Company registration number: 05402303 Charity registration number: 1109141
## Bristol Charities
(a company limited by guarantee)
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
for the year ended
31 March 2024
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|TABLE OF CONTENTS|
|Page|
|Reference and Administrative Details|2|
|Message From the CEO|4|
|Mission Statement and Values|5|
|Charity Structure|6|
|Trustees’ Report|7|
|Statement of Trustees’ Responsibilities|21|
|Independent Auditor’s Report|22|
|Consolidated Statement of Financial Activities|26|
|Consolidated Balance Sheet|27|
|Company Balance Sheet|28|
|Consolidated Statement of Cash Flows|29|
|Notes to the Financial Statements|31|
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Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Reference and Administrative Details
Trustees Richard Gore BA (Joint Hons) (resigned 31 Dec 2023)[(1, ][2, 3, 5, 6) ] Andrew Street BSC, CEng, MICE, MInstWM (appointed 1 Jan 2024)[(1, ][3, 4, 6) ] Nolan Webber BA (Hons), Chartered FCSI[(2, 4)] Rachel Howell MA, MSc, CPsychol, AFBPsS[(1, ][3, 5) ] Andy Mennell BA, MSc, CIHCM[(1, 2, ][5, 6) ] Olivia Spencer BA, BSc, RIBA[(1, 3, ][4) ] Keith Low BSc (Hons) MRICS (resigned 22 Sep 2023)[(1)] Elizabeth Carrington-Porter Cert Mgmt. (Open) (resigned 22 Sep 2023)[(3, 4)] Ian Dunn BA (Hons)[(1, 4)] Keith Hicks BTech (Hons)[(3, 4, 5, 6)] Karen Jones FCCA, CMIIA[(2) ] Roni Adjei BA (Hons) (appointed 22 Sep 2023)[(2)] Paula Cardwell BSc, MA, ACA (appointed 22 Sep 2023)[(1, 2)] Be McCarroll MSc, FCIH (appointed 23 Nov 2023)[(1, 2, 4)] Anita Woodburn (appointed 23 Nov 2023)[(3, 5)] Robert Yeandle (appointed 23 Nov 2023)[(1, ][4, 6) ]
- (1) Member of the Assets & Finance Committee
- (2) Member of the Audit & Health and Safety Committee
- (3) Member of the Grants Committee
- (4) Member of the Investment Management Group
- (5) Member of the Nominations Committee
- (6) Member of the Remuneration Committee
Patron Mary Prior MBE
CEO and Company Secretary Julian Mines BA (Hons), PGCE
Principal & Registered Office The Vassall Centre Gill Avenue Fishponds Bristol BS16 2QQ
Telephone: 0117 930 0301 Email: info@bristolcharities.org.uk Website: www.bristolcharities.org.uk
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
Reference and Administrative Details (continued)
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|Property Advisers|Alder King LLP|
|Pembroke House|
|15 Pembroke Road|
|Bristol BS8 3BA|
|Investment Managers|Evelyn Partners|
|Portwall Place|
|Portwall Lane|
|Bristol BS1 6NA|
|Auditors|Bishop Fleming LLP|
|10 Temple Back|
|Bristol BS1 6FL|
|Bankers|Handelsbanken|
|66 Queen Square|
|Bristol BS1 4JP|
|Legal Advisers|Womble Bond Dickinson LLP|
|3 Temple Quay|
|Temple Back East|
|Bristol BS1 6DZ|
|Veale Wasbrough Vizards LLP|
|Narrow Quay House|
|Narrow Quay|
|Bristol BS1 4QA|
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Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Message from the CEO
I am pleased to welcome you to Bristol Charities’ financial statements and annual report for 2023-24 – a year in which an ambitious new strategy for the charity began to take shape. Early in the year, Trustees and Officers mapped the charity’s impact and operations and a picture emerged of an organisation with the potential to deliver meaningful and lasting impact across the city and at a very local level through its existing geographical footprint.
The charity has a rich heritage of impacting people’s lives across a wide range of issues, and in recent times through delivering high-quality programmes in the areas of housing and grant-making. However, in the light of changing socio-economic circumstances and based on the charity’s strengths, we are now keen to reposition the charity with a clear focus on the contemporary issues facing the city, utilising our assets, capacity and resources to deliver sustainable change.
2023-24 was a year designed to establish a platform to launch this new strategy. Our community development work was established in Oldbury Court, which included the extension of our Family Project, Stay-and-Play sessions, Youth Work, Holiday Activities, and FOOD Club. This will culminate in the full launch of our community hub model and will include a dedicated community space to host this work.
Early community development work has been established through our Almshouse in Stockwood, with a range of activities for our residents and local people. In partnership with The Greater Stockwood Alliance, we are developing a Community Hub that will include a relaunched FOOD club and a range of community activities and services. At the time of writing, we are also engaged in some preliminary conversations with key agencies in Henbury and Brentry to explore how we can support similar work alongside our Almshouses in these neighbourhoods.
Behind the scenes, essential work in constructing the essential support infrastructure was started to ensure we have the right team, processes, systems and practices in place to sustain the new direction for the charity.
Full planning permission for the redevelopment of the Vassall Centre was secured in December 2023. Whilst we have not yet set a date for the start of the development of the site, we continue to invest in the remarkable work of the Centre, supporting the Voluntary, Community, and Social Enterprise (VCSE) sector through accessible and affordable workspace and now also as a Community Hub. We continue to be inspired by our partner charities based at the Vassall Centre, which has significantly informed our thinking about our long-term role as a provider of services the city’s VCSE sector.
This set of financial statements will demonstrate how we have been able to link our finances and resources to our ambitious impact objectives. I believe you will find them informative as you look ahead with us to the next five years of the work of the charity.
JULIAN MINES CEO
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Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Mission Statement & Values
This is the mission statement for the Bristol Charities Group.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
Charity Structure The charity is structured as follows:
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BRISTOL P q
CHARITIES "=e
Community Development Projects
« HenburyBrentry
« Greater Bnslingion
* Hotwells‘Redcliffe
Grant Giving to Individuals
* Reliefin Need
« Reliefin Sickness & disability
« Ella Mary Merchant fund for Carers
* Educational finds
Investment Portfolio
® Bispatyinaneaas
A.cts as [Trustee
Orchard Homes
Operational Properties
e Barstaple x 34 flats
* John Foster's x 18 flats
® Haberfield House x 60 flats
® Furber properties x 5
Investments
® The Vassall Centre
® Other property/land ‘leases
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report
## Our Achievements and Performance
## Progress against our Objectives
Strategic plans were reviewed in 2023 and trustees and officers felt that the charity was approaching a watershed moment and that this should be reflected in strategic planning timelines. As a result, a one-year interim strategy was put into place during 2023-24, allowing full strategic planning for 2024-25 onwards to take place under a separate process. Progress and achievement against this plan include the following:
## COMMUNITY DEVELOPMENT
- The Vassall Centre established as a key delivery organisation Oldbury Court and the Ward of Frome Vale with funding and plans in place for the full launch of a Community Hub in the autumn of 2024.
- A Family Support project has been piloted through re-designing the grant making programme impacting over 40 families across a wide range of issues.
- The local FOOD Club has been rescued and now operates from the Vassall Centre, with increased membership, enhanced range of food on offer, and scope for further development as part of the Hub.
- Extensive networking and relationship building across the city underway and early work in Brentry/Henbury and Stockwood has created the foundations to grow our community work in these areas.
## CORPORATE SERVICES
- Finances, structures, budgets, and reporting were carefully planned to support the charity’s new and existing areas of operation so that resources could be appropriately allocated and analysed.
- Implemented an improved HR function to support the recruitment, retention, health, and wellbeing of a highly skilled and motivated staff complement.
- Designed and built a refreshed suite of software and systems to promote growth and to assist departmental, intra-departmental and administrative operations.
- Embedded the Vassall Centre as the charity’s head office and ensured that office management, infrastructure, staffing complement and relationships with partner organisations were settled and resourced.
- Began the process of refreshing the charity’s governance structures to incorporate newly recruited trustees and develop committee structures which align to the charity’s operations, both now and in the future.
- Continued to ensure the charity complies with and manages all regulations covering its legal status (charity and company) and operations including social housing, fundraising, accounting, HR, property, and data protection.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
## HOUSING & SUPPORT FOR OLDER PEOPLE
- Our Housing services delivered effective levels of financial viability and operational effectiveness, delivering both financial returns and social impact.
- Exciting new plans have been developed and informing the long-term strategy for Housing.
- Our Housing Scheme in Stockwood now includes a Community Development worker and a growing partnership with the Greater Stockwood Alliance has enabled us to establish a Hub, connecting our residents and facilities with the local community to impact both our resident communities and local neighbourhoods.
- An enhanced menu of services and activities has been developed to enhance our resident’s welfare, wellbeing, and experience of being a Bristol Charities resident, leading to higher levels of satisfaction.
- The core Housing Team has benefited from a period of stability and better able to deliver against the Charity’s mission and values and able to achieve its objectives.
## THE VASSALL CENTRE MANAGEMENT & DEVELOPMENT
- The Vassall Centre is now almost fully let and has seen an increase in the hire of meeting and event spaces.
- The Vassall Centre has been effectively managed and maintained to deliver against operational plans and within budget.
- There is a growing sense of an on-site ‘community’ that has enhanced the management of the Centre and has improved the experience of tenants, visitors and local communities.
- We have created a place-based programme of events, activities, facilities, and services that supports and enhances Bristol Charities community development work in Frome Vale both as a Community Anchor Organisation and Community Hub.
- The long-term redevelopment plans for the Vassall Centre have been enhanced by the refreshed work of the Centre with growing levels of engagement and support from the on-site and local communities.
## Looking Forward
Planning timelines, the need for effective Trustee engagement, and the careful management of change means that shaping the long-term strategic direction of the charity inevitably crosses financial years and has required more time than anticipated in last year’s report. Therefore, for the purposes of this report and to ensure business continuity, a plan for 202425 and an update on progress towards a new 5-year strategy is included in this report.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
## Strategic Objectives for 2024-25
## Housing & Support for Older People
1. Maximise the financial viability and operational effectiveness of Bristol Charities housing for, delivering both financial returns and social impact.
2. Establish BC’s role in Extra Care Housing (ECH) contract and manage optimum provision in line with care provider and other stakeholder requirements.
3. Develop a proactive local community presence through community hubs fostering greater multi-agency working.
4. Partner with contractors, residents, and staff to develop and apply new standards defining what an excellent maintenance and repairs process looks like.
5. Design and deliver services which enhance resident welfare & ensure equitable outcomes for all residents in line with Consumer Regulations, leading to higher levels of engagement and satisfaction.
6. Develop the staff team that are motivated and committed to deliver against the Charity’s mission and values and able to achieve its objectives.
7. Determine the future approach to housing as part of the 5-year strategy and create a structure flexible for change.
## Community Development
1. Establish a Community Hub within Oldbury Court, via physical space, activities, and services. Establish community cohesion via Community Anchor Organisation (CAO) work, partnerships and online.
2. Establish a Community Hub within Stockwood, via physical space (Haberfield House), activities, and services. Establish community cohesion via CAO work, partnerships and online.
3. Establish a Community Hub within Henbury & Brentry, via physical space (Barstaple), activities, and services. Establish community cohesion via CAO work, partnerships and online.
4. Develop the Family Engagement project and extend through the 3 Hub locations.
5. Establish the Vassall Centre as a Food Hub that can support Hub-based food projects in the 3 Hub locations and model a Food Equality Network in Oldbury Court.
## The Vassall Centre
1. Relaunch the Vassall Centre as a stand-out meeting space venue, particularly for third sector and local organisations.
2. Standardise tenant experience and service offer to create a thriving and impactful community of on-site organisations.
3. The Vassall Centre is fit-for-purpose in terms of the Centres property improvements, fabric, services, maintenance, and operation.
4. The Vassall Centre is reimagined as a physical VCSE asset for the city.
5. Delivery of the medium & long-term redevelopment of the Vassal Centre (inc. optimising VC storage & additional spaces).
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
## Corporate services
1. Ensure that financial resources, budgets reports support the charity’s new and existing areas of operation so that resources can be appropriately allocated, managed, and analysed within a Hub model of delivery. Allow the charity to achieve social or environmental returns on use of resources, where possible.
2. Leverage the charity’s balance sheet to create additional opportunities for investment into the emerging Hub model, focusing on the potential for generating social returns and alongside financial returns.
3. Design and implement fresh approaches to income generation which will allow the charity to identify and take advantage of new income streams and to maximise existing ones.
