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2022-12-31-accounts

Charity No 248195

Contents

Trustees, Officers and professional advisors 1
Annual report 2 - 8
Independent Examiner’s report 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 – 25

Financial statements for the year ended 31 December 2022

The Trustees of Bunyan Meeting (Bedford)

The Trustees of Bunyan Meeting (Bedford)

Financial statements for the year ended 31 December 2022

Trustees: Chairman: Andrew S Duthie Secretary: Brian Cornish Treasurer: Chris Wootton Brian S Caves Sue Gauley Cherry A Protheroe Geoff Shaw Ian Rowlands Doreen Watson Sub-Committee: Investment: Andrew S Duthie Chris Wootton Ian Rowlands Museum: Cherry A Protheroe Doreen Watson Charity number 248195 Registered office Bunyan Meeting Free Church Mill Street Bedford MK40 3EU

Independent Examiner
Louise Tunley FCA CTA DChA
19 Goldington Road
Bedford MK40 3JY		 Bankers
National Westminster Bank PLC
81 High Street
Bedford MK40 1YN
Solicitors
Woodfines LLP
Brickstone House
Stannard Way, Priory Business Park,
Bedford MK44 3WG		 Investment Managers
Coutts & Co.
440 The Strand
London WC2R 0QS

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

Report of the Trustees

The Trustees present their Annual Report and Accounts for the year ended 31 December 2022.

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.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

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 2022 the properties comprised:-

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.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

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

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

During the year there were a number of events, celebrating the 350th anniversary of the opening of the original church on the site. These included

Funding was provided by an Arts Council Grant, and a number of smaller grants and donations, including Church and Trust support.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

Review of the year (continued)

In September, the Lord Lieutenant for Bedfordshire, Helen Nellis, unveiled a blue plaque on the Castle Lane side of the buildings, commemorating the use of the premises by the BBC during the second world war.

The Trustees agreed and approved the changes to a number of documents, to enable the Museum to retain accreditation; these included Access Statement and Plan, Collections Development Policy, Environmental Policy Statement, Documentation Policy, and Forward Plan: Aims and Objectives. This approval was delayed as the Trustees were required to show there was a clear responsibility from the Trustees to the Museum.

New employee contracts were developed and signed, and a livestreaming policy was approved. It was agreed to investigate the appointment of a church outreach leader, and to seek specialist advice on the cleaning and repair of the bronze doors illustrating scenes from “the Pilgrim’s Progress”.

There was concern over the financial position of the church, due to the reduction in members following Covid, and the potential rise in energy costs. In addition, the funding by external sources for the museum curator was becoming difficult to access, and the Trust would therefore have to provide the balance of funding.

In October, the centre of Bedford experienced torrential rain which led to a flood in the Museum and Administration extension which impacted museum and church activities and is the ongoing subject of an insurance claim.

In 2022 the Funds’ investments produced a loss of 9.8% (2021: gain of 12.4%) There were no withdrawals during the year. (2021: £50,000 withdrawn). The two investments with CCLA were closed and the proceeds (£5,739) transferred to the Coutts portfolios.

During 2022, the Trust received £457,400 (2021: £168,660 ) in restricted and unrestricted funds income which included a large exceptional legacy of £266,000.

Net of depreciation, charitable expenditure during the year was £224,190 (2021: £342,310); £5,090 (2021: £6,363) of this was paid in grants to individuals and the Church, a further £7,500 (2021: £7,500) in grants for staffing the Museum and Basement, and £51,299 (2021: £191,738) was spent on property expenditure. Governance costs were £7,453 (2021: £5,412) and investment management fees were £4,822 (2021: £4,654).

Plans for the future

The trustees have considered that the financial position at the end of 2022 is reasonably sound. There are no plans for any major projects, and the facilities at the church are in a good state. They are investigating the possibility of employing an outreach worker or business manager, and are planning a review of the processes and responsibilities for the entire organisation. There remain concerns regarding the adverse impact of proposed gas and electricity prices, and the reliance on one major organisation for room lettings, but work is under way to offset some of this. The Trustees recognise that they will have to increase their grants to the Museum, as other grants have not been renewed.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

Reserves

At the end of December 2022, the Trust had £2.5 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 £1.45 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) fell to £1,086,369 (2021: £1,202,380). 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 34 (2021: 39) grants to individuals were made during the 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. 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.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

Investment report (continued)

Performance for the period

Between 1 January and 31 December 2022, the unrestricted portfolio performance was -9.37% net of all fees (2021: 13.26%), while the restricted portfolio performance was -11.88% net of all fees (2021: 7.40%). Over the same period, UK government bonds fell by -26.4% and UK equities by -1.3%.

