**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 

Page 1 



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

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

Page 2 



## **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. 

Page 3 



## **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. 

Page 4 



## **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. 

- The total funds held at 31st March 2024 were £34,926k. 

- 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. 

- 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. 

- 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. 

Page 5 



## **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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- 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. 

Page 6 



## **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 

Page 7 



## **THE GENERAL CONFERENCE OF THE NEW CHURCH** 

## **(A company limited by guarantee)** 

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

## **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: 

- 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; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- 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. 

Page 8 



## **THE GENERAL CONFERENCE OF THE NEW CHURCH** 

## **(A company limited by guarantee)** 

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

## **Opinion on other matters prescribed by the Companies Act 2006** 

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

- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- 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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- 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: 

Page 9 



## **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)** 

- Enquiry of management around actual and potential litigation and claims; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- 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 

Page 10 



## **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**<br>**Income and**<br>**endowments from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>**Total income and**<br>**endowments**<br>**Expenditure on:**<br>Raising funds<br>Charitable activities<br>7<br>Other expenditure<br>8<br>**Total expenditure**<br>Net gains/(losses) on<br>investments<br>**Net income/**<br>**(expenditure)**<br>Transfers between<br>funds<br>16<br>**Net movement in**<br>**funds**<br>**Reconciliation of**<br>**funds:**<br>Total funds brought<br>forward<br>Net movement in funds<br>**Total funds carried**<br>**forward**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>**-**<br>**-**<br>**3,612**<br>**3,612**<br>**-**<br>**3,612**<br>**-**<br>**3,612**<br>**309,691**<br>**309,691**<br>**-**<br>**309,691**<br>**1,945,967**<br>**309,691**<br>**2,255,658**|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>**10,000**<br>**-**<br>**585,424**<br>**595,424**<br>**117,870**<br>**175,668**<br>**207,180**<br>**500,718**<br>**1,565,120**<br>**1,659,826**<br>**(226,701)**<br>**1,433,125**<br>**22,574,789**<br>**1,433,125**<br>**24,007,914**|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**268,719**<br>**129,508**<br>**199,676**<br>**597,903**<br>**36,249**<br>**894,243**<br>**-**<br>**930,492**<br>**545,939**<br>**213,350**<br>**226,701**<br>**440,051**<br>**8,222,585**<br>**440,051**<br>**8,662,636**|**Total**<br>**funds**<br>**2024**<br>**£**<br>**278,719**<br>**129,508**<br>**788,712**<br>**1,196,939**<br>**154,119**<br>**1,073,523**<br>**207,180**<br>**1,434,822**<br>**2,420,750**<br>**2,182,867**<br>**-**<br>**2,182,867**<br>**32,743,341**<br>**2,182,867**<br>**34,926,208**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_338,796_<br>_81,050_<br>_701,392_<br>_1,121,238_<br>_147,107_<br>_826,258_<br>_150,355_<br>_1,123,720_<br>_(897,479)_<br>_(899,961)_<br>_-_<br>_(899,961)_<br>_33,643,302_<br>_(899,961)_<br>_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. 

Page 11 



## **THE GENERAL CONFERENCE OF THE NEW CHURCH** 

## **(A company limited by guarantee) REGISTERED NUMBER: 00006039** 

## **BALANCE SHEET AS AT 31 MARCH 2024** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>12<br>Investments<br>13<br>**Current assets**<br>Stocks<br>Debtors<br>14<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>15<br>**Net current assets**<br>**Total net assets**<br>**Charity funds**<br>Endowment funds<br>16<br>Restricted funds<br>16<br>Unrestricted funds<br>16<br>**Total funds**|**1,843**<br>**13,074**<br>**941,564**<br>**956,481**<br>**(32,264)**|**2024**<br>**£**<br>**1,916,550**<br>**32,085,441**<br>**34,001,991**<br>**924,217**<br>**34,926,208**<br>**2,255,658**<br>**24,007,914**<br>**8,662,636**<br>**34,926,208**|_3,645_<br>_170,939_<br>_837,999_<br>_1,012,583_<br>_(62,100)_|_2023_<br>_£_<br>_1,974,048_<br>_29,818,810_|
|---|---|---|---|---|
|||||_31,792,858_<br>_950,483_|
||||||
|||||_32,743,341_|
|||||_1,945,967_<br>_22,574,789_<br>_8,222,585_|
||||||
|||||_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. 

