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← Harrow Baptist Church

2024-12-31-accounts

Charity registration number 1129832 (England and Wales)

HARROW BAPTIST CHURCH

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

HARROW BAPTIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Doug Etheridge
Revd Andrew Jackson
Lin Artus
Mark Jeffreys
Barbara Etheridge
Julie Jackson-Hales
Roger Hughes
Femi Amao
Chris Wade
Frances Duffy
N Artus
Carol Fox
Charity number (England and Wales) 1129832
Independent examiner Summers Morgan
First Floor, Sheraton House
Lower Road
Chorleywood
Hertfordshire
WD3 5LH
Investment advisors Rathbone Investment Management Limited
1 Curzon Street
London
W1J 5FB

HARROW BAPTIST CHURCH

CONTENTS

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8 - 9
Balance sheet 10
Notes to the financial statements 11 - 23

HARROW BAPTIST CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The Charity is governed by an Approved Governing Document which states that the principal purpose of the charity is the advancement of the Christian faith according to the principles of the Baptist denomination to include the advancement of education, community service and such other general charitable purposes in such parts of the United Kingdom and the world as the church shall determine. In particular, the charity has the purpose of providing for the advancement of the Christian faith in Harrow and beyond, providing instruction for children, young people and adults in the Christian faith, holding public Christian worship, and having Christian fellowship with other Christians.

Governance

Harrow Baptist Church is an unincorporated charity. The charity is governed in accordance with a Constitution dated 28 November 2008 supplemented by approved relevant notes, a copy of which is available to members of the charity.

The freehold of the church building is held on trust by the London Baptist Property Board, with the church having the beneficial ownership of the premises.

Public Benefit

When planning the church’s activities, the Deacons/Trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The trustees consider that the charity is fulfilling its requirement to deliver a public benefit, as shown by:

The church’s worship services are open to all and we operate an open communion table. The church building is open for much of the week and the premises are used by, or hired to, people of all backgrounds. There is a strong emphasis on providing services to the local community. To allow this to happen, the church employs a warden (resident) and a deputy warden, both trained: to welcome our visitors; to allow the church to be open much of the week; and to provide security to visitors and the premises. All our activities are advertised on the Church website.

The church made its accommodation available to charitable and social causes at a fair cost to cover expenses. These included Connex and Mind (mental health charities), Diabetes UK, Firm Foundation, and NHS Harrow. We have also housed a drop-in centre, run by the Remark Community for the Deaf and Deo Gloria Romanian Church. For the first time our premises were also used as a polling station in both Local and General Elections.

The church continued to support a number of charities by means of grants, especially Baptist Home Mission and BMS World Mission, Christian Aid, St Luke’s Hospice and ‘Embrace the Middle East’. Details are included in the Accounts. The church also raised funds for several other charities directly through coffee mornings, concerts, stalls, etc. and indirectly, by giving discounts on hall bookings.

Membership

Members are admitted in accordance with the provisions of the Constitution by vote of the Church Meeting on the basis of their profession of Christian faith, either by Believers’ Baptism or by affirmation. This year we have a membership of 74. The list of members and friends is carefully reviewed as required. Members are encouraged to assist the work of the church by volunteering to help in various organisations of the church.

Trustees

The managing Trustees of the charity are the Minister of the Church (appointed by the Church Meeting for an unspecified period), the Church Secretary and Treasurer and up to twelve deacons (appointed by the Church Meeting for a period of three years). The last election took place in March 2024. The Trustees meet at least nine times per year to review operations, the financial position and any developments to ensure the Church’s objectives are being fulfilled.

HARROW BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Church Members’ Meeting

A meeting of Church members is held at least quarterly, normally six times a year. One of the meetings incorporates the constitutional Annual Church Members’ Meeting to receive the annual accounts and report, to appoint an Independent Examiner, and to consider proposals for the strategy and vision of the church in the coming year, along with other appropriate matters.

The Budget for the year is discussed and agreed at the first meeting of the year.

