Company Reglstratlon number- 04319194 (England and Wales) Charity Règistration number.. 1090606 CENTRAL BAPTIST ASSOCIATION REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2025 MHA The Pinnacle 150 Midsummer Boulevard Milton Keynes 8uckinghamshire MK9 ILZ
CENTRAL BAPTIST ASSOCIATION CONTENTS PaBe Legal and Administrative Information Trustees, Report Ilncluding Directors, Report) Auditor's Report Statement of Financial Activities- Current Financial Year io Statement of Financial Activities- Prior Financial Year li Statement of Financial Position 12 Statement of Cash Flows 13 Notes to the Finèneial Statements 14-24 The following pages do not form part of the statutory financial statements.. Detailed Statement of Financial Activities 25-26
CENTRAL BAPTIST ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Reverend M C Hider Moderator of the Trustees Reverend L K Kerry Reverend T S Edworthv Mr R D Farrant Regional Ministry Team Leader Reverend D G Graham Resigned I july 2025 Mrs B Griffiths Reverend T L Haines Mr F W Johnston Mr5 S M O'shea Mrs H A Taylor MrP E Wa115 Resigned 26 March 2026 Reverend A M Wood Company Secretary Reverend A J Open5haw Regional Ministry Tèam Reverend L K Kerry Reverend M Moody Reverend A J Open5haw Reverend N P Toseland Regional Ministry Team Leader Regional Minister Regional Minister Regional Minister Charity number 1090606 Company number 4319194 Registered Office The Pinnacle 150 Midsummer Boulevard Milton Keyne5 Buckinghamshire MK9 ILZ Auditor MHA The Pinnacle 150 Midsummer Boulevard Milton Keynes Buckinghamshire MK9 ILZ Page 2
CENTRAL BAPTIST ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act 26, present their Annual Report and Financial Statements of the charitable company for the year ended 31 December 2025. The Financial Statements are prepared in accordance with the provisions of Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard "The Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 (effective l January 20191" FINANCIAL REVIEW During the year the overall funds of the Association decreased by £95,69912024.' increased by £308,4441. This includes net proceeds from the sale of a redundant member ehurch property amounting to £141,76312024.. £434,937) and a gift from another member church on the point of closing amounting to £92,00012024.. £nill. Without this property sale and gift the A550ciation'5 funds would have decreased over the year by £329,46212024.. £126,493). Including the gift of £92,000 referred to above. donations and legacies amounting to £378,11612024.. £240.6831 were received during the year. Expenditure on member church support by way of HM Funding, grants and donations was £147,424 higher than in 2024, at £304,091 12024.. £156,6671. At the end of the year, unrestricted reserves totalled £3,093,90112024.. £3,197,9351,' restricted reserves totalled £296,22212024'. £287,887),. and endowment reserves totalled £105,31512024.. £105,315). The Investment value gained £47.20512024.. £40,212) during the year. The trustees consider this to be in line with objectives and expectations. The trustees decided during the year to Sell the investment property, as it was no longer suitable for it5 intended purpose. The sale was not completed by the end of the year, but the carrying value ha5 been reduced from £389,000 at the start of the year to the antlClP3ted sale value of £321,000. Reserves Policy and Risk Management Projections indicate that, excluding receipts of proceeds from sales of redundant member church property, which it is not possible to forecast. the Association will be running at an annual deficit of the order of £250,000 for the foreseeable future. Under these circum5tance5 the trustees feel it is prudent to retain significant levels of reserves. The trustees have considered the risks to which the charity is exposed given the anticipated operating annual deficit above and consider that the charity has sufficient reserves to mitigate these risks. The Association continues to aim to generate funds at a similar level to previous years, whilst acknowledging that receipts of proceeds from sales of redundant member church property are unpredictable. The Trustees will monitor the level of income as it arises in future years and respond appropriatelv. Investment pollcy and oble¢tlves The Association has adopted an investment policy designed to maximise ènnual capital growth whilst allowing relatively flexible acce55 to funds. using stable and low risk institution5. Irive5tment5 are held with CAF Bank, with the 8apt15t Union Corporation, and with a national investment house. All fund5 are administered under ethical inve5trnent policie5. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin8 document The Central Baptist Association I"The As50ciation"l is a company limited by guarantee which was incorporated on 8 November 2001. Its activities are governed by its Memorandum and Articles of Association amended and adopted in June 2012. Page 3
