Mill Hill Chapel Trust
Charity number 1081978
Annual Report and Financial Statements
for the year ended 30 April 2024
Mill Hill Chapel Trust
Annual Report and Financial Statements for the year ended 30 April 2024
| 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 12 |
Prepared by West Yorkshire Community Accountancy Service CIO
1
Mill Hill Chapel Trust
Trustees' report for the year ended 30 April 2024
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 Chair Wendy Whetstone Secretary Alan Hawkins Helen Ashe Management committee members Katherine Kirkham Treasurer Sebastian Saenz Secretary Sandra Griffiths Sally Green Chair Mateusz Słaboszewski Staff Rev'd Jo James Minister 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 and Financial Advisors Solicitors Epworth Investment Management Wrigleys 9 Bonhill St 3rd Floor 3 Wellington Place London Leeds EC2A 4PE LS1 4AP 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 2024
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
In 2023/24, we have embarked on a project to better understand and develop our financial and administrative processes,, as part of our general project to recover and develop the Chapel Trust after the difficult pandemic period. The intention is to put the Trust on a better, more sustainable footing in the longer term, both financially and spiritually.
We have continued through this period to provide the services to the congregation and the wider community as we have in previous years, such as:
Providing inclusive resources for spiritual health and well-being through weekly services on Sundays, meditative services on Wednesdays, as well as occasional services and rites of passage.
Actively working to support community activities for social cohesion, such as the Refugees and Asylum Seekers Conversation group, recovery groups and an LGBT outreach group.
We continued to promote music concerts for part of the year, and have also started hosting film screenings as part of My Community Cinema/The Cinematic Communion.
We have recorded stable attendance across all spiritual activities.
Financial review
The net expenditure for the year was £95,545, all relating to unrestricted funds.
Reserves policy
The charity's unrestricted working capital, at the year end was £11,474.
However, the charity was holding £446,258 in its investment portfolio which can be accessed easily.
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 11/02/2025
Roy Coggan (Trustee)
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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 2024, which are set out on pages 5 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.
Simon Bostrom FCIE
13/02/2025
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 2024
| Notes 2024 Unrestricted funds £ Income from: Donations and legacies 5,397 Investment income (2) 44,411 Hall hire 7,294 Events, activities and services 14,927 Total income 72,029 Expenditure on: Salaries, NIC and pensions (3) 47,234 Travel and subsistence - Pulpit supply 280 Organ maintenance 342 Caretaker and cleaning 5,767 Utilities 35,663 Insurance 3,238 Computer and peripherals 360 Telephone and postage 1,282 Literature and publicity 1,314 Subscriptions and licences 2,306 Artists, musicians, bar staff 16,281 Independent examination 1,008 Food and drink purchases 4,379 Investment management fees 3,552 Building maintenance 9,800 Office and admin costs 531 Equipment and materials 382 Depreciation 6,350 Bank charges 31 Charity administration 28,900 Bad debts 7,508 Total expenditure 176,508 Net gains/(losses) on investments 8,934 Net income / (expenditure) (95,545) Fund balances brought forward 544,348 Fund balances carried forward (4) 448,803 |
2024 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43,037 43,037 |
2024 Total funds £ 5,397 44,411 7,294 14,927 72,029 47,234 - 280 342 5,767 35,663 3,238 360 1,282 1,314 2,306 16,281 1,008 4,379 3,552 9,800 531 382 6,350 31 28,900 7,508 176,508 8,934 (95,545) 587,385 491,840 |
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 7,974 4,129 3,506 6,936 1,673 7,554 146 - - 149,311 (19,259) (96,755) 684,140 587,385 |
|---|---|---|---|
All incoming resources and resources expended derive from continuing activities.
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Mill Hill Chapel Trust
Balance sheet
| as at 30 April 2024 2024 Unrestricted £ Fixed assets Tangible assets (5) - Investments (6) 406,258 Loan in respect of Manse Fund (7) 70,000 Total fixed assets 476,258 Current assets Debtors and prepayments (8) 1,738 Cash at bank and in hand (9) 17,108 Total current assets 18,846 Current liabilities: amounts falling due within one year Creditors and accruals (10) 7,372 Total current liabilities 7,372 Net current assets / (liabilities) 11,474 Total assets less current liabilities 487,732 Creditors: amounts falling due after one year (11) 38,929 Net assets 448,803 Funds Unrestricted funds 448,803 Restricted funds - Endowment funds - Total funds 448,803 |
2024 Restricted £ - 40,000 - 40,000 - 3,037 3,037 - - 3,037 43,037 - 43,037 - 3,037 40,000 43,037 |
2024 Total £ - 446,258 70,000 516,258 1,738 20,145 21,883 7,372 7,372 14,511 530,769 38,929 491,840 448,803 3,037 40,000 491,840 |
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 |
|---|---|---|---|
The financial statements were approved by the board of trustees on 11/02/2025
Roy Coggan (Trustee)
6
Mill Hill Chapel Trust
Notes to the accounts
for the year ended 30 April 2024
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 2024
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 2024
| 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 |
2024 Unrestricted funds £ 13,666 30,745 44,411 |
2024 Restricted funds £ - - - |
2024 Total funds £ 13,666 30,745 44,411 2024 £ 43,310 4,721 (4,721) 3,780 - 144 47,234 |
2023 Total funds £ 14,426 25,830 40,256 2023 £ 57,901 5,851 (4,862) 4,956 297 295 64,438 |
|---|---|---|---|---|
The average number of employees during the year was 1, being an average of 1 full time equivalent (2023: 1, 1 FTE). There were no employees with emoluments above £60,000.
