Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 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 2024 ? Bishop Fleming
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and Administrative Details of the Charity, its Trustees and Advisers Trustees. Report Trustees. Responsibilities Statement 14 Independent Auditors. Report on the Financial Statements 15-18 Consolidated Statement of Financial Activities 19 Statement of Financial Position 20 Charity Statement of Financial Position 21 Consolidated Statement of Cash Flows 22 Notes to the Financial Statements 23-45
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees S Harrison, Chair (Resigned 10 December 2024) S J Durrant B Hamer R M Jacobs A G King (Resigned 10 December 2024) W Moore D J Reynolds R E Martin (appointed 4 December 2023) C Kinnear (appointed 10 Dember 2024) Company registered number 04122782 Charity registered number 1085602 Registered office la Forum Buildings St James Parade Bath BA1 1UG Independent auditors Bishop Fleming LLP Chartered Accountants 10 Temple Back Bristol BS16FL Bankers The Royal Bank of Scotland East Street Leicester LE16NB Solicitors Stone King LLP Upper Borough Court (UBC) Upper Borough Walls Bath BA1 1RG Page 1
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report together with the audited financial statements of Bath Christian Trust for the year 1 April 2023 to 31 March 2024. 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 Ihe 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 accordan 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 Objects In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benefit and in particular to its supplementary public benefrt guidan on charities for the advancement of religion. The Objects of the Trust are: To advance the Christian faith and the worship of God To relieve persons in need, hardship or distress, or who are aged or sick To promote or provide education on the basis of Christian principles Aims The aims of the Trust are to". Seek the presence of God by Holy Spiril led gatherings, prophetic ministry, and prayer Bring the gospel of Jesus Christ to the cty, the region, and overseas Provide pastoral care for church members Serve the people of Bath via social action projects Train children and youths into the ways of God Provide assistance to those in need, whether in the church, or the city, or overseas Page 2
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Specific objectives which were set for 2023124 Build the life of the church with two new Sermon series with inward and oulward focus Light in the City - impacting those around us Tent-Table-Temple- a fresh look at the Importan of various aspects of Christian life Continue to develop the leadership team and explore the roles of eldership and leadership Discipleship - One addition to the pastoral team will bring a focus on strengthening the health of discipleship within the Church. Life group leadership meetings will recommence with a planned schedule for teaching and training in 2024. The 'Tent. Table. Temple, series aims to stir the church community into deeper discipleship across personal connection with God, vibrant life group fellowship, and enriched church gatherings. Looking into 2024, we forecast steady growth in church members joining life groups and the equipping and releasing of new life group leaders. Build a church community that is focused on being active and confident in faith, carrying a sense of well motivated engagement and increased mutual responsibility across a multi generational and geographically dispersed congregation. This will be achieved by= o Strengthening and extending departmental responsibilities that focus and channel activity and ministry- o Strengthening and increasing the coverage of life groups across the church keeping people connected and engaged in the church community: prioritising the development of the children and families ministry o consolidating the work with youth. students and young adults, older people building on the Kickstart program, engaging with those attracted to the church and its influence in the city and surrounding region: o ensuring that a pastoral team is in pla, equipped and resOUrd to maintain a safe and supportive environment for a growing community deliver events that strengthen the community eg build on the success of previous year's church camp Continue to maintain an online presence for the Church and so extend the influence of the Church and its ministries Continue to foster and develop open, positive relationships within the wider Christian and church community in Bath Support the income generalion of the trading activities by establishing a stronger, clearer brand on a local and regional level. in order to retain customer visits in an expected more crowded market Procure academic reports to demonstrate local economic impact on the city so as to secure our standing and Influen in future city wide decisions that could affect us eg local night time economy transport plan Consolidate an emerging ticket-booking fee rebate scheme to provide an additional income stream Continue growing strategic local partnership relationships to seek out funding that becomes available as the public purse regenerates post-covid and which will benefit growih of the charity s objectives. Grant making policies The allocation of grants is proposed by the church leader and approved by the Trustees. Gifts are split beeen local, national, and international ministries. The Trust supports only those ministries which have an established relationship with the church, and which will use the funds in accordan with the Trust's Objects. Vvhere possible grants are made on a regular basis throughout the year, so that recipients can plan effectively. Page 3
