2021-04-30-accounts - Mill Hill Chapel Trust

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Mill Hill Chapel Trust

Charity number 1081978

Annual Report and Financial Statements

for the year ended 30 April 2021

Mill Hill Chapel Trust

Annual Report and Financial Statements for the year ended 30 April 2021

Contents	Page
Trustees' report	2 to 4
Examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the accounts	8 to 13

Prepared by West Yorkshire Community Accounting Service

Mill Hill Chapel Trust

Trustees' report for the year ended 30 April 2021

Reference and administrative details of the charity, its trustees and advisors

The trustees during the financial year and up to and including the date the report was approved were: Name Position Dates

Roy Coggan Chairman Wendy Whetstone Secretary Alan Hawkins Helen Ashe

Management committee members

Matt Slaboszewski Treasurer Xina Broderick Chair Sally Green Secretary Alan Hawkins Roy Coggan Sandra Griffiths Staff Rev'd Jo James Minister Graham Cottle Facilities Manager from January 2020 Charity number 1081978 Registered in England and Wales Registered and principal address Bankers Mill Hill Chapel Lloyds Bank plc Barclays Bank plc City Square 65-66 Briggate PO Box 299 Leeds Leeds Birmingham LS1 5EB LS1 6LH B1 3PF Investment Managers Financial Advisors Solicitors Brewin Dolphin JFP Financial Services Ltd Wrigleys 1 The Avenue Silk House 17-21 Cookridge Stre Spinningfields Square Park Green Leeds Manchester M3 3AP Macclesfield SK11 7QW LS2 3AG

Independent examiner

Simon Bostrom FCIE West Yorkshire Community Accounting Service Stringer House 34 Lupton Street Leeds LS10 2QW

Structure, governance and management

The charity is governed by a scheme adopted on 3 October 2007 as amended by resolution dated 24 August 2014.

Method of recruitment and appointment of trustees

The trustees of the charity are appointed by the members at the AGM.

Mill Hill Chapel Trust

Trustees' report (continued) for the year ended 30 April 2021

Objectives and activities

The charity's objects

To promote or support the advancement of Unitarian and free Christian beliefs in accordance with the principles of Unitarianism as defined in the constitution of the general assembly of Unitarian and Free Christian churches.

The charity's main activities

We promote Unitarian spiritual resources in the city centre ensuring that services are accessible to a broad spectrum of our local community. We celebrate special services which are accessible to all. We promote spiritual wellbeing, social cohesion and advance education and the celebration of life through the arts, music and philosophical & theological inquiry. We promote environmental responsibility. We support local community groups.

Public benefit statement

In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit.

Achievements and performance

The pandemic crisis altered many of our priorities and strategies. The enforced closure of our many community and social justice activities has had a huge impact on all our activities. The social impact of pandemic restrictions on the city centre has meant that many of our income generating activities such as Car Parking and Hall Hire have been severely curtailed.

However the congregation has shown immense resilience and resourcefulness immediately pivoting to online services following the tough decision to shut down in March 20. Services have continued on Sundays and Wednesdays and our congregation has grown instead of shrinking. After the worst impacts of closure and since re-opening, our numbers have again been averaging 40-50 per week.

During lock-down, and with due care, a small group gathered to meet with an Art of Hosting facilitator to create an ‘emerging strategy’ to adapt to the continuously changing environment. This has allowed new ideas to flourish and we are confident of replacing many former models of income generation. We have invested in Audio-Visual equipment in all our spaces and this has had a side benefit of making our spaces lettable to teaching institutions, colleges etc. We are also working with the council on the redevelopment of City Square, including participating in Leeds23 festival and discovering ways of acknowledging our environmental responsibilities as we approach our 350 anniversary year.

Mill Hill Chapel Trust

Trustees' report (continued) for the year ended 30 April 2021

Financial review

The net income for the year was £50,929, including net income of £51,235 on unrestricted funds and net expenditure of £306 on restricted funds.

Reserves policy

The charity does not have a reserves policy which quantifies a level of reserves to be maintained other than that an appropriate level of free reserves are maintained.

The charity's free reserves, excluding fixed assets, at the year end were £82.

Whilst the charity has been affected financially by the coronavirus covid-19, the trustees have not identified any material uncertainties so significant as to cast doubt over the ability of the charity to continue as a going concern.

