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← Arnos Vale Cemetery Trust

2024-03-31-accounts

Company no. 06272084 Charity no. 1120210

Arnos Vale Cemetery Trust Report and Unaudited Financial Statements

31 March 2024

Arnos Vale Cemetery Trust

Contents

For the year ended 31 March 2024
Page
Reference and administrative details 1 - 2
Trustees' report 3 - 11
Independent examiner's report 12-13
Consolidated statement of financial activities 14
Consolidated balance sheet 15-16
Consolidated statement of cash flows 17
Notes to the financial statements 18-34

Arnos Vale Cemetery Trust

Reference and administrative details

For the year ended 31 March 2024 Company number 06272084 Charity number 1120210 Registered office and West Lodge operational address Arnos Vale Cemetery Bath Road Bristol BS4 3EW Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: Alexander Bishop (appointed 17 April 2023) Dr Charles Booth Jos Clark Paul Davis Nigel Dyke (Chair) Daniel Flew Matt Kyle Rupert Mullins TD (resigned 4 October 2023) Stephanie Mustoe Lynn Robinson Lindsay Telling Mary Wood (appointed 4 July 2023) Chief executive officer Ellie Collier (resigned 21 December 2023) Peter De'Ath (Interim 22 December 2023 - 25 February 2024) Ann Fiddler (appointed 26 February 2024) Bankers Lloyds Bank Plc 248 Wells Road Knowle Bristol BS4 2PY CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Flagstone 1st Floor, Clareville House, 26-27 Oxendon Street London SW1Y 4EL

1

Arnos Vale Cemetery Trust

Reference and administrative details

For the year ended 31 March 2024

Investment RBC Brewin Dolphin fund managers 40 Queens Square Bristol BS1 4QP Independent Godfrey Wilson Limited examiners Chartered Accountants and Statutory Auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

2

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

The Trustees, who are also the Directors under company law, present their annual report and financial statements for the year ended 31 March 2024.

Reference and administrative information set out on pages 1 to 2 forms part of this report. The financial statements comply with current statutory requirements, the Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities.

The Trust and group structure

History of the Trust

Arnos Vale Cemetery is a spectacular 45-acre Victorian garden cemetery in the heart of Bristol. Arnos Vale Cemetery Trust (the Trust) started out as an unincorporated Trust in 2001, following a campaign to save the cemetery from redevelopment for housing use. The net assets of that original trust were transferred to the Trust on 1 October 2007.

The cemetery was compulsorily purchased by Bristol City Council (BCC) on 31 October 2002 and was managed by the Trust under a licence to occupy until 30 May 2012, at which date a 125-year lease of the site, with a peppercorn rent, was granted to the Trust by BCC.

The Trust is the beneficiary of two endowment funds. The first created by BCC in three tranches totalling £1,500,000. The Catalyst fund was then created by the Trust and the National Heritage Lottery Fund. These two funds are held and managed by Quartet Community Foundation. The Trust is permitted to draw on the revenue and capital accounts for the purpose of maintaining and developing the cemetery. Capital cannot initially be drawn down on the Catalyst fund until 2041.

Present day

Today, Arnos Vale Cemetery Trust is incorporated as a company limited by guarantee and a registered charity.

The site continues to be a unique heritage site, and beloved Bristol landmark. Arnos Vale Cemetery is a conservation area and within we have four listed buildings and 25 listed monuments. At its heart remains the Victorian scenic estate for recreation and remembrance of those who have died. We continue to offer a range of cemetery services, including traditional and woodland burials offering a serene final resting place and a welcoming location for the loved ones of those who have died.

The estate provides a wonderful space in the heart of Bristol for the local community and is home to diverse wildlife within historic woodlands. The site is managed as a Site of Nature Conservation Interest (SNCI). We have created a bespoke landscape management plan to ensure conservation of the existing grassland and woodland habitats thereby improving their quality to benefit diverse wildlife. Our conservation work is underpinned by a strong community of volunteers, who are key to the maintenance and development of the site.

