**REGISTERED CHARITY NUMBER: 1092036** ## **REPORT OF THE TRUSTEES AND** **FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **FOR** ## **THE BIBLE TALKS** Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27/37 St George's Road Wimbledon London SW19 4EU **THE BIBLE TALKS** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** **----- Start of picture text -----**
Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the Financial Statements 6 to 11
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**THE BIBLE TALKS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Significant activities** On 1 October 2018 the assets and activities of The Bible Talks were transferred to Christ Church Mayfair, a company limited by guarantee, registered in England and Wales under number 08246310 and registered with the Charity Commission under charity number 1152061. At the date of the transfer there were outstanding loan balances secured on the freehold properties held by The Bible Talks and it had not been possible to negotiate the transfer of the loans to Christ Church Mayfair on comparable terms. The trustees resolved to retain the loans and freehold properties within the unincorporated charity until such time as this matter could be resolved. On an ongoing basis therefore the activities of the charity have been to hold the freehold properties and the related mortgages on behalf of Christ Church Mayfair in furtherance of its charitable objects. Christ Church Mayfair is also a registered charity and has similar aims and objectives. ## **Public benefit** When planning our activities for the year the trustees have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission's on public benefit and in particular its supplementary guidance on the advancement of religion for the public benefit. ## **FINANCIAL REVIEW** ## **Reserves policy** The freehold property and the loan secured upon this and the balance of reserves reflected by these have been retained within the unincorporated charity temporarily and it is the intention of the trustees that these will be transferred to the limited company once the loan has been renegotiated and security transferred. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, dated 4 November 2001, as amended by a Supplemental Deed dated 14 April 2002 and is constituted as an unincorporated charity. with registered charity number 1092036. The charity was established to advance the Christian faith and its main activity is the provision of Christian teaching at Christ Church, located on Down Street, Mayfair, in London. Since the transfer of assets to the Christ Church Mayfair charitable company on 1/10/2018 the activities of the Trust reduced significantly. The main object of the Trust became to hold the two properties of 54 Monkton Street and Flat 1, 86 Wilberforce Road as accommodation for the staff of Christ Church Mayfair. The transfer of these properties was investigated at the time of the transfer of all the other assets but the terms being offered by the bank were so unfavourable, the Trustees decided it was in the best interest of the Trust to keep the properties for the time being on behalf of Christ Church Mayfair until better terms are available. This was agreed by an exchange of letters. Over the course of the year ended 31 December 2023, the Trust's assets reduced further, because the Trustees sold Flat 1, 86 Wilberforce Road. The proceeds of that sale were (net of expenses and repayment of the mortgage) firstly used to repay certain loans that had been provided by congregation member investors to help to finance its original purchase. Beyond that the proceeds were passed to Christ Church Mayfair. ## **Organisational structure** The Trustees meet at least twice a year to review all aspects of the Trust's activities, including finances. Day-to-day decision-making relating to the Trust's activities is delegated to the Elders of the church, who are responsible to the Trustees for the decisions they make. ## **Induction and training of new trustees** The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. -1- **THE BIBLE TALKS** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management** The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of charity, and are satisfied that systems are in place to manage our exposure to the major risks. During the year, and at the balance sheet date, the trustees held the title to the properties owned by the charity. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1092036 ## **Principal address** The Church Office Christ Church Down Street Mayfair London W1J 7AN ## **Trustees** M Doring H Gittins (resigned 24/9/24) C P Jones (resigned 18/7/23) D A Plant J Black (appointed 24/9/24) ## **Independent Examiner** Jonathan Askew Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27/37 St George's Road Wimbledon London SW19 4EU ## **Bankers** National Westminster Bank Plc Bishopsgate 15 Bishopsgate London EC2P 2AP ## **Senior Staff Member** Reverend Matthew Fuller Approved by order of the board of trustees on 24 September 2024 and signed on its behalf by: M Doring - Trustee -2- **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BIBLE TALKS** ## **Independent examiner's report to the trustees of The Bible Talks** I report to the charity trustees on my examination of the accounts of The Bible Talks (the Trust) for the year ended 31 December 2023. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **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 giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do 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. Jonathan Askew The Institute of Chartered Accountants in England and Wales Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27/37 St George's Road Wimbledon London SW19 4EU 9 October 2024 -3- **THE BIBLE TALKS** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Other income|Unrestricted
funds
£
46,287|Restricted
funds
£
-|Year Ended
31/12/23
Total
funds
£
46,287|Period
1/10/21
to
31/12/22
Total
funds
£
44,601| |---|---|---|---|---| |**EXPENDITURE ON**
**Charitable activities**
3
Ministry expenses|46,287|-|46,287|44,601| |**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward|-
332,529|-
-|-
332,529|-
332,529| |**TOTAL FUNDS CARRIED FORWARD**|332,529|-|332,529|332,529| The notes form part of these financial statements -4- **THE BIBLE TALKS** ## **BALANCE SHEET 31 DECEMBER 2023** |Notes
**FIXED ASSETS**
Tangible assets
7
**CREDITORS**
Amounts falling due within one year
8
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
9
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
774,747
(221,814)
(221,814)
552,933
(220,404)
332,529|Restricted
funds
£
-
-
-
-
-
-|2023
Total
funds
£
774,747
(221,814)
(221,814)
552,933
(220,404)
332,529
332,529
332,529|2022
Total
funds
£
1,485,287
(362,912)
(362,912)
1,122,375
(789,846)
332,529
332,529
332,529| |---|---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 24 September 2024 and were signed on its behalf by: M Doring - Trustee The notes form part of these financial statements -5- **THE BIBLE TALKS** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **1. GENERAL INFORMATION** The charity is a UK-based charitable trust. The address of its registered office is The Church Office, Christ Church, Down Street, Mayfair, London, W1J 7AN. The registered number of the charity is 1092036. The financial information presented is for the period ended 31 December 2023 and year ended 30 September 2021. The financial information is presented in sterling. ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## a) Preparation of the accounts on a going concern basis On 1st October 2018 the activities of the charity were transferred to the incorporated entity Christ Church Mayfair. The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern under the incorporated entity. b) Significant judgements and estimates Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: (i) Allocation of costs. The allocation of support and governance costs between charitable and expenditure categories. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Other income represents property expenditure recharged to Christ Church Mayfair. ## **Charitable activities** Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both direct costs and those costs of an indirect nature necessary to support them. ## **Governance costs** Governance costs include the charity's independent examination fee and other accountancy fees. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property - 2% on cost Depreciation is charged on the buildings element only of the freehold property. The cost of which is based on the estimate to rebuild the property. The land element is not depreciated. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **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 charity and which have not been designated for other purposes. -6- **THE BIBLE TALKS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** ## **2. ACCOUNTING POLICIES - continued** ## **Fund accounting** Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Cash at bank** Cash at bank includes bank deposit accounts and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **Debtors** Trade and other debtors are recognised at the settlement amount due. Prepayments are recognised at the invoiced cost prepaid. ## **Creditors** Creditors are recognised when the charity has a present obligation resulting from a past events that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at the settlement amount. Other loans include non-basic financial instruments which are measured at fair value through the SOFA. ## **Impairment** Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. ## **3. CHARITABLE ACTIVITIES COSTS** |Ministry expenses
