REGISTERED CHARITY NUMBER: 280602
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
FOR
BATES CHARITABLE TRUST
BATES CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 15
Detailed Statement of Financial Activities 16
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BATES CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was set up by trust deed, in order for the trustees to hold a fund upon trust to apply the income thereof and the capital arising there from, for charitable purpose.
The trustees hold the income of the fund and use their absolute discretion to raise money and to decide to which charities it be applied.
Significant activities
The trustees have maintained a programme of support for a range of charities and charitable causes during the year.
The charities and charitable causes supported for public benefit can be broadly categorised into the following groups:
Christian relief organisations, overseas mission agencies and projects.
Schemes for the relief of poverty within the local area, especially projects that tackle the source of poverty.
Support for local church mission projects within the Derby area.
The trustees make judgements on the best information available to them and endeavour to give help where they believe it is most needed.
In setting our programme each year we have regard to the Charity Commission's guidance on public benefit at our trustee meetings.
The trustees plan to continue with the programme of support for the foreseeable future, as income allows.
Grantmaking
The trustees decide the general policy and the specific criteria for grant making. Their policy is to restrict the total grants for any one financial year to the expected investment income, having in mind that surpluses from earlier years are also available.
ACHIEVEMENT AND PERFORMANCE
There has been an increase in the value of the fund's investments during the year of 5.62% (2021: increase of 23.53%).
Investment income has increased by 1.57% (2021: decrease of 12.71%) during the year.
Grants and donations made by the trust were consistent at £32,000 (2021: £32,000). The largest recipients in 2022 were Derby City Mission £4,000 and Broadway Baptist Church £4,000 (2021: Derby City Mission £4,000 and Broadway Baptist Church £4,000).
The trustees have particular regard to work which stands within the evangelical tradition of the Church of England.
The trustees receive many applications from charities for help. These are reviewed at regular intervals and monies are allocated to causes considered to be within the objects of the charity, especially where their help may give support to local rural organisations and churches. They also regularly support certain national charities assisting those in need.
Page 1
BATES CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
FINANCIAL REVIEW
Financial position
The results for the year showed a total net income after gains/ (losses) on investments of £47,356 (2021: net income of £204,192). Of this, a loss of £995 (2021: loss of £1,455 related to unrestricted funds and a gain of £48,351 (2021: gain of £205,647) to endowment funds.In 2021 net income and gain to endowment funds reflected the market recovery from the adverse effects of COVID-19 in 2020.
Funds available at the year end totalled £1,091,742 (2021: £1,044,386) of which £9,054 (2021: £10,049) related to unrestricted funds and £1,082,688 (2021: £1,034,337) to endowment funds.
Investment policy and objectives
The objective is to create sufficient income and capital growth to enable the charity to make donations but with consideration to future needs, having regards to inflation.
The criteria are a balanced return between income and capital with a medium attitude to risk and with a discretionary mandate.
Both capital and income may at any time be used for the furtherance of the charities aims but usually only the income will be distributed and any capital withdrawals are likely to be limited to an upper ceiling of 1% of the fund value.
The portfolio asset allocation should fall within the following broad range:
| Fixed interest | 10% - 40% |
|---|---|
| Equities | 40% - 80% of which overseas equities 5% - 25% |
| Cash | 0% - 15% |
No initial investment should exceed 10% of the value of the fund and when an investment does become greater than 10% it should come up for review as to whether it should be scaled back. Direct investment in derivatives is not permitted.
The trustees have appointed Investec Wealth & Investment Limited as their investment managers and receive regular reports and advice from them.
Ethical Statement
It is the intention of the trustees to avoid where possible investment directly in companies which impoverish people or areas or nations, or that invest in Countries where there are oppressive political regimes. The trustees also wish to avoid investments in companies whose principal activity is involvement with armaments.
Reserves policy
The general unrestricted fund is regarded by the trustees as being available for grant making.
Unrestricted reserves are maintained at a level, considered to be adequate by the trustees, to cover an average year's expenditure excluding grants payable.
The permanent endowment fund represents the investments held by the charity and is regarded by the trustees as being the main source of income for the charity.