CENTRAL BAPTIST ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2025 Introduction and legal status The Association 15 part of the family of Bapt15t organisations serving the needs of Bapt15t churches in Great Britain. The Association's particular focus is on churches in Bedfordshire, Buckinghamshire, Hertfordshire, and Northamptonshire. The Association was registered as a charity in the United Kingdom on 14 February 2002 with charity number 1090606. The Association is affiliated to the Baptist Union of Great Britain. Objectives of the Association The objects of the Central Baptist Association ICBAI are the adv3ncement of the Christian religion especially by the mean5 of and in accordance with the principles of the Baptist denomination as set out for the time being in the Declaration of Principle of the Baptist Union of Great Britain. On 31 December 2025 the Central Baptist Association comprised 14312024.. 1431 member churches and LEPS, with 8,474 12024.. 8,0481 members served by 10112024.. 981 ministers, lay pastors. ministers-in-training and youth ministers. The trustees I"The Council") comprise representatives elected from churches in membership with the Association together with the regional minister team leader. in èecordance with the Memorandum and Articles of Association. The Association 15 Staffed by the regional ministry team, comprising Revd Lisa Kerry ITearn Leaderl, Revd Andrew Opensh3W (Company Secretary), Revd Mary Moody and Revd Nathan Toseland, with part time administrative and secretarial support. They are assisted by a part time Safeguarding Officer as well as other non-remunerated staff. Operations The Council Ithe board of trustees) met throughout the year. The current trustees will continue to serve until their terms of office expire in accordance with the Memorandum and Articles of Association. At its meetings, the Council received reports from the regional ministry team and in so doing monitored the work of the Association and the staffs contribution to the fulfilment of the objectives of the Association. Financial statements were presented at each meeting, approving income and expenditure statements and proposals for payments from btsth the unrestricted and restricted funds. Report5 and recommendation5 from a group of elected individuals were di5CU5sed and, where appropriate, grants and loan5 to ember churches and individuals were agreed, having due regard to the conditions pertaining to particular restricted funds. The Council continued to implement and review the Association's strategy'walking together in Ministry and Mission, in order to effectively fulfil the objects of the Association and review progress made towards achieving the targets agreed. Major risks have been reviewed and systems or procedures have been established to manage those risks. Restriction of operations The Associètion is operated exclusively for its charitable purposes and does not operate for the purpose of carrying on a trade or business for profit. The Association's assets may be utilised only in pursuance of it5 objective5. Neither the trustees nor any other organisation or private individual receive any dividend or any other distribution from the assets or earnings of the Association. No person receives anv payment or benefit from the Association in respect of expenditure incurred in relation to matters falling outside its objectives. Page 4
CENTRAL BAPTIST ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2025 Trustee Retruitment. Induction and Tralning The director5 of the company are also charity trustees for the purpose5 of charity law and are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. Aside from the regional ministers all except two members of the Board of Trustees give their time voluritarily and receive no benefits from the charity. Two trustees each received £500 during the year. Any expenses incurred on behalf of the charity are set out in note 7. New trustees are sought on the basi5 of their ability to add value to the As50Cl8tion and to maintain a balanced governing bodv. Once 3ppointed, training is given to ensure a full understanding of the work of the charity is obtained. Public Benefit The trustees, having due regard tsf guidance published by the Charity Commission on public benefit. continue to provide public benefit by seeking to advance the Christian religion and practice according to the principles of the Bapt15t denomination. Resourcing Churches in membership of the Association donate funds for the benefit of Home Mission activities throughout Great Britain. In common with all the regional associations, the Association channels these donations (amounting to £272,582 12024: £279,810], of which £3,23812024.. £16,383> was payable at the year endl, through to the Baptist Union, from where they are distributed back to the various associations according to an agreed formula. The funds thus received by the Association are used to support the Association's member churches. In part this is by way of the regional ministers, who provide advice and support to member churches and their ministers. As a member of the Baptist Union, the Association's policies are designed to be commensurate with those of the Baptist Union. Nationally recommended remuneration is adopted for the Associations. regional ministers. The Association continues to seek ways to use its funds to support member churches. In particular.. Several member churches are supported by regular monthly grants towards their on-going running costs. This support amounted to some £188,000 in the year12024.. £124,000),. and Grants were made to è number of member churches. totalling £115,00012f124.. £32,000). towards a variety of different projects. The Association forecasts that the ongoing costs of its ministry plus the financial support provided to member churches will exceed its incoming resources lapart from any arising from the sale of redundant member churches, which cannot be predicted) for the foreseeable future. Advancement of the Christian Religion The Association. through its staff team, ha5 continued it5 role in assisting local churche5 in their understanding of and involvement in the advancement of the Christian religion and its application to the benefit of their local communities and the wider world. Thi5 has involved the encouragement and promotion of local partnerships with the Baptist Union of Great Britain, BMS World Mission and other agencies; the provision to churches of assistance in management matters, fundraising and grant application5,' the development of local supportive networks and ecumenical relationships,. as well as preaching and teaching by staff members in a variety of churches. The Association continues to be actively represented and involved in both denominational and ecumenical committees and bodies. Page S
