Registered number: 04292136 Charity number: 1093252
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 - 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 - 28 |
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees Mr M F Browning (resigned 31 March 2025) Revd P J Butchers Revd M J Fanstone (resigned 31 March 2025) Revd J E Hardwick Revd J G Newson Revd N Richardson Mrs C L Fisk Company registered number 04292136 Charity registered number 1093252 Registered office 17 Cherry Close Burgess Hill West Sussex RH15 9PR Senior Management Revd P J Butchers - Moderator Team Mrs C L Fisk - Treasurer Revd J L Hunt - Team Leader & Regional Minister Mr R Stanford Beale - Operations Manager Independent Examiner Magee Gammon Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH
Page 1
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objects of the charity are to advance the Christian religion, especially by means of and in accordance with the principles of the Baptist denomination as set out for the time being in the Declaration of Principles of the Baptist Union of Great Britain.
The principal activities continue to be the resourcing and envisioning of ministers and churches throughout the whole area. This is mainly achieved through personal contacts, pastoral care, and the encouragement of strategies which will achieve an expanded Christian witness and the stated objectives of the charity.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the Charity
Throughout 2024 the Association continued to support its member churches in a wide range of activities including:
-
Communication, including the provision of religious material via the Association's website: www.seba-baptist.org.uk;
-
Promoting the study of religious teachings, practices and scriptures;
-
Support of religious office holders, e.g. ministers, deacons and elders of member churches:
-
Promoting prayer, praise and provision of training events;
-
Pastoral support to ministers and church congregations;
-
Contributing to the spiritual and moral education of children and young people and the provision of training;
-
Comply with the legal requirements regarding safeguarding.
The residential conference for ministers and church leaders held in 2023 and 2024 continues to be a well received time of ministry and fellowship for our wider church network, and this will be continued into 2025 and beyond.
Page 2
SOUTH EASTERN BAPTIST ASSOCIATION (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to seek to maintain a level of reserves sufficient to cover 6 months' running costs.
c. General review
The results of the year are set out on pages 6 to 9.
The trustees consider the fund balance at 31 December 2024 to be satisfactory and the level of reserves meets the charity's reserves policy. The inclusion of the defined benefit liability to the multi-employer pension scheme is reflected in the Balance Sheet.
At the year end the Association Building Loan Fund totalled £250,000 (2023: £521,980). No new loans (2023: £Nil) were made during the year. During 2024 the Loan Fund assisted 7 churches (2023: 8). As part of a review of the wider financial structure, the Trustees deemed it appropriate to reduce the fund to £250,000, to reflect the reduction in loans over the prior years and the shift away from granting loans. The Trustees therefore transferred £271,980 from this pot to General Funds. The total amount of loans outstanding at the year-end was £114,344 (2023: £131,244).
The total funds held by the charity at the end of the financial period amounted to £1,815,318 (2023: £1,609,811) of which restricted funds not available for the general purpose of the charity amounted to £164,667 (2023: £164,667).
Structure, governance and management
a. Constitution
South Eastern Baptist Association is a company limited by guarantee and a registered charity. It is governed by its Memorandum and Articles of Association.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The power to appoint up to 5 trustees is vested in the member churches; the Moderator and the Treasurer are also appointed by the member churches, up to 3 trustees may be co-opted by the Board of Trustees as a whole.
Page 3
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (continued)
c. Organisational structure and decision-making policies
The Board of Trustees is responsible for all aspects of the management and running of the charity and holds regular meetings in furtherance of those responsibilities. The Trustees are supported in their work by the Operations Team, the Leadership Team and the Finance Committee. The Operations Team, comprising the paid staff team, work together to further the charity’s aims and objectives. The Leadership team, made up of a mixture of paid staff and volunteer ministers from our Networks, meet together to steer the Association and focus its ministry aims. The Finance Committee, made up of Trustees, paid staff and volunteers, oversee the charity’s position and financial governance.
d. Policies adopted for the induction and training of Trustees
All serving trustees understand the methods and purpose of the charity. All new trustees are given sufficient training upon appointment and new guidance is notified and made available at Board meetings.
