Registered Charity no. 1130582 Union Baptist Church Trustees. Annual Report and Accounts Year Ended 31st December 2023
Union Baptist Church Yéar Endod 31st December 2023 Contenls Page Page Legal and Administrative Infomation Trustees. Annual Report Independent Examiners Report 10 Statem8nt of Financial Activities 11 Stat8ment of Financial Position 12 ststement of Cash Flows 13 Notes to the Financial Statem8nls 14
Union Baptist Church Year Ended 31st December 2023 Legal and Admlnlstratlve Informatlon R•f•r•nc• The Charity is Cald"Union Baptlst Church. and is registered vith th& Charlty Ctsmmisskjn for England and Wales. R•g1St•r Charity Number 1130582 R•glst•r•d Offle• Easlon Street High Wycombe Bucks HP11 1NJ The Tru•tM• The trustees vtho served durlng tha flnanclal year ending 31st December 2023 are as follow8: Gary Hamihon Sheen8 Dykes CatheTin8 McN8rn8y Roger Mundy lan Manktelow Thornas Burrningham Karèn 88tès Andrèw Wingfi•ld Stephèn Weston Anthony Croft Judith Hamilton Roger Pantridge Rev Malcolm Hazell Judy Pantridge Helen France Sarah Atsvell Jennifer Rwke Mark Dykes George Haln8s RfjstigrJ&d March 2023 Resign&dAugust 2023 Appointed March 2023 Appointed March 2023 Appointed March 2023 AppoAnledJuly 2023 Appolntèd M8r¢h 2023 Prop•ity Holdlng Tru8t8•s'. Church.. Baptist Union Corporation Lld wlih Un 88PtI8t Protwty Trustees M8ns¢'. Baptist Union Corporation Ltd
Union Baptist Church Year Ended 31st December 2023 Legal and Admlnlstratlve Inforniatlon Prlmary Bank•rs BardayE Bank PLC PO Box 41 High Wycombg HP1126G CAF Bank Limited 25 lQn95 Hill Avenue Kings Hlll Wèst Mailing, Kent ME194JQ Ind•p•nd•nt Ex#mlngr Nigel Wyatt BSC FCA Wyatt & Co Chartèrèd Accountsnts 125 Main Street G8rforth Le8ds, LS25 IAF
Union Baptist Church Year Endèd 31st Decembor 2023 Trustees, Annual Report Structure. governanc8 and management The Church is govemèd by its Foundation Trust D$ed128 March 18451 aThJ Its Conslrtulion119 May 2009}. The Charity is an unincorporated association affiliatèil to Ihe Baptist Union of Gr&8t Brftain. The Managing Trusiees are appolnted by a Church Members Mèeting. Church Ministers. 8s M8n8ging Trustees, are app'nt&d by resolutKJn ofthe Church Mernbers at a Special Church Mernbers Meeting. Objoctlves and Actlvltl•$ Objects of tho Charlty: The principal purpose of th• Church 15 thg advancemont of tho Chr55ti8n fath according to thè prlnciples of th¢ Baptist denornination. It is affiliated to the Baptist Union of Great 8rrt8in and is also a memb$r of the Ev8n981ical Mliance. The Church may also advance education and cary oul other Charitab purposes in the United Kingdom or othér p8rt5 of the worfd. Th• Vlsion of thg Church 18: To see HvJh wYcom transfom)èd by God through HIS kwlng. swing and woishipplng ehurch. Actlvltlè$: In ftjifilling its purpose, the Church engag9$ in 8 range of actfvmes e+ther on Its own, or with others. that wlll vary from time lo time with activities bèing initia¢edlexpanded or closèd as appropriate. The activities may indude. bLtt ara not restricted to.. Regular public worship. prar. Biblo study. preaching and teachStYJ Baptism by immersion Communlon ol the Lord's Suppor Evangelism and mission Children and young peoplè's chriStn disciplaship Education and training for Chrlstian and wmmunity service Pastoral carg Supporting and 9nwura9ing charitable social adon In th& Unite(l ngdorn and abroad Working with other Baptrsts and Christians Publlc Benefft: In planning the actNili8s of the charity, the Managing Trustees hava considgred the guidance on publlc benefit issued by th& Charity C(xnmission and in partteular the speclfic guidan¢• on tharities for the advanc*m•nt ol religion. Publlc B8nefft artlt3 We promote the central truths ol the Christian faith through our many Ministries and TèAm$. 8$ well as through our regular Sunday worship s8rvicè$ and acfNities. We serve our local community in High Wycomb8 through our many community links and actNiUg$. Our building8 are very well used by the communty to wh¢)m the k)ve of God is shown and démonstralgd. We seek to make our premises and aetivitss as accessible as possible so that all can bèn$fit. Many ofour members are involved in local ¢omrnunty-based actNities e.g. High Wycombè Child Contact Cantrè and Ch8plainiigS. Wa run ehurch-ba$$d activibes for the lonely and vulnerablè. We supwrt Wy(x)mbe Homeless Connection. We fund and support Chrisoan mis$h)n in other countries, provhling help and support to those in
Union Baptist Church Year Endèd 31st Decomber 2023 Trusteès, Annual Report Our church motto tsxt for 2023: 'M8y tho God of ho flll you wlth all Joy and peace as you trust In HIM.. {Rornans 15.13) A¢hievomonts and Porfonnance At the start of the year, we agraad a set of practical 8nd aspirations for 2023. 8hown b&low. The commènts in italics beneath èach show how well we met these objectlv&s. Our focus for 2023 was whole life disciploshlp. 1. This main aspiration will be taken forward by the launch of LIFE ILiving in Faith Everyday) groups in Seplemb&r. Training will be offered to ptstèntial leaders in January and June ¢0 develop naw skills to encourage a degper discipleship. The V15ion lor LIFE groups h8s been shared with current and potential small group19ad8rs in late 2022 and January 2023 and will ba shared more wid6ly with thg felh)wship in June with tha opportunity to enrol in a LIFE Group in earfy Septembar. Following a process of solectlng ondtr8ining lead&ts anLY shèring the vision with thè church, nine LIFE Gmups We launched in SeptènJb8r. W& now have appmxim8tely 5LPA more peoplo 8rtiwly engagedin our church small groups through LIFE Groups which meet with an Antenlional focus of applyin9 Gods word and èn¢our8ging one anotherto Live In Faith Eryday. 