DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Charity Registration No: 1170776
Frome Valley Gospel Hall Trust
Report of the trustees and audited financial statements Year ended 5 April 2023
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Contents
| Pages | |
|---|---|
| Reference and administrative details | 2 |
| Report of the trustees | 3 |
| Independent auditor’s report | 7 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Cash flow statement | 13 |
| Notes to the financial statements | 14 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Reference and administrative details For the year ended 5 April 2023
| Charity name | Frome Valley Gospel Hall Trust |
|---|---|
| Registered charity number | 1170776 |
| Trustees | Tristan Brady (Chair) |
| Peter Davis | |
| Richard Smith | |
| Glenn Smith | |
| Douglas Turner | |
| Treasurer | Douglas Turner |
| Principal address | 45 Charnhill Drive |
| Mangotsfield | |
| Bristol | |
| BS16 9JR | |
| Independent Auditor | Saffery LLP |
| Midland House | |
| 2 Poole Road | |
| Bournemouth | |
| BH2 5QY | |
| Bankers | CAF Bank |
| 25 Kings Hill House | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4TA | |
| Solicitors | Watson Watson Solicitors |
| Mercury House | |
| Shrewsbury Business Park | |
| Sitka Drive | |
| Shrewsbury | |
| SY2 6LG |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 14-15 and comply with the Trust Deed and applicable law.
Structure, governance and management
Governing document
The Charity is an unincorporated trust constituted by a Deed of Trust dated 7[th] June 1982, most recently amended by Deed of Variation dated 22[nd] August 2014. The Trust was registered with the Charity Commission for England and Wales on 15[th] December 2016 under Charity Registration Number: 1170776
Recruitment and appointment of new trustees
The names of the Trustees who served during the year and since the year end are set out on page 2. None of the Trustees, nor any person connected with them, received any remuneration or expenses from the Charity in the year ended 5 April 2023 (2022: £nil).
The Trust operates 8 Gospel halls and Trustees are chosen from among the regular congregation of the halls. New Trustees are nominated by the existing Trustees or by the congregation and must be appointed by unanimous resolution of the congregation. They are selected according to their skills and experience and are expected to use both in furthering the objects of the Charity. Checks are made to ensure the Trustees’ eligibility to act and incoming Trustees are made aware of their responsibilities by the existing Trustees, who ensure that new Trustees read the Trust Deed and relevant Charity Commission guidance.
Wider network
The Trustees maintain informal links with similar charities with a view to pooling experience considered useful in pursuing the objects of the Charity. The Charity also maintains particular links with Greenfield Gospel Hall Trust, with which it shares members of its congregation.
Risk management
The Trustees have identified and reviewed the major risks to which the Charity is exposed and confirm that they have established systems or procedures to manage and mitigate those risks.
Objectives and activities
Objectives and aims
The charitable purposes of the Charity are the advancement of the Christian religion for the public benefit, including by the carrying on of the service of God in accordance with the Old and New Testaments of the Holy Bible as followed by those Christians forming part of the world-wide fellowship known as the Plymouth Brethren Christian Church (the “Brethren”) and any other charitable purposes connected with Brethren. The core doctrine of the Brethren and proper practices in furtherance of certain aspects of doctrine are summarised in two schedules to the Trust Deed.
Public benefit
The Trustees confirm that they have complied with their duty under section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance to charities on public benefit.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
Main activities and achievements
The Trust provides and maintains 8 Gospel halls where religious meetings are held by the local Brethren community. Details of the origins, teachings and way of life of the Brethren can be found on the website - www.plymouthbrethrenchristianchurch.org and in the schedules to the Trust Deed.
The Trust’s main achievement this year has been to complete the consolidation of all local halls with the management and administration of Wotton Road now transferred to the Trust.
Donation of Gospel Halls
During the financial year, the Trust was given 1x gospel hall by affiliated trusts which has been included in the Trust accounts at market value.
Forthcoming commitments
The trust is committed to providing and maintaining additional gospel halls in new local areas as required.
Plans for Future Periods
Despite the increased cost of energy, the trustees feel that these increased costs are not significantly impacting on the ability of the charity to continue as a going concern.
Meetings
Meetings held at the Gospel halls would normally include the Lord's Supper (Communion), Gospel preachings, Bible readings and Bible addresses. There is a structured weekly schedule of meetings and, depending on the particular meeting, between 40 and 180 people normally attend these occasions.
The meetings are attended by the regular congregation and most are open to other properly disposed visitors. The notice board outside the Hall welcomes visitors and displays the times of Gospel preachings, along with a telephone number for those seeking further information or help. Gospel tracts, which are distributed by street preachers, also display this information.
Bibles and an extensive range of other Christian reading material are on display at the hall[ s ] and visitors are free to help themselves.
Spreading the Gospel message and the life of a Christian
The Gospel halls are a base from which the regular congregation and others who attend the meetings are encouraged to spread the Christian Gospel, in word and deed.
Members of the congregation participate in a programme of street preaching and Gospel tracts are provided free of charge by the Charity to such preachers to be handed out to interested members of the public.
In addition to street preaching, members of the congregation assist the Rapid Relief Team charity, a charity that provides support in disasters and other humanitarian needs, such as food boxes to schools, catering at local community charitable events and emergency services response incidents.