| Defined contribution pension scheme | Defined contribution pension scheme | 2024 2023 |
|
|---|---|---|---|
| Costs of the scheme to the charity for the year | £ £ 3,780 4,956 |
||
| 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 | trustees agreed that the funds would be available should it become possible to restart the society in the future. 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). |
| Restricted 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.
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Mill Hill Chapel Trust
Notes to the accounts continued
for the year ended 30 April 2024
| 5 **6 ** |
Tangible assets Cost £ At 1 May 2023 27,602 Additions - At 30 April 2024 27,602 Depreciation At 1 May 2023 23,280 Charge for year 4,322 At 30 April 2024 27,602 Net book value At 30 April 2024 - At 30 April 2023 4,322 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 12,925 2,028 14,953 - 2,028 2024 Total £ 530,786 - (90,000) 8,934 13,702 (13,702) (3,462) 446,258 2024 Total 62,140 98,618 283,392 2,108 446,258 Office equipment |
Total £ 42,555 - 42,555 36,205 6,350 42,555 - 6,350 2023 Total £ - 590,000 (40,000) (19,259) 14,426 (10,252) (4,129) 530,786 2023 Total 56,575 260,278 111,821 102,112 530,786 |
|---|---|---|---|
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 if 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 2024
| 8 Debtors and prepayments Debtors Other debtors 9 Cash at bank and in hand Cash at bank Cash in hand 10 Creditors and accruals Creditors Accruals Other creditors Deferred income: Lease premium control account: 11 Creditors: amounts falling due after one year Deferred income: Lease premium control account: Amounts to be released 1 to 5 years Amounts to be released more than 5 years |
2024 £ 1,443 295 1,738 2024 £ 19,428 717 20,145 2024 £ 4,174 1,288 1,870 40 7,372 2024 £ 160 38,769 38,929 |
2023 £ 4,190 295 4,485 2023 £ 16,274 467 16,741 2023 £ - 1,968 - 40 2,008 2023 £ 160 38,809 38,969 |
|---|---|---|
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.
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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 2024
| 2024 2023 Unrestricted Unrestricted funds funds £ £ Income Donations and legacies 5,397 6,939 Investment income 44,411 40,256 Hall hire 7,294 11,840 Events, activities and services 14,927 12,780 Total income 72,029 71,815 Expenditure Salaries, NIC and pensions 47,234 64,438 Travel and subsistence - 896 Pulpit supply 280 195 Organ maintenance 342 798 Caretaker and cleaning 5,767 4,507 Utilities 35,663 19,300 Insurance 3,238 2,916 Computer and peripherals 360 346 Telephone and postage 1,282 2,305 Literature and publicity 1,314 1,011 Subscriptions and licences 2,306 4,020 Artists, musicians, bar staff 16,281 15,653 Independent examination 1,008 1,008 Food and drink purchases 4,379 7,974 Investment management fees 3,552 4,129 Building maintenance 9,800 3,506 Office and admin costs 531 6,936 Equipment and materials 382 1,673 Depreciation 6,350 7,554 Bank charges 31 146 Charity administration 28,900 - Bad debts 7,508 - Total expenditure 176,508 149,311 Net gains/(losses) on investments 8,934 (19,259) Net income / (expenditure) (95,545) (96,755) Fund balances brought forward 544,348 641,103 Fund balances carried forward 448,803 544,348 |
2024 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43,037 43,037 |
2023 Restricted funds £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 43,037 43,037 |
2024 Total funds £ 5,397 44,411 7,294 14,927 72,029 47,234 - 280 342 5,767 35,663 3,238 360 1,282 1,314 2,306 16,281 1,008 4,379 3,552 9,800 531 382 6,350 31 28,900 7,508 176,508 8,934 (95,545) 587,385 491,840 |
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 7,974 4,129 3,506 6,936 1,673 7,554 146 - - 149,311 (19,259) (96,755) 684,140 587,385 |
|---|---|---|---|---|
12