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Main activities undertaken to further the charity's purposes for the public benefit The Trust can demonstrate that its activities deliver Public Benefit in the following ways.. Activities undertaken to rovide Public Benefit Class of Public Benefit Trust Ob"ect: Advancement of Christian faith and worshi Sunda meetin s for worshi and teachin en meetin s to celebrate Christian festivals Christmas & Easter Conferences and schools coverin a wide ran e ofto ics Youth work, includin re ular meetin of various es Small fellowshi rou s for sharin and learnin of God Advancement of reli Advancement of reli Advancement of reli Advancement of reli Advancement of reli ion ion ion ion ion Trust Ob-ect: Relief of ersons in need. hardshi or distress, or who are a ed or sick Pra on the streets for eo le in need or who are ill Advancement of reli Visitin and carin for the sick and elderl Prevention and relief of Financial and spiritual support for missionary work in the UK and overseas Support for the Genesis Trust and others helping Ihe poor and homeless ion ove Prevention and relief of poverty Prevention and relief of poverty Trust Ob"ect: Promotion of education on the basis of Christian rinci les Children & outh re ularl tau ht to live accordin to Biblical rinci les Advanment of education ACHIEVEMENTS AND PERFORMANCE Key financial perfonnance indicators in 2023124 Tithes and offerings: income overall was a 4 % increase compared to the previous year figure, arising from a few significant one-off donations Within the trading subsidiaries, the year built on the previous year recovery from the pandemic with an increase in turnover of 3 % on trading activities Cash balances.. close attention to budget projections and cash flow forecasts continue on a weekly basis and cash balances remain closely aligned with Trust policies. b) Review of activities in 2023124 Build the life of the church with two new Semion series with inward and outward focus Light in the City- impacting those around us Tent-Table-Temple - a fresh look at the importance of various aspects of Christian life The Light in the City sermon series concluded and the church continues to look at ways to positively reach out to the city of Bath. Outreaches included the Bath Half Marathon. The Polar Express Christmas Outreach. a Good Friday children's event in collaboration with other churches in the city and ongoing dialogue with Genesis Trust in the city, who we support monthly. The Tent-Table-Temple series began in the Aulumn with a fresh look at discipleship and the formation of our Christian life. Feedback from the congregation has been encouraging Wlth many reporting the teaching to be challenging and provoking. Page 4
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Continue to develop the leadership team and explore the roles of eldership and leadership The Senior Leadership team was re-established in the second half of 2023 and have met weekly to discuss church vision and direction. The re*stablishment of an eldership team remains a topic of planning and prayer. Discipleship - One addition to the pastoral team will bring 8 focus on strengthening the he81fh of disGipleship within the Church. Life group leadership meetings will recommenGe with a planned schedule for teaching and training in 2024. The 'Tent. Table. Temple, series aims to stir the church community into deeper discipleship across personal connection with God, vibrant life group fellowship, and enriched church gatherings. Looking into 2024, we forecast steady growth in church members joining lrfe groups and the equipping and releasing of new life group leaders. The church community has embraced the Tent-Table-Temple teaching series. Leaders within the church have seen an increase in the congregation willing to engage in healthy communication, reconciliation and confrontation. Life Groups have had an increased profile through the Sunday teaching series, and as a result four new groups have started, with several further individuals emerging as potential group facilitators. The leaders have been meeting bi-monthly for training and equipping including a retreat day in March. Build a church community that is focused on being active and confident in faith, carying a sense of well motivated engagement and increased mutual responsibility across a multi generational and geographically dispersed Gongregation. This will be achieved by.. o Strengthening and extending departmental responsibilities that focus and channel activity and ministry," o Strengthening and increasing the coverage of life groups across the church keeping people connected and engaged in the church community," prioritising the development of the children and families ministry consolidating the work with youth, students and young adults, older people building on the Kickstart program, engaging with those attracted to the church and its influence in the city and surrounding region,. o ensuring that a pastoral team is in place. equipped and resourced to maintain a safe and supportive environment for a growing community deliver events that strengthen the community eg build on the success of previous year's church camp In FY 23124. the church went through significant staff turnover. Five new staff members have joined the team, bringing great experien and enlhusiasm to their respective roles. The church continues to focus heavily on the children's. youth and young adult ministries The children's ministry has continued to develop with a new children's and families pastor who has developed the church's all age services, redeveloped the Sunday school curriculum, and started 'Launchpad', a regular social event for children to connect. The youth ministry has enjoyed a busy year with the planning of a city-wide youth outreach event which saw thousands of school children across Bath reached in a week of assemblies and a Friday night event at the Forum. Recruitment of a young adult pastor facilitated the relaunching of a young adults and students ministry. with 20-30 Young Adults attending regular weekly gatherings. Despite a rainy few days, the 2023 Church Camp brought a great sense of community and brought many families together. Plans for the 2024 church camp are well underway with aims to build on the successes and boost attendance. Page 5
