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2022-03-31-accounts

Registered number: 04122782 Charity number: 1085602

BATH CHRISTIAN TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

BATH CHRISTIAN TRUST

CONTENTS

Page
Reference and Administrative Details of the Trust, its Trustees and Advisers 1
Trustees' Report 2 - 14
Independent Auditors' Report on the Financial Statements 15 - 18
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20 - 21
Trust Balance Sheet 22 - 23
Consolidated Statement of Cash Flows 24
Notes to the Financial Statements 25 - 51

BATH CHRISTIAN TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees S Harrison, Chair
D J Reynolds
S J Durrant
A G King
B Hamer
R M Jacobs
W Moore
Company registered
number
04122782
Charity registered
number
1085602
Registered office
1a Forum Buildings
St James Parade
Bath
BA1 1UG
Independent auditors
Mazars LLP
Chartered Accountants
90 Victoria Street
Bristol
BS1 6DP
Bankers
The Royal Bank of Scotland
St Johns Lane
East Street
Leicester
LE1 6NB
Solicitors
Stone King Sewell
13 Queens Square
Bath
BA1 2HJ

Page 1

BATH CHRISTIAN TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the audited financial statements of Bath Christian Trust for the year 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees’ report and a directors’ report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the Statement of Recommended Practice (SORP), 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).

Since the group and the Trust qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

Objectives and activities

a. Objects

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit and in particular to its supplementary public benefit guidance on charities for the advancement of religion.

The Objects of the Trust are:

Aims

The aims of the Trust are to:

Page 2

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

b. Specific objectives which were set for 2021/22

c. Grant-making policies

Page 3

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities (continued)

d. Main activities undertaken to further the Trust's purposes for the public benefit

The Trust can demonstrate that its activities deliver Public Benefit in the following ways:

Activities undertaken toprovide Public Benefit Class of Public Benefit
Trust Object: Advancement of Christian faith and worship of God
Sunday meetings for worship and teaching Advancement of religion
Open meetings to celebrate Christian festivals (eg Christmas & Easter) Advancement of religion
Conferences and schools covering a wide range of topics Advancement of religion
Youth work, including regular meeting of various types Advancement of religion
Small fellowship groups for sharing and learning Advancement of religion
Trust Object: Relief ofpersons in need, hardship or distress, or who are aged or sick
Worship meetings held in a local residential home Advancement of religion
Praying on the streets for people in need or who are ill Advancement of religion
Visiting and caring for the sick and elderly Prevention and relief of poverty
Financial and spiritual support for missionary work in the UK and overseas Prevention and relief of poverty
Support for the Genesis Trust and others helping the poor and homeless Prevention and relief of poverty
Trust Object: Promotion of education on the basis of Christianprinciples
Children & youth regularly taught to live according to Biblical principles Advancement of education

Achievements and performance

a. Key financial performance indicators in 2021/22

Page 4

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

b. Review of activities in 2021/22

The journey during the year through the book of Acts was fruitful in discovering afresh what it looks like to follow Jesus in these days of joy and challenge that we find ourselves in.

The leadership team continued to navigate the fresh opportunities arising as we emerged from Covid19.

The leaders and oversight continue to explore this.

The appointment of a dedicated Children & Families Pastor in April 2021 has raised the profile of this ministry during the year with a series of special events in addition to the regular weekly program.

The youth team working with other leaders as part of the A2 city-wide youth initiative has brought good cohesion to working with this age group, strengthening and encouraging on a number of levels.

New members joined from the ‘Kickstart’ courses. ‘Encore’ established a pattern for a mid-week meetings for those available during the week. Life groups continue to be a significant part of church life. The youth team continues to support young people through a challenging time. The appointment of a children’s worker was realized with an appointment made for this role to start in April 2021.

The church also ran Christmas and Easter events. The elders continue to work alongside the Bath Christian Action Network (BathCAN), Genesis Trust and Mercy in Action in local initiatives to help social need and improve local communities.

While many aspects of church life have returned to in-person meetings, the positive feedback from people who have been able to connect on-line has led to a continuation of this facility, providing additional opportunities for connection with the life of the church.

Page 5

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

The elders continue to connect with other church leaders in the city to support the wider church community, to pray for the city and wider Christian influence. Regular meetings of pastors pursuing church unity in the city have been encouraging as part of this quest.

As events started to become possible again in the summer of 2021 the program of events opened out into the autumn and continued apace with a mixed and multi-arts program, attracting national and international artists while also retaining a local feel and a level of local community access with school shows, dance, etc The development of more favourable commercial arrangements, and a higher profile of artistic engagements has increased our influence for securing future bookings as well as delivered greater audience numbers which in turn produced a higher level of secondary wet sales. The activity supported general repairs and maintenance for the Forum building and a modest refurbishment for the Coffee House.

The year saw Bath Forum Ltd further secure its position as a key cultural hub for the city, growing relationships with Bath Festivals, Bath Spa University, Bath Philharmonia and others through the operations of the Forum venue, as well as in large measure the positioning of Bath Box Offices actives as core to the function of these organisations. Broadening our programming offer to envelop the community culture of the wider organisation saw the first internal partnership of Life Church Bath and Bath Forum Ltd with the delivery of the Polar Express family film event, and commercial programming of more family friendly events such as Horrible Histories and “Live Scored” films such as Star Wars and Toy Story which also provided a soft entry into classic form orchestral music.