The Church Meeting has responsibility for the overall policy of the church, in accordance with the Constitution. Relevant matters may be submitted to the Church Meeting by the Trustees for guidance, or may be raised by members in a Church Meeting for further consideration by the Trustees.

Fraud Prevention

A Fraud Prevention and Tax Evasion policy is in place to ensure there will be greater awareness of the risks we face in this area, the necessary behaviours we expect from staff and volunteers and ways in which we are seeking to prevent fraud.

Data Protection

A Data Protection policy and procedures are in place to support our compliance with the General Data Protection Regulations (GDPR). This includes privacy notices and consent forms with on-line tools being used as much as possible for easier operation. The church is registered with the Information Commissioner’s Office.

Core activities

In order to achieve the principal objective which is set out above, the church provides a variety of activities both to its membership and to the public community. The church’s aim is, by following Jesus’ example, to work to show God’s love to all through worship and service.

Aim and purposes

Harrow Baptist Church has the responsibility of cooperating with the minister, Andrew Jackson, in promoting the services of the church, providing a shared community space for the town of Harrow, the whole mission of the Church, pastoral, evangelistic, and social.

The church also is responsible for the maintenance of the premises on College Road, Harrow.

Objectives and Activities

Harrow Baptist Church is committed to welcoming and enabling people of diverse backgrounds to worship at our church and to become part of the church’s community. Members of the church are encouraged and guided to contribute in the services such as by sharing sermons, testimonies, playing instruments and singing. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

Aside from that, the building also serves as a worship space for Deo Gloria Romanian church, and as an additional space for other churches to gather in worship. As a whole, the church building and the activities are open to anyone in Harrow, regardless of their faith, to use and to join.

While activities are annually planned in accordance with Christian Festivals, the church regularly come together to decide on how else they could serve the community of Harrow based on world events. This is also in consideration of the Commission’s guidance on public benefit.

HARROW BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

Worship and Prayer

Harrow Baptist offers the following services to serve its community on their spiritual needs:

Sunday Services continued to be streamed online on YouTube for those with accessibility issues and those who are ill for the day. Church services continue to include the children in the first half of the service, which includes an All Age Talk. Children then have age-appropriate lessons in Sunday School. Occasionally our worship is an all ageservice that engages the children to be part of the service. It makes the services and the congregation livelier while making sure that those with younger children are welcomed and included in the service.

All are welcome to attend our regular services and to fellowship over tea after. At present there are 74 members on the Church Electoral Roll. Three names were added during the year. The average weekly attendance is about 50 people but this number increases during festivities and special services such as the annual Christmas carol services,

Additionally, we celebrated the journey of the Christian faith through baptism with a baptism service on Easter Sunday. 1 person followed Jesus in being baptised and was welcomed into the church community and followed by a church lunch.

Development

In recent years the area immediately adjacent to the church was developed to include a local library, a number of other commercial units and 318 homes. The church was involved with the primary developers, Hyde Housing, from the very beginning of the project. We entered into a number of agreements to facilitate the building of the Square and, in return, Hyde agreed to build an extension onto our building, allowing us an opening out onto the new community on our doorstep.

The church meeting and trustees were informed and involved at every stage of the project. Initial planning approval was given for the project back in 2018. Covid, plus some cost implications meant the implementation of the planning was delayed. There was some renegotiation of the initial project to make it more acceptable to all parties. Once agreement was reached and Rapleys surveyors completed the paperwork indicating that the church had received good value for their contribution a new planning application was submitted and approved in late 2023. Work began on the extension in July 2024 and was due to be completed in early 2025. This meant that for a large chunk of the year our Large Hall was inaccessible. Our mothers and toddlers group temporarily ceased during this period, but we were able to accommodate most of the other activities, working around the restrictions.

HARROW BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Pastoral Care

Tuesday Morning Coffee is a staple for those who want a cup of coffee and some company while all proceeds go to a local charity such as St Luke’s Hospice. Occasionally there’s a small home bake or Fairtrade sale to raise more funds and for people to enjoy a sweet treat at home. On average, it sees about 20 people attending raising around £40 weekly.