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Continue to maintain an online psen for the Church and so extend the influence of the Church and its ministries The church continues to stream its weekly meetings online with work UndeaY to improve the audio quality. The church has also improved the ease in which those watching ServIS online can give financially to the church. Continue to foster and develop open, positive relationships within the wider Christian and church community in Bath Developing strong ecumenical partnerships remains a core value for the church leadership, with leaders from the church attending various leaders gatherings and prayer meetings in a variety of contexts across the city. The church also continues to host a city wide worship night once a month (The Well) which is well attended by a number of congregations from across the city. Support the income generation of the trading activities by establishing a stronger, clearer brand on 8 local and regional level. in order to retain customer visits in an expected more crowded market The Commercial Team used the Forum Building's 90th Birthday as the lynch pin around which to establish this. The opening of another local venue has enabled us to identify clear brand differences, driving a local preference for our venue. Ticket sales are reflective of this work but we are very conscious of needing to maintain this effort on an ongoing basis. Procure academic reports to demonstrate local economic impact on the city so as to secure our standing and influence in future city wide decisions that could affect us eg local night time economy transport plan We produced an impact report and passed this on to the relevant parties and plan to do so on an on going basis. Consolidate an emerging ticket-booking fee rebate scheme to provide an additional income stre8m This has been achieved and income is being generated as expected. Continue growing strategic local partnership relationships to seek out funding that becomes available as the public purse regenerates post-covid and which will benefit growth of the charity's objectives. Our partnerships continue lo develop and are in a strong position, but post-covid the funding opportunities are yet to be realised. This work is ongoing. General activities Regular meetings for church members, with a strong emphasis on Spirit-led worship and Bible-based teaching. Sunday seNices are available live on the internet Small groups, where people meet informally for friendship. study and maybe food and support Training schools and conferences for church members and visitors Youth & children's meetings and activities Student and young adult ministry Inner healing ministry operating to the wider Christian communrty Support for the poor and needy in the cty working with other agencies Support for the elderly Page 6
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Factors relevant to achieve objectives in 2023124 and ongoing The age distribution and profile of the church membership and congregation, notably maintaining a balance between: o a vibrant student and young adult membership contrasting with an older mature and aging membership o a mix of young and economically active families a prominent central location that engages with members of the homeless and socially deprived city centre communities The economic pressure on families and young adults to locate in areas of cheaper housing outside the city limits. plus the wider area impact of the church ministry which means that over 400/0 of church members live outside the city limits The impact of social media and internet communications that challenges the nature, identity and fundraising models of church and its corporale expression The effects of the global pandemic on all the aspects mentioned above FINANCIAL REVIEW Going concern Income from Donations remains robusl with a slight increase over previous year figures. Recovery from the global pandemic continues and the return to live evenls has enabled the organisation 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 organisation. 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 concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 7
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 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 thal 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 organisation has reviewed systems and processes during the coronavirus pandemic and continue to monitor associated risks. Risk A significant reduction in the level of financial giving by church attendees. Miti ation Prompt and accurate financial reporting and communication. Adapt Church meeting plans, maintain good comms to sustain regular income and reduce costs 8nd staffing where possible. staffing structure Continues to be monitored, taking a view on the pressure points in staffing in all areas of the organisation Dilapidations schedule regularty reviewed and ongoing action plan monitored,. capital investment program drafted Venue Manager continues to liaise with promoters and key hirers to manage events in the light of govemment guidelines, monitoring adverse financial consequences,. and trends in bookings so as to adjust staffing levels and costs as appropriate. 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 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 sensitivifies through pastoral connection and encouragement, and use of online presence and social media Public Liability insurance. Health & Safety, and Child/Youth Guidelines Safeguarding procedures fo be updated and publicised and staff training to review issues, particularly relating to the risks fo children relating to emotional and physical well being Good HR practices including appraisals, regular communication, personnel development, succession planning, identification of single points of failure and res ective contin enc lans. Stress on staff and key individuals., claims for damages,. impact on staff morale and reputation Failure of significant systems or equipment and failure to upgrade Commercial failure of lettings strategy Terrorism attack A significant reduction in the number of church members. Injury to personnel sustained through church andlor commercial activities. Harm or abuse to individual childlchildren andlor vulnerable adult (increasing number of children and youth) Key employees or volunteers leave Page 8