General activities

c. Factors relevant to achieve objectives in 2021/22 and continuing

Page 6

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

Financial review

a. Going concern

Income from Donations remains robust and similar to the previous year figures. Despite the reduction in opportunity for trading activities due to restrictions on operating during Covid19, the return to live events has enabled the organization to consolidate its position and continue with its mission.

Close attention continues to be given to the analysis of budget and cash flow forecasts [over an extended period greater than twelve months] so as to be able to plan and respond to the needs of the organization.

After making appropriate assessments, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Impact of Covid-19

Although Covid-19 has inevitably had an impact on the trading activities of the business during the year, the various measures that were put in place at the start of the pandemic have resulted in a positive outcome by the year end. The directors therefore consider that there are no material uncertainties surrounding the Company’s ability to continue as a going concern.

b. Principal risks and uncertainties

The Trustees have ensured that the major risks to which the operations and finances of the company are exposed have been assessed, and are satisfied that appropriate mitigation systems are in place. They are confident that, in particular, the internal financial controls conform to guidelines issued by the Charity Commission. The organization has reviewed systems and processes during the coronavirus pandemic and continue to monitor associated risks.

Page 7

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Risk Mitigation

A significant reduction in the level of financial
giving by church attendees		 Prompt and accurate financial reporting and
communication. Respond to Government guidelines
on pandemic, adapt Church meeting plans, maintain
good comms to sustain regular income and reduce
costs and staffing where possible.

Stress on staff and key individuals; claims for
damages; impact on staff morale and reputation		 Staffing structure continues to be monitored, taking a
view on the pressure points in staffing in all areas of
the organisation.

Failure of significant systems or equipment and
failure to upgrade		 Dilapidations schedule regularly reviewed and ongoing
action plan monitored; capital investment program
drafted.

Commercial failure of lettings strategy		 Venue Manager continues to liaise with promoters and
key hirers to manage events in the light of government
guidelines, monitoring adverse financial
consequences; and trends in bookings so as to adjust
staffing levels and costs as appropriate.

Terrorism attack		 Take advice from Police and local agencies. Develop
strategies procedures for crisis management. Train
Front of House staff on lettings and church welcome
team leaders on handling evacuations.

A significant reduction in the number of church
members		 Maintain good communications between church
leaders and members. Leadership to remain flexible to
and prayerfully sensitive in direction and structures for
meeting, and to monitor reactions and sensitivities
through pastoral connection and encouragement, and
use of online presence and social media.

Injury to personnel sustained through church
and/or commercial activities		 Public Liability insurance. Health & Safety, and
Child/Youth Guidelines.

Harm or abuse to individual child/children and/or
vulnerable adult (increasing number of children
and youth)		 Safeguarding procedures to be updated and
publicised and staff training to review issues,
particularly relating to the risks to children relating to
emotional and physical well being.

Key employees or volunteers leave		 Good HR practices including appraisals, regular
communication, personnel development, succession
planning, identification of single points of failure and
respective contingency plans.

Page 8

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

c. Reserves policy

The Reserves Policy of the Trustees is established so as to maintain sufficient level of “free reserves” (unrestricted general funds not committed or invested in tangible fixed assets and stock) and thereby to enable normal operating activities to continue should a shortfall in income occur and also to take into account potential risks and contingencies that may arise from time to time.

The agreed level of “free reserves” required to be held by the charity is equal to £150,000, of which £50,000 may be used for monthly cash flow fluctuations, with £100,000 being set aside for emergencies.

The total reserves at 31 March 2022 were £2,777,957 (2021 – £2,733,211) of which £2,627,849 (2021 - £2,610,937) relate to the General Fund, £103,865 (2021 - £77,309) related to the subsidiaries, £16,915 (2021 - £23,615) related to Designated Funds and £29,328 (2021 - £21,350) related to Restricted Funds (though it is expected that these funds will be drawn down during the next financial year).

The “free reserves” at 31 March 2022 were £380,754 (2021 - £403,306) which represents a surplus of £230,754 (2021 - £253,306) compared to the Reserves Policy.

d. Principal funding

The main source of income was from tithes and offerings from church members and visitors, which, with the tax recoverable on these gifts, totaled £770,173 (2021 - £784,333). This income enabled the Trust to operate according to its Objects. The return to live events from early autumn has also provided significant revenue from trading activities totalling £947,105 (2021 - £430,886).

Other income of £6,177 (2021 - £31,926) arose from charitable activities £6,143 (2021 - £125), investment income £26 (2021 - £114) and other income £8 (2021 - £31,687).

The net movement of funds during the year was an increase of £44,746 compared with an increase in the previous year of £198,554.

e. Investment policy

The general approach of the charity is to adopt a risk-free stance towards investment activities. Cash reserves are held in interest bearing bank deposit accounts.

Structure, governance and management

a. Constitution

Bath Christian Trust is registered as a charitable company limited by guarantee and was set up by a memorandum of Association.

The company has Members, and the Members elect additional Members and/or Trustees at the Annual General Meeting.

The work of the Trust is managed by personnel who form the leadership team and staff of Life Church Bath (formerly Bath City Church). The Trustees determine policies within which the church works to achieve the Trust’s Objects in an ethical and prudent manner, having due regard to all externally imposed compliance requirements, and ensuring only necessary levels of risk to the Trust’s physical, financial and human assets (being most members of the church, who undertake activities to achieve the Trust’s Objects). Each year the policies are reviewed in order to consider possible improvements to governance and management practices.