4. Create a human resources function which allows Bristol Charities personnel, including staff, trustees, and volunteers, to excel at their roles and contribute to the objectives of the charity.
5. Optimise the charity’s software, systems and technological capability to support departmental, intra-departmental, and intra-site operations and to facilitate growth in a future-proof way.
## Towards a new long-term strategy
Bristol Charities is now at a pivotal moment in its history. With a new a new Chair of Trustees, new Trustees in place, a relatively new CEO, and staff team, planning permission secured for the Vassall Centre, and extensive learning from early pilot work, we can now take a longterm view of the future development of the charity.
The work of Bristol Charities since its formation has focused on people and communities. Our work has impacted neighbourhoods and has often addressed some of the most challenging social issues of the day. In recent times, our work has narrowed in its scope primarily on Almshousing, plus a grant making programme that arises from investment surpluses.
Whilst this work is worthwhile and well managed, delivering benefits to our residents and grant recipients, it is limited in scale and scope to a fixed number of housing units, and levels of grant funding generated by investment income. This in turn limits the potential growth of the charity’s work and has narrowed our focus on a relatively small number of beneficiaries (present and future), inhibited consideration of long-term change, and limits the range and depth of social impact.
There is now an opportunity to review our work and reposition Bristol Charities as a contemporary charity fully engaged with the critical socio-economic/justice issues facing the city. Working with key stakeholders, we could contribute leadership, resources, innovation, and sustainable solutions, addressing some of the most difficult issues and neighbourhoods, whilst securing the resources and support to sustain our work.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
This work starts with a re-imagining and re-visioning of the impact we could have on the city, and how we might reposition, grow, and develop Bristol Charities towards a more ambitious role and impact in a city facing challenges arising from disadvantage, deprivation, and inequality. The narrative of the charity needs to shift from our current service delivery to the transformational impact we could have on our existing and future beneficiaries and communities. We are now entering the final stages of bringing together a long term strategy for the charity, and it is envisaged that our work going forward will coalesce around 3 strategic objectives:
## STRATEGIC OBJECTIVE 1
## INVESTING IN COMMUNITY TRANSFORMATION
Develop a ‘Bristol Charities Model’ for community transformation, delivered through a distinctive and coherent place-based model (Community Hubs), focused on long term transformational impact on neighbourhoods, creating sustainable transitions away from the life-limiting impacts of deprivation and disadvantage and towards people and communities flourishing.
Strategies:
- Establish the Hub model that will be implemented in all Bristol Charities locations including the 3 existing neighbourhoods where we have a footprint.
- Invest in innovation and development to inform future delivery and to create a sustainable model for community transformation uninhibited by short term funder requirements.
- Launch Community Hubs in the 3 neighbourhoods of:
- Oldbury Court
- Stockwood
- Henbury & Brentry
- Develop and build a holistic service provision within Hub settings through direct delivery and/or through partnership working.
- Create support infrastructure to develop and sustain our Community Hubs including:
- Integrated teams based in our Hubs that will support our Housing and wider community work.
- Volunteer development, recruitment, and management.
- Communications support, including community websites, social media, marketing materials, and campaign support.
- Fundraising.
- Grant making and investment.
- Create a strategic partner group to support future development of the Hub model through:
- Products/programmes
- Expert advice
- Development
- Assessment and Impact measurement
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
## STRATEGIC OBJECTIVE 2
INVESTING IN BRISTOL’S CHARITABLE SECTOR
Reposition Bristol Charities as a leading player in the Voluntary, Community, and Social Enterprise (VCSE) sector providing of essential workspaces and support services for charities and community organisations. Rationale and benefits:
- As owner of the Vassall Centre we are already one of the biggest providers of affordable, accessible, workspace to the VCSE sector in the city.
- We have a tested model that delivers high levels of customer satisfaction and retention that also generates a good financial return.
- We have years of experience in acquiring and managing properties across a range of sectors including residential, social housing, and commercial.
- Growing our provision would enhance our profile and partnerships across the city – establishing our role alongside Voscur, Quartet Community Foundation, Bristol City Council, City Funds, as key players in the VCSE sector in the city
- Any property developments would be asset backed with scope for increasing value as well as generating rental income.
- Any expansion of this work would be a clear and direct investment into the city, with cumulative/amplified impacts by supporting the work of Bristol based charities.
- This approach mirrors the call to major UK investors like pension funds to invest in, in our case, into Bristol assets, enhancing our own ethical investment profile.
- Expansion of this work would provide powerful narratives that would enhance fundraising opportunities for the long-term redevelopment of the Vassall Centre and attract partners and co-funders.
## IMPACT workspace Bristol
Providing stand out, affordable, and accessible workspaces for the VCSE sector, creating places that allows organisations delivering a social impact in Bristol to grow and flourish, enhancing and amplifying their work and impact. Strategies to include:
- Create an overarching brand identity for all our workspace provision across the city, aimed at the city’s voluntary, community, and social enterprise sector.
- Utilise the sale proceeds of Amelia Court as seed funding for the first round of investments – around £350k.
- Implementation of this initiative will be in 3 phases, and will include fully budgeted investment proposals:
- Phase one will be to invest in existing assets to enhance and expand the provision of affordable, accessible workspace for the VCSE sector, including: The Vassall Centre
- St Augustine’s Parade
- Phase two will be to carry out extensive research of the need for workspaces across the VCSE sector working with VOSCUR to establish the type, scale, and location of workspaces required.
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Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
- Phase three will bring forward proposals for new workspaces based on the demand and needs established through phase two. This could include:
- Office/Conference space – a third site based on the Vassall centre model.
- Enterprise/incubation spaces
- Distribution Hub
- Training/Employability Hub
- Investment in workspaces will align with our Community Transformation work through either;
- Being a host location for a Community Hub, and/or
- Providing enterprise/employability opportunities for our Hubs to access
## IMPACT investment Bristol
Use our financial strength and investment capabilities to provide financial and business development support for the VCSE sector, our Community Hubs, and our housing developments. Strategies to include:
- Create the capabilities and opportunities to invest in and support Bristol based charities and community organisations so that they can maintain, develop, or grow their work and impact on the city.
- Offer opportunities for charities to become part of the Bristol Charities Group, providing governance, management, workspace, financial support, and business development.
- Facilitate the pivotal work of other charities/social enterprises through the provision of asset-based investment in bespoke workspaces.
- Invest in places that promote employability, training, and enterprise, as part of any of our Workspaces or as a stand-alone proposition.
- Invest in the development of our Community Hubs through the acquisition of community spaces, which could include housing.
- Invest in new and innovative Housing Schemes in line with our model for community transformation.
## STRATEGIC OBJECTIVE 3
## INVESTING IN HOUSING
Reposition Bristol Charities Housing Strategy away from a single large-scale Almshouse development only to a diversified approach delivering immediate and innovative housing solutions, which align with our community transformation agenda and Hub model. Rationale and benefits:
- Allows us to bring forward smaller scale and community focussed housing schemes for immediate/short term development.
- Aligns our housing offer with the wider work of the charity where we work with all ages and across a range of social issues, producing a more integrated delivery model and enhancing impact.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
- Creates opportunities for innovation, including housing schemes rooted in neighbourhood, with access to Hub wellbeing services for residents, schemes addressing city priorities, enhancing our Equality, Diversity & Inclusion (EDI) work, and aligned to a more holistic approach.
- Opens up partnership and co-development opportunities, extending our potential impact through housing and community development work, and brings forward potential schemes.
- Creates a coherent and congruent brand proposition which recognises the nonHousing work of the charity and its vision for and mission to the city.
## Strategies:
- Establish our existing Housing Schemes as ‘Hubs’ of their local communities, delivering benefits for residents and the wider community, and ‘design-in’ our Hub model to any future schemes.
- Use any delay in the Vassall Centre redevelopment to bring forward immediate opportunities for smaller scale schemes that are ready for development.
- Explore, research, and bring forward proposals for smaller scale housing developments that could include:
- Schemes rooted in local community in areas of high deprivation – local housing for local people, keeping families and support networks in place.
- Schemes that serve/supports a specific ‘people-group’ with high levels of need for sheltered housing e.g. Asylum Seekers.
- Multi-dimensional developments with housing at its centre, which could also host our Community Hub model and deliver wider community transformation.
- `o` Specialist Supported Housing for adults with complex needs.
- Investigate the opportunity to dispose of any assets that sit outside the primary focus on Bristol.
## Trustee Recruitment
Candidates are recruited based on the skills, experience and knowledge that will be needed on the Board. The Nominations Committee undertakes a regular skills analysis to identify gaps on the Board. Any recruitment campaigns focus on the specific skills and experience required to fill those gaps. Six new Trustees was appointed during the period covered by this report.
The charity has a role description for the Trustee and Chair posts and the recruitment pack is updated annually. Applicants have the opportunity to meet the Chair and the Chief Executive before being interviewed by two members of the Nominations Committee. Recommendations to appoint are then made by the Nominations Committee to the Board.
## Training, Induction and Appraisal of Trustees
New Trustees take part in a structured Induction Programme, attending meetings with key staff and other Trustees, visiting projects and sites and are encouraged to attend all committees to really get an understanding of the work of the charity.
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
Trustees are sent information on a regular basis on training courses and briefings. The CEO report on the Board of Trustees’ meeting agenda provides updates on policy/legislation changes. Trustees who have attended training are encouraged to share knowledge with fellow Trustees.
There is a Trustee appraisal policy and procedure in place. The Board of Trustees is committed to assessing its own performance as a Board in order to identify its strengths and areas in which it may improve its functioning. An evaluation process is carried out every two years. Trustees recognise that effective leadership and good decision making is enabled though a diverse board membership, a culture of listening to and acting on diverse perspectives. The Board’s aim is to focus on bringing strength to the charity by increasing diversity.
## Public Benefit
The objects and aims of Bristol Charities are contained in the company’s Memorandum of Association. Bristol Charities’ mission is to provide opportunities and support for people and communities to improve lives through grants, housing and charitable projects. We make a difference to the people and communities we work with by supporting older people to live independently. Our work ranges from the provision of accommodation and services for older people to the distribution of grants to those most in need. The Trustees have considered the Charity Commission guidance on public benefit from section 17 of the Charities Act 2011. We believe that the work of Bristol Charities has directly benefitted people by:
- Providing excellent, purpose-built accommodation through our four almshouses, each one offering on-site support and a safe community setting for older, vulnerable people
- Supporting people to connect with their communities, take part in activities, increasing their wellbeing and reducing loneliness and isolation
- Providing grants to support individuals and families living in crisis or hardship when there is nobody to help
The Trustees’ Report section (pages 7 - 14) sets out the aims and strategies of the charity and demonstrates how the aims and activities of the charity during the year were carried out for the Public Benefit.
## Grant Making Policy
Bristol Charities is a charitable grant making trust. It has four main areas of charitable funding:
a) Relief in Need (including Community Chest Funds)
b) Relief in Sickness and Disability
c) Relief of Carers
d) Educational Funds for the Advancement of Education
The principles which underpin the Trustees’ governance of the charity’s grant-making consider the scale of the grant related activity and strike a balance between direct involvement in decisions, and efficient, responsive customer service for applicants. The governance principles are as follows:
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## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report (continued)
- The Board of Trustees has ultimate responsibility for all grant-making decisions in line with the Charity’s objectives, purposes and priorities for the time being, and any restrictions agreed with donors and funding partners
- The Trustees may give certain decision-making responsibilities to its standing Committees, Board members or to the CEO within its framework of delegation
- All Trustees understand the Charity’s grant-making principles and processes and have opportunities to engage in and learn from grant making activities There are grant-making criteria to provide clear information from the Trustees to those individuals and groups who want to apply for grants. The Board has delegated responsibility to its Grants committee to review the criteria from time to time and, if necessary, to amend or update them.
## Pay Policy for Senior Staff
The Board of Directors, who are the charity’s Trustees, along with the Senior Management Team comprise the key management personnel of the charity in charge of directing and controlling the charity. The Senior Management Team are delegated responsibility for the running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. The pay of the senior management team is reviewed annually by the Remuneration Committee.
## Risk Management
The Board of Trustees assess risk annually with additional operational and financial risk assessment through delegation to the relevant committee and to the Audit & Health and Safety Committee. It oversees its responsibility through its review of the effectiveness of the charity’s Risk Framework. This framework is designed to support informed decision-making regarding the risks that affect the charity’s performance and its ability to achieve its objectives. Management of risk is embedded into our day-to-day activities and wellestablished processes and policies are in place to manage them. All our employees have a role in reducing risk through our internal control framework.
