KAY STREET BAPTIST CHURCH FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31 December 2023 Charlty Number 1129330 KAY sfREET BAPTIST CHURCH Independent examlner'5 report to the Deacons and Trustees for the year ended 31 Decembèr 2023 I report on the unaudited accounts of the Church for the year ended 31 December 2023 set out on pages 3 to 12. Respectlve respon51bllltles of the Deacons Trustees and Inde￿ndent Examiner. The deacons and trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for the year under section 144121 of the Charities Att 2011 Ithe Act), and that an independent examination is needed. It is my responsibility to= - examine the accounts un(ler section 145 Of the 2011 Art,. -to follow the procedure5 laid down in the General Directions given by the Chority Commission (under Section 14515llbl of the 2011 Act.. and - to State whether particular matters have come to my attention. Basis of Independent Examinerfs Statement My examination was carried out in accordance with the General Directions given by the Charf(y Commission. An examinètion includes a review of the accounting records kept by the Charity and a comparison of the accounts represented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking èxplanations from you as the deacons and trustees concerning any such matters. The piocedures undertaken do not pr¢)vide all the evidence that would be required in an audit, and consequentfy I do not express an audit opinion on whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent Examiner's Statement In connettion with my examination, no matter has come to my attention.. lal which gives me reasonable cause to believe that in any material respect the requirements: 111 to keep accounting records in accordance with Section 130 of the 2011 Art,. and lill to prepare accounts whlch accord with the accounting records have not been met- and Ibl to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 3rd Sept mber 2024 Peter Terry FCA Independent Examiner The Croft Cowpe Road Rossendale BB4 7DQ Kay Street Baptist Statement of Fknandal Arti¥itie5 For the Year Ended 31 December 2023 UnrestrSctsd Re5%rirted Funds Funds Total Funds 2023 2022 INCOME & ENDOWMENTS FROM Donations & Legacies Charitable artlvltles Investments Other 2a 2b 2c 2d 132.720 28,367 4,338 52,779 185,499 28,367 4,338 238,498 18,(X)7 2,119 TOTAL 165,425 52,779 218.204 258,624 EXPENDITiIRE ON Raising lunds Charitable activitie5 3a 3b 180,950 63,184 244,134 265,009 TOTAL 180,950 63,184 244,134 265.009 NET INCOMING/IEXPENDITURE Transfers between funds 115,5251 125,4391 110.4051 25,439 125,9301 {6.3861 Gainslllossesl on investment assets On revaluation NETMOVEMENTIN FUNDS 140,9641 15,034 125,9301 16.3861 TOTAL FUNDS BIFWDATI JANUARY 2.301.577 34,767 2,336,344 2,342,730 TUfAL FUNDS C/FWD AT 31 DECEMBER 2.260,612 49,801 2,310,413 2,336,344 The notesform part ofthese accounts Kay Street Baptlst Balance sheet at31 December 2023 u￿re￿ritted Funds Restricted Fund5 2023 2022 FIXED ASSETS Tangible Investments 5a 5b 2,243,285 2.243.285 2,241,364 2,243,285 2,243,285 2,241,364 CLIRRENT AssFrs Debtors Investments Cash at bank and in hand 3,838 2,074 5.912 16,655 88,755 92,593 47,727 49,801 136.482 142,394 160.297 176,952 LIABILITIES Creditors- amount5 falling due in one year 11960 12,960 10,296 NET CURRENT AssEf511LIABILtnESI 79,633 49,801 129,434 166,656 Creditors- amount5fallinB due after one year 62,3( 62,306 71,676 TOTAL NET ASSETS 2,2￿,612 49,801 2,310.413 2,336,344 FUNDS un￿StrICted Restricted Designated 2,2ff￿,6I2 2260.612 2,301,576 10,548 20,951 13,817 2,310,413 2,336,344 io 10,548 39,253 49,801 2,2&1,612 These financial statementswere approved by the deacons on 3 Septemb 2024and signed on their behalf by.. Paul Reeves Secreta KAY STRE￿ BAPTIST CHURCH Notss tothefin4n¢ial ststementfortheyearended 31 December 