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2020-12-31-accounts

Rev A Afriyie Miss N Idehen (appointed 3 March 2021)
Rev P Barnard Mrs F Ogunyide
Rev Dr A Beavis Mrs M Ross
Miss A Buhari Rev J Schofield
Mrs J Dehaney (until 14July 2020) Mr N Sherringham
Rev G Hindmarch Rev LWright (appointed 3 March 2021)

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Note 2020 2019
FIXEDASSETS
Tangible fixed assets 2a 5,893,910 5,753,151
Investments 3a 6,595,015 5,246,733
Concessionary
loans to churches		 4 1,570,923 1,460,719
14,059,848 12,460,603
CURRENT ASSETS
Debtors (including
E2,412,066
(2019:E2,677,073)recoverable 5a 3,565,585 3,814,594
after more than one year)
Investments
(Short term deposits)		 7,079,977 12,077,526
Cash held by stockbrokers 54,212 39,144
Cash at bank 3,900,844 1,646,571
14,600,618 17,577,835
CREDITORS:
Amounts
failing due within
year		 one 6a (12,752,308) (14,637,667)
NET CURRENT ASSETS 1,848,310 2,940,168
Total Assets less current liabilities 15,908,158 15,400,771
PROVISIONS FOR LIABILITIES 19 (107,377) (171,857)
NET ASSETS 17 15,800,781 15,228,914
ENDOWMENT
FUNDS		 3,087 3,087
RESTRICTED FUNDS
Realised funds 4,439,147 4,448,512
Revaluation
reserve		 1,157,638 927,863
5,596,785 5,376,375
UNRESTRICTED FUNDS
Realised funds —Other funds 8,439,590 8,449,106
Revaluation
reserve		 16 1,761,319 1,400,346
10,200,909 9,849,452
15,800,781 15,228,914

2020 2019
Note
Cash (used)/provided
by operating		 activities (1,950,606) 520,425
Cash flows from investing
activities
Dividends,
interest and rents from investments		 219,462 257,158
Proceeds on sale offixed assets 578,344
Purchase offixed assets
Proceeds on sale ofinvestments		 693,576 (
64,382)
1,322,800
Purchase of investments
Net advances of long term loans to churches
Cash (used in)/provided
by investing
activities		 (1,580,436)
~110,204
~777.602		 ( 558,644)
~373,488
1,161,788
(Decrease)/increase
in cash and cash equivalents		 in
the year (2,728,208) 1,682,213
Cash and cash equivalents
as at 1January		 13,763,241 12,081,028
Cash and cash equivalents
as at 31		 December 11,035,033 13,763,241
(i) Reconciliation
o		 fnet income to cash (used in)/provided by operating
activities
Net income 571,867 631,384
Depreciation
charges		 9,241 9,136
Dividends,
interest and rents from investments		 (219,462) (257,158)
Gains on disposal of tangible fixed assets (78,279)
Gains on tangible fixed assets (150,000)
Gains on investment assets (461,422) (470,090)
Decrease
in debtors
(Decrease)/increase		 in creditors 249,009
~1,949,839
~1,960,606		 558,904
126,528
520,425
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COMPANY BALANCE SH
 EET
AT 31 DECEMBER 2020 Company number: 04325272
Note 2020 2019
FIXEDASSETS
Tangible fixed assets 2b 5,095,791 5,003,322
Investments 3b 5,914,367 5,493,318
Concessionary
loans to churches		 4 1,570,923 1,460,719
12,581,081 11,957,359
CURRENT ASSETS
Investments
(Deposits with
Baptist Property Board)		 the London 1,222,610 1,530,666
Debtors 5b 475 8,413
Cash held by stockbrokers 54,212 39,144
Cash at bank and in hand 10,160 32,540
1,287,457 1,610,763
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Sundry creditors 6b (174,101) (277,197)
NET CURRENT ASSETS 1,113,356 1,333,566
Total Assets less current liabilities 13,694,437 13,290,925
CREDITORS: AMOUNTS FALLING
DUE AFTER ONE YEAR
Loans from the London Baptist
Property
Board Limited		 (91,584) (91,584)
PROVISION FOR LIABILITIES 19 (107,377) (171,857)
NET ASSETS 7,8 13,495,476 13,027,484
REPRESENTED BYFUNDS:
ENDOWMENT
FUNDS		 3,087 3,087
RESTRICTED FUNDS
Realised funds 4,439,147 4,448,512
Revaluation
reserve		 1,157,638 927,863
5,596,785 5,376,375
UNRESTRICTED FUNDS
Realised funds —Other funds 7,281,666 7,292,824
Revaluation
reserve		 16 613,938 355,198
7,895,604 7,648,022
13,495,476 13,027,484
Approved
by the Board of Directors 11 May		 2021 and signed on their behalf;
Moderator Director
Rev A Afriyie arnard

