THE BAPTIST HOUSING TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS 31ST MARCH, 2023 CHARITY NUMBER 1031020 THE BAvfIsT HOUSING TRUST Year ended 31" Mareh. 2022 CONTEIYTS Trustees, annual report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial ststements THE BAPTIST HOUSING TRUST Trustees, aDnual report for the year ended 31" March, 2023 Reference and administrative detsils Charity name The Baptist Housing Trust Registered Charity nuniber 1031620 Principal address 70 Ashbury Drive. Weston-super-mare, BS22 9QL Managing Trustees Revd. Stephen Copson Miss Jcan Harrison Revd. Paul Martin Revd. Michael Thornton (Chair) Revd. Roger Woodward (Vice-chair) Revd. Graham Clarke (resigned as Trustee and as Chair D¢¢ember 2022) (re-appointed February 2021) (re-appointed October 2022) (re-appointed October 2022 and appointed Chair JanuoJy 2023) (re-appointed October 2022) (Appointed January 2023) Honorary Secretary Mr Peter Price 70 Ashbury Drive, Weston-super-mare, BS22 9QL (appointed 22 October 2009) Bankers CAF Bank Limited 25 Kings Hill Avenue Kmgs Hill West Malling Kent ME19 4JQ THE BAPTIST HOUSING TRUST Tru5tees' annual report- contillued for the year ended 31" March, 2023 ludÉpendÈfti Exaininer Clouders (Audit & A￿ountS) Limited Chartered Certified Accountants. Clwtcr House, 103-105 Leigh Road. Leigh-on-sca, Essex. SS9 IJL. InvesÉmentAdvisers Cazenove Capital Management l London Wall Placc London EC2Y SAU Structur4 governaD¢e and management Constitution The charity is an unincorporated trust, constiluled under a Trust Deed dated 6 January, 1994 as amended by Supplemental Trust Dccd datcd 6 Fcbruary 2018. Trustee selection The power lo apFKJint Trustccs vcsts ID thc cxisting Trustees. Trustees serve for a maximum period of thr¢¢ years, but are eligible for re-appointment. The Trust Deed provides for a minimum of three. and a maximum of five Trustees. The day-to-day responsibility for the managemcnt of thc Charity is dclcgatcd to the Honorary Secretary. Risk MI￿￿geMent The Trustees have examined thc major stratcgic, business and operational risks which the Trust faces and confum that systems have been established to minimise them. Objectives and activities The objects of the Trust are the provision of grants for amenities to improve ihe quality of life for elderly people or other persons in necessitous circumstances irrespective of race creed or colour but without prejudice to the generality of thc forcgoing thosc living in residential acconllnodation provided by the ￿'versIde Care and Support Group Divisional Board of the Riverside Group Limited or for rclired Baptist ministers or missionaries and their widows or widowers living in residential accommodation provided by a charitable organisation connected with the Baptist Union of Great Britain or with BMS World Mission. THE BAPTIST HOUSING TRUST Trustees, annual report- COlltiDued for the year ended 31st March, 2023 Grant makingpolicy The Trustees meet periodically to receive and consider applications for grants and to decide whether grants should offered. Grants are valid for one year from the date on which they are offered. In considering applications. the T￿sleeS have adhered to a Grant Policies document, dated 14, October 2019. The Trustees emphasise that they prefer to receive applications which demonstrate that the residents themselves are making efforts to raise at least a part of th¢ Cost of the scheme for which the grant is being rcqucsled. Where this has not been done the amount of Brant approved may be reduced. Trustees With the resumption of more norn]al lifc following the global COVID-19 pandemic the Trustees have continued to meet, as usual, three limes a year to consider grant applications. Two of the meetings were held online and the other meeting was held in person in October 2022 at the London offices of their Investment Advisers, Cazenove Capital Management. The Secretary, Peter Price. gave notice that, at some tirne during 2023, he would be standing down from th¢ role he had held with the Tn￿t since October 2009. The Chair of Trustee& Stephen Copson, also indicatcd that he wishcd to resign as a Trustc¢ from 31° Deccmbcr 2022. At an addition online meeting in January 2023 the Trustees agreed to the appointment of Stephen Copson as the new S¢¢relary, to take effect from the sate on which Peter Pric¢ stands down. At the samc mccting Grahatn Clarke was appointcd as a new Trustee, Michael Thornton was appointed as the new Chair of Trustees, and it was agreed that Roger Woodward would continue as the Vice-chair of the Ttustees. Achievemenls and performallce RiversidelECHG have submitted a regular stream of applications for grants and during the year a total of sixteen applications received from them were approved. No application was received from thc Retired Baptist Ministers Housing Organisation, although they were regularly invited to makc applications. During the financial year 2022123 the Trustees