THE LONDON BAPTIST ASSOCIATION REPORT OF THE DIRECTORS and FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 In membership with the Baptlst Union of Great Britain Charity Registration No: 1091160 Company Number: 04325272 THE LONDON BAPTIST ASSOCIATION COMPANY INFORMATION DIRECTORS Mr W Adetunji Miss J Noble Mr N P Kincaid (appointed 9 November 2024) Mrs F Ogunyide (resigned 9 November 2024) Rev P Barnard Mrs M Ross (appointed 9 November 2024) Miss A Buhari (resigned 9 November 2024) Mr N Sherringham (r8signed 9 November 2024) Rev Dr A Devaraj Rev Dr M Thornton Rev N Fernandez Mrs S Green (appointed 9 November 2024) Miss N Idehen Dr J McLeod (appointed 9 November 2024) OFFICERS Moderator Regional Minister (Team Leader) Rev Dr. M. Thomton. Rev P Barnard . Regional Minister Regional Minister (part-time) Regional Minister (part-time) Regional Minister Regional Minister Rev H Abdelmasih. Rev W Bygrave. Rev J Kane. Rev L Wright" Rev C Nicholls. Honorary Treasurer Company Secretary Mr N P Kincaid Mr N Redford. The key management personnel (') are the Directors, the Regional Minister (Team Leader) together with the other Regional Ministers and the Company Secretary. SOLICITORS Carter Lemon Camerons LLP 3rd Floor 20 King Street London EC2V 8EG SURVEYORS Rapleys LLP 1 Upper St James Street London W1F 9DE BANKERS Barclays Bank plc Barclays Commercial Bank 1 Churchill Place London E14 5HP HSBC Bank plc 186 Broadway Didcot Oxfordshire OX118RP AUDITORS Xeinadin Audit Limited (formerly JCS Accountants) 5 Robin Hood Lane Sutton Surrey SM12SW INVESTMENT MANAGERS Rathbones 8 Finsbury Circus London EC2M 7AZ Page 1 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 The Board of Directors has pleasure in reporting on the Financial Statements for the year ended 31 December 2024, which have been prepared in accordance with the Companies Act 2006, the Charities Act 2011 and 'Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)" GOVERNANCE AND MANAGEMENT The London BaptistAssociation (LBA) is a company limited by guarantee and registered in England (number 4352572) and is a registered charity (no 1091160). It was formed in November 2001 and began operating in 2002 when it took over the assets and liabilities of the fomer unincorporated Association which was formed in 1865. The company is governed by its Memorandum and Articles of Association (revised October 2002, June 2009, June 2010 and July 2016). The board of directors is partly elected or appointed by the member churches and partly co-opted. Baptist churches are admitted into membership by the passing of an ordinary resolution. The directors establish the strategy of the Association, which is implemented by the Regional Ministers, other members of staff, committees and working groups. The directors of the LBA appoint the directors of the London Baptist Propety Board Ltd (a subsidiary company). PRINCIPAL ACTIVITIES AND OBJECTS The object of the company is the advancement of Christianity in and through its member churches individually and acting together, in accordance with the principles of the Baptist denomination. The Association is affiliated to the Baptist Union of Great Britain. The company seeks to fulfil its purpose through resourcing. supporting and encouraging the life and mission of its member churches. The activities of The London Baptist Propety Board Limited (LBPB), the subsidiary, are principally to act as the custodian trustee for Baptist churches, to provide loans and to accept deposits to finance the provision of church premises and manses. THE ASSOCIATION'S ACTIVITIES AND PUBLIC BENEFIT The Directors are aware of and have had regard to the Charity Commission's published guidance on public benefit. The company senies the public benefit by the advancement of the Christian faith in and through its member churches. The company acts as an UMb￿lIa body for its member churches, which are all separate charities, serving the public benefit. 2024 represented a year of consolidation. The new members of the Regional Team appointed in 2023 became fully established in their roles during this time. Their respective roles are described below. Unfortunately, the tenure of Ms. Laura Tomlinson as Association Administrator proved short lived and we bade farewell to her in April. Mr. Nigel Redford was appointed as her successor in July, and he continues to discharge this role to great effect. In pursuit of its charitable objects, the Association team continues to encourage and support churches and ministers in the pursuit of their own charitable objects. We still are observing our churches recovery from the pandemic. They are generally smaller across the board but with signs of growth also. The challenge for our churches is that not only did many people give up volunteering during the pandemic, many did not return. The 'freedom' that some experienced during the lockdowns has translated, for many attendees, into a permanent arrangement. Likewise, with our older folk gradually departing this world, we are witnessing a substantial reduction in overall numbers. That said though, many churches are seeing new people start attending, come to faith, and numerous baptisms tc￿. It's just that these aspects of growth are far outweighed, in general, by our older members passing away. The Association staff team continues to regularly visit churches and ministers, both individually and in local clusters. for encouragement and advice on a wide range of subjects. Page 2 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) The staff team also continue to work in a flexible manner: both centrally, and from home. Staff are generally to be found now at the Dock Street offices several days a week, and our premises continue to be used for meetings of all types: both regional and national. A great use of our asset for the benefit of our network of churches both local and national. Our relationships with churches and ministers remain generally strong. We have built up a significant Sense of loyalty and team over the last few years. However, this was placed under extreme stress for the two years from March 2022 beginning with the decision of Baptist Union Council to consider changing the Ministerial Recognition Rules to allow for people in same-sex marriages to be accredited as Baptist Ministers. In short, the Council decided in March 2024 to leave the rules unchanged. Given that London contains a very large proportion of traditionally minded churGhes on this subject, the outcome was satisfactory for most churches. But the controversial nature of the subject, and lengthy consultation period, has done significant damage to BUGB'S reputation. That said, the decision to leave the rules unchanged, may have caused the giving to Home Mission