Redland Chapel Trust
TRUSTEES’ ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
for the year ended
31 March 2024
Registered Charity Number: 255141
Redland Chapel Trust CONTENTS
| Page | |
|---|---|
| General information | 1 |
| Report of the Trustees | 2 - 3 |
| Independent examiner’s report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
Registered Charity Number: 255141
Redland Chapel Trust GENERAL INFORMATION
The Trust was founded in 1749 and is governed by its rules and is a Registered Charity No. 255141.
TRUSTEES
Nominative Trustees
Prof D N Clarke The Venerable N Warwick (resigned 6/10/2023) B Watson
Co-Optative Trustees
A C Miles Chairman R Taylor A Lucas
Clerk to the Trustees
P O’Conor 51 Downs Park West Henleaze Bristol BS6 7QL
INVESTMENT MANAGERS
Evelyn 45 Gresham St London EC2V 7BG
INDEPENDENT EXAMINER
Joshua Kingston, BSc., ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Registered Charity Number: 255141
1
Redland Chapel Trust REPORT OF THE TRUSTEES for the year ended 31 March 2024
Reference and administrative information
The Redland Chapel Trust has its administrative office at the address of the Clerk, Mr P O’Conor, 51 Downs Park West, Henleaze, Bristol, BS6 7QL. It is registered with Charity Commissioners in England and Wales under number 255141.
The Trust was founded in 1749 and was registered as a charity from 1968. It is governed by its rules and charity schemes dated 20 February 1961, 12 December 1975, and 9 June 1987.
Structure, governance, and management
The Charity is administered by the Trustees as set out in the general information on page 1. The Trust Deed prescribes that there should be three Nominative trustees (one each from the PCCs of Redland Parish Church and Westbury Parish Church and the third is the Archdeacon of Bristol Diocese). The power of appointing new Trustees is vested in the continuing Trustees. Induction and training of new Trustees comprises an initial meeting with the Chairman followed by further discussion with the Secretary on investments, the grant making process and the powers and responsibilities of the Trustees.
Objectives and activities
The Objectives of the charity are, in order of priority, to apply the income received in defraying the cost of repairs and insurance of Redland Chapel, in maintaining an extraordinary repair fund for the chapel and the Minister’s house and assisting, at the Trustees’ discretion, the vicar of the parish of Redland in the performance of his duties by making a grant or contributing to his stipend. The income may also be applied, at the Trustee’s discretion, to supplement the stipend of the vicar of the ecclesiastical parish of Westbury-on-Trym or in contributing to the maintenance and improvement of the parsonage house.
Finally, the income is to be applied to further the religious and other charitable work of the Church of England in the parishes of Redland and Westbury-on-Trym.
The Trustees confirm their investment policy is to provide a balance of income and capital growth. The Trustees seek to maintain a sum, assessed from time to time in the light of probable future expenditure, in cash reserves to meet that expenditure. The management of the Trust investments is delegated to Evelyn who report on a regular basis to the Trustees.
The Trustees also resolve to seek, where possible, to fulfil their charitable objects by providing funds to the parishes of Redland and Westbury-on-Trym to enable and encourage each of those parishes to undertake longer-term projects to expand and develop the pastoral activities in their respective parishes. In exercising the Trust’s charitable objects, the Trustees have considered and are satisfied that there are no conflicts of interest .
The uncertainty in the stock market is a concern. This continues to be monitored by the Trustees under the advice and guidance of their investment advisers. However, it has not adversely affected the Trust's ability to fulfil its charitable objects.
The Trustees confirm that in setting the objectives of the Trust they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
Financial Review
In the year, the Charity had net surplus for the year of £72,967 being £11,690 net income before investment gains and £61,307 gains on investments (2023: net deficit of £139,418). The total net assets of the Charity are £1,452,697 (2023: £1,379,700) largely due to the increase in the value of its investments in the year.
During the year the Charity was able to increase the extraordinary repair funds to enable future support of the work of the two parishes.
