THE BROMWICH ROAD MISSION HALL TRUST Flnanclal Statemènts Year Ended 5 April 2022 Registered charlty number: 227474
THE BROMWICH ROAD MISSION HALL TRUST Flnanclal Statements for the year ended 5 April 2022 Content5 Page: Reference and administration detail Tru5tees' and Executive Commlttee Report Independent ExaThiner'5 Re Balance Sheet Statement of Flnanclal ActlvTtie5 6.10 Note5 to the Financial Statements Appendix Reference and administration detall: Registered charlty number227474 Address Bromw(ch Road. Worcester, Worcestershire, WR2 4BE Bankers Lloyds Bank, Worcester Branch, 4 The Cross. Worcester Branch, WRI 3PY Legal a(fvi5er5 Quality Solicitors Par1dnson Wrfght, Haswell How. 5t Nicholis Street, Worcester. WR1 1UN Invertment managers Quilter5. 8th Floor. Two Snowhill, Birmingham, B4 6GA Accountants BDO LLP. Two Snowhill. Birmingham, B4 6GA Independent examlner S Hale, Perrys Accountants Ltd
THE BROMWICH ROAD MISSION HALL TRUST Trustees. and Exècutive Commlttee Report structure Governance and Management The trust Is governed by a trust ¢Jeed dated 4 April 1936. TRUSTEES The tnJstees are: Mr S Gardiner Mrs S Yuill Miss G Gardiner APPOINTMENT OF TRUSTEES Trustee5 are appointed from wlthln the Church as and when exfjstlng trustees retlre. The overall balance of skills of the existing trustee body 15 taken into consideration when looking to appoint new trnstee5 to ensure that a wide range of interests and professional expertise is available. OBJECTIVE5 AND ACHIEVEMENTS To maintain the Bromwich Road MlssfLN) Hall and allow it to be used for the purposes of meetings for religious educatTon, for the carrying on of Home Mission work or to be used as a school for children or adults or for rneetings in connectlon with the Campalgners Youth Organisation. The trustees have confirmed that they have given consideration to the guidance on public benefit publlshed by the Charity COMMIlOn and are 5at15fied that the objects of the charity confoirn to the public benefit requirements and that the actlvitles carried out during the year continued to be in accordance with the objectives already set out. ACHIEVEIAENTS AND PERFORMANCE Total Income exceeded expenditure by £4.203 (2021 £10,591) before gains and 1055e5 on inve5trnents and investment property. The portfolio, managed by Quilters made an unrealised gain for the year of £30,980 12021 of t117.9551 and a realised gain the disposals of E20.475 {2021 £30,288). Properties at 146-148 Bromwich Road and 158 Bromwtch Road are held for inve5tmen¢ and are cart1ed at market value on the balance sheet. The properties were revalued on the 29 January 2019. The trustees are satlsfled wth the financial positlon as at the balance sheet date. RESERVÉS POLICY Glyen the age of the building and its general condition the Iru5tees belleve It necessary to maintain reserve5 at their present level In order to be able to meet any significant repair or maintenance costs which could arise. INVESTMENTS It is the pol7cy of the charity to invest surplus funds in a balanced portfolio to achieve a capital retum. Within the year, all gains made on dlsposals of share5 were reinYe5ted to ensure maximum return5. Approved cn behalf of the Mistees on MRS urer Trustee
Independent Examlner's Report to the Trustees of The Bromwich Road Mlsslon Trust I report on the financial statements of The BromvAch Road Mlsslon Trust for the year ended 5 April 2022 which are Set out on pages 4 to 10. Thi5 report is made solely to the charitls trustees, ès a body. in accordance with Regulation 31 of the Chadties (Accounts and REPWtsl Regulation5 2C¥)8. My work ha5 been undertaken so that I might state to the charity's trustees those matters l am required to state to them in an independent examlner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume re5ponslbillty