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← Reigate Baptist Church Trust

2024-12-31-accounts

Reigate Baptist Church

Report and Accounts Year ended 31 December 2024

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

REIGATE BAPTIST CHURCH

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees Ian Curry Dr. John Eglington Lisa Marie Hopkins Simon Davis (appointed 24 July 2024) Key Staff Mike Williams Senior Pastor Jo Pammen Operations Manager Governing Document Deed of Trust dated 30th October 1998 Charity Registration Number 1072718 Principal Address Sycamore Walk Reigate RH2 7LR Independent Examiner Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers CAF Bank Ltd. 25 Kings Hill Avenue West Malling Kent ME19 4JQ Contents Page Charity Information 1 Trustees' Annual Report 2 - 6 Independent Examiner's Report 7 Statement of Financial Activities 8 Balance Sheet 9 Cashflow Statement 10 - 11 Notes to the Accounts 12 - 19 Detailed Statement of Financial Activities with Comparatives 20

Page 1

REIGATE BAPTIST CHURCH

Sycamore Walk Reigate Surrey RH2 7LR

Trustee’s Report for the year ended 31 December, 2024

1. Objects of the Charity - Principal Activities and Organisation

The church is constituted by a Deed of Trust dated 30 October, 1998 and is registered with the Charity Commission under reference 1072718.

The objects of the Trust are to advance the Christian faith to relieve hardship and to promote and fulfil such other charitable purposes beneficial to the community in the County of Surrey and in such other parts of the United Kingdom or the World as the Trustees think fit. The principal activities carried out in pursuance of these objectives are set out below.

The Trustees who served throughout the year are Mr. Ian Curry, Dr. John Eglington, and Mrs. Lisa Hopkins. Mr. Simon Davis was appointed as a new trustee at the church meeting on 24 July 2024. The appointment of new Trustees is governed by the Trust Deed, which requires a resolution of the majority of church members voting at a duly constituted church meeting.

2. Financial Review

The total incoming resources for 2024 totalled £617,265 (2023: £505,688) and total expenditure for 2024 totalled £521,325 (2023: £469,795) which produced net incoming resources for the church of £95,939 (2023: £35,893). Income was higher in 2024 compared with 2023. Giving in 2025 to date is good, and we expect the income to be higher in 2025.

Fund balances carried forward amount to £2,439,286 unrestricted funds and £5,360 restricted funds.

3. Review of Activities

Worship and Prayer

All are welcome to attend our Sunday morning and regular evening prayer services as well as our Easter and Christmas services. There are presently approximately 221 active members of the church. Sunday morning attendance is about 394 adults and youth, with children attending several age-group meetings.

Additionally, our regular weekly/monthly meetings continued as follows:

Page 2

Outreach and Community

RBC works closely with various outreach projects that benefit the local community and beyond:

Event held:

Use of the Church Building

The church building is generally used extensively for outreach and community events. Users include:

In planning the activities, the Trustees have had regard to the guidance on public benefit issued by the Charity Commission.

Page 3

4. Achievements and performance

5. Grant Making Policy

The church tithes approximately 10% of its gross undesignated fund giving to Christian organisations and individuals agreed by the leadership. During the year significant gifts were made to:

6. Future Developments and Funding

There are currently no commitments for future major capital expenditure.

7. Governance and Management

The Trustees are required to meet at least once in every year and in practice do so as often as necessary for the proper management of the Trust. Four ordinary members meetings are scheduled each year, together with occasional extraordinary meetings dedicated to particular matters.

The Trustees review remuneration of all Staff, including the Pastor, annually. This is done with a view to the level of responsibility each member of staff has within the church. Salaries are also reviewed with regard to the current rate of inflation.

The Trustees have attended various seminars and training courses relevant to the role of Trustee.

Decisions as to the day-to-day pastoral work of the church are made by the Eldership, two of whom are also Trustees, but referring to the Trustees in all Financial and Legal matters, including staff appointments and development within their roles.

