ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE) COMPANY REGISTRATION No: 04336086 CHARITY REGISTRATION No: 1102735
Castle View Accounting Ltd Ground Floor Offices
53 High Street Arundel West Sussex BN18 9AJ
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
| CONTENTS | |
|---|---|
| Page 3 | Legal & Administrative Information |
| Pages 4 to 8 | Report of the Directors' |
| Page 9 | Statement of Financial Activities |
| Page 10 | Balance Sheet |
| Pages 11 to 22 | Notes to the Financial Statements |
| Page 23 | Independent Examiner's Report |
2
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1102735 COMPANY REGISTRATION NUMBER 04336086 DATE OF INCORPORATION 7th December 2001 START OF FINANCIAL YEAR 1st January 2024 END OF FINANCIAL YEAR 31st December 2024 DIRECTORS AT 31ST DECEMBER 2024 Rev’d Mark Fairweather-Tall Rev’d Matt Carter Rev’d Jon Davis Rev’d Dr Craig Gardiner Rev’d David Powell Scott Ringrose Rev’d Carol Soble Shua Yang Rev’d Barbara Carpenter (Appointed 15th October 2024) Kath Hubback (Appointed 15th October 2024) Tristan Vaughan (Resigned 15th October 2024) Rev’d Dr Graham Watts (Resigned 15th October 2024) Jennie Weaver (Resigned 15th October 2024)
COMPANY SECRETARY
Mrs Karen Kaneen
GOVERNING DOCUMENT
Memorandum and Articles of Association Incorporated 7th December 2021 and As Amended 25th May 2005, As Amended on 15th October 2023, As Amended 15th October 2024.
OBJECTS
The advancement of the Christian Religion especially by the means of and in accordance with the principles of the Baptist Denomination as set out for the time being in the declaration of the principles of The Baptist Union of Great Britain.
| REGISTERED ADDRESS | 54 Richmond Road |
|---|---|
| Roath | |
| Cardiff | |
| CF24 3UR | |
| PRIMARY BANKERS | Lloyds Bank Plc |
| 25 Gresham Street | |
| London | |
| EC2V 7HN | |
| INDEPENDENT EXAMINERS | Castle View Accounting Ltd |
| Ground Floor Offices | |
| 53 High Street | |
| Arundel | |
| West Sussex | |
| BN18 9AJ |
3
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' FOR THE YEAR ENDED 31ST DECEMBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statements 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).
OBJECTIVES AND ACTIVITIES
Objectives and Aims
The charity’s objectives are the advancement of 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 Principle of the Baptist Union of Great Britain.
South Wales Baptist Association is one of thirteen associations of Baptists Together (Baptist Union of Great Britain). SWBA is made up of over 125 churches who are seeking to share the good news of Jesus with their local community. SWBA operates as a charity under number 1102735.
Public Benefit
In the course of their management of the Association, the trustees have regard for the public benefit provided by the Association’s activities, and this is a feature both of the Association’s work in support of its member churches (independent charities), and of its own direct activities, as follows:
The Association operates by providing support to member churches as they seek to work in their own communities. This support includes advice and guidance to ministers and leaders; mission consultations, assistance, advice and training in safeguarding children and adults as well as practical and financial assistance through loans and grants as appropriate. It is the intention of the Association to help enable churches to respond to their calling and fulfil their public benefit through their normal church activities and the provision of facilities to be used by the wider community as well as the advancement of the Christian faith. The association acts directly in a number of areas including the selection of individuals to train for ministry, the oversight of newly accredited ministers, arranging training and conferences for ministers and church leaders, involvement in the support of chaplaincy services at the University of South Wales and engaging at a number of levels with the wider community on behalf of Baptists.
ACHIEVEMENT AND PERFORMANCE
Charitable Activities
There were no staff changes during the year.
The Association worked for the first part of the year with the West and South Partnership, made up of South Wales, South West, and Southern Counties Baptist Associations and the West of England Baptist Network. A Partnership Ministerial Recognition Committee meeting was held for candidates for ministry to explore their calling. The Partnership grants committee met to discuss Home Mission grants.
The Association continued to work with the Baptist Union of Wales (BUW). The two key events are the annual meetings known as Momentum and the Ministers’ Conference. The Ministers’ Conference took place at the Waterfront Church in Swansea, and Momentum at Trinity St David’s College in Carmarthen entitled “Dynamic Words, Dynamic World”.
The Association held a celebration which included the AGM of the Association at Bethel Baptist Church in Pontyclun. Feedback from the meeting was positive, and the videos showing association life were appreciated.
