COMPANY REGISTRATION NUMBER: 3688146 CHARITY REGISTRATION NUMBER: 1091314 South Bristol Church and Community Trust Company Limited by Guarantee Financial Statements 31 March 2024 CHARLTON BAKER BRISTOL LTD Chartered Accountants & statutory auditor 61 Macrae Road. Ham Green, Bristol BS20 ODD
South Bristol Church and Community Trust Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) ststement of financial position Notes to the financial statements 12 13 14
Page 1 South Bristol Church and Community Trust Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law. present their port and the financial statements of the charity for the year ended 31 March 2024. Reference and admFnistrative details Roglstered charity name South Bristol Church and Community Trust Charty reglstratlon number 1091314 Company registration number 3688146 Prin¢lpal office and r•gistered The Withywood Centre office Que8ns Road Withywood Bristol BS13 8QA The trust••s Richard Eddy Rev Derek Maddox Rev Patrick Stonehewer Ms Catherine Adeniyi Rev Christopher J Dobson Rev Sally Spencer Rev Richard Sharples (Appointed 16 May 2023) (Resigned 1 September 2023) Company secretary Mrs W Russell Auditor Charlton Baker (Bristol) Ltd Chartered Accountants & statutory auditor 61 Macrae Road. Ham Green, Bristol BS20 ODD Bankers Lloyds TSB Bishopsworth Knowle Branch Bristol 8S4 2PY Sollcltors Veale Wasborough Vizards Narrow Quay House Narrow Quay Bristol BS14QA
Page 2 South Bristol Church and Community Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢onfynued) Yèar ended 31 March 2024 Structure, governance and management The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The Company achieved charitable status on 22nd March 2002. The company is limited by guarantee and has no share capital. OBJECTIVES AND PUBUC BENEFIT The charity's object and principal activity continues to be that of a development trust fund fomied to seNe the communities of south Bristol. The charity continues to benefit the community by providing a premise from which several agencies provide services which together promote the spiritual. mental and the physical well being of individuals. The charity provides a fully inclusive pivotal social base within the BS13 area. beneffting all individuals that may otherwise be isolated or lack any other fomi of social interaction. The trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit vthen reviewing the tharitys objectives. STRUCTURE AND DECISION MAKING The charity is organised so thal the management board (directorsltrustees) meet regularly to manage its affairs. The truslees delegate their responsibllities for the day to day administration of the charity to a Management Board who are employed by SBCCT. RISK REVIEW The trustee actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels. combined with an annual review of the controls over key financial systems. will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks faced by the charity and confirm that they have established controls to mitigate the significant risks. Objectives and actlvltles The Trustees are satisfied with the performan of the charity during the year and the position at 31st March 2024 and consider that the chartty is in a satistsctory position to continue its objectives during the coming year. Staffing Management of the centre continues to fall to the joint centre managers. ably supported by a duty manager who takes responsibility for the operation of the centre when required. The latter has now completed fomial accounting qualifications. and we plan for him to take over production of the Trust's accounts when the current book-keeperfs fixed-term Gontract comes to an end in 2025. There were two staff changes in the Centre's café during the year. with the new team members contributing significantly to this key aspect of the day-to-day offer of the Centre's hospitality. Centre Development We continue to engage the community and the private sector with an aim to maximize Centr8 usage and promote awareness of Ihe Centre. Routine use of the building is near capacity. Sorvices for th• Community The centre is now a thriving, well established and highly valuable community asset accommodating numerous groups which offer a diverse rdnge of activities and services. These in¢lu(le groups that promole mental and physical health through person81 fitness and leisure, as well as education.
Page 3 South Bristol Church and Community Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) Icontlnu Year ended 31 March 2024 Objectives and activities (¢ontlnued) Fundraising The Centre does not currently undertake any fundraising activities with the general public and has not signed up lo the Fundraising Regulator. Achlovemerrts and perfomiance Renewal of the lease for the second floor (for Sirona Care and Health) was concluded early in 2024. thanks to the support of a Commercial Surveyor. The increased Servi charge from this will help to defray continuing pressures on utility costs faced by the centre. Following fvrther review, it was decided not to offer private evening parties including a bar as this is no longer cost effective. children's parties continue as these are valued by the community, but prices for these were increased to cover the incr8asing utility and stsffing costs. Flnancial review The net outgoing resources for the period were £27,979 (2023: £5,302) resulting in accumulated funds carried forward of £3.363,660 (2023.. £3,391,639), of which £294,580 (2023.. £3CE,576) are unrestricted ftjnds. The unrestricted funds are considered to represent the free reserves at the year end and at current actmty levels represent approximately 8 months of staffing and operating costs. This level of funds falls within the parameters set by the the trustees in the Reserves Policy (see below) and they will aim to maintain uncornmitted reserves at the level set by the policy going forward. Reserves policy Due to uncertainty in the overall economic position across the UK, the Directors and Trustees reviewed and revtsed the Trusvs reserves policy during the year so that unrestricted funds not otherwise committed nor invested in tsngible fixed assets held by the charity should be equivalent to eight to ten months. anticipated expenditure in the following financial year. They consider that this will give the charty sufficient unrestricted funds to continue current activities in the event of a significant reduction in funding.
