Charity registralion number: 1126480 Beulah Baptist Church Annual Report md Financial Staternenls ror the Year Ended 31 Dcccmbcr 2024 Mannington5 39 High Street Ballle Ea51 Sussex rN33 OEE
Beulah Baptlst Church Contents (eontlnued) Reference and Adminislralive Detalls TrustCL%' Report 2to3 Sthtcmcnt of Tru51ccs' Responsiblliiies IndependcnÉ Exumin&s Report Stalcmcnt of Financial Adlvities Balonc¢ Sh¢¢l Noie5 lo ihc Financial Siaiements 8t018
BeulAb Baptist Church Referenee and AdmiDistrative DetAIL8 Trustees Rev D ixKkw(XKI. Sl0r Minisier Mr P Rci8h. Trcasurcr Mr l Howell Mr B Henley Mrs A Pragnell Mr A V Panncll Mrs S FeakI Mr K McKay Mr B Wigh¢wick Mrs R Lawric Seer¢tary Charlty Regbtratlon Numb¢r 1126480 PrlDclp41 Offlce Beulah Baptisi Church BuckhuN RoJ Bcxhill-on-sc E851 Susscx TN40 IQA Ind¢pend¢Dt EA•mlner Manninwon5 3914igh Street B11¢ TN33 OEE BDk¢ Barclays Bank Lei¢¢si LE87 2BB Baptist Union cOry)r*I0ft Ltd PO Box 44 129 Broadway Didcol Oxon Pa8e I
Beulah Baptist Churcb Trustees, Report The tntslees present the annual report togethrx with the linan¢ial st&ements ol'the chariry for the year ¢nd¢d 31 D¢c¢mbLr 2024. Structurey govern4Dce 8nd management Ntthire of8overning documenl The Church w&8 founded in the 1890s to provide the area of Bexhillvon-sca with a Baplisl Church. The UrCh is constituied under a Irust deed of1973 (Ivhich replaced the original deed of1896) according io the rules of ihe Baptisi Union of Gre& Britain and governcd by Deacons and Elders WI comprise the Trustees under Charity iaiv. The policy of the Church is lo have sutTicieni financial resources and voluntary h¢lp to be able to offer local residen Sunday services and various other activities in a Christian conlex¢. RecThithieAt ldapPOIn1elll oftrmsiees Deacons and Elders logether with the minisiers are apInd by ¢IlI0n ai Church meetings according lo the rulcs of the Church and are the Trust¢¢s. Organisulionalslrnclur I'he Trusiees are responsibl¢ to the Church rneeling which is thc final authoriry on all matters of Church govcmm¢ni. Objeetives and activities Objeeilves. slrnlegies and aclivities Functions of the Church ar¢ carried oui by various groups: Sunday Club. Creche, Beulah Toddler& Mi&week and Sunday activities for children and young p¢ople. CAMEO. Connea Groups. Clillord Day Centr& Sunday Lunch Club. Churth Prayer Evening. Access Group. Board Games Club: Art Group. Marching Band, Squar¢ Dance Gri)up. Community meals and the Ukraine Hub. Church Membership Churth Membership & 31 December 2024 th'as 200 members {2023: 185 members). Public benejli The trus$ confimi (hat they hav¢ complied ivith th¢ r¢quirements of seclion 17 of the Charitics Act 201110 have due regard ¢0 the public benefit guidance publish¢d by the Charity Commission for England and Wal¢s. Grani nmkingpolleles Grdnls arc made to individuals Mlyo are memb¢r5 of the Church lo assist them in a Christian aciivity or io study ror Chrisiian minislry. Use of volunleers The Church dcpends on the volunw services of many helpers in order to offer such a wid¢ rdnge of a¢¢ivities. Pa8e 2
