Company Registration Number: 00006039 Charity Number: 253206 The General Conference of The New Church acom an limited b uarantee Trustees, Report and Financial Statements For the year ended 31 March 2025
The General Conference of The New Church (a company limited by guarantee) Trustees, Report For the year ended 31 March 2025 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 {Ihe company) for the year ended 31 March 2025. 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 {FRS1021. Objectives and activities The objects of the General Conference of the New Church Ilhe Conferencel are corrtained in the Memorandum and Articles ofAssociation. The fundamental object is'.- 'The fomalion into a corporate body under the above tille for the purposes of Religion and not for the purposes of gain of Receivers of the Doctrines of the New Church, signtfied 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 wtth the Articles of Association registered herewith, shall from lime 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- judgemenlal 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 lo promote spiritual growth through the application to life of the Word. and the Writings of Emanuel Swedenborg., In shaping our objectives for the year and planning activities 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 lo the advancement of religion. The strategies employed lo achieve the charity's aims and objectives are to.. provide the traditional form of worship and Ministerial guidance., support local communities by recognising that most church premises are used to benefit the general public as food banks, sch(x)l uniform resources centres, community project Cenlres, breakfast clubs, advice centres, school holiday activities and community gardening., and support local groups, especially those where local services have been in sharp decline in recent years following council funding issues, such as art groups, concerts, circle dancing, music & singing group, 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 and U3A. The location and a map of the churches is available on the Conference's website and many churches also have their own website. The Conference is very involved in local communities and relies on voluntary help. Over 20 volunteers assist with running many of the events and the Conference is immensely proud and appreciative of their ongoing support.
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Achievement and performance General performance The Association now has 10 societies or local churches recognised by the Conference. They are located throughout the UK. The Conference and ils local churches, in common with the Mission and Vision Statements, welcome anyone lo join in worship. The formal of the services of worship varies from church lo church bul there is eXlIent opportunity for non-members of the Church to join in worship. In general, the allendance at worship has been steadily declining over many years. which has sadly resulted in the closure of some local churches. The Trustees recognise that this traditional form of worship has enormous and valuable use for those who attend. Nonetheless the Trustees have considered other strategies which may be used to reach other people who are seeking some form of spirituality in their lives. Web hosting is one of these, through the web sites of.. eneralconference.or iritualwisdom.or urle chasecenlre.or ocal se-of- ohn.or ueslions.or www.newchurchcam www.solce.or .uk. .uk', The Trustees continue to be pleased with the use of Purley Chase, the organisation's national residential retreat cenlre. The centre's calendar eombines a varied selection of traditional and also new events. These have been successful and have attracted new people, several of whom have continued to attend fulLJre events there. In addition lo the events, a monthly service of worship is held at Purley Chase and all are welcomed. An annu81 carol service is organised at Christmas followed by refreshments to which all are welcome. A display board located next lo 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 lo attend events. Afee 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. During the year the centre has achieved an increase in income of 600/0. Investment perfomiance An appointed team {Finance Advisory Committee - FACI meets with the two largest investment management companies, Newton Investment Management and Rathbones, twice a year lo review investment performance against agreed benchmarks. The FAC reports back lo the trustees on performance, the income outlook, any Concerns, for example, changes to 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. During the year tx)Ih key investment managers have achieved their inwme targets despite the challenging market conditions.
