THE BROMLEY CHRISTIAN WORKERS TRUST
(Registered Charity Number 1183501)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
THE BROMLEY CHRISTIAN WORKERS TRUST
CHARITY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees
Kim Arnold Elizabeth Coke Neville Hayman Andrew Nathan (Chair) James Walsh
Key Staff
Matt Lloyd Emily Greig
Governing Document Charity Registration Number Address for Correspondence
Constitution dated 8 May 2019
1183501 Christ Church Highland Road Bromley Kent BR1 4AA
Independent Examiner
Nick Spear ACCA Stewardship 1 Lamb's Passage London EC1Y 8AB
Bankers
HSBC
| Contents | Page |
|---|---|
| Charity Information | 1 |
| Trustees' Annual Report | 2-6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10-16 |
| Detailed Statement of Financial Activities with Comparatives | 17 |
Page 1
THE BROMLEY CHRISTIAN WORKERS TRUST
TRUSTEES’ ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their report and the accounts of The Bromley Christian Workers Trust (’the Charity’) for the financial year ended 31 December 2024.
INTRODUCTION
The Charity is a charitable incorporated organisation (‘CIO’) governed by a constitution dated 8 May 2019; the CIO was registered with the Charity Commission on 21 May 2019 and its registered number is 1183501. The CIO did not begin operating until 24 January 2020 when a trust with the same name (The Bromley Christian Workers Trust with charity registered number 1080688 – ‘the Trust’) transferred its net assets and activities to the CIO. The Trust did not operate after 24 January 2020 and was wound up in May 2021.
The Charity works closely with Christ Church Bromley (‘CCB’). The Charity donates the services of its staff to CCB and the charities sometimes make grants to each other. The Charity is not a subsidiary of CCB but the two charities share some trustees and have the same treasurer and so CCB is considered to be a related party. The financial transactions with CCB are disclosed in the notes to the financial statements.
CHARITABLE OBJECTS
The charitable objects of the Charity are:
• to promote and provide Christian biblical and pastoral teaching and training in accordance with the Statement of Faith; and
• to advance the Christian religion in any part of the world.
PUBLIC BENEFIT STATEMENT
The Trustees confirm that they have complied with the duty to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.
REVIEW OF ACTIVITIES
Ministry Training Associates Programme
The BCWT Ministry Training Associates (MTAs) scheme enables volunteers to learn and practice Bible ministry, gain formal training with other Associates and undertake practical service within a church (namely CCB) under the supervision of an experienced Bible teacher and leader. The trust has not supported any MTA since Nathan Prior completed his third in the summer of 2024. The future development and growth of the Ministry Training Associate scheme remains reliant on the support of donors (many of whom are members of CCB).
Staff Appointments
In May the charity continued Zoë Tsim’s contract in her role as a Children’s Ministry Assistant. The role is part-time and supports the primary school age children groups at CCB.
Page 2
THE BROMLEY CHRISTIAN WORKERS TRUST
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
Supporting Christ Church Bromley
CCB has a vision, which is “making Jesus known”, and the charity’s staff are working with CCB to help fulfil this vision.
In addition to the above, the charity employed an Associate Minister with responsibilities for Evangelism - Matt Lloyd.
The trust is in discussion with the PCC regarding the Transfer of Undertakings (Proetection of Employment) Regulations 2006 (TUPE) of staff and the property from the trust to the PCC and this is expected to happen during 2025.
Summer Camps
The BCWT continued to provide a freelance Coordinator to provide administrative support to the Lakeview summer camps run at Gatton Park. These camps exist to provide teenagers with fun, friendship and a chance to explore life with Jesus.
The charity operates a restricted fund which receives donations from individual donors and grantmaking trusts. The camps themselves are organised through Ventures, part of the ministry of CPAS.
Page 3
THE BROMLEY CHRISTIAN WORKERS TRUST
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
RETURN OF FUNDS TO CHRIST CHURCH BROMLEY
As explained in note 9 ‘Amounts due to Christ Church Bromley’, in the previous year it came to light that there may have been a breach of charity law when Christ Church Bromley (‘CCB’) made grants of about £550,000 to the Trust that were used to carry on the charity’s activities. The current PCC of CCB have been advised that they have a legal obligation to try to recover as much as possible and have grounds for a legal claim against the charity (because it received the previous Trust’s net assets when it stopped operating). Having carefully considered the merits of the claim, the trustees offered £550,000 to CCB to settle the claim and a provision for this amount was included in the previous year’s accounts.
