**Charity No  248195** 

## **Contents** 

|**Trustees, Officers and professional advisors**|**1**|
|---|---|
|**Annual report**|**2 - 8**|
|**Independent Examiner’s report**|**9**|
|**Statement of financial activities**|**10 - 11**|
|**Balance sheet**|**12**|
|**Notes to the financial statements**|**13 - 27**|



**Financial statements for the year ended 31 December 2020** 

**The Trustees of Bunyan Meeting (Bedford)** 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Financial statements for the year ended 31 December 2020** 

___________________________________________________________________________________________ 

|**Trustees:**|**Chairman:**|Andrew S Duthie|
|---|---|---|
||**Secretary:**|Brian Cornish|
||**Treasurer:**|Chris Wootton|
|||Brian S Caves|
|||Alastair Findlay (resigned 13/5/21)|
|||Sue Gauley|
|||Allan Linger (died 20/1/2021)|
|||Cherry A Protheroe|
|||Geoff Shaw (appointed 13/5/21)|
|||Ian Rowlands (appointed 13/5/21)|
|||Doreen Watson|
|**Sub-Committee:**|**Investment:**|Andrew S Duthie|
|||Chris Wootton|
|||Allan Linger (died 20/1/2021)|
|||Ian Rowlands (appointed 23/9/21)|
||**Museum:**|Cherry A Protheroe|
|||Doreen Watson|
|**Charity number**||<br>248195|
|**Registered office**||Bunyan Meeting Free Church|
|||Mill Street|
|||Bedford MK40 3EU|



|**Independent Examiner**<br>Stephen Monico FCA DChA<br>19 Goldington Road<br>Bedford MK40 3JY|**Bankers**<br>National Westminster Bank PLC<br>81 High Street<br>Bedford MK40 1YN|
|---|---|
|**Solicitors**<br>Woodfines LLP<br>16 St Cuthberts Street<br>Bedford MK40 3SG|**Investment Managers**<br>Coutts & Co.<br>440 The Strand<br>London WC2R 0QS|



- 1 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Report of the Trustees** 

The Trustees present their Annual Report and Accounts for the year ended 31 December 2020. 

The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the charity’s Trust Deed, the Charities Act 2011, and Accounting and Reporting by Charities: 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). 

## **Structure, governance, management of the Trust** 

## **Constitution and aims of the charity** 

The Trust is a registered charity, number 248195, and is constituted under Trust Deeds dating from 1808.  The Trust was first established in 1808 by members of the Bunyan Meeting House, the independent church in Bedford, where John Bunyan, the author of “The Pilgrim’s Progress” was a minister, and over the ensuing years has benefited by legacies and gifts from other members and by the careful actions of the Trustees. The 1808 deed is the first of the governing documents and is a consolidating deed mainly of bequests to the church during the 18[th] Century. The deeds of 1835 and 1851 specify how the church is structured and operated. 

The Trustees are incorporated as a body and are all members, and frequently deacons, of the Bunyan Meeting House.  The Trustees propose any new or replacement Trustees, who are then ratified by the Church Meeting and usually serve for life or until they resign.  All the Trustees give their time freely, and no Trustee remuneration was paid in the year.  Details of Trustees’ reimbursed expenses and related party transactions are disclosed in Note 9 to the Accounts. 

The Trustees meet formally four times a year to agree policy, approve grants and expenditure and review investment performance and income. New Trustees undertake induction training which includes familiarisation with the various Trust Deeds, from 1808 onwards, under which the Charity conducts its affairs. 

## **Aims of the charity** 

The Charity aims to provide grants to individuals in Bedford, usually members of the Church, and to provide assistance to the Church, through a grant towards the ministry, and also the upkeep of the fabric of the church and investment buildings. The Trust is also responsible for the upkeep, operation and publicity for the John Bunyan Museum and Library, and the arts project ‘The Basement at Bunyan’. 

Until 2020 there was a group of eleven charities, which have historically been reported to the Charity Commission, and have restricted objectives relating to payments to the minister, and grants to individuals, generally within the Church.  The capital of this fund is invested in a specific restricted portfolio of funds with Coutts and Co.  The income and expenditure of these charities is identified within the ‘restricted’ section in the accounts.  Following discussions with the Charity Commission, the Trustees resolved on 19[th] February 2020 to transfer the assets of ten of the charities to the largest charity, which was then renamed the Bunyan Trust Welfare Fund; on 11[th] May 2020 the original charities were formally wound up. The remainder of the Trust’s funds (the majority), however, is at the discretion of the Trustees. 

The Trustees funds are held separately from the Church and are invested in accordance with the powers in the Trust Deeds in 2 portfolios, one restricted, the other unrestricted, managed by external investment managers. These portfolios contain UK and overseas equities and bonds, property shares and alternative investments. In addition, there are several investment properties, the rents from which provide much of the regular income. 

- 2 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Background of Bunyan Meeting** 

Bunyan Meeting Free Church began in 1650 as a Puritan congregation but refused to conform to the requirements of the established Episcopalian church when Charles II came to the throne, and were evicted. 

They met secretly for a number of years, but John Bunyan, a member of the congregation, refused to be silenced and was imprisoned for preaching without a licence.  He continued to refuse to give an undertaking that he would not continue his preaching and was only released 12 years later when Charles II issued a declaration of indulgence giving greater religious freedom.  On his release in 1672, Bunyan and six others bought a barn and part of an orchard on the site of the present church in Mill Street, Bedford.  Bunyan became the pastor, and the barn was used for worship until the first church was built in 1707.  The present building dates from 1849 with ancillary buildings added later in the nineteenth century and twentieth century. 