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Other performance measurgs Quarterly financial reports are reviewed at Council meetings that include income and expenditure, balance sheet and cash flow for the year lo date compared with the same period in the previous year and prior years. Purley Chase Centre has a management team that also receives quarterly financi81 reports that are reviewed at ils meetings. Other areas such as the Youth and Family team and Finance Advisory Committee send in reports lo the Council lo be reviewed and discussed with perfomiance being monitored in that way rather than financial targets. Other areas of the organisalion also send in reports on activities undertaken and annual reports are produced and discussed by members al the Annual Meeting. Financial review Reserves policy The Iruslees remain confident that its financial reserves will be adequate to meet future commitments. The total funds held as at 31st March 2025 were £35.359k of which £8,711 k represent unrestricted funds. During the year there was an overall surplus of £433k which was largely driven by property sales, investment portfolio gains and an increase in Purley Chase Centre income. The ongoing financial support of Purfey Chase Centre continues to be a lop priority. For the year ending 31 st March 2025 nel expenditure was £249k and will likely continue to rise in future years due lo general cost increases and planned Maintenan work. The cash reserves as al 31st March 2025 were £1,682k. These cash reserves are equivalent lo approximately 19 months of unrestricted expenditure. If access to income was suddenly withdrawn 19 months is seen as a reasonable amount oftime to find alternative income sources without having lo reduce expenditure on current activities. The m2jorily of the financial 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. During the year the two key investment managers have achieved their income targets and the portfolio has increased in value de8Plte the challenging market conditions. Principal funding sources Principal funding SoUrS are contributions from investment income, contributions from Societies. legacies and the assets of Societies that close. During the year three properties have been sold al Boumemoulh. Clayton Le Moors and Radcliffe. It is anticipated that there will be further property sales in the future as Societies continue to close and consequently church buildings are sold. Investment policy The investment objectives of the two porttolios, one managed by Newion Investment Management ICIFI and the other by Ralhbones Ifree inveslmenlsl have remained unchanged from the previous year. The policy is lo have a 50150 split between capital growth and income received. During the year these portfolios have achieved their income targets and overall the investment portfolio has increased in value despite the challenging market conditions.
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Plans for future periods The Trustees intend lo continue the activities outlined above in the forthcoming year and review these al Council meetings. The Council is very conscious of the need to provide for younger people and attract them into conferen membership and to this end has two part-lime 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 al all lo attend events al Purfey Chase Centre and to allend the AGM held in Swanwick each year. This has increased the number of young people attending events and even encouraged them to assist with leading future events. Reference and administrative details Charity registration number Company registration number Registered office 253206 00006039 Purley Chase Centre Purley Chase Lane, Manceller, Atherstone, Warwickshire, CV9 2RQ Our advlsers Auditors Bates Weston The Mills, Canal Street, Derby, DE12RJ Bootle, Merseyside, L30 4GB 14 Market Place, Wells, Somerset, BA5 2RE BNY Mellon Cenlre, 160 Queen Victoria Street, London, EC4V 4LA 30 Gresham Street, London, EC2V 7QN Bankers Sanlander Solicitors Harris & Harris Key investment managers Newton Rathbone Trustees and other office holders Elected trustees M L Cowie B R Jarvis P N Brooks S Chesworth JEFord B Friend PA Grimshaw T Millar N K Suiton J L Walton P N Brooks JEFord Chairperson Vice-chairperson {8ppointed 201081251 {8ppointed 201081251 {resigned 04104124} {appointed 251071241 {resigned 24107125} {appoint8d 201081251 {appointed 11103125, resigned 241071251 {appoint8d 11103125, resigned 24107125) Co-opted Iruslees Company accountant Company secretary Spiritual leader Deputy spiritual leader P D Mehew S N Welch {appointed 081041241 Revd J Dunion Revd R M Jarratt
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Structure, governance and management Governlng doeument The organisalion is a ch8rtt8ble 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 ils Articles of Association. In the event of the company being wound up, members are required lo contribute an amount not exceeding £5. Recrultment and appolntment of new trustees The Board of Trustees Ithe Councill should consist of eight m8mb8rs, elected by the voting members al 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 it was neSSary to co-opt two Members to the Council until the 2025 AGM. It is the Council's intention to submit a proposal to the Members lo allow for a reduced number of Trustees in the future. Also, under the terms of the Memorandum and Articles of Association the Chairperson and Vice-chairperson serve for a term of four years, and the other six Councillors for three years. Al present the Council has a Chairperson, a VI-¢haIrMan and 6 Trustees, two of whom are co-opted. One of the Trustee's term of office concludes in July 2025 and wll seek re*leclion at the AGM in July 2025. Another will be retiring early. Neither of the co-opted are seeking election. Members take a lead in a specific policy area, working closely with the officers between meetings. The Council is actively seeking volunteers by writing articles for the on-line newsletter and by a video created by our Marketing and Media Co-ordinator. Organisational