to anyone other than the charity's trustees as a bodyj for my work. for this report. or for the Statement I have made. Respectlve re5pon5ibilities of trustees and examiner The charity's trustees are responsible for the preparatTon of the accounts. The d)arity's trustees consider that an audit Is not required for thi5 year under tIOn 144121 of the Charities Act 2011 (the Charitie5 Act) and that an independent examination is needed. It 15 my re5ponslblllty: to examlne the accounts (under section 145 of the Charitie5 Act). to follow the procedLJres laid down in the general DirectlOll5 given by the Charity Commission lunder section 14515llbl of the Charitles Act); and to state whether particular matters have come to my attentlon. Basls of independent examlner's report My examlnation was carried out in actordance wlth the general DIrectI(S given by the Charity Cornmisslon. An examination includeg a review of the accounting record5 kept by the charity and a comparison of the account5 presented th those records. It also includes consideration of any unusual Items or diKlosures in the accounts, and seeking explanations from you as trusiees concerntng any such matters. The procedure5 undertaken do not prowde all Ihe evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair *iew' and the report Is Ilmlted to those matters set out In the 5tateFnent below. Independent examlner's statement In connectlon wlth my examination, no matter has come to my attentlon: 111 which glves me reasonable cause to believe that in, any material respect. the requirements: to keep accountins records in accordance with section 130 of the Charfties Act. and to prepare accounts which accord with the accounting records and comply wth the aCC¢nting reqLtlrements of the Charftles Art have not been met. or 121 to which, in my opinion, attention should be drawn In order to enable a proper understandlng of the accounts to be reached. Steve Hale 24.1.23 Steve Hale FCA. FCCA For and on behalf of Perrys Accountants Ltd Chartered Accountants Churchdown Chambers Bord Tonbridge Kent TN9 1NR
THE BROMWICH ROAD MISSION HALL TRUST Statement of Flnanclal Actlvlties for the year ended 5 Aprll 2022 Notes 2022 2021 Income from: Investments 43.912 43,051 Total Income 43.912 43,051 Expendlture on: C05t of generating funds Charitable actiwties Activities undertaken support Costs 21,540 16,675 2.000 16.169 15,785 Total expenditure 39.709 32,460 Net incomin81(outgolngl resources 4,203 10,591 Galnsl(losses} on.. Investment I55ets: Reallsed Unrealised 20,475 30,980 51.455 30.288 117,955 348,243 Property Assets: Revaluatio (5,000) Net movements in funds 50.658 158,834 Total funds at 5 Apdl 2021 1.672,824 1,513.990 Total funds at 5 Aprll 2022 1.723.482 1,672.824 All of the Trusts activitTe5 ¢krive from ccffitlnulng operations in both financlal periods. A statement of total recognlsed galn$ losses and irbcome and expenditure account is not requlred as all gains and losses are included in the Statement of financial activities. The note5 on pages 6 to 10 form part of these flnanclal statements. Approved by the trustee5 and authorised for issue on and signed on their behalf by easurer
THE BROMWICH ROAD MISSION HALL TRUST Balance Sheet as at 5 April 2022 Notes 2022 2021 FIXED AssEf5 Freehold land and property Investments Investment propertle5 135.851 958.854 595,000 1,689.705 139.876 838.977 1,578,853 CURRENT ASSErs Debtors Cash and bank balances 10 4.399 35,060 39.459 3,794 95,752 99,546 CURRENT LIABILITIES Creditor5 11 15,682 15.5751 CURRENT ASSETS 33,777 93.971 TOTAL ASSFrs 1,7ZJ.482 1,672,824 ACCUMULATED FUNDS Unrestrfcted 1,723,482 1,672,824 Approved by the trustees and authorised for i$5ue on and slgned on their behalf by S Yuill Tr rer The note5 on pages 6 to 10 fom) part of these financial statements.