Rising inflation and interest rates made 2022 one of the most challenging years for investment returns in the last 40 years. Political shocks of Russia’s invasion of Ukraine, China’s zero-Covid policy, UK pension funds and FTX’s bankruptcy all played a part in increasing uncertainty further. Throughout the year, a sequence of inflation, then stagflation and finally recession fears developed that sent asset returns across the board into negative territory.

Outlook

The complex mix of geopolitics and slowing economics will continue to be part of the 2023 story. Recessionary fears and declining corporate earnings will likely start the year in a volatile manner. But as the year processes, market dynamics and central bank policy could turn more positive and create a more constructive investment environment. Ultimately, investors should stick to their long-term investment plans, in our view, and retain market exposure to participate in the inflection dynamics.

At the year end the investment portfolio managed by Coutts had a market value of £807,558 (2021: £888,933). £nil (2021: £nil) was withdrawn from the portfolio during the year.

The analysis of the investments is as follows:

31 December 2022 31 December 2021
£ £
UK Equities 220,917 251,172
International Equities 346,817 401,104
Property - -
Commodities - -
Bonds 216,119 203,992
Hedge funds - -
Cash 23,705 32,665
───── ─────
807,558 888,933
═════ ═════

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2022

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:

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 10 March 2025

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

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 2022 which are set out on pages 10 to 25.

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, which is one of the listed bodies.

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.

Louise Tunley FCA CTA DChA 19 Goldington Road Bedford MK40 3JY

Date: 10 March 2025

The Trustees of Bunyan Meeting (Bedford)

Statement of financial activities For the year ended 31 December 2022

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|||||||||| |---|---|---|---|---|---|---|---|---| |Note Unrestricted Restricted|Museum|FOJBM Basement|Total|Total| |Funds|Funds|Fund|Fund|Fund|Funds|Funds| |2022|2022|2022|2022|2022|2022|2021| |£|£|£|£|£|£|£| |Income from:| |Donations and legacies|370,966|50|3,995|-|-|375,011|101,316| |Charitable activities:| |Grants receivable|-|-|-|-|5,838|5,838|27,570| |Grants Curator|-|-|30,000|-|2,500|32,500|32,500| |Ministerial contributions|20,000|-|-|-|-|20,000|20,000| |Rental income|22,310|-|-|-|450|22,760|23,840| |Museum income|3|-|-|10,222|2,998|-|13,220|5,898| |Basement income|4|-|-|-|-|3,918|3,918|3,790| |Coffee shop and lunches|9,201|-|-|-|-|9,201|1,347| |Investments|2|33,452|1,421|-|-|-|34,873|27,250| |─────|─────|─────|─────|─────|─────|─────| |Total income|455,929|1,471|44,217|2,998|12,706|517,321|243,511| |─────|─────|─────|─────|─────|─────|─────| |Expenditure on:| |Raising funds| |Fund-raising costs|3,681|-|-|257|-|3,938|2,918| |Investment management costs|4,281|541|-|-|4,822|4,654| |Charitable activities| |Grants payable|5|11,249|1,341|-|-|-|12,590|13,863| |Donations payable|8,925|3,800|-|-|-|12,725|1,882| |Ministry expenses|4,300|-|-|-|-|4,300|3,096| |Property expenditure|6|50,799|-|-|-|500|51,299|191,738| |Depreciation|9,082|-|-|-|-|9,082|9,082| |Support costs|7|143,776|-|41,547|66|8,684|194,073|171,273| |Museum costs|3|-|-|15,390|-|-|15,390|5,575| |Basement costs|4|-|-|-|-|5,908|5,908|5,774| |─────|─────|─────|─────|─────|─────|─────| |Total expenditure|236,093|5,682|56,937|323|15,092|314,127|409,855| |─────|─────|─────|─────|─────|─────|─────| |Unrealised (loss)/gain on|12|(81,465)|(12,675)|-|-|-|(94,140)|90,945| |investments| |Net income/(expenditure)|138,371|(16,886)|(12,720)|2,675|(2,386)|109,054|(75,399)| |Transfers between funds|17|2,537|(2,537)|1,999|(1,999)|-|-|-| |Other recognised gains and losses| |Gains/(losses) on revaluation| |of tangible fixed assets|11|-|-|-|-|-|-|-| |─────|─────|─────|─────|─────|─────|─────| |Net movement in funds|140,908|(19,423)|(10,721)|676|(2,386)|109,054|(75,399)| |Reconciliation of funds| |Total funds brought forward| |at 1 January 2022|2,654,457|137,013|68,524|11,846|10,352 2,882,192 2,957,591| |──────|─────|─────|─────|─────|─────|─────| |Total funds carried forward| |at 31 December 2022|19,20|2,795,365|117,590|57,803|12,522|7,966 2,991,246 2,882,192| |══════|═════|═════|═════|═════|═════|═════|