In May 2024 the charity and CCB reached an agreement to settle the claim and the charity has agreed to transfer to CCB:
(a) its freehold property (which has an estimated market value of £425,000) (b) cash and other assets surplus to requirements (which at the year end was estimated at £125,000) and (c) the employment of its staff. These transfers are under way and the charity expects to complete them during 2025.
Once the transfer of the employment of staff has been completed, the charity will be left with relatively little continuing expenditure and it is expected that any future surplus income will be used to make grants to CCB. Eventually most of the charity’s supporters are also likely to transfer their giving to CCB and the trustees might then decide that it would be best to close the charity. BCWT will maintain the restricted Camp fund for Lakeview Holidays until such a time as this function is transferred elsewhere.
BCWT remains fully committed to working together with the PCC of CCB to achieve their shared aims. It is anticipated that most of the charity's resources will, in time, be transferred to CCB. The key point to note is that they will continue to be used to further the shared aim of making Jesus known.
Page 4
THE BROMLEY CHRISTIAN WORKERS TRUST
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
During the year income fell by £26,000 to £171,000. Expenditure has fallen by £83,000 to £185,000. As a result the overall deficit for the year is £14,000 and the charity’s ended the year with net liabilities of £68,000. For reasons that are explained fully in accounting policy 1(b) ‘Going concern’, this is not a cause for concern because the property forming part of the settlement has a market value that exceeds its carrying value in the accounts by £87,000.
At the year end the charity’s net liabilities comprised tangible fixed assets carried, on a historic cost basis, at £338,000 plus cash of £142,000 plus other net current assets of £3,000 less a liability of £550,000 for the return of funds to CCB.
RESERVES POLICY
The Trustees have defined free reserves as being unrestricted cash less a provision of £100,000 for the cash they think will form part of the settlement with CCB (see above). This cash provision
excludes any additional cash that the charity may decide to pay over in the form of grants to CCB in 2025 to support the continued employment of staff. At the year end free reserves amounted to just under £19,000. The Trustees note that employment of the charity’s staff (which represents most of its expenditure) is passing to CCB and have concluded that the charity does not need to hold free reserves of more than £20,000. The free reserves held by the charity are therefore broadly in line with the policy set by the trustees.
RISK ASSESSMENT
In common with other charities, BCWT faces risks: operational, financial and reputational. The Trustees have considered the major areas of risk to which the Charity is exposed, measuring both the likelihood and the impact of a particular event or action, and are satisfied that systems have been established to identify and mitigate exposure to the major risks.
Page 5
THE BROMLEY CHRISTIAN WORKERS TRUST
TRUSTEES’ ANNUAL REPORT (Continued)
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF TRUSTEE 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).
Charity law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements the Trustees are required to:
• select suitable accounting policies and then apply them consistently;
• observe the methods and principles in the Charities SORP;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue to operate.
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 and the Charity (Accounts and Reports) Regulations 2008. 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.
Approved by the Trustees and signed on its behalf by
eCoke
~~..................................~~ eCoke (Oct 15, 2025 13:25:51 GMT+1) ......
Elizabeth Coke - trustee
Date: Oct 15, 2025
Page 6
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
THE BROMLEY CHRISTIAN WORKERS TRUST
('the Charity')
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2024 on pages 8 to 17 following, which have been prepared on the basis of the accounting policies set out on pages 10 and 11.