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Reserves policy The Reserves Policy of the Trustees is established so as lo 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 lo 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. A review of the level of reserves is pending, considering the change in size and scope of the activities of the organisation Sin the last review. The total reserves at 31 March 2024 were £2.922,483 (2023 £2.935,933) of which £2,775,916 (2023 2,628.528) relate to the General Fund. £96,001 (2023 £103.865) related to the subsidiary, £13,415 (2023 - £13,415) related to Designated Funds and £37,071 (2023 £28,775) 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 2024 were £349,939 (2023 - £499,156) which represents a surplus of £199,939 (2023 - £349,156) compared to the Reserves Policy. d) Principal funding The main source of Trust income was from tithes and offerings from church members and visitors, which, with the tax recoverable on these gifts, totalled £863,550 (2023 £832,239). This income enabled the Trust to operate according to its Objects. Bath Forum Ltd and Bath Box Office Ltd provided significant revenue from their trading activities totalling £1,588.406 (2023 - £1.540.051) Other income of £20,636 (2023 £7,191) arose mainly from charitable acttvities £17,235 {2023 £6,020), investment income £2,737 (2023 - £729). and olher income £664 (2023- £442). The net movement of funds during the year was an decrease of £13,450 compared with an increase in the previous year of £157,974. Investment policy The general approach of Ihe charity is to adopt a risk-free stance towards investment activities. Cash resenies are held in interest bearing bank deposit accounts. STRUCTURE. GOVERNANCE AND MANAGEMENT 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 andlor 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 lo consider possible improvements to governance and management practices. Page 9
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Forum is a grade 2. listed 1930's (ex<inema) 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 Trusl 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*lection for a further 4 years before retiring. Trust Membership is open to any individual interested in promoting the Objects of the Trust, and who is approved by the Trustees. 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. Pay policy for senior staff Bath Christian Trust is committed to ensuring that slaff 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. 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 advi on legal, financial and building matters is sought when necessary. Page 10
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees reserve the following matters to themselves for decision-making: Approval of the operating plan and budgel Changes to accounting policies Authorisation of major capital expendrture Borrowing facilities Principal terms and conditions of employmenl, and recruitment of senior managers Changes to church policies 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 volunleers. and exercising risk management procedures. At the end of March 2024 the Trust employed 17 full-time and 11 part-time staff. Volunteers play a critical role in maintaining the aclivities of the Trust. At the end of March 2024 there were approximately 690 church members (2023 - 689), including youth and children, most adults were involved in some form of church activity. Approach to corporate governance The Trust seeks to comply with established best practi. It believes that the highest standard of integrity is essential throughout the Trust's operations. g) Related party relationships Bath Christian Trust owns 100 % of the share capital of Bath Forum Limited. The principal activities of the company is hiring out of the Forum for events. This is part of the strategy for using the Forum as a great meeting place in Ihe heart of the city. All taxable profits will be gift aided to Bath Christian Trust. Bath Christian Trust owns 100Yo of the share capital of Bath Box Office Limited. The principal activity of the company is to sell tickets for events as a supporting aclivity 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 Bath, 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. Page11
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Principal Objectives for 2024125 Build the life of the church with the ongoing Tent-Table-Temple series which aims to stir the church community into deeper discipleship across personal connection with God, vibrant life group fellowship, and enriched church gatherings. Create a historic documented narrative for 'The Origins of Life Church Bath, Continue to develop the leadership team and explore the roles of eldership and leadership Continue to focus on strengthening the health of discipleship within the Church with a planned schedule for teaching and training aiming for steady growth in church members joining life groups and the equipping and releasing of new life group leaders Continue to build a church community that is focused on being active and confident in faith. carrying a sense of well motivated engagement and increased mutual responsibility across a multi generational and geographically dispersed congregation. This will be achieved by.. o Strengthening and extending departmental responsibilities that focus and channel activity and ministry- o Strengthening and increasing the coverage of life groups across the church keeping people connected and engaged in the church community; prioritising the development of the children and families ministry o consolidating the work with youth. studenls and young adults, older people building on the Kickstart program, engaging with those attracted to the church and its Influen in the city and surrounding region., o ensuring that a pastoral team is in pla, equipped and resOUrd to maintain a safe and supportive environment for a growing community delivering events that strengthen Ihe community eg build on the success of previous yearfs church camp Continue to maintain an online presence for the Church and so extend the influence of the Church and its ministries Continue to foster and develop open, positive relationships within the wider Christian and church community in Bath Support the income generation of the trading aclivities by continuing to establish a stronger, clearer brand on a local and regional level. in order to retain customer visits Continue to procure academic reports to demonstrate local economic impact on the city so as to secure our standing and influence in future city wide decisions that could affect us Look for ways to generate new income streams Continue growing strategic local partnership relationships to seek out funding that becomes available and which will benefit growih of the charity's objectives Infonnation 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 fvndraising activities on its behalf. Page 12
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of information to auditor Each of the persons who are Trustees at the time when Ihis Trustees, Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps thal oughl to have been taken as a Trustee in order to be aware of any relevant audit information and to eslablish that the charitable group's auditor is aware of that information. Auditor Subject to satisfactory conclusion in the preparation of the accounts and financial statements, the designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the board of Trustees on 1011212024 and signed on their behalf by= Innear Trustee Page 13