Several branch churches were also started, but these are now all closed, as the declining membership could not justify the cost of maintaining the buildings. The final branch church in Elstow, the village where John Bunyan was born, is now fully independent of Bunyan Meeting Free Church. 

Bunyan Meeting Free Church is a member of both the Baptist Union of Great Britain, and the Congregational Federation and practises both infant and believers’ baptism. It draws its congregation from a wide variety of denominational backgrounds and is ecumenical in its outlook. The form of church government is congregational and the diaconate acts as the executive arm of the church, with the day-to-day affairs being managed by the ministers and church officers. 

## **The role of the trustees** 

The Trustees own and maintain the Church properties and manage the Trust funds, which have grown over the years due to specific legacies and gifts.  At the end of 2020 the properties comprised:- 

- **1** the main church building (Grade II listed) in Mill Street, Bedford, together with church halls, the John Bunyan Museum and the Basement Arts Project; 

- **2** the property adjacent to and within the curtilage of the main church, known as Howard House, previously a home of the prison reformer, John Howard, which is now an investment property 

- **3** The three investment properties at 2/2a Waterloo Road, Bedford, at 4 Merchants Court, Bedford and at 16 Ullswater Close, Kempston. At the end of 2020, the Waterloo Road and Merchants Court properties were in the process of being sold, both sales being completed in early 2021. 

Over the years, a number of manuscripts and artefacts relating to John Bunyan and non-conformist history had been gathered together by the Trustees.  The collection also contained 700 editions and translations of ‘The Pilgrim’s Progress’.  They are housed in a purpose-built museum, in an extension to Church buildings and in the Library.  The Trustees have oversight of the museum collection, but there is a separate Museum committee and organisation. The ‘Basement at Bunyan’ was opened as an Arts Centre in 2017. The accounts for the Museum, the Friends of Bunyan Museum and the Basement Arts Project have been included in the consolidated Trust financial statements. 

- 3 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Risk Assessment** 

The Trustees have undertaken a risk assessment in order to review the major risks facing the charity and to identify how they can be mitigated. The major risks relate to 

- a) The costs associated with the various properties, particularly to modernise some of the properties, against the available income each year. 

- b) The continuing performance of the investments and certain market, stock or asset allocation risks in the current portfolio. 

- c) The availability of suitable individuals to be Trustees or to devote the necessary amount of time to trustee duties, including the work associated with running the Museum to a high standard, and overseeing the Basement at Bunyan Arts Project. 

## **Objectives and activities for public benefit** 

The objects of the Trust are to provide and maintain premises for worship by the congregation of Bunyan Meeting Free Church; to make a contribution to the stipend of the Minister of the Church; to provide and maintain the premises for the John Bunyan Museum and the Basement Arts Project; and to make grants to those in need. 

The primary activity of the Trustees in meeting the above objects is the maintenance of the church buildings complex in Mill Street, Bedford.  The main church building, a landmark in the Bedford streetscape, dates from the middle of the nineteenth century, and is Grade II listed as being of architectural or historic interest. The adjacent church halls and meeting rooms also date from the nineteenth century, while the dedicated Museum building was completed and opened in 1998. In 2017 the basement was converted into a community arts centre. 

Various concerts are held, usually in the church, and the church halls and meeting rooms are let out to a number of external organisations. 

The Trustees have had due regard for the guidance published by the Charity Commission on public benefit. 

## **Review of the year** 

The Trustees have been in protracted discussions with the Charity Commission, with a view to updating the Trust Deed, and the final version was approved by Trustees and Church meetings at the end of 2020. 

From March 2020 the Church and the activities of the trust were very significantly impacted by the lockdowns due to the Covid19 pandemic. The sanctuary was closed from the end of March to August and again through October and November. The Museum, Basement and coffee shop were completely closed, and room lettings ceased from the end of March for the remainder of the year, impacting the revenue, though this was partly offset by the grant from the government for staff furloughed. 

The Trust decided to install a new audiovisual system which allowed streaming of services in the latter part of the lockdown. 

In 2020 the Funds’ investments produced a gain of 3.9% (2019: 15.6%) however £50,000 was withdrawn during the year, which resulted in a net loss of 2.5% (2019 net gain of 11.6% after withdrawals). 

During 2020, the Trust received £197,039 (2019: £194,089) in restricted and unrestricted funds income. 

- 4 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Review of the year (continued)** 

Net of depreciation, charitable expenditure during the year was £246,827 (2019: £214,236); £6,340 (2019: £5,475) of this was paid in grants to individuals and the Church, a further £7,500 in grants for staffing the Museum and Basement, and £104,490 (2019: £44,268) was spent on property expenditure, mainly at the Mill Street property. Governance costs were £7,723 (2019: £7,880) and investment management fees were £4,996 (2019: £5,118). 

## **Reserves** 

At the end of December 2020, the Trust had £2.8 million in fixed assets and investments.  Of these the Mill street church site is valued at £700,000 and Howard House, adjacent to the church is valued at £350,000. These are permanent buildings for Bunyan meeting, although at this point in time, Howard House is let and produces an income. Excluding these specific buildings leaves £1.875 million in assets, to generate the income required to fund the work of the Trust. Income is produced by rents on the specific investment properties, and by the income on the investments. These assets are also the reserves of the charity. During the last 3 years the major repair and refurbishment work to the roofs and stonework at the Mill Street property has significantly depleted the available assets and £300,000 has been earmarked within the reserves to fund a replacement manse for any future minister. 