2. Tho February weekend at homg will have th8 theme of Finding Frontline Confldancè to b& dksThples ofJ8su$ in times of crisis and everyday lrfe. Our speak&r will bè P8uI Woolley. who is thè Ch1 Executive of the London Institute for Contemporary Christianity whose rninisty is dedicated to wholg life discipleship. Th8 Weekend at Home w8s è grè8t success with 123 attending. Paul Woolleygave us Iwo 8xc&llenl t8achlng sessions and our ¥vorship was 18d by Syndesis who also led 8 rn¢ wort(shop alongsldè other actiwties ¥Yhffch attend&&s could opt into. The focus on 'Confid&nc& in the G(pe1. continued ift Iho Sund8ymoming wotshp as Joèl Phillips preached and challengèd us 811 to grow in confidence whereverour fronlline is. 3. Our Lent sermons, home group notes and daity wadlngs will reinforce the main th8mè of Confidence on our frontlines and confKlgnce in the gospel. Our Lent series explomd VarU$ 8spgcts OfgMg in Conf0ce 08 we seek to share tha S0d news of Jesus on our frontllnés,. this helped to prepare the ground lorthe 18un¢h ofLIFE groups in Ihe autumn. (se& no. l above) 4. We wlll contlnuo the regukgr This Time Tomorrow slots in serveS in order to mod81 an¢J encourage the fellowship to see how Chris14ike disciplèship is worked out in Ihe al wodd. This T8 Tomorrow took pl8Ge fwe bmes moming s8Nicès 2023 and continued to suc¢&$sful in supporting thosts in18lW&d and encouraging the felk•wship to Cljrist-like dcipleS1p in people's lives. 5. In order to makè dl$oplo8 In Ihe next generation ar& wking Iwo new part time appointmgnts.. ¢x)e ehiklrèn's and families workers and ihe othar. a youth worker. W& h8v• $uccessfully made an appolntmont forthe ChIre and Young Famllles w0rro18. jack Rham was &pw"nted to the role in May and has made 8 V8ry encouraging start as sho has grown into the mle and deloped otjr ¢hildren s minislry and team. We h8vb not been 8ble to fill the Youth Wortèr vacancy but wo aro vory thankful to our team of voluntaaryouth leaders whKh has grown dunng 2023.
Union Baptist Church Year Ended 31st December 2023 Trustees. Annual Report 6. Wg hope to take lOard th& VIng Stones Project ¢Juring 2023. This will provKlè a welcoming and flèxlblo btjilding that will serve Vnion Baptist Church and our town. Work comm&nGed on our Livlng Stongs Project in Seplembèr2023. By the end of the yèèr, pews and the old sloping 11(K)rhad been mmovèd, th8 bas& fora new lo1 floor was place. part oftho b8kony cut back to make h8&droom fora largerplalform, brickwork cut back to mak& way fora new disabled a¢¢es8 doorway to what will be a new welcome are8 that has already bgen ertl8rg8d by thr8e smallerro(xrJs being made inlo on$ 18rger8rea. Wort WlcOntinU& Into 2024 with an antKiP818d finishing date sometime In September of the samo year. Reflections from the Church Leadershlp on 2023 2023 motto texl: May tho God of hope fill you wlth all joy and peace as you trust In HIM, (Romans 15.131 Church Secretary's Roport 2023 Our focus in 2023 was whole-lile disupleship and our Plans and Aspirations were linked to this th8me as we sought to d6tp&n our spiritual lives as a church fellowship and build a new worship spaca for the future. LcK)klng back over the year we can see how wè m$1 these 8SPITations and thank God for Hts wondethl and faithful provision. Our Wgok of Prayer in January sought to str8n9thon 8nd deepen our faith and our dBlly dèpendence on God. It also helped us to be more awar6 and intentional in how we view our Iiv6s. Our faith an(J worship a not confined to Sunday worship but we are living out our faith in every situation that we are in throughout ihe week. wheiher in OUT families, our work. our fri8ndships. our neighbourhood or our intèrèsts. This continued into February as we had another v&ry successful Weekend@Horne. Paul Woolley, CEO of LICC {London Institute for Contemp(nry Christiantyl. spoke with great challenge on thg therne of "Finding Frontline Confidence.. We had a most ènjoyabla timg together a5 we shared in the various acttviti0s and game5 and were led in worship by Synd$sls. The pachIng seriès on Confidence in Ihe Gospel which ran through to Eastèr grounded us firmly in the solid Ijn(la0ns of our faith. E8st8r was the usual deeply meaningful p&rK)d ol th8 y88r as the truth of the Cross and th$ RasurT9Ltion were proclaimed. We reached out to Poop on the Rye and held a mosl successful Holiday Club called 'Restoration Slation. with a full house of 80 childrén ol Primary Schod age and a volunteer team of over 40. There was greal1Snklng with parents. 8 large number of whom attended the final all-age service. Malcolm Hazell. our Senior Pastor, inlornied us of hls de¢tsion lo stsnd down from hls ministy at the and of August. He h8d served us faithfully through the èight years ol his tim8 with us, steering us through th$ challènges (>1 Covid. enthusing us through the Living Stones Projoct. ChallgIng us through his excellent and syst8matic pr8aching of God's Word, drawing together a committ8d anrt unthed leadgrship team, rocruiting Andrew Wingfield to be our Assoaate Pastor, bèing a wisg 8nd compasshjnate pastor to many and building us up in so many other ways too. Wa wèrè saddaned by his decision but we wished hlm wall and thanked him in a Sla1 ant at th8 9nd of A(Jgust. God had blessed his ministry with us and we sent him and Dawn off with our love and best wishès In the next phase of their Iwes together in His servic&. We are blessed by havlng Andrew Wingfield as our AS$9te Pastor and the Church agmd vthdèheartedly for him to step up to the role of Interim Lead Pastor frorn Sgptember. Under his leadership and ministry h0 has maintained and buitt on the fimi gr(ndIng that Malcolm had established. We have se&n eontlnuéd growth in many areas as th• f8llowship has grown doser togelher as we transferred to the Mamorial H811 a$ our temporary w)rship spac8 untll thè Living Stones building work is cornpleted.