2020 2019
Group Company Group Company
Income 697,553 660,126 1,070,477 981,937
Interest and investment income 219,462 117,427 257,158 117,714
Gains on investments 461,422 409,189 470,090 397,909
Gross income in the reporting period 1,378,437 1,186,742 1,797,725 1,497,560
Expenditure 947,329 811,219 1,157,205 923,417
Depreciation 9,241 7,531 9,136 7,720
Total expenditure
in the reporting
period		 956,570 818,750 1,166,341 931,137
Surplus for the year 421,867 367,992 631,384 566,423
TATEMENT OF COMPREHENSIVE INCOME
2020 2019
Group Company
f		 Group Company
Surplus for the year 421,867 367,992 631,384 566,423
Gains on revaluation
of		 fixed assets 150,000 100,000
Comprehensive
income		 for the year 571,867 467,992 631,384 566,423

1 ACCOUNTING
POLICIES		 ACCOUNTING
POLICIES
The principal
accounting
policies
adopted,
judgements
and
key sources		 of estimation
uncertainty		 in the
preparation
ofthe financial
statements
are as follows:
Accounting
convention
The financial statements
have been prepared
under the Companies
Act 2006, the Charities Act 2011		 and
in accordance
with the Charities
Statement
ofRecommended
Practice		 (Charities SORP (FRS 102)) and
Financial
Reporting
Standard
102 (FRS 102). The accounts
are prepared
under
the
historical		 cost
convention
(as modified
by the revaluation
ofcertain fixed assets), except as noted
in 1.8 below.
The accounts
include
the
results
of the company's
subsidiary,
The		 London
Baptist		 Property Board
Limited.
The results have been consolidated
on a line by line basis.
The London Baptist Association
meets the definition
ofa public benefit		 entity under FRS 102.The charity
is a company
limited
by guarantee,
incorporated
in England
and Wales.
1.2 Unrestricted
funds
Unrestricted
funds comprise the General fund and Designated
funds,
Designated
funds represent monies
which
have been allocated
for specific purposes
by the Association.		 All Unrestricted fund
income
is
accounted
for once the charity has entitlement
to the income,
it is probable
the income		 will be received
and the amount ofincome receivable can be reliably measured.
Unrestricted
fund expenditure
isaccrued
as soon as a liability is considered
probable,
discounted
to present value for longer term		 liabilities.
Restricted funds
These are funds subject to specific conditions as to,their use, which are binding
on the		 Association. All
Restricted
fund
income
is accounted
for at the time of receipt and		 expenditure
accounted
for		 when
incurred.
Income not expended
in the year ofreceipt is carried forward		 until
it is fully committed.
1.4 Endowment
funds
Endowment
funds represent
the permanent
capital ofcertain restricted		 funds.
Properties
Freehold
and leasehold
properties,
whether
shown as tangible
fixed assets or investments,
have		 been
included at fair value.
No depreciation
has been charged on those properties
held as tangible fixed assets
on the basis that the residual
value ofthe properties
is so high as to render depreciation		 immaterial.
Computers
and equipment
This is shown at cost and depreciated
over 3years.
Equipment
with a cost ofover E1,000 is capitalised.
Pension schemes
The company
contributes
to defined
benefit
pension
schemes.
The		 assets of the schemes
are		 held
separately
from those ofthe company
and contributions
are accounted		 for when due.
The company also makes contributions
towards the deficit on the Baptist		 Pension Scheme and the Baptist
Unions Staff Pension Scheme, under their deficit reduction schemes. A provision
has been made for		 the
total contributions
due. This is detailed
in Note 19.
1.8 Investments
Quoted
investments
are stated
at fair value.
An unquoted
investment		 is stated
at a valuation
of		 the
Finance
Committee.
Unrealised
gains or losses
in the year are reported
in the statement
of financial
activities. Investments
in subsidiaries
are shown at cost.
Debtors
Trade debtors and other debtors are included
at the settlement
amount		 due. Prepayments are valued at
the amount
prepaid.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly
liquid investments
with a short maturity		 of
three months
or less from the date ofopening
ofthe deposit.