Beulah Bapiist Church Trustees, Report (continued) Financial reviv It is encourdging to see the rncmErtrship and attendances in¢re&sin& Th¢ ¢hurth's financial posi(ion continues to be healthy with thc frccwill offcrings continuing at a g(KwJ level and InMe Irom Twm hirings and bank interest increLqing. (r ¢lTorLs to rttwit a fvll lim¢ Assistani Pastor prov¢d fruiilcss. The plan is now to scek- up to five part4ime new m¢mber5 of stsff - cach working eight hours a ii'¢ek on defined ar of miDiS1ry. Th¢ appointments M'ill initially b¢ for Im'o years and fided from the pnx¢cds of the 2023 Gift thy. The growth of the fellowship underlines the need for &ldiiional and flexible space and so d)e pursuit of Ihc Building Developmeni Project remains very imtanL Following the refi1 ofour second plaming applicalion (in August 20231 demolish the sanctuary and Buckh Room and rebuild more apryopr1a accommodation, we have now enlered inlo a Plaming Perfomiance Agreemcnt with the Local Planning Authority. This will enable us to obtain a clear understanding of the type of developmeni tha¢ is likely to be alloN4rd and lead to an appropriat¢ (wlcome for the churclL Our Community Meals and UkrniK Hub ministrias cofflinue to bc mainly funded by external grants fmm ESCC, via Rother Voluntsry Aciion. Nalionally. the church supp)rts BMS World Mission and the Bapti Home Mission Fund arML locally. the F(wJd BanK Homclessnc&5 Unity Group IHUG) and Chrisiiam Against Poverty (CAPI. Changing the charitable Stat$ of the church to a Charitoble Incorw)ra¢oJ Organisation is still on going and hopefully will be achieved durin8 2025. Policy on reserv The reserves policy of Beulah BarrtI Church is to hold 25 /• of all annual ¢xpendilure lo allow the Church io adapi any changes in the income or exdIture of the church and io allow for emergency building repairs. The Trustees currcntly b¢lieve this amouni io bc £75.000. Surplus monies are hdd on d41( at the Churth's bHnktt& The free res¢5 ai the year end 3 Isi Dec¢mb¢r 2024 We £700384 {2023 - £695.32)). Conflicts of interest In all circumstsnces whuc tsusiecs of the church are considcred for paymen other than the r¢fwMJin8 or or-CkeI expenses. this should be considered a( a meeting of th¢ trusttts and agreed by a majority of those prtsent not including th¢ individu(S) concerned This to ilUde F4yments to close rel*ives and ihc pn)vision of goods and servitts ii.here a tree has a financial inicresL Ir there is any doubt th¢n the Chariiy Commission be CLn%ulied Pagc 3
Beulah Baplisl Churc Statement of Trustees, Responsibilities The truslees are rtsponstble lor weFwing the trets. port 8nd the financial State in accordance with the Unitkd Kingdom Accouniing Standards (UniÉcd Kingdom Generally Acccptcd Accounting pralee) and applicablc law arKI regulations. The I¥ applicable th charities requires the inL8tc&% to prerArc financial sements for each financial ycar which 8ivc a Irue and fair Niew of the stale of affairs of the Lkniry arKI of thc inc(xning resource5 and applicalion of resourccs of ihe charity for Ihai period. In preparing these financial 5tst¢rncn4 thc truste are required 10: select suiiable accounting policies and then apply th¢m ¢x)nsistenily' observe the methods and principles in the charli1 SORP: mak"¢ judg¢m¢nts and tImat¢S th ore reasonable aThJ prnthnL slate ivhcther applicablc KLvunling sthndards have bren tollowe4 subject to any mawial dqwrtures disclosed and explained in the financial SW¢m¢n. and prepare the financial slat¢ments on the going ¢0crn basis wiless li is inar¢Y(w¢ LO pttsume that the charity iyill continue in bsin% Thc trusie¢s are responsible for keq>ing proper accounting reconts that disclose with rfasonible accurary at wiy lime ihc financial SItiOn of the charity and enable thn to ensurc that the finala1 statements comply with the Charities Ad 2011, the Chuilia (ACc<ts and Reports) Regulatiorts 2008. and thc provisions ol the con5lituiion. The trusltts arc also $)Sible for safeguarding the assets of the charity and hcncc tor tsking reasonable 5t¢ps for the preveniion and dtiOn offrdud and other irregularilies. Thu Inlett are responsible for the maini¢nanc¢ and ini¢griry of the cOr[a And financial inforn)ation included on the charithble compartS wd)siie. Le8islaLion govcming the weparion and dissemination of financial slalemcnLS may differ from l¢gi$l&l( in other juri5dictiOlLS. Ap ofthe Charity (....... . . and 5]gd on its bdlalfby: sie¢ TTUS Pag¢ 4