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the directors of the Charity 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 financial statements for each financial . 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 Group and the Charity and of their incoming reSoUrS and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounts.ng records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 14
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF BATH CHRISTIAN TRUST OPINION We have audited the financial statements of Bath Christian Trust (the 'parent charitable company,) and its subsidiaries {the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Statement of Financial Position, the Charity Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally ACpted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK}} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent charitable company'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
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF BATH CHRISTIAN TRUST (CONTINUED) OTHER INFORMATION The other information comprises the infomation included in the Annual Report other than the financial statements and our Auditors, 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 othemise appears to be matenally 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. mAERs ON WHICH 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 Trustees, Report is inconsistent in any material respect with the financial statements., or the parent charitable company has not kept sufficient accounting records., or the parent charitable company financial statements are not in agreement with the accounting records and returns- or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Group's and the parent charitable company'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 either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Page 16
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF BATH CHRISTIAN TRUST (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with 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 an Auditors, 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. 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. The extent to which our prOdureS are capable of detecting irregularities, including fraud is detailed below: We have considered the nature of the sector, control environment, and financial performance., We have considered the results of enquiries with management and trustees in relation to their own identification and assessment of the risk of irregularities within the entity., and We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to yearnd cut off. In common with all audits under ISAS (UK} we are also required to perform specific procedures to respond to the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching to material grants reiVed by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation. Our prOdureS to respond to risks identified included the following: Reviewing the financial statement disclosures and testing to supporting documentation to assess Complian with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Performing analytical prOdureS to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud" Reviewing board meeting minutes., Enquiring of management in relation to actual and potential claims or litigations., Performing detailed transactional testing in relation to the recognition of revenue, specifically grants, with a particular focus around yearnd cut off, and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgments made in accounting estimates are indicative of potential bias- and evaluats'ng the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-complian with regulation, will be detected by us. The risk Page 17
Docusign Envelope ID.. F81 E9ACF-54844564-BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF BATH CHRISTIAN TRUST (CONTINUED) increases the further removed Complian with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one off error, as this may involve intentional Conalment, forgery. collusion, omission or misrepresentation. 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.or -ukJauditorsres onsibilities. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the chantable company's members, 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 charitable company's members those matters we are required to state 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have fomed. David Butler FCA DChA (Senior statutory auditor) Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS16FL Date" 20 December 2024 Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 18
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities 805.451 17,235 1,588.406 2,737 279 69.100 874.551 17,235 1,588.406 2,737 279 832,260 6,020 1,540,087 729 34,080 other trading activities Investments other income Total income 2,414.108 69.100 2,483.208 2,413,176 Expenditure on: Raising funds Charitable activities 1,528.196 907,538 1,528.196 968,462 1,354,549 900,653 60,924 Total expenditure 2,435,734 60,924 2,496,658 2,255,202 Net lexpenditure)lincome Transfers beeen funds {21.626) (120) 8.176 120 (13.450) 157,974 20 Net movement in funds {21,746) 8,296 (13,450) 157,974 Reconciliation of funds: Total funds brought foNard Net movement in funds 2,907,158 (21.746) 28,775 8.296 2,935,933 (13.450) 2,777,959 157,974 Total funds carried forward 2,885.412 37.071 2,922.483 2,935,933 Page 19
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:04122782 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 14 2,884.438 2,884,312 2,884,438 2,884,312 Current assets Stocks 16 27.815 372,009 893.268 26,116 307,021 941,837 Debtors 17 Cash at bank and in hand 1,293,092 1,274,974 Creditors.. amounts falling due within one year 18 1864,852) 1758,5761 Net current assets 428.240 516,398 Total assets less current liabilities 3,312,678 3,400,710 Creditors.. amounts falling due after more than one year 19 1390,195) (464,7771 Net assets excluding pension asset 2,922.483 2,935,933 Total net assets 2,922,483 2,935,933 Charity funds Restricted funds Unrestricted funds 20 37.071 2,885,412 28,775 2,907,158 20 Total funds 2,922.483 2,935,933 The Trustees acknowledge their responsibilities for complying viith 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: Docuswd by. 8860C142F4CE452... C Kinnear (Trustee) Date= 1011212024 The notes on pages 23 to 45 form part of these financial statements. Page 20
