L3 THE LONDON BAPTIST ASSOCIATION REPORT OF THE DIRECTORS and FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 In membershlp wlth the Baptlst Unlon of Great Brltaln Charlty Reglstratlon No: 1091160 Company Number: 04325272 THE LONDON BAPTIST ASSOCIATION COMPANY INFORMATION DIRECTORS Mr W Adetunji {resigned 8 November 20251 Dr J McLeod Mr N P Kincaid Miss J Noble Rev P Barnard Mrs M Ross Rev Dr A Devaraj (resigned 8 Novomber 2025) Rev Dr M Thornton Rev N Fernandez Mrs S Green Mrs M Hedman {appointed 8 November 2025} Rev E Youngman {appointed 8 November 2025) Miss N Idehen OFFICERS Modorator Regional Minister (Team Leaderl Rev Dr. M. Thornton. Rev P Barnard ' Regional Minister Regional Minister Regional Minister Regional Minister Rev H Abdelmasih. Rev J Kane. Rev L WTight' Rev C Nicholls. Honorary Treasurer Company Secretary Mr N P Kincaid Mr N Redford. The key management personnel I") are the Directors, the Regional Minister (Team Leaderl together with the other Regional Ministers and the Company Secretary. SOLICITORS Carter Lemon Camerons LLP Floor 20 King Street London EC2V 8EG SURVEYORS Rapleys LLP 1 Upper St James Street London W1F 9DE BANKERS arclays Bank pl Barclays Commercial Bank 1 Churchill Place London E14 5HP HSBC Bank plc 186 Broadway Didcot Oxfordshlre OX118RP AUDITORS Xeinadin Audit Limited 5 Robin Hood Lane Sutton SuTrey SM12SW INVESTMENT MANAGERS Rathbones 8 Fin5bury Circus London EC2M 7AZ Page 1 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 The Board of Directors has pleasure in reporting on the Flnanclal Statements for the year ended 31 December 2025, which have been prepared in accordance wtlh the Companies Act 2006, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Rècommended Practice 2019 applicable to charities preparing their accounts in accordance wlth the Flnandal Reportlng Standard appllcable In the UK and Republic of Ireland (FRS102)" GOVERNANCE AND MANAGEMENT The London Baptist Association (LBAI Is a company Ilmlted by guarantee and reglstered In England (number 4352572) and is a regislered charty (no 10911601. It was fomied in November 2001 and began operaling 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 ordlnary resolution. The directors estsblish the strategy of the Association, which is implemented by th8 Regional Ministers, other members of staff, committees and working groups. The directors of th8 LBA appoint the directors of the London Baptist Property 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 Baplist denomination. The Association is affiliated to the Baptist Union of Great Britain. The company seeks to fulfil ils purpose through resourcing, supporting and encouraging the life and mission of its member churches. The activities of The London Baptist Pr¢Jperty Board Limited (LBPB), the subsidiary, are principally to act as the custodian trustee for Baptist chu￿he$, to provide loans and to a¢￿pt 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 serves the public benefit through the advancement of the Christian faith in and through its member churches. The Company acts as an umbrella body for its member churches, which are all separate charities serving the public benefiL Despite many posltlve engagements with churches and a range of sucKessful events supporting the charilable object of the Association. 2025 proved to be a year of significant upheaval. The principal reason for this was the collapse into administration of Spurgeon's College in July 2025, which had long served as our primary training partn8r. Spurgeon's College was founded, as th8 Association itself was, by Charles Haddon Spurgeon, the eminent Baptist preacher of the mid-victorian era. The 'Pastors' College,. as it was first known, initially met at the Melropolitan Tabernacle in Soulhwark before relocating to its long-standing site on South NoNood Hill. Over its 170-year history, thousands of Christian workers were trained there, and its loss r8presents a significant moment for the Baplist movement. As a separate charity. the Association was insulated from the financial consequences of the insolvency itself. However, the wider implications for the training and fomiation of ministers in London and the South East were immediate a￿1 significanL Spurgeon's had been the largest provider of Baptist ministers for Ihe region. Page 2 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED The most urgent priority was to provide a "lifeboaf for students already undertaking ministerial training. In partnership with Bristol Baptist College, and through Durham Cornrnon Awards, the Association worked with remarkable speed to establish a 'London Training Hub. at Westbourne Park Baptist Church. This initiative enabled I￿enty students to continue their studies wthout disruption. The Association made a significant financial contribution to this work, committing approximately £60,000 frorn reserves to support th8 8Stablishm8nt ofth8 Hub. Rev. Lucy Wright worked tire18ssly to assist students transitioning to the new arrangement and to support the development of the Hub in its initial stages. Her input continues. Nevertheless. the loss of Spurgeon's College represents more than the closure of a training pathway for those presenting for accredited ministry. The college also played a significant role in the training of lay leaders, Re¢ognised Local Ministers. and in supporting Newly Accredited Ministers. Consideration will therefore ne8d to ba glven in future years to how these important provisions mighl be replaced or reshaped. Asid8 from th8 critical issue of Spurgeon's College. the Regional Team and support slaff continued throughout the year to support the churches of the Assoclation In the pursult of their own charitable objectives. Rev. Winston Bygrave stood down from his role as Regional Minister during 2025 and. for the present, Rev. Josh Kane has assumed oversight of the churches in North West London. Encouragingly, there continue to be signs of growth and renewal across many of our churches. Wider reflections on what has been termed the -Quiet Revival. are mirrored in the experien￿ of many Baptist churches, with over half of churches wthin the wider Baptist Union reporting growth. Within our own Association many churches are seeing new people attending, individuals coming to faith, and baptisms taking place. The Regional Team continues to visit churches and ministers regularly, both individually and in local clusters, offering 8ncouragement and advice across a wide range of matters. The staff team continues to operate in a flexible manner, working both centrally and remotely. Staff are generally present at the Dock Street offI￿S several days each week. and the premises continue to host a wide range of meetings at both regional and national levels. Relationships with churches and ministers remain generally strong. In re￿nt years the Associati￿ has developed a growing sense of shared purpose and loyalty among its churches. Encouragingly. the national Home Mission appeal during 2025 saw a positive response, with the Baptist Union experiencing the first increase in the national appeal for eight years. At a national level, the Association has continued to participate actively in the ongoing financial review