THE BAPTIST HOUSING TRUST TRUSTEES? AIYNUAL REPORT AIW FU¥ANCIAL STATEMEIYTS 31ST MARCH 2025 CHARITY NUMBER 1031620
THE BAPTIST HOUSING TRUST Year ended 31" March 2025 CONTENTS Trustees, annual report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements
THE BAvfisT HOUSING TRUST Trustees, annual report for the year ended 31" Mareh 2025 Reference and administrative details Charity name The Baptist Housing Trust Registered Charity number IOJ1620 Principal address 60 Strathmore Avenu< Hitchin, Herts SG5 1ST Managing Trustees Miss Jean Harrison Revd. Paul Martin Revd. Michael Thornton (Chair) Revd. Roger WoodwaTd {Vice-Chair) Revd. Giaham Clarke (re-appointed February 2024) (re-appointed October 2022) (re-appointed October 2022 and appointed Chair January 202)) (re-appointed October 2022) (Appointed January 2023) Honorary Secretary Revd. Stephen Copson 60 Strathmore Avenue, Hitchin, Herts SG5 1ST (appointed I, May 202J) Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
THE BAFTIST HOUSING TRUST Trustees, annual report- continued for the year ended 31" March 2025 Independent Examiner Clouders (Audit & Accounts) Limited Chartered Certified Accountanls, Charter House, IOi-105 Letgh Road, Leigh-on-se Essex. SS9 IJL. Investment Advisers Cazenove Capital Management l London Wall Place London EC2Y SAU Structure* governance and management Constitution The charity is an unincorporated trust. constituted under a Trust Deed dated 6 January 1994 as amended by a Supplemental Trust Deed dated 6 February 2018. Trustee selection The power to appoint Trustees vests in the existing Trustees. Trustees serve for a maxtmum period of three 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 manag¢m¢nt of the Charity is delegated to the Honorary Secretary. Risk management The Trustees have examined the major strategic, business and operational risks which the Trust faces and confinn that sysl¢ms have been established to minitnise them. In OctobeT 2024, th¢ trustees considered th¢ aiinual revi¢w of risks was content at the regular measures set down. Objectives and activities Tlie objects of the Trust are the provision of grants for amenities to improve the quality of life for elderly people or otlier persons in necessitous circumstaiices irrespective of race creed or colour but without prejudice to tlie generality of the foregoing those living in residential accoinmodation provided by the Riverside Care and Support Group Divisional Board of the Riverside Group Limited or for retired 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- continued for the year ended 31" March 2025 Grant making policy The Trustees meet periodically to receive and consider applications for grants and to decide whether grants should be offered. For Riverside applications, grants are valid for one year from the date on which they are offered although, in exceptional circumstances. an extension of time may be granted by the Trustees. In considering applications. the Trustees have adhered to a Grant Policies document, dated 14th October 2019. The Trust¢¢s have emphasised that they prefeT to receive applications which demonstrate that the residents themselv¢s are making efforts to raise at least a part of the cost of the scheme for whicli the grant is being requested. Where this has not been done the amount of grant approved may be reduced. For RBMHO applications, the charity submits an application with supporting paperwork for work done or pending. Trustees The Trustees have continued to meet, &s usual, three times a year to consider granl applications. Two of the rneetings were held online and the other Ineeting was held in person in October 2024 at the London offtces of their Investment Advisers, Cazenov¢ Capital Management. Achievements and performance Riverside/ECHG have submitted a regular stream of applications for grants and during the year a total of fourteen applications received from them were approved. After discussions in June 2024 with RBHMO to identify the best way to encourage applications, these began to arrive from Autuinn 2024. During the financial year 202412025 the Trustees have approved fourteen grants to Riverside totalling £8,017 (twenty four grants totalling £14,218 in 202i12024), and four grants to RBHMO totalling £1 0,790. They have made fourteen grant payments totalling £16,644 (£14,196 paid in 202J12024). On 31 st March 2025, nine grants approved by the Trustees during the financial year 202412025 reinained unpaid amounting to £4,617 (£10.896 unpaid dt the end of 202312024). The Trust has maintained a bank account with CAF Bank Limited. The Account is operated online with payments being made through the CAF'S QuickPay facilities. The Trust has also maintained a Three-month Deposit Account with the Baptist Union Corporation eaming interest at the end of the year at J.25 % per annum, a Teduction from 4.5D/ at the end of 202J124. The Trust continues to receive investment advice from Cazenove Capital Management. The usual annual meeting to assess perfomiance was held with their representativ¢ in October. The income produced from these Funds during 202412025 was £i1.208 (£J 1.106 in 202J12024). The value of the funds has fluctuated during the year in line with customary variations in global markets. On J I st March 2025, the total value of Responsible Multi-Asset Funds lield by Cazenove on behalf of the TTUSt was £1,04J,912 compared with a value of £1,049.559 as at 31st March 2024.
