REGISTERED CHARITY NUMBER: 1082306 Report of the Tru8tee8 and Flnancial Statements for the Year Ended 31 August 2024 MRS E.M. BATES TRUST Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD
MRS E.M. BATES TRUST Contents of the Flnancial Statements for the Year Ended 31 August 2024 Page Reference and Admlnlstratlve Detalls Report of the Trustees Rèport of the Independent Auditors Statèmant of Financlal Activities Balanc¢ Sheet Notes to the Flnanclal Ststements 10 to 18
MRS E.M. BATES TRUST Reference and Admlnlstratlve Details for the Year Ended 31 August 2024 TRUSTEES MrRCoy Rt Rev S Grove5 Chairman Mrs J Seaton Mr G Seaton Ms Z Taylor Mr J Hancock PRINCIPAL ADDRESS S Muswell Hill London N10 3TJ REGISTERED CHARITY NUMBER 1082306 INDEPENDENT AUDITORS Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD INVESTMENT MANAGERS Brewln Dolphln 12 Smlthfleld Street London EC1A 9LA BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ CLERK TO THE TRUSTEES Ms. L Newens Page 1
MRS E.M. BATES TRUST Report of the Trustees for the Year Ended 31 August 2024 The trustees present their report with the financial statements of the charity for the year ended 31 August 2024. The truslees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to 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). OBJECTIVES AND ACTIVITIES Objectlves and alms Mrs Bates, original gifts were quite specific as to how the income for the two Trusts was to be apportioned and applied for the benefit of the Moravian Church and these original objects are reflected in the new scheme, namely: "to pay a yearly sum of £500 to Grydcehill Church, Ballymena. County Antrim" 2) 'to advance the religious and other charitable purposes of the Moravian Church in the British Province,. includlng the provision of choir houses and the advancement of education for children of ministers and missionaries of the Moravian Church" 3) 'Yo advance the religious and other charitsble purposes of the Moravlan Church in any part of the world" As noted in the Financial Review below. the Trust wlll change to the Total Return approach to investment from 1 September 2024. As a resull of this change. the Trust's Investment Policy has been changed. and a Reserves & Grant Making Policy has been adopted. There has been no other change to the policies adopted in furthering the objectives of the Trust during the period. In accordance with the provisions of the Trust Deed, the entire net income for the year is distributable by the Trustees to the beneficiaries. Amounts not paid over during the year are accrued for payment after the balance sheet date. The Trust holds Investments in order to generate investment income which Is distributed to the beneficiaries, net of any Costs incurred. PUBLIC BENEFIT The Trustees confirm that they have considered the general guidance issued by the Charity Commission in connection with public benefit in setting the objectives of the Charity and in particular they have considered how planned activities further the charity's objects. The sole beneficiary of the Mrs E. M. Bates Trust is the Moravlan Church and its congregations. The Moravian Church in turn provides public benefit by promotlng the Christian faith and the spiritual well-being of its members. It currently has a following within the United Kingdom of approximately 1200 members. FINANCIAL REVIEW The Trust's work is entirely reliant on income and investment returns from its endowments. In November 2023 after taking the advice of their Investment Managers the Trustees took advantage of the Charities (Total Return) Regulations 2013 (The Regulations) to vary the requirements of the 2000 Trust Deed and adopt the Total Return approach to investment from 1 September 2024. This change has not impacted the results or reporting for the year ended 31 August 2024. However, in August 2024, the Trustees, in consultation with their Investment Managers, reduced the cash balance held with CAF Bank. Financial position The beneficiaries and trustees agree that Ihe needs of the beneficiaries are currently best served by income from a mixed portfolio of investments. In the current year this policy generated total income of £474,460 (2023: £413,527) which allowed the Trust to donate £416,704 (2023: £360,770) to its beneficiaries. At the year end the total net assets of the Trust stood at £11,647,242 (2023: £11,203,454). Page 2
MRS E.M. BATES TRUST Report of th& Trustoes for the Year Ended 31 August 2024 FINANCIAL REVIEW Investment policy The Trust has a mixed portfolio of Stock Exchange investments and shares in the Charities Property Fund. The Charity Commission scheme affords the Trustees flexibility in relation to the investment of the trust fvnds. They have the power to delegate investment management and may allow investments to be held in the nominee names of investment managers. These powers have been exercised, discretion to manage the quoted securities has been given to the stockbrokers on the basls of guidelines given to them by the Trustees and their nominee company holds the Trust's investments. The Trustees have resolved that their policy should be "to obtain a satisfactory total return comprising Income and capital growth against a background of medium to low risk" Furthermore, the investment managers have been instructed to use ethical principles to manage the funds of the Trust and