THE BARWELL BAPTIST TRUST
Report of the trustees for the year ended 5 April 2023
The trustees have pleasure in presenting their report and the financial statements of the Barwell Baptist Trust for the year ended 5 April 2023.
Reference & Administrative Details
Barwell Baptist Trust is a registered Charity, No 1088363. The operating address of the charity is: 8 Fairleigh Rise, Kington Langley, Chippenham, Wilts. SN15 5QF
The trustees of the charity during the year were as follows:
H Mercer P J Pocock P S Hare P T Hanks
Responsibility
The responsibilities of the trustees under the Charities Act 2011 are as follows:
- a. To prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust’s funds and of the surplus or deficit for that period.
In preparing these financial statements the trustees will:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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comply with applicable accounting standards subject to any material departures disclosed and explained in the financial statements.
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b. To keep proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust.
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c. To safeguard the assets of the Trust and to take reasonable steps for the prevention and detection of fraud and other irregularities.
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d. To apply the resources of the Trust with complete fairness to meet their charitable objectives.
Structure, Governance and Management
The Trust is an unincorporated association governed by its Trust Deed, and administered by its Trustees. New trustees are appointed from time to time by the vote of the existing trustees.
Objectives and Activities
The Trust is governed by a Trust Deed dated the 1 February 1988. The name of the charity was changed on 17 July 2001 from The Barwell Trust to The Barwell Baptist Trust. The objects of the Trust are:
- a. To give financial help to aged or infirm ministers of religion who willingly subscribe to the
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religious tenets of the Gospel Standard Baptists and to the wives, widows and other dependants of such ministers and of retired or deceased ministers.
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b. To give financial help to such ministers irrespective of age who may be incapacitated by illness.
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c. To give financial help to those in need through age, infirmity, incapacity or otherwise who have been members of or regular attenders at a Gospel Standard Strict Baptist place of worship for at least three years.
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d. To give financial help to members of or regular attenders at a Gospel Standard Strict Baptist place of worship for at least three years who are unable to meet the cost of convalescence after illness, provided that in all such cases the recipient willingly subscribed to the religious tenets of the Gospel Standard Baptists.
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e. The provision of financial or other assistance rewards erecting, equipping, maintaining and assisting generally places of worship in which the said religious tenets and principles are followed.
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f. To provide extra comforts or financial assistance for needy friends of any age who are members of or regular attenders at a Gospel Standard Strict Baptist place of worship who are not eligible for benefit under any other object clause hereof and who willingly subscribe to the said religious tenets and principles.
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g. The provision of financial or other assistance in printing and publishing literature approved by the trustees as being in furtherance of the said religious tenets and principles.
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h. The provision of financial or other assistance in acquiring, building, equipping and maintaining educational establishments which are, in the opinion of the trustees, founded on a sound Christian basis.
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i. The provision of financial help to homes or alms houses or to the acquiring, building, equipping and maintaining of such homes and alms houses for the aged and infirm persons who are, or have been, members of or regular attenders at Gospel Standard Strict Baptist places of worship.
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j. The provision of financial or other assistance to enable the children of such ministers of religion as aforesaid and/or of members of or regular attenders at a Gospel Standard Strict Baptist place of worship to attend private educational establishments.
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l. The provision of financial or other assistance in connection with the purchase and distribution of books worldwide.
The trustees receive recommendations and requests for financial assistance and these are carefully considered. The financial circumstances of each case are enquired into before a decision is made by the trustees. Where there is a continuing need a regular payment may be appropriate or in the case of a particular need a single payment may be made.
Achievements and Performance
The trustees continue to seek further ways of fulfilling the objects of the charity to a greater degree. The trustees acknowledge their responsibility to fulfil these objects and opportunities to give financial help to those in need who are eligible under the terms of the trust deed have been pursued. During the year an increased amount of the income of the charity has been utilised in giving grants to individuals. The charity’s investment property continues to facilitate the provision of accommodation to beneficiaries at less that the market rental. Additional use of the available funds continues to be under consideration. A number of proposals have been considered and some help has been given particularly to students and people with disabilities. An area where the trustees are considering giving assistance is young people who in the present economic climate find themselves in some difficulty.