A Newly Accredited Ministers programme was provided.
4
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
Supporting Churches
Regular ‘Updates’, ‘E-news’, Facebook and YouTube posts were the primary sources of information from the Association office to churches, Cardiff Baptist College, our Ministers and other interested parties. These provided information about local and national events, and enabled churches to share information about their local events with others across the Association.
Safeguarding training covering the Baptist Union of Great Britain’s ‘Excellence in Safeguarding’ Levels 2 and 3 took place. Sixteen in-person training sessions took place across the year. 355 people were trained at level 2 and 188 people at level 3.
There were no serious safeguarding incidents to be reported in 2024.
Home Mission
Churches contributed £134,947.21 which was below our target of £150,000.
Home Mission Grants
The Association awarded a number of Home mission grants during 2024 amounting to £36,010.67. These included a Mission through Ministry grant to York Place BC; Special Ministry grants to Llanfair Uniting Church, Penrhys and Stanwell Road BC; A Home Mission grant also benefitted the University of South Wales Chaplaincy.
Supporting Ministers and Church Leaders
The Association provided a variety of means whereby Ministers and Church Leaders were supported and encouraged in their roles:
· Ministers’ Fellowship groups continued to meet.
· The ministers’ conference was held at the Waterfront Church in Swansea and the speakers was Rev’d Dr Martin Hodson of the Baptist Union of Scotland.
· The Newly Accredited Ministers’ (NAMs) programme brought together ministers from both SWBA and the BUW for theological reflection.
· The Association MRC commended Sarah Butt as a Fully Accredited Minister after her completion of the NAMs programme. Kath Hubback was commended as a Nationally Recognised Pastor.
Pastoral support was offered in many situations.
Advice and support were given to several churches facing financial difficulties, conflicts or safeguarding issues.
Settlements
The following settlements took place: Phil Dunning to Stantonbury Ecumenical Partnership in Milton Keynes Simon Govier to Orchard Place BC, Neath Lisa Isaac, church planting in Golau BC, Llanelli Liz Squires to Worle BC, Weston Super Mare
BMS Council
The SWBA was represented on the BMS Council by Gareth Wilde
Property
The manse in Aberdare was managed by My Lettings Limited and was occupied by tenants. The manse in Ely was vacated in January and put up for sale. It was sold at the end of September. The Newport Manse was also managed by My Lettings Limited and occupied by a regional minister.
5
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
FINANCIAL REVIEW
Financial Position
The Charity showed a surplus of £77,651 for the year ended 31 December 2024. This surplus was mainly due to a one-off donation of £70,000 from a closed church. There was a surplus on unrestricted reserves of £80,656 and a deficit on restricted reserves of £3,005 as at 31st December 2024.
Principle Funding Sources
The principle funding source of the charity was by a grant from the Baptist Union of Great Britain Home Mission fund, based on a number of factors including the number of churches, the relative economic prosperity of the region and the Association’s giving to Home Mission.
Investment Policy and Objectives
Aside from the restricted funds and retaining a prudent amount in reserves each year, most of the charity’s funds are to be spent in the short to medium term and there are some funds for long term investment. The Trustees have the power to invest in such assets as they see fit, monies not immediately required for the furtherance of the association’s objectives.
Reserves Policy
This Policy relates to South Wales Baptist Association and relates to the restricted and general funds held with the Monmouthshire Building Society, Baptist Union Corporation and Lloyds Bank.
The reserves of the Association at the end of December 2024 were £1,146,812. Of the reserves, £527,313 were restricted and £619,499 were unrestricted. Included in the restricted funds were £317,000 invested in investment properties and £63,045 in fixed assets investments. Cash at bank on 31[st] December 2024 was £449,452. The Charity's net current assets were £448,072 and the fixed asset investments held by the Charity stood at £698,741, presenting a closing financial position of £1,146,812 as at 31st December 2024.
Why are Reserves Needed?
We aim ideally to hold in reserve sufficient money in our funds identified above to cover expenditure should there be a sudden drop in income, primarily from the Home Mission grant we receive.
Expenditure includes salary payments, running costs and grants given to Baptist projects and churches.
What Level of Reserves are Needed.
We aim ideally to hold in reserve sufficient money in our funds identified above to cover 6 months expenditure (as recommended by the Charity Commission).
Based on an expenditure figure of £238,945, this gives a reserves figure of £119,473.
Should the association accounts identified above dip below the agreed reserve figure for a period beyond 6 months the Trustees should identify a financial plan.