These accounts have been prepared in accordance with current statutory requirements, the Trust’s governing documents and the Charities SORP (FRS 102).
Registered Charity Number: 255141
2
Redland Chapel Trust REPORT OF THE TRUSTEES ( continued ) for the year ended 31 March 2024
Reserves policy
A minimum level of reserves are held to cover planned future expenditure, reserve levels at present are higher than this level of activity. However significant resources are likely to be required to assist in repairs to the church building. This will impact the ability of the trust to provide for the other purposes of the Trust (maintaining the vicarage and supporting the ministry of the two parishes). Available reserves held at the year-end are £1,452,697 (2023: £1,379,700) of which £1,198,615 are held in investments (2023 £1,146,010). Reserves are all unrestricted but £105,450 is designated for use against future costs relating to the Chapel and Vicarage (2023: £83,611) (for detail see note 13).
Investment Policy
It is the Trust’s aim to maintain the real value of the investments while generating income to meet the charity’s activities. The Capital Fund is part of the General Fund and, in exceptional circumstances, its investments can be used to support the charity’s activities.
Achievements and performance
During the year, the Trust continued to support the work of Redland Parish and Westbury Parish churches by providing finance for youth and families work in the parishes. The Trust also paid the insurance premium for Redland Chapel. There were no repairs required to the Chapel or Vicarage.
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 and Wales requires the charity trustees to prepare financial statements for each 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 the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures that must be 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 business;
-
observe the methods and principles in the applicable Charities SORP
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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 4[th] November 2024 and signed on their behalf by:
………………………………
A C Miles
Registered Charity Number: 255141
3
Redland Chapel Trust INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF REDLAND CHAPEL TRUST
I report to the trustees on my examination of the accounts of Redland Chapel Trust (‘the company’) for the year ended 31 March 2024, which are set out on pages 5 to 14.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 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 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Kingston, BSc., ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 31/1/2025
Registered Charity Number: 255141
4
Redland Chapel Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024
| Redland Chapel Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ | £ | |
| INCOME FROM | |||
| Investments | 3 | 33,776 | 34,978 |
| ------------------------------------- | --------------------------- | ||
| EXPENDITURE ON | |||
| Raising Funds | 4 | 8,285 | 8,886 |
| Charitable activities | 5 | 13,801 | 23,322 |
| ------------------------------------- | ---- ---- ---------------------- | ||
| 22,086 | 32,208 | ||
| ------------------------------------- | ---- --------------------------- | ||
| Net income before investment gains and (losses) | 11,690 | 2,770 | |
| Investment gains and (losses) | 6 | 61,307 | (139,418) |
| ------------------------------------- | ---------------------------- | ||
| Net movement in funds | 72,997 | (136,648) | |
| Total funds at 31 March 2023 | 13 | 1,379,700 | 1,516,348 |
| ------------------------------------- | -------------------------------------- | ||
| Total funds at 31 March 2024 | 13 | 1,452,697 | 1,379,700 |
| ============== | ============== |
All income, expenditure and movement on Investments were unrestricted for the current and preceding year.
The Charity has no recognised gains or losses other than the results for the year as set out above
All the activities of the Charity are classified as continuing
The notes on pages 7 to 14 form part of these financial statements
5 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust BALANCE SHEET as at 31 March 2024
| Redland Chapel Trust BALANCE SHEET as at 31 March 2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| Note | £ | £ | |
| FIXED ASSETS | |||
| Investments | 8 | 1,198,615 | 1,146,010 |
| Tangible fixed assets | 9 | 198,082 | 198,082 |
| ------------------------------------- | --------------------------------------- | ||
| 1,396,697 | 1,344,092 | ||
| ------------------------------------- | ------------------------------------- | ||
| CURRENT ASSETS | |||
| Debtors | 10 | 4,222 | 4,690 |
| Cash at bank | 11 | 58,450 | 37,338 |
| ------------------------------------- | -------------------------- | ||
| 62,672 | 42,028 | ||
| CURRENT LIABILITIES | |||
| Creditors: Amounts falling due within one year | 12 | (6,672) | (6,420) |
| ------------------------------------- | --------------------------- | ||
| 56,000 | 35,608 | ||
| ------------------------------------- | ----------------------------------- | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 1,452,697 | 1,379,700 | |
| ============== | ============== | ||
| FUNDS | |||
| Designated Funds | 13 | 105,450 | 83,611 |
| General Funds | 13 | 1,347,247 | 1,296,089 |
| ------------------------------------- | ------------------------------------- | ||
| 1,452,697 | 1,379,700 | ||
| ============== | ============== |
The members have not required the Charity to obtain an audit of its accounts for the year in question in accordance with section 144(2) of the Charities Act 2011.