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The notes on pages 13 to 25 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.

The Trustees of Bunyan Meeting (Bedford)

Balance sheet As at 31 December 2022

Notes 2022 2021
£ £
Fixed assets
Tangible fixed assets 11 1,708,995 1,452,077
Investments 12 807,558 894,672
────── ──────
2,516,553 2,346,749
Current assets
Stock 13 11,413 13,968
Debtors 14 3,322 4,514
Cash at bank and in hand 15 465,773 523,570
───── ─────
Total current assets 480,508 542,052
───── ─────
Liabililties:
Creditors: Amounts falling due
within one year 16 (5,815) (6,609)
───── ─────
Net current assets 474,693 535,443
Total assets less current liabilities 2,991,246 2,882,192
Creditors: Amounts falling due
after more than one year - -
────── ──────
Total net assets 20 2,991,246 2,882,192
══════ ══════
The funds of the charity:
Unrestricted 2,795,365 2,654,457
Restricted 19 117,590 137,013
Museum 57,803 68,524
Friends of John Bunyan Museum 12,522 11,846
Basement 7,966 10,352
────── ──────
Total charity funds 20 2,991,246 2,882,192
══════ ══════

The notes on pages 13 to 25 form part of these accounts.

Approved by the Trustees on 10 March 2025

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

The Trustees of Bunyan Meeting (Bedford)

Statement of cash flows For the year ended 31 December 2022

__________________

2022 2021
£ £
Cash flows from operating activities:
Net incoming/(outgoing) resources 109,054 (75,399)
Adjustments for:
Unrealised loss/(gain) on investments 94,140 (90,945)
Depreciation 9,082 9,082
Investment income (34,873) (27,250)
Decrease in stock 2,555 1,002
Decrease in debtors 1,192 3,322
Decrease in creditors (794) (715)
────── ──────
Net cash inflow/(outflow) from operating activities 180,356 (180,903)
────── ──────
Cash flows from investing activities:
Purchase of tangible fixed assets (266,000) -
Sale of tangible fixed assets - 576,000
Purchase of fixed asset investments (7,026) (7,230)
Investment income 34,873 27,250
────── ──────
Net cash (outflow)/inflow from investing activities (238,153) 596,020
────── ──────
Net (decrease)/increase in cash and cash equivalents (57,797) 415,117
Cash and cash equivalents at the beginning
of the year 523,570 108,453
────── ──────
Cash and cash equivalents at the end of the year 465,773 523,570
══════ ══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

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.

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

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.

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

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
2022
Unrestricted Restricted Museum FOJBM Total
Funds Funds Funds
£ £ £ £ £
Investment funds 11,808 1,415 - - 13,223
Cash 766 6 - - 772
Hire of church premises 20,878 - - - 20,878
──── ──── ──── ──── ────
33,452 1,421 - - 34,873
════ ════ ════ ════ ════
2021
Unrestricted Restricted Museum FOJBM Total
Funds Funds Funds
£ £ £ £ £
Investment funds 11,884 1,404 - - 13,288
Cash 39 - - - 39
Hire of church premises 13,923 - - - 13,923
──── ──── ──── ──── ────
25,846 1,404 - - 27,250
════ ════ ════ ════ ════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