to rebound from an historic low in 2024. It is difficult to speculate but we do know several churches had stopped giving entirely due to this controversy. In respect of the wider Baptist family, we continue to engage nationally through a process of financial review. This has been a long running project- involving various groups and consultants over recent years- and it is expected that a decision, finally, upon a new financial model and structure will be made during 2025. The Team Leader, Rev. Phil Barnard, is heavily involved in this exercise due to his financial and administrative skills, and also because of his leading the largest association in the Country. Phil, Rev. Claire Nicholls, and Rev. Josh Kane also represents the regional team as directors of the London Baptist Propety Board. They provide valuable contributions on individual church situations 'on the ground, for the purposes of buildings developments, loans and trust matters. The Property Board continues to build on its ongoing strategic review. In 2024, we saw successful roadshows begin for churches wanting to improve their understanding of governance and leadership. We also continue to regularly visit churches seeking options for the refurbishment and redevelopment of their buildings. More broadly, the Regional Team represent the Association in a variety of contexts. The Team Leader continues to represent the Association nationally as part of the Baptists Together Core Leadership Team, and Baptist Union Council. He also moderates the Regional Team Leaders group, and is a member and trustee of the ecumenical London Church Leaders charity. Given that he is approaching nine years in this role, Phil took a much-needed sabbatical break in the Autumn term of 2024. The Revd. Hany Abdelmasih represents the Association nationally as part of the BUGB Mission Forum and Small Churches Network. He also continued to oversee our Intercessory Prayer Group, Mission Hub, and Chaplains Connect Group, and Refugee Network. Rev. Lucy Wright participates as a member of the National Ministerial Recognition Committee and is also involved in Churches Together in Essex and East London (CTEEL). The Revd. Claire Nicholls represents the Association on the steering group of Churches Together in South London,. leads our Justice Hub, is part of the core team of Project Violet, and represents the Baptist Union on the JPIT Strategy and Policy Group. The Revd. Winston Bygrave makes significant contributions in theological and lay training; both within and beyond his geographical pastoral area. The Revd. Josh Kane participates in the National Church Planting Network Gore group. In respect of our work amongst Children, Youth and Young Adults, the HEBE Foundation continues to oversee the Youth Forum. In a positive development, our Leadership Year has taken on a new lease of life. After a fallow year, we reshaped the programme around a training course and were glad to welcome five new interns into the team. They are placed in a variety of churches and being mentored by members of the regional ministry team. Mrs. Rachel Swaby, the LB Safeguarding Lead, continues to provide an excellent support service to our churches in terms of safeguarding cases and training. Her hours were increased in 2023 to 0.8FTE and we could, really, do with someone full time or more. The caseload and requests for training in our churches is Page 3 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) a monumental task. We are grateful for Rachel's ongoing tenacity and diligen￿ in her service of the Association churches. She continues to work closely with the national team based at Baptist House. Our Association Administrator. Mr Nigel Redford, oversees the administration of the safeguarding training for our churches, which is delivered predominately by volunteers. LBA Board We continue to hold all of our Directors, meetings online and did so throughout 2024. We are conscious of the financial challenges being discussed by the broader Baptist Family, butwe continue to be pleased with ourfinancial position. The Board has improved the income from our investments (property and financial) and the Property Board has continued to be profitable and appropriate a significant sum to our general reserves. We received the recommendations of the Project Violet report and are committed to implementing various aspects of it throughout association life. Our AGM was held on the 91h November 2024 at Westbourne Park Baptist Church. A good number of folk gathered and a keynote address was given by the former Regional Team Leader of the Association. The Revd. Dr. Pat Took. At the AGM, we were able to appoint four new directors: Mr. Norman Kincaid (Honorary Treasurer), Mrs. Sharon Green, Dr. Jacky McLeod, and Mrs Marilyn Ross. Norman returns to the Association where he was once paid staff. as Association Administrator. And Marilyn retums On￿ again after a sabbatical year, for a third term of office. We bade farewell to Mrs. Fola Ogunyide (Honorary Treasurer) who had faithfully held this role for 11 years, and also Mr. Neil Sherringham and Ms. Amie Buhari. All of these people have helped shaped the Association provision in re￿nt years and we are grateful to all of them for their service. We now have a full complement of Directors. It was exciting to welcome a new member church at the AGM.. Cornerstone Baptist Church. And it was noted that one church had resigned from the Association and Union: Salem Baptist Church in Hillingdon. There were no closures, and thus the membership of the Association remains at 292 churches. After its closure in July 2023. the former Marks Gate Baptist Church was marketed for sale through 2024, and eventually sold in the early part of 2025. The funds, whilst unrestricted, are earmarked for 'mission' in its broadest sense. Other significant events Our annual Ministers Conference was very well attended, as usual, at High Leigh Conference Centre (Hoddesdon) on 5-7 February. We were pleased to welcome The Revd. Dr. Israel Olofinjana (Evangelical Alliance), and Dr. Eleasah Louis as our keynote speakers. It was an inspiration time looking at intercultural church. We were blessed to have over 130 ministers and guests in attendan￿ and welcomed, for the third year in Suc￿sSion, Steve and Velveta Thompson as our guest worship leaders. Pensions At the end of June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group {'Just') to secure members, pension benefits under the Defined Benefit {'DB'> Plan. As a result. the Scheme no longer has a shortfall. A revised statement of contributions was approved with deficit contributions from each participating employer in the DB Plan reducing to just £1 per month from August 2022. These ￿aSed in November 2024, in