Union Baptist Church Year Ended 31st Decembor 2023 Trustees. Annual Report The start of Sèptgmbgr also saw the launch of th8 new LIFE groups. We now havè 50% more 0P actw&ly engagod in our church small groups which meel to appty God's word and to Èncourage another lo'Live In Farth Ev8ryd8y". This had been supportad by training sessions and peer-montoring groups for leaders. Cme ofthe most Slgnificant 8v8nt5 of the year was ihè move from our chapel area along with the associated rooms on both the ground fioor and first floor. This had teen stsrted previously with thè removal of the organ but with the signing of the contract wrth Beeks the buildèrs and the planned start of works at the bgginning of Saptamber th8 whole of the chapel area had to be cl8ared, induding the removal of thè ground fl¢J)r pews. There were several weeks of weparatory wtsrk culminating with a work party day which saw many ol the followship joining together to achi&ve tha monumentsl task of removing all remaSning èquipment and fumiture to the Memorial Hall for tho satting up of that space lor our weekly $6rvices, including transferring all the audiTrvi5ual and Iwe-streaming equipmènt to the new'sound desk" ar&a at the rear of the hall. Other aquipmgnt had to be housed in various storage arèas which preVusty had had lo be daarod. Al rgdundant items filled a huge skip. This was a great ex8mrAa ol coming together with purpose lo servè Ihè fellowship and our Lord and we would likè to récord our thanks to all vtho worked so hard to coordinate. prepare everyihing, set up all the power and •16drics, as well as all who gave ol iheir time and end8avour in so rnany ways. W• would likè tr) thank 8spe¢ialty Aubrey Dunford and Roger Coatès for Ènsuring all cabling was removed and the n9w set up in the Memorial Hall achieved., but also th9 propety team. led by Steph8n Weston, the Hub Team 16ad by Lynn Manktelow, the Living Stones group le(1 by Colin Hutt, the Worship Team in coordinating the tnusical 5gt up in the Memorial Hall. and Calvin Prentlca in ov$rseeiry the removal and sale of pews. W• thank all who helped in whatever way- what seemed impossiblè became posSie and w8 givg V)anks lo God for thall Oung th& ytr8r th& church reed lo begin the process of becoming 8 CIO Ich8rilalg Incorporated Organisation} and this wll be ongoing during 2024. This is seen to be adv3nt398ous for vs a5 we move lorw8rd. Th8 usu81 Christma5 events were well supFM)rted and w& praisè God for baing able to hold all our various services in the Memorial Hall, inclvding Ihe Carol serv both in the moming and the evening. As a churth we continsjed to support many ktal groups and niS•ll0nS in HvJh Wycomb8 ajongside our Community activ.8$. This support in both prayer and finarth r8ach85 Out to Crisis 8rea5 of the worfd as well as to our linked mission work&rs in ovars&as sgttings. May our eyes continue to be focused on our broken worfd and not just on our local area. We gNe thank5 tr those who have served us in ministry dLtring the year- Malcolm and Andr for their leadership, o)mmrtment and service up to September, And thèn Andrgw from Sgptember onwards. God has bssed us richly. Our thanks go too to our varitius 18y pr&8chers who have preached the Word both to us and to othèr Ictal churd)ès. It was grèat to welcome Jackie Rham on lo our staff team as our Childrgn and Families Worker in June and to see her settling so well into her role. We also had the joy ol having Chris Manktelow 85 our Ministry Tr8in8e for th8 year. He o)ntributed greatly lo Many ol our ministry opportunitl8S and challenged hims&W in areas wherg he m8y not have been so confident. We wish him 11 in his new rolè wsth BMS. Our admlnistration tèam and all our paKI grnployees SUPPOrt the work of the church so effectivety and w• thank tham for 811 that thèy do. Bo oncouraged by 811 that has i*en achieved in 2023. May we b8 filled with all joy and peaco as wa trust In Him and l¢x)k forward to all Ha will do in 2024. Roger Panlridge, Church Secretary (Admin Elderl
Union Baptist Church Year Ended 31st Dec8mber 2023 Trustees. Annual Report Plans and Aspirations 2024 Bas8d on our Strategic Plan for 2024.. Player We will continue OUT commltment to Pf8yer as the bedrock of $vèrything we do, increaslng our t8 on praying for those we want lo see becom& disciples. A week of prayer wlll bè held in June. owing as Disciples Following the Sl0$s1ul launch of LIFE groups in 2023 wa will in¢r&88e the number of thes& groups which have an intentional focus on encouraging equipping one another to livè in faith everyday We will hold a Wèékend at Home in February to hèlp us grow together as a church famlly and closer lo God as we expk*re Ihe themè 'Togeth#r on Mission. Discipbs who Makg Di8cipIg3 We wish lo enabb peDe who we already sge Of know lo tske steps closer to Jesus. Th1$ Includes Providing trainlng on to Share our faith, increasing the opportunities lo invite people into a Christkan ¢ommunty e.g. Flt for Lrfe, Coffee and Chat. and creats'ng spaces where PèOKA• ¢an share their own faith Joumeys a.g. lunches lor parants at Babi85 and Toddlers. We wish to meet needs and build relationships through our Communty rninisty. This will includ• axpanding our team sorving in our Job Club, launching a CAP money course and d8V81opin9 plans for our new worship space and coffee area to b& used to sèw our community. We will seek to make d5s0ps of chlkjien arKI young people by encouraging and equipplng our children and young pooplè to sharé th8ir f8rth. To provide opportunities for them to invttè ththr friènds into an engaging Christian community such as East8r Hdiday Club and a Youth Weekend. To grow new relatN)nships with children and families through links with a local Primary school. EnablSng Struclur¢s We will cornplete Phase 1 of constnjction oftho LIn9 Strjngs Projs¢t to transfo our chapel and provld& now walcorne I rA)ffg9 Space. Wg will proceed with the appoinlrnent of a Senior Pastor as p8rt of tho ministerial team.