THE BROMWICH ROAD MISSION HALL TRUST Notes to the flnanclal statements for the year ended 5 Aprll 2022 1 ACCOUNTING POLICIES The financial statements have been prepared In accordance with akwllcable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice) and comply with the Statement of Recomrnended Practice ISORPI Accounting and Reporting by Charitles FRS 102 effective from January 2015. The Financial statements are prepared under the historlc cost converbtion. Judsrnents in applyins accountlng pollcles ld key sources of estimation uncertainty In preparing these financial staternents, the Trustees and Directors have made judgements, the details of which are included in the following accounting policies. Freehold land ond property The Mlssion Hall and School Hall are carried at valuation together with subsequent Improvements at cost and are depreciated over their estimated useful life at 2% per annum uslng the stralght-llne basls. The undeveloped land is not depreciated and 15 carried at market value In 1980 together th subsequent improYement5 at C05t. Thls property is maintained to a suffiaent standard so as to malntaln Its resldual value and therefore render any depreciation immaterial. The trustee5 choose to capltallse all Items whlch are capital by nalure regardle55 of value. Investment properties Investment properties are included in the balance sheet ai their falr value in accordance wth the FRS 102 and are not depreciated. Investments The listed investments are revalued annually to market val. Unrealised gain5 or 1055es on quoted Investments are the difference between the fflarket value of the Investments at the year end and their market value at the previous year end or cost of investment for purchases made in the year. Realised gains are the difference between proceèds recelved and the market value at the prev1$ year end or c05t of investment for purchases made durin4 the year. Incomins resource5 Income from bank deposits Is accounted for on the accrua15 basis. Dlvldends are accounted for on the dhte they become due for payment. Rent receivable is recogni5ed by reference to the period to which the rent relate5. Where income is received for purpose5 Specified by the donor or by the terms of appeal Lmder which it wa5 raised. thal income 15 Shown as restricted in the Statement of Flnancial Activitie5. Expenditure for the specified purposes Is shown as restricted fund expenditure. Any unexpended balances at the balance sheet date are carrted foThvard as restricted funds. ResL)urces expended Expendlture on charltable actlvitie5 consists of the direct running and maintenance costs of the propèrties. Governaftce costs consist of administration costs and costs which are incurred in order for the charity to comply with statutory requlrements.
THE BROMWICH ROAD MISSION HALL TRUST Note5 to the firn¢la1 statements for the year ended 5 Aprtl 2022 2 INCOME FROhl INVESTMENTS 2022 2021 Rent receivable Dividend5 Bank interest 22,968 20,940 22,506 20,534 11 43,912 43,051 3 COST OF GENERATING FUNDS 2022 2021 PrortY management fees Repair5 and renewats Investment management Costs 4,391 5,271 11,878 2,833 2,512 11,330 21,540 16,675 4 CHARITABLE ACTNITIES Activities Undertaken Dlrectly see note 51 Support Costs (see note 6) Totsi 20ZZ Total 2021 General Charitable Purposes 2.000 16,169 18,169 15,785 5 GRAs PAID OR PAYABLE Rewstered Char7ty No. 2022 2021 Good Soil Worcester Foc*Ybank 1163345 1128121 1.000 1,000 2,000
THE BROMWICH ROAD MISSION HALL TRUST Note5 to the flnanclal statements for the year ended 5 April 2022 6 EXPENDITURE ON CHARITABLE AcnviTIES 2022 2021 Water rates and insurance Council rates Ministerial costs Depreclation (Note 5) Accountancy fees . indudlng Independent examiners fees of £700 (20Z1 - £7(KII 867 491 7,920 4,025 826 230 7,920 4,025 2,866 2,784 16,169 15,785 7 FREEHOLD LAND AND PROPERTY Freehold land and property on BrOm(h Road comprfslng: Undeveloped tand & Raraxe Mission Hall School Hall Total C05tlValuatlon Al 6 April 2021 166,232 35.000 13,000 214.232 At 5 Aprfl 2022 166.232 35.000 13,000 214,232 Depreclatlon At 6 April 2021 Charge for year 56,856 3.325 17,500 71x1 74,356 4.025 At 5 April 2022 60,181 18,200 78.381 Net Book Value At 5 Aprll 2022 106,051 16,800 13.CQO 135,851 At 6 April 2021 109,376 17.500 13,000 139.876 Costlvaluatlon Valuatlon 1980 Imwovements at cost 166.232 35,000 13,000 214.232 166.232 35,000 13,000 214.232 The properties, above, are carrfed at 1980 valuation plu5 subsequent improvements at cost less accumulated depreciation. A valuation of Mission Hall was conducted on 15 March 2013. thls Showed a current valuation of £325,000 as produced by Paul Winter & Co. This has been disclosed by the trustee5 to highlight the malerial difference between the carrylng value and fair value of the asset.
