|---|
| 18 |
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 (2023 - £NIL) .
During the year ended 31 March 2024, expenses totalling £ 3,136 were reimbursed or paid directly to 4 Trustees (2023 - £4,233 to 4 Trustees) .
12. Tangible fixed assets
| Cost At 1 April 2023 Additions At 31 March 2024 |
Freehold property £ 2,881,029 - 2,881,029 |
Office equipment £ 205,918 28,378 234,296 |
Total £ 3,086,947 28,378 |
|---|---|---|---|
| 3,115,325 |
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 2024
12. Tangible fixed assets (continued)
| Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 13. Fixed asset investments Valuation At 1 April 2023 Disposals Revaluations At 31 March 2024 |
Freehold property £ 939,722 57,611 997,333 1,883,696 1,941,307 |
Office equipment £ 173,177 28,265 201,442 32,854 32,741 |
Total £ 1,112,899 85,876 1,198,775 1,916,550 1,974,048 Listed investments £ 29,818,810 (154,119) 2,420,750 32,085,441 |
|---|---|---|---|
The historical cost of listed investments is £20,604,783 (2023: £20,165,761).
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 2024
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 2023 | 23,564,529 |
| Disposals | (117,870) |
| Revaluations | 1,863,567 |
| At 31 March 2024 | 25,310,226 |
The historical cost of listed investments held as a CIF is £15,086,198 (2023: £15,097,383).
Of the £585,424 (2023: £516,639) income generated, £583,396 (2023: £516,009) was distributed to unit holders and £420 (2023: £360) was charged as administration costs.
14. Debtors
| Other debtors | 2024 £ 13,074 13,074 |
2023 £ 170,939 |
|---|---|---|
| 170,939 |
15. Creditors: Amounts falling due within one year
| Trade creditors Other creditors Accruals and deferred income |
2024 £ 2,918 2,901 26,445 32,264 |
2023 £ 6,627 38,875 16,598 |
|---|---|---|
| 62,100 |
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 2024
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 2023 £ 8,222,585 1,821,739 124,228 1,945,967 191,239 200,510 17,420 95,529 7,384 21,795,173 56,385 24,401 - 139,236 47,512 |
Income £ 597,903 - 3,612 3,612 - - - - - 585,424 - - - - 10,000 |
Expenditure £ (930,492) - (3,612) (3,612) - (18,415) - - (3,225) (325,470) - - (153,608) - - |
Transfers in/out £ 226,701 - - - - 1,080 1,029 9,848 245 (421,440) 11,653 - 153,608 1,538 15,738 |
Gains/ (Losses) £ 545,939 298,447 11,244 309,691 - - - - - 1,565,120 - - - - - |
Balance at 31 March 2024 £ 8,662,636 |
|---|---|---|---|---|---|---|
| 2,120,186 135,472 |
||||||
| 2,255,658 | ||||||
| 191,239 183,175 18,449 105,377 4,404 23,198,807 68,038 24,401 - 140,774 73,250 |
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 2024
16. Statement of funds (continued)
Statement of funds - current year (continued)
| Balance at | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Transfers | Gains/ | 31 March | |||||
| April 2023 | Income | Expenditure | in/out | (Losses) | 2024 | |||
| £ | £ | £ | £ | £ | £ | |||
| 22,574,789 | 595,424 | (500,718) | (226,701) | 1,565,120 | 24,007,914 | |||
| Total of funds | 32,743,341 | 1,196,939 | (1,434,822) | - | 2,420,750 | 34,926,208 | ||
| Statement of funds - prior year | ||||||||
| Balance at | ||||||||
| Balance at | Transfers | Gains/ | 31 March | |||||
| 1 April 2022 | Income | Expenditure | in/out | (Losses) | 2023 | |||
| £ | £ | £ | £ | £ | £ | |||
| Unrestricted | ||||||||
| funds | ||||||||
| General Funds | 8,692,937 | 591,257 | (716,508) | 181,048 | (526,149) | 8,222,585 | ||
| Endowment | ||||||||
| funds | ||||||||
| Endowment | ||||||||
| Funds | 1,772,971 | - | - | - | 48,768 | 1,821,739 | ||
| Michael Jackson | ||||||||
| Fund | 129,113 | 3,612 | (3,612) | - | (4,885) | 124,228 | ||
| 1,902,084 | 3,612 | (3,612) | - | 43,883 | 1,945,967 | |||
| Restricted | ||||||||
| funds | ||||||||
| Building Project | ||||||||
| Fund | 191,239 | - | - | - | - | 191,239 | ||
| Embsay Fund | 202,342 | - | (2,615) | 783 | - | 200,510 | ||
| Danjoux Fund | 16,503 | - | - | 917 | - | 17,420 | ||