Free reserves of the charity (i.e. unrestricted net current assets plus investments) decreased to £723,731 (2019: £760,442. As the manse has been sold, provision needs to be made for a future minister requiring a manse. This can be done by either using one of the properties bought with the manse sale money, or selling one and using the income to buy a new manse. These reserves, in the opinion of the Trustees, are sufficient to enable the charity to continue its operations. The Trustees’ policy on reserves is to maintain a sufficient balance of at least 4 years’ worth of expenditure, which when invested will generate the majority of the income to meet the objectives of the charity. 

A total of 41 (2019: 39) grants to individuals were made during the year. 

## **Bunyan Museum - designated fund** 

2020 was a year with a difference! We extended the museum’s winter opening hours which proved very successful. The year started properly in February with the ACE/NLHF funded project “Pulpits and Prison Doors” working with Full House Theatre and Bedford Prison. Over a two week period on six different days in March we had 90 children (KS 3,4,5) on each day from 10 different local primary schools taking part in an interactive experience in the church and museum, which provided curriculum links to Local History, Crime and Punishment, Religious and Social Education. It was a resounding success. However, two days later and the whole country was plunged into the first lockdown. 

Nicola our curator was initially furloughed for a couple of weeks in June to ensure we could take advantage of the government’s Covid support scheme. She was in fact furloughed for various amounts of time throughout lockdown. As the salary of the curator is paid by grants from trust funds including ours, we were mindful of ensuring we made the best use of those grants at this particular time. She spent time working with Jennifer our volunteer librarian on developing our presence on social media and putting resources on the website for children and families who were home schooling. 

- 5 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Bunyan Museum - designated fund (continued)** 

We discussed the possibility of applying for a grant from either ACE or NLHF to help cover our loss of earnings whilst the museum remained closed (our income is from group visits, shop sales and donations) and after careful consideration and with Nicola doing a lot of research and consulting some “experts” she went ahead with an application to NLHF Heritage Emergency Fund. Nicola was successful and a grant of £7,000 allowed her to purchase equipment to allow us to re-open when possible under COVID safe guidelines with masks, visors, perspex screen, sanitisers etc. to keep our volunteers and the public safe. In addition we purchased new equipment which would allow us to enhance our visitor provision (whether open or not) and even allow contactless donations. 

Before the end of 2020 we had to begin the process to find parental leave cover for Nicola for 2021. We were able to make 2 very good appointments as a job share to cover for Nicola for the whole year. 

## **Investment report** 

Reserves are invested into discretionary portfolios managed by Coutts & Co. 

The Trustees have given Coutts a mandate to target long term capital growth of their unrestricted reserves through investment into a discretionary managed, broadly diversified, medium-high risk portfolio. To achieve this objective the portfolio is invested in line with a strategic asset allocation which is 75% equities and 25% fixed income securities. 

For the restricted reserves, the Trustees have given Coutts a mandate to target a balance between income and capital growth through investment in a medium risk portfolio (unrestricted fund is medium-high risk). To achieve this objective the portfolio is invested in line with a strategic asset allocation which is 50% equities and 50% fixed income securities. For both portfolios, Coutts makes asset allocation changes around this strategic positioning to control risk and attempt to generate returns in line with the Trustees’ requirements. 

Coutts are to invest on a total return basis with a combination of natural income and capital appreciation desired. The portfolios are required to be highly liquid with funds readily available to support the requirements of the Trustees when required. The portfolios are reviewed at least annually to ensure they continue to meet the Trustees objectives. 

## **Performance for the period** 

Between 1 January and 31 December 2020, the unrestricted portfolio grew by 4.78% net of all fees (2019: 15.8%), while the restricted portfolio grew by 4.19% net of all fees (2019: 12.65%). Over the same period, UK government bonds returned 8.88% and UK equities fell by 13.23%. 

2020 was an extremely challenging year for global markets with most equity markets plunging in the first half as the coronavirus pandemic took hold and the world economy ground to a near halt. The second half of the year saw a strong rebound, although conditions remained volatile. Certain sectors such as technology and healthcare performed well while others such as travel and hospitality really struggled. 

- 6 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

With the unrestricted portfolio, exposure to government bonds helped dampen the losses in the portfolio in H1 and an overweight allocation to equities in H2 meant the portfolio benefitted from the market recovery. 

For the restricted portfolio, with around a quarter invested in government bonds, losses in the portfolio in H1 were more modest than in the equity heavy unrestricted portfolio. This exposure did however reduce the strength of recovery in the second half. Overall, a net return of 4.19% after a difficult year was pleasing. 

## **Outlook** 

Coutts believes that the worst of the pandemic is now behind us and that markets will continue to recover through 2021. Volatility is however, likely to remain high as different strains of the virus emerge and the medium to longer term impact on the global economy becomes more clear. 

At the year end the investment portfolio managed by Coutts had a market value of £790,758 (2019: £810,882). £50,000 (2019: £25,000) was withdrawn from the portfolio during the year. 

The analysis of the investments is as follows: 

||**31 December 2020**|**31 December 2019**|
|---|---|---|
||£|£|
|UK Equities|230,811|301,053|
|International Equities|374,755|315,100|
|Property|2,872|3,271|
|Commodities|13,838|-|
|Bonds|162,524|157,058|
|Hedge funds|-|20,372|
|Cash|5,958|14,028|
||─────|─────|
||**790,758**|**810,882**|
||═════|═════|



- 7 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Annual report and accounts For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **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 2019 (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. 

Approved by the Trustees on 31 December 2021 


And signed on their behalf by Chris Wootton **Trustee (** Treasurer) 

- 8 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Independent Examiner’s Report to the Trustees of Bunyan Meeting (Bedford)** 

___________________________________________________________________________________________ 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 10 to 27. 

## **Responsibilities and basis of report** 

As the charity’s trustees 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** 

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales. 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. 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 

3. 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. 