of the Baptist family. A major milestone was reached in Autumn 2025 with the presentation of a proposed new financial fomiula designed to underwrite the core costs of the Baptist Union and its related bodies. This work was led prirnarily by Deborah Scott, the Association's finance lead, together with the Regional Team Lead8r, Rev. Phil Barnard. As agreed by Baptist Union Council in the Spring of 2026. it is hoped Ihat the proposed modd will bring greater financial stability to the national framework from 2027 onwards. Nevertheless, the wider financial ¢ontexl of the Baplist Union remains thallenging. not least due to the ongoing financial burdan associated with the "Family Solution Loan" a £20 million facility taken out by the Baptlst Union lo address historlc pension liabilities. Rev. Phil Barnard continues to Contrlbute to this work through his membership of the Financial Sustainability Working Group I'FSWG,). Rev. Phil Barnard, Rev. Claire Nicholls and Rev. Josh Kane serve as directors of the London Baptist Property Board. Through this role they contribute to the oversight of propety matters affecting mernber churches. including building development prolects, loan arrangements and trust matters. The Property Page 3 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED Board continues lo develop its strategic review of property support. During 2025, a second governan roadshow was held at Battersea Chapel Baptist Church. providing guidance and support to churches on governance matters. The Board also continues to work closely with churches exploring refurbishment or redevelopment opportunities for their buildings. Members of the Regional T8am also represent the Association across a variety of national and ecumenical cont8xts. The T8am Lead8r continu&s to s&rve on th8 Baptists Together Core Leadership Team and Baptist Union Council. During 2025 he stepped down from his long-term role as moderator of the Regional Team Leaders group, a position he had held Sin￿ the pandemic. He also continues to serve ecumenically as Treasurer and Trustee of London Church Leaders. Rev. Hany Abdelmasih represents the Association nationally through participation in the Baptist Union Mission Forum, and the Small Churches Ne￿ork. He also oversees the Association'5 Intercessory Prayer Group. Mission Hub, Chaplains Connect Group and Refugee Network. Rev. Lucy Wright serves on the National Ministerial Recognition Committee. and is involved with Churches Together in Essex and East London {CTEEL). Rev. Claire Nicholls represents the Associalion on the steering group of Churches Together in South London, leads the Association's Justice Hub. and represents the Baptist Union on the Joint Public Issues Team Strategy and Policy Group. Rev. Josh Kane participates in the National Church Planting N&twork core group. In the area of ministry among children, youth and young adults, the HEBE Foundation conduded its short- term contract as service provider during the year. The Association subsequenlly recruited a new member of staff, Brian Smith, who began his role in early 2026. The internship programme continues successfully. Five intems completed their placern8nts during the summer, and three new interns were welcomed in September. Interns serve in a variety of churches and are menlored by members of the Regional Ministy Team. Mrs Rachel Swaby, the Association's Safeguarding Lead, continues to provide outstanding support to church8s across th8 Association through safeguarding advice, cas8 management and training. The volum8 and complexity of safeguarding work across our churches remains significant. The Directors wish to record their gratitude for Rachel's diligence and commitment in this vital area of ministry. She works closely with the national safeguarding team at Baptist House. The Association Administrator, Mr Nigel Redford. oversees the administration of safeguarding training across the Association. much of which is delivered by volunteers. The Directors r6main grateful for th8 many individuals who contribute their time and expertise to support this essential work. LBA Board The Board continued to hold all Directors. meetings online throughout 2025. We remain mindful of the financial challenges currently being discussed across the wider Baptist family. Nevertheless, the Association continues to be pleased wilh its overall financial position. The Board has seen improved income from its investments, both propety and financial, and the London Baptist Property Board has continued to operale profitabty, appropriating a significant sum to the Association's general reserves. During 2024 the Board received the recommendations of the Project Violet report. Implementslion of its recommendations continued throughout 2025 across various aspects of Association life. Our Annual General Meeting was held on 8 November 2025 at Weslboume Park Baptlst Church. A good congregation gathered, and the keynote address was given by the fomier President of Baptists Together and current pastor of East Barnet Baptist Church, Rev. Rupert Lazar. Page 4 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED At the AGM we were pleased to appoint two new Directors: Mrs. Tasha Hedman (Penge BC) and Rev. Elaine Youngman (Honor Oak BC). We also expressed our thanks to those Directors who retired during the year, Mr Wole Adetunji and Rev. Dr Amulha Deveraj. The Board continues to benefit from a full complement of Directors, and we remain grateful for the wide range of skills and experience they bring to the work of the Association. It was also a pleasure to Welcome a n8w m8mb8r church to th8 Association at the AGM.. Airport Baptist Revival Church {BedfonL Middlesexl. During the year there were church closures.. Bromley Common Baptist Church and Living Word Christian Fellowship, bringing the membership of the Association to 284 hurches. We give thanks for the faithful wttness of those churches whose ministry has now concluded. Following several years of tireless exploration, the Board concluded that the former Peckham Rye Baptist Tabernacle site should be disposed of. Despite considerable effort to redevelop the site as a mixed-use project offering new opportunities for mission and ministry. the costs involved ultimately proved too prohibitive consid8ring the Association's charitable objectives. Other slgnlflcant events Our annual Ministers, conferen￿ was held at High Leigh Conference Centre. Hoddesdon, from 6-8 February 2025 and was Ihe largest gathering we have hosted to date. We were delighted to welcome Rev. Lisa Holmes of the Baptist Union of Scolland, and Mary Evans, formerly Old Testament lecturer at the London School of Theology, as our keynote speakers. The conference theme. Navigating Leadership, proved both timely and inspiring. and we were grateful to welcome over 150 mlnisters in attendance. Future vlslon Looking ahead to 2026, the Directors have identified several key priorities for the Association: To contribule to the ongoing Baptist Union financial review and respond appropriately to its outcomes. To develop a continuing programme of support for lay leaders and those exploring ministerial vocation in light of the closure of Spurgeon's College. To continue exploring how best