Signed on behalf of the board of trustees on 20/02/2022

Alan Hawkins (Trustee)

Mill Hill Chapel Trust

Independent examiner's report to the trustees of Mill Hill Chapel Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 April 2021, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts as carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; 2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

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.

Simon Bostrom FCIE

21/02/2022

West Yorkshire Community Accounting Service

Stringer House 34 Lupton Street Leeds LS10 2QW

Mill Hill Chapel Trust

Statement of Financial Activities

(including summary income and expenditure account) for the year ended 30 April 2021

Notes 2021 Unrestricted funds £ Income from: Donations and legacies (2) 4,602 Investment income 38,567 Hall hire 11,430 Other income - Services 140 Total income 54,739 Expenditure on: Salaries, NIC and pensions (3) 65,469 Travel and subsistence 4 Training and conferences - Musicians and other services 120 Pulpit supply 96 Organ maintenance 589 Caretaker and cleaning 944 Utilities 4,204 Insurance 2,587 Computer and peripherals 463 Telephone and postage 1,836 Literature and publicity 806 Subscriptions and donations 1,350 General Assembly Church quota - Freelance services 10,326 Independent examination 960 Sundries and refreshments 604 Investment management fees 15,737 Building maintenance 7,754 Office and admin costs 3,638 Equipment and materials 3,420 Gifts and donations - Depreciation 9,269 Bank Charges 65 Total expenditure 130,241 Net gains/(losses) on investments 126,737 Net income / (expenditure) 51,235 Fund balances brought forward 664,441 Fund balances carried forward (4) 715,676	2021 Restricted funds £ - - - - - - - - - - - 306 - - - - - - - - - - - - - - - - - - 306 - (306) 43,343 43,037	2021 Total funds £ 4,602 38,567 11,430 - 140 54,739 65,469 4 - 120 96 895 944 4,204 2,587 463 1,836 806 1,350 - 10,326 960 604 15,737 7,754 3,638 3,420 - 9,269 65 130,547 126,737 50,929 707,784 758,713	2020 Total funds £ 10,711 62,921 20,388 3,101 - 97,121 65,430 846 1,559 10,955 204 655 4,137 15,039 2,561 861 1,696 1,527 1,977 1,190 3,200 960 1,125 11,048 6,954 1,463 2,898 1,194 4,776 - 142,255 (34,085) (79,219) 787,003 707,784

All incoming resources and resources expended derive from continuing activities.

Mill Hill Chapel Trust

Balance sheet

as at 30 April 2021 2021 Unrestricted £ Fixed assets Investments (5) 665,721 Tangible assets (6) 18,922 Loan in respect of Manse Fund (7) 70,000 Total fixed assets 754,643 Current assets Debtors and prepayments (8) 711 Cash at bank and in hand (9) 434 Total current assets 1,145 Current liabilities: amounts falling due within one year Creditors and accruals (10) 1,063 Total current liabilities 1,063 Net current assets / (liabilities) 82 Total assets less current liabilities 754,725 Deferred income (11) 39,049 Net assets 715,676 Funds Unrestricted funds 715,676 Restricted funds: Permanent endowment funds (4) - Other restricted funds (4) - Total restricted funds - Total funds 715,676	2021 Restricted £ 40,000 - - 40,000 - 3,037 3,037 - - 3,037 43,037 - 43,037 - 40,000 3,037 43,037 43,037	2021 Total £ 705,721 18,922 70,000 794,643 711 3,471 4,182 1,063 1,063 3,119 797,762 39,049 758,713 715,676 40,000 3,037 43,037 758,713	2020 Total £ 612,338 8,623 70,000 690,961 2,996 53,916 56,912 1,000 1,000 55,912 746,873 39,089 707,784 664,441 40,000 3,343 43,343 707,784

The financial statements were approved by the board of trustees on 20/02/2022

Alan Hawkins (Trustee)

Mill Hill Chapel Trust

Notes to the accounts

for the year ended 30 April 2021

1 Accounting policies

Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year.

No changes have been made to the accounts for previous years.

Going concern

The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.

Donated goods for resale are valued at the amount actually realised upon their sale.

Donated assets, facilities or services are valued at their estimated value to the charity. This is the price that the charity estimates it would pay in the open market for equivalent items; or services and facilities of equivalent utility to the charity.

Income from leases

Lease income, including lease premiums are apportioned on a straight line basis over the life of the lease.

Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Loan in respect of Manse Fund

A loan of £70,000 has been made to the Minister to purchase an appropriate residence and it is to be repaid either when he ceases to be employed by Mill Hill Chapel or earlier by agreement with the Trustees.

The loan is a percentage of the purchase value of the property, the repayment will be the same percentage of the selling price.

Since the repayable amount is linked to the property value, the loan is stated in the accounts at fair value (market value in this instance).

Mill Hill Chapel Trust

Notes to the accounts

for the year ended 30 April 2021

1 Accounting policies continued

Expenditure and liabilities

Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.

Taxation

As a charity the organisation benefits from rates relief and is generally exempt from income tax and capital gains tax but not from VAT. Irrecoverable VAT is included in the cost of those items to which it relates.

Tangible fixed assets

Tangible fixed assets costing more than £500 are capitalised and included at cost including any incidental expenses of acquisition. Gifted assets are shown at the value to the charity on receipt. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over their expected useful economic lives as follows: Project and office equipment: over 3 years

Pensions

The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are recognised in the year they are payable.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Endowment funds represent those assets which must be held permanently by the charity, principally investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income unless restrictions have been imposed by the donor. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Leases

Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

2 Investment Income Income from managed investment portfolio Income from car park and walkway Bankk interest 3 Staff costs and numbers Gross salaries Social security costs Employment allowance Pensions	2021 Total funds £ 8,424 30,125 18 38,567 2021 £ 59,441 4,807 (4,000) 5,221 65,469	2020 Total funds £ 13,098 49,823 - 62,921 2020 £ 58,403 5,425 (3,000) 4,602 65,430

The average number employees during the year was 3, being an average of 2 full time equivalent (2020: 2.2, 1.8 FTE). There were no employees with emoluments above £60,000.

Defined contribution pension scheme Costs of the scheme to the charity for the year Amount of any contributions outstanding at the year end Amount of any contributions prepaid at the year end 4 Restricted funds Balance b/f Incoming £ £ Hunslet 500 - Dramatic Society 500 - Hinkins Bequest 2,037 - Organ maintenance fund 306 - 3,343 -	Outgoing £ - - - 306 306	2021 £ 5,221 - - Transfers £ - - - - -	2020 £ 4,602 - - Balance c/f £ 500 500 2,037 - 3,037

Fund name

Purpose of restriction

Hunslet Towards activities related to the Hunslet church. Dramatic Society Originally for the dramatic society, however this was disbanded in 2001. The trustees agreed that the funds would be available should it become possible to restart the society in the future.

Hinkins Bequest

Organ maintenance fund

Funds left in a bequest by Brian Hinkins for the maintenance of his father's grave in Cottingley Cemetery (Mr Hinkins senior was the minister of Hunslet Chapel, a satellite chapel to Mill Hill).

Funds donated to the charity in the previous year for the upkeep and maintenance of the church organ.

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

4 Endowment Funds Walkway fund	Balance b/f £ 40,000 40,000	Incoming £ - -	Outgoing £ - -	Transfers £ - -	Balance c/f £ 40,000 40,000

Purpose of restriction

Proceeds from the granting of a 999 year lease on 7 August 1998 at peppercorn rent of the walkway at the north side of the chapel to the Nat West Bank. In accordance with the original deed for the sale of Priestly Hall to the Nat West Bank in 1965 any capital receipts could not be expended but any interest earned would be unrestricted, ie for the chapel funds.

5 Fixed assets investments Carrying (market) value at beginning of year Add: net additions at cost (income re-invested) Less: disposals at carrying value Less management fees Unrealised gains / (losses) Carrying (market) value at end of year	£ 612,338 8,384 (26,000) (15,737) 126,737 705,721

Breakdown of investments agreeing with SOFA and Balance sheet

Analysis of investments Market value at year end Bonds UK equities Overseas equities Alternatives Property Cash Total	2021 £ 207,681 97,128 165,597 154,789 43,260 37,266 705,721	2020 215,480 103,823 148,962 83,065 33,842 27,166 612,338

Tangible assets Cost At 1 May 2020 Additions At 30 April 2021 Depreciation At 1 May 2020 Charge for year At 30 April 2021 Net book value At 30 April 2021 At 30 April 2020	£ 10,308 17,294 27,602 4,709 6,901 11,610 15,992 5,599 Fixtures and fittings	£ 6,599 2,274 8,873 3,575 2,368 5,943 2,930 3,024 Office equipment	Total £ 16,907 19,568 36,475 8,284 9,269 17,553 18,922 8,623

6 Tangible assets

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

7 Loan in respect of Manse Fund

The loan is a percentage of the purchase value of the property, the repayment will be the same percentage of the selling price or £70,000 whichever is the greater.