In carrying out this work, the congregation considers itself to be living out its faith in practice, as particularly exemplified in the following extract from the schedule to the Trust Deed on living a Christian life:
- We seek and are encouraged to live exemplary lives in all our relationships with others in the wider community (including former Brethren), in accordance with the teachings of Holy Scripture (1 Tim 2:2).
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
-
We regularly go out from our homes to preach on the streets, to distribute Christian literature and engage with the wider community (including former Brethren) in order to present eternal salvation, available to all men by faith in Jesus Christ. (2 Tim 4:2).
-
We seek as members of the public to lead Christian lives as husbands and wives, parents, children, employers, employees and neighbours. (Col 3:22-25, Col 4:1).
-
The preservation and protection of the family unit is fundamental and children are prized as a blessing from God. (Psalm 127:3-5). The elderly are valued members of the community, for whom both their family and the wider community are expected to care.
-
Holy Scripture commands us to be good neighbours to others, and deal with all other people (including former Brethren) openly, honestly and fairly and consistent with these principles, we should give our time, talents and money to assist those in need in the wider community, in so far as reasonable given our abilities and our available resources. (Matt 7:12, Matt 22:39, Eph 4:28).
Funding
Funding is sought through gifts from the congregation and Gift Aid is claimed on eligible donations. Funding is sometimes received from other charitable trusts with complementary objectives.
Financial review
Financial position
In the year ended 5 April 2023, the Trust had a surplus of incoming resources over resources expended. Total voluntary income received this year was £1,599,368 compared to £1,876,076 in the previous year.
The Trust envisages that another 2-3 new gospel halls will be required, with the sale of at least 1 existing gospel hall in the coming years and also the sale of a house and land that is part of the Wotton Road site.
Reserves policy
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs, based on its size and the level of its financial commitments. The Trust has no employees and its regular outgoings are minimal. Accordingly, the Trustees have decided to adopt a policy of maintaining no significant reserves other than a nominal 6 months expenditure amount of approximately £10,000. The congregation is kept regularly informed as to particular needs for funds, and other relevant matters and the Trustees aim to ensure that the Charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure, by raising a funds appeal to the congregation.
Free reserves at the year-end were £nil due to the current liabilities exceeding the current assets. However, the trustees consider this to be a short-term position due to the loans and expect the reserves to recover in due course.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
Statement of Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 incoming resources and application of resources of the charity for that period. 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 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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. All transactions have been reviewed and approved by two trustees.
On behalf of the Board:
Douglas Turner Trustee 05 February 2024 Date: ..........................................
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Opinion
We have audited the financial statements of Frome Valley Gospel Hall Trust for the year ended 5 April 2023 which comprise Statement of Financial Activities, Statement of Financial Position, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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). In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 5 April 2023 and of its incoming resources and application of resources 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 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 charity 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
-
the charity has not kept sufficient accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s 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 charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Casidhe Baleri (Senior Statutory Auditor) for and on behalf of Saffery LLP Chartered Accountants Midland House 2 Poole Road Bournemouth BH2 5QY
Statutory Auditors
Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
10
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Statement of financial activities For the year ended 5 April 2023
| Unrestricted | Designated | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | |
| Income and endowments from: | ||||||
| Donations and legacies: | ||||||
| Contributions from the | - | - | 126,360 | 126,360 | 190,766 | |
| congregation | ||||||
| Gift Aid donations | - | - | 27,069 | 27,069 | 40,832 | |
| Income tax refunds | - | - | 6,767 | 6,767 | 10,208 | |
| Other Donations | 1,406,029 | - | 1,406,029 | 1,634,270 | ||
| Grants – donated services | 4 | 29,946 | 29,946 | - | ||
| Investments | ||||||
| Bank interest | 197 | - | 197 | - | ||
| Rent Receive | 3,000 | - | 3,000 | - | ||
| Total | 1,439,172 | - | 160,196 | 1,599,368 | 1,876,076 | |
| Expenditure on: | ||||||
| Charitable activities | ||||||
| Running meeting rooms | 5 | 96,250 | - | 6,762 | 103,012 | 39,679 |
| Cost of donated services | 4 | 29,946 | - | 29,946 | ||
| Total | 126,196 | - | 6,762 | 132,958 | 39,679 | |
| Net income/(expenditure) | 1,312,976 | - | 153,434 | 1,466,410 | 1,836,397 | |
| Gains/(losses) on revaluation of | ||||||
| fixed assets | ||||||
| Net movement in funds | 1,312,976 | - | 153,434 | 1,466,410 | 1,836,397 | |
| Reconciliation of funds | ||||||
| Total funds brought forward | 3,151,457 | - | 364,643 | 3,516,100 | 1,679,703 | |
| Total funds carried forward | 4,464,433 | - | 518,077 | 4,982,510 | 3,516,100 |
The notes on pages 10 to 15 form part of these financial statements. All of the above activities are classed as continuing and there are no gains and losses other than those included above.