Plans for future periods
The charity plans to continue to carry out its current objectives and activities and to seek further ways in which these can be more fully utilised.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 26 September 2025 and signed on their behalf by:
Revd P J Butchers Chair
Page 4
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's report to the Trustees of South Eastern Baptist Association ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
Responsibilities and basis of report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: R G Parry Mr R G Parry FCA
Dated: 26 September 2025
Magee Gammon Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH
Page 5
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net income before net gains on investments Net gains on investments Net income before taxation Net income Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains on revaluation of fixed assets Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 - - - - - - - - - - - - - - 164,667 - 164,667 |
Unrestricted funds 2024 550,636 10,713 63,105 31,753 656,207 454,169 454,169 202,038 3,469 205,507 205,507 205,507 - 205,507 1,445,144 205,507 1,650,651 |
Total funds 2024 550,636 10,713 63,105 31,753 656,207 454,169 454,169 202,038 3,469 205,507 205,507 205,507 - 205,507 1,609,811 205,507 1,815,318 |
Total funds 2023 476,818 11,113 47,976 31,153 567,060 |
|---|---|---|---|---|
| 506,475 506,475 |
||||
| 60,585 11,696 |
||||
| 72,281 | ||||
| 72,281 | ||||
| 72,281 19,750 92,031 |
||||
| 1,517,780 92,031 1,609,811 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 28 form part of these financial statements.
Page 6
SOUTH EASTERN BAPTIST ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 04292136
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 12 Investments 14 Investment property 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
185,819 904,633 1,090,452 (27,584) |
2024 2,927 167,273 582,250 752,450 1,062,868 1,815,318 1,815,318 164,667 1,650,651 1,815,318 |
159,221 722,755 881,976 (21,211) |
2023 2,992 163,804 582,250 |
|---|---|---|---|---|
| 749,046 860,765 |
||||
| 1,609,811 | ||||
| 1,609,811 | ||||
| 164,667 1,445,144 |
||||
| 1,609,811 |
Page 7
SOUTH EASTERN BAPTIST ASSOCIATION (A company limited by guarantee) REGISTERED NUMBER: 04292136
BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 26 September 2025 and signed on their behalf by:
Revd P J Butchers
Chair
The notes on pages 10 to 28 form part of these financial statements.
Page 8
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 10 to 28 form part of these financial statements |
2024 118,773 63,105 63,105 181,878 722,755 904,633 |
2023 (58,354) 47,976 47,976 (10,378) 733,133 722,755 |
|---|---|---|
Page 9
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
South Eastern Baptist Association is a charity registered in England and Wales under the number 1093252. The principle office is 17 Cherry Close, Burgess Hill, RH15 9PR.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
South Eastern Baptist Association meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 10
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Freehold property | - On a straight-line basis over 50 years |
|---|---|
| Fixtures and fittings | - 100% write off immediately |
2.6 Investment Property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
2.7 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
2.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.9 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 acquisition or opening of the deposit or similar account.
Page 11
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.11 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.12 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
The Charity is a member of a multi-employer plan. Where it is not possible for the Charity to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan.