Page 4 South Bristol Church and Community Trust Company Limlted by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (conthuéd) Year ended 31 March 2024 Plans for future periods The Management team agreed that it is not cost effective to sume private evening parties including bar. The cost of children's parties increased to cover the increasing utility and wage costs. The Duty Manager will monitor this and adjust the prices accordingly as we feel it is a valued community asset for families to afford. The Duty Manager has two more units to complete for his Level 3 AAT qualification. The cuent bookkeeper will be implementing a training programme for the accounting procedures such as pay roll and year end. The red term contract for the bookkeeper ends in September 2025 after lch all accounts will be perfomied by the Duty Manager. Unfortunately. one of the new café members of staff employed in April did not work out and she handed in her notice. The other staff member taken on at the same time has proved to be a great addib'on to the team. especially with her cooking abilities. We have received lots of positive feedback about the general atmosphere within the café. A third member of catering staff volunteered during December and was officialty employed in January. Sh8 will be mainly covering the lunch lime peri¢)d. Negotiations have tak8n for some time regarding the renewal of the lease for th8 Second floor for Sirona Care and Health. The Admin Manager has been assisted by a Commercial Surveyor and is hopeful that the lease will be agreed soon with a substantial increase in both rent and service charge. The increased service charge will contribute towards the ever-increasing utility costs faced by the centre. As the lease expired in April 2022 the new costs will be backdated. The new lease is also for len years. Trust••s' responsibilities stalement The trustees. who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial stalements in accordan with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resour and application of resources. including the 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 in the applicable Charities SORP; make judgments and accounting estimates that are reasonable and prudent. prepare the financial statements on the going conrn basis unl8SS It is inappropriate to presume that the charity will continue in business. The twstees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuraty at any time the financial position of 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 Ihe charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
South Brlstol Church and Community Trust Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report} (eonllnued) Year ended 31 March 2024 Page 5 Auditor Each of the persons who is a trustee at the dale of approval of this report confirms that., so far as they are aware, there is no relevant audit Inforniation ol whlch the chartvs audllor is unaware" and thèy have taken all steps that they ought to have taken as a trustee to make thèmselves aware of any relevant audit infomalion and to establish that the charity's auditor Is aware of that information. The auditor is deemed lo have been re-appointed in accordance with seclion 487 of Ihe Companies Act 2006. Small company provislons This report has been prepared in accordance with th8 provisions applicable to companies entitled lo the small Companies exemption. The trustees. annual report was approved on 26 November 2024 and signed on behalf of the board of trustees by: Richard Eddy Trustee Rev Patrick Slonehewer Trustee
Page 6 South Bristol Church and Community Trust Company Llmited by Guarantee Independent Auditor's Report to the Members of South Bristol Church and Communlty Trust Year ended 31 March 2024 Oplnlon We have audited the financial statements of South Bristol Church and Community Trust (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position 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 FRS 102 The Financlal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prdctice). In our opinion the financial statements: give a true and fair vlew of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended. have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Prdctice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in acwrdan¢e with International Standards on Auditing (UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wilh 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 golng concern In auditing the financial statements. we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial ststements 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 charitys ability to continue as a going concem for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going COnM are described in the relevant sections of this report.
Page 7 South Bristol Church and Community Trust Company Limited by Guarantee Independent Auditor's Report to the Members of South Bristol Church and Community Trust (conllnu8d) Yoar ended 31 March 2024 Othor inforniation The other information comprises the infomiation included in the annu81 report. other than the financial ststements 8nd our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation 8nd, except to the extent otherwise explicitly stated in our report, we do not express any form of 8ssur8nce conclusion thereon. In connection with our audit of the financial ststements, our responsibility is to read the other information and. in doing so. consider whether th8 Other infonnation is materially inconsistent with the financial statements or our knowledge obtsined in the audit or otherwise appears to be msterially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detennine whether there is a material misstatement in the financial ststemenls or a material misstatement of the other information. If, based on the work we have perfonned, 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. Oplnlons on other matters pr•scribed by the Companles Ad 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by •xc•ption In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept. or returns adequate for our audit have not been receiv8d from branches not visited by us: or the financial ststements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made; or we have not reiVed all the infonnation and explanations we qUIre for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the sm811 companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report.