The trustees have not had a professional valuation on the property linked to the loan and consider that there is no material difference between the value stated and market value at the reporting date.

8 Debtors and prepayments Debtors Prepayments 9 Cash at bank and in hand Cash at bank Cash in hand 10 Creditors and accruals Lease premium control account Accruals 11 Deferred Income Lease premium control account: Amounts to be released 1 to 5 years Amounts to be released more than 5 years	2021 £ 711 - 711 2021 £ 3,457 14 3,471 2021 £ 40 1,023 1,063 2021 £ 160 38,889 39,049	2020 £ 1,615 1,381 2,996 2020 £ 52,400 1,516 53,916 2020 £ 40 960 1,000 2020 £ 160 38,929 39,089

12 Related party transactions

Trustee expenses

No trustee received any expenses during this year or the previous year.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this or the previous year.

There were no other related party transactions.

Mill Hill Chapel Trust

Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 30 April 2021

2021 2020 Unrestricted Unrestricted funds funds £ £ Income Donations and legacies 4,602 10,711 Investment income 38,567 62,921 Hall hire 11,430 20,388 Other income - 3,101 Services 140 - Total income 54,739 97,121 Expenditure Salaries, NIC and pensions 65,469 65,430 Travel and subsistence 4 846 Training and conferences - 1,559 Musicians and other services 120 10,955 Pulpit supply 96 204 Organ maintenance 589 - Caretaker and cleaning 944 4,137 Utilities 4,204 15,039 Insurance 2,587 2,561 Computer and peripherals 463 861 Telephone and postage 1,836 1,696 Literature and publicity 806 1,527 Subscriptions and donations 1,350 1,977 General Assembly Church quota - 1,190 Freelance services 10,326 3,200 Independent examination 960 960 Sundries and refreshments 604 1,125 Investment management fees 15,737 11,048 Building maintenance 7,754 6,954 Office and admin costs 3,638 1,463 Equipment and materials 3,420 2,898 Gifts and donations - 1,194 Depreciation 9,269 4,776 Bank Charges 65 - Total expenditure 130,241 141,600 Net gains/(losses) on investments 126,737 (34,085) Net income / (expenditure) 51,235 (78,564) Fund balances brought forward 664,441 743,005 Fund balances carried forward 715,676 664,441	2021 Restricted funds £ - - - - - - - - - - - 306 - - - - - - - - - - - - - - - - - - 306 - (306) 43,343 43,037	2020 Restricted funds £ - - - - - - - - - - - 655 - - - - - - - - - - - - - - - - - - 655 - (655) 43,998 43,343	2021 Total funds £ 4,602 38,567 11,430 - 140 54,739 65,469 4 - 120 96 895 944 4,204 2,587 463 1,836 806 1,350 - 10,326 960 604 15,737 7,754 3,638 3,420 - 9,269 65 130,547 126,737 50,929 707,784 758,713	2020 Total funds £ 10,711 62,921 20,388 3,101 - 97,121 65,430 846 1,559 10,955 204 655 4,137 15,039 2,561 861 1,696 1,527 1,977 1,190 3,200 960 1,125 11,048 6,954 1,463 2,898 1,194 4,776 - 142,255 (34,085) (79,219) 787,003 707,784

Mill Hill Chapel Trust

Charity number 1081978

Annual Report and Financial Statements

for the year ended 30 April 2021

Mill Hill Chapel Trust

Annual Report and Financial Statements for the year ended 30 April 2021

Contents	Page
Trustees' report	2 to 4
Examiner's report	5
Statement of financial activities	6
Balance sheet	7
Notes to the accounts	8 to 13

Prepared by West Yorkshire Community Accounting Service

Mill Hill Chapel Trust

Trustees' report for the year ended 30 April 2021

Reference and administrative details of the charity, its trustees and advisors

The trustees during the financial year and up to and including the date the report was approved were: Name Position Dates

Roy Coggan Chairman Wendy Whetstone Secretary Alan Hawkins Helen Ashe

Management committee members

Independent examiner

Simon Bostrom FCIE West Yorkshire Community Accounting Service Stringer House 34 Lupton Street Leeds LS10 2QW

Structure, governance and management

The charity is governed by a scheme adopted on 3 October 2007 as amended by resolution dated 24 August 2014.