Page 9

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

The Forum is a grade 2* listed 1930’s (ex-cinema) building that seats up to 1,700 people, and occupies a central location in the city. It has a large auditorium, ancillary rooms and offices. The Forum has been the home of Life Church Bath (formerly Bath City Church) since 1988 and is the building where many of its activities take place. It is also an excellent venue for large concerts and conferences. Letting the building provides some additional revenue to the Trust as well as creating links with and supporting the local community.

b. Appointment of Trustees and Members

Trustees, who must accept the Statement of Doctrines of the church, are appointed by the Members of the company for a period of 4 years. At the end of this period, they may seek re-election for a further 4 years before retiring. The church leader is automatically appointed a Trustee until he ceases to be church leader.

Trust Membership is open to any individual interested in promoting the Objects of the Trust, and who is approved by the Trustees.

c. Induction and training of Trustees

New Trustees are mentored by an existing Trustee, and are given a range of background material such as church budgets, management accounts, policies, minutes, and Charity Commission guidance notes, to assist their understanding of the Trustees’ roles and responsibilities.

d. Safeguarding policy

In line with requirements relating to the protection of children, young people and vulnerable adults the Trust has issued a policy statement on safeguarding. Appropriate people have been appointed as safeguarding coordinators and information and procedures have been discussed with all those who may be faced with such issues on a regular basis. The Trust considers it has taken all the necessary action to ensure compliance.

e. Pay policy for senior staff

Bath Christian Trust is committed to ensuring that staff are paid fairly and in a way which ensures that the relevant skills are attracted and retained so as to have the greatest impact on delivering its charitable objectives. At the same time it is clear that the Trust has important responsibilities towards its beneficiaries and donors, and so its processes should be transparent and appropriate.

The Trustees consider that the Board and the leadership team, with the senior management team, undertakes the key responsibilities in directing, controlling, running and operating the Trust.

Trustees give of their time freely and no Trustee received remuneration during the year. Details of Trustees’ expenses and related party transactions are disclosed in note 12 to the accounts.

The pay of the senior staff is reviewed periodically.

Page 10

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

f. Organisational structure and decision making

In general, the Trustees have no involvement in the day-to-day management of church activities, but have delegated this responsibility to the church leader, Jonathan Horsfall

Trustees meet several times a year to ensure that the Objects of the Trust are fulfilled, develop Trust policy, oversee compliance requirements and reputation management, and review physical activity and financial performance.

Non-remunerated Trustees establish the remuneration policy for the Trust, and appraise and set the remuneration of the church leader. The Chairman of the Board undertakes the annual appraisal of the full time members of staff.

Professional advice on legal, financial and building matters is sought when necessary.

The Trustees reserve the following matters to themselves for decision-making:

All Trustees are deemed independent on the basis of their declared interests.

Management

The church leader has established a senior leadership team, which, supported by staff employees and volunteers, is responsible for managing the day-to-day affairs of the Trust. This includes leading church members to a closer relationship with God, preparing and implementing the operating plan and budget, ensuring the safety and welfare of employees and volunteers, and exercising risk management procedures.

At the end of March 2022 the Trust employed 11 full-time and 18 part-time staff.

Volunteers play a critical role in maintaining the activities of the Trust. At the end of March 2022 there were approximately 660 church members (2021 - 650), including youth and children, most of whom were involved in some form of church activity.

Approach to corporate governance

The Trust seeks to comply with established best practice. It believes that the highest standard of integrity is essential throughout the Trust’s operations.

Page 11

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

g. Related party relationships

The Trustees set up a subsidiary company, Bath Forum Limited, on 07 March 2013 which commenced trading on 1 April 2013. Bath Christian Trust owns 100% of the share capital of Bath Forum Limited. The principal activities of the company are:

This is part of the strategy for using the Forum as a great meeting place in the heart of the city. All taxable profits will be gift aided to Bath Christian Trust.

The Trustees set up an additional subsidiary company, Bath Box Office Limited, which was incorporated on 20th January 2021. Bath Christian Trust owns 100% of the share capital of Bath Box Office Limited. The principal activity of the company is to sell tickets for events as a supporting activity for the Forum venue and for other organisations within the local area. All taxable profits will be gift aided to Bath Christian Trust.

Plans for future periods

In accordance with the Trust’s Objects, our desire is for church members to become closer to God, and for people in the city of, the nation, and overseas to experience the Good News of Jesus Christ. Specific activities are flexible and depend on Holy Spirit leading and available financial resources, but desired objectives are set out below.

Principal Objectives for 2022/23

Page 12

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Information on fundraising practices

The main source of revenue was from member donations and the tax reclaimed on these charitable gifts. Other income was derived through the trading companies from Letting the Forum Building, from the Forum Coffee House and from the activities of the Box Office. The charity does not engage the services of a professional fundraiser or any commercial participator carrying out fundraising activities on its behalf.