This reserves policy shows good planning of resources and consideration of unforeseen occurrences on the financial income of the Association.
**Not including Home Mission Grants
FUTURE PLANS
The association plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements and the drawdown of free reserves held by the Association. Expenditure will continue from the restricted funds in accordance with the terms associated with the restriction, and the trustees are also investigating the unrestricting of funds in consultation with the Baptist Union Corporation and the Charity Commission.
6
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE DIRECTORS' (Continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The association is a charitable company limited by guarantee that was incorporated on 7 December 2001. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10 towards any shortfall.
Recruitment and Appointment of New Trustees
The directors of the company are also charity trustees for the purpose of charity law and under the company’s Articles. In accordance with the Articles of Association all trustees will serve for a period of three years. Any person so appointed shall be eligible for re-appointment unless that person has immediately already served two consecutive three-year periods.
Organisational Structure
The Association is governed by the Board of Trustees (Directors) and 13 people served as trustees during 2024. Trustees meet every two months with the Regional Ministers and Association Administrator. They are responsible for the strategic direction of the charity and the reporting to the Council of Churches.
Induction and Training of New Trustees
New Trustees are provided with essential information. Further training will be offered in future as the membership of the board changes. Various Charity Commission publications are made available, together with the Articles of Association, Bye Laws and the latest financial statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company Number 04336086 (England and Wales)
Registered Charity Number 1102735
Registered Office
54 Richmond Road Cardiff CF24 3UR
Trustees
Rev’d Matt Carter Rev’d Jon Davis Rev’d Mark Fairweather-Tall Rev’d Dr Craig Gardiner Rev’d David Powell Scott Ringrose Rev’d Carol Soble Shua Yang Rev’d Barbara Carpenter (Appointed Oct 2024) Kath Hubback (Appointed Oct 2024) Tristan Vaughan (Resigned Oct 2024) Rev’d Dr Graham Watts (Resigned Oct 2024) Jennie Weaver (Resigned Oct 2024)
Comment
Cardiff Baptist College is a member of the South Wales Baptist Association, which rents office space in the college building.
Independent Examiners
Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
7
SOUTH WAIES BAPTIST ASSOCIATION (BUGB) IA COMPANY UMITED 8Y GUARANTEE REpoKf OF THE DIREcfoRS' {Contlnu•dl FOR THE YEAR ENDED 31ST DECEMBER 2024 Th9 Ch8rfli08 Ael thB Canparae8 Act r8quke olTnJstttg Io VeF•re 8t8temèrts ftyeath tha81 year %thl¢h givft a trug lalr vlew of lh8 ststs of of cjwlty 88 Ot the ond of the ItMKfal ar aThJ of the 8UTpth or dett olts charlty. In pr8p¥ir¢ firwncBI 6t¢s BoarrJ requlred to oullabb ono It¥9n apptythèm consist9. MakoJudpnn1saThj e8Um8ts8 that ¥8 reawn9 and bl Preparets fmorrial statgments lh8 ¢)JKem Ixsls It16 Inar4W to th9tlhg charky WIN conllnuè h bueir88' d) blect to ary materfal deperture6 d]sGk•8d 8xpk4]wJ In $1&8n Tha DlréctC¢B r8gpon6bb fty matfalrthg ac1xtr rrtd8 vthith rfixkAO vdth maonotrjg eGGwaoy et ony tlm8 the Ihgrthl p06Mon oltr thorty ond %thlch am $ufficnt 10 5huw and explaln thè Char tran8actn8 and en8bl& them to jra that the flnaThgal statem•nts ¢Lpty wtth ts Compm8 2DJ6 comply wth wlatwjns und9r tho chaeS AL Thy al respThlb18 for safggu8r(Mng tho 889•t8 of tho h6nc8 for taking r8&Bon8bl& steps The Dlr8ctorn arn al reSPN contsnts ofthg Cgcty8' rw( arnl th& r8wrlbllty ofthe Ir¥Jeperthnt eyAmln8r n rèlatlon to th8 Dkectors. reFrf Is Ilmited to e¥£minro r8Wt 8TrJ eTMrkw ttst on th• kGg of fOP)rt, trr6 arè no In¢on8is1on¢ios wlth tW figures di6cloÈèd In t fir1 8lal8m comwl88 raglrn8. 18pprove th& &Its¢ st8t•Mnt of11nalsp xiFvMkns ghe8ttrthg $r gndel 318t Dec*mbor 2024 end Ccfim7 that I hove mth avelJatAe 811 Infmalion rceSs0ry for ts W?ratti)n. Iq.S.25. SI8d C thgir WbY DIc........ Prlnted Name.. M AIK r hiQts)E AThEK.TALL