Beulah Baptist Chureh Independent Ex2miDer's Report to Ihe trustees of Beulah Baptist Church I report on thc accounts ol'the churily tor the year end¢d 31 December 2024 ivhirh ar¢ S out on pgges 6 10 18. Respectivt responslbilltle5 of trustees and examlner The trustees ar¢ ttsponsible for th¢ preparntiort of the ¥wunt5. The ¢nle¢S consider ihat an audit is not requir¢d for this year under section 144(2) ol. the Charilies Act 2011 (the 201 l Acll ond that an independenl ¢xaminalion is needcd. The charily's gr05s incom¢ exceeded £250.000 and l am qualified to undertake Ihe examination by being a qualified member of Institute of Chartered Accounianis in England and Wales. It is my responsibility 10: cxarnine Ihe accounts und¢r sc¢tion 145 0l.ih¢ 2011 Ac( to follow the procedures laid down in the gcneral Direclions given by the Charily Commission under section 145(5)(bl of the 2011 Art,. ond io state whether particular mattcrs have come to my aiteniion. Ba$ls of Independ¢nt ¢x4mlDer's r¢port My ¢xamination was carried oul in accordancc with the general Directions 8ivcn by Ihe Chariry Commission. An examinalion includes a rcvicw of the accoun¢ing records k¢pl by the charity and a comparison of Ihe ac¢ounts preSend with Ihosc records. It also includes consideraiion of any unusual items or disclosures in the accounts, and kcking explanations from you as trustees concerning any such maiters. The pro¢edurLs undertaken do not provide all the evidence that would be required in an audit and cons¢qucntly no opinion is 8ii'en as to whether Ihe accounts preseni a 'true and fair vicw, and the report is limid 10 those mallcrs sct oui in the xI stalernenl. Independent ¢xaminer's stA¢tment In ¢onn¢¢iion wilh my cxaminalion, no maller hos comc to my allcniion: { l ) which 8ives me rc&sonable cause to believe Ih in any material respeci the r¢quir¢mcnls: to kccp accounting records in accordance with seciion 386 0l.thc Coinpanioq Act 2006. and to prcparc accounL% which accord with Ihc accountin8 records. comply with the accouniing requirements of seclion 396 of th¢ Companies Ac1 2006 and with th¢ rncthods and principles of ihe Sialemcnt or Recommended Pra¢ii¢¢', A¢¢ountin8 and Rcporlin8 by Charities have not been mct: or {2) to which. in my opinion. attention should b¢ drawn In order lo cnoblc a pr¢)per undcrslarKlin8 of tlK &ccounL8 to b¢ r¢a¢hed. I have no concerns and have come across no other malters in conncction ivith the exAmin&ii(yn to which attention should bc drawn in this report in ordcr lo enable a proper understanding of th¢ accounts io be reached. R Walsh FCCA Insiitute of Chartered Accountants in England and Walcs Manninglons Charter¢d Accountants 39 High Sire BaLile East Susscy TN33 OEE 23 April 2025 Pagc 5
Btulah Bapttst Church Statement of Flnaneial Actlvllles for the Year Ended 31 December 2024 Unrestrl¢¢ed fund$ Restrlcted ds Total 2024 Total 2023 Note Income and Endowments from: Donations and legocics Invcstmcnt InMe OLh¢r income 227.167 12.814 28,671 18.618 12.411 245.785 25.225 28,671 381.717 11,355 28.083 Total Incoin¢ 268.652 31.029 299.681 421,155 Exptndlture on: Charitablc aclivities Governance costs (239.257) (1,920) (53.445) (292.702) (250.241) Total Expcndiiure Net incom¢l(¢xpcndilure) Gross irjnsfers between funds (241.177 53.445 294.622 1254,381) 27.475 37.744 {22.416) 37.744 5.059 166.774 Other recognlsed golns and los*s N¢l movan¢nl in funds 110,269) 15,328 5,059 166,774 Reconclll4tlon of Ibndl .1 olal funds brou8hi fonvard Tothl funds curried forward 337.773 972 824 1310 597 1 143.823 16 327.504 988.1 $2 1.315.656 1.310,597 All ofihe Charity's activilie5 derive from ¢oniinuin8 op¢raiion$ durin8 ihe abov¢ two periods. ThL funds br¢ak'down for 2023 and 2024 is thown in nolc 16. Pag¢ 6