An extension of the morning coffee session is the warm hub, which was started in 2022. The warm hub ran from January to March 2024 right after morning coffee at 11am to 3pm for the remainder of winter. This allowed anyone around Harrow who needs a warm space and a warm meal.

On Wednesdays, our large hall is open for the Young One Toddler’s Group. This is when the mothers and carers with their toddlers gather for some much needed playtime and socialising during term time. As mentioned previously, this was unable to meet in the latter part of 2024, as the space was being redeveloped.

The Sunday school runs at the same time as the services. Parents are welcome to leave their baby or toddler with the volunteers or join them if they prefer. Sunday school caters to children ages 4 to 14 years and continues to run even if there is one child present.

Church lunches continue normally every other month. This gives the congregation more time to mingle and share a meal after the post-service tea. All visitors are invited and welcomed to eat with us while we have fellowship.

Mission and Evangelism

Helping those in need is a demonstration of our faith which the congregation is in agreement of when they come together to either raise funds or organise activities. Additionally, individual members are active in contributing in their own ways to causes they are passionate about and the Harrow community. One member does her annual sponsored long distanced walk to raise funds for St Luke’s Hospice while another actively coordinate donated food for Harrow Foodbank.

Administration

Having established the principle during the COVID pandemic, the trustee meetings have continued to be held on Zoom and minutes were taken as usual. Church members’ meetings take place in person. The AGM was held in March 2024 and a new deacon was elected.

Risks and Issues

The concern we had last year for the return to normal services proved to be false as most of the congregation have returned for services. A few of our more senior members now take the opportunity to watch the live streaming of the services at home and so this practice continues; the church has purchased more equipment to make the presentation of a higher standard.

The church continues to take issue of risk seriously. Our Health and Safety model is adapted from the Baptist Union of Great Britain’s Health and Safety Policy and Procedures. All policies which come under the umbrella of Health and Safety, including Fire Safety, Data Protection and Safeguarding are updated annually and any changes noted in our Insurance Policy. Training is given to all Trustees and Wardens in Health and Safety, Fire Safety, Safeguarding and Data Protection. In April 2024, there was Safeguarding Training: Level 2 for Sunday School teachers and Wardens and Levels 2 and 3 for the Safeguarding Representatives, Minister, Trustees, Membership Secretary and Mums and Toddlers Representatives.

During the year, particular attention was given to the Health and Safety of anyone using the building while major construction work in the West End was ongoing. This Development has also meant extending and reviewing our Fire Safety Policy especially as new challenges have arisen.

HARROW BAPTIST CHURCH

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

An EICR report in early 2024 identified a number of areas of concern. This meant we incurred unexpected costs of around £25,000. We also carried out PAT Testing, to ensure that all appliances were in good order. This year we also ensured that all those connected with our church received relevant Safe to Grow Safeguarding training. The wider church received Level 1 training, whilst those who required Level 2 and Level 3 training also received it. All individual DBS checks are kept up to date.

The trustees are aware that the church membership is becoming much more transient, with people coming to Harrow for maybe a year or so and then moving on to continue their career. We are finding ways to make them welcome for the time they are with us, It does mean that it is more difficult to find officers and trustees and we will consider whether the requirement for a year’s membership before becoming a trustee is sustainable.

As always, there is a continued financial risk with expenditure exceeding income for another year.

Financial review

Treasurer’s Report, 2024

After a “good” year in 2023, the church had another poor year financially. Overall, income was similar to 2023 (£186,554), but it is disappointing that donations dropped while investment income improved. Giving by the members

and congregation increased by a small amount (Thank you to our members!) but there was a significant drop in other organisations using our building and making a donation rather than having a contracted rental. Other charities are having financial difficulties and either cannot afford to meet, or have meetings but cannot afford to make a donation.