8. Risk Management

The Trustees and Elders have examined the major strategic business operational and legal risks that the church faces. The Trustees confirm that to the best of their knowledge and belief suitable systems and measures are in place to monitor, manage and mitigate these risks appropriately for the benefit of church members and other users of the premises.

In particular the main risks identified are:

Page 4

with the Elders) have ensured that proper and regular Health and Safety reviews are carried out for the premises and its’ users, and all recommendations considered, and implemented where relevant.

9. Reserves policy

The trustees have determined that the charity should aim to hold unrestricted cash of no less than £60,000 (which equates to 1.5 months of unrestricted expenditure). The current cash reserves are well above this amount.

Measures to safeguard against unauthorised expenditure and to monitor income are constantly reviewed to ensure funds are rigorously protected.

10. Statutory Obligations

The Trustees and Elders have examined the relevant statutory requirements in respect of antidiscrimination, the protection of vulnerable individuals (including children), health & safety, and data protection. The Trustees confirm that to the best of their knowledge and belief the church complies with these obligations and does so in conformity with the objectives of the Trust.

11. Responsibilities of Trustees under Charity Law

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).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the Trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

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 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

12. Bankers

The Trust's principal bankers are CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4TA.

13. Independent Examiner

The Trust's independent examiner is Sarah Crispin, Stewardship Services, 1 Lamb's Passage, London EC1Y 8AB.

This report was approved by the Trustees of Reigate Baptist Church on Aug 26, 2025 and signed on their behalf by:

Ian Curry

Ian Curry (Aug 26, 2025 16:30:04 GMT+1)

…………………………………………………………

Ian Curry, Trustee

Aug 26, 2025

…………………………

Date

Page 6

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

REIGATE BAPTIST CHURCH ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2024 on pages 8 to 20 following, which have been prepared on the basis of the accounting policies set out on pages 12 and 13.

Responsibilities and basis of report

As the charity’s 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 Charity’s accounts carried out under section 145 of the 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 Act.

Independent examiner’s statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

Sarah Crispin

Sarah Crispin (Aug 28, 2025 16:01:07 GMT+1) Sarah Crispin ACA Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Aug 28, 2025

Page 7

REIGATE BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Other income
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Total expenditure
Net income/(expenditure)
Transfers between funds
14
Other recognised gains/(losses):
Actuarial gains/(losses) on defined
benefit pension schemes
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
Funds
£
509,773
13,260
60,834
4,378
26,308
614,554
519,803
519,803
94,750
-
94,750
-
94,750
2,344,536
2,439,286		 Restricted
Funds
£
2,432
279
-
-
-
2,711
1,522
1,522
1,189
-
1,189
-
1,189
4,171
5,360		 Total
Total
Funds
Funds
2024
2023
£
£
512,205
402,041
13,539
10,909
60,834
69,874
4,378
900
26,308
21,965
617,265
505,688
521,325
469,795
521,325
469,795
95,939
35,893
-
-
95,939
35,893
-
-
95,939
35,893
2,348,707
2,312,814
2,444,646
2,348,707

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 12-19 form part of these accounts.

Page 8

REIGATE BAPTIST CHURCH

BALANCE SHEET

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
9
CURRENT ASSETS
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling
due within one year
12
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
13
after more than one year
Net assets / (liabilities) excluding
pension asset / (liability)
Defined benefit scheme asset / (liability)
13
TOTAL NET ASSETS
FUND BALANCES
14
Unrestricted Funds
General funds
Revaluation reserve
Restricted Funds		 Unrestricted
Funds
£
2,204,770
2,204,770
9,502
232,944
242,446
(7,929)
234,516
2,439,286
-
2,439,286
-
2,439,286
2,277,732
161,554
2,439,286
-
2,439,286		 Restricted
Funds
£
-
-
-
6,290
6,290
(930)
5,360
5,360
5,360
-
5,360
-
-
-
5,360
5,360
-		 Total
Funds
2024
£
2,204,770
2,204,770
9,502
239,234
248,736
(8,859)
239,876
2,444,646
-
2,444,646
-
2,444,646
2,277,732
161,554
2,439,286
5,360
2,444,646		 Total
Funds
2023
£
2,203,278
2,203,278
9,896
140,009
149,905
(4,476)
145,430
2,348,707
-
2,348,707
-
2,348,707
2,182,982
161,554
2,344,536
4,171
2,348,707