have been provided with clear guidance on how this is to be applied by avoiding holdings in companies whose main activities are in the manufacture or supply of armaments, tobacco, breweries and gambling. Resorvés policy The Trust requires that the whole net Incomlng resources for the year to be paid to the beneficiaries, whilst capiial appreciation is to be retained to supplement the Trust Funds. The Trustees have hitherto sought to balance the interests of present and future beneficiaries through their investment policy, by balancing income and capital growth. This approach has severe limitations and the Trustees have made the necessary resolulions to create the powers to adopt a total relurn approach although in the light of market condltlons they have decided for the lime being not to adopt that approach but are keeping it under review. Reserves held at the year-end consist entirely of the permanent endowment funds and amount to £11,647,242 (2023: £11,203,454) 8t that date. Reserves are held in the fonn of investments which are used to generate investment Income for the Trust's direct beneficiaries. Reserves are not held to cover operating expenditure since the majority of expenditure is the grant of net income to the beneficiaries. The COVID-19 pandemic, together with the war in Ukraine and various economic factors has contlnued to impact on the income generated by the Charity's investment portfolio and, therefore, the amount available for distribution to its beneficiaries but will not affect its ability to remain a going concern for the foreseeable future. STRUCTURE, GOVERNANCE AND MANAGEMENT Govemlng document Mrs. E. M. Bates Trust was formed on the 26June 2000, undera Scheme made by the Charlty Commlssloners, by the merger of two charitable trusts: Mis Elizabeth Mary Bates, gift for the Unity of the Brethren, known as the Moravian Church, under deed dated 11 February 1813 (Charity number 234212) and Mrs Ellzabeth Mary Bates, gift for the Unity of the Brethren or Moravians under deed dated 25 July 1815 {Charity number 234214). The two separate fiJnds were amalgamated from this date and the charities administered as one charity known as Mrs. E. M. Bales Trust (Charity number 1082306). Trustees The names of the Trustees that served durlng the perlod and up to the date of this report are shown on page 1. There were five co-opted trustees and one ex-offlcio trustee during the course of the year. The co-opted trustees are usually appointed upon the advice of the Provincial Elders Council (PEC) of the Moravian Church, while the ex-officio trustee is the minister of Gracehill Church. When a vacancy occurs on the Board, the PEC of the Moravian Church is usually invited to approach people with the essential skills and recommend them to the Trustees for their Gonsideration. Having considered the CVS of prospective candidates, one individual is invited by the Trustees to attend a Board meeting as an observer. If the Board feel that the candidate is suitable. and the candidate feels similarly, helshe is invited to the next meeting and to be elected to the Board. New Trustees are given a 'red book, which contains all the background detailslinformation on the Trust including the latest accounts. trustee responslbllities and governance arrangements in place. Management The Trustees m8et 1c& a year. The Trustees are advised by the professional advisers listed under legal and administrative details. The Trust has no empjoyees. Page 3
MRS E.M. BATES TRUST Report of tho Trustees for the Year Ended 31 August 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The Truslees have reviewed the major strategic, business and operational risks which the charity faces and confirm that systems have been established to mitigate those risks. Arrangements have been made for regular reports to be produced so that the Trustees can ensure that appropriate safeguards remain in place. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance wth appllcable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Th6 law appllcable to charities in England and Wales, the Charities Act 2011, Charty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity snd of the incoming resources and application of resources, including the income and expenditure, of Ihe charity for that period. Sn preparing those financial statements, the trustees are requlred to select suitable accounting policies and then apply them consistently.. observe the methods and principles In the Charity SORP; make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in buslness. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply wlth the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. AUDITORS Knox Cropper LLP have indicated their willlngness to contlnue in office and a resolution to reappoint them as the Trust's auditor and confirm their reappolntment following their change of status to Knox Cropper LLP will be put to the Board of Trustees at the forthcoming meeting. Approved by order of the board of trustees on 19 November 2024 and signed on its behalf by.. •LLL C< S Rt Rev S Groves - Trustee Page 4