Investment income improved and the Finance Committee discussed further improvements with Financial Advisors. A new policy has been approved and will be implemented in 2025. The aim is to increase capital value as well as generate income through dividends.

The major difference in 2024 was the expenditure which at £246,362 was well over budget and over £40,000 more than 2023. Together with the loss in investments, it caused the church a deficit of £62,709. The main unexpected cost was the £25,000 for the EICR report and its subsequent implementation. At least the church is formally deemed electrically safe. The second increase in cost is for the church utilities where the church had benefitted from three year fixed price which ended in 2023 and the new bills included the significant price increases.

The figures show that no grant was made to St Lukes’ Hospice in 2024. The money raised is held in the accounts as a restricted fund, and was paid in January 2025.

Doug Etheridge Revd Andrew Jackson Lin Artus Mark Jeffreys Barbara Etheridge Julie Jackson-Hales Roger Hughes Femi Amao Chris Wade Frances Duffy N Artus Carol Fox

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HARROW BAPTIST CHURCH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HARROW BAPTIST CHURCH I report to the trustees on my examinatlon of the financial ststements of Harrow Baptist Church (the charity) for the year ended 31 December 2024. Re•ponsibllltle• and ba818 of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. I report In respect of my examination of the ch8rity8 financial statements carried out under section 145 of the Charities Act 2011. In carying out my examination I have followed the Dlrects'ons given by the Charity Commisslon under section 145(5)(b) of the Charities Act 2011. Independent •xamlnerf• Statoment 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 that in any material respect- accounting records were not kept In respect of the charity as required by section 130 of the Charitles Act 2011. the financlal statements do not 8coord with those records; or the financial statements do not comply with the applicable requirements conceming the form and content of financial statements set out in the Charltles (Accounts and Reports) Regulats'on8 2008 other than any requlrement that the financial 8tstements give a tru8 and fair view, whlch is not a matter considered as part of an Independent examinatlon. I have no Goncerns and have come acro88 no other matters In connectlon with the examinatlon to whSch attention should be drawn in this report In order to enable a proper under8tandlng of the finandal statements to be r8a¢hed. Nicholas Corden ACA Summ•r• Morg•n First Floor, Sheraton House Lower Road Chorfeywood Hertfordshire WD3 SLH Dated..

HARROW BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Current financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
87,432
-
-
Charitable activities
4
43,161
-
2,135
Investments
5
53,826
-
-
Total income
184,419
-
2,135
Expenditure on:
Raising funds
6
5,331
-
-
Charitable activities
7
241,031
-
-
Total expenditure
246,362
-
-
Net gains/(losses) on
investments
13
(2,901)
-
-
Net income/(expenditure) and
movement in funds
(64,844)
-
2,135
Reconciliation of funds:
Fund balances at 1 January 2024
3,074,741
19,011
3,337
Fund balances at 31 December
2024
3,009,897
19,011
5,472		 Total
2024
£
87,432
45,296
53,826
186,554
5,331
241,031
246,362
(2,901)
(62,709)
3,097,089
3,034,380		 Total
2023
£
100,065
41,279
46,592
187,936
5,241
197,400
202,641
6,169
(8,536)
3,105,625
3,097,089

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

HARROW BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

Prior financial year
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
Notes
£
£
£
Income from:
Donations and legacies
3
97,871
-
2,194
Charitable activities
4
38,054
-
3,225
Investments
5
46,592
-
-
Total income
182,517
-
5,419
Expenditure on:
Raising funds
6
5,241
-
-
Charitable activities
7
192,206
-
5,194
Total expenditure
197,447
-
5,194
Net gains/(losses) on investments
13
6,169
-
-
Net income/(expenditure) and movement in funds
(8,761)
-
225
Reconciliation of funds:
Fund balances at 1 January 2023
3,083,502
19,011
3,112
Fund balances at 31 December 2023
3,074,741
19,011
3,337		 Total
2023
£
100,065
41,279
46,592
187,936
5,241
197,400
202,641
6,169
(8,536)
3,105,625
3,097,089

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Harrow Baptists Church is an unincorporated Charity registered with the Charity commission in England and Wales (number 1129832); its principle address is detailed within the legal and administration section of the trustees report.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the Church continues to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Income

Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected.

