Mill Hill Chapel Trust
Charity number 1081978
Annual Report and Financial Statements
for the year ended 30 April 2022
Mill Hill Chapel Trust
Annual Report and Financial Statements for the year ended 30 April 2022
| Contents | Page |
|---|---|
| Trustees' report | 2 to 3 |
| Examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 to 13 |
Prepared by West Yorkshire Community Accountancy Service CIO
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Mill Hill Chapel Trust
Trustees' report for the year ended 30 April 2022
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 Street Spinningfields Square Park Green Leeds Manchester M3 3AP Macclesfield SK11 7QW LS2 3AG
Independent examiner
Simon Bostrom FCIE West Yorkshire Community Accountancy Service CIO 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 A t 2014
Method of recruitment and appointment of trustees
The trustees of the charity are appointed by the members at the AGM.
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Mill Hill Chapel Trust
Trustees' report (continued) for the year ended 30 April 2022
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
To promote and 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.
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
Providing inclusive resources for spiritual health and well-being through through weekly services and occasional services and rites of passage. Supporting interfaith initiatives.
Supporting community activities for social cohesion, Refugees and Assylum seekers Conversation group, recovery groups, LGBT outreach group.
Promotion of environmental responsibility.
Promotion of music concerts and other events.
We have recently updated Audio-Visual equipment in all our spaces.
We continue to record increased attendance across all our activities.
We are participating in Leeds23 festival.
Financial review
The net expenditure for the year was £74,209, being net expendiutre of £74,209 on unrestricted funds after transfers.
Reserves policy
The charity's free reserves, excluding fixed assets, at the year end were £636,572.
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.
Approved by the board of trustees on …………..……...…….
Signed: ………………..…………. (Trustee)
Name: ……………..…..………….
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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 2022, which are set out on pages 5 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
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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
Date: …………………….
West Yorkshire Community Accountancy Service CIO
Stringer House 34 Lupton Street Leeds LS10 2QW
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Mill Hill Chapel Trust
Statement of Financial Activities
(including summary income and expenditure account) for the year ended 30 April 2022
| Notes 2022 Unrestricted funds £ Income from: Donations and legacies 11,152 Investment income (2) 34,365 Hall hire 13,980 Events, activities and services 4,429 Total income 63,926 Expenditure on: Salaries, NIC and pensions (3) 62,330 Travel and subsistence 234 Musicians and other services - Pulpit supply 100 Organ maintenance 808 Caretaker and cleaning 1,512 Utilities 10,785 Insurance 2,852 Computer and peripherals 3,210 Telephone and postage 2,848 Literature and publicity - Subscriptions and donations 3,773 Freelance services 10,946 Independent examination 960 Sundries and refreshments 3,303 Investment management fees 15,720 Building maintenance 4,266 Office and admin costs 806 Equipment and materials 2,519 Depreciation 11,098 Bank charges 92 Total expenditure 138,162 Net gains/(losses) on investments (2,013) Net income / (expenditure) (76,249) Transfers between funds 2,040 Net movement in funds (74,209) Fund balances brought forward 715,676 Fund balances carried forward (4) 641,467 |
2022 Restricted funds £ 2,040 - - - 2,040 - - - - - - - - - - - - - - - - - - - - - - - 2,040 (2,040) - 43,037 43,037 |
2022 Total funds £ 13,192 34,365 13,980 4,429 65,966 62,330 234 - 100 808 1,512 10,785 2,852 3,210 2,848 - 3,773 10,946 960 3,303 15,720 4,266 806 2,519 11,098 92 138,162 (2,013) (74,209) - (74,209) 758,713 684,504 |
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 - 50,929 707,784 758,713 |
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
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Mill Hill Chapel Trust
Balance sheet
| as at 30 April 2022 2022 Unrestricted £ Fixed assets Tangible assets (5) 13,904 Investments (6) - Loan in respect of Manse Fund (7) 70,000 Total fixed assets 83,904 Current assets Debtors and prepayments (8) 1,813 Cash at bank and in hand (9) 636,382 Total current assets 638,195 Current liabilities: amounts falling due within one year Creditors and accruals (10) 1,623 Total current liabilities 1,623 Net current assets / (liabilities) 636,572 Total assets less current liabilities 720,476 Deferred income (11) 39,009 Net assets 681,467 Funds Unrestricted funds 641,467 Restricted funds: Permanent endowment funds - Other restricted funds - Total restricted funds - Total funds 641,467 |
2022 Restricted £ - - - - - 3,037 3,037 - - 3,037 3,037 - 3,037 - 40,000 3,037 43,037 43,037 |
2022 Total £ 13,904 - 70,000 83,904 1,813 639,419 641,232 1,623 1,623 639,609 723,513 39,009 684,504 641,467 40,000 3,037 43,037 684,504 |
2021 Total £ 18,922 705,721 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 |
|---|---|---|---|
The financial statements were approved by the board of trustees on …………..……...…….
Signed: ……………...………….…. (Trustee)
Name: ……………..…..………….
6
Mill Hill Chapel Trust
Notes to the accounts
for the year ended 30 April 2022
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.
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).
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.
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Mill Hill Chapel Trust
Notes to the accounts
for the year ended 30 April 2022
1 Accounting policies continued
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.