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How the Trust delivers public benefit
The trustees are conversant with the guidance issued by the Charity Commission on public benefit and realise the responsibility to fulfil these obligations. There are further opportunities to give financial assistance within the objects of the Trust and these will be pursued.
Financial Results
The financial statements set out the excess of expenditure over income for the year ended 5 April 2023. The trustees consider the state of the Trust’s funds to be satisfactory.
Investments
The Trust’s investments are included in the accounts at market value at the balance sheet date. The change in value over the year is included in the financial statements. The trustees’ powers in investment are by virtue of the Trustees Act 2000.
The trustees acknowledge their responsibilities to diversify investments and Evelyn Partners manage the portfolio that the charity holds. In view of the continuing turbulence in the stock market a considerable amount of funds continues to be invested in short term deposits but the trustees will reconsider the proportion of the Trust’s funds that should be held in cash when market conditions stabilise. Security of invested capital is of prime importance and the use of cash deposits helps to achieve this objective although interest rates are so low.
Risk Management
The trustees have reviewed the risks that the Trust faces and consider that checks are in place to minimise any risks that could seriously affect the charity.
Reserves Policy
The trustees continue to review the level of reserves and the use that has been made of the Trust’s income. The terms of the Trust Deed place constraints upon the trustees but they are actively taking steps to make financial help available to needy cases who are eligible under the terms of the trust deed. A number of areas where benefit might be appropriate have been identified so that the trust will continue to provide a valued public benefit to its beneficiaries. The responsibility to promote the charitable purposes of the Trust for the public benefit is a matter to which the trustees are paying due regard.
On behalf of the trustees
H Mercer Date: 6 February 2023
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BARWELL BAPTIST TRUST
I report on the accounts of the Trust for the year ended 5 April 2023 set out on pages 5 to 10.
Respective responsibilities of trustees and independent examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 44(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts under section 145 of the 2011 Act;
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To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
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To state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect –
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D C S Cooke CHARTERED ACCOUNTANT
David Cooke & Co 5 Briar Close Banbury Oxon OX16 9DS
8 February 2024
BARWELL BAPTIST TRUST
Notes to the Financial Statements for the year ended 5 April 2023
Note 1 - Accounting Policies
(a) Basis of preparation
The Financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (2015) in accordance with the Financial Reporting Standard 102, subject to the disclosure exemptions permitted for smaller entities, and in accordance with the Charities Act 2011,
(b) Going Concern
At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
(c) Funds structure
The funds of the charity are unrestricted income funds which the trustees are free to use for any purpose in furtherance of the charitable objects.
(d) Incoming resources
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
(e) Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust.
Costs of charitable activities consist of the grants made, including related support costs and governance costs.
The charity is not registered for VAT and irrecoverable VAT is charged against the category of resources expended for which it was incurred.
(f) Fixed assets – Investments
Equity investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Investment properties are valued at their fair value at the balance sheet date, as appraised by the trustees. An independent valuation has not been carried out.
(g) Fixed assets – plant and equipment
Plant and equipment are initially measured at costs and subsequently measured at cost, net of depreciation. Depreciation is recognised so as to write off the cost of assets less their residual values over the useful lives at the rate of 25% on a reducing balance basis.
(h) Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).