Responsibilities and basis of report
As the charity’s trustees of the Charitable Incorporated Organisation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nick Spear
Nick Spear (Oct 20, 2025 10:22:07 GMT+1)
Nick Spear ACCA Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: Oct 20, 2025
Page 7
THE BROMLEY CHRISTIAN WORKERS TRUST
STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES
FOR THE YEAR ENDED 31 DECEMBER 2024
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Total income and endowments EXPENDITURE ON: Charitable activities: 4 Total Expenditure Net income/(expenditure) Transfers between funds 11 Other recognised gains/(losses): 10 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 11 Actuarial gains/(losses) on defined benefit pension schemes |
Unrestricted funds 2024 £ 165,015 165,015 179,498 179,498 (14,483) - (14,483) - (14,483) (61,043) (75,526) |
Restricted 2024 £ 5,706 5,706 5,119 5,119 587 - 587 - 587 7,159 7,746 |
Total 2024 £ 170,721 170,721 184,617 184,617 (13,896) - (13,896) - (13,896) (53,884) (67,780) |
Unrestricted funds 2023 £ 190,074 190,074 260,091 260,091 (70,017) - (70,017) - (70,017) 8,974 (61,043) |
Restricted 2023 £ 7,162 7,162 7,564 7,564 (402) - (402) - (402) 7,561 7,159 |
Total 2023 £ 197,236 197,236 267,655 267,655 (70,419) - (70,419) - (70,419) 16,535 (53,884) |
|||
|---|---|---|---|---|---|---|---|---|---|
Page 8
THE BROMLEY CHRISTIAN WORKERS TRUST
BALANCE SHEET
AS AT 31 DECMEBER 2024
| Note FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Cash at bank and in hand 8 CREDITORS: Amounts falling due within one year 9 Net current assets / (liabilities) Total assets less current liabilities Provisions for liabilities 9 Net assets / (liabilities) excluding pension asset / (liability) Defined benefit scheme asset / (liability) 10 TOTAL NET ASSETS FUND BALANCES 11 Unrestricted Funds Restricted Funds |
Unrestricted Funds £ 337,523 22,835 134,211 157,046 (570,095) (413,049) (75,526) - (75,526) - (75,526) (75,526) - (75,526) |
Restricted Funds £ - - 7,746 7,746 - 7,746 7,746 - 7,746 - 7,746 - 7,746 7,746 |
Total Funds 2024 £ 337,523 22,835 141,957 164,792 (570,095) (405,303) (67,780) - (67,780) - (67,780) (75,526) 7,746 (67,780) |
Total Funds 2023 £ 364,960 |
|---|---|---|---|---|
| 9,079 125,774 |
||||
| 134,853 (3,697) |
||||
| 131,156 | ||||
| 496,116 (550,000) |
||||
| (53,884) - |
||||
| (53,884) | ||||
| (61,043) 7,159 |
||||
| (53,884) |
The financial statements were approved by the Board of Trustees and were signed on its behalf by:
eCoke ______ eCoke (Oct 15, 2025 13:25:51 GMT+1) Date __ Oct 15, 2025 Elizabeth Coke - trustee
Charity number: 1183501
The notes on pages 10 to 16 form part of these accounts.
Page 9
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 Statutory Information
The charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.
2 Accounting Policies
These financial statements are prepared under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
The principles adopted in the preparation of the financial statements are set out below.
a) Use of merger accounting
On 24 January 2020 a trust with the same name (The Bromley Christian Workers Trust with charity registration number 1080688) transferred it assets and activities to the charity (the 'CIO'). As permitted by the Charities SORP, this transfer has been accounted for as a merger because it qualifies as a charity reconstruction (whereby the charity has simply changed its legal form).
b) Going concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.
As explained in note 9 'Creditors: Amounts falling due within one year', the accounts include a creditor of £565,000 which will largely be settled by the transfer of the charity's freehold property to Christ Church Bromley ('CCB'). The estimated market value of this property is £425,000 however it's carrying value in the accounts, on a historic cost basis, is £337,523. Had the property been included in the accounts at its market value of £425,000, this would have added £87,477 to the net liabilities of £67,780 reported in these accounts and the charity would have ended the year with net assets of £19,697.
In 2024 the charity agreed to transfer the employment of its staff to CCB under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE). These transfers had largely been completed by the end of 2024 and the CIO was left with just one employee by the beginning of 2025. This person provides their services to CCB and their employment is expected to pass to a new charity controlled by CCB in 2025. As a result the charity's expenditure in 2025 will fall sharply. The charity also expects its income to fall in 2025 because it anticipates that most of its supporters will transfer their giving to CCB. Overall the expectation is that income will exceed expenditure in 2025 however, should there be a shortfall, CCB has agreed to contribute towards the charity's employment costs (which will be the charity's main expense in 2025).