CENTRAL BAPTIST ASSOCIATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI ICONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2025 Education and Training The Association held its Annual General Meeting and Assembly in June 2025. Other training events included seminars for those responsible for the safeguarding of children and vulnerable adults in local churches. Our regulzr progrzmme of annual conference5 for mini5ter5 continued. The Association has contiNued in partnership with Regent's Park College Oxford. Ongoing sUPPOrt is provided by the regional ministry team for ministers that are newly accredited by the Baptist Union of Great Britain and recommendations are made by the Association's Ministerial Recognition Committee to the Baptist Union of those seeking to be trained as Baptist ministers or youth specialists. Statement of Trustees, Responsibilities The trustees (who are also the directors of Central Baptist Association for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitable company and of the incoming resources and application of resource5. including the income and experiditure, of the charitable company for that period. In preparing those financial Statements. the trustees are required to.. select suitable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charity SORP 2019 IFRS 1021,. make judgements and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companv will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Att 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditors are unaware,. and the trustees have taken all steps that they ought to have taken t() make themselves aware of any relevant audit information and to establish that the auditor5 are aware of that information. Approved by the 8oard of Trustees on 25 June 2026 and signed on its behalf by.. R D Farrant BSC AKC FCA- Trustee 25 June 2026 Page 6
CENTRAL BAPTIST ASSOCIATION AUDITOR'S REPORT TO THE TRUSTEES OF CENTRAL BAPTIST ASSOCIATION Opinion We have audited the financial statements of Central Baptist Association Ithe 'Charitable Company'l for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102'The Financi31 Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the State of the charitable company's affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfortmed, we have not identified any material uncertaintie5 relating to event5 or condition5 that, individually or collectively, May cast significant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprise5 the information included in the Trustee5' Report, other than the financial statements and our Report of the Independent Auditor5 thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the finzncial Statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance ctsnclu5ion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identifv such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material rnISStatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material rnIS5tatement of thi5 Other information, we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies kt 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the fiNanci31 statements., and the Trustee5' Report ha5 been prepared in accordance with applicable legal requiremerits. Page 7
CENTRAL BAPTIST ASSOCIATION AUDITOR'S REPORT ICONnNUEDI TO THE TRUSTEES OF CENTRAL BAPTIST ASSOCIATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following rnatter5 where the Companie5 Act 2006 requires us to report to you if. in our opinion.. the information given in the Trustees, Report is inconsistent in any material respect with the financial statements- or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting record5 and retLJrns', or we have not received all the information and explanations we require for our audit- and the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small cotllpanies, exemptions in preparing the Tru5tees' Report and from the requirement to prepare a Strategic Report. Re5pon5ibilitie5 of trustees As explained more fully in the Statement of Trustees. Responsibilities on page 6, the trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the Charitable Company's ability to continue a5 a going concern. disclosing. a5 applicable, matters related to going concern and using the going concern basis of 3CCOUnting unless the Trustee5 either intend to liquidate the Charitable Cornpany or to cease operations, or have no realistic alternative but to do so. Audltors, responslbllltles for the audlt of the finantlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures ère capable of detecting irregularities, including fraud is detailed below.. obtaining an understanding of the legal and regulatory framework5 that the Charity operates in, focusing on those laws and regulations that have a direct effect on the financial statements,. enquiring of management and Trustees around known or suspected instances of non-compliance of laws and regulations and fraud,. discussing amongst the engagement team regarding how and where fraud might occur in the Charity financial statements and any potential indications of fraud,. reviewing tninute5 of meeting5 of those charged with governance,. and performing audit work in relation to the risk of management override, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates or bias. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors. Report. Page 8