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THE BARWELL BAPTIST TRUST
| Statement of Financial Activities for the year ended 5 April | Statement of Financial Activities for the year ended 5 April | Statement of Financial Activities for the year ended 5 April | 2023 |
|---|---|---|---|
| 2023 | |||
| Notes | |||
| £ | |||
| Incoming Resources | |||
| Investment income | 4 | 138,804 | |
| Realised gains on investments | 7 & 10 | -50,626 | |
| Rental Income | 5 | 454 | |
| Total Incoming Resources | £88,632 | ||
| Resources expended | |||
| Charitable activities | 6 | 161,618 | |
| Total resources expended | £161,618 | ||
| Net incoming resources before other | |||
| recognised gains | -72,986 | ||
| Other recognised gains and losses | |||
| Unrealised (losses)/gains on investment assets | 8 | -394,830 | |
| Net movement on funds | -467,816 | ||
| Fund Balance brought forward 6 April 2022 | £8,097,253 | ||
| Fund Balance carried forward at 5 April 2023 | £7,629,437 |
2022
£
117,212 19,581 5,724
£142,517
90,905 £90,905
51,612 348,980
400,592 £7,696,661 £8,097,253
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THE BARWELL BAPTIST TRUST
Balance Sheet at 5 April 2023
| Notes Fixed Assets Investments - Equities 8&9 - Freehold Property 10 - Leasehold Property 11 Office equipment 12 Total Fixed Assets Current Assets Secured loans 13 Short term deposits 14 Debtors 15 Cash at Bank and in hand Total Current Assets Liabilities: Creditors falling due within one year 16 Net Current Assets Net Assets Total Funds |
2023 £ 5,749,181 120,000 184,901 7 |
2023 |
|---|---|---|
| £6,054,089 | ||
| 325,430 1,203,044 1,469 57,685 |
||
| 1,587,628 12,280 |
||
| £1,575,348 | ||
| £7,629,437 | ||
| £7,629,437 |
These financial statements were approved by the trustees of the Barwell Baptist Trust on 6 February 2024 and signed by:
H Mercer (Trustee)
2022
£
5,872,168 462,350 184,901 9
£6,519,428
15,000 1,474,024 1,888 97,043
1,587,955
10,130
£1,577,825
£8,097,253 £8,097,253
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The Barwell Baptist Trust
Note 2 - Related party transactions and trustees’ remuneration
One trustee received £2,150 (2022 - £2,150) for the supply of office and administration services during the year. No expenses were reimbursed to any trustee during the year.
Note 3 - Financial Services
The remuneration payable to Independent Examiner for examination of the financial statements was £600 (2022 - £600).
| Note 4 - Investment Income Interest received on short term deposits Bank interest Dividends Note 5 - Rental Income Freehold Leasehold Leasehold 10 Gables 5 Ryman Court 5 Ryman Court Rent Receiv - 454 Less expenditure: Letting Fe - - Council T - 1,204 Maintena - 650 Insurance 79 Rent - 425 Service c - 2,506 0 4,864 Net Rental - -£4,410 Note 6 – Charitable Activities Grants made Support costs: Property cost (see note 5) Portfolio management fees Office and administration Legal Expenses Depreciation of office equipment Accountancy fees Independent examination Net Rental Income |
2023 £ 3,764 141 134,899 £138,804 2023 Total 454 - 1,204 650 79 425 2,506 4,864 -£4,410 110,013 4,864 41,564 2,150 30 2 2,395 600 £161,618 |
2022 £ 127 13 117,072 |
2022 |
|---|---|---|---|
| £117,212 | |||
| 2022 Total 5,724 |
|||
| 103 - - 336 638 2,280 |
|||
| 3,357 | |||
| £2,367 | |||
| 39,800 3,387 42,571 2,150 - 2 2,395 600 |
|||
| £90,905 |
164 grants were made to individuals (2022 – 128). No payment was made to a charity (2022-nil).
In addition, the investment properties are let to beneficiaries at less than market rental, in furtherance of t
charitable objectives of the charity.