11
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Balance sheet As at 5 April 2023
| Notes Fixed assets Tangible fixed assets 6 Current assets Debtors: Prepayments and accrued income Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year: Loan Accruals and deferred income Net current (liabilities) / assets Total assets less current liabilities Net assets Funds Unrestricted income fund Restricted funds Total funds 7 |
2023 £ 5,493,068 5,493,068 22,283 218,659 240,942 740,000 11,500 (510,558) 5,722,510 4,982,510 4,464,433 518,077 4,982,510 |
2022 £ 3,741,305 |
|---|---|---|
| 3,741,305 15,516 94,279 |
||
| 109,795 330,000 5,000 |
||
| 104,795 | ||
| 3,846,100 3,516,100 |
||
| 3,151,457 364,643 |
||
| 3,516,100 |
The unaudited financial statements were approved and authorised for issue by the Trustee of Frome Gospel 05 February 2024 Hall Trust on 2023 and signed on their behalf by
Douglas Turner Trustee
The notes on pages 14 to 19 form part of these financial statements
12
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Cash flow statement As at 5 April 2023
| Net cash absorbed by operating activities (see note) Cash flows from investing activities Purchase and development of property Net cash used in investing activities Cash flows from financing activities New borrowings Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 6 April 2022 Cash and cash equivalents at 5 April 2023 NOTE Reconciliation of net income to net cash flow from operating activities Net income for the reporting period as per the statement of financial activities Adjustments for Depreciation Non-cash donations (Increase) in debtors Increase in creditors Net cash provided by operating activities Cash and cash equivalents Cash at bank |
2023 £ 110,269 (395,889) (395,889) 410,000 410,000 124,380 94,279 218,659 1,466,410 80,102 (1,435,976) (6,767) 6,500 110,269 218,659 |
2022 £ 217,965 (421,513) |
|---|---|---|
| (21,513) 280,000 |
||
| 280,000 | ||
| 76,452 17,827 |
||
| 94,279 | ||
| 1,836,397 26,047 (1,634,270) (10,209) - |
||
| 217,965 | ||
| 94,279 |
13
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
1. Accounting policies
1.1 Basis of preparation financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Second edition of the 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Practice.
The functional currency of the charity is sterling (£).
The 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(s).
1.2 Income
Donations are recognised in the year in which there is entitlement and probability of receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future year. Gift aid is added to the value of the donation to which it relates.
Donated services are recognised as income and expenditure in the financial statements when organisations or individuals offer their services and support pro bono. The value of these donated services to Frome Valley Gospel Hall Trust is considered to be equal to market value which would be paid were the service formally procured. This includes services paid for by other trusts.
Investment income is accounted for on a receivable basis.
1.3 Expenditure
Expenditure is included on an accruals basis. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Charitable activities comprise those costs directly attributable to the fulfilment of the charitable objects.
1.4 Governance and support costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and costs related to statutory requirements. Governance and support costs are allocated to charitable activities on the basis of capacity used.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Freehold land is not depreciated. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:
Freehold buildings 2% straight line Temporary buildings 20% straight line Fixtures and Fittings 10% straight line
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
1.6 Taxation
The Trust is a registered charity and is not liable to United Kingdom income or corporation tax on charitable activities, provided income falls within the charitable exemptions and is spent on charitable purposes.
1.7 Funds
The general unrestricted fund is free for the Trustees to use for any purposes in furtherance of the trust’s charitable objects.
Restricted funds arise from donations to the trust, which are made for a specific purpose. Restricted funds can only be used for the purpose for which funds were given.
The restricted fund is donations given specifically for the purpose of constructing new gospel halls.
1.8 Preparation of consolidated financial statements
The Charity does not have a trading subsidiary.
1.9 Going concern
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.10 Significant estimates and judgements
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
2. Trustees’ remuneration and expenses
No Trustees received any remuneration or other benefits from an employment with the charity and no Trustees were reimbursed for expenses (2022: None).
3. Wages and salaries
There are no employees (2022: none).
4. Donated services
During the year Frome Valley Gospel Hall Trust provided services to Greenfield Gospel Hall Trust which totalled to £29,946. This amount had all been reimbursed by the year end.
15
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
5. Resources expended
| Direct costs - Repairs and Maintenance - Insurance - Rates - Light and heat - Rent - Telephone - Depreciation - Legal and professional costs Support costs Governance |
Meeting rooms Other charitable activities 2023 £ £ £ 7,314 6,532 - 10,021 6,597 24 65,672 280 7,314 6,532 - 10,021 6,597 24 65,672 280 72 72 6,500 6,500 |
Meeting Rooms Other charitable activities 2022 £ £ £ 1,707 - 3,550 - - 26,047 3,375 - 1,707 - 3,550 - - 26,047 3,375 - - - 5,000 5,000 |
|---|---|---|
| 103,012 103,012 |
39,679 39,679 |
|
Governance costs include £6,500 accrual (2022: £5,000) in respect of auditors fees.