**Stephen Monico FCA DChA** 19 Goldington Road Bedford MK40 3JY 

Date: 31 December 2021 

- 9 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Statement of financial activities For the year ended 31 December 2020** 

_________________________________________________________________________________________________ 

||**Note**|**Unrestricted**|**Unrestricted**|**Restricted**|**Museum**|**FOJBM Basement**|**FOJBM Basement**|**Total**|**Total**|
|---|---|---|---|---|---|---|---|---|---|
||||**Funds**|**Funds**|**Fund**|**Fund**|**Fund**|**Funds**|**Funds**|
||||**2020**|**2020**|**2020**|**2020**|**2020**|**2020**|**2019**|
||||**£**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income from:**||||||||||
|Donations and legacies|||92,052|2,516|1,270|-|4|95,842|90,099|
|Charitable activities:||||||||||
|Grants receivable|||29,249|-|21,668|-|-|50,917|16,207|
|Grants Curator|||-|-|20,000|-|3,000|23,000|35,000|
|Ministerial contributions|||20,000|-|-|-|-|20,000|20,000|
|Rental income|||33,390|-|-|-|150|33,540|35,671|
|Museum income||**3**|-|-|4,564|2,678|-|7,242|13,858|
|Basement income||**4**|-|-|-|-|1,739|1,739|8,249|
|Coffee shop and lunches|||3,686|-|-|-|-|3,686|14,657|
|Investments||**2**|14,829|1,317|2|-|-|16,148|37,080|
||||─────|─────|─────|─────|─────|─────|─────|
|**Total income**|||**193,206**|**3,833**|**47,504**|**2,678**|**4,893**|**252,114**|**270,821**|
||||─────|─────|─────|─────|─────|─────|─────|
|**Expenditure on:**||||||||||
|Raising funds||||||||||
|Fund-raising costs|||3,477|-|841|50|-|4,368|9,639|
|Investment management costs|||4,399|597|-|-|-|4,996|5,118|
|Charitable activities||||||||||
|Grants payable||**5**|12,523|1,317|-|-|-|13,840|15,475|
|Donations payable|||192|1,778||||1,970|6,859|
|Missionary Society payments|||-|-|-|-|-|-|2,000|
|Ministry expenses|||5,221|-|-|-|-|5,221|7,372|
|Property expenditure||**6**|104,137|-|-|-|353|104,490|44,268|
|Depreciation|||9,082|-|-|-|-|9,082|9,082|
|Support costs||**7**|121,659|-|43,553|127|3,292|168,631|189,273|
|Museum costs||**3**|-|-|16,263|-|-|16,263|15,495|
|Basement costs||**4**|-|-|-|-|692|692|5,174|
||||─────|─────|─────|─────|─────|─────|─────|
|**Total expenditure**|||**260,690**|**3,692**|**60,657**|**177**|**4,337**|**329,553**|**309,755**|
||||─────|─────|─────|─────|─────|─────|─────|
|Unrealised (loss)/gain on investments||**12**|22,043|3,057|-|-|-|25,100|99,791|
|**Net income/(expenditure)**|||**(45,441)**|<br>**3,198**|**(13,153)**|**2,501**|**556**|**(52,339)**|<br>**60,857**|
|Transfers between funds||**18**|-|(6,817)|9,317|(2,500)|<br>-|-|-|
|**Other recognised gains and losses**||||||||||
|Gains/(losses) on revaluation||||||||||
|of tangible fixed assets||**11**|176,000|-|-|-|-|176,000|195,000|
||||─────|─────|─────|─────|─────|─────|─────|
|**Net movement in funds**|||**130,559**|**(3,619)**|**(3,836)**|**1**|**556**|**123,661**|**255,857**|
|**Reconciliation of funds**||||||||||
|Total funds brought forward||||||||||
|at 1 January 2020|||2,630,683|133,206|51,197|10,119|8,725|2,833,930|2,578,073|
|||──────||─────|─────|─────|─────|─────|──────|
|**Total funds carried forward**||||||||||
|**at 31 December 2020**|**19,20**||**2,761,242**|**129,587**|**47,361**|**10,120**|**9,281**|**2,957,591**|**2,833,930**|
|||**══════**||**═════**|**═════**|**═════ **|**═════**|**═════ **|**══════**|



- 10 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Statement of financial activities (continued) For the year ended 31 December 2020** 

_________________________________________________________________________________________________ 

The notes on pages 13 to 27 form part of these accounts. 

The SOFA has been prepared on the basis that all operations are continuing operations. 

There are no recognised gains or losses other than those passing through the SOFA. 

- 11 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Balance sheet As at 31 December 2020** 

___________________________________________________________________________________________ 

||**Notes**|**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
|**Fixed assets**||||
|Tangible fixed assets|**11**|2,037,159|1,870,241|
|Investments|**12**|796,497|816,621|
|||──────|──────|
|**Total Fixed assets**||**2,833,656**|**2,686,862**|
|**Current assets**||||
|Stock|**13**|14,970|13,041|
|Debtors|**14**|7,836|9,463|
|Cash at bank and in hand|**15**|108,453|149,965|
|||─────|─────|
|**Total current assets**||**131,259**|**172,469**|
|||─────|─────|
|**Liabililties:**||||
|Creditors: Amounts falling due||||
|within one year|**16**|(7,324)|(20,401)|
|||─────|─────|
|**Net current assets**||**123,935**|**152,068**|
|**Total assets less current liabilities**||**2,957,591**|**2,838,930**|
|Creditors: Amounts falling due||||
|after more than one year|**17**|-|(5,000)|
|||──────|──────|
|**Total net assets**|**20**|**2,957,591**|**2,833,930**|
|||══════|══════|
|**The funds of the charity:**||||
|Unrestricted||2,761,242|2,630,683|
|Restricted||129,587|133,206|
|Museum||47,361|51,197|
|Friends of John Bunyan Museum||10,120|10,119|
|Basement||9,281|8,725|
|||──────|──────|
|**Total charity funds**|**19,20**|**2,957,591**|**2,833,930**|
|||══════|══════|



The notes on pages 13 to 27 form part of these accounts. 