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|||| |---|---|---| |3|Museum Income and costs| |2022|2021| |£|£| |Income| |Sales|7,750|2,569| |Talks|140|-| |Visits|1,084|187| |Events income|1,115|798| |Other|133|25| |FOJBM|2,998|2,319| |──────|──────| |13,220|5,898| |──────|──────| |Expenses| |Cost of sales|5,625|1,358| |Museum stock|-|-| |Conservation|241|637| |Other|61|23| |──────|──────| |5,927|2,018| |Grant-funded activities|9,463|3,557| |──────|──────| |15,390|5,575| |──────|──────| |Net museum (expenditure)/income|(2,170)|323| |══════|══════|

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The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

4 Basement income and costs

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|||| |---|---|---| |2022|2021| |£|£| |Income| |Workshops|1,955|2,065| |Exhibitions|1,860|1,725| |Hire of space|100|-| |Other|3|-| |──────|──────| |3,918|3,790| |──────|──────| |Expenses| |Tutors' fees|5,658|4,790| |Publicity|-|-| |Supplies|-|484| |Other|250|500| |──────|──────| |5,908|5,774| |──────|──────| |Net basement expenditure|(1,990)|(1,984)| |══════|══════|

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|||||| |---|---|---|---|---| |5|Direct charitable expenditure| |2022 Grants payable|2022| |Unrestricted Restricted Museum Total| |£ £|£ £| |Grants to individuals|3,715|1,375|-|5,090| |Museum curator|5,000|-|-|5,000| |Basement worker|2,500|-|-|2,500| |─────|─────|─────|─────| |11,215|1,375|-|12,590| |═════|═════|═════|═════| |2021 Grants payable|2021| |Unrestricted Restricted Museum Total| |£ £|£ £| |Grants to individuals|4,959|1,404|-|6,363| |Museum curator|5,000|-|-|5,000| |Basement worker|2,500|-|-|2,500| |─────|─────|─────|─────| |12,459|1,404|-|13,863| |═════|═════|═════|═════|

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The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

6 Property Expenditure

Property Expenditure
2022 2021
Unrestricted Restricted Total Total
£ £ £ £
Mill Street Church 28,627 - 28,627 197,545
Howard House 2,948 - 2,948 1,610
Rental property 9,915 - 9,915 12,646
Museum - - - -
Basement 500 - 500 30
───── ───── ───── ─────
41,990 - 41,990 211,831
Insurance of properties 10,862 - 10,862 8,922
───── ───── ───── ─────
52,852 - 52,852 220,753
Less VAT reclaimed via LPW scheme (1,553)
-		 (1,553) (29,015)
───── ───── ───── ─────
51,299 - 51,299 191,738
═════ ═════ ═════ ═════

7 Support Costs

2022 2021
£ £
Church personnel costs 99,405 98,240
Church administration and premises costs 38,824 29,169
John Bunyan Museum 1,565 536
Museum Curator salary 38,152 31,743
Basement worker's salary 8,674 6,115
Miscellaneous expenses - 58
Governance costs 7,453 5,412
───── ─────
194,073 171,273
═════ ═════

The Trustees of Bunyan Meeting (Bedford

Notes to the financial statements For the year ended 31 December 2022

8 Governance Costs

Governance Costs
2022 2021
£ £
Independent examiner – examination services 2,160 2,160
Independent examiner – accountancy services 960 960
Legal 1,221 431
Photocopying, postage,etc 1,123 679
Expenses 95 44
Bank & credit card charges 396 8
Subscriptions 1,453 1,130
Training 45 -
───── ─────
7,453 5,412
═════ ═════

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 2022 no trustee was reimbursed for expenses (2021: £nil).

Donations from Trustees totalled £17,530 (2021: £15,020) for the year.

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

10 Staff costs and numbers

2022 2021
£ £
Gross salaries 106,727 109,820
Social security 4,896 9,413
Pension costs 2,479 3,341
───── ─────
114,102 122,574
═════ ═════

The average number of staff during the year was 6 (2021: 6).

No employee received remuneration of more than £60,000 (2021: none).