Risks are recorded in a risk register and are evaluated in terms of impact and likelihood. The register also provides for a consistent approach to identifying assessing and dealing with the risks facing the charity to ensure they do not exceed the level of risk the charity is willing to assume. The register is designed to manage, rather than eliminate, the risks to the charity’s objectives and to provide reasonable, but not absolute mitigation of these risks. The Audit and Health & Safety Committee bi-annually reviews the results of the risk reviews undertaken by management and approves an annual risk-based internal audit plan which covers the major risks identified.
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Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Trustees’ Report (continued)
## Principal Risks and Uncertainties
Trustees and staff have, during the year, reviewed the following principal risks to the charity:
|Risk:|Management Actions:|
|---|---|
|Failure of the charity's internal| External advisers appointed in key areas such as a|
|H&S and compliance policies,|health & safety, safeguarding and fire safety.|
|protocols and procedures| Facilities Management on all properties outsourced|
|result in a breach of|to external experts.|
|compliance requirements and| Accident and incident logs, complaints logs and risk|
|associated negative PR and|assessments monitored regularly.|
|reputational damage.| Ongoing challenge from both the Audit & HS|
||Committee and the Board of Trustees.|
|External factors such as
economic environment,
markets and government
legislation reduce the charity's
income or increase its cost
base, reducing margins on
revenue and yields on capital
investment. Charity funds
reduced as a result.| Capital development plans paused amid a high
inflation environment.
Long term fixed contracts entered into for utilities
and other fixable costs.
Contingency lines included within agreed budgets.
Income diversification improved, with new grant
income, investment income and property income
opportunities added.|
|Stock mix across the housing| Staffing structure in housing function optimised for|
|portfolio is not adequately|delivery against current stock mix.|
|planned or managed resulting| Engagement with the Local Authority to assess|
|in inefficient allocation of|demand and opportunity in both existing schemes|
|resources, additional cost|and potential housing developments.|
|burden or dilution of quality| Attendance at peer group meetings for knowledge|
|within the service.|sharing.|
|A lack of suitable financing
(amount or cost) makes the
Vassall Centre development
project unviable and has a
detrimental impact on the
charity's unrestricted reserves| External financing advisers appointed.
Options for sub-phasing of construction projects
considered.
Development plans paused amid a high inflation
environment.
Medium Term Financial Plans developed to reassess
the charity’s capacity for borrowing and rates.|
Actions to mitigate these risks have been developed and progress on these actions monitored regularly at both Board and senior team level. Trustees are satisfied that these mitigating actions have reduced the following risks to an acceptable level.
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Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Trustees’ Report (continued)
## Financial review
The Bristol Charities Group reported incoming resources in the year of £3,465,393 (2023: £2,332,627). The surplus for the year was £552,734 (2023: deficit of £911,506). The reported surplus for the year is achieved despite investment valuation losses of £428,926 (2023: £824,807). The reported surplus is also due in part to the release of £761,133 of Homes England Recycled Capital Grant Fund (RCGF) during the year.
## i) Housing services
Total group income from housing operations for the year, including allocated investment income, was £2,815,546 (2023: £1,782,279) and total expenditure on housing services, including allocated investment management expenditure, was £2,076,873 (2023: £2,184,121), giving a surplus for the year of £738,673 (2023: deficit of £401,842).
The surplus for the year includes a £374,112 net surplus on housing endowment funds which arises from the release of £761,133 of Homes England Recycled Capital Grant Fund (RCGF), as approved by Homes England. A surplus on unrestricted housing funds of £364,561 was realised for the year. £172,000 of unrestricted funds was earmarked for sinking funds.
Void levels dropped significantly compared to the prior year, down from 4.2% in 2022-23 to 2.3% in 2023-24. Virtually all Value for Money measures in our housing operation improved due to £196,000 of major repairs expenditure incurred in 2022-23 not recurring in 2023-24.
## ii) Grants
Individual grants totalling £252,716 (2023: £273,271) and organisational grants totalling £65,330 (2023: £89,649) were awarded during the year, giving total grant awards for the year of £318,046 (2023: £362,960). The year-on-year decrease in total grant awards is due to 202324 being the first full year that investments have been operated under a Total Return basis, with a clear policy in place for the allocation of Unapplied Total Return.
## iii) Investments
The group’s investment policy is noted in the accounting policies on pp. 37 – 38. During the period the Trustees have delegated management of the group’s investments, excluding investment property, to Evelyn Partners.
The performance of investments was mixed during the year. Financial investments managed by Evelyn Partners during the performed well despite continuing economic uncertainty caused by stubborn inflation levels and geo-political events. Total return on the group’s main managed portfolio was 9.06% for the year, which exceeded the target level.
Investment properties were valued at 31 March 2024 and the increased yield requirements demonstrated by the property markets led to a £150,000 year-on-year decrease in property values.
During the prior year the trustees elected to adopt a Total Return approach to permanent endowment funds. As part of this process, the charity’s investment policy statement changed from one based on income targets, to one based on total return targets. The target return for investments is now set at CPI + 3%, measured over a five year basis period. The trustees are confident that this target will be met when measured over a market cycle.
The adoption of Total Return on permanent endowment funds has also allowed the trustees to make exceptional grants out of Unapplied Total Return on the relevant funds. An element of this exceptional grant-making has been made to Bristol Charities’ unrestricted funds, as seed funding for ambitious Community Transformation programmes which have continued into 2023-24.
18
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Trustees’ Report (continued)
## iii) Going concern and reserves policy
Trustees have continued to global political and economic outlooks and adjusted the charity’s operations accordingly. Under the terms of the charity’s Reserves Policy and in forming a view on the charity’s Going Concern, Trustees have noted:
- The charity has a risk management framework which is updated annually. Risks identified are reviewed by the Audit and Health & Safety Committee every six months.
- The charity has adequate insurance cover in place to mitigate against a potential business interruption event which might cause a loss of income or the need to relocate its Head Office function away from The Vassall Centre, BS16 2QQ.
- The other risks to the charity and the protective steps taken to mitigate against them.
- The charity’s investments have proven resilient against the Covid-19 pandemic.
- The charity’s housing income from residents is secure, voids are closely monitored and housing demand remains high.
- The charity holds reserves at a level which is at or exceeds the Reserves Policy.
Taking the above into account, Trustees have determined that an appropriate level of free reserves is shown as follows;
|reserves is shown as follows;||
|---|---|
|Six months of projected Head Office costs (i)
One month of projected housing costs (ii)
One month of projected Vassall Centre costs (ii)
One year of housing sinking fund contributions (iii)|£
266,000
83,000
28,000
172,000|
||549,000|
(i) Six months of Head Office costs is deemed appropriate as the Head Office function is funded through management charges payable by other group operations. If an operation was to fail putting Head Office viability in doubt, six months would be a reasonable time for Trustees to make alternative plans for Head Office or to identify alternative funding sources.
(ii) One month of housing and Vassall Centre costs is deemed appropriate as the nature of these activities means that one month is likely to represent a maximum time period over which they may be required to operate without any additional income.
(iii) This represents the annual contribution required to housing sinking funds in order to build up sufficient funds to cover the cost of the likely cyclical maintenance programme over the life of that programme.
Actual free reserves at the year end are shown as follows;
|Actual free reserves at the year end are shown as follows;||
|---|---|
|Unrestricted funds total
Less those held in tangible fixed assets
Less those held in unrestricted investment property|£
6,116,895
(448,814)
(2,236,051)|
|Unrestricted free reserves|3,432,030|
|||
|Excess funds over reserves policy balance|2,883,030|
19
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Report
## iv) Financial review - Going concern and reserves policy (continued)
Therefore there is a £2,883,030 (2023: £3,679,634) surplus of free reserves at the year end. Trustees have determined that this is appropriate given;
- The charity’s ambitious development plans for the coming years. The Trustee anticipates allocating a significant proportion (c £3m) of excess free reserves to the redevelopments, including of the Vassall Centre, in the coming years
- The projection for moderate to high levels of inflation to be present within the economy for the short to medium term
- The implementation of a social rent increase cap in 2023-24 and implications of this on the ability to contain cost inflation in 2024-25 and future years
- Internal balance sheet risk such as that arising from the situation where cumulative sinking fund contributions are not sufficient to meet the capital maintenance requirements of the charity at any given time
- The existence of significant amount of intra-group debtors which have an inherent credit risk
## Disclosure of Information to Auditor
The Trustees have taken steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
The annual report was approved by the Trustees of the charity on 19 September 2024 and signed on their behalf by:
…………………………………………………………… Andrew Street (Chair of Trustees)
20
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Trustees’ Responsibilities Statement
The Trustees (who are also directors of Bristol Charities for the purposes of company law) are responsible for preparing the report of the Trustees and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that year.
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 Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable company’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees and signed on their behalf by:
…………………………………………………………… Andrew Street (Chair of Trustees) Date: 19 September 2024
21
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Independent Auditor's Report to the Members and Trustees of Bristol Charities
## Opinion
We have audited the financial statements of Bristol Charities (the 'parent charitable company') and its subsidiaries (the ‘group’) for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
## In our opinion the financial statements:
- give a true and fair view of the state of the group’s and 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 accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
## Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
22
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Independent Auditor's Report to the Members and Trustees of Bristol Charities – continued
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
## Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the CEO’s Message and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the CEO’s Message and Trustees' Report have been prepared in accordance with applicable legal requirements.
## Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Chair’s Message and the Trustees' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:
- adequate and sufficient accounting records have not been kept by the group and parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require 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 small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## Responsibilities of Trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 16), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the 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.
23
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Independent Auditor's Report to the Members and Trustees of Bristol Charities – continued
## Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 procedures are capable of detecting irregularities, including fraud is detailed below:
- We have considered the nature of the sector, control environment and performance of the entity;
- We have considered the results of our enquiries with management and the directors 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 areas of high risk to be in relation to revenue recognition. 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 an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations; employment legislation; social housing legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 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 evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
24
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Independent Auditor's Report to the Members and Trustees of Bristol Charities – continued
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
## Use of Our Report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, 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 formed.
........................................ Mr C Trantham FCA (Senior Statutory Auditor) For and on behalf Bishop Fleming LLP Chartered Accountants and Statutory Auditor 10 Temple Back, Bristol BS1 6FL
Date:
25
Bristol Charities Annual Accounts for Year Ended 31 March 2024
## Consolidated Statement of Financial Activities for the Year Ended 31 March 2024
(Including Consolidated Income and Expenditure Account)
|Note
Income and Endowments
Donations and legacies
2
Charitable activities
3
Investment income
4
Other incoming resources
5
Grants, including capital grants
6|Unrestricted
Restricted Endowment
Total
Total
Funds
Funds
Funds
2024
2023
£
£
£
£
£
1,596
78,724
-
80,320
1,368
1,402,822
-
-
1,402,822
1,273,975
541,196
208
582,444
1,123,848
999,358
23,172
3,848
-
27,020
11,346
-
70,250
761,133
831,383
46,580|
|---|---|
|Total
Expenditure
Charitable Activities
7
Investment Management Expenditure
13
Other expenditure|1,968,786
153,030
1,343,577
3,465,393
2,332,627
(1,354,557)
(406,730)
(388,382) (2,149,669)
(2,153,302)
(331,549)
-
-
(331,549)
(261,093)
-
(2,515)
-
(2,515)
(4,931)|
|Total
(Losses) / gains on investments
17|(1,686,106)
(409,245)
(388,382) (2,483,733)
(2,419,326)
(824,028)
-
395,102
(428,926)
(824,807)|
|Net (expenditure) / income|(541,348)
(256,215)
1,350,297
552,734
(911,506)|
|Gross transfers between funds
23
Other recognised gains and losses
25
Actuarial gains / (losses) on defined benefit
pension schemes|127,596
407,339
(534,935)
-
-
2
-
-
2
1,055
-
-|
|Net movement in funds|(413,750)
151,124
815,362
552,736
(910,451)|
|Reconciliation of funds
Total funds brought forward|6,530,645
192,805
32,874,160 39,597,610
40,508,062|
|Fund balances carried forward
22|6,116,895
343,929
33,689,522 40,150,346
39,597,610|
All the group’s activities derive from continuing operations during the above two periods.
The funds breakdown for 2023 is shown in note 31.