Ministry expenses consist of the following:|Support
Direct
costs (see
Costs
note 4)
£
£
44,247
2,040|Totals
£
46,287| |---|---|---| |Depreciation
Bank interest and charges including loan interest
Independent examiner's fee
Accountancy fees
Total|2021
£
11,975
30,586
1,020
1,020
44,601|2021
£
9,580
20,911
945
945
32,381| |---|---|---| -7- **THE BIBLE TALKS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** ## **4. SUPPORT COSTS** |**SUPPORT COSTS**||| |---|---|---| |Ministry expenses||Governance
costs
£
2,040| |Support costs, included in the above, are as follows:
Independent Examiners' fee
Examiner's remuneration for other
accounting work|Year Ended
31/12/23
Ministry
expenses
£
1,020
1,020|Period
1/10/21
to
31/12/22
Total
activities
£
1,020
1,020| ||2,040|2,040| ## **5. TRUSTEES' REMUNERATION AND BENEFITS** During the period no Trustees received any remuneration (2022- £nil). During the period no Trustees received any benefits in kind (2022 - £nil). ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2023 nor for the period ended 31 December 2022. ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
Restricted
funds
funds
£
£
**INCOME AND ENDOWMENTS FROM**
Other income
44,601
-
**EXPENDITURE ON**
**Charitable activities**
Ministry expenses
44,601
-
**NET INCOME**
-
-
**RECONCILIATION OF FUNDS**
Total funds brought forward
332,529
-
**TOTAL FUNDS CARRIED FORWARD**
332,529
-|Total
funds
£
44,601
44,601
-
332,529
332,529| |---|---| The comparative figures show the results for the 15 month period to 30 September 2022, the current period is 12 months to 31 December 2023. -8- **THE BIBLE TALKS** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** ## **7. TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2023
Disposals
At 31 December 2023
**DEPRECIATION**
At 1 January 2023
Charge for year
Eliminated on disposal
At 31 December 2023
**NET BOOK VALUE**
At 31 December 2023
At 31 December 2022
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 10)
Other creditors
**9.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Bank loans (see note 10)
Other creditors|2023
£
40,554
181,260
221,814
2023
£
220,404
-
220,404|Freehold
property
£
1,566,912
(728,365)
838,547
81,625
8,005
(25,830)
63,800
774,747
1,485,287
2022
£
67,881
295,031
362,912
2022
£
539,846
250,000
789,846| |---|---|---| In 2016, the Church purchased a residential property for the accommodation of members of the clergy. Part of the purchase was funded by a loan from members of the congregation ("the Contributors"). A Declaration of Trust was entered into by the Contributors which states that the Trustees hold the beneficial interest in the property upon trust for themselves and the Contributors as beneficial tenants in common in accordance with the Declaration of Trust. The interest held is the proportion of the loan contributed over the purchase price. In the event of a sale of the property by the Trustees, the Trustees shall apply the net proceeds of sale amongst themselves and the Contributors in proportion to their respective shares. The loan does not bear interest and is not secured. During the year, the property was sold, therefore at the balance sheet date the value of the loan was £nil (2022: £250,000). -9- **THE BIBLE TALKS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** **----- Start of picture text -----**
10. LOANS
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year on demand:
Bank loans 40,554 67,881
Amounts falling between one and two years:
Bank loans - 1-2 years 40,554 67,881
Amounts falling due between two and five years:
Bank loans - 2-5 years 121,661 203,642
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more than 5 years 58,189 268,323
Repayable otherwise than by instalments:
-
Other loans more than 5 years 250,000
11. SECURED DEBTS
The following secured debts are included within creditors:
2023 2022
£ £
Bank loans 260,958 607,727
The bank loans are secured by a legal charge over the properties.
12. MOVEMENT IN FUNDS
Net
movement At
At 1/1/23 in funds 31/12/23
£ £ £
Unrestricted funds
General fund 332,529 - 332,529
TOTAL FUNDS 332,529 - 332,529
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 46,287 (46,287) -
TOTAL FUNDS 46,287 (46,287) -
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-10- **THE BIBLE TALKS** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023** ## **13. RELATED PARTY DISCLOSURES** The Charity holds properties on behalf of Christ Church Mayfair (CCM) which is a registered charity with similar aims and objectives and is a related party by virtue of common control. All of the costs relating to the properties and ancillary expenses are recharged to Christ Church Mayfair. At the year end there was a balance of £177,180 (2022 £292,991) due from The Bible Talks to CCM, included in "other creditors". The total costs recharged in the period amounted to £27,175 (2022: £44,601). -11-