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:04122782 CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 2,845.777 2,856,556 15 2,845.779 2,856,558 Current assets Debtors 17 355,273 215.689 178,863 299,131 Cash at bank and in hand 570,962 477,994 Creditors.. amounts falling due within one year 18 1219,886) 1212,4721 Net current assets 351.076 265,522 Total assets less current liabilities 3,196,855 3,122,080 Creditors.. amounts falling due after more than one year 19 1390,195) (464,7771 Net assets excluding pension asset 2,806.660 2,657,303 Total net assets 2,806,660 2,657,303 Charity funds Restricted funds Unrestricted funds 20 37,071 2,769,589 28,775 2,628,528 20 Total funds 2,806.660 2,657,303 The Charity's net movement in funds for the year was £149,357 {2023 - £(16,791) ) The Trustees acknowledge their responsibilities for complying viith 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: d8É1lC142F4CE.. C Kinnear Trustee Date= 1011212024 The notes on pages 23 to 45 form part of these financial statements. Page 21
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 8,736 (5,4111 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets 2,737 (38,303) 729 (16,8981 Net cash used in investing activities (35,566) (16,169) Cash flows from financing activities Repayments of finan leases (21,739) (21,7381 Net cash used in financing activities (21.739) (21.738) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (48,569) 941,837 (43,318) 985,155 Cash and cash equivalents at the end of the year 893,268 941,837 The notes on pages 23 to 45 form part of these financial statements Page 22
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiation 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 a registered number 1085602. Its registered office, and that of its subsidiary undertakings, Bath Forum Limited and Bath Box Office Limited, is la Forum Buildings, St James Parade. Bath, BA1 1 UG. Accounting policies 2.1 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS The financial statements have been prepared in accordan 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 infomiation relates to the year ended 31 March 2023. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Statement of Financial Position consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. 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 accordan 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 pemitted by 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 23
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.3 GOING CONCERN Various key indicators are considered by the Trustees in assessing the Trust's ability to continue as a going Conrn.. Reviewing the financial position at the year end Ongoing close attention to analysis of budget and cash flow forecasts over an extended period greater than e1ve months Continued robust revenue from charitable donations An increasing contribution of funds from the trading entities Development of new income streams After making these assessments, The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existen for the foreseeable future. For this reason they continue to adopt the going conrn basis in preparing the financial statements of the charity. 2A INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount re1Vable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be reiVed and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income reiVed for specific purposes but not expended during the period is shown in the relevant funds on the Statement of Financial Position. Where income is received in advan of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is reived, the income is accrued. Income tax recoverable in relation to investrnent income is recognised at the time the investment income is re1Vable. Other income is recognised in the period in which it is re1vable and to the extent the goods have been provided or on completion of the service. Page 24
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 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 reSoUrs. 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. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 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 concemed. 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 induded when re1vable and the amount can be measured reliably by the Group- this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.8 TAXATION The Charity 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 Charity 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. Page 25
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.9 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following bases= Long-term leasehold property Fixtures and fittings Other fixed assets 200/0 Straight line 33.30/0 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. 2.10 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 Statement of Financial Position 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 'Gainsl(Lossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.11 STOCKS Stocks are valued at the lower of cost and net realisable value after making due allowan for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.12 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. 2.13 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 acquisits'on or opening of the deposit or similar account. Page 26
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.14 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Statement of Financial Position 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 Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or ServIS 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 dIOunt 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 finan cost. 2.15 FINANCIAL INSTRUMENTS The Group only has financial assets and finanaal 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 exptIOn of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.16 FINANCE LEASES AND HIRE PURCHASE Assets obtained under hire purchase contracts and finan 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 induded in creditors, net of the finance charge allocated to future periods. The finan element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produ a constant periodic rate of charge on the net obligation outstanding in each period. 2.17 OPERATING LEASES Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease temi. 2.18 PENSIONS The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year. Page 27