1.5 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 are allocated on the portion of the asset’s use.

Expenditure is recognised on an accruals basis. Grants and donations paid are accounted for when paid out.

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings 1% on freehold buildings Plant and machinery between 10% and 33% Fixtures, fittings & equipment between 10% and 33% Computer equipment 50% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or related entity.

1.11 Tax Status

Harrow Baptist Church is a registered charity and therefore it is not assessable to income tax on any charitable funds with the scope of Section 505 of the Income and Corporation taxes Act 1988.

2 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Total 2023 £ 16,997 44,682 26,732 11,654 100,065
Restricted funds 2023 £ - 2,194 - - 2,194
Unrestricted funds 2023 £ 16,997 42,488 26,732 11,654 97,871
Total 2024 £ 11,433 57,205 15,394 3,400 87,432
Restricted Endowment funds
funds		 2024
2024		 £
£		 -
-		 -
-		 -
-		 -
-		 -
-
Unrestricted funds 2024 £ 11,433 57,205 15,394 3,400 87,432
Income from donations and legacies Donations and gifts Grants Gift aid Refund Donations from Organisations
3

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Income from:
Other Coffee Mornings
-
2,135
Lunches and Suppers
164
-
Hall Bookings
42,070
-
Christmas Activities
894
-
Other
33
-
43,161
2,135		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
2,135
-
2,007
164
226
-
42,070
37,193
-
894
426
-
33
209
1,218
45,296
38,054
3,225		 Total
2023
£
2,007
226
37,193
426
1,427
41,279

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Rental income 8,400 8,400
Income from listed investments 18,563 17,607
Interest receivable 26,863 20,585
53,826 46,592

6 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Costs incurred for activities
Other trading activities 151 170
Investment management costs 5,180 5,071
Total costs 5,331 5,241

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Expenditure on charitable activities

Unrestricted Unrestricted
2024 2023
£ £
Direct costs
Staff costs 73,588 68,179
Depreciation and impairment 14,104 18,796
Ministry 47,937 42,862
Visiting Ministers 420 605
Organist/Pianist 2,340 2,900
Mission 1,569 4,115
Fees 1,150 1,140
Insurance 8,073 6,353
Office Costs 3,268 3,044
Maintenance 35,041 6,526
Heat and Light 29,007 15,029
Other Costs 2,967 2,765
219,464 172,314
Grant funding of activities (see note 8) 10,248 12,974
Share of support and governance costs (see note 9)
Support 7,119 7,912
Governance 4,200 4,200
241,031 197,400
Analysis by fund
Unrestricted funds - general 241,031 192,206
Restricted funds - 5,194
241,031 197,400

Ministry costs comprise the salary of the minister and the costs of the manse.

8 Grants payable

Charitable Charitable
Activities Activities
2024 2023
£ £
Grants to institutions:
Baptist World Mission (BMS) 5,426 5,596
Home Mission 4,565 4,378
St Lukes Hospice - 3,000
Other (Ukraine Support) 257 -
10,248 12,974

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Grants payable

(Continued)

9 Support costs

Support
costs
Governance
costs
2024
Support
costs
Governance
costs
£
£
£
£
£
Office Costs
5,114
-
5,114
6,017
-
Cleaning Contract
2,005
-
2,005
1,895
-
Independent Examination
Fees
-
2,040
2,040
-
2,040
Accountancy
-
2,160
2,160
-
2,160
7,119
4,200
11,319
7,912
4,200
Analysed between
Charitable activities
7,119
4,200
11,319
7,912
4,200
10
Net movement in funds
2024
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
2,040
Depreciation of owned tangible fixed assets
14,104		 2023
£
6,017
1,895
2,040
2,160
12,112
12,112
2023
£
2,040
18,796

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year for their role as a trustee. Trustee Andrew Jackson received £32,520 for his role as a Minister.