The Trust continues to evolve and includes a unique indoor/outdoor venue for weddings and events and provides family experiences including nature trails and forest schools. We provide educational opportunities for all age ranges from preschool to University of the Third Age. We engage our communities through exhibitions, tours and talks, and community projects. A café and shop provide welcome facilities for our visitors. We continue to research the history of the cemetery and those remembered here, to develop our talks, tours and information, continually adding to our understanding. Much of this research is undertaken by our volunteers.

3

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

Objects of the Trust

The objects and core business of the Trust are:

To do all such other lawful things as are necessary to the attainment of the above objects.

Structure, governance and management

Arnos Vale Cemetery Trust (the Trust) was incorporated as a company limited by guarantee on 7 June 2007 and was registered as a charity on 24 July 2007. The governing documents of the Trust are its Articles of Association. The Trust also has a 100% owned subsidiary, Arnos Vale Enterprises Limited (AVCE). The Directors of AVCE are all Directors of the Trust.

The Trust is administered by a board of Directors (the Trustees) who meet at least quarterly. They are responsible for setting the strategy of the Trust, scrutinising and monitoring its operations in pursuit of that strategy, safeguarding its assets, and values, and supporting its work.

The day-to-day operation and management of the Trust is delegated to its staff, led by its Chief

There are also sub-committees formed to deal with specific remits to report to the Board on a variety of issues. The Finance Committee deals with matters of governance, particularly in relation to probity and financial health of the Trust. The Governance and HR Committee advises on HR matters, identifying risks and ensuring policies are in place.

Full details of the Trustees who served in the year are provided within the Reference and Administrative Information pages at the beginning of these accounts.

Election, recruitment and training of Trustees

New Trustees are identified and appointed by existing Trustees to meet skills gaps on the board of Trustees. All such new Trustees retire at the next following general meeting but are eligible to put themselves forward for election by the members at that meeting for a term of three years.

4

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

The Articles of Association sets out that the minimum number of Trustees is three. The maximum number of Trustees is fifteen without an ordinary resolution of Members.

terms of office are governed by the Articles of Association, which state, that each Trustee who has served for three years must be re-elected by members but that no Trustee may be elected for more than three consecutive terms of three years.

All Trustees are issued with a copy of the Charity Commission booklet Essential as part of their induction programme, which provides them with guidance on the assessment and management of risks and advises them of their responsibility to identify and monitor them. There is a regular skills audit of Trustees to ensure that training needs are met.

Arnos Vale Cemetery Enterprises (AVCE)

The wholly owned trading subsidiary AVCE was incorporated on 14 July 2010 to develop commercial offerings taking advantage of the unique location and history, in a manner consistent with both.

All the net taxable income generated is transferred to the Trust annually. Directors of the trading subsidiary who are also Trustees of the Charity draw no salary or dividend from either company.

Remuneration of key management personnel

The policy on remuneration of key management personnel aims to ensure that such remuneration is benchmarked against charitable bodies in the Bristol area to ensure that it is competitive. Remuneration levels for all employees are reviewed at least annually by the Finance Committee and are formally approved by the Board of Trustees.

Related parties and co-operation with other organisations

None of the Trustees receive remuneration or benefit from their work with the charity. Any connection between a Trustee or senior manager of the charity with organisations with which the Trust engages must be disclosed to the full board of Trustees in the same way as any other contractual relationship with a third party. In the current year no such related party transactions were reported.

Public benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity guidance on public benefit, and Public The Trustees are mindful of this guidance in setting the objectives for the Trust. The key objectives are set out in the business plan covering 2021-2024.

Values of the Trust

The Trust has a very clear set of core values, which underpins all that we do. These values are interwoven into our approach, from interview questions to business planning, and we look for value based behaviours in everyone who works with us. The core values are:

5

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

Business plan 2021-2024

The strategy identifies the following mission for the Trust: That the Cemetery must evolve and stay relevant for all of communities to enhance this special place for all.