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Ian Curry (Aug 26, 2025 16:30:04 GMT+1)Ian Curry Aug 26, 2025 ______ ______ Ian Curry, Trustee Date

Charity number: 1072718

The notes on page 12-19 form part of these accounts.

Page 9

REIGATE BAPTIST CHURCH

FOR THE YEAR ENDED 31 DECEMBER 2024

CASH FLOW STATEMENT

Cash flows from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Payments made to BU towards pension deficit
Net cash provided by/(used in) financing activities
Analysis of changes in net debt:
Cash
Total net funds / (debt)
Cash and equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Change in cash and equivalents in the reporting period		 Note
a
b
b
At start of
year
£
140,009
140,009		 2024
£
99,015
4,378
5,500
(9,669)
210
-
-
-
99,225
140,009
239,234
Cash-flows
£
99,225
99,225		 2023
£
42,614
900
-
-
900
(4,000)
-
(4,000)
39,514
100,495
140,009
At end of
year
£
239,234
239,234

Page 10

REIGATE BAPTIST CHURCH

FOR THE YEAR ENDED 31 DECEMBER 2024

NOTES TO THE CASH FLOW STATEMENT

Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities

Adjustments for:
Depreciation charges and provisions for impairment
(Gains)/losses on investments
Dividends, interest and rents from investments
Loss/(gain) on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Note b: Analysis of cash and cash equivalents
Cash at bank with immediate access
Notice deposits (with a term of three months or less)
Petty cash
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)		 2024
£
95,939
6,067
-
(4,378)
(3,390)
394
4,384
99,015
2024
£
157,538
81,546
150
239,234		 2023
£
35,893
5,450
-
(900)
-
8,780
(6,609)
42,614
2023
£
99,609
40,250
150
140,009

Page 11

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Statutory Information

The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These 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) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the toddler group and church events.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It is primarily income received from property rentals.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 12

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies (cont.)

d) Fund accounting

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £500 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Freehold land Is not depreciated (because it is not consumed by use) Are not depreciated on the grounds that they have very long useful lives and the assets will Freehold buildings be maintained in such condition that there residual values are not materially different from the amounts shown in the balance sheet. Equipment Over 4 years Vehicles Over 4 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution plans for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in an independently administered fund.

The charity is a participating employer in the Baptist Union Pension Scheme which, prior to January 2012, was a multi-employer defined benefit pension scheme. The charity is unable to identify its share of this scheme's assets and liabilities therefore, as permitted by FRS 102, the entire scheme is being treated as if it were a defined contribution scheme.

Further information about this defined benefits scheme, and the charity's obligation to contribute towards its funding deficit, is disclosed elsewhere in the notes to these accounts.

g) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Financial instruments

i) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:

3
Donations and legacies
Donations of cash and similar
Income tax recoverable
4
Income from charitable activities
Parents & toddlers
Church retreats and events		 2024
£
433,887
78,318
512,205
2024
£
9,132
4,407
13,539		 2023
£
345,632
56,409
402,041
2023
£
9,044
1,865
10,909