to foster missional initiatives and church planting across the Association. To encourage our represenlatives to contribute to key nalional discussions, including the revised funding fomiula. justice, mission, safeguarding policies and work among children, youth and families. To continue the development of young leaders through the Association's internship programme. To support churches as they seek to reimagine their life and mission in a changing context Alongslde these priorttles. the Assoclatlon contlnues Its core actlvltles. Much of the Association's charitable work is carried out through the London Baptists Regional Ministry Team, whos8 members provide encouragement, pastoral support and strategic guidance to member churches. During the year the team has often been called upon to assist churches facing particularly complex or challenging situations. The Directors met five times during the year. They have agreed, for the present, to meet quarterly for formal Board meetings. The Directors continue to oversee the govemance of the Association, discharge their responsibilities for the charity's finances, and monitor the implementation of the agreed strategy. The induction of new Directors was overseen by the Company Secretary, the Moderator. and the Team Leader. The work of the Regional Ministry Team is complemented by others who serve the Association in part-time or voluntary capacilies. District Ministers continue to offer encouragement and support to fellow ministers within their districts, and the continuation of online gatherings has enabled increased participation. Page 5 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 (CONTINUED The contribution of the Association's office staff remains invaluable to the effective fundioning of the organisation. Mr Nigel Redford, Associalion Administrator, has continued to provide excellent support to member churches, Regional Ministers and Directors, overseeing the administration of the AssoGiation with calm 8ffici8ncy. Ms D8borah Scott. Finan￿ Manager, continues to oversee th8 financial affairs of both the Association and the London Baptist Property Board with diligence and care. The Mission Partnership Funding Committee awarded funding to 10 churches, totalling £77,100. Dr. Colin Hicks has responsibility for administering the application process which had included running several workshops to explain the Griteria and assessment pro￿sS. The Ministerial Recognition Commlttee met on four o￿aS1On$ during the year. Five new candidates were interviewed to becom8 accr8dited ministers of which three were commended. Five candidates were also interviewed and commended to become Recognised Local Ministers . Additionally, fwe Newly Accrediled Ministers were interviewed at the end of their probationary periods and commended for full accreditation. A further 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. The pay of senior staff Is reviewed annually and normally increased in accordance with average eamlngs. These awards are decided by the directors but generally follow guidelines from BUGB who d8cide the standard stipend nationally for Baptist ministèrs. Whilst the Home Mission appeal in London exceeded the expected target of £500,000, Ihere was a fall of some £27,793 {5.20/0) in total giving. At a national level, the Appeal saw an increase for the first time in many years. Churches in membership with the LBA contributed £392,283 (2024.. £416,238) to the Baptist Union Home Mission Fund appeal and £111.459 (2024.. £115,064) from subscriptions to the LBA from member churches. Lowèr subscription revenue also reflects reduced membership numbers in churches. PLANS FOR THE FUTURE Changing World Changing Church The Association continues to explore how best to encourage new forms of outreach and ministry within our churches. Rev. Josh Kane contributes to this work nationally through his involvement with the National Church Planting Network. During the year the Board also agreed to support Bonny Downs Baptist Church in its innovative redevelopment project. This innovative community initiative will see the church acquire two flats "off plan. as part of a wider redevelopment scheme. The Association anticipates provldlng financlal support of approxlmately £580.000 to assisl with the purchase and to enable the next phase of the project, expected in th8 second quarter of 2026. Church at the Cmssroads The Minist8rs' Conference was again held at High Leigh Conference Centre from 9-11 Febnjary 2026. The theme for the conference was 'The Church at the Crossroads,. The keynote speakers were Rev. Dr Helen Paynter of Bristol Baptist College and Mr. Phil Knox of the Evangelical Allian￿. Around 170 people attended across the three days. making this our largest conference to data. It proved to be an uplifting and encouraging gathering, reflecling on both th8 challenges and opportunilies current]y facing the Church, induding discussions around the "Qui8t Revival" and the phenomenon often described as °Christian Nalionalism" Page 6 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED) Mlnlsterlal Ecosystem Gmup (MEG) The Board has established a new working group to consider the strategic implications arising from the collapse of Spurgeon's College. The group will focus on expanding the pipeline of potential ministerial candidates, exploring sustainable models for ministerial formation. and identifying ways in which the Association can respond constructively to th8 loss of its historic training partner. The group is chaired by the Moderator. Rev. Dr Mike Thomton. Finance & Strategy The Baptist Union continues to explore its Flnanclal Model Revlew in order to establish a sustainable and visionary framework for the future of the Baptist family. As the largest Association within the Unlon, London Baptists contlnues to contrlbute slgnificantly to these discussions. The Association also continues to support churches through Mission Partnership Funding grants. Encouragingly, the number of applications for these grants has increased as we move into 2026. SUMMARY OF FINANCIAL ACTIVITIES FOR THE YEAR The financial results of the year 2025 are set out in the accompanying financial statements. With regard to the company accounts, there was a positive movement for the year of £1.382,437 (2024.. £118,279) after revaluation gains of £204,657 (2024.. £20,597) taking the total net assets of the LBA, including restricted and endowment funds. lo £19,995,469 (2024: £18,613.032). This year's surplus includes £450,000 donations of property following the dosure of Bromley Common Baptist Church. The Consolidaled Statement of Financial Activities consequently shows a positive movement offunds in the year of £1,400,098 after consolidation adjustments {2024- £211,518). Reserves policy The Directors consider the reserves policy annually. It is their inlention to maintain a reserva that at a minimum would fund three months operating costs and up to six months operaling costs. As at 31 December 2025, the free reserves of LBA {being the company unrestricted fund net current assets and listed investments} were £5.721.259 (2024: £2.982.957). The residual free reserves are considered to be adequate in line with the agreed policy. The