THE BAPTIST HOUSING TRUST Trustees, annual report- continued for the year ended 31" March 2025 Secretary's Honorarium The Trustees had agreed to pay an honorarium of £3,200 per annutn to the Secretary. Reserves Policy The Trust's policy is to maintain cash balances at a level equal to at least six months unrestricted expenditure. This provides enough funds to cover administration costs and to respond to emergency applications. During the year, the Trustees considered that the designated Investment Protection Reserve of £1 00,000 should be undesignated. Investment Policy Trust money may be invested or laid out in the purchase of, or at interest upon, the security of such stocks. funds, shares. securities or other investments at the Trustees think fit. Income from such investments should b¢ used in the grant-making activities at the Trustees, discretion. The value of investments on 31 March 2025 exceeds the total of the Capital and Legacies Funds without the need to draw on the Investment Protection Reserve. Risk policy In October 2024, the trustees considered the annual review of risks were content at the regulaT measures set down to identify, minimise and mitigate such risks were appropriate. Statement of Trustees, responsibilities Law applicable to Charities in ET]gland 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 the year and of its financial P051tion at the year end. In preparing those financial stateinents, th¢ Trustees are required to follow best practice and: select suitable accounting policies and th¢n apply them consistently. make judgements and estiinates that are reasonable and prudent" state whether applicable accounting standards and statement5 of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements. and prepare the financial statem¢nts on the going concern basis unless it is inappropriate to assume that the charity will continu¢ in operation. The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial P051tion of the Cliarity and which enables them to ensure that the financial statements comply witli tlie Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the 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 BAVTIST HOUSING TRUST Trustees, annual report- continued for the year ended 31, March 2025 The Triistees declare that they have approved the TTUStees' report above. Signed on behalf of the Charity's Trustees: (Trustee) (Trustee) Dated
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BAwfisT HOUSING TRUST Independent examiner's 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, March 2025. Respective responsibilities of trustees and examiner As the charity's trustees of th¢ Company (and also its directors for the purposes olcompany law) you are responsible for the preparation of the account in accordanc¢ with the Tequirements 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 eligible for independent exatnination, I report in respect of my 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 have followed the Direction5 given by the Charities Commissioii under section 145(5) (b) of the 2011 Act. Independent examiner's statement I have completed my exatninatton. I confimi that no matt¢rs have come to my attention in connection with the examination giving me caus¢ to believ¢: l. Accounting records were not kept in respect of the Cornpany as requiT¢d by section J86 of the 2006 Act. or 2. The accounts do not accord with those records. or The accounts do not comply with the accounting requirements of section J96 of the 2006 Act other than any requirement that the account give a true and fatr view which is not a matter considered as part of an indepeiident exainination. or 4. The accounts have not been prepared in accordance with the methods and principl¢s of the Statement of R¢commended Practice foi accounting and reporting by charities (applicable to charities prepai'ing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)). I have no concerns and have come across no other 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. S Bailey F.C.C.A. 13119/ for and on behalf of Clouders (Audit & Accounts) Limited Chartered Certified Accountants Charter House, l OJ-105 Leigh Road, Leigh-on-se Essex. SS9 IJL.