structure The Council has met thirteen limes this year, one of which was the AGM, and another 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 lille Company Accountant. A Finance Manager holds the investment sponsibilities. The Company Secretary, the Company Accounlanl, the Secretary of the Committee of Ministers, the Spiritual Leader, Deputy Spiritual Leader and the President of New Church College allend meetings of the Council by standing invitation bul 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 rale for what they are employed lo do. The Trustees review annually all employees, salaries with reference lo the average weekly eamings slatislics at the March Council meeting. A new Company Accountant was appointed on 8th April 2024. Related parties and funds held as Custodian Trustee Full disclosure of related parties and transactions as they affect the Conference are Contained in Note 20 to th8 financial statements. Policies and procedures The charity has formal documented policies in relation to risk management, investrnents, anti-bribery and anti- Corruption, financial procedures, safeguarding, bullying and harassment, health and safely and data protection.
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Policies and procedures {continuedl The Trustees have a risk management process that comprises-. an annual review of the risks the charity faces., the establishment of systems and procedures to miligale those risks identified., and the implementation of procedures designed lo minimise any FX)lenlial impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk which is being managed by a combination of the reserves policy, internal reporting requirements and a strengthening of the intemal control procedures around payments and cash. The other major risk identified was safeguarding for which there is a documented and periodically reviewed policy in p180e. Trustees, responsibilities statement The Trustees (who are also the directors of The General Conference of The New Church for the purposes of company lawl 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 Practi). Company law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the stale of affairs of the charitable company and of the incoming resour$ and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial slatemenls, the Trustees are required lo.. 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 PTudent', prepare the financial statements on the going concem basis unless il is inappropriate lo presume that the charitable company will continue in business. The Truslees are responsible for keeping proper accounting records which disclose wtth reasonable accuracy at any lime 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.
The General Conference of The New Church (a company limited by guarantee) Trustees, Report {continued) For the year ended 31 March 2025 Provision of information to auditors So far as the Trustees are aware, there is no relevant information las defined by Section 418 of the Companies Ad 20061 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 orderto make them aware of any audit information and to establish that the charitable company's auditors are aware of that infomialion. Approved by order of the members of the board of Trustees and signed on their behalf by= Maryaret L Cowie (Chair of Trustees} Dale.. 0910912025
Independent auditor's 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'l for the year ended 31 March 2025 which comprise the Statement of financial aclivilies, 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 GenerallyAccepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the stale of the charitable company's affairs as al 31 March 2025 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 wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fUilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale 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 nCeM 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 iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the levant sections of this report. other Infomiatlon The other information comprises the information included in th8 Annual r8POrt other than the financial statements and our Auditors. report Ihereon. The Trustees are responsible for the other infomialion contained within the Annual report. Our opinion on the financial slatemonls does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slat8menls 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 lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other infomialion, we are required to report that fact. We have nothing lo report in this regard.
Independent auditor's 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 consislenl with the financial statements. the Trustees, report has been prepared in accordance wtth applicable legal requirements. Mattets on which we are required to report by exception In the light of our knoedge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothing lo report in respect of the following mallers in relation lo which Comp8nies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed 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 enlilled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the Trustees, report and from the requirement lo prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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 misslatemenl, 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 cOnrn, 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 lo cease operations, or have no realistic altemalive but to do so. Auditors. responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misstalemenl, whether due lo fraud or error, and lo 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 IUKI 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 stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalemenls in respect of irregularities, including fraud. The extent to which our prOdureS 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 p8rform8d by the engagement team included..