Beulah Baptist Chureb (Registration number: 1126480) BalaDee Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible &sscts 615.272 615.272 Current assets D&>lors Cash ai bank and An hand 12 13 4.179 702.956 6.592 695.562 707.135 702.154 Cr¢dittsn: Ajnounts falling due within one year 14 (6,751) (6.8291 Net current assets 700.384 695J25 Net assets ,315.656 1.310597 FuDds of ihe ¢harity. Rostrlttod Income funds Re5triclcd funds 98&152 972.824 Unrestrkted Income funds unrestr1cd fund8 327.504 337.773 Totsl funds 16 1.315.656 .310.597 The tinancial M¢mcnts on pagc5 7 10 20 w&e approved by th¢ tru5e& pnd authorised for issue on .. and signed on their behaifby: Tale¢ P.A. Reigh Page 7
Beulah Baptist Church Notes to the Fin2nci21 St2temeDts for tbe Year Ended 31 December 2024 I A¢couDtlng poll¢les StAtement of ¢ompllance The financial statements hav¢ been prepared in accordance with Accounling and Rewrtin8 by Chariiies: Stsm¢nl of Rccomm¢nded Prathice applicable kn chariiies pr¢pgring th¢ir 8ccounts in accordance with the Financial Reporting Smdard applicable in the UK and Republic of Ireland (FRS 102) (¢ff¢¢uve l January 2U15) - Icharilics Sorp {FRS 102)). the Financial Rcportin8 Standard applicablc in the UK and Rcpublic or Ireland (FRS 102) and ihe Chariiies Act 2011. Basis of preparailon BLulah Baptisi Church meds the definition of a public bencfii entity under FRS 102. Asts and liabiliiies are iniliolly rcco8nised ai hisloriol ¢os¢ or transathion value unless otherwise stated in the rclcvanl accounting trlicy nos. Gtylng concern The trusie¢s wrLsid¢r thai there are no ma181 uncertainiies al)out thc L*Ity'S ability ¢onlinue as a 80in8 concun. Income and endowments Voluniarv income including dorlOnS. 8ift& legaci¢s and grants th41 provide core fundin8 or are ol. a general naiure is rcwgnised when the ctrwiry has cnliilement ihc incorn¢. i( is wobablc that the income will be receiva ond the amounl ¢an be measured with sulTi¢i¢nl lIabIlIty. Donarfons and le8acles t)onalion5 and le8aci¢s are reco8niKd on A rtceivable b&8is when receipt 15 prnbIe and the amount can be r¢liiibly m¢&swed. Expendltsre All cxpcnditure is recognised once there is a legal or u)rnstyuciive obli8alion expendiiure. li is probablc s¢itl¢m¢nt is required and ihc amount can be measured reliably. All cosls ar¢ allocated lo Ihe applicable cxpcnditure h¢adin8 that aggregate similar cosis to that le81)ry. Wherc costs connoi be directly allributed io Particular headings Ihey have been allocated on a b&si5 ronsisteni with the usc of resources. with ccniral staff ¢osts allocated on Ihe basis of lime spenl. and depreciation tharges allocaied on th¢ w)rtion of the asset's $¢. Oihcr support costs are allocat based on the spread of staff ¢osts. Churf¢tTble aclivliles Chariiablc exp¢ndilur¢ ¢omprises costs tncurred by thc Chariry in the delivery of its livI11cS and scrviees lor its bcncliciaries. It includes iKMh costs that can be allo¢a¢¢d directly to such aclivilics and th0 Costs ot. an indireLX nature neccs5ary to suppffi them. GnTnlprovisions Provisions for gfonts arc made when the intcnlion to make a grant has been rommunicatoa the rccipient bul ¢here is uncertainty aknui either the timin8 of the grani or the amount of grani pAyable. Page 8