CENTRAL BAPTIST ASSOCIATION AUDITOR'S REPORT ICONnNUEDI TO THE TRUSTEES OF CENTRAL BAPTIST ASSOCIATION Use of our report This report is made 501ely to the charitable cornpany'5 Mernbers, as 3 body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. *abdL Elizabeth Newell BA IHonsl FCA (Senior Statutory Auditorl for and on behalf of MHA Chartered Accountant5 Statutory Auditors Milton Keynes, United Kingdom 26 June 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC4555421. Page 9
CENTRAL BAPTIST ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Current financial Unrestrlrted funds Restrlcted funds Endowment funds ear Total Totol 2025 2025 2025 2025 2024 Notes Income and Endowment5 from.. Donations and legacies 378,116 378,116 240,683 Other trading attivities 39,946 39,946 36,120 Investment income 17,155 9,426 26,581 47,536 Sale of redundant member church property 141,763 141,763 434,937 Total Income 576,980 9,426 586,406 759,276 Expendlture on Charltable actlvltles 660,219 1.091 661,310 499,L)44 Revaluation of investment property 168,OODI 168,0001 Gains on investment assets 47,205 47,205 40,212 Net incoming I loutgoingl resources before transfers 1104.0341 8.335 195,6991 308.444 Transfers between funds Net Incomlng I loutgolngl resources 1104,0341 8.335 195,6991 308,444 Total funds at l January 2025 3,197.935 287.887 105.315 3.591,137 3.282,693 Total funds at 31 December 2025 3,093,901 296,222 105,315 3,495,438 3,591,137 The Statement of Financial Activities includes all gains and losses recognised in the year. All income ènd expenditure derives from continuing activities. The Statement of Financial Artivitie5 complies with the requirement for an Income and Expenditure Account under the Companies Act 2006. Page 10
CENTRAL BAPTIST ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Prlor Inonclul Unrestrltted fvnds 2024 Restrltted funds 2024 Endowment fvnds 2024 ur Totol Totol 2024 2023 Note Income und Endowmentslrom.- Donotions tsnd legucies 240,683 240,683 221.368 Other trudNng octNvities 36,120 36,120 33,676 Investment income 33,335 14,201 47,536 42,677 Sule of redundunt member church property 434.937 434,937 270,888 Totol Intome 745,075 14.201 759,276 568.609 Expenditure on Choritqble activities 497,904 1,140 499,044 513, 703 Revoluotion of investment property 8,000 8,000 iii,oooJ Gains and losses on investment t7ssets 40.212 40,212 38,202 Net incoming resources befvre transfers 295,383 13,061 308,444 82,108 Transfers betweenfunds Net incoming resources 295,383 13,061 308,444 82,108 Totolfunds ut l Junuury 2024 2.902,552 274,826 105,315 3,282,693 3,200,585 Totalfvnds ot 31 December2024 3,197.935 287,887 105.315 3,591,137 3,282,693 The Statement of Financial Activitie5 include5 all gains and105se5 recognised in the ye3r. All income and expenditure derives from continuing activities. The Statement of Financial Attivities complies with the requirement for ari Income and Expenditure Account under the Companies Act 2006. Page 11
CENTRAL BAPTIST ASSOCIATION STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025 Notes 31 December 2025 31 December2024 Fixed assets Tangible Assets li 1.591,662 1.979,047 Investments 12 917,441 870,236 2,509,103 2,849,283 Current assets Tangible assets li Oebtors and other assets falling due after one year Oebtors and other a5setS falling due within one year 13 2.500 13 342,954 21,951 Cash at bank and in hand 876,401 974,915 1,219,355 999,366 Creditors.. Amounts falling due within one year Net Current assets 14 42.051 48,704 1,177,304 950,662 Total assets less current liabilitie5 3,686,407 3,799,945 Creditors.. Amounts falling due after one year 14 1190,9691 (208,808) Provisions for liabilities and charges 15 rotul net assets 3,495,438 3.591,137 The funds of the charity 16 Unrestricted funds 2,829,741 2,865, 775 Revaluation reserve- Unrestricted 264,160 332,160 Restricted funds 296,222 287,887 Endowment funds 105,315 105,315 Total funds 17 3,495,438 3,591,137 These financial statements have been prepared in accordance with the provisions of Part IS of the Companies Act 2006 relating to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees on 25 June 2026 and were signed on its behalf by.. R D Farrant Bsc AKC FCA- Trustee 251une2026 Page 12
CENTRAL BAPTIST ASSOCIATION STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2025 Note 2025 2025 2024 2024 Cash flow5 from operating activities: Net cash (used inl operating artivities 18 1239,9971 (223,965) Cash flow5 from investing activities.. Dividends, letting income and interest from investments 26,581 47,536 Sale of redundant member church property 141,763 434,937 Purchase of tangible fixed assets 13,8591 {4,853} Net cash provided by investing activities 164,485 477,620 Cash flows from financing activities: Repayments of borrowing 123,0021 (23.0021 Net cash provided by lused inl financing activities 123,0021 123,002) Change In cash and cash equlvalents In the year 198,5141 230,653 Cash and cash equivalents at l January 2025 974,915 744,262 Cash and cash equivalents at 31 December 2025 876,401 974,915 Page 13