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

11 Tangible fixed assets

Freehold Fixtures
Properties & Fittings Total
£ £ £
Cost or valuation
01 January 2022 1,669,863 139,056 1,808,919
Revaluation - - -
Additions 266,000 - 266,000
───── ───── ─────
31 December 2022 1,935,863 139,056 2,074,919
───── ───── ─────
Accumulated depreciation
01 January 2022 217,786 139,056 356,842
Charge for year 9,082 - 9,082
───── ───── ─────
31 December 2022 226,868 139,056 365,924
───── ───── ─────
Net book value
31 December 2021 1,452,077 - 1,452,077
══════ ══════ ══════
31 December 2022 1,708,995 - 1,708,995
══════ ══════ ══════
Historic cost NBV
31 December 2021 531,730 41,012 572,742
═════ ═════ ═════
31 December 2022 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 2022 as follows:
£
Mill Street Church (Grade II listed), organ, contents and Museum 14,638,793
Howard House 356,831
Ullswater Close 209,579
Walnut Walk 220,000
══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

11 Tangible fixed assets (continued)

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 £277,151.

12 Investments

Investments
2022 2021
£ £
Quoted investments
Market value at 1 January 2022 894,672 796,497
Additions 11,848 11,884
Disposals (4,822) (4,654)
Net unrealised investment gains/(losses) (94,140) 90,945
───── ─────
Market value at 31 December 2022 807,558 894,672
═════ ═════

Quoted investments were valued at 31 December 2022 by Coutts & Co on the basis of their open market value at that date.

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

12 Investments (continued)

Investments breakdown

2022 2021
Market Market
Value Value
£ £
Unrestricted:
UK Equities 202,464 231,545
International Equities 317,177 368,081
Property - -
Commodities - -
Bonds 175,999 158,700
Hedge funds - -
Cash 20,791 32,077
───── ─────
Sub –total unrestricted 716,431 790,403
Restricted:
UK Equities 18,453 19,627
International Equities 29,640 33,023
Property - -
Commodities - -
Bonds 40,120 45,292
Hedge funds - -
Cash 2,914 6,327
───── ─────
Sub –total restricted 91,127 104,269
───── ─────
807,558 894,672
═════ ═════
13 Stock
2022 2021
£ £
Guide books, postcards, books and other souvenirs 11,413 13,968
───── ─────
11,413 13,968
═════ ═════

Due to issues around Covid, it was not possible to do a full stock take at the beginning of 2021, and so the total valuation has been estimated on the basis of sales and purchases, using ratios from the previous 5 years.

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

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|||| |---|---|---| |14|Debtors| |2022|2021| |£|£| |Invoices outstanding|518|868| |Other debtors|2,804|2,092| |LPW VAT reclaimed|-|1,554| |─────|─────| |3,322|4,514| |═════|═════| |15|Bank and cash balances| |2022|2021| |£|£| |Current accounts and cash|465,773|523,570| |═════|═════| |16|Creditors: amounts due within one year| |2022|2021| |£|£| |Accruals|5,815|6,609| |─────|─────| |5,815|6,609| |═════|═════|

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17 Transfers

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

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||||||| |---|---|---|---|---|---| |Church (U) Church (R)|Trust|Museum|FOJBM| |2022|2022|2022|2022|2022| |£|£|£|£|£| |FOJBM grants to museum|-|-|1,999|(1,999)|-| |Church restricted to unrestricted|2,537|(2,537)|-|-|-| |──────|──────|─────|──────|──────| |Total|2,537|(2,537)|1,999|(1,999)|-| |══════|══════|═════|══════|══════|

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A transfer of £2,537 was made from the Church restricted funds to the Church unrestricted funds to reflect a re-allocation of certain funds as unrestricted.

There were no contingent liabilities at the end of the year (2021: none).