2.13 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 12
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Income from donations and legacies
| Donations Preaching fees Donations from other charities Home Mission fund grant Other income Donations from subsidiaries Total 2023 4. Income from other trading activities Income from fundraising events Membership subscriptions Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 - - - 5,636 - 19,491 - 265,382 - 250,567 - 9,560 - 550,636 17,467 459,351 Unrestricted funds 2024 10,713 10,713 11,113 |
Total funds 2024 - 5,636 19,491 265,382 250,567 9,560 550,636 476,818 Total funds 2024 10,713 10,713 11,113 |
Total funds 2023 17,467 4,190 13,578 250,077 191,506 - 476,818 |
|---|---|---|---|
| Total funds 2023 11,113 11,113 |
|||
Page 13
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 5. Investment income Dividend income Interest income Rental income Total 2023 6. Other incoming resources Other income Conference and training fees Total 2023 7. Analysis of expenditure on charitable activities Summary by fund type |
Unrestricted funds 2024 1,330 12,283 49,492 63,105 47,976 Unrestricted funds 2024 268 31,485 31,753 31,153 |
Total funds 2024 1,330 12,283 49,492 63,105 47,976 Total funds 2024 268 31,485 31,753 31,153 |
Total funds 2023 1,294 6,612 40,070 47,976 |
|---|---|---|---|
| Total funds 2023 2,394 28,759 31,153 |
|||
| Expenditure on charitable activities Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 - 454,169 - 454,169 131,058 375,417 |
Total 2024 454,169 454,169 506,475 |
Total 2023 506,475 506,475 |
|---|---|---|---|
Page 14
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Analysis of expenditure by activities
| Expenditure on charitable activities Total 2023 Analysis of direct costs Staff costs Council tax and rates Property maintenance Small equipment Training and conferences Travelling Housing allowance Sundry expenses Ministry grant paid Printing, postage and stationery Accountancy fees Depreciation Total 2023 |
Activities undertaken directly 2024 419,920 419,920 469,713 |
Support costs 2024 34,249 34,249 36,762 General Funds 2024 229,776 10,503 420 - 25,394 21,889 42,800 359 83,489 - 5,225 65 419,920 469,713 |
Total funds 2024 454,169 454,169 506,475 Total funds 2024 229,776 10,503 420 - 25,394 21,889 42,800 359 83,489 - 5,225 65 419,920 469,713 |
Total funds 2023 506,475 506,475 |
|---|---|---|---|---|
| Total funds 2023 173,035 9,762 69,065 23 18,817 17,336 32,400 7,638 135,396 108 6,068 65 469,713 |
||||
Page 15
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| General Funds 2024 Rental property 13,372 Insurance 3,079 Equipment 3,972 Telephone 3,130 Printing, postage and stationery 1,553 Trade subscriptions 4,198 Sundry expenses 4,321 Travel 369 Board costs 245 Interest payable 10 Bad debts - 34,249 Total 2023 36,762 9. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2024 13,372 3,079 3,972 3,130 1,553 4,198 4,321 369 245 10 - 34,249 36,762 2024 3,830 |
Total funds 2023 12,964 1,841 3,629 2,967 1,255 3,534 6,075 426 296 12 3,763 36,762 |
|---|---|---|
| 2023 4,920 |
Page 16
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2024 196,919 11,352 21,505 229,776 |
2023 150,187 6,554 16,294 |
|---|---|---|
| 173,035 |
The average number of persons employed by the Charity during the year was as follows:
| Full Time Staff Part Time Staff |
2024 No. 3 7 10 |
2023 No. 3 6 |
|---|---|---|
| 9 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2024 | 2023 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | - | 1 |
The key management of the association comprise of the senior management team noted on page 1. The total employee benefits of the key management personnel of the charity were £76,294 (2023: £77,722). Included in this amount is Revd J L Hunt's housing allowance of £16,800 for the full year.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £19,730) .
During the year ended 31 December 2024, expenses totalling £ 1,042 were reimbursed or paid directly to 4 Trustees (2023 - £4,571 to 6 Trustees) .
Page 17
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Tangible fixed assets
| Cost or valuation At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Investment property Valuation At 1 January 2024 At 31 December 2024 |
Freehold property 3,252 3,252 260 65 325 2,927 2,992 |
Fixtures and fittings 4,919 4,919 4,919 - 4,919 - - |
Total 8,171 8,171 |
|---|---|---|---|
| 5,179 65 5,244 |
|||
| 2,927 | |||
| 2,992 | |||
| Freehold investment property 582,250 |
|||
| 582,250 |
13. Investment property
Page 18
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Fixed asset investments
Investments
| Cost or valuation At 1 January 2024 Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 All investments are held in the UK. |
in subsidiary companies 10 - 10 10 10 |
Listed investments 151,779 3,469 155,248 155,248 151,779 |
Unlisted investments 12,015 - 12,015 12,015 12,015 |
Total 163,804 3,469 167,273 |
|---|---|---|---|---|
| 167,273 163,804 |
||||
The unlisted investment relates to 2,403 ordinary shares held in Baptist Insurance Company Plc (registered company number 00083597) a public company limited by shares. As these shares are not actively traded through Stock Markets, no market value can be obtained, resulting in the shares being valued at historic cost.