Method of recruitment and appointment of trustees

The trustees of the charity are appointed by the members at the AGM.

Mill Hill Chapel Trust

Trustees' report (continued) for the year ended 30 April 2021

Objectives and activities

The charity's objects

The charity's main activities

Public benefit statement

In setting our objectives and planning our activities our Trustees have given serious consideration to the Charity Commission’s general guidance on public benefit.

Achievements and performance

Mill Hill Chapel Trust

Trustees' report (continued) for the year ended 30 April 2021

Financial review

The net income for the year was £50,929, including net income of £51,235 on unrestricted funds and net expenditure of £306 on restricted funds.

Reserves policy

The charity does not have a reserves policy which quantifies a level of reserves to be maintained other than that an appropriate level of free reserves are maintained.

The charity's free reserves, excluding fixed assets, at the year end were £82.

Signed on behalf of the board of trustees on 20/02/2022

Alan Hawkins (Trustee)

Mill Hill Chapel Trust

Independent examiner's report to the trustees of Mill Hill Chapel Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 April 2021, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; 2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

Simon Bostrom FCIE

21/02/2022

West Yorkshire Community Accounting Service

Stringer House 34 Lupton Street Leeds LS10 2QW

Mill Hill Chapel Trust

Statement of Financial Activities

(including summary income and expenditure account) for the year ended 30 April 2021

Notes 2021 Unrestricted funds £ Income from: Donations and legacies (2) 4,602 Investment income 38,567 Hall hire 11,430 Other income - Services 140 Total income 54,739 Expenditure on: Salaries, NIC and pensions (3) 65,469 Travel and subsistence 4 Training and conferences - Musicians and other services 120 Pulpit supply 96 Organ maintenance 589 Caretaker and cleaning 944 Utilities 4,204 Insurance 2,587 Computer and peripherals 463 Telephone and postage 1,836 Literature and publicity 806 Subscriptions and donations 1,350 General Assembly Church quota - Freelance services 10,326 Independent examination 960 Sundries and refreshments 604 Investment management fees 15,737 Building maintenance 7,754 Office and admin costs 3,638 Equipment and materials 3,420 Gifts and donations - Depreciation 9,269 Bank Charges 65 Total expenditure 130,241 Net gains/(losses) on investments 126,737 Net income / (expenditure) 51,235 Fund balances brought forward 664,441 Fund balances carried forward (4) 715,676	2021 Restricted funds £ - - - - - - - - - - - 306 - - - - - - - - - - - - - - - - - - 306 - (306) 43,343 43,037	2021 Total funds £ 4,602 38,567 11,430 - 140 54,739 65,469 4 - 120 96 895 944 4,204 2,587 463 1,836 806 1,350 - 10,326 960 604 15,737 7,754 3,638 3,420 - 9,269 65 130,547 126,737 50,929 707,784 758,713	2020 Total funds £ 10,711 62,921 20,388 3,101 - 97,121 65,430 846 1,559 10,955 204 655 4,137 15,039 2,561 861 1,696 1,527 1,977 1,190 3,200 960 1,125 11,048 6,954 1,463 2,898 1,194 4,776 - 142,255 (34,085) (79,219) 787,003 707,784

All incoming resources and resources expended derive from continuing activities.

Mill Hill Chapel Trust

Balance sheet

as at 30 April 2021 2021 Unrestricted £ Fixed assets Investments (5) 665,721 Tangible assets (6) 18,922 Loan in respect of Manse Fund (7) 70,000 Total fixed assets 754,643 Current assets Debtors and prepayments (8) 711 Cash at bank and in hand (9) 434 Total current assets 1,145 Current liabilities: amounts falling due within one year Creditors and accruals (10) 1,063 Total current liabilities 1,063 Net current assets / (liabilities) 82 Total assets less current liabilities 754,725 Deferred income (11) 39,049 Net assets 715,676 Funds Unrestricted funds 715,676 Restricted funds: Permanent endowment funds (4) - Other restricted funds (4) - Total restricted funds - Total funds 715,676	2021 Restricted £ 40,000 - - 40,000 - 3,037 3,037 - - 3,037 43,037 - 43,037 - 40,000 3,037 43,037 43,037	2021 Total £ 705,721 18,922 70,000 794,643 711 3,471 4,182 1,063 1,063 3,119 797,762 39,049 758,713 715,676 40,000 3,037 43,037 758,713	2020 Total £ 612,338 8,623 70,000 690,961 2,996 53,916 56,912 1,000 1,000 55,912 746,873 39,089 707,784 664,441 40,000 3,343 43,343 707,784