principal source of regular general fund income in 2025 was a fixed sum grant from the Baptisl Union, which will be continued on the same basis in 2026. Following a national review of this system. a new funding fomula has been agreed for a two-year period covering 2027 and 2028. A transitional fund has been set up for 2026 into which this Association has contributed £8,000 from reserves to h81p other regional associations who are under financial pressure. The way forward from 2028 onwards remains under review. The directors will also need to fund any expenditure on new projects to enhancè the LBA'S work which go beyond core activities from reserves. The directors will continue to monitor the level of reserves 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 2025, is entitled to receive remuneration from the Association und8r the temis of the Memorandum of Association. (Details are to be found at note 19.) otherwise, Ihe directors did not receive any remuneration or benefit in kind from the Association or its subsidiary company the London Baplist Property Board Ltd. Investmenl policy An ethical investment policy is followed, which was reviewed in recenl years resulting in the excluslon 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 Porlfolio and the Philpot Trust Porffolio performed reasonably well for the period against respective Page 7 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED benchmarks. The charty has made such investments to generate a return and has made no social investments With regard to LBPB, the directors maintsin a cautious approach to Investment, seeking both to safeguard the capital held on behalf of churches and to retain suffici8nt short tem fijnds to meet potenlial demand5 by depositors or borrowers. With regard to longer temi investments. the company holds Charrfund income units with the intention of providing both income and capital growth. Inv8Stments have also been made in property with the dual aim of assisting the LBA or particular churches and bringing longer-temi capital growth for the company. The dlrectors seek to Invest the malority of short term deposits across a minimum of four financial institutions, with retums being kapt under regular review. During 2025 the directors agreed to invest in a discretionary managed fund with the primary objective of investing in very short-dated UK government securities, in order to diversify both risk and the sources of investment retum. The concentration risk is further mitigated because deposits with of the institutions are in collective deposit fund5 With substantial diversification of credit risk. Grant making policy During the year, grants of £118,271 (2024.. £110,487} were made to beneficiarles in accordance wlth the temis of the fund from which the grant was made. Grants are awarded in response lo 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 Committeè to award grants with a value of up to £5,000,. grants in excess of thal amount are referred lo the directors for a decision with a recommendation from the Finance Committee. Thls 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 budgeL Successful applicants must demonstrate the missional nature of their application and can b8 awarded funding for up to three years. subjert to annual review. Fundraising disclosurg The Association does not directly get involved in fundraising activit18s with the g8neral public but encourag8S all its member churchgs to conlribute 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 lo this national Appeal. A proportion of this Appeal is then allocated to the Association in line wilh a nationally agreed formula in line with other Associations as core funding and mission funding. No profession81 fundraisers or other third parties are engaged and no complaints about our practices have been received, Funds are not sought from outside our ¢)wn membership. Risk Management The charity trustees acknowledge their rèsponsibility for. and havè givèn consideration to the major risks to which the charity is exposed and satisfied themselves that systems or prO￿dureS are established in order to manage and control those risks. The main risks identified and managed are.. Issues around Safeguarding and Ghild protedion in our thurches are of gr8al importanc8 and carry high level of potential risk. To this end, th8 appolntment of a Safeguarding Lead was made a few years ago. Exiensive 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 participalion and effectlveness 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. Page 8 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 CONTINUED The business of the Association has financial reliance upon its member churches, contribLrtions to the national Home Mission Appeal which is the main income sour￿. As pressure grows on our decllning church membership with an ageing demographic, there is a risk that such funding may reduce in coming years. The Appeal is adively promoted by the Associalion and currently this risk is miligated 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 miligate the risk. The Association and LBPB have agreed a relatively cautlous 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 Regional Team 15 now actively and pre-emptively engaged in assisting and advising churches on governance, pastoral, safeguarding and other issues to reduc8 these risks. Suitable trusteelemployee indemnity insurance is in place. The operational risk of loss of data, computer hacking. cybercrime heightens each year. Upgraded neknrk systems were implemented in tandem with our change of office location. Our support company has noticeably improved the technical asp8Gts of this area and reduced the risk of loss or non-compllance significantly. 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. statement of Directors, Responsibilities The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounling Standard (United Kingdom Generally Accepted Accounting Policies). Company law requires the direclors 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 resources, including the income and expenditure of th8 charilable group for Ihe period. In preparing these financial stateménts, the directors ar& required to: seled suitable accounting policies and then apply them consistentSy- observe the methods and principles in Ihe Charilie5 SORP. make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed. subject to any materlal 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 Associalion and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information for the company included on ils web-site. Legislation in the United Kingdom goveming the preparation and dissemination of financial information may differ from legislation in other jurisdictions. 