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2024-12-31-accounts

Charity No 248195

Contents

Trustees, Officers and professional advisors 1
Annual report 2 - 7
Independent Examiner’s report 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 – 24

Financial statements for the year ended 31 December 2024

The Trustees of Bunyan Meeting (Bedford)

The Trustees of Bunyan Meeting (Bedford)

Financial statements for the year ended 31 December 2024

Trustees: Chairman: Andrew S Duthie Secretary: Brian Cornish Treasurer: Chris Wootton Brian S Caves (died 31/12/2024) Sue Gauley (resigned 14/2/24) Cherry A Protheroe Geoff Shaw (resigned 26/2/2025) Ian Rowlands Doreen Watson Janet Wootton (appointed 14/2/2024) Sub-Committee: Investment: Andrew S Duthie Chris Wootton Ian Rowlands Museum: Cherry A Protheroe Doreen Watson Janet Wootton Charity number 248195 Registered office Bunyan Meeting Free Church Mill Street Bedford MK40 3EU

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

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2024

Report of the Trustees

The Trustees present their Annual Report and Accounts for the year ended 31 December 2024.

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 now 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 2024

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 2024 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 2024

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

In 2023 the church decided to utilize a consultant to review the processes at Bunyan Meeting, as it was felt by many that there was duplication and overlap. The report was presented to a special church meeting in September 2023. A number of recommendations were made and most were adopted. One of the recommendations was to merge the roles of deacons and trustees, and this was implemented in early 2024. It was also agreed to update the church constitution to reflect the changes in responsibilities.

The bronze doors, originally donated by the Duke of Bedford, and showing scenes from the Pilgrim’s Progress, are showing distinct signs of wear and tear, and the Trustees investigated possible solutions of conservation and repair. Due to the cost, it was decided to postpone any work on the doors until suitable grants could be sourced.

There continues to be considerable concern about the financial viability of the church with a declining and aging congregation, and a huge increase in electricity and gas bills. During 2024 the church lost the largest outside user of the rooms in the buildings, but since then this has been more than replaced by several new lettings. In addition, the funding by external sources for the museum curator has become difficult to access, and the Trust is now having to provide the balance of funding.

During 2024 a report on the condition of Howard House was received and after review, the Trustees agreed to fund the renovation work required.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2024

Review of the year (continued)

During the year, following refurbishment, the property in Walnut Walk, Kempston, which was the subject of a legacy, was successfully added to the list of rental properties. A report on the condition of Howard House had been received and after review, the Trustees agreed in 2024 to fund the renovation work required.

In 2024 the Funds’ investments produced a gain of 13.0% (2023: 11.1%) There were no withdrawals during the year (2023: nil).

During 2024, the Trust received £353,135 (2023: £219,636) in restricted and unrestricted funds income.

Net of depreciation, charitable expenditure during the year was £374,100 (2023: £294,851); £5,090 (2023: £5,015) of this was paid in grants to individuals and the Church, a further £24,500 (2023: £7,500) in grants for staffing the Museum and Basement, and £108,531 (2023: £109,172) was spent on property expenditure. Governance costs were £6,466 (2023: £6,033) and investment management fees were £5,225 (2023: £4,732).

Reserves

At the end of December 2024, the Trust had £2.7 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 £1.6 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 5 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) increased to £1,133,269 (2023: £1,067,779). 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 25 (2023: 30) 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.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2024

Investment report (continued)

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

Performance for the period

Between 1 January and 31 December 2024, the unrestricted portfolio performance was 13.61% net of all fees (2023: 11.07%), while the restricted portfolio performance was 11.02% net of all fees (2023: 9.45%). Over the same period, UK government bonds rose by 2.65% (2023: 3.56%) and UK equities by 7.30% (2023: 7.82%).

The global economy demonstrated resilience in 2024, recovering from the volatility and uncertainties of the previous year. Global growth remained steady, avoiding the recession many incorrectly feared towards the start of the year. By contrast, our investment process focused on the robust health of US corporate earnings and associated strong consumer spending, compelling us to remain positioned in risk assets, such as equities and high yield bonds, for much of 2024. This has materially benefitted portfolio and fund performance.