15. Debtors
| Due within one year Loans to churches Prepayments and accrued income Other debtors |
2024 114,344 65,832 5,643 185,819 |
2023 131,244 22,334 5,643 159,221 |
|---|---|---|
16. Creditors: Amounts falling due within one year
| Trade creditors Pension fund loan payable Accruals and deferred income |
2024 925 250 26,409 27,584 |
2023 - 299 20,912 21,211 |
|---|---|---|
Page 19
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Deferred income
| Deferred income at 1 January 2024 Amounts released from previous periods Resources deferred during the year Deferred income at 31 December 2024 |
2024 8,661 (8,661) 14,764 14,764 |
2023 37,382 (37,382) 8,661 8,661 |
|---|---|---|
18. Pension commitments
In 2022 Just Retirement Limited bought out the assets and liabilities of the Baptist Pension Scheme and the scheme no longer has a shortfall. As such and as a participating employer the South Eastern Baptist Association is no longer required to contribute to the pension scheme. There was an existing deficit recovery plan of a nominal £1 per month which ceased on 31 October 2024. As from 31 October 2024 the employer has been released from its commitments regarding this scheme.
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. As it is not possible to attribute the Scheme’s assets and liabilities to specific employers, the scheme is accounted for as if it were a defined contribution scheme.
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £21,505 (2023 - £16,294). Contibutions totalling £250 (2023 - £299) were payable to the fund at the balance sheet date and are included in creditors.
Page 20
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Building loan fund Capital reserve Zion fund General funds Revaluation reserve Unrestricted income fund Total Unrestricted funds Restricted funds Cavendish fund Brasted fund Fresh Expressions Kent Union fund Total of funds |
Balance at 1 January 2024 521,980 250,883 75,000 847,863 99,144 498,137 597,281 1,445,144 88,193 74,205 161 2,108 164,667 1,609,811 |
Income - - - - - 656,207 656,207 656,207 - - - - - 656,207 |
Expenditure - - - - - (454,169) (454,169) (454,169) - - - - - (454,169) |
Transfers in/out (271,980) - - (271,980) - 271,980 271,980 - - - - - - - |
Gains/ (Losses) - - - - - 3,469 3,469 3,469 - - - - - 3,469 |
Balance at 31 December 2024 250,000 250,883 75,000 575,883 |
|---|---|---|---|---|---|---|
| 99,144 975,624 1,074,768 |
||||||
| 1,650,651 | ||||||
| 88,193 74,205 161 2,108 164,667 |
||||||
| 1,815,318 |
Page 21
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Home Mission grant for missions Building loan fund Capital reserve Investment reserve Zion fund The Evangelism fund Le Ferve General funds Revaluation reserve Unrestricted income fund Total Unrestricted funds |
Balance at 1 January 2023 (57,386) 521,980 250,883 7,065 75,000 14,765 3,287 815,594 79,394 411,283 490,677 1,306,271 |
Income - - - - - - - - - 549,593 549,593 549,593 |
Expenditure - - - - - - - - - (375,417) (375,417) (375,417) |
Transfers in/out 57,386 - - (7,065) - (14,765) (3,287) 32,269 - (99,018) (99,018) (66,749) |
Gains/ (Losses) - - - - - - - - 19,750 11,696 31,446 31,446 |
Balance at 31 December 2023 - 521,980 250,883 - 75,000 - - 847,863 |
|---|---|---|---|---|---|---|
| 99,144 498,137 597,281 |
||||||
| 1,445,144 |
Page 22
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds (continued)
| Restricted funds Cavendish fund Brasted fund Fresh Expressions Kent Union fund Kent Thameside Church Planting Project Baptist Grant Northfleet Project KTCP Bus Project Bread of Life Project Total of funds |
Balance at 1 January 2023 88,193 74,205 161 2,108 28,506 6,931 - 11,405 - 211,509 1,517,780 |
Income - - - - 15,804 - 1,623 - 40 17,467 567,060 |
Expenditure - - - - (53,517) - (5,037) (11,405) (61,099) (131,058) (506,475) |
Transfers in/out - - - - 9,207 (6,931) 3,414 - 61,059 66,749 - |
Gains/ (Losses) - - - - - - - - - - 31,446 |
Balance at 31 December 2023 88,193 74,205 161 2,108 - - - - - 164,667 |
|---|---|---|---|---|---|---|
| 1,609,811 |
Page 23
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds (continued)