CENTRAL BAPTIST ASSOCIATION NOTESTOThE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 I GENERAL INFORMATION Central Baptist Association is a charity limited by guarantee and incorporated in England and Wales. The address of the companvs registered office is The Pinnacle, 150 Midsummer Boulevard, Milton Keynes, MK9 ILZ. The registered number is 04319194. The principal activities of the charity are as disclosed within the Report of The Trustees on pages 3 to 6, The liability of each member is limited to an amount not exceeding £10. The financial statements are presented in Sterling (£1, the functional currency of the charity. Amounts are rounded to the nearest pound. 2 ACCOUNTING POLICIES 2.1 Basis of preparation The financial staternent5 of the charitable cornpany have been prepared under the provi5ion5 of The Charitie5 SORP IFRS 1021 "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing the accounts in accordance with Financial Reporting Standard 102.. 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Art 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The trustees have reviewed the substantial capital resources available and consider that the Association has adequate funds in place to continue operating for the next twelve months. These financial statements have therefore been prepared on the going concern basis. 2.2 Income All income is recognised in the Statement of Financial Activities once the Association has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably. 2.3 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 costs related to the categorv. 2.4 Allocation and apportionment of costs Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with use of the resources. 2.5 Tangible Fixed Assets Land with a cost of £34,77512024= £34,775) is not depreciated. Freehold buildings are not depreciated. The trustees consider that the high standard of regular maintenance and repair ensures the residual value of freehold buildings will exceed its cost or valuation and hence any depreciation charge is unnecessary. Investment property is recorded at fair value, with any change in value being recorded in the profit and10ss account. Depreciation on all other tangible assets is provided at 25% of book value per year so as tts write off the cost less estimated residual value of each asset over its estimated useful life. 2.6 Critical accounting estimates and judgements In the application of the Association's accounting policies, the trustee5 are required to make judgernents, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. if the revision affects only that period, or in the period of the revision and future periods if the revision afferts both current and future periods. The areas where estimation has been applied are in calculating depreciation, impairments and provisions. Although these areas are subject to judgement, the estimates used are not considered to be subject to material fluctuation. Page 14
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 2.7 Taxation The Association is exempt from corporation tax on its charitable activities. 2.8 Fund accounting Unrestricted fund5 can be used in accordance with the charitable objectives at the discretion of the trustee5. Included within unrestricted funds are design8ted fund5, where funds that have been ear-m3rked by the trustees for particu13r purposes. These funds can however be re-designated at any time at the discretion of the trustees. Restrirted funds can only be used for particular restricted purposes within the objetts of the Association. Restrirtions arise when specified by the donor or when funds are raised for particular restricted purposes. The majority of the Association's restricted funds are available to churches for capital projects by way of grants or loans. Permanent endowment funds represent funds that are held on trust to be retained for the benefit of the Asstsciation as capital funds and may not be expended. Income arising on these funds is transferred to an expendable restricted fund. 2.9 Flnanclal Instruments Financial Instruments are stated in accordance with the provisitsns of Section 11.. 'Basic Financial Instruments" and Section 12.. 'Other Financial Instrument Issues" of FRS 102. Financial instruments are classified and accounted for, 3ccording to the substance of the contractual arrangement, a5 either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 2.10 Grants and donations Grants and donations received are credited to the statement of financial activities as received. 2.11 Investments Investments are initially recognised at fair value which is usually the transaction price lexcluding any transaction costs). Subsequently, investments are measured at fair value through the statement of financial activities except for those shares which cannot be publicly traded or where fair value cannot be reliably measured. If reliable measurement of fair value cannot be obtained or this measure is no longer available. the investment's value is stated s the fair value at the last point at which a reliable measurement was obtained. These instruments are then recognised at that valuation. less impairment, until a reliable rneasure of fèir value becomes available. 2.12 Pension costs and other post-retirement benefits The charity operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the charity's pension scheme are charged to the statement of financial activities in the period to which they relate. Page IS