Going concern
The trustees only distribute the income available and on that basis feel that it is appropriate to continue to prepare the financial statements on a going concern basis.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 280602
Page 2
BATES CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
Principal address 20 Main Avenue Allestree DERBY DE22 2EG Trustees W F Bates J H Bates J E Bates N Waldron Independent Examiner Johnson Tidsall Limited Chartered Accountants 81 Burton Road Derby Derbyshire DE1 1TJ Advisers Investment Managers Investec Wealth & Investment Limited 2 Gresham Street London EC2V 7QN Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Rev. W F Bates - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BATES CHARITABLE TRUST
Independent examiner's report to the trustees of Bates Charitable Trust
I report to the charity trustees on my examination of the accounts of Bates Charitable Trust (the Trust) for the year ended 5 April 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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 cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the 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.
D J Mellor
Johnson Tidsall Limited Chartered Accountants 81 Burton Road Derby Derbyshire DE1 1TJ Date: .............................................
Page 4
BATES CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Notes INCOME AND ENDOWMENTS FROM Investment income 3 EXPENDITURE ON Raising funds 4 Charitable activities 5 Church and Charitable purposes Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2023 Unrestricted Endowment Total fund fund funds £ £ £ 34,584 - 34,584 - 14,021 14,021 34,849 - 34,849 34,849 14,021 48,870 - (105,563) (105,563) (265) (119,584) (119,849) 9,054 1,082,688 1,091,742 8,789 963,104 971,893 |
2022 Total funds £ 32,749 |
|---|---|---|
| 14,740 33,744 |
||
| 48,484 | ||
| 63,091 | ||
| 47,356 1,044,386 |
||
| 1,091,742 |
The notes form part of these financial statements
Page 5
BATES CHARITABLE TRUST
BALANCE SHEET 5 APRIL 2023
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 43,688 (34,899) 8,789 8,789 8,789 |
Endowment fund £ 963,104 - - - 963,104 963,104 |
2023 Total funds £ 963,104 43,688 (34,899) 8,789 971,893 971,893 8,789 963,104 971,893 |
2022 Total funds £ 1,082,688 42,789 (33,735) 9,054 1,091,742 1,091,742 9,054 1,082,688 1,091,742 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. W F Bates - Trustee
The notes form part of these financial statements
Page 6
BATES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. STATUTORY INFORMATION
Bates Charitable Trust is a charity registered with the Charity Commission. The charity's registered number and principal address can be found in the Reference and Administrative details of the Report of the Trustees.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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 for Smaller Entities published 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 currency basis for the preparation of these financial statements is pound sterling (£).
Going Concern
The trustees only distribute the income available each year and on that basis feel that it is appropriate to continue to prepare the financial statements on a going concern basis.
Significant judgements
The following judgements (apart from those involving estimates) have been made in the process of applying the charity's accounting policies that have had the most significant effect on amounts recognised in the financial statements:
Carrying value of investments - reliance is placed on the expertise of the fund managers, Investec Wealth and Management, to maximise the investment fund's potential. The market value of investments at the year end was £963,104 (2022: £1,082,688).
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. The amounts are shown gross of investment management costs incurred which are reported as a cost of raising funds. Investment income is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Page 7
BATES CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
2. ACCOUNTING POLICIES - continued
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Governance costs
Governance costs include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
Taxation
The charity is exempt from tax on its charitable activities.
