The Trustees present their annual report and financial statements for the year ended 30 June 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
The objectives of the Trust are the advancement of the Christian religion in the United Kingdom as believed by the Christadelphians and the relief of poverty and sickness wherever the Trust feels able to assist.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Public benefit
The Trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objectives of the charity and the activities of the charity are within the definitions of Charitable Purposes as set down in the Act. The Trustees are not aware of any public detriment caused by the charity's objects or activities, and nor are they aware of anyone receiving any private benefit from the charity's activities.
The results in the year are in line with the Trustees' expectations.
Investment policy and objectives
Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees wish.
Reserves policy
The Trustees have forecast the level of free reserves (that is those reserves not tied up in fixed assets, restricted or designated funds) the charity will require to sustain operations. The Trustees acknowledge that it is prudent to ensure there are sufficient free reserves in future periods to provide financial flexibility.
In the opinion of the Trustees, the present level of funds is adequate.
At the balance sheet date, there is a fund deficit of £3,692. Subsequent to the year end, a further contribution has been received to ensure the charity has adequate resources to continue in operational existence for the foreseeable future. The trustees therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
Governing Instrument
The Bible Tutor Trust is a company limited by guarantee, governed by its Memorandum and Articles of Association dated 18 February 2005. The company was incorporated on 18 February 2005 and was registered as a charity on 17 May 2005 with the Charity Commission.
The members of the company are those individuals appointed as Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Recruitment and appointment of new Trustees
The first subscribers of the charity on incorporation are appointed as charity members, Trustees and members of the Council of Management. Members of the Council of Management or charity must be 18 or over and;
- be a Christadelphian;
- be a member of a Christadelphian Ecclesia and;
- fully accepts the "Christadelphian Birmingham Amended Statement of Faith".
A member can also be a body or organisation which promotes the Christadelphian faith.
Organisational structure
The Council of Management, which has a minimum of three and no fixed maximum number of members, administers the charity. The Council of Management controls the day to day organisation and running of the charity.
Induction and training of new Trustees
Trustees for this period have been informally inducted. For the next period another Trustee will be enrolled, he or she will be formally inducted.
Risk management
The Trustees have examined the principal areas of the Trust's operations and considered the major risks faced.
In the opinion of the Trustees, the Trust has established resources and review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations.
The Trustees' report was approved by the Board of Trustees.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Bible Tutor Trust is a charitable company limited by guarantee domiciled in England and Wales, registration number 05369783. The registered office is Wickhamford Manor, Manor Road, Wickhamford, Evesham, Worcestershire, WR11 7SA.
The charity have been prepared in accordance with the chairty's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The chairty is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for smaller charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income is recognised when the chairty is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the chairty has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 the 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 costs 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.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Provisions
Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net income/(expenditure) in the period in which it arises.
Religious advancement - management
The average monthly number of employees during the year was:
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
As at 30 June 2024, the charity had no known guarantees, contingencies or other financial commitments (2023: £Nil).
During the year ended 30 June 2024, an amount of £1,158 (2023: £1,056) was paid on behalf of the Charity by Mr S W James, a trustee of the Charity. At the balance sheet date an amount of £5,486 was included within other creditors as due to Mr S W James (2023: £4,328).