The charity expects to have ceased operating by the end of 2025 and it is possible that the trustees might then decide to close the charity. CCB has agreed that the charity should retain sufficient funds to settle any liabilities that might fall due and, if necessary, to allow for an orderly closure.
c) Income
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. 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 period.
Income from donations and legacies includes:
-
i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
-
ii) Donated facilities, which are recognised at their value to the charity when they are received. With respect to these donated facilities, an expense is charged to the Statement of Financial Activities as they are used.
The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
Page 10
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 Accounting Policies continued
d) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity sometimes makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
e) Fund accounting
Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
f) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Over 50 years after taking account of the building's residual value Equipment Over 3 to 7 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
g) Leased assets Leases which do not transfer substantially all the risks and rewards of ownership to the charity are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the lease term (unless another systematic basis is more representative of use).
h) Pension scheme arrangements
The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.
The charity also contributes to the Church of England Funded Pension Scheme, which is also a multi-employer defined benefit pension scheme as described in Section 28 of FRS 102. The charity is unable to identify its share of this scheme's assets and liabilities therefore, as permitted by FRS 102, it is being treated as if it were a defined contribution scheme. The last actuarial valuation indicated a funding surplus and the charity will make contributions at a reduced rate until the surplus is eliminated. Further information about this defined benefits scheme, and its funding surplus, is disclosed elsewhere in the notes to these accounts.
i) Taxation
The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
j) Financial instruments
- The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).
k) Critical accounting estimates and areas of judgement The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
Page 11
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3 Donations and legacies
| ations and legacies | ||
|---|---|---|
| Donations of cash and similar Donated facilities (see below) Gift aid recoverable |
2024 £ 147,990 - 22,731 170,721 |
2023 £ 163,955 3,600 29,681 |
| 197,236 |
In the previous year a supporter let a property to the charity for use by its staff at less than market rent; the value of this donation to the charity was estimated to be £3,600 (2024: £nil). A charge for rent equal to this donation is included in the rent disclosed in note 4(a) below.
4 Charitable expenditure
| a Costs incurred directly on specific activities Ministry staff costs Ministry training scheme expenses Rent Other property costs Depreciation Loss on disposal of fixed assets Grants to Christ Church Bromley b Costs incurred on support & administration Governance costs Independent examiner's fee for preparing and examining the accounts Other administrative expenses Total expenditure |
2024 £ 111,214 6,671 16,050 5,815 - 12,437 30,000 182,187 2,100 330 2,430 184,617 |
2023 £ 211,986 5,632 27,600 10,512 8,168 - - |
|---|---|---|
| 263,898 | ||
| 2,520 1,237 |
||
| 3,757 | ||
| 267,655 |
This year's grants to Christ Church Bromley comprise a donation of equipment with an estimated fair value of £15,000 and cash of £15,000 to be donated from the charity's operating income in 2024.
During the year the charity was charged £16,050 (2023: £24,000) for operating leases for residential property. The charity did not have any operating lease commitments at the balance sheet date.
5 Analysis of staff costs, the cost of key management personnel and trustee remuneration
| Gross wages and salaries Social security Pension costs Defined benefit schemes Defined contribution schemes |
2024 £ 91,661 3,047 6,731 4,657 106,095 |
2023 £ 179,882 11,560 7,051 9,529 |
|---|---|---|
| 208,022 |
No staff received salaries at a rate of more than £60,000 per annum. The average monthly number of employees during the year was 3.7 (2023: 6.6). Most of the charity's activities are carried out by volunteers.
The charity's key management comprise the trustees and the key staff named on the Charity Information page. During the year key management received employment benefits totalling £63,256 (2023: £85,138).
In addition the charity made payments totalling £21,865 (2023: £32,571) in respect of the customary provision of accommodation to members of key management (who all serve as ministers) so that they could better perform their duties.
No trustees received employment benefits in either the current or preceding year.