Union Baptist Church Year Endod 31st December 2023 Trusteos, Annual Report Flnanclal Rovlew W have been very blessed by the generous gNing of God's people here at UnK)n ovèr the last year, in what ha$ no doubt been a difficult period for many poople financially. That gwing has not onty supported the day to day running ol th8 church but also enabled th& Living Stones Project to start on site. It mèans we h8ve been able to contlnuo to support the wide range of ministries in the church. OUT paid staff, run our axtanslV9 property and be able to support a range of other partners in the work of Christ in HvJh Wycombe. elsewh•rè In the UK and across thg worfd through our support of intefnatK>nal missions. In monetary tems, totsl giving in 2023 was nearty doubl that of 2022, due primarily to the generous support for the Living Stones ProjecL Headlines from the 2023 financial year are.. Total gfving including grft aid was £610.976, of which ovar half wa$ to the Living Stones sanctuary redgvek)pmenl project Rentsl and rèlat¥d income lotalled £68,708. well above bud Total eXpendIre laxdudlng Livlng Stones} amwnted to £285,721, over £40,000 bdtsw budgel Th& General fvnd stsnds at £101,589 at the and of 2023 erall. exduding Living Ston&s proj8¢t and (anges lo fixed as5el values, Ihere was a surplus of £30,339 income over expenditure The Livin9 Ston8s sanctuary r¥d$v91opmenl project started in 2023. In 2023.. A totsl of £3T7,646 Inco was received towards the project dudng thè ar There was £285,328 expenditu on the proje¢t, rnoslty the payments to our contractor Beeks for the work they have undert8ken to date At 31st D&¢ombgr 2023 there were £970.006 fvnds remaining fof the projoct Reservo5 Pollcy Rg8ervg9 The church has a reserves poly vthii* was updated In September 2021. As at 31st Docember 2023 there was £42,535 in the reserves aco)unt. The required level of r&seNes calculated against th• rosthv¥s poh'¢y was £42.411. This is within of the 5% tolerance specified by thè ptsli¢y. In addition, In 2023, a Llving Stonos R•sèrvè of £60,000 was <xe8t8d by tr8nsferriThJ money frrxn the General Fund. This was set up to enable the Trustees to address any unexpected slgnificant addrtional axpondtture which results in the costs exceeding the total budget, a signfficant shortfall in th• funds rècèivsd. or to address short tem) cash flow issues, to enable the church to be able to meet Its contractual obllgations sptiokally in relation to the Liwng Stones Project.
Union Baptist Church Year Ended 31st Decambor 2023 Trustees, Annual Report RSsks The trusteès havè sought to manage the day-ttrday iisks assodated wlth Ihe chufch's flnances through regular monitonng of income and expenditure. and laking appropriate d8ClSiWS through the yèar. It has been partUlarty Imp¢rtant lo do that during a period of svJnfficant inflationary pressure on expenditurg. However, the man financial risk in 2023, which continues into 2024, is the Living Stones Project. The main contract wth Beeks was signed in August 2023, following the dovalopmgnl ol the detailed sp•cffieatK)n and pricing, and having undertaken due diligence in relation lo Beeks. Key &lèm8nts in a¢e to manag8 thè rtrsk with thè project include the appointmènt ol an employers, agent to manage the contract on behalf of the church, including agreeing appropriate rnonthly payments based on progress., frequent and regular progress meetings with Beeks., thè inclusK)n of a contingency in tha budgat and a separate res&N8,' clos8 moniloring and review of the propct by the Steering Group togethar with rggular reporting into Trustè8$. Trustees, Responslbllltles The 2011 char6$ Aet require the Board ol Truste•s to prep8re financial statements for éach ffinancial year which give a tru8 and fair view of the state of the charfrty a$ at Ihe end of the financial y88r and ol the suwus or deficit of the charity. In preparing those financial staterngnts the Board is required to-.- Sdect suitable accounting policiès and apply them consistently. Make judgmgnts and gSt¥nates that are reasona$ and prudent. Prepare financial statements on thè ongoing cr)ncem basis unless it is inappr¢pri8le to presum• that the tnlst will continue in existen. Stale whether applicablè aecountir¢g standards and statements of rec(xnmended practice have been followed. subject to any rnaterial departures disck)sed and •xpLqingd in the financial stst9ments- The trustees are responsible for keeping proper ae¢ounb'ng records. which disclose wrth reasonabl& aUraCY at any time the financial posib.on of th8 trust. They are also responsible for safagu8rding the assets of the trLtst and hencè for taking rèasonable 3teps for the prevention and dataclion of fraud and other irregularitsas. StqnedonbehalfofthèTrust8è$............................................... Ngm&ofTwstee................................. ................................................. Datè.. 2710912024
Union Baptist Church Year Ended 31st December 2023 Independent Examiners Roport I rewjrt to the trustees on my axamination of f4nand81 slatements of Unl¢)n Baplsst Church Ilh• charityl for the year ènded 31 Oecember 2023. R•$ponslbllltl•8 and basls of report As the trustees of the charity you are SpOnSIbl$ for the preparation of the financial staternants in accordanc• the Tequirem&nts of the Chariues Act 2011 Ilhg Act'l. I report in respect of my examination of Ihg charitys financial statèments carried out undèr $gCtIi 145 of thè 2011 Act and in ¢arTring tyjt my examination I have follow8d all the applicable Diractior given by the Charity Commlsslon under section 14515)Ibl of the Act. Indep•nd•nt examlnerf¥ statemfrnt Since the charitys gross income exce&Jed £250,000 your examiner must bè a rnernber of a body lisled in s8ction 145 of the 2011 Acl. I confim that l arn qualified to undart8k8 the exarnination because l am a member of the Institut• ol Chartered Accountants in England and Wales IICAEWI, 1¢h 1$ one of the listed bodies. I have completed my examination. I confirm that no material matter5 have corne to my attenJon in connection wlth th& examination giving me caus& to believe that in any materlal r¢sk*ct'. 