THE BROMWICH ROAD MISSION HALL TRUST Notès to thè flnandal statements for the year ended 5 Aprll 2022 8 INVESTMENTS 2022 2021 Valuatlon Brought forward as at 6 April 2021 A(Idltions Dlsposais Unrealised gain51(lossesl RÈallsÉd gains 811,160 112.566 76,508) 30.980 20.475 659,106 253,852 1250,041) 117,955 30,288 Carried forward as at 5 April 222 898.673 811,160 Uninvested cash capi1 60.181 27,817 Total Investments 958.854 838,977 Included In investrnents are the followlng 51gnificant investments in exce55 of 5% of the total portfolio value for each year. 2022 2021 HSBC ETFS PLC S&P 5C(I UCITS Schroder Inv M8mt Europe SA US Large Cap X GBP Di5 Findlay PaTk Fund5 PLC 73.237 77.812 61,Cl)9 37,023 The markèt value of the Investments cornprises: 2022 2021 Li5teil securities - UK Listed securftles . erseaS 722,527 176.146 641,949 169,211 Total Ilsted securitles 898.673 811,160 Cash held on (kposit at the fund manager5 60.181 27,817 958,854 838,977 9 INvESThlE1 PROPERTY Cottages 146-148 Bromwlch koad 158 BroMCh Road Total Brought forward as at 6 April 2021 Revaluation durin% the yèar 420.000 180,000 {5,000) 600.C 15.000} Carroed forward as at 5 April 2022 420,000 175.000 595.000 The valuatlon of the Investment propertie5 146 - 148 BromwTch Road was Carrled out by Phlllp. Laney ft Jolly In Aprll 2012, on an open mart(et value for exlstlng use basis. Tr revaluation took place on 29 January 2019. The Valuation of 158 Bmmwich Road was carri out on 26th September 21J12 on all open market value for existing use ba51S.
THE BROMWICH ROAD MISSION HALL TRUST Note$ to the financial statements for the year ended 5 April 2022 10 DEBTORS 2022 2021 Prepayments and accrued Sncon 4,399 3,794 11 CREDITORS 2022 2021 Accrua 5.682 5,575 12 FINANCIAL INSTRUMENTS 2022 2021 Flnanclal assets Cash and cash Èqulvalents Financial assets that are debt In5trutnent5 measured at amort15ed cost 35.060 95,752 4,399 3.794 39,459 99.546 Flnanclal Ilabilitles Flnanclal Ilabllltles measured at amortlsed cost 15,5751 Flnanclal assets measured at amortlsed cost comprise prepayments, accrued income and rent arrears. Financial liabilitles measured at amortised cost comprise aCcts. 13 TRANSAcfioNS WITH THE TRUSTEES The trustees did not receive any remuneration or beneflts durlng the year (2021 £Nill nor were any expenses reimbursed to them during the year12021 ENill. 14 RELATED PARTY TRANSACTIONS There have been no transactlons with person5 or entities that are closely connected to the charity or Its trustees12021 ne1. io