BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 ## BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ## GENERAL INFORMATION **----- Start of picture text -----**
REGISTERED CHARITY NUMBER: 1125753
CHARITY SCHEME NUMBER: C107,707 Sealed 8 July 1927
DEED OF TRUST: 1717
CORRESPONDENCE ADDRESS: 7 Metford Road
Redland
Bristol
BS6 7LA
PRINCIPAL BANKERS: CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
INDEPENDENT EXAMINER: S.G. Dubber FCCA
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sl ## BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ## TRUSTEES’ ANNUAL REPORT ## Status The Bristol Baptist Fund was previously constituted on 8th July 1927, and the Elizabeth Agitt Charity on 20th November 1986, under schemes prepared by the Charity Commission. Both were registered as a combined charity with the Charity Commission with effect from 8 September 2008, under registration number 1125753. ## Governance and Management The Trustees of both the Bristol Baptist Fund and the Elizabeth Agitt Charity during the year to 31 August 2023 were: |RevdM Smith|Chairman| |---|---| |Mrs F Brealey|Secretary (resigned 31 December2022)| |Ms S Atkinson|Secretary (appointed 01 January 2023)| |Mr C Bews|Treasurer| |RevdN R Coles|| |RevdDr S Finamore (resigned 31 August 2023)|| |Revd DrP Morden (appointed 01 September2023)|| |MrMA BroadMBE (resigned31 December2023)|| |Mrs P Sloane (resigned|7November 2022)| |RevdCarlSmethurst|| ## Bristol Baptist Fund - Objectives and Activities The object of the Fund is to make grants in aid of the stipends of Pastors, clerical or lay, of Baptist chapels within the Counties of Gloucester, Devon, Cornwall, Somerset and Wiltshire, and also to support financially needy students of the Bristol Baptist College as well as the College itself and its library. The Fund receives no grants from outside bodies, although donations are accepted. The primary source of income is from the investment portfolio held and administered by the West of England Baptist Trust Company (West) Ltd as Custodian Trustee, and interest on Building Society and savings accounts. Income is distributed in furtherance of the Trust objectives. ## Financial Review In the year to 31 August 2023 the Fund received income of £61,571 from its investment ae portfolio. The investment portfolio showed an unrealised loss of 2.8% in the year in line with most investments. The Trustees agreed that the amount of grants payable should be increased this year to the level of 2 years earlier and it would be acceptable to draw down some capital from the fund in order to achieve this. This would give a total of £50,000 for Bristol Baptist College and its students, and a further £25,000 each to both the West of England Baptist Association and the South West Baptist Association for mission based placements. ## Statement of Policy on Reserves The Fund’s principal assets comprise the investment portfolio and cash at bank. The combination of income produced and capital growth from the portfolio are considered to be sufficient to enable the Charity’s activities to continue for the foreseeable future. ## Statement of Investment Policy The Fund follows an ethical investment policy in accordance with the principles of the Baptist Denomination. The BBF Trustees are responsible for ensuring that the ethical investment policy is adhered to by the appointed Investment Managers at all times. This Ethical Investment Policy has been agreed by the BBF Trustees. In doing so, it has been recognised that following an ethical investment policy could lead to higher investment management costs and increased volatility of returns, compared to those for a non-ethical approach. ## Elizabeth Agitt Charity This fund made its final distribution in 2021. ## RESPONSIBILITIES OF THE TRUSTEES Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: - e select suitable accounting policies and then apply them consistently; - e make judgments and estimates that are reasonable and prudent; - e state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and - e prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees are = Bie 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. ## Declaration The trustees declare that they have approved the report as set out above. **----- Start of picture text -----**
WB ZO
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Revd M Smith Chairman April 2024 «A x ## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ## BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY I report on the Financial Statements of the Charity for the year ended 31 August 2023, which are set out on pages 5 to 8. The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - e examine the accounts under section 145 of the 2011 Act; - e to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - e to state whether particular matters have come to my attention. ## Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below. ## Independent examiner's statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - e to keep accounting records in accordance with section 130 of the 2011 Act; and - e to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. **----- Start of picture text -----**