Report of the Indepondent Auditors to the Tru8tee8 of Mr8 E.M. Bat•s Trust Opinion We have audited the financial statements of Mrs E.M. Bates Trust (the 'charty') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practlce), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financlal statements: give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources, for the year then ende(i' have been properly prepared in accordance with United Kingdom GeneralEy Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Au¢Jiting (UK) {ISAs (UK)) and applicable law. Our responsibilitles under those standards are further described in the Audilors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbillties In accordan wlth these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements. we have concluded that the trustee8' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identifie(l any material uncertalnties relating to events or conditions that, individually or collectively, may cast significanl doubt on the charlty's ability to contlnue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for Issue. Our responsibilities and the responsibilitles of the trustees with respect to going concern are described in the relevant sections of this report. Oth•r Informatlon The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statemenls, our responsibility is to read the other information and, In doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obiained in the audit or otherwise appears lo be materially misstated. If we identify such materlal inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 5
Report of th• Independent Auditors to the Trustees of Mrs E.M. Bates Trust Matters on whlch we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements,. or sufficient accounting records have not been kept; or the fi'nancial statements are not in agreement with the accounting records and returns. or we have not received all Ihe information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Statement of Trustees. Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materia misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responslble for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern 8nd using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternatlV8 but to do so. Our respon81blllt188 for the audlt of the flnancl818tatemonts We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audil conducted in accordance with ISAS {UK} will always detect a materlal mlsststement when it exlsts. Misslatements Can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, includlng fraud, are instances of non-complian with laws and regulations. We design procedures In 1Sne with our responsibilities, outlined above. to detect material misstatements in respect of Irregularities, Including fraud. The extent to which our procedures are capable of detecting irregularitles, Includlng fraud is detailed below.. We obtalned an understandlng of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant are the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irdand, (United Kingdom Generally Accepted Accounting Practice). We understood how the Charity is complyingwith those frameworks via communlcatlon with those charged with governance, together with the review of the Charity's documented policies and procedures. We assessed the susceptibility of the Charlty's financlal statements to material misststement, including how fraud might occur by consldering the key risks impacting the financial statements. These included risks associated with Revenue Recognition and Management override of Controls. which were discussed and agreed by the audit team Our approach included agreeing the charity's recognition of income to underlying support. the review of journal entries processed in the accounting records and the investigation of significant and unusual transactions identified from our review of the accounting records. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the directors with respect to the application of the documented policies and procedures and review of the flnancial statements to ensure compliance with the reporting requirements of the Charity. A further description of our responsibilitles for the audit of the financial statements is located on the Financial Reporting Council's website at w.frc.Org.uk1audltorsreSponslbILltle5. This description forms part of our Report of the Independent Auditors. Page 6
Report of the Independent Auditors to th¢ Trustees of Mrs E.M. Bates Trust Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to stste to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's trustees as a body, for our audit work, for this report. or for the opinions we have formed. t-fyLLf Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD 19 November 2024 Page 7
MRS E.M. BATES TRUST Statement of Flnanclal Activities for the Year Ended 31 August 2024 2024 Total funds 2023 Total funds Unrestricted Endowment fund funds Notes INCOME AND ENDOWMENTS FROM Investment income 474,460 474,460 413,527 EXPENDITURE ON Raising funds 38,383 38.383 35.020 Charitabl• actlvltles Grants payable 436,077 378 507 Total 474,460 474,460 413.527 Net gainsl(losses) on investments 443 788 NET INCOMEI(EXPENDITURE) 443,788 443,788 {918,753) RECONCILIATION OF FUNDS Toial funds brought forward 15 11,203,454 11,203,454 12,122,207 TOTAL FUNDS CARRIED FORWARD 11,647,242 11647 242 11,203,454 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial ststements Page 8