line with moving to Just Group. See www.baptist.org.uklpensions for more details. Page 4 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) Future vision Looking ahead into 2025. the Directors of the Association have oullined several clear objectives. To input into the Baptist Union Financial Review, and react accordingly", To continue to take forward the Peckham Rye Tabernade development - a preapplication for planning is now with Southwark Counal (as of March 2025); Development of a strategy for church planting and replanting opportunities potential closed sites becoming available: To address, along with our national partners, the crisis of a lack of people presenting for accredited ministry,. To implement the agreed recommendations of Project Violet., To encourage our representatives to contribute to topics at national level including the revised funding formula, justice, mission, safeguarding polices, CYF, etc. To continue the development of young leaders via the internship programme; Continue to support churches as they reimagine church and manage issues in these changing times. espectally in respect of Alongside the tasks and events. the company continued wth its core activities. The Association largely fulfils its objects through the work of the LBA Regional Ministry Team. All of the team offers support and encouragement to member churches and have been challenged by several especially difficult situations. The directors met on six occasions during the year to conduct the business of the LBA, discharge their responsibility for the charity's finan￿s, and oversee the implementation of the agreed strategy. The induction of new directors of Ihe Board was overseen by the Company Secretary. Moderator, and the Team Leader. The work of the team has been complemented by others who work for the Association in a part-time or voluntary capacity. The District Ministers offered encouragement to fellow ministers in their respective districts and, during the pandemic, online gatherings have increased turnout. Despite all working from home, the work of the Offi￿ staff has again been invaluable in furthering the work of the Association. Mr. Nigel Redford. Association Administrator. provided excellent support to member churches, Regional Ministers and directors and has run the Association's administration with calm efficiency having been appointed to the position in succession to Ms. Laura Tomlinson. Laura departed our employment in April, and Nigel took up his role in July. Ms. Deborah Scott, our Finan￿ Manager, continues to diligently oversee the books of both the Association and Property Board. Her role became full time during 2024. The Mission Partnership Funding Committee awarded funding to 7 churches. totalling £54.500. Dr. Colin Hicks has responsibility for administering the application prO￿sS which had included running several workshops to explain the criteria and assessment process. The Ministerial Recognition Committee met on eight occasions during the year. Eight new candidates were interviev￿d to become accredited ministers. Six people were also interdiewed to become Recognised Local Ministers (new category) of which five were commended. Additionally, seven Newly Accredited Ministers were interviewed at the end of their probationary periods and commended for full accreditation. A fvrther eight NAMS were interviewed to review their mid-term progress. The key management personnel of the charity as listed on page one are in charge of directing. controlling, running and operating the charity on a day-to-day basis. Details of directors, remuneration, expenses and related party transactions are disclosed in Note 19 to the financial statements. Page 5 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. These awards are decided by the directors but generally follow guidelines from BUGB who decide the standard stipend nationally for Baptist ministers. The Home Mission appeal in London increased by some 14.9/0 compared to the previous year, some £61,300 above the combined (donations plus subscriptions) budget tsrget of £470,000. Churches in membership with the LBA contributed £416,238 (2023: £355,026) to the Baptist Union Home Mission Fund appeal and £115,063 (2023: £107,299) from subscriptions to the LBA from member churches. Lower subscription revenue also reflects reduced membership numbers in churches. PLANS FOR THE FUTURE Changing World Changing Church We continue to consider how we can establish new ways of 'being church,. Much of our work is focused on equipping existing churches to be more missional and outward looking but the desire remains to 'plant' new expressions. The Revd. Josh Kane is part of the 'National Church Planting Network, (convened by Bishop Ric Thorpe and Rev. Alex Harris). The redevelopment former site of the Peckham Rye Baptist Tabernacle is taking shape. It is currently in pre-planning with Southwark Council. 45 residential units (about half socially affordable rent) with a community facility underneath. It is hoped that, should planning be achieved, we will develop a 'community chaplaincy, seeking to minister to this new 'parish' which we are building along with other projects and programmes. The Board are also currently considering the support of another church, Bonny Downs BC, in Newham with their building project. We may well elect to 'buy into, the site which requires a cash injection and provide a manse for this innovative, community-based church, which has never had ifs own residential property for a minister. Project Violet Project Violet, a research project into the experiences of women in Baptist Ministry, published their results in 2024. These were presented to the Board and we are working through various recommendations set out in the report. Navigating Leadership The Ministers Conference met again at High Leigh on 10-12 February 2025. The theme was 'Navigating Leadership, and the keynote speakers were The Revd. Lisa Holmes (Baptist Union of Scotland) and Mary Evans (formerly of The London School of Theology). Over 160 people attended across the three days, our largest ever conference, and it was an uplifting and encouraging time. Finance & Strategy The Baptist Union continues to explore the 'Financial Model Review, to find a sustainable and visionary future. As the largest association in the country, we provide a key voice in this. We continue to support churches through Mission Partnership Grants but we continue to see a lack of applications. At present we only support around six projects and we think the lack of applications reflects a lack of resources in the local church to 'match fund, these projects. We will continue to review this. SUMMARY OF FINANCIAL ACTIVITIES FOR THE YEAR The financial results of