Page-l 8ROADMEAD CHAPEL TRLIST ACCOUNTS FOR THE YEAR ENDED 310ECEM8ER 2024 Charlty No.. 255948
Pag8.2 BROAOMEAD CHAPEL TRUST CONTENTS Page Annu81 Report Independent Examiners Report Rècdpts and P8yments Aectyjnt Slaternenl of A85ets and Liabilities Notes to the Accounts
Pag8-3 BROADM&40 CHAPEL TRUST ANNUAL REPORT REFERENCE AND ADMINISTRATrVE INFORMATION Reglstarad Charlty Number: 255948 Doed of Trust: 19 Oc*obtrr 1967 R•g18t•Tod Office: 1 Whippinglon Court RISTOL BS1 3HY Mr Noah CaY Mr Boon8eng Soh Mr Dawd Bowden Mrs Fiony Tam Mr AndM¥ 8arclay Chaiman lappointed October 20241 Tr98suror Note.. Trus18&8 ar• 8ppointad frjr a renewabte tern of five years. Prlnclpal Bank8r4'. Virgin Monay Unit 2 Transom House Vi¢torf8 Street BRISTOL BS16AH CLA One Angel Lane LONDON EC4R 3AB Ind•p•ndent Examln•r: D. C. Cox F.C.A. Harwood, Lane & Co Units 1 - 4 Crossley Fam Business Centre Swan Lane Winlerbour BRISTOL BS36 1 RH Sollcitors: TLT Sollcitors 1 Redcliff st91 BRISTOL 8S99 7JZ
Page-4 BROADMEAD CHAPEL TRUST ANNUAL REPORT Obl•ctlv•s and Actlvltles Broadmead Chapel Trust Ilhe Trust) is a charity gIstered with the Charity Comrni38ion for England and W818s under chanty number 255948. Tho object ol the Charity is to meet the costs of pairing, maintaining and insurino the property of th8 TnJst and the proper costs ol admini8lr8tlon and m8nagement ol the Trust, and. subject lo that, to contrlbutg to th8 rellgiou8 and other charitable work ol Broadrnead Baptl8t Church. Thè mentloned property refers to buildiro al 1 Whippington Court, B¥L5tol Ih8t houses Broadmead Baptist Church on its upper floor3 and shop addiésses 94 8roadmead and 44154 Union Str8e( Bristol on Ils ground As the prop8rty is hell and occupied by 8r08dmèad Baptlst Church (the church), the Tru8tworks dosely with the church to carry oul its mission. The Trust 18 tasked wth the re5ponsibillty ol ffjpairing and maintaining the buildirrtj fabric, defined as the structure and fed systems and lumlshlnga of lh8 building. The Tru31 may occ85ion8lly. 8nd wlth the agreement ol the church, (xrry aut actiwliss yond those r8tated to the bulldlng fabric but which conln'but8 to the Charitab work of the church. Govamanco The operation of the Trust IS tsUtlln*d in a founding document known as th&'1967 scheme,. Its aclivities are largely carried out by the members ofthe board, who S the tntstees for the purw88 of tharity law and are appolntsd for fixed riva year terms. The Irustse8 serve in a volunteer capacity and no rernuneralon was pald to trust8 duriro the year. Achl•vgmonts and Perfornwnce 2024 saw heavy investmènt In buitding imyovernent8 and repair, in partku18rthe renovation of room8 for chiklrén's ministry and upgrade ol the eledrical $yslam. Flnan¢lal R•vl&w The charity ganerally r8ceives no funding other than trorn its own resoure8s. the maln one ol which16 gmund rent recéivable on land in 8roadm&8d and Lower Unlon Street. This currently amounts lo £33,762 per annum, fix8d for 33 years until 2032. In additlon to fund8 generally $psnt on maintaining. improwng and ir¢uring the property of the TnJ5t, 85 dictated by tho trusfs mission, significant funds were spernt on buikjing improvements, particulaty upgrading the electrical 8tern. Th8 Isrge expen¢Jiture was sub8idi8ed by transfers of fund5 fram the Broadrn88d B8ptSst Church Injst. The total surplu8 bva8 £32,409. Notabla expenses ndje.. Building insuraneo- £12,887 Children's ministry room8 renovation and front entrance redesign- £72,579 Eledrical 8yslem uyJrade- £60,958 No change wos made to the Tru8f3 Inve8tm•nts in 2024. and no svJnificant chanae In the valua ol tho investments was noted. The total value of the funds available to tha Trust at the end of 2024 was £66,397. The investmèrrts held by the Trust are d15close¢J on the balance sheet at cttst, 81ong wSth a88ets and liabilities. The market value ol the investrnents is e81irnated to bo £56.398. Plans for Futurg Pgrlod# In 2025 th• Trust intends to continue the buikjing Impmvements, particularty upgrading thg front entrance. Thefore, large expenditurè and a budget deficit FS gypected in 2025.