Beulah Baptist Church Notes to the Ffinaneial Statements for the Year Ended 31 December 2024 (eontlnued) Support Costs sUprt cosls include ccntrnl funclions and havc bccn allocaled lo aciivity cosi catcgorics on a b&sis consisl¢nl with ihe use of resourccs. for example. ailocaLin8 properly cosls by floor areas, or pcr capit& sthff cosls by the lime spent and oiher costs by iheir usage. Gfyvern8nce costs Thcs¢ include the costs aiiribulable to the charity'5 compliunce with consti(Utional (md Slatutory requircmcnts. including audiL slralegic managemcnt and trusiees. meeiings and rciml>ursed exp¢nses. TAx*ilon The charily is con5id¢red to pass Ihe iests s¢t oul in Parngrgph I Schedule 6 01. the Financc Act 2010 tfftd thereforc il meeLs the definition of a chariiablc company for UK corporalion purposes. Accordingly, Ihe charity is polcniially ex¢inpt from thxalion in respeci of incomc or capital 8ain$ received within cutC8ories covered by Chapter 3 Part I l of ihc Corporalion Tax Acl 2010 or Scclion 256 of the Taxation of Cliargcable Gains Aci 1992, to the extent ihai such income or gains arc applied exclusively io ¢harithlc purposc& TAnglble fixed Assets Individual fixed ¢osiin8 £5.000.00 or morc are inilially recorded ai wsi, less any subsequent accumula¢¢d depreciation and subsequ¢nl ar¢umula¢cd impaimi¢nt10sses. No value is placed on moveable fumishings hcld by the church. since ihe Trnslecs consider thi5 lo be inalienabl¢ propeity. All ¢xpenditur¢ in¢urrcd on consecrated or bcneficcd buildings kilchcn and moveable church rurnishings. wheiher main¢¢nan¢e or improvemcnL is wriltcn off as expendiiure in the Statcmcnt ol. Financial Activitics and separaiely disclosed. Land and Buildings: The Church is shown ai valualion made in June 1988 by A V Muliby fRICS. The Mansc ai Si John's Roud is shown at valua(ion o1.£262.000 as valued on l Oih April 2014 by C Fl S(Ul¢ly FRICS and the manse al Larkhill is shown at volualion of £225,000 as valued by lh¢ Trusi¢cs previously. The insurdnce COVLY for the Church is £4,341.094 ivhich includes tixed conicnL8 and li)r ihe manses Ihe total indemniry is £2m lor cach property: thes¢ insurance valualions arc for rebuilding purposes and do noi necessarily reflect markei valu¢ on a disposal. Fix1ur. Fillings and Office Equipmcni: Equipmeni used ivithin Ihc church premisos is wrillcn olT in Ihe period in which lh¢ assei is acquired Lxcepl for high value it¢m5 11,hich the Diacona consid¢r il more appropria (o wriic off Lhc cost of Ihc assei on a straighi line basis over the expeclcd lifc of ihL aSSCt. The only asset to which this laii¢r policy has been appli¢d is the pholocopier M'hich h&8 been iiTilten off over five yeDrs in equal insthlmcnts. Gills ofequipm¢nt Ihe church are Irealed as donaiions ai valualion and an cqual expcnse. Current asjet Snveslment5 Short-terni dep)sits includ¢ ¢&sh h¢ld on dwil with ihe bank and the Baptisi Union Corporniion. Trade debtors Tr8dc debtors include prcpayrnents and are amounis due to (he Chariiy or amounts paid in advance. Pa8e 9