Independent auditor's report to the members of The General Conference of The New Church (continued) Enquiry of management aroLJnd actual and FX)lential litigation and claims., Reviewing financial statement disclosures and lesting lo supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the bLJsiness rationale of significant transactions outside the normal course of business and reviewing accounting eslimales 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.or .uklauditorsres onsibilities. This description fomis part of our Auditors, report. Use of our report This report is made solely to the charitable company's members, as a body, in acrdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wort( has been undertaken so that we might state to the charitable company's members those matters we are required lo stale lo them in an Auditors. report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo 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 fomied. Wayne Thomas FCA Isenior Statutory Auditor) for and on behalf of Bates Weston Audit Ltd Statutory Auditors Chartered Accounlanls The Mills Canal Street Derby DE1 2RJ Dale.. 02/1012025 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 2025 Endowment funds 2025 £'ooo Restricted funds 2025 £'ooo Unrestricted funds 2025 £'ooo Total funds 2025 £.000 Total funds 2024 £,000 Note Income and endowments from: Donations and legacies Charitable activities Investments Totsl income and endowments 539 208 163 548 208 744 278 130 789 577 586 910 1.500 1,197 Expenditure on: Raising funds Charitable activities Other expenditure (1261 (1891 (1551 (391 11,0001 11651 11,1931 11551 11541 11,0741 12071 14) Total expendlture 470 1,435 Net gainslllossesl on investments Net incomel {expenditurel Transfers between funds 14 497 (651 446 2,421 14 613 {1941 433 2,183 15 12) (2401 242 Net movement in funds 12 373 433 2,183 Reconciliation of funds.. Total funds brought forward 2,256 24,007 8,663 34,926 32,743 Net movement in funds 12 373 433 2,183 Totsl funds Carried forward 2,268 24,380 8.711 35,359 34,926 The Statement of financial activities includes all gains and losses recognised in the year. 11
The General Conference of The New Church (a company limited by guarantee) Balance sheet As at 31 March 2025 2025 £'ooo 2024 £'ooo Note Fixed assets Tangible assets Investments 1.850 32,366 34.216 1,917 32,085 34,002 12 Current assets Stocks Debtors Cash at bank and in hand Total current assets 13 29 1.682 1.712 12 942 956 Creditors {amounls falling due within one yearl 14 1569) 1321 Net current assets 1.143 924 Total net assets 35,359 34,926 Charity funds Endowment funds 15 2,268 24,380 8.711 35,359 2,256 24,007 8,663 34,926 Restricted funds 15 Unreslricled funds Total funds 15 The trustees acknowledge their responsibilities for complying with the requirements of the Act wrfch respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements set out on pages 11 10 27 were approved and authorised for issue by the Trustees and signed on their behalf by.. Margaret L Cowie Chair of Trustees Dale.. 0910912025 12
The General Conference of The New Church (a company limited by guarantee) Statement of cash flows For the year ended 31 March 2025 2025 £'ooo 2024 £'ooo Note Cash flows from operating activities Net cash used in operating activities 17 {1631 18111 Cash flows from investing activities Dividends, interest and rent from investments Purchase of tangible fixed assets PrOedS from sale of investments Net cash provided from investing activities 744 {61 165 789 1281 154 903 915 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 740 942 1,682 104 838 942 18 13
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 Summary of significant accounting policies The charity is a 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. (a) Basis of preparation The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and ReFK)rting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191, 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 re¢ognised al historical cost or transaction value unless otherwise staled in the relevant awounting policy. (bl Income All income is recognised once the Charity has entillemenl to the income, it is probable that the income will be received and the amount of income re1vable can be measured reliably. For legacies, enlitlemenl is taken as the earlier of the dale on which either.. the charity is aware that probate has been granted, the eslale has been finalised and notification has been made by the execulorlsl lo the Trust that a distribution will be made, or when a distribution is received from the estate. ReIpt 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 lo make a dislribulion. Where legacies have been notified lo 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 assel and disclosed if material. {c) Expenditure ExpendilLJre 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 aclivily. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not allribulable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Centml staff costs are allocated on the basis of lime 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 al Headquarters. Costs of generating funds ar8 costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. 14