Page 12 



## **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**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Purchase of tangible fixed assets<br>Proceeds from sale of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**|**2024**<br>**£**<br>**(810,888)**<br>**788,712**<br>**(28,378)**<br>**154,119**<br>**914,453**<br>**103,565**<br>**837,999**<br>**941,564**|_2023_<br>_£_<br>_(747,164)_<br>_701,392_<br>_(21,636)_<br>_147,107_<br>**826,863**<br>**79,699**<br>_758,300_<br>_837,999_|
|---|---|---|



The notes on pages 14 to 30 form part of these financial statements 

Page 13 



**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. 

Page 14 



## **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<br>Legacies<br>Trust<br>Society contributions<br>**Total 2024**<br>_Total 2023_|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>-<br>85,339<br>-<br>20,000<br>10,000<br>50,000<br>-<br>113,380<br>10,000<br>268,719<br>_10,000_<br>_328,796_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**85,339**<br>**20,000**<br>**60,000**<br>**113,380**<br>**278,719**<br>_338,796_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_97,606_<br>_62,560_<br>_68,000_<br>_110,630_|
|---|---|---|---|
||||_338,796_|
|||||



## **4. Income from charitable activities** 

|**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>Purley Chase Centre<br>129,508<br>_Total 2023_<br>_81,050_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**129,508**<br>_81,050_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_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<br>Dividends<br>Deposit account interest<br>_Total 2023_|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>-<br>3,612<br>-<br>3,612<br>_3,612_|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>-<br>295<br>570,428<br>171,344<br>14,996<br>28,037<br>585,424<br>199,676<br>_516,369_<br>_181,411_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**295**<br>**745,384**<br>**43,033**<br>**788,712**<br>_701,392_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_1,020_<br>_688,481_<br>_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<br>Purley Chase Centre<br>Ministerial<br>Outreach and education<br>Management and<br>administration<br>_Total 2023_|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>-<br>-<br>1,111<br>-<br>2,501<br>3,612<br>_3,612_|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>4,453<br>-<br>-<br>402,788<br>152,800<br>130,333<br>15,800<br>29,525<br>2,615<br>331,597<br>175,668<br>894,243<br>_142,088_<br>_680,558_|**Total**<br>**2024**<br>**£**<br>**4,453**<br>**402,788**<br>**284,244**<br>**45,325**<br>**336,713**<br>**1,073,523**<br>_826,258_|_Total_<br>_2023_<br>_£_<br>_1,508_<br>_313,622_<br>_195,316_<br>_33,847_<br>_281,965_|
|---|---|---|---|---|
|||||_826,258_|
||||||



## **8. Other expenditure** 

|Societies' income on CIF for the year<br>Societies' withdrawals from the CIF<br>_Total 2023_|**Restricted**<br>**funds**<br>**2024**<br>**£**<br>127,178<br>80,002<br>207,180<br>_150,355_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**127,178**<br>**80,002**<br>**207,180**<br>_150,355_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_130,355_<br>_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<br>Purley Chase Centre<br>Ministerial<br>Outreach and education<br>Management and<br>administration<br>_Total 2023_|**Activities**<br>**undertaken**<br>**directly**<br>**2024**<br>**£**<br>4,453<br>402,788<br>284,244<br>29,525<br>1,079<br>722,089<br>_545,503_|**Grant**<br>**funding of**<br>**activities**<br>**2024**<br>**£**<br>-<br>-<br>-<br>15,800<br>-<br>15,800<br>_-_|**Support**<br>**costs**<br>**2024**<br>**£**<br>-<br>-<br>-<br>-<br>335,634<br>335,634<br>_280,755_|**Total**<br>**funds**<br>**2024**<br>**£**<br>**4,453**<br>**402,788**<br>**284,244**<br>**45,325**<br>**336,713**<br>**1,073,523**<br>_826,258_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_1,508_<br>_313,622_<br>_195,316_<br>_33,847_<br>_281,965_|
|---|---|---|---|---|---|
||||||_826,258_|
|||||||



