## 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**
1
## 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.
2
## 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: ……………..…..………….
3
## 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
- 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
4
## 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.
5
## 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.
7
## 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.
8
## 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|
|---|---|---|---|---|---|
9
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|
|---|---|---|
10
## 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.
11
## 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.
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 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|
|---|---|---|---|---|
13