16
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
6. Tangible fixed assets
| Freehold Property and Refurbishments £ Cost Brought forward at 6 April 2022 3,853,911 Additions 1,816,901 At 5 April 2023 5,670,812 Depreciation Brought forward at 6 April 2022 115,825 Charge for the year 78,282 At 5 April 2023 194,107 Net book value At 5 April 2023 5,476,705 At 5 April 2022 3,738,086 |
Furniture, fixtures & fittings £ 3,460 14,964 18,424 241 1,820 2,061 16,363 3,219 |
Total £ 3,857,371 1,831,865 |
|---|---|---|
| 5,689,236 | ||
| 116,066 80,102 |
||
| 196,168 | ||
| 5,493,068 | ||
| 3,741,305 |
Property Details:
Land registry titles of the above property held are GR333162, GR375180, GR305497, AV179177, AV220964, AV235359, GR257079, AV223399 and GR377538
7. Analysis of net assets between funds
- 7.1 Current year
| Tangible fixed assets Current assets Current liabilities Total funds |
Unrestricted Funds £ 4,974,991 240,942 (751,500) 4,464,433 |
Restricted Funds £ 518,077. - - 518,077. |
Total Funds £ 5,493,068 240,942 (751,500) |
|---|---|---|---|
| 4,982,510 |
17
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
| 7.2 Prior year Tangible fixed assets Current assets Current liabilities Total funds |
Unrestricted funds £ 3,376,662 109,795 (335,000) 3,151,457 |
Restricted funds £ 364,643 - - 364,643 |
Total Funds £ 3,741,305 109,795 (335,000) |
|---|---|---|---|
| 3,516,100 |
8. Movement in funds 8.1 Current year
| Restricted funds Capital Project Fund Unrestricted funds Total funds 8.2 Prior year Restricted funds Capital Project Fund Unrestricted funds Total funds |
Balance at 6 April 2022 Incoming resources Resources expended Realised/ unrealised gains and losses Balance at 5 April 2023 £ £ £ £ £ 364,643 160,196 6,762 - 518,077 3,151,457 1,439,172 126,196 - 4,464,433 |
|---|---|
| 3,516,100 1,599,368 132,958 - 4,982,510 |
|
| Balance at 6 April 2021 Incoming resources Resources expended Realised/ unrealised gains and losses Balance at 5 April 2022 £ £ £ £ £ 122,837 241,806 364,643 1,556,866 1,634,270 39,679 3,151,457 |
|
| 1,679,703 1,876,076 39,679 3,516,100 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
9. Transactions with related parties
During the year, the Trust received £15,000 (2022: £16,500) from McFeggan Brown Ltd, a company in which Tristan Brady is a director and £12,000 (2022: £13,000) from Plant Care Ltd, a company in which Peter Davis is a director.
Donations received from trustees during the year totalled £3,800 (2022: £4,576).
At the balance sheet date there were loans payable to trustees totalling £90,000 (2022: £90,000)
10. Volunteers
Frome Valley Gospel Hall Trust relies entirely on volunteers to carry out the management, administration and general maintenance work. The Trust has no paid staff or paid Trustees.
11. Comparative Statement of Financial Activities
| Income and endowments from: Donations and legacies: Contributions from the congregation Gift Aid donations Income tax refunds Donated services Payroll giving Legacies Grants Other donations Total Expenditure on: Charitable activities Running meeting rooms Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Designated Funds Restricted Funds Total Funds 2022 Notes £ £ £ £ 190,766 190,766 40,832 40,832 10,208 10,208 4 - 1,634,270 1,634,270 |
Unrestricted Funds Designated Funds Restricted Funds Total Funds 2022 Notes £ £ £ £ 190,766 190,766 40,832 40,832 10,208 10,208 4 - 1,634,270 1,634,270 |
|---|---|---|
| 1,634,270 241,806 1,876,076 |
||
| 39,679 39,679 |
||
| 5 | 39,679 39,679 |
|
| 1,599,591 241,806 1,836,397 1,556,866 122,837 1,679,703 |
||
| 3,156,457 364,643 3,516,100 |
19
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Charity Registration No: 1170776
Frome Valley Gospel Hall Trust
Report of the trustees and audited financial statements Year ended 5 April 2023
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Contents
| Pages | |
|---|---|
| Reference and administrative details | 2 |
| Report of the trustees | 3 |
| Independent auditor’s report | 7 |
| Statement of financial activities | 11 |
| Balance sheet | 12 |
| Cash flow statement | 13 |
| Notes to the financial statements | 14 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Reference and administrative details For the year ended 5 April 2023
| Charity name | Frome Valley Gospel Hall Trust |
|---|---|
| Registered charity number | 1170776 |
| Trustees | Tristan Brady (Chair) |
| Peter Davis | |
| Richard Smith | |
| Glenn Smith | |
| Douglas Turner | |
| Treasurer | Douglas Turner |
| Principal address | 45 Charnhill Drive |
| Mangotsfield | |
| Bristol | |
| BS16 9JR | |
| Independent Auditor | Saffery LLP |
| Midland House | |
| 2 Poole Road | |
| Bournemouth | |
| BH2 5QY | |
| Bankers | CAF Bank |
| 25 Kings Hill House | |
| Kings Hill | |
| West Malling | |
| Kent | |
| ME19 4TA | |
| Solicitors | Watson Watson Solicitors |
| Mercury House | |
| Shrewsbury Business Park | |
| Sitka Drive | |
| Shrewsbury | |
| SY2 6LG |
2
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
The Trustees present their report along with the financial statements of the Charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 14-15 and comply with the Trust Deed and applicable law.