Statement of Trustees' responsibilities

The Trustees (who are also directors of Bath Christian Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including income and expenditure, of the charitable Group for that period. In preparing these financial statements the Trustees are required to

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Trust’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 13

BATH CHRISTIAN TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Auditors

The auditors, Mazars LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

S Harrison Trustee

Date: 21/12/22

Page 14

BATH CHRISTIAN TRUST

INDEPENDENT AUDITORS' REPORT TO THE OF BATH CHRISTIAN TRUST

Opinion

We have audited the financial statements of Bath Christian Trust (the ‘Trust’) and its subsidary undertakings (the 'Group') for the year ended 31 March 2022 which comprise the Consolidated Statement of Financial Activities (incorporating income and expenditure account), the Consolidated and Trust Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Trust 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees' with respect to going concern are described in the relevant sections of this report.

Page 15

BATH CHRISTIAN TRUST

INDEPENDENT AUDITORS' REPORT TO THE OF BATH CHRISTIAN TRUST

Other information

The other information comprises the information included in the Trustees' annual report, other than the financial statements and our auditor’s report thereon. The Trustees' are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 16

BATH CHRISTIAN TRUST

INDEPENDENT AUDITORS' REPORT TO THE OF BATH CHRISTIAN TRUST

Responsibilities of Trustees'

As explained more fully in the Trustees' Responsibilities Statement set out on page 13, the Trustees' are responsible for the preparation of the financial statements and for being satisfied that they 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 material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees' are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees' intend either to liquidate the Trust or to cease operations, or the Trustees' have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements 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 statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of Bath Christian Trust and its subsidiaries, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, non-compliance with implementation of government support schemes relating to COVID-19.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006 and the Charities Act 2011.

Page 17

BATH CHRISTIAN TRUST

INDEPENDENT AUDITORS' REPORT TO THE OF BATH CHRISTIAN TRUST

In addition, we evaluated the Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Trust's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an auditor's 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 Trust and the Trust's members as a body for our audit work, for this report, or for the opinions we have formed.

Richard Bott (Dec 21, 2022 12:30 GMT)

Richard Bott (Senior statutory auditor)

for and on behalf of

Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street Bristol BS1 6DP

Date: Dec 21, 2022

Page 18

BATH CHRISTIAN TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income before taxation
Taxation
Net income after taxation
Transfers between funds
22
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
703,951
6,143
947,105
26
8
1,657,233
915,222
707,823
1,623,045
34,188
(227)
33,961
2,807
36,768
2,711,861
36,768
2,748,629		 Restricted
funds
2022
£
69,029
-
-
-
-
69,029
-
58,244
58,244
10,785
-
10,785
(2,807)
7,978
21,350
7,978
29,328		 Total
funds
2022
£
772,980
6,143
947,105
26
8
1,726,262
915,222
766,067
1,681,289
44,973
(227)
44,746
-
44,746
2,733,211
44,746
2,777,957		 Total
funds
2021
£
794,253
125
430,886
114
31,687
1,257,065
389,110
648,384
1,037,494
219,571
(21,017)
198,554
-
198,554
2,534,657
198,554
2,733,211

Page 19

BATH CHRISTIAN TRUST REGISTERED NUMBER: 04122782

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
18
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 6,970
247,062
985,155
1,239,187
(805,220)		 2022
£
2,898,784
2,898,784
433,967
3,332,751
(554,794)
2,777,957
29,328
2,748,629
2,777,957		 1,950
191,197
516,117
709,264
(259,712)		 2021
£
2,920,027
2,920,027
449,552
3,369,579
(636,368)
2,733,211
21,350
2,711,861
2,733,211

Page 20

BATH CHRISTIAN TRUST REGISTERED NUMBER: 04122782

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S Harrison

Trustee

Date: 21/12/22

The notes on pages 25 to 51 form part of these financial statements.

Page 21

BATH CHRISTIAN TRUST REGISTERED NUMBER: 04122782

TRUST BALANCE SHEET AS AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets
Charity funds
Restricted funds
22
Unrestricted funds
22
Total funds		 296,180
270,314
566,494
(197,362)		 2022
£
2,859,754
2
2,859,756
369,132
3,228,888
(554,794)
2,674,094
29,328
2,644,766
2,674,094		 216,008
337,661
553,669
(131,531)		 2021
£
2,870,133
1
2,870,134
422,138
3,292,272
(636,368)
2,655,904
21,350
2,634,554
2,655,904

Page 22

BATH CHRISTIAN TRUST REGISTERED NUMBER: 04122782

TRUST BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

S Harrison Trustee

Date: 21/12/22

The notes on pages 25 to 51 form part of these financial statements.

Page 23

BATH CHRISTIAN TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of finance leases
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2022
£
500,486
26
(9,736)
(9,710)
(21,738)
(21,738)
469,038
516,117
985,155		 2021
£
257,996
114
(64,480)
(64,366)
(10,685)
(10,685)
182,945
333,172
516,117

The notes on pages 25 to 51 form part of these financial statements

Page 24

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. General information

Bath Christian Trust is a private company limited by guarantee, registered in England & Wales with a company registration number 04122782. It is a registered charity with registered number 1085602. Its registered office, and that of its subsidiary undertakings, Bath Forum Limited and Bath Box Office Limited, is 1a Forum Buildings, St James Parade, Bath, BA1 1UG.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bath Christian Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling which is the functional currency of the Trust and group and are rounded to the nearest £. Comparative information relates to the year ended 31 March 2021.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the Trust alone as permitted by section 408 of the Companies Act 2006. The income and expenditure account for the year dealt with in the accounts of the Trust showed a surplus of £18,190 (2021 - £174,883).