Investments
Investments quoted on a recognised stock exchange are valued at fair value, being market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Permanent endowment funds
Assets donated on condition that the fund be held permanently by the charity, although the constituent assets may change, are held in a permanent endowment fund. Transactions and other events which affect the total amount of permanent endowment funds are shown separately in the Statement of Financial Activities in accordance with the Statement of Recommended Practice. Income generated by the investment assets is not subject to restriction and for this reason is credited to the general unrestricted fund, with the exception of unit trust equalisation income which is credited to the permanent endowment fund.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Fixed interest stocks, convertibles and equity investments | 34,555 | 32,698 |
| Deposit account interest | 29 | 51 |
| 34,584 | 32,749 |
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BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
| 4. RAISING FUNDS Investment management costs 2023 £ Portfolio management 14,021 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Support (see note costs (see 6) note 7) £ £ Church and Charitable purposes 33,081 1,768 6. GRANTS PAYABLE 2023 £ Church and Charitable purposes 33,081 |
2022 £ 14,740 |
|---|---|
| Totals £ 34,849 |
|
| 2022 £ 32,000 |
Page 9
BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
6. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| Church Mission Society Christian Aid TEAR Fund Safe and Sound, Derby Good News Family Care Manna Mozambique & Angola Anglican Association Derby City Mission Christian Solidarity Worldwide Derby Kids Camp Freedom From Torture London Institute Contemp Christianity Crossroads Swadlincote Youth for Christ Compassion Upbeat Communities Chicks Home Start Erewash Church Army Broadway Baptist CPAS (Falcon Camp) Restore UCCF Christian Unions St Luke's Healthcare for the Clergy A Roche UK MHA Freedom Community Project St Matthews, Overseal The Leprosy Mission Mission Direct The BACA Charity Betel UK Scripture Union Theos Starfish Malawi Improving lives Feed the minds Adami Poject |
2023 £ 1,000 1,500 1,500 - - 500 4,000 1,000 500 1,000 500 1,000 1,000 1,081 500 500 500 500 - 1,000 1,500 4,500 1,000 1,000 1,000 500 500 500 500 500 1,000 500 500 500 500 500 500 33,081 |
2022 £ 1,000 1,500 1,500 1,000 1,000 500 4,000 1,000 500 - 500 1,000 1,000 1,000 500 500 500 500 4,000 1,000 1,000 500 1,000 1,000 1,000 500 500 500 500 500 500 500 500 500 500 - - |
|---|---|---|
| 32,000 |
Page 10
BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Church and Charitable purposes | 10 | 1,758 | 1,768 |
Accountancy fees include the cost of independent examination of £1,674 (2022: £1,734).
Support costs, included in the above, are as follows:
Finance
| Finance | ||
|---|---|---|
| 2023 | 2022 | |
| Church | ||
| and | ||
| Charitable | Total | |
| purposes | activities | |
| £ | £ | |
| Bank charges | 10 | 10 |
| Governance costs | ||
| 2023 | 2022 | |
| Church | ||
| and | ||
| Charitable | Total | |
| purposes | activities | |
| £ | £ | |
| Accountancy | 1,758 | 1,734 |
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Church and Charitable purposes Total Net gains on investments |
Unrestricted fund £ 32,749 - 33,744 33,744 - |
Endowment fund £ - 14,740 - 14,740 63,091 |
Total funds £ 32,749 |
|---|---|---|---|
| 14,740 33,744 |
|||
| 48,484 | |||
| 63,091 |
Page 11
BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund £ NET INCOME/(EXPENDITURE) (995) RECONCILIATION OF FUNDS Total funds brought forward 10,049 TOTAL FUNDS CARRIED FORWARD 9,054 10. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 6 April 2022 1,076,657 Additions 23,821 Disposals (29,846) Revaluations (109,985) At 5 April 2023 960,647 NET BOOK VALUE At 5 April 2023 960,647 At 5 April 2022 1,076,657 Listed investments are analysed as follows: UK investments Overseas investments Included within listed investments are the following material investments: TR Property Investment Experion |
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund £ NET INCOME/(EXPENDITURE) (995) RECONCILIATION OF FUNDS Total funds brought forward 10,049 TOTAL FUNDS CARRIED FORWARD 9,054 10. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 6 April 2022 1,076,657 Additions 23,821 Disposals (29,846) Revaluations (109,985) At 5 April 2023 960,647 NET BOOK VALUE At 5 April 2023 960,647 At 5 April 2022 1,076,657 Listed investments are analysed as follows: UK investments Overseas investments Included within listed investments are the following material investments: TR Property Investment Experion |