Page 13

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5
Income from other trading activities
Rental income
6
Other income
Gain on disposal of tangible fixed assets
Insurance claim
Other miscellaneous income
7
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry
Ministers' staff costs
Training and conferences
Ministers' housing costs
External speakers
Youth and children including staff costs
Church events & courses
Other ministry costs
Buildings
Staff costs
Utility costs
Cleaning
Repairs and maintenance
Costs of letting
Other buildings costs
Outreach
Evangelism and events
Literature and publicity
Grants (see note 7c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Staff costs
Transport
Catering
Office running expenses
Equipment, repairs and maintenance
Depreciation
Insurance
Miscellaneous
Total expenditure		 2024
£
60,834
60,834
2024
£
3,390
22,351
567
26,308
2024
£
179,512
4,698
16,768
1,288
19,997
1,471
16,161
71,065
20,392
2,392
25,625
12,505
1,874
12,345
2,096
49,622
437,810
3,720
3,720
34,483
2,525
5,170
5,971
9,877
6,067
8,430
7,274
83,516
521,325		 2023
£
69,874
69,874
2023
£
-
21,806
159
21,965
2023
£
170,356
3,476
22,863
1,945
19,088
1,100
14,636
70,147
17,272
2,889
15,222
9,600
1,871
6,000
1,549
32,448
390,462
3,720
3,720
33,464
1,354
6,198
5,779
7,936
5,450
7,970
7,462
79,333
469,795

The fee payable to the independent examiner for preparing and examining the accounts was £3,720 (2023: £3,720); no other fees were payable to Stewardship for any other services provided.

Page 14

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7 Charitable expenditure (cont.)

c Grants payable

Grants for UK and overseas mission
Grants for the relief of poverty
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
The charity's principal grants to institutions comprised:
Dnipro Hope
Sparkfish
Anchor
Evangelical Alliance
Bulgaria Building Project
Josiah Venture UK
South East Baptist Association
Baptist Missionary Society
Westvale Community Church
Great Lakes Outreach
Mercy Ship Mission
ETS Ministries
Christian Solidarity
Mission 24
Street Pastors
Grants to institutions for less than £1,000 each		 Institutions
£
33,240
1,368
34,608
Institutions
£
22,375
1,000
23,375		 Individuals
£
11,052
3,962
15,014
Individuals
£
3,730
5,343
9,073
2024
£
6,300
5,500
2,000
2,000
5,000
1,200
1,000
1,000
3,000
2,000
1,000
1,000
-
-
1,000
2,608
34,608		 2024
£
44,292
5,330
49,622
2023
£
26,105
6,343
32,448
2023
£
5,625
5,500
2,000
2,000
-
1,450
1,000
1,000
-
-
-
-
1,000
1,000
1,000
1,800
23,375

8 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

Gross wages and salaries
Social security
Pension costs		 2024
£
264,919
13,294
16,717
294,930		 2023
£
244,022
14,721
14,620
273,363

The average monthly number of employees during the year was 20 (2023: 19). Most of the charity's activities are carried out by volunteers.

During the year the church's key management were the Senior Pastor and the Operations Manager. The total employment benefits (excluding housing allowance) for those members of staff were £61,451 (2023: £57,604).

In addition the charity incurred expenditure totalling £16,768 (2023: £16,863) in respect of the customary provision of accommodation to Mike Williams, who is a member of key management, so that they could better perform their duties. This total includes the payment of a housing allowance of £14,400 (2023: £14,400) administered though the payroll.

No trustees or connected parties received employment benefits in either the current or preceding year.

Page 15

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Tangible fixed assets

Cost/valuation
At 1 January 2024
Additions
Disposals
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
Eliminated on disposal
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Church
Freehold
Property
£
1,796,445
-
-
1,796,445
-
-
-
-
1,796,445
1,796,445		 Manse
Freehold
Property
£
400,000
-
-
400,000
-
-
-
-
400,000
400,000		 Furniture
and
equipment
£
223,774
9,669
(4,847)
228,596
222,804
3,135
(4,847)
221,092
7,504
970		 Vehicles
£
11,725
-
(8,440)
3,285
5,862
2,931
(6,330)
2,464
821
5,862		 Total
2024
£
2,431,944
9,669
(13,286)
2,428,326
228,666
6,067
(11,177)
223,556
2,204,770
2,203,278

The Manse freehold property was valued at £400,000 on 29 March 2022 by an independent qualified valuer at open market value assuming vacant possession. The trustees are not aware of any material changes in value since March 2022 and the valuation has not been updated. If freehold property had not been revalued, its carrying value at historical cost would have been £238,446 (2023: £238,446). The Church freehold property is held at cost as valuation is not possible due to the restricted use of the site and lack of comparable properties in the area.

