Mill Hill Chapel Trust
Charity number 1081978
Annual Report and Financial Statements
for the year ended 30 April 2023
Mill Hill Chapel Trust
Annual Report and Financial Statements for the year ended 30 April 2023
| 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 12 |
Prepared by West Yorkshire Community Accountancy Service CIO
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Mill Hill Chapel Trust
Trustees' report for the year ended 30 April 2023
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 City Square 65-66 Briggate Leeds Leeds LS1 5EB LS1 6LH Investment Managers Financial Advisors Solicitors Epworth Investment Management JFP Financial Services Ltd Wrigleys 9 Bonhill St Silk House 17-21 Cookridge Street London Park Green Leeds EC2A 4PE 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 August 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 2023
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 £96,755.
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 net current liabilities at the year end were £23,819.
However, the charity was holding £530,786 in its investment portfolio which can be accessed easily.
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 2023, which are set out on pages 6 to 12.
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
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Mill Hill Chapel Trust
Statement of Financial Activities
(including summary income and expenditure account) for the year ended 30 April 2023
| Notes 2023 Unrestricted funds £ Income from: Donations and legacies (2) 6,939 Investment income 40,256 Hall hire 11,840 Events, activities and services 12,780 Total income 71,815 Expenditure on: Salaries, NIC and pensions (3) 64,438 Travel and subsistence 896 Pulpit supply 195 Organ maintenance 798 Caretaker and cleaning 4,507 Utilities 19,300 Insurance 2,916 Computer and peripherals 346 Telephone and postage 2,305 Literature and publicity 1,011 Subscriptions and donations 4,020 Artists, musicians, bar staff 15,653 Independent examination 1,008 Sundries and refreshments 5,691 Investment management fees 4,129 Building maintenance 3,506 Office and admin costs 6,936 Equipment and materials 3,956 Depreciation 7,554 Bank charges 146 Total expenditure 149,311 Net gains/(losses) on investments (19,259) Net income / (expenditure) (96,755) Fund balances brought forward 641,103 Fund balances carried forward (4) 544,348 |
2023 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43,037 43,037 |
2023 Total funds £ 6,939 40,256 11,840 12,780 71,815 64,438 896 195 798 4,507 19,300 2,916 346 2,305 1,011 4,020 15,653 1,008 5,691 4,129 3,506 6,936 3,956 7,554 146 149,311 (19,259) (96,755) 684,140 587,385 |
2022 Total funds £ 13,192 34,365 13,980 4,429 65,966 62,693 234 100 808 1,512 10,786 2,852 3,210 2,848 - 3,773 10,946 960 3,303 15,270 4,266 806 2,519 11,098 92 138,076 (2,463) (74,573) 758,713 684,140 |
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
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Mill Hill Chapel Trust
Balance sheet
| as at 30 April 2023 2023 Unrestricted £ Fixed assets Tangible assets (5) 6,350 Investments (6) 530,786 Loan in respect of Manse Fund (7) 70,000 Total fixed assets 607,136 Current assets Debtors and prepayments (8) 4,485 Cash at bank and in hand (9) (26,296) Total current assets (21,811) Current liabilities: amounts falling due within one year Creditors and accruals (10) 2,008 Total current liabilities 2,008 Net current assets / (liabilities) (23,819) Total assets less current liabilities 583,317 Creditors: amounts falling due after one year (11) 38,969 Net assets 544,348 Funds Unrestricted funds 544,348 Restricted income funds - Restricted endowment funds - Total funds 544,348 |
2023 Restricted £ - - - - - 43,037 43,037 - - 43,037 43,037 - 43,037 - 3,037 40,000 43,037 |
2023 Total £ 6,350 530,786 70,000 607,136 4,485 16,741 21,226 2,008 2,008 19,218 626,354 38,969 587,385 544,348 3,037 40,000 587,385 |
2022 Total £ 13,904 - 70,000 83,904 1,455 639,419 640,874 1,629 1,629 639,245 723,149 39,009 684,140 641,103 3,037 40,000 684,140 |
|---|---|---|---|
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 2023
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, if 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 2023
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 2023
| 2 Investment income Income from managed investment portfolio Income from car park and walkway 3 Staff costs and numbers Gross salaries Social security costs Employment allowance Pensions Life assurance Payroll admin fees |
2023 Unrestricted funds £ 14,426 25,830 40,256 |
2023 Restricted funds £ - - - |
2023 Total funds £ 14,426 25,830 40,256 2023 £ 57,901 5,851 (4,862) 4,956 297 295 64,438 |
2022 Total funds £ 8,684 25,681 34,365 2022 £ 55,589 5,015 (4,030) 5,376 396 347 62,693 |
|---|---|---|---|---|
The average number of employees during the year was 1.8, being an average of 1.5 full time equivalent (2022: 3, 1.9 FTE). There were no employees with emoluments above £60,000.