## **Analysis of support costs** 

|Staff costs<br>Depreciation<br>Management and administration<br>Auditors remuneration<br>Auditors' remuneration for non-audit work<br>Sundries<br>Travel|**Total**<br>**funds**<br>**2024**<br>**£**<br>**138,148**<br>**85,876**<br>**79,186**<br>**6,810**<br>**16,834**<br>**2,009**<br>**6,771**<br>**335,634**|_Total_<br>_funds_<br>_2023_<br>_£_<br>_108,677_<br>_75,630_<br>_64,954_<br>_6,480_<br>_7,260_<br>_11,616_<br>_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<br>Social security costs<br>Contribution to defined contribution pension schemes|**2024**<br>**£**<br>**469,126**<br>**37,450**<br>**41,643**<br>**548,219**|_2023_<br>_£_<br>_376,142_<br>_28,288_<br>_27,105_|
|---|---|---|
||||
|||_431,535_|



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

|Charitable services<br>Management and administration of charity|**2024**<br>**No.**<br>**16**<br>**4**<br>**20**|_2023_<br>_No._<br>_14_<br>_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**<br>At 1 April 2023<br>Additions<br>At 31 March 2024|**Freehold**<br>**property**<br>**£**<br>**2,881,029**<br>**-**<br>**2,881,029**|**Office**<br>**equipment**<br>**£**<br>**205,918**<br>**28,378**<br>**234,296**|**Total**<br>**£**<br>**3,086,947**<br>**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**<br>At 1 April 2023<br>Charge for the year<br>At 31 March 2024<br>**Net book value**<br>At 31 March 2024<br>_At 31 March 2023_<br>**13.**<br>**Fixed asset investments**<br>**Valuation**<br>At 1 April 2023<br>Disposals<br>Revaluations<br>At 31 March 2024|**Freehold**<br>**property**<br>**£**<br>**939,722**<br>**57,611**<br>**997,333**<br>**1,883,696**<br>_1,941,307_|**Office**<br>**equipment**<br>**£**<br>**173,177**<br>**28,265**<br>**201,442**<br>**32,854**<br>_32,741_|**Total**<br>**£**<br>**1,112,899**<br>**85,876**<br>**1,198,775**<br>**1,916,550**<br>_1,974,048_<br>**Listed**<br>**investments**<br>**£**<br>**29,818,810**<br>**(154,119)**<br>**2,420,750**<br>**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**<br>**£**<br>**13,074**<br>**13,074**|_2023_<br>_£_<br>_170,939_|
|---|---|---|
||||
|||_170,939_|