| De Chazal Fund | 87,579 | - | - | 7,950 | - | 95,529 | ||
| Publishing Fund | 8,673 | - | (1,508) | 219 | - | 7,384 |
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 2024
16. Statement of funds (continued)
Statement of funds - prior year (continued)
| Common Investment Fund - Capital Southend Income Fund Greenhill Income Fund Kensington Income Fund Scottish Association Fund Other restricted funds Total of funds |
Balance at 1 April 2022 £ 22,296,191 45,987 24,401 - 137,854 37,512 23,048,281 33,643,302 |
Income £ 516,369 - - - - 10,000 526,369 1,121,238 |
Expenditure £ (261,872) - - (137,605) - - (403,600) (1,123,720) |
Transfers in/out £ (340,302) 10,398 - 137,605 1,382 - (181,048) - |
Gains/ (Losses) £ (415,213) - - - - - (415,213) (897,479) |
Balance at 31 March 2023 £ 21,795,173 56,385 24,401 - 139,236 47,512 |
|---|---|---|---|---|---|---|
| 22,574,789 | ||||||
| 32,743,341 |
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 2024
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 2024
17. Summary of funds
Summary of funds - current year
| General funds Endowment funds Restricted funds |
Balance at 1 April 2023 £ 8,222,585 1,945,967 22,574,789 32,743,341 |
Income £ 597,903 3,612 595,424 1,196,939 Income £ 591,257 3,612 526,369 1,121,238 |
Expenditure £ (930,492) (3,612) (500,718) (1,434,822) Expenditure £ (716,508) (3,612) (403,600) (1,123,720) |
Transfers in/out £ 226,701 - (226,701) - Transfers in/out £ 181,048 - (181,048) - |
Gains/ (Losses) £ 545,939 309,691 1,565,120 2,420,750 Gains/ (Losses) £ (526,149) 43,883 (415,213) (897,479) |
Balance at 31 March 2024 £ 8,662,636 2,255,658 24,007,914 |
|---|---|---|---|---|---|---|
| 34,926,208 | ||||||
| Balance at 31 March 2023 £ 8,222,585 1,945,967 22,574,789 |
||||||
| Summary of funds - prior year | ||||||
| General funds Endowment funds Restricted funds |
Balance at 1 April 2022 £ 8,692,937 1,902,084 23,048,281 33,643,302 |
|||||
| 32,743,341 |
18. Analysis of net assets between funds Analysis of net assets between funds - current period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2024 £ - 2,255,658 - - 2,255,658 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 62,767 1,853,783 23,190,039 6,639,744 755,528 200,953 (420) (31,844) 24,007,914 8,662,636 |
Total funds 2024 £ 1,916,550 32,085,441 956,481 (32,264) |
|---|---|---|---|
| 34,926,208 |
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 2024
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2023 £ - 1,945,967 - - 1,945,967 |
Restricted funds 2023 £ 60,132 21,742,788 792,229 (20,360) 22,574,789 |
Unrestricted funds 2023 £ 1,913,916 6,130,055 220,354 (41,740) 8,222,585 |
Total funds 2023 £ 1,974,048 29,818,810 1,012,583 (62,100) 32,743,341 |
|---|---|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
20.
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains/(losses) on investments Dividends, interests and rents from investments Decrease in stocks Decrease/(increase) in debtors Decrease in creditors Net cash used in operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2024 £ 2,182,867 85,876 (2,420,750) (788,712) 1,802 157,864 (29,835) (810,888) 2024 £ 941,564 941,564 |
2023 £ (899,961) 75,630 897,479 (701,392) 780 (117,464) (2,236) (747,164) 2023 £ 837,999 837,999 |
|---|---|---|
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 2024
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 April 2023 £ 837,999 837,999 |
Cash flows £ 103,565 103,565 |
At 31 March 2024 £ 941,564 |
|---|---|---|---|
| 941,564 |
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 £113,380 (2023: £110,630).
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 £53 (2023: £60).
The Conference acts as trustee to Broadfield and at the balance sheet date, had recognised £4,009 (2023: £10,304) within the cash at bank figure which is held on their behalf. During the year, there was a net movement out of the fund of £6,295 (2023: Nil).
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