SOUTH WALES BAPTIST ASSOCIATION (BUGB) (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024
(Incorporating Income and Expenditure Account)
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Investment Income 3b Charitable Activities 3c Activities for Generating Funds 3d Other Incoming Resources 3e TOTAL INCOMING RESOURCES RESOURCES EXPENDED Cost of Generating Funds Charitable Activities 4a Cost of Generating Funds 4b Governance Costs 4c TOTAL RESOURCES EXPENDED NET INCOMING/ (OUTGOING) RESOURCES Balance Brought Forward Pension Scheme Movements 20 Revaluation of Investment Properties 8 Net Gains/(Losses) on Investments 7 Net Gains/(Losses) on Disposal of Investment Property 8 Transfer Between Funds 6 TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 267,991 - 267,991 167,614 3,407 - 3,407 3,459 30,871 - 30,871 29,140 12,576 - 12,576 46,064 1,750 - 1,750 2,539 316,596 - 316,596 248,817 222,274 3,005 225,279 253,429 - - - 10,961 13,666 - 13,666 2,915 235,940 3,005 238,945 267,306 80,656 (3,005) 77,651 (18,489) 528,624 530,318 1,058,942 1,010,749 - - - 22,500 17,000 - 17,000 40,000 2,919 - 2,919 4,182 (9,700) - (9,700) - 370,000 (370,000) - - 989,499 157,313 1,146,812 1,058,942 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 11 to 22 form part of these financial statements.
9
soirrH WALES BAPTIST ASSOCIATION (BUGB) (A COhW>ANY uMifED BY GUARAKfEE) BALANCE SHEEr A8 AT 31ST DECEMBER 2024 FuThJ8 314)•24 314)•G.23 Flxod A•¥•ts T8ngble A58ets FrAed A8 Inve8trnonts Invo8tment ProperUo8 29),000 6822 500.000 28.BS5 317mO 82N6 91,741 317.ClJO 835.165 61876 898,741 Dtrbl(rJ & Pr¢paym&nts C8sh 8t Bank gnd h Hthl 10 355.014 94A87 449,452 181,260 Total Current A••• 355.014 9W7 449.452 181.2eo CY8dltor&. AmoJrrt8 Dw 11Nn Orn Ye 11 1,140 T CURRENT ASSETS 44872 180.120 Crndltor&' LI Terni U8LIts8 12 TOTAL AssEfs If68 Curr1 Llat41X 969.499 157,313 1.14.812 1.058.942 r A8SET8 989,499 157,313 1,140,812 1,058.942 Fund¥olU Char Generel Fund8 R88tr1ctgJ Furn1$ 989,499 157.313 528.624 530.318 157J13 Total Fuwth 989.499 157,313 1,148,812 1,058.942 The Dor5 are satfi8d that •x1wJ cm 31st Cwrrr 2024 th8 ¢tsitatrJg x4mp8ny wo8 to •xewptkJn ftrm reqr&InI to an uJ)Jer 88(alon 477 orth8 c4>PanieS Acl tha no nrner or mamtws h8Ve requlred the fX)mp8ny to obtdn an of ts axo¢xts for th8 iti Qtth Sn ae4xfdgw s8clton 478 of the Act. How8ver, h 4ralK wlth 8thn 145 of th8 Qwits8 J]11. thè th%jts teen oxamin&J by an Ind8pothnt ExJnknrwh r•Kth aFs)tarn pag8 Z3. DIrTh a¢kTry+Ag& thek r6swn8bThty wth thg requtrerr)w#s of ts C¢xr•$ Act 2¢X16 tAIth r•wi to wsuthJ re¢J$ and I Prerat ofacownt& UK and Rewbmcof (FRS11Y2). Ith 386 of the Act for Fryiarkng financJal atgmgnts wtrlGh ts a true fair wew ol th6 dats of effairs of th9 CCmP8ny 88 o111 end ofthe firancièl par gfid of R8 profft th k5 frjr In awdance with thg requlromenl8 OF 99otion8 394 arKI whkh otr¥96 9)mY w4th requtremwrt8 oftt Compwll88 Act 2006 rglating to ac¢wnt8, sofar aB apFd1c18 to th9 C>>Wry. Skned Ctheirb*0bYD¥........ .... .... ..................... M &YLK FAI£tsJ EffiILT -TrLL io
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2015) (Second Edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Incoming Resources
Recognition of Incoming Resources
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the Directors are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
Incoming Resources with Related Expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
Grants and Donations
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
Tax Reclaims on Donations and Gifts
Incoming resources from tax reclaims are included in the SOFA in the same financial period as the gift to which they relate.