Beulah Baplist ChUb Notes to the Financi21 Statements for the Year Ended 31 December 2024 (eontinued) Cash and cash equfvalents Cash and cash cquivalents comwbse cash on PAnd and call dwit& and oth¢r short-ierni highly liquid invcs(ments lh are readily coTrvertible a known gmowil of c&sh and are subjett to an itisignificanl risk L)f change in value. Trade eredltors Trnde cr¢ditors arc amounts owed by the LIwiry kn suppliers. Fund Jtrncture Unrestricte¢J incomc funds arc 8en¢r41 rd$ thal are available for us¢ * the tsustres, discrelion in furtherance of thL" objcctives ofihc chariry. DesIgned lunds are unreriC1¢d lunds sd aside for specific purposes ai the discreiion ofthe tru¢¢5. Rewi¢l¢d incorne lun(Ls urc ihosc don&cd tor usc in a parti¢ular 8r¢a or lor specific purpose4 the use ot'whi¢h is wstricted to that area or purposc. P¢nilon¥ #nd other pojl retlrement obll8atloDs Thc charity opernla a d¢lined benetit pension s¢heme.Typically defined benelil plans deline an amount ot" pension ben¢fil (hal an pLOy will receive on rel1rertL usually dependeni on one or more factor5 su¢h &s ogc. years ofservice llnd comwion. The liabiliiy reco8niscd in the Balance Shed in rcspect of defin¢d pension plans is the presen¢ valu¢ of the defined benefil obliBation at the rebY)rtin8 dale min5 lh¢ fair value of plan asscls. The dcfined benefil obli8alion is meayured using the projecd unli credi( mcthod. The pr¢5cni value of the d¢fincd bcncfil obligaiion is d¢MIlned by discountin8 the esiimaied luturc pRymcnts by reference lo markd yields ai the reporting dale on hi8h44uality ¢orEx)r&e bonds that arc denominated in the currency in which the bcnefils will be paid, and ihat have t¢nns lo maturity apwoximalin8 the l¢rms of th¢ related pcnsion liobility. AUariaL 84in5 and Ios5¢s ar¢ char8ed or ed11¢d rfher cornprthensivc iome in the pcriod in which ihq rise. Pag¢ 10
Beulah Baplist Churc Notes to the Financial St2temeDts for the Yr Ended 31 December 2024 (continued) 2 Income from donations legades Unrestritted funds Desi8llAted Geaenl Restricted fund5 Total 2024 Tofil 2023 Donations and Ic8acics: Donations from individuals Gifl aid rcclalmed 12.684 181.929 32.554 17.403 1.215 212.016 33.769 325.754 55,963 12.684 214.483 18.618 245.785 381,717 3 Inv¢stm¢Mt Ineome UthrestTiCted funds DesÈgnted Restrlcted funds Toll 1024 Total 2023 Interest receivable and Similar incom¢: Int¢rcst receivable on bank deposits 12.814 12.411 25,225 4 Other Income funds GtNtrl Tot 2024 Total 2023 Fees and supplies R¢n&l income 74 28.597 74 28.597 28,083 28.671 28.671 28,083 S Expendlture on charitble attfvltles Unreslrkted funds Desilnaied G¢tstral Restrlcted fundi Total 2024 Charitable activilics of Ihe Church 51.699 187.558 292 702 Unrestrlrfed funds D¢si8n•¢ed General RerIe(ed funds Total 2023 Chariiable aciivilies of the Chwch 24.214 164.614 61.413 250.241 Pagell
Beulah Bapltst Church Notes to the FlnanciAI Statements for the Year Ended 31 December 2024 (eontlnued) 6 Anitysls of 8overnary¢¢ #nd sipport tosts Govtrn*llce costs UAres¢rS¢ted nds Total 2024 Totsl 2023 Gener•1 Indcpendcni Exgmin¢r's remuneration 1,920 1.920 1.920 .920 4,140 7 Net Incomlngloutgolng reso•r¢es in¢oming roour¢es for the year inrlude: 2024 2023 Indip¢ndent Examinerfs rwnuneration 1,920 8 Tru$¢tts remunerailon A#d expen During the year ihe chariry madc th¢ followin8 IransalOns with trustees: Rev D iAKkwood R¢v D LA)ckwood received remunerntion of £44.556 (2023: £41.269) durin8 the yelw. S¢ip¢nds paid lo ihe Trustee for his role as Senior Ministtt at B¢ulth Baptist Church. The Church pays pcnsion contribulions Baptisi Pcnsion SdKm¢ whi¢h is a defined contribuiion scheme. Thc lothl paid in ih¢ year to this scheme was £5217 (2023: £4.839). Th¢ minisitt livcs in housin8 wholty or partly owmed by the chwch. Tru51ecs werc rciml)ursed various sums throug1 the year for penS¢S bnwrred M.holly and exclusively for lh¢ ¢hariiabl¢ activities of the ChUh. No irusiees hav¢ r¢¢¢ived any oth¢r b¢ncfits from th¢ ¢harity durin8 the vw. Pa8¢ 12