1.11
Creditors
and provisions		 1.11
Creditors
and provisions		 1.11
Creditors
and provisions		 1.11
Creditors
and provisions		 1.11
Creditors
and provisions
Creditors and provisions are recognised where the charity has a present obligation
arising from		 apast event
that will probably result in the transfer offunds to a third party and the amount due to settle the obligation
can be measured or estimated reliably. Creditors and provisions
are		 recognised at their settlement
amount.
1.12
Financial
instruments
The charity only has financial assets and liabilities ofa kind that qualify as basic financial instruments.
Basic
financial
instruments		 are initially recognised
at transaction
value		 and subsequently measured
at their
settlement
value.
1.13
Going concern
The trustees
consider		 that there are no material
uncertainties
about the		 charity's
ability to continue as a
going concern.
1.14
Income
Income, including grants, is recognised when the charity has entitlement to the funds, it is probable that the
income
will be received		 and the amount can be measured
reliably.
The Coronavirus Job Retention Scheme grant is recognised
in the period		 to which the underlying furloughed
staff costs relate.
1.15
Expenditure
Expenditure
is recognised		 as soon as an outflow ofeconomic benefit is probable, settlement
will		 be required
and the amount ofthe obligation can be measured reliably.
All expenditure		 is accounted for on an accruals
basis.
Grants and donations are accounted for when paid over, or when awarded, ifthat award creates a binding
obligation
on the		 charity.
TANGIBLE FIXEDASSETS —GROUP
Freehold
Properties
f		 Leasehold
Properties
f		 Computers
and
Equipment
f		 Total
Cost or valuation
1 January 2020 3,907,025 1,820,242 56,949 5,784,216
Additions
Disposals
Revaluation
surplus		 150,000 150,000
31 December 2020 4,057,025 1,820,242 56,949 5,934,216
Depreciation
1 January 2020 31,065 31,065
Charge for the year 9,241 9,241
Released on disposal
31 December 2020 40,306 40,306
Net BookValue
31 December 2020 4,057,025 1,820,242 16,643 5,893,910
31 December 2019 3,907,025 1,820,242 25,884 5,753,151
Historical cost for land and buildings included at valuation:
31 December 2020 3,157,970 1,820,242 4,978,212
31 December 2019 3,157,970 1,820,242 4,978,212
The properties
were last valued		 by the directors at 31st December 2020 on the basis offair value. The valuations
were made on the basis ofinformation provided by Rapleys and Cartwright Hands, who are professional surveyors.
Page 21

