## 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**
1
## 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.
2
## 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.
3
## 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)
4
## 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
5
## 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.
6
## 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)
7
## 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).
8
## 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.
9
## 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.
10
## 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**
11
## Mill Hill Chapel Trust
## Notes to the accounts continued
## for the year ended 30 April 2021
## **7 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 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.
12
## 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|
|---|---|---|---|---|
13
## 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**
1
## 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.
2
## 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.
3
## 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)
4
## 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
5
## 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.
6
## 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)
7
## 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).
8
## 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.
9
## 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.
10
## 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**
11
## Mill Hill Chapel Trust
## Notes to the accounts continued
## for the year ended 30 April 2021
## **7 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 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.
12
## 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|
|---|---|---|---|---|
13
## 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.
Signed: …………………………………… Name: Simon Bostrom FCIE
21/02/2022
## **West Yorkshire Community Accounting Service**
Stringer House 34 Lupton Street Leeds LS10 2QW
5