the year 2024 are set out in the accompanying financial statements. With regard to the company accounts, there was a positive movement for the year £118,279 (2023: £1,203,251) after revaluation gains of £20,597(2023: £356,399) taking the total net assets of the LBA, including restricted and endowment funds, to £18,613,032 (2023: £18,494,753). Last year's surplus included £1,000,000 donations of property following the closure of Marks Gate Church. Page 6 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) The Consolidated Statement of Financial Activities consequently shows a positive movement of funds in the year of £211,518 after consolidation adjustments (2023: £1,205,051). Reserves policy The Directors consider the reserves policy annually. It is their intention to maintain a reserve that at a minimum would fund three months operating costs and up to six months operating costs. As at 31 December 2024, the free reserves of LBA (being the company unrestricted fund net current assets and listed investments) were £2,982,957 (2023: £2,978,749). The residual free reserves are considered to be adequate in line with the agreed policy. The principal source of regular general fund income in 2024 was a fixed sum grant from the Baptist Union. A review of this system is happening and it is anticipated that the funding stream may alter in 2026; one proposal is that Associations retain the amounts donated to the Home Mission Appeal by their member churches and a suitable levy, yet to be agreed, should be paid to central funds. If adopted, this will require careful management as several Associations would be unable to function without additional subsidy. A transitional fund has been set up for 2025 into which this Association has contributed £8,000 from reserves to help. The way forward for 2026 onwards remains unclear. The directors will also need to fund any expenditure on new projects to enhance the LBA'S work which go beyond core activities from reserves. The directors will continue to monitor the level of reserve held and to take decisions on expenditure which balance the needs of the present and the future. Remuneration of directors The Regional Minister Team leader, who has served as a director in 2024, is entitled to re￿1ve remuneration from the Association under the terms of the Memorandum of Association. (Detsils are to be found at note 19.) Otherwise, the directors did not receive any remuneration or benefit in kind from the Association or its subsidiary company the London Baptist Property Board Ltd. Investment policy An ethical investment policy is followed, which was reviewed in recent years resulting in the exclusion of fossil fuel industry companies from our portfolios. The general policy is to deposit day-to-day funds with the London Baptist Property Board Limited. For investments of a more permanent nature, the LBA investment managers are consulted. Regular review meetings are held with the fund manager. Both the General Fund Porffolio (a balanced portfolio to provide income and growth) and the Philpot Trust Portfolio (managed principally to provide growth) performed reasonably well for the period against respective benchmarks. The charity has made such investments to generate a return and has made no social investments With regard to the LBPB, the directors of the LBPB take a cautious approach to investment, seeking both to safeguard the capital held on behalf of churches and to retain sufFicient short-term funds to meet potential demands by depositors or borrowers. With regard to longer tenn investments, the company holds Charifund income units with the intention of providing both income and capital growth. Investments have also been made in property with the dual aim of assisting the LBA or particular churches and bringing longer-term capital growth for the company. The short-term deposits are currently spread across five financial institutions, with returns being kept under regular review. Grant making policy During the year, grants of £110,487 {2023: £100,735) were made to beneficiaries in accordance with the terms of the fund from which the grant was made. Grants are awarded in response to written applications which are assessed by the Finance Committee. The Committee has regard to the sums requested, project viability and the amounts available for distribution. The directors have delegated powers to the Finance Committee to award grants with a value of up to £5,000. grants in excess of that amount are referred to the directors for a decision with a recommendation from the Finance Committee. Page 7 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) This figure includes grants made under the Mission Partnership Funding Scheme funded by the national Home Mission Appeal. A separately designated Committee receives vision statements and full applications from member churches and has delegated authority to award funding within an agreed annual budget. Successful applicants must demonstrate the missional nature of their application and can be awarded funding for up to three years, subject to annual review. Fundraising disclosure The Association does not directly get involved in fundraising activities with the general public but encourages all its member churches to contribute to the national Home Mission Appeal managed by the Baptist Union. Support is requested by occasional visiting preachers and by material available via the Baptist Union web site. All Association membership subscriptions from churches are transferred to this national Appeal. A proportion of this Appeal is then allocated to the Association in line with a nationally agreed formula in line with other Associations as core funding and mission funding. No professional fundraisers or other third parties are engaged and no complaints about our practices have been received. Funds are not sought from outside our own membership. Risk Management The charity trustees acknowledge their responsibility for, and have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage and control those risks. The main risks identified and managed are: Issues around safeguarding and child protection in our churches are of great importance and carry a high level of potential risk. To this end, the appointment of a Safeguarding Lead was made a few years ago. Extensive training at Levels 2 & 3 is delivered to our ministers and other church leaders using the Baptist Union "Excellence in Safeguarding" material. Regular monitoring of levels of participation and effectiveness of this training takes place. Lines of reporting incidents of risk are clear and understood. Churches are offered clear guidance to write their own safeguarding policies. The business of the Association has financial reliance upon its