Page 8 South Bristol Church and Community Trust Company Limited by Guarantee Independent Auditorfs Report to the Members of South Bristol Church and Community Trust (continued) Year ended 31 March 2024 Responslbllttles of trustees As explained more fully in the trustees. responsibilities ststement, the trustees (who are also the directors 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 inlemal control as the trustees delemiine is necessary to enable Ihe preparation of financial statements that are free from material misstatement. vthether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue as a going concem. disclosing. as applicable, matters related to going concem and using Ihe going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic altemative but to do so.
Page 9 South Bristol Church and Community Trust Company Limited by Guarantee Independent Auditor's Report to the Members of South Bristol Church and Community Trust (continued) Year ended 31 March 2024 Auditorfs responsibiliti•s for the audlt of the financlal statements Our objectives are to obtain aSonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected to influence the ewnomic 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 responsibililies. oullined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures a capable of detecting irregularities, including fraud is detailed below- Key audlt matters: our assessment of risks of material mlsstslement Key audit matters are those matters that in our professional judgement were of rnost significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those lch had the greatest effect on: the allocation of resources in the audit, and directing the efforts of the engagement team. There are no key areas identified as the audit is very low risk with nomal audit procedures adequate in all audit areas. We agreed to report to the board of trustees any corrected or uncorrected identified misstatements. Fraud and breaches of lawJ and regulatlons - ability to dotect Identlfylng and reporting of risks of materlal mlsstatement due to fraud To identify risks of material misststement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunty to commit fraud. Our risk assessment procedures induded: Enquiring of finance manager and trustees and inspection of key papers provided to those charged with govemance as to high level policies and procedures to prevent and detect fraud Reading board minutes We communicated idents'fied fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards and taking into account possible pressures lo meet targets and our overall knowledge of the control environment, we perfomi procedures to 8ddress the risks of m8nagement override of controls. To address the pervasive risk as it relales to management override. we identified joumal entries to test to supporting documentstion. Identifying and respondlng to rlsks of material misstatement due to non-compliance with laws and regulatlons We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the general manager and trustees. As the charity is regulated, our assessment of risks
Page 10 South Bristol Church and Community Trust Company Limited by Guarantee Independent Auditor's Report to the Members of South Bristol Church and Community Trust (conllftued) Year ended 31 March 2024 involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated identified I8V and regulations throughout our team and remained alert to any indications of non-complian throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly. the charity is subject to laws and regulations that directly affect the financial statements including financial reporting regulation (including related compantes. regulation). taxation legislation (payroll tsxes) and pension legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financi81 statements items. Secondly, the charity is 5ubjecl to many other laws and regulations where the consequence of non-compliance could have 8 material effect on amounts or disclosures in the financial statements. for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such as effect: Health and safety laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and trustees and inspection of regulatory and legal correspondence. if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence. an audit will not detect that breach. Context of the ablllty of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misststements in the financial statements, even though we have properly planned and perfonned our audit in accordance with auditing standards. For example. the further removed non-compliance wÉth laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limiled procedures required by auditing standards would identify it. In additions. as with any audit. there remained a higher risk of non-detection of fraud. as these may involve collusion. forgery. intentional omissions. misrepresentations. or the override of internal ontrols. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all lav and regulations. As part of an audit in accordanGe with ISAS (UK}. we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions, misrepr8S8ntations. or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the Circumstsnces, bLrt not for the purpose of expressing an opinion on the effectiveness of the intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Pago 11 South Bristol Church and Community Trust Company Limited by Guarantee Independent Auditor's Report to the Members of South Bristol Church and Community Trust {conUnu¢d) Year ended 31 March 2024 Conclude on the appropriateness of the trustees. use of the going ¢oncem basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concem. If we conclude that a material uncertainty exists. we are required to draw attention in our auditofs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial stalements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with govemance regarding. among other matters. the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in intemal control that we identify during our audit. Use of our report This report is made solely to the charitys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and Ihe charity's members as a body, for our audit work. for this report, or for the opinions we have fomied. Paul Cridland Bsc FCA (Senior Statutory Auditor) For and on behalf of Charlton Baker (Bristol) Ltd Chartered Accountants & statutory auditor 61 Macrae Road, Ham Green. Bristol BS20 ODD 26 November 2024
Page 12 South Bristol Church and Community Trust Company Limited by Guarantee Statement of Financial Actlvlties {including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Totsl funds 2023 Unrestricted funds Nol¢ Income and •ndowments Donations and legacies Charitable activities Investment income 31,000 391,826 7.939 452.823 5.498 452,823 6,408 910 Total income 458,321 910 459.231 430.765 Expenditure Expenditure on charitable activities Total expenditure 439,457 64,973 504.430 441.640 439.457 64,973 504A30 441.640 Net gains on inveslments 10 17.220 17.220 5,573 Net expenditure 36.084 (64,063} {27,979) {5,302) Transfers between funds (48,080) 48.080 Net movement in funds (11,996) (15.983) (27,979) (5,302} Reconciliation of funds Total funds brought fonNard Total funds carried forward 306,576 3,085,063 3,391.639 3.396.941 294,580 3.069.080 3,363,660 3,391,639 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 14 to 25 form part of these financlal statements.