have therefore approved sixteen grants totalliThg £13,960 (nine grants totalling £10,225 in 2021122). They hav¢ made twelve grant payrncnts totalling £12,223 (£4,060 paid in 2021122). On 31" March 2023 twelve grants approved by th¢ Trustees during the fllwicial year 2022123 remain unpaid amounting to £1 0.460 (£10,225 unpaid at the end of 2021122). The Trust has maintained a bank account with CAF Bank Limitcd. The Account is opwated online with payments being tnade through the CAF'S QuickPay facilities. Th¢ Trust has also maintained a Three-month Dep051t Account with the BaptÉst Union Corporation earning interest at the end of the year at 3.75010 per annum. The Trust continues to receive investment advice from Cazenovc Capital Management. The usual annual Meeting wa5 held with the in October. On their advice Ihc Trustees agreed to continue to invest their holding with Cazenove in two Responsible Multi-Asset Fulld￿ Three quart¢rs of the Trust's holding is allocats to an Income Fund, with the remainder being allocate to an Accumulation Fund. The ineome produced fomi these Funds duriL]g 2022123 was £30,425 (29,104 in 2021122). The valuc of thc fund has fluctuated during Ihe year in line with significant uncertainty in global markets. On 31" March 2023, the total value of the Responsible Multi-Assel Funds held by Cazenove on behalf of the Ttust was £998.740 compared with a value of £1,052,551 on l April 2022. THE BAFtIST HOUSING TRUST Trus¢ees' annual report- continued for the year ended 31Jt March, 2023 Se¢retary?s Honorarium The Trustees continued to pay an honorarium of £3,000 per annum to the Secretary. Reserves Policy The Trust's policy is to maintain cash balances af a level equal to at least six months unrestricted expendI￿re. This provides sufficient fijnds to cover administration costs and to respond to emergency applications. The Trustees have also designated fiinds into the Investment Protection Fund, to provide protection against any fall in the value of investments. During the year this Fund has remained at £lOO,000. Investment Polley Trust money may be Invest￿ or laid out in the purchase of, or at interest Up0￿ the security of such stocks. funds, shares, securities or other investments as the Trustees think fit. Income from such investments should be used in the grant-making activities at the Trustees, discretion. The Value of investments on 31 March 2023 well exceeds the total of th¢ Capital and Legacies Funds without the need to draw on the Inv¢stm¢nt Protection Reserve. Statement of Trustees, responsibilities Law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair View of the Trust's financial activities during th¢ year and of its financial position al the year end. In prq)aring those financial statements, the Trustees arc rcquircd to follow bcst practLCC select suitable accounting policies and then apply them consistently.. make judgements and estimatcs that are reasonable and prt￿ent. statc whether applicable accounting standards and statements of recommended practice have b¢¢n follow¢d, subject to any departures disclosed and explained in the fmancial statements. and prepare the financial statements onthe going concernbasis unlcss it Is inappropriate to assume that the charity will continue in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enables them to ensure that the financial statements comply with the Charities Act 2011, thc Charity (Accounts and Reports) Regulations 2008 and the provisions of tbe Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE BAvfIsT HOUSING TRUST Trustees, annual report- continued for the year ended 31" MArcl4 2023 The Trustees declare that they have approved the Trustees. report above. Signed on behalf of the Charity's Ttustees.. (Trustee) (rrustee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BAFfIsT HOUSING TRUST Independent examiDer'5 report to the trustees of The Baptist Housing Trust ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31" Marc 2023. Respective responsibilities of trustees and examiner As the charity's trustees of the Company (and also its direLlors for the purposes of company law) you are responsible for the preparation of the account in accordance with the requirements of the companies act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligtble for independent examination, I report in respect ofmy examination of your charity's account as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'}- In carrying out my examination I hav¢ followed the Directions givcn by the Charities Commission under section 145(5) (b) of the 2011 Act. Independent examin¢r's statement I have completed rny examination. I confirn] that no matters have come to my attention in conn¢clion with the examination giving me cause lo believe.. l. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Acl. or 2. The accounts do not accord with those records,. or 3. The accounts do not comply with the accounting requirements of 5￿tIOn 396 of thc 2006 Act othei than any requircment that the account give a tn]e and fair view which is not a matter ¢onsidered as part of an independent examination. or 4. The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for ac¢ounting and reporting by charities (applicable to charities preparing their a¢count in accordance with the Financial R￿￿rtIng Standard applicable in the UK aL]d Republic of Ireland (FRS102)). I have no ¢oncems and have come across no othcr matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. DOS for ndonbe fof uders (Audit & artered Certifi artcr House ¢counls) Limited A¢countants Road, Leigh-on-sea, Essex. SS9 IJL. THE BAPTIST HOUSING TRUST Statement of Financial Activities for the year ended 31st March, 2023 restricted Restricted Total Total Notes Funds income funds 2023 2022 Incomlng r¢sourees Incoming resource5 from generated funds tnvestmenl income 3b 31,079 31,079 29,248 Total Ineomillg resourees 31,079 31,079 29.248 Resources expended Stockbroker fees 3,041 3,041 3.273 Charitable activities 4b 12223 12,223 4.060 Governance costs 4J52 4,352 3,988 Total resources expended 19,616 19,616 11.321 Iyet incoming {outgoiDg) resources before other recognised gainsllosses Gross transfers between funds 11,463 11,463 17.927 Net incoming {outgoiDg) resources before other reeognised gllins {losses) Other recognised gains Oosses) Gain5 and losses on investment ass¢ts 11,463 11,463 17,927 (53,097) (53,0971 64,704 Net movement in funds Total funds brought forward (41,634) 1,097,748 (41,634) 82,631 1,097,748 1,015,117 Total funds carried forward 1,056,114 1,056,114 1,097,748 The notes on pages 9 10 16 fom] part of these financial statements ## ## |||**Unrestricted**|**Restricted Total**|Total| |---|---|---|---|---| ||**Notes**|
**Funds**|**income funds 2023**|2022| |||£|££|£| |**Fixed assets**||||| |Investments||||| ||6|
**999,858**|**999,858**|1,053,701| |**Total fixed assets**||**999,858**|**999,858**|1,053,701| |**Current assets**||||| |Debtors|7|||| |Cash at bank andinhand||**57,072**|
**57,072**|44,827| |**Totalcurrentassets**||**57,872**|
**57,072**|44,827| |Creditors; amounts falling due within one year|8|
**(816)**|
(816)|(780)| |**Netcurrentassets**||**56,256**|
**56,256**|44,047| |**Totalassets lesscurrentliabilities**||**1,056,114**|
**1,056,114**|l,097,74b| |**Fundsofthecharity**||||| |Unrestricted funds|9|
**1,056,114**|
**1,056,114**|1,097,748| |Restricted income funds|10|||| |**Totalfunds**||**1,056,114**|
**1,056,114**|1,097,748| THE BAFfIsT HOUSING TRUST Notes to the fillallciAI statement5 for the year ended 31" March, 2023 l. Ba5]5 of preparatio Basls of aecouniing The fmancial statements have been prepared under the historical cost convention, with the exception of investments which are included at market valuc. The financial statements have been prepared in a￿OrdanCe with 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 Rq)ublic of tTeland (FRS102) (effective l January 2015)- 2. Accounting polieies Funds structure RestricÈed incomefvnds These are funds which must be used in accordance with specific restrictions imposed by the donor or Trust Deed. UnreslriciedfundF Unrcstrict¢d funds comprise those ￿ndS which the Trustees are frec to use for any purpose in furtherance of the charity's obje¢ts. They include designated funds which the Trustees, at their dis¢r¢tion, have created for a specific purpose. IfteofvLing resources Recognition ofineoming resources These are included in the Statement of Financial Activities when the charity becomes entitled to the resources, the Trustees arc virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability. Grants and donaiions Grants and donations are only included in the Statement of Financial Activities when th¢ charity has unconditional entitlement to the resources. Investment income This is included in the Statement of Financial Activities when receivable. Inveslmentgains and losses These include any gain or loss on the sale of inve8tments, and any gain or loss resulting from revaluing invcstm¢nts to market value at the end of the year. THE BAPTIST HOUSING TRUST Notes to the financial statement$- eontillued for the year ended 31" March, 2023 2. Accounting policies- colltinued Expeiiditur Governance costs These include the costs of preparation and examination of statutory financial statements, Trustee meetings and any legal advice to Trustees on governance or COnsti￿tiOnal matters. Grantspayable WEthoulperformance conditions These are only recognised in the financial statements when a comrnitmenÉ has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Assets Investments Invcstmcnts quoted on a recognised stock ¢x¢hang¢ are valued at market value at the year end. Liabilities Liability recognilion Liabilities are reco￿{sed as soon as there is a legal or ¢onslwctiv¢ obligation committing the charity lo pay out reSoU￿es. Contingent liubilities In accordance with the SORP, a