## **15. Creditors: Amounts falling due within one year** 

|Trade creditors<br>Other creditors<br>Accruals and deferred income|**2024**<br>**£**<br>**2,918**<br>**2,901**<br>**26,445**<br>**32,264**|_2023_<br>_£_<br>_6,627_<br>_38,875_<br>_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**<br>**funds**<br>General Funds<br>**Endowment**<br>**funds**<br>Endowment<br>Funds<br>Michael Jackson<br>Fund<br>**Restricted**<br>**funds**<br>Building Project<br>Fund<br>Embsay Fund<br>Danjoux Fund<br>De Chazal Fund<br>Publishing Fund<br>Common<br>Investment Fund<br>- Capital<br>Southend<br>Income Fund<br>Greenhill Income<br>Fund<br>Kensington<br>Income Fund<br>Scottish<br>Association<br>Fund<br>Other restricted<br>funds|**Balance at 1**<br>**April 2023**<br>**£**<br>**8,222,585**<br>**1,821,739**<br>**124,228**<br>**1,945,967**<br>**191,239**<br>**200,510**<br>**17,420**<br>**95,529**<br>**7,384**<br>**21,795,173**<br>**56,385**<br>**24,401**<br>**-**<br>**139,236**<br>**47,512**|**Income**<br>**£**<br>**597,903**<br>**-**<br>**3,612**<br>**3,612**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**585,424**<br>**-**<br>**-**<br>**-**<br>**-**<br>**10,000**|**Expenditure**<br>**£**<br>**(930,492)**<br>**-**<br>**(3,612)**<br>**(3,612)**<br>**-**<br>**(18,415)**<br>**-**<br>**-**<br>**(3,225)**<br>**(325,470)**<br>**-**<br>**-**<br>**(153,608)**<br>**-**<br>**-**|**Transfers**<br>**in/out**<br>**£**<br>**226,701**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,080**<br>**1,029**<br>**9,848**<br>**245**<br>**(421,440)**<br>**11,653**<br>**-**<br>**153,608**<br>**1,538**<br>**15,738**|**Gains/**<br>**(Losses)**<br>**£**<br>**545,939**<br>**298,447**<br>**11,244**<br>**309,691**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**1,565,120**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**8,662,636**|
|---|---|---|---|---|---|---|
|||||||**2,120,186**<br>**135,472**|
|||||||**2,255,658**|
|||||||**191,239**<br>**183,175**<br>**18,449**<br>**105,377**<br>**4,404**<br>**23,198,807**<br>**68,038**<br>**24,401**<br>**-**<br>**140,774**<br>**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<br>Investment Fund<br>- Capital<br>Southend<br>Income Fund<br>Greenhill Income<br>Fund<br>Kensington<br>Income Fund<br>Scottish<br>Association<br>Fund<br>Other restricted<br>funds<br>**Total of funds**|_Balance at_<br>_1 April 2022_<br>_£_<br>_22,296,191_<br>_45,987_<br>_24,401_<br>_-_<br>_137,854_<br>_37,512_<br>_23,048,281_<br>_33,643,302_|_Income_<br>_£_<br>_516,369_<br>_-_<br>_-_<br>_-_<br>_-_<br>_10,000_<br>_526,369_<br>_1,121,238_|_Expenditure_<br>_£_<br>_(261,872)_<br>_-_<br>_-_<br>_(137,605)_<br>_-_<br>_-_<br>_(403,600)_<br>_(1,123,720)_|_Transfers_<br>_in/out_<br>_£_<br>_(340,302)_<br>_10,398_<br>_-_<br>_137,605_<br>_1,382_<br>_-_<br>_(181,048)_<br>_-_|_Gains/_<br>_(Losses)_<br>_£_<br>_(415,213)_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_(415,213)_<br>_(897,479)_|_Balance at_<br>_31 March_<br>_2023_<br>_£_<br>_21,795,173_<br>_56,385_<br>_24,401_<br>_-_<br>_139,236_<br>_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<br>Endowment<br>funds<br>Restricted funds|**Balance at 1**<br>**April 2023**<br>**£**<br>**8,222,585**<br>**1,945,967**<br>**22,574,789**<br>**32,743,341**|**Income**<br>**£**<br>**597,903**<br>**3,612**<br>**595,424**<br>**1,196,939**<br>_Income_<br>_£_<br>_591,257_<br>_3,612_<br>_526,369_<br>_1,121,238_|**Expenditure**<br>**£**<br>**(930,492)**<br>**(3,612)**<br>**(500,718)**<br>**(1,434,822)**<br>_Expenditure_<br>_£_<br>_(716,508)_<br>_(3,612)_<br>_(403,600)_<br>_(1,123,720)_|**Transfers**<br>**in/out**<br>**£**<br>**226,701**<br>**-**<br>**(226,701)**<br>**-**<br>_Transfers_<br>_in/out_<br>_£_<br>_181,048_<br>_-_<br>_(181,048)_<br>_-_|**Gains/**<br>**(Losses)**<br>**£**<br>**545,939**<br>**309,691**<br>**1,565,120**<br>**2,420,750**<br>_Gains/_<br>_(Losses)_<br>_£_<br>_(526,149)_<br>_43,883_<br>_(415,213)_<br>_(897,479)_|**Balance at**<br>**31 March**<br>**2024**<br>**£**<br>**8,662,636**<br>**2,255,658**<br>**24,007,914**|
|---|---|---|---|---|---|---|
|||||||**34,926,208**|
|||||||_Balance at_<br>_31 March_<br>_2023_<br>_£_<br>_8,222,585_<br>_1,945,967_<br>_22,574,789_|
|**Summary of funds - prior year**|||||||
|General funds<br>Endowment<br>funds<br>Restricted funds|_Balance at_<br>_1 April 2022_<br>_£_<br>_8,692,937_<br>_1,902,084_<br>_23,048,281_<br>_33,643,302_||||||
|||||||_32,743,341_|