The key strategic aims within the strategy relate to:

Achievements and performance

Progress against the strategy (2021-2024)

The early years of the plan were particularly impacted by covid, which significantly changed the delivery of our plans and reshaped the way we operate as we emerged from the pandemic. Our commitment to these aims continues and will form the basis for our next business plan from 2025. We would like to thank our supporters including the Friends of Arnos Vale, individuals, Trusts, Foundations and Government, who have helped us throughout a challenging period. The Trustees held a strategy day in June 2024 to review and update the business plan which will be published later in 2024.

1. Conservation

6

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

2. Community engagement We welcomed over half a million visitors to site during the year as measured by our gate counters at the site entrances; During this period we ran 90 tours (2023: 86) and welcomed 1029 (2023: 800) attendees. Tours included the general cemetery, bat walk, sculpture tours, war graves, birds, night tours, spring flowers, love, poetry, wonderful women and the medicine tour;

3. Burial and bereavement services

7

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

4. Events

5. Financial sustainability

Financial review and results for the year

The deficit for the year from operating activities (net income from unrestricted funds before transfers) was £140,542 (2023: deficit £58,003).

The aim for 2023/24 was to continue to develop our revenue streams. The main challenges and highlights were:

8

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

The overall deficit for the year, including restricted funds, was £118,770 (2023: £48,978). Given the difficult trading conditions, the Trustees are accepting of the deficit for the year, as an appropriate use of its reserve policy to manage such risks. Looking ahead, we remain optimistic about the future, with a budget and recovery plan in place for 2024/25, which includes the following planned initiatives:

A refocus of fundraising activities towards external grant funders.

Investment policy

The investment time frame is long term. The performance of the investment funds are monitored and reviewed by the Finance Committee against the aims of the investment policy. The investment policy includes ethical guidelines approved by the Trustees in furtherance of our objectives.

The Trust invested £125,000 of free reserves in August 2023 in managed fund with Brewin Dolphin, as shown in the table below. The Trust is satisfied with the returns for the first year.

Investment made
(August 23)		 Value at March 2024
 Investment gain in year Investment gain %
£125,000 £135,977 £10,902 8.8%(8 months)

The rest of the free reserves are managed via a treasury management policy which invests surplus funds in short term deposits which can be accessed readily.

Reserves and going concern

The overarching reserves policy is to manage risk and investment in line with the operational strategy. The most recent assessment of reserve levels is to hold approximately 3 months unrestricted expenditure (c.£200,000). The Directors consider that in assessing the current level of reserves together with financial modelling and risk assessments, that the Trust is a going concern. Recognising the continued difficult financial climate that the Trust operates in the Finance Committee will review the reserves policy and the risk profile on at least an annual basis.

9

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

At 31 March 2024 the liquid unrestricted funds (defined as net current assets held in general funds) were £702 (2023: surplus £236,425). During a difficult year for the Trust, the deficit for the year, coupled with a new investment strategy resulted in a significant shift in our liquid reserves. The Trustees are confident that some or all of the investments (31 March 2024: £135,977) could be sold quickly to support any immediate liquidity requirements. The target for the Trust is to hold sufficient unrestricted reserves to cover 3 worth of expenditure. The investment value currently supports just under two months, and the rebuilding of these reserves to target remains a key focus of our recovery plan.

Fixed assets

There were no significant changes during the year. All changes are explained in note 11 to the financial statements.

Risk management

The Risk Management Policy is to examine the major risks that the Trust faces each financial year and to ensure that there are measures in place to monitor and control these risks and to mitigate any impact that they may have in the future. We place a key emphasis on assurance, particularly external assurance to effectively manage risk. The key areas of strategic potential risk identified by the Trust are:

Statement of responsibilities of the Trustees

The Trustees (who are also Directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those 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;

10

Arnos Vale Cemetery Trust

Report of the Trustees

For the year ended 31 March 2024

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity 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 corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £5 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the Trustees on 17 September 2024 and signed on their behalf by

Nigel Dyke Stephanie Mustoe Trustee Trustee

11

Independent examiner's report

To the Trustees of

Arnos Vale Cemetery Trust

I report to the Trustees on my examination of the consolidated accounts of the group comprising of Arnos Vale Cemetery Trust ('the charity') and its subsidiary undertaking for the year ended 31 March 2024, which are set out on pages 14 to 34.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the consolidated accounts of the group in accordance with the requirements of the Charities Act 2011 ('the Act') and you have chosen to prepare consolidated accounts for the group. You are satisfied that the accounts of both the charity and the group are not required by charity law to be audited and have chosen instead to have an independent examination.