The accounts were approved by the trustees on 4[th] November 2024 and were signed on their behalf by:
………………………….
A C Miles
………………………….
D N Clarke
The notes on pages 7 to 14 form part of these financial statements
6 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1 ACCOUNTING POLICIES
(a) Basis of preparation and assessment of going concern
The Redland Chapel Trust is an unincorporated registered Charity with the Charity Commission. The registered office is 51 Downs Park West, Bristol, BS6 7QL. The principal objectives of the charity are detailed in the Report of the Trustees found on page 2 of these financial statements.
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 notes to these accounts. The financial statements have been prepared in sterling, which is the functional currency of the Trust, and amounts are rounded to the nearest £. The objectives of the Trust are detailed in the Report of the Trustees. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition – October 2019 and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019 and therefore has applied the exemption for small charities from preparing a Statement of Cash Flows.
The charity has adopted the Charities SORP (FRS 102) issued in October 2019 rather than applying the Charities 2005 SORP which has been withdrawn but is still referred to in the extant Charities (Accounts and Reports) Regulations 2008. This departure has been necessary for the financial statements to show a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice effective for accounting periods beginning on or after 1 January 2015.
The trust constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The most significant areas of uncertainty that affect the carrying value of the assets held by the Trust are the level of investment return and the performance of investment markets (see investment policy and performance and risk management sections of the trustees’ annual report for more information).
(b) Funds structure
All funds are unrestricted. The Capital Fund is a fund held to provide regular income for use in accordance with the objects of the charity. Any unrealised gains or losses arising on investments form part of the Capital Fund. When a gain is realised, it is apportioned between income and capital according to the opening balance. Further information is given in note 13 on pages 13 and 14.
(c) Income recognition
All income is recognised when the Trust is entitled to it and that it is measurable and probable that the Trust will receive it. Income from investments is accounted for by reference to the payment date of distributions and interest falling due within the accounting period. Interest on bank and other deposits is accounted for on a receipts basis; the amount of any accrued interest is not material.
7 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
- 1 ACCOUNTING POLICIES (continued)
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (f) below.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Allocation of support and governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include the annual independent examination and clerks’ fees.
(g) Raising funds
Investment management fees are charged against the capital fund.
(h) Gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(i) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
8 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
- 1 ACCOUNTING POLICIES (continued)
(j) Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(k) Debtors
Debtors represent the investment income held by the Investment Managers at the year-end.
(l) Tangible Fixed Assets
Tangible fixed assets are initially recorded at cost.
The trustees ensure the Redland Vicarage is maintained in good order and so no depreciation is charged on the building as the residual value at the date of acquisition was considered by the trustees to be similar to the carrying value such that the value of any accumulated depreciation charge would not be material.
(m) Investment Policy
Investments are valued at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds. Unrealised and realised gains and losses are shown in the Statement of Financial Activities and recognised in the Capital Funds. Investment income is recognised in the General Fund.
(n) Financial instruments
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets
Other financial assets, including trade investments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the SOFA, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
9 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.
Critical accounting judgements
Freehold land and buildings
It is the judgement of the Trustees’ that the residual value of the freehold land and buildings is at least equivalent to its carrying value and therefore no depreciation is provided for.