Approved by the Trustees on 31 December 2021 


And signed on their behalf by Chris Wootton **Trustee** (Treasurer) 

- 12 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **1 Accounting policies** 

## **1.1 Accounting convention** 

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. 

The charity constitutes a public benefit entity as defined by FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern due to the size of the investment portfolio held and the fact it can be realised into cash if necessary to cover the expenditure of the charity in the short to medium term. 

## **1.2 Museum net income** 

Net income represents the value of goods sold or invoiced to customers plus income from activities, less the cost of sales of those goods, and the expenses of the activities, together with donations in lieu of admission charges, less expense for museum duties. Activities which are wholly grant-funded are excluded. 

## **1.3 Stocks** 

Stocks are stated at the lower of cost and net realisable value.  Cost is calculated using the first-in-firstout method. 

## **1.4 Investments** 

Investment income is accounted for when due. 

Realised gains and losses are accounted for by reference to the sale proceeds and either the last balance sheet valuation, or the cost of the purchase if later.  Unrealised gains and losses are calculated by comparing the previous balance sheet valuation, or cost of purchase if later, to the year end valuation. 

- 13 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Accounting policies (continued)** 

## **1.5 Depreciation** 

## **Freehold properties** 

The Bunyan Meeting Free Church is included in the balance sheet at an estimated prudent market value. The church building is not depreciated, given that the church is a historic asset of the charity, its useful life is undetermined, and that the property is maintained to such standard that its realisable values is not less than the value included in the balance sheet. Howard House and the properties at Waterloo Road, Merchants Court and Ullswater Close are similarly not depreciated (albeit that they are not historic assets, they are fully maintained). An impairment review has been carried out which supports this opinion. 

The assets of the Museum, the books and other artefacts associated with John Bunyan, have previously been donated or expensed as incurred.  Due to the difficulty in placing an accurate valuation on these historic assets they have not been included in the balance sheet, but have been disclosed in the notes to the accounts at their insurance value. 

The new extension, which includes the new Museum, has been depreciated over 40 years on a straightline method.  The fixtures and fittings of the new extension were depreciated on a 20% straight line method. Certain fixtures and fittings at 2a Waterloo Road and Howard House were also capitalised and have been depreciated on a similar basis. Expenditure on Phase 3 of the building project, the renovation of 4 halls as community rooms was expensed. 

## **1.6 Legacies** 

Legacies are credited to the Statement of Financial Activities only to the extent that the three principles of entitlement, certainty and measurability can be applied. 

## **1.7 Funds** 

Restricted funds are funds whose use is legally restricted to specific uses whether by a Trust Deed or by a letter received with the original gift. This includes the 11 historical charities and also grants and donations received for the development work. 

The Museum Fund and Basement Fund are funds whose use is not legally restricted but whose purpose has been designated by the Trustees.  The Trustees are entitled to use these funds in whichever way they see fit. 

The Unrestricted Fund covers all items which do not fall into the above categories. 

## **1.8 Donations in kind** 

The Charity relies on the continuing support of many volunteers.  The value of the volunteers’ time has not been costed as a donation in kind. 

- 14 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **Accounting policies (continued)** 

## **1.9 Expended resources** 

All costs are attributed directly to cost of generating funds, charitable activities and governance costs. Liabilities are recognised on an accruals basis in the period to which they relate and the associated costs are allocated to the appropriate category in the statement of financial activities. 

## **1.10 Governance costs** 

Governance costs are the costs associated with maintaining the governance of the charity as opposed to the management of the charity’s activities. 

## **2 Investment income** 

|**Investment income**||||||
|---|---|---|---|---|---|
||||**2020**|||
||**Unrestricted**|**Restricted**|**Museum**|**FOJBM**|**Total**|
||**Funds**|**Funds**|||**Funds**|
||**£**|**£**|**£**|**£**|**£**|
|Investment funds|9,768|1,308|-|-|11,076|
|Cash|138|9|2|<br>-|48|
|Hire of church premises|4,923|-|-|-|4,923|
||────|────|────|────|────|
||14,829|1,317|2|<br>-|16,148|
||════|════|════|════|════|
||||**2019**|||
||**Unrestricted**|**Restricted**|**Museum**|**FOJBM**|**Total**|
||**Funds**|**Funds**|||**Funds**|
||**£**|**£**|**£**|**£**|**£**|
|Investment funds|15,015|1,911|-|-|16,926|
|Cash|70|28|5|-|103|
|Hire of church premises|20,051|-|-|-|20,051|
||────|────|────|────|────|
||35,136|1,939|5|-|37,080|
||════|════|════|════|════|



- 15 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

|**3**|**Museum Income and costs**|||
|---|---|---|---|
|||**2020**|**2019**|
|||**£**|**£**|
||**Income**|||
||Sales|822|8,384|
||Talks|140|255|
||Visits|252|2,521|
||Events income|3,149|86|
||Other|201|218|
||FOJBM|2,678|2,394|
|||────|────|
|||7,242|13,858|
||**Expenses**|||
||Income-funded activities|||
||Cost of sales|281|3,764|
||Museum stock|320|-|
||Conservation|1,183|5|
||Other|719|502|
|||────|────|
|||2,503|4,271|
||Grant-funded activities|13,760|11,224|
|||────|────|
|||16,263|15,495|
|||════|════|