I report in respect of my examination of the consolidated accounts as carried out under section 145 of the Charities Act 2011 2011 In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.

Since the charitable gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

Godfrey Wilson Limited also provides payroll and ad hoc VAT support services to the Trust. I confirm that as a member of the ICAEW I am subject to the Revised Ethical Standard 2016, which I have applied with respect to this engagement.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

12

Independent examiner's report

To the Trustees of

Arnos Vale Cemetery Trust

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 17 September 2024 Alison Godfrey FCA Member of the ICAEW For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Arnos Vale Cemetery Trust

Consolidated statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2024

Restricted
Note
£
Income from:
Donations and legacies
3
100,380
Charitable activities
4
-
Other trading activities
5
-
Investment income
-
Total income
100,380
Expenditure on:
Raising funds:
Voluntary income
-
Fundraising trading
-
Investment management
-
Charitable activities
78,608
Total expenditure
7
78,608
Net gains on investments
-
Net income / (expenditure)
21,772
Transfers between funds
(11,211)
Net movement in funds
8
10,561
Reconciliation of funds:
Total funds brought forward
29,047
Total funds carried forward
39,608		 Unrestricted
£
111,439
177,619
350,791
1,868
641,717
13,492
361,034
9,617
409,018
793,161
10,902
(140,542)
11,211
(129,331)
355,340
226,009		 2024
Total
£
211,819
177,619
350,791
1,868
742,097
13,492
361,034
9,617
487,626
871,769
10,902
(118,770)
-
(118,770)
384,387
265,617		 2023
Total
£
226,062
213,420
361,374
-
800,856
13,195
351,294
9,603
475,742
849,834
-
(48,978)
-
(48,978)
433,365
384,387

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 21 to the accounts.

14

Arnos Vale Cemetery Trust

Consolidated and charity balance sheets

As at 31 March 2024

Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stock
15
Debtors
16
Cash at bank and in hand
Liabilities
17
Net current assets
Total assets less current liabilities
18
Net assets
20
Funds
21
Restricted funds
Unrestricted funds
Designated funds
General funds
Total funds
Creditors: amounts falling due within
1 year
Creditors: amounts falling due after
more than 1 year		 Group
2024
£
77,170
135,977
213,147
14,575
41,194
78,000
133,769
(75,856)
57,913
271,060
(5,443)
265,617
39,608
17,603
208,406
265,617		 Group
2023
£
109,271
-
109,271
10,742
61,175
276,821
348,738
(66,177)
282,561
391,832
(7,445)
384,387
29,047
17,089
338,251
384,387		 Charity
2024
£
70,363
135,978
206,341
-
20,355
57,385
77,740
(19,712)
58,028
264,369
-
264,369
39,608
17,603
207,158
264,369		 Charity
2023
£
99,653
1
99,654
-
71,472
232,686
304,158
(30,918)
273,240
372,894
-
372,894
29,047
17,089
326,758
372,894

15

Arnos Vale Cemetery Trust

Consolidated and charity balance sheets

As at 31 March 2024

The directors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477(2), and that no member or members have requested an audit pursuant to section 476 of the Act.