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 3 Donatlons and legatles Donations and legacies includes a donation of £92.00012024= nil) from a church on the point of closing. 4 Other trading artivities Unrestricted Restricted Unrestricted Restrirted 2025 2025 2024 2024 Letting incorne Preaching, training and directory fees Conference fees and donations 18,000 16,984 8,519 8,936 13.427 7.700 Spon50r5hip 2,500 39.946 36,120 5 Investment Income Unrestricted Restricted Unrestncted Restricted 2025 2025 2024 2024 Interest receivable 9.489 9,426 13,992 13.543 Letting incorne Dividends receivable 6,865 18,542 658 801 801 17,155 9,426 33,335 14,201 6 Sale of redundant member churth property One member church12024.. two) was sold during the year. The sale was Managed by the Baptist Union Corporation, who distributed a share of the net proceeds to CBA, in accordance with normal arrangements. 7 Net Incoming resources before transfers Unrestricted Rèstricted Unrestrirted Restrirted 2025 2025 2024 2024 Net Incoming resources are stated after charging.. Auditor's fee 17.473 18,642 Grant Funding To Third Partie5'. Home Mission funding to member churches 188.125 123,719 Other grants to rnember churches 114,875 1,091 31,808 1,140 Support for other organisations 6.250 6,250 309,250 1,091 161,777 1,140 Page 16
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 8 Trustees, Remuneration and benefits During the year trustees received remuneration, had pension contributions paid on their behalf by reason of their employment, and were reimbursed in respect of travel, telecommunications, meeting costs and office expenses incurred in the normal course of the Association's activities, as follows.. 2025 2024 Revd L K Kerry.. Remuneration Pension contributions Reimbursed 59,405 4,914 8,836 58.040 4, 765 4,412 During the year two trustees were paid an honorarium of £500 each. Three trustees were paid a total of £84912024.. six trustees paid £1,1021 for expenses incurred in the normal course of Association activities. 9 Transactlons wlth Related Partles There were no transactions with related parties, other than remuneration a5 shown in note 8, during the year12024.' nill. 10 Employees Number of employees The average monthly number of employees during the year was.. 2025 2024 Regional ministers Administrator Safeguarding Officer Employment costs in the year were.. 2025 2024 Wages and salaries Housing costs Social security costs Employer contributions to defined contribution pension schemes 166,129 36,000 8,503 19,434 230,066 154,079 36,000 9, 743 18,212 218,034 No employees received emoluments lexcluding pension costs) in excess of £60.000. Key Management Personnel The key rmanagement personnel of the Association, who have responsibility for all activities, are the trustee5 and the regional ministers. Total employment costs in the year for these personnel, comprising wages and salaries., housing costs,. social security costs and pension contribution costs, were £210,78812024.. £206,255). Page 17
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Frèehold Land & 11 Tangiblè Fixed Assets Investment Property Office Equipment Total ProDÈrtv Cost or valuatlon At I january 2025 Additions Revaluations Reclassification At 31 December 2025 389,000 1,584.932 7,272 3,859 1,981,204 3.859 168,0001 1321,0001 1,596,063 168,0001 1321.0001 1,584,932 11,131 Depreciation and impairment At l January 2025 Depreciation charged in the year At 31 Decetnber 2025 2,157 2,244 4,401 2,157 2,244 4,401 Carrying amount At 31 December 202S 1,584,932 6,730 1,591,662 At l January 2025 389,000 1,584,932 5,115 1,979,047 During the year the trustees committed to the sale of the investment property. As at 31 December 2025 the property was being actively tnarketed and accordingly has been reclassified from fixed asset investment property to current asset investment property held for sale. The property h85 been measured at anticipated net realisable value based on post year-end sale proceeds of £321,000. resulting in a redurtion in value during the year of £68.000. The historical cost of this investment property wa5 £56,83912024.. £56,839). 12 Investments Listed Investments Unlisted Investments Total Valuation at 01 January 2025 Increase in the year Valuation at 31 December 2025 854,211 47,205 901,416 16,025 870,236 47,205 917,441 16,025 13 Debtors and other assets 31 Dec 2025 31 Dec2024 Amounts falling due after more than one year Loans to member churches 2,500 Amounts falllng due wlthln one year Investment property held for sale Loans to member churches Other debtors Prepayments 321,000 15,000 326 6,628 342,954 17,500 586 3.865 21,951 Page 18
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 14 Creditors 31 Dec 2025 31 Dec2024 Amount5 falling due within onÈ year Loans Trade creditors Social security and other taxes Other creditors Accruals and deferred income 13.095 6,541 3,766 5,749 19,441 42,051 3,311 19,420 19,432 48, 704 Amounts falllng duè after more than one year Loans lof which £131,53512024= £176,951) is repayable after more than five years) 190,969 208.808 15 Pension Commitmènts The Association is a participating employer the Baptist Pension Scherne I'the Scheme"), which is a sep3rate legal entity administered by the Pension Trustee (Baptist Pension Trust Limitedl. The Scheme, previously known as the Baptist Ministers Pension Fund, started in 1925. At the beginning of the 2024 financial year, the scheme comprised a Defined Benefits Scheme which was closed to future