2023 l Accounting pollcles ofprepomtio The accounts are prepared in atcordance with the, Charitles Statement of Recommended Pr8dice (Charities SORP 20211, FR5102 and wlth the Charities Act 2011. Kay Street Baptist church is a re8iStered charity. no 1129330 and meets the definition of a public benefit entity under FRS102. Assets and liabilltles are initiallv recognised at historical c05t or transaction value unless otherwise stated in the relevant accounting policy note5. Funds Unrestricted funds are available for use. atthe discretion of the Deacon5. in furtherance of the Eeneral objectives of the Charlty. Unrestritted funds include a revaluation reserve representingthe restatement of tangible assets at insurance value. Dèsignated funds Bre unrestricted fund5 earmarked by the Deacons for particular purposes. Restricted fijnds are subjected to restrictions on their expenditure imposed by the donor. These funds do not include the income and expenditure of the variou5 organisations affiliated to the Church due to presentation of separate a¢¢ounts and the èrnounts being immaterial. Incomingresources Planned givin& collections and donations are recognized when received. Tax refunds are reco8nized when ihe Incoming resource to which they relatè is received. Grants and legacies are accounted for when the PCC is legally entltled to the amounts due. Dividends are accounted ft)r when receivable, interest is accrued. All other income is recognized when it is reteivable. All incomlng resources are accounted for gr05S. FixedAsstts Propert1è5 Comprisi￿ thechurch and the manse are all induded atthe Dèacons estimate based on previous insurance valuation. Fixtures, fittings and equipment are capitalised If they can be used for more than one year and costs at least £1,000 D8preclotk+n Properties held by the Church are stated at the Deacons valuation. Properties are maintained in a state of repair such that their estimated residu31 value is not less than their iarrying value. The annual charge for depreciation is therefore nil. This represents a departure from the statutory rules requiring all assets with a finite life to bedepreciated overthelretonomic life. Depre¢iation is calculated so as to write off the costof an asset, less the estimated resldual value, over the useful economic life of the asset as follows.. Flxtures. Fittings & Equipment- IO%straight line perannum. Pensloncosts The charity contribute5 to a defined contribution pension scheme lor the minister and family/ childrens worker. The asset5 of the scheme are held outside the charity. The annual contributions to the scheme arè charged within the statement of financial activities as they become payable in accordance wlth the rules of the s¢heme. Chonges toprevious ¢Kcounts The 2022 accounts were prepared forthe first time on an accrual's basis. The 2021 comparatlves were restated on the new basis. As a result of the change reserves have bÈen adjusted as follows.. Incretise in reserves ut IstJonuory2021 Furtherodjustment in 2021 9,030 3,634 Increase In reserve50t 1stJonuory2ff22 INCOME & ENDOWMENTS Unrestri¢ted Funds Restrlcted Funds Totsl Toial 2023 2022 2a DonatSons & Legacies Planned Eiving.. Weekly offerings Tax recoverable Other 93,367 10,490 47,573 5.206 140,940 15,696 144,582 16,330 Legacies Donations Contributionsto other causes 9.952 40,108 27,526 238,498 3,038 25,825 132,720 3,038 25,825 185,499 52,779 2b Charltable artivitles 28,367 28,367 18.007 2c Income from investments Annulty and interest receivable 4,338 4,338 2,119 4,338 4,338 2,119 2d Other TOTAL INCOMING RESOURCES 165,425 52,779 218,204 258,624 EXPENDtTURE 3a Ralslngfund5 3b Church attlvloes Contributionsto other causes CAP Debt Centre Shine HaNest Lent Other Missionary Support 14,343 7,759 14,343 7,759 13.438 9,597 2,968 1.390 2,968 1,3 63,184 89,644 3,227 