2.2 Compliance with accounting standards

The charitable company has adapted the headings and sub-headings of its financial statements due to the special nature of its business in accordance with the Companies Act 2006.

The company is a registered charity and so achievements cannot be measured by normal commercial criteria of profit and loss. Accordingly, as permitted by the Companies Act 2006, the Trustees have presented a Statement of Financial Activities instead of a Profit and Loss Account as in their opinion this will better reflect the special nature of the charitable company's activities.

Page 25

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.3 Going concern

The consolidation during the year of various core activities of church life, alongside the development of thriving Eldership, Leadership and Management teams, has provided a firm foundation for further extending both the impact and reach of the church, as well as the commercial activities that are now well-placed to provide a thriving live music venue, and thereby generate funds that contribute towards ongoing building improvements. Close attention continues to be given to the analysis of budget and cash flow forecasts over an extended period greater than twelve months so as to be able to plan and respond to the needs of the organisation.

The trustees consider that there are no material uncertainties surrounding the Company’s ability to continue as a going concern. COVID-19 has had an impact on the business at the end of the financial year but the directors have put additional plans in place to mitigate the ongoing effects:

The Trustees therefore have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 26

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the Trust is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Trust has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Trust, or the Trust is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Page 27

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.4 Income (continued)

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred by the charity's subsidiaries, Bath Forum Limited and Bath Box Office Limited, in hiring out the venue. Support costs are those costs incurred directly in support of expenditure on the objects of the Trust.

Governance costs are those incurred in connection with administration of the Trust and compliance with constitutional and statutory requirements. Salary costs included within governance costs relate to strategic planning of the Leadership and are allocated on the basis of time spent.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

2.6 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the Bank.

Page 28

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.8 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

2.9 Taxation

The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.10 Intangible fixed assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.

2.11 Tangible fixed assets and depreciation

All assets costing more than £500 are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Long-term leasehold property - nil - Fixtures and fittings 20% straight line Other fixed assets - 33.3% straight line

Leasehold land and buildings are not depreciated as the building is regularly maintained and the useful economic life so long (the length of the lease is 500 years from 25 March 1933) that depreciation is immaterial. Impairment reviews are undertaken at the end of each reporting period.

Page 29

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.12 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.13 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.14 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.15 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.16 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.17 Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 30

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Accounting policies (continued)

2.18 Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.19 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.20 Pensions

The Trust operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Trust to the fund in respect of the year.

2.21 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. (See note 21).

Page 31

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

3. Income from donations and legacies

Donations
Tithes
Housekeeping offerings
Special offerings and gifts
Tax recoverable
Government grants
Total 2021
Income from charitable activities
Conferences and training
Books, tapes and other merchandise
Total 2021		 Unrestricted
funds
2022
£
567,747
36,541
-
99,663
-
703,951
699,518		 Restricted
funds
2022
£
-
-
66,222
-
2,807
69,029
94,735
Unrestricted
funds
2022
£
6,103
40
6,143
125		 Total
funds
2022
£
567,747
36,541
66,222
99,663
2,807
772,980
794,253
Total
funds
2022
£
6,103
40
6,143
125		 Total
funds
2021
£
535,046
24,359
84,815
140,113
9,920
794,253
Total
funds
2021
£
125
-
125

4. Income from charitable activities

Page 32

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

5. Income from other trading activities

Income from non charitable trading activities

Trading income
Other income
Total 2021
6.
Investment income
Bank interest
Total 2021
7.
Other incoming resources
Other incoming resources
Total 2021		 Unrestricted
funds
2022
£
918,528
28,577
947,105
430,886
Unrestricted
funds
2022
£
26
114
Unrestricted
funds
2022
£
8
31,687		 Total
funds
2022
£
918,528
28,577
947,105
430,886
Total
funds
2022
£
26
114
Total
funds
2022
£
8
31,687		 Total
funds
2021
£
430,886
-
430,886
Total
funds
2021
£
114
Total
funds
2021
£
31,687

Page 33

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of expenditure by activities

Advancement of the Christian
Faith and Education
Total 2021		 Activities
undertaken
directly
2022
£
231,297
214,280		 Grant
funding of
activities
2022
£
96,554
87,958		 Support
costs
2022
£
438,216
346,147		 Total
funds
2022
£
766,067
648,385		 Total
funds
2021
£
648,385

Analysis of direct costs

Advancement
of the
Christian faith
and
Education
2022
£
Wages and salaries
182,366
Ministry support
48,931
231,297
Total 2021
214,280		 Total
funds
2022
£
182,366
48,931
231,297
214,280		 Total
funds
2021
£
153,125
61,155
214,280

Page 34

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Advancement
of the
Christian
Faith and
Education
2022
£
Wages and salaries
56,499
Depreciation
15,844
Premises costs
132,248
Repairs and maintenance
21,487
Amounts payable under operating leases
2,987
Printing, postage and stationery
3,676
Office supplies
499
Telephone
5,893
Computer and website costs
7,390
Training and conferences
27,927
Fellowship and catering
6,368
Travelling expenses
15,580
Bank charges
4,284
Loan interest
14,110
Legal and professional charges
21,849
Interest on leasing boilers
7,246
Miscellaneous
17,998
Equipment and consumables
7,081
Irrecoverable VAT
23,768
Governance costs
45,482
438,216
Total 2021
346,147		 Total
funds
2022
£
56,499
15,844
132,248
21,487
2,987
3,676
499
5,893
7,390
27,927
6,368
15,580
4,284
14,110
21,849
7,246
17,998
7,081
23,768
45,482
438,216
346,147		 Total
funds
2021
£
81,863
17,521
81,422
9,248
2,715
2,307
400
3,503
6,134
7,336
1,745
392
4,161
14,317
12,917
3,570
15,784
22,988
15,497
42,327
346,147