South Bristol Church and Community Trust Company Limited by Guarantee statement of Financial Positlon Page 13 31 March 2024 2024 2023 Note Fixed assets Tangible fixed asse15 Investmenls 14 3,065,726 15 181,993 3.030,860 189.773 3,247,719 3,220.633 Current assels Stocks Debtors Cash at bank and in hand 16 17 1,622 126,948 35,944 1.851 138,677 78,539 164,514 219,067 Creditors: amounts falllng due within one year Net current assets 18 48,573 48,061 115,941 171,006 Total assets less current liabilities 3,363,660 3,391,639 Net assets 3,363,660 3,391,639 Funds of the charity Restricted funds Unrestricted funds 3,069.080 "3,085.063 294,5801 306,57 20 3,363.660 3.391,639 Total charity funds These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies. Yegime. These financial statements were approved by the board of trustees and authorised for issue ¢)n 26 November 2024, and are signed on behaw oflhe board by.. Richard Eddy Trustee Rev Palrick Stonehewer Trustee The notes on pagos 14 to 25 form part ol thgse financlal stalemÈnts.
Page 14 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General inforniatlon The charity is a public benefit entity and a private Company limited by guarantee. registered in England and Wales and a registered ch8rity in England and Wales. The address of the registered office is The Withywood Centre. Queen5 Road. Withywood. Bristol, BS13 8QA. Statement of compliance These financial statements have been prepared in compliance with FRS 102, Trie Financial Reporting Standard applicable in the UK and the Republic of Ireland.. the 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) (Charities SORP {FRS 102>) and the Companies Act 2006. Accounting pollcles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no Material uncertainties about the charity's ability to continue. Disclosure exemptions The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect Ihe amounts reported. These estimstes and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the ¢ir¢umstanGes. We can confirm that there are no critical judgements or estimates to note.
Pago 15 South Bristol Church and Community Trust Company Llmited by Guarantee Notes to tho Financial Statements (¢ontInu) Year ended 31 March 2024 Accounting policies (continuedj Fund accounting Unrestricted income funds These are funds which can be used in accordance with the charitable objects at the discretion of Ihe trustees. Restricted income funds Incoming resources in the form of grants and project income are treated as restricted on the basis that they have been reiVed for specific purposes as laid down by the donor. Expenditure that meets these criteria is identified lo the fund. together with a fair allocation of salaries and overhead costs. Where projects are substsnti811y funded from Stricted income, any surplus funding will be carried forward as 8 restricted fund. Incoming r•sourcg¥ All incoming resources are included in the statement of financial activities when entitlement has passed to the charity. it is probable that the economic benefits associated with the transaction will flow to the ch8rity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised en receipt is probable and entitlement is estsblished. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are reGognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the suppty of services is recognised with the delivery of the contracted service. This is classified as unrestricled funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspenl. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is reported as part of the expenditure to which it relates. Costs of generating funds comprise the costs associated with attracting voluntsry income. Charitable expenditure MPriseS those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.