- 3 INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Investment income receivable – Capital Fund investments | 32,653 | 34,763 |
| Interest receivable | 1,123 | 215 |
| ------------------------------------- | ------------------------------------ | |
| 33,776 | 34,978 | |
| ============== | ============== |
4 RAISING FUNDS
| RAISING FUNDS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Evelyn management fees | 8,203 | 8,886 |
| Evelyn exchange losses on $ account | 82 | - |
| ------------------------------------- | --------------------------------------- | |
| 8,285 | 8,886 | |
| ============== | ============== |
10 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
5 CHARITABLE ACTIVITIES
| CHARITABLE ACTIVITIES | |||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Redland Parish: | |||
| Insurance on Chapel | 3,059 | 2,734 | |
| Vicarage minor works (incl Diocese) | - | 3,488 | |
| Chapel works (charged to Chapel Fund) | - | 948 | |
| Vicarage Improvements (charged to Minister’s House Fund) | - | 5,430 | |
| ------------------------------------- | ----------------------------- | ||
| 3,059 | 12,600 | ||
| ------------------------------------- | ----------------------------- | ||
| Westbury-on-Trym Parish: | |||
| Families Worker | 4,014 | 4,320 | |
| ------------------------------------- | ------------------------------------- | ||
| 4,014 | 4,320 | ||
| ------------------------------------- | ------------------------------------- | ||
| Support and governance costs: | |||
| Clerk to the Trustees – support costs | 4,532 | 4,400 | |
| Independent examination – governance costs | 2,196 | 2,002 | |
| ------------------------------------- | ------------------------------------- | ||
| 6,728 | 6,402 | ||
| ------------------------------------- | ------------------------------------- | ||
| Total Charitable activities | 13,801 | 23,322 | |
| ============== | ============== | ||
| The Trust had no employees (2023: nil) in the year. | |||
| 6 | INVESTMENT GAINS AND LOSSES | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Unrealised gain/(losses) on investments | 68,946 | (128,914) | |
| Realised gains/(losses) on investments | (7,639) | (10,504) | |
| ------------------------------------- | ------------------------------------- | ||
| 61,307 | (139,418) | ||
| ============== | ============== |
- 7 TRUSTEES’ REMUNERATION AND EXPENSES
The key management personnel of the Trust comprise the Trustees and the Clerk. No Trustee received remuneration or reimbursement for expenses during the year.
The Clerk was paid £4,532 (2023: £4,400) for his services in the year (see note 5).
11 Registered Charity Number: 255141
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
8 FIXED ASSET INVESTMENTS
| 8 | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Listed Investments | |||
| Market value brought forward | 1,113,539 | 1,289,222 | |
| Additions | 403,431 | 49,891 | |
| Disposals at brought forward market value | (419,613) | (96,660) | |
| Net unrealised gains/ (losses) | 68,946 | (128,914) | |
| ------------------------------------- | ---------------------------------------- | ||
| Market value as at 31 March 2024 | 1,166,303 | 1,113,539 | |
| Cash to be reinvested | 32,312 | 32,471 | |
| -------------------------------------- | ---------------------------------------- |
||
| 1,198,615 | 1,146,010 | ||
| =========== | ========== | ||
| Market value as at 31 March(note 13) | |||
| Capital Fund Fixed Asset Investments | 1,114,904 | 1,064,489 | |
| Redland Chapel Extraordinary Repair Fund Fixed Investments | 48,264 | 46,057 | |
| Minister’s House Extraordinary Repair Fund Fixed Investments | 3,135 | 2,993 | |
| ------------------------------------- | --------------------------------------- | ||
| 1,166,303 | 1,113,539 | ||
| ========== | ========== | ||
| Historical Cost of Investments | 862,720 | 744,037 | |
| ========== | ========== | ||
| 9 | TANGIBLE FIXED ASSETS | ||
| Freehold | |||
| land and | buildings | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Cost and NBV brought forward | 198,082 | 198,082 | |