Structure, governance and management
Governing document
The Charity is an unincorporated trust constituted by a Deed of Trust dated 7[th] June 1982, most recently amended by Deed of Variation dated 22[nd] August 2014. The Trust was registered with the Charity Commission for England and Wales on 15[th] December 2016 under Charity Registration Number: 1170776
Recruitment and appointment of new trustees
The names of the Trustees who served during the year and since the year end are set out on page 2. None of the Trustees, nor any person connected with them, received any remuneration or expenses from the Charity in the year ended 5 April 2023 (2022: £nil).
The Trust operates 8 Gospel halls and Trustees are chosen from among the regular congregation of the halls. New Trustees are nominated by the existing Trustees or by the congregation and must be appointed by unanimous resolution of the congregation. They are selected according to their skills and experience and are expected to use both in furthering the objects of the Charity. Checks are made to ensure the Trustees’ eligibility to act and incoming Trustees are made aware of their responsibilities by the existing Trustees, who ensure that new Trustees read the Trust Deed and relevant Charity Commission guidance.
Wider network
The Trustees maintain informal links with similar charities with a view to pooling experience considered useful in pursuing the objects of the Charity. The Charity also maintains particular links with Greenfield Gospel Hall Trust, with which it shares members of its congregation.
Risk management
The Trustees have identified and reviewed the major risks to which the Charity is exposed and confirm that they have established systems or procedures to manage and mitigate those risks.
Objectives and activities
Objectives and aims
The charitable purposes of the Charity are the advancement of the Christian religion for the public benefit, including by the carrying on of the service of God in accordance with the Old and New Testaments of the Holy Bible as followed by those Christians forming part of the world-wide fellowship known as the Plymouth Brethren Christian Church (the “Brethren”) and any other charitable purposes connected with Brethren. The core doctrine of the Brethren and proper practices in furtherance of certain aspects of doctrine are summarised in two schedules to the Trust Deed.
Public benefit
The Trustees confirm that they have complied with their duty under section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance to charities on public benefit.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
Main activities and achievements
The Trust provides and maintains 8 Gospel halls where religious meetings are held by the local Brethren community. Details of the origins, teachings and way of life of the Brethren can be found on the website - www.plymouthbrethrenchristianchurch.org and in the schedules to the Trust Deed.
The Trust’s main achievement this year has been to complete the consolidation of all local halls with the management and administration of Wotton Road now transferred to the Trust.
Donation of Gospel Halls
During the financial year, the Trust was given 1x gospel hall by affiliated trusts which has been included in the Trust accounts at market value.
Forthcoming commitments
The trust is committed to providing and maintaining additional gospel halls in new local areas as required.
Plans for Future Periods
Despite the increased cost of energy, the trustees feel that these increased costs are not significantly impacting on the ability of the charity to continue as a going concern.
Meetings
Meetings held at the Gospel halls would normally include the Lord's Supper (Communion), Gospel preachings, Bible readings and Bible addresses. There is a structured weekly schedule of meetings and, depending on the particular meeting, between 40 and 180 people normally attend these occasions.
The meetings are attended by the regular congregation and most are open to other properly disposed visitors. The notice board outside the Hall welcomes visitors and displays the times of Gospel preachings, along with a telephone number for those seeking further information or help. Gospel tracts, which are distributed by street preachers, also display this information.
Bibles and an extensive range of other Christian reading material are on display at the hall[ s ] and visitors are free to help themselves.
Spreading the Gospel message and the life of a Christian
The Gospel halls are a base from which the regular congregation and others who attend the meetings are encouraged to spread the Christian Gospel, in word and deed.
Members of the congregation participate in a programme of street preaching and Gospel tracts are provided free of charge by the Charity to such preachers to be handed out to interested members of the public.
In addition to street preaching, members of the congregation assist the Rapid Relief Team charity, a charity that provides support in disasters and other humanitarian needs, such as food boxes to schools, catering at local community charitable events and emergency services response incidents.
In carrying out this work, the congregation considers itself to be living out its faith in practice, as particularly exemplified in the following extract from the schedule to the Trust Deed on living a Christian life:
- We seek and are encouraged to live exemplary lives in all our relationships with others in the wider community (including former Brethren), in accordance with the teachings of Holy Scripture (1 Tim 2:2).
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
-
We regularly go out from our homes to preach on the streets, to distribute Christian literature and engage with the wider community (including former Brethren) in order to present eternal salvation, available to all men by faith in Jesus Christ. (2 Tim 4:2).
-
We seek as members of the public to lead Christian lives as husbands and wives, parents, children, employers, employees and neighbours. (Col 3:22-25, Col 4:1).
-
The preservation and protection of the family unit is fundamental and children are prized as a blessing from God. (Psalm 127:3-5). The elderly are valued members of the community, for whom both their family and the wider community are expected to care.
-
Holy Scripture commands us to be good neighbours to others, and deal with all other people (including former Brethren) openly, honestly and fairly and consistent with these principles, we should give our time, talents and money to assist those in need in the wider community, in so far as reasonable given our abilities and our available resources. (Matt 7:12, Matt 22:39, Eph 4:28).