accrual on 31 December 2011 and a defined contribution plan which was opened in january 2012. The assets of the Scheme are held separately from those of the Association and the other participating employers. For the current and previous financial year, the pension provision for members of the Scheme is being made through the Defined Contribution Plan. In general, members pay 8% and employers pay 6% of members, Pensionable Income into individual pension accounts. Members of the Basic Section pay reduced contributions of 5% and employers pay 5% of Pensionable Income. The individual pension accounts are operated and managed on behalf of the Pension Trustee by Broadstone Corporate 8enefits Ltd. In additi(>n, the employer pays a further 4% of Pensionable Income to cover Death in Service Benefits, èdrninistratlon COSts, and an associated insurance policy which provides income protection for Scheme mernber5 if they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great 8ritain with Aviva Limited. In October 2024, the insurance company Just Group c()mpleted a buy out of the liabilitie5 of the cl()5ed Defined Benefit Scheme. From that date any remaining liability of the participating scheme members to the Defined Benefit Scheme ceased and the £1 per month deficit contribution5 payable by the participating employer5 which were agreed in the recovery plan approved in August 2022 also ceased from that date. Administration of the closed defined benefit scherne transferred from the pension trustee5 to Just Group from that d3te. All paid members of staff are eligible to join the Scheme. Agreed deficit recovery payments are recognised as a liability. However, the present value of the agreed deficit contributions Wa5 not material at the beginning of the financial year and was fully extinguished when the buy out was completed by lust Group in October 2024. Pension contributions made to the scheme were.. 2025 2024 Employee Employer 18,084 19,434 37,518 15,820 18,213 34,033 Page 19
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 16 Funds The Association has the following funds.. Unrestricted Funds General Fund For general purposes CBA Loan Fund For making loans to member churches NNB Capital Account For making grènts to churches and individuals NNB Christchurch Manse Fund For the provision of monies to purchase Manses NNB Emmanuel Manse Fund For the provision of monies to purchase Manses NNB Roade Manse Fund For the provision of tnonies to purchase M3nse5 Team Leader's Confidential Fund For use by the Team Leader for confidential pastoral expenditure Revaluation Reserve- Unrestrirted NNB Christchurch Manse Fund Investment property revaluation Restrirted Funds Bed5 Ridgmont Building Fund For the provision of loans to churches in Bedfordshire Bierton Land Trust Fund For the upkeep of the burial ground at Ford and support of churches in the vicinity For the support of work with VOLJng people associated with churches in Buckinghamshire. Bucks Baptist Youth Fund Bucks Ford Chapel Trust Fund For loans or grants to churches Denton Baptist Church Fund For religious and other charitable work of Northamptonshire Baptist churches. Ford Manse Trust Fund For the upkeep of the buriBI ground at Ford and support of churthes in the vicinity Herts Capital Building Fund For the funding of grants for growth and mission Hert5 Well Wi5her Fund For the purchase of book tokens for ministers and lay preachers in Hertfordshire NNB Guilsborough Trust For the support of churches in Northampton NNB Parker Gray Fund For the provision of grants and loans to small churches in Northamptonshire Endowment Funds Biertori Land Fund Non-expendable. Income is restrirted a5 above. Denton Baptist Church Fund Non-expendable. Income is restricted as above. Ford Chapel Fund For new land or buildings Ford Manse Fund Non-expendable. Income 15 restricted a5 above. Page 20
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 16 Funds ICONTINUEDI Movement In Funds At I January 2025 Net Movement in funds Ai31 Detember 2025 Unrestricted Funds General Fund 2,398,723 140,30DI 2,358,423 CBA Loan Fund 198.353 12,2261 196,127 NNB Capital Account NNB Christchurch M3nse Fund 2,411 36 2,447 56,929 56,929 NNB Emmanuel Manse Fund 145.392 4.443 149,835 NNB Roade Manse Fund 51,404 546 51,950 Team Leader's C(>nfidenti81 Fund 12.563 1,467 14,030 2,865,775 136,0341 2,829,741 Revaluation Reserve NNB Christchurch Manse Fund 332,160 168,0001 1104,0341 264,160 Total Unrestrirted Funds 3,197,935 3,093,901 Restricted Funds Beds Ridgmont Building FLJnd 95,630 1,562 97,192 Bierton Land Trust Fund 10.469 303 10,772 Buckinghamshire Baptist Youth Fund Bucks Ford Chapel Trust Fund 515 523 81,692 3,211 84,903 Denton Baptist Church Fund Ford Manse Trust Fund 1.917 383 2,300 24,093 1,8S3 25,946 Herts Capital Building Fund 2.545 78 2,623 Herts Well Wisher Fund 7,761 19821 1,905 6,779 NNB Guilsborough Trust 62,348 64,253 NNB Pèrker Gray Fund 917 14 931 287,887 8,335 296,222 Endowment Funds Bierton Land Fund 34.775 34,775 Denton Baptist Church Fund 10,635 10,635 Ford Chapel Fund 23.375 23,375 Ford Manse Fund 36,530 36,530 105,315 105,315 Total Funds 3,591,137 195,6991 3,495,438 Page 21