The specific purposes for which the funds are to be applied are as follows:
Designated Funds
Building loan fund - Monies designated for use by the Association to assist member churches in respect of property purchase, major improvements and major repairs. As part of a review of the wider financial structure, the Trustees deemed it appropriate to reduce the fund to £250,000, to reflect the reduction in loans over the prior years and the shift away from granting loans. The Trustees therefore transferred £271,980 from this pot to General Funds.
Capital Reserve - Capital income available for the general purpose of the Association mainly used in connection with the purchase of properties.
Zion Fund - Funds received from the closure of a church for the general purposes of Kent Baptist Association and used to purchase a Manse for the Regional Minister.
The Evangelism Fund - The Evangelism fund relates to funds held in investments, previously held by the Baptist Union, transferred to the charity during 2013. During the prior period, the Trustees reviewed the position on the designated fund and re-allocated the balance remaining to the General Fund, to further support the general mission work of the Charity. As such, the balance on these funds is now £Nil.
La Ferve - This is a Baptist Union fund which was transferred across to SEBA in earlier years. The funds are held for Mission work. During the prior period, the Trustees reviewed the position on this designated fund and agreed to re-allocate the balance remaining to the General Fund, to further support the general mission work of the Charity. As such, the balance on these funds is now £Nil.
Investment Reserve - Funds transferred from the General Fund to enable the original Association to purchase shares from the Baptist Insurance Company plc (BIC). During the prior period, the Trustees have reviewed the position and decided that no further shares will be purchased in BIC, and as such the remaining balance has been transferred back to General funds at the period end. As such, the balance on these funds is now £Nil.
Restricted Funds
Cavendish & Brasted Funds - These restricted funds relate to monies received at the time of a church closure, which can only be used to purchase property.
Fresh Expressions - These funds are used to run Mission Shaped Ministry courses in conjunction with the Fresh Expressions training organisation, offering the opportunity for ministers to engage in concepts, or fresh expressions of church which will connect with those people currently missing from our congregations.
Kent Union Fund - Income received from the Kent Union Fund, to be used for the benefit of needy retired ministers or their spouses.
Kent Thameside Church Plant Project - This is a long-term project in which the Association is engaged at the Kent Thameside Development. The project has funds in both designated and restricted accounts. During the prior period, this project was fully transferred from SEBA to the Kent Thameside Church, (known as Ebbsfleet Baptist) and as such the fund was closed at year end. As such, the balance on these funds is now £Nil.
Baptist Grant - Monies received from the Baptist Union for a specific Mission Project. During the prior period, the Trustees reviewed this fund and felt it could be utilised in line with their other restricted projects, and as such the balance of the fund was transferred into the Bread of Life project fund. As such, the balance on these funds is now £Nil.
Page 24
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Statement of funds (continued)
Northfleet Project - Although part of the Kent Thameside Church Plant Project operated in the Northfleet North area with it's own pioneer minister. During the prior period, funding of the project was provided by SEBA each year to balance the costs involved and transferred accordingly. The final amount due to the Project was transferred to the Project in 2023, and in line with the Kent Thameside Church Plant Project, the Project was transferred and as such the fund was closed.