member churches, contributions to the national Home Mission Appeal which is the main income source. As pressure grows on our declining church membership with an ageing demographic, there is a risk that such funding may reduce in coming years. The Appeal is actively promoted by the Association and currently this risk is mitigated by the level of reserves held. The Association and its related designated and restricted trust funds cary an investment risk on reserves held. These investments are professionally managed and regularly monitored by other advisers to mitigate the risk. The Association and LBPB have agreed a relatively cautious and ethical agreed investment policy. There is a reputational risk to the Association relating to any incidents in our member churches which may be outside our direct control. The enhanced Regional Team is now more actively and pre- emptively engaged in assisting and advising churches on governance. pastoral, safeguarding and other issues to reduce these risks. Suitable trusteelemployee indemnity insurance is in place. The operational risk of loss of data, computer hacking, cybercrime heightens each year. Upgraded network systems were implemented in tandem with our change of office location. Our support company has noticeably improved the technical aspects of this area and reduced the risk of loss or non-compliance significantly. Additional attention is being given to the risk of potential staff burnout by reviewing current supervision and line management procedures in respect of staff welfare. other less serious risks in the areas of governance, finance, operations, compliance and environmental have also been identified and suitable control measures in place, reviewed annually by the trustees. Page 8 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2024 (CONTINUED) Statement of Dlrectors, Responsibilities The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard (United Kingdom Generally Accepted Accounting Policies). Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of incoming resources and application of reSoUr￿s, including the income and expenditure of the charitable group for the period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP. 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; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue in its activities. The directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Association and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Association and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The directors are responsible for the Maintenan￿ and integrity of the corporate and financial infomiation for the company included on its web-site. Legislation in the United Kingdom governing the preparation and dissemination of financial information rnay differ from legislation in otherjurisdictions. DISCLOSURE OF INFORMATION TO THE AUDITORS To the knowledge and belief of the directors, there is no relevant information that the company's auditors are not aware of, and the directors have taken all the steps necessary to ensure that the directors are aware of any relevant information, and to establish that the company's auditors are aware of this information. The above report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. BY ORDER OF THE BOARD Rev Dr. M Thornton Moderator Unit C2, 15, Dock Street, London E18JN 13 May 2025 Page 9 THE LONDON BAPTIST ASSOCIATION GENERAL INFORMATION Designated Funds Church Extension and Reconstruction Fund This fund was set up to help, by grant or interest-free loan, churches needing to carry out urgent building maintenanGe. Income is derived from grants from the London Baptist Property Board Limited. Legacy Res8rve Fund Unrestricted legacies are placed into this fund and are used for purposes that the Board decides. Mission Partnership Funding This fund holds any unallocated balance of the annual budget received from BUGB for providing Mission Partnership Funding, as administered by the LBA Committee with responsibility for awarding this funding in line with their published criteria. This balance may be carried forward at year end and awarded to suitable applicants in future years. Thames Gateway Project This fund has received donations made by member churches in response to an appeal made in connection with plans to celebrate the third Christian millennium. The proceeds have been used to purchase a property in Britannia village, part of the newly developed Thames Gateway area. The propety is used as a base for church planting. LBA Youth Fund This fund was established in response to a donation to the Association to be used for youth work in London. It is hoped that further gifts and grants will be received in future years. The money is available to the Youth Forum to assist in funding its initiatives. Peckham Rye Fund This fund received a one-off donation on the closure of the church in lieu of rent for a retired minister to remain in the manse for five years. The money is designated for future property costs and repairs. Restricted Funds J W Beaumont Tnist Fund (an endowment fund) This fund was established to comply with the wishes of the executors of the estate of the late solicitor to the LBA, J W Beaumont. The main purpose is to assist lay persons with Christian training expenses. John Bradford Trust This trust fund enables permanent loans to be made from the capital. with repayment and interest if the church closes or leaves the Association, and term interest-free loans to be made from income. There is also provision for grants to be made from the income forthe support of ministry and those training for ministry and for other charttable work of the Association. To qualify a church must be within a London Borough. Grants were made from this fund to support the safeguarding offI￿r and the Youth worker during the year. These are shown as transfers. Compassionate Trust Fund This fund is financed by appeals to member churches to enable help to be given to ministers and their dependants in special need. Hounslow Baptist Church Reserve This fund was created upon the closure of Broadway Baptist Church, Hounslow in 1978. Loans and grants are made from the fund for the support of ministry (in its widest sense) in the Greater London area. The fund has been supplemented in 2007 by proceeds from the closure of Harmondsworth Baptist Church. Page 10 THE LONDON BAPTIST ASSOCIATION GENERAL INFORMATION Restricted Funds (continued) Manse Trust Fund This fund was Created in 1984 when the Manse of Nunhead Baptist Church was sold, the church having closed in 1965. Additional funds were added during 1992 in connection with the former Haydon Park church in Wimbledon. Loans have been made to churches to help with the purchase of