The directors acknowledge their responsibilities for:

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the Trustees on 17 September 2024 and signed on their behalf by

Nigel Dyke - Chair of Trustees

Stephanie Mustoe - Trustee

16

Arnos Vale Cemetery Trust

Consolidated statement of cash flows

For the year ended 31 March 2024

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Gains on investments
Interest from investments
Increase in stock
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities:
Interest from investments
Purchase of tangible fixed assets
Purchase of investments
Net cash used in investing activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents comprise:
Cash at bank and in hand
Cash held in investments		 2024
£
(118,770)
54,465
(10,902)
1,868
(3,833)
19,981
7,677
(49,514)
(1,868)
(22,364)
(119,524)
(143,756)
(193,270)
276,821
83,551
78,000
5,551
83,551		 2023
£
(48,978)
49,233
-
-
(1,507)
(19,179)
(24,108)
(44,539)
-
(45,462)
-
(45,462)
(90,001)
366,822
276,821
276,821
-
276,821

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

17

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in 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) and the Companies Act 2006.

Arnos Vale Cemetery Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Group accounts

These financial statements consolidate the results of the charitable company and its whollyowned (controlled) subsidiary on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

c) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

d) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

18

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

d) Income (continued)

Income from other trading activities is recognised when the goods or services are delivered. Income received in advance of events or hire is deferred until the event is held.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities on the basis of staff time, as follows:

2024 2023
Raising funds (voluntary income) 4.4% 4.5%
Charitable activities 95.6% 95.5%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Long term leasehold property improvements 10% straight line Motor vehicles 25% straight line Fixtures and fittings 10% - 25% straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

19

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

j) Investments

Investments in subsidiaries are valued at cost less provision for impairment.

Investments are valued initially at cost and subsequently at fair value based upon the quoted market prices (current bid price) at the balance sheet date. Realised and unrealised gains or losses on revaluation or disposal are combined in the Consolidated Statement of Financial Activities. Income from these investments is recognised in the year in which it arises. Income directly reinvested in a fund without any cash distribution to the company is treated as a gain.

k) Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the statement of financial activities.

q) Operating leases

Rental payments under operating leases are charged to the statement of financial activities on a straight line basis over the term of the relevant lease.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

20

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

1. Accounting policies (continued)

r) Accounting estimates and key judgements (continued)

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation as described in note 1 (i) above.

2. Prior period comparatives: consolidated statement of financial activities

Income from:
Donations and legacies
Charitable activities
Other trading activities
Total income
Expenditure on:
Raising funds:
Voluntary income
Fundraising trading
Investment management
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
Income from donations and legacies
Donations
Legacies
Grants
Quartet investment
Total income from donations and legacies		 Restricted
£
£
93,470
132,592
-
213,420
-
361,374
93,470
707,386
-
13,195
-
351,294
-
9,603
84,445
391,297
84,445
765,389
9,025
(58,003)
(9,025)
9,025
-
(48,978)
Restricted
£
£
262
32,110
-
50
100,118
-
-
79,279
100,380
111,439
Unrestricted
Unrestricted		 2023
Total
£
226,062
213,420
361,374
800,856
13,195
351,294
9,603
475,742
849,834
(48,978)
-
(48,978)
2024
Total
£
32,372
50
100,118
79,279
211,819

3. Income from donations and legacies

21

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

3. Income from donations and legacies (continued)

Prior period comparative:
Donations
Legacies
Grants
Quartet investment
Total income from donations and legacies		 Restricted
£
£
-
28,719
-
15,151
93,470
2,000
-
86,722
93,470
132,592
Unrestricted		 2023
Total
£
28,719
15,151
95,470
86,722
226,062

4. Income from charitable activities

Cemetery services
Public engagement and learning
Other
Total income from charitable activities		 2024
2023
Total
Total
£
£
160,649
195,860
16,720
17,467
250
93
177,619
213,420

All income from charitable activities was unrestricted in both the current and prior year.

5. Income from other trading activities

Trading activities of subsidiary 2024
Total
£
350,791		 2023
Total
£
361,374

All income from other trading activities was unrestricted in both the current and prior year.

6. Government grants

The charitable company did not receive income from government grants in the current or prior year.

22

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Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

8. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners' remuneration:
Independent examination (excluding VAT)
Other services (excluding VAT)		 2024
£
54,465
1,064
Nil
13
4,500
2,628		 2023
£
49,233
3,198
Nil
Nil
4,350
2,586

One trustee was reimbursed £13 in the current year for costs relating to identity document certification for banking checks (2023: £Nil).

9. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs		 Group
2024
£
477,196
29,823
9,083
516,102		 Group
2023
£
451,791
29,703
8,704
490,198

No employee earned more than £60,000 during the current or prior year.

The key management personnel of the charitable company comprise the Chief Executive Officer. The total employee benefits of the key management personnel were £38,833 (2023: £43,536).

Average head count
Average full time equivalent		 Group
2024
No.
34
Group
2024
No.
18		 Group
2023
No.
33
Group
2023
No.
17

25

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's subsidiary, Arnos Vale Cemetery Enterprises Limited, gift aids its available trading profits to the charity. There was no taxable profit retained by Arnos Vale Cemetery Enterprises Limited that was chargeable to corporation tax in the current or prior year.

11. Tangible fixed assets
Group
£
Cost
At 1 April 2023
208,105
Additions in year
11,407
At 31 March 2024
219,512
Depreciation
At 1 April 2023
121,709
Charge for the year
43,416
At 31 March 2024
165,125
Net book value
At 31 March 2024
54,387
At 31 March 2023
86,396
Long-term
leasehold
property
improvement		 £
7,750
-
7,750
7,750
-
7,750
-
-
Motor
vehicles		 £
181,790
10,957
192,747
158,915
11,049
169,964
22,783
22,875
Fixtures
and
fittings		 Total
£
397,645
22,364
420,009
288,374
54,465
342,839
77,170
109,271

26

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

11. Tangible fixed assets (continued)
Charity
£
Cost
At 1 April 2023
208,105
Additions in year
11,407
At 31 March 2024
219,512
Depreciation
At 1 April 2023
121,709
Charge for the year
43,416
At 31 March 2024
165,125
Net book value
At 31 March 2024
54,387
At 31 March 2023
86,396
Long-term
leasehold
property
improvement		 £
7,750
-
7,750
7,750
-
7,750
-
-
Motor
vehicles		 £
138,497
10,957
149,454
125,240
8,238
133,478
15,976
13,257
Fixtures
and
fittings		 Total
£
354,352
22,364
376,716
254,699
51,654
306,353
70,363
99,653

In 2011 Bristol City Council granted Arnos Vale Cemetery Trust a 125 year lease for the cemetery. Arnos Vale Cemetery Trust do not recognise the lease as an asset in the financial statements as the trustees have assessed that the lease does not have an intrinsic value due to the restrictions of use of the site and the cost of upkeep of the cemetery.

12. Investments

Investments
Investment in subsidiary
Listed investments		 Group
2024
£
135,977
-
135,977		 Group
2023
£
-
-
-		 Charity
2024
£
135,977
1
135,978		 Charity
2023
£
-
1
1

The investment in subsidiary represents 100% of the ordinary share capital of Arnos Vale Cemetery Enterprises Limited, whose principal activity is to carry out trading activities in support of the charity. A summary of the financial results and position of Arnos Vale Cemetery Enterprises Limited is given below (see note 13).

27

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

12. Investments (continued)

Movements in listed investments held at market value (charity and group):

Market value at 1 April
Additions
Gains
Market value at 31 March
Cash held pending investment
Total listed investments		 2024
£
-
119,524
10,902
130,426
5,551
135,977		 2023
£
-
-
-
-
-
-

13. Subsidiary undertakings

Arnos Vale Cemetery Enterprises Limited

Arnos Vale Cemetery Enterprises Limited is the trading arm of the charity, of which Arnos Vale Cemetery Trust is the sole shareholder.