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 r81evant information, and to establish that the company's auditors are aware of this informalion. Page 9 THE LONDON BAPTIST ASSOCIATION REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31ST DECEMBER 2025 (CONTINUED The above report has been prepared In accordanca wlth the special provislons of Part 15 of the Companlas Act 2006 relating to small companies. BY ORDER OF THE BOARD Rev Dr. M Thomton Moderator Unit C2, 15, Dock Street, London E18JN 1£ y 2026 Page 10 THE LONDON BAPTIST ASSOCIATION GENERAL INFORMATION Designatèd Funds Church Extension and Reconstruction Fund This fund was set L¢P to help, by grant or interest-free loan, churches needing to carry out urgent buildlng maintenance. Income is derived from grants from the London Baptist Property Board Limited. Legacy ReseNe Fund Unrestricted legacies ar8 placed Into this fund and are used for purposes that the Board d8cid8S. Mission Partnership Funding This fund holds any unallocated balance of the annual budget received from BUGB for providing Misslon 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 foNard at year end and awarded to suitabl8 applicants in future years. Thames Gateway Project This fund has recelved donations made by member churches in response to an appeal made In connection with plans to celebrate the third Christian millennium. The prO￿edS 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. During the course of 2025, it was decided to repay the long-term interest-free loan from LBPB of £91,584 as the level of free reseTves held 8nabled this to be cl8ar8d. Consequently, there was no reason for the property asset to be held in a separate designated fund. The asset has been transferred lo General Funds and the designated fund closed. 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 lo assist in funding its initiatives. PeGkham Rye Fund This fund received a on&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 related to the estate of the former church. During the course of the 2025. the balance of the donation from the ¢hur¢h was fulty spent on costs relaled to th8 propety and the designated fund clos8d. Restricted Funds J W Beaumont Trust Fund (an endowment fund) This fund was established to comply with the wishes of thè executors of the estate of the late solicitor to tha LBA, J W Beaumont. The main purpose is to assist lay persons with Christian training expenses. During the course of 2025, the balance of this fund was utilised lowards the cosl of running intern training scheme, and the fund was closed. John Bradford Trust This trusl fund enables pemianent 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 rninistry and for other Charitable work of the Association. To qualify a church must be within a London Borough. Grants were made from this fund to support the safeguarding officer and the Youth worker during the year. These are shown as transfers. Page11 THE LONDON BAPTIST ASSOCIATION GENEFL4L INFORMATION Restricted Funds (continued) Compassionate Tnist 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 Reserv8 This fund was created upon the closure of Broadway Baptisl 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. Manse Trust Fund This fund was ¢realed 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 hav9 been made to churches to help with the purchase of their manses. Thes8 loans are repayable with capilal appreciation relating to house values at the time of repayment. T WPhilpot Trust This derives from the wlll of the late Thomas W A Phllpot and was for making interest-free loans to churches which are erecting new chapels. Such loans will normally amount to no more than 25% of the cost unless the Board of Directors agrees otherwise. The initial capital sum becam8 available in 1956 and a further legacy of properties and investments has since become available following the cessation of a life interest. In 2006. the Charity Commission gave pemiission for the funds to be used for wider purposes. Intgrest-free loans can now be made for the building of new churches, the purchase of new buildings by churches and the extenslon of church premises. Valley Mission Fund This fund derives from the sale of Valley Mission, Biggin Hill. Under Ihe ultimate trust, the income from the invested proceeds is available for evangelistic work in W8St 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 12 THE LONDON BAPTIST ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST ASSOCIATION Opinion We have #utlited the fin8nci81 Stslements tsf The London BaptlslAss¢)¢latlon lthe'parent charlty'l and its subsidiary lthe'group'l for the y8ar8nded 31 D8C8mber2025 which comprise the ctsnstslidated and parent Statements of Financial Activiti85, the con501idaled and parent Balance Sheets, thtr ¢ons0lidated St8t8Tnent of Cash Flows and noies to the financial statements, including significant accounting policiès. Thè financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. including FRS 102 The Financlal Repo￿ng Standard appliCa￿e in the UK and Republic of Ir81and (Unitad Kiwlgdom G8narallyAccèptad Accounting Practice). In our oplnlon, th8 finanelal statamènts.. glvè a true and fairview of thè state of the group's and of the parent company's affairs as al 31 De¢ernber 2025 and of the group's and parent's surplus for the yearthen ended., have been properfy prepared1n accordance with United Kingdom Generally Accepted Acthunting Pracdc&'. have baen prepared in accordance with the requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audit In accordance with Inlemational Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further described in theAuditorfs responsibilities for the audit of the financial siatements section of our report. We are independent of the group in accordance wilh the ethical requirements that are relevant to OUT audit of the financial statements in the UK, includTng the FRC's Ethical Standard, and we have fiJSfilled our other ethieal re5ponsibilitie5 in accordance with these requirements. W8 belleve that the 8udS1 evldenee we have obtained 15 sufficient and appropriate lo provlde a basis for our opinion. Con¢lu$Sons rolatln9 to golng ¢oncgrn In auditing th8 financial staternents. we have eonduded that the directors. use of the going concern basis of ￿)Unting in the preparation of tho finanordl ststem$nls is approprfate. Based on the work we have perfomied, we have not identified any rnateTial uncertainties relating to 8v8nts or cOnd￿onS that. individually or collectively, may cast significant doubl on the charty's ability lo continu8 as a going concern for a period of at18a5t 12 months from when the financral statements are aulhorised for Issue. Our responsibilitie5 and the responsibilities of the director3 wlh Te9￿¢1 to golrtg ¢oncem are described in the relevant sections of this report. Concluslons relatlng to yolng ¢on￿rn The other inft)rmation compri58S the information induded in th& annual r8port, other than the financial slalemenls and our auditor'8 reportlhereon. The directors are responsible forthe other Snformation CLJntained within the annual report. Ouropink)n on thè finan¢ial statem8nts does notcover the other infomiation and, except lo the extenl otherwise explicit￿ stalgd in ourr8port, W8 do not express any forrn of 85suranee conclusKsn thereon. Our responsibility is to read the other information and, in doing so, consider whether the other Inft)rmation is materially inconsistent wlth the financial statements or our knowledge obtained in Ihg ￿vr9e of th8 8udfi. or otherwse appears to be rnateTially rnisstated. If we identify such material inconsistencies or apparent material misstatements. wg ara required to detemiine