their manses. These loans are repayable with capital appreciation relating to house values at the time of repayment. T W Philpot Trust This derives from the will of the late Thomas W A Philpot and was for making interest-free loans to churches which are erecting new chapels. Such loans will normally amount to no more than 250/0 of the cost unless the Board of Directors agrees otherwise. The initial capital sum became available in 1956 and a further legacy of properties and investments has since become available following the Gessation of a life interest. In 2006, the Charty Cornmission gave permission for the funds to be used for wider purposes. Interest-free loans can now be made for the building of new churches, the purchase of new buildings by churches and the extension of church premises. Valley Mission Fund This fund derives from the sale of Valley Mission, Biggin Hill. Under the ultimate trust, the income from the invested proceeds is available for evangelistic work in West Kent as decided by the Board of Directors. Clayhall Fund This fund was created through a gift of the now closed Clayhall Baptist Church in Ilford. It is for the support of community projects in deprived areas of London, or to support LBA evangelists and families working in their communities reaching out with the message of salvation through Jesus. Page 11 THE LONDON BAPTIST ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST ASSOCIATION Opinion We have audited the financial statements of The London Baptist Association (the 'parent charity,) and its subsidiary (the 'group'l for the year ended 31 December 2024 which comprise the consolidated Statement of Financial Activities, the consolidated and parent Balance Sheets. the consolidated Statement of Cash Flows and notss to the financial slatements, including Signifi￿nt accounting policies. The financial reporting framework thal has been applied in their preparalion is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our oplnion. the financial stat8ments: give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2024 and of the group's surplus for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of Ihe financial statements section of our report. We are independent of the group in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fijlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriats to provide a basis for our opinion. Concluslons relatlng to going ¢oncern In auditing the financial ststements, we have concluded that the directors. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perft)mied, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sectlons of this report. Conclusions relatlng to golng concern The other information comprises the information included in the annual reporL other than the financial statements and our auditorfs report thereon. The directors are responsible for the other infomiation conlained within the annual report. Our opinion on the financial statements does not cover the other infomiation and. except to Ihe extent otherwise explicilly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether Ihe other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mis5taled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other infomiation. we are required to report that fad. We have nothing to report In this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe course ofthe audit= the information given in Ihe directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the directors, report has been prepared in accordan￿ with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the group and the parent Gompany and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not been kept by the parent company, or retums adequate for our audit have not been received from branches not visited by us. or the parent company financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors, remuneration specified by law are not made., or we have not recelved all the information and explanations we requlre for our audit.. or Page 12 THE LONDON BAPTIST ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST ASSOCIATION the directors were not entitled to prepare the financial statements in accordan￿ with the small companies regime and take advantage of the small companies exemptions in preparing the directors. report and from the reqLtirement to Prepare a slrategiG report. Responsibilities of directors As explained more fully in the directors, responsibilities statement. the directors are responsible for the prepar8tion of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misststernent, whether due to fraud or error. In preparlng the financial statements. the directors are responsible for assessing the group's and the parent company's ablllty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group orthe parent company or to cease operations, or have no realistic allernative but to do so. Audltovs rosponslbllities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboul whether the financial statsments as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil conducted in accordance with ISAS (UK) 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. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Based on our understanding of the company, we identified that the principal risks of n0n-wmpllan￿ with laws and regulalions related to employment and financial reporting legislalion and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered Ihose laws and regulations that have a direct impact on th8 preparation of the financial stalements such as the Companies Act 2006 and the Charities Act 2011. We assessed the SUS￿ptibIlity of the company's financial stalements to material misstalement, including obtainlng an understanding of how fraud might occur, by making enquiries of management, considering the intemal controls in place and discussion amongst the engagement team. We detemiined that the principal risks were related to the managemenl bias in accounting estimates, valuation of properties, the inclusion and treatment of non cash transactions. presentation of separately disclosed items and the management override of conlrols. In response to the risks identified we designed procedures which included, but were nol limited to: challenging the significant accounting estimates such as valualion of properties. reviewng trustee meeling minute5 and enquiring into the occurrence and treatment of non cash transactions, agreeing financial statement disclosures to underlying supporting evidence, Identifying and testing journal entries and evalualion the charity's intemal controls. There are inherent limitations in the audit procedures described above. The more removed Ihat laws and regulations are from financial