2b TANGIBLE FIXEDASSETS —COM PANY PANY
Freehold
Properties		 Leasehold
Properties		 Computers
and
Equipment
f		 Total
Cost orvaluation
1 January 2020 3,157,025 1,820,242 51,214 5,028,481
Additions
Disposals
Revaluation
surplus/(deficit)		 100,000 100,000
31 December 2020 3,257,025 1,820,242 51,214 5,128,481
Depreciation
1 January 2020 25,159 25,159
Charge for the year 7,531 7,531
Released
on disposal
31 December 2020 32,690 32,690
Net Book Value
31 December 2020 3,257,025 1,820,242 18,524 5,095,791
31 December 2019 3,157,025 1,820,242 26,055 5,003,322
Historical cost for land and buildings included at valuation:
31 December 2020 2,853,296 1,820,242 4,673,538
31 December 2019 2,853,296 1,820,242 4,673,538
3a INVESTMENTS —GROUP
Listed
investments		 Other
investments		 Freehold
investment
properties
f		 Total
Valuation
1 January 2020 2,952,762 228,345 2,065,626 5,246,733
Additions 705,436 875,000 1,580,436
Disposals (721,388) (721,388)
Revaluation
surplus/(deficit)		 110,977 39,617 417,874 489,234
31 December 2020 3,047,787 188,728 3,358,500 6,595,015
Historical Cost
31 December 2020 2,466,191 149,806 1,959,117 4,575,114
31 December 2019 2,433,657 149,806 1,084,117 3,667,580

INVESTMENTS —COMPANY INVESTMENTS —COMPANY
General Fund Shares
in
LBPB		 Listed
investments		 Freehold
investment
properties		 Total
Market value or valuation at 1 January 2020 1,379,330 284,690 600,856 2,264,876
Additions 66,383 66,383
Disposais (69,542) (69,542)
Revaluation
surplus/(deficit)		 2,140 149,804 151,944
Market value or valuation
31 December 2020		 at 1,379,330 283,671 750,660 2,413,661
Historical cost or probate value at
31 December 2020 1,379,330 251,494 572,630 2,203,454
31 December 2019 1,379,330 261,445 572,630 2,213,405
The company
holds 100%ofthe 'A' shares
in its		 The company
holds 100%ofthe 'A' shares
in its		 subsidiary,
The London Baptis		 subsidiary,
The London Baptis		 t Property
Board L		 imited.
Restricted and Endowment
Funds		 Listed
investments		 Freehold
investment
properties		 Total
f.
Market value or valuation at 1 January 2020 2,668,072 560,370 3,228,442
Additions 639,053 639,053
Disposals (651,846) (651,846)
Revaluation
surplus/(deficit)		 108,837 176,220 285,057
Market value or valuation on 31 December 2020 2,764,116 736,590 3,500,706
Historical cost or probate value at 31 December 2020 2,214,697 128,370 2,343,067
Historical cost or probate value at 31 December 2019 2,172,212 128,370 2,300,582
TOTAL Shares in
LBPB		 Listed
investments		 Freehold
investment
properties		 Total
Market value or valuation at 1 January 2020 1,379,330 2,952,762 1,161,226 5,493,318
Additions 705,436 705,436
Disposals (721,388) (721,388)
Revaluation
surplus/(deficit)		 110,977 326,024 437,001
Market value or valuation
31 December 2020		 at 1,379,330 3,047,787 1,487,250 5,914,367
Historical cost or probate value at
31 December 2020 1,379,330 2,466,191 701,000 4,546,521
31 December 2019 1,379,330 2,433,657 701,000 4,513,988