Turnover
Cost of sales
Gross profit
Administrative expenses
(Loss) / profit on ordinary activities before taxation
Tax on (loss) / profit on ordinary activities
(Loss) / profit for the financial year after taxation
Total retained earnings brought forward
Total comprehensive (expenditure) / income for the year
Gift aid distribution to parent charity
Total retained earnings carried forward
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds		 2024
£
350,791
(85,495)
265,296
(275,540)
(10,244)
-
(10,244)
11,494
(10,244)
-
1,250
2024
£
62,836
(61,585)
1,251		 2023
£
361,374
(86,733)
274,641
(264,561)
10,080
-
10,080
9,395
10,080
(7,981)
11,494
2023
£
86,906
(75,411)
11,495

28

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

14. Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Results for the year
15. Stock
Merchandise
Café stock
16. Debtors
Trade debtors
Prepayments and accrued income
Other debtors
Amounts owed by group undertakings
17. Creditors : amounts due within 1 year
Trade creditors
Accruals
Deferred income (note 19)
VAT		 Group
2024
£
8,256
32,382
556
-
41,194
Group
2024
£
7,864
14,308
37,365
16,319
75,856		 Group
2023
£
3,271
57,563
341
-
61,175
Group
2023
£
9,741
17,630
34,978
3,828
66,177		 2024
£
391,305
(108,527)
Group
2024
£
9,618
4,957
14,575
Charity
2024
£
6,219
13,630
506
-
20,355
Charity
2024
£
4,743
8,003
1,354
5,612
19,712		 2023
£
447,463
(51,076)
Group
2023
£
7,689
3,053
10,742
Charity
2023
£
1,990
36,434
341
32,707
71,472
Charity
2023
£
8,906
12,234
5,950
3,828
30,918

29

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

18. Creditors : amounts falling due after more than one year

18. Creditors : amounts falling due after more than one year
Deferred income (note 19)
19. Deferred income
At 1 April
Deferred during the year
Released during the year
At 31 March		 Group
2024
£
42,423
49,656
(49,271)
42,808		 Group
2023
£
59,397
41,309
(58,283)
42,423		 Group
2024
£
5,443
Charity
2024
£
5,950
1,354
(5,950)
1,354		 Group
2023
£
7,445
Charity
2023
£
-
5,950
-
5,950

Deferred income relates to hire and weddings paid for in advance.

20. Analysis of net assets between funds Group

Tangible fixed assets
Investments
Current assets
Creditors due within one year
Creditors due in more than one year
Net assets at 31 March 2024
Prior period comparative
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Net assets at 31 March 2023		 £
-
-
39,608
-
-
39,608
£
-
29,047
-
-
29,047
Restricted
funds
Restricted
funds		 Designated
funds
£
-
-
17,603
-
-
17,603
Designated
funds
£
-
17,089
-
-
17,089		 General
funds
£
77,170
135,977
76,558
(75,856)
(5,443)
208,406
General
funds
£
109,271
302,602
(66,177)
(7,445)
338,251		 Total
funds
£
77,170
135,977
133,769
(75,856)
(5,443)
265,617
Total funds
£
109,271
348,738
(66,177)
(7,445)
384,387

30

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

21. Movements in funds

Movements in funds
Restricted funds
The Raja Fund
Rooted in Nature
Hedge appeal
Total restricted funds
Designated funds:
Total designated funds
General funds
Total unrestricted funds
Total funds
Friends of Arnos Vale
Cemetery Trust
John James Bristol
Foundation
WECA - Green
Business grant
Unrestricted funds		 At 1 April
2023
£
29,047
-
-
-
-
29,047
17,089
17,089
338,251
355,340
384,387		 Income
£
£
-
-
85,358
(78,608)
261
-
4,461
-
10,300
-
100,380
(78,608)
3,929
(715)
3,929
(715)
637,788
(792,446)
641,717
(793,161)
742,097
(871,769)
Expenditure		 Transfers
between
funds
£
-
(6,750)
-
(4,461)
-
(11,211)
(2,700)
(2,700)
13,911
11,211
-		 Gains
£
£
-
29,047
-
-
-
261
-
-
-
10,300
-
39,608
-
17,603
-
17,603
10,902
208,406
10,902
226,009
10,902
265,617
At 31
March 2024
39,608
17,603
17,603
208,406
226,009
265,617

Purposes of restricted funds

The Raja Fund

This fund is for the following agreed purposes connected with the Raja Rammohan Roy:

Rooted in Nature

A grant from the National Lottery Heritage Fund to firstly address Ash dieback on site and the long term recovery and improvement of the woodland. Secondly to create new opportunities for people to engage with Heritage and increase their skills, knowledge and understanding of nature conservation.