26
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities – 05402303
|Bristol Charities – 05402303|Bristol Charities – 05402303|
|---|---|
|Consolidated Balance Sheet at 31 March 2024
2024
2023
Notes
£
£
FIXED ASSETS
Housing properties
15
18,974,054
19,343,769
Tangible assets
16
164,723
79,426
Investments
17,18
18,576,260
17,816,869||
||37,715,037
37,240,064|
|CURRENT ASSETS
Debtors
19
Cash at bank and in hand|299,560
1,132,244
2,625,024
2,457,277|
|Creditors falling due within one year
20|2,924,584
3,589,521
(489,275)
(487,187)|
|Net current assets|2,435,309
3,102,335|
|Total assets less current liabilities
Creditors falling due after more than one year
21|40,150,346
40,342,398
-
(744,789)|
|Net assets|40,150,346
39,597,610|
|FUNDS
Endowment reserves
22
Restricted reserves
22
Unrestricted reserves: general reserves
22|33,689,522
32,874,160
343,929
192,805
6,116,895
6,530,645|
|Total funds
22|40,150,346
39,597,610|
The notes on pages 31 to 64 form part of these accounts.
The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime _._
The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2024 and signed on their behalf by:
__________________________________ Andrew Street (Chair of Trustees)
27
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities – 05402303
|Bristol Charities – 05402303|Bristol Charities – 05402303|
|---|---|
|Company Balance Sheet at 31 March 2024
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
16
50,525
15,830
Investments
17,18
14,132,774
13,742,681||
||14,183,299
13,758,511|
|CURRENT ASSETS
Debtors
19
Cash at bank and in hand|620,902
591,749
342,446
149,131|
|Creditors falling due within one year
20|963,348
740,880
(364,690)
(292,652)|
|Net current assets|598,658
448,228|
|Total assets less current liabilities
Creditors falling due after more than one year
21|14,781,957
14,206,739
-
(975)|
|Net assets|14,781,957
14,205,764|
|FUNDS
Endowment reserves
22
Restricted reserves
22
Unrestricted reserves: general reserves
22|14,183,793
13,734,335
249,070
183,484
349,094
287,945|
|Total funds
22|14,781,957
14,205,764|
The notes on pages 31 to 64 form part of these accounts.
The company’s financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime _._
The financial statements were approved by the Board of Trustees and authorised for issue on 19 September 2024 and signed on their behalf by:
__________________________________ Andrew Street (Chair of Trustees)
28
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
**----- Start of picture text -----**
||||
|---|---|---|
|Bristol Charities|
|Consolidated Statement of Cash Flows for the Year Ended 31 March 2024|
|2024|2023|
|£|£|
|Cash flow from Operating Activities|
|Net income|552,736|(910,451)|
|Adjustments to cash flows from non cash items|
|-|
|Interest payable|16,344|
|-|
|Amortisation of social housing loans|(761,133)|
|Investment income|(459,921)|(713,910)|
|Interest receivable|(81,484)|(8,792)|
|Depreciation|432,346|423,477|
|(301,112)|(1,209,676)|
|Working capital adjustments|
|Decrease/(Increase) in debtors|832,684|(183,993)|
|Increase/(Decrease) in creditors|2,088|(82,431)|
|Net cash flows from operating activities|533,660|(1,476,100)|
|Cash flows from investing activities|
|Purchase of tangible fixed assets|(147,928)|(726)|
|Purchase of investments|(3,378,514)|(2,749,912)|
|Sale and revaluation of investments|2,619,124|2,989,710|
|Investment income|459,921|713,910|
|Interest received|81,484|8,792|
|Net cash flows from investing activities|(365,913)|961,774|
|Net increase in cash and cash equivalents|167,747|(514,326)|
|Cash and cash equivalents at 1 April|2,457,277|2,971,603|
|Cash and cash equivalents at 31 March|2,625,024|2,457,277|
**----- End of picture text -----**
All cash flows are derived from continuing operations during the above two periods. The company is a qualifying entity for the purposes of FRS102 and have elected to claim exemption under FRS102 paragraph 1.12(b) not to present a Company statement of cash flows.
29
Bristol Charities Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Consolidated Statement of Cash Flows for the Year Ended 31 March 2024
|Analysis of net funds - Group
Cash at bank and in hand|At 1 April
Financing
Other
At 31 March
2023
cash flows
cash flows
2024
£
£
£
£
2,457,277
-
167,747
2,625,024|
|---|---|
|Net cash|2,457,277
-
167,747
2,625,024|
|Cash at bank and in hand|At 1 April
Financing
Other
At 31 March
2022
cash flows
cash flows
2023
£
£
£
£
2,971,603
-
(514,326)
2,457,277|
|Net cash|2,971,603
-
(514,326)
2,457,277|
30
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies
## Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## Statement of compliance
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## Basis of preparation
Bristol Charities meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recorded at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared in sterling, which is the functional currency of the charitable company, and rounded to the nearest £.
## Basis of consolidation
Following the incorporation of Bristol Charities as at 1 April 2005, consolidated accounts have been prepared. The group’s financial statements consolidate the financial statements of the charity and its subsidiary undertakings drawn up to 31 March each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Acquisitions are accounted for under the acquisition method.
Orchard Homes, Orchard Homes Design and Build Limited and William Jones’s Almshouse Charity are consolidated within these accounts as Bristol Charities is the sole Trustee of the entities.
Bristol Charities recorded gross income for the year of £850,182 (2023: £698,923) and a surplus for the year of £576,191 (2023: deficit of £507,927) largely due to investment valuation gains (2023: due to investment losses).
Bristol Charities has taken exemption from presenting its unconsolidated statement of financial activities under section 408 of Companies Act 2006.
31
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Going concern
Bristol Charities’ activities and future plans are set out in the Trustees’ Report.
Bristol Charities manages its activities with positive unrestricted bank balances. The Trustees’ forecasts and projections, taking account of reasonably foreseeable changes in income and expenditure, show that Bristol Charities will be able to continue to operate on this basis.
Investment and rental income represent Bristol Charities’ largest income streams with substantial investments in the Common Pooled Investment Fund held. Two firms, Baring Asset Management Ltd and Evelyn Partners, were appointed to manage the non-property investments and each was initially allocated 50% of the portfolio. During the reporting period Baring Asset Management Ltd wound down their UK Multi-Asset Funds and as a result Bristol Charities moved its holdings to Evelyn Partners as an interim measure until a new investment manager can be appointed. The investment policy is for a balanced return with a medium level of risk. The Trustees seek to produce the optimum total return, commensurate with at least maintaining the capital value in line with inflation, as defined by the National Statistics.
The Trustees consider that the demand for the Charity’s services will continue as housing schemes are currently nearly fully occupied and demand for both housing and grants is high.
Based on the above the Trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report of the Trustees and financial statements.
## Key sources of estimation uncertainty
In the application of the group's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
32
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Income and endowments
Voluntary income including donations, gifts and legacies and grants that provide core funding, or are of general nature, are recognised where there is entitlement, receipt is probable, and the amount can be measured with sufficient reliability. Such income is only deferred when:
- 1) the donor specifies that the grant or donation must only be used in future accounting periods; or
- 2) The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Rental income from investment properties is included on an accruals basis.
Investment income, including that deriving from the Bristol Charities Common Investment Fund, is included on an accruals basis. Income relating to grant endowment held in the Common Investment Fund is restricted, and income relating to Orchard Homes endowments held in the Common Investment Fund is unrestricted.
Interest receivable on cash balances is recognised on an accruals basis.
Other income is recognised on an accruals basis and is recognised when there is entitlement, and the receipt is probable and the amount can be measured with sufficient reliability.
## Interest on term loans
Interest receivable and payable on terms loans is recognised using the effective interest rate method.
## Expenditure
Expenditure is recognised when a liability is incurred. Grant payments are recognised when a constructive obligation arises that results in the payment becoming due.
## Charitable activities
Charitable activities include both the direct costs and support costs relating to these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
## Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources (e.g. allocating staff costs on the time spent and other costs by their usage).
## Governance costs
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
33
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Irrecoverable VAT
Bristol Charities, Orchard Homes and William Jones’s Almshouse Charity are not registered for VAT and cannot recover input VAT. Input VAT charged to these entities is non-recoverable and is aggregated to the net invoiced cost and expensed in the SOFA as incurred.
## Fund structure
Unrestricted funds comprise those funds that the Trustees are free to use in accordance with the charitable objects of the charity.
Restricted funds are funds that have been given for particular purposes either by other charities for which Bristol Charities is Trustee, or by private individuals.
Endowment funds represent those assets that must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as either restricted or unrestricted income, as appropriate. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
## Tangible fixed assets
Tangible fixed assets are capitalised at cost where the asset has a useful economic life that is more than a year.
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property (excluding land) is depreciated over fifty to one hundred years on a straight-line basis.
Housing properties are stated at cost. The cost of such properties includes the cost of acquiring land and buildings and development expenditure. Depreciation is charged so as to write off the cost of assets, other than land, over their estimated lives as follows:
• Alterations to leasehold properties are capitalised on completion and depreciated over between five and fifty years on a straight-line basis over the period of the lease.
• Computers, other office equipment, fixtures and equipment are depreciated over between three and ten years on a straight-line basis.
An impairment review will be undertaken when an indication of impairment has been identified.
## Redundancy and Payment In Lieu of Notice
Any staff that are made redundant are compensated by the Charity making a payment for redundancy. The redundancy payment is calculated in accordance with statutory redundancy guidelines published by the HM Government. Where staff are not required to work out their full notice the Charity will make a Payment In Lieu of notice based on their daily salary for the period not worked.
34
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Pension costs
The Charity implemented auto-enrolment for its employees in March 2016 and undertakes re-enrolment as required. The Charity contributes to the Growth Plan 4 Scheme for certain staff, a scheme which is run by The Pensions Trust. The assets of the scheme are held separately from those of the Charity. The annual contributions payable are charged to the Statement of Financial Activities as they become payable. This scheme is a defined contribution scheme.
The Charity makes deficit contributions to a final salary scheme, the Scottish Voluntary Sector Final Salary Pension Scheme, for certain members of staff. The scheme is in a separate fund where the assets are held and administered by The Pensions Trust. Service costs, net interest expense and measurements in respect of the scheme are charged to the Statement of Financial Activities. The scheme closed to new members in January 2000 and closed to future accrual at 1 March 2011.
The Charity also makes deficit contributions to the Growth Plan 3 Scheme. The scheme closed to future accruals on 1 March 2011. This scheme was a defined benefit scheme which closed to future contributions in October 2013.
## Business combinations
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition.
## Fixed asset investments
Investments are included at their mid-market value at the balance sheet date. Any gain or loss on valuation is taken to the relevant fund and reflected in the Statement of Financial Activities. Investment properties are included at market value. Market value is assessed by RICS registered values at least every five years.
## Government grants
Social housing grants are booked to the Income and Expenditure account in the year of receipt in the consolidated accounts in accordance with Charities SORP FRS 102. This accounting treatment is different from how the grants are dealt with in Orchard Homes’ annual accounts whereby the grant income is booked to creditors and amortised to the income and expenditure account over the expected useful life of the asset. Social Housing Grant is repayable in certain circumstances, primarily following the sale of a relevant property when the repayable amount will often be restricted to the net proceeds of sale.
Other grants are recognised when all conditions of entitlement have been met.
35
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.
36
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Financial instruments
## Classification
Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
## Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of fi nancial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the group, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
## Investments
Investments in subsidiaries are measured at cost less impairment.
## Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
37
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 1. Accounting policies (continued)
## Taxation
Bristol Charities is a registered charity and as such is entitled to relevant tax exemptions on its charitable income and gains properly applied under normal circumstances for its charitable purposes.
## Grants payable
Grants payable are charged in the year when the offer is pledged to the recipient.
## Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named in the Reference and Administrative details section. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
## Total return approach to permanent endowment funds
The Relief in Need, Relief of Sickness and Disability, Educational Charities, Barry T Jones, Miss E M Merchant, Dr Owen’s, Rev. Dr T White’s Essex Estates and Rev. Dr T White’s Gray’s Inn Lane Trust endowment funds are invested in the Bristol Charities Common Investment Fund (CIF). The CIF itself is invested in a portfolio of listed securities and investment properties.
From 30th September 2022 the charity has operated a total return approach to the management of the CIF and those component permanent endowment funds. Under this approach the charity is required to analyse the endowment funds between the amount held for investment and the Unapplied Total Return (UTR). The charity is permitted to allocate from the UTR to the corresponding restricted income fund such sums as the Trustees see appropriate, provided that they exercise their statutory duty to be even-handed between current and future beneficiaries and that they maintain the UTR at such a level as to ensure it remains positive after having due consideration to the volatility of investment markets.
38
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 2. Income from donations and legacies
Of the donations and legacies income recognised in the year, £1,596 was recognised in unrestricted funds and £78,724 was recognised in the restricted funds. All donations and legacies in the prior year were unrestricted sundry donations.