Contractual Income and Performance Related Grants
This is only included in the SOFA once the related goods or services has been delivered.
Gifts in Kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
Donated Services and Facilities
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the Directors' annual report.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
11
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES (Continued)
Expenditure and Liabilities
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the Directors' meetings and cost of any legal advice to Directors on governance or constitutional matters.
Changes in Accounting Policies and Previous Accounts
There has been no change to the accounting policies (variation rules and methods of accounting) since last year, and no changes to the previous accounts.
Grants Payable without Performance Conditions
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
Unrestricted Funds
These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities.
Restricted Funds
These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes.
Designated Funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Taxation
The charity is exempt from tax on its charitable activities.
Pension Costs and Other Post-Retirement Benefits
The charity participated in a Defined Benefit Pension Scheme until 31 December 2011 the payments of which are charged to the Statement of Financial Activities. Deficiency payments are also charged to the Statement of Financial Activities. From 1 January 2012 the scheme was replaced by a Defined Contribution Pension Scheme the payments of which are charged to the Statement of Financial Activities when incurred.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
Investments
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at Directors' best estimate of market value.
Fixed Asset Investments
Fixed asset investments are held to generate income and a return on investment. The investments are held to generate income and for their future investment potential and capital appreciation. Fixed asset investments are investments that are held specifically to generate income to further the Charity's objects and due to capital appreciation the Charity expects to generate a profit on disposal to further the Charity's objects.
Current Asset Investments
Current asset investments are held to generate income and/or for their investment potential. Current asset investments are investments that are held specifically for sale or are investments that the Charity expects to sell by the next balance sheet date.
12
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
1. ACCOUNTING POLICIES (Continued)
Investment Property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Tangible Fixed Assets
These are capitalised if they can be used for more than one year, and cost at least £5,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied per annum are as follows:
Equipment Cost 50% - Straight Line Basis Fixtures and Fittings 33% - Straight Line Basis
Amortisation
No amortisation is charged to freehold Land and Buildings as the Land and Buildings are maintained to such a standard that the estimated residual value is not less than cost.
Land & Buildings
Land and Buildings have been valued and included within the accounts at cost value as at the 10th January 2023 in accordance with FRS 102 - Previous revaluation as deemed cost.
Valuation of Land and Building
During the financial year ended 31st December 2023 the Directors of South Wales Baptist Association sought guidance and advice regarding the current market value of the Land and Building held by the Charity at 9 Glan Yr Afron Aberdare, Rhondda, Cynon Taff, CF44 0DD and 54 Vachell Road, Ely, Cardiff, CF5 4HH. The Land and Buildings have been included in the accounts at market value as at the 10th January 2023 and are included in the accounts in accordance with FRS102 Previous Valuation Deemed Cost.
During the financial year ended 31st December 2023 the Directors of South Wales Baptist Association sought guidance and advice and agreed to acquire Land and Buildings at 428 Caerleon Road, Newport, NP19 7LT. The Land and Buildings have been included in the accounts at market value as at the 15th March 2023.