1. accountlNJ r8¢ords we not kept in respect of thè charty as required by section 130 of the Act., or 2. the f4nanclal statam¥nts ¢10 not accord with thosè rè¢ords.' or 3. the financial statements do not c(xnply with the applicable requi18ments (y)ncerning the form &rKI cont•nt of accounts set out in the Chariti'es (Accounts and Reports) Regulatr'ons 2008 othér than any requirement that the accounts givè a'truo and fairf view vthich is not a mattèr¢onsidered as part of an independent examination. I have no cTh)cem$ and have come across no othor matters in connectr'on with th& •xamin8tion to which attention should be drawn In thls raport In (yder to ena8 a proper underst8ndlng of the accounts to be reached. Nigel Wyatt BSC FCA Independent Examiner 125 Main Strget Garforth Leeds LS25 1AF Date.. 3010912024 io
Union Baptist Church Year Ended 31 st December 2023 Statemont of Financlal Actlvltles 2023 unrestrIct Endvmnent Fund8 Fund$ 2022 Rèstricted Fund5 Total Fund• Total Funds Note Incom• Donations and legacias Charitable activities Aclivits"as for generating incom• Other incom• 248,704 70.617 362,272 610,976 70,617 313,717 57,050 12.134 12.134 2.712 Total Incom• 331,455 362,272 693,727 373,479 Expendltur• Expenditur• on ch8ritsble actwits&s 284.921 286,149 $71.070 379,157 Total Exp•ndlturn 284,921 286,149 S71.070 379,1S7 Not Incom& I IExp•ndltur•l 8•foro Galnsl{Lousl 46,534 76,123 122,fj57 15,6781 Gainlllossl on reValUatic of fixed asset 118.360 118,3601 28.869 Net In¢om• I IExp•ndlturel Ar GalnsllLos•sl 46,534 118.3601 76,123 104,297 23,191 N*t In¢omo and Net Mov•m•nt In Fund• Total funds brought forward 10 Transfers 10 437.696 1,868,360 862.255 1968.311 2.973,989 181 Total Funds Carrl•d Forward 10 484,238 1,850,000 738.370 3.072,608 2.968,311 l income aThJ expendrture derfv¥ from Mntinuing actNitles. li
Union Baptist Church Year Endèd 31st Decembor 2023 ststement of Flnanclal Position 2023 2022 Not• Flxod A8Sèt8 Tangible fixed assets 1,851,981 1.871,331 1.651,981 1,871.331 Current A8s•ts Dèbtors Ca3h at bank and in hand 32,840 1.301,186 1S.991 1,11%.299 1,334,026 1.122,290 Credltors.. Amounts Falllng Du• Wh1n On• Y•ar Not Current AS1 113,399 25,310 1.220,627 1,096,980 Total Assets Less Curr•nt Llabllltle 3.072.608 2.968,311 N•t A••ets 11 3.072,608 2.968,311 Funds of Th• Ch•rlty Unrestricted funds Endowment lunds Restrictod funds 484,238 1,850,000 738.370 437,696 1.868,360 662.255 Totsl Charlty Funds 10 3.072.608 2,968,311 Namè of Tru$t••: Slgn•d on h#ll of th• Tru¥t•e¥: Dat• of approval: 2710912024 12
Union Baptist Church Year Ended 318t December 2023 Statement of Cash Flows 2023 2022 Cash Flows From Oper¥tlng Actlvltl•8 Nel c85h provided by lus•d In) oparabng activities 182,753 370 182,753 370 Cash Flows From Invèstlng Actlvmles Investmgnt in¢¢)me received Purchas8 of tanglblo fixed as8els 12.134 2.712 13.9621 11,2501 Nel cash prov*Jed by {used inl I$ng 8¢fjvlties 12,134 Cash Flows From Flnanclng Aetlvltlo$ Repayments on trKJrrowing Cash inflows from nèw borrwng Net ca8h provided by (used Inl finandng actfvrfl&s Changè in e8sh and cash equiv81ent$ in Ihe repOTrg p8riod Cash and cash equivalents at the beginning of the reporting period Cash and Cash Equlvalènts at thè End of tho R•portlng P•rlod 194.887 1.106,299 18801 1.107,179 1.301.186 1.106.299 R•eon¢lll•tlon of Movement In Funds to N•t Cash Flow from Op•ratlng A¢tfvttJ•s 2023 2022 Net movement in funds for thè rwrting p8riod las per the $tat8ment of financi81 activities) 104.297 23,191 Adjustrnents for.. (Gainyloss on revaluaticn of fixed assét Investrnent income received Deprèciati( of t2ngible fixed assets Ilncreas&lld8crease in debtors Increasel{decreasel in credltors 18,360 112,1341 128,8691 12,7121 991 3.367 4.402 116,8491 88,089 Net Cash provhyed by (used inl operating activities 182,753 370 Anolysl$ of Calh and Caoh Equlvalents 2023 2022 Cash 81 b8nk and in hand 1,301,186 1,106.299 Total cash and cash equlvabnts 1,301,186 1.1C6,299 13
Union Baptist Church Year Ended 31 st December 2023 Notes to the Flnancial Statements 1 Accountlng Pollcl•s Basls of Pr•paratlon The financial statgmgnts h8ve been prepared in aceord8nctr with the Church's tnjst d•8d. the Charify'es Act 2011 and 'Accounling and Reporting by Chanties.. Stalernent of Rècommèndgd Practice applKaUe to charitiès pr8p8rTrng their accounts in accordanc8 wrfh the Financial Reporting Standard applKable in the UK and Republic of Irèland IFRS 1021 (effective 1 January 20191".. The Church is a Public Benafft Entity as defined by FRS 102. Thg financial 8tstements have departed from the Charilw (ACCOt$ and Rewrts) Regulations 2008 only to thè èxtènt required to provide a true and lalf vièw. This departure has Invo$d followng the Statement of Recommended Practe lor charities appI7ng FRS 102 rather than th& verslon ol the Statement of Recommended Practic& which 15 referred to in tho Regvlalions bul which has since been withdrawn. Tho financial statements are prepared in steding, which is th$ fUnctial currency of the Church. Monètary'amounts in th&s8 financial st8t8mgnls are rounded to the nearost £. 'The financial ststements hav& b•8n prÈpared under the historical cost convention. modK to include thg revalualM)n of freehold properties and to includè invéstment properties and certain financ1 instwments at fair value. Thè principal ac¢xunting polic$ adopted are sot out befvjw. A8sè8•m•nt ot Golng Concern At the time of approvirvJ thè financial ststgments, the tnjslees have 8 reasonaNe 6xp6ct8tion that the Church has adequate resources to continuo In operational l$tn for th8 foreseeable future. Thus th& tnJstè&s conts'nue to 8dopl the going concern basis of accounting in preparing the financial staternents. Fund kcountlng Unresln'ded incorne fvnds comprise those funds which trust88s arè fr88 to u$9 for any purpose in furtherance of the eharitable objects. Unrestricted funds include designaled funds Whe thg busloes, al their discretion. have set aside resources for a spoclfic purpose. RestrKted funds ora %thich arè to be used in acmrdance Vth specAfic restrictsons mtx)sed by the donor or the ternis of specific appeal. Endovrnent fvnds 8re subject 10 SpeCrf conditions by donors that th& capitsl musl maintained by th6 Chufch. 14