## 3. Income from charitable activities
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Housing (unrestricted):|
|Maintenance charges and rents|1,299,453|1,205,170|
|Service and utility charges|110,792|98,878|
|Losses from voids|(33,953)|(52,270)|
|Sundry income|26,530|22,197|
|1,402,822|1,273,975|
**----- End of picture text -----**
In the year ended 31 March 2023 all income was attributable to unrestricted funds.
## 4. Investment income from fixed asset investments
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|Endowment|Total|Total|
|funds|funds|funds|2024|2023|
|£|£|£|£|£|
|541,196|208|582,444|1,123,847|999,358|
**----- End of picture text -----**
On 30 September 2022 the group and charity adopted a total return approach to permanent endowment funds and investment income earned on these funds since this date is recognised in the relevant endowment fund.
In the year ended 31 March 2023 there was income of £441,295 attributable to unrestricted funds, £281,407 attributable to restricted funds and £276,656 attributable to endowment funds.
## 5. Other incoming resources
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2024|2023|
|£|£|£|£|
|Sundry income|23,172|3,848|27,020|11,346|
**----- End of picture text -----**
In the year ended 31 March 2023 there was £7,029 attributable to unrestricted funds and £4,317 attributable to restricted funds.
39
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 6. Grant income
|6. Grant income||
|---|---|
|BCC Community Resilience Funding
Feeding Bristol Household Support Fund
Release of Recycled Capital Grant Funding
Feeding Bristol Winter Project Fund
BCC Cost of Living Support Fund
BGCP Community Climate Action Fund
Other BCC Restricted Grant Funds|Restricted Endowment
Total
Total
Funds
Funds
2024
2023
£
£
£
£
22,000
-
22,000
-
34,500
-
34,500
-
-
761,133
761,133
-
-
-
-
12,000
-
-
-
25,000
4,500
-
4,500
9,250
-
9,250
9,580|
||70,250
761,133
831,383
46,580|
All grants received in 2024 and 2023 relate to the charity’s Community Transformation operations. All grants in 2023 were attributable to restricted funds
## 7. Expenditure on charitable activities
|By fund type
Depreciation and amortisation
Grant funding
Project delivery costs
Support costs
Governance|Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
2024
2023
£
£
£
£
£
44,832
-
387,514
432,346
423,477
-
370,039
-
370,039
438,871
36,511
36,511
12,739
1,277,685
-
868
1,278,553
1,248,995
32,040
180
-
32,220
29,220|
|---|---|
||1,354,557
406,730
388,382
2,149,669
2,153,302|
|By activity
Staff costs
Service running costs
Maintenance and property
Administration
Grants made
Governance
Support costs (allocated)
Property depreciation|Community &
Total
Total
Grant giving
Housing
Other
2024
2023
£
£
£
£
£
75,422
334,034
360,831
770,287
565,564
-
-
36,511
36,511
12,739
-
205,629
69,628
275,257
410,860
-
53,957
57,407
111,364
128,990
318,046
-
-
318,046
362,920
-
14,580
17,640
32,220
29,220
74,080
68,537
59,442
202,059
239,001
-
403,925
-
403,925
404,009|
||467,547
1,080,663
601,458
2,149,669
2,153,302|
Expenditure on charitable activities was £2,149,669 (2023: £2,153,302) of which £1,354,557 (2023: £1,312,473) was attributable to unrestricted funds, £406,730 (2023: £451,781) was attributable to restricted funds and £388,382 (2023: £389,049) was attributable to endowment funds.
40
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 8. Head office costs and allocation of support costs
Total Head office costs, including allocated support costs, consist of;
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|2024|2023|
|£|£|
|Staff costs|342,637|235,361|
|Property costs|69,628|67,808|
|Administration costs|161,492|111,237|
|Depreciation costs|3,818|2,447|
|577,575|416,853|
|Staff costs, allocated expenditure|219,749|154,518|
|Allocated support costs|357,826|262,335|
|577,575|416,853|
|Allocated support costs consist of;|
|Salary|Property &|Admin|
|Costs|Deprec'n|Costs|2024|2023|
|£|£|£|£|£|
|Community development|20,414|12,201|26,827|59,442|9,628|
|Housing|52,154|31,171|68,537|151,862|110,778|
|Grant making|27,050|16,167|35,548|78,765|52,333|
|Property development projects|7,766|4,641|10,206|22,613|54,430|
|Investments|15,504|9,266|20,374|45,144|35,166|
|Year ended 31 March 2024|122,888|73,446|161,492|357,826|262,335|
|Year ended 31 March 2024|80,843|70,255|111,237|262,335|
**----- End of picture text -----**
9. Governance costs
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Unrestricted|Restricted|Total|Total|
|funds|funds|2024|2023|
|£|£|£|£|
|Audit fees|
|Audit of the financial statements|27,180|180|27,360|25,620|
|-|
|Other fees paid to auditors|4,860|4,860|3,600|
|Trustee recruitment costs|10,855|-|10,855|-|
|42,895|180|43,075|29,220|
**----- End of picture text -----**
Governance costs were £43,075 (2023: £29,220) of which £42,895 (2023: £29,040) was attributable to unrestricted funds and £180 (2023: £180) was attributable to restricted funds.
41
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2023
## 10. Grant making
**----- Start of picture text -----**
||||
|---|---|---|
|Grants paid to institutions|2024|2023|
|£|£|
|Paid from Dr Owen's Charity|
|Bristol Grammar School|49,053|73,610|
|Paid to Dr T Whites Essex Estates & Grays Inn|2,690|4,039|
|Paid from Miss EM Merchant Trust|
|-|
|Bristol Autism Support|2,500|
|-|-|
|Cabot Learning Federation|
|Carers Support Centre|4,987|5,000|
|-|
|Chinese Community Wellbeing Society|4,500|
|Khaas|4,100|-|
|Paid from Relief in Sickness and Disability Fund|
|PROPS Bristol|4,500|-|
|Total grants paid to institutions|65,330|89,649|
|Grants paid to individuals|252,716|273,271|
|Total grants Paid|318,046|362,920|
**----- End of picture text -----**
Trustees elected to roll forward the Barry T Jones independent school grants budget into the following year in order to facilitate the availability of larger grants in that year.
## 11. Staff costs
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Salaries and wages|662,054|481,130|
|Social security costs|57,230|44,892|
|Other pension costs|51,003|39,542|
|770,287|565,564|
**----- End of picture text -----**
42
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 11. Staff costs (continued)
The number of employees whose emoluments fell within the following bands was;
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|No.|No.|
|£70,000 to £80,000|-|2|
|£80,000 to £90,000|2|-|
**----- End of picture text -----**
The Charity considers key management personnel to be the Chief Executive and the Director of Finance (Deputy CEO). The total employee benefits, including employer pension contributions, of the key management personnel of the Group were £171,339 (2023: £185,952).
The average number of staff employed by the Group during the year was as follows;
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|2024|2023|
|Number|FTE|Number|FTE|
|Almshouse Staff|6|5|6|5|
|Clerical Staff|11|9|10|8|
|Community Development Staff|2|2|1|-|
|19|16|17|13|
**----- End of picture text -----**
## 12. Pension costs
## Growth Plan Scheme for Current Staff
The Charity contributes to the Pensions Trust Growth Plan schemes for current staff (see note 25 for more information). The assets of the scheme are held separately from those of the Charity. The annual contributions are charged to expenses as they become payable.
## Historic Final Salary Pension Scheme
Bristol Charities used to offer a final salary pension scheme, but this scheme was closed to new members with effect from January 2000. The assets of the scheme are held separately from those of Bristol Charities in an independently held fund administered by The Pensions Trust.
The scheme is in deficit, and there is a deficit reduction plan. The required deficit contributions are reviewed every three years, and a new level was set to run from April 2019. Contributions will increase by 3% in each year. The contributions required after that will depend on the findings of the next review.
43
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 12. Pension costs (continued)
The scheme closed to future accrual at 31 March 2010 and from 1 April 2011 contributions in respect of future service have ceased. The two current members are, from 1 April 2011, members of the Pension Trust Growth Plan scheme.
Further information on this scheme, the Scottish Voluntary Sector Final Salary Pension Scheme (SVSPS) is included in note 25.
## Growth Plan 3 Scheme Deficit
Contributions for current staff were being invested in Growth Plan 3. The capital invested by employees in Growth Plan 3 was guaranteed. This scheme is in deficit, and a deficit reduction plan was put in place at the start of the financial year.
The Pensions Trust closed Growth Plan 3 to contributions in October 2013, and future contributions are now made to Growth Plan 4, which is a money purchase scheme.
Pensions creditor: the pension contributions payable at the year-end were £11,298 (2023: £5,501).
Pension cost in the year:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Pension deficit interest, Historic Final Salary Scheme (SVSPS)|1,000|1,000|
|Pension deficit interest, Growth Plan 3 Scheme|78|61|
|Contributions to the Pensions Trust Growth Plan 4 scheme for current staff|24,555|29,442|
|Contributions to other money purchase schemes for current staff|1,165|9,039|
|26,798|39,542|
**----- End of picture text -----**
## 13. Net (income) / expenditure
Net (income) / expenditure for the year includes;
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Depreciation of tangible fixed assets|28,421|19,468|
|Depreciation of housing properties|403,925|404,009|
|Auditors remuneration|
|For Bristol Charities parent and consolidation|18,420|18,420|
|For other subsidiaries|10,800|10,800|
**----- End of picture text -----**
Investment Management Expenditure of £331,549 (2023: £261,093) disclosed on the SOFA relates to the costs of operating the Vassall Centre investment property during the year.
44
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 14. Trustees’ remuneration and expenses
During the year the following Trustee expenses were incurred;
|Reimbursement of Trustee travel costs
Trustee training costs|2024
2023
£
£
-
9
-
85|
|---|---|
||-
94|
During the year zero (2023: one) Trustees were reimbursed expenses of £nil (2023: £9) in relation to attendance at Trustees’ meetings.
## 15. Housing properties
## Group - Freehold property
|Group - Freehold property||
|---|---|
|Cost
At 1 April 2023
Additions
Disposals|Almshouses
Housing
Total
£
£
£
21,977,561
109,959
22,087,520
-
34,210
34,210
-
-
-|
|At 31 March 2024|21,977,561
144,169
22,121,730|
|Depreciation
At 1 April 2023
Charge for the year
Disposals|2,718,459
25,292
2,743,751
402,740
1,185
403,925
-
-
-|
|At 31 March 2024|3,121,199
26,477
3,147,676|
|Net book value at 31 March 2024|18,856,362
117,692
18,974,054|
|Net book value at 31 March 2023|19,259,102
84,667
19,343,769|
The Housing balance of £117,692 (2023: £84,667) represents the net book value of the Furber Fund housing properties. The value of land included in housing properties is £1,757,648 (2023: £1,757,648).
All housing properties are held in subsidiary undertakings and therefore no housing properties note is prepared for Bristol Charities as parent charity.
45
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 16. Other tangible fixed assets
|Group
Cost
At 1 April 2023
Additions|Alterations
to leasehold
Furniture and
Computer
property
fittings
equipment
£
£
£
32,183
128,200
102,738
-
64,315
49,403|Total
£
263,121
113,718|
|---|---|---|
|At 31 March 2024|32,183
192,515
152,141|376,839|
|Depreciation
At 1 April 2023
Charge for the year|32,183
68,896
82,616
-
15,882
12,539|183,695
28,421|
|At 31 March 2024|32,183
84,778
95,155|212,116|
||||
|Net book value at 31 March 2024|-
107,737
56,986|164,723|
|Net book value at 31 March 2023|-
59,304
20,122|79,426|
|Charity
Cost
At 1 April 2023
Additions|Alterations
to leasehold
Computer
property
equipment
Total
£
£
£
32,183
80,137
112,320
-
44,675
44,675||
|At 31 March 2024|32,183
124,812
156,995||
|Depreciation
At 1 April 2023
Charge for the year|32,183
64,307
96,490
-
9,980
9,980||
|At 31 March 2024|32,183
74,287
106,470||
||||
|Net book value at 31 March 2024|-
50,525
50,525||
|Net book value at 31 March 2023|-
15,830
15,830||
46
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 17. Fixed Asset Investments
|Market value at 1 April 2023
Additions
Disposals
Charges
Net cash introduced / (withdrawn)
Adjustment to market value|Group
£
17,816,869
2,592,058
(2,694,501)
(155,915)
67,000
950,749|Charity
£
13,742,681
2,230,964
(2,317,834)
(132,854)
(105,000)
714,818|
|---|---|---|
|Market value at 31 March 2024|18,576,260|14,132,775|
|Historical cost|14,686,831|12,493,983|
|Investments at market value comprise
Group
2024
£
Investment Properties
3,457,000
UK Fixed Interest
1,600,518
Private equity
1,894,960
UK Quoted equities
3,353,636
UK Investment & Unit Trusts
1,532,683
Overseas Equities
6,627,220
Cash
110,243|Group
Charity
2023
2024
2023
£
£
£
3,607,000
1,268,820
1,486,581
427,829
1,331,647
368,282
2,497,442
1,624,072
2,155,765
4,099,500
2,880,805
3,538,264
1,873,033
1,313,302
1,616,937
5,216,258
5,660,338
4,494,906
95,807
53,790
81,947||
|18,576,260|17,816,869
14,132,774|13,742,681|
All investment types above are publicly listed except investment properties.