2. TANGIBLE FIXED ASSETS
| Cost 01-Jan-23 Additions Cost at 31-Dec-24 Depreciation 01-Jan-23 Charge Depreciation at 31-Dec-24 Net Book Value 31-Dec-24 Net Book Value 31-Dec-23 |
Land & Equipment Fixture & Total Buildings Cost Fitting 2024 £ £ £ £ 290,000 50,618 - 340,618 - - - - 290,000 50,618 - 340,618 - 50,618 - 50,618 - - - - - 50,618 - 50,618 290,000 - - 290,000 - 143 - 143 |
|---|---|
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st December 2024 : None
31st December 2023 : None
13
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations Grants b) Investment Income Dividends Interest c) Charitable Activities Conference Income Home Mission Preaching Income Safeguarding Income Subscriptions d) Activities for Generating Funds Church Sale Rental Income e) Other Incoming Resources Refunds Sundry Income |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 70,850 - 70,850 855 197,141 - 197,141 166,759 267,991 - 267,991 167,614 603 - 603 603 2,804 - 2,804 2,856 3,407 - 3,407 3,459 4,280 - 4,280 3,398 - - - 790 1,705 - 1,705 857 6,116 - 6,116 5,915 18,770 - 18,770 18,180 30,871 - 30,871 29,140 - - - 29,630 12,576 - 12,576 16,434 12,576 - 12,576 46,064 45 - 45 1,136 1,705 - 1,705 1,403 1,750 - 1,750 2,539 |
|---|---|
14
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
4. RESOURCES EXPENDED
| Note a) Charitable Activities Bank Charges Benevolent Fund Chaplaincy Costs Conference Costs Depreciation Expense 2 Equipment Costs Home Mission Housing Allowance Insurance Costs Internship Expenses License & Subscriptions Ministerial Recognition Ministerial Support Costs Mission Grants 6 Office Costs 6 Pension Costs 15 Premises Costs Removal Costs Rent & Rates Repairs & Maintenance Safeguarding Costs Staff Costs 15 Sundry Expenses Telephone Costs Training Costs Travel & Subsistence b) Cost of Generating Funds Property Costs 6 c) Governance Costs Independent Examiners Fee 11 Legal & Professional Fees 6 Meeting Costs |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2024 2023 £ £ £ £ 132 - 132 153 - - - 578 - - - 3,000 4,046 - 4,046 6,906 - - - 143 401 - 401 588 - - - 217 11,615 - 11,615 10,800 2,579 - 2,579 3,140 - - - 2,100 1,566 - 1,566 1,256 - - - 1,249 7,593 - 7,593 7,228 29,588 2,505 32,093 55,794 4,893 500 5,393 4,315 21,283 - 21,283 19,852 14,551 - 14,551 13,062 - - - 4,850 3,160 - 3,160 3,000 - - - 280 14,836 - 14,836 16,097 97,769 - 97,769 91,180 254 - 254 573 1,257 - 1,257 1,104 666 - 666 810 6,085 - 6,085 5,153 222,274 3,005 225,279 253,429 - - - 10,961 - - - 10,961 1,380 - 1,380 1,140 12,286 - 12,286 1,102 - - - 673 13,666 - 13,666 2,915 |
|---|---|
15
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
5. DESIGNATED FUNDS
The Charity held no designated funds during this or the previous financial year.
6. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Ministers Benevolent Fund Ministers Benevolent Fund Pomeroy Street Funds Gorseinon Funds Aberbargoed Funds Capel Gwilym Funds Manse Funds Llandogo Monmouth Funds Alexandra Rd Newport Funds Pontyclun/Ely Funds Nash Newport Funds Ely Manse |
Balance Gains & Balance 01-Jan-24 Income Expenditure (Losses) Transfers 31-Dec-24 £ £ £ £ £ £ 60,952 - 384 - - 60,568 2,308 - - - - 2,308 3,558 - 500 - - 3,058 679 - 679 - - - 19,322 - 1,442 - - 17,880 - - - - - - 150,169 - - - (150,000) 169 6,148 - - - - 6,148 47,414 - - - - 47,414 1,069 - - - - 1,069 18,699 - - - - 18,699 220,000 - - - (220,000) - 530,318 - 3,005 - (370,000) 157,313 |
|---|---|
PREVIOUS FINANCIAL YEAR
| Ministers Benevolent Fund Ministers Benevolent Fund Pomeroy Street Funds Gorseinon Funds Aberbargoed Funds Capel Gwilym Funds Manse Funds Llandogo Monmouth Funds Alexandra Rd Newport Funds Pontyclun/Ely Funds Nash Newport Funds Ely Manse |
Balance Gains & Balance 01-Jan-23 Income Expenditure (Losses) Transfers 31-Dec-23 £ £ £ £ £ £ 61,530 - 578 - - 60,952 2,308 - - - - 2,308 8,033 - 3,000 - (1,475) 3,558 4,689 - 4,010 - - 679 25,477 - 6,155 - - 19,322 690 - 690 - - - 151,731 - 1,562 - - 150,169 6,148 - - - - 6,148 49,443 - 2,029 - - 47,414 1,069 - - - - 1,069 18,699 - - - - 18,699 220,000 - - - - 220,000 549,817 - 18,024 - (1,475) 530,318 |
|---|---|
16
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
6. RESTRICTED FUNDS (Continued)
The Ministers Benevolent Fund is used to assist Ministers and retired Ministers on the accredited list.
The Ministers Benevolent Fund, interest on the capital sum provided by the James Pantyfedwen Foundation, is used to assist Ministers and retired Ministers on the accredited list.
The Pomeroy Street Fund is used to assist the Association within the Cardiff post code area.
The Gorseinon Fund is used for the purpose of items of capital expenditure.