Union Baptist Church Year Ended 31st December 2023 Notes to the Flnanclal Statoments Incomlng R•soure All incoming resources reMgnised once th8 charlty has entidement to the resources. 11 13 prObae that th6 resources will b8 received. and the monetary value of Incomlr¥J rosources ¢an be measured with sufficient r81i8bilily. . AJI voluntsry irhwne from members of th8 ¢hur¢h are recognised as donations and are Indudod in full, with aSSClated Gfft receivable in the Statemant ol Financial Activities. Grants wlwe entitment is not condltional on the ddNery of specifie ptsrfornance by the Charity afe recognised when thè charity becomes uncondit)nally ent•d lo the grant. . Income resotsrcas from charitable tradiwJ activ$ such BS the letting are a(uunted for when invoic•s are dravm up las the pdnl of entTUemenll. Donated seNces and facili11o$ 8re included at Ihe value to th& charitywhere this can b8 qU8ntrfigd. . Gifts in Kind ar& accounted for at 8 reasona8 estimate ol thalr valu& to tho tharity or the amount actually rèalis8(1. • Volunteer time, the value of voluntary Support for the work of the church Is not included in the accounts but is dès¢ribed in the Tru3tees annual report. • Investrnent IrKome is induded in th8 nIS Vttn receiv8. R•¥OUre Expgn(1gd Expenditure is rè¢ogni$ed on an accrual basis as a liability is Incurr1. Li8bilities are reex)gni59d vthere it is more likely than not that th8r6 is a legal or (xjnstructive oblKJation committing the chadty to pay out thè r8sour¢es and the amount of the obligation can measured ¥th r&8sonable ¢ert8inty. G¢)v•manc• Costs Include cosis of the preparatlon an¢J fjxamlnati of statutory accounts, the costs of the trust•ès' mootin9s and cost of any legal advK to trustees gov•man¢4 or constitlOnal matters. Llablllty RecognStlon Liabilities are recognised as soon as thèrg 1$ 8 19981 or constructs've obligation committing thè charity to pay out rasourcès. Tanglble Flxtsd A•••t$ Tangible fixed assets are capitalised il th&y can for m(ye than on? ypar and cost at least £1,000. Thgy are initialty recognised at cost. or for donated assets, at a faasonable estimate of their value on receipt. Fixtures and Fitb"ngs arè dgpwialed over 4 arS straight lin&. A formal valuatlon of the maln Creh stte lo)mprL%irYJ ofthe Church. HUB aThJ cottagel was fomied by Duncan Ballay Kannèdy LLP, a I1 firm of Chartered Building Surveyors in April 2020. The VUatIon was reflected in the accounts for thè yoar ondtrd 31 December 2019. During the year ended 31 December 2022 th& trusta8s updatad a previous valuation of the Manse with refer*r tts thè Nakn'onwide House Price Index. The resulting increase in property value has been reflected in the accounts lor the year ended 31 DeMr 2022. Is
Union Baptist Church Year Ended 31 st Docomber 2023 Notes to the Flnanclal Statements P•nlon• The eharity operates a defined cctrIbutkYft pensKJn scheme. cOntt$ are charged to tha Ststemenl of Financial Actlvltios as they become payabla In aeIdance the ful8s of the scheme. Op•ratlng Lea8•S Rèntal charges payable under operating16as&s are charged on a stralght Ilnè basis over the lerrns of the lease. Taxatlon Th8 charity ts èx8mpt from tsx on its charitabl8 activib"8s. Impalrm•nt of Flx•d Aswt$ At each reporting end datè. thg Church reviews the carylng amounts of its tangible assets to dot•rmin8 wh¥thgr there is any indication that thosè assats have suffered an impaimient loss. If any such indication &xists, tha rèeoverable amount of the asset Is estlmatsd order to determine th& extant of thè impairment loss lif any). Cash •nd Cash Equlval•nts Cash and cash U1v91ts include cash in hand, depostts held at e811 vthh banks, other short- tsrm l¢quid investments th origlnal maturities of three monlhs or less. and bank ov$rdrafts. Bank overdrafts arè sfw)wn wlhin borrowings in current liabilities. Flnanelal Instrumonts The Church has electèd to apply the provisio of Section 11 'Baslc Flnanclal InstnJm&nts' and Sgdion 12 '0ther Financial Instrurnents Issu8s' of FRS 102 to all of its financial instruments. Finandal instrumènts 8r8 recognised in the Church's balance sheet an thg Church bewmes party to the contractual provisKJns of th• Instrument. Crltlcal AccountSng Estlmates and Judg•m8nts In the application of the Church's accountsn9 FK)licio$. the trustees are required to make judgements. estimatos and assumptK)ns about the carTr?ng amount of assets and liabil$ Ih8t ar8 not rg8dly 8pparent from other sources. The estimates and assockgted 8SsumptlS are based cn historical experience and other factors that are cort5idered to be rdevant. Actual results may drffer from these estimates. The estimates and Undrn9 assumptK>ns are reviewed on an ongoing basis. Revislons to 8cwunting estimates are recogni5ed in the period in whh the estlmat& is r&sa where the revision affects only that pèriod, or in the period of th8 reViSn and future periods where t f$n affècts both currènt and luture peri¢)Ys. 16