Page 12
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6 Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Cost At 1 January 2024 Additions At 31 December 2024 Accumulated depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold Property £ 386,635 - 386,635 49,112 - 49,112 337,523 337,523 |
Equipment £ 54,497 (54,497) - 27,060 (27,060) - - 27,437 |
Total 2024 £ 441,132 (54,497) |
| 386,635 | |||
| 76,172 (27,060) |
|||
| 49,112 | |||
| 337,523 | |||
| 364,960 |
Freehold property comprises a residential property; the trustees estimate its market value to be £425,000.
7 Debtors
| Gift aid tax recoverable Other debtors h at Bank and in Hand Cash at bank with immediate access itors: liabilities falling due within one year Amounts due to Christ Church Bromley Return of funds (see below) Grants from the charity's surplus income in 2024 (see below) Other creditors Accruals |
2024 £ 22,835 - 22,835 2024 £ 141,957 2024 £ 550,000 15,000 565,000 475 4,620 570,095 |
2023 £ 7,359 1,720 |
|---|---|---|
| 9,079 | ||
| 2023 £ 125,774 |
||
| 2023 £ - - |
||
| - 707 2,990 |
||
| 3,697 |
8 Cash at Bank and in Hand
9 Creditors: liabilities falling due within one year
Amounts due to Christ Church Bromley
Return of funds
By way of background, the charity was registered as charitable incorporated organisation (the 'CIO') to continue the activities of a previous charity with the same name (The Bromley Christian Workers Trust with charity registration number 1080688) (the 'Trust') and, on 24 January 2020, the Trust transferred it activities and net assets of £656,684 to the CIO. Prior to this transfer, in 2018 and 2019 Christ Church Bromley ('CCB') paid grants of about £550,000 to the Trust from the proceeds of a property sale and the CIO benefitted from this when the Trust's net assets were transferred to the CIO.
In view of the amount paid over to the Trust, the current PCC of CCB wanted to ensure that CCB had complied fully with charity law. It took legal counsel and was advised that the transfer of money to the Trust did breach charity law. Furthermore the PCC was advised that it had an obligation to try recover funds from the CIO and that it had grounds for a legal claim against the CIO. After carefully considering the merits of the claim, the CIO offered £550,000 to CCB to settle the claim and a provision for £550,000 was included in the CIO's financial statements for the year ended 31 December 2022.
In May 2024 the CIO and CCB reached an agreement to settle the claim. The CIO has agreed to (a) transfer its freehold property, which had an estimated market value of £425,000 and (b) transfer its surplus unrestricted cash (after settling creditors and collecting debtors), which was estimated at about £125,000 on 31 December 2023. As agreement has now been reached, the previous year's provision has been reported as a creditor falling due within one year in these accounts.
Grants
In addition the CIO agreed to make grants to CCB from surplus unrestricted income arising in 2024 and subsequent years. In this respect the CIO has agreed to grant £15,000 to CCB from its surplus unrestricted income in 2024.
Page 13
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 Pension commitments
The Church of England Funded Pension Scheme
The charity participates in the Church of England Funded Pensions Scheme for stipendiary clergy, which is a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies.
Each participating Responsible Body in the Scheme pays contributions at a common contribution rate applied to pensionable stipends.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. It is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2024: £6,731, 2023: £7,051), plus any figures arising from contributions in respect of the Scheme's deficit (see below). The 2021 valuation showed the Scheme to be fully funded and no deficit contributions were paid in 2024 or in 2023.
A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions:
-
i) An average discount rate of 2.7% p.a.; ii) RPI inflation of 3.6% p.a. (and pension increases consistent with this); iii) CPIH inflation in line with RPI less 0.8% pre 2030 moving to RPI with no adjustment from 2030 onwards;
-
iv) Increase in pensionable stipends in line with CPIH
-
v) Mortality in accordance with 90% of the S3NA tables, with allowance for improvements in mortality rates in line with the CMI2020 extended model with a long term annual rate of improvement of 1.5%, a smoothing parameter of 7, an initial addition to mortality improvements of 0.5% pa and an allowance for 2020 data of 0% (i.e. w2020 = 0%).
Following the finalisation of the 31 December 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the Scheme was fully funded.
The deficit recovery contributions under the recovery plan in force at each 31 December were as follows:
| % of pensionable stipends | January | January |
|---|---|---|
| 2021 to | 2023 to | |
| December | December | |
| 2022 | 2024 | |
| Deficit recovery contributions | 7.10% | Nil |
For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme's rules.