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) Summary of significant accounting policies {continued} (c) Expendlture (contlnuedl Charitable activities and Govemance costs are costs incurred on the charity's educational operations. including support costs and costs relating to the governance of the charity apportioned lo charitable aclivilies. (dl Interest receivable Interest on funds held on d8posII is included when receivable and the amount can b8 measured reliably by the Charity,. this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. (e) Tax The Charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finan Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charity is potentially exempl 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. {fj Tangible fixed assets Tangible fixed assets costing £500 or more are capilalised 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 residLJal value, over their expected useful lives on the following bases.. Freehold property - 2Yo on cost Office equipment 25 % on cost (gl Fixed asset investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value al th8 Balance sheet dale, unless th8 value cannot be measured reliably in which case il is measured at cost less impaim)ent. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Nel gainsl{lossesl on inveslmenls, in the Slalemenl of financial activities. The pooled investments of the Common Investment Fund established 6 April 1966, also slated at market value, hold investments of both the Conference and certain of ils local societies and institutions and comprise the unil holders which have an undivided portion of the pool.11 is consequently treated as a restricted fund of the Conference. The income arising in the year is accounted gross as an incoming resour 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. 15
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) Summary of significant accounting policies {continued} (gl Fixed asset investments (continued) The funds comprising the Common Investment Fund derive from both restricted and unreslricled funds of the Conference. Transfers between these funds may arise in the year lo account for any additions and withdrawals of capital to the Common Investment as is appropriate. The Conference's annual income deriving from these funds is only transferred, as is appropriate, when payment is made from the Common Investment Fund to the Conference. (h) Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash al bank and in hand includes cash and short-lemi highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. til Liabilities and provisions Liabilities are re¢ognised when there is an obligation at the Balance sheet date as a result of a past event, il 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 al the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the go(xls or services it must provide. Provisions are measured at the best estimate of the amounts required lo sellle 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 al 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. (k) Pensions The Charity opeffttes a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. Fund accounting General funds a 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 endowment funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes lo the financial statements. Restricted funds are funds which are lo be used in accordan 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. 16
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) Summary of significant accounting policies {¢ontinued} {1} Fund accounting (continued) Investment income, gains and losses are allocated to the appropriate fund. Income from donations and legacies Restrlcted funds 2025 £'ooo Unrestrlcted funds 2025 £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Donations Donations- property proceeds Legaeies Trust Society contributions Total 2025 32 356 32 356 85 20 60 113 278 55 105 548 105 539 Total 2024 268 278 Income from charltable actlvltles Unrestricted funds 2025 £'ooo Total fvnds 2025 £'ooo Total funds 2024 £'ooo Purley Chase Centre 208 208 130 Total 2024 130 130 17