- 16 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

## **4 Basement income and costs** 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|2020|2019|
|£|£|
|Income|
|Workshops|919|4,240|
|Exhibitions|620|3,495|
|Hire of space|200|500|
|Other|-|14|
|──────|──────|
|1,739|8,249|
|Expenses|
|Tutors' fees|540|4,660|
|Publicity|30|75|
|Supplies|122|119|
|Catering|-|320|
|──────|──────|
|692|5,174|
|══════|══════|
|5|Direct charitable expenditure|
|2020 Grants payable|2020|
|Unrestricted      Restricted    Museum     Total|
|£                     £|£              £|
|Grants to individuals|5,023|1,317|-|6,340|
|Museum curator|5,000|-|-|5,000|
|Basement worker|2,500|-|-|2,500|
|─────|─────|─────|─────|
|12,523|1,317|-|13,840|
|═════|═════|═════|═════|
|2019 Grants payable|2019|
|Unrestricted      Restricted    Museum     Total|
|£                     £|£              £|
|Grants to individuals|3,536|1,939|-|5,475|
|Museum curator|5,000|-|-|5,000|
|Basement worker|5,000|-|-|5,000|
|─────|─────|─────|─────|
|13,536|1,939|-|15,475|
|═════|═════|═════|═════|

**----- End of picture text -----**<br>


- 17 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **6 Property Expenditure** 

|**Property Expenditure**|||||
|---|---|---|---|---|
||||**2020**|**2019**|
||**Unrestricted**|**Restricted**|**Total**|**Total**|
||**£**|**£**|**£**|**£**|
|Mill Street Church|80,264|-|80,264|34,595|
|Howard House|1,592|-|1,592|2,365|
|Rental property|17,337|-|17,337|7,375|
|Museum|-|-|-|-|
|Basement|353|-|353|188|
||─────|─────|─────|─────|
||99,546|-|99,546|44,523|
|Insurance of properties|8,849|-|8,849|9,015|
||─────|─────|─────|─────|
||108,395|-|108,395|53,538|
|Less VAT reclaimed via LPW scheme|(3,905)|<br>-|(3,905)|(9,270)|
||─────|─────|─────|─────|
||104,490|-|104,490|44,268|
||═════|═════|═════|═════|



**7 Support Costs** 

||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Church personnel costs|86,291|95,491|
|Church administration and premises costs|30,598|36,896|
|John Bunyan Museum|4,074|6,700|
|Museum Curator salary|36,682|36,273|
|Basement worker's salary|3,263|4,933|
|Basement workshop coordinator|-|1,080|
|Miscellaneous expenses|-|20|
|Governance costs|7,723|7,880|
||─────|─────|
||168,631|189,273|
||═════|═════|



- 18 - 



## **The Trustees of Bunyan Meeting (Bedford** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **8 Governance Costs** 

|**Governance Costs**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|Independent examiner’s fee – examination services|2,160|2,160|
|Independent examiner’s fee – accountancy services|960|960|
|Legal|760|2,080|
|Photocopying, postage,etc|520|775|
|Expenses|77|282|
|Bank & credit card charges|349|411|
|Subscriptions|1,465|1,212|
|Covid precautions|1,432|-|
||─────|─────|
||7,723|7,880|
||═════|═════|



## **9 Trustees, key management personnel and related parties** 

The Trustees are considered to be the key management personnel of the charity. Trustees were not remunerated for their role as trustees. In 2020 no trustee was reimbursed for expenses (2019: £nil). 

Donations from Trustees totalled £22,170 (2019: £21,206) for the year. 

There are no other related party transactions in the year that require disclosure. 

## **10 Staff costs and numbers** 

||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|Gross salaries|108,840|122,667|
|Social security|7,155|9,490|
|Pension costs|3,096|2,949|
||─────|─────|
||119,091|135,106|
||═════|═════|



The average number of staff during the year was 6 (2019: 7). 

No employee received remuneration of more than £60,000 (2019: none). 

- 19 - 



**The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **11 Tangible fixed assets** 

||**Freehold**|**Fixtures**||
|---|---|---|---|
||**Properties**|**& Fittings**|**Total**|
||**£**|**£**|**£**|
|**Cost or valuation**||||
|1 January 2020|2,069,863|139,056|2,208,919|
|Revaluation|176,000|-|176,000|
|Disposals|-|-|-|
||─────|─────|─────|
|31 December 2020|2,245,863|139,056|2,384,919|
||─────|─────|─────|
|**Accumulated depreciation**||||
|1 January 2020|199,622|139,056|338,678|
|Charge for year|9,082|-|9,082|
||─────|─────|─────|
|31 December 2020|208,704|139,056|347,760|
||─────|─────|─────|
|**Net book value**||||
|31 December 2019|1,870,241|-|1,870,241|
||══════|══════|══════|
|31 December 2020|2,037,159|-|2,037,159|
||══════|══════|══════|
|**Historic cost NBV**||||
|31 December 2019|531,730|41,012|572,742|
||═════|═════|═════|
|31 December 2020|531,730|41,012|572,742|
||═════|═════|═════|



The Church properties have mainly been expensed in the past, but in order to comply with charity regulations all the properties have been included at market value from 1997 onwards to show the true worth of the properties owned by the charity. 

All the properties have been valued by our external property managers based on their knowledge of similar properties in the area. 