The financial statements were approved by the board of trustees on 20/02/2022

Alan Hawkins (Trustee)

Mill Hill Chapel Trust

Notes to the accounts

for the year ended 30 April 2021

1 Accounting policies

Basis of accounting

The charity constitutes a public benefit entity as defined by FRS 102. There has been no change to the accounting policies since last year.

No changes have been made to the accounts for previous years.

Going concern

The trustees are satisfied that there are no material uncertainties about the charity's ability to continue.

Incoming resources

Grants and donations

Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources.

Where grants are related to performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance.

Donated goods for resale are valued at the amount actually realised upon their sale.

Income from leases

Lease income, including lease premiums are apportioned on a straight line basis over the life of the lease.

Investments

Investments are stated at market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluations and disposals throughout the year.

Loan in respect of Manse Fund

The loan is a percentage of the purchase value of the property, the repayment will be the same percentage of the selling price.

Since the repayable amount is linked to the property value, the loan is stated in the accounts at fair value (market value in this instance).

Mill Hill Chapel Trust

Notes to the accounts

for the year ended 30 April 2021

1 Accounting policies continued

Expenditure and liabilities

Taxation

Tangible fixed assets

Pensions

The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are recognised in the year they are payable.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.

Further explanation of the nature and purpose of each fund is included in the notes to the accounts.

Leases

Rents under operating leases are charged on a straight line basis over the lease term or to an earlier date if the lease can be determined without financial penalty.

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

2 Investment Income Income from managed investment portfolio Income from car park and walkway Bankk interest 3 Staff costs and numbers Gross salaries Social security costs Employment allowance Pensions	2021 Total funds £ 8,424 30,125 18 38,567 2021 £ 59,441 4,807 (4,000) 5,221 65,469	2020 Total funds £ 13,098 49,823 - 62,921 2020 £ 58,403 5,425 (3,000) 4,602 65,430

The average number employees during the year was 3, being an average of 2 full time equivalent (2020: 2.2, 1.8 FTE). There were no employees with emoluments above £60,000.

Defined contribution pension scheme Costs of the scheme to the charity for the year Amount of any contributions outstanding at the year end Amount of any contributions prepaid at the year end 4 Restricted funds Balance b/f Incoming £ £ Hunslet 500 - Dramatic Society 500 - Hinkins Bequest 2,037 - Organ maintenance fund 306 - 3,343 -	Outgoing £ - - - 306 306	2021 £ 5,221 - - Transfers £ - - - - -	2020 £ 4,602 - - Balance c/f £ 500 500 2,037 - 3,037

Fund name

Purpose of restriction

Hinkins Bequest

Organ maintenance fund

Funds left in a bequest by Brian Hinkins for the maintenance of his father's grave in Cottingley Cemetery (Mr Hinkins senior was the minister of Hunslet Chapel, a satellite chapel to Mill Hill).

Funds donated to the charity in the previous year for the upkeep and maintenance of the church organ.

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

4 Endowment Funds Walkway fund	Balance b/f £ 40,000 40,000	Incoming £ - -	Outgoing £ - -	Transfers £ - -	Balance c/f £ 40,000 40,000

Purpose of restriction

5 Fixed assets investments Carrying (market) value at beginning of year Add: net additions at cost (income re-invested) Less: disposals at carrying value Less management fees Unrealised gains / (losses) Carrying (market) value at end of year	£ 612,338 8,384 (26,000) (15,737) 126,737 705,721

Breakdown of investments agreeing with SOFA and Balance sheet

Analysis of investments Market value at year end Bonds UK equities Overseas equities Alternatives Property Cash Total	2021 £ 207,681 97,128 165,597 154,789 43,260 37,266 705,721	2020 215,480 103,823 148,962 83,065 33,842 27,166 612,338