Funding
Funding is sought through gifts from the congregation and Gift Aid is claimed on eligible donations. Funding is sometimes received from other charitable trusts with complementary objectives.
Financial review
Financial position
In the year ended 5 April 2023, the Trust had a surplus of incoming resources over resources expended. Total voluntary income received this year was £1,599,368 compared to £1,876,076 in the previous year.
The Trust envisages that another 2-3 new gospel halls will be required, with the sale of at least 1 existing gospel hall in the coming years and also the sale of a house and land that is part of the Wotton Road site.
Reserves policy
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs, based on its size and the level of its financial commitments. The Trust has no employees and its regular outgoings are minimal. Accordingly, the Trustees have decided to adopt a policy of maintaining no significant reserves other than a nominal 6 months expenditure amount of approximately £10,000. The congregation is kept regularly informed as to particular needs for funds, and other relevant matters and the Trustees aim to ensure that the Charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure, by raising a funds appeal to the congregation.
Free reserves at the year-end were £nil due to the current liabilities exceeding the current assets. However, the trustees consider this to be a short-term position due to the loans and expect the reserves to recover in due course.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Report of the Trustees For the year ended 5 April 2023
Statement of Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 incoming resources and application of resources of the charity for that period. 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 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable 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 charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They 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. All transactions have been reviewed and approved by two trustees.
On behalf of the Board:
Douglas Turner Trustee 05 February 2024 Date: ..........................................
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Opinion
We have audited the financial statements of Frome Valley Gospel Hall Trust for the year ended 5 April 2023 which comprise Statement of Financial Activities, Statement of Financial Position, Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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). In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 5 April 2023 and of its incoming resources and application of resources 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 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 charity 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 charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
-
the charity has not kept sufficient accounting records; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an auditor’s 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 charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Independent auditor’s report to the trustees For the year ended 5 April 2023
Casidhe Baleri (Senior Statutory Auditor) for and on behalf of Saffery LLP Chartered Accountants Midland House 2 Poole Road Bournemouth BH2 5QY
Statutory Auditors
Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
10
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Statement of financial activities For the year ended 5 April 2023
| Unrestricted | Designated | Restricted | Total Funds | Total Funds | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | |
| Income and endowments from: | ||||||
| Donations and legacies: | ||||||
| Contributions from the | - | - | 126,360 | 126,360 | 190,766 | |
| congregation | ||||||
| Gift Aid donations | - | - | 27,069 | 27,069 | 40,832 | |
| Income tax refunds | - | - | 6,767 | 6,767 | 10,208 | |
| Other Donations | 1,406,029 | - | 1,406,029 | 1,634,270 | ||
| Grants – donated services | 4 | 29,946 | 29,946 | - | ||
| Investments | ||||||
| Bank interest | 197 | - | 197 | - | ||
| Rent Receive | 3,000 | - | 3,000 | - | ||
| Total | 1,439,172 | - | 160,196 | 1,599,368 | 1,876,076 | |
| Expenditure on: | ||||||
| Charitable activities | ||||||
| Running meeting rooms | 5 | 96,250 | - | 6,762 | 103,012 | 39,679 |
| Cost of donated services | 4 | 29,946 | - | 29,946 | ||
| Total | 126,196 | - | 6,762 | 132,958 | 39,679 | |
| Net income/(expenditure) | 1,312,976 | - | 153,434 | 1,466,410 | 1,836,397 | |
| Gains/(losses) on revaluation of | ||||||
| fixed assets | ||||||
| Net movement in funds | 1,312,976 | - | 153,434 | 1,466,410 | 1,836,397 | |
| Reconciliation of funds | ||||||
| Total funds brought forward | 3,151,457 | - | 364,643 | 3,516,100 | 1,679,703 | |
| Total funds carried forward | 4,464,433 | - | 518,077 | 4,982,510 | 3,516,100 |
The notes on pages 10 to 15 form part of these financial statements. All of the above activities are classed as continuing and there are no gains and losses other than those included above.
11
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Balance sheet As at 5 April 2023
| Notes Fixed assets Tangible fixed assets 6 Current assets Debtors: Prepayments and accrued income Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year: Loan Accruals and deferred income Net current (liabilities) / assets Total assets less current liabilities Net assets Funds Unrestricted income fund Restricted funds Total funds 7 |
2023 £ 5,493,068 5,493,068 22,283 218,659 240,942 740,000 11,500 (510,558) 5,722,510 4,982,510 4,464,433 518,077 4,982,510 |
2022 £ 3,741,305 |
|---|---|---|
| 3,741,305 15,516 94,279 |
||
| 109,795 330,000 5,000 |
||
| 104,795 | ||
| 3,846,100 3,516,100 |
||
| 3,151,457 364,643 |
||
| 3,516,100 |
The unaudited financial statements were approved and authorised for issue by the Trustee of Frome Gospel 05 February 2024 Hall Trust on 2023 and signed on their behalf by
Douglas Turner Trustee
The notes on pages 14 to 19 form part of these financial statements
12
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Cash flow statement As at 5 April 2023
| Net cash absorbed by operating activities (see note) Cash flows from investing activities Purchase and development of property Net cash used in investing activities Cash flows from financing activities New borrowings Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 6 April 2022 Cash and cash equivalents at 5 April 2023 NOTE Reconciliation of net income to net cash flow from operating activities Net income for the reporting period as per the statement of financial activities Adjustments for Depreciation Non-cash donations (Increase) in debtors Increase in creditors Net cash provided by operating activities Cash and cash equivalents Cash at bank |
2023 £ 110,269 (395,889) (395,889) 410,000 410,000 124,380 94,279 218,659 1,466,410 80,102 (1,435,976) (6,767) 6,500 110,269 218,659 |
2022 £ 217,965 (421,513) |
|---|---|---|
| (21,513) 280,000 |
||
| 280,000 | ||
| 76,452 17,827 |
||
| 94,279 | ||
| 1,836,397 26,047 (1,634,270) (10,209) - |
||
| 217,965 | ||
| 94,279 |
13
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
1. Accounting policies
1.1 Basis of preparation financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Second edition of the 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and UK Generally Accepted Practice.