Page 35

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Analysis of grants

Grants to
Institutions
2022
Grants to
Individuals
2022
Total
funds
2022
£
£
£
Grants, Advancement of the Christian Faith
and Education
25,011
71,543
96,554
Total 2021
30,254
57,704
87,958
The Group has made the following material grants to institutions during the year:
2022
£
Name of institution
Philippines Project
8,600
Life Stream Ministries
4,800
Calvary Tower
3,170
Links International
3,000
Genesis Trust
1,800
World Sport Ministries
1,000
Mercy in Action
-
Serve Africa
-
Others (less than £1,000)
2,641
25,011		 Total
funds
2021
£
87,958
2021
£
11,100
4,800
2,845
3,000
1,500
-
3,359
1,550
2,100
30,254

Page 36

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10. Governance costs

Auditors' remuneration
Auditors' non audit costs
Strategic Planning
Professional fees
Staff costs
Social security costs
Pension costs		 2022
£
15,000
5,100
5,120
-
18,225
1,337
700
45,482		 2021
£
10,690
7,810
6,712
101
15,513
991
510
42,327
11. Auditors' remuneration
2022 2021
£ £
Fees payable to the Trust's auditor for the audit of the Trust and its
subsidary's annual accounts 15,000 10,690
Fees payable to the Trust's auditor in respect of:
All non-audit services not included above 5,100 7,810

12. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes		 Group
2022
£
656,791
42,229
20,054
719,074		 Group
2021
£
444,427
17,547
13,235
475,209		 Trust
2022
£
234,259
16,513
8,357
259,129		 Trust
2021
£
232,405
11,906
7,691
252,002

The average number of persons employed by the Trust during the year was as follows:

Group Group
2022 2021
No. No.
Furtherance of the Christian Faith and Education 24 19

Page 37

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

12. Staff costs (continued)

No employee received remuneration amounting to more than £60,000 in either year.

During the year 9 people were considered to be key management personnel (2021 - 10). The remuneration and benefits paid to key management personnel in the year was £151,858 (2021 - £138,181). During the year, Trustees and their related parties made donations of £46,632 (2021 - £37,900).

13. Transactions with Trustees

Expenses amounting to £14,853 (2021 - £131 one Trustee) were paid on behalf of one Trustee to cover motor and travel expenses (including ministry travel), telephone costs and training expenses.

As well as being a Trustee, D Reynolds is the Senior Leader of Life Church Bath. D Reynolds is also the Senior Leader of five church congregations in the USA, collectively known as Life Stream Ministries. Payments of £63,200 (2021 - £79,116) were made to Life Stream Ministries being £51,200 (2021 - £67,116) as tithe of revenue and £12,000 (2021 - £12,000) as stipend. Payments totalling £13,363 (2021 - £13,268) were made by the Trust for rental accommodation for D Reynolds and his family during the year. A gift payment was made by the Trust to D Reynolds and his family for £1,500 (2021 - £Nil).

14. Intangible assets

Group and Trust

Cost
At 1 April 2021
At 31 March 2022
Amortisation
At 1 April 2021
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Computer
software
£
8,744
8,744
8,744
8,744
-
-

Page 38

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Tangible fixed assets

Group

Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Long-term
leasehold
property
£
2,768,267
-
2,768,267
-
-
-
2,768,267
2,768,267		 Fixtures and
fittings
£
918,643
9,736
928,379
766,883
30,979
797,862
130,517
151,760		 Other fixed
assets
£
3,311
-
3,311
3,311
-
3,311
-
-		 Total
£
3,690,221
9,736
3,699,957
770,194
30,979
801,173
2,898,784
2,920,027

Page 39

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15. Tangible fixed assets (continued)

Trust

Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Long-term
leasehold
property
£
2,768,267
-
2,768,267
-
-
-
2,768,267
2,768,267		 Fixtures and
fittings
£
673,947
5,465
679,412
572,081
15,844
587,925
91,487
101,866		 Total
£
3,442,214
5,465
3,447,679
572,081
15,844
587,925
2,859,754
2,870,133

Page 40

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

16. Fixed asset investments

Trust
Cost or valuation
At 1 April 2021
Additions
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Shares in
group
undertakings
£
1
1
2
2
1

17. Principal subsidiaries

The following were subsidiary undertakings of the Trust:

Names Company Class of Holding Included in
number shares consolidation
Bath Forum Limited 08434485 Ordinary 100% Yes
Bath Box Office Limited 13145769 Ordinary 100% Yes
The financial results of the subsidiaries for the year were:
Names Income Expenditure Profit/(Loss) Net assets
£ £ for the period £
£
Bath Forum Limited 813,271 (789,489) 23,782 101,091
Bath Box Office Limited 133,834 (131,061) 2,773 2,774

The financial results of the subsidiaries for the year were:

Page 41

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18. Stocks

Group Group
2022 2021
£ £
Finished goods and goods for resale 6,970 1,950

19. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable		 Group
2022
£
145
-
159,151
38,677
49,089
247,062		 Group
2021
£
-
-
57,423
36,275
97,499
191,197		 Trust
2022
£
-
233,462
5,811
7,818
49,089
296,180		 Trust
2021
£
-
84,261
27,138
7,110
97,499
216,008

20. Creditors: Amounts falling due within one year

Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2022
£
56,336
454,274
42,251
25,425
7,456
219,478
805,220		 Group
2021
£
54,941
-
47,839
22,263
85,638
49,031
259,712		 Trust
2022
£
56,336
-
26,148
25,425
5,698
83,755
197,362		 Trust
2021
£
54,941
-
10,571
22,263
6,753
37,003
131,531

Deferred income constitutes lettings income received in advance of £500 (2021 - £1,000). The amount released in the year was £500 (2021 - £NIL).

Page 42

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

21. Creditors: Amounts falling due after more than one year

Group
2022
£
Bank loans
499,857
Net obligations under finance lease and hire
purchase contracts
54,937
554,794
Included within the above are amounts falling due as follows:
Group
2022
£
Between one and two years
Bank loans
57,766
Between two and five years
Bank loans
182,243
Over five years
Bank loans
259,848		 Group
2021
£
556,531
79,837
636,368
Group
2021
£
56,336
173,333
326,862		 Trust
2022
£
499,857
54,937
554,794
Trust
2022
£
57,766
182,243
259,848		 Trust
2021
£
556,531
79,837
636,368
Trust
2021
£
56,336
173,333
326,862

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Group Group Trust Trust
2022 2021 2022 2021
£ £ £ £
Repayable by instalments 259,848 326,862 259,848 326,862

The Royal Bank of Scotland loan is secured by way of a legal mortgage on the Forum Buildings and a fixed charge over the charitable company's fixed assets. Interest is charged at 2.24% over the bank base rate. At the year end the bank base rate was 0.75%.

Page 43

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
E Puddiford
Legacy
Youth Ministry
Support Fund
Youth Media
Fund
Ministry Fund /
Youth & Children
General funds
General Fund
Bath Forum
Limited
Bath Box Office
Limited
Total
Unrestricted
funds		 Balance at 1
April 2021
£
12,439
583
4,260
6,333
23,615
2,610,937
77,309
-
2,688,246
2,711,861		 Income
£
-
-
-
-
-
710,128
813,271
133,834
1,657,233
1,657,233		 Expenditure
£
(6,500)
(200)
-
-
(6,700)
(696,023)
(789,262)
(131,060)
(1,616,345)
(1,623,045)		 Taxation
£
-
-
-
-
-
-
(227)
-
(227)
(227)		 Transfers
in/out
£
-
-
-
-
-
2,807
-
-
2,807
2,807		 Balance at
31 March
2022
£
5,939
383
4,260
6,333
16,915
2,627,849
101,091
2,774
2,731,714
2,748,629

Page 44

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Statement of funds (continued)

Restricted
funds
Support during
homelessness
Gifts to
individuals
beyond Life
Church Bath
Gifts to
individuals in Life
Church Bath
Ministry projects
within Life
Church Bath
Gifts to
Organisations
Hardship Fund
Government
CJRS Scheme
Total of funds		 Balance at 1
April 2021
£
7,594
5
86
4,309
453
8,903
-
21,350
2,733,211		 Income
£
-
3,500
27,119
11,682
14,936
8,985
2,807
69,029
1,726,262		 Expenditure
£
(213)
(3,500)
(25,709)
-
(14,946)
(13,876)
-
(58,244)
(1,681,289)		 Taxation
£
-
-
-
-
-
-
-
-
(227)		 Transfers
in/out
£
-
-
-
-
-
-
(2,807)
(2,807)
-		 Balance at
31 March
2022
£
7,381
5
1,496
15,991
443
4,012
-
29,328
2,777,957

Page 45

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Statement of funds (continued) Statement of funds - prior year

Unrestricted
funds
Designated
funds
E Puddiford
Legacy
Youth Ministry
Support Fund
Youth Media
Fund
Ministry Fund /
Youth & Children
General funds
General Fund
Bath Forum
Limited
Total
Unrestricted
funds		 Balance at
1 April 2020
£
12,439
583
4,411
6,333
23,766
Balance at
1 April 2020
£
2,436,564
61,149
2,497,713
2,521,479		 Income
£
-
-
-
-
-
Income
£
731,444
430,886
1,162,330
1,162,330		 Expenditure
£
-
-
(151)
-
(151)
Expenditure
£
(566,991)
(393,709)
(960,700)
(960,851)		 Taxation
£
-
-
-
-
-
Taxation
£
-
(21,017)
(21,017)
(21,017)		 Transfers
in/out
£
-
-
-
-
-
Transfers
in/out
£
9,920
-
9,920
9,920		 Balance at
31 March
2021
£
12,439
583
4,260
6,333
23,615
Balance at
31 March
2021
£
2,610,937
77,309
2,688,246
2,711,861

Page 46

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Statement of funds (continued)