whether this gives rise to a malerial m￿StateMent in the ffinancial slalements themselves. If, based on the work we have performed, we condude that there is a material misstalemenl of thi8 Other info￿atIon. we are requlr$d to report that facL We have nothing to report in Ihi8 regard. Opinion¥ on othèr matt•rs pr•serlbtd by thè Companl•s Act 2006 In OUT opinion. based on tha work und6rtaken In the course of the audit.. the information giv8n in th8 dir8Llors' r8POrt for th& financial year for which the financial statements are prepar8d is conslstent with the fjnancial statements.. and tho dlrectors. ￿port has been prepared Sn accordance with applicable legal requirements. Matters on vthlch we are requlrèd to report by exceptlon In Ihg light of the knowledge and understandlng of the group and the parent coryany and its enwronmènt obtained in the course of the audlt, we have not identified material misststements in the directors. reporL We hsvè nothing lo report in respect of the follobling matters in relati￿ lo which the Cornpani8s Act 2006 requyes us to report to you If. Sn our opinion.. adequate accounting Tecords have not been kept by the parent company, or retums adequate for c4Jr audit have not been ceived from branches not visited by us. or the parent cornpany financial statements are not in agreement with the ¥countlng racords and ratums: or cortain disclosures of directors, remuneration specified by law are not mad*.' or we have not received all the information and explanations we requirè for our audlt.. Page 13 THE LONDON BAPTIST ASSOCIATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LONDON BAPTIST ASSOCIATION the direclors were not entitled to prepare the financial slalements in accordance with the small companies reglme and takè advantage of the small ¢ompanies exemptions in preparing the directors, report and from the requirement to prepare a strategic report. R¢sponslbllltSes of dlrectors As explained more fully in the directors, responsibilities statement, the directors are responsible for the preparation of thè financial stslemenls and for being sausflecs that th8y give a true and fair view, and for such internal control as the directors determine is n￿SSary lo enable tho preparation offinancial 5ta19ments that are free from material rni5Statemenl. whelh8r due to fraud or error. In preparing the financial siatements. thè directors are responsible for assessing the group's and the parent cornpany's ability to continue a5 a going concein. disclosing. as 8pplicable, matter5 related to going concern and using the going concem basis or accounting unless the directors either Sntend to Ilquldatethe group orlhe parent cornpany orto ￿ase operations, or have no realist altèrnative bul lo do so. Audltorf$ responslbllltles for the audlt ol th• financlal statemgnts Our objectives are to obtain reaSona￿e assurance about whether the fjnancial ¥latsments as a whole are free from mat8rio1 misstatemgnt, whether due to fraud or error. and to issue an auditr)rfs report th8t Indudes our oplnion. Rèasonable a￿urance is a high levd of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI wll always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, indlvidually or in the aggregate. thay could reasonably be expected to influence the economic decisions of users taken on the basts of these financi statements. The exient to which our procèdur8s are capable of detecting irregularfties. Includlng fraud Is detaSlad balow: Based on our underslandlng of tha ¢ompany. we identified that the pf5ndpal risks of non-CLJmpliance with laws and ragulathons related to employment and financial reporting le9i51ation and we considered the extent lo which non-compliance might have a material effect on the flnancial statements. We also consvjered those laws and regulations that have a direct impact on the prep8r81ion of the financial statements such as thè Compani88 Ad 2006 the Charities Act 2011. W8 a55es58d the su5txplibility of the r￿MpanY'S ffinanclal statsmants to matèrial rni$statsmgnl, in¢luding obtsining an underst8ndlng of how fraud might occyjr, by making enquiries of management, Considering the intemal contrcAs in place and discusslon amongst the engagernenl team. We detemiined that th6 prfnclpal ri8k8 were related lo the management bias In accounting estimates. voluation of prop8rt1$s. the indusion and tr8atrn8nt of non cash transactions. presentation of s¶lely disclosad itams and thè managemènt override of controls. In response to th& risks idgntified we designed procedures which included, but were not limited to.. challengSng the slgnnlcant accounting eslimales such as valuation of properties. reviewing trustee maoting minut8s and enquiring into Ihe occurrence and treatment of non cash transactions. agr88ing financial ststement disclosures to underlylng supporting evidèncè. Identifying and testlng journal entrles and evaluatlon the charity's inlemal controls. There a￿ Inherent limitation3 in the audit procaures described above. The more removed that laws and regulations are from financld transactlons. thelgss likely it is that we wouFd become aware of non-compllance. Material mlsstatements that 8ri$8 due lo fraud can b8 harder to detect than those that arise from error as they may involv& dalibarate coneèalment or collusion. A further deserfplon of our rèsponsibilthes for the audit of the financial statements is located on the Financial Reporting Council's website al.. http."l/wM.froorg.ukJauditorsr8sponsibilities. This description forms part of our auditor's report. Us• of our rèport This report is made solely to th& companls rnernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undartakon $0 that we might slate to the company's members those matters we are required to state to them in an auditorfs report and for no oth8r purpose. To the fvllest extent permitted by law, we do not accept or assum& responsibility to anyone other than lh& Company and the compan￿3 rnembers as a body. for our audil work. for this rep)rt, or for the opinions we have formed. Miriam Hlckson FCA CTA (Senlor Statutary Auditor) for and on behall of Xelnadln Audlt Llmlt•d ststutory Auditor S Robln H(XMI L8ng Sutton Surr8y SM12SW 3.....Jwly 102 Page 14 J Lt> ¢T)p r)0 *0 Ovin 00)(No￿ Lr)00￿ o*o)0* o(¥0) *Xlp U> ZDO UJLU coEscpJC "IllU(gQ>£ X(oc£￿ o CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025 Note 2025 2024 FIXED ASSETS Tangible fixed assets Investments Concessionary loans to churches 2a 3a 4a 5,930,000 12,895,389 699,195 19,524.584 7,598.455 7,237,349 583,639 15.419.443 CURRENT ASSETS Concessionary loans to churches- repayable (including £2,755.776 {2024= £3,064,542) recoverable after more than one yearl Debtors Assets held for sale Investments (Short term deposilsl Cash held by stockbrokers Cash at bank 3,355,294 3,566,520 155.499 2.679,200 10,650.850 67,779 6,243,342 23.151,964 300.213 972.086 12.967.377 38,508 5,907,403 23,752.107 CREDITORS: Amounts falling due wlthin one year 120.099,955) {17,995,0551 NET CURRENT ASSETS 3,052,009 5,757,052 Totsl Assets less current liabilities 22,576,593 21,176,495 NET ASSETS 18 22,576,593 21,176,495 ENDOWMENT FUNDS 3,087 RESTRICTED FUNDS Rgalised funds Revaluation reserve 5.085.318 770,408 5.009.785 676,462 