Tangible assets Cost At 1 May 2020 Additions At 30 April 2021 Depreciation At 1 May 2020 Charge for year At 30 April 2021 Net book value At 30 April 2021 At 30 April 2020	£ 10,308 17,294 27,602 4,709 6,901 11,610 15,992 5,599 Fixtures and fittings	£ 6,599 2,274 8,873 3,575 2,368 5,943 2,930 3,024 Office equipment	Total £ 16,907 19,568 36,475 8,284 9,269 17,553 18,922 8,623

6 Tangible assets

Mill Hill Chapel Trust

Notes to the accounts continued

for the year ended 30 April 2021

7 Loan in respect of Manse Fund

The loan is a percentage of the purchase value of the property, the repayment will be the same percentage of the selling price or £70,000 whichever is the greater.

8 Debtors and prepayments Debtors Prepayments 9 Cash at bank and in hand Cash at bank Cash in hand 10 Creditors and accruals Lease premium control account Accruals 11 Deferred Income Lease premium control account: Amounts to be released 1 to 5 years Amounts to be released more than 5 years	2021 £ 711 - 711 2021 £ 3,457 14 3,471 2021 £ 40 1,023 1,063 2021 £ 160 38,889 39,049	2020 £ 1,615 1,381 2,996 2020 £ 52,400 1,516 53,916 2020 £ 40 960 1,000 2020 £ 160 38,929 39,089

12 Related party transactions

Trustee expenses

No trustee received any expenses during this year or the previous year.

Trustee remuneration and benefits

No trustee received any remuneration or benefit during this or the previous year.

There were no other related party transactions.

Mill Hill Chapel Trust

Statement of Financial Activities including comparatives for all funds (including summary income and expenditure account) for the year ended 30 April 2021

2021 2020 Unrestricted Unrestricted funds funds £ £ Income Donations and legacies 4,602 10,711 Investment income 38,567 62,921 Hall hire 11,430 20,388 Other income - 3,101 Services 140 - Total income 54,739 97,121 Expenditure Salaries, NIC and pensions 65,469 65,430 Travel and subsistence 4 846 Training and conferences - 1,559 Musicians and other services 120 10,955 Pulpit supply 96 204 Organ maintenance 589 - Caretaker and cleaning 944 4,137 Utilities 4,204 15,039 Insurance 2,587 2,561 Computer and peripherals 463 861 Telephone and postage 1,836 1,696 Literature and publicity 806 1,527 Subscriptions and donations 1,350 1,977 General Assembly Church quota - 1,190 Freelance services 10,326 3,200 Independent examination 960 960 Sundries and refreshments 604 1,125 Investment management fees 15,737 11,048 Building maintenance 7,754 6,954 Office and admin costs 3,638 1,463 Equipment and materials 3,420 2,898 Gifts and donations - 1,194 Depreciation 9,269 4,776 Bank Charges 65 - Total expenditure 130,241 141,600 Net gains/(losses) on investments 126,737 (34,085) Net income / (expenditure) 51,235 (78,564) Fund balances brought forward 664,441 743,005 Fund balances carried forward 715,676 664,441	2021 Restricted funds £ - - - - - - - - - - - 306 - - - - - - - - - - - - - - - - - - 306 - (306) 43,343 43,037	2020 Restricted funds £ - - - - - - - - - - - 655 - - - - - - - - - - - - - - - - - - 655 - (655) 43,998 43,343	2021 Total funds £ 4,602 38,567 11,430 - 140 54,739 65,469 4 - 120 96 895 944 4,204 2,587 463 1,836 806 1,350 - 10,326 960 604 15,737 7,754 3,638 3,420 - 9,269 65 130,547 126,737 50,929 707,784 758,713	2020 Total funds £ 10,711 62,921 20,388 3,101 - 97,121 65,430 846 1,559 10,955 204 655 4,137 15,039 2,561 861 1,696 1,527 1,977 1,190 3,200 960 1,125 11,048 6,954 1,463 2,898 1,194 4,776 - 142,255 (34,085) (79,219) 787,003 707,784

Mill Hill Chapel Trust

Independent examiner's report to the trustees of Mill Hill Chapel Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 April 2021, which are set out on pages 6 to 13.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act; 2 the accounts do not accord with those records; or
3 the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.

Signed: …………………………………… Name: Simon Bostrom FCIE

21/02/2022

West Yorkshire Community Accounting Service

Stringer House 34 Lupton Street Leeds LS10 2QW