31

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

21. Movements in funds (continued) Purposes of restricted funds (continued)

Hedge Appeal

Campaign organised by family who use the cemetery to raise funds for the replacement of hedging impacted by box blight in the Garden of Remembrance.

WECA - Green Business grant

West of England green Business Grant from the Low Carbon Challenge Fund to fund energy efficiency improvements on site. The low carbon challenge fund is a programme of support to stimulate the transition to a low carbon economy.

John James Bristol Foundation

Grant towards refurbishment program to toilets in the Spielman Centre.

Purposes of designated funds

Friends of Arnos Vale Cemetery The Friends of Arnos Vale raise funds to support the Cemetery Trust on specific projects.

Purposes of transfers between funds

Transfers out of restricted funds in the year relate to the purchase of tangible fixed assets from restricted income. The transfer out of the designated fund in the year relates to anglican roof works in the current and prior year which the Friends agreed to fund. The transfer into the designated fund in the prior year was due to an overspend on this project.

Prior period comparative
Restricted funds
The Raja Fund
Rooted in Nature
SBES Resilience
Total restricted funds
Designated funds:
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Friends of Arnos Vale Cemetery
Trust		 At 1 April
2022
£
29,047
-
-
29,047
18,996
18,996
385,322
404,318
433,365		 Income
£
£
-
-
90,470
(81,445)
3,000
(3,000)
93,470
(84,445)
3,525
(832)
3,525
(832)
703,861
(764,557)
707,386
(765,389)
800,856
(849,834)
Expenditure		 £
£
-
29,047
(9,025)
-
-
-
(9,025)
29,047
(4,600)
17,089
(4,600)
17,089
13,625
338,251
9,025
355,340
-
384,387
Transfers
between
funds
At 31 March
2023		 £
£
-
29,047
(9,025)
-
-
-
(9,025)
29,047
(4,600)
17,089
(4,600)
17,089
13,625
338,251
9,025
355,340
-
384,387
Transfers
between
funds
At 31 March
2023
29,047
17,089
17,089
338,251
355,340
384,387

32

Arnos Vale Cemetery Trust

Notes to the financial statements

For the year ended 31 March 2024

22. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 Group
2024
£
956
2,622
3,578		 Group
2023
£
1,064
266
1,330		 Charity
2024
£
956
2,622
3,578		 Charity
2023
£
1,064
266
1,330

23. Related party transactions

Arnos Vale Cemetery Trust has a wholly owned subsidiary, Arnos Vale Cemetery Enterprises Limited, a company limited by shares (company no. 07314116). At 31 March 2024, Arnos Vale Cemetery Enterprises Limited owed £nil to Arnos Vale Cemetery Trust (2023: £32,707).

24. Endowment fund

Quartet Community Foundation manages two separate endowment funds which have been created and funded for the benefit of Arnos Vale Cemetery.

The first of these is a Trust fund created from grants by Bristol City Council to Quartet Community Foundation (QCF) (then the Greater Bristol Fund) for the purpose of "the maintenance, repair and of Arnos Vale Under the terms of the grant, QCF is permitted to pay over the income and any capital from the fund that it shall have determined to the "Cemetery Trustees" or any other person "responsible for... the Cemetery". AVCT has been in receipt of the income from this fund annually and of capital drawdowns as and when requested of QCF by AVCT.

The second fund is the Catalyst fund created from monies raised by AVCT itself in the four-year period to June 2016, which were match funded by the Heritage Lottery Fund. The terms of this fund permit AVCT to receive and spend its income, but the capital cannot be drawn on in the initial 25 years of the fund's existence.

A summary of these funds is given below:

Endowment Trust fund
Catalyst fund
Total endowment fund		 2024
£'000
1,115
738
1,853		 2023
£'000
1,061
701
1,762

33