17 5,855.726 5.686.247 UNRESTRICTED FUNDS Reallsed funds- Other funds Revalualon reseNe 13,225,994 3,494,873 13,706,066 1,781,095 17 16,720,867 22.576,593 15,487,161 21,176,495 The financial statements were prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies and were approved by the Board of Directors on IZ 2026 and signed on their behalf.. Moderator Honorary Treasuror Rev Dr M Thomton MrNP Page 16 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Note Cash provlded by operatlng activities (i) 1,480,167 2.488,120 Cash flows from investing actlvitles Divid6nds. interest and rents from investments Purchase of fixed assets Proceeds on sale of investments Purchase of investments Net advances of long temi loans to GhuTches 1,051,472 {36.826) 4.056.383 {8,371,9861 1130,527) 1.030.872 496.667 11,470.006) 13,669 Cash (used in}Iprovided by investing activities 13,431,484) 71,202 (Decreasellincrease in cash and cash equlvalents (1,951,317) 2,559.322 Cash and cash equlvalents as al 1 January 18.913,288 16.353,966 Cash and cash èquivalènts as at 31 Dgcernber 16,961,971 18,913.288 (l) Reconcillation of net income to Gash flows frorn operatlng activities Net movement in funds Dividends. interest and rents from investmènts Donated asset Gains on tangible fixed assets Losses on assets held for sale Gains on investment assets Decrease In debtors Increase in creditors Cash provlded by operatlng actlvltles 1,400,098 11,051,472) {450.000} {576,083) 70,800 {370,351) 352,275 2.104.900 1,480,167 211,518 11,030,872) (19,000) 34,664 {87.405) 992,128 2.387,087 2,488,120 Page 17 #o ¢Oryr In￿00 ¢QCr Jooa) Irjooaj OLO oom JOCt OVC*or4 rya)ts)o u> (Y Lrj z< ZUJW THE LONDON BAPTIST ASSOCIATION COMPANY BALANCE SHEET AT 31 DECEMBER 2025 Company number: 04325272 Note 2025 2024 FIXED ASSErs Tangible fixed assets Investments Concessionary loans to churches 2b 3b 4b 5.030,000 8,014,897 699.195 13,744,092 6,665,455 7.136,726 583,639 14,385,820 CURRENT ASSETS Investments (Deposits wlth the London Baptist Property Board) Concessionary loans to churches- repayable {including £1,554,639 (2024.. £1.550,8581 recoverable after more than one year) Debtors Assets held for sale Cash held by stockbrokers Cash at bank arbd in hand 2,048,687 1.787,632 4b 1,681,443 1,666,472 5b 65,384 2,679,200 62,646 44,323 6.581,683 123,032 972,086 38,508 30,644 4.618.374 CREDITORS: AMOUNTS FALLING DUE IN WITHIN ONE YEAR Sundry creditors 7b {330,306) {299,578) NET CURRENT ASSETS 6.251,377 4,318,796 Total Assets less Gurrent liabilities 19.995.469 18,704,616 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR Loans from the London Baptist Property 15 191,584) NET ASSETS 18 19.995.469 18,613.032 REPRESENTED BY FUNDS: ENDOWMENT FUNDS 3,087 RESTRICTED FUNDS Realised funds Revaluation reseNe 5.085,318 770,408 5,009.785 676.462 17 5,855,726 5,686,247 UNRESTRICTED FUNDS Realised funds- Other funds Revaluation reserve 11.768,077 2,371,666 12,144,862 778,836 17 14,139.743 19,995,469 12,923,698 18,613,032 The financial statements were prepared in accordance wlth the speclal provisions of the Companies Act 2006 relating to small companies and were approved by the Board of Directors on 12 * 2026 and signed on thoir behalf.. Modgrator Honorary Tr8asuror Rev Dr M Thorntr)n MrNP Page 19 THE LONDON BAPTIST ASSOCIATION SUMMARY INCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Group 2024 Group Company Company Income Interest alld investment income Gains on inveslmenls Gross income Sn the reportlng perlod 1,242,127 1,051,472 299.551 2,593,150 1,259,544 229,399 204,657 1,693,600 780.596 1.030,872 52,741 1,864,209 741,115 225,160 20.597 986,872 Expenditure Depreciation Totsl expenditure in Ihe rgporting 1,769.135 920.246 1.671.691 868.593 1,769,135 920.246 1,871,691 868,593 Surplus for the year 824,015 773,354 192.518 118,279 STATEMENT OF COMPREHENSIVE INCOME 2025 Group 2024 Group Company Company Surplus for the year 824,015 773,354 192,518 118.279 Gains on revaluation of fixed assets 576,083 609,083 19,000 Comprehensive income for the year 1,400.098 1,382,437 211,518 118,279 Page 20 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued) ACCOUNTING POLICIES The London Baptist Association (LBA} is a company limited by guarantee and registered in England (number 43525721 and is a registered charity {no 10911601. Its registered address is.. Unil C2, 15 Dock Street, London E1 8JN. The principal accounling policies adopted, judgements and key sources of eslimation uncertainty in the preparallon of the financial statements are as follows.. Accounting convention The finanGial statements have been prepared under the Companies Act 2006, the Charities Act 2011 and in accordance with the Charities Statement of Recommended Practice 2019 {Charities SORP IFRS 10211 and Financial Reporting Standard 102 (FRS 1021- The accounts are prepared under the historical cost conventlon as modified by the revaluation of properties and investments. The financial statements are prepared in pounds sterling rounded lo the nearest pound. The accounts include the results of the company s subsldlary, 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. Unrgstrictgd funds Unrestricted funds comprise the General fund and Designated funds. Designated funds represent monies which have been allocated for specffjc purposes by the Association. Al Unrestricted fund income ts 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 lo present value for longer lemi liabilities. Restricted funds These are funds subject lo specific conditions as to their use, which are binding on the Association. All Restricted fund income is accounted for at the lime of receipt and expenditure accounted ft)r when incurred. Income not expended in the year of receipt is carried forward until it is fully committed. Endowment funds Endowment funds represent the pemjanent capital of certain restricted funds. Propertles Freehold and leasehold properties. whether shown as tsngible fjxed assets or investsments. 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 propeities is so high as to render depreciation immaterial. Computers and equlpmont This is shown at cost and depreciated over 3 years. Equipment with a cost of over £1,000 is capitaltsed. Pension schemes The company contributes to defined benefit pension schemes. The assets of the schem¢s are held separately from those of the company and contributions are accounted for when due. Investments Quoted investments 8re stated 8t fair value. An unquoted Invegtmenl is stated at a valuation of the Flnan Committee. Unrealised gains or losses in the year are reported in the slalement of financlal activities. Investments in subsidiaries are shown at eost. Debtors Trade debtors and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. 1.10 Assets held for sale Where Ihe Charity has initiated a plan to sell an asset and the sale is probable wllhin one year. the asset held for sale is shown in Current assets. Investment assets are included at fair value. Charity use assets are shown at fair value less costs to sell. Page 21 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued) 1.11 Cash at bank and In hand Cash al bank and in hand includes cash and short teTm highly liquid investm8nls with a short maturity of three months or less from the date of opening of the deposit. 