The Moriah Baptist Church Aberbargoed Fund and the Capel Gwilym Church Cardiff Fund are used for capital purposes.
The Manse Fund is used for the purpose of items of capital expenditure.
The Llandogo Monmouth Fund is used for Strategic Mission Initiatives within the Association including small Churches initiatives.
The Alexandra Road Newport fund is used to provide support and ongoing equipping and training of Ministers and Church leaders in the Association including the appointment of personnel.
The Pontyclun/ Ely fund is to be made available for the appointment of a full-time accredited minister at Ely Baptist Church, Cardiff.
The Nash Newport fund is to be used for Mission Initiatives within the Association including the appointment of personnel.
The Ely Manse relates to the purchase of a manse to enable mission to take place in the Ely area of Cardiff.
The Student Fund assists students for ministry from churches within the Association.
The Commercial Road Llanhilleth Fund is to be made available to Brynithel Community Church when in a position to proceed with a Church building.
The Restricted Funds held are represented by the Charity's Cash Reserves and Fixed Asset Investments and the Restricted Funds are to be expended as specified above.
17
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
7. FIXED ASSET INVESTMENTS
| Market Value as at 1st January 2024 Additions Disposals Net Gains/(Losses) on Investments Market Value as at 31st December 2024 |
Listed Unlisted TOTAL TOTAL Investments Invested 2024 2023 7,040 81,782 88,822 235,040 - - - - - - - 150,400 - 2,919 2,919 4,182 7,040 84,701 91,741 88,822 |
|---|---|
| Market Value as at 1st January 2024 Additions Disposals Net Gains/(Losses) on Investments Market Value 31st December 2024 |
The Baptist Baptist Insurance Union Unrestricted Restricted TOTAL TOTAL Company Plc Corporation Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ £ £ 7,040 81,782 25,393 63,429 88,822 235,040 - - - - - - - - - - - 150,400 - 2,919 2,919 - 2,919 4,182 7,040 84,701 28,312 63,429 91,741 88,822 |
|---|---|
The Baptist Insurance Company Plc
The Charity holds listed investments with The Baptist Insurance Company Plc and the original indexed book investment as at the 1st January 2023 was £6,153. The Charity holds 2403 Ordinary Shares at a market value of £2.92 per share and 10 Preference Shares at a market value of £2.34 per share as at 31st December 2024. The closing position of the investments held stood at £7,040.16 as at 31st December 2024.
Baptist Union Corporation Limited
The Charity holds unlisted investments with the Baptist Union Corporation Limited and the market value of the investments held stood £81,781.53 as at the 1st January 2024. The closing position of the investments held stood at £84,701.28 as at 31st December 2024.
18
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
8. INVESTMENT PROPERTIES
Investments properties are held to generate income and a return on investment. The investments are held to generate income and for their future investment potential and capital appreciation. Fixed asset investments are investments that are held specifically to generate income to further the Charity's objects.
| Cost Value at 1st January 2024 Additions/(Disposals) Revaluation of Investment Properties Reclassification Fair Value at 31st December 2024 |
Vachell Glan Yr TOTAL TOTAL Road Afron 31-Dec-24 31-Dec-23 £ £ £ £ 200,000 300,000 500,000 460,000 (200,000) - (200,000) - - 17,000 17,000 40,000 - - - - - 317,000 317,000 500,000 Land & Buildings |
|---|---|
During the financial year ended 31st December 2023 the Directors of South Wales Baptist Association sought guidance and advice regarding the current market value of the Land and Building held by the Charity at 9 Glan Yr Afron Aberdare, Rhondda, Cynon Taff, CF44 0DD and 54 Vachell Road, Ely, Cardiff, CF5 4HH. The Land and Buildings have been included in the accounts at market value as at the 10th January 2023 and are included in the accounts in accordance with FRS102 Previous Valuation Deemed Cost.
During the financial year ended 31st December 2024 the Directors of South Wales Baptist Association sought guidance and advice and have agreed to dispose of the Land and Building held by the Charity at 54 Vachell Road, Ely, Cardiff, CF5 4HH. The Land and Building held by the Charity at 54 Vachell Road, Ely, Cardiff, CF5 4HH, were disposed of on the 30th September 2024 for an agreed sales price of £190,300 with net sale proceeds of £186,268.