The functional currency of the charity is sterling (£).
The 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(s).
1.2 Income
Donations are recognised in the year in which there is entitlement and probability of receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future year. Gift aid is added to the value of the donation to which it relates.
Donated services are recognised as income and expenditure in the financial statements when organisations or individuals offer their services and support pro bono. The value of these donated services to Frome Valley Gospel Hall Trust is considered to be equal to market value which would be paid were the service formally procured. This includes services paid for by other trusts.
Investment income is accounted for on a receivable basis.
1.3 Expenditure
Expenditure is included on an accruals basis. Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Charitable activities comprise those costs directly attributable to the fulfilment of the charitable objects.
1.4 Governance and support costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and costs related to statutory requirements. Governance and support costs are allocated to charitable activities on the basis of capacity used.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Freehold land is not depreciated. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:
Freehold buildings 2% straight line Temporary buildings 20% straight line Fixtures and Fittings 10% straight line
14
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
1.6 Taxation
The Trust is a registered charity and is not liable to United Kingdom income or corporation tax on charitable activities, provided income falls within the charitable exemptions and is spent on charitable purposes.
1.7 Funds
The general unrestricted fund is free for the Trustees to use for any purposes in furtherance of the trust’s charitable objects.
Restricted funds arise from donations to the trust, which are made for a specific purpose. Restricted funds can only be used for the purpose for which funds were given.
The restricted fund is donations given specifically for the purpose of constructing new gospel halls.
1.8 Preparation of consolidated financial statements
The Charity does not have a trading subsidiary.
1.9 Going concern
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
1.10 Significant estimates and judgements
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
2. Trustees’ remuneration and expenses
No Trustees received any remuneration or other benefits from an employment with the charity and no Trustees were reimbursed for expenses (2022: None).
3. Wages and salaries
There are no employees (2022: none).
4. Donated services
During the year Frome Valley Gospel Hall Trust provided services to Greenfield Gospel Hall Trust which totalled to £29,946. This amount had all been reimbursed by the year end.
15
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
5. Resources expended
| Direct costs - Repairs and Maintenance - Insurance - Rates - Light and heat - Rent - Telephone - Depreciation - Legal and professional costs Support costs Governance |
Meeting rooms Other charitable activities 2023 £ £ £ 7,314 6,532 - 10,021 6,597 24 65,672 280 7,314 6,532 - 10,021 6,597 24 65,672 280 72 72 6,500 6,500 |
Meeting Rooms Other charitable activities 2022 £ £ £ 1,707 - 3,550 - - 26,047 3,375 - 1,707 - 3,550 - - 26,047 3,375 - - - 5,000 5,000 |
|---|---|---|
| 103,012 103,012 |
39,679 39,679 |
|
Governance costs include £6,500 accrual (2022: £5,000) in respect of auditors fees.