S.a.Qutoor
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S G Dubber FCCA May 2024 -4a- ## BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 ||||Unrestricted|Restricted||| |---|---|---|---|---|---|---| ||||BBF|Elizabeth||| ||INCOMING RESOURCES||General|Agitt|2023|2022| ||||Fund|Charity|Total|Total| ||Investment Income|||||| ||- Investment Portfolio||61,571|-|61,571|59,508| ||-Deposit Interest||10|-|10|8| ||OtherIncome|||||| ||Donations||-|-|-|-| ||TotalIncoming Resources||61,581|0|61,581|59,516| ||RESOURCES EXPENDED|||||| |’|Grants - Bristol Baptist Fund|(Note 4)|100,000|-|100,000|60,000| ||Bank Charges||20|-|20|-| ||Grants - Elizabeth Agitt (Note|4)|-|-|-|(125)| ||Administration||4l|-|41|20| ||||100,061|-|100,061|59,895| ||NetIncoming (Outgoing)||(38,479)|-|(38,479)|(380)| ||resources for theyear|||||| ||Transfer between Funds||-|-|-|-| ||Unrealisedgain/(loss)on Investments (3)||(34,281)|-|(34,281)|(142,850)| ||Netmovement inFunds||(72,760)|-|(72,760)|(143,230)| ||TotalFunds Brought Forward||1,203,615|142|1,203,757|~=1,346,987| ||TotalFundsCarriedForward||1,130,856|142|=1,130,997|~=—-:1,203,757| The notes on pages 7 and 8 form part of these accounts 25 ## BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ## BALANCE SHEET AS AT 31 AUGUST 2023 . **----- Start of picture text -----**
NOTES 2023 2022
FEXED ASSETS
Tangible Fixed Assets
Investments - -
3 1,171,755 1,206,036
1,171,755 1,206,036
CURRENT ASSETS
Debtors 6 41,687 50,116
Cash at Bank 7 17,554 7,605
59,242 57,721
oneCreditors: year amounts falling due within 8 (100,000) (60,000)
Net Current Assets / (Liabilities) 11 (40,758) (2,279)
moreCreditors: than amounts one year falling due after 8 - -
Net Assets 1,130,997
FUNDS
Unrestricted - BBF 10 1,130,856 1,203,615
Restricted - Elizabeth Agitt 9 142 142
1,130,997 1,203,757
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Approved by the Board ofTrustees on 10 April 2024 and signed on its behalf by: **----- Start of picture text -----**
OS
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M Smith Chairman The notes on pages 7 and 8 form part of these accounts = BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 ## 1. ACCOUNTING POLICIES ## Basis of Accounting The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, The Charities Act 2011 and the Statement of Recommended Practice, Accounting and Reporting by Charities, published 2014, applicable to charities adopting Financial Reporting Standard FRS102. ## 2. TRUSTEES REMUNERATION There was no remuneration paid to the Trustees during the year. ## 3. FIXED ASSET INVESTMENTS - The charity receives income from the portfolio held in a Custodian Trust by the West of England Baptist Trust Co (West) Ltd |The marketvalue as at 31 August2023 was as follows:|Brewin|| |---|---|---| ||Dolphin|| ||Portfolio|| |Equities and other Investments|1,171,755|| |Cash Deposits|-|| ||1,171,755|| |Market value at
1 September2022|1,206,036|| |Additions to investments at cost|-|| |Withdrawals from investments at cost|-|| |Loss onrevaluation|(34,281)|| |Market value at 31 August2023|1,171,755|| |4.
GRANTMAKING|2023|2022| |Grants made to Bristol Baptist College and its students|50,000|30,000| |Grants made to Baptist Associations|50,000|30,000| |Grants made to widows from the Elizabeth Agitt Fund|-|-| |Write backofprevious year's grants|-|(125)| ||100,000|59,875| Te ; ## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 ## 5. EMPLOYEES The charity had no employees during the period. |6.
DEBTORS||2023|2022| |---|---|---|---| |Income due from Investment Portfolio||41,687|50,116| |Interest receivable||0|0| |||41,687 |___50,116||| |7.
CASHAT BANK||2023|2022| |Bristol Baptist Fund||17,413|7,463| |Elizabeth Agitt Charity||142|142| |||17,554|7,605| |8. CREDITORS - amounts due within one year||2023|2022| |Grants due to Bristol Baptist College and its students||50,000|30,000| |Grants dueto Baptist Associations||50,000|30,000| |Grants due to widows from the Elizabeth AgittFund||-|-| |||100,000|60,000| |CREDITORS - amounts due aftermore than oneyear|||| |DeferredIncome||Smare— —E|| |9.
RESTRICTED FUNDS|||| |Balance|Resources||Balance| |01.09.22|Incoming|Outgoing|31.08.23| |ElizabethAgitCharity|||| The Elizabeth Agitt Charity was established in 1776 for the sole purpose of the payment of grants to certain Baptist Ministers’ widows. |10. UNRESTRICTED FUNDS|2023|2022| |---|---|---| |Bristol BaptistFund - General|1,130,856|1,203,615| ||1,130,856||1,203,615| ## 11. ANALYSIS OF NET ASSETS BETWEEN FUNDS |11. ANALYSIS OF NET ASSETS BETWEEN|FUNDS||| |---|---|---|---| ||||Net Current| ||Current|Current|Assets /| ||Assets|Liabilities|(Liabilities)| |Restricted - Elizabeth Agitt Charity|142|-|142| |Unrestricted - Bristol BaptistFund|59,100|(100,000)|(40,900)| |||59,242||(100,000)||(40,758)| -8-