contingent liability is disclosed in respect of grants whi¢h, although authorised by the end of the Charity's financial year. did not represent liabilities, because the obligation can only be confim)ed by the accq)tance of those grants by the applicants, which is an uncertain event not wholly within the Trustee5' control. io THE BAFfisT HOUSING TRUST Notes to the financirdl stAtemellts - contillued for the year ended 31$¢ March, 2023 3. Incoming resourees a) Voluntary income 2023 2022 LeEacie5 b) Investment incorne 2022 2021 Unre$tri¢ted Restricted Total Total Dividends- UK cquitics Interest- UK fixed interest securities Interest on cash deposits Cazenove interest Cazenove dividends 86 86 529 39 30,425 529 39 30,425 125 19 29,104 31,079 31,079 29.248 THE BAvfIsT HOUSING TRUST Notes to tbe financial statements- continued for the year ended 31" March, 2023 4. AnAlysls of resources expended a) Investment management costs 2021 2022 Stockbrokers, fees 3,041 3.273 b) Charitable activities Grants payable 2023 2022 Ullrestricted Restricted Total Total 42 Mallard Close- Wet room Conversion The Quadrant- Garden fvrniture Paulton Court- Gatdening tools Westholme Court- Ele¢tri¢ bingo maehtne West Park- Electric bingo machine Norwood Gardens- Bicycle rack Haigh Court- Bicycle rack St Oswalds Court- Garden furniture Liberton Coun- Greenhouse and ￿rni￿re Thirlmere Court- fjarden furniture Catherine Court- Kitchen equipment Heap Court- Bicycle storage shed 7,500 555 250 100 loo 250 350 239 879 950 200 850 12,223 4.060 4060 12 THE BAFfisT HOUSING TRUST Noles to the financial stitements- continued for tbe year ended 31" Marc14 2023 Analysis of resourees expended continued c) Govemance costs 2023 2022 S￿retary's honorarium Travel expenses Printing, postage, stationery & telephone Insurance Trustee meetings expenses Bank Charges Legal fees Accountancy fees 3000 151 20 257 2,500 271 22 256 63 96 72 852 780 £4,352 £3,988 Arnounts included within governance costs.. Trustee &rpenses Trustee travel costs in¢urred in allending Trustce n]¢etings are reimbursed by the Charity. During the year ended 31" March, 2023, three Trustees were reimbursed an aggrcgatc amount of £151 {2022.' three tDJStees were reimbursed £271). Accountancyfees 2023 2022 Independent examiner's fe¢s for reporting on the accounts Underprovision of 2022 independent examiner's fee Other fees 816 36 780 £852 £780 13 THE BAPTIST HOUSING TRUST Notes to the financial $tatements- continued for the year ended 31" March, 2023 5. Gaill$ and losses on investment assets 2023 2022 Gainl(Loss) on revaluation of quoted securities {53,097) 64,704 {£53,097) £64,704 6. Investment asset$ a) Fixed asset investrnents Market value at beginning of year Add.. net gain on revaluation on investments with Cazenove Less.. decrease in UK equitic5 1,053,701 (53,811) (32) Market value at end of year £999,858 14 THE BAFTIST HOUSING TRUST Notes to the financial statements - continued for the year ended 31" March, 2023 lllvestment Assets continued b) Analysis of investmcnts and relatcd incomc Market Value 31.03.23 Incorne Year ended 31.03.23 UK equities UK fixed interest securities Investments through Cazenove 1,118 86 998,740 30,464 999,858 Interest on cash deposits 529 Total investment income 31,079 7. Debtors 2023 2022 Amounts falling due within one year: Prepayments and accrued incorne 15 THE BAFfIsT HOUSING TRUST Notes to the financial statements- continued for the year ended 315t March, 2023 8. Creditor5 2023 2022 Amounts falling duc within one year.. Accruals and deferred income 816 780 9. Unrestrieted fullds a) Movements on unrcstrictcd funds Investment Revalualion rotection reserve Total acies General As at 1$¢ April, 2022 Incoming resources Outgoing resourc Transfers Gains and losses 1,097.748 31,079 (l9,616) 640,992 14.058 loo.000 342,698 31,079 (19,616) (53,097) (53,097) As at 31" March, 2023 1.056,114 640,992 14,058 loo,000 301,064 b) Designat&l ￿ndS Capital This fund represents the unrestricted amount received from English Churches Housing Group Limitcd, which was fonned from the merger of the Charitable Fund of the Baptist Housing Association and the Church Housing Association on 2nd J￿y. 1991. The Trustees have detem)ined that the fimd be treated as Thon-distributable. Legacies The Trustees have delernlined that the legacies fi￿d be treated as non-distributable. Investrienlprotection Unrestricted fimds are periodically allocated lo the investment protection fund, in order lo eover potential losses on th¢ realisation of fixed asset investments and, h¢n¢¢, to retain fundmg for further inve51mcnl, in order to maintain the Charity's income stream. 16 THE BAPTIST HOUSING TRUST Note5 to the financial statements- contlnued for the year ended 31" Marcb, 2023 10. Restricted income funds None 11. Contingent liabilitie5 As al 31" March, 2023, the Tn)slees had authorised grants tolalling £10.460 (2022.. £10,225), which had not been claimed by the applicants. 17