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The Barwell Baptist Trust
Note 7 - Realised gains/(losses) on Investment Assets
| Valuation at 5 April 2022 Cost in year of investments realised Realisation proceeds Note 8 - Unrealised losses on Investment Assets Value of investments held 5 April 2022 Value of investments realised in the year Cost of investments made in the year Value of investments held 5 April 2023 Unrealised (losses)/gains during the year Note 9 - Investments at Cost Portfolio managed by Evelyn Partners |
619,786 0 573,550 -£46,236 2023 £ 5,872,168 -619,786 891,629 £6,144,011 £5,749,181 -£394,830 £4,564,407 |
804,863 1,701 826,145 |
804,863 1,701 826,145 |
|---|---|---|---|
| £19,581 | |||
| 2022 £ 5,505,206 -806,564 824,546 |
2022 | ||
| £5,523,188 £5,872,168 |
|||
| £348,980 | |||
| £4,238,462 |
The management of the investments was undertaken by Evelyn Partners during the year. The investments are all in companies which are quoted on the London Stock Exchange.
| Note 10 - Fr 1/3 share 5 Kingscroft Rd Leatherhead Surrey VALUATION 120,000 Disposal duri- Additions dur - Loss on dispo- COST at 5 Ap £120,000 |
10 Gables Leighton Buzzard 342,350 -337,960 - -£4,390 nil |
Total 462,350 -337,960 - |
Total |
|---|---|---|---|
| -£4,390 | |||
| £120,000 |
The Trust has a one third interest in the freehold of 5 Kingscroft Road, Leatherhead, Surrey. This property is occupied by a minister of religion rent free. The value of the one third interest is considered to be £120,000 (2022 - £120,000)
Note 11 - Leasehold Property
5 Rymans Court Didcot, Oxfordshire
| Cost at 5 April 2022 Expenditure during the year COST at 5 April 2023 10- The Barwell Baptist Trust Note 12 - Office Equipment Cost at 5 April 2022 Cost at 5 April 2023 Depreciation at 5 April 2022 Charge for the year Depreciation at 5 April 2023 Written down value 5 April 2023 Note 13 - Secured Loans The loans which are secured on freehold property are: 10 Gables, Leighton Buzzard, L47 2PQ 10 Stringwalk, Hailsham, East Sussex BH27 2DA Note 14 - Short Term Deposits Evelyn Barclays Wealth Saving Note 15 – Sundry Debtors Prepaid expenses Note 16 - Sundry Creditors Accrued expenses Funds to publish books |
£184,901 - £184,901 2023 2022 £ £ £4,307 £4,307 £4,307 £4,307 4,298 4,296 2 2 £4,300 £4,298 £7 £9 310,430 - 15,000 15,000 £325,430 £15,000 138,316 362,334 1,064,727 1,111,690 £1,203,043 £1,474,024 £1,469 £1,888 9,445 7,295 2,835 2,835 £12,280 £10,130 |
£184,901 - £184,901 2023 2022 £ £ £4,307 £4,307 £4,307 £4,307 4,298 4,296 2 2 £4,300 £4,298 £7 £9 310,430 - 15,000 15,000 £325,430 £15,000 138,316 362,334 1,064,727 1,111,690 £1,203,043 £1,474,024 £1,469 £1,888 9,445 7,295 2,835 2,835 £12,280 £10,130 |
2022 |
|---|---|---|---|
| £4,307 | |||
| 4,296 2 |
|||
| £4,298 | |||
| £9 | |||
| - 15,000 |
|||
| £15,000 362,334 1,111,690 |
|||
| £1,474,024 | |||
| £1,888 | |||
| 7,295 2,835 |
|||
| £10,130 |
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE BARWELL BAPTIST TRUST
I report on the accounts of the Trust for the year ended 5 April 2023 set out on pages 5 to 10.
Respective responsibilities of trustees and independent examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year (under section 44(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
-
Examine the accounts under section 145 of the 2011 Act;
-
To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
-
To state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give me cause to believe that, in any material respect –
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
-
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D C S Cooke CHARTERED ACCOUNTANT
David Cooke & Co 5 Briar Close Banbury Oxon OX16 9DS
8 February 2024