Outlook

Looking ahead, the global economic outlook for 2025 is characterised by a balance of opportunities and potential risks. Growth is expected to stabilise but remain below pre-pandemic levels, particularly as advanced economies face the challenge of managing inflation while fostering growth. Emerging markets have the potential to revert from their recent lacklustre growth to once again be global economic contributors, especially in regions investing heavily in technology and infrastructure.

However, geopolitical risks, including the ongoing dynamics between the US and China, will continue to influence global trade and market sentiment. Trump’s Presidential victory indicates a strategic pivot towards domestic policies that may alter international trade relationships. For investors, this means staying agile and diversified, especially across growth opportunities despite broader market uncertainties.

To navigate this complex landscape, understanding the nuanced impacts of fiscal and monetary policy shifts on the major asset classes such as equities and bonds, as well as sector-specific trends, will be critical.

At the year end the investment portfolio managed by Coutts had a market value of £1,009,023 (2023: £892,764). £nil (2023: £ nil) was withdrawn from the portfolio during the year.

The Trustees of Bunyan Meeting (Bedford)

Annual report and accounts For the year ended 31 December 2024

Investment report (continued)

The analysis of the investments is as follows:

31 December 2024 31 December 2023
£ £
UK Equities 23,042 239,992
International Equities 766,291 427,226
Commodities - 44,175
Bonds 208,765 172,675
Hedge funds 4,179 -
Cash 6,746 8,696
───── ─────
1,009,023 892,764
═════ ═════

The value of the Unrestricted Fund was £903,968 (2023: £795,703) and the value of the Welfare fund was £105,055 (2023: £97,061).

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 31 October 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 2024 which are set out on pages 9 to 24.

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: 31 October 2025

The Trustees of Bunyan Meeting (Bedford)

Statement of financial activities For the year ended 31 December 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Note Unrestricted Restricted|Museum|FOJBM Basement|Total|Total| |Funds|Funds|Fund|Fund|Fund|Funds|Funds| |2024|2024|2024|2024|2024|2024|2023| |£|£|£|£|£|£|£| |Income from:| |Donations and legacies|243,266|-|26,740|458|-|270,464|103,537| |Charitable activities:| |Grants receivable|-|-|2,000|-|-|2,000|1,921| |Grants Curator|-|-|30,000|-|4,500|34,500|17,500| |Ministerial Contributions|20,000|-|-|-|-|20,000|20,000| |Rental income|35,085|-|-|-|600|35,685|33,365| |Museum income|3|-|-|14,427|1,431|-|15,858|10,687| |Basement income|4|-|-|-|-|11,320|11,320|9,095| |Coffee Shop and Lunches|8,722|-|-|-|-|8,722|6,518| |Investments|2|42,759|2,621|-|187|-|45,567|50,949| |Other income|682|-|428|-|-|1,110|9,159| |─────|─────|─────|─────|─────|─────|─────| |Total income|350,514|2,621|73,595|2,076|16,420|445,226|262,731| |─────|─────|─────|─────|─────|─────|─────| |Expenditure on:| |Raising funds| |Fund-raising costs|4,128|-|-|-|-|4,128|3,587| |Investment management costs|4,665|560|-|-|-|5,225|4,732| |Charitable activities| |Grants payable|5|27,032|2,558|-|-|-|29,590|12,515| |Donations Payable|77,322|-|-|-|-|77,322|7,906| |Ministry Expenses|4,161|-|-|-|-|4,161|4,153| |Property expenditure|6|108,531|-|-|-|-|108,531|109,172| |Depreciation|9,082|-|-|-|-|9,082|9,082| |Support costs|7|154,496|-|44,181|180|9,566|208,423|218,075| |Museum costs|3|-|-|5,185|246|-|5,431|2,803| |Basement costs|4|-|-|-|-|7,190|7,190|5,257| |─────|─────|─────|─────|─────|─────|─────| |Total expenditure|389,417|3,118|49,366|426|16,756|459,083|377,282| |─────|─────|─────|─────|─────|─────|─────| |Unrealised (loss)/gain on investments|12|91,747|8,491|-|-|-|100,238|70,877| |Net income/(expenditure)|52,844|7,994|24,229|1,650|(336)|86,381|(43,674)| |Transfers between funds|17|3,564|-|(1,128)|(2,436)|-|-|-| |Other recognised gains and losses| |Gains/(losses) on revaluation| |of tangible fixed assets|11|30,000|-|-|-|-|30,000|-| |─────|─────|─────|─────|─────|─────|─────| |Net movement in funds|86,408|7,994|23,101|(786)|(336)|116,381|(43,674)| |Reconciliation of funds| |Total funds brought forward| |at 1 January 2024|2,767,692|123,524|40,536|14,043|1,777 2,947,572 2,991,246| |──────|─────|─────|─────|─────|─────|─────| |Total funds carried forward| |at 31 December 2024|19,20|2,854,100|131,518|63,637|13,257|1,441 3,063,953 2,947,572| |══════|═════|═════|═════|═════|═════|═════|