12 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Minister 1 1
Mission and administration 3 3
Total 4 4
Employment costs 2024 2023
£ £
Wages and salaries 73,588 68,179

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Employees

(Continued)

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

13 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments (7,989) 11,333
Sale of investments 5,088 (5,164)
(2,901) 6,169

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

15 Tangible fixed assets

Tangible fixed assets
Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation and impairment
At 1 January 2024
Depreciation charged in the year
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
1,927,442
-
1,927,442
26,421
2,244
28,665
1,898,777
1,901,021		 Plant and
machinery
£
134,381
-
134,381
115,971
6,075
122,046
12,335
18,410		 Fixtures,
fittings &
equipment
£
301,190
8,285
309,475
293,271
5,347
298,618
10,857
7,919		 Computer
equipment
£
1,436
-
1,436
659
438
1,097
339
777		 Total
£
2,364,449
8,285
2,372,734
436,322
14,104
450,426
1,922,308
1,928,127

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

16
Fixed asset investments
Listed
investments
Cash in
portfolio
£
£
Cost or valuation
At 1 January 2024
611,469
5,144
Additions
4,177
-
Valuation changes
(15,617)
-
Cash movement
-
18,111
Disposals
(18,326)
-
At 31 December 2024
581,703
23,255
Carrying amount
At 31 December 2024
581,703
23,255
At 31 December 2023
611,469
5,144
17
Debtors
2024
Amounts falling due within one year:
£
Other debtors
22,717
18
Current asset investments
2024
£
Unlisted investments
487,565
19
Creditors: amounts falling due within one year
2024
£
Trade creditors
2,017
Accruals and deferred income
4,201
6,218
20
Creditors: amounts falling due after more than one year
2024
£
Borrowings
5,000		 Total
£
616,613
4,177
(15,617)
18,111
(18,326)
604,958
604,958
616,613
2023
£
19,593
2023
£
533,283
2023
£
4,653
4,201
8,854
2023
£
10,000

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Retirement benefit schemes

Defined contribution schemes

The Church is an employer participating in a pension scheme known as the Baptist Pension Scheme (“the Scheme”).

The Scheme is a separate legal entity which is administered by the Pension Trustee (Baptist Pension Trust Limited).

The Minister and some members of the church staff are eligible to join the Scheme.

Since January 2012, pension provision has been made through the Defined Contribution (DC) Plan within the Scheme. In general, members pay 8% of their Pensionable Income and employers pay 6% of members’ Pensionable Income into individual pension accounts. In addition, the employer pays a further 4% of Pensionable Income (or 3% if the employer is in the segregated DC section) to cover Death in Service Benefits, administration costs, and an associated insurance policy which provides income protection for Scheme members in the event that they are unable to work due to long-term incapacity. This income protection policy has been insured by the Baptist Union of Great Britain with Aviva. Members of the Basic Section pay reduced contributions of 5% of Pensionable Income, and their employers also pay a total of 5%.

Benefits in respect of service prior to 1 January 2012 are provided through the Defined Benefit (DB) Plan within the Scheme. The main benefits for pre-2012 service were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable Service, together with additional pension in respect of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The Scheme, previously known as the Baptist Ministers’ Pension Fund, started in 1925, but was closed to future accrual of defined benefits on 31 December 2011.

A formal valuation of the Defined Benefit (DB) Plan was performed at 31 December 2019 by a professionally qualified Actuary using the Projected Unit Method. The market value of the DB Plan assets at the valuation date was £298 million.

The valuation of the DB Plan revealed a deficit of assets compared with the value of liabilities of £18 million (equivalent to a past service funding level of 94%). As a result of the valuation, in addition to the contributions to the DC Plan set out above, it was agreed that the standard rate of deficiency contributions from churches and other employers involved in the DB Plan will remain at previously agreed levels, increasing each year in line with increases in the Minimum Pensionable Income.