THE BAvfJsT HOUSING TRUST Statement of Financial Activities for the year ended 31" March 2025 restrieted Restricted Total Total Notes Funds income funds 2025 2024 Incoming resources Incoming resources from generated funds Investment income 3b 32248 32,248 32,152 Total incoming resources 32248 32,248 32,152 Resources expended Stockbroker fees 3200 3,200 2,997 Charitabl¢ activities 4b 1fj644 16,644 Governance costs 4W4 4,894 4,564 Total resources expended 24,738 24,738 Net incoming (outgoing) resources before other recognised gainlO$SeS Gross transfers between funds 7,510 7,510 10.809 Net incoming (outgoing) resources before other recognised gains (losses) Other recognised gains (losses) Gains and losses on investment a55ets 7510 7,510 10,809 (1.107) (1,107) 52,712 Net movement in funds Total funds brought forward 6,403 1,119,635 6,403 6),521 1.119,635 1,056,114 Total funds carried fonyard 1.126,038 1,126.038 1,119,635 The notes on pages 9 to 16 fomi part of these financial statement5
THE BAYfisT HOUSING TRUST Balance Sheet 5t As at 31 March 2025 Unrestricted Restricted Total Total Notes Funds income funds 2025 2024 Fixed assets Investments 1,043,912 1,043,912 1,049,559 Total fixed assets 1,043,912 1,043,912 1,049,559 Current assets Debtors Cash at bank and in hand 592 83,026 83,026 Total current assets 83,026 83,026 70,934 Creditors- amounts falling du¢ within one year (900) (900) (858) Net current assets 82.126 82,126 70,076 Total assets less current liabilities 1,126,038 1,126,038 1,119,6J5 Funds of the charity Unrestricted funds Restricted income funds 1,126,038 1,126,038 1,119.6J5 io Total funds 1,126,038 1.126,038 1,119,6J5 (Tiustee) (Trustee) Dated The notes on pages 9 to 16 form part of these financial statements
THE BAPTIST HOUSING TRUST Notes to the financial statements for the year ended 31" March 2025 Basis of preparation Basis of accounling The financial statements have been prepared under the historical cost convention, with the ¢xception ol investments which are included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities - Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the financial reportiiig Standard applicable in the UK and Republic of Irelaiid {FRS102) (effective l January 2015). 2. Accounting policies Funds slruclure Restricted incon7efiinds These are funds which must be used in accordance with specific restrictions imposed by the donor or Trust Deed. Unreslricledfynds Unrestricted funds comprise those funds which th¢ Trustees are free to use for any purpose in furtherance of th¢ charity's objects. They include designated funds which the Trustees, at their discretion. have created for a specific PUTPOSe. Incoming resources Recognilion of incoming resources These are included in the Statement of Financial Activities when the charity becomes entitled to the resources, the Trustees are virtual ly certain they will receive the resources and the monetary value can be ineasured with sufficient reliability. Grants and donation Grants and donations are only included in the Stat¢ment of Financial Activities when the charity h&g unconditional entitlement to the resources. Invgslment illCOTP7e This is included in the Statement of Financial Activities when receivable. Inveslmenl gains and10sse3 These include any gain or loss on the sale of investments, and any gain or loss resulting from revaluing investments to market value at the end of the year.
THE BAYfisT HOUSING TRUST Notes to the financial statements- continued for the year ended 31. March 2025 2. Accounting policies- continued Expendilure Governance costs These include the costs of preparation and examination of statutory financÉal statements, Trustee meetings and any legal advice to Trustees on governance or constitutional Inatters. Gi'anls payable wiihoutpttrforniL7nce condilions These are only recognised in the financial statements when a commitment h&8 been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Assels Inveslmen(s Investments quoted on a recognised stock exchange are valued at market value at the year end. Liabililies Liability recognition Liabilities are i'ecognised as soon as there is a legal or constructive obligation coinmitting the charity to pay out resources. Contingent liabilities In accordance with the SORP, a contingent liability is disclosed in respect of grants which, although authorised by ihe end of the Cliarity's financial year, did not represent liabilities, becaLise the obligatioii can only be confirmed by the acceptance of those grants by the applicants, which is an uncertain event not wholly witliin the Trustee5' control. 10