Beulah Bapli5t Church Notes to the Finanelal Statements for the Year Ended 31 De¢ember 2024 (eontinued) 9 Stsff tosts The a88re8aic payroll costs were as follows: 2024 2023 Staff costs durlnz the year were: Wages and salaries Social securiry cos Pension costs Oiher staff costs 116.888 6.218 104.341 4.415 7.863 1.560 1.839 133.754 118,179 The monthly avera8e number of persons lin¢ludin8 senior managemcni I l¢ad¢r5hip tcaTh) cmploya by th¢ Iwity durin8 the year cxpresscd full ¢irn¢ quivalcnts was as follows: 2024 2023 Average Number of Employees No cmployce rcceivcd anoluments of morc thai £60.000 during th¢ year. 10 Taxatlon Th¢ ¢hari¢y is a re8i$tered chariry and is therefore exunpl (rom CorpoTalion Tax. I l Tanglble fixed assdi oirice equipment bulldits81 Tfytsl Cost Ai l January 2024 615,272 1.440 616,712 Ai 31 Dec¢mber 2024 615.272 1.440 616,712 Depre¢latloD At l January 2024 1.440 1,440 At 31 Dccember 2024 1.440 1,440 Net book v¥lye At 31 D¢ccrnber 2024 615272 615,272 At 31 December 2023 615.272 615,272 Pag¢ 13
Beulah Bapttst Cbureh NotL8 to the FiDaDcial Statements for the Year Ended 31 December 2024 (eontinued) 12 Debtor4 2024 2023 Prepayments 4.179 6,592 13 Cash and cash equfval¢ots 2024 2023 Cash b8nk 702 956 695,562 14 Crediton: amounts flllng due withln 00¢ yer 2024 2023 Oihcr NatIOn and so¢ial security Accruals 696 6.055 696 6.133 6.751 6.829 Page 14
Beulah Bapttst Cburch Notes to the FlnAnclal Statements for the Year Ended 31 December 2024 (contlnued) 15 Pension and other schemes Defined ¢onlribution pension scheme The charity operdtes a defined coniribution pension 5chem¢. The pcnsion CO charge for the year r¢pres¢ntS coniributions payable by Lhe chllrily io the scheme and nmounlcd to £8,809 (2023 - £7,863). Deflned beneflt penslon $¢ben DB (Defined Benefit) PIAn Thc Church is a participaiing employer the Baptist Pension Schemc I'th¢ SchLmc'l. which is a .sLpar&e l¢gal entity adminislcred by the Pcnsion Trustee IB&ptisl Penslon Trust Limitcd). The assets of Ihe Sch¢mc arc held separalcly from (hose ofthe Employcr and ilie other participaiing employcrs. The Sch¢me* wev10[Y known os the Bapiisi Ministcr5' Pension Fund, Slartcd in 1925. but was closed lo tuture accrual of defined benefits on 31 December 2011. Prior lo ihi$ date Ihe main bcncfil provided through ili¢ Defined Bcncfil (DBI Plan was a pension of onc eightieth or rinal minimum pensionablc income for each y¢ar ol. pensionable service 108Cther with addiiional pcnsion in respect ot. prcmiums paid on Pensionable Incomc in cxcess of Minimum Pensionable Income. From January 2012. pension provision is being made Ihmugh thc Dcfincd Contribuiion (DC) Plan within the Sch¢mc. In gcncral, m¢mbers pay 8% of their Pcnsionablc Income and employers poy 6Vo ol. members, Pcnsionablc Income into individual pension arwunts. which are operated and managcd on behaifof tli¢ Pension TTUSlee by Broadstonc Corpornte Ikncfiis Lid. In addition, Ihc employcr pays M further 4% of Pcnsionoble In¢om¢ cover Death in ServicL' Benelits, administrnion costs, and an associatcd insurance policy which provides incoine pro¢¢¢tion for Scheme members if Ihey are unable 10 work due lon8-l¢mi in¢apacity. This income protection policy ha5 bccn insured by the Baplis( Union of Greal Britain with Aviva Limii¢d. IM¢mbL'rs of lh¢ Basic Section pay reduced conlribulions of 5Yo of Pensionable Incomc. and their ¢mploy¢rs also pay a total of 5%.] From Broad51on¢ Corporate Bcncfits Ltd.. In summllry. we are d¢li8hied lo report Ilwi we eslimate the Scheme's Defined B¢nelil Plun hus o Surplus. As a rcsuli. your £1 per monih contributions io the Dcfined B¢nefit