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) Investment income Endowment Restricted Unrestricted funds funds funds 2025 2025 2025 £'ooo £'ooo £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Rents received Dividends Deposit account interest 559 18 577 144 18 163 707 36 744 746 43 789 Total 2024 585 200 789 Analysis of grants Grants to institutions 2025 £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Bradford New Church 33 33 16 Analysis of expenditure on charitable activities Summary by fvnd type Endowment Rostrictgd Unrostricted funds funds funds 2025 2025 2025 £'ooo £'ooo £'ooo Totsl funds 2025 £'ooo Total funds 2024 £'ooo Publishing Purley Chase Centre Ministerial Outreach and education Management and administration 457 133 57 350 457 285 90 356 403 151 33 45 337 189 1,000 1,193 1074 Total 2024 176 894 1,074 18
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) Other expenditure Restricted funds 2025 £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Societies, income on CIF for the year Societies, withdrawals from the CIF 140 15 155 140 15 155 127 80 207 Total 2024 207 207 Analysis of expenditure by activities Actlvltles Grant undertaken funding of Support dlrectly actlvities costs 2025 2025 2025 £'ooo £'ooo £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Publishing Purley Chase Centre Ministerial Outreach and education Management and administration 457 285 57 457 285 90 356 403 284 45 337 33 355 805 33 355 1.193 1074 Total 2024 722 16 336 1,074 Analysis of support costs Total funds 2025 £'ooo Totsl funds 2024 £'ooo Staff costs Depreciation Management and administration Auditors, remuneration Auditors, remuneration non-audit work Sundries Travel 159 73 112 15 138 86 79 17 {91 355 336 19
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 20251continued) Staff costs 2025 £'ooo 2024 £'ooo Wages and salaries Social security costs Contribution to defined contribution pension schemes 517 43 50 610 469 37 42 548 The average number of people employed by the Charity during the year was as follows.. 2025 No 2024 No Charitable services Management and administration 16 16 21 20 No employee received remuneration amounting lo more than £60,000 in either year. The board of Iruslees are considered lo be the key management personnel. 10 Trustees, remuneration and expenses During the year. no Trustees received any remuneration or other benefils12024 - £nill. During the year, expenses totalling £3,00012024- £3,000) were reimbursed or paid directly to 512024 41 Trustees. 20
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 11 Tangible fixed assets Freehold property £'ooo Office equipment £'ooo Total £'ooo Cost At 1 April 2024 Additions At 31 March 2025 2,881 234 3.115 2,881 240 3,121 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 1997) {58) (1.055) {2011 1151 {2161 11,1981 (731 11,2711 Net book value At 31 March 2025 1,826 24 1,850 At 31 March 2024 1,884 33 1,917 12 Fixed asset investments Listod Investments £'ooo Valuation Al 1 April 2024 Disposals Revaluations 32.085 1165) 446 Al 31 March 2025 32,366 Common investment fund Total listed investments include amounts held as a Common Investment Fund {CIF}, whose participants a Societies and Groups affiliated with the Conference. Financial statements for the CIF are separately prepared. 21
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 12 Fixed asset investments (continued) Common investment fund Icontinuedl Llsted investments £'ooo Valuation Al 1 April 2024 Disposals Revaluations 25.310 1126) 517 Al 31 March 2025 25,701 Of the £577,00012024'. £585,000) income generated, £556.00012024'. £583,000) was distributed to unil holders and £nil {2024'. £nill was charged as administration costs. 13 Debtors 2025 £'ooo 2024 £'ooo Trade debtors Other debtors Prepayments and accrued income 17 11 12 12 14 Creditors {amounts falling due within one year) 2025 2024 £'ooo £'ooo Trade creditors Other creditors Accruals and deferred income 11 536 26 32 569 22
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 15 Movement in funds- current year Balance at 1 April 2024 £'ooo Transfers inlloutl £'ooo Galnsl Balance at Ilossesl 31 March 2025 £'ooo £'ooo Income Expenditure £'ooo £'ooo Unrestricted funds General Endowment funds Endowment Michael Jackson 8,663 910 11,0391 242 {65) ,711 2,121 135 2,256 (2) 20 16) 14 2,139 129 2.268 141 141 (2) Restricted funds Building project Embsay Danioux De Chazal Publishing CIF Capital Southend Greenhill Kensington Scottish Association Other 191 183 18 105 191 (361 19 10 121 12811 23,200 577 1429) 11 497 23,564 79 24 24 11511 151 141 143 73 24,007 13 12401 95 24,380 586 14701 497 Total funds 34,926 1.500 11,5131 446 35,359 23