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The notes on pages 12 to 24 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 2024

Notes 2024 2023
£ £
Fixed assets
Tangible fixed assets 11 1,720,831 1,699,913
Investments 12 1,009,023 892,764
────── ──────
2,729,854 2,592,677
Current assets
Stock 13 12,925 12,945
Debtors 14 18,003 4,725
Cash at bank and in hand 15 320,254 349,580
───── ─────
Total current assets 351,182 367,250
───── ─────
Liabililties:
Creditors: Amounts falling due
within one year 16 (17,083) (12,355)
───── ─────
Net current assets 334,099 354,895
Total assets less current liabilities 3,063,953 2,947,572
Creditors: Amounts falling due
after more than one year - -
────── ──────
Total net assets 20 3,063,953 2,947,572
══════ ══════
The funds of the charity:
Unrestricted 2,854,100 2,767,692
Restricted 19 131,518 123,524
Museum 63,637 40,536
Friends of John Bunyan Museum 13,257 14,043
Basement 1,441 1,777
────── ──────
Total charity funds 20 3,063,953 2,947,572
══════ ══════

The notes on pages 12 to 24 form part of these accounts.

Approved by the Trustees on

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 2024

2024 2023
£ £
Cash flows from operating activities:
Net incoming/(outgoing) resources 116,381 (43,674)
Adjustments for:
Unrealised (gain) on investments (100,238) (70,877)
Unrealised (gain) on revaluation of fixed assets (30,000) -
Depreciation 9,082 9,082
Investment income (45,567) (50,949)
(Increase)/Decrease in stock 20 (1,532)
(Increase)/Decrease in debtors (13,278) (1,403)
Increase/(Decrease) in creditors 4,728 6,540
────── ──────
Net cash inflow/(outflow) from operating activities (58,872) (152,813)
────── ──────
Cash flows from investing activities:
Purchase of tangible fixed assets - -
Sale of tangible fixed assets - -
Purchase of fixed asset investments (16,021) (14,329)
Investment income 45,567 50,949
────── ──────
Net cash (outflow)/inflow from investing activities 29,546 36,620
────── ──────
Net (decrease)/increase in cash and cash equivalents (29,326) (116,193)
Cash and cash equivalents at the beginning
of the year 349,580 465,773
────── ──────
Cash and cash equivalents at the end of the year 320,254 349,580
══════ ══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

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 2024

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 Ullswater Close and Walnut Walk 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 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 2024