During a prior year a group entity charity acquired the Vassall Centre and the purchase price of this investment property plus or less any valuation movements since are included in the Investment Properties figure above.
47
Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 17. Fixed Asset Investments (continued)
Realised and unrealised gains and losses in the year were:
|Realised gains
Unrealised gains / (losses)|Group
Charity
2024
2023
2024
2023
£
£
£
£
(49,536)
291,699
(41,989)
258,650
57,914
(1,413,858)
756,807
(1,220,913)|
|---|---|
||8,378
(1,122,159)
714,818
(962,263)|
Included in the Common Pool Investment Fund (CPIF) are investment properties with a market value of £1,467,000. The properties which make up this valuation are:
|2024
2023
£
£
17 St Augustines Parade, Bristol BS1 4UL
555,000
625,000
Playground at Blackdown Road, Portishead BS20 6DN
12,000
12,000
26-29 St Augustines Parade, Bristol BS1 4UL
220,000
245,000
John Milton Clinic, Brentry, Bristol BS10 7DP
550,000
675,000
Amelia Court, Pipe Lane, Bristol BS1 5AA
130,000
160,000|
|---|
|Investment Properties held by the CPIF
1,467,000
1,717,000
The valuations assigned to 26-29 St Augustine’s Parade and Amelia Court are based on the
market valuation of income receivable from the sites which is split 60% to Bristol City Council
and 40% to Bristol Charities.
Investments over 5% of the total value at the balance sheet date for the group were the
Vassall Centre investment property valued at £1,990,000, of which £nil is held by the charity.
Investment properties were valued at either 31 March 2024 and the Trustees are content that
there have been no material changes in valuation since these dates.
At 31 March 2024 the Group held 2,644,238 (2023: 2,661,846) units in the Bristol Charities
Common Investment Fund, of which 2,287,022 (2023: 2,304,630) were held by the parent
charity Bristol Charities.
Investments in group undertakings and participating interests
Charity
2024
2023
£
£
Cost and net book value
Share holding in Orchard Homes Design & Build Ltd
1
1|
The valuations assigned to 26-29 St Augustine’s Parade and Amelia Court are based on the market valuation of income receivable from the sites which is split 60% to Bristol City Council and 40% to Bristol Charities.
Investments over 5% of the total value at the balance sheet date for the group were the Vassall Centre investment property valued at £1,990,000, of which £nil is held by the charity.
Investment properties were valued at either 31 March 2024 and the Trustees are content that there have been no material changes in valuation since these dates.
At 31 March 2024 the Group held 2,644,238 (2023: 2,661,846) units in the Bristol Charities Common Investment Fund, of which 2,287,022 (2023: 2,304,630) were held by the parent charity Bristol Charities.
## Investments in group undertakings and participating interests
48
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 17. Fixed Asset Investments (continued)
On 30[th] September 2022 the group and charity adopted a total return to the following permanent endowment funds:
**----- Start of picture text -----**
|||
|---|---|
|Relief in Need Charity|Fund A|
|Relief in Sickness & Disability Charity|Fund B|
|Educational charities|Fund C|
|Barry T Jones Fund|Fund D|
|Miss E M Merchant Trust|Fund E|
|Dr Owen's Charity|Fund F|
|Rev Dr T White's Essex Estates|Fund G|
|Rev Dr T White's Gray's Inn Lane Trust|Fund H|
**----- End of picture text -----**
The investment power of Total Return permits the charity to invest these funds in order to maximise Total Return and gives it the power to apply an appropriate portion of the Unapplied UTR to income funds each year. The UTR remains part of the permanent endowment until this power is exercised.
The value of the original endowments associated with these endowment funds was determined at 31 March 2006 (the “initial endowment date”) as this was the deemed inception date for these funds in their current form. The initial UTR values for these endowment funds were calculated at 30[th] September 2022 as the value of the endowment funds at that date, less the values of the original endowments and adjusted for the introduction of any investments into these funds since the initial endowment date.
Trustees elected to allocate a proportion of the UTR back to the original endowments at 30[th] September, in accordance with Total Return regulations. For each fund, the original endowment plus allocated UTR value represent that fund’s “Trust for Investment” at that date. Between 30[th] September 2022 and 31[st] March 2024 the UTR of each endowment fund has changed in accordance with income and gains / losses experienced over this period. Trustees have allocated a portion of each fund’s UTR to restricted income funds over this period.
Values for the Trust for Investment (TfI), Unapplied Total Return (UTR) and Total Endowment for each of the above names funds is shown below:
49
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 17. Fixed Asset Investments (continued)
**----- Start of picture text -----**
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Trust for Investment (TfI)|
|Fund A|Fund B|Fund C|Fund D|Fund E|Fund F|Fund G|Fund H|Total|
|£|£|£|£|£|£|£|£|£|
|At 1st April 2023|6,033,807|2,536,019|150,564|411,430|440,680|2,163,720|55,928|42,974|11,835,122|
|Allocations from UTR|404,265|169,913|10,088|27,566|29,526|144,969|3,747|2,879|792,953|
|At 31st March 2024|6,438,072|2,705,932|160,652|438,996|470,206|2,308,689|59,675|45,853|12,628,075|
|Unapplied Total Return (UTR)|
|Fund A|Fund B|Fund C|Fund D|Fund E|Fund F|Fund G|Fund H|Total|
|£|£|£|£|£|£|£|£|£|
|At 1st April 2023|930,239|427,229|25,365|69,313|74,240|364,510|9,421|7,241|1,907,559|
|Total Return in the Year|465,896|200,763|11,919|32,571|34,886|171,290|4,427|3,402|925,154|
|Allocations to TfI|(404,265)|(169,913)|(10,088)|(27,566)|(29,526)|(144,969)|(3,747)|(2,879)|(792,953)|
|Allocations to Income Funds|(321,886)|(93,187)|(5,533)|(15,118)|(16,195)|(79,507)|(2,054)|(1,580)|(535,060)|
|At 31st March 2024|669,985|364,892|21,663|59,200|63,405|311,324|8,047|6,184|1,504,700|
|Total Endowments|
|Fund A|Fund B|Fund C|Fund D|Fund E|Fund F|Fund G|Fund H|Total|
|£|£|£|£|£|£|£|£|£|
|At 1st April 2023|6,964,046|2,963,248|175,929|480,743|514,920|2,528,230|65,349|50,215|13,742,680|
|Total Return in the Year|465,896|200,763|11,919|32,571|34,886|171,290|4,427|3,402|925,154|
|Allocations to Income Funds|(321,886)|(93,187)|(5,533)|(15,118)|(16,195)|(79,507)|(2,054)|(1,580)|(535,060)|
|At 31st March 2024|7,108,056|3,070,824|182,315|498,196|533,611|2,620,013|67,722|52,037|14,132,774|
**----- End of picture text -----**
## 18. Bristol Charities Common Investment Fund
Bristol Charities is corporate Trustee of Bristol Charities Common Investment Fund, also known as the Common Pool Investment Fund (CPIF). The results of CPIF are consolidated into the financial statements of Bristol Charities. Information on the CPIF’s unit values, balance sheet values and fund movements are shown below:
## a) Unit values
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|a) Unit values|Group|Charity|
|2024|2023|2024|2023|
|£|£|£|£|
|Units value at year end|6.17955|5.96307|6.17955|5.96307|
**----- End of picture text -----**
50
## Bristol Charities
## Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 18. Bristol Charities Common Investment Fund (continued)
|b) Unit holdings
Endowment Funds: Grant-giving charities
Relief in Need
Relief of Sickness and Disability
Educational charities
Barry T Jones Fund
Miss E M Merchant
Dr. Owen's Charity
Rev. Dr. T White's Essex Estates
Rev. Dr. T White's Grays Inn Lane Trust|2024
2023
2024
2023
Units
Units
Units
Units
1,150,254
1,167,862
1,150,254
1,167,862
496,933
496,933
496,933
496,933
29,503
29,503
29,503
29,503
86,351
86,351
86,351
86,351
80,620
80,620
80,620
80,620
423,981
423,981
423,981
423,981
10,959
10,959
10,959
10,959
8,421
8,421
8,421
8,421
Group
Charity|
|---|---|
|Almshouse charities
Orchard Homes Endowment Reserves|2,287,022
2,304,630
2,287,022
2,304,630
357,216
357,216
-
-|
|Total CPIF unit holdings|2,644,238
2,661,846
2,287,022
2,304,630|
|c) Holding values
Endowment Funds: Grant-giving charities
Relief in Need
Relief of Sickness and Disability Charity
Educational charities
Barry T Jones Fund
Miss E M Merchant
Dr. Owen's Charity
Rev. Dr. T White's Essex Estates
Rev. Dr. T White's Grays Inn Lane Trust|2024
2023
2024
2023
£
£
£
£
7,108,056
6,964,047
7,108,055
6,964,047
3,070,824
2,963,248
3,070,824
2,963,248
182,315
175,929
182,315
175,929
533,611
514,917
533,611
514,917
498,196
480,743
498,196
480,743
2,620,013
2,528,230
2,620,013
2,528,230
67,722
65,349
67,722
65,349
52,038
50,215
52,038
50,215
Group
Charity|
|Almshouse charities
Orchard Homes Endowment Reserves|14,132,774
13,742,679
14,132,773
13,742,679
2,207,435
2,130,105
-
-|
|Total CPIF holding values|16,340,209
15,872,784
14,132,773
13,742,679|
51
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 18. Bristol Charities Common Investment Fund (continued)
|(d) Income account (return)
Gross income
Managed portfolios
Income from investment property|2024
2023
£
£
593,805
547,578
72,816
116,509|
|---|---|
|Charges
Legal and professional fees
Bristol Charities|666,621
664,087
-
(13,925)
(13,200)
(12,000)|
|Final distribution|653,421
638,162
(653,421)
(638,162)|
|Undistributed income carried forward|-
-|
|Distribution pence per unit|24.42
23.84|
|(e) Balance sheet
Managed portfolio at market value
Investment property at market value|2024
2023
£
£
14,873,209
14,155,784
1,467,000
1,717,000|
|Net investment fund|16,340,209
15,872,784|
|(f) Statement of movement in net assets
Net assets at start of year|2024
2023
£
£
15,872,784
16,728,089|
|Investment gains/(losses) for the year
Realised (losses)/gains in investments sold in the year
Additions
Proceeds of investment disposals
Cash introduced or withdrawn in year
Valuation gains
Portfolio Manager charges|(48,547)
298,627
2,579,424
2,086,082
(2,679,863)
(1,674,624)
(105,000)
(88,795)
875,016
(1,410,159)
(153,605)
(66,436)|
||467,425
(855,305)|
|Net assets at end of year|16,340,209
15,872,784|
52
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 19. Debtors
|Trade debtors
Due from group undertakings
Prepayments
Accrued income
Other debtors|Group
Charity
2024
2023
2024
2023
£
£
£
£
162,999
130,795
27,171
11,158
-
-
500,755
556,748
125,310
961,120
81,725
9,510
6,127
12,098
6,127
12,098
5,122
28,231
5,124
2,235|
|---|---|
||299,558
1,132,244
620,902
591,749|
Included in group prepayments is £nil (2023: £899,602) in relation development costs associated with the Vassall Centre investment property. Planning permission was granted during the year and the property was revalued at the year end, meaning amounts included in prepayments at the prior year end are now included in the investment property asset value.