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 15 Movement in funds (continued)- prior year Balance at 1 April 2023 £'ooo Transfers inl(outi £'ooo Gainsl Balance at {losses) 31 March 2024 £'ooo £'ooo Income Expenditure £'ooo £'ooo Unrestricted funds General Endovmient funds Endowment Michael J8ckson 8,222 598 19301 227 546 8,663 1,822 124 1,946 299 11 310 2,121 135 2,256 141 141 Restricted funds Building project Embsay Danjoux De Chazal Publishing CIF- Capital Southend Greenhill Kensington Scottish Association Other 191 200 17 95 191 183 18 105 {181 10 131 13251 21,796 56 24 585 (4211 1,565 23,200 68 24 11551 155 139 141 50 22,575 10 595 13 {2271 73 24,007 15011 1,565 Total funds 32,743 1,197 (1,4351 2,421 34,926 Transfers Transfers relate lo the investing of unrestricted funds in the Common Investment Fund and the Conference's share of dislribulable 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 sooeties and past designations. The Michael Jackson Fund was established to contribute lo the general purposes and to the cost of stipends in specified proportions. Restricted funds In addition lo the Common Investment Fund, detailed within the Fixed asset 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 Englanij. The capital element of the fund is consolidated within the Common Investment Fund. 24
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 15 Movement in funds {continued) Restricted funds Icontinuedl 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 capi181 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 lileralure. The Charity Commission duly gave their approval for these funds to be 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 generated 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 Scollish Association Fund was established from the funds generated from the closure of the Scottish Association. The main purpose of the fund is lo promote doctrines ofthe New Church including publishing and distribution of documents and books. The capital element of the fund is consolidated within the Common Investment Fund. 16 Analysls of net assets between funds Current year Endowment Restrlcted Unrestrlcted funds funds funds 2025 2025 2025 £'ooo £'ooo £'ooo Total funds 2025 £'ooo Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Nel assets al 31 March 2025 60 23.564 756 1,790 6,534 956 1569) 8,711 1,850 32.366 1.712 {5691 35.359 2.268 2,268 24.380 Prior year Endowment Restricted Unrestricted funds funds funds 2024 2024 2024 £'ooo £'ooo £'ooo Total funds 2024 £'ooo Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Nel assets at 31 March 2024 63 23,189 755 1,854 6,640 201 {321 8,663 1.917 32,085 956 1321 34,926 2,256 2,256 24,007 25
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 17 Reconciliation of net movement in funds to net cash flow from operating activities 2025 £'ooo 2024 £'ooo Net incomelexpenditure for the period las per Statement of financial activities) Adjustments for.. Depreciation charges Gainslllosses} on investments Dividends and interest from investments Decrease in stocks Ilncrease}Idecre8se in debtors Increasel(decreasel in creditors Net cash used in operating activities 433 2,183 73 1446) 1744) {2,4211 17891 117) 537 1163) 158 1301 18111 18 Analysis of cash and cash equivalents 2025 £'ooo 2024 £'ooo Cash al bank and in hand Total cash and cash equlvalents 1,682 1,682 942 942 19 Analysis of changes in net debt At 1 April 2024 £'ooo At 31 March 2025 £'ooo Cash flows £'ooo Cash al bank and in hand 942 942 740 740 1,682 1.682 20 Related party transactlons The charity is controlled by the Board of Trustees who are considered lo be the key management personnel. The Conference is an"umbrella" organisalion with 10 operational societies. It is the Custodian Trustee for all of the societies. Property is owned by 8 of the 10 operational societies. The properties held by the individual societies are not consolidated within the financial slalemenls. The Conference received contributions from the societies to help cover ils running costs. These totalled £105,00012024.. £113,000). The Conference acts as trustee to The New Church College and receives donations from a fund held by the College, jointly with the Conferen. These tolalled £9,000 {2024'. £9,000). 26
The General Conference of The New Church (a company limited by guarantee) Notes to the financial statements For the year ended 31 March 2025 {continued) 20 Related party transactions (continued) The Conference acts as trustee to Broadfield and at the balan sheet date, had recognised £6,000 12024.. £4,000) wthin the cash al bank figure which is held on their behalf. During the year, there was a net movement into the fund of £2,00012024." £6,000 net movement OLrt of the fund). The Conference also administers the assets of The Common Investment Fund on behalf of ils societies. The assets of this fund are held in Injst 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 slat8menls. Further details of these transactions are included in the Fixed asset investments note. 27