Union Baptist Church Year Ended 31 st December 2023 Notes to the Flnanclal Statements 2 Anafy$l$ of Incom• unrestn.ctod Endowment Restrictgd Totsl Funds Funds Funds Funds 2023 Ineom• Frorn t)onatlons and Off•rlngs Donations and gifts Grft aid L898¢19S Grants 21S.089 32,615 1,000 315,008 47,264 $30,097 79.879 1.000 248,704 362,272 610.976 Ineome From Charttable Actlvltl•s Chufch Èetivty and events income Weddlngs and funerals income RTh)m hire income 1,799 110 66,708 1,799 110 68.708 70,617 TO,617 Income From Inv•stm•nts Interest receivable 12,134 12.134 12.134 11134 Total Income 331,455 362,272 693,727 17
Union Baptist Church Yèar Ended 31 st Dècembar 2023 Notes to the Flnanclal Statements 2 Anatysls ot Income (Contlnuedj Unr•stricted Endowment Fund3 Funds R•strkte(l Total Funds Funds 2022 Incoma From Donatlons and Off•rlngs Donations and gffts Grft Legacies Grants 226.615 34.379 2.000 41,451 9,272 268,080 43,651 2,000 262.994 50,723 313.717 Income From Charltable Actlvttles Church adivity arTrd events irwmg Wgddings and fungrals irKome Room hire income 1.918 3.114 52.018 1,918 52,018 57,050 57,050 Incom• From InVtM•nts Interest receivable 2,712 2.712 2.712 2.712 Total Incom• 322,756 50.723 373,479 18
Union Baptist Church Year Ended 31st December 2023 Notes lo the Flnanclal Statements 3 Expondltur• On Charltabh Aetlvltl•s By Fund Typ• Unrestricted Endowment Funds Fur¥Js Restrthd Total Funds Funds 2023 Ministry Administr8lK)n Premises costs Mission donatlons and grants 106,836 74,386 60.589 43,108 8) 105 285,244 107.638 74,491 345,833 43.108 284,921 286.149 $71,070 Unr&StriCt Endowment Funds Funds Restrl¢ted Total Fund$ Funds 2022 Ministy Administrallon Premises costs miss donations and grants 121,514 61.995 112,505 39.59) sso 135 37.578 122,064 62.13Q 150.083 44.88D 335,604 43.553 379.157 Premises costs includes 8 £91012022.. £9111 deprery8tion charge in 2023. 4 Ind8p•ndont Examlnatlon Fe•$ F••s paydbl8 to the indwndent examiner for.. 2023 2022 Indep8nd8nt gx?mination and prèparatkn of the ffin8[al statements 2,400 19
Union Baptist Church Year Ended 31st Décember 2023 Notes to the Flnanclal Slatements S Stsff Costs The total staff costs and gmployp& benefits for the rèporting rIOd ara anatyS8d as folk)ws'. 2023 2022 Wages and salarles Social securty costs Employpr contribution$ to p8nsion plans 120,466 4,095 6,752 132,268 S,910 6.591 131,313 144,767 aver899 he&l¢ouni of eMoYeeS during the ar was as fdkm.. 21Y23 11 2022 Average headcounl No 6mploy received employee benefits of more than £60,000 durirvJ the year. The Charity also utilised the services of some seLf-emFloyed ¢onlr8¢ttrs durlng the y&8r. Key Manag•m•nt P•rsonn The charity considers its key management P8rsonnel lo te the Ministers. The tclal remuneratlon received by key managgmgnl a$ fdbws.. 2023 2022 Key management personnel gm[A0 bongffit 51,773 60.078 8 Trust•• R•mun•ratlon and Exp•ns During ihe year trustees received reMUneratn and other benefits in respect of their services as Ministers, induding th8 provision of manse accommodation. on• bèing own*d by th8 d)urch and th• other being renled by Ihe church from the Mir+ister and his spous9. Remun8r8tion and other benefts were paid in accordance wth the church constibjtion and bolh are not remunerated lor the role as Irusttrts. The lotsl ¥gmuneration re[Ved during the year including employers national insurance aThJ emplosers pension contribution was as follows. 2023 2022 A Wingfield H8Z811 (Jan 2023 toAug 2023) 37,435 23,172 32,677 36,828 20
Union Baptist Church Year Ended 31 st Dècember 2023 Notos to the Financial Statemonts 6 Trusteo Remuneratlori and EXn (Conllnuod) During the year the trustees incurred out ol pocket expenses in re¥)e¢t of &xpenso$ Incurred as Trustees. Tho total exnseS claimed during the year was £1,001 12022.. £2,TT61. The of expenses incJJrred related to training costs, conference costs. tx)oks and travgl. Durfng the year A Wingfield received £15,42212022.. £14,688> Irom thè chureh for rènting a privat8 property for use as the Churches Manse. 7 Tanglblè Flx•d A88•ts Fwhold land and Fixtures and buikJin9S rittings Totsl Cost I Valuatlon At 1 January 2023 ReV81U8ln Additlons 1,868,360 {18.3601 3.962 1,872,322 118.3601 At 31 Decembef 2023 1,850,000 3.962 1.853,962 D•prèclatlon At 1 January 2023 Charg8 for this year At 31 Dscèmbgr 2023 991 990 991 990 1.981 1,981 Carrylng amount At 31 D¢mber 2023 1,850.000 1.981 1.851,981 At 31 08mbar 2022 1,868,360 2.971 1,871,331 All of the fixod assets 8re u$gd for dlrgct ¢haril8blo purpos. As at 31 December 2023 Ihe main Church site was recognised in the accounts vthh a value of £1.150,OCM)12022'. £1.150.OCKJI, b8$9d upon 8 fonnal v8lu8tion unt*ortak$n in April 2020. A fomal valuatlon of the maln Church site Icomprising of the Church, HUB and cottag81 was performed by Duncan Bailèy K•nnèdy LLP, a local fimi of Chart6r•d Building Surveyors in April 2020. As at 31 December 2023, the Man8e wa8 recognised in the accounts wilh a value of £700.00012022: £718,3601, bas8d upon a valuation und&rt8k8n by JNP Estste Agents Ltd in Febnjary 2024. 21
Union Baptist Church Year Ended 318t D8cembor 2023 Notes to the Flnanclal Stat•m•nts 8 D•btor¥ 2023 2022 Trade d&btOfS Prepaents and acewed income 4,272 28,568 2,992 12,999 32,840 15,991 9 Cr•dltors: Amounts Folllng Dug Wlthln One Y•ar 2023 2022 Other creditors Acuuals Deferred income Loans 98.828 4,571 3,017 10,952 1,341 1Q.000 10.000 113,399 25.310 22