Restricted Restricted Restricted Restricted Restricted Restricted
Designated and 2020 Designated and 2019
Fund Endowment Total Fund Endowment Total
f Fundsf f Funds f
Permanent loans 7,220 433,568 440,788 8,220 418,298 426,518
Fixed loans 12,000 1,118,135 1,130,135 12,000 1,022,201 1,034,201
19,220 1,551,703 1,570,923 20,220 1,440,499 1,460,719
Permanent loans are repayable on closure, withdrawal or sale ofthe site and are in most cases interest-free.
Fixed
term loans are interest-free. These loans are predominantly payable after more than one year.
The group has the following capital commitments at 31 December:
2020 2019
f f
Loan facilities approved but not yet taken up 365,000 675,398
5 a DEBTORS —GROUP
2020 2019
f f
Advances (financial assets measured at amortised cost) 3,524,295 3,795,092
Prepayments and sundry debtors 41,290 8,413
Accrued income 11,089
3,565,585 3,814,594
5 b DEBTORS —COMPANY
2020 2019
f f
Prepayments and sundry debtors 475 8,413
475 8,413
6 a CREDITORS —GROUP
Amounts falling due within one year 2020f 2019
f
7 day notice deposits and interest accrued 12,564,509 14,360,470
Sundry creditors and accruals 187,799 277,197
12,752,308 14,637,667
6 b CREDITORS —COMPANY
2020 2019
Amounts falling due within one year f f
Sundry creditors and accruals 174,101 277,197
174,101 277,197
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2020 2019
f f
Income from church closures 245,712
Other church contributions 115,452 129,975
115,452 375,687
10 GRANTS
2020 2019
No Group
f		 No Company
f		 No Group
f		 No Company
f
Grants
in the period:
Churches
re Buildings		 1,838 2,642
Churches
re support of
ministry
Other grants to churches
and organisations		 25 180,068 25 180,068 20 195,692 20 195,692
Spurgeons
College		 1 100,000 - 100,000
180,068 181,906 295,692 298,334
Individuals: 1,000 1,000 19 2,343 19 2,343
181,068 182,906 298,035 300,677
Material grants
included above:
E1 Community
Church		 9,040 10,500
London Spanish
Speaking		 Church 10,238 11,375
Old Lodge Lane Baptist Church 10,750 11,000
Hebe Foundation 11,000 9,000
Kings Cross Baptist Church (Breathe) 11,000 11,000
Mill Hill East Baptist Church 11,000 8,000
Bonny Downs Baptist Church 11,375 11,375
Hersham
Baptist Church		 11,375 11,375
Third Space Ministries 11,375 11,375
London Network
Church		 11,725 3,908
The Kings Cross Baptist Church 12,500 15,000
London Arabic 1KQQQ 1RQQQ

SUPPORT TO CHURCHES SUPPORT TO CHURCHES
2020 2019
Group Company Group Company
f.
Employment
costs:
Salaries 271,245 238,430 253,415 209,451
National
Insurance —employers		 19,551 17,135 19,045 16,080
Pension
contributions		 —employers 26,646 23,364 27,566 20,032
Defined benefit scheme movement 50,894 50,894 6,599 6,599
266,548 228,035 306,625 252,162
Printing
and stationery		 1,865 1,865 3,207 3,207
Postage and telephone 11,557 10,081 9,367 8,298
Premises costs 67,342 76,683 95,326 77,841
Professional fees 70,091 39,779 62,496 36,525
Committee
and conference expenses		 6,739 6,661 16,152 16,152
Computer
and office equipment		 20,134 13,874 16,988 10,067
Travel expenses 11,534 11,519 13,130 13,130
Subscriptions
and donations
(note 12)		 5,630 5,630 7,434 7,434
Bank charges 922 220 902 175
Depreciation 9,241 7,531 9,136 7,720
Loan interest 38,797 131,035 26,417
Contributions
to BUGB		 Home Mission 111,460 111,460 128,877 128,877
Grants (note 10) 181,068 182,906 298,035 300,677
Closed Church Pension Debts 77,354 77,354
Sundry expenses 12,844 9,064 18,268 12,525
Governance
costs —auditors
remuneration 12,180 6,780 12,000 6,720
905,306 789,442 1,128,978 907,927