The deficiency contributions are broadly based on 12% of Pensionable Income/ Minimum Pensionable Income, reflecting each employer’s contributions in March 2015. Some employers that were involved in the DB Plan for a short period pay lower contributions. The Trustee and the Council agreed a 50% reduction for all deficiency contributions payable between 1 July 2020 to 31 December 2020.

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Retirement benefit schemes

(Continued)

In addition, the Baptist Union of Great Britain agreed to contribute a lump sum of £0.5m by 31 December 2020. The Recovery Plan dated 30 September 2020 envisaged deficiency contributions continuing until 30 June 2026.

The key financial assumptions underlying the valuation were as follows:

Type of assumption % pa
RPI price inflation assumption 3.20
CPI price inflation assumption 2.70
Minimum Pensionable Income increases (CPI plus 0.75% pa) 3.20
Assumed investment returns
- Pre-retirement 2.95
- Post retirement 1.70
Deferred pension increases
- Pre April 2009 3.20
- Post April 2009 2.50
Pension increases 2.70

On 30th June 2022 the Baptist Pension Scheme signed an agreement with the insurance company Just Group (“Just”) to secure DB Plan members’ pension benefits. Just are now providing financial backing for all pensions provided through the Scheme’s DB Plan and, following this transaction, the Scheme no longer has a shortfall.

An updated Recovery plan was then signed in August 2022 under which recovery contributions from each participating employer in the DB Plan reduced to £1 per month from August 2022. These contributions are payable under the recovery plan until June 2026. The outstanding deficiency contributions due under the Recovery Plan are not considered material and therefore have not been included in the balance sheet Accordingly, due to the nature of the Scheme, the profit and loss charge for the period represents the employer contributions payable. The total pension cost for the Church is £11,686 (2023: £8,153).

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January Incoming Resources At 31
2024 resources expended December
2024
£ £ £ £
Embrace Middle East 1,951 - - 1,951
Baptist World Mission (BMS) 103 - - 103
St Lukes General 210 - - 210
Coffee Morning - 2,135 - 2,135
Other Institutions 1,073 - - 1,073
3,337 2,135 - 5,472

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

22 Restricted funds (Continued)
Previous year: At 1 January Incoming Resources At 31
2023 resources expended December
2023
£ £ £ £
- - - -
Embrace Middle East 1,951 - - 1,951
Baptist World Mission (BMS) 103 - - 103
St Lukes General 210 - - 210
Coffee Morning - 2,007 (2,007) -
Other Institutions 848 1,218 (993) 1,073
Warm Hub - 2,194 (2,194) -
3,112 5,419 (5,194) 3,337

23 Unrestricted funds - designated

These are unrestricted funds which are material to the charity's activities.

At 1 January At 31
2024 December
2024
£ £
Christmas Fund 189 189
Evening Collection 1,711 1,711
Reserves and Legacies 17,057 17,057
Maintenance Fund 30 30
Others 24 24
19,011 19,011
Previous year: At 1 January At 31
2023 December
2023
£ £
Christmas Fund 189 189
Evening Collection 1,711 1,711
Reserves and Legacies 17,057 17,057
Maintenance Fund 30 30
Others 24 24
19,011 19,011

HARROW BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

24 Analysis of net assets between funds

Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
1,922,308
-
-
Investments
604,958
-
-
Current assets/(liabilities)
487,631
19,011
5,472
Long term liabilities
(5,000)
-
-
3,009,897
19,011
5,472
Unrestricted
Unrestricted
Restricted
funds
funds
funds
general
designated
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
1,928,127
-
-
Investments
616,613
-
-
Current assets/(liabilities)
540,001
19,011
3,337
Long term liabilities
(10,000)
-
-
3,074,741
19,011
3,337		 Total
2024
£
1,922,308
604,958
512,114
(5,000)
3,034,380
Total
2023
£
1,928,127
616,613
562,349
(10,000)
3,097,089

25 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).