18 Financial commitments and contingent liabilities

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

19 Restricted funds
Balance Net Gains/ Outgoing/ Balance
1 Jan 2022 Incoming (Loss) Transfers 31 Dec 2022
£ £ £ £ £
Bunyan Welfare Fund 104,263 1,421
(12,675)		 (1,882) 91,127
Saltmine - - - 777 777
Foyer fund - - - 7,271 7,271
Museum - - - 156 156
Joyce Marston - - - 2,000 2,000
Church restricted funds:
Disaster Fund 154 - - - 154
Curator fund 1,683 - - (1,683) -
Childrens Society 72 - - (72) -
Widows 3 denom 243 - - (243) -
Foyer fund 7,271 - - (7,271) -
Missionary boxes 841 - - (841) -
Book stall 560 - - (560) -
Saltmine 777 - - (777) -
Museum 156 - - (156) -
Purcheck Est 10,525 - - - 10,525
Christian Aid 334 - - (334) -
Youth Work 5,471 - - - 5,471
Basement tickets 1,977 - - (1,977) -
BMS 218 - - (159) 59
Bechar 16 - - (16) -
Christian Rebuild 277 - - (277) -
Bedford Daycare Hospice 129 - - (129) -
Joyce Marston 2,000 - - (2,000) -
Syria 5p 46 - - (46) -
Ukraine - 50 - - 50
───── ───── ───── ───── ─────
137,013 1,471 (12,675) (8,219) 117,590
═════ ═════ ═════ ═════ ═════

20 Analysis of net assets between funds

Tangible Net Total
Fixed Current Net
Assets Investments Assets Assets
£ £ £ £
Unrestricted fund 1,708,995 716,431 369,939 2,795,365
Restricted funds - 91,127 26,463 117,590
Museum fund - - 57,803 57,803
Friends fund - - 12,522 12,522
Basement fund 7,966 7,966
────── ────── ───── ──────
1,708,995 807,558 474,693 2,991,246
══════ ══════ ═════ ══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2022

21 Comparative Statement of Financial Activities

The Statement of Financial Activities for the year ended 31 December 2021 is presented for illustrative purposes.

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|||||||| |---|---|---|---|---|---|---| |Unrestricted Restricted|Museum|FOJBM Basement|Total| |Funds|Funds|Fund|Fund|Fund|Funds| |2021|2021|2021|2021|2021|2021| |£|£|£|£|£|£| |Income from:| |Donations and legacies|87,530|868|12,918|-|-|101,316| |Charitable activities:| |Grants receivable|10,125|-|13,045|-|4,400|27,570| |Grants Curator|-|-|30,000|-|2,500|32,500| |Ministerial contributions|20,000|-|-|-|-|20,000| |Rental income|21,540|-|-|-|2,300|23,840| |Museum income|-|-|3,579|2,319|-|5,898| |Basement income|-|-|-|-|3,790|3,790| |Coffee shop and lunches|1,347|-|-|-|-|1,347| |Investments|25,846|1,404|-|-|-|27,250| |─────|─────|─────|─────|─────|─────| |Total income|166,388|2,272|59,542|2,319|12,990|243,511| |─────|─────|─────|─────|─────|─────| |Expenditure on:| |Raising funds| |Fund-raising costs|2,918|-|-|-|-|2,918| |Investment management costs|4,109|545|-|-|-|4,654| |Charitable activities| |Grants payable|12,459|1,404|-|-|-|13,863| |Donations payable|1,882|-|-|-|-|1,882| |Ministry expenses|3,096|-|-|-|-|3,096| |Property expenditure|191,708|-|-|-|30|191,738| |Depreciation|9,082|-|-|-|-|9,082| |Support costs|131,761|-|33,304|93|6,115|171,273| |Museum costs|-|-|5,575|-|-|5,575| |Basement costs|-|-|-|-|5,774|5,774| |─────|─────|─────|─────|─────|─────| |Total expenditure|357,015|1,949|38,879|93|11,919|409,855| |─────|─────|─────|─────|─────|─────| |Unrealised (loss)/gain on investments 84,811|6,134|-|-|-|90,945| |Net income/(expenditure)|(105,816)|6,457|20,663|2,226|1,071|(75,399)| |Transfers between funds|(969)|969|500|(500)|-|-| |Other recognised gains and losses| |Gains/(losses) on revaluation| |of tangible fixed assets|-|-|-|-|-|-| |─────|─────|─────|─────|─────|─────| |Net movement in funds|(106,785)|7,426|21,163|1,726|1,071|(75,399)| |Reconciliation of funds| |Total funds brought forward| |at 1 January 2021|2,761,242|129,587|47,361|10,120|9,281 2,957,591| |──────|─────|─────|─────|─────|─────| |Total funds carried forward| |at 31 December 2021|2,654,457|137,013|68,524|11,846|10,352 2,882,192| |══════|═════|═════|═════|═════|═════|

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