Restricted
funds
Support during
homelessness
Gifts to
individuals
beyond Life
Church Bath
Gifts to
individuals in Life
Church Bath
Ministry projects
within Life
Church Bath
Gifts to
Organisations
Hardship Fund
Government
CJRS Scheme
Total of funds		 Balance at
1 April 2020
£
2,880
5
236
8,809
248
1,000
-
13,178
2,534,657		 Income
£
43,559
-
1,340
-
17,780
22,136
9,920
94,735
1,257,065		 Expenditure
£
(38,845)
-
(1,490)
(4,500)
(17,575)
(14,233)
-
(76,643)
(1,037,494)		 Taxation
£
-
-
-
-
-
-
-
-
(21,017)		 Transfers
in/out
£
-
-
-
-
-
-
(9,920)
(9,920)
-		 Balance at
31 March
2021
£
7,594
5
86
4,309
453
8,903
-
21,350
2,733,211

Page 47

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

22. Statement of funds (continued)

Description of funds

Unrestricted funds Tithe of Revenue

Bath Christian Trust allocates a proportion of its funds to further the work of other charitable causes and Christian ministries and projects in this country and for mission overseas. These funds are distributed in accordance with the governing document of Bath Christian Trust whose objects are:

The advancement of the Christian faith in accordance with the statement of doctrines in Bath Christian Trust’s Memorandum of Association;

To relieve those in conditions of need, hardship or distress or who are aged or sick; and To promote education (including vocational training) on the basis of Christian principles.

E Puddiford Legacy

Funds to be set aside for projects furthering the advancement of the Kingdom of God.

Youth Ministry Support Fund

Funds allocated for young people in Life Church Bath to be able to pursue ministry training.

Youth Media Fund

Funds allocated for equipment and publicity required to facilitate youth events in Life Church Bath.

Ministry Fund / Youth and Children

Funds allocated to further develop the work with youth and children.

Restricted funds

Support during homelessness

Helping people during periods of transition during accommodation difficulties.

Philippines - supporting the poor

Life Church Bath supports the work of one of our church members who lives and works in and around Ozamiz City with the Happy Church. She runs many projects and initiatives to build people up in their Christian faith and help them work their way out of the poverty trap that the people of that nation find themselves in. Various people within the church have become involved in raising the profile of, and funds for, relief and development there, as well as towards the main aim, which is to encourage the Filipino Christians in their faith.

Gifts to Individuals within and beyond Life Church Bath Donations that were requested to be transferred to individuals.

Ministry Projects within Life Church Bath

Gifts given to fund the various ministries within Life Church Bath, including Worship, Prayer, Church Planting and working with people from overseas.

Gifts to organisations

Gifts given to support the work of various organisations which share the same charitable objectives.

Hardship Fund

A fund that can be used to help individuals and families, both locally and further afield, who are experiencing financial difficulty during the pandemic and other situations that create hardship.

Page 48

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

23. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2021
£
23,615
2,688,246
21,350
2,733,211		 Income
£
-
1,657,233
69,029
1,726,262
Income
£
-
1,162,330
94,735
1,257,065		 Expenditure
£
(6,700)
(1,616,345)
(58,244)
(1,681,289)
Expenditure
£
(151)
(960,700)
(76,643)
(1,037,494)		 Taxation
£
-
(227)
-
(227)
Taxation
£
-
(21,017)
-
(21,017)		 Transfers
in/out
£
-
2,807
(2,807)
-
Transfers
in/out
£
-
9,920
(9,920)
-		 Balance at
31 March
2022
£
16,915
2,731,714
29,328
2,777,957
Balance at
31 March
2021
£
23,615
2,688,246
21,350
Summary of funds - prior year
Designated
funds
General funds
Restricted funds		 Balance at
1 April 2020
£
23,766
2,497,713
13,178
2,534,657
2,733,211

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2022
£
2,898,784
1,209,859
(805,220)
(554,794)
2,748,629		 Restricted
funds
2022
£
-
29,328
-
-
29,328		 Total
funds
2022
£
2,898,784
1,239,187
(805,220)
(554,794)
2,777,957

Page 49

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

24. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
2,920,027
687,914
(259,712)
(636,368)
2,711,861		 Restricted
funds
2021
£
-
21,350
-
-
21,350		 Total
funds
2021
£
2,920,027
709,264
(259,712)
(636,368)
2,733,211

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities
26.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 Group
2022
£
44,746
30,979
(26)
(5,020)
(55,865)
485,672
500,486
Group
2022
£
985,155
985,155		 Group
2021
£
198,554
31,793
(114)
2,234
5,316
20,213
257,996
Group
2021
£
516,117
516,117

Page 50

BATH CHRISTIAN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

27. Analysis of changes in net debt

At 1 April At 31 March
2021 Cash flows 2022
£ £ £
Cash at bank and in hand 516,117 469,038 985,155
Debt due within 1 year (54,941) (1,395) (56,336)
Debt due after 1 year (556,531) 56,674 (499,857)
Finance leases (102,100) 21,738 (80,362)

28. Pension commitments

The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension cost charge represents contributions payable by the Trust to the fund and amounted to £20,052 (2021 - £12,558). Contributions totalling £4,181 (2021 - £4,933) were payable to the fund at the balance sheet date and are included in creditors.

29. Finance lease commitments

Minimum lease payments fall due as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2022
£
37,177
76,055
113,232		 Group
2021
(restated)
£
37,177
113,232
150,409		 Trust
2022
£
37,177
76,055
113,232		 Trust
2021
(restated)
£
37,177
113,232
150,409

Page 51