Union Baptist Church Year Ended 31 st December 2023 Notes to tho Flnanclal Statemonts 10 Analy•l¥ of Charltsblg Fund• Gains I {Losse$l 31 D•¢ 2023 1 Jan 2023 Income Expenditure Transfers Unrestrkted Funds General funds 135,480 309,806 1273,705} 1273,7051 169,9921 {69.992} 101,589 135N80 309,806 101.$89 D•sIgn•t Funds Prop6ty maintenancè fund Retsined contrnggn¢y fund Sanctuary redevelwment ILSPI fund BU dgpos4t fund Liwng stones project reserve 111.2161 10,000 18,784 42,240 295 42,535 125,592 17,953 143.545 114.384 3.401 117.785 60,CKJO 60.000 302.216 21,649 111,2161 70,000 382,649 Total Unr•strfct•d 437,696 331,455 12849211 484,238 Endowment Funds Property endowment fun 1,868,360 118,3601 1,850,000 Tot*1 Endowment 1,868.3fj0 {18,360} 1,850.000 ReStrIct Funds HUB enhancement Crisis fund DiScretnary fund Liwng stones project Organ fund YP bursary fun Day e8ntra fund 7.527 1.500 9,027 3,509 634,319 14.762 1,079 359,693 13211 1285,3281 4,267 708,676 14,762 181 Isx)) 1,638 1,638 Totsl Restrl¢t•d 6fj2.255 302.272 1286.149) 738,370 Total Funds 2.968.311 693.727 {571.070} 118.3601 3.071608 23
Union Baptist Church Year Ended 31st December 2023 Notes to the Flnanclal Statomonts Galns I IL08895131 Dèc 2022 1 Jan 222 Incorne ExFenditure Translers Unr•strlet•d Funds General fijnds 149,493 322,756 1280.1591 1280.159) 156.6101 156,6101 135,480 149.493 322.7S6 135.480 D•SIgnat Funds Property mainlgnance fund Retained conlingency fund Sanctuary redevewment fund BU deposit fund 30,710 155,4451 44,735 20,000 42,100 140 42,240 115,831 9,761 125,592 112.519 1,865 114,384 301.100 155.4451 56,501 302.216 Total Unre•trlct 450.653 322,756 1335,6041 {1091 437,fj96 Endowm•nt Fund• Propety endowment fund 1,839.491 28.869 1.868,360 Totsl Endowment 1.839,491 21869 1.868.360 Restrlcted Funds HUB enhancement Crfsls fund L ing stonès proiact Organ fund YP bursary fvnd Day eentre fur Discretionary fund 6.027 1,500 S.289 43,210 7.527 IS,3981 137.6051 109 628,714 14,762 634,319 14,762 500 1,638 3,509 1,638 3,335 724 15501 Total R•strlct•d 654,976 50,723 143,5531 109 662,255 Total Funds 2.945,120 373,479 {379,1571 28.869 2.968.311 24
Union Baptist Church Yéar Endèd 31 st December 2023 Notes to the Financial Statements Fund Dèserlptl<)n$ D•8lgnat•d Funds Property m8intgn8nce fvnd Retained contingency fvrKI Sanctuary redevelopment lund fijnd lor the general maintenance and repair of church property. fund to hold reserves polKy money. fund lo refurbtsh and modernise the church sanctuary, but where the monles were giv&n wth the explicit MIsSion for thèm to bg used on other projects in thè church rf not nèadèd for th8 Lwing Stones Project. Aso indude5 money agreed by the tru5teeslchurch to be transferred from other funds Inormalty the General Fundl for use on th6 Sanctuary RlVal0pM0nt. BU deposit fund monies held on our behaK bythe BU folhmng th8 sale of the man$0 gardan. A reserve fund for the Lwing Stones Project which the Tnj$t orè authorised to use to address unexpected signrficant jdits0n81 èxpenditure which results in the costs exceeding the total budget, SnIfICant shortfall in the fvnds received, or to address short tèm cash fiow issues, to ena0 tho chureh to ba able to mo&t its contra¢tu81 obligations. Liwng stones project reserve Endowmgnt Fund¥ Propèty and01mnI futvj fund hdding Ihg valug of the Church Property. Rtcted Funds HUB enhancement a fund to enhance the faulities of the HUB, including tha mèmixial bhxk wrth any flxturès or fittlngs needgd. fund to ba able to donate to a maior crfsls h8ppenlng in th? worfd le.g. 98rthquake dis8Stefl. fvnd to relurbi5h and modgrnise the church sanctuary. fun¢J for th9 repair ¥nd rgpla(¥ment of the church organ. fund to support urj people G¥)Ing on Sh tgrm mission PToJe¢ts. fvnd to support day centre for older folk. nd used at Ihe discreb'on of the pastOTS and elders to support those in the fellowship going through a time of particular hardshlp. Crtsis fund Limng ston&s woJg¢t Organ fund YP bursary fijnd Day centre fund Oiscr81K)nary lund Material Fund Transfèrs A transfer of £60,000 took place from th& general fund to the nY &stsblishad Liwn9 Stonos prLie¢t reserve. 25
Union Baptist Church Year Ended 31s1 DeceMr 2023 Notes lo the Flnanclal Statements 11 An1$ Of Nèt As8•ts Bètw••n Fund8 Unrestricted Endowment Funds Funds Restricted Total Funds Funds 2023 Tangible fixed assets Currènt assats Cfedrtors less than 1 year 1,981 595,656 1113,3991 484,238 1.850,000 1.851.981 738,370 1,334,026 1113,3991 738,370 3,072,608 1,850,CX)O Unrestricted Endtswmenl Restted Totsl Fund¥ Funds Funds Fund$ 2022 Tangiblo fix8d assats Current assets ClitOrS less th8n 1 ar 31,840 467.313 125,310) 473,843 1.839.491 1,871,331 654,977 1,122,290 {25,3101 654,977 2,968,311 1.839,491 12 R•lat•d Party Tran•actlon• During the y8ar L Manktdow a closé family memb8r of trustéa l Manktèlow wa$ employed by ts charty. The total remuneration paid by the church during the year including emFdoyer pension contributions and èmployer nattonal insurance contritrJtions was £30,26612022-. £24,879}. During the year the Church made a donaticffj to Wycomb8 Homebss Connections of £3,50012022'. £3,100). M Dyktrs 1$ 8 trusté6 of both the ChtAr¢h and Wirombe Homelass Connè¢tion$. 13 Contlng•nt Llablllty FollovArKJ the financLal year end the Church received a numbèr of pdged Int&st fm loans from a number of church rnembers as part of the Church's Limng Stones renovab.c project. The total interest fr88 loan pledges at the wnl of the accounts boiThJ signed amounted to £116,000. Tha loan pd99$ 8rg conb"ng$nt uptsn tha Church accèpting tha loan offèr and drawng (k)vm on mèmLr loans and the member 5ti11 agreeing to the loan commitment. 14 volunt1• The church ben&fit$ gr&81ty from tho voluntsry contributions of tim$ and money by its formal rnemtKrs and regular attendeos. Please refer to the trusto&'s report for further detail about volunte8r contributions in tha {anISatIOn. 15 Capltal Commltmant During thè yaar. Ihe Chur¢h gmbatgd on 8 maj¢y redgvglopmgnt Proj in thg maln sanctuary and adjoining rooms, known as the Living Stones project. As of ihe end of May 2024 just before the signing of tha acctyjnts. lh& total outstanding contractual capital commrtm•nt for this projèct is £561,229.83. This commitment synrfies the ¢h8ritys financial re5ponsibiltyfor completing the redevelopment work. 26