1.12 Credltors and provlslons Creditors and provisions are recognlsed where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount dug to settle the obligation an bg measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. 1.13 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 mèasured at their settlement value. 1.14 Going concern The trustees consider Ihat there are no material uncertainlles about the charity's ability to continue as a goin9 concern. 1.15 Income Income. including grants and donated assets. 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. Donated assets are recognised at their market value when given. 1.16 Expendlture Expenditure is recognised as soon as an outflow of economic benefrt is probable. settlernentwill be required and the amount of the obligation can be measured reliably. Al expenditure is accounted for on an accrua15 basis. Grants and donations are accounted for when paid over, or when awarded. If that award ¢reate5 a blnding obligation on Ihe Gharity. 2a TANGIBLE FIXED ASSETS- GROUP Freehold Properties Leasehold Computers and Propertles Equlpment Totsl Cost or valuation 1 January 2025 Additions Transfer to assets for resa18 Revaluation 310ecember 2025 5,778,213 55.462 {2,300,000) 1,196,325 4.730.000 1,820.242 40.336 7.638,791 55.462 12,300,000) 576,083 5,970,336 1620.242} 1,200,000 40.336 Oepreclatlon 1 January 2025 Charge for the year Released on disposal 31 Decemb8r 2025 40.336 40,336 40,336 40,336 Net Book Value 31 December 2025 4,730,000 1,200,000 5,930,000 31 December 2024 5.778.213 1.820.242 7,598.455 Historical cost for land and buildings 3108cemb8r 2025 4,291,020 5,276,020 1,820,242 1,820.242 6,111,262 7.096.262 31 December 2024 The properties were last valued by the directors at 31 st December 2025 on the basis of fair value. Th8 valuations wer8 mad8 on the basis of information provided by Rapleys, who are professional suNeyor5. Page 22 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued) 2b TANGIBLE FIXED ASSEfs- COMPANY Freehold Propertles Leasehold Computers and Properties Equipment Total Cost or valuation 1 January 2025 Additions Transfers Revaluation 31 December 2025 4,845,213 55,462 {2,300,000} 1,229,325 3,830,000 1,820.242 34,601 6,700,056 55.462 (2,300,000) 609,083 5.064,601 1620,2421 1,200.000 34,601 DepreclatSon 1 January 2025 Charge for the year Released on disposal 31 December 2025 34,601 34,601 34,601 34.601 Net Book Value 31 December 2025 3,830,000 1,200,000 5,030,000 31 December 2024 4.845.213 1,820,242 6,665.455 Historical cost for land and buildings 31 December 2025 3,416,020 4.401.020 1,820.242 5,236,262 6,221.262 31 December 2024 1,820.242 INVESTMENTS- GROUP Freehold investmenl propgrties Listed Investments Other Investments Total Valuation 1 January 2025 Additions Disposals Revaluation 31 December 2025 1,748.611 8,371,986 12,930,954) 309,494 7,499.137 562.951 4,925,787 7,237.349 8,371,986 (3.081,241) 367,295 12,895,389 {150,2871 25,710 4,801.210 32,091 595,042 Hlstorlcal Cost 31 December 2025 7,059,742 1.601.392 394,919 3.136.890 10,591.551 31 December 2024 394.919 3,285,674 5.281.985 The properties were last valued by the directors at 31st December 2025 on the basis of fair value. The valuations were made on the basis of information provided, aGwrding to the locality of tha properties, by: Rapleys. who are professional surveyors. AJI assets are held in the UK. Page 23 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 continued 3b INVESTMENTS- COMPANY Freehold Investment propertles Sharos In LBPB Othor Investments Llsted Investments Goneral Fund Total Market value or valuation at 1 January 2025 Additions Disposals Revaluation Market value or valuation at 31 December 2025 1,379,330 983.935 1,944,809 11,194,005) 177.606 1.967.000 4.330,265 1,944.809 {1.194,005) 179,720 3,580 11.466) 1.379.330 3,580 1,912,345 1.965,534 5,260,789 Historical cost or probate 31 December 2025 1.379.330 1,682.605 1,697,630 1,697,630 4,759,565 3,995.621 31 December 2024 1.379.330 918,661 The company holds 1000h of the 'A' shares in its subsidiary, The London Baptist Property Board Limited. Froehold Investment properties other Investments Llsted Investments Restrlded and Endowment Funds Total Market value or valuation at 1 January 2025 Additions Dlsposals Revaluation 360,498 764,676 318,138 {319.8311 76,522 1,681,287 2,806.461 318.138 (470.1181 99.627 (150.287} 29.676 16,5711 Market value or valuation on 31 December 2025 353,927 839.505 1,560,676 2.754.108 Historical cost or probate 31 December 2025 245,114 885,216 1,053,370 1,983.700 31 December 2024 245,114 682.731 1,202,154 2.129,999 Freehold Investment propertles Shares In LBPB Other investrngnts Llsted investments TOTAL Total Market value or valuatlon at 1 January 2025 Additions Dlsposals Revaluation Market value or valuation at 31 December2025 1,379.330 360,498 1,748.611 2,262,947 (1.513.836) 254.128 3.648.287 7,136,726 2,262,947 {150.2871 (1.664,1231 28.210 279,347 12.9911 1,379.330 357.507 2,751.850 3,526,210 8.014,897 Histori￿1 cost or probate 31 December 2025 1,379.330 1.379.330 245.114 245,114 2.367.821 1.601.392 2,751,000 2,899,784 6,743.265 6,125,620 31 December 2024 Page 24 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 {continu6d 4a LOANS TO CHURCHES- GROUP 2025 Restricted and Endowment Funds Designated Fund 2025 Total General Fund Permanent loans- fixed assets Repayment loans- current assets 20,540 19,500 40,040 678,655 1,661,943 2,340,598 699,195 3.355.294 4,054.489 1,673,851 1.673.851 2024 Restricted and Endowment Funds Deslgnatsd Fund 2024 Total G8n•ral Fund Pemianent loans- fixed assets Repayment loans- current assets 20.540 563,099 1.666,472 2,229,571 583.639 3.566,520 4.150.159 1,900,048 1.900,048 20,540 4b LOANS TO CHURCHES- COMPANY Restrlcted and Deslgnated Endowment Fund Funds R•strl¢t•d and Deslgnatsd Endowmént Fund Funds 2025 Total 2024 Total Pemianent loans Repayment loans 20,540 19,500 40,040 678,655 1,661,943 2,340,598 699,195 1,681,443 2,380.638 20,540 563,099 1.666.472 2,229,571 583,639 1.666,472 2,250,111 20.540 Permanent loans are repayatle on closure, withdrawal or sale of the site and are in most cases interest-free. Repayment loans are interesl-free. These loans are predominantly payable after more than one year. The group has the followng capital commitments at 31 December.. 2025 2024 Loan facilitles approved but not yet taken up 5a DEBTORS- GROUP 2025 2024 Prepayments and sundry debiors Accrued income 34,014 121,485 155.499 74.842 225,371 300,213 5b DEBTORS- COMPANY 2025 2024 Prepayments and sundry debtors Accnjed income 31,191 34,193 65,384 70,842 52,190 123.032 Page 25 THE LONDON BAPTIST ASSOCIATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 (continued) ASSETS HELD FOR SALE- GROUP and COMPANY 2025 2024 Properties held for sale 2,679,200 972,086 7a CREDrroRS- GROUP 2025 2024 Amounts falling due within ong year 7 day notice deposits and interest accrued Sundry creditors and accruals 19,751,704 348.251 20,099,955 17,682,161 312,894 17,995,055 7b CREDITORS- COMPANY 2025 2024 Amounts falling due within one year Sundry creditors and accruals 330.306 299,578 Page 26 0￿0¢0 ooc a) r ¢0 Or DO o(w o) to VLri i O 111.