Page-s BROADMEAD CHAPEL TRUST ANNUAL REPORT Trustgè8' Respon31blllty Slatgrn*nt Chartly law requlres Ilie Trts$lees lo prep8re actounls lor e8ch finèn¢181 year whlch ylve 8 Iwe and lair view ol Ihe slale ol Bffalrs 91 Ihe rh8Tily $nd ol Ils Income and expeni511ur8 for thai pgrlod, In preparing Ihe atla¢hed a¢¢ounls the Truslees consider the chgrlly h88: used 6uitable ac¢ountlng pollGle8 8nd then applleis U)8m con816tènlty'. made judgements and e8llma19s that are ie880nable 8nd prudent., 818leé whelber Sppllcable accounllng Standards hove beèn lollt)wed, $ublg¢t ID 8ny malerial departure8 disclosed and explgnollons in Ihe a¢¢ounts,' and ha8 PrePad the 8¢counts on th¢ gdn9 wncern ba81$. The Truslee$ havè responslbllity lor mBiniainlng proper 3ccounllng recordg wliich dis¢1o$a wlh rea$on8ble a¢cura¢y al anyllme the financlal poslllon of the ch8rlly ond enable il to eftsure that th financi81 slalemenls comply with Ihe Ch8ritl88 Act. They a150 have re8pon$ibllily for safeguardlng the as8¢ls ol the charlty and hen¢0 lor 18klng reasonable $lep8 lo prgvenl 8nd delecl fraud and othei Irregulorilies. In a¢cordance wllh charlty law, as the chadlV$ tnJslee$, we certify th81.. So fat as we are aware, Ih¢re is no relovanl aO$jI1ts inform8ti¢m of whlch the churth's examiners ar¢ unaware,. and AS Irusle8s 01 the church we have l?ken all the slep$ that we ought lo have laken in order lo make ourselves awar8 of any relevant aydSt Inforrnatlon and lo esl8bllBh Ihat the charity's exarnlners ar¥ aw8r8 01 that informallon. INDEPENDENT EXAMINERS Harnood Lane & Co were re-appolnled as thg church's Independen¢ Examiner3 durino the year and have expressed Ihelr willingne681o continue in Ihal capacity. Signed on behall of Ihe Tru81'. 8¢ons ng Soh Tr8asuror Oale.. Ll Oclob loLS
Page-6 INDEPENDENT EK4MINER'S RepoRT TO THE TRUSTEES OF THE BROADMEAD CHAPEL TRUST I rsport on tho accounts of the Trust for the year ended 31 Dec8rnb8r 2024. thich 8r• sot out on pages 7t09. R•spectlve responsiblliti8s ol tru$te•$ and examlngrg The charity's Iru8te88 are re5ponslbla for the preparatlon ol the accounts. The cl)arity'5 trust885 considar that an audlt Is not required for this year lulld8r section 144121 of tha Charitl8s Act 2011 I the 2011 Actl and that an independent examin8tion is needed. HavlThJ sattsfi8d mys$ll that the charfty is not sut4.ect to audit undgr curnp8ny law and Lg ellglbl• for independent examinat*)n, il B my r8sponsibility tD'. examine the account8 undgr 89CtILX) 145 of tho 2011 Act,. to follow the procedures laid down In the General Directions given by the Charity Commisslon under sectlon 145ISllbl of the 2011 Ad., and to 8tate whether p8cUlar mattors have come to my attention. Bas18 of Ind8pend8llt #xamln•rn' rsport My exarnin8tion was carrled out In accordance with the Gen8ral Dir8cllons given by tha Charfty Commlssioners. An exarnination incl5 a review ol thè accountlng records kept by the charity and a Comparison of the accounts PSented wth those re¢otd3. It also includes consid8ratlon of any unu8U81 tems or disclosures in the accounts and 8e8kirvJ èxplanatlon5 from you as trustees conceming any such rnatt8r8. Thg procedutès undortaken do not provmle all the gvtyYen¢x that would bg requir8d in an audlt, and consequently no opinion is given as to whether tho accounts present a Irug afid fair view and the pOrt 1$ limited to those matters set out in the next statement. Independent