10
Debtors
Tax recoverable
Other debtors
Rental income receivable
11
Cash at Bank and in Hand
Cash at bank with immediate access
Notice deposits (with a term of three months or less)
Petty cash
12
Creditors: liabilities falling due within one year
Accruals		 2024
£
5,045
-
4,458
9,502
2024
£
157,538
81,546
150
239,234
2024
£
8,859
8,859		 2023
£
4,666
1,545
3,685
9,896
2023
£
99,609
40,250
150
140,009
2023
£
4,476
4,476

Page 16

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Pension commitments

The Baptist Union Pension Scheme

The charity is a participating employer the Baptist Pension Scheme (“the Scheme”), which is a separate legal entity administered by the Pension Trustee (Baptist Pension Trust Limited). The assets of the Scheme are held separately from those of the Employer and the other participating employers.

The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925 but was closed to future accrual of defined benefits on 31 December 2011. Prior to this date the main benefit provided through the Defined Benefit (DB) Plan was a pension of one eightieth of final minimum pensionable income for each year of pensionable service together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income.

From January 2012, pension provision is being made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Broadstone Corporate Benefits Ltd. In addition, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members if they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva Limited.

The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. Because it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if the Scheme were a defined contribution scheme.

Actuarial valuation as at 31 December 2019

A formal valuation of the DB Plan as at 31 December 2019 was carried out by a professionally qualified Actuary using the Projected Unit Method. At the valuation date the market value of the DB Plan assets was £298 million, whilst the level of assets needed to pay benefits was £316m, giving a deficit of £18m (equivalent to a past service funding level of 94%). The charity and the other participating employers in the DB Plan are collectively responsible for funding this deficit.

The key financial assumptions underlying the valuation were as follows:

Type of financial assumption % pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income Increase Adjustment (above CPI) 0.50
Pre-retirement assumed investment returns (gilt yield plus 1.75% pa) 2.95
Post retirement assumed investment returns (including benefits matched by the
insurance policy) (gilt yield plus 0.5% pa) 1.70
Minimum Pensionable Income increases (CPI plus 0.5%) 3.20
Deferred pension increases
- Pre April 2009 3.20
- Post April 2009 2.50
Pension increases (based on CPI with an annual floor of 0% and annual cap of 2.70

Mortality is assumed in accordance with 80% of the S3NA standard mortality table. Future improvements projected from 2013 in line with the “CMI 2019” projection with a long-term rate of improvement of 1.75% p.a. for males and 1.5% p.a. for females with the core smoothing parameter and with additional initial mortality improvement factor A=0.5%.

Page 17

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13 Pension commitments (cont.)

The next actuarial valuation of the DB Plan within the Scheme was due to take place not later than as at 31 December 2022. However, the DB Plan is to be wound up, and the process to wind it up was started with effect from 31 March 2024 and therefore no formal valuation is due to take place.

Recovery plan

In addition to the contributions to the DC Plan set out above, where a valuation of the DB Plan reveals a deficit the Trustee and the Council agree to a rate of deficiency contributions from churches and other employers involved in the DB Plan. Following the 2019 valuation a Recovery Plan was signed in September 2020 under which deficiency contributions were payable until June 2026.

On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and, following this transaction, the Scheme no longer has a shortfall. An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. These contributions are payable under the recovery plan until June 2026. The outstanding deficiency contributions due under the Recovery Plan are not considered material and therefore have not been included in the balance sheet.