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
2024
Unrestricted Restricted Museum FOJBM Total
Funds Funds Funds
£ £ £ £ £
Investment funds 21,184 2,621 - - 23,805
Cash 3,177 - - 187 3,364
Hire of Church Premises 18,398 - - - 18,398
──── ──── ──── ──── ────
42,759 2,621 - 187 45,567
════ ════ ════ ════ ════
2023
Unrestricted Restricted Museum FOJBM Total
Funds Funds Funds
£ £ £ £ £
Investment funds 19,004 2,603 - - 21,607
Cash 3,110 - - - 3,110
Hire of Church Premises 26,232 - - - 26,232
──── ──── ──── ──── ────
48,346 2,603 - - 50,949
════ ════ ════ ════ ════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

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|||| |---|---|---| |3|Museum Income and costs| |2024|2023| |£|£| |Income| |Sales|9,356|7,101| |Talks|60|222| |Visits|4,980|1,135| |Events income|-|186| |Filming|30|300| |Other|1|18| |FOJBM|1,431|1,725| |──────|──────| |15,858|10,687| |──────|──────| |Expenses| |Cost of sales|4,678|2,215| |Museum stock|50|-| |Conservation|-|145| |Other|703|443| |──────|──────| |5,431|2,803| |Grant-funded activities|-|-| |──────|──────| |5,431|2,803| |──────|──────| |Net museum income/(expenditure)|10,427|7,884| |══════|══════|

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The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

4 Basement income and costs

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|||||| |---|---|---|---|---| |2024|2023| |Income| |Workshops|8,681|6,415| |Exhibitions|2,010|2,680| |Hire of space|-|-| |Other|629|-| |──────|──────| |11,320|9,095| |Expenses| |Tutors' fees|7,070|5,130| |Publicity|100|127| |Supplies|-|-| |Other|20|-| |──────|──────| |7,190|5,257| |──────|──────| |Net basement income/(expenditure)|4,130|3,838| |══════|══════| |5|Direct charitable expenditure| |2024 Grants payable|2024| |Unrestricted Restricted Museum Total| |£ £|£ £| |Grants to individuals|2,532|2,558|-|5,090| |Museum curator|20,000|-|-|20,000| |Basement worker|4,500|-|-|4,500| |─────|─────|─────|─────| |27,032|2,558|-|29,590| |═════|═════|═════|═════| |2023 Grants payable|2023| |Unrestricted Restricted Museum Total| |£ £|£ £| |Grants to individuals|2,468|2,547|-|5,015| |Museum curator|5,000|-|-|5,000| |Basement worker|2,500|-|-|2,500| |─────|─────|─────|─────| |9,968|2,547|-|12,515| |═════|═════|═════|═════|

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The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

6 Property Expenditure
2024 2023
Unrestricted Restricted Total Total
£ £ £ £
Mill Street Church 32,258
-		 32,258 47,362
Howard House 54,665
-		 54,665 2,922
Rental property 2,933
-		 2,933 47,136
Museum 4,764
-		 4,764 -
Basement - - - -
───── ───── ───── ─────
94,620
-		 94,620 97,420
Insurance of properties 13,911
-		 13,911 11,752
───── ───── ───── ─────
108,531
-		 108,531 109,172
═════ ═════ ═════ ═════
7 Support Costs
2024 2023
£ £
Church personnel costs 114,627 101,723
Church administration and premises costs 34,870 55,401
John Bunyan Museum 5,143 1,842
Museum Curator salary 37,011 39,499
Basement worker's salary 9,566 13,427
Miscellaneous expenses 740 150
Governance costs 6,466 6,033
───── ─────
208,423 218,075
═════ ═════

7 Support Costs

The Trustees of Bunyan Meeting (Bedford

Notes to the financial statements For the year ended 31 December 2024

8 Governance Costs

Governance Costs
2024 2023
£ £
Independent examiner – examination services 2,160 2,160
Independent examiner - accountancy 2,210 1,090
Legal - -
Photocopying, postage,etc 1,147 1,052
Expenses 122 371
Bank & credit card charges 363 555
Subscriptions 464 161
Training - 644
───── ─────
6,466 6,033
═════ ═════

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 2024 no trustee was reimbursed for expenses (2023: £nil).