## 20. Creditors falling due within one year
|Trade creditors
William Jones's School Foundation loan
Deferred income
Pensions deficit
Other taxation and social security
Other creditors
Accruals|Group
Charity
2024
2023
2024
2023
£
£
£
£
159,319
156,371
121,947
32,564
480
960
-
-
5,442
19,947
-
12,600
-
23,073
-
23,073
14,031
12,459
12,153
12,459
64,255
97,567
23,859
84,725
245,747
176,810
206,731
127,231|
|---|---|
||489,274
487,187
364,690
292,652|
## Deferred income
Deferred income is made up of investment property and almshouse property rent and maintenance charges billed in advance.
|Balance at 1 April
Released to incoming resources
Amounts deferred in year|Group
Charity
2024
2023
2024
2023
£
£
£
£
19,947
18,749
12,600
6,250
(19,947)
(12,499)
(12,600)
-
5,442
13,697
-
6,350|
|---|---|
|Balance at 31 March|5,442
19,947
-
12,600|
53
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 21. Creditors due after more than one year
|William Jones's School Foundation loan
Pensions deficit
Social Housing Grants|Group
Charity
2024
2023
2024
2023
£
£
£
£
-
480
-
-
-
975
-
975
-
743,334
-
-|
|---|---|
||-
744,789
-
975|
The Social Housing Grants creditor was Recycled Capital Grant Funding (RCGF). During the year Homes England approved the use of the RCGF on land held at the Vassall Centre, pending development, including a portion of affordable housing. Notional interest of £16,344 was added to the opening RGCF balance, before the whole of the £761,133 was released to income during the year.
## 22. Funds
|RESTRICTED FUNDS
Community Transformation Project Funds;
Feeding Bristol Winter Project Fund
Feeding Bristol Household Support Fund
BGCP Community Climate Action Fund
BCC Community Resilience Funds
BCC Cost of Living Support Fund
Other BCC Restricted Grant Funds
Grant-Giving Charities;
Relief in Need Charity
Relief in Sickness & Disability Charity
Educational charities
Barry T Jones Fund
Miss E M Merchant Trust
Dr Owen's Charity
Rev Dr T White's Essex Estates
Rev Dr T White's Gray's Inn Lane Trust
Bristol Dental Access Fund
Dreams and Wishes Fund
22. Funds|At 1 April
Total
Total
Gains and
2023
income
expenditure
transfers
£
£
£
£
12,000
-
(11,174)
-
-
34,500
(2,123)
(8,078)
-
4,500
(5)
-
-
22,000
(1,674)
(1,187)
14,581
-
(14,581)
-
5,802
9,250
(6,954)
-
-
99,348
-
(219,109)
216,378
10,465
-
(62,686)
93,357
6,169
-
(879)
5,543
17,523
-
(2,572)
16,220
18,724
-
(12,638)
15,146
(1,081)
-
(68,373)
66,320
(27)
-
(2,139)
2,057
(20)
-
(1,644)
1,583
-
11,250
-
-
-
67,474
-
-|At 31 March
2024
£
826
24,299
4,495
19,139
-
8,098
96,617
41,136
10,833
31,171
21,232
(3,134)
(109)
(81)
11,250
67,474|
|---|---|---|
|Total Restricted Funds of the Charity
William Jones's Almshouse Charity|183,484
148,974
(406,551)
407,339
9,321
4,056
(2,694)
-|333,247
10,683|
|Total Restricted Funds of the Group|192,805
153,030
(409,245)
407,339|343,929|
|UNRESTRICTED FUNDS
Of the Charity
Of other group entities|At 1 April
Total
Total
Losses and
2023
income
expenditure
transfers
£
£
£
£
287,945
6,386
(59,506)
114,269
6,242,700
1,962,400
(1,626,600)
(810,699)|At 31 March
2024
£
349,094
5,767,801|
|Total Unrestricted Funds of the Group|6,530,645
1,968,786
(1,686,106)
(696,430)|6,116,895|
54
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
22. Funds (continued)
|22. Funds (continued)||
|---|---|
|ENDOWMENT FUNDS
Grant-Giving Charities;
Relief in Need Charity
Relief in Sickness & Disability Charity
Educational charities
Barry T Jones Fund
Miss E M Merchant Trust
Dr Owen's Charity
Rev Dr T White's Essex Estates
Rev Dr T White's Gray's Inn Lane Trust|At 1 April
Total
Total
Gains and
At 31 March
2023
income
expenditure
transfers
2024
£
£
£
£
£
6,959,448
293,146
-
(118,860)
7,133,734
2,961,610
126,466
-
(6,175)
3,081,901
175,831
7,508
-
(366)
182,973
514,633
21,977
-
(1,074)
535,536
480,478
20,517
-
(1,002)
499,993
2,526,833
107,899
-
(5,267)
2,629,464
65,314
2,788
-
(136)
67,967
50,187
2,143
-
(106)
52,225|
|Total Endowment Funds of the Charity
Almshouse Charities;
Orchard Homes
William Jones's Almshouse Charity|13,734,335
582,444
-
(132,987)
14,183,793
18,061,080
761,133
(363,952)
(6,846)
18,451,415
1,078,746
-
(24,430)
-
1,054,315|
|Total Endowment Funds of the Group|32,874,160
1,343,577
(388,382)
(139,833)
33,689,522|
|TOTAL FUNDS||
|Of the Charity|14,205,764
737,804
(466,057)
388,622
14,866,134|
|Of the Group|39,597,610
3,465,393
(2,483,732)
(428,924)
40,150,346|
The purpose of each of the Charity’s grant-giving endowment funds and its corresponding restricted income fund is as follows;
Relief in Need. The relief of persons resident in the City of Bristol who are in need, hardship or distress.
Relief in Sickness & Disability. The relief of persons resident in the City of Bristol who are sick, convalescent, disabled or infirm by relieving their suffering or assisting their recovery.
Educational charities. The provision of grants to create access to opportunities for young people who are resident in the City of Bristol where no loans or public funds are available.
Barry T Jones Fund: The provision of grants to charitable independent schools engaged in Secondary education within the City and County of Bristol.
Miss E M Merchant Trust: The provision of grants to carers who have limited means living in the City of Bristol or within a 10-mile radius of Bristol city centre.
Dr Owen’s Charity: Income accrued from this fund is required to be distributed 83.33% to Bristol Grammar School and 16.67% to Orchard Homes.
Rev Dr T White’s Essex Estates: Income accrued from this fund is required to be distributed to Revered Dr White.
Rev Dr T White’s Gray’s Inn Lane Trust: Income accrued from this fund is required to be distributed 50% to Bristol Grammar School and 50% to Reverend Dr White.
55
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 22. Funds (continued)
The Orchard Homes almshouse charity and William Jones’s Almshouse Charity endowment funds and funds of subsidiary entities which hold almshouse properties for the provision of charitable housing in Bristol and Monmouth, respectively.
The William Jones’s Almshouse Charity restricted funds relates to service charges and sinking fund contributions for the leasehold common parts at Cwrt William Jones, Monmouth.
The Feeding Bristol Winter Project Fund and Feeding Bristol Household Support Fund are for the provision of food-based Community Transformation initiatives based at the Vassall Centre in the Oldbury Court area of Bristol.
The Bristol Green Capital Partnership (BCGP) Community Climate Action Fund is for the development of projects which facilitate local community participation in climate action.
The Bristol City Council (BCC) Community Resilience Funds are for the provision of community hub assets and spaces at the Vassall Centre.
The BCC Cost of Living Support Fund funds Cost of Living related support services at the Vassall Centre.
Other BCC Restricted Grant Funds are for the provision of other Community Transformation services and initiatives in the Oldbury Court and Henbury & Brentry areas of Bristol.
The Bristol Dental Access Fund is a fund established in the year to make grants to individual and families across Bristol to facilitate their access to dental services where NHS provision cannot currently be accessed.
The Dreams and Wishes Fund is established to make grants to individuals currently receiving end-of-life care at Southmead Hospital and these grants are to fund one-off or “bucket list” activities and experiences.
## 23. Gross transfers between funds
|23. Gross transfers between funds||
|---|---|
|Grant allocation from Dr George Owen's Charity to Orchard Homes
Transfers of Investment Returns and Income
Restricted Funds used to acquire unrestricted fixed assets|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2024
2024
2024
£
£
£
13,331
(13,331)
-
105,000
429,935
(534,935)
9,265
(9,265)
-|
|Total transfers between funds to 31 March 2024|127,596
407,339
(534,935)|
|Grant allocation from Dr George Owen's Charity to Orchard Homes
Transfers of Investment Returns and Income
Donation from Relief in Need to Community Development Funds|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
2023
2023
2023
£
£
£
14,722
(14,722)
-
71,524
228,808
(300,332)
2,000
(2,000)
-|
|Total transfers between funds to 31 March 2023|88,246
212,086
(300,332)|
56
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 23. Gross transfers between funds (continued)
The allocation from the Dr George Owen’s Charity is the amount of investment returns on this fund that are allocated to Orchard Homes.
Transfers of Investment Returns and Income relate to the allocation of Unapplied Total Return (UTR) from permanent endowment funds to income funds. Initially these are transferred to restricted income funds, however, during the year an internal grant was made from restricted income funds to the charity’s unrestricted funds and this is reflected in the transfer allocations shown above.
Transfers shown as Restricted Funds used to acquire unrestricted fixed assets relate to the acquisition of fixed assets using restricted grant income, where the restriction on the fund no longer exists after the acquisition of the asset, meaning the assets become unrestricted.
## 24. Analysis of net assets between funds
|24. Analysis of net assets between funds|||
|---|---|---|
|Year ended 31 March 2024
GROUP
Tangible fixed assets
Fixed asset investments
Net current assets / (liabilities)
Creditors falling due after more than one year|Unrestricted
Restricted
£
£
448,814
-
2,236,051
-
3,432,030
343,928
-
-|Endowment
Total
£
£
18,689,963
19,138,777
16,340,208
18,576,259
(1,340,650)
2,435,308
-
-|
||6,116,895
343,928|33,689,521
40,150,344|
|CHARITY
Tangible fixed assets
Fixed asset investments
Net current (liabilities) / assets
Creditors falling due after more than one year|50,525
-
-
-
298,569
249,070
-
-|-
50,525
14,132,774
14,132,774
51,019
598,658
-
-|
||349,094
249,070|14,183,793
14,781,957|
|Unrestricted funds reported in the balance sheet:
Unrestricted funds - general
Unrestricted funds - pension asset (SVSPS)
Unrestricted funds - pension deficit (GP3)|GROUP
CHARITY
£
£
6,112,852
345,051
5,000
5,000
(957)
(957)||
|Total Unrestricted funds|6,116,895
349,094||
|Year ended 31 March 2023
GROUP
Tangible fixed assets
Fixed asset investments
Net current assets / (liabilities)
Creditors falling due after more than one year|Unrestricted
Restricted
£
£
379,927
-
1,944,084
-
4,228,331
192,805
(480)
-|Endowment
Total
£
£
19,043,268
19,423,195
15,872,785
17,816,869
(1,297,584)
3,123,552
(744,309)
(744,789)|
||6,551,862
192,805|32,874,160
39,618,827|
|CHARITY
Tangible fixed assets
Fixed asset investments
Net current (liabilities) / assets
Creditors falling due after more than one year|15,830
-
-
-
272,115
183,484
-
-|-
15,830
13,742,681
13,742,681
(8,346)
447,253
-
-|
||287,945
183,484|13,734,335
14,205,764|
57
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
___________________________________________________________________________
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 25. Pension schemes
## Scottish Voluntary Sector Pension Scheme (SVSPS) and Growth Plan Series 3 (GP3)
The company participates in the schemes, multi-employer schemes which provide benefits to some 82 (SVSPS) and 638 (GP3) non-associated employers. The schemes are defined benefit schemes in the UK. It is not possible for the group to obtain sufficient information to enable it to account for the schemes as defined benefit schemes. Therefore it accounts for the schemes as defined contribution schemes.
The schemes are subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.
The schemes are classified as a 'last-man standing arrangement'. Therefore the group is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficits following withdrawal from the schemes. Participating employers are legally required to meet their share of the scheme deficits on an annuity purchase basis on withdrawal from the schemes.
Full actuarial valuations for the schemes were carried out with an effective date of 30 September 2020. These valuations showed assets of £153.3m (SVSPS) and £800.3m (GP3), liabilities of £160.0m (SVSPS) and £831.9m (GP3) giving deficits of £6.7m (SVSPS) and £31.6m (GP3). To eliminate these funding shortfalls, the Trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the schemes as follows:
## Deficit contributions (for the Schemes as a whole)
## SVSPS
From 1 April 2022 to 31 May 2024: £1,473,969 per annum
Some employers have agreed concessions (both past and present) with the Trustee and have contributions up to 28 February 2034.
## GP3
From 1 April 2022 to 31 January 2025: £3,312,000 per annum
Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies All contributions are payable monthly and increasing by 3% each year on 1 April.