THE BAvfisT HOUSING TRUST Notes to the financial statements- eontinued for the year ended 31" March 2025 3. Ineoming resources a) Voluntary income 2025 2024 Legacies b) Investment income 2025 2024 Unrestricted Restricted Total Totsl Dividends- UK equities Interest - UK fixed interest s¢curities Interest on cash deposits Cazenove interest Cazenove dividends 41 41 20 999 999 1,025 31,208 31,208 32,248 32,248 32,152
THE BAvfisT HOUSING TRUST Notes to the financial statements- continued for the year ended 31" Mareh 2025 4. Analysis of resources expended a) Investment management costs 2025 2024 Stockbrokers, fees 3,200 2,997 b) Charitable activities Grants payable 2025 2024 Unrestricted Restrieted Total Total Coventina House- TV & BraLket Barclay Couri- Garden benches Poulion Court- Garden lurnitLtre, greenhouse & TV Cathedral Court- Gardcn furniturr Derwent Road West- Garden furniture Hargreaveb Court- Garden furniture Windsor Court- Entertainment equipment Woodlands view- Garden furniture Nonvood Court- Garden furniture Acorn FLou5e- Garden furniture PE3 9XE- Bathroom mobility upgradc LI 0 2L.D - Bathroom mobility iipgradL BH6 5PR- Mobility upgrade5 B1417 7Yr - Mobility upgrades Waterstone Place Ashton Court 376 190 801 357 459 607 866 371 237 900 2,130 4,660 2,000 2,000 591 99 16,644 13.782 12
THE BAPTIST HOUSING TRUST Notes to the fjnaneial statements - continued for the year ended 31, March 2025 Analysis of resources expended continued c) Governance costs 2025 2024 Secretary's honorarium Travel expenses Printing, postage, stationery & telephone Insurance Trustee meetings expenses Bank Charges Legal fees Accountancy fees 3,200 389 60 285 184 100 262 60 60 900 858 £4,894 £4.564 Ainounts included within governance costs: Trustee expenses Truste¢ travel costs incurred in attending Trustee meetings are reimbursed by the Charity. During the year ended 31. March, 2025, five Trustees were reimbursed an aggregate amount of £389 (2024: three trustees wer¢ reimbursed £184). Accounlancyfees 2025 2024 Independent examiner's fee5 for reporting on the accounts Other fees 900 858 £900 £858 13
THE BAvfisT HOUSING TRUST Notes to the financial statements- eontinued for the year ended 31" Mareh 2025 5. Gains 2nd losses on investment assets 2025 2024 Gainl(Loss) on revaluation of quoted securities (1,107) 52.712 (£1,107) £52,712 6. Investment assets a) Fixed asset investments Mark¢t value at beginning of year Less: net loss on revaluation on investments with Cazenove Add.. increase in UK equities 1,049.559 (6,515) 868 Market value at end of year £1,043,912 14
THE BAPTIST HOUSING TRUST Notes to the financial statements- continued for the year ended 31, March 2025 Investment Assets continued b) Analysis of investments and related income Market Value )1.0).25 Income Year ended 31.03.25 UK equities UK fixed iTJterest securities Investments through Cazenove 2,273 41 1,041,639 31,208 1,043,912 Interest on cash deposits 999 Total investment incoine 32,248 7. Debtors 2025 2024 Amounts falling due within one year: Prepayments and accrued income 1,512 592 15
THE BAYfisT HOUSING TRUST Notes to the financial statements- continued for the year ended 31, March 2025 8. Creditors 2025 2024 Amounts falling due within one year: AccTuals and defeed income 900 858 9. Unrestricted funds a) Movements on unrestricted funds Investment Revaluation rotection reserve Total acies General As at I" April, 2024 Incoining resources Outgoing resources Transfers Gains and losses ,119,635 640,992 ioo,000 14,058 100.000 i64,585 l J2,248 (12J,226) (23,226) { i 00,000) (1,107) (1,107) As at 31" March, 2025 1,127,550 740,992 14,058 372,500 b) Designated funds Capital This fund represents the unrestricted amount received from English Churches Housing Group Limited, which was forined from the merger of the Charitable Fund of the Baptist Housing Association and the Church Housing Association on 2. July 1991. The Trustees have deterinin¢d that the fund be treated as non-distributable. Legacies The Trustees have determined that the legacies fund be treated as non-distributable. Invesltpientprolection Unrestricted funds are periodically allocated to the investment protection fund, in order to cover potential losses on the realisation of fixed asset investments and. hence. to retain funding for further investment. in order to maintain the Charity's income stream. 16
THE BAvfisT HOUSING TRUST Notes to the financial statements - continued for the year ended 31, March 2025 10. Restricted income funds None I l. Contingent liabilities As at 31, March 2025, the Trustees had authorised grants totalling £4,617 (2024.- £10,896). which had not been claimed by the applicants. 17