KTCP Bus Project - Relates to funds received during the prior period, towards the purchase of a vehicle or other work within the project. The final amount due to the Project was transferred to the Project in 2023, and in line with the Kent Thameside Church Plant Project, the Project was transferred and as such the fund was closed.
Bread of Life Project - A pioneering mission project to transform a disused church building , in a parade of shops, into a coffee shop-bakery-church to serve the local community and establish a worshipping community.
20. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 January 2024 847,863 597,281 164,667 1,609,811 |
Income - 656,207 - 656,207 Income - 549,593 17,467 567,060 |
Expenditure - (454,169) - (454,169) Expenditure - (375,417) (131,058) (506,475) |
Transfers in/out (271,980) 271,980 - - Transfers in/out 32,269 (99,018) 66,749 - |
Gains/ (Losses) - 3,469 - 3,469 Gains/ (Losses) - 31,446 - 31,446 |
Balance at 31 December 2024 575,883 1,074,768 164,667 1,815,318 |
|---|---|---|---|---|---|---|
| Balance at 31 December 2023 847,863 597,281 164,667 1,609,811 |
||||||
| Summary of funds - prior year | ||||||
| Designated funds General funds Restricted funds |
Balance at 1 January 2023 815,594 490,677 211,509 1,517,780 |
Page 25
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Restricted funds 2024 Unrestricted funds 2024 Tangible fixed assets - 2,927 Fixed asset investments - 167,273 Investment property - 582,250 Current assets 164,667 925,785 Creditors due within one year - (27,584) Total 164,667 1,650,651 Analysis of net assets between funds - prior period Restricted funds 2023 Unrestricted funds 2023 Tangible fixed assets - 2,992 Fixed asset investments - 163,804 Investment property - 582,250 Current assets 164,667 717,309 Creditors due within one year - (21,211) Total 164,667 1,445,144 22. Reconciliation of net movement in funds to net cash flow from operating activities 2024 Net income for the period (as per Statement of Financial Activities) 205,507 Adjustments for: Depreciation charges 65 Losses on investments (3,469) Dividends, interests and rents from investments (63,105) Decrease/(increase) in debtors (26,598) Increase/(decrease) in creditors 6,373 Net cash provided by/(used in) operating activities 118,773 |
Total funds 2024 2,927 167,273 582,250 1,090,452 (27,584) 1,815,318 Total funds 2023 2,992 163,804 582,250 881,976 (21,211) 1,609,811 2023 72,281 65 (11,696) (47,976) 26,548 (97,576) (58,354) |
|---|---|
Page 26
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
23. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
2024 904,633 904,633 |
2023 722,755 |
|---|---|---|
| 722,755 |
24. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 January 2024 722,755 (299) 722,456 |
Cash flows 181,878 49 181,927 |
At 31 December 2024 904,633 (250) 904,383 |
|---|---|---|---|
25. Related party transactions
The charity is a member of the Baptist Union of Great Britain and is in receipt of grants from the Home Mission Fund, which is part of the Baptist Union of Great Britain Group. Grants of £265,382 (2023: £250,077) were received in this respect.
The charity has not entered into any other related party transactions other than those disclosed within the financial statements.
Page 27
SOUTH EASTERN BAPTIST ASSOCIATION
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
26.
Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered office or principal | Class of | Holding |
|---|---|---|---|---|
| number | place of business | shares | ||
| Bread of Life Ltd | 13000089 | 17 Cherry Close, Burgess Hill, | Ordinary | 100% |
| West Sussex, RH15 9PR |
Included in consolidation
No
The financial results of the subsidiary for the period were:
| Name | Income | Expenditure | Profit/(Loss) | Net assets |
|---|---|---|---|---|
| / Surplus/ | ||||
| (Deficit) for | ||||
| the period | ||||
| Bread of Life Ltd | 42,970 | 25,590 | 17,380 | 58,969 |
Page 28
Issuer
Magee Gammon Corporate Limited
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