2025-04-05-accounts - The Bates Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED CHARITY NUMBER: 280602

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

FOR

BATES CHARITABLE TRUST

BATES CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

----- Start of picture text -----
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 14
Detailed Statement of Financial Activities 15
----- End of picture text -----

BATES CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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.

ACHIEVEMENTS AND PERFORMANCE

There has been a decrease in the value of the fund's investments during the year of 6.21% (2024: increase off 2.25%).

Investment income has decreased by 25.63 % (2024: increase of 0.14%) during the year.

No grants or donations were made by the trust this year (2024: £38,000). This will be back to normal next year.

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.

FINANCIAL REVIEW

Financial position

The results for the year showed a total net income after gains/ (losses) on investments of £12,285 (2024: net loss of £(17,839)). Of this, a gain of £23,590 (2024: loss of £5,281) related to unrestricted funds and a loss of £51,258 (2024: surplus of £23,120) to endowment funds.

Funds available at the year end totalled £967,064 (2024: £995,813) of which £32,098 (2024: £8,508) related to unrestricted funds and £934,966 (2024: £986,224) to endowment funds.

Page 1

BATES CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

FINANCIAL REVIEW

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

Principal address

20 Main Avenue Allestree DERBY DE22 2EG

Page 2

BATES CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

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 2025.

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 2025

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	2025 Unrestricted Endowment Total fund fund funds £ £ £ 25,680 230 25,910 - 11,634 11,634 2,090 (96) 1,994 2,090 11,538 13,628 - (39,953) (39,953) 23,590 (51,261) (27,671) 8,508 986,224 994,732 32,098 934,963 967,061	2024 Total funds £ 36,302
		13,169 34,830
		47,999
		34,536
		22,839 971,893
		994,732

The notes form part of these financial statements

Page 5

BATES CHARITABLE TRUST

BALANCE SHEET 5 APRIL 2025

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 £ - 34,098 (2,000) 32,098 32,098 32,098	Endowment fund £ 934,963 - - - 934,963 934,963	2025 Total funds £ 934,963 34,098 (2,000) 32,098 967,061 967,061 32,098 934,963 967,061	2024 Total funds £ 986,227 48,323 (39,818) 8,505 994,732 994,732 8,508 986,224 994,732

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 2025

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 £934,963 (2024: £986,224).

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption 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 2025

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
	2025	2024
	£	£
Fixed interest stocks, convertibles and equity investments	25,910	36,302

Page 8

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

4. RAISING FUNDS Investment management costs Portfolio management 5. CHARITABLE ACTIVITIES COSTS Church and Charitable purposes 6. GRANTS PAYABLE Church and Charitable purposes	2025 2024 £ £ 11,634 13,169 Support costs (see note 7) £ 1,994 2025 2024 £ £ - 33,000	2024 £ 13,169

Page 9

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

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 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 Scripture Union Theos Starfish Malawi Improving lives Feed the minds Adami Poject Cress UK FSJSM UK Fare Share Midlands I Sing POP 2023 Donations not being paid	2025 £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	2024 £ 1,000 2,000 2,000 500 500 5,000 1,000 500 1,000 500 1,000 1,000 1,000 500 500 1,000 500 4,000 1,000 1,500 500 1,000 1,000 1,000 500 500 500 500 500 500 500 500 500 500 500 500 500 1,000 1,000 (5,000) 33,000

Page 10

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

7. SUPPORT COSTS

SUPPORT COSTS
		Governance
	Finance	costs	Totals
	£	£	£
Church and Charitable purposes	(96)	2,090	1,994

Accountancy fees include the cost of independent examination of £2,000 (2024: £1,818).

Support costs, included in the above, are as follows:

Finance

Finance
	2025	2024
	Church
	and
	Charitable	Total
	purposes	activities
	£	£
Bank charges	(96)	12
Governance costs
	2025	2024
	Church
	and
	Charitable	Total
	purposes	activities
	£	£
Accountancy	2,090	1,818

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Endowment fund fund £ £ INCOME AND ENDOWMENTS FROM Investment income 34,537 1,765 EXPENDITURE ON Raising funds - 13,169 Charitable activities Church and Charitable purposes 34,818 12 Total 34,818 13,181 Net gains on investments - 34,536	Total funds £ 36,302
	13,169 34,830
	47,999
	34,536

Page 11

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Endowment fund fund £ £ NET INCOME/(EXPENDITURE) (281) 23,120 RECONCILIATION OF FUNDS Total funds brought forward 8,789 963,104 TOTAL FUNDS CARRIED FORWARD 8,508 986,224 10. FIXED ASSET INVESTMENTS Cash and Listed settlements investments pending £ £ MARKET VALUE At 6 April 2024 983,255 2,972 Additions 15,935 38,044 Disposals (42,602) (27,340) Revaluations (35,301) - At 5 April 2025 921,287 13,676 NET BOOK VALUE At 5 April 2025 921,287 13,676 At 5 April 2024 983,255 2,972 Listed investments are analysed as follows: 2025 £ UK investments 426,422 Overseas investments 494,865 921,287 Cost or valuation at 5 April 2025 is represented by: Cash and Listed settlements investments pending £ £ Valuation in 2025 921,287 13,676	Total funds £ 22,839 971,893 994,732 Totals £ 986,227 53,979 (69,942) (35,301) 934,963 934,963 986,227	Total funds £
		22,839 971,893
		994,732




2025	2024
£	£
426,422	476,723
494,865	506,529


921,287	983,252

	Totals £ 934,963

Page 12

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors Other creditors includes grants payable to institutions of £0 (2024: £38,000). 12. MOVEMENT IN FUNDS At 6/4/24 £ Unrestricted funds General fund 8,508 Endowment funds Endowment fund 986,224 TOTAL FUNDS 994,732 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 25,680 (2,090) Endowment funds Endowment fund 230 (11,538) TOTAL FUNDS 25,910 (13,628) Comparatives for movement in funds At 6/4/23 £ Unrestricted funds General fund 8,789 Endowment funds Endowment fund 963,104 TOTAL FUNDS 971,893	2025 2024 £ £ 2,000 39,818 Net movement At in funds 5/4/25 £ £ 23,590 32,098 (51,261) 934,963 (27,671) 967,061 Gains and Movement losses in funds £ £ - 23,590 (39,953) (51,261) (39,953) (27,671) Net movement At in funds 5/4/24 £ £ (281) 8,508 23,120 986,224 22,839 994,732	2024 £ 39,818 At 5/4/25 £ 32,098 934,963	2024 £ 39,818
		967,061
		994,732

Page 13

BATES CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

12. MOVEMENT IN FUNDS - continued

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	34,537	(34,818)	-	(281)
Endowment funds
Endowment fund	1,765	(13,181)	34,536	23,120
TOTAL FUNDS	36,302	(47,999)	34,536	22,839

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 £0 (2024 - £5,000) was made from the Charity to Broadway Baptist Church.

14. ULTIMATE CONTROLLING PARTY

The Charity is controlled by its Trustees.

Page 14

BATES CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

	2025	2024
	£	£
INCOME AND ENDOWMENTS
Investment income
Fixed interest stocks, convertibles and equity
investments	25,910	36,302
Total incoming resources	25,910	36,302
EXPENDITURE
Investment management costs
Portfolio management	11,634	13,169
Charitable activities
Grants to institutions	-	33,000
Support costs
Finance
Bank charges	(96)	12
Governance costs
Accountancy	2,090	1,818
Total resources expended	13,628	47,999
Net income/(expenditure)	12,282	(11,697)

This page does not form part of the statutory financial statements

Page 15