MRS E.M. BATES TRUST Balance Sheet 31 August 2024 2024 2023 Notes FIXED ASSETS Investments Investments Con¢essionary Loan 11,158,169 10.568,872 155.572 207.776 10 11,313.741 10,776,648 CURRENT ASSETS Debtors Cash in hand 11 12 39,199 382 617 82,832 441.026 421,816 523,858 CREDITORS Amounts falling due within one year 13 (88,315) (97.052) NET CURRENT ASSETS 333 501 428 806 TOTAL ASSETS LESS CURRENT LIABILITIES 11,647,242 11,203.454 NET ASSETS 11647 242 11203454 FUNDS Endowment funds: Capital Account Investment Revaluatlon Account 15 10,400,786 10,423,258 1246,456 780 196 11647,242 11,203,454 TOTAL FUNDS 11647 242 11,203,454 The financial siatements were 8pproved by the Board of Trustees and authori5ed for issue on 19 November 2024 and were signed on its behalf by.. £c2fL>-L C• s Rt Rev S Groves - Trustee The notes form part of these financial statements Page 9
MRS E.M. BATES TRUST Notes to thè Financial Statements for the Year Ended 31 August 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The presentational currency of the financial statements is Pound Sterling (£). Golng concern The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. Until 31 August 2024 the Charity held its investment portfolio as an endowment fund and expended the income generated as grants to its beneficiaries within the Moravian Church. From 1 September 2024. the Charity will use the total relurn approach to investment and allale the total return from the portfollo in accordance with its Policies, which state The Trustees have explicitly decided to preserve the endowment of the Trust, and do not seek to make any allocation to income that will adversely impact the endowment or fail to respect the intentions of its donor.. (Investment Policy 13 May 2024) The Trustees seek to prioritise equally two objectives, 1. To maintain the annual grant of £500 to Gracehill Church, Ballymena, in County Antrim. To set an(1 maintain a level of annual grants to the British Province of the Moravian Church (the Church) which as far as possible is predictable and sustainable. and maintains their purchasing power. 2. Not to compromise the ability of the permanent endowment lo generate future returns which support and sustsin the Trust's level of grant making in the medlum and long term. (Reserves and Grant Making Policy 13 May 2024) The Charity holds its investment portfolio as an endowment fund and expends the income generated as grants to Its beneficiaries within the Moravlan Church. Its structure means that administration costs are minimal. Flnanclal reportlng standard 102 - reduced dl8cIo8ure exemptlon8 The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. Expenditure Liabilities are recognlsed as expenditure as soon as there is a legal or constructive obligation committing the charity to that expendlture. it is probable that a transfer of economic benefils will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classrfied under headings thal aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Taxatlon The charity is exempt from tax on its charitable activities. Page 10 continued...
MRS E.M. BATES TRUST Notes to the Financial Statements - contlnued for the Year Endod 31 August 2024 ACCOUNTING POLICIES - continued Fund accounting Permanent Endowment Funds are funds given to the Trust to be held as capital. without power to convert capital to income, and represent the initial gifts and subsequent increases and decreases in the value of the capital. Realised gains and losses on quoted investments are taken to the Capital Account. Any excess of the market value of investment assets over the original cost Is taken to the Revaluation Account whereas, if the market value of investments falls below original cost, the deficlt Is wrltten off the capital account. Unrestricted Funds represent income that may be applied by the Trustees in pursuance of the charitable objects of the Trust. In accordance with the provlslons of the Trust Deed. the entire net income for the year 18 distributable by the Trustees to the beneficiaries. Amounts not paid over during the year are accrued for payment after the balance sheet date. Flxed assét Investments Investments are a form of basic financlal Instrument and are initially recognised at thelr transactlon value and subsequently measured at thelr falr value as at the ba18nce sheet date uslng the closlng quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposaSs throughout the year. Flxed asset Investments All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financlal year. Unrealised gains and losses are calculated as the difference beeen the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. The Trust does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity Is that of volatlllty In equlty markets and investment markets due to wider economlc conditions. the attitude of investors to Investment risk, and changes in sentiment concerning equltles and within certain sectors or sub sectors. The Charity has extended a concesslonary loan to its primary beneficiary. This is initially recognised and measured at the amount paid wlth the carrying amount adjusted in subsequent years to reflect repayments, any impairments and accrued Interest. INVESTMENT INCOME 2024 2023 Income from listed investments Deposit account interest Concesslonary Loan Interest 463,797 6,984 3,679 406.382 2,310 4.835 474,460 413.527 RAISING FUNDS Investment managemont costs 2024 2023 Investment brokers charges Page 11 continued...