Page 16 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 March 2024 Accounting policles (continued) Tangiblo assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic lrfe of that asset as follows.. Leasehold Property Fixtures & Fittings Equipment Over the remaining life of the lease Straight line over 10 years Straight line over 4 to 5 years Investments Unlisted equity investrnents are initially recorded at cost. and subsequently measured at fair value. If fair value cannot be reliably measured. assets are measured at cost less impainnent. Listed investments are measured al fair value with changes in fair value being recognised in income or expenditure. Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. Stocks Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. on a FIFO basis. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. unless the arrangement constitute5 a financing transaction, where it is recognised at the present value of the future payment5 discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
Page 17 South Bristol Church and Community Trust Company Limited by Guarantaé Notes to the Financial Statements (eontlnu•d) Year ended 31 March 2024 Accounting policies (contlnued) Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in vthi¢h the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholty within 12 months of the end of the reporting date in which the employees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The company is limited by guarantee. In the event of a winding up. each trustee is limited to pay £1 each. As at 31 March 2024 the number of trustees was 8 (2023: 8). Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants Bristol City Council Voscur 30.000 1,000 30.000 1,000 31,000 31,000 Bristol City Council grant incorne represents COVID 19 leisure restart grants. Charitablg adivities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rent & rechargeables Service Charge Room hire Cafe & catering Other income 65,897 246.723 57,076 75,972 7,155 65,897 246,723 57,076 75.972 7.155 31.679 234.668 55.748 63.340 6.391 31.679 234.668 55.748 63.340 6.391 452,823 452.823 391.826 391.826 Inveslment incom• Unrestricted Funds Restricted Total Funds Funds 2024 Income from listed investments Bank interest receivable 5,498 910 910 5,498 910 6,408
Page 18 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements (contlnu•dJ Year ended 31 March 2024 Investment income (eofttlnu Unrestricted Funds Restricted Totsl Funds Funds 2023 Income from listed investments Bank interest receivable 5.498 5.498 2.441 2.441 5.498 2.441 7.939 Expendlture on charltable activitias by fund typa Unrestricted Funds Restricted Total Funds Funds 2024 Staff costs Premises costs Office costs Repairs and Maintenance Other costs Café expenses Rechargeables Professional fees Finance costs & Charges Depreciation 170.422 109.189 10,316 39,459 1,547 90,009 4,859 12,452 1.204 170,422 109.189 10.316 39,459 1,547 92.572 4,859 12,452 1,204 62,410 2.563 62.410 439,457 64,973 504,430 Unrestricted Funds Restricted Totsl Funds Funds 2023 Staff costs Premises costs OfFice costs Repairs and Maintenance Other costs Café expenses Rechargeables Professional fees Finance costs & Charges Depreciation 159.871 69.212 11.757 50,087 2,600 69.928 6,269 13,944 1,162 159.871 69,212 11,757 50.087 2,600 72.137 6.269 13.944 1.162 54.601 2.209 54.601 384.830 56,810 441,640
Page 20 South Bristol Church and Community Trust Company Limitod by Guarantee Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2024 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security Costs Employer contributions to pension plans 206,910 11,690 3,998 222,598 189.289 10,501 3.786 203.576 The average head count of employees during the year was 9 {2023: 9). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Management & administrative staff Project staff No employee received employee benefits of more than £60.000 during the year (2023: Nil). Key Managemerrt Personnel Key management personnel include all persons that have authorsty and responsibility for planning. directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £70,205 (2023:£69,485). 13. Trustee remuneration and expenses No remuneration or other benefts from employment with the charity or a lated entity were reiVed by the trustees. No payments We made during the year in respect of trustees, expenses.