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Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2022
| 2 Investment income Income from managed investment portfolio Income from car park and walkway Bankk interest 3 Staff costs and numbers Gross salaries Employer's national insurance Employment allowance Pensions Payroll admin fees |
2022 Total funds £ 8,684 25,681 - 34,365 2022 £ 55,589 5,015 (4,030) 5,376 380 62,330 |
2021 Total funds £ 8,424 30,125 18 38,567 2021 £ 59,063 4,807 (4,000) 5,221 378 65,469 |
|---|---|---|
The average number of employees during the year was 2, being an average of 1.6 full time equivalent (2021: 3, 1.9 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 4 Restricted funds Balance b/f Incoming £ £ Hunslet 500 - Dramatic Society 500 - Hinkins Bequest 2,037 - British Unitarians - 2,040 3,037 2,040 |
Outgoing £ - - - - - |
2022 £ 5,376 623 Transfers £ - - - (2,040) (2,040) |
2021 £ 5,221 - Balance c/f £ 500 500 2,037 - 3,037 |
|---|---|---|---|
Purpose of restriction
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 Hinkins Bequest Funds left in a bequest by Brian Hinkins for the maintenance of his father's British Unitarians Donation towards the cost of Audio and TV expenditure. The transfer relates to purchases capitalised in the accounts.
| Endowment Funds Walkway fund |
Balance b/f £ 40,000 40,000 |
Incoming £ - - |
Outgoing £ - - |
Transfers £ - - |
Balance c/f £ 40,000 40,000 |
|---|---|---|---|---|---|
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Notes to the accounts continued
Mill Hill Chapel Trust
for the year ended 30 April 2022
4 Endowment Funds continued
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 **6 ** |
Tangible assets Cost At 1 May 2021 Additions Disposals At 30 April 2022 Depreciation At 1 May 2021 Depn reversed re. disposals Charge for year At 30 April 2022 Net book value At 30 April 2022 At 30 April 2021 Fixed assets investments Balance b/f Dividends re-invested (Disposals) Gain / (loss) on revaluation (Management fees) Total |
£ 27,602 - - 27,602 11,610 - 6,900 18,510 9,092 15,992 2022 Managed fund £ 705,721 8,684 (696,672) (2,013) (15,720) - Fixtures and fittings |
£ 8,873 6,080 - 14,953 5,943 - 4,198 10,141 4,812 2,930 2022 Total £ 705,721 8,684 (696,672) (2,013) (15,720) - Office equipment |
Total £ 36,475 6,080 - 42,555 17,553 - 11,098 28,651 13,904 18,922 2021 Total £ 612,338 8,383 (26,000) 126,737 (15,737) 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 |
2022 Total - - - - - - - |
2021 Total 207,681 97,128 165,597 154,789 43,260 37,266 705,721 |
|---|---|---|
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Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2022
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 Amounts owed by subsidiary company Prepayments Accrued income Other debtors 9 Cash at bank and in hand Cash at bank Cash in hand 10 Creditors and accruals Trade creditors Accruals Deferred income (see note below for analysis) Other creditors 11 Deferred Income Lease premium control account: Amounts to be released 1 to 5 years Amounts to be released more than 5 years |
2022 £ 1,160 - - - 653 1,813 2022 £ 638,952 467 639,419 2022 £ - 960 - 663 1,623 2022 £ 160 38,849 39,009 |
2021 £ - - - 416 295 711 2021 £ 3,457 14 3,471 2021 £ - 1,023 40 1,063 2021 £ 160 38,889 39,049 |
|---|---|---|
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.
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Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2022
| 12 Funds held as agent Balance b/f Incoming Outgoing £ £ £ Groundworks fund 1,166 - - 1,166 - - Fund name Additional information Groundworks fund Funds held for another group in relation to the Tesco Bags of H |
Balance c/f £ |
|---|---|
| 1,166 | |
| 1,166 elp funding. |
Funds held for another group in relation to the Tesco Bags of Help funding.
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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 2022
| 2022 2021 Unrestricted Unrestricted funds funds £ £ Income Donations and legacies 11,152 4,602 Investment income 34,365 38,567 Hall hire 13,980 11,430 Events, activities and services 4,429 140 Total income 63,926 54,739 Expenditure Salaries, NIC and pensions 62,330 65,469 Travel and subsistence 234 4 Musicians and other services - 120 Pulpit supply 100 96 Organ maintenance 808 589 Caretaker and cleaning 1,512 944 Utilities 10,785 4,204 Insurance 2,852 2,587 Computer and peripherals 3,210 463 Telephone and postage 2,848 1,836 Literature and publicity - 806 Subscriptions and donations 3,773 1,350 Freelance services 10,946 10,326 Independent examination 960 960 Sundries and refreshments 3,303 604 Investment management fees 15,720 15,737 Building maintenance 4,266 7,754 Office and admin costs 806 3,638 Equipment and materials 2,519 3,420 Depreciation 11,098 9,269 Bank charges 92 65 Total expenditure 138,162 130,241 Net gains/(losses) on investments (2,013) 126,737 Net income / (expenditure) (76,249) 51,235 Transfers between funds 2,040 - Net movement in funds (74,209) 51,235 Fund balances brought forward 715,676 664,441 Fund balances carried forward 641,467 715,676 |
2022 Restricted funds £ 2,040 - - - 2,040 - - - - - - - - - - - - - - - - - - - - - - - 2,040 (2,040) - 43,037 43,037 |
2021 Restricted funds £ - - - - - 306 - - - - - - - - - - - - - - - - 306 - (306) - (306) 43,343 43,037 |
2022 Total funds £ 13,192 34,365 13,980 4,429 65,966 62,330 234 - 100 808 1,512 10,785 2,852 3,210 2,848 - 3,773 10,946 960 3,303 15,720 4,266 806 2,519 11,098 92 138,162 (2,013) (74,209) - (74,209) 758,713 684,504 |
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 - 50,929 707,784 758,713 |
|---|---|---|---|---|
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