The valuation of church buildings has proved extremely difficult in the past, as there is a limited market for certain types of buildings.  Although they are fully insured, the market value may be in the order of 10 – 20% of these figures. 

|The properties were insured in 2020 as follows:||
|---|---|
||**£**|
|Mill Street Church (Grade II listed), organ, contents and Museum|12,982,532|
|Howard House|331,467|
|Waterloo Road|316,891|
|Ullswater Close|185,483|
||══════|



- 20 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **11 Tangible fixed assets (continued)** 

The leasehold flat at Merchants Court is not insured directly, as the building insurance is covered by the ground rent and service charge 

The assets of the museum, the books and other artefacts associated with John Bunyan, have been donated or expensed, and have not been revalued.  It is impossible to value such artefacts accurately, but for insurance purposes they are valued at £251,383. 

## **12 Investments** 

|**Investments**|||
|---|---|---|
||**2020**|**2019**|
||**£**|**£**|
|**Quoted investments**|||
|Market value at 1 January 2020|816,621|731,912|
|Additions|9,771|15,037|
|Disposals|(54,995)|(30,119)|
|Net unrealised investment gains/(losses)|25,100|99,791|
||─────|─────|
|Market value at 31 December 2020|796,497|816,621|
||═════|═════|



Quoted investments were valued at 31 December 2020 by Coutts & Co on the basis of their open market value at that date. 

- 21 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **12 Investments (continued)** 

## **Investments breakdown** 

|||**2020**|**2019**|
|---|---|---|---|
|||**Market**|**Market**|
|||**Value**|**Value**|
||**Unrestricted:**|**£**|**£**|
||UK Equities|211,795|273,433|
||International Equities|341,628|289,028|
||Property|2,549|2,903|
||Commodities|12,226|-|
||Bonds|122,560|122,345|
||Hedge funds|-|17,630|
||Cash|7,065|15,068|
|||─────|─────|
||Sub –total unrestricted|697,823|720,407|
||Restricted:|||
||UK Equities|19,016|27,620|
||International Equities|33,127|26,072|
||Property|323|368|
||Commodities|1,612|-|
||Bonds|39,964|34,713|
||Hedge funds|-|2,742|
||Cash|4,632|4,699|
|||─────|─────|
||Sub –total restricted|98,674|96,214|
|||─────|─────|
|||796,497|816,621|
|||═════|═════|
|**13**|**Stock**|||
|||**2020**|**2019**|
|||**£**|**£**|
||Guide book|5,883|6,066|
||Postcards, books and other souvenirs|9,087|6,975|
|||─────|─────|
|||14,970|13,041|
|||═════|═════|



- 22 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

|**14**|**Debtors**||||
|---|---|---|---|---|
||||**2020**|**2019**|
||||**£**|**£**|
||Invoices|outstanding|518|74|
||Other debtors||3,413|5,194|
||LPW VAT reclaimed||3,905|4,195|
||||─────|─────|
||||7,836|9,463|
||||═════|═════|
|**15**|**Bank and cash balances**||||
||||**2020**|**2019**|
||||**£**|**£**|
||Current accounts and cash||108,453|149,965|
||||═════|═════|
|**16**|**Creditors: amounts due within one year**||||
||||**2020**|**2019**|
||||**£**|**£**|
||Accruals||2,324|2,560|
||Deferred|income|5,000|17,841|
||||─────|─────|
||||7,324|20,401|
||||═════|═════|
||**Analysis**|**of deferred income**|||
||||**2020**|**2019**|
||||**£**|**£**|
||At 1 January 2020||17,841|10,000|
||Amounts|received in the year:|||
|||Grant for 2021 curator's salary|5,000|5,000|
|||Grant for 2020 Museum project|-|12,841|
||Amounts|released|(17,841)|(10,000)|
||||─────|─────|
||At 31 December 2020||5,000|17,841|
||||═════|═════|



The income is deferred because it relates to the following financial year. 

- 23 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **17 Creditors: amounts due after more than one year** 


**----- Start of picture text -----**<br>
||||
|---|---|---|
|2020|2019|
|£|£|
|Deferred income|-|5,000|
|─────|─────|
|-|5,000|
|═════|═════|
|Analysis of deferred income|
|2020|2019|
|£|£|
|At 1 January 2020|5,000|-|
|Amounts received in the year|-|5,000|
|Amounts released|(5,000)|
|─────|─────|
|At 31 December 2020|-|5,000|
|═════|═════|

**----- End of picture text -----**<br>


## **18 Transfers** 

The following transfers were made between the Trust (unrestricted), Museum, Friends’ (FOJBM) and Basement funds: 


**----- Start of picture text -----**<br>
||||||
|---|---|---|---|---|
|Trust|Museum|FOJBM Basement|
|2020|2020|2020|2020|
|£|£|£|£|
|FOJBM grants to museum|-|2,500|(2,500)|-|
|Furlough grant for curator|(6,817)|6,817|-|-|
|──────|─────|──────|──────|
|Total|(6,817)|9,317|(2,500)|-|
|══════|═════|══════|══════|