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 16 Fund5 ICONTINUEDI Net movement of funds included in the abovè Incoming Resources Resources Expended Gains and losses Transfer between funds Net Movement Sn Funds Unrestrittèd Funds General Fund 568,041 1660.2191 47,205 144,9731 CBA Loan Fund 2,447 2,447 NNB Capital Account 36 36 NNB Christchurch Manse Fund NNB Emmanuel Manse Fund 4,443 4,443 NNB Roade Manse Fund 546 546 Team Leader's Confidential Fund 1,467 1,467 576,980 1660,2191 47,205 136,0341 Revaluatlon Reserve NNB Christchurch M3nse Fund 168,0001 168,0001 Total Unrestrlrted Funds 576,980 1660.2191 120,7951 1104,0341 Restricted Funds Bed5 Ridgmont Building FLJnd 1,562 1,562 Bierton Land Trust Fund 303 303 Buckinghamshire Baptist Youth Fund Bucks Ford Chapel Trust Fund 3,211 3.211 Denton Baptist Church Fund 383 383 Ford Manse Trust Fund 1,853 1,853 Hert5 Capital Building Fund 78 78 Herts Well Wisher Fund 109 11,0911 19821 NNB Guilsborough Trust 1,905 1,905 NNB Parker Gray Fund 14 14 9,426 11,0911 8,335 Page 22
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 17 Analysis of Net Assets by Type of Fund Unrestricted Funds Restricted Funils Endowment Funds Total Funds Current financial ear 31 Dec 2025 31 Dec 2025 31 Dec 2025 31 Dec 2025 Fixed assets Tangible Assets Investments 1,556,887 917,441 34,775 1,591,662 917,441 Current assets Debtors falling due after tsne yeèr Debtors falling due within one year Cash at bank and in hand 342.954 509,639 342.954 876,401 296,222 70,540 Liabilities Creditors falling due within one year Creditors falling due after one year 142,0511 1190,9691 142,0511 1190,9691 Total net assets 3,093,901 296,222 105,315 3,495,438 Prior nonciul eur 31 Dec 2024 31 Dec 2024 31 Dec 2024 31 Dec2024 Fixed assets Tongible Assets Investments 1,944,272 870.236 34,775 1.979.047 870.236 Current ussets Debtorsfolling due ofter one yet7r Debtorsfolling due within one yeur Cash ut bonk and in hand 2,500 21,951 616,488 2,500 21,951 974,915 287,887 70,540 Llobilltles Creditorsftslling due within one yeur Creditorsftslling due ofter one year {48.704J {208,808) [48,704J {208,80SJ Total net assets 3,197,935 287.887 105,315 3,591,137 Page 23
CENTRAL BAPTIST ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Reconciliation of net income to net cash flow from operating activities 18 2025 2025 2024 2024 Net incoming resources for the year las on the Statement of Financial Activities) Adjustments for.. Depreciation of office equipment Revaluation of investment propertv Reclassification of investment property as current asset investment property held for sèle IGainsl/losses on investments Dividends and interest frtsm investments 195,6991 308.444 2.244 68.000 1,402 (8.0001 321,000 147.2051 119.7161 11.717 140.2121 128.3361 16,414 Loan interest Investment letting income Income from sale of redundant member church propertv Decrease in debtors 16.8641 (19,200) 1141.7631 [434.9371 1318,5031 113,2081 7,773 127.3131 IDecreasel/increase in creditors 1144,2981 1239,9971 {532,409J {223,965J Net cash lused inl operzting activitie5 19 Analysis of cash and cash equivalents 31-Dec-25 31-Dec-24 Cash at bank and in hand Ino noticel Notice deposits13 monthsl Total cash and cash equivalents 478,153 398,248 876,401 588,478 385,437 974,915 At31 Decèmber 2025 20 Analysls of thanges In net debt At i January 2025 New Loans Cash Flows Loans Falling due within one year Loans Falling due after between one and five years Loans Falling due after more than five years Total net debt 6,541 6,554 13,095 31.856 176.951 27,578 145,4161 111,2841 59,434 131,535 215.348 204,064 21 Operating Leases Two properties, for the use of two of the re8ional ministers, are leased to the Association. Total minimum future lease payments as at 31 December 2025 are £36,00012024.. £36,000), all due within one year. Page 24
CENTRAL BAPTIST ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2025 2024 2024 Incoming ReSourS from: Donatlons and legacles National Core Funding 282,051 236,868 Donation5 & Legacies 96.065 3,815 378,116 240,683 Other tradlng activlties Letting income 18,000 16,984 Preaching and training fees 8.519 8,936 Ministers, Conference fee5 and donations 13,427 7, 700 Sponsorship 2,500 39,946 36,120 Investment Income Interest 18,915 27.535 Letting income 6,865 19,200 Dividends received 801 801 26,581 47,536 Income from sale of redundant member church property 141,763 434,937 Total incoming resource5 586,406 759,276 This page does not form part of the statutory financial statements Page 25
CENTRAL BAPTIST ASSOCIATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES ICONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2025 2024 2024 Expenditure on charitable activities Membersupport HM Funding Grants and donation5 Ministry Meetings Training Support for Other organisations Staff Costs 188,125 115,966 5.238 969 2,777 11,350 123,719 32,948 5,482 2,299 1,259 6,250 Wage5 and sa13rie5 Property leaseback Pension contributions Social Security Travel and subsistence Staff conferences and training Property Costs 166,129 36,000 19,434 8.503 13,240 5.109 154,078 35,000 18,213 9, 743 15,416 6,609 Loan interest Council Tax Utilities and Water Insurance Repair5 and Maintenance Administration costs Telecommunications Postage and stationery Ministers, Conference Office, IT and computer costs Meeting costs Subscription5 11,717 16,984 3,906 749 16,414 15,866 3,672 893 4.846 382 17,970 2.399 1.104 1,802 4,366 271 10, 709 2,948 2,253 1,407 62 1,402 8,003 120 18,642 Depreciation of tangible fixed assets Legal and Professional Fees Bank Charges Auditor's rernuneration 2,244 6,774 120 17,473 Total expendlturè on tharltable artlvlties 661,310 499,044 Revaluation of investrnent propèrty Gain I (Lossl on investment assets Net Incomlng Iloutgolngl resources 168,OODI 47,205 40,212 195,6991 308,444 This page does not form part of the statutory financial statements Page 26