transactions. the less likely it is that we would become aware of non- -¢J)n 0)ThI¢D￿ f£iui¢fj )00) ¢inino VSJ￿rt) 0)￿￿)¢￿ fLnTto) Lno)* (Cl￿) U)Lri(nr Inthior rr ¢J)ON a>U)r Coco￿ COCOCOO O*ffj(D- o)ou) u)Inpty (0IX>￿1(0 ￿c*>0) Zu LTJUI CL IIJ ol Q)£ Vo￿V￿>￿a[L￿o (O > (u J THE LONDON BAPTIST ASSOCIATION CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 Note 2024 2023 FIXED ASSETS Tangible fixed assets Investments Concessionary loans to churches 7,598,455 7,237,349 2.250,111 17,085,915 7,579.455 6,176,605 2,270.530 16,026,590 3a CURRENT ASSETS Debtors (including £1,514,639 (2023: 1,856,465) recoverable after more than one year) Assets held for sale Investments (Short term deposits) Cash held by stockbrokers Cash at bank 2.200,261 3,192.389 5a 972,086 12,967.377 38,508 5,907,403 22,085,635 1,000,000 11,235.834 68,742 5,049,390 20,546,355 CREDITORS: Amounts falling due within one year 7a (17,995,055) (15,607.968) NET CURRENT ASSETS 4.090.580 4.938.387 Total Assets less current liabilities 21.176.495 20,964.977 NET ASSETS 18 21.176.495 20.964.977 ENDOWMENT FUNDS 3.087 3.087 RESTRICTED FUNDS Realised funds Revaluation reserve 5,009,785 676.462 4,785,278 823.827 17 5.686.247 5,609,105 UNRESTRICTED FUNDS Realised funds- Other funds Revaluation reserve 13,706,066 1,781,095 13,699,707 1,653,078 17 15,487,161 21,176,495 15,352.785 20.964,977 The financial statements were prepared in accordance with the special provisions of the Companies Act 2006 relating lo small companies and were approved by the Board of Directors on 13 May 2025 and signed on their behalf: Moderator Honorary Treasurer Rev Dr M Thornton Mr N P Kincaid Page 15 THE LONDON BAPTIST ASSOCIATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash provided byl{used in) operating activities 2,488,120 (183.417) Cash flows fn>m investing activities Dividends, interest and rents from investments Purchase of fixed assets Proceeds on sale of investments Proceeds from assets held for sale Purchase of investments Net advances of long term loans to churches 1,030,872 797,388 (562.725) 2,052,688 1.265.706 (658,200) 178,912 496,667 (1,470,006) 13,669 Cash provlded by Investlng actlvltles 71.202 3.073,769 Increase in cash and cash equivalents In the year 2,559,322 2,890,352 Cash and cash equivalents as at 1 January 16.353.966 13.463.614 Cash and cash equlvalents as at 31 December 18,913.288 16.353.966 (i) Reconciliation of net income to cash flows from operatlng activities Net movement in funds Depreciation charges Dividends. interest and rents from investments Property grants in the year (Gains)Ilosses on tangible fixed assets Lossesl(gains) on assets held for sale (Gains) on investment assets Decreasel(increase) in debtors Increase in creditors Cash provided byl{used in) operating activities 211,518 1,205,051 3,299 (797.388) (1,000,000) 23,000 {265,706) (56.361) (201,728) 906,416 (183.417) {1,030,872) (19.000) 34,664 (87.405) 992,128 2,387,087 2.488.120 Page 16 N¢JJ trj co (r) ￿ oj -QUJ 0>￿ ￿ja> eo (TJO) * Inv O ¢n O) <0 r ￿ Tr-- Tr ma) Q* Oi Oi <0 CCI * <0 (5) (Ov Inv O C¢￿￿ Qi Lli ro o v¢0 JrLNr z< Z LT)LU U DcnL)fJ >£tiwO THE LONDON BAPTIST ASSOCIATION COMPANY BALANCE SHEET AT 31 DECEMBER 2024 Company number". 04325272 Note 2024 2023 FIXED ASSETS Tangible fixed assets Investments Concessionary loans to churches 2b 3b 6,665,455 7,136.726 2.250.111 16,052,292 6,665,455 6,108.126 2,270.530 15.044,111 CURRENT ASSETS Investments (Deposits with the London Debtors Assets held for sale Cash held by stockbrokers Cash at bank and in hand 1.787.632 123.032 972,086 38,508 30,644 2,951,902 2,676,484 429,303 1.000.000 68,742 37.994 4.212,523 5b CREDITORS: AMOUNTS FALLING DUE Sundry creditors 7b (299,578) (670,297) NET CURRENT ASSETS 2,652.324 3,542,226 Total Assets less current liabilities 18,704,616 18,586,337 CREDITORS: AMOUNTS FALLING DUE Loans from the London Baptist Property 15 (91,584) (91,584) NET ASSETS 18 18,613,032 18,494,753 REPRESENTED BY FUNDS: ENDOWMENT FUNDS 3,087 3.087 RESTRICTED FUNDS Realised funds Revaluation reserve 5,009,785 676.462 4,785.278 823,827 17 5,686.247 5.609.105 UNRESTRICTED FUNDS Realised funds- Other funds Revaluation reserve 12,144,862 778,836 12.180.598 701.963 17 12,923,698 18,613.032 12,882,561 18.494.753 Approved by the Board of Directors 13 May 2025 and signed on their behalt: Moderator Honorary Treasurer Rev Dr M Thornton Mr N P Kincaid Page 18 THE LONDON BAPTIST ASSOCIATION SUMMARY INCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Group 2023 Group Company Company Income Interest and investment income Gains on investments Gross income in the reporting period 780.596 1.030.872 52,741 1.864.209 717,761 248,514 20,597 986.872 1,677,222 797,388 322.067 2,796,677 1.547,025 198,983 356.399 2,102,407 Expenditure Depreciation Total expendlture in the reportlng 1,671,691 868,593 1.565.327 3,299 1,568,626 895,857 3,299 899.156 1,671,691 868,593 Surplus for the year 192,518 118,279 1,228,051 1,203,251 STATEMENT OF COMPREHENSIVE INCOME 2024 Group 2023 Group Company Company Surplus for the year 192,518 118,279 1,228,051 1.203.251 Gainsl(losses) on revaluation of fixed assets 19.000 (23,000) Comprehensive income ft)r the year 211,518 118,279 1,205,051 1.203,251 Page 19 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) ACCOUNTING POLICIES The London Baptist Association (LBA) is a company limited by guarantee and registered in England (number 4352572) and is a registered charity (no 1091160). Its registered address is: Unit C2, 15 Dock Street. London E1 8JN. The principal accounting policies adopted, judgements and key soUr￿S of estimation uncertainty in the preparation of the 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 of Recommended 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 of properties and investments. The financial statements are prepared in pounds sterling rounded to the nearest pound. The accounts include the results of the company's subsidiary, The London Baptist Propety Board Limited. The results have been consolidated on a line by line basis. The London Baptist Association meets the definition of a public benefit entity under FRS 102. The charity is a company limited by guarantee, incorporated in England and Wales. 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 of income receivable can be reliably measured. Unrestricted fund expenditure is accrued 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 of receipt is carried forward until it is fully committed. Endowment funds Endowment funds represent the permanent capital of certain 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 of the properties is so high as to render depreciation immaterial. Computers and equipment This is shown at cost and depreciated over 3 years. Equipment with a cost of over £1,000 is capitalised. Pension schemes The company contributes to defined benefit pension schemes. The assets of the schemes are held separately from those of the company and contributions are accounted for when due. 