## **18. Analysis of net assets between funds Analysis of net assets between funds - current period** 

|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Endowment**<br>**funds**<br>**2024**<br>**£**<br>-<br>2,255,658<br>-<br>-<br>2,255,658|**Restricted**<br>**funds**<br>**2024**<br>**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**£**<br>62,767<br>1,853,783<br>23,190,039<br>6,639,744<br>755,528<br>200,953<br>(420)<br>(31,844)<br>24,007,914<br>8,662,636|**Total**<br>**funds**<br>**2024**<br>**£**<br>**1,916,550**<br>**32,085,441**<br>**956,481**<br>**(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<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|_Endowment_<br>_funds_<br>_2023_<br>_£_<br>_-_<br>_1,945,967_<br>_-_<br>_-_<br>_1,945,967_|_Restricted_<br>_funds_<br>_2023_<br>_£_<br>_60,132_<br>_21,742,788_<br>_792,229_<br>_(20,360)_<br>_22,574,789_|_Unrestricted_<br>_funds_<br>_2023_<br>_£_<br>_1,913,916_<br>_6,130,055_<br>_220,354_<br>_(41,740)_<br>_8,222,585_|_Total_<br>_funds_<br>_2023_<br>_£_<br>_1,974,048_<br>_29,818,810_<br>_1,012,583_<br>_(62,100)_<br>_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<br>Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Gains/(losses) on investments<br>Dividends, interests and rents from investments<br>Decrease in stocks<br>Decrease/(increase) in debtors<br>Decrease in creditors<br>**Net cash used in operating activities**<br>**Analysis of cash and cash equivalents**<br>Cash in hand<br>**Total cash and cash equivalents**|**2024**<br>**£**<br>**2,182,867**<br>**85,876**<br>**(2,420,750)**<br>**(788,712)**<br>**1,802**<br>**157,864**<br>**(29,835)**<br>**(810,888)**<br>**2024**<br>**£**<br>**941,564**<br>**941,564**|_2023_<br>_£_<br>_(899,961)_<br>_75,630_<br>_897,479_<br>_(701,392)_<br>_780_<br>_(117,464)_<br>_(2,236)_<br>_(747,164)_<br>_2023_<br>_£_<br>_837,999_<br>_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**<br>**2023**<br>**£**<br>**837,999**<br>**837,999**|**Cash flows**<br>**£**<br>**103,565**<br>**103,565**|**At 31 March**<br>**2024**<br>**£**<br>**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