examlnerf8 ststenwnt In connectlon w41h my examlnalon, no m81ts1 has como to my attentlon.. which give8 me rea3on8trle to b614eve that in any material respect the requlrernents.. to keop acLountlng records in accordance wilh 5edton 130 of the 2011 Art and to prepare accounts which accord with the accountlng racords and to Comply with the accounting r8quir8m8nts of the 2011 Act havé not been met; or to whlch, in my opSnion. attention ¥hould be drawn In order to 8nabla a proper understandin ol the accounts to be reached. Davl(I Cox F.C.A. Harwood, Lan• & Co Chartereil Accountants Units 1 - 4 Clos¥Y Fafm Busln•ss Centre Swan Lane Wlnlerbourne BRISTOL BS36 IRH
Page-7 BROADMEAD CHAPEL TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENOED 31 DECEMBER 2024 2024 2023 RECEIPTS Othe Ground Rènt nlerest Investment Income Relmbursement ol Insurance Premlurn Mi8cellaneou8 Income 5ncome from Church Trust 42.202 538 3,513 9,882 5,807 144,000 25,321 860 3,237 72.000 Total Re¢•lpts 205,742 101.426 PAYMENT5 Malntenance Security Syslern Fire Pr8¢aullons Heet¢ng Lift Maintènanco Includlng s8Ce Agreemerr Stewards Flat Electrical System Buildlng Day to Day General Renovation 8.823 1,377 1,838 7,911 1,116 21,597 1,344 80,955 18,514 72,579 8,373 82,223 188,592 103,862 Insurances 12,887 12.273 Indendent Examiner 5 Fee Prof¥s$lonal Fees 3,780 Total Paymènts 173,333 119.715 N8t re¢eiptsllpaymgntsl for th8 year 32,409 -18.289 Bank Deposts at 1 January 33,988 52,277 Bank Deposits at 31 Do¢gmber £66.397 £33 988
Page-8 BROADMEAD CHAPEL TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 31 OECEMBER 2024 MONETARY General Purposes Fund 2024 General Purpos•8 Fund 2023 nk Aceounts Virgin Monèy Club Charity RO Assc COIF Inveslrnent Account 50.630 15,767 18,989 14.999 £66 397 £33 988 OTHER ASSETS Dobtor8 In8urances Due Accrued Incorne 3.245 8,440 £0 £11885 Share at Cost Assèt Fun BlackRock 8LK ChaTilie8 UK Equity Fund A SchriJJee8 SUTL Cazanove Chgnty Equity V8lu8 Fund A 447 1,081 447 1,Q81 1,528 1,528 Income Fu M&G Charifund Income Units 22,486 22,486 £24 014 £24 014 IA81L Indewndent Examinerf¥ fv& - 2022 - 2023 2024 432 462 4¥2 £492 £894
Pagg-9 BROADMEAD CHAPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENOED 31 DECEMBER 2024 ACCOUNTING POLICIES Ba81¥ ol preparatlon ol accounts The accounts have been prep8red under the historical cost convention with ern8 r8cogn15ed at cost or transacllon value unless otherwise stated in Ibe revant nots 151 to these accounts The financial 5talernents have beén prepared in accordan wth the Statement of Recommended Practlce.. Accounting and Reporting by Charitie8 prep8ring Ihoir accounts in accordance with the Finandal Reporting Stsndard awlieablè In tha UK and Republic of Ireland IFRS 1021 Issued on 16 July 2014 and the Flnancial Reportiro Standard appll¢ablo in the United Kingdom 8nd Republic of Ireland IFRS 1021 al the Bro8dmead Chap81 Trust meets the definiUon ol a publlc benefit entity under FRS102. Assets and liabilities are inittalty recogni88d at historical c05t or Iransactlon value untess otherwis8 ststed in Ihe relevant accounliro policy notes. CURRENT ASSET INVESTMENTS The investments held by th$ Ch8rfty are dlsclosed In the Siatsmenl of A6s8ts aThY knabililies at cost. At 31 Dernber 2024 the market valbp of all the InlM&ntS held w85 £56,398. TRUSTEES REMUNERATION Thèra was no romuneratkJn paid to the Trustees during the y88r.