58
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2023
## 25. Pension schemes (continued)
Note that the schemes’ previous valuations were carried out with an effective date of 30 September 2017. These valuations showed assets of £120.0m (SVSPS) and £794.9m (GP3), liabilities of £145.9m (SVSPS) and £926.4m (GP3) giving deficits of £25.9m (SVSPS) and £131.5m (GP3). To eliminate these funding shortfalls, the Trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the schemes as follows:
## Deficit contributions (for the Schemes as a whole)
## SVSPS
From 1 April 2019 to 30 September 2026:
From 1 April 2019 to 30 September 2027:
£1,404,638 per annum
(payable monthly and increasing by 3% each on 1st April)
£136,701 per annum
(payable monthly and increasing by 3% each on 1st April)
## GP3
From 1 April 2019 to 30 September 2025:
£11,243,000 per annum
(payable monthly and increasing by 3% each on 1st April)
The recovery plan contributions for SVSPS are allocated to each participating employer in line with their estimated share of the scheme liabilities. The recovery plan contributions for GP3 are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.
Where the schemes are in deficit and where the group has agreed to a deficit funding arrangement the group recognises liabilities for these obligations. The amounts recognised are the net present values of the deficit reduction contributions payable under the agreements that relate to the deficits. The present values are calculated using the discount rates detailed in these disclosures. The unwinding of the discount rates is recognised as a finance cost.
## Present values of provisions
59
Bristol Charities Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2023
## 25. Pension schemes (continued)
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Reconciliation of opening and closing provisions|a|SVSPS|GP3|
|Period ended 31 March|Period ended 31 March|
|2024|2023|2024|2023|
|£'000|£'000|£|£|
|Provision at start of period|22|49|2,048|3,212|
|Unwinding of the discount factor (interest expense)|1|1|78|61|
|Deficit contribution paid|(28)|(27)|(1,170)|(1,170)|
|Remeasurements - impact of change in assumptions|-|(1)|1|(55)|
|Remeasurements - amendments to contrbn. schedule|-|-|-|-|
|(Asset) / Provision at end of period|(5)|22|957|2,048|
|Income and expenditure impact|a|SVSPS|ee|||GP3|
|Period ended 31 March|Period ended 31 March|
|2024|2023|2024|2023|
|£'000|£'000|£|£|
|Interest expense|1|1|78|61|
|Remeasurements - impact of change in assumptions|-|(1)|1|(55)|
**----- End of picture text -----**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Assumptions|
|31 March 2024|31 March 2023|31 March 2022|
|% per annum|% per annum|% per annum|
|Rate of discount – SVSPS|4.90|5.40|2.30|
|Rate of discount – GP3|5.31|5.52|2.35|
**----- End of picture text -----**
The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.
Deficit contributions schedules (for Bristol Charities)
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|P|SVSPS|T|GP3|
|31 March 2024|31 March 2023|31 March 2023|31 March 2024|31 March 2023|31 March 2023|
|£'000|£'000|£'000|£|£|£|
|Year 1|4|28|27|975|1,170|1,170|
|Year 2|-|4|28|-|975|1,170|
|Year 3|-|-|4|-|-|975|
**----- End of picture text -----**
The group must recognise liabilities measured as the present value of the contributions payable that arise from the deficit recovery agreements and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. It is these contributions that have been used to derive group’s balance sheet liabilities.
60
Annual Accounts for Year Ended 31 March 2024
## Bristol Charities
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 26. Commitments
## a) Operating commitments
Total operating lease commitments due in future years at the balance sheet date were;
|GROUP AND CHARITY
Due not later than one year
Due between one and five years|2024
2023
£
£
3,182
1,285
7,956
-|
|---|---|
|Total Group and Charity operating commitments|11,138
1,285|
## b) Other financial commitments
On 1 April 2024 the Bristol Charities group entered into a 12-month rolling contract for Facilities Management Services, following the completion of a 36-month contract on 31 March 2024. The Group’s and Parent Charity’s commitments to this contract at the balance sheet date are;
|GROUP
Due not later than one year
Due between one and five years|2024
2023
£
£
39,595
41,676
-
-|
|---|---|
|Total Group commitments
CHARITY
Due not later than one year
Due between one and five years|39,595
41,676
2024
2023
£
£
-
3,820
-
-|
|Total Charity commitments|-
3,820|
61
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 27. Principal subsidiaries
Bristol Charities has three principal subsidiaries which have been consolidated into these group financial statements. These are Orchard Homes (registered charity number 1109141/17), William Jones’s Almshouse Charity (registered charity number 230514) and Orchard Homes Design and Build Ltd (registered company number 09864047).
Orchard Homes (OH) is a registered social landlord and also a registered charity. It is a provider of almshouse accommodation for older people in Bristol and operates solely in the UK. It has no share capital and is included on the basis of a uniting direction issued by the Charity Commission dated 20 May 2005. Orchard Homes is under the sole control of Bristol Charities.
William Jones’s Almhouse Charity (WJA) is a registered charity and a provider of almshouse accommodation for older people in Monmouth. It is consolidated as it is under the sole control of Bristol Charities, with Bristol Charities being its sole corporate Trustee.
Orchard Homes Design and Build Ltd (OHDB) was incorporated on 9 November 2015 to provide design and construction services to Orchard Homes. Bristol Charities owns 100% of the share capital of Orchard Homes Design and Build Ltd.
The income, expenditure and gains for each subsidiary for the years ended 31 March 2024 and 31 March 2023 are as follows;
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|2024|2023|
|a|
|OH|WJA|OHDB|OH|WJA|OHDB|
|£|£|£|£|£|£|
|Income|2,590,415|225,131|22,013|1,571,726|210,553|467,575|
|Expenditure|(1,765,984)|(310,889)|(21,721)|(1,848,934)|(340,187)|(461,642)|
|-|-|
|Other gains and transfers|(750,452)|2,012|(110,477)|(771)|
|Movement in funds for the year|73,979|(83,746)|292|(387,685)|(130,406)|5,933|
**----- End of picture text -----**
The total year end reserves for each subsidiary for the years ended 31 March 2024 and 31 March 2023 were as follows;
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|OH|21,735,810|21,661,831|
|WJA|1,071,508|1,155,254|
|OHDB|293|5,934|
**----- End of picture text -----**
## 28. Ultimate controlling parties
Ultimate control is held by the Trustees of Bristol Charities as listed in the Reference and Administrative Details.
62
## Bristol Charities
Annual Accounts for Year Ended 31 March 2024
## Notes to the Financial Statements for the Year Ended 31 March 2024
## 29. Related party transactions
The Charity has taken advantage of the exemption under Section 33 of FRS102 not to disclose transactions within entities whose voting rights are 100% wholly controlled within Bristol Charities group.
During the year the charity received £34,500 (2023: £12,000) in grant income from Feeding Bristol (registered charity number 1177585), a charity of which J Mines, CEO of Bristol Charities, and Andrew Street, Chair of trustees at Bristol Charities, are trustees.
During the year the charity made purchases of £2,000 (2023: £nil) from FareShare South West (a trading name of Community Initiatives South West Ltd) a charity of which Andrew Street, Chair of trustees at Bristol Charities, is a trustee.
## 30. Statement of Financial Activities – prior year
|Income and Endowments
Donations and legacies
Charitable activities
Investment income
Other incoming resources
Grants, including capital grants|Unrestricted Restricted Endowment
Total
Total
Funds
Funds
Funds
2023
2022
£
£
£
£
£
1,368
-
-
1,368
9,491
1,273,975
-
-
1,273,975
1,320,927
441,295
281,407
276,656
999,358
749,642
7,029
4,317
-
11,346
20,657
-
46,580
-
46,580
-|
|---|---|
|Total
Expenditure
Charitable Activities
Investment Management Expenditure
Other expenditure|1,723,667
332,304
276,656
2,332,627
2,100,717
(1,312,473)
(451,781)
(389,049) (2,153,302)
(2,096,779)
(261,093)
-
-
(261,093)
(218,317)
-
(4,931)
-
(4,931)
(3,400)|
|Total
(Losses) / gains on investments|(1,573,566)
(456,712)
(389,049) (2,419,326)
(2,318,496)
(8,599)
-
(816,208)
(824,807)
178,640|
|Net (expenditure) / income|141,502
(124,408)
(928,601)
(911,506)
(39,139)|
|Gross transfers between funds
Other recognised gains and losses
Actuarial gains / (losses) on defined benefit
pension schemes|88,246
212,086
(300,332)
-
-
1,055
-
-
1,055
124,946
-
-|
|Net movement in funds|230,803
87,678
(1,228,933)
(910,451)
85,807|
|Reconciliation of funds
Total funds brought forward
Fund balances carried forward|~~63~~
6,299,842
105,127
34,103,093 40,508,062
40,422,255
6,530,645
192,805
32,874,160 39,597,610
40,508,062|
Bristol Charities Annual Accounts for Year Ended 31 March 2024
**----- Start of picture text -----**
|||
|---|---|
|Notes to the Financial Statements for the Year Ended 31 March 2024|
|31.|Funds – prior year|
**----- End of picture text -----**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|At 1 April|Total|Total|Losses and|At 31 March|
|2022|income|expenditure|transfers|2023|
|£|£|£|£|£|
|ENDOWMENT FUNDS|
|Grant-Giving Charities;|
|-|
|Relief in Need Charity|7,377,926|140,340|(558,818)|6,959,448|
|-|
|Relief in Sickness & Disability Charity|3,100,954|59,629|(198,972)|2,961,610|
|Educational charities|184,104|3,540|-|(11,813)|175,831|
|-|
|Barry T Jones Fund|538,846|10,362|(34,575)|514,633|
|Miss E M Merchant Trust|503,084|9,584|-|(32,190)|480,478|
|-|
|Dr Owen's Charity|2,645,720|50,876|(169,763)|2,526,833|
|Rev Dr T White's Essex Estates|68,388|1,315|-|(4,390)|65,314|
|-|
|Rev Dr T White's Gray's Inn Lane Trust|52,549|1,010|(3,371)|50,187|
|-|
|Total Endowment Funds of the Charity|14,471,570|276,656|(1,013,893)|13,734,335|
|Almshouse Charities;|
|Orchard Homes|18,528,346|-|(364,619)|(102,647)|18,061,080|
|-|-|
|William Jones's Almshouse Charity|1,103,177|(24,430)|1,078,746|
|Total Endowment Funds of the Group|34,103,093|276,656|(389,049)|(1,116,540)|32,874,160|
|RESTRICTED FUNDS|
|Community Transformation Project Funds;|
|-|-|-|
|Feeding Bristol Winter Project Fund|12,000|12,000|
|-|-|
|BCC Cost of Living Support Fund|25,000|(10,419)|14,581|
|Other BCC Restricted Grant Funds|-|9,580|(3,778)|-|5,802|
|-|
|Grant-Giving Charities;|
|Relief in Need Charity|69,149|143,378|(232,648)|119,469|99,348|
|-|
|Relief in Sickness & Disability Charity|60,262|(96,714)|46,917|10,465|
|Educational charities|5,163|3,578|(5,359)|2,787|6,169|
|Barry T Jones Fund|2,209|10,472|(3,311)|8,153|17,523|
|Miss E M Merchant Trust|18,585|9,867|(17,341)|7,613|18,724|
|-|
|Dr Owen's Charity|51,415|(77,809)|25,313|(1,081)|
|Rev Dr T White's Essex Estates|-|1,329|(2,393)|1,037|(27)|
|Rev Dr T White's Gray's Inn Lane Trust|-|1,021|(1,838)|797|(20)|
|Total Restricted Funds of the Charity|95,106|327,902|(451,610)|212,086|183,484|
|-|
|William Jones's Almshouse Charity|10,021|4,402|(5,102)|9,321|
|Total Restricted Funds of the Group|105,127|332,304|(456,712)|212,086|192,805|
|At 1 April|Total|Total|Losses and|At 31 March|
|2022|income|expenditure|transfers|2023|
|£|£|£|£|£|
|UNRESTRICTED FUNDS|
|Of the Charity|147,015|105,529|(48,154)|83,555|287,945|
|Of other group entities|6,152,827|1,618,138|(1,525,412)|(2,853)|6,242,700|
|Total Unrestricted Funds of the Group|6,299,842|1,723,667|(1,573,566)|80,702|6,530,645|
|TOTAL FUNDS|
|Of the Charity|14,713,691|710,087|(499,764)|(718,252)|14,205,764|
|Of the Group|40,508,062|2,332,627|(2,419,326)|(823,752)|39,597,610|
**----- End of picture text -----**
64