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.19 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. Investment income, gains and losses are allocated to the appropriate fund. INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Tithes 647,122 50,208 647.122 50,208 69,100 108,121 649,530 40,011 34,308 108,411 Housekeeping offerings Special offerings and gifts Tax Recoverable 69,100 108,121 805,451 69,100 874,551 832,260 Total 2023 797,952 34,308 832,260 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Conferences and training 17,235 17.235 6,020 Total 2023 6,020 6,020 Page 28
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TRADING ACTIVITIES Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Charity trading income Sales 1,588,406 1,588,406 1,378,967 161,120 1,588,406 1,588,406 1,540,087 Total 2023 1,540,087 1,540,087 INVESTMENT INCOME Unrestricted funds 2024 Total funds 2024 Total funds 2023 Bank Interest 2,737 2,737 729 Total 2023 729 729 OTHER INCOMING RESOURCES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other incoming resources 279 279 34,080 Total 2023 34,080 34,080 Page 29
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF GRANTS Grants to Grants to Institutions Individuals 2024 2024 Total funds 2024 Total funds 2023 Grants, Advancement of the Christian Faith and Education 39,297 49,707 89,004 99,168 Total 2023 60,934 38,234 99,168 The Group has made the following material grants to institutions during the year.. 2024 2023 Name of institution Philippines Project Life Stream Ministries 16,115 11,806 35,374 2,160 1,500 1,800 Calvary Tower Links International Genesis Trust 2,160 1,800 2.250 2,467 14.085 420 Rebuild Consultants Mercy in Action Widcombe PCC 3,794 2,300 2,200 Others (less than £1,000) 39.297 60,934 39,297 60,934 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Advancement of the Christian Faith and Education 299,214 89,004 580,244 968,462 900,653 Total 2023 306,929 99,168 494,556 900,653 Page 30
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued) Analysis of direct costs Total funds 2024 Total funds 2023 Activities 2024 Staff costs Ministry support 237,464 61,750 237,464 61.750 246,979 59,950 299,214 299,214 306,929 Total 2023 306,929 306,929 Page 31
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES (continued) Analysis of support costs Total funds 2024 Total funds 2023 Wages and salaries Depreciation Premises costs 71,749 17,585 201,187 19.770 4,497 4.506 8,069 7.546 26,122 13,406 17,313 5.275 34,358 36,081 7,288 24,241 10,039 37.776 186 33,250 69,887 16,722 152,680 24,136 3,201 7,174 6,573 5,246 30,461 15,924 17,297 4,450 23,187 26,093 7,246 18,832 8,578 31,033 868 24,968 Repairs and maintenance Amounts payable under operating leases Printing, postage and stationery Telephone Computer and website costs Training and cOnferenS Fellowship and catering Travelling expenses Bank charges Loan interest Legal and professional charges Interest on leading boilers Miscellaneous Equipment and consumables Irrecoverable VAT offi Supplies Governan costs 580,244 494,556 10. GOVERNANCE COSTS 2024 2023 Auditors, remuneration Strategic planning Staff costs Social security costs Pension costs 26,950 6,300 21,839 1.129 778 24,968 6,000 22,161 1,726 811 56,996 55,666 Page 32
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. AUDITORS. REMUNERATION 2024 2023 Fees payable to the Trust's auditor and for the audit of the Trust and its subsidary's annual accounts Fees payable to the Charity's auditor in respect ot. All non-audit services not included above 21.300 16,968 5,650 8,000 12. STAFF COSTS Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 977.891 55,810 895,432 55,156 282.964 16,179 284,387 22,161 28.651 26,669 10.070 10,318 1,062,352 977,257 309,213 316,866 10 % of staff costs £23,746 (2023: £24,698) are also governance costs. The average number of persons employed by the Charity during the year was as follows: Group 2024 No. Group 2023 No. Furtherance of the Christian Faith and Education 30 30 No employee reiVed remuneration amounting to more than £60,000 in either year. During the year 13 people were considered to be key management persorrnel {2023.' 10). The remuneration and benefits paid to key management personnel in the year was £276,558 (2023.. £244,112}. During the year, Trustees and their related parties made donations of £98,259 (2023: £89,498). Page 33
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. TRANSACTIONS WITH TRUSTEES Expenses amounting to £11,463 (2023: £13,395, one Trustee) were paid on behalf of one Trustee to cover motor and travel expenses (including ministry travel), telephone costs and training expenses. Nil (2023.. Nil) was paid to Trustees for other business expenditure. As well as being a Trustee, D Reynolds is the Oversight 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 £64,000 (2023.. £105,000) were made to Life Stream Ministries being £52,000 as tithe of revenue and £12,000 as sb'pend. Payments totalling £13,485 (2023.. £13,236) were made by the Trust for rental accommodation for D Reynolds and his family during the year. 14. TANGIBLE FIXED ASSETS Group Long-temi leasehold Fixtures and Other fixed property fittings assets Total Cost or valuation At 1 April 2023 Additions 2.768.267 944.378 38,303 3,311 3.715,956 38,303 At 31 March 2024 2.768.267 982.681 3,311 3.754,259 Depreciation At 1 April 2023 Charge for the year 828,333 38.177 3,311 831,644 38,177 At 31 March 2024 866,510 3,311 869,821 Net book value At 31 March 2024 2.768,267 116.171 2,884,438 At 31 March 2023 2,768,267 116,045 2,884,312 Page 34
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. TANGIBLE FIXED ASSETS {continued) Charity Long-terni leasehold Fixtures and property fittings Total Cost or valuation At 1 April 2023 Additions 2,768.267 692,934 7,482 3.461,201 7,482 At 31 March 2024 2,768.267 700,416 3.468,683 Depreciation At 1 April 2023 Charge for the year 604,645 18,261 604,645 18,261 At 31 March 2024 622,906 622,906 Net book value At 31 March 2024 2,768.267 77,510 2.845,777 At 31 March 2023 2,768,267 88,289 2,856,556 Page 35