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there are no agreed deficit recovery payments from 1 January 2023 onwards, the balance sheet liability on 31 December 2023 and 31 December 2024 was £nil.
The legal structure of the Scheme is such that if another Responsible Body fails, the charity could become responsible for paying a share of that Responsible Body’s pension liabilities.
Summary of pension contributions payable for year:
The charity's pension contributions were as follows
| mary of pension contributions payable for year: charity's pension contributions were as follows |
||
|---|---|---|
| Church of England Funded Pension Scheme (see above) charged in respect of service in year Pension contributions to defined contribution schemes |
2024 £ 6,731 4,657 11,387 |
2023 £ 7,051 9,529 |
| 16,580 |
Summary of pension liabilities at the year end:
The charity's pension liabilities at the end of the year were as follows:
| In respect of defined benefit pension arrangements (see above) contributions owing in respect of pensionable service In respect of defined contribution pension arrangements |
2024 £ - - - |
2023 £ 589 - |
|---|---|---|
| 589 |
Page 14
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11 Funds
During the year the movements in the charity's funds were as follows:
| Restricted funds Camp fund Unrestricted Funds Aggregate of funds |
Opening balance 2024 £ 7,159 (61,043) (53,884) |
Income 2024 £ 5,706 165,015 165,015 |
Expenditure 2024 £ (5,119) (179,498) (179,498) |
Transfers in the year 2024 £ - - - |
Gains and losses 2024 £ - - - |
Closing balance 2024 £ 7,746 (75,526) |
|---|---|---|---|---|---|---|
| (67,780) |
Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year Provisions for liabilities |
Unrestricted funds £ 337,523 22,835 134,211 (570,095) - (75,526) |
Restricted funds £ - - 7,746 - - 7,746 |
2024 £ 337,523 22,835 141,957 (570,095) - |
|---|---|---|---|
| (67,780) |
In the previous year the movements in the charity's funds were as follows:
| Restricted funds Camp fund Staff accommodation fund Unrestricted funds Aggregate of funds |
Opening balance 2023 £ 7,561 - 7,561 8,974 16,535 |
Income 2023 £ 3,562 3,600 7,162 190,074 197,236 |
Expenditure 2023 £ (3,964) (3,600) (7,564) (260,091) (267,655) |
Transfers in the year 2023 £ - - - - - |
Gains and losses 2023 £ - - - - - |
Closing balance 2023 £ 7,159 - |
|---|---|---|---|---|---|---|
| 7,159 (61,043) |
||||||
| (53,884) |
Analysis of net assets by fund
In the previous year, the assets and liabilities of the various funds were as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year Provisions for liabilities |
Unrestricted funds £ 364,960 9,079 118,615 (3,697) (550,000) (61,043) |
Restricted funds £ - - 7,159 - - 7,159 |
2023 £ 364,960 9,079 125,774 (3,697) (550,000) |
|---|---|---|---|
| (53,884) |
The Camp fund was created from donations received to help support a Christian camp for young people. The Mission Support fund was created from donations received to help support individuals involved in Christian mission
The Staff Accommodation fund represents the donated facility referred to in note 3 above and the related charge for rent. The property was let to the charity at below market rent to help the charity provide accommodation to some of its staff.
Page 15
THE BROMLEY CHRISTIAN WORKERS TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12 Transactions with related parties
The Bromley Christian Workers Trust ('BCWT') works closely with Christ Church Bromley ('CCB') (registered charity number 1132870) and, though neither charity controls the other, they did share a trustee and some key staff for all or part of the year. CCB is therefore considered to be a related party. From time to time, BCWT and CCB make grants to each other and support their respective charitable activities in other ways; most notably, BCWT donates the services of its staff to CCB. The transactions with CCB have been disclosed in the above notes.
During the year the charity received donations totalling £8317 (2023: £21,135) from related parties (which includes Trustees, any other members of key management and anyone closely connected to them).
Except for the reimbursement of expenses incurred when acting as agent for the charity, no expenses (2023: £nil) were paid to, or for, the Trustees.
Except as disclosed in note 5 'Analysis of staff costs', there have been no other transactions with related parties during the year.
Page 16