2020 2019
Baptist Union ofGreat Britain 1,645 1,642
Evangelical
Alliance		 250 500
London
Church Leaders' Secretary		 1,000 2,900
Churches
together
in South London		 2,735 2,392
Churches
together
in Essex and East London
5,630 7,434

2020 2019
Group Company Group Company
Rent from investment properties 53,567 41,199 58,995 29,511
Dividends 81,555 72,342 89,701 78,499
Interest on short term deposits 84,340 3,886 108,462 9,704
219,462 117,427 257,158 117,714

2020 Investment
Properties		 I
t
nvestments
f		 I
t
nvestments
f		 Freehold
Properties		 Total
f
GROUP
Balance at 1 January 2020 981,509 597,644 749,056 2,328,209
Unrealised gains on revaluations in the
period 417,874 71,359 150,000 639,233
Realised gains on disposals 48,485 48,485
Balance at 31 December 2020 1,399,383 620,518 899,056 2,918,957
Investment
Properties		 Investments Freehold
Properties		 Total
2020
COMPANY
Balance at 1 January 2020 460,226 519,105 303,730 1,283,061
Unrealised gains on revaluations in the
period 326,024 110,976 100,000 537,000
Realised losses on disposals 48,485 48,485
Balance at 31 December 2020 786,250 581,596 403,730 1,771,576

2019 Investment
Properties
f		 Investment
Properties
f		 I
t
nvestments
f		 I
t
nvestments
f		 F
hold
Properties
f		 F
hold
Properties
f		 Total
GROUP
Balance at 1 January 2019 1,688,519 280,163 960,139 2,928,821
Unrealised
period		 gains on revaluations in the 349,505 349,505
Realised gains on disposals (707,010) (32,024) (211,083) (950,117)
Balance at 31 December 2019 981,509 597,644 749,056 2,328,209
2019 Investment
Properties
f		 I
nvestments
f		 Freehold
Properties
f		 Total
f
COMPANY
Balance at 1 January 2019 613,726 234,164 514,813 1,362,703
Unrealised
penod		 gains on revaluations in the 316,964 316,964
Realised losses on disposals (153,500) (32,023) (211,083) (396,606)
Balance at 31 December 2019 460,226 519,105 303,730 1,283,061
NALYSIS OF NET ASSETS BETWEEN FUNDS —GROUP
2020 Tangible
flixed
assets		 Investments Loans to
churches		 Net
current
assets		 Long Term
Liabilities		 Total
f f f
Endowment Funds 3,087 3,087
Restricted Funds
(per note 8) 3,500,706 1,551,703 544,376 5,596,785
Unrestricted
Funds
Designated Funds 600,000 19,220 106,719 725,939
General
Fund		 5,293,910 3,094,309 1,194,128 107,377 9,474,970
5,893,910 6,595,015 1,570,923 1,848,310 (107,377) 15,800,781
2019 Tangible
fixed
assets		 Investments Loans to
churches		 Net
current
assets		 Long Term
Liabilities		 Total
f f f
Endowment Funds 3,087 3,087
Restricted Funds
(per note 8) 3,228,442 1,440,499 707,434 5,376,375
Unrestricted
Funds
Designated Funds 500,000 20,220 89,384 609,604
General
Fund		 5,253,151 2,018,291 2,140,263 (171857) 9,239,848
5,753,151 5,246,733 1,460,719 2,940 168 (171,857) 15228,914

Type offinancial assumption '/e pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum
Pensionable
Income increases
(RPI)		 3.20
Assumed
investment
returns
- Pre-retirement 2.95
- Post retirement 1.70
Deferred pension increases
- Pre April 2009 3.20
- Post April 2009 2.50
Pension increases
- Main Scheme pension 2.70

2020 2019
E
Income 258,674 321,381
Expenditure (257,033) (323,811)
Net income/(expenditure) before revaluations 1,641 (2,430)
Gains/(losses)
and investment		 on revaluations
assets		 and disposals offixed 102,233 72,181
Net movement in funds 103,874 69,751