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. FIXED ASSET INVESTMENTS Investments in subsidiary companies Charity Cost or valuation At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 PRINCIPLE SUBSIDIARIES The following were subsidiary undertakings of the Charity: Names Company number Class of shares Holding Included in consolidation Bath Forum Limited Bath Box Office Limited 08434485 13145769 Ordinary Ordinary 100% Yes 100% Yes The financial results of the subsidiaries for the period were= Names Income Expenditure ProfiU(Loss) I Surplusl (Deficit) for the period before gift aid Net assets Bath Forum Limited Bath Box Office Limited 1.381,483 206.923 {1,338,515) {203,631) 42,968 3,292 112,532 3,293 Page 36
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. STOCKS Group 2024 Group 2023 Finished goods and goods for resale 27,815 26,116 17. DEBTORS Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable 239.672 126,756 7,939 8,249 35,919 214,742 49.746 107,521 232,847 38,255 35,919 6.736 107,521 372.009 307,021 365.273 178,863 Page 37
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans Trade creditors 69,129 526.976 120,462 69,129 454,869 62,098 69,129 69,129 Other tsxation and social security Obligations under finance lease and hire purchase contracts Other creditors Accruals and deferred income 61,543 15,893 28,985 15.107 104.193 28,030 12,954 131,496 28,985 12,025 48,204 28,030 11,353 88,067 864.852 758,576 219,886 212,472 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans 382.296 434,184 382.296 434,184 Net obligations under finance lease and hire purchase contracts 7,899 30,593 7,899 30,593 390.195 464,777 390.195 464,777 Included within the above are amounts falling due as follows: Group 2024 Group 2023 Charity 2024 Charity 2023 Between one and two years Bank loans 69,129 69,129 69,129 69,129 Between two and five years Bank loans 207.387 207,387 207,387 207,387 Over five years Bank loans 105.780 157,668 105,780 157,668 The bank loan is secured by a first legal charge over the leasehold property and its related assets. Page 38
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds E Puddiford Legacy Youth Ministry Support Fund Youth Media Fund 2,439 383 4.260 2.439 383 4,260 Ministry Fund l Youth & Children 6,333 6,333 13,415 13,415 General funds General Fund Bath Forum Limited 2,634,935 236,833 21,975 826,087 1,381.483 206,923 (385) 1684,906) 11,525.608) 1225,605) 385 (120) 2,775,996 92.708 3,293 Bath Box Office Limited Unallocated amounts 2,893.743 2,414.108 12,435.734) (120) 2.871.997 Total Unrestricted funds 2,907.158 2,414.108 12,435.734) (120) 2.885,412 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 7,381 7,381 1,496 5,976 15,438) 130) 2,004 15,870 818 3,205 32.418 20.327 10.379 (25.334) (19,452) (10.700) 150 23,104 1,693 2,884 28.775 69.100 (60.924) 120 37,071 Total of funds 2,935.933 2,483.208 12,496.658) 2.922.483 Page 39
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds {continued) STATEMENT OF FUNDS- PRIOR YEAR Balan at 31 March 2023 Balan at 1 April 2022 Income Expenditure Unrestricted funds Designated funds E Puddiford Legacy Youth Ministry Support Fund Youth Media Fund 5,939 383 4,260 6,333 (3,500) 2,439 383 4,260 6,333 Ministry Fund l Youth & Children 16,915 (3,5001 13,415 General funds General Fund Bath Forum Limited 2,627.851 101.091 2.774 838,781 1,353,531 186,556 1831,6971 2,634,935 {1,217,7891 236,833 1167,3551 21,975 Bath Box Office Limited 2,731,716 2,378,868 (2,216,841) 2,893,743 Total Unrestricted funds 2,748.631 2.378,868 (2,220,341) 2,907,158 Page 40
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. 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 7.381 7,381 1,496 15,991 443 5,685 2,406 13,491 12,726 15,6851 (2,5271 (13,116) (13,5331 1,496 15,870 818 4,012 3,205 29,328 34,308 (34,8611 28,775 Total of funds 2,777,959 2,413,176 (2,255,202) 2,935,933 Page 41
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds {continued) DESCRIPTION OF FUNDS Unrestricted funds Tithe of revenue Bath Christian Trust allocated 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 objectives are.. The advanment 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 advanment 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 Fundl Youth and Children Funds allocated to further 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 the 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 Christian 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 vanous ministries within Life Church Bath, induding 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 and other situations that create hardship. Page 42
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 13.415 2,893.743 28.775 13,415 (120) 2,871,997 120 37,071 2,414,108 12,435,734) 69.100 (60.924) 2.935.933 2,483.208 12,496.658) 2.922,483 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Designated funds General funds Restricted funds 16.915 2,731.716 29.328 (3,500) 13,415 2.378,868 (2,216,841) 2,893,743 34,308 (34,861) 28,775 2,777,959 2,413,176 (2,255,202) 2,935,933 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,884,438 1,256,021 {864,852) {390,195) 2,884,438 1.293,092 {864,852) {390.195) 37,071 Total 2,885,412 37,071 2,922,483 Page 43
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,884,312 1,246,199 {758,576) {464,777) 2,884,312 1,274,974 (758,5761 (464,7771 28,775 Total 2,907,158 28,775 2,935,933 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 23. Group 2024 Group 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) (13.450) 157,974 Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in stocks Increase in debtors 38,177 {2.737) 11,699 (64.988) 53,433 31,372 (7291 (19,1461 (105,1471 (69,7351 Increasel {decrease) in creditors Net cash provided byllused in) operating activities 8.736 (5,4111 24. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 Group 2023 Cash in hand 893,268 941,837 Total cash and cash equivalents 893,268 941,837 Page 44
Docusign Envelope ID.. F81 E9ACF-5484456&BB7&DCC3775AOF21 BATH CHRISTIAN TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. ANALYSIS OF NET CHANGES IN DEBT At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 941,837 (82.083) 1434,184) (58.623) (48,569) {2,153) 51,888 21.739 893,268 (84.236) {382,296) (36.884) 366,947 22,905 389,852 26. 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 fvnd and amounted to £28,651 {2023'. £26,669). Contributions totalling £10.860 (2023= £9,194) were payable to the fund at the balance sheet date and are included in creditors. 27. FINANCE LEASE COMMITMENTS At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years 28.985 7,899 28,030 30,593 28.985 7,899 28,030 30,593 36,884 58,623 36.884 58,623 Page 45