Donations from Trustees totalled £39,265 (2023: £18,499) for the year.

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

10 Staff costs and numbers

2024 2023
£ £
Gross salaries 116,178 108,192
Social security 6,273 5,999
Pension costs 2,347 2,332
───── ─────
124,798 116,523
═════ ═════

The average number of staff during the year was 6 (2023: 6)

No employee received remuneration of more than £60,000 (2023 £60,000).

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

11 Tangible fixed assets

Freehold Fixtures
Properties & Fittings Total
£ £ £
Cost or valuation
01 January 2024 1,935,863 139,056 2,074,919
Revaluation 30,000 - 30,000
Additions - - -
───── ───── ─────
31 December 2024 1,965,863 139,056 2,104,919
───── ───── ─────
Accumulated depreciation
01 January 2024 235,950 139,056 375,006
Charge for year 9,082 - 9,082
───── ───── ─────
31 December 2024 245,032 139,056 384,088
───── ───── ─────
Net book value
31 December 2023 1,699,913 - 1,699,913
══════ ══════ ══════
31 December 2024 1,720,831 - 1,720,831
══════ ══════ ══════
Historic cost NBV
31 December 2023 531,730 41,012 572,742
═════ ═════ ═════
31 December 2024 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 2024 as follows:
£
Mill Street Church (Grade II listed), organ, contents and Museum 17,177,547
Howard House 447,610
Ullswater Close 254,000
Walnut Walk 267,750
══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

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 £347,660.

12 Investments

Investments
2024 2023
£ £
Quoted investments
Market value at 1 January 2024 892,764 807,558
Additions 21,247 19,061
Disposals (5,226) (4,732)
Net unrealised investment gains/(losses) 100,238 70,877
───── ─────
Market value at 31 December 2024 1,009,023 892,764
═════ ═════

Quoted investments were valued at 31 December 2024 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 2024

12 Investments (continued)

Investments breakdown

2024 2023
Market Market
Value Value
Unrestricted: £ £
UK Equities 21,394 220,588
International Equities 704,553 391,074
Property - -
Commodities - 39,374
Bonds 172,074 136,756
Hedge funds - -
Cash 5,947 7,911
───── ─────
Sub –total unrestricted 903,968 795,703
Restricted:
UK Equities 1,648 19,404
International Equities 61,738 36,152
Property - -
Commodities - 4,801
Bonds 36,691 35,919
Hedge funds 4,179 -
Cash 799 785
───── ─────
Sub –total restricted 105,055 97,061
───── ─────
1,009,023 892,764
═════ ═════
13 Stock
2024 2023
£ £
Guidebooks 4,867 5,287
Postcards, books and other souvenirs 8,058 7,658
───── ─────
12,925 12,945
═════ ═════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

14 Debtors

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|||| |---|---|---| |2024|2023| |£|£| |Invoices outstanding|-|518| |Other debtors|18,003|4,207| |─────|─────| |18,003|4,725| |═════|═════| |15|Bank and cash balances| |2024|2023| |£|£| |Current accounts and cash|320,254|349,580| |═════|═════| |16|Creditors: amounts due within one year| |2024|2023| |£|£| |Accruals|17,083|12,355| |─────|─────| |17,083|12,355| |═════|═════|

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17 Transfers

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

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|||||| |---|---|---|---|---| |Trust|Museum|FOJBM Basement| |2024|2024|2024|2024| |£|£|£|£| |Reimbursed property costs|3,564|(3,564)|-|-| |FOJBM grants to museum|-|2,436|(2,436)|-| |──────|─────|──────|──────| |Total|3,564|(1,128)|(2,436)|-| |══════|═════|══════|══════|

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18 Financial commitments and contingent liabilities

There were no contingent liabilities at the end of the year (2023: none).