19
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
9. CASH AT BANK AND IN HAND
| Cash at Bank and in Hand 10. DEBTORS AND PREPAYMENTS Sundry Debtors |
Unrestricted Restricted TOTAL TOTAL Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ 355,014 94,437 449,452 181,260 355,014 94,437 449,452 181,260 Unrestricted Restricted Total Total Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ - - - - - - - - |
|---|---|
11. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiners Fees | Unrestricted Restricted TOTAL TOTAL Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ 1,380 - 1,380 1,140 |
|---|---|
| 1,380 - 1,380 1,140 |
|
| 12. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR | |
| Pension Fund Liability | Unrestricted Restricted TOTAL TOTAL Fund Fund 31-Dec-24 31-Dec-23 £ £ £ £ - - - - |
| - - - - |
|
| 13. NET ASSETS BETWEEN FUNDS | |
| Fixed Asset Investments | Unrestricted Restricted TOTAL TOTAL Funds Funds 31-Dec-24 31-Dec-23 £ £ £ £ 635,865 62,876 698,741 878,822 |
| Net Current Assets | 353,634 94,437 448,072 180,120 |
| Long Term Liabilities | - - - - |
| 989,499 157,313 1,146,812 1,058,942 |
20
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
14. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (04336086) and is a Charity registered with the Charity Commission (1102735) and does not have a Share capital and has no income subject to Corporation Tax.
| Profit / Deficit for the financial year Other Recognised Gains Balance Brought Forward Pension Scheme Movements 12 & 20 Revaluation of Investment Properties 8 Net Gains/(Losses) on Investments 7 Net Gains/(Losses) on Disposal of Investment Property 8 Closing Funds at 31st December 2024 15. STAFF COSTS AND NUMBERS Gross Wages, Salaries & Fees Employer's National Insurance Costs Pension Contributions Employees who were engaged in each of the following activities: Regional Ministers Administrative Activities |
TOTAL 2024 £ 77,651 - 77,651 1,058,942 - 17,000 2,919 (9,700) 1,146,812 TOTAL 2024 £ 96,848 10,387 11,818 119,053 TOTAL 2024 2 1 |
TOTAL 2023 £ (18,489) - (18,489) 1,010,749 22,500 40,000 4,182 - 1,058,942 TOTAL 2023 £ 85,276 11,281 14,475 111,032 TOTAL 2023 2 1 |
|---|---|---|
The Charity operates a PAYE scheme to pay all employed members of staff and no members of staff received emoluments of over £60,000 (2023:None).
21
SOUTH WALES BAPTIST ASSOCIATION (BUGB)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST DECEMBER 2024
16. DIRECTORS AND OTHER RELATED PARTIES
During the financial year Director Revd Mark Fairweather-Tall received £37,180 (2023:£26,210) in Staff Costs, £8,734 (2023:£8,217) in Pension Contributions, £11,615 (2023:£10,800) in Housing Allowance, £2,193 (2023:£1,904) in Council Tax Payments, £921 (2023:£904) in Utility Costs, £631 (2023:£600) in Telephone Costs and £1,310 (2023:£2,342) in General Expenses in his capacity as Reverend of the South Wales Baptist Association in furtherance of the Charity's objects. All conflicts of interest have been identified, documented and managed in accordance with the Charity's Governing Document.
The only other payments made to the Directors consisted of reimbursements for expenses incurred in furthering the Charity objects and no other Director received any direct benefits.
No other payments were made to Directors or any persons connected with them during this financial period. No other material transaction took place between the organisation and a Director or any person connected with them.
17. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out will on an annual basis provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
18. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
19. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
20. EMPLOYEE BENEFIT OBLIGATIONS
The Association is an employer participating in a pension scheme known as the Baptist Pension Scheme ("the Scheme"), which is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity and the assets of the Scheme are held separately from those of the Employer and the other participating employers.
For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in force at that time.
The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year, plus any impact of deficiency contributions (see below).
All Association Staff are eligible to join the Scheme.
Movement in Balance Sheet Liability
Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability.
The current deficiency as notified by the actuaries is Nil as at 31st December 2024 (2023:£Nil).
22
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
Report to the trustees/ members of South Wales Baptist Association (BUGB) on the accounts for the year ended 31st December 2024 set out on pages 9 to 22.
Respective responsibilities of trustees and examiner
The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
Basis of independent examiner's statement
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit, and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters.
Independent examiner's statement
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
In the course of my examination, no matter has come to my attention:
- which gives me reasonable cause to believe that in, any material respect, the trustees requirements:
· to keep accounting records in accordance with section 386 of the Companies Act 2006; and
· to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of recommended Practice: Accounting and Reporting by Charities.
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
K. Collaku MAAT Castle View Accounting Ltd Ground Floor Offices 53 High Street Arundel West Sussex BN18 9AJ
Date: 5th June 2025
23