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. Where the Charity has initiated a plan to sell an asset and the sale is probable within one year. the asset held for sale is shown at the lower of the carrying amount and its fair value less costs to sell. 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 of opening of the deposit. Page 20 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 1.11 Credltors and provislons Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third paty 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 of a kind that qualify as basicfinancial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.13 Golng concem 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. 1.15 Expenditure Expenditure is recognised as soon as an ouffiow of economic benefrt is probable, settlementwill be required and the amount of the 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. if that award creates a binding obligation on the charity. 2a TANGIBLE FIXED ASSEfs- GROUP Freehold Properties Leasehold Computers and Properties Equipment Total Cost or valuation 1 January 2024 Additions Disposals Revaluation surplus 31 December 2024 5,759.213 1,820,242 40.336 7,619,791 19.000 5,778,213 19.000 7,638,791 1,820,242 40,336 Depreciation 1 January 2024 Charge for the year Released on disposal 31 December 2024 40.336 40,336 40,336 40,336 Net Book Value 31 December 2024 5.778.213 1,820,242 7,598.455 31 December 2023 5.759.213 1.820,242 7,579.455 Historical cost for land and buildings 31 December 2024 5,276,020 5.276,020 1.820,242 1,820,242 7.096,262 7,096,262 31 December 2023 The properties were last valued by the directors at 31 st December 2024 on the basis of fair value. The valuations were made on the basis of information provided by Rapleys, who are professional surveyors. Page 21 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 2b TANGIBLE FIXED ASSETS- COMPANY Freehold Properties Leasehold Computers and Properties Equipment Total Cost or valuation 1 January 2024 Additions Disposals Revaluation surplusl(deficit) 31 December 2024 4.845.213 1,820,242 34,601 6,700,056 4,845,213 1.820.242 34.601 6,700.056 Depreclation 1 January 2024 Charge for the year Released on disposal 31 December 2024 34,601 34,601 34,601 34,601 Net Book Value 31 December 2024 4,845,213 1,820.242 6.665,455 31 December 2023 4,845,213 1.820.242 6.665.455 Historical cost for land and buildings 31 December 2024 4,401.020 4,401,020 1.820,242 1,820,242 6.221,262 6,221.262 31 December 2023 3a INVESTMENTS- GROUP Freehold investment properties Listed investments Other Investments Total Valualion 1 January 2024 Additions Disposals Revaluation surplus 31 December 2024 2.010,966 371,222 (348.473) 75,394 2.109,109 197,309 3,968,330 1.098,784 {161,961) 20,634 4,925,787 6.176,605 1,470.006 (510,434) 101,172 7,237,349 5.144 202,453 Hlstorlcal Cost 31 December 2024 1,846,506 1,821,199 149,805 149.805 3,285,674 2.211,890 5.281,985 4,182.894 31 December 2023 The properties were last valued by the directors at 31st December 2024 on the basis of fair value. The valuations were made on the basis of information provided, according to the locality of the properties, by: Rapleys, who are professional surveyors. All assets are held in the UK. The listed investment portfolio comprises investments in British Government stocks. UK quoted and unquoted equities and unit trust investments. Page 22 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) 3b INVESTMENTS- COMPANY Freehold investment properties Listed Investments General Fund Shares in LBPB Total Market value or valuation at 1 January 2024 Additions Disposals Revaluation surplus Market value or valuation at 31 December 2024 1,379,330 947.570 161,911 (152,367) 26,821 1,927,850 4,254,750 161,911 (152,367) 65.971 39,150 1,379,330 983.935 1,967,000 4,330,265 Historical cost or probate value at 31 December 2024 1.379,330 1,379.330 918,661 920,020 1,697,630 1.697.630 3,995,621 3.996.980 31 December 2023 The company holds 100 % of the 'A' shares in its subsidiary, The London Baptist Property Board Limited. Freehold Investment propertles Listed investments Restrlcted and Endowment Funds Total Market value or valuation at 1 January 2024 Additions Disposals Revaluation surplusl{deficit) Market value or valuation on 31 December 2024 1,063.396 209,311 (196.106) 48,573 1,125.174 789,980 1.098,784 (161,961) (45.516) 1,681,287 1,853,376 1.308.095 (358.067) 3,057 2,806.461 Historical cost or probate value at 31 December 2024 Historical cost or probate value at 31 December 2023 927.845 901,179 1,202,154 128.370 2,129,999 1.029.549 Freehold investment properties Shares In LBPB Listed Investments TOTAL Total Market value or valuation at 1 January 2024 Additions Disposals Revaluation surplusl(deficit) Market value or valuation at 31 December 2024 1.379,330 2,010,966 371,222 (348.473) 75,394 2,717.830 1,098.784 (161.961) (6,366) 6,108,126 1,470,006 (510,434) 69,028 1.379.330 2,109,109 3,648.287 7.136.726 Historical cost or probate value at 31 December 2024 1,379.330 1,379,330 1,846,506 1,821.199 2,899,784 1,826,000 6.125.620 5,026,529 31 December 2023 Page 23 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (continued) LOANS TO CHURCHES- GROUP AND COMPANY Restricted and Designated Endowment Fund Funds Restricted and Endowment Funds 2024 Total Designated Fund 2023 Total Pemanent loans Fixed loans 20,540 563,099 1,666,472 2.229.571 583,639 1,666,472 2,250,111 21,010 1,750 22.760 568.699 1,679,071 2,247,770 589.709 1,680,821 2.270,530 20,540 Pemanent loans are repayable on closure. withdrawal or sale of the 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,. 2024 2023 Loan facilities approved but not yet taken up 5a DEBTORS- GROUP 2024 2023 Advances (financial assets measured at amortised cost) Short-term loan Prepayments and sundry debtors Accrued income 1.900.048 2.654.371 401.218 27,008 109.792 3,192,389 74,842 225.371 2.200,261 5b DEBTORS- COMPANY 2024 2023 Short-term loan Prepayments and sundry debtors Accrued income 401,218 24,080 4.005 429,303 70.842 52.190 123,032 ASSETS HELD FOR SALE- GROUP and COMPANY 2024 2023 Property held for sale - Mark's Gate Church 972.086 1,000.000 7a CREDITORS- GROUP 2024 2023 Amounts falling due within one year 7 day notice deposits and interest accrued Sundry creditors and accruals 17,682,161 312,894 17,995.055 14,929,415 678.553 15,607.968 7b CREDITORS- COMPANY 2024 2023 Amounts falling due within one year Sundry creditors and accruals 299,578 670,297 Page 24 mo COTr-00 000 ro Ll) ¢0