BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY ACCOUNTS FOR THE YEAR EIYDED 31 AUGUST 2024
BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY GENERAL INFORMATION REGISTERED CHARITY NUMBER: 1125753 CHARITY SCHEME NUMBER: C107,707 Sealed 8th July 1927 DEED OF TRUST: 1717 CORRESPONDENCE ADDRESS: 7 Merford Road Redland Bristol BS6 7LA PRINCIPAL BANKERS: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ INDEPENDENT EXAMINER: IY.M. Rogers FCA
BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY TRUSTEES, ANIYUAL 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 2024 were: Revd M Smith Ms S Atkinson Mr H Wilson Mr C Bews Revd N R Coles Revd Dr P Morden (appointed 01 September 2023) Mr M A Broad MBE (resigned 31 December 2023) Revd Carl Smethurst Chairnian Secretary (resigned 31 December 2023) Secretary (appointed O l January 2024) Treasurer 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 (Wesl) Ltd &s 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 2024 the Fund received income of £63,025 from its investment portfolio. The investment portfolio showed an unrealised gain of 5.0% in the year in line with most investments. In addition the Fund received £93,465 from the proceeds of sale of
two closed Baptist Churches. The Trustees agreed that this would enable the grants payable to be increased this year to £160,000 in totsl. This would give a total of £80,000 for Bristol Baptist College and its students, and a further £40,000 each to both the West of England Baptist Association (Webnet) 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 frorn the portfolio are considered to be su1Clent 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 volatil ity 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: select suitable accounting policies and then apply them consistently" make judgments and estimates that are reasonable and prudent" state whether applicable accounting standards and statements of recommended practice have been followed, subject to any malerial departures disclosed and explained in the financial statements. and prepare the financial ststements on the going-concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsibl¢ 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 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. Revd Dr Peter Morden Trustee 4 June 2025
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRISTOL BAvfisT FUND AND ELIZABETH AGll CHARITY I report on the Financial Statements of the Charity for the year ended 31 August 2024, 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: examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5Xb) of the 2011 Act. and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was Caled out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounttng 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 io whether ihe accounts present a 'true and fair view, and the report is limited io those matters set out in the statemenl below. Independent examiner's statement In connection with my examinatio no matter has come to my attention: ( l ) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act. and to prepare accounts which accord with the accounting records and comply with the accounling requirements of the 2011 Act have not been met. or (2) to whiclL in my opiniory attention should be drawn in order to enable a proper understanding of the accounts to be reached. N M Rogers FCA 7 June 2025
BRISTOL BAwfisT FUND AND ELIZABETH AGITT CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR EfsDED 31 AUGUST 2024 Unrestrieted Reslricted BBF General Fund Elizabeth Agitt Charity INCOMING RESOURCES 2024 Total 2023 Total Imies¢meni Income Investment Portfolio Deposit Interest Oiher Income Proceeds from the sale of Churches 63.025 47 63,025 47 61,571 10 93,465 93.465 Total Incoming Resources 156,537 156,537 61.581 RESOURCES EXPENDED Grants - Bristol Baptist Fund (Note 4) Bank Charges Grants - EIizAbeth Agitt Administration 160,000 60 160,000 60 100.000 20 133 133 41 160,193 160,193 100,061 Net Incoming (Outgoing) resources for the year (3,656) (3,656) (38.479) Transfer between Funds Unr¢alis¢d gain/(loss)on Investments (3) 57,718 57,718 (34,281) Net movement in Funds 54,062 54,062 (72,760) Total Funds Brought Forward 1,130,856 142 1,130,997 1,203.757 Total Funds Carried Forward 1,184,918 142 1,185,059 1,130,997 The notes on pages 7 and 8 forni part of these accounts
BRISTOL BAPTIST FUND AND ELIZABETH AGITT CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 NOTES 2024 2023 FIXED ASSETS Tangible Fixed Assets Investments 1.214.013 1,214,013 1.171.755 1,171.755 CURRENT ASSETS DebrS Cash at Bank 125.637 5,409 131,046 41.687 17,554 59.242 Creditors.. amounts falling due within one year (160.000) ( i 00.000) Net Current Assets l (Liabilities) (28.954) (40.758) Creditors: amounts falling due after more than one year Net Assets 1,185,059 1,130,997 FUNDS Unrestricted - BBF Restricted - EIi7Abeth Agilt 10 1,184.918 142 1.130.856 142 1,185,059 ,130,997 Approved by the Board of Trustees on 4 June 2025 and signed on its behalf by . Revd Dr P Morden Trustee The note5 on pages 7 and 8 fom part of these accounts
BRISTOL BAYfisT FUND AND ELIZABETH AGITh CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES Basis of Accountin The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting sLindards. The Charities Act 201 l and th¢ SiaÉement of Recommended Practice. Accounting and Reporting by Charities, published 2014, applicable to chartties adopting Financial Reporting Standard FRSIO2. 2. TRUSTEES REMUNERATION There was no remuneration paid to the Trustees durtng 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) Lid The market value as at 31 August 2024 was as follows: BrewiD Dolphin Portfolio Equili¢s and oth¢r Investments Cash Deposits ,214,013 1,214,013 Market value at I September 2023 Dividend Income reinvested Withdrawals from investments Gain on revaluation Market value at 31 August 2024 1,171,755 20.540 (36,000) 57,718 1314,013 4. GRANTMAKING 2024 2023 Grants made to Bristol Baptist College and its students Grants made to Baptist Associations Grants made to widows from the Eli7abeth Agitt Fund 80,000 80.000 50,000 50.000 160,000 i 00,000
NOTES'fo THE ACCOUNTS FOR THE YEAR EIWED 31 AiIGUST 2024 5. EMPLOYEES Thc charity had no ¢wnployees during ihe period. 6. DEBTORS 2024 2023 Income due from Investmeni Portfolio Proceeds from the sale of churches 32,172 93,465 41.687 12_Sth37 41,687 7. CASH AT BANK 2024 2023 Bristol Baptist Fund EliLthth Agitt Charity 5.267 142 17,413 142 8. C.REDITOILS- amounts due within one year 2024 2023 Grants du¢ lo Bristol Baptist College and its students (irants due io Baptist Associations 80.(M)O 80,)0 50.OIM) 50,000 160,000 100,uoo C.RF.DITORS- #mounts due Ifter more ¢han one year tklerred Income 9. R&.S'1'RIC.'TLD bllNDS Bal*nce Ruour¢e$ 01.09.23 Ineoming Outgolng B8lanc¢ 31.08.24 F,li7.abeth Att Charity 142 142 The r.li/.abeih Agyii Charity w&8 established in 1776 for the sole purpose of the payment of wt5 10 'rtain Elaplist Minisl¢rs' widows. 10. IINRF.STRICTF.D b"UNDS 2024 2023 Brislol Baptist Fund - Gcneral 1.184,918 1,130.856 1,184,918 1.1300 I I. ANALYSIS OF NET CIIRRENT ASSETS BETWEEN FIINDS Net Current Current Assets / Liabilitl¢5 (Liabilities) Current Ass¢ts R¢5th¢1¢d- F.li7Jth¢th Agitt Ch8rity Unrcstrict¢d - Bri5101 Baplisi Fund 142 142 130,904 {160,IXIO) (29,096) 131,046 {160.000) (28,954)