Plan will ceasc aflcr the October 2024 coniribuiion and your organisalion no longer has any furthcr responsibilty towards the Defined Ben¢fit Plan. We are very pleased that this has bcL"n possible io achicve much carlier. and al a much lower cosi. tlian we had anii¢ipaled. Multl-employer plans This is a defined benefit plan. Thc Scheme is considered io be a multi-¢mploycr xheme as described in Seclion 28 of FRS 102. BKause il is nol possible to atlribulc Ihc Scheme's Lsseis and lillbilities to specific employeN thc schem¢ is I¢Ounted for &% if the S¢hcm¢ Therc a defined contribution schem The Ministcr(s) and somc members of the church staff are eligible join the Scheme, Pag¢15
Beulah Baptist Chllrcb Notes to the Financial Statements for the Year Ended 31 December 2024 (contiDued) 16 Funds Bal&nce at 31 December 2024 Balance at I January 2024 Incoming resources Resources exptndtd Transfers Unrestricted fumds General Gencral Fund 202.822 243.155 1189.478) (51.312) 205.187 Designaled Bank Intercst Cliurch Mainienance LegleS and Gifts Monse Mainlenance Minislerfs Books IT 12,813 (12,813) 15.181 11.372 99J?2 11.041 (26,553) (1.000) {12,846) {210) (1.570) (512) 8.250 106.772 4.195 190 1,667 39 3.438 6.016 6.000 2.037 276 3.438 7.265 1.2(K) Chrislmas Lunches Photocopier Outreach 275 4.159 (9.008 (51.699) 3.600 134.951 25,497 13.568 122.317 Total unrestricted funds 337.773 268.652 241.177) 137.744) 327.504 Restri¢ted funds Church Prop-rtics Fcllowship Fund HMF S&elli1¢5 Youih Missionary Beulah Developmenl 615.272 3,639 615.272 ,977 624 (1,926) (12.000) (7,211) (3,398) (15.272) (13,638) (360) 11.996 2,495 1.980 12.131 9.502 6.573 1.825 3.141 18.866 1.857 3,347 2.940 350.969 365.699 Total restrieted funds 972,824 31.029 53.4451 37.744 988.152 Totsl funds .310.597 299.681 (294.622 1,315,656 Page 16
Beulah Baptist Chure Notes to the Financial Statements for the Year Ended 31 December 2024 (tontinued) Balaute at 31 B41gnce at JAllu4ry Intoming r¢sour¢es Resources txpended December 2023 Transfers 2023 Unrestricted fund$ Genernl Gcneral Fund 102.888 3(V).506 {168.754) (40.818) 202.822 Designate41 Bank Iniere Church Mainienance Legacies and Gift5 Mans¢ Maintenancc Minist¢rfs Book5 IT Chrisunas Lun¢F&s Ph0CopIer 0reath 9.051 1,694 67,756 (9.051) 12.01)0 (500) 7.020 110 1.200 9.614 32.466 5.349 111.936) (200) (1328) (202) (1.079) IlJ72 99.522 11.041 1.916 1037 276 3.438 7,265 134.951 276 3.438 1.832 10,900 89.677 (9.469) 4.(K)2 54.707 (24.214) 14.781 Totsl unrestri¢ted funds 157.595 399.183 1192.968) (26.037) 337.773 Restrirted Church Properties Barn¢U Bam Roof Fellowship Fund HMF Satellites Youth Missionary Beulth tkvelopment 615272 5,694 4240 615.272 10(M) 791 (7.694) (1.399) ( i iooo) (5.201) (2.268) (12.734) (20.117) 3.639 iiooo 337 3.500 10.200 696 1.012 2.534 10.760 1940 360J26 350.969 Totsl restrlcted hnds 986228 21.972 161.413 26.037 972.824 Total funds 1.143.823 421.155 {254J81) .310,597 Pa8e 17
Beulab Baptist Chunh Notes to the FiDneial Statements for the Year Ended 31 December 2024 (Continued) 17 Analysis of net assets b¢twth f•nds Unrestrirted funds General Unr&stricted funds Designated Total fuDds at 31 December 2023 Restricted fund5 Tangible fixed assets Curreni assets Curr¢nt liabilili 615.272 372.880 615.272 707.135 (6.751) 211.938 (6.751) 122.317 Total assets 205.187 122317 988.152 1.315,656 Total funds at 31 Dttember 2023 Utsrestrirttd funds Gentral Designgted Restrirted funds Tangible lixed ets Current a55ets CuTrent liabililies 615.272 357.552 615.272 702.154 6.829) 209.651 6,829) 134.951 Tothl o¢1 assets 202.822 134.951 972.824 I JIO,597 Page 18