| ------------------------------------- | ------------------------------------- | ||
| Cost and NBV carried forward | 198,082 | 198,082 | |
| ============== | ============== | ||
| Redland Vicarage is insured for £558,832 (2023: £558,832). | |||
| 10 | DEBTORS | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Due from stockbrokers – income account | 4,222 | 4,690 | |
| ------------------------------------- | ---------------------------------------- | ||
| 4,222 | 4,690 | ||
| ============== | ============== | ||
| 11 | CASH AT BANK | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank | 58,450 | 37,338 | |
| ------------------------------------- | -------------------------------------- | ||
| 58,450 | 37,338 | ||
| ============== | ============== |
12 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
12 CREDITORS
| CREDITORS | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals | 6,672 | 6,420 |
| ------------------------------------- | ------------------------------------- | |
| 6,672 | 6,200 | |
| ============== | ============== |
- 13 FUNDS
Purpose of Designated Funds
Redland Chapel Fund
This fund is to be used for extraordinary repairs to Redland Chapel. Part of the fund is held in cash and part in investments. That part of the cost of managing the investments and that part of the appreciation in value of the investments is applied to the fund. During the year there were total transfers made to the fund totalling £8,300 to recognise future expenditure plans (£300 of which was in accordance with the Trust Deed.)
Minister’s House Fund
This fund is to be used for extraordinary repairs to the Minister’s House at Redland Chapel. Part of the cost of managing the investments and part of the appreciation in value of the investments is applied to the fund. During the year there were total transfers made to the fund totalling £11,200 (£200 of which was in accordance with the Trust Deed.
Capital Fund
This fund holds the investments from which income is derived. Part of the fund is held in cash and part in investments. That part of the cost of managing the investments and that part of the appreciation in value of the investments is applied to the fund. It forms part of the General Fund.
General Fund
This fund receives the income from investments and is used for any expenditure agreed by the Trustees which is not for exceptional repairs to the Chapel or Minister’s House. Any surplus is transferred to the Designated Funds.
13 Registered Charity Number: 255141
Redland Chapel Trust NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
13 FUNDS (continued)
All funds are unrestricted
| Funds at 31 March 2023 Held as to: Investments Property (Vicarage) Other Net Assets 2023/24 movement Income Transfer 1 Transfer 2 Expenditure Investments: Management fees Realised loss Unrealised gain Total movements Funds at 31st March 2024 Held as to: Investments Property (Vicarage) Other Net Assets |
Designated Funds Capital General Redland Minister's Total Fund Fund Chapel House Funds £ £ £ £ £ 1,294,951 1,138 73,952 9,659 1,379,700 1,096,960 - 46,057 2,993 1,146,010 198,082 - - - 198,082 (91) 1,138 27,895 6,666 35,608 |
|---|---|
| 1,294,951 1,138 73,952 9,659 1,379,700 |
|
| - 33,776 - - 33,776 (500) 300 200 - (19,000) 8,000 11,000 - - (13,801) - - (13,801) (7,924) - (339) (22) (8,285) (7,302) - (316) (21) (7,639) 65,909 - 2,852 185 68,946 |
|
| 50,683 475 10,497 11,342 72,997 |
|
| 1,345,634 1,613 84,449 21,001 1,452,697 |
|
| 1,147,216 - 51,399 - 1,198,615 198,082 - - - 198,082 336 1,613 33,050 21,001 56,000 |
|
| 1,345,634 1,613 84,449 21,001 1,452,697 |
14 RELATED PARTIES
During the year the Trust did not pay expenses to the Diocese Board of Finance, which is a related party by common control. The total amount of expenses recharged in the year was £nil (2023: £3,488). There were no amounts outstanding relating to this expenditure at the year-end (2023: £nil). There were no other related party transactions during the year.
14 Registered Charity Number: 255141 These unaudited financial statements have been subjected to independent examination. See report on page 4.