| Defined contribution pension scheme | Defined contribution pension scheme | 2023 2022 |
||
|---|---|---|---|---|
| Costs of the scheme to the charity for the year | £ £ 4,956 5,376 |
|||
| Amount of any contributions outstanding at the year end | - 623 |
|||
| **4 ** | Restricted income funds | Balance b/f Incoming Outgoing |
Transfers Balance c/f |
|
| Hunslet | £ £ 500 - - |
£ | £ £ - 500 |
|
| Dramatic Society | 500 - - |
- 500 |
||
| Hinkins Bequest | 2,037 - - |
- 2,037 |
||
| 3,037 - - |
- 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 | |||
| Hinkins Bequest | Funds left in a bequest by Brian Hinkins for the maintenance of his father's |
| Restricted endowment funds Walkway fund Fund name Walkway fund |
Balance b/f Incoming Outgoing Transfers £ £ £ £ 40,000 - - - 40,000 - - - Purpose of restriction Towards activities related to the Hunslet church. |
Balance c/f £ 40,000 40,000 |
|---|---|---|
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Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2023
| 5 **6 ** |
Tangible assets Cost £ At 1 May 2022 27,602 Additions - At 30 April 2023 27,602 Depreciation At 1 May 2022 18,510 Charge for year 4,770 At 30 April 2023 23,280 Net book value At 30 April 2023 4,322 At 30 April 2022 9,092 Fixed assets investments Balance b/f Additions (Disposals) Gain / (loss) on revaluation Income generated (Income transferred out) (Management fees) Total Breakdown of investments agreeing with SOFA and Balance sheet Analysis of investments Market value at year end Bonds UK equities Overseas equities Cash Total Fixtures and fittings |
£ 14,953 - 14,953 10,141 2,784 12,925 2,028 4,812 2023 Total £ - 590,000 (40,000) (19,259) 13,904 (9,730) (4,129) 530,786 2023 Total 56,575 260,278 111,821 102,112 530,786 Office equipment |
Total £ 42,555 - 42,555 28,651 7,554 36,205 6,350 13,904 2022 Total £ 705,721 (696,672) (2,463) 8,684 - (15,270) - 2022 Total - - - - - |
|---|---|---|---|
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.
10
Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2023
| 8 Debtors and prepayments Debtors Other debtors 9 Cash at bank and in hand Cash at bank Cash in hand 10 Creditors and accruals Accruals 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 |
2023 £ 4,190 295 4,485 2023 £ 16,274 467 16,741 2023 £ 1,968 40 2,008 2023 £ 160 38,809 38,969 |
2022 £ 1,160 295 1,455 2022 £ 638,952 467 639,419 2022 £ 960 669 1,629 2022 £ 160 38,849 39,009 |
|---|---|---|
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.
| Funds held as agent | Balance b/f Incoming Outgoing Balance c/f |
|---|---|
| Groundworks fund | £ £ £ £ 1,166 - 1,166 - |
| 1,166 - 1,166 - |
|
| Fund name | Additional information |
| Groundworks fund | 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 2023
| 2023 2022 Unrestricted Unrestricted funds funds £ £ Income Donations and legacies 6,939 11,152 Investment income 40,256 34,365 Hall hire 11,840 13,980 Events, activities and services 12,780 4,429 Total income 71,815 63,926 Expenditure Salaries, NIC and pensions 64,438 62,693 Travel and subsistence 896 234 Pulpit supply 195 100 Organ maintenance 798 808 Caretaker and cleaning 4,507 1,512 Utilities 19,300 10,786 Insurance 2,916 2,852 Computer and peripherals 346 3,210 Telephone and postage 2,305 2,848 Literature and publicity 1,011 - Subscriptions and donations 4,020 3,773 Artists, musicians, bar staff 15,653 10,946 Independent examination 1,008 960 Sundries and refreshments 5,691 3,303 Investment management fees 4,129 15,270 Building maintenance 3,506 4,266 Office and admin costs 6,936 806 Equipment and materials 3,956 2,519 Depreciation 7,554 11,098 Bank charges 146 92 Legal and professional - - Total expenditure 149,311 138,076 Net gains/(losses) on investments (19,259) (2,463) Net income / (expenditure) (96,755) (76,613) Transfers between funds - 2,040 Net movement in funds (96,755) (74,573) Fund balances brought forward 641,103 715,676 Fund balances carried forward 544,348 641,103 |
2023 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43,037 43,037 |
2022 Restricted funds £ 2,040 - - - 2,040 - - - - - - - - - - - - - - - - - - - - - - 2,040 (2,040) - 43,037 43,037 |
2023 Total funds £ 6,939 40,256 11,840 12,780 71,815 64,438 896 195 798 4,507 19,300 2,916 346 2,305 1,011 4,020 15,653 1,008 5,691 4,129 3,506 6,936 3,956 7,554 146 - 149,311 (19,259) (96,755) - (96,755) 684,140 587,385 |
2022 Total funds £ 13,192 34,365 13,980 4,429 65,966 62,693 234 100 808 1,512 10,786 2,852 3,210 2,848 - 3,773 10,946 960 3,303 15,270 4,266 806 2,519 11,098 92 - 138,076 (2,463) (74,573) - (74,573) 758,713 684,140 |
|---|---|---|---|---|
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