Page 21 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements l¢ortlnued) Year ended 31 March 2024 1& Tanglble flxed assets Land and Fixtures and buildings fittings Equipment Total Cost At 1 April 2023 Additions 4,761,341 137.756 ,072 423,356 9,766 5,322,453 99,838 5.422.291 At 31 March 2024 4.761,341 227,828 433,122 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 1,871.741 28.585 126,583 11,684 293,269 24.703 2,291,593 64.972 1,900,326 138,267 317.972 2,366,565 Carrylng amounl At 31 March 2024 2.861.015 89.561 115,150 3,065,726 3.030.860 At 31 March 2023 2,889,600 11,173 130,087 Capital commitments 2024 2023 Contracted for but not provided for in the financial statements 105.966 15. Inveslments Llsted investments Cost or valuation At 1 April 2023 Additions Disposals Fair value movements 189.773 {25,000> 17,220 181,993 At 31 March 2024 Impairnient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 181,993 At 31 March 2023 189.773 All investments shown above are held at valuation. Financial assets held al falr value The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. Investments at fair value compromises of securities,
Page 22 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financlal Statements (Contlnuèdj Year ended 31 March 2024 16. Stocks 2024 2023 Raw materials and consumable5 1,622 1,851 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 7,435 119,513 126,948 9,233 129,444 138,677 18. Credltors: amounts falling due within one year 2024 2023 Trade ereditors Accruals and deferred income Social security and other taxes Other creditors - payments received on account Other creditors 13,436 16,981 4,519 1,495 12.142 16.851 13.551 3.843 1,496 12,320 48,573 48.061 19. Penslons and othèr post r•tirement boneflts Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,998 (2023: £3,786). 20. Analysis of charltsble funds Unrestrlcted funds At Gains and 31 Mar 202 losses At 1 Apr 2023 Income Expenditure Transfers General funds 306,576 458,321 (439,457) (48,080) 17.220 294,580 At Gains and 31 Mar 202 losses At 1 Apr 2022 Income Expenditure Transfers General fijnds 257.509 428.324 (384,830) 5.573 306.576
Page 23 South Bristol Church and Community Trust Company Limited by Guarantee Notas to the Financial Statements (¢onlinued) Year ended 31 March 2024 20. Analysis of charitable funds (¢ontinued) Restrictsd funds At Gains and 31 Mar 202 losses At 1 Apr 2023 Income Expenditure Transfers Capitsl Build Project Capital Repairs Steering Group 3.030.860 50,848 3,355 (64,973) 99,838 (51.758) 3,065,725 910 3,355 3.069,080 3.085.063 910 (64,973} 48,080 At Gains and 31 Mar 202 losses At 1 Apr 2022 Income Expenditure Transfers Capitsl Build Project Capital Repairs Steering Group 3,063,052 73,025 3,355 (56,810) 24.618 (24.618) 3,030,860 50,848 3.355 2,441 3.139.432 2,441 {56.810) 3.085.063 Transfers The transfer from the Capital Repairs fund to the Capital Build Project fund yS Ihe purchase of a number of fixed assets during the period. Capltal Build Project This represents the net book value of the building. fixtures and fittings and all capttsl equipment within the Cent as at 31 March 2024. Capital Repairs This is the balance of the Capitsl Build funds which is held within high interest deposit accounts and is used for capital equipment purchase and replacement. Steerlng Group This fund represents funds raised through activities of the steering group less any costs incurred and is to be used for the benefit of the Withywood Centre.
Page 24 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements {contlnuod) Year ended 31 March 2024 21. Analysis of net asgels between funds Unrestricted Funds Restricled Totsl Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 3,065.726 3.065,726 181,993 164.514 (48,573) 3.363.660 181,993 161,160 (48,573) 294.580 3.354 3.069.080 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Nat assots 3.030,860 3.030,860 189,773 219.067 (48,061) 3.391,639 189,773 164.864 (48.061) 306.576 54.203 3.085.063 22. Financlal Instruments The carying amount for each category of financial instrument is as follows.. 2024 2023 Financial assets measured at fair value through income and expenditure Listed investments 181,993 189.773 The net gains attributable the charity's financial assets measur8d at fair value through net expenditu was £17,220 (2023 - gains £5,573). 23. Operating lease commitments AS lessor The total future minimum lease payments receivable under non-cancellable operating leases are as follows: 2024 2023 Nol later than 1 year Later than 1 year and not later than 5 years 13,574 ,172 13,574 19,746 19,746 33,320
Page 25 South Bristol Church and Community Trust Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 March 2024 24. Related parties Withywood Church is a foundation81 element of South Bristol Church and Community Centre. The church is ecumenical, with one minister from the Church of England and a second from the Methodist Church. Both ministers sit on the Trustee Body by virtue of their position. and declared a confiict of interest when de81ing with the proposal to waive the church's contribution to the service fees for 2023-24 of £15,646 (2022-23: £14.779). This proposal was made by the management team. then discussed and agreed solety by the remaining Trustees. These include representatives of the DI0Se of Bristol {Church of England), the Bristol & South GIoUsterShIre Circuit (Methodist Church). and a local councillor. The decision to waive the fees was based on the financial position of Withywood Church. which meant that it was not in a position to make the payment and would have become insolvent had the payment been made. The opportunity for the church to raise its own funds is StrIcted because of its position within the Centre which significantly limits income through property lettings. a typical source of income for other churches. Without the church's foundational involvement. the Trust would be at significant risk of folding, so Ihe Trustees agreed that the service charge should be waived. The Diocese and Circuit continue to review the financi81 set up for Withywood Church. to consider how to resolve this matter in the longer temi.