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

19 Restricted Funds
Balance Net Gains/ Outgoing/ Balance
1 Jan 2024 Incoming (Loss) Transfers 31 Dec 2024
£ £ £ £ £
Bunyan Welfare Fund 97,061 2,621 8,491 (3,118) 105,055
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
Purcheck Est 10,525 - - - 10,525
Youth Work 5,471 - - - 5,471
BMS 59 - - - 59
Ukraine 50 - - - 50
───── ───── ───── ───── ─────
123,524 2,621 8,491 (3,118) 131,518
═════ ═════ ═════ ═════ ═════

20 Analysis of net assets between funds

Tangible Net Total
Fixed Current Net
Assets Investments Assets Assets
£ £ £ £
Unrestricted fund 1,720,831 903,968 229,301 2,854,100
Restricted funds - 105,055 26,463 131,518
Museum fund - - 63,637 63,637
Friends fund - - 13,257 13,257
Basement fund - - 1,441 1,441
────── ────── ───── ──────
1,720,831 1,009,023 334,099 3,063,953
══════ ══════ ═════ ══════

The Trustees of Bunyan Meeting (Bedford)

Notes to the financial statements For the year ended 31 December 2024

21 Comparative Statement of Financial Activities The Statement of Financial Activities for the year ended 31 December 2023 is presented for illustrative purposes.

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|||||||| |---|---|---|---|---|---|---| |Unrestricted Restricted|Museum|FOJBM Basement|Total| |Funds|Funds|Fund|Fund|Fund|Funds| |2023|2023|2023|2023|2023|2023| |£|£|£|£|£|£| |Income from:| |Donations and legacies|100,545|-|2,992|-|-|103,537| |Charitable activities:| |Grants receivable|-|-|1,921|-|-|1,921| |Grants Curator|-|-|15,000|-|2,500|17,500| |Ministerial contributions|20,000|-|-|-|-|20,000| |Rental income|32,465|-|-|-|900|33,365| |Museum income|-|-|8,962|1,725|-|10,687| |Basement income|-|-|-|-|9,095|9,095| |Coffee shop and lunches|6,518|-|-|-|-|6,518| |Investments|48,346|2,603|-|-|-|50,949| |Other income|9,159|-|-|-|-|9,159| |─────|─────|─────|─────|─────|─────| |Total income|217,033|2,603|28,875|1,725|12,495|262,731| |─────|─────|─────|─────|─────|─────| |Expenditure on:| |Raising funds| |Fund-raising costs|3,587|-|-|-|-|3,587| |Investment management costs|4,205|527|-|-|4,732| |Charitable activities| |Grants payable|9,968|2,547|-|-|-|12,515| |Donations payable|7,906|-|-|-|-|7,906| |Ministry expenses|4,153|-|-|-|-|4,153| |Property expenditure|109,172|-|-|-|-|109,172| |Depreciation|9,082|-|-|-|-|9,082| |Support costs|161,105|-|43,539|4|13,427|218,075| |Museum costs|-|-|2,603|200|-|2,803| |Basement costs|-|-|-|-|5,257|5,257| |─────|─────|─────|─────|─────|─────| |Total expenditure|309,178|3,074|46,142|204|18,684|377,282| |─────|─────|─────|─────|─────|─────| |Unrealised (loss)/gain on|64,472|6,405|-|-|-|70,877| |investments| |Net income/(expenditure)|(27,673)|5,934|(17,267)|1,521|(6,189)|(43,674)| |Transfers between funds|-|-|-|-|-|-| |Other recognised gains and losses| |Gains/(losses) on revaluation| |of tangible fixed assets|-|-|-|-|-|-| |─────|─────|─────|─────|─────|─────| |Net movement in funds|(27,673)|5,934|(17,267)|1,521|(6,189)|(43,674)| |Reconciliation of funds| |Total funds brought forward| |at 1 January 2023|2,795,365|117,590|57,803|12,522|7,966 2,991,246| |──────|─────|─────|─────|─────|─────| |Total funds carried forward| |at 31 December 2023|2,767,692|123,524|40,536|14,043|1,777 2,947,572| |══════|═════|═════|═════|═════|═════|

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