14 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Hardship Fund
Toddler Garden
Ukraine
Gifts for individuals
Foodbank
Total Restricted Funds
Aggregate of funds		 Opening
balance
2024
£
2,344,536
2,344,536
50
3,900
201
20
-
4,171
2,348,707		 Incoming
resources
2024
£
614,554
614,554
-
329
1,252
1,030
100
2,711
617,265		 Outgoing
resources
2024
£
(519,803)
(519,803)
(50)
-
(1,252)
(120)
(100)
(1,522)
(521,326)		 Transfers
in the year
2024
£
-
-
-
-
-
-
-
-
-		 Other
recognised
gains/losses
2024
£
-
-
-
-
-
-
-
-
-		 Closing
balance
2024
£
2,439,286
2,439,286
-
4,229
201
930
-
5,360
2,444,646

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
funds
£
2,204,770
9,502
232,944
(7,929)
2,439,286
Unrestricted		 Restricted
funds
2024
£
£
-
2,204,770
-
9,502
6,290
239,234
(930)
(8,859)
5,360
2,444,646

Page 18

REIGATE BAPTIST CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14 Funds (cont.)

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Hardship Fund
Toddler Garden
Ukraine
Gifts for individuals
Aggregate of funds		 Opening
balance
2023
£
2,304,667
2,304,667
2,625
3,136
2,366
20
8,147
2,312,814		 Incoming
resources
2023
£
502,914
502,914
-
764
1,460
550
2,774
505,688		 Outgoing
resources
2023
£
(463,045)
(463,045)
(2,575)
-
(3,625)
(550)
(6,749)
(469,794)		 Transfers
in the year
2023
£
-
-
-
-
-
-
-
-		 Other
recognised
gains/losses
2023
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
2,344,536
2,344,536
50
3,900
201
20
4,171
2,348,707

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
funds
£
2,203,278
9,896
135,838
(4,476)
2,344,536
Unrestricted		 Restricted
funds
2023
£
£
-
2,203,278
-
9,896
4,171
140,009
-
(4,476)
4,171
2,348,707

The Hardship Fund is to support those in need.

The Toddler Garden fund is for the replacement of fences & gates and other improvements in the toddler garden area.

The Ukraine fund is for the support of Dnipro Hope Mission, which carried out relief work in Ukraine and supports Ukrainian pastors. Gifts to Individuals represents funds raised for specific people.

The Foodbank Fund is to support those in need by way of foodbank gifts.

15 Transactions with related parties

During the year the charity:

a) received donations totalling £28,165 (2023: £25,810) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).

Except as disclosed above and in note 8 'Analysis of staff costs', there have been no other transactions with related parties during the year.

Page 19

REIGATE BAPTIST CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
7
Total Expenditure
Net income/(expenditure)
Transfers between funds
14
Other recognised gains/(losses):
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14
Actuarial gains/(losses) on defined benefit
pension schemes		 Unrestricted
2024
£
509,773
13,260
60,834
4,378
26,308
614,554
519,803
519,803
94,750
-
94,750
-
94,750
2,344,536
2,439,286		 Restricted
2024
£
2,432
279
-
-
-
2,711
1,522
1,522
1,189
-
1,189
-
1,189
4,171
5,360		 Total
2024
£
512,205
13,539
60,834
4,378
26,308
617,265
521,325
521,325
95,939
-
95,939
-
95,939
2,348,707
2,444,646		 Unrestricted
2023
£
399,981
10,195
69,874
900
21,965
502,914
463,045
463,045
39,869
-
39,869
-
39,869
2,304,667
2,344,536		 Restricted
2023
£
2,060
714
-
-
-
2,774
6,750
6,750
(3,976)
-
(3,976)
-
(3,976)
8,147
4,171		 Total
2023
£
402,041
10,909
69,874
900
21,965
505,688
469,795
469,795
35,893
-
35,893
-
35,893
2,312,814
2,348,707

Page 20