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted fund £ NET INCOME/(EXPENDITURE) (995) RECONCILIATION OF FUNDS Total funds brought forward 10,049 TOTAL FUNDS CARRIED FORWARD 9,054 10. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 6 April 2022 1,076,657 Additions 23,821 Disposals (29,846) Revaluations (109,985) At 5 April 2023 960,647 NET BOOK VALUE At 5 April 2023 960,647 At 5 April 2022 1,076,657 Listed investments are analysed as follows: UK investments Overseas investments Included within listed investments are the following material investments: TR Property Investment Experion |
Endowment fund £ 48,351 1,034,337 1,082,688 Cash and settlements pending £ 6,031 34,267 (37,841) - 2,457 2,457 6,031 |
Endowment fund £ 48,351 1,034,337 1,082,688 Cash and settlements pending £ 6,031 34,267 (37,841) - 2,457 2,457 6,031 |
Total funds £ 47,356 1,044,386 1,091,742 Totals £ 1,082,688 58,088 (67,687) (109,985) 963,104 963,104 1,082,688 2022 £ 670,414 348,933 1,019,347 |
||
|---|---|---|---|---|---|---|---|
| 2023 | |||||||
| £ | |||||||
| 656,501 | |||||||
| 420,156 | |||||||
| 1,076,657 | |||||||
| 2022 | 2021 | ||||||
| £ | £ | ||||||
| 84,150 | 71,280 | ||||||
| 68,000 | 58,570 |
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BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
10. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 5 April 2023 is represented by:
| Listed investments £ Valuation in 2022 960,647 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors Other creditors includes grants payable to institutions of £32,000 (2021: £32,000). 12. MOVEMENT IN FUNDS At 6/4/22 £ Unrestricted funds General fund 9,054 Endowment funds Endowment fund 1,082,688 TOTAL FUNDS 1,091,742 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 34,584 (34,849) Endowment funds Endowment fund - (14,021) TOTAL FUNDS 34,584 (48,870) |
Cash and settlements pending £ 2,457 2023 £ 34,899 Net movement in funds £ (265) (119,584) (119,849) Gains and losses £ - (105,563) (105,563) |
Totals £ 963,104 |
Totals £ 963,104 |
|
|---|---|---|---|---|
| 2022 £ 33,735 At 5/4/23 £ 8,789 963,104 |
2022 £ 33,735 |
|||
| 971,893 | ||||
| Movement in funds £ (265) (119,584) (119,849) |
||||
| (119,849) |
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BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 6/4/21 | in funds | 5/4/22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 10,049 | (995) | 9,054 | ||
| Endowment funds | |||||
| Endowment fund | 1,034,337 | 48,351 | 1,082,688 | ||
| TOTAL FUNDS | 1,044,386 | 47,356 | 1,091,742 | ||
| Comparative net movement in funds, included in the above are | as | follows: | |||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 32,749 | (33,744) | - | (995) | |
| Endowment funds | |||||
| Endowment fund | - | (14,740) | 63,091 | 48,351 | |
| TOTAL FUNDS | 32,749 | (48,484) | 63,091 | 47,356 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS |
At 6/4/21 £ 10,049 1,034,337 1,044,386 |
Net movement in funds £ (1,260) (71,233) (72,493) |
At 5/4/23 £ 8,789 963,104 |
|---|---|---|---|
| 971,893 |
Page 14
BATES CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
12. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS |
Incoming resources £ 67,333 - 67,333 |
Resources expended £ (68,593) (28,761) (97,354) |
Gains and Movement losses in funds £ £ - (1,260) (42,472) (71,233) (42,472) (72,493) |
Gains and Movement losses in funds £ £ - (1,260) (42,472) (71,233) (42,472) (72,493) |
|---|---|---|---|---|
| (72,493) |
Endowment fund
Income from the investments are for the provision of grants payable for charitable purposes. The capital element of the fund is unavailable for distribution.
13. RELATED PARTY DISCLOSURES
During the year there were the following transactions with related parties:
Broadway Baptist Church, Derby
Broadway Baptist Church is a church of which the spouse of the Rev W F Bates is a trustee.
During the year a donation of £4,000 (2021 - £4,000) was made from the Charity to Broadway Baptist Church.
14. ULTIMATE CONTROLLING PARTY
The Charity is controlled by its Trustees.
Page 15
BATES CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Fixed interest stocks, convertibles and equity | ||
| investments | 34,555 | 32,698 |
| Deposit account interest | 29 | 51 |
| 34,584 | 32,749 | |
| Total incoming resources | 34,584 | 32,749 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 14,021 | 14,740 |
| Charitable activities | ||
| Grants to institutions | 33,081 | 32,000 |
| Support costs | ||
| Finance | ||
| Bank charges | 10 | 10 |
| Governance costs | ||
| Accountancy | 1,758 | 1,734 |
| Total resources expended | 48,870 | 48,484 |
| Net expenditure before gains and losses | (14,286) | (15,735) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 315 | (13,846) |
| Net expenditure | (13,971) | (29,581) |
This page does not form part of the statutory financial statements
Page 16