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
6. Tangible fixed assets
| Freehold Property and Refurbishments £ Cost Brought forward at 6 April 2022 3,853,911 Additions 1,816,901 At 5 April 2023 5,670,812 Depreciation Brought forward at 6 April 2022 115,825 Charge for the year 78,282 At 5 April 2023 194,107 Net book value At 5 April 2023 5,476,705 At 5 April 2022 3,738,086 |
Furniture, fixtures & fittings £ 3,460 14,964 18,424 241 1,820 2,061 16,363 3,219 |
Total £ 3,857,371 1,831,865 |
|---|---|---|
| 5,689,236 | ||
| 116,066 80,102 |
||
| 196,168 | ||
| 5,493,068 | ||
| 3,741,305 |
Property Details:
Land registry titles of the above property held are GR333162, GR375180, GR305497, AV179177, AV220964, AV235359, GR257079, AV223399 and GR377538
7. Analysis of net assets between funds
- 7.1 Current year
| Tangible fixed assets Current assets Current liabilities Total funds |
Unrestricted Funds £ 4,974,991 240,942 (751,500) 4,464,433 |
Restricted Funds £ 518,077. - - 518,077. |
Total Funds £ 5,493,068 240,942 (751,500) |
|---|---|---|---|
| 4,982,510 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
| 7.2 Prior year Tangible fixed assets Current assets Current liabilities Total funds |
Unrestricted funds £ 3,376,662 109,795 (335,000) 3,151,457 |
Restricted funds £ 364,643 - - 364,643 |
Total Funds £ 3,741,305 109,795 (335,000) |
|---|---|---|---|
| 3,516,100 |
8. Movement in funds 8.1 Current year
| Restricted funds Capital Project Fund Unrestricted funds Total funds 8.2 Prior year Restricted funds Capital Project Fund Unrestricted funds Total funds |
Balance at 6 April 2022 Incoming resources Resources expended Realised/ unrealised gains and losses Balance at 5 April 2023 £ £ £ £ £ 364,643 160,196 6,762 - 518,077 3,151,457 1,439,172 126,196 - 4,464,433 |
|---|---|
| 3,516,100 1,599,368 132,958 - 4,982,510 |
|
| Balance at 6 April 2021 Incoming resources Resources expended Realised/ unrealised gains and losses Balance at 5 April 2022 £ £ £ £ £ 122,837 241,806 364,643 1,556,866 1,634,270 39,679 3,151,457 |
|
| 1,679,703 1,876,076 39,679 3,516,100 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Frome Valley Gospel Hall Trust
Notes to the financial statements For the year ended 5 April 2023
9. Transactions with related parties
During the year, the Trust received £15,000 (2022: £16,500) from McFeggan Brown Ltd, a company in which Tristan Brady is a director and £12,000 (2022: £13,000) from Plant Care Ltd, a company in which Peter Davis is a director.
Donations received from trustees during the year totalled £3,800 (2022: £4,576).
At the balance sheet date there were loans payable to trustees totalling £90,000 (2022: £90,000)
10. Volunteers
Frome Valley Gospel Hall Trust relies entirely on volunteers to carry out the management, administration and general maintenance work. The Trust has no paid staff or paid Trustees.
11. Comparative Statement of Financial Activities
| Income and endowments from: Donations and legacies: Contributions from the congregation Gift Aid donations Income tax refunds Donated services Payroll giving Legacies Grants Other donations Total Expenditure on: Charitable activities Running meeting rooms Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Designated Funds Restricted Funds Total Funds 2022 Notes £ £ £ £ 190,766 190,766 40,832 40,832 10,208 10,208 4 - 1,634,270 1,634,270 |
Unrestricted Funds Designated Funds Restricted Funds Total Funds 2022 Notes £ £ £ £ 190,766 190,766 40,832 40,832 10,208 10,208 4 - 1,634,270 1,634,270 |
|---|---|---|
| 1,634,270 241,806 1,876,076 |
||
| 39,679 39,679 |
||
| 5 | 39,679 39,679 |
|
| 1,599,591 241,806 1,836,397 1,556,866 122,837 1,679,703 |
||
| 3,156,457 364,643 3,516,100 |
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DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
The Trustees of Frome Valley Gospel Hall Trust 45 Charnhill Drive Mangotsfield Bristol BS16 9JR 02 February 2023
Saffery LLP Midland House 2 Poole Road Bournemouth BH2 5QY
Dear Sir
This representation letter is provided in connection with your audit of the financial statements of Frome Valley Gospel Hall Trust for the year ended 5 April 2023 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of Frome Valley Gospel Hall Trust in accordance with The Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)
We confirm that, to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves:
Financial Statements
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We have as trustees fulfilled our responsibility, as set out in the terms of your engagement dated 13 January 2022 under the Charities Act 2011 for preparing financial statements in accordance with the Charities Act 2006 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which give a true and fair view of the financial position of the charity as of 5 April 2023 and of the results of its operations for the year then ended and for making accurate representations to you.
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The methods, data and significant assumptions used by us in making accounting estimates and their related disclosures are appropriate to achieve recognition, measurement and disclosure that is reasonable in the context of the applicable financial reporting framework.
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We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
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We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
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Related party relationships and transactions have been appropriately accounted for and disclosed and we are not aware of further related party matters that require disclosure.
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All events subsequent to the date of the financial statements and which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or included in the financial statements.
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The financial statements are free of material misstatements, including omissions.
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That, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the charity is a going concern. That our plans for future actions required to enable the charity to continue as a going concern are feasible. That the disclosures in the accounting policies are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up on a going concern basis.
Information provided
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All accounting records and relevant information have been made available to you for the purpose of your audit of the financial statements. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have determined it necessary to obtain audit evidence. All other records and related information have been made available to you.
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All transactions undertaken by the charity have been recorded in the accounting records and are reflected in the financial statements.
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We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.
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We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves management, employees who have a significant role in internal control, or others, where fraud could have a material effect on the financial statements.
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We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
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We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing financial statements.
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We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
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The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
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There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.
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We have reviewed the market value of the Gospel Hall donated to us during the year and believe the valuations to be a reasonable estimate of the current market.
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Grants and donations
All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions during the period in the application of such income.
- Legacies and similar sources of assets
DocuSign Envelope ID: 1CA62905-8C18-4952-8F63-19A235AA3D77
Notifications of legacies and similar sources of assets have been monitored, and all such assets have been recognised in accordance with the recommendations of the SORP on charity reporting.
We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware. Each trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
…………………………………………………………. Douglas Turner Signed on behalf of the board of Trustees.