**----- End of picture text -----**<br>


- 24 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **19 Restricted funds** 

||**Balance**||**Net Gains/**|**Outgoing/**|**Balance**|
|---|---|---|---|---|---|
||**1 Jan 2020**|**Incoming**|**(Loss)**|**Transfers**|**31 Dec 2020**|
||**£**|**£**|**£**|**£**|**£**|
|Bunyan Welfare Fund|96,214|1,317|<br>2,460|<br>(1,317)|98,674|
|**Church restricted funds:**||||||
|Disaster Fund|104|50|-|-|154|
|Curator fund|67|-|-|22|89|
|Memory R Plester|234|-|-|(234)|-|
|Margaret Slater|5,000|-|-|(5,000)|-|
|Childrens Society|72|-|-|-|72|
|Widows 3 demon|268|-|-|(268)|-|
|Community Chaplains|277|-|-|(277)|-|
|Foyer fund|7,271|-|-|-|7,271|
|Con Fed Grant Youth|100|-|-|(100)|-|
|Audio visual equipment|61|-|-|(61)|-|
|Missionary boxes|841|-|-|-|841|
|Book stall|560|-|-|-|560|
|Saltmine|777|-|-|-|777|
|Museum|156|-|-|-|156|
|Purcheck Est|13,302|-|-|(2,777)|10,525|
|Christian Aid|334|-|-|-|334|
|Youth Work|4,951|420|-|100|5,471|
|Basement tickets|1,977|-|-|-|1,977|
|BMS|218|-|-|-|218|
|Bechar|16|-|-|-|16|
|Christian Rebuild|277|-|-|-|277|
|Bedford Daycare Hospice|129|-|-|-|129|
|Joyce Marston|-|2,000|-|-|2,000|
|Syria 5p|-|46|-|-|46|
||─────|─────|─────|─────|─────|
||133,206|3,833|2,460|(9,912)|129,587|
||═════|═════|═════|═════|═════|



The 11 historical charities previously reported were merged and renamed as the Bunyan Welfare Fund on 11 May 2020. The opening value above reflects the combined values of these charities on 1 Jan 2020. 

A number of transfers from the Church to the Trust funds were made during the year to allocate the funds for the correct purpose and to reflect the fact the funds were designated by the Trustees rather than received as restricted funds. These do not show in the transfers note 18 as they are all within the heading of the Trust funds. 

- 25 - 



## **The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **20 Analysis of net assets between funds** 

||**Tangible**||**Net**|**Total**|
|---|---|---|---|---|
||**Fixed**||**Current**|**Net**|
||**Assets**|**Investments**|**Assets**|**Assets**|
||**£**|**£**|**£**|**£**|
|Unrestricted fund|2,037,159|697,823|26,260|2,761,242|
|Restricted funds|-|98,674|30,913|129,587|
|Museum fund|-|-|47,361|47,361|
|Friends fund|-|-|10,120|10,120|
|Basement fund|||9,281|9,281|
||──────|──────|─────|──────|
||2,037,159|796,497|123,935|2,957,591|
||══════|══════|═════|══════|



## **21 Financial commitments and contingent liabilities** 

There were no contingent liabilities at the end of the year (2019: none). 

- 26 - 



**The Trustees of Bunyan Meeting (Bedford)** 

## **Notes to the financial statements For the year ended 31 December 2020** 

___________________________________________________________________________________________ 

## **22 Comparative Statement of Financial Activities** 

The Statement of Financial Activities for the year ended 31 December 2019 is presented for illustrative purposes. 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Unrestricted Restricted|Museum|FOJBM Basement|Total|
|Funds|Funds|Fund|Fund|Fund|Funds|
|2019|2019|2019|2019|2019|2019|
|£|£|£|£|£|£|
|Income from:|
|Donations and legacies|84,814|2,472|2,763|-|50|90,099|
|Charitable activities:|
|Grants receivable|-|-|16,207|-|-|16,207|
|Grants Curator|-|-|30,000|-|5,000|35,000|
|Ministerial contributions|20,000|-|-|-|-|20,000|
|Rental income|35,071|-|-|-|600|35,671|
|Museum income|-|-|11,464|2,394|-|13,858|
|Basement income|-|-|-|-|8,249|8,249|
|Coffee shop and lunches|14,657|-|-|-|-|14,657|
|Investments|35,136|1,939|5|-|-|37,080|
|─────|─────|─────|─────|─────|─────|
|Total income|189,678|4,411|60,439|2,394|13,899|270,821|
|─────|─────|─────|─────|─────|─────|
|Expenditure on:|
|Raising funds|
|Fund-raising costs|9,639|-|-|-|-|9,639|
|Investment management costs|4,535|583|-|-|-|5,118|
|Charitable activities|
|Grants payable|14,218|1,257|-|-|-|15,475|
|Donations payable|4,189|2,670|-|-|-|6,859|
|Missionary society payments|2,000|-|-|-|-|2,000|
|Ministry expenses|7,372|-|-|-|-|7,372|
|Property expenditure|44,080|-|-|-|188|44,268|
|Depreciation|9,082|-|-|-|-|9,082|
|Support costs|138,450|-|44,694|116|6,013|189,273|
|Museum costs|-|-|15,495|-|-|15,495|
|Basement costs|-|-|-|-|5,174|5,174|
|─────|─────|─────|─────|─────|─────|
|Total expenditure|233,565|4,510|60,189|116|11,375|309,755|
|─────|─────|─────|─────|─────|─────|
|Unrealised (loss)/gain on investments 90,552|9,239|-|-|-|99,791|
|─────|─────|─────|─────|─────|─────|
|Net income/(expenditure)|46,665|9,140|250|2,278|2,524|60,857|
|Transfers between funds|(1,388)|16|2,372|(1,000)|-|-|
|Other recognised gains and losses|
|Gains/(losses) on revaluation|
|of tangible fixed assets|195,000|-|-|-|-|195,000|
|─────|─────|─────|─────|─────|─────|
|Net movement in funds|240,277|9,156|2,622|1,278|2,524|255,857|
|Reconciliation of funds|
|Total funds brought forward|
|at 1 January 2019|2,390,406|124,050|48,575|8,841|6,201  2,578,073|
|──────|─────|─────|─────|─────|─────|
|Total funds carried forward|
|at 31 December 2019|2,630,683|133,206|51,197|10,119|8,725  2,833,930|
|══════|═════|═════|═════|═════|═════|

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