MRS E.M. BATES TRUST Notes to the Flnancial Statements - continued for the Year Ended 31 August 2024 CHARITABLE ACTIVITIES COSTS Grant funding of actlvities (see note Support costs (see note 6) 5) Totals Grants payable 416,704 19,373 436,077 GRANTS PAYABLE 2024 2023 Grants payable 416,704 360,770 The total grants paid lo institutions during the year was as follows.. 2024 2023 British Provinc8 of the Moravian Church Gracehill Church and Its dependencies 416,204 500 360,270 500 416,704 360,770 Charltable activities comprise of grants payable to beneficiaries in accordance with the terms of Mrs Bates, endowment, and hence the objects of the charity. SUPPORT COSTS Governance costs Grants payable 19,373 Support costs. included in the above, are as follows: 2024 Grants payable 2023 Total activities Trustees, remuneration and expenses Pensions Auditors, remuneration Trustees, Indemnity Insurance Accountancy and legal fees Bank charges 978 6,642 6,120 505 5,068 60 370 6,387 5,280 600 6,040 19,373 TRUSTEES. REMUNERATION AND BENEFITS The key management personnel of the Trust are those persons having authority and responsibility for planning, directing and controlling its activities, dlrectly or indirectly, including any trustee of the Trust. The Trustees consider that key management personnel consist solely of the Trustees and no trustee received any remuneration durlng the year (2023: £nil). Trustees. expenses Three Trustees (2023: three) were reimbursed their travel expenses of £978 in aggregate (2023: £300) in connection with Trustees meetings. The Trust has no employees. Page12 continued...
MRS E.M. BATES TRUST Notes to the Financial Statements - continued for the Year Ended 31 Augusl 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund funds Totsl funds INCOME AND ENDOWMENTS FROM Investment income 413.527 413,527 EXPENDITURE ON Raising funds 35.020 35,020 Charltable activities Grants payable 378.507 378.507 Total 413 527 413,S27 Net galnsl{losses) on investments 918 753) 918,753) NET INCOMEI{EXPENDITURE) (918,753) <918,753) RECONCILIATION OF FUNDS Total fund8 brought forward 12,122,207 12,122,207 TOTAL FUNDS CARRIED FORWARD 11203,454 11,203.454 FIXED ASSET INVESTMENTS Listed investments MARKETVALUE At 1 September 2023 Additions Disposals Revaluations 10,568,872 1,692,872 (1,547,363) 443 788 At 31 August 2024 11,158 169 NEf BOOK VALUE At 31 August 2024 11,158,169 At 31 August 2023 10 568,872 There were no investment assets outside the UK. Page13 continued...
MRS E.M. BATES TRUST Notes to the Financial Ststements - continued for th& Year Ended 31 August 2024 FIXED ASSET INVESTMENTS - continued Analysis of quoted Investments by assot class 2024 2023 Other Fixed Interest Stocks Equities The Charities Property Fund 3,601.924 3,793,596 3,762,649 2.419,191 4,163,577 3,986,104 Tot81 Market Value 11158 169 10,568,872 The followlng investments individually represent 50/0 or more of the total holding of the Trust: Number of unitsl nominal value No. Market Value 31 August 2024 The Charitles Propety Fund Common Inv fund 3.192,202 3,762,649 Historical Cost 2024 2023 At the end of the year 9911713 9 788,675 The above quoted investments are dealt with on a recognlsed stock exchange. Page 14 continued...