3,195 50,036 79,492 63,184 63,184 26,460 Mission Minister and related costs Mlnister Pastor31 Worker Family Worker Other 52,391 52,391 52,261 5,503 17.4 14,391 89,777 5,503 17,492 14,391 89,777 5,091 14,225 8,5(J) 85,485 Chur(h Premises Utilities, cleaning insurance Repairs and property eKpen5es Equipment Depreciation Interest on Manse mortgage 28,323 5,723 15,529 28.323 5,723 15,529 269 5,704 55,549 22,054 48,474 13,877 80 3,727 88.212 5,7Ckl 55,549 Governan￿ and administration Professional fees Other 266 8,898 9,164 266 8,898 9,164 6,320 S,SQO 11,820 TOTAL RESOURCES EXPENDED 180,950 63,184 244,134 265,009 STAFF COSTSANDTRUSTEE EXPENSES 2023 61,833 8,215 2022 55,975 6,140 15 376 77 491 Salaries Pension Costs Other Costs Total The average number of employe5 during the year w35 No employee received remuneratlon In excess of É60,OC(J duringthe year None of the trustees reeclved any expenses. The Church pays pension contributions for its Minister to the Baptist Ministers Pension Trust Limited, which is a final salary defined benefit 5cherne, which is not contracted out of the State second pension. The scheme Is a multi-employer scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the churth. Therefore, in accordante with FRS102 Section 28, the scheme is accounted for a5 a defined contribution scheme. Tanglble Fixed Assets Church Premise5 and Manse Flxtures and Fittin85 Total Valuation At l January 2023 2,239,854 98,304 2338158 Additions 2,190 2190 100,494 2,340,348 2,239,854 Depreciation At l January 2023 Charge foi year 96,794 269 96794 97,063 97.063 Net book value At 31 December2023 2.239￿54 3.431 2.243,285 At 31 December 2022 2,239.854 1,510 2241364 Durlng 2021 the church purthased the share of the Mange that was held by a third partv. The valuation of the manse following this transattion is £332,500. Unre5trirted Restrlctsd Futhds Funds Total Funds 2023 2022 DEBTORS Tax recoverable 2023 2022 7 Creditors: amounts fallingdue within one year Mortgage on the Mar￿e Audit & Legal Fees 12,960 9.336 960 10296 12,960 8 Credltors: arnounts falllng due after more than one year Mortgagèon the Manse 62,306 71,676 The mortgage has been taken out with regard to the purchase of the manse and is secured on same. It is repayable over 25 years. 9 Statement ofAssets 2023 2022 Unrestrlcted furyls Fixed assets C￿r￿nt aS5ets/ liabilities Creditors.. Amounts due after more than one year 2.243,285 79.633 2.241,364 1,888 -62,306 1260.612 -71,676 2,301￿76 Restrirted funds CUr￿nt assets 10.548 20.951 Designated Funds Current assets 39,253 13,817 io 10 Restricted Funds Buildlng Fund This comprises amounts raised or given forthe refurblshment and Smprovement of the Church Balance broughtforward 572 Collections and donationslincl GiftAÈdl Expenditure Transfer to General Fund Balance catried forward 1,450 13.270 2.022 572 2023 bl Mlssionary sUPPOrt Funds specifically donated to 5UPPOrtthe work undertaken in spreadingthe Gospel by other and individuals sUPPOrted by the fellow5hlp. Balance broughtforward 20,379 18.581 Income- during the year General Envelopes and SO and CAF GSft Aid Tax reclaim 46,374 4,956 46,387 5,447 5L330 51.834 EMpenditure- hnd5 remitted durlngy WEC Intemational Release International Farms Lanka Home Mission BMS- Joe and LOSS Ovendens Africa Inland Mi5sion- C Weddell Bible Society Mercy Ship5 Compassion C4P Other Tear Fund 4,4(M) 4.400 1,572 11,4(X) 14,160 10,800 8,200 2,8(K) 2,8 1,2 11,6(X) 8,960 5,41J) 336 8,1 8,000 211 63,183 Balance carrled forward 8,526 20.379 li Designated Funds Amounts have been transferred from Unrestrirted Funds tocreate designated funds. The balances at 31st De￿mber 2023 are as follows.. Balance at i January 2023 Transfer from General Fund (Legacy) Transfer to general funds tor expenditure in the ye Farnily and Childrens Worker Fund 13,817 42,999 39,2S3 12