MRS E.M. BATES TRUST Notes to the Finan¢ial Statements - continued for the Year Ended 31 August 2024 10. CONCESSIONARY LOAN 2024 2023 Balance at the beginning of the year Repayments during the year Interest receivable for year 207.776 (55.880> 3,676 258,824 (55,883) 4.835 Balance at the end of the year 1 $5,572 207 776 2024 2023 Rep8y8ble wlthin 12 months Repayable outside 12 months S5,882 55,882 151,894 155 570 207,776 During the year ended 31 August 2017, a loan of £500,000 was extended to The Moravian Union, the asset holding body of the Moravian Church. The loan was to provide investment funding to The Moravian Union which is undertaklng a major fixed asset properties repair programme. The loan was to be repaid over a period of 10 years and was secured against 49 Creighton Avenue. On 4 October 2022 that properly was sold by the Moravian Unlon 2nd th6 loan was repaid. The Moravian Union purchased a new properly, 5 Winkley Court, agalnst whlch a new loan of £250,000 has been secured on the same ierms. Interest is charged at a concessionary rate of 20/0 above Barclay's bank base rate provided The Moravian Unlon fulfils the terms of the loan agreement. The loan is consldered to be a ¢on¢essionary loan. 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2024 Prepayments Accrued income - Chartties Property Fund Accrued Income - Other Investments 880 32,789 36,191 82,832 Page 15 continued...
MRS E.M. BATES TRUST Notes to the Flnancial Statements - continu•d for the Year Ended 31 August 2024 12. CASH IN HAND 2024 Total funds 2023 Total funds On deposit account On current account Cash held by Investment Manager 258,480 1,000 123,137 216,579 1,000 223,447 Total 382,617 441,026 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Bank charges Professional charges accrued Moravian Union 12,111 76,204 16,782 80,270 88,315 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted Endowment fund funds Investments Current assets Current liabilities 11,313,741 11,313,741 421,816 421,816 10,776,648 523,858 97 052) 11,647,242 11647 242 11203 454 15. MOVEMENT IN FUNDS Net movement in funds Trdnsfers beeen funds At 31.8.24 At 1.9.23 Endowmenl funds Capital Account Investment Revaluation Account 10,423,258 780 196 (22,472) 10,400,788 1,246,456 443.788 11,203,454 11 647 242 TOTAL FUNDS 11,203,454 443.788 11,647,242 Page16 continued...
MRS E.M. BATES TRUST Notes to the Financial Statements - continued for the Yoar Ended 31 August 2024 15. MOVEMENT IN FUNDS - contlnued Net movement in funds, included in the above are as follows: Incoming resources Resources expended Gains and 5osses Movement in funds Unrestrlctad funds General fund 474.460 {474,460} Endowment funds Investment Revaluation Account 443,788 443,788 TOTAL FUNDS 474,460) Comparatlv08 for movemont In funds Net movement in funds Transfers between funds At 31.8.23 At 1.9.22 Endowment funds Capitsl Account Investment Revaluation Account 10,277,364 1,844,843 145,894 10,423,258 780,196 12,122,207 918,753) 11.203,454 TOTAL FUNDS 12 122,207 918,753) 11203454 Comparative net movement in funds, included in the above are as follows.. Incomlng resources Resources expended Galns and Movement 1088es in funds Unrnstrlcted funds General fund 413,527 (413,527) Endowment funds Investment Revalualion Account (918.753) (918,753) TOTAL FUNDS 413.527 413,527) 918,753) 918.753) Transfers between funds Transfers tol(from> the Investment Revaluation Endowment Fund tol{from) the Capital Account Endowment Fund relate to brought forward unrealised gainsllosses on investments whlch are released on disposal of investments. Page17 ntinued...
MRS E.M. BATES TRUST Notes to the Financial Statements - continued for th& Year Ended 31 August 2024 16. RELATED PARTY DISCLOSURES The Moravian Church and one of its congregations